Document:

Form of Credit Agreement

 EXHIBIT 10.21 

 
  

 
 $200,000,000 

CREDIT AGREEMENT 

among 
 HUDSON
PACIFIC PROPERTIES, INC., 
 as a Guarantor 

HUDSON PACIFIC PROPERTIES, L.P., 

as Borrower, 
 The
Several Lenders 
 from Time to Time Parties Hereto, 

BARCLAYS CAPITAL 

and 
 BANC OF
AMERICA SECURITIES LLC, 
 as Joint Lead Arrangers, 

BANK OF AMERICA, N.A., 

as Syndication Agent 

and 
 BARCLAYS
BANK PLC, 
 as Administrative Agent 

Dated as of June     , 2010 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	 	 	 	Page
	
	SECTION 1 DEFINITIONS
			
	 1.1
	 	 Defined Terms
	 	1
	 1.2
	 	 Other Definitional Provisions
	 	36
	
	SECTION 2 AMOUNT AND TERMS OF REVOLVING CREDIT COMMITMENT
			
	 2.1
	 	 Revolving Credit Commitments
	 	37
	 2.2
	 	 Procedure for Revolving Credit Borrowing
	 	37
	 2.3
	 	 Swing Line Commitment
	 	38
	 2.4
	 	 Procedure for Swing Line Borrowing; Refunding of Swing Line Loans
	 	38
	 2.5
	 	 Repayment of Loans; Evidence of Debt
	 	40
	 2.6
	 	 Commitment Fees, Etc.
	 	41
	 2.7
	 	 Termination or Reduction of Revolving Credit Commitments
	 	41
	 2.8
	 	 Optional Prepayments
	 	41
	 2.9
	 	 Mandatory Prepayments
	 	41
	 2.10
	 	 Conversion and Continuation Options
	 	42
	 2.11
	 	 Minimum Amounts and Maximum Number of Eurodollar Tranches
	 	42
	 2.12
	 	 Interest Rates and Payment Dates
	 	42
	 2.13
	 	 Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate
	 	43
	 2.14
	 	 Inability to Determine Interest Rate
	 	44
	 2.15
	 	 Pro Rata Treatment and Payments
	 	44
	 2.16
	 	 Requirements of Law
	 	46
	 2.17
	 	 Taxes
	 	47
	 2.18
	 	 Indemnity
	 	49
	 2.19
	 	 Illegality
	 	49
	 2.20
	 	 Change of Lending Office
	 	50
	 2.21
	 	 Replacement of Lenders under Certain Circumstances
	 	50
	 2.22
	 	 Increases in Revolving Credit Commitments
	 	50
	 2.23
	 	 Defaulting Lender
	 	52
	
	SECTION 3 LETTERS OF CREDIT
			
	 3.1
	 	 L/C Commitment
	 	54
	 3.2
	 	 Procedure for Issuance of Letter of Credit
	 	54
	 3.3
	 	 Fees and Other Charges
	 	55
	 3.4
	 	 L/C Participations
	 	55
	 3.5
	 	 Reimbursement Obligation of the Borrower
	 	56
	 3.6
	 	 Obligations Absolute
	 	57

  

 -i- 

					
	 	 	 	 	Page
			
	 3.7
	 	 Letter of Credit Payments
	 	57
	 3.8
	 	 Applications
	 	58
	
	SECTION 4 REPRESENTATIONS AND WARRANTIES
			
	 4.1
	 	 Financial Condition
	 	58
	 4.2
	 	 No Change
	 	58
	 4.3
	 	 Corporate Existence; Compliance with Law
	 	59
	 4.4
	 	 Corporate Power; Authorization; Enforceable Obligations
	 	59
	 4.5
	 	 No Legal Bar
	 	59
	 4.6
	 	 No Material Litigation
	 	59
	 4.7
	 	 No Default
	 	60
	 4.8
	 	 Ownership of Property; Liens
	 	60
	 4.9
	 	 Intellectual Property
	 	60
	 4.10
	 	 Taxes
	 	60
	 4.11
	 	 Federal Regulations
	 	60
	 4.12
	 	 Labor Matters
	 	61
	 4.13
	 	 ERISA
	 	61
	 4.14
	 	 Investment Company Act; Other Regulations
	 	61
	 4.15
	 	 Subsidiaries
	 	61
	 4.16
	 	 Use of Proceeds
	 	62
	 4.17
	 	 Environmental Matters
	 	62
	 4.18
	 	 Accuracy of Information, etc.
	 	63
	 4.19
	 	 Security Documents
	 	63
	 4.20
	 	 Solvency
	 	64
	 4.21
	 	 Regulation H
	 	64
	 4.22
	 	 REIT Status; Borrower Tax Status
	 	64
	 4.23
	 	 Insurance
	 	64
	 4.24
	 	 Casualty; Condemnation
	 	65
	 4.25
	 	 Compliance with Anti-Terrorism, Embargo and Anti-Money Laundering Laws
	 	65
	 4.26
	 	 Property Condition
	 	65
	 4.27
	 	 Ground Leases
	 	66
	
	SECTION 5 CONDITIONS PRECEDENT
			
	 5.1
	 	 Conditions to Initial Extension of Credit
	 	66
	 5.2
	 	 Conditions to Each Extension of Credit
	 	71
	 5.3
	 	 Conditions to the Addition of a Borrowing Base Property
	 	72
	 5.4
	 	 Conditions to the Release of a Borrowing Base Property
	 	72
	
	SECTION 6 AFFIRMATIVE COVENANTS
			
	 6.1
	 	 Financial Statements
	 	73
	 6.2
	 	 Certificates; Other Information
	 	74
	 6.3
	 	 Payment of Obligations
	 	75

  

 -ii- 

					
	 	 	 	 	Page
			
	 6.4
	 	 Conduct of Business and Maintenance of Existence; Compliance
	 	75
	 6.5
	 	 Maintenance of Property; Insurance
	 	75
	 6.6
	 	 Inspection of Property; Books and Records; Discussions
	 	80
	 6.7
	 	 Notices
	 	80
	 6.8
	 	 Environmental Laws; ESAs
	 	83
	 6.9
	 	 Additional Collateral, etc.
	 	84
	 6.10
	 	 Further Assurances
	 	85
	 6.11
	 	 Appraisals
	 	86
	 6.12
	 	 Borrowing Base Reports
	 	86
	 6.13
	 	 Blocked Account Control Agreements
	 	86
	 6.14
	 	 Taxes
	 	87
	 6.15
	 	 Condemnation, Casualty and Restoration
	 	87
	 6.16
	 	 Ground Leases
	 	88
	 6.17
	 	 Borrowing Base Property Covenants
	 	90
	 6.18
	 	 Matters Concerning Manager
	 	91
	
	SECTION 7 NEGATIVE COVENANTS
			
	 7.1
	 	 Financial Condition Covenants
	 	91
	 7.2
	 	 Limitation on Indebtedness
	 	92
	 7.3
	 	 Limitation on Liens
	 	95
	 7.4
	 	 Limitation on Fundamental Changes
	 	96
	 7.5
	 	 Limitation on Disposition of Property
	 	97
	 7.6
	 	 Limitation on Restricted Payments
	 	97
	 7.7
	 	 Limitation on Investments
	 	99
	 7.8
	 	 Limitation on Optional Payments and Modifications of Organizational Documents
	 	100
	 7.9
	 	 Limitation on Transactions with Affiliates
	 	100
	 7.10
	 	 Limitation on Sales and Leasebacks
	 	100
	 7.11
	 	 Limitation on Changes in Fiscal Periods
	 	100
	 7.12
	 	 Limitation on Negative Pledge Clauses
	 	100
	 7.13
	 	 Limitation on Restrictions on Subsidiary Distributions
	 	101
	 7.14
	 	 Limitation on Lines of Business
	 	101
	 7.15
	 	 Limitation on Activities of the REIT
	 	101
	 7.16
	 	 Limitation on Hedge Agreements
	 	102
	 7.17
	 	 REIT Status
	 	102
	 7.18
	 	 Borrower Tax Status
	 	102
	 7.19
	 	 Borrowing Base Properties; Ground Leases
	 	102
	 7.20
	 	 Environmental Matters
	 	103
	
	SECTION 8 EVENTS OF DEFAULT
	
	SECTION 9 THE AGENTS
			
	 9.1
	 	 Appointment
	 	107

  

 -iii- 

					
	 	 	 	 	Page
			
	 9.2
	 	 Delegation of Duties
	 	107
	 9.3
	 	 Exculpatory Provisions
	 	107
	 9.4
	 	 Reliance by Agents
	 	108
	 9.5
	 	 Notice of Default
	 	108
	 9.6
	 	 Non-Reliance on Agents and Other Lenders
	 	108
	 9.7
	 	 Indemnification
	 	109
	 9.8
	 	 Agent in Its Individual Capacity
	 	109
	 9.9
	 	 Successor Administrative Agent
	 	110
	 9.10
	 	 Authorization to Release Liens and Guarantees
	 	110
	 9.11
	 	 The Arranger; the Syndication Agent
	 	110
	 9.12
	 	 No Duty to Disclose
	 	110
	 9.13
	 	 Waiver
	 	110
	
	SECTION 10 MISCELLANEOUS
			
	 10.1
	 	 Amendments and Waivers
	 	111
	 10.2
	 	 Notices
	 	112
	 10.3
	 	 No Waiver; Cumulative Remedies
	 	114
	 10.4
	 	 Survival of Representations and Warranties
	 	114
	 10.5
	 	 Payment of Expenses
	 	114
	 10.6
	 	 Successors and Assigns; Participations and Assignments
	 	115
	 10.7
	 	 Adjustments; Set-off
	 	118
	 10.8
	 	 Counterparts
	 	119
	 10.9
	 	 Severability
	 	119
	 10.10
	 	 Integration
	 	119
	 10.11
	 	 Governing Law
	 	119
	 10.12
	 	 Submission To Jurisdiction; Waivers
	 	120
	 10.13
	 	 Acknowledgments
	 	120
	 10.14
	 	 Confidentiality
	 	121
	 10.15
	 	 Release of Collateral and Guarantee Obligations
	 	121
	 10.16
	 	 Accounting Changes
	 	122
	 10.17
	 	 Waivers of Jury Trial
	 	123

  

 -iv- 

			
	 ANNEX:
  

	A	  	Commitments

 SCHEDULES: 

 

			
	1.1A	 	Mortgaged Property
	1.1B	 	Real Property
	1.1C	 	Excluded Subsidiaries
	4.4	 	Consents, Authorizations, Filings and Notices
	4.15	 	Subsidiaries
	4.19(a)	 	UCC Filing Jurisdictions
	4.19(b)	 	Mortgage Filing Jurisdictions
	7.2(d)	 	Existing Indebtedness
	7.3(g)	 	Existing Liens
	7.9	 	Specified Affiliate Transactions

 EXHIBITS: 

 

			
	A	 	Form of Guarantee and Collateral Agreement
	B	 	Form of Compliance Certificate
	C	 	Form of Closing Certificate
	D	 	Form of Mortgage
	E	 	Form of Assignment and Assumption
	F-1	 	Form of Revolving Credit Note
	F-2	 	Form of Swing Line Note
	G	 	Form of Exemption Certificate
	H	 	Form of Borrowing Notice
	I	 	Form of New Lender Supplement
	J	 	Form of Commitment Increase Supplement
	K	 	Form of Borrowing Base Certificate

  

 -v- 

 CREDIT AGREEMENT, dated as of June [__], 2010, among HUDSON PACIFIC PROPERTIES, INC., a
Maryland corporation (the “REIT”), HUDSON PACIFIC PROPERTIES, L.P., a Maryland limited partnership (the “Borrower”), the several banks and other financial institutions or entities from time to time parties to this
Agreement (the “Lenders”), BARCLAYS CAPITAL, the investment banking division of Barclays Bank PLC, and BANC OF AMERICA SECURITIES LLC, as joint lead arrangers and joint bookrunners (in such capacity, collectively, the
“Arrangers”), BANK OF AMERICA, N.A., as syndication agent (in such capacity, the “Syndication Agent”), and BARCLAYS BANK PLC, as administrative agent (in such capacity, the “Administrative Agent”).

 W I T N E S S E T H: 

WHEREAS, the Borrower has requested that the Lenders make available a revolving credit loan facility to the Borrower in an aggregate
principal amount at any one time outstanding not to exceed $200,000,000 (as may be increased pursuant to this Agreement), to provide for the general corporate purposes of the Borrower and its Subsidiaries (as defined below), including to refinance
existing indebtedness, and funding acquisitions, redevelopment and expansion; and 
 WHEREAS, the Lenders are willing to make
such revolving credit loan facility available upon and subject to the terms and conditions hereinafter set forth. 
 NOW,
THEREFORE, in consideration of the premises and the agreements hereinafter set forth, the parties hereto hereby agree as follows: 

SECTION 1 DEFINITIONS 

1.1 Defined Terms. As used in this Agreement, the terms listed in this Section 1.1 shall have the respective meanings set
forth in this Section 1.1. 
 “Acceptable Ground Lease”: a ground lease with respect to a Borrowing Base
Property executed by a Loan Party, as lessee, that satisfies, in substance, each of the conditions set forth below, other than any such condition waived by the Administrative Agent and the Syndication Agent in their sole discretion: 

(a) such ground lease is in full force and effect; 

(b) such ground lease has a remaining lease term of at least 30 years (excluding extension or renewal rights),
calculated as of the Revolving Credit Termination Date; 
 (c) (i) no default has occurred and is continuing
and no terminating event has occurred under such ground lease by any Loan Party thereunder, (ii) no event has occurred which but for the passage of time, or notice, or both would constitute a default or terminating event under such ground lease
except for such defaults or terminating events specifically disclosed to the Administrative Agent in writing and (iii) to the 

 
Borrower’s and each Loan Party’s knowledge, there is no default or terminating event under such ground lease by any ground lessor thereunder, in each case, which event, default or
terminating event has caused or otherwise resulted in or could reasonably be expected to cause or otherwise result in any material interference with the applicable Subsidiary Guarantor’s occupancy under such ground lease or adversely affect in
any material respect the Administrative Agent’s rights under the related Mortgage; 
 (d) such ground lease
requires (or the ground lessor thereunder agrees in writing for the benefit of the Administrative Agent) that the ground lessor thereunder shall give the Administrative Agent (i) a copy of each notice of default or event of default under such
ground lease at the same time as it gives notice of default to the applicable Loan Party, and no such notice of default or event of default shall be deemed effective unless and until a copy thereof shall have been so given to the Administrative
Agent and (ii) notice if such ground lease is terminated by reason of an event of default under such ground lease; 

(e) the Administrative Agent is permitted the opportunity to cure any default by any Loan Party under the ground lease
before any applicable ground lessor thereunder may terminate such ground lease; 
 (f) all rents, additional
rents, and other sums due and payable under such ground lease have been paid in full; 
 (g) no Loan Party nor
the ground lessor under such ground lease has commenced any action or given or received any notice for the purpose of terminating such ground lease; 

(h) such ground lease or a memorandum thereof has been duly recorded and there have not been any amendments or
modifications to the terms of the ground lease since recordation of the ground lease (or a memoranda thereof) that would cause such ground lease to fail to satisfy any other clause of this definition; 

(i) such ground lease permits the interest of the applicable Loan Party to be encumbered by the Security Documents or the
necessary approval has been obtained in writing from the applicable ground lessor to permit such encumbrance; 

(j) no Loan Party’s interest in such ground lease is subject to any Liens or encumbrances superior to, or of equal
priority with, the related Mortgage other than the ground lessor’s related fee interest and Liens set forth in Sections 7.3(a), 7.3(b), 7.3(d) and 7.3(f) and as otherwise set forth in the applicable title insurance policy; 

(k) each Loan Party’s interest in the ground lease is assignable to the Administrative Agent or its designee upon
notice to, but without the consent of, the ground lessor thereunder (or, if any such consent is required, then such consent has been obtained in writing prior to the date such ground lease is admitted into the Borrowing Base), provided that,
any subsequent assignment of such Loan Party’s interest in the ground lease by the Administrative Agent may be subject to the consent of the ground 

 

 2 

 
lessor thereunder in accordance with the terms of the applicable ground lease, which consent shall not be unreasonably delayed, conditioned or withheld; 

(l) the Administrative Agent will be recognized by the applicable ground lessor as a permitted mortgagee of such ground
lease; and 
 (m) such ground lease requires the applicable ground lessor (or the ground lessor thereunder
otherwise agrees in writing for the benefit of the Administrative Agent) to enter into a new lease with the Administrative Agent or its designee upon termination of such ground lease for any reason, including rejection or disaffirmation of such
ground lease in a bankruptcy proceeding; provided that, the Administrative Agent (i) shall provide written notice to the ground lessor of its (or its designee’s) intent to enter into a new lease, (ii) shall cure, or cause to be
cured, all monetary defaults of the ground lessee and any non-monetary defaults reasonably susceptible to being cured within the applicable time period, and diligently pursue the cure of any non-monetary defaults that are not reasonably susceptible
to being cured within the applicable time period and (iii) may be required to pay all reasonable out of pocket costs and expenses incurred by the ground lessor in connection with the new lease. 

“Accounting Change”: as defined in Section 10.16. 

“Acquisition”: as to any Person, the acquisition by such Person of (a) Capital Stock of any other Person if, after
giving effect to the acquisition of such Capital Stock, such other Person would be a Subsidiary, and (b) any other Property of any other Person. 

“Additional Borrowing Base Office Properties”: any office property (other than the Approved Borrowing Base Office
Properties) acquired after the Closing Date by the Borrower and its Subsidiaries and approved by the Required Lenders, provided that, subject to Section 5.3(a)(ii), the approval of the Required Lenders shall not be required to add any
additional office property to the Borrowing Base at any time there are five or more Borrowing Base Office Properties. 

“Administrative Agent”: as defined in the preamble hereto. 

“Affiliate”: as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is
under common control with, such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly, either to (a) vote 10% or more of the securities having ordinary voting power for the election of
directors (or persons performing similar functions) of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise. 

“Agents”: the collective reference to the Syndication Agent and the Administrative Agent. 

“Agreement”: this Credit Agreement, as amended, supplemented or otherwise modified from time to time. 

 

 3 

 “Applicable Borrowing Base Office Property Advance Rate”: (a) at any
time during a Borrowing Base Office Property Advance Rate Increase Period, 60%, and (b) any other time, 55%. 

“Applicable Margin”: for each Type of Loan, the rate per annum determined pursuant to the pricing grid below:

  

					
	 Consolidated Leverage
Ratio
	 	 Applicable Margin for

Eurodollars Loan
	 	 Applicable Margin for Base

Rate Loans

	< 0.35 to 1.00	 	3.25%	 	2.25%
	3 0.35 to 1.00 and
< 0.45 to 1.00	 	3.50%	 	2.50%
	3 0.45 to 1.00 and
< 0.55 to 1.00	 	3.75%	 	2.75%
	3 0.55 to 1.00	 	4.00%	 	3.00%

Changes in the Applicable Margin resulting from changes in the Consolidated Leverage Ratio shall become effective on
the date on which financial statements are delivered to the Lenders pursuant to Section 6.1 (but in any event not later than the
45th day after the end of each of the first three
quarterly periods of each fiscal year (or, in the case of the first quarter ending after the Closing Date, such later date as may be permitted by the SEC) or the
90th day after the end of each fiscal year, as the case
may be) and shall remain in effect until the next change to be effected pursuant to this paragraph. If any financial statements referred to above are not delivered within the time periods specified above, then, until such financial statements are
delivered, the Consolidated Leverage Ratio as at the end of the fiscal period that would have been covered thereby shall for the purposes of this definition be deemed to be equal to or greater than 0.55 to 1.00. In addition, at all times while an
Event of Default shall have occurred and be continuing, the Consolidated Leverage Ratio shall for the purposes of this pricing grid be deemed to be equal to or greater than 0.55 to 1.00. Each determination of the Consolidated Leverage Ratio pursuant
to this pricing grid shall be made for the periods and in the manner contemplated by Section 7.1(a). 
 “Applicable
Supermajority Lenders”: (x) at any time prior to the date that is 45 days after the Closing Date, those Lenders which comprise Supermajority Lenders as of the Closing Date, and (y) at any time thereafter, the Supermajority
Lenders. 
 “Application”: an application, in such form as the relevant Issuing Lender may specify from time to
time, requesting such Issuing Lender to issue a Letter of Credit. 
 “Appraisal”: with respect to any Real
Property, an MAI “Full Appraisal Report” prepared in accordance with FIRREA and USPAP, undertaken by an Appraiser, and providing an assessment of the value of such Real Property, which shall be commissioned by, and in form and substance
reasonably satisfactory to, the Administrative Agent at the sole expense of the Borrower. For the avoidance of doubt, the appraised value of any Real Property shall include the appraised value of any Specified Development Property part of such Real
Property set forth in a separate Appraisal approved in accordance with the definition of “Specified Development Property”. 
  

 4 

 “Appraiser”: CB Richard Ellis or such other independent appraisal firm
selected by the Administrative Agent. 
 “Approved Borrowing Base Office Properties”: at any time at the
Borrower’s discretion (and, for the avoidance of doubt, without requiring the consent of the Required Lenders), (i) that certain 113,000 square foot office building in Torrance, CA, known as the “Del Amo Office”, (ii) that
certain 222,423 square foot office located in Encino, CA, known as “First Financial Plaza”, (iii) that certain 104,234 square foot office building located in San Diego, CA, known as “Tierrasanta”, and (iv) that certain
286,270 square foot office/retail project, located at 875 Howard Street, San Francisco, CA, known as “875 Howard”. 

“Arranger”: as defined in the preamble hereto. 

“Assignee”: as defined in Section 10.6(c). 

“Assignment of Management Agreement”: with respect to each Borrowing Base Property, that certain Assignment of
Management Agreement and Subordination of Management Fees, dated as of the date hereof, among the Administrative Agent, the Loan Party which owns such Borrowing Base Property and the Manager, as manager, as the same may be amended, restated,
replaced, supplemented or otherwise modified from time to time. 
 “Assignor”: as defined in
Section 10.6(c). 
 “ASTM”: the American Society for Testing & Materials. 

“Available Revolving Credit Commitment”: with respect to any Revolving Credit Lender at any time, an amount equal to the
excess, if any, of (a) such Lender’s Revolving Credit Commitment then in effect over (b) such Lender’s Revolving Extensions of Credit then outstanding; provided that, in calculating any Lender’s Revolving
Extensions of Credit for the purpose of determining such Lender’s Available Revolving Credit Commitment pursuant to Section 2.6(a), the aggregate principal amount of Swing Line Loans then outstanding shall be deemed to be zero. 

“Bankruptcy Code”: Title 11 of the United States Code, 11 U.S.C. § 101, et seq., as the same may be
amended from time to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable foreign laws relating to bankruptcy, insolvency or creditors’ rights or any other
Federal or state bankruptcy or insolvency law. 
 “Base Rate”: for any day, a rate per
annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus
 1/2 of 1% and (c) 1.0% per annum plus
the Eurodollar Rate (for avoidance of doubt after giving effect to the proviso of the definition thereof) applicable to an Interest Period of one month, provided that, in no event shall the Base Rate be less than 2.50%. For purposes hereof:
“Prime Rate” shall mean the prime lending rate as set forth on the Reuters Screen RTRTSY1 (or such other comparable publicly available page as may, in the reasonable opinion of the Administrative Agent after notice to the Borrower,
replace such page for the purpose of displaying such rate if such rate no longer appears on the Reuters Screen RTRTSY1), as in effect from time to time. 

 

 5 

 
The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually available. Any change in the Base Rate due to a change in the Prime Rate, the Federal Funds
Effective Rate or the one-month Eurodollar Rate shall be effective as of the opening of business on the effective day of such change in the Prime Rate, or the Federal Funds Effective Rate or the one-month Eurodollar Rate, respectively. 

“Base Rate Loans”: Loans for which the applicable rate of interest is based upon the Base Rate. 

“Benefitted Lender”: as defined in Section 10.7. 

“Bilateral Line of Credit”: unsecured, bilateral Recourse Indebtedness incurred by the Borrower or its
Subsidiaries with a single Eligible Institution in an aggregate amount not exceeding $10,000,000 at any one time outstanding. 

“Blocked Account Control Agreements”: as defined in Section 5.1(b). 

“Board”: the Board of Governors of the Federal Reserve System of the United States (or any successor). 

“Borrower”: as defined in the preamble hereto. 

“Borrower Common Units”: the Borrower’s Common Units as defined in the Borrower’s LP Agreement. 

“Borrower LP Agreement”: the Amended and Restated Limited Partnership Agreement of the Borrower, dated as of
June [__], 2010, as amended, supplemented or otherwise modified from time to time in accordance with this Agreement. 

“Borrower Preferred Units”: the Borrower’s Series A Preferred Units as defined in the Borrower’s LP
Agreement. 
 “Borrowing Base”: at any time, an amount equal to the sum of: 

(a) with respect to each Borrowing Base Office Property, the lesser of (i) a percentage equal to the Applicable
Borrowing Base Office Property Advance Rate of the MAI “as-is” appraised value of such Borrowing Base Office Property set forth in the most recent Appraisal for such Borrowing Base Office Property, and (ii) the Consolidated Debt
Service Coverage Amount for such Borrowing Base Office Property as at such time; plus 
 (b) with respect
to each Borrowing Base Studio Property, the lesser of (i) 25% of MAI “as-is” appraised value of such Borrowing Base Studio Property set forth in the most recent Appraisal for such Borrowing Base Studio Property and (ii) the
Consolidated Debt Service Coverage Amount for such Borrowing Base Studio Property as at such time; 
  

 6 

 subject to the following adjustments: 

(i) if (x) prior to the first anniversary of the Closing Date, the aggregate Borrowing Base attributable to the
Borrowing Base Studio Properties exceeds more than 25% of the aggregate Borrowing Base, or (y) on and after the first anniversary of the Closing Date, the aggregate Borrowing Base attributable to the Borrowing Base Studio Properties exceeds
more than 20% of the aggregate Borrowing Base, then, in the case of each of clauses (x) and (y), any excess amount shall be excluded from the aggregate Borrowing Base; 

(ii) from and after the date that is nine months after the Closing Date, if the aggregate total revenue for Borrowing Base
Office Properties with single Tenants exceeds 35% of the total revenue for all of the Borrowing Base Properties for the four fiscal quarters most recently ended for which financial statements are available, the Borrowing Base shall exclude such
Borrowing Base Office Properties, beginning with the Borrowing Base Office Property with the lowest revenue derived from single Tenants, until the aggregate total revenue for such Borrowing Base Office Properties no longer exceeds 35% of the total
revenue for all of the Borrowing Base Properties for the four fiscal quarters most recently ended for which financial statements are available; 

(iii) from and after the date that is nine months after the Closing Date, the Borrowing Base shall exclude any Borrowing
Base Office Property with a single Tenant comprising more than 15% of the total revenue for all of the Borrowing Base Properties for the four fiscal quarters most recently ended for which financial statements are available, provided that, the
Technicolor Building may comprise up to 25% of the total revenue for all of the Borrowing Base Properties for the four fiscal quarters most recently ended for which financial statements are available at any time except during a Borrowing Base Office
Property Advance Rate Increase Period; 
 (iv) if a mechanics’ Lien or other Lien for the performance of
work or the supply of materials is filed against a Borrowing Base Property, or any stop notice is served on the owner of such Borrowing Base Property, and the Lien remains unsatisfied or unbonded for a period of ten days after the date of filing or
service, the Borrowing Base shall be reduced by an amount equal to 125% of the aggregate amount of such Lien until the Administrative Agent has received satisfactory evidence that such Lien has been released or bonded; and 

(v) if a Borrowing Base Property suffers a Material Environmental Event, the Borrowing Base shall be reduced by an amount
equal to 125% of the Cost to Remedy such Material Environmental Event, until such Material Environmental Event is fully remedied as evidenced by an ESA. 

The Borrowing Base shall be determined based on the most recent Borrowing Base Certificate delivered pursuant to Section 5.1(u), 5.3
or 5.4 or Section 6.12, provided that, 
  

 7 

 
the Administrative Agent may adjust the Borrowing Base at any time following the receipt of a new Appraisal received pursuant to Section 6.11. 

“Borrowing Base Certificate”: a certificate, appropriately completed and substantially in the form of Exhibit K
(with such modifications as to format and presentation as may be reasonably requested by the Administrative Agent upon five Business Days’ notice) together with all supporting documentation reasonably requested by the Administrative Agent.

 “Borrowing Base Office Properties”: subject to Section 5.4, (a) on the Closing Date, the Initial
Borrowing Base Office Properties and (b) after the Closing Date, the Initial Borrowing Base Office Properties, together with any Approved Borrowing Base Office Properties and Additional Borrowing Base Office Properties added to the Borrowing
Base in accordance with Section 5.3 and, for the avoidance of doubt, in the case of each of clauses (a) and (b), together with any Specified Development Property part of such Real Property. 

“Borrowing Base Office Property Advance Rate Increase Period”: any period during which each of the following conditions
has occurred and is continuing: (i) there are five or more Borrowing Base Office Properties, (ii) the Net Operating Income of any Borrowing Base Office Property for the four fiscal quarters most recently ended for which financial
statements are available does not exceed 30% of the aggregate Net Operating Income of all the Borrowing Base Properties for the four fiscal quarters most recently ended for which financial statements are available, (iii) any Tenant of Borrowing
Base Office Properties that does not have an Investment Grade Rating does not account for more than 15% of total revenue for all Borrowing Base Properties for the four fiscal quarters most recently ended for which financial statements are available
and (iv) any Tenant of Borrowing Base Office Properties that has an Investment Grade Rating does not account for more than 20% of total revenue for all Borrowing Base Properties for the four fiscal quarters most recently ended for which
financial statements are available. For the avoidance of doubt, a Borrowing Base Office Property Advance Rate Increase Period shall cease on the first date that any of the conditions above are not met. 

“Borrowing Base Properties”: collectively, the Borrowing Base Studio Properties and Borrowing Base Office Properties.

 “Borrowing Base Studio Properties”: subject to Section 5.4, (a) on the Closing Date, Sunset Gower,
and (b) after the Closing Date, Sunset Gower and, to the extent added to the Borrowing Base at the Borrower’s discretion in accordance with Section 5.3, Sunset Bronson and, for the avoidance of doubt, in the case of each of clauses
(a) and (b), together with any Specified Development Property part of such Real Property. For the avoidance of doubt, (x) subject to the satisfaction of the conditions set forth in Section 5.3, the consent of the Lenders shall not be
required to add Sunset Bronson as a Borrowing Base Property, and (y) at no time shall there be Borrowing Base Studio Properties other than Sunset Gower and Sunset Bronson. 

“Borrowing Date”: any Business Day specified by the Borrower as a date on which the Borrower requests the relevant
Lenders to make Loans hereunder. 
  

 8 

 “Borrowing Notice”: with respect to any request for borrowing of Loans
hereunder, a notice from the Borrower, substantially in the form of, and containing the information prescribed by, Exhibit H, delivered to the Administrative Agent. 

“Business Day”: (a) for all purposes other than as covered by clause (b) below, a day other than a
Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to close and (b) with respect to all notices and determinations in connection with, and payments of principal and interest on, Eurodollar
Loans, any day which is a Business Day described in clause (a) and which is also a day for trading by and between banks in Dollar deposits in the interbank eurodollar market. 

“Capital Expenditures”: for any period, with respect to any Person, the aggregate of all expenditures by such Person for
the acquisition or leasing (pursuant to a capital lease) of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and improvements during such period) which are required to be capitalized under GAAP on a
balance sheet of such Person; provided that, “Capital Expenditures” shall not include (x) expenditures made in connection with the replacement, substitution or restoration of assets (i) to the extent financed from
insurance proceeds paid on account of the loss of or damage to the assets being replaced or restored or (ii) with awards of compensation arising from the taking or the threat of taking by eminent domain or Condemnation of the assets being
replaced, (y) the purchase price of equipment that is purchased simultaneously with the trade-in of existing equipment but only to the extent that the gross amount of such purchase price is reduced by the credit granted by the seller of such
equipment for the equipment being traded in at such time or (z) the purchase of plant, property and equipment made within 270 days of the sale of any asset to the extent purchased with the proceeds of such sale. 

“Capital Lease Obligations”: with respect to any Person, the obligations of such Person to pay rent or other amounts
under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under
GAAP; and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP. 

“Capital Stock”: 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 (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing. 

“Capitalization Rate”: for office properties, 8.50%, and for studio properties, 9.00%, provided that, for the
purposes of determining “Total Asset Value” on any date of determination, the Capitalization Rate shall be equal to a weighted average percentage based on the Consolidated EBITDA allocable to Real Property (other than Borrowing Base
Properties and Construction in Process) owned for four or more consecutive fiscal quarters. 
 “Cash
Collateralize”: to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Administrative Agent or the Issuing Lender (as applicable) and the Secured Parties, as collateral for the L/C Obligations or
obligations of the Lenders to fund 
  

 9 

 
participations in respect thereof (as the context may require), cash or deposit account balances or, if Issuing Lender benefitting from such collateral shall agree in its sole discretion, other
credit support, in each case pursuant to documentation in form and substance satisfactory to (a) the Administrative Agent and (b) the Issuing Lender. The term “Cash Collateral” shall have a meaning correlative to the
foregoing and shall include the proceeds of such cash collateral and other credit support. 
 “Cash
Equivalents”: (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case
maturing within one year from the date of acquisition; (b) certificates of deposit, time deposits, eurodollar time deposits or overnight bank deposits having maturities of six months or less from the date of acquisition issued by any Lender or
by any commercial bank organized under the laws of the United States of America or any state thereof having combined capital and surplus of not less than $500,000,000; (c) commercial paper of an issuer rated at least A-2 by S&P or P-2 by
Moody’s, or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing within six months from the date of
acquisition; (d) repurchase obligations of any Lender or of any commercial bank satisfying the requirements of clause (b) of this definition, having a term of not more than 30 days with respect to securities issued or fully
guaranteed or insured by the United States government; (e) securities with maturities of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, by any political
subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may be) are
rated at least A by S&P or A by Moody’s; (f) securities with maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any Lender or any commercial bank satisfying the requirements of
clause (b) of this definition; and (g) shares of money market mutual or similar funds which invest exclusively in assets satisfying the requirements of clauses (a) through (f) of this definition. 

“Casualty”: with respect to any Borrowing Base Property, that such Borrowing Base Property is damaged or destroyed, in
whole or in part, by fire or other casualty. 
 “Change of Control”: the occurrence of any of the following
events: (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), excluding the Permitted Investors, shall
become, or obtain rights (whether by means of warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or indirectly, of more than 30% of the outstanding
common stock of the REIT; (b) the board of directors of the REIT shall cease to consist of a majority of Continuing Directors; (c) the Borrower shall cease to own, directly or indirectly, 100% of the equity interests of any Subsidiary
Guarantor free and clear of any Liens (other than Liens in favor of Administrative Agent) unless the Borrowing Base Property owned by such Subsidiary Guarantor is removed from the Borrowing Base in accordance with Section 5.4 of this Agreement;
or (d) the REIT shall (i) fail to be sole general partner of the Borrower or cease to own all the general partnership interests of the Borrower or (ii) fail to control the management and policies of the Borrower. 

 

 10 

 “City Plaza”: as defined in the definition of “Initial Borrowing Base
Office Properties”. 
 “Closing Date”: the date on which the conditions precedent set forth in
Section 5.1 shall have been satisfied, which date shall be not later than June [    ], 2010. 

“Code”: the Internal Revenue Code of 1986, as amended from time to time. 

“Collateral”: all Property of the Loan Parties, now owned or hereafter acquired, upon which a Lien is purported to be
created by any Security Document. 
 “Commitment Fee Rate”:
 1/2 of 1% per annum. 

“Commitment Increase Supplement”: as defined in Section 2.22(c). 

“Commonly Controlled Entity”: an entity, whether or not incorporated, that is under common control with the Borrower
within the meaning of Section 4001 of ERISA or is part of a group that includes the Borrower and that is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Sections 412 or 430 of the Code,
Section 414(b), (c), (m) or (o) of the Code. 
 “Compliance Certificate”: a certificate duly
executed by a Responsible Officer, substantially in the form of Exhibit B. 
 “Condemnation”: a temporary
or permanent taking by any Governmental Authority as the result, in lieu or in anticipation, of the exercise of the right of condemnation or eminent domain, of all or any part of any Property, or any interest therein or right accruing thereto,
including any right of access thereto or any change of grade affecting such Property or any part thereof. 

“Consolidated Debt Service Coverage Amount”: at any date: 

(i) for any Borrowing Base Office Property, the (1) the Net Operating Income of such Borrowing Base Office Property
for the four fiscal quarters most recently ended for which financial statements are available divided by (2) 1.60, divided by the greater of (x) an interest rate of 8.0% per annum (assuming a 30-year
amortization) or (y) the 10-year treasury rate on the last day of such period plus 3.0% (assuming a 30-year amortization); and 

(ii) for any Borrowing Base Studio Property, the (1) the Net Operating Income of such Borrowing Base Studio Property
for the four fiscal quarters most recently ended for which financial statements are available divided by (2) 4.50, divided by the greater of (x) an interest rate of 8.0% per annum (assuming a 30-year
amortization) or (y) the 10-year treasury rate on the last day of such period plus 3.0% (assuming a 30-year amortization); 

provided that, solely for the purpose of determining the Consolidated Debt Service Coverage Amount during such four fiscal quarter period for City
Plaza and, after such Real Property 
  

 11 

 
becomes a Borrowing Base Property in accordance with Section 5.3, 875 Howard, Net Operating Income for City Plaza and 875 Howard, as applicable, shall be increased on a pro forma basis
to include the contractual monthly base rent for each Tenant subject to a valid and effective Lease that does not yet occupy any space or that is otherwise in a free-rent period during such four fiscal quarter period for each month occurring during
the Lease Adjustment Period for such Lease, less any applicable duplications for Tenants relocating within the applicable building. For the avoidance of doubt, the Net Operating Income of any Borrowing Base Property shall include the Net
Operating Income of any Specified Development Property part of such Borrowing Base Property. 
 “Consolidated
EBITDA”: of the Group Members for any period, Consolidated Net Income for such period plus, without duplication and to the extent reflected as a charge in the statement of such Consolidated Net Income for such period, the sum of
(a) income tax expense, (b) interest expense of such Person and its Subsidiaries, amortization or write-off of debt discount and debt issuance costs and commissions, discounts and other fees and charges associated with Indebtedness,
(c) depreciation and amortization expense, (d) amortization of intangibles (including, but not limited to, goodwill) and organization costs, (e) any extraordinary, unusual or non-recurring expenses or losses (including, whether or not
otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, losses on sales of assets outside of the ordinary course of business), (f) any other non-cash charges or expenses and (g) the Group
Members’ pro rata share of Consolidated EBITDA from their Unconsolidated Joint Ventures minus, to the extent included in the statement of such Consolidated Net Income for such period, the sum of (a) interest income (except to the
extent deducted in determining such Consolidated Net Income), (b) any extraordinary, unusual or non-recurring income or gains (including, whether or not otherwise includable as a separate item in the statement of such Consolidated Net Income
for such period, gains on the sales of assets outside of the ordinary course of business), (c) any other non-cash income and (d) any cash payments made during such period in respect of items described in clause (e) above subsequent to
the fiscal quarter in which the relevant non-cash expenses or losses were reflected as a charge in the statement of Consolidated Net Income, all as determined on a consolidated basis. 

“Consolidated Fixed Charge Coverage Ratio”: for any period, the ratio of (a) Consolidated EBITDA of the Borrower
and its Subsidiaries for such period to (b) Consolidated Fixed Charges for such period. 
 “Consolidated Fixed
Charges”: for any period, the sum (without duplication) of (a) Consolidated Interest Expense of the Group Members for such period, (b) provision for cash income taxes made by the Group Members on a consolidated basis in respect of
such period, (c) scheduled payments made during such period on account of principal of Indebtedness of the Group Members (excluding any “balloon” payment or final payment at maturity that is significantly larger than the scheduled
payments that preceded it), (d) all preferred dividends paid during such period and (e) the Group Members’ pro rata share of all expenses, taxes, payments and dividends referred to in the preceding clauses (a) to (d) from
their Unconsolidated Joint Ventures. 
  

 12 

 “Consolidated Floating Rate Debt”: Consolidated Total Debt bearing interest
based on an index that floats, or otherwise changes from time to time (excluding any such Indebtedness subject to a fixed rate interest rate hedge, cap or collar). 

“Consolidated Interest Expense”: of the Group Members for any period, total interest expense (including that
attributable to Capital Lease Obligations) of the Group Members for such period with respect to all outstanding Indebtedness of the Group Members (including, without limitation, all commissions, discounts and other fees and charges owed by the Group
Members with respect to letters of credit and bankers’ acceptance financing and net costs of the Group Members under Hedge Agreements in respect of interest rates to the extent such net costs are allocable to such period in accordance with
GAAP). 
 “Consolidated Leverage Ratio”: on any date of determination, the ratio of (a) Consolidated Total
Debt on such date to (b) Total Asset Value on such date; provided that for purposes of calculating Total Asset Value on any date, (i) the Total Asset Value of any Person acquired by the Borrower or its Subsidiaries during the four
fiscal quarters most recently ending on or prior to such date shall be included on a pro forma basis for such period (assuming the consummation of such acquisition and the incurrence or assumption of any Indebtedness in connection therewith occurred
on the first day of such period) if the consolidated balance sheet of such acquired Person and its consolidated Subsidiaries as at the end of the period preceding the acquisition of such Person and the related consolidated statements of income and
stockholders’ equity and of cash flows for the period in respect of which Total Asset Value is to be calculated (x) have been previously provided to the Administrative Agent and the Lenders and (y) either (1) have been reported
on without a qualification arising out of the scope of the audit by independent certified public accountants of nationally recognized standing or (2) have been found acceptable by the Administrative Agent and (ii) the Total Asset Value of
any Person Disposed of by the Borrower or its Subsidiaries during such period shall be excluded for such period (assuming the consummation of such Disposition and the repayment of any Indebtedness in connection therewith occurred on the first day of
such period). 
 “Consolidated Net Income”: of the Group Members for any period, the consolidated net income
(or loss) of the Group Members for such period, determined on a consolidated basis; provided that, in calculating Consolidated Net Income of the Group Members for any period, there shall be excluded (a) the income (or deficit) of any
Person accrued prior to the date it becomes a Subsidiary of the Borrower or is merged into or consolidated with the Borrower or any of its Subsidiaries, (b) the income (or deficit) of any Person in which any Group Member has an ownership
interest, except to the extent that any such income is actually received by such Group Member in the form of dividends or similar distributions and (c) the undistributed earnings of any Subsidiary of any Group Member to the extent that the
declaration or payment of dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of any Contractual Obligation (other than under any Loan Document) or Requirement of Law applicable to such Subsidiary.

 “Consolidated Total Debt”: at any date, an amount equal to (i) the aggregate principal amount of all
Indebtedness of the Group Members at such date, determined on a consolidated basis in accordance with GAAP and (ii) the Group Members’ pro rata share of Indebtedness of their Unconsolidated Joint Ventures at such date. 

 

 13 

 “Construction in Process”: any Real Property owned by a Group Member
consisting of (i) new ground up construction or (ii) renovation or expansion of existing Real Property in which (a) greater than 40% of the square footage of such Real Property is unavailable for occupancy due to renovation and
(b) no Rents are being paid on such square footage. A Real Property will cease being classified as “Construction in Process”, (i) with respect to new ground up construction, upon the completion of such construction as evidenced
by the issuance of a temporary or permanent certificate of occupancy (whichever occurs first) for the related Real Property, and (ii) with respect to the renovation or expansion of existing property, upon the earlier to occur of (a) the
time that such property has an Occupancy Rate of at least 65% of the total square footage (including any applicable expansion) or (b) 180 days after completion of such renovation or expansion. 

“Continuing Directors”: the directors of the REIT on the Closing Date, after giving effect to the
other transactions contemplated hereby, and each other director of the REIT, if, in each case, such other director’s nomination for election to the board of directors of the REIT is recommended by at least
66 2/3% of the then Continuing Directors or such
other director receives the vote of the Permitted Investors in his or her election by the shareholders of the REIT. 

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

“Control Investment Affiliate”: as to any Person, any other Person that (a) directly or indirectly, is in control
of, is controlled by, or is under common control with, such Person and (b) is organized by such Person primarily for the purpose of making equity or debt investments in one or more companies. For purposes of this definition, “control”
of a Person means the power, directly or indirectly, to direct or cause the direction of the management and policies of such Person, whether by contract or otherwise. 

“Cost to Remedy”: the actual or reasonably estimated cost to remedy a Material Environmental Event, provided
that, if the Cost to Remedy a Material Environmental Event is not known or cannot be reasonably estimated at the time such Material Environmental Event occurs, the Cost to Remedy shall be determined pursuant to an ESA delivered in accordance with
Section 6.8(h). 
 “Debtor Relief Laws”: the Bankruptcy Code of the United States, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to
time in effect and affecting the rights of creditors generally. 
 “Default”: any of the events specified in
Section 8, whether or not any requirement for the giving of notice, the lapse of time, or both, has been satisfied. 
  

 14 

 “Defaulting Lender”: any Lender that has in the Administrative Agent’s
reasonable discretion: 
 (a) failed to fund any portion of its Revolving Credit Commitment (including the
purchase of a participation under any Letter of Credit pursuant to Section 3.4) within three Business Days of the date required to be funded by it hereunder, unless the subject of a good faith dispute, 

(b) failed to make any payment required to be made by it pursuant to Section 9.7, 

(c) notified the Borrower, the Administrative Agent or any other Lender in writing, or has otherwise indicated through a
public statement, that it does not intend to comply with its funding obligations hereunder or generally under any agreement in which it commits to extend credit, 

(d) failed, within three Business Days after receipt of a written request from the Administrative Agent, to confirm that
it will comply with the terms of this Agreement relating to its obligations to fund prospective Revolving Credit Commitments (including the purchase of a participation under any Letter of Credit pursuant to Section 3.4), 

(e) otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by
it hereunder, unless the subject of a good faith dispute, or 
 (f) become the subject of a bankruptcy or
insolvency proceeding, or has had a receiver, conservator, trustee, custodian, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business appointed for it, or has taken any
action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver,
conservator, trustee, custodian, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business appointed for it, or has taken any action in furtherance of, or indicating its consent
to, approval of or acquiescence in any such proceeding or appointment; 
 provided that, (i) if the Borrower, the Administrative
Agent, the Issuing Lender and the Swing Line Lender agree in writing, each in its sole discretion, that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon
as of the effective date specified in such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase 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 Swing Line Commitment and funded and unfunded participations in Swing Line Loans and Letters to Credit to be held on a pro rata basis by the Lenders in accordance with their pro rata
share of the Total Revolving Credit Commitments (without giving effect to Section 2.23), whereupon that Lender will cease to be a Defaulting Lender and (ii) a Lender shall not be a Defaulting Lender solely by virtue of the ownership or
acquisition of 
  

 15 

 
voting stock or any other equity interest in such Lender or a parent company thereof by a Governmental Authority or an instrumentality thereof. 

“Derivatives Counterparty”: as defined in Section 7.6. 

“Disposition”: with respect to any Property, any sale, lease, sale and leaseback, assignment, conveyance, transfer or
other disposition thereof; and the terms “Dispose” and “Disposed of” shall have correlative meanings. 

“Dollars” and “$”: dollars in lawful currency of the United States of America. 

“Domestic Subsidiary”: any Subsidiary of the Borrower organized under the laws of any jurisdiction within the United
States of America. 
 “875 Howard”: as defined in the definition of “Approved Borrowing
Base Office Properties”. 
 “Eligible Account”: a separate and identifiable account from all other funds
held by the holding institution that is either (a) an account or accounts maintained with a federal or state chartered depository institution or trust company which complies with the definition of Eligible Institution or (b) a segregated
trust account or accounts maintained with a federal or state chartered depository institution or trust company acting in its fiduciary capacity which, in the case of a state chartered depository institution or trust company, is subject to
regulations substantially similar to 12 C.F.R. §9.10(b), having in either case a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal and state authority. An Eligible Account will not be
evidenced by a certificate of deposit, passbook or other instrument. 
 “Eligible Borrowing Base Property”: any
Real Property (other than the Initial Borrowing Base Office Properties and Sunset Gower) that satisfies each of the following conditions: 

(i) such Real Property is located in the continental United States and is used for commercial office purposes, 

(ii) such Real Property is wholly-owned by the Borrower or a Subsidiary Guarantor in fee simple or ground leased pursuant
to an Acceptable Ground Lease, 
 (iii) such Real Property has an Occupancy Rate greater than 80% at the time it
is included in the Borrowing Base, 
 (iv) such Real Property is subject to a duly perfected, first priority
security interest in favor of the Administrative Agent for the benefit of the Secured Parties, 
  

 16 

 (v) the Administrative Agent has received for such Real Property, in each
case, in form and substance reasonably satisfactory to the Administrative Agent: 
 (A) an ESA, 

(B) a current property condition and structural report, 

(C) evidence as to whether the applicable Real Property is a Flood Hazard Property and if such Real Property is a Flood
Hazard Property, evidence of compliance with federally-mandated flood insurance requirements, including (1) the Borrower’s written acknowledgment of receipt of written notification required pursuant to Section 208(e)(3) of Regulation
H of the Board from the Administrative Agent (x) as to the fact that such Real Property is a Flood Hazard Property and (y) as to whether the community in which each such Flood Hazard Property is located is participating in the National
Flood Insurance Program and (2) copies of insurance policies or certificates of insurance evidencing flood insurance naming the Administrative Agent as sole loss payee on behalf of the Secured Parties under a standard mortgagee endorsement,
that (a) covers any parcel of improved Real Property that is encumbered by any Mortgage, (b) is written in an amount which is commercially available at a reasonable cost, and (c) has a term ending not later than the maturity of the
indebtedness secured by such Mortgage or that may be renewed to such maturity date, 
 (D) certificates of
insurance or insurance policies satisfying the requirements of Section 6.5, with all premiums fully paid current, 

(E) a title insurance policy satisfying the requirements of Section 5.1(p), 

(F) a new Appraisal, 

(G) a recent survey satisfying the requirements of Section 5.1(p), 

(H) estoppels and subordination and nondisturbance and attornment agreements from all Tenants subject to a Major Lease at
such Real Property, and 
 (I) if such applicable Real Property is held pursuant to an Acceptable Ground Lease:
(i) true and correct copies of such Acceptable Ground Lease and any guarantees thereof and (ii) to the extent required by the Administrative Agent in its discretion, recognition agreements and estoppel certificates executed by the lessor
under such Acceptable Ground Lease, in form and content satisfactory to the Administrative Agent; and 
  

 17 

 (vi) which satisfies any other criteria required by the Administrative
Agent, as reasonably determined by the Administrative Agent. 
 “Eligible Institution”: the Administrative
Agent, the Syndication Agent, Morgan Stanley, Wells Fargo, City National Bank, KeyBank National Association or a depository institution or trust company insured by the Federal Deposit Insurance Corporation, the short term unsecured debt obligations
or commercial paper of which are rated at least “A 1+” by S&P, “P 1” by Moody’s and “F 1+” by Fitch in the case of accounts in which funds are held for 30 days or less (or, in the case of accounts in which
funds are held for more than 30 days, the long term unsecured debt obligations of which are rated at least “AA” by Fitch and S&P and “Aa2” by Moody’s). 

“Environmental Claim”: any investigative, enforcement, cleanup, removal, containment, remedial, or other private or
governmental or regulatory action threatened, instituted, or completed pursuant to any applicable Environmental Law against any Group Member or against or with respect to any Real Property or facility. 

“Environmental Laws”: any and all laws, rules, orders, regulations, statutes, ordinances, guidelines, codes, decrees,
agreements or other legally enforceable requirements (including, without limitation, common law) of any international authority, foreign government, the United States, or any state, local, municipal or other governmental authority, regulating,
relating to or imposing liability or standards of conduct concerning protection of the environment or of human health, or employee health and safety, as has been, is now, or may at any time hereafter be, in effect. 

“Environmental Permits”: any and all permits, licenses, approvals, registrations, notifications, exemptions and other
authorizations required under any Environmental Law. 
 “Environmental Requirement”: as defined in
Section 6.8(g). 
 “ERISA”: the Employee Retirement Income Security Act of 1974, as amended from time to
time. 
 “ESA”: as defined in Section 5.1(k). 

“Eurocurrency Reserve Requirements”: for any day, the aggregate (without duplication) of the maximum rates (expressed as
a decimal fraction) of reserve requirements in effect on such day (including, without limitation, basic, supplemental, marginal and emergency reserves) under any regulations of the Board or other Governmental Authority having jurisdiction with
respect thereto dealing with reserve requirements prescribed for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board) maintained by a member bank of the Federal Reserve System. 

“Eurodollar Base Rate”: with respect to each day during each Interest Period, the rate per annum determined on the basis
of the rate for deposits in Dollars for a period equal to such Interest Period commencing on the first day of such Interest Period appearing on Reuters Screen LIBOR01 Page (or such other page as may replace such page on such service for the
purpose of displaying the rates at which Dollar deposits are offered by lending banks in London 
  

 18 

 
interbank deposit market) as of 11:00 A.M., London time, two Business Days prior to the beginning of such Interest Period. In the event that such rate does not appear on Reuters Screen LIBOR01
Page (or such other page as may replace such page on such service for the purpose of displaying the rates at which Dollar deposits are offered by lending banks in London interbank deposit market) (or otherwise on such screen), the
“Eurodollar Base Rate” for purposes of this definition shall be determined by reference to such other comparable publicly available service for displaying eurodollar rates as may be selected by the Administrative Agent. 

“Eurodollar Loans”: Loans for which the applicable rate of interest is based upon the Eurodollar Rate. 

“Eurodollar Rate”: with respect to each day during each Interest Period, a rate per annum determined for such day in
accordance with the following formula (rounded upward to the nearest 1/100th of 1%): 
  

					
		 	 Eurodollar Base Rate
	 	
		 	1.00 – Eurocurrency Reserve Requirements	 	

 ; provided that, in no event shall the Eurodollar Rate be less than 1.50%. 

“Eurodollar Tranche”: the collective reference to Eurodollar Loans the then current Interest Periods with respect to all
of which begin on the same date and end on the same later date (whether or not such Loans shall originally have been made on the same day). 

“Event of Default”: any of the events specified in Section 8, provided that any requirement for the giving
of notice, the lapse of time, or both, has been satisfied. 
 “Exchange Act”: as defined in the definition of
“Change of Control”. 
 “Excluded Foreign Subsidiary”: any Foreign Subsidiary in respect of which
either (a) the pledge of all of the Capital Stock or assets of such Subsidiary as Collateral or (b) the guaranteeing by such Subsidiary of the Obligations, would, in the good faith judgment of the Borrower, result in adverse tax
consequences to the Borrower. 
 “Excluded Subsidiary”: (i) any Immaterial Subsidiary or (ii) any
other Subsidiary that is unable to guarantee the Obligations of the Loan Parties under the Loan Documents because it is a party to one or more agreements entered into in connection with Indebtedness listed on Schedule 7.2(d), incurred pursuant to
Section 7.2(g), a Mortgage Financing or Permitted Construction Financing that prohibits such Subsidiary from providing a guarantee, or any Subsidiary that is a direct or indirect parent or Subsidiary of such Subsidiary, provided
that, the Administrative Agent shall have been provided satisfactory evidence of such prohibition. Schedule 1.1C sets forth each Excluded Subsidiary as of the Closing Date with a notation identifying whether clause (i) or
(ii) above is applicable. 
 “Federal Funds Effective Rate”: for any day, the weighted average of the
rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so
published for any day that is a Business Day, the 
  

 19 

 
average of the quotations for the day of such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it. 

“FIRREA”: Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), as amended. 

“Fitch”: Fitch, Inc. and its successors. 

“Flood Hazard Property”: as defined in Section 4.21. 

“Foreign Subsidiary”: any Subsidiary of the Borrower that is not a Domestic Subsidiary. 

“Fund”: any Person (other than a natural person) engaged in making, purchasing, holding or otherwise investing in
commercial loans and similar extensions of credit in the ordinary course of its business. 
 “Funding Office”:
the office specified from time to time by the Administrative Agent as its funding office by notice to the Borrower and the Lenders. 

“Funds from Operations”: for any Person for any period, the sum of (a) Consolidated Net Income for such period
plus (b) depreciation and amortization expense determined in accordance with GAAP; provided that there shall not be included in such calculation (i) any proceeds of any insurance policy other than rental or business
interruption insurance received by such Person, (ii) any gain or loss which is classified as “extraordinary” in accordance with GAAP, or (iii) any capital gains and taxes on capital gains. 

“GAAP”: generally accepted accounting principles in the United States of America as in effect from time to time.

 “Governmental Authority”: any nation or government, any state or other political subdivision thereof, any
agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any
self-regulatory organization (including the National Association of Insurance Commissioners). 
 “Granting
Lender”: as defined in Section 10.6(g). 
 “Group Members”: the REIT and all of its Subsidiaries,
including, without limitation, the Borrower. 
 “Guarantee and Collateral Agreement”: the Guarantee and
Collateral Agreement to be executed and delivered by the REIT, the Borrower and each Subsidiary Guarantor, substantially in the form of Exhibit A, as the same may be amended, supplemented or otherwise modified from time to time. 

“Guarantee Obligation”: as to any Person (the “guaranteeing person”), any obligation, including a
reimbursement, counterindemnity or similar obligation, of the 
  

 20 

 
guaranteeing person that guarantees or in effect guarantees, or which is given to induce the creation of a separate obligation by another Person (including any bank under any letter of credit)
that guarantees or in effect guarantees 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. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee
Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such
guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the
Borrower in good faith. 
 “Guarantors”: the collective reference to the REIT and the Subsidiary Guarantors.

 “Hedge Agreements”: all interest rate or currency swaps, caps or collar agreements, foreign exchange
agreements, commodity or currency futures contracts, options to purchase or sell a commodity or currency, or option, warrant or other right with respect to a commodity or currency futures contract or similar arrangements entered into by the Group
Members providing for protection against fluctuations in interest rates, currency exchange rates, commodity prices or the exchange of nominal interest obligations, either generally or under specific contingencies. 

“Hudson Pacific Predecessor”: the real estate activity and holdings of the entities that own the following
properties contributed to the REIT and its Subsidiaries: Sunset Gower, the Technicolor Building, Sunset Bronson and City Plaza. 

“Immaterial Subsidiary”: (i) any TRS Subsidiary and its Subsidiaries and (ii) any other Subsidiary with de
minimis income and assets, provided that, collectively, Immaterial Subsidiaries do not comprise on any date of determination more than 5% of the lesser of (a) Consolidated EBITDA for the period of four quarters most recently completed
for which financial statements are available or (b) Total Asset Value on such date. 
 “Improvements”: any
Loan Party’s interest in and to all on site and off site improvements to the Borrowing Base Properties, together with all fixtures, Tenant 

 

 21 

 
improvements, and appurtenances now or later to be located on the Borrowing Base Properties or in such improvements. 

“Indebtedness”: of any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed
money, (b) all obligations of such Person for the deferred purchase price of Property or services (other than trade payables incurred in the ordinary course of such Person’s business), (c) all obligations of such Person evidenced by
notes, bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to Property acquired by such Person (even though the rights and remedies
of the seller or lender under such agreement in the event of default are limited to repossession or sale of such Property), (e) all Capital Lease Obligations of such Person, (f) all obligations of such Person, contingent or otherwise, as
an account party or applicant under acceptance, letter of credit, surety bond or similar facilities, (g) all obligations of such Person, contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any Capital Stock of
such Person (other than the Borrower Common Units) on or prior to the Revolving Credit Termination Date, (h) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (g) above,
(i) all obligations of others of the kind referred to in clauses (a) through (g) above secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on Property
(including, without limitation, accounts and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation, but limited to the lesser of the fair market value of such property and
the aggregate amount of the obligations so secured, and (j) for the purposes of Section 8(e) only, all obligations of such Person in respect of Hedge Agreements. The Indebtedness of any Person shall include, without duplication, the
Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity,
except to the extent the terms of such Indebtedness expressly provide that such Person is not liable therefor. For purposes of clause (j) above, the principal amount of Indebtedness in respect of Hedge Agreements shall equal the amount that
would be payable (giving effect to netting) at such time if such Hedge Agreement were terminated. 
 “Indemnified
Liabilities”: as defined in Section 10.5. 
 “Indemnitee”: as defined in Section 10.5.

 “Initial Borrowing Base Office Properties”: collectively, (a) that certain 114,958 square foot office
building located in Hollywood, CA, known as the “Technicolor Building” (“Technicolor Building”) and (b) that certain 333,922 square foot office building located in Orange, CA, known as “City Plaza”
(“City Plaza”). 
 “Insolvency”: with respect to any Multiemployer Plan, the condition that
such Plan is insolvent within the meaning of Section 4245 of ERISA. 
 “Insolvent”: pertaining to a
condition of Insolvency. 
 “Insurance Premiums”: as defined in Section 6.5(h). 

 

 22 

 “Insurance Proceeds”: the proceeds of any insurance to which any Group
Member may be entitled to, whether or not actually received, with respect to any Borrowing Base Property. 

“Intellectual Property”: the collective reference to all rights, priorities and privileges relating to intellectual
property, whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, copyrights, copyright licenses, patents, patent licenses, trademarks, trademark licenses, technology, know-how and processes,
and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom. 

“Interest Payment Date”: (a) as to any Base Rate Loan, the last day of each March, June, September and December to
occur while such Loan is outstanding and the final maturity date of such Loan, (b) as to any Eurodollar Loan having an Interest Period of three months or shorter, the last day of such Interest Period, (c) as to any Eurodollar Loan having
an Interest Period longer than three months, each day that is three months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period and (d) as to any Loan (other than any Revolving
Credit Loan that is a Base Rate Loan and any Swing Line Loan), the date of any repayment or prepayment made in respect thereof. 

“Interest Period”: as to any Eurodollar Loan, (a) initially, the period commencing on the borrowing or conversion
date, as the case may be, with respect to such Eurodollar Loan and ending one, two, three or six months thereafter, as selected by the Borrower in its notice of borrowing or notice of conversion, as the case may be, given with respect thereto; and
(b) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such Eurodollar Loan and ending one, two, three or six months thereafter, as selected by the Borrower by irrevocable notice to the
Administrative Agent not later than 11:00 A.M., New York City time, on the date that is three Business Days prior to the last day of the then current Interest Period with respect thereto; provided that, all of the foregoing provisions
relating to Interest Periods are subject to the following: 
 (1) if any Interest Period would otherwise end on a
day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period
shall end on the immediately preceding Business Day; 
 (2) any Interest Period that would otherwise extend
beyond the Revolving Credit Termination Date shall end on the Revolving Credit Termination Date or such due date, as applicable; and 

(3) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period. 

 

 23 

 “Investment Grade Rating”: a corporate credit rating of BBB- (or
equivalent) or higher from S&P and Baa3 (or equivalent) or higher from Moody’s. 
 “Investments”: as
defined in Section 7.7. 
 “Issuing Lender”: (a) Barclays Bank PLC or (b) any other Revolving
Credit Lender from time to time designated by the Borrower as an Issuing Lender with the consent of such Revolving Credit Lender and the Administrative Agent. 

“IPO” as defined in Section 5.1(c). 

“Joint Venture”: any joint venture entity, whether a company, unincorporated firm, association, partnership or any other
entity which, in each case, in which the REIT and its Subsidiaries has a direct or indirect equity or similar interest and which is not a Wholly Owned Subsidiary of the Borrower. 

“L/C Commitment”: $10,000,000. 

“L/C Exposure”: for any Lender, at any time, its Revolving Credit Percentage of the total L/C Obligations at such time.

 “L/C Fee Payment Date”: the last day of each March, June, September and December and the last day of the
Revolving Credit Commitment Period. 
 “L/C Obligations”: at any time, an amount equal to the sum of
(a) the aggregate then undrawn and unexpired amount of the then outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit that have not then been reimbursed pursuant to Section 3.5. 

“L/C Participants”: with respect to any Letter of Credit, the collective reference to all the Revolving Credit Lenders
other than the Issuing Lender that issued such Letter of Credit. 
 “Lease”: each existing or future lease,
sublease (to the extent of any Loan Party’s rights thereunder), license, or other agreement (other than an Acceptable Ground Lease) under the terms of which any Person has or acquires any right to occupy or use any Real Property of any Loan
Party, or any part thereof, or interest therein, and (a) every modification, amendment or other agreement relating to such lease, sublease, subsublease or other agreement and (b) each existing or future guaranty of payment or performance
thereunder. 
 “Lease Adjustment Period”: with respect to any Lease that is effective prior to
December 31, 2010, the period beginning on the date that is twelve months prior to the date such Lease becomes valid and effective and ending on the date that is the earlier of (i) the date on which the applicable Tenant occupies the
related space or the expiration of the free-rent period, as applicable, and (ii) December 31, 2010. 

“Lenders”: as defined in the preamble hereto. 

 

 24 

 “Letters of Credit”: as defined in Section 3.1(a). 

“Lien”: any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other),
charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, any conditional sale or other title retention agreement and any
capital lease having substantially the same economic effect as any of the foregoing). 
 “Loan”: any loan made
by any Lender pursuant to this Agreement. 
 “Loan Documents”: this Agreement, the Security Documents, the
Assignment of Management Agreement, the Applications and the Notes. 
 “Loan Parties”: the REIT, the Borrower
and each Subsidiary of the Borrower that is a party to a Loan Document. 
 “Lockbox Account”: an Eligible
Account established for deposit of all Rents and other receipts from a Borrowing Base Property. 
 “Major
Lease”: a lease that comprises in excess of 20,000 square feet of a Borrowing Base Property or in excess of 10% of the rentable square footage of such Borrowing Base Property. 

“Management Agreement”: with respect to each Borrowing Base Property, the management agreement entered into by and
between the Loan Party which owns such Borrowing Base Property and the Manager, pursuant to which the Manager is to provide management and other services with respect to the Borrowing Base Properties, or, if the context requires, a Qualified Manager
who is managing the Borrowing Base Properties in accordance with the terms and provisions of this Agreement pursuant to a Replacement Management Agreement. 

“Manager”: (i) with respect to the Borrowing Base Studio Properties, Hudson Media and Entertainment Management,
LLC, (ii) with respect to the Borrowing Base Office Properties, Hudson OP Management LLC, or (iii) if the context requires, the Qualified Manager who is managing the applicable Borrowing Base Property in accordance with the terms and
provisions of this Agreement pursuant to a Replacement Management Agreement. 
 “Material Adverse Effect”: a
material adverse effect on (a) the business, assets, operations or financial condition of the Loan Parties and the Borrowing Base Properties, taken as a whole or in the facts and information regarding such entities as represented to date or
(b) the validity or enforceability of this Agreement or any of the other Loan Documents or the rights or remedies of the Agents or the Lenders hereunder or thereunder. 

“Material Environmental Amount”: an amount or amounts payable by any of the Group Members in the aggregate in excess of
$5,000,000, for: costs to comply with any Environmental Law; costs of any investigation, and any remediation, of any Material of Environmental Concern; and compensatory damages (including, without limitation damages to natural resources), punitive
damages, fines, and penalties pursuant to any Environmental Law. 
  

 25 

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

“Material Property Event”: with respect to any Borrowing Base Property, the occurrence of any event or circumstance
occurring or arising after the date of this Agreement that could reasonably be expected to have a (a) material adverse effect with respect to the financial condition or the operations of such Borrowing Base Property, (b) material adverse
effect on the appraised value of such Borrowing Base Property, (c) material adverse effect on the ownership of such Borrowing Base Property, or (d) result in a Material Environmental Amount. 

“Materials of Environmental Concern”: any gasoline or petroleum (including crude oil or any fraction thereof) or
petroleum products (virgin or used), polychlorinated biphenyls, urea-formaldehyde insulation, asbestos, pollutants, contaminants, radioactivity, and any other materials, substances or forces of any kind, whether or not any such material, substance
or force is defined as hazardous or toxic under any Environmental Law, that is regulated pursuant to or could reasonably be expected to give rise to liability under any Environmental Law. 

“Maximum Facility Availability”: at any date, an amount equal to the lesser of (i) the Total Revolving Credit
Commitments on such date and (ii) the Borrowing Base on such date. 
 “Moody’s”:
Moody’s Investors Service, Inc. and its successors. 
 “Mortgage Financing”: Indebtedness of the type
permitted by Section 7.2(h). 
 “Mortgaged Properties”: the real properties listed on
Schedule 1.1A, as to which the Administrative Agent for the benefit of the Secured Parties shall be granted a Lien pursuant to one or more Mortgages. 

“Mortgage Notes Receivable”: any mortgage notes receivable, including interest payments thereunder, issued in favor of
any Group Member or any Joint Venture in which a Group Member is a member by any Person (other than a Group Member). 

“Mortgages”: each of the mortgage/deed of trust/deed to secure debt, assignment of leases and rents, fixture filing and
security agreements made by any Loan Party in favor of, or for the benefit of, the Administrative Agent for the benefit of the Secured Parties, substantially in the form of Exhibit D (with such changes thereto as shall be advisable under the
law of the jurisdiction in which such mortgage or deed of trust is to be recorded), as the same may be amended, supplemented or otherwise modified from time to time. 

“Multiemployer Plan”: a Plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 

 

 26 

 “Net Operating Income”: of any Borrowing Base Property for any period, an
amount equal to (a) the aggregate gross revenues from the operations of such Borrowing Base Property during such period, minus (b) the sum of (i) all expenses and other proper charges incurred in connection with the operation
of such Borrowing Base Property during such period (including real estate taxes, but excluding any management fees, debt service charges, income taxes, depreciation, amortization and other noncash expenses), (ii) a management fee that is the
greater of 3% of the aggregate net revenues from the operations of such Borrowing Base Property during such period or actual management fees paid, and (iii) an annual replacement reserve of $0.25 per square foot for Borrowing Base Office
Properties and $0.40 for Borrowing Base Studio Properties. Net Operating Income for any Borrowing Base Property for any period prior to the closing date of the IPO shall be calculated based upon the historical Net Operating Income of such Borrowing
Base Property. 
 “New Revolving Credit Lender”: as defined in Section 2.22(b). 

“Non-Excluded Taxes”: as defined in Section 2.17(a). 

“Non-Recourse Indebtedness”: any Indebtedness other than Recourse Indebtedness. 

“Non-Recourse Subsidiary Borrower”: a Subsidiary of the Borrower whose principal assets are the assets securing
Indebtedness incurred in accordance with Section 7.2(d), 7.2(g), 7.2(h) or 7.2(i). 
 “Non-Recourse Parent
Guarantor”: the Borrower and any direct or indirect parent of the Borrower providing a guarantee permitted by Section 7.2(d), 7.2(g), 7.2(h) or 7.2(i). 

“Non-U.S. Lender”: as defined in Section 2.17(d). 

“Note”: any promissory note evidencing any Loan. 

“Obligations”: the unpaid principal of and interest on (including, without limitation, interest accruing after the
maturity of the Loans and Reimbursement Obligations and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for
post-filing or post-petition interest is allowed in such proceeding) the Loans, the Reimbursement Obligations and all other obligations and liabilities of the Borrower to the Administrative Agent or to any Lender or any Qualified Counterparty,
whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, this Agreement, any other Loan Document, the Letters of Credit, any Specified
Hedge Agreement or any other document made, delivered or given in connection herewith or therewith, whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including, without limitation, all fees,
charges and disbursements of counsel to the Administrative Agent or to any Lender that are required to be paid by the Borrower pursuant hereto) or otherwise; provided, that (i) obligations of the Borrower or any Subsidiary under any
Specified Hedge Agreement shall be secured and guaranteed pursuant to the Security Documents only to the extent that, and for so long as, the other Obligations are so secured and guaranteed and (ii) any release of Collateral or Guarantors

  

 27 

 
effected in the manner permitted by this Agreement shall not require the consent of holders of obligations under Specified Hedge Agreements. 

“Occupancy Rate”: for any Real Property, the percentage of the rentable area of such Real Property occupied by bona fide
Tenants of such Real Property or leased by Tenants pursuant to bona fide Tenant Leases, in each case, which Tenants are not more than 30 days in arrears on base rental or other similar payments due under such Leases, provided that, such
period may be extended by an additional 30 days at the Administrative Agent’s sole discretion. 
 “OFAC
List”: the list of specially designated nationals and blocked persons subject to financial sanctions that is maintained by the U.S. Treasury Department, Office Foreign Assets Control. 

“Other Charges”: all ground rents, maintenance charges, impositions other than taxes, and any other charges, including,
without limitation, vault charges and license fees for the use of vaults, chutes and similar areas adjoining the Real Property, now or hereafter levied or assessed or imposed against the Real Property or any part thereof. 

“Other Taxes”: any and all present or future stamp or documentary taxes or any other excise or property taxes, charges
or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document. 

“Ownership Percentage”: with respect to any Person, the percentage of the total outstanding Capital Stock of such Person
held directly and indirectly by the REIT and its Subsidiaries. 
 “Participant”: as defined in
Section 10.6(b). 
 “Payment Office”: the office specified from time to time by the Administrative Agent
as its payment office by notice to the Borrower and the Lenders. 
 “PBGC”: the Pension Benefit Guaranty
Corporation established pursuant to Subtitle A of Title IV of ERISA (or any successor). 
 “Permitted
Construction Financing”: Non-Recourse Indebtedness incurred to finance the construction or improvement of Real Estate Under Construction (inclusive of Non-Recourse Indebtedness incurred as part of such construction financing and applied to
reimburse costs previously paid to fund the related construction) and that is secured by such Real Estate Under Construction. 

“Permitted Investors”: the collective reference to Farallon Capital Partners, L.P., Farallon Capital Institutional
Partners, L.P., Farallon Capital Institutional Partners III, L.P., Morgan Stanley Investment Partnership, Victor J. Coleman, Howard S. Stern, Christopher Barton, Mark T. Lammas, Dale Shimoda, Theodore R. Antenucci, James M. Burnett, Richard B.
Fried, Jonathan M. Glaser, Robert M. Moran, Jr., and Barry A. Porter and their Control Investment Affiliates. 
  

 28 

 “Permitted Limited Recourse Guarantees”: guarantees by any Non-Recourse
Parent Guarantor (i) for fraud, misrepresentation, misapplication of cash, waste, environmental claims and liabilities, prohibited transfers, violations of special purpose entity covenants and other circumstances customarily excluded by
institutional lenders from exculpation provisions and/or included in separate guarantee or indemnification agreements in non-recourse financing of real estate and customary non-monetary completion and performance guarantees by any Non-Recourse
Parent Guarantor, in each case with respect to Indebtedness permitted by Sections 7.2(h) and 7.2(i), and (ii) monetary completion guarantees and payment guarantees in connection with Indebtedness permitted by Section 7.2(f) hereof.

 “Person”: an individual, partnership, corporation, limited liability company, business trust, joint stock
company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 

“Plan”: at a particular time, any employee benefit plan that is covered by ERISA and in respect of which the Borrower or
a Commonly Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

“Pledged Stock”: as defined in the Guarantee and Collateral Agreement. 

“Policies”: as defined in Section 6.5(d). 

“Prime Rate”: as defined in the definition of “Base Rate”. 

“Principal Financial Officer”: the chief financial officer, any director (or equivalent) or officer from time to time of
the REIT with actual knowledge of the financial affairs of the REIT and its Subsidiaries. 
 “Pro Forma Balance
Sheet”: as defined in Section 4.1(a). 
 “Prohibited Person”: any Person identified on the OFAC
List or any other Person with whom a U.S. Person may not conduct business or transactions by prohibition of Federal law or Executive Order of the President of the United States of America. 

“Projections”: as defined in Section 6.2(c). 

“Property”: any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether
tangible or intangible, including, without limitation, Capital Stock. 
 “Qualified Counterparty”: with respect
to any Specified Hedge Agreement, any counterparty thereto that, at the time such Specified Hedge Agreement was entered into, was a Lender or an affiliate of a Lender. 

“Qualified Manager”: either (a) the Manager; or (b) in the reasonable judgment of the Administrative Agent, a
reputable and experienced management organization (which may 
  

 29 

 
be an Affiliate of the Borrower) possessing experience in managing properties similar in size, scope, use and value as the Borrowing Base Property. 

“Real Estate Under Construction”: Real Property on which construction of material improvements has commenced or shall
concurrently commence with the incurrence of Indebtedness financing such construction and is or shall be continuing to be performed, but has not yet been completed (as such completion is evidenced by the issuance of a temporary or permanent
certificate of occupancy (whichever occurs first) for such Real Property. 
 “Real Property”: with respect to
any Person, all of the right, title, and interest of such Person in and to land, improvements and fixtures, including ground leases. 

“REC”: as defined in Section 6.8(c). 

“Recourse Indebtedness”: any Indebtedness, to the extent that recourse of the applicable lender for non-payment is not
limited to such lender’s Liens on a particular asset or group of assets (except to the extent the Property on which such lender has a Lien and to which its recourse for non-payment is limited constitutes cash or Cash Equivalents, to which
extent such Indebtedness shall be deemed to be Recourse Indebtedness); provided that, personal recourse of any Person for any such Indebtedness for fraud, misrepresentation, misapplication of cash, waste, environmental claims and liabilities,
prohibited transfers, violations of single purpose entity covenants, failure to maintain insurance, failure to pay taxes, and other circumstances customarily excluded by institutional lenders from exculpation provisions and included in separate
guaranty or indemnification agreements in non-recourse financing of real estate shall not, by itself, cause such Indebtedness to be characterized as Recourse Indebtedness. For the avoidance of doubt, Recourse Indebtedness shall not include the
Obligations. 
 “Refunded Swing Line Loans”: as defined in Section 2.4. 

“Refunding Date”: as defined in Section 2.4. 

“Register”: as defined in Section 10.6(d). 

“Regulation H”: Regulation H of the Board as in effect from time to time. 

“Regulation U”: Regulation U of the Board as in effect from time to time. 

“Reimbursement Obligation”: the obligation of the Borrower to reimburse each Issuing Lender pursuant to Section 3.5
for amounts drawn under Letters of Credit issued by such Issuing Lender. 
 “REIT”: as defined in the preamble
hereto. 
 “REIT Permitted Investments”: Investments by the REIT or any Subsidiary of the REIT in the following
items at any one time outstanding, provided that, on any date of determination, the aggregate value of such holdings of the REIT and its Subsidiaries shall not exceed the following amounts as a percentage of Total Asset Value on such date:

  

 30 

						
			
	(i)	  	Mortgage Notes Receivables	  	20	% 
			
	(ii)	  	Unimproved Land	  	10	% 
			
	(iii)	  	Construction in Process (other than with respect to Sunset Bronson)	  	15	% 
			
	(iv)	  	Pro rata share of Unconsolidated Joint Ventures	  	25	% 
			
	(v)	  	Aggregate of (i) through (iv) above	  	30	% 

 “REIT
Status”: with respect to any Person, (a) the qualification of such Person as a real estate investment trust under Sections 856 through 860 of the Code, and (b) the applicability to such Person and its shareholders of the
method of taxation provided for in Section 857 et seq. of the Code, including a deduction for dividends paid. 

“Related Fund”: with respect to any Lender, any fund that (x) invests in commercial loans and (y) is managed
or advised by the same investment advisor as such Lender, by such Lender or an affiliate of such Lender. 

“Rents”: with respect to any Borrowing Base Property, shall have the meaning set forth in the Mortgage for such
Borrowing Base Property. 
 “Replacement Management Agreement”: collectively, (a) either (i) a
management agreement with a Qualified Manager substantially in the same form and substance as the Management Agreement, or (ii) a management agreement with a Qualified Manager, which management agreement shall be in form and substance
reasonably acceptable to the Administrative Agent and (b) an assignment of management agreement and subordination of management fees substantially in the form then used by the Administrative Agent (or of such other form and substance reasonably
acceptable to the Administrative Agent), executed and delivered to the Administrative Agent by the Borrower and such Qualified Manager at the Borrower’s expense. 

“Reorganization”: with respect to any Multiemployer Plan, the condition that such plan is in reorganization within the
meaning of Section 4241 of ERISA. 
 “Reportable Event”: any of the events set forth in
Section 4043(c) of ERISA, other than those events as to which the 30-day notice period is waived under subsections .27, .28, .29, .30, .31, .32, .34 or .35 of PBGC Reg. § 4043. 

“Required Lenders”: at any time, the holders of more than 50% of the Total Revolving Credit Commitments then in effect
or, if the Revolving Credit Commitments have been terminated, the Total Revolving Extensions of Credit then outstanding. 

“Requirements of Law”: as to any Person, the Certificate of Incorporation and By-Laws or other organizational or
governing documents of such Person, and any treaty, federal, state, county, municipal and other governmental statutes, laws, orders, rules, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities or determination of

  

 31 

 
an arbitrator or a court, in each case applicable to or binding upon such Person or any of its Property or to which such Person or any of its Property is subject, or the construction, use,
alteration or operation of any Real Property, or any part thereof, whether now or hereafter enacted and in force, and all permits, licenses and authorizations and regulations relating thereto, and, with respect to any Real Property, all covenants,
agreements, restrictions and encumbrances contained in any instruments, either of record or known to the Group Members, at any time in force affecting such Real Property or any part thereof. 

“Responsible Officer”: the chief executive officer, president or chief financial officer of the REIT, but in any event,
with respect to financial matters, the chief financial officer of the REIT. 
 “Restricted Payments”: as
defined in Section 7.6. 
 “Revolving Credit Commitment”: as to any Lender, the obligation of such Lender,
if any, to make Revolving Credit Loans and participate in Swing Line Loans and Letters of Credit, in an aggregate principal and/or face amount not to exceed the amount set forth under the heading “Revolving Credit Commitment” opposite such
Lender’s name on Annex A, or, as the case may be, in the Assignment and Assumption pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The original aggregate
amount of the Total Revolving Credit Commitments is $200,000,000.00. 
 “Revolving Commitment Increase Notice”:
as defined in Section 2.22(a). 
 “Revolving Credit Commitment Period”: the period from and including the
Closing Date to the Revolving Credit Termination Date. 
 “Revolving Credit Increase Effective Date”: as
defined in Section 2.22(f). 
 “Revolving Credit Lender”: each Lender that has a Revolving Credit
Commitment or that is the holder of Revolving Credit Loans. 
 “Revolving Credit Loans”: as defined in
Section 2.1. 
 “Revolving Credit Note”: as defined in Section 2.5. 

“Revolving Credit Percentage”: as to any Revolving Credit Lender at any time, the percentage which such Lender’s
Revolving Credit Commitment then constitutes of the Total Revolving Credit Commitments (or, at any time after the Revolving Credit Commitments shall have expired or terminated, the percentage which the aggregate amount of such Lender’s
Revolving Extensions of Credit then outstanding constitutes of the Total Revolving Extensions of Credit then outstanding). 

“Revolving Credit Termination Date”: June [__], 2013. 

“Revolving Extensions of Credit”: as to any Revolving Credit Lender at any time, an amount equal to the sum of
(a) the aggregate principal amount of all Revolving Credit Loans made by such Lender then outstanding, (b) such Lender’s Revolving Credit Percentage of 

 

 32 

 
the L/C Obligations then outstanding and (c) such Lender’s Revolving Credit Percentage of the aggregate principal amount of Swing Line Loans then outstanding. 

“Revolving Offered Increase Amount”: as defined in Section 2.22(a). 

“S&P”: Standard & Poor’s Ratings Services and its successors. 

“SEC”: the Securities and Exchange Commission (or successors thereto or an analogous Governmental Authority).

 “Secured Parties”: as defined in the Guarantee and Collateral Agreement. 

“Security Documents”: the collective reference to the Guarantee and Collateral Agreement, the Mortgages and all other
security documents hereafter delivered to the Administrative Agent granting a Lien on any Property of any Person to secure the obligations and liabilities of any Loan Party under any Loan Document. 

“Single Employer Plan”: any Plan that is covered by Title IV of ERISA or Section 412 of the Code, other than a
Multiemployer Plan. 
 “Solvent”: with respect to any Person, as of any date of determination, (a) the
amount of the “present fair saleable value” of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of such date, as such quoted terms are determined
in accordance with applicable federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as of such date, be greater than the amount that will be required
to pay the liability of such Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business, and (d) such Person
will be able to pay its debts as they mature. For purposes of this definition, (i) “debt” means liability on a “claim”, and (ii) “claim” means any (x) right to payment, whether or not such a right is
reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (y) right to an equitable remedy for breach of performance if such breach gives rise to a
right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured. 

“SPC”: as defined in Section 10.6(g). 

“Specified Development Property”: that portion of any Real Property that has been designated for additional development
but with respect to which construction has not yet commenced, provided that, (i) the Loan Parties shall have delivered new Appraisals to the Administrative Agent and Lenders for both the portion of such Real Property that has been
designated for additional development and the remaining portion of such Real Property (provided that, an Appraisal for the remaining portion of such Real Property shall not be required for any Real Property not added as a Borrowing Base
Property), and (ii)(x) with respect to Sunset Gower, Sunset Bronson and City Plaza, such new Appraisals have been approved by the Applicable Supermajority Lenders (such approval not to be unreasonably withheld, conditioned or delayed),
(y) with respect to any Real Property that is a Borrowing Base Property at the time 
  

 33 

 
the Borrower requests such designation, such new Appraisals have been approved by the Required Lenders (such approval not to be unreasonably withheld, conditioned or delayed), to the extent
such approval was required to add such Real Property to the Borrowing Base pursuant to Section 5.3, and (z) with respect to any Real Property that is to be added as a Borrowing Base Property after the Closing Date, such new Appraisals have
been approved by the Required Lenders, to the extent such approval is required to add such Real Property to the Borrowing Base pursuant to Section 5.3. 

“Specified Hedge Agreement”: any Hedge Agreement entered into by the Borrower or any Subsidiary Guarantor and any
Qualified Counterparty. 
 “Subsidiary”: as to any Person, a corporation, partnership, limited liability
company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of
the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person.
Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower. 

“Subsidiary Guarantor”: each Subsidiary of the Borrower that is a party to the Guarantee and Collateral Agreement.

 “Sunset Bronson”: that certain 333,723 square foot media and entertainment property located in Hollywood,
CA, known as “Sunset Bronson”. 
 “Sunset Gower”: that certain 543,709 square foot media and
entertainment property locate din Hollywood, CA, known as “Sunset Gower”. 

“Supermajority Lenders”: at any time, the holders of more than
66 2/3% of the Total Revolving Credit Commitments
then in effect or, if the Revolving Credit Commitments have been terminated, the Total Revolving Extensions of Credit then outstanding. 

“Survey”: as defined in Section 5.1(p). 

“Swing Line Commitment”: the obligation of the Swing Line Lender to make Swing Line Loans pursuant to Section 2.3
in an aggregate principal amount at any one time outstanding not to exceed $20,000,000. 
 “Swing Line
Exposure”: for any Lender, at any time, its Revolving Credit Percentage of the aggregate amount of all Swing Line Loans outstanding at such time. 

“Swing Line Lender”: Barclays Bank PLC, in its capacity as the lender of Swing Line Loans. 

“Swing Line Loans”: as defined in Section 2.3. 

 

 34 

 “Swing Line Note”: as defined in Section 2.5. 

“Swing Line Participation Amount”: as defined in Section 2.4. 

“Syndication Agent”: as defined in the preamble hereto. 

“Technicolor Building”: as defined in the definition of “Initial Borrowing Base Office Properties”.

 “Tenant”: any Person leasing, subleasing or otherwise occupying any portion of a Borrowing Base Property
under a Lease or other occupancy agreement with the Loan Party that is the direct owner of such Borrowing Base Property. 

“Threshold Amount”: (a) $5,000,000 with respect to Recourse Indebtedness and (b) $15,000,000 with respect to
all Non-Recourse Indebtedness. 
 “Title Insurance Company”: as defined in Section 5.1(p). 

“Title Insurance Policy”: with respect to each Borrowing Base Property, an ALTA mortgagee title insurance policy in a
form reasonably acceptable to the Administrative Agent (or, if a Borrowing Base Property is in a State which does not permit the issuance of such ALTA policy, such form as shall be permitted in such State and reasonably acceptable to the
Administrative Agent) issued with respect to each Borrowing Base Property and insuring the Lien of the Mortgage encumbering such Borrowing Base Property. 

“Total Asset Value”: as of any date of determination, without duplication, with respect to the Group Members on a
consolidated basis, the sum of (a) for Real Property assets owned for four consecutive fiscal quarters or more as of such date (other than any Borrowing Base Property, any Specified Development Property and Construction in Process), an amount
equal to (x) Consolidated EBITDA for such assets for the four consecutive fiscal quarters most recently ending on or prior to such date minus the aggregate amount of Consolidated EBITDA attributable to each such Real Property asset
acquired, sold or otherwise disposed of during such period, divided by (y) the Capitalization Rate with respect to such Real Property assets, (b) the acquisition cost of each Real Property asset (other than any Borrowing Base
Property, any Specified Development Property, Construction in Process and Unimproved Land) acquired during the most recent four consecutive fiscal quarters ending on or prior to such date, (c) cost of Construction in Process (including the book
value of the related Real Property) plus the cost of improvements, (d) unrestricted cash and Cash Equivalents on the last day of such period, (e) the Group Members pro rata share of the items in clauses (a), (b) and
(c) attributable to interests in Unconsolidated Joint Ventures, (f) an amount equal to the aggregate book value of Mortgage Notes Receivable, construction loans, capital improvement loans and other loans not in default owned by the Group
Members, (g) an amount equal to the aggregate book value of Unimproved Land, (h) other than with respect to the Specified Development Properties related to the Borrowing Base Properties, the MAI “as-is” appraised value of such
Specified Development Property set forth in the most recent Appraisal for such Specified Development Property and (i) an amount equal to the aggregate MAI “as-is” appraised values of the Borrowing Base Properties (including any
related Specified Development Properties) set forth in the most recent Appraisal for each Borrowing Base Property. Notwithstanding the foregoing, solely for the purpose of 

 

 35 

 
determining the Consolidated Leverage Ratio and Immaterial Subsidiaries, and compliance with Sections 7.1(a), 7.1(d), or 7.2(f) and 7.7(f), Consolidated EBITDA shall be deemed to be
(i) $[            ] for the fiscal quarter ended June 30, 2009, (ii) $[            ] for the fiscal
quarter ended September 30, 2009, (iii) $[            ] for the fiscal quarter ended December 31, 2009, and
(iv) $[            ] for the fiscal quarter ended March 31, 2010. 

“Total Net Worth”: on any date of determination, (a) Total Asset Value on such date minus
(b) Consolidated Total Debt on such date. 
 “Total Revolving Credit Commitments”: at any time, the
aggregate amount of the Revolving Credit Commitments then in effect. 
 “Total Revolving Extensions of Credit”:
at any time, the aggregate amount of the Revolving Extensions of Credit of the Revolving Credit Lenders outstanding at such time. 

“Transferee”: as defined in Section 10.14. 

“TRS Subsidiary”: Hudson Pacific Services, Inc. and any other Subsidiary of the REIT that is a “taxable REIT
subsidiary” within the meaning of Section 856(l) of the Code. 
 “Type”: as to any Loan, its nature
as a Base Rate Loan or a Eurodollar Loan. 
 “Unconsolidated Joint Venture”: with respect to any Group Member,
any Joint Venture in which such Group Member has an interest that is not consolidated with such Group Member in accordance with GAAP. 

“Unimproved Land”: on any date of determination, any land of the Group Members, or in which any Group Member has
an interest (either directly or indirectly, through an Unconsolidated Joint Venture of such Group Member or otherwise) with respect to which the construction of improvements or infrastructure has not yet commenced. 

“USPAP”: the Uniform Standards for Professional Appraisal Practice (USPAP). 

“Wholly Owned Subsidiary”: as to any Person, any other Person all of the Capital Stock of which (other than
directors’ qualifying shares required by law) is owned by such Person directly and/or through other Wholly Owned Subsidiaries. 

“Wholly Owned Subsidiary Guarantor”: any Subsidiary Guarantor that is a Wholly Owned Subsidiary of the Borrower.

 1.2 Other Definitional Provisions. (a) Unless otherwise specified therein, all terms defined in this Agreement
shall have the defined meanings when used in the other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto. 

(b) As used herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant hereto or thereto,
accounting terms relating to the REIT, the Borrower and its Subsidiaries not defined in Section 1.1 and accounting terms partly 

 

 36 

 
defined in Section 1.1, to the extent not defined, shall have the respective meanings given to them under GAAP. 

(c) The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless otherwise specified. 

(d) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

 (e) All calculations of financial ratios set forth in Section 7.1 and the calculation of the Consolidated Leverage Ratio
for purposes of determining the Applicable Margin shall be calculated to the same number of decimal places as the relevant ratios are expressed in and shall be rounded upward if the number in the decimal place immediately following the last
calculated decimal place is five or greater. For example, if the relevant ratio is to be calculated to the hundredth decimal place and the calculation of the ratio is 5.126, the ratio will be rounded up to 5.13. 

SECTION 2 AMOUNT AND TERMS OF REVOLVING CREDIT COMMITMENT 

2.1 Revolving Credit Commitments. (a) Subject to the terms and conditions hereof, the Revolving Credit Lenders severally
agree to make revolving credit loans (the “Revolving Credit Loans”) to the Borrower from time to time during the Revolving Credit Commitment Period in an aggregate principal amount at any one time outstanding (i) for each
Revolving Credit Lender which, when added to such Lender’s Revolving Credit Percentage of the sum of (x) the L/C Obligations then outstanding and (y) the aggregate principal amount of the Swing Line Loans then outstanding does not
exceed the amount of such Lender’s Revolving Credit Commitment and (ii) the Total Revolving Extensions of Credit shall at no time exceed the Maximum Facility Availability at such time. During the Revolving Credit Commitment Period the
Borrower may use the Revolving Credit Commitments by borrowing, prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The Revolving Credit Loans may from time to time be
Eurodollar Loans or Base Rate Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.10, provided that no Revolving Credit Loan shall be made as a Eurodollar Loan after the day
that is one month prior to the Revolving Credit Termination Date. 
 (b) The Borrower shall repay all outstanding Revolving
Credit Loans on the Revolving Credit Termination Date. 
 2.2 Procedure for Revolving Credit Borrowing. The Borrower may
borrow under the Revolving Credit Commitments on any Business Day during the Revolving Credit Commitment Period, provided that the Borrower shall deliver to the Administrative Agent a Borrowing Notice (which Borrowing Notice must be received
by the Administrative Agent prior to 12:00 Noon, New York City time, (a) three Business Days prior to the requested Borrowing Date, in the case of Eurodollar Loans, or (b) one Business Day prior to the requested Borrowing

  

 37 

 
Date, in the case of Base Rate Loans). Each borrowing of Revolving Credit Loans under the Revolving Credit Commitments shall be in an amount equal to (x) in the case of Base Rate Loans,
$1,000,000 or a whole multiple in excess thereof (or, if the then aggregate Available Revolving Credit Commitments are less than $1,000,000, such lesser amount) and (y) in the case of Eurodollar Loans, $5,000,000 or a whole multiple of
$1,000,000 in excess thereof; provided, that the Swing Line Lender may request, on behalf of the Borrower, borrowings of Base Rate Loans under the Revolving Credit Commitments in other amounts pursuant to Section 2.4. Upon receipt of any
such Borrowing Notice from the Borrower, the Administrative Agent shall promptly notify each Revolving Credit Lender thereof. Each Revolving Credit Lender will make its Revolving Credit Percentage of the amount of each borrowing of Revolving Credit
Loans available to the Administrative Agent for the account of the Borrower at the Funding Office prior to 12:00 Noon, New York City time, on the Borrowing Date requested by the Borrower in funds immediately available to the Administrative Agent.
Such borrowing will then be made available to the Borrower by the Administrative Agent in like funds as received by the Administrative Agent. 

2.3 Swing Line Commitment. (a) Subject to the terms and conditions hereof, the Swing Line Lender agrees that, during the
Revolving Credit Commitment Period, it will make available to the Borrower in the form of swing line loans (“Swing Line Loans”) a portion of the credit otherwise available to the Borrower under the Revolving Credit Commitments;
provided that (i) the aggregate principal amount of Swing Line Loans outstanding at any time shall not exceed the Swing Line Commitment then in effect (notwithstanding that the Swing Line Loans outstanding at any time, when aggregated
with the Swing Line Lender’s other outstanding Revolving Credit Loans hereunder, may exceed the Swing Line Commitment then in effect or such Swing Line Lender’s Revolving Credit Commitment then in effect), (ii) the Borrower shall not
request, and the Swing Line Lender shall not make, any Swing Line Loan if, after giving effect to the making of such Swing Line Loan, the aggregate amount of the Available Revolving Credit Commitments would be less than zero and (iii) the Total
Revolving Extensions of Credit shall at no time exceed the Maximum Facility Availability at such time. During the Revolving Credit Commitment Period, the Borrower may use the Swing Line Commitment by borrowing, repaying and reborrowing, all in
accordance with the terms and conditions hereof. Swing Line Loans shall be Base Rate Loans only. 
 (b) The Borrower shall repay
all outstanding Swing Line Loans on the Revolving Credit Termination Date. 
 2.4 Procedure for Swing Line Borrowing;
Refunding of Swing Line Loans. (a) The Borrower may borrow under the Swing Line Commitment on any Business Day during the Revolving Credit Commitment Period, provided, the Borrower shall give the Swing Line Lender irrevocable
telephonic notice confirmed promptly in writing (which telephonic notice must be received by the Swing Line Lender not later than 1:00 P.M., New York City time, on the proposed Borrowing Date), specifying (i) the amount to be borrowed and
(ii) the requested Borrowing Date. Each borrowing under the Swing Line Commitment shall be in an amount equal to $500,000 or a whole multiple of $100,000 in excess thereof. Not later than 3:00 P.M., New York City time, on the Borrowing
Date specified in the borrowing notice in respect of any Swing Line Loan, the Swing Line Lender shall make available to the Administrative Agent at the Funding Office an amount in immediately available funds equal to the amount of such Swing

  

 38 

 
Line Loan. The Administrative Agent shall make the proceeds of such Swing Line Loan available to the Borrower on such Borrowing Date in like funds as received by the Administrative Agent.

 (b) The Swing Line Lender, at any time and from time to time in its sole and absolute discretion may, on behalf of the
Borrower (which hereby irrevocably directs the Swing Line Lender to act on its behalf), on one Business Day’s notice given by the Swing Line Lender no later than 12:00 Noon, New York City time, request each Revolving Credit Lender to make,
and each Revolving Credit Lender hereby agrees to make, a Revolving Credit Loan (which shall initially be a Base Rate Loan), in an amount equal to such Revolving Credit Lender’s Revolving Credit Percentage of the aggregate amount of the Swing
Line Loans (the “Refunded Swing Line Loans”) outstanding on the date of such notice, to repay the Swing Line Lender. Each Revolving Credit Lender shall make the amount of such Revolving Credit Loan available to the Administrative
Agent at the Funding Office in immediately available funds, not later than 10:00 A.M., New York City time, one Business Day after the date of such notice. The proceeds of such Revolving Credit Loans shall be made immediately available by the
Administrative Agent to the Swing Line Lender for application by the Swing Line Lender to the repayment of the Refunded Swing Line Loans. 

(c) If prior to the time a Revolving Credit Loan would have otherwise been made pursuant to Section 2.4(b), one of the events
described in Section 8(f) shall have occurred and be continuing with respect to the Borrower, or if for any other reason, as determined by the Swing Line Lender in its sole discretion, Revolving Credit Loans may not be made as contemplated by
Section 2.4(b), each Revolving Credit Lender shall, on the date such Revolving Credit Loan was to have been made pursuant to the notice referred to in Section 2.4(b) (the “Refunding Date”), purchase for cash an undivided
participating interest in the then outstanding Swing Line Loans by paying to the Swing Line Lender an amount (the “Swing Line Participation Amount”) equal to (i) such Revolving Credit Lender’s Revolving Credit Percentage
times (ii) the sum of the aggregate principal amount of Swing Line Loans then outstanding which were to have been repaid with such Revolving Credit Loans. 

(d) Whenever, at any time after the Swing Line Lender has received from any Revolving Credit Lender such Lender’s Swing Line
Participation Amount, the Swing Line Lender receives any payment on account of the Swing Line Loans, the Swing Line Lender will distribute to such Lender its Swing Line Participation Amount (appropriately adjusted, in the case of interest payments,
to reflect the period of time during which such Lender’s participating interest was outstanding and funded and, in the case of principal and interest payments, to reflect such Lender’s pro rata portion of such payment if such payment is
not sufficient to pay the principal of and interest on all Swing Line Loans then due); provided, however, that in the event that such payment received by the Swing Line Lender is required to be returned, such Revolving Credit Lender
will return to the Swing Line Lender any portion thereof previously distributed to it by the Swing Line Lender. 
 (e) Each
Revolving Credit Lender’s obligation to make the Loans referred to in Section 2.4(b) and to purchase participating interests pursuant to Section 2.4(c) shall be absolute and unconditional and shall not be affected by any circumstance,
including, without limitation, (i) any setoff, counterclaim, recoupment, defense or other right which such Revolving 
  

 39 

 
Credit Lender or the Borrower may have against the Swing Line Lender, the Borrower or any other Person for any reason whatsoever; (ii) the occurrence or continuance of a Default or an Event
of Default or the failure to satisfy any of the other conditions specified in Section 5; (iii) any adverse change in the condition (financial or otherwise) of the Borrower; (iv) any breach of this Agreement or any other Loan Document
by the Borrower, any other Loan Party or any other Revolving Credit Lender; or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 

2.5 Repayment of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent
for the account of the appropriate Revolving Credit Lender, (i) the then unpaid principal amount of each Revolving Credit Loan of such Revolving Credit Lender on the Revolving Credit Termination Date (or on such earlier date on which the Loans
become due and payable pursuant to Section 8) and (ii) the then unpaid principal amount of each Swing Line Loan of such Swing Line Lender on the Revolving Credit Termination Date (or on such earlier date on which the Loans become due and
payable pursuant to Section 8). The Borrower hereby further agrees to pay interest on the unpaid principal amount of the Loans from time to time outstanding from the date hereof until payment in full thereof at the rates per annum, and on the
dates, set forth in Section 2.12. 
 (b) Each Lender shall maintain in accordance with its usual practice an account or
accounts evidencing indebtedness of the Borrower to such Lender resulting from each Loan of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement.

 (c) The Administrative Agent, on behalf of the Borrower, shall maintain the Register pursuant to Section 10.6(d), and a
subaccount therein for each Lender, in which shall be recorded (i) the amount of each Loan made hereunder and any Note evidencing such Loan, the Type of such Loan and each Interest Period applicable thereto, (ii) the amount of any
principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) both the amount of any sum received by the Administrative Agent hereunder from the Borrower and each Lender’s share
thereof. 
 (d) The entries made in the Register and the accounts of each Lender maintained pursuant to Section 2.5(b)
shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; provided, however, that the failure of any Lender or the Administrative Agent
to maintain the Register or any such account, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loans made to the Borrower by such Lender in accordance with the terms of this
Agreement. 
 (e) The Borrower agrees that, upon the request to the Administrative Agent by any Lender, the Borrower will
promptly execute and deliver to such Lender a promissory note of the Borrower evidencing any Revolving Credit Loans or Swing Line Loans, as the case may be, of such Lender, substantially in the forms of Exhibit F-1 or F-2, respectively (a
“Revolving Credit Note” or “Swing Line Note”, respectively), with appropriate insertions as to date and principal amount; provided, that delivery of Notes shall not be a condition precedent to the

  

 40 

 
occurrence of the Closing Date or the making of the Loans or issuance of Letters of Credit on the Closing Date. 

2.6 Commitment Fees, Etc. (a) The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Credit
Lender a commitment fee for the period from and including the Closing Date to the last day of the Revolving Credit Commitment Period, computed at the Commitment Fee Rate on the average daily amount of the Available Revolving Credit Commitment of
such Lender during the period for which payment is made, payable quarterly in arrears on the last day of each March, June, September and December and on the Revolving Credit Termination Date, commencing on the first of such dates to occur after the
date hereof. 
 (b) The Borrower agrees to pay to the Administrative Agent the fees in the amounts and on the dates from time to
time agreed to in writing by the Borrower and the Administrative Agent. 
 2.7 Termination or Reduction of Revolving Credit
Commitments. The Borrower shall have the right, upon not less than three Business Days’ notice to the Administrative Agent, to terminate the Revolving Credit Commitments or, from time to time, to reduce the aggregate amount of the Revolving
Credit Commitments; provided that no such termination or reduction of Revolving Credit Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Credit Loans and Swing Line Loans made on the
effective date thereof, the Total Revolving Extensions of Credit would exceed the Total Revolving Credit Commitments. Any such reduction shall be in an amount equal to $1,000,000, or a whole multiple thereof, and shall reduce permanently the
Revolving Credit Commitments then in effect. 
 2.8 Optional Prepayments. The Borrower may at any time and from time to
time prepay the Loans, in whole or in part, without premium or penalty (except as otherwise provided herein), upon irrevocable notice delivered to the Administrative Agent no later than 11:00 A.M., New York City time, three Business Days prior
thereto in the case of Eurodollar Loans and no later than 11:00 A.M., New York City time, one Business Day prior thereto in the case of Base Rate Loans, which notice shall specify the date and amount of such prepayment, whether such prepayment is of
Eurodollar Loans or Base Rate Loans; provided, that (i) if a Eurodollar Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to
Section 2.18 and (ii) no prior notice is required for the prepayment of Swing Line Loans. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. If any such notice is given, the amount
specified in such notice shall be due and payable on the date specified therein, together with (except in the case of Revolving Credit Loans that are Base Rate Loans and Swing Line Loans) accrued interest to such date on the amount prepaid. Partial
prepayments of Revolving Credit Loans shall be in an aggregate principal amount of $1,000,000 or a whole multiple thereof. Partial prepayments of Swing Line Loans shall be in an aggregate principal amount of $100,000 or a whole multiple thereof.

 2.9 Mandatory Prepayments. If at any date the Total Revolving Extensions of Credit exceed the Maximum Facility
Availability calculated as of such date, the Borrower shall 
  

 41 

 
prepay the Loans and the outstanding Letters of Credit shall be Cash Collateralized within three Business Days of such date in an amount equal to or greater than such excess so that the Total
Revolving Extensions of Credit no longer exceed the Maximum Facility Availability as of such date. Amounts to be applied in connection with prepayments made pursuant to this Section shall be applied, first, to the prepayment of the Loans
(without a corresponding reduction of the Revolving Credit Commitments) and, second, to Cash Collateralize the outstanding Letters of Credit. 

2.10 Conversion and Continuation Options. (a) The Borrower may elect from time to time to convert Eurodollar Loans to Base
Rate Loans by giving the Administrative Agent at least two Business Days’ prior irrevocable notice of such election, provided that any such conversion of Eurodollar Loans may be made only on the last day of an Interest Period with
respect thereto. The Borrower may elect from time to time to convert Base Rate Loans to Eurodollar Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election (which notice shall specify the
length of the initial Interest Period therefor), provided that no Base Rate Loan may be converted into a Eurodollar Loan (i) when any Event of Default has occurred and is continuing and the Administrative Agent has, or the Required
Lenders have, determined in its or their sole discretion not to permit such conversions or (ii) after the date that is one month prior to the final scheduled termination or maturity date of the Loan. Upon receipt of any such notice the
Administrative Agent shall promptly notify each relevant Lender thereof. 
 (b) The Borrower may elect to continue any
Eurodollar Loan as such upon the expiration of the then current Interest Period with respect thereto by giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest
Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loan, provided that no Eurodollar Loan may be continued as such (i) when any Event of Default has occurred and is
continuing and the Administrative Agent has, or the Required Lenders have, determined in its or their sole discretion not to permit such continuations or (ii) after the date that is one month prior to the final scheduled termination or maturity
date of the Loans, and provided, further, that if the Borrower shall fail to give any required notice as described above in this paragraph or if such continuation is not permitted pursuant to the preceding proviso, such Loans shall be
converted automatically to Base Rate Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. 

2.11 Minimum Amounts and Maximum Number of Eurodollar Tranches. Notwithstanding anything to the contrary in this Agreement, all
borrowings, conversions, continuations and optional prepayments of Eurodollar Loans and all selections of Interest Periods shall be in such amounts and be made pursuant to such elections so that, (a) after giving effect thereto, the aggregate
principal amount of the Eurodollar Loans comprising each Eurodollar Tranche shall be equal to $5,000,000 or a whole multiple of $1,000,000 in excess thereof and (b) no more than ten Eurodollar Tranches shall be outstanding at any one time.

 2.12 Interest Rates and Payment Dates. (a) Each Eurodollar Loan shall bear interest for each day during each
Interest Period with respect thereto at a rate per annum equal to the Eurodollar Rate determined for such day plus the Applicable Margin in effect for such day. 
  

 42 

 (b) Each Base Rate Loan shall bear interest for each day on which it is outstanding at a
rate per annum equal to the Base Rate in effect for such day plus the Applicable Margin in effect for such day. 
 (c)
(i) At any time an Event of Default has occurred and is continuing, all outstanding Loans and Reimbursement Obligations (whether or not overdue) (to the extent legally permitted) shall bear interest at a rate per annum that is equal to (x) in
the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus 2% or (y) in the case of Reimbursement Obligations, the rate applicable to the Base Rate Loans
plus 2% and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or
otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to Base Rate Loans plus 2%, in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until
such amount is paid in full (after as well as before judgment). 
 (d) Interest shall be payable in arrears on each Interest
Payment Date, provided that interest accruing pursuant to paragraph (c) of this Section shall be payable from time to time on demand. 

2.13 Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate. (a) Interest, fees and commissions payable
pursuant hereto shall be calculated on the basis of a 360-day year for the actual days elapsed, except that, with respect to Base Rate Loans on which interest is calculated on the basis of the Prime Rate, the interest thereon shall be calculated on
the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of each determination of a Eurodollar Rate. Any change in the
interest rate on a Loan resulting from a change in the Base Rate or the Eurocurrency Reserve Requirements shall become effective as of the opening of business on the day on which such change becomes effective. The Administrative Agent shall as soon
as practicable notify the Borrower and the relevant Lenders of the effective date and the amount of each such change in interest rate. 

(b) Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement shall be conclusive
and binding on the Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the Borrower, deliver to the Borrower a statement showing the quotations used by the Administrative Agent in determining
any interest rate pursuant to Section 2.12(a). 
 (c) If, as a result of any restatement of or other adjustment to the
financial statements of the REIT or for any other reason, the REIT, the Borrower, the Administrative Agent or the Lenders determine that (i) the Consolidated Leverage Ratio as calculated by the REIT and the Borrower as of any applicable date
was inaccurate and (ii) a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the
account of the applicable Lenders or Issuing Lender, as the case may be, promptly on demand by the Administrative Agent (or, after the occurrence of an Event of Default specified in clause (i) or (ii) of Section 8(f) with respect to
the Borrower, automatically and without further 
  

 43 

 
action by the Administrative Agent, any Lender or Issuing Lender) an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of
interest and fees actually paid for such period. This paragraph shall not limit the rights of the Administrative Agent, any Lender or Issuing Lender, as the case may be, under Section 3.3(a), 3.4(b) or 2.12(c) or under
Section 8. 
 2.14 Inability to Determine Interest Rate. If prior to the first day of any Interest Period:

 (a) the Administrative Agent shall have determined (which determination shall be conclusive and binding upon
the Borrower) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Interest Period, or 

(b) the Administrative Agent shall have received notice from the Required Lenders that the Eurodollar Rate determined or
to be determined for such Interest Period will not adequately and fairly reflect the cost to such Lenders (as conclusively certified by such Lenders) of making or maintaining their affected Loans during such Interest Period, 

the Administrative Agent shall give telecopy or telephonic notice thereof to the Borrower and the relevant Lenders as soon as practicable thereafter. If
such notice is given (x) any Eurodollar Loans requested to be made on the first day of such Interest Period shall be made as Base Rate Loans, (y) any Loans that were to have been converted on the first day of such Interest Period to
Eurodollar Loans shall be continued as Base Rate Loans and (z) any outstanding Eurodollar Loans shall be converted, on the last day of the then current Interest Period with respect thereto, to Base Rate Loans. Until such notice has been
withdrawn by the Administrative Agent, no further Eurodollar Loans shall be made or continued as such, nor shall the Borrower have the right to convert Loans to Eurodollar Loans. 

2.15 Pro Rata Treatment and Payments. (a) Each borrowing by the Borrower from the Lenders hereunder, each payment by the
Borrower on account of any commitment fee or Letter of Credit fee, and any reduction of the Revolving Credit Commitments of the Lenders, shall be made pro rata according to the Revolving Credit Percentages of the Lenders. Each payment of interest in
respect of the Loans and each payment in respect of fees payable hereunder shall be applied to the amounts of such obligations owing to the Lenders pro rata according to the respective amounts then due and owing to the Lenders. 

(b) Each payment (including each prepayment) by the Borrower on account of principal of the Revolving Credit Loans shall be made pro rata
according to the respective outstanding principal amounts of the Revolving Credit Loans then held by the Revolving Credit Lenders. Each payment in respect of Reimbursement Obligations in respect of any Letter of Credit shall be made to the Issuing
Lender that issued such Letter of Credit. 
 (c) The application of any payment of Loans (including optional and mandatory
prepayments) shall be made, first, to Base Rate Loans and, second, to Eurodollar Loans. Each payment of the Loans (except in the case of Swing Line Loans and Revolving 

 

 44 

 
Credit Loans that are Base Rate Loans) shall be accompanied by accrued interest to the date of such payment on the amount paid. 

(d) All payments (including prepayments) to be made by the Borrower hereunder, whether on account of principal, interest, fees or
otherwise, shall be made without setoff or counterclaim and shall be made prior to 12:00 Noon, New York City time, on the due date thereof to the Administrative Agent, for the account of the relevant Lenders, at the Payment Office, in Dollars and in
immediately available funds. Any payment made by the Borrower after 12:00 Noon, New York City time, on any Business Day shall be deemed to have been on the next following Business Day. If any payment hereunder (other than payments on the Eurodollar
Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day. If any payment on a Eurodollar Loan becomes due and payable on a day other than a Business Day, the maturity
thereof shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day. In
the case of any extension of any payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at the then applicable rate during such extension. 

(e) Unless the Administrative Agent shall have been notified in writing by any Lender prior to a borrowing that such Lender will not make
the amount that would constitute its share of such borrowing available to the Administrative Agent, the Administrative Agent may assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may,
in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not made available to the Administrative Agent by the required time on the Borrowing Date therefor, such Lender shall pay to the
Administrative Agent, on demand, such amount with interest thereon at a rate equal to the greater of (i) the Federal Funds Effective Rate and (ii) a rate determined by the Administrative Agent in accordance with banking industry rules on
interbank compensation, for the period until such Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative Agent submitted to any Lender with respect to any amounts owing under this paragraph
shall be conclusive in the absence of manifest error. If such Lender’s share of such borrowing is not made available to the Administrative Agent by such Lender within three Business Days after such Borrowing Date, the Administrative Agent shall
also be entitled to recover such amount with interest thereon at the rate per annum applicable to Base Rate Loans, on demand, from the Borrower. 

(f) Unless the Administrative Agent shall have been notified in writing by the Borrower prior to the date of any payment due to be made
by the Borrower hereunder that the Borrower will not make such payment to the Administrative Agent, the Administrative Agent may assume that the Borrower is making such payment, and the Administrative Agent may, but shall not be required to, in
reliance upon such assumption, make available to the Lenders their respective pro rata shares of a corresponding amount. If such payment is not made to the Administrative Agent by the Borrower within three Business Days after such due date, the
Administrative Agent shall be entitled to recover, on demand, from each Lender to which any amount which was made available pursuant to the preceding sentence, such amount with interest thereon at the rate per annum equal to the daily average
Federal Funds Effective Rate. Nothing 
  

 45 

 
herein shall be deemed to limit the rights of the Administrative Agent or any Lender against the Borrower. 

(g) Upon receipt by the Administrative Agent of payments on behalf of Lenders, the Administrative Agent shall promptly distribute such
payments to the Lender or Lenders entitled thereto, in like funds as received by the Administrative Agent. Notwithstanding the foregoing, if the Administrative Agent receives any payment (whether voluntarily or involuntarily, pursuant to events or
proceedings of the nature referred to in Section 8(f), or otherwise) (the amount of such payment, the “Lender Payment Amount”) for the account of any Lender (whether in such Lender’s capacity as a Revolving Credit
Lender or L/C Participant), and at the time of such receipt such Lender, in its capacity as L/C Participant, is in default in any of its obligations pursuant to Section 3.4(a) (the amount of such obligations in default, the “Defaulted
Amount”), the Administrative Agent may withhold from the Lender Payment Amount an amount up to the Defaulted Amount, and apply the amount so withheld toward payment to the relevant Issuing Lender of the Defaulted Amount or, if applicable,
toward reimbursement of any other Person that has previously reimbursed such Issuing Lender for the Defaulted Amount. 
 2.16
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from
any central bank or other Governmental Authority made subsequent to the date hereof: 
 (i) shall subject any
Lender to any tax of any kind whatsoever with respect to this Agreement, any Letter of Credit, any Application or any Eurodollar Loan made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded
Taxes or Other Taxes covered by Section 2.17 and changes in the rate of any Excluded Taxes payable by such Lender); 

(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against
assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender that is not otherwise included in the determination of the
Eurodollar Rate hereunder; or 
 (iii) shall impose on such Lender any other condition; 

and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting
into, continuing or maintaining Eurodollar Loans or issuing or participating in Letters of Credit, or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender, upon its demand,
any additional amounts necessary to compensate such Lender for such increased cost or reduced amount receivable. If any Lender becomes entitled to claim any additional amounts pursuant to this Section, it shall promptly notify the Borrower (with a
copy to the Administrative Agent) of the event by reason of which it has become so entitled. 
  

 46 

 (b) If any Lender shall have determined that the adoption of or any change in any
Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the
force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender’s or such corporation’s capital as a consequence of its obligations hereunder or under or
in respect of any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender’s or such corporation’s policies with
respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, after submission by such Lender to the Borrower (with a copy to the Administrative Agent) of a written request therefor, the Borrower shall pay
to such Lender such additional amount or amounts as will compensate such Lender or such corporation for such reduction. 
 (c) A
certificate in reasonable detail as to any additional amounts payable pursuant to this Section submitted by any Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The obligations of
the Borrower pursuant to this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 

2.17 Taxes. (a) All payments made by the Borrower under this Agreement shall be made free and clear of, and without deduction
or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental
Authority, excluding (i) net income taxes (however denominated), branch profit taxes, and franchise taxes (imposed in lieu of net income taxes) imposed on any Agent or any Lender as a result of a present or former connection between such Agent
or such Lender and the jurisdiction of the Governmental Authority imposing such tax or any political subdivision or taxing authority thereof or therein (other than any such connection arising solely from such Agent’s or such Lender’s
having executed, delivered or performed its obligations or received a payment under, or enforced, this Agreement or any other Loan Document); (ii) taxes that are attributable to such Lender’s failure to comply with the requirements of
paragraph (d) or (e) of this Section; (iii) taxes that are United States withholding taxes imposed on amounts payable to such Lender at the time such Lender becomes a party to this Agreement, except to the extent that such
Lender’s assignor (if any) was entitled, at the time of assignment, to receive additional amounts from the Borrower with respect to such deduction or withholding pursuant to this paragraph (a); or (iv) with respect to any Loan not
outstanding before March 18, 2012, any U.S. federal withholding tax imposed on any “withholdable payment” (as defined in section 1473 of the Code) as a result of an Agent’s or Lender’s failure to satisfy the applicable
requirements as set forth in section 1472 of the Code or that is imposed under section 1471 of the Code, as applicable (or regulation or administrative guidance promulgated thereunder). If any such non-excluded taxes, levies, imposts,
duties, charges, fees, deductions or withholdings (“Non-Excluded Taxes”) or any Other Taxes are required to be withheld from any amounts payable to any Agent or any Lender hereunder, the amounts so payable to such Agent or such
Lender shall be increased to the extent necessary to yield to such Agent or such Lender (after payment of all Non-Excluded Taxes and Other Taxes) interest or any such other amounts payable hereunder at the rates or in the amounts specified in this
Agreement. 
  

 47 

 (b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental
Authority in accordance with applicable law. 
 (c) Whenever any Non-Excluded Taxes or Other Taxes are payable by the Borrower,
as promptly as possible thereafter the Borrower shall send to the Administrative Agent for the account of the relevant Agent or Lender, as the case may be, a certified copy of an original official receipt received by the Borrower showing payment
thereof, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. If the Borrower fails to pay any Non-Excluded Taxes or Other Taxes when due to the appropriate taxing
authority or fails to remit to the Administrative Agent the required receipts or other required documentary evidence, the Borrower shall indemnify the Agents and the Lenders for any incremental taxes, interest or penalties that may become payable by
any Agent or any Lender as a result of any such failure, except to the extent that any such amounts are compensated for by an increased payment under Section 2.17(a). The agreements in this Section shall survive the termination of this
Agreement and the payment of the Loans and all other amounts payable hereunder. 
 (d) Any Lender (or Transferee) that is a
“United States person” within the meaning of Section 7701(a)(30) of the Code shall deliver to the Borrower and the Administrative Agent Internal Revenue Service Form W-9. Each Lender (or Transferee) that in not a “U.S.
Person” as defined in Section 7701(a)(30) of the Code (a “Non-U.S. Lender”) shall deliver to the Borrower and the Administrative Agent (or, in the case of a Participant that would be Non-U.S. Lender if it were a Lender
(each, a “Non-U.S. Participant”), to the Lender from which the related participation shall have been purchased) two copies of either U.S. Internal Revenue Service Form W-8BEN or Form W-8ECI, Form W-81MY (together with all required
supporting documentation), or, in the case of a Non-U.S. Lender claiming exemption from U.S. federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio interest” a statement substantially
in the form of Exhibit G and a Form W-8BEN, or any subsequent versions thereof or successors thereto properly completed and duly executed by such Non-U.S. Lender claiming complete exemption from, or a reduced rate of, U.S. federal withholding
tax on all payments by the Borrower under this Agreement and the other Loan Documents. Such forms shall be delivered by each Non-U.S. Lender on or before the date it becomes a party to this Agreement (or, in the case of any Non-U.S. Participant, on
or before the date such Non-U.S. Participant purchases the related participation). In addition, each Non-U.S. Lender shall deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered by such Non-U.S. Lender. Each
Non-U.S. Lender shall promptly notify the Borrower (or, in the case of a Non-U.S. Participant, the Lender from which the related participation shall have been purchased) at any time it determines that it is no longer in a position to provide any
previously delivered certificate to the Borrower (or any other form of certification adopted by the U.S. taxing authorities for such purpose). Notwithstanding any other provision of this paragraph, a Non-U.S. Lender shall not be required to deliver
any form pursuant to this paragraph that such Non-U.S. Lender is not legally able to deliver. 
 (e) Each Lender shall deliver
documentation and information to the Borrower and the Administrative Agent, at the times and in form required by applicable law or reasonably requested by the Borrower or the Administrative Agent, sufficient to permit the Borrower or the
Administrative Agent to determine whether or not payments made with respect 
  

 48 

 
to this Agreement or any Loan Documents are subject to taxes, and, if applicable, the required rate of withholding or deduction. However, a Lender shall not be required to deliver any
documentation or information pursuant to this paragraph that such Lender is not legally able to deliver. A Lender that is entitled to an exemption from or reduction of non-U.S. withholding tax under the law of the jurisdiction in which the Borrower
is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law or reasonably
requested by the Borrower, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate, provided that such Lender is legally entitled to
complete, execute and deliver such documentation and in such Lender’s reasonable judgment such completion, execution or submission would not materially prejudice the legal position of such Lender. 

(f) Nothing in this Section 2.17 shall require the Lender to make available any of its tax returns or any other information that it
deems to be confidential or proprietary 
 2.18 Indemnity. The Borrower agrees to indemnify each Lender for, and to hold
each Lender harmless from, any loss or expense that such Lender may sustain or incur as a consequence of (a) default by the Borrower in making a borrowing of, conversion into or continuation of Eurodollar Loans after the Borrower has given a
notice requesting the same in accordance with the provisions of this Agreement, (b) default by the Borrower in making any prepayment after the Borrower has given a notice thereof in accordance with the provisions of this Agreement or
(c) the making of a prepayment or conversion of Eurodollar Loans on a day that is not the last day of an Interest Period with respect thereto. Such indemnification may include an amount equal to the excess, if any, of (i) the amount of
interest that would have accrued on the amount so prepaid, or not so borrowed, converted or continued, for the period from the date of such prepayment or of such failure to borrow, convert or continue to the last day of such Interest Period (or, in
the case of a failure to borrow, convert or continue, the Interest Period that would have commenced on the date of such failure) in each case at the applicable rate of interest for such Loans provided for herein (excluding, however, the Applicable
Margin included therein, if any) over (ii) the amount of interest (as reasonably determined by such Lender) that would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks in
the interbank Eurodollar market. A certificate as to any amounts payable pursuant to this Section submitted to the Borrower by any Lender shall be conclusive in the absence of manifest error. This covenant shall survive the termination of this
Agreement and the payment of the Loans and all other amounts payable hereunder. 
 2.19 Illegality. Notwithstanding any
other provision herein, if the adoption of or any change in any Requirement of Law or in the interpretation or application thereof shall make it unlawful for any Lender to make or maintain Eurodollar Loans as contemplated by this Agreement,
(a) the commitment of such Lender hereunder to make Eurodollar Loans, continue Eurodollar Loans as such and convert Base Rate Loans to Eurodollar Loans shall forthwith be canceled and (b) such Lender’s Loans then outstanding as
Eurodollar Loans, if any, shall be converted automatically to Base Rate Loans on the respective last days of the then current Interest Periods with respect to such Loans or within such earlier period as required by law. If

  

 49 

 
any such conversion of a Eurodollar Loan occurs on a day which is not the last day of the then current Interest Period with respect thereto, the Borrower shall pay to such Lender such amounts, if
any, as may be required pursuant to Section 2.18. 
 2.20 Change of Lending Office. Each Lender agrees that, upon
the occurrence of any event giving rise to the operation of Section 2.16, 2.17(a) or 2.19 with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to
designate another lending office for any Loans affected by such event with the object of avoiding the consequences of such event; provided, that such designation is made on terms that, in the sole judgment of such Lender, cause such Lender
and its lending office(s) to suffer no economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section shall affect or postpone any of the obligations of any Borrower or the rights of any Lender pursuant
to Section 2.16, 2.17(a) or 2.19. 
 2.21 Replacement of Lenders under Certain Circumstances. The Borrower shall be
permitted to replace any Lender that (a) requests reimbursement for amounts owing pursuant to Section 2.16 or 2.17 or gives a notice of illegality pursuant to Section 2.19 or (b) is a Defaulting Lender with a replacement
financial institution; provided that (i) such replacement does not conflict with any Requirement of Law, (ii) no Event of Default shall have occurred and be continuing at the time of such replacement, (iii) prior to any such
replacement, such Lender shall have taken no action under Section 2.20 so as to eliminate the continued need for payment of amounts owing pursuant to Section 2.16 or 2.17 or to eliminate the illegality referred to in such notice of
illegality given pursuant to Section 2.19, (iv) the replacement financial institution shall purchase, at par, all Loans and other amounts owing to such replaced Lender on or prior to the date of replacement, (v) the Borrower shall be
liable to such replaced Lender under Section 2.18 (as though Section 2.18 were applicable) if any Eurodollar Loan owing to such replaced Lender shall be purchased other than on the last day of the Interest Period relating thereto,
(vi) the replacement financial institution, if not already a Lender, shall be reasonably satisfactory to the Administrative Agent, (vii) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of
Section 10.6 (provided that the Borrower shall be obligated to pay the registration and processing fee referred to therein), (viii) the Borrower shall pay all additional amounts (if any) required pursuant to Section 2.16 or
2.17, as the case may be, in respect of any period prior to the date on which such replacement shall be consummated, and (ix) any such replacement shall not be deemed to be a waiver of any rights that the Borrower, the Administrative Agent or
any other Lender shall have against the replaced Lender. 
 2.22 Increases in Revolving Credit Commitments. (a) At
any time after the Closing Date and prior to the date that is twelve months prior to the Revolving Credit Termination Date, so long as no Default or Event of Default has occurred and is continuing, the Borrower may, by notice to the Administrative
Agent (a “Revolving Commitment Increase Notice”), which notice shall promptly be copied by the Administrative Agent to each Lender, request an increase in the Total Revolving Credit Commitments in an aggregate principal amount up to
$50,000,000 (the “Revolving Offered Increase Amount”), provided that, (x) each such Revolving Offered Increase Amount shall be in a minimum amount of not less than $15,000,000 and (y) at no time shall the Total
Revolving Credit Commitments exceed $250,000,000. The Borrower may, at its election, (i) offer one or more of the Revolving Credit Lenders the 

 

 50 

 
opportunity to provide all or a portion of any Revolving Offered Increase Amount pursuant to subparagraph (c) below and/or (ii) with the consent of the Swing Line Lender and the
Administrative Agent (which consent shall not be unreasonably withheld), offer one or more additional banks, financial institutions or other entities the opportunity to provide all or a portion of such Revolving Offered Increase Amount pursuant to
Section 2.22(b) below. Each Revolving Commitment Increase Notice shall specify which Revolving Credit Lenders and/or banks, financial institutions or other entities the Borrower desires to provide such Revolving Offered Increase Amount. The
Borrower or, if requested by the Borrower, the Administrative Agent will notify such Revolving Credit Lenders, and/or banks, financial institutions or other entities. 

(b) Any additional bank, financial institution or other entity that the Borrower selects to offer participation in any increased Total
Revolving Credit Commitments and that elects to become a party to this Agreement and provide a Revolving Credit Commitment in an amount so offered and accepted by it pursuant to Section 2.22(a) shall execute a New Lender Supplement
substantially in the form of Exhibit I, with the Borrower, the Swing Line Lender and the Administrative Agent, whereupon such bank, financial institution or other entity (herein called a “New Revolving Credit Lender”)
shall become a Revolving Credit Lender for all purposes and to the same extent as if originally a party hereto and shall be bound by and entitled to the benefits of this Agreement, provided that, the Revolving Credit Commitment of any such
New Revolving Credit Lender shall be in an amount not less than $5,000,000. 
 (c) Any Revolving Credit Lender that accepts an
offer to it by the Borrower to increase its Revolving Credit Commitment pursuant to Section 2.22(a) shall, in each case, execute a Commitment Increase Supplement substantially in the form of Exhibit J (each, a “Commitment
Increase Supplement”), with the Borrower, the Swing Line Lender and the Administrative Agent, whereupon such Revolving Credit Lender shall be bound by and entitled to the benefits of this Agreement with respect to the full amount of its
Revolving Credit Commitment as so increased. 
 (d) On any Revolving Credit Increase Effective Date, (i) each bank,
financial institution or other entity that is a New Revolving Credit Lender pursuant Section 2.22(b) or any Revolving Credit Lender that has increased its Revolving Credit Commitment pursuant to Section 2.22(c) shall make available to the
Administrative Agent such amounts in immediately available funds as the Administrative Agent shall determine, for the benefit of the other relevant Revolving Credit Lenders, as being required in order to cause, after giving effect to such increase
and the use of such amounts to make payments to such other relevant Revolving Credit Lenders, each Revolving Credit Lender’s portion of the outstanding Revolving Credit Loans of all the Lenders to equal its Revolving Credit Percentage of such
Revolving Credit Loans and (ii) the Borrower shall be deemed to have repaid and reborrowed all outstanding Revolving Credit Loans of all the Revolving Credit Lenders to equal its Revolving Credit Percentage of such outstanding Revolving Credit
Loans as of the date of any increase in the Revolving Credit Commitments (with such reborrowing to consist of the Types of Loans, with related Interest Periods if applicable, specified in a notice delivered by the Borrower in accordance with the
requirements of Section 2.2). The deemed payments made pursuant to clause (ii) of the immediately preceding sentence in respect of each Eurodollar Loan shall be subject to indemnification by the Borrower pursuant to the provisions of
Section 2.18 if the deemed payment occurs other than on the last day of the related Interest Periods. 
  

 51 

 (e) Notwithstanding anything to the contrary in this Section 2.22, (i) in no event
may the Borrower deliver more than three Revolving Commitment Increase Notices, (ii) in no event shall there be more than three Revolving Credit Increase Effective Dates and (iii) no Lender shall have any obligation to increase its
Revolving Credit Commitment unless it agrees to do so in its sole discretion. 
 (f) The increase in the Revolving Credit
Commitments provided pursuant to this Section 2.22 shall be effective on the date (the “Revolving Credit Increase Effective Date”) the Administrative Agent receives legal opinions, board resolutions and other closing documents
(including, without limitation, all documentation referred to in Section 5.1(p) necessary to provide additional coverage in an amount equal to the related Revolving Offered Increase Amount); provided that, immediately prior to and after
giving effect to such increase, (i) no Default or Event of Default shall have occurred and be continuing, (ii) each of the REIT and the Borrower is in pro forma compliance with Section 7.1, such determination of pro forma compliance
to be based on the then outstanding principal amount of Loans and (iii) each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents shall be true and correct in all material respects on and as of such
date as if made on and as of such date, provided that, (x) to the extent that any such representation or warranty relates to a specific earlier date, they shall be true and correct as of such earlier date and (y) any representation
and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects on such respective dates. For the avoidance of doubt, no increase in the Revolving Credit
Commitments pursuant to this Section 2.22 shall require, as a condition to its effectiveness, the signature of, or any consent or approval from, any Lender that is not obligated to increase its Revolving Credit Commitments pursuant to a
Commitment Increase Supplement. 
 2.23 Defaulting Lender. Notwithstanding any provision of this Agreement to the
contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

(a) fees shall cease to accrue on the unfunded portion of the Revolving Credit Commitment of such Defaulting Lender
pursuant to Sections 2.6 and 3.3; 
 (b) the Revolving Credit Commitment and the Revolving Extension of
Credit of such Defaulting Lender shall not be included in determining whether all the Lenders, the Required Lenders or the Supermajority Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant
to Section 10.1), provided that, any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender which affects such Defaulting Lender differently than other affected Lenders shall require the consent of
such Defaulting Lender; 
 (c) if (i) any Swing Line Loan exists or (ii) any Letter of Credit is
outstanding, at the time a Lender becomes a Defaulting Lender then: 
 (i) all or any part of such Defaulting
Lender’s L/C Exposure and Swing Line Exposure shall be reallocated among the non-Defaulting Lenders in 
  

 52 

 
accordance with their respective Revolving Credit Percentage (calculated without regard to such Defaulting Lender’s Revolving Credit Commitment) but only to the extent that (x) the
conditions set forth in Section 5.2 are satisfied at such time and (y) after giving effect to such reallocation, the Revolving Extension of Credit of any non-Defaulting Lender shall not exceed such non-Defaulting Lender’s Revolving
Credit Commitment; and 
 (ii) if the reallocation described in Section 2.23(c)(i) above cannot, or can only
partially, be effected, the Borrower shall within one Business Day following notice by the Administrative Agent prepay such Defaulting Lender’s L/C Exposure and Swing Line Exposure; 

(d) so long as any Lender is a Defaulting Lender, the Swing Line Lender shall not be required to fund any Swing Line Loan,
unless it is satisfied that the related exposure will be covered by the Revolving Credit Commitments of the non-Defaulting Lenders, and participating interests in any newly made Swing Line Loan shall be allocated among non-Defaulting Lenders;

 (e) so long as any Lender is a Defaulting Lender, the Issuing Lender shall not be required to issue any Letter
of Credit, unless it is satisfied that the related exposure will be covered by the Revolving Credit Commitments of the non-Defaulting Lenders, and participating interests in any newly issued Letter of Credit shall be allocated among non-Defaulting
Lenders; 
 (f) any amount payable to such Defaulting Lender hereunder (whether on account of principal,
interest, fees or otherwise and including any amount that would otherwise be payable to such Defaulting Lender pursuant to Section 2.6 or 3.3) shall, in lieu of being distributed to such Defaulting Lender, be retained by the Administrative
Agent in a segregated account and, subject to any applicable Requirements of Law, be applied at such time or times as may be determined by the Administrative Agent (i) first, to the payment of any amounts owing by such Defaulting Lender
to the Administrative Agent hereunder, (ii) second, pro rata, to the payment of any amounts owing by such Defaulting Lender, any Issuing Lender or Swing Line Lender hereunder, (iii) third, if so determined by the
Administrative Agent or requested by an Issuing Lender or the Swing Line Lender, held in such account as cash collateral for future funding obligations of the Defaulting Lender in respect of any existing or future participating interest in any Swing
Line Loan or Letter of Credit, (iv) fourth, to the funding of any Loan or the purchase of any participation under any Letter of Credit in respect of which such Defaulting Lender has failed to fund or purchase its portion thereof as
required by this Agreement, as determined by the Administrative Agent, (v) fifth, if so determined by the Administrative Agent and the Borrower, held in such account as cash collateral for future funding obligations of the Defaulting
Lender in respect of any Loans or the purchase of any participation under any Letter of Credit under this Agreement, (vi) sixth, to the payment of any amounts owing to the Lenders, any Issuing Lender or the Swing Line Lender as a result
of any judgment of a court of competent jurisdiction obtained by any Lender, any Issuing Lender or the Swing Line Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement,
(vii) seventh, to 
  

 53 

 
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 (viii) eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction, provided, with respect to this
clause (viii), that if such payment is (x) a prepayment of the principal amount of any Loans which a Defaulting Lender has funded its participation obligations and (y) made at a time when the conditions set forth in Section 2.9
are satisfied, such payment shall be applied solely to prepay the Loans made by all non-Defaulting Lenders pro rata prior to being applied to the prepayment of any Loans, or Reimbursement Obligations owed to, any Defaulting Lender; and

 (g) for purposes of computing the amount of the obligation of each non-Defaulting Lender to acquire, refinance
or fund participations in Letters of Credit pursuant to Section 3.1, the “Revolving Credit Percentage” of each non-Defaulting Lender shall be computed without giving effect to the Revolving Credit Commitment of that Defaulting
Lender; provided that, (i) each such reallocation shall be given effect only if, at the date the applicable Lender becomes a Defaulting Lender, no Default or Event of Default exists; and (ii) the aggregate obligation of each
non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit shall not exceed the positive difference, if any, of (1) the Revolving Credit Commitment of that non-Defaulting Lender minus (2) the aggregate
Revolving Extensions of Credit of such non-Defaulting Lender. 
 SECTION 3 LETTERS OF CREDIT 

3.1 L/C Commitment. (a) Subject to the terms and conditions hereof, each Issuing Lender, in reliance on the agreements of the
other Revolving Credit Lenders set forth in Section 3.4(a), agrees to issue letters of credit (the “Letters of Credit”) for the account of the Borrower on any Business Day during the Revolving Credit Commitment Period in such
form as may be approved from time to time by such Issuing Lender; provided, that no Issuing Lender shall have any obligation to issue any Letter of Credit if, after giving effect to such issuance, (i) the L/C Obligations would exceed the
L/C Commitment or (ii) the aggregate amount of the Available Revolving Credit Commitments would be less than zero. Each Letter of Credit shall (i) be denominated in Dollars and (ii) expire no later than the earlier of (x) the
first anniversary of its date of issuance and (y) the date which is five Business Days prior to the Revolving Credit Termination Date; provided that any Letter of Credit with a one-year term may provide for the renewal thereof for
additional one-year periods (which shall in no event extend beyond the date referred to in clause (y) above). 
 (b) No
Issuing Lender shall at any time be obligated to issue any Letter of Credit hereunder if such issuance would conflict with, or cause such Issuing Lender or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law.

 3.2 Procedure for Issuance of Letter of Credit. The Borrower may from time to time request that an Issuing Lender
issue a Letter of Credit by delivering to such Issuing Lender at its address for notices specified herein an Application therefor, completed to the satisfaction of such Issuing Lender, and such other certificates, documents and other papers and

  

 54 

 
information as such Issuing Lender may reasonably request. Concurrently with the delivery of an Application to an Issuing Lender, the Borrower shall deliver a copy thereof to the Administrative
Agent. Upon receipt of any Application, an Issuing Lender will process such Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall
promptly issue the Letter of Credit requested thereby by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by such Issuing Lender and the Borrower (but in no event shall any Issuing Lender be
required to issue any Letter of Credit earlier than three Business Days after its receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto). Promptly after issuance by an
Issuing Lender of a Letter of Credit, such Issuing Lender shall furnish a copy of such Letter of Credit to the Borrower. Each Issuing Lender shall promptly give notice to the Administrative Agent of the issuance of each Letter of Credit issued by
such Issuing Lender (including the face amount thereof), and shall provide a copy of such Letter of Credit to the Administrative Agent as soon as possible after the date of issuance. 

3.3 Fees and Other Charges. (a) The Borrower will pay a fee on the aggregate drawable amount of all
outstanding Letters of Credit at a per annum rate equal to the Applicable Margin then in effect with respect to Eurodollar Loans, shared ratably among the Revolving Credit Lenders in accordance with their respective Revolving Credit Percentages and
payable quarterly in arrears on each L/C Fee Payment Date after the issuance date. In addition, the Borrower shall pay to the relevant Issuing Lender for its own account a fronting fee on the aggregate drawable amount of all outstanding Letters of
Credit issued by it of  1/4 of 1% per annum,
payable quarterly in arrears on each L/C Fee Payment Date after the issuance date. 
 (b) In addition to the foregoing
fees, the Borrower shall pay or reimburse each Issuing Lender for such normal and customary costs and expenses as are incurred or charged by such Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise administering
any Letter of Credit. 
 3.4 L/C Participations. (a) Each Issuing Lender irrevocably agrees to grant and hereby
grants to each L/C Participant, and, to induce each Issuing Lender to issue Letters of Credit hereunder, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from each Issuing Lender, on the terms and
conditions hereinafter stated, for such L/C Participant’s own account and risk, an undivided interest equal to such L/C Participant’s Revolving Credit Percentage in each Issuing Lender’s obligations and rights under each Letter of
Credit issued by such Issuing Lender hereunder and the amount of each draft paid by such Issuing Lender thereunder. Each L/C Participant unconditionally and irrevocably agrees with each Issuing Lender that, if a draft is paid under any Letter of
Credit issued by such Issuing Lender for which such Issuing Lender is not reimbursed in full by the Borrower in accordance with the terms of this Agreement, such L/C Participant shall pay to the Administrative Agent for the account of such Issuing
Lender upon demand at such Issuing Lender’s address for notices specified herein (and thereafter the Administrative Agent shall promptly pay to such Issuing Lender) an amount equal to such L/C Participant’s Revolving Credit Percentage of
the amount of such draft, or any part thereof, that is not so reimbursed. Each L/C Participant’s obligation to pay such amount shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff,
counterclaim, recoupment, defense or other right that such 
  

 55 

 
L/C Participant may have against any Issuing Lender, the Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or an Event of Default or the
failure to satisfy any of the other conditions specified in Section 5, (iii) any adverse change in the condition (financial or otherwise) of the Borrower, (iv) any breach of this Agreement or any other Loan Document by the Borrower,
any other Loan Party or any other L/C Participant or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 

(b) If any amount (a “Participation Amount”) required to be paid by any L/C Participant to an Issuing Lender pursuant to
Section 3.4(a) in respect of any unreimbursed portion of any payment made by such Issuing Lender under any Letter of Credit is paid to such Issuing Lender within three Business Days after the date such payment is due, such Issuing Lender shall
so notify the Administrative Agent, which shall promptly notify the L/C Participants, and each L/C Participant shall pay to the Administrative Agent, for the account of such Issuing Lender, on demand (and thereafter the Administrative Agent shall
promptly pay to such Issuing Lender) an amount equal to the product of (i) such Participation Amount, times (ii) the daily average Federal Funds Effective Rate during the period from and including the date such payment is required
to the date on which such payment is immediately available to such Issuing Lender, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360. If any
Participation Amount required to be paid by any L/C Participant pursuant to Section 3.4(a) is not made available to the Administrative Agent for the account of the relevant Issuing Lender by such L/C Participant within three Business Days after
the date such payment is due, the Administrative Agent on behalf of such Issuing Lender shall be entitled to recover from such L/C Participant, on demand, such Participation Amount with interest thereon calculated from such due date at the rate per
annum applicable to Base Rate Loans. A certificate of the Administrative Agent submitted on behalf of an Issuing Lender to any L/C Participant with respect to any amounts owing under this Section shall be conclusive in the absence of manifest error.

 (c) Whenever, at any time after an Issuing Lender has made payment under any Letter of Credit and has received from the
Administrative Agent any L/C Participant’s pro rata share of such payment in accordance with Section 3.4(a), such Issuing Lender receives any payment related to such Letter of Credit (whether directly from the Borrower or otherwise,
including proceeds of collateral applied thereto by such Issuing Lender), or any payment of interest on account thereof, such Issuing Lender will distribute to the Administrative Agent for the account of such L/C Participant (and thereafter the
Administrative Agent will promptly distribute to such L/C Participant) its pro rata share thereof; provided, however, that in the event that any such payment received by such Issuing Lender shall be required to be returned by
such Issuing Lender, such L/C Participant shall return to the Administrative Agent for the account of such Issuing Lender (and thereafter the Administrative Agent shall promptly return to such Issuing Lender) the portion thereof previously
distributed by such Issuing Lender. 
 3.5 Reimbursement Obligation of the Borrower. The Borrower agrees to reimburse
each Issuing Lender, on each date on which such Issuing Lender notifies the Borrower of the date and amount of a draft presented under any Letter of Credit and paid by such Issuing Lender, for the amount of (a) such draft so paid and
(b) any taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such payment (the amounts 

 

 56 

 
described in the foregoing clauses (a) and (b) in respect of any drawing, collectively, the “Payment Amount”). Each such payment shall be made to such Issuing Lender at
its address for notices specified herein in lawful money of the United States of America and in immediately available funds. Interest shall be payable on each Payment Amount from the date of the applicable drawing until payment in full at the rate
set forth in (i) until the second Business Day following the date of the applicable drawing, Section 2.12(b) and (ii) thereafter, Section 2.12(c). Each drawing under any Letter of Credit shall (unless an event of the type
described in clause (i) or (ii) of Section 8(f) shall have occurred and be continuing with respect to the Borrower, in which case the procedures specified in Section 3.4 for funding by L/C Participants shall apply) constitute a
request by the Borrower to the Administrative Agent for a borrowing pursuant to Section 2.5 of Base Rate Loans (or, at the option of the Administrative Agent and the Swing Line Lender in their sole discretion, a borrowing pursuant to
Section 2.7 of Swing Line Loans) in the amount of such drawing. The Borrowing Date with respect to such borrowing shall be the first date on which a borrowing of Revolving Credit Loans (or, if applicable, Swing Line Loans) could be made,
pursuant to Section 2.5 (or, if applicable, Section 2.7), if the Administrative Agent had received a notice of such borrowing at the time the Administrative Agent receives notice from the relevant Issuing Lender of such drawing under such
Letter of Credit. 
 3.6 Obligations Absolute. The Borrower’s obligations under this Section 3 shall be
absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment that the Borrower may have or have had against any Issuing Lender, any beneficiary of a Letter of Credit or any other
Person. The Borrower also agrees with each Issuing Lender that such Issuing Lender shall not be responsible for, and the Borrower’s Reimbursement Obligations under Section 3.5 shall not be affected by, among other things, the validity or
genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between or among the Borrower and any beneficiary of any Letter of Credit or any other party
to which such Letter of Credit may be transferred or any claims whatsoever of the Borrower against any beneficiary of such Letter of Credit or any such transferee. No Issuing Lender shall be liable for any error, omission, interruption or delay in
transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for errors or omissions found by a final and nonappealable decision of a court of competent jurisdiction to have
resulted from the gross negligence or willful misconduct of such Issuing Lender. The Borrower agrees that any action taken or omitted by an Issuing Lender under or in connection with any Letter of Credit issued by it or the related drafts or
documents, if done in the absence of gross negligence or willful misconduct and in accordance with the standards of care specified in the Uniform Commercial Code of the State of New York, shall be binding on the Borrower and shall not result in any
liability of such Issuing Lender to the Borrower. 
 3.7 Letter of Credit Payments. If any draft shall be presented for
payment under any Letter of Credit, the relevant Issuing Lender shall promptly notify the Borrower and the Administrative Agent of the date and amount thereof. The responsibility of the relevant Issuing Lender to the Borrower in connection with any
draft presented for payment under any Letter of Credit, in addition to any payment obligation expressly provided for in such Letter of Credit issued by such Issuing Lender, shall be limited to determining that the documents (including each draft)
delivered under such Letter of Credit in connection with such presentment appear on their face to be in conformity with such Letter of Credit. 
  

 57 

 3.8 Applications. To the extent that any provision of any Application related to any
Letter of Credit is inconsistent with the provisions of this Section 3, the provisions of this Section 3 shall apply. 

SECTION 4 REPRESENTATIONS AND WARRANTIES 

To induce the Agents and the Lenders to enter into this Agreement and to make the Loan and issue or participate in the Letters of Credit,
the REIT and the Borrower hereby jointly and severally represent and warrant to each Agent and each Lender that: 
 4.1
Financial Condition. (a) The unaudited pro forma consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at March 31, 2010 (including the notes thereto) (the “Pro Forma Balance Sheet”),
copies of which have heretofore been furnished to each Lender, has been prepared giving effect (as if such events had occurred on such date) to (i) the consummation of the IPO, (ii) the Loans to be made on the Closing Date and the use of
proceeds thereof and (iii) the payment of fees and expenses in connection with the foregoing. The Pro Forma Balance Sheet has been prepared based on the best information available to the Borrower as of the date of delivery thereof, and presents
fairly on a pro forma basis the estimated financial position of the Borrower and its consolidated Subsidiaries as at March 31, 2010, assuming that the events specified in the preceding sentence had actually occurred at such date. 

(b) The audited consolidated balance sheets of the Hudson Pacific Predecessor as at December 31, 2007, December 31, 2008 and
December 31, 2009, and the related consolidated statements of income and of cash flows for the fiscal years ended on such dates, reported on by and accompanied by an unqualified report from Ernst & Young LLP, copies of which have
heretofore been furnished to each Lender, present fairly the consolidated financial condition of the Hudson Pacific Predecessor as at such date, and the consolidated results of its operations and its consolidated cash flows for the respective fiscal
years then ended. The unaudited consolidated balance sheet of the Hudson Pacific Predecessor as at March 31, 2010, and the related unaudited consolidated statements of income and cash flows for the three-month period ended on such date, copies
of which have heretofore been furnished to each Lender, present fairly the consolidated financial condition of the Hudson Pacific Predecessor as at such date, and the consolidated results of its operations and its consolidated cash flows for the
three-month period then ended (subject to normal year-end audit adjustments). All such financial statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP applied consistently throughout the periods
involved (except as approved by the aforementioned firm of accountants and disclosed therein). The REIT, the Borrower and its Subsidiaries do not have any material Guarantee Obligations, contingent liabilities and liabilities for taxes, or any
long-term Leases or unusual forward or long-term commitments, including, without limitation, any interest rate or foreign currency swap or exchange transaction or other obligation in respect of derivatives, that are not reflected in the most recent
financial statements referred to in this paragraph. During the period from December 31, 2009 to and including the date hereof there has been no Disposition by the REIT and its Subsidiaries of any material part of its business or Property.

 4.2 No Change. Since December 31, 2009 there has been no development or event that has had or could reasonably be
expected to have a Material Adverse Effect. 
  

 58 

 4.3 Corporate Existence; Compliance with Law. Each of the Group Members (a) is
duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (b) has the corporate or other power and authority, and the legal right and all requisite governmental licenses, authorizations,
consents and approvals to own and operate its Property, to lease the Property it operates as lessee and to conduct the business in which it is currently engaged, (c) is duly qualified as a foreign corporation or other organization and in good
standing under the laws of each jurisdiction where its ownership, lease or operation of Property or the conduct of its business requires such qualification and (d) is in compliance with all Requirements of Law, except in the case of clauses
(c) and (d) to the extent that the failure to so qualify or comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 

4.4 Corporate Power; Authorization; Enforceable Obligations. Each Group Member has the corporate or other power and authority, and
the legal right, to make, deliver and perform the Loan Documents to which it is a party and, in the case of the Borrower, to borrow hereunder. Each Group Member has taken all necessary corporate or other action to authorize the execution, delivery
and performance of the Loan Documents to which it is a party and, in the case of the Borrower, to authorize the borrowings on the terms and conditions of this Agreement. No consent or authorization of, filing with, notice to or other act by or in
respect of, any Governmental Authority or any other Person is required in connection with the borrowings hereunder or the execution, delivery, performance, validity or enforceability of this Agreement or any of the other Loan Documents, except
(i) consents, authorizations, filings and notices described in Schedule 4.4, which consents, authorizations, filings and notices have been obtained or made and are in full force and effect and (ii) the filings referred to in
Section 4.20. Each Group Member has been duly executed and delivered on behalf of each Loan Party that is a party thereto. This Agreement constitutes, and each other Loan Document upon execution will constitute, a legal, valid and binding
obligation of each Group Member that is a party thereto, enforceable against each such Group Member in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

4.5 No Legal Bar. The execution, delivery and performance of this Agreement and the other Loan Documents, the issuance of Letters
of Credit, the borrowings hereunder and the use of the proceeds thereof will not violate any Requirement of Law or any Contractual Obligation of the any Group Member and will not result in, or require, the creation or imposition of any Lien on any
of their respective properties or revenues pursuant to any Requirement of Law or any such Contractual Obligation (other than the Liens created by the Security Documents). No Requirement of Law or Contractual Obligation applicable to any Group Member
could reasonably be expected to have a Material Adverse Effect. 
 4.6 No Material Litigation. No litigation,
investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of the REIT or the Borrower, threatened by or against any Group Member or against any of their respective properties or revenues
(a) with respect to any of the Loan Documents or any of the transactions contemplated hereby or thereby, or (b) that could reasonably be expected to have a Material Adverse Effect. 

 

 59 

 4.7 No Default. None of the Group Members is in default under or with respect to any
of its Contractual Obligations in any respect that could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing. 

4.8 Ownership of Property; Liens. (a) Each of the Group Members has good record and marketable title, and with respect to the
Borrowing Base Properties, insurable title, in fee simple to, or a valid leasehold interest in, all its Real Property, and good title to, or a valid leasehold interest in, all its other Property, and none of such Property is subject to any Lien
except as permitted by Section 7.3. Such Liens in the aggregate do not materially and adversely affect the value, operation or use of the applicable Real Property (as currently used) or the Borrower’s ability to repay the Loans. Except to
the extent permitted by Section 7.3(b), there are no claims for payment for work, labor or materials affecting any Real Property which are or may become a Lien prior to, or of equal priority with, the Liens created by the Loan Documents.

 (b) (i) No Loan Party has received written notice of the assertion of any material valid claim by anyone adverse to any
Loan Party’s ownership, or leasehold rights in and to any Borrowing Base Property and (ii) no Person has an option or right of first refusal to purchase all or part of any Borrowing Base Property or any interest therein which has not been
waived (except as disclosed in writing and approved by the Required Lenders). 
 4.9 Intellectual Property. Each of the
Group Members owns, or is licensed to use, all Intellectual Property necessary for the conduct of its business as currently conducted. No material claim has been asserted and is pending by any Person challenging or questioning the use of any
Intellectual Property or the validity or effectiveness of any Intellectual Property, nor does the REIT or the Borrower know of any valid basis for any such claim. The use of Intellectual Property by the Group Members does not infringe on the rights
of any Person in any material respect. 
 4.10 Taxes. Each of the Group Members has filed or caused to be filed all
Federal, state and other material tax returns that are required to be filed and has paid all taxes shown to be due and payable on said returns or on any assessments made against it or any of its Property and all other material taxes, fees or other
charges imposed on it or any of its Property by any Governmental Authority (other than any taxes the amount or validity of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity
with GAAP have been provided on the books of the applicable Group Member, as the case may be); and no tax Lien (other than any Lien for taxes not yet delinquent) has been filed, and, to the knowledge of the REIT and the Borrower, no claim is being
asserted, with respect to any such tax, fee or other charge. 
 4.11 Federal Regulations. No part of the proceeds of any
Loans, and no other extensions of credit hereunder, will be used for “purchasing” or “carrying” any “margin stock” within the respective meanings of each of the quoted terms under Regulation U as now and from time
to time hereafter in effect or for any purpose that violates the provisions of the Regulations of the Board. If requested by any Lender or the Administrative Agent, the Borrower will furnish to the Administrative Agent and each Lender a statement to
the foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1 referred to in Regulation U. 
  

 60 

 4.12 Labor Matters. There are no strikes or other labor disputes against any Group
Member pending or, to the knowledge of the REIT or the Borrower, threatened that (individually or in the aggregate) could reasonably be expected to have a Material Adverse Effect. Hours worked by and payment made to employees of the Group Members
have not been in violation of the Fair Labor Standards Act or any other applicable Requirement of Law dealing with such matters that (individually or in the aggregate) could reasonably be expected to have a Material Adverse Effect. All payments due
from the Group Members on account of employee health and welfare insurance that (individually or in the aggregate) could reasonably be expected to have a Material Adverse Effect if not paid have been paid or accrued as a liability on the books of
the Group Members. 
 4.13 ERISA. Except as would not reasonably be expected, either individually or in the aggregate, to
have a Material Adverse Effect: (a) neither a Reportable Event nor a failure to satisfy the minimum funding standard of Section 412 of the Code and Section 302 of ERISA, whether or not waived, has occurred during the five-year period
prior to the date on which this representation is made or deemed made with respect to any Plan, and each Plan (other than a Multiemployer Plan) has complied with the applicable provisions of ERISA and the Code; (b) no termination of a Single
Employer Plan has occurred, and no Lien in favor of the PBGC or a Plan has arisen, during such five-year period; (c) the present value of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plans)
did not, as of the last annual valuation date prior to the date on which this representation is made or deemed made, exceed the value of the assets of such Single Employer Plan allocable to such accrued benefits; (d) neither the Borrower nor
any Commonly Controlled Entity has had a “complete withdrawal” (within the meaning of Sections 4203 of ERISA) or “partial withdrawal” (within the meaning of Sections 4205 of ERISA) from any Multiemployer Plan; (e) neither
the Borrower nor any Commonly Controlled Entity would become subject to any material liability under part 1 of subtitle E of Title IV of ERISA if the Borrower or any such Commonly Controlled Entity were to withdraw completely from all Multiemployer
Plans as of the valuation date most closely preceding the date on which this representation is made or deemed made; and (f) no Multiemployer Plan is in Reorganization or Insolvent. 

4.14 Investment Company Act; Other Regulations. No Loan Party is an “investment company”, or a company
“controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended. No Loan Party is subject to regulation under any Requirement of Law (other than Regulation X of the Board) that
limits its ability to incur Indebtedness. 
 4.15 Subsidiaries. (a) The Subsidiaries listed on
Schedule 4.15 constitute all the Subsidiaries of the REIT at the date hereof. Schedule 4.15 sets forth as of the Closing Date the name and jurisdiction of incorporation of each Subsidiary and, as to each Subsidiary, the
percentage of each class of Capital Stock owned by each Group Member. 
 (b) There are no outstanding subscriptions, options,
warrants, calls, rights or other agreements or commitments (other than stock options granted to employees or directors and directors’ qualifying shares) of any nature relating to any Capital Stock of the REIT, the Borrower or any Subsidiary,
except as disclosed on Schedule 4.15. 
  

 61 

 4.16 Use of Proceeds. The proceeds of the Revolving Credit Loans, the Swing Line
Loans and the Letters of Credit shall be used for general corporate purposes, including to refinance existing indebtedness, and funding acquisitions, redevelopment and expansion. 

4.17 Environmental Matters. Other than exceptions to any of the following that could not, individually or in the aggregate,
reasonably be expected to result in the payment of a Material Environmental Amount: 
 (a) Each of the Group
Members and all Real Property and facilities owned, leased, or otherwise operated by them: (i) is, and within the period of all applicable statutes of limitation has been, in compliance with all applicable Environmental Laws; (ii) holds or
as applicable is covered by all Environmental Permits (each of which is in full force and effect) required for its current or intended operations; (iii) is, and within the period of all applicable statutes of limitation has been, in compliance
with all applicable Environmental Permits; and (iv) to the extent within the control of the Borrower and its Subsidiaries: each of such Environmental Permits will be timely renewed and complied with and additional Environmental Permits that may
be required of it will be timely obtained and complied with, without material expense; and compliance with any Environmental Law that is or is expected to become applicable to it will be timely attained and maintained, without material expense.

 (b) Materials of Environmental Concern are not present at, on, under, in, or about any Real Property or
facilities now or formerly owned, leased or operated by any Group Member, or at any other location (including, without limitation, any location to which Materials of Environmental Concern have been sent for re-use or recycling or for treatment,
storage, or disposal) which could reasonably be expected to (i) give rise to liability of any Group Member under any applicable Environmental Law or otherwise result in costs to any Group Member, or (ii) interfere with the Borrower’s
or any of its Subsidiaries’ continued operations, or (iii) impair the fair saleable value of any Real Property owned or leased by any Group Member. 

(c) There is no judicial, administrative, or arbitral proceeding (including any notice of violation or alleged violation)
under or relating to any Environmental Law to which any Group Member is, or to the knowledge of any Group Member will be, named as a party that is pending or, to the knowledge of any Group Member, threatened. 

(d) No Group Member has received any notice or, or has any knowledge of, any Environmental Claim or any completed,
pending, proposed or threatened investigation or inquiry concerning the presence or release of any Materials of Environmental Concern at any Real Property or facilities owned, leased, or otherwise operated by them. 

(e) None of the Group Members has received any written request for information, or been notified that it is a potentially
responsible party under or relating to the federal Comprehensive Environmental Response, Compensation, and Liability Act or any similar Environmental Law, or with respect to any Materials of Environmental

  

 62 

 
Concern, or with respect to any Real Property or facilities owned, leased, or otherwise operated by them. 

(f) None of the Group Members, or as applicable any Real Property or facilities owned, leased, or otherwise operated by
them, has entered into or agreed to any consent decree, order, or settlement or other agreement, or is subject to any judgment, decree, or order or other agreement, in any judicial, administrative, arbitral, or other forum for dispute resolution,
relating to compliance with or liability under any Environmental Law. 
 (g) None of the Group Members has
assumed or retained, by contract, conduct or operation of law, any liabilities of any kind, fixed or contingent, known or unknown, under any Environmental Law or with respect to any Materials of Environmental Concern, and none of the Borrowing Base
Properties or any other Real Property is subject to any Lien imposed pursuant to Environmental Laws. 
 (h) ESAs
prepared within twelve months prior to the applicable Closing Date in respect to all Borrowing Base Properties and any ESAs for other Real Property have not identified any conditions, circumstances, or facts past or present likely to result in
material liability pursuant to Environmental Law, including and without limitation with respect to landfills, dumping, or other waste disposal activities or operations; generation, storage, use, sale, treatment, processing, recycling, or disposal of
any Materials of Environmental Concern; underground or aboveground storage tanks, asbestos, polychlorinated byphenyls, or lead in water or paint. 

4.18 Accuracy of Information, etc. No statement or information contained in this Agreement, any other Loan Document or any other
document, certificate or statement furnished to the Administrative Agent or the Lenders or any of them, by or on behalf of any Loan Party for use in connection with the transactions contemplated by this Agreement or the other Loan Documents,
contained as of the date such statement, information, document or certificate was so furnished, any untrue statement of a material fact or omitted to state a material fact necessary to make the statements contained herein or therein not misleading.
The projections and pro forma financial information contained in the materials referenced above are based upon good faith estimates and assumptions believed by management of the Borrower to be reasonable at the time made, it being recognized by the
Lenders that such financial information as it relates to future events is not to be viewed as fact and that actual results during the period or periods covered by such financial information may differ from the projected results set forth therein by
a material amount. There is no fact known to any Loan Party that could reasonably be expected to have a Material Adverse Effect that has not been expressly disclosed herein, in the other Loan Documents or in any other documents, certificates and
statements furnished to the Agents and the Lenders for use in connection with the transactions contemplated hereby and by the other Loan Documents. 

4.19 Security Documents. (a) The Guarantee and Collateral Agreement is effective to create in favor of the Administrative
Agent, for the benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral described therein and proceeds thereof. In the case of the Pledged Stock described in the Guarantee and Collateral Agreement,

  

 63 

 
when any stock certificates representing such Pledged Stock are delivered to the Administrative Agent, and in the case of the other Collateral described in the Guarantee and Collateral Agreement,
when financing statements in appropriate form are filed in the offices specified on Schedule 4.19(a) (which financing statements have been duly completed and delivered to the Administrative Agent), the Guarantee and Collateral Agreement
shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral and the proceeds thereof, as security for the Obligations (as defined in the Guarantee and Collateral
Agreement), in each case prior and superior in right to any other Person (except, in the case of Collateral other than Pledged Stock, Liens permitted by Section 7.3). 

(b) Each of the Mortgages is effective to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a legal,
valid and enforceable Lien on the Mortgaged Properties described therein and proceeds thereof; and when the Mortgages are filed in the offices specified on Schedule 4.19(b) (in the case of the Mortgages to be executed and delivered on
the Closing Date) or in the recording office designated by the Borrower, each Mortgage shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in the Mortgaged Properties described
therein and the proceeds thereof, as security for the Obligations (as defined in the relevant Mortgage), in each case prior and superior in right to any other Person (other than Persons holding Liens or other encumbrances or rights permitted by the
relevant Mortgage). Schedule 1.1B lists, as of the Closing Date, each parcel of owned Real Property and each leasehold interest in Real Property located in the United States and held by the Borrower or any of its Subsidiaries.

 4.20 Solvency. Each Loan Party is, and after giving effect to the incurrence of all Indebtedness and obligations being
incurred in connection herewith and therewith will be and will continue to be, Solvent. 
 4.21 Regulation H. No
Mortgage encumbers improved Real Property which is 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 (each, a “Flood Hazard Property”) (except any Mortgaged Properties as to which such flood insurance as required by Regulation H has been obtained and is in full force and effect as required
by this Agreement). 
 4.22 REIT Status; Borrower Tax Status. The REIT has been organized and will be operated in a
manner that will allow it to qualify for REIT Status commencing with its taxable year ending December 31, 2010 and it will meet the requirements for REIT Status. The Borrower is not an association taxable as a corporation under the Code.

 4.23 Insurance. The Group Members obtained and has delivered to the Administrative Agent certified copies of insurance
certificates reflecting the insurance coverages, amounts and other requirements for insurance policies set forth in this Agreement. No claims have been made under any such policies, and no Person, including the Group Members, has done, by act or
omission, anything which would impair the coverage of any such policies. 
  

 64 

 4.24 Casualty; Condemnation. (a) No material Condemnation has been commenced or, to
the REIT’s or the Borrower’s knowledge, is contemplated with respect to all or any part of any Borrowing Base Property or for the relocation of roadways providing material access to any Borrowing Base Property, other than any Condemnation
for which the Administrative Agent shall have received notice in accordance with Section 6.7 and the Borrowing Base Properties are not the subject of any adverse zoning proceeding, except as could not reasonably be expected to cause a Material
Adverse Effect. 
 (b) No material Casualty has occurred with respect to all or any part of any Borrowing Base Property, other
than any Casualty for which the Administrative Agent shall have received notice in accordance with Section 6.7 and the Improvements have not been damaged (ordinary wear and tear excepted) and not repaired, except as could not reasonably be
expected to cause a Material Property Event. 
 4.25 Compliance with Anti-Terrorism, Embargo and Anti-Money Laundering
Laws. (a) No Group Member is currently identified on the OFAC List or otherwise qualifies as a Prohibited Person, and Borrower has implemented procedures to ensure that no Person who now or hereafter owns any equity interest in the Borrower
or any Guarantor is a Prohibited Person or controlled by a Prohibited Person, and (b) neither the Borrower nor any Guarantor is in violation of any Requirements of Law relating to anti-money laundering or anti-terrorism, including, without
limitation, Requirements of Law related to transacting business with Prohibited Persons or the requirements of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, U.S. Public
Law 107-56, and the related regulations issued thereunder, including temporary regulations, all as amended from time to time. 

4.26 Property Condition. Except as could not reasonably be expected to have a Material Adverse Effect, (a) all Borrowing Base
Properties comply with all Requirements of Law, including all subdivision and platting requirements, without reliance on any adjoining or neighboring property; (b) the Improvements comply with all Requirements of Law regarding access and
facilities for handicapped or disabled persons; (c) no Group Member has directly or indirectly conveyed, assigned, or otherwise disposed of, or transferred (or agreed to do so) any development rights, air rights, or other similar rights,
privileges, or attributes with respect to any Borrowing Base Properties, including those arising under any zoning or property use ordinance or other Requirements of Law; (d) all utility services necessary for the use of the Borrowing Base
Properties and the Improvements and the operation thereof for their intended purpose are available at the Borrowing Base Property; (e) except as otherwise permitted in the Loan Documents, no Group Member has made any contract or arrangement of
any kind the performance of which by the other party thereto would give rise to Liens on the Borrowing Base Properties; (f) no Borrowing Base Property is part of a larger tract of Real Property owned by the Borrower or any other Group Member or
otherwise included under any unity of title or similar covenant with other Real Property not owned by a Loan Party and each Borrowing Base Property constitutes a separate tax lot or lots with a separate tax assessment or assessments for such
Borrowing Base Property and the Improvements thereon, independent of those for any other Real Property or improvements; (g) the current and anticipated use of the Borrowing Base Properties complies in all material respects with all applicable
zoning ordinances, regulations, certificates of occupancy issued for the Borrowing Base Properties and restrictive covenants 
  

 65 

 
affecting the Borrowing Base Properties without the existence of any variance, non-complying use, nonconforming use, or other special exception, all use restrictions of any Governmental Authority
having jurisdiction have been satisfied, and no violation of any Requirements of Law or regulation exists with respect thereto; (h) all certifications, permits, licenses and approvals, including without limitation, certificates of completion
and occupancy permits, required for the legal use, occupancy and operation of the Borrowing Base Properties have been obtained are in full force and effect; (i) the Borrowing Base Properties, including, without limitation, all buildings,
improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all
structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in the Borrowing Base Properties, whether latent or otherwise, and Borrower has not received
notice from any insurance company or bonding company of any defects or inadequacies in the Borrowing Base Properties, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or
charges thereon or of any termination or threatened termination of any policy of insurance or bond; and (j) all of the Improvements which were included in determining the appraised value of each Borrowing Base Property lie wholly within the
boundaries and building restriction lines of such Borrowing Base Property, and no improvements on adjoining properties encroach upon the Borrowing Base Property, and no easements or other encumbrances upon the Borrowing Base Property encroach upon
any of the Improvements, so as to materially affect the value or marketability of the Borrowing Base Property except those which are insured against by the applicable Title Insurance Policy. 

4.27 Ground Leases. Each applicable Loan Party has delivered true and correct copies of each Acceptable Ground Lease to the
Administrative Agent. 
 SECTION 5 CONDITIONS PRECEDENT 

5.1 Conditions to Initial Extension of Credit. The agreement of each Lender to make the initial extension of credit requested to
be made by it hereunder is subject to the satisfaction, prior to or concurrently with the making of such extension of credit on the Closing Date, of the following conditions precedent: 

(a) Loan Documents. The Administrative Agent shall have received (i) this Agreement, executed and delivered by
a duly authorized officer of the REIT and the Borrower, (ii) the Guarantee and Collateral Agreement, executed and delivered by a duly authorized officer of the REIT, the Borrower and each Subsidiary (other than any Excluded Subsidiary, any
Excluded Foreign Subsidiary or any Subsidiary of an Excluded Foreign Subsidiary), (iii) a Mortgage covering each of the Borrowing Base Properties, executed and delivered by a duly authorized officer of each Loan Party thereto and (iv) an
executed counterpart to this Agreement executed and delivered by each Lender. 
 (b) Blocked Account Control
Agreements. The Administrative Agent shall have received deposit account control agreements in form and substance reasonably satisfactory to the Administrative Agent granting the Administrative Agent “control” for purposes of Article 9
of the Uniform Commercial Code or as necessary to perfect such 
  

 66 

 
security interest under any other applicable law (such agreements, each as amended, supplemented or otherwise modified from time to time, the “Blocked Account Control
Agreements”), executed and delivered by a duly authorized officer of each party a party thereto, covering each Lockbox Account. 

(c) IPO. The REIT shall have received gross proceeds of at least $200,000,000 from the initial public offering and
the private placement of its common stock (the “IPO”). 
 (d) Formation Transactions. The
consummation of formation transactions described in the prospectus for the IPO, including the acquisition of assets contributed by entities owned by Hudson Capital, LLC, investment funds affiliated with Farallon Capital Management, L.L.C., an
investment vehicle whose general partner is owned by investment funds managed by Morgan Stanley, including the Initial Borrowing Base Office Properties and Sunset Gower. 

(e) Pro Forma Balance Sheet; Financial Statements. The Lenders shall have received (i) the Pro Forma Balance
Sheet, (ii) audited consolidated financial statements of the Hudson Pacific Predecessor for the 2007, 2008 and 2009 fiscal years and (iii) unaudited interim consolidated financial statements of the Hudson Pacific Predecessor for each
quarterly period ended subsequent to the date of the latest applicable financial statements delivered pursuant to clause (ii) of this paragraph as to which such financial statements are available; and such financial statements shall not, in the
reasonable judgment of the Lenders, reflect any material adverse change in the consolidated financial condition of the REIT and its Subsidiaries, as reflected in the financial statements or projections delivered to the Agents and the Lenders prior
to the Closing Date. 
 (f) Approvals. All governmental and third party approvals (including
landlords’ and other consents) necessary in connection with the continuing operations of the REIT, the Borrower and its Subsidiaries and the transactions contemplated hereby shall have been obtained and be in full force and effect, and all
applicable waiting periods shall have expired without any action being taken or threatened by any competent authority that would restrain, prevent or otherwise impose adverse conditions on the financing contemplated hereby. 

(g) Appraisals. The Administrative Agent, the Arrangers and the Lenders shall have received a recent Appraisal for
each Initial Borrowing Base Office Property and Sunset Gower and such documents shall be satisfactory to the Administrative Agent, the Arrangers and the Lenders in their sole discretion. 

(h) Fees. The Lenders, the Arrangers and the Administrative Agent shall have received all fees required to be paid,
and all expenses for which invoices have been presented (including reasonable fees, disbursements and other charges of counsel to the Agents), on or before the Closing Date. All such amounts will be either paid with (i) proceeds of Loans made
on the Closing Date and will be reflected in the funding 
  

 67 

 
instructions given by the Borrower to the Administrative Agent on or before the Closing Date or (ii) proceeds from the IPO. 

(i) Solvency Analysis. The Lenders shall have received a reasonably satisfactory solvency analysis certified by the
chief financial officer of the REIT which shall document the solvency of the REIT and its Subsidiaries considered as a whole after giving effect to the transactions contemplated hereby. 

(j) Lien Searches. The Administrative Agent shall have received the results of a recent lien search in each of the
jurisdictions in which Uniform Commercial Code financing statement or other filings or recordations should be made to evidence or perfect security interests in all assets of the Group Members, and such search shall reveal no liens on any of the
assets of the Group Members, except for Liens permitted by Section 7.3. 
 (k) Environmental Matters.
The Administrative Agent shall have received, with a copy for each Lender, an American Society for Testing & Materials (“ASTM”) compliant Phase 1 Environmental Site Assessment (“ESA”), and as may be
recommended by any Phase 1 ESA, a copy also of an ASTM Phase II ESA, each dated no earlier than the date that is 12 months prior to the Closing Date for each Borrowing Base Property, prepared by an environmental consultant acceptable to the
Administrative Agent, in form, scope and substance satisfactory to the Administrative Agent, together with a letter or equivalent from the environmental consultant permitting the Agents and the Lenders to rely on the ESA as if address to and
prepared for each of them. Each such Phase I ESA, or Phase II ESA as appropriate, shall identify no environmental condition reasonably likely to result in a Material Environmental Amount. 

(l) Closing Certificate. The Administrative Agent shall have received a certificate of each Loan Party, dated the
Closing Date, substantially in the form of Exhibit C, with appropriate insertions and attachments. 
 (m)
Legal Opinions. The Administrative Agent shall have received the following executed legal opinions: 
 (i)
the legal opinion of Latham & Watkins, LLP, counsel to the REIT, the Borrower and its Subsidiaries, in form and substance acceptable to the Administrative Agent; and 

(ii) the legal opinion of local counsel in Maryland and California and of such other special and local counsel as may be
required by the Administrative Agent. 
 Each such legal opinion shall cover such other matters incident to the
transactions contemplated by this Agreement as the Administrative Agent may reasonably require and shall be addressed to the Administrative Agent and the Lenders. 

(n) Pledged Stock; Stock Powers; Acknowledgment and Consent; Pledged Notes. The Administrative Agent shall have
received (i) the certificates representing the 
  

 68 

 
shares of Capital Stock pledged pursuant to the Guarantee and Collateral Agreement, together with an undated stock power for each such certificate executed in blank by a duly authorized officer
of the pledgor thereof, (ii) an Acknowledgment and Consent, substantially in the form of Annex II to the Guarantee and Collateral Agreement, duly executed by any issuer of Capital Stock pledged pursuant to the Guarantee and Collateral Agreement
that is not itself a party to the Guarantee and Collateral Agreement and (iii) each promissory note pledged pursuant to the Guarantee and Collateral Agreement endorsed (without recourse) in blank (or accompanied by an executed transfer form in
blank satisfactory to the Administrative Agent) by the pledgor thereof. 
 (o) Filings, Registrations and
Recordings. Each document (including, without limitation, any Uniform Commercial Code financing statement) required by the Security Documents or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in
order to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a perfected Lien on the Collateral described therein, prior and superior in right to any other Person (other than with respect to Liens expressly permitted
by Section 7.3), shall have been filed, registered or recorded or shall have been delivered to the Administrative Agent be in proper form for filing, registration or recordation. 

(p) Title Insurance; Flood Insurance. (i) The Administrative Agent shall have received, and the title
insurance company issuing the policy referred to in clause (ii) below (the “Title Insurance Company”) shall have received, maps or plats of an as-built survey (each, a “Survey”) of the sites of the
Mortgaged Properties certified to the Administrative Agent and the Title Insurance Company in a manner reasonably satisfactory to them, dated a date reasonably satisfactory to the Administrative Agent and the Title Insurance Company by an
independent professional licensed land surveyor reasonably satisfactory to the Administrative Agent and the Title Insurance Company, which maps or plats and the surveys on which they are based shall be made in accordance with the Minimum Standard
Detail Requirements for Land Title Surveys jointly established and adopted by the American Land Title Association and the American Congress on Surveying and Mapping in 2005, and, without limiting the generality of the foregoing, there shall be
surveyed and shown on such maps, plats or surveys the following: (A) the locations on such sites of all the buildings, structures and other improvements and the established building setback lines; (B) the lines of streets abutting the
sites and width thereof; (C) all access and other easements appurtenant to the sites; (D) all roadways, paths, driveways, easements, encroachments and overhanging projections and similar encumbrances affecting the site, whether recorded,
apparent from a physical inspection of the sites or otherwise known to the surveyor; (E) any encroachments on any adjoining property by the building structures and improvements on the sites; (F) if the site is described as being on a filed
map, a legend relating the survey to said map; and (G) the flood zone designations, if any, in which the Mortgaged Properties are located. 

(ii) The Administrative Agent shall have received in respect of each Borrowing Base Property a mortgagee’s title
insurance policy (or policies) or marked up unconditional binder for such insurance. Each such policy shall (A) be 

 

 69 

 
in an amount satisfactory to the Administrative Agent; (B) be issued at ordinary rates; (C) insure that the Mortgage insured thereby creates a valid first Lien on such Borrowing Base
Property free and clear of all defects and encumbrances, except as disclosed therein; (D) name the Administrative Agent for the benefit of the Secured Parties as the insured thereunder; (E) be in the form of ALTA Loan Policy – 2006
(or equivalent policies); (F) contain such endorsements and affirmative coverage as the Administrative Agent may reasonably request and (G) be issued by title companies reasonably satisfactory to the Administrative Agent (including any
such title companies acting as co-insurers or reinsurers, at the option of the Administrative Agent). The Administrative Agent shall have received evidence satisfactory to it that all premiums in respect of each such policy, all charges for mortgage
recording tax, and all related expenses, if any, have been paid. 
 (iii) Evidence as to whether any Borrowing
Base Property is a Flood Hazard Property and if such Borrowing Base Property is a Flood Hazard Property, evidence of compliance with federally-mandated flood insurance requirements, including (1) the Borrower’s written acknowledgment of
receipt of written notification required pursuant to Section 208(e)(3) of Regulation H of the Board from the Administrative Agent (x) as to the fact that such Property is a Flood Hazard Property and (y) as to whether the community in
which each such Flood Hazard Property is located is participating in the National Flood Insurance Program and (2) copies of insurance policies or certificates of insurance evidencing flood insurance satisfactory to the Administrative Agent and
naming the Administrative Agent as sole loss payee on behalf of the Secured Parties under a standard mortgagee endorsement, that (a) covers any parcel of improved Real Property that is encumbered by any Mortgage, (b) is written in an
amount which is commercially available at a reasonable cost, and (c) has a term ending not later than the maturity of the indebtedness secured by such Mortgage or that may be renewed to such maturity date. 

(iv) The Administrative Agent shall have received a copy of all recorded documents referred to, or listed as exceptions to
title in, the title policy or policies referred to in clause (ii) above and a copy of all other material documents affecting the Mortgaged Properties. 

(q) Estoppels; SNDAs. The Administrative Agent shall have received estoppels and subordination and nondisturbance
and attornment agreements from all Tenants subject to a Major Lease for any Borrowing Base Property. 
 (r)
Other Property Reports. The Administrative Agent, the Arrangers and the Lenders shall have received for each Initial Borrowing Base Office Property and Sunset Gower, in each case, reasonably satisfactory to the Administrative Agent, the
Arrangers and the Lenders, a current property condition and structural reports and seismic reports. 
  

 70 

 (s) Insurance. (i) The Administrative Agent, the Arrangers and
the Lenders shall be satisfied with the amounts, types and terms and conditions of all insurance maintained by the Group Members. 

(ii) The Administrative Agent shall have received insurance certificates satisfying the requirements of Section 5.3
of the Guarantee and Collateral Agreement. 
 (t) PATRIOT Act. The Lenders shall have received,
sufficiently in advance of the Closing Date, all documentation and other information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without
limitation the United States PATRIOT Act. 
 (u) Borrowing Base Certificate. The Administrative Agent
shall have received and be satisfied in all respects with, a completed Borrowing Base Certificate as of March 31, 2010 and signed by a Principal Financial Officer. 

(v) Related Agreements. The Administrative Agent shall have received, to the extent not previously delivered, true
and correct copies, certified as to authenticity by the Borrower, a copy of any debt instrument, security agreement or other material contract to which the Group Members may be a party that in each case is listed on Schedule 7.2(d) (the
“Existing Indebtedness”). 
 (w) No Litigation. There shall exist no action, suit,
investigation or proceeding, pending or threatened, in any court or before any arbitrator or governmental authority that purports to affect the Borrower and Guarantors in a materially adverse manner or any transaction contemplated hereby, or that
could reasonably be expected to have a Material Adverse Effect on the Borrower and Guarantors or any transaction contemplated hereby or on the ability of the Borrower and Guarantors to perform their obligations under the Loan Documents. 

(x) No Material Adverse Effect. No event or condition shall have occurred since the date of the Borrower’s and
the Guarantors’ most recent audited financial statements delivered to the Administrative Agent which has or could reasonably be expected to have a Material Adverse Effect. 

5.2 Conditions to Each Extension of Credit. The agreement of each Lender to make any extension of credit requested to be made by
it hereunder on any date (including, without limitation, its initial extension of credit) is subject to the satisfaction of the following conditions precedent: 

(a) Representations and Warranties. Each of the representations and warranties made by any Loan Party in or
pursuant to the Loan Documents shall be true and correct in all material respects on and as of such date as if made on and as of such date, provided that, (x) to the extent that any such representation or warranty relates to a specific
earlier date, they shall be true and correct as of such earlier date, (y) to the extent that such representation or warranty relates to a Borrowing Base Property being removed from the Borrowing Base, the representation and warranties shall be
true and correct 
  

 71 

 
without regard to such removed Borrowing Base Property, and (z) any representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or
similar language shall be true and correct in all respects on such respective dates. 
 (b) No Default. No
Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the extensions of credit requested to be made on such date. 

Each borrowing by and issuance of a Letter of Credit on behalf of the Borrower hereunder shall constitute a representation and warranty
by the Borrower as of the date of such extension of credit that the conditions contained in this Section 5.2 have been satisfied. 

5.3 Conditions to the Addition of a Borrowing Base Property. (a) The addition of any Real Property (other than the Initial
Borrowing Base Office Properties and Sunset Gower) as a Borrowing Base Property shall be subject to the satisfaction of each of the following conditions: 

(i) such Real Property shall be an Eligible Borrowing Base Property; and 

(ii) if, at the time such Real Property is to be added as a Borrowing Base Property, (x) there are less than five
Borrowing Base Office Properties or (y) such Real Property, after giving pro forma effect to the addition of such Real Property, would comprise more than 20% of the Borrowing Base, the Required Lenders shall have approved the
addition of such Real Property (other than any Approved Borrowing Base Office Property and Sunset Bronson). 
 (b) Upon receipt
by the Administrative Agent of all property level diligence materials (including, without limitation, historical operating statements and third party reports) for such Real Property from the Borrower, the Administrative Agent shall promptly
distribute such materials to the Lenders (which distribution may be effected by posting such materials to an Intralinks or SyndTrak workspace). If the Administrative Agent does not receive a written notice from a Lender objecting to the inclusion of
such Real Property as a Borrowing Base Property pursuant to Section 5.3(a)(ii) on or prior to the date that is ten Business Days from the date the Administrative Agent distributed such materials, the admission of such Real Property shall be
deemed approved by such Lender. 
 (c) Upon the effectiveness of any new Real Property added as a Borrowing Base Property, the
Borrower may deliver to the Administrative Agent an updated Borrowing Base Certificate giving pro forma affect to such new Borrowing Base Property as of the date of the most recent Borrowing Base Certificate previously delivered pursuant to
Sections 5.1(u), 5.3, 5.4 and 6.12. 
 5.4 Conditions to the Release of a Borrowing Base Property. The release of
any Borrowing Base Property at the request of the Borrower shall be subject to the satisfaction of each of the following conditions: 

(a) if at any time there are less than five Borrowing Base Office Properties (or after giving effect to any release, there
would be less than five Borrowing Base Office 
  

 72 

 
Properties), the consent of the Required Lenders is obtained to release such Real Property; 

(b) no Default or Event of Default shall have occurred and be continuing on such date immediately prior to or after giving
effect to the release of such Real Property from the Borrowing Base; 
 (c) the Administrative Agent shall have
received a certificate of a Principal Financial Officer (x) certifying that after giving pro forma effect to the release of such Real Property from the Borrowing Base, the Total Revolving Extensions of Credit shall not exceed the Maximum
Facility Availability and (y) containing all information and calculations necessary, after giving pro forma effect to the release of such Real Property from the Borrowing Base, for determining pro forma compliance with the provisions of
Section 7.1 hereof; 
 (d) the removal occurs in connection with either (x) a sale, financing, or other
transaction involving the Borrowing Base Property being removed from the Borrowing Base or (y) a transaction undertaken by the Borrower pursuant to which the removal of the Borrowing Base Property is necessary or advisable to facilitate such
transaction; 
 (e) all representations and warranties in the Loan Documents are true and accurate in all
material respects at the time of such release and immediately after giving effect to such release, (x) to the extent that any such representation or warranty relates to a specific earlier date, they shall be true and correct as of such earlier
date, (y) to the extent that such representation or warranty relates to a Borrowing Base Property being removed from the Borrowing Base, the representation and warranties shall be true and correct without regard to such removed Borrowing Base
Property, and (z) any representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects on such respective dates; and 

(f) the Administrative Agent shall have received an updated Borrowing Base Certificate giving pro forma affect to the
release of such Borrowing Base Property from the Borrowing Base as of the date of the most recent Borrowing Base Certificate previously delivered pursuant to Sections 5.1(u), 5.3, 5.4 and 6.12. 

SECTION 6 AFFIRMATIVE COVENANTS 

The REIT and the Borrower hereby jointly and severally agree that, so long as the Revolving Credit Commitments remain in effect, any
Letter of Credit remains outstanding or any Loan or other amount is owing to any Lender or any Agent hereunder, each of the REIT and the Borrower shall and shall cause each of its Subsidiaries to: 

6.1 Financial Statements. Furnish to each Agent and each Lender: 

(a) as soon as available, but in any event within 90 days after the end of each fiscal year of the REIT, a copy of
the audited consolidated balance sheet of the 
  

 73 

 
REIT and its consolidated Subsidiaries as at the end of such year and the related audited consolidated statements of income and of cash flows for such year, setting forth in each case in
comparative form the figures as of the end of and for the previous year, reported on without a “going concern” or like qualification or exception, or qualification arising out of the scope of the audit, by Ernst & Young LLP or
other independent certified public accountants of nationally recognized standing; and 
 (b) as soon as
available, but in any event not later than 45 days after the end of each of the first three quarterly periods of each fiscal year of the REIT (or, in the case of the first quarter ending after the Closing Date, such later date as may be
permitted by the SEC), the unaudited consolidated balance sheet of the REIT and its consolidated Subsidiaries as at the end of such quarter and the related unaudited consolidated statements of income and of cash flows for such quarter and the
portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form the figures as of the end of and for the corresponding period in the previous year, certified by a Responsible Officer as being fairly stated
in all material respects (subject to normal year-end audit adjustments); 
 all such financial statements to be complete and correct in all
material respects and to be prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected therein and with prior periods (except as approved by such accountants or officer, as the case may be, and
disclosed therein). 
 6.2 Certificates; Other Information. Furnish to each Agent and each Lender, or, in the case of
clause (e), to the relevant Lender: 
 (a) concurrently with the delivery of the financial statements
referred to in Section 6.1(a), a certificate of the independent certified public accountants reporting on such financial statements stating that in making the examination necessary therefor no knowledge was obtained of any Default or Event of
Default, except as specified in such certificate (it being understood that such certificate shall be limited to the items that independent certified public accountants are permitted to cover in such certificates pursuant to their professional
standards and customs of the profession); 
 (b) concurrently with the delivery of any financial statements
pursuant to Section 6.1, (i) a certificate of a Responsible Officer stating that, to the best of such Responsible Officer’s knowledge, each Loan Party during such period has observed or performed all of its covenants and other
agreements, and satisfied every condition, contained in this Agreement and the other Loan Documents to which it is a party to be observed, performed or satisfied by it, and that such Responsible Officer has obtained no knowledge of any Default or
Event of Default except as specified in such certificate and (ii) (x) a Compliance Certificate containing all information and calculations necessary for determining compliance by the Group Members with the provisions of this Agreement
referred to therein as of the last day of the fiscal quarter or fiscal year of the REIT, as the case may be, (y) to the extent not previously disclosed to the Administrative Agent, a listing of any Intellectual Property acquired by any Loan
Party since the date of the most recent list delivered pursuant to this clause (y) (or, in the case of the first such list so 

 

 74 

 
delivered, since the Closing Date) and (z) any UCC financing statements or other filings specified in such Compliance Certificate as being required to be delivered therewith; 

(c) as soon as available, and in any event no later than 65 days after the end of each fiscal year of the REIT, a
detailed consolidated budget for the following fiscal year (including a projected consolidated balance sheet of the REIT and its Subsidiaries as of the end of the following fiscal year, and the related consolidated statements of projected cash flow,
projected changes in financial position and projected income and a description of the underlying assumptions applicable thereto), and, as soon as available, significant revisions, if any, of such budget and projections with respect to such fiscal
year (collectively, the “Projections”), which Projections shall in each case be accompanied by a certificate of a Responsible Officer stating that such Projections are based on reasonable estimates, information and assumptions and
that such Responsible Officer has no reason to believe that such Projections are incorrect or misleading in any material respect; 

(d) within five days after the same are sent, copies of all financial statements and reports that the REIT or the Borrower
sends to the holders of any class of its debt securities or public equity securities (including, without limitation, the Borrower Preferred Units) and, within five days after the same are filed, copies of all financial statements and reports that
the REIT or the Borrower may make to, or file with, the SEC; and 
 (e) promptly, such additional financial and
other information as any Lender may from time to time reasonably request. 
 6.3 Payment of Obligations. Pay, discharge
or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its material obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate
proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of the relevant Group Member. 

6.4 Conduct of Business and Maintenance of Existence; Compliance. (a)(i) Preserve, renew and keep in full force and effect its
organizational existence and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business, except, in each case, as otherwise permitted by Section 7.4 and
except, in the case of clause (ii) above, to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and (b) comply with all Contractual Obligations and Requirements of Law, except to the extent
that failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 6.5
Maintenance of Property; Insurance. 
 (a) (i) Maintain, preserve and protect all of its material Property and equipment
necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted; (ii) make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so could not
reasonably be expected to have 
  

 75 

 
a Material Adverse Effect; (iii) use the standard of care typical in the industry in the operation and maintenance of its facilities; and (iv) keep the Borrowing Base Properties in good
order, repair, operating condition, and appearance, causing all necessary repairs, renewals, replacements, additions, and improvements to be promptly made, and not allow any of the Borrowing Base Properties to be misused, abused or wasted or to
deteriorate (ordinary wear and tear excepted). 
 (b) Do or cause to be done all things necessary to preserve, renew and keep in
full force and effect its existence, rights, licenses, permits and franchises and comply with all Requirements of Law applicable to the Loan Parties and the Borrowing Base Properties (and the Improvements thereon and the use thereof), including,
without limitation, building and zoning ordinances and codes and certificates of occupancy. There shall never be committed by any Group Member, and the Borrower shall not permit any other Person in occupancy of or involved with the operation or use
of the Borrowing Base Properties to commit any act or omission affording the federal government or any state or local government the right of forfeiture against any Borrowing Base Property or any part thereof or any monies paid in performance of any
Loan Party’s obligations under any of the Loan Documents. The Borrower hereby covenants and agrees not to commit, permit or suffer to exist any act or omission affording such right of forfeiture. The Borrower shall at all times maintain,
preserve and protect all franchises and trade names and preserve all the remainder of its property used or useful in the conduct of its business. 

(c) The Borrower shall obtain and maintain, or cause to be maintained, insurance for the Group Members and the Borrowing Base Properties
providing at least the following coverages: 
 (i) property insurance with respect to all insurable property,
against loss or damage by fire, lightning, windstorm, explosion, hail, tornado and such additional hazards as are presently included in special form (also known as “all-risk”) coverage and against any and all acts of terrorism and such
other insurable hazards as the Administrative Agent may require, (A) in an amount equal to one hundred percent (100%) of the full replacement cost (the “Full Replacement Cost”) which for purposes of this Agreement shall
mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation; (B) containing an agreed amount endorsement waiving all co-insurance provisions;
(C) providing for no deductible in excess of $25,000.00 for all such insurance coverage; provided however with respect to (i) named windstorm and earthquake coverage, providing for a deductible satisfactory to the
Administrative Agent in its sole discretion (ii) flood coverage, providing for no deductible in excess of (1) $500,000 for buildings, (2) $500,000 for contents and (3) $100,000 for business interruption; and (D) if any of
the Borrowing Base Properties or the use of the Borrowing Base Properties shall at any time constitute legal non-conforming structures or uses, coverage for loss due to operation of law in an amount equal to no less than a sublimit of $25,000,000,
coverage for demolition costs and coverage for increased costs of construction. In addition, the Borrower shall obtain: (y) if any portion of any Borrowing Base Property is currently or at any time in the future located in a federally
designated “special flood hazard area”, flood hazard insurance in an amount equal to the lesser of (1) the outstanding amount of the Obligations or (2) the maximum amount of such insurance available under the

  

 76 

 
National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 (for purposes of this Section, “FDPA”) or the National Flood Insurance Reform Act of 1994, as each
may be amended or such greater amount as the Administrative Agent shall require, and (z) with respect to any Borrowing Base Property located in an area with a high degree of seismic activity, earthquake insurance in an amount not less than the
product of the “Probable Maximum Loss” applicable to such Borrowing Base Property, as set forth in the seismic report prepared by a seismic engineer or other qualified consultant, multiplied by the replacement cost of the improvements less
the amount attributable to the 5% deductible applicable to the total insured value at risk and in form and substance satisfactory to the Administrative Agent; provided that the insurance pursuant to clauses (y) and (z) hereof
shall be on terms consistent with the comprehensive all risk insurance policy required under this subsection (i); 

(ii) business income or rental loss insurance (A) with loss payable to the Administrative Agent; (B) covering
all risks required to be covered by the insurance provided for in subsection (i) above; (C) in an amount equal to one hundred percent (100%) of the projected gross revenues from the operation of any Borrowing Base Property for
a period of at least 24 months after the date of the Casualty; and (D) containing an extended period of indemnity endorsement which provides that after the physical loss to any Borrowing Base Property has been repaired, the continued loss of
income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of 365 days from the date that such Borrowing Base Property is repaired or replaced and operations are resumed, whichever first
occurs, and notwithstanding that the policy may expire prior to the end of such period. The amount of such business income or rental loss insurance shall be determined prior to the date hereof and at least once each year thereafter based on the
Borrower’s reasonable estimate of the gross revenues from the Property for the succeeding 12 month period. All proceeds payable to the Administrative Agent pursuant to this subsection shall be held by the Administrative Agent and shall be
applied to the obligations secured by the Loan Documents from time to time due and payable hereunder; provided, however, that nothing herein contained shall be deemed to relieve the Borrower of its obligations to pay the obligations
secured by the Loan Documents on the respective dates of payment provided for in this Agreement and the other Loan Documents except to the extent such amounts are actually paid out of the proceeds of such business income insurance; 

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

 77 

 (iv) comprehensive boiler and machinery insurance, if steam boilers or other
pressure-fixed vessels are in operation, in amounts as shall be reasonably required by the Administrative Agent on terms consistent with the commercial property insurance policy required under subsection (i) above; 

(v) commercial general liability insurance against claims for personal injury, bodily injury, death or property damage
occurring upon, in or about any Borrowing Base Property, such insurance (A) to be on the so-called “occurrence” form with a combined limit of not less than $2,000,000.00 in the aggregate and $1,000,000.00 per occurrence; (B) to
continue at not less than the aforesaid limit until required to be changed by the Administrative Agent in writing by reason of changed exposure making such protection inadequate and (C) to cover at least the following hazards: (1) premises
and operations; (2) products and completed operations on an “if any” basis; (3) independent contractors; (4) blanket contractual liability for all written contracts and (5) contractual liability covering the indemnities
contained in Article 33 of the Mortgages to the extent the same is available; 
 (vi) automobile liability
coverage for all owned and non-owned vehicles, including rented and leased vehicles containing minimum limits per occurrence of $1,000,000.00; 

(vii) worker’s compensation and employee’s liability subject to the worker’s compensation laws of the
applicable state; 
 (viii) umbrella and excess liability insurance in an amount not less than $50,000,000.00 per
occurrence affording excess coverage on terms consistent with the commercial general liability, employer liability and automobile liability required under subsection (v), (vii), and (vii); and 

(ix) upon 60 days written notice, such other reasonable insurance, including, but not limited to, sinkhole or land
subsidence insurance, and in such reasonable amounts as Lender from time to time may reasonably request against such other insurable hazards which at the time are commonly insured against for property similar to the such Borrowing Base Property
located in or around the region in which the such Borrowing Base Property is located. 
 (d) All insurance provided for in
Section 6.5(c) hereof, shall be obtained under valid and enforceable policies (collectively, the “Policies” or in the singular, the “Policy”), and shall be subject to the approval of the Administrative
Agent as to insurance companies, amounts, deductibles, loss payees and insureds. The Policies shall be issued by financially sound and responsible insurance companies authorized to do business in the State and having a rating of “A:VII” or
better in the current Best’s Insurance Reports and a claims paying ability rating of “A” or better by at least two (2) of the Rating Agencies including, (i) S&P, (ii) Fitch, and (iii) Moody’s,
provided that, Borrower may request to obtain Policies from an insurance company not meeting such ratings, and which shall be subject to the approval of the Administrative Agent in its sole discretion. The Policies described in
Section 6.5(c) hereof 
  

 78 

 
(other than those strictly limited to liability protection) shall designate the Administrative Agent as loss payee. 

(e) Any blanket insurance Policy shall specifically allocate to each Borrowing Base Property the amount of coverage from time to time
required hereunder and shall otherwise provide the same protection as would a separate Policy insuring only the Borrowing Base Property in compliance with the provisions of Section 6.5(c) hereof. 

(f) All Policies provided for or contemplated by Section 6.5(c) hereof, except for the Policy referenced in
Section 6.5(c)(vii) of this Agreement, shall name the Borrower as the insured and the Administrative Agent as the additional insured, as its interests may appear, and in the case of property damage, boiler and machinery, flood and
earthquake insurance, shall contain a so-called New York standard non-contributing mortgagee clause in favor of Administrative Agent providing that the loss thereunder shall be payable to the Administrative Agent. 

(g) All Policies shall contain clauses or endorsements to the effect that: 

(i) no act or negligence of any Group Member, or anyone acting for the Group Members, or of any Tenant or other occupant,
or failure to comply with the provisions of any Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, shall in any way affect the validity or enforceability of the insurance insofar as the Administrative Agent is
concerned; 
 (ii) the Policy shall not be materially changed (other than to increase the coverage provided
thereby) or canceled without at least 30 days written notice or 10 days notice in the case of non-payment of any premium, to the Administrative Agent and any other party named therein as an additional insured; 

(iii) the issuers thereof shall give written notice to the Administrative Agent if the Policy has not been renewed 10 days
prior to its expiration; and 
 (iv) the Administrative Agent shall not be liable for any Insurance Premiums or
retentions (including deductibles) of the Policies thereon or subject to any assessments thereunder. 
 (h) If at any time the
Administrative Agent is not in receipt of written evidence that all insurance required hereunder is in full force and effect, the Administrative Agent shall have the right, without notice to the Borrower, to take such action as the Administrative
Agent deems necessary to protect its interest in any Borrowing Base Property, including, without limitation, the obtaining of such insurance coverage as the Administrative Agent in its sole discretion deems appropriate after 10 Business Days notice
to the Borrower if prior to the date upon which any such coverage will lapse or at any time the Administrative Agent deems necessary (regardless of prior notice to the Borrower) to avoid the lapse of any such coverage. All premiums incurred by the
Administrative Agent in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by the Borrower to the Administrative Agent upon demand and, until paid, shall be secured by the Mortgage and shall bear
interest at the rate specified in Section 2.12(c)(ii). 
  

 79 

 (i) All Policies maintained, or caused to be maintained, with respect to any Borrowing Base
Property, shall be primary without right of contribution from any other insurance that may be carried by the Administrative Agent and that all of the provisions thereof, except the limits of liability, shall operate in the same manner as if there
were a separate policy covering each insured. If any insurer which has issued a Policy required under this Section 6.5 becomes insolvent or is the subject of any petition, case, proceeding or other action pursuant to any Debtor Relief Law, or
if in the Administrative Agent’s reasonable opinion the financial responsibility of such insurer is or becomes inadequate, then the Borrower shall in each instance promptly upon its discovery thereof or upon the request of the Administrative
Agent therefor, promptly obtain and deliver to the Administrative Agent a like policy (or, if and to the extent permitted by the Administrative Agent, acceptable evidence of insurance) issued by another insurer, which insurer and policy meet the
requirements of this Section 6.5. 
 (j) All certificates of insurance evidencing the Borrower’s compliance to the
insurance required under this Section 6.5 shall be delivered to the Administrative Agent on or prior to the Closing Date, with all premiums fully paid current and each renewal or substitute policy (or evidence of insurance) shall be delivered
to the Administrative Agent, with all premiums fully paid current (the “Insurance Premiums”), within 10 days after the termination of the policy it renews or replaces. 

6.6 Inspection of Property; Books and Records; Discussions. (a) Keep proper books of records and account in which full, true
and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities and (b) permit representatives of any Lender to visit and inspect any of its
properties and examine and make abstracts from any of its books and records at any reasonable time and as often as may reasonably be desired and to discuss the business, operations, properties and financial and other condition of the Group Members
with officers and employees of the Group Members and with its independent certified public accountants. 
 6.7 Notices.
Promptly (unless otherwise specified below) give notice to the Administrative Agent and each Lender of: 
 (a)
the occurrence of any Default or Event of Default; 
 (b) any (i) default or event of default under any
Contractual Obligation of any Group Member or (ii) litigation, investigation or proceeding which may exist at any time between any Group Member and any Governmental Authority, that in either case, if not cured or if adversely determined, as the
case may be, could reasonably be expected to have a Material Adverse Effect; 
 (c) any litigation or proceeding
affecting any Group Member (i) in which the aggregate actual or estimated liability of the Group Members is $5,000,000 or more and not covered by insurance, (ii) in which injunctive or similar relief is sought or (iii) which relates
to any Loan Document; 
 (d) the following events, as soon as possible and in any event within 30 days after
the Borrower knows or has reason to know thereof: (i) the occurrence of any 
  

 80 

 
Reportable Event with respect to any Plan, a failure to make any required contribution to a Plan, the creation of any Lien in favor of the PBGC or a Plan or any withdrawal from, or the
termination, Reorganization or Insolvency of, any Multiemployer Plan or (ii) the institution of proceedings or the taking of any other action by the PBGC or the Borrower or any Commonly Controlled Entity or any Multiemployer Plan with respect
to the withdrawal from, or the termination, Reorganization or Insolvency of, any Plan; 
 (e) as soon as any
Group Member first obtains knowledge thereof,: (i) any Environmental Claim or other development, event, or condition that, individually or in the aggregate with other developments, events or conditions, could reasonably be expected to result in
the payment by the Group Members, in the aggregate, of a Material Environmental Amount; and (ii) any notice that any governmental authority may deny any application for an Environmental Permit sought by, or revoke or refuse to renew any
Environmental Permit held by, any Group Member, in each case including a full description of the nature and extent of the matter for which notice is given and all relevant circumstances; 

(f) as soon as possible and in any event within five days after a Responsible Officer of the REIT or the Borrower has
knowledge, or should have had knowledge thereof, of any development or event that has had or could reasonably be expected to have a Material Adverse Effect; 

(g) (i) any Casualty to the extent required by Section 6.15(b) and (ii) any actual or threatened
Condemnation of any material portion of any Borrowing Base Property (including copies of any and all papers served in connection with such proceeding), any negotiations with respect to any such taking, or any loss of or substantial damage to any
Borrowing Base Property; 
 (h) the failure of the REIT to maintain REIT Status; 

(i) any notice received by any Group Member with respect to the cancellation, alteration or non-renewal of any insurance
coverage required by this Agreement to be maintained with respect to any Borrowing Base Property; 
 (j) if any
required permit, license, certificate or approval with respect to any Borrowing Base Property that is material to the operation of such Borrowing Base Property lapses or ceases to be in full force and effect or claim from any Person that any
Borrowing Base Property, or any use, activity, operation or maintenance thereof or thereon, is not in compliance with any Requirement of Law that would materially interfere with the use or operation of such Borrowing Base Property; 

(k) (A) with respect to the Major Leases for the Borrowing Base Properties, (i) any Major Lease no longer being in
full force and effect, (ii) the default by any Loan Party after notice and the expiration of all applicable cure periods in the performance of any material obligation under any Major Lease or the occurrence of any circumstance which, with the
passage of time, or the giving of notice, or both, would constitute an event of default by any party under any of the Major Leases, (iii) subject to the 

 

 81 

 
Borrower’s knowledge, the default by any Tenant after notice and the expiration of all applicable cure periods in the performance of any material obligation under any Major Lease,
(iv) subject to the Borrower’s knowledge, any action, voluntary or involuntary, pending against any Tenant under any Major Lease under any Debtor Relief Law, (v) the assignment of any Major Lease or the assignment, pledge or
encumbrance of any rent or other amounts payable thereunder by any of the Loan Parties or any other Person, except with respect to the Liens in favor of the Administrative Agent on behalf of the Secured Parties securing the Obligations, and
(vi) any Tenant under any Major Lease having a right or option pursuant to such Major Lease or otherwise having a right to purchase all or any part of the leased premises or the building of which the leased premises are a part and (B) any
Person having any possessory interest in the Borrowing Base Properties or right to occupy the same except under and pursuant to the provisions of the Leases; 

(l) (i) any default by any Loan Party under any Acceptable Ground Lease, (ii) the occurrence of any material
default by any ground lessor of which any Loan Party is aware or the occurrence of any event of which any Loan Party is aware that, with the passage of time or service of notice, or both, would constitute a material default by any ground lessor, and
(iii) concurrently with the giving thereof, and within five Business Days of receipt thereof, copies of all material notices, other than routine correspondence, given or received by any Loan Party with respect to any Acceptable Ground Lease
with respect to a Borrowing Base Property; 
 (m) after obtaining knowledge or receiving any notice of any
action, proceeding, motion or notice being commenced or filed in respect of any ground lessor of all or any part of any Acceptable Ground Lease in connection with any case under the Bankruptcy Code or any other bankruptcy, reorganization or
insolvency, which notice shall set forth any information available to such Loan Party as to the date of such filing, the court in which such petition was filed, and the relief sought in such filing and copies of any and all notices, summonses,
pleadings, applications and other documents received by such Loan Party in connection with any such petition and any proceedings relating to such petition; and 

(n) within five Business Days of receipt thereof, copies of all notices and other correspondence relating to (i) the
occurrence of any monetary or material non-monetary default or monetary or material non-monetary event of default under any Recourse Indebtedness, or any other default or event of default under any Recourse Indebtedness, the occurrence of which
could reasonably be expected to have a Material Adverse Effect, or (ii) the occurrence of any monetary or material non-monetary default or monetary or material non-monetary event of default under any Non-Recourse Indebtedness in excess of
$10,000,000 which is secured by any Real Property (or the Capital Stock of the owner of such Real Property), or any other default or event of default under any Non-Recourse Indebtedness in excess of $10,000,000 which is secured by any Real Property
(or the Capital Stock of the owner of such Real Property), the occurrence of which could reasonably be expected to have a Material Adverse Effect. 
  

 82 

 Each notice pursuant to this Section shall be accompanied by a statement of a Responsible
Officer setting forth details of the occurrence referred to therein and stating what action the relevant Group Member proposes to take with respect thereto. 

6.8 Environmental Laws; ESAs. (a) Comply in all material respects with, and ensure compliance in all material respects by all
Tenants and subtenants, if any, with, all applicable Environmental Laws, and obtain and comply in all material respects with and maintain, and ensure that all Tenants and subtenants obtain and comply in all material respects with and maintain, any
and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws. 
 (b) Promptly
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. 
 (c) If any ESA or update delivered pursuant to Section 5.1(k)
identifies a material Recognized Environmental Condition (“REC”), as defined under ASTM guidelines then in effect, the Borrower shall, within six months of the delivery of such ESA or update to the Administrative Agent, conduct such
follow up testing, provide such reports, and take such other actions as required or approved by the applicable Governmental Authority to mitigate such REC. 

(d) Within 30 days of completion of such actions required pursuant to subsections (b) and (c) above, the applicable Loan Party
shall obtain and deliver to the Administrative Agent an ESA of the applicable Borrowing Base Property made after such completion and confirming to the Administrative Agent’s satisfaction that all required investigation and other action has been
successfully completed. 
 (e) Keep the Borrowing Base Properties and other Real Property free of Materials of Environmental
Concern to the extent such conditions could reasonably be expected to cause a Material Environmental Event. 
 (f) Keep the
Borrowing Base Properties and other Real Property free of any liens imposed pursuant to Environmental Law. 
 (g) Promptly
deliver to the Administrative Agent a copy of any update to an ESA and each report pertaining to any Borrowing Base Property or to any Group Member prepared by or on behalf of such Group Member pursuant to any Environmental Requirement.
“Environmental Requirement” shall mean any Environmental Law, agreement or restriction (including any condition or requirement imposed by any insurance or surety company) pertaining to Environmental Law. 

(h) If (x) the Administrative Agent shall ever have reason to believe that a material violation of Environmental Law exists at or
that any Materials of Environmental Concern materially adversely affects any Borrowing Base Property and other Real Property, or if any material Environmental Claim is made or threatened, (y) a Material Environmental Event occurs with respect
to any Borrowing Base Property, or the Loan Parties become aware of any Material Environmental Event with respect to a Borrowing Base Property or (z) a Default or 

 

 83 

 
Event of Default shall have occurred and be continuing, then if requested by the Administrative Agent, at Borrower’s expense, deliver to the Administrative Agent from time to time, in each
case within 30 days after the Administrative Agent’s request, an ESA prepared after the date of the Administrative Agent’s request. If any applicable Loan Party fails to furnish to the Administrative Agent such ESA within 30 days after the
Administrative Agent’s request, the Administrative Agent may cause any such ESA to be prepared at Borrower’s expense and risk, and each applicable Loan Party shall cooperate and provide access and information as requested. The
Administrative Agent and its designees are hereby granted access to the Borrowing Base Properties at any time or times, upon reasonable notice (which may be written or oral), and a license which is coupled with an interest and irrevocable, to
observe environmental conditions and compliance and as may be necessary to prepare or cause to be prepared such ESAs. The Administrative Agent may disclose to interested parties any information about the environmental condition or compliance of the
Borrowing Base Properties, but assumes no obligation and shall be under no duty to disclose any such information. 
 6.9
Additional Collateral, etc. (a) With respect to any Property acquired after the Closing Date by any Loan Party (other than (w) any Real Property or any Property described in paragraph (b) or (c) of this Section,
(x) any Property subject to a Lien expressly permitted by Section 7.3(h), 7.3(k) or 7.3(l), (y) any Property acquired by an Excluded Subsidiary or an Excluded Foreign Subsidiary and (z) any Excluded Asset (as defined in the
Guarantee and Collateral Agreement)) as to which the Administrative Agent, for the benefit of the Secured Parties, does not have a perfected Lien, promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and
Collateral Agreement or such other documents as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a security interest in such Property and (ii) take all actions
necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest in such Property, including without limitation, the filing of Uniform Commercial Code financing
statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be requested by the Administrative Agent. 

(b) With respect to any new Subsidiary (other than an Excluded Foreign Subsidiary) created or acquired after the Closing Date (which, for
the purposes of this paragraph, shall include any existing Subsidiary that ceases to be an Excluded Foreign Subsidiary), by any Group Member, promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and
Collateral Agreement as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that
is owned by any Group Member (other than any Excluded Subsidiary whose Capital Stock is prohibited from being included in the Collateral pursuant to one or more agreements entered into with any Indebtedness permitted by Section 7.2(g),
(h) or (i)), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of such Group Member,
(iii) cause such new Subsidiary (other than an Excluded Subsidiary) (A) to become a party to the Guarantee and Collateral Agreement and (B) to take such actions necessary or advisable to grant to the Administrative Agent for the
benefit of the Secured Parties a perfected first priority security interest in the Collateral described in the Guarantee and Collateral Agreement with respect to 

 

 84 

 
such new Subsidiary, including, without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement
or by law or as may be requested by the Administrative Agent, and (iv) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and
substance, and from counsel, reasonably satisfactory to the Administrative Agent, provided that, (x) in the event that any restriction prohibiting the pledge of the Capital Stock of any Excluded Subsidiary terminates or lapses, within 60
days thereof, the Borrower shall cause the Capital Stock of such Subsidiary to be pledged pursuant to clauses (i) and (ii) above, and (y) in the event that any Subsidiary ceases to be an Excluded Subsidiary, the Borrower shall cause
such Subsidiary to comply with clause (iii) above 
 (c) With respect to any new Excluded Foreign Subsidiary created or
acquired after the Closing Date by any Group Member (other than any Excluded Foreign Subsidiaries), promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents
as the Administrative Agent deems necessary or advisable in order to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected first priority security interest in the Capital Stock of such new Subsidiary that is owned by
such Group Member (other than any Excluded Foreign Subsidiaries), (provided that, in no event shall (x) more than 65% of the total outstanding Capital Stock of any such new Excluded Foreign Subsidiary be required to be so pledged and
(y) any Capital Stock or assets of any Subsidiary (or other entity) owned by such new Excluded Foreign Subsidiary be required to be so pledged), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock,
together with undated stock powers, in blank, executed and delivered by a duly authorized officer of such Group Member, as the case may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to
perfect the Lien of the Administrative Agent thereon, and (iii) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance,
and from counsel, reasonably satisfactory to the Administrative Agent. 
 6.10 Further Assurances. From time to time
execute and deliver, or cause to be executed and delivered, such additional instruments, certificates or documents, and take such actions, as the Administrative Agent may reasonably request for the purposes of implementing or effectuating the
provisions of this Agreement and the other Loan Documents, or of more fully perfecting or renewing the rights of the Administrative Agent and the Lenders with respect to the Collateral (or with respect to any additions thereto or replacements or
proceeds thereof or with respect to any other property or assets hereafter acquired by the Borrower or any Subsidiary which may be deemed to be part of the Collateral) pursuant hereto or thereto. Upon the exercise by the Administrative Agent or any
Lender of any power, right, privilege or remedy pursuant to this Agreement or the other Loan Documents which requires any consent, approval, recording, qualification or authorization of any Governmental Authority, the REIT and the Borrower will
execute and deliver, or will cause the execution and delivery of, all applications, certifications, instruments and other documents and papers that the Administrative Agent or such Lender may be required to obtain from any Group Member for such
governmental consent, approval, recording, qualification or authorization. 
  

 85 

 6.11 Appraisals. (a) For each Borrowing Base Property, the Required Lenders may
request a new Appraisal for such Borrowing Base Property once during the term of this Agreement. 
 (b) If at any time the
aggregate Occupancy Rate of the Borrowing Base Office Properties is less than 85%, the Administrative Agent shall have the right to request Appraisals for the Borrowing Base Office Properties (including an Appraisal of any related Specified
Development Property) on a quarterly basis at such time. 
 (c) The Administrative Agent shall have the right to request an
Appraisal for any Borrowing Base Property (including an Appraisal of any related Specified Development Property) on a quarterly basis from time to time if any of the following events has occurred and is continuing at the time of such request:

 (i) if such Borrowing Base Property suffers a Material Environmental Event after the date of this Agreement;
or 
 (ii) the Administrative Agent determines that such Borrowing Base Property has suffered a Material Property
Event after the date such Borrowing Base Property was admitted into the Borrowing Base (or in the case of a Casualty, in respect of such Borrowing Base Property, is reasonably likely to become a Material Property Event). 

6.12 Borrowing Base Reports. (a) The Borrower shall deliver to the Administrative Agent (and the Administrative Agent shall
thereafter deliver to each Lender), as soon as available and in any event concurrently with the delivery of the financial statements referred to in Sections 6.1(a) and (b), a completed Borrowing Base Certificate calculating and certifying the
Borrowing Base as of the end of such quarter, signed on behalf of the Borrower by a Principal Financial Officer. 
 (b) Furnish
to the Administrative Agent (and the Administrative Agent shall thereafter deliver to each Lender) as soon as practicable and in any event within five Business Days after any Disposition outside the ordinary course of business (including by way of
Casualty or Condemnation) of any Collateral having a book value exceeding $2,000,000, an updated Borrowing Base Certificate calculating (on a pro forma basis, after giving effect to such Disposition and reflecting only the changes to the affected
component of the Borrowing Base Property) and certifying such pro forma Borrowing Base as of the end of the most recent fiscal quarter for which a Borrowing Base Certificate was delivered pursuant to Section 5.1(u), 5.3, 5.4 or 6.12(a), as
applicable. The Borrowing Base set forth in each Borrowing Base Certificate delivered with respect to each fiscal quarter occurring after the fiscal quarter covered by the updated Borrowing Base Certificate described in the preceding sentence and
ending prior to any such Disposition shall be calculated on a pro forma basis, after giving effect to such Disposition. 
 6.13
Blocked Account Control Agreements. (a) Cause each Tenant to deposit all Rents in a Lockbox Account subject to a Blocked Account Control Agreement. 

(b) Execute and deliver and cause each depository bank holding each Lockbox Account established after the Closing Date to execute and
deliver Blocked Account Control Agreements covering each such Lockbox Account. 
  

 86 

 6.14 Taxes. (a) Each of the Group Members shall timely file or cause to be filed all
Federal, state and other material tax returns that are required to be filed and shall timely pay all taxes shown to be due and payable on said returns or on any assessments made against it or any of its Property and all other material taxes, fees or
other charges imposed on it or any of its Property by any Governmental Authority (other than any taxes the amount or validity of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in
conformity with GAAP have been provided on the books of the applicable Group Member, as the case may be). 
 (b) The Loan
Parties shall pay all taxes and Other Charges now or hereafter levied or assessed or imposed against any Borrowing Base Property or any part thereof as the same become due and payable. At the request of the Administrative Agent, each Loan Party will
deliver to the Administrative Agent receipts for payment or other evidence satisfactory to the Administrative Agent that the taxes and Other Charges have been so paid or are not then delinquent no later than 10 days prior to the date on which the
taxes or Other Charges would otherwise be delinquent if not paid. At the request of the Administrative Agent, each Loan Party shall furnish to the Administrative Agent receipts for the payment of the taxes and the Other Charges prior to the date the
same shall become delinquent. Except Liens set forth in Sections 7.3(a), 7.3(b), 7.3(d) and 7.3(f), the Loan Parties shall not suffer and shall promptly cause to be paid and discharged any Lien or charge whatsoever which may be or become a Lien or
charge against any Borrowing Base Property, and shall promptly pay for all utility services provided to each Borrowing Base Property. 

6.15 Condemnation, Casualty and Restoration. (a) The Administrative Agent has the right (but not the obligation) to participate in
any proceeding for the Condemnation of a Borrowing Base Property that would materially interfere with the use or operation of such Borrowing Base Property and to be represented by counsel of its own choice, and the applicable Loan Parties shall from
time to time deliver to the Administrative Agent all instruments requested by it to permit such participation. Each applicable Loan Party shall, at its expense, diligently prosecute any such proceedings, and shall consult with the Administrative
Agent, its attorneys, and experts, and cooperate with them in the carrying on or defense of any such proceedings. Notwithstanding any taking by any public or quasi-public authority through Condemnation or otherwise (including any transfer made in
lieu of or in anticipation of the exercise of such taking), the Borrower shall continue to pay the Obligations at the time and in the manner provided for in this Agreement and the Obligations shall not be reduced until any award shall have been
actually received and applied by the Administrative Agent, after the deduction of expenses of collection, to the reduction or discharge of the Obligations. All costs and expenses (including attorney’s fees and costs) incurred by the
Administrative Agent in connection with any Condemnation shall be a demand obligation owing by the Borrower (which the Borrower hereby promises to pay) to the Administrative Agent pursuant to this Agreement. 

(b) If any Borrowing Base Property shall be damaged or destroyed, in whole or in part, by a Casualty, and either (i) the aggregate
cost of repair of such damage or destruction shall be equal to or in excess of 5% of value as reflected in the most-recent Appraisal for such Borrowing Base Property or (ii) such Casualty is reasonably expected to cause a Material Property
Event, give prompt notice of such Casualty to the Administrative Agent and in the case of clause (ii) above, the Administrative Agent shall have the right to request a new Appraisal 

 

 87 

 
pursuant to Section 6.11(c)(ii) and adjust the Borrowing Base. The applicable Loan Party shall pay or cause to be paid, all restoration costs whether or not such costs are covered by
insurance. The Administrative Agent may, but shall not be obligated to, make proof of loss if not made promptly by the applicable Loan Party. If an Event of Default has occurred and is then continuing, then the applicable Loan Party shall adjust all
claims for Insurance Proceeds in consultation with, and approval of, the Administrative Agent. 
 (c) The Administrative Agent,
for the benefit of the Secured Parties, shall be entitled to receive all sums which may be awarded or become payable to a Loan Party for the Condemnation of any Borrowing Base Property, or any part thereof, and any Insurance Proceeds of a Casualty
and the applicable Loan Party shall, upon request of the Administrative Agent, promptly execute such additional assignments and other documents as may be necessary from time to time to permit such participation and to enable the Administrative Agent
to collect and receipt for any such sums, provided that, in the event the Insurance Proceeds shall be less than $250,000, such Insurance Proceeds shall be paid by the insurance company directly to the Borrower and the Borrower shall use such
Insurance Proceeds to commence and satisfactorily complete with due diligence the restoration of the applicable Borrowing Base Property in accordance with the terms of this Agreement. All such sums are hereby assigned to the Administrative Agent,
for the benefit of the Secured Parties, and shall, after deduction therefrom of all reasonable expenses actually incurred by the Administrative Agent, including attorneys’ fees and costs, at the Administrative Agent’s option be
(i) released to the applicable Loan Party, or (ii) applied to the restoration of the affected Borrowing Base Property, or (iii) applied to the payment of the Obligations in such order and manner as the Administrative Agent, in its
sole discretion, may elect, whether or not due. Any amounts not applied in accordance with clause (i), (ii) or (iii) of the foregoing sentence shall be remitted to the applicable Loan Party. In any event the unpaid portion of the
Obligations shall remain in full force and effect and the payment thereof shall not be excused. The Administrative Agent shall not be, under any circumstances, liable or responsible for failure to collect or to exercise diligence in the collection
of any such sum or for failure to see to the proper application of any amount paid over to the applicable Loan Party. 
 6.16
Ground Leases. (a) Each ground lease that is a Borrowing Base Property or a portion thereof, shall at all times be an Acceptable Ground Lease; 

(b) within ten days after receipt of request by the Administrative Agent, the applicable Loan Party shall use commercially reasonable
efforts to obtain from each ground lessor and furnish to the Administrative Agent the estoppel certificate of such ground lessor stating the date through which rent has been paid and whether or not there are any defaults thereunder and specifying
the nature of such claimed defaults, if any; 
 (c) promptly execute, acknowledge and deliver to the Administrative Agent such
instruments as may be required to permit the Administrative Agent to cure any default under any Acceptable Ground Lease or permit the Administrative Agent to take such other action required to enable the Administrative Agent to cure or remedy the
matter in default and preserve the security interest of the Administrative Agent under the Loan Documents with respect to the applicable Acceptable Ground Lease and each Loan Party irrevocably appoints the Administrative Agent as its true and lawful
attorney-in-fact to do, in its name or otherwise, any 
  

 88 

 
and all acts and to execute any and all documents that are necessary to preserve any rights of such Loan Party under or with respect to each Acceptable Ground Lease, including, without
limitation, the right to effectuate any extension or renewal of such Acceptable Ground Lease, or to preserve any rights of such Loan Party whatsoever in respect of any part of such Acceptable Ground Lease (and the above powers granted to the
Administrative Agent are coupled with an interest and shall be irrevocable); 
 (d) the actions or payments of the
Administrative Agent to cure any default by any Loan Party under any Acceptable Ground Lease shall not remove or waive, as between such Loan Party and the Administrative Agent, the default that occurred under this Agreement by virtue of the default
by a Loan Party under such Acceptable Ground Lease. All sums expended by the Administrative Agent to cure any such default in accordance with this Section 6.16, shall be paid by Loan Party to the Administrative Agent, upon demand, with
interest on such sum at the rate set forth in this Agreement from the date such sum is expended to and including the date the reimbursement payment is made to the Administrative Agent. All such indebtedness shall be deemed to be Obligations secured
by the Security Documents; 
 (e) if the applicable Loan Party shall default in the performance or observance of any term,
covenant, or condition of any Acceptable Ground Lease on the part of such Loan Party and shall fail to cure the same prior to the expiration of any applicable cure period provided thereunder, then the Administrative Agent shall have the right, but
shall be under no obligation, to pay any sums and to perform any act or take any action as may be appropriate to cause all of the terms, covenants, and conditions of such Acceptable Ground Lease on the part of such Loan Party to be performed or
observed on behalf of such Loan Party and subject to the rights of Tenants under the Acceptable Ground Leases, the Administrative Agent shall have the right to enter all or any portion of the applicable Real Property at such times and in such manner
as the Administrative Agent deems necessary, to prevent or to cure any such default, to the end that the rights of such Loan Party in, to, and under such Acceptable Ground Lease shall be kept unimpaired and free from default. If the landlord under
any Acceptable Ground Lease shall deliver to the Administrative Agent a copy of any notice of default under such Acceptable Ground Lease, then such notice shall constitute full protection to the Administrative Agent for any action taken or omitted
to be taken by the Administrative Agent, in good faith, in reliance thereon; and 
 (f) notwithstanding anything to the contrary
contained in this Agreement with respect to any Acceptable Ground Lease: 
 (i) the Lien of the related Mortgage
attaches to all of such Loan Party’s rights and remedies at any time arising under or pursuant to Subsection 365(h) of the Bankruptcy Code, including, without limitation, all of the Loan Party’s rights, as debtor, to remain in
possession of applicable Acceptable Ground Lease; 
 (ii) each Loan Party shall not, without the Administrative
Agent’s prior written consent, elect to treat any Acceptable Ground Lease as terminated under subsection 365(h)(l) of the Bankruptcy Code. Any such election made without the Administrative Agent’s prior written consent shall be void;

  

 89 

 (iii) as security for the Obligations, each Loan Party unconditionally
assigns, transfers and sets over to the Administrative Agent all of such Loan Party’s claims and rights to the payment of damages arising from any rejection by any ground lessor under the Bankruptcy Code. The Administrative Agent and each Loan
Party shall proceed jointly or in the name of such Loan Party in respect of any claim, suit, action or proceeding relating to the rejection of any Acceptable Ground Lease, including, without limitation, the right to file and prosecute any proofs of
claim, complaints, motions, applications, notices and other documents in any case in respect of any ground lessor under the Bankruptcy Code. This assignment constitutes a present, irrevocable and unconditional assignment of the foregoing claims,
rights and remedies, and shall continue in effect until all of the Obligations shall have been satisfied and discharged in full. Any amounts received by the Administrative Agent or any Loan Party as damages arising out of the rejection of any
Acceptable Ground Lease as aforesaid shall be applied to all reasonable costs and expenses of the Administrative Agent (including, without limitation, reasonable attorney’s fees and costs) incurred in connection with the exercise of any of its
rights or remedies in accordance with the applicable provisions of this Agreement; 
 (iv) if, pursuant to
subsection 365(h) of the Bankruptcy Code, any Loan Party seeks to offset, against the rent reserved in any Acceptable Ground Lease, the amount of any damages caused by the nonperformance by the applicable ground lessor of any of its obligations
thereunder after the rejection by such ground lessor of such Acceptable Ground Lease under the Bankruptcy Code, then such Loan Party shall not effect any offset of the amounts so objected to by the Administrative Agent. If the Administrative Agent
has failed to object as aforesaid within ten days after notice from the Loan Party in accordance with the first sentence of this subsection, the Loan Party may proceed to offset the amounts set forth in Loan Party’s notice; and 

(v) if any action, proceeding, motion or notice shall be commenced or filed in respect of any ground lessor of all or any
part of any Acceptable Ground Lease in connection with any case under the Bankruptcy Code, the Administrative Agent and the Loan Parties shall cooperatively conduct and control any such litigation with counsel agreed upon between the Loan Parties
and the Administrative Agent in connection with such litigation. Each Loan Party shall, upon demand, pay to the Administrative Agent all reasonable costs and expenses (including reasonable attorneys’ fees and costs) actually paid or actually
incurred by the Administrative Agent in connection with the cooperative prosecution or conduct of any such proceedings. All such costs and expenses shall be secured by the Lien of the Mortgages. 

6.17 Borrowing Base Property Covenants. 

(a) Reports and Testing. (i) Deliver to the Administrative Agent copies of all material reports, studies, inspections, and
tests made on the Borrowing Base Properties, the Improvements, or any materials to be incorporated into the Improvements and (ii) immediately notify the Administrative Agent of any report, study, inspection, or test that indicates any material
adverse condition relating to the Borrowing Base Properties, the Improvements, or any such materials which could reasonably be expected to have a Material Property Event. 
  

 90 

 (b) Business Strategy. Maintain ownership of each Borrowing Base Property at all
times consistent with the Borrower’s business strategy, and each Borrowing Base Property shall at all times be of an asset quality consistent in all material respects with or better than the quality of Borrowing Base Properties owned by the
Loan Parties as of the date hereof. 
 (c) Estoppels and SNDA Agreements. If on any date after the Closing Date, any
Lease becomes a Major Lease, use commercially reasonable efforts to obtain executed estoppels and subordination, non-disturbance and attornment agreements (to the extent such Lease is not subordinated by its terms) from each Tenant party to such
Major Lease. To the extent such estoppels or subordination, non-disturbance and attornment agreements cannot be obtained, provide the Administrative Agent reasonable evidence of the matters or issues preventing such agreements from being executed.

 6.18 Matters Concerning Manager. 

If (a) an Event of Default hereunder has occurred and remains uncured, (b) the Manager shall become insolvent or is the subject
of any petition, case, proceeding or other action pursuant to any Debtor Relief Law or (c) a default occurs under the Management Agreement, the Borrower shall, at the request of the Administrative Agent, terminate the Management Agreement and
replace the Manager with a Qualified Manager pursuant to a Replacement Management Agreement, it being understood and agreed that the management fee for such Qualified Manager shall not exceed then prevailing market rates. 

SECTION 7 NEGATIVE COVENANTS 

The REIT and the Borrower hereby jointly and severally agree that, so long as the Revolving Credit Commitments remain in effect, any
Letter of Credit remains outstanding or any Loan or other amount is owing to any Lender or any Agent hereunder, each of the REIT and the Borrower shall not, and shall not permit any of its Subsidiaries to, directly or indirectly: 

7.1 Financial Condition Covenants. 

(a) Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as of the last day of any fiscal quarter of the Borrower
to exceed 60%. 
 (b) Consolidated Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Charge Coverage Ratio for
any period of four consecutive fiscal quarters of the Borrower (or, if less, the number of full fiscal quarters subsequent to the Closing Date) to be less than 1.75 to 1.00. 

(c) Maintenance of Total Net Worth. Permit Total Net Worth as of the last day of any fiscal quarter to be less than the sum of
(i) 85% of the Total Net Worth as of the Closing Date, plus (ii) 75% of net cash proceeds of any issuance or sale of Capital Stock by the REIT after the Closing Date. 

(d) Consolidated Floating Rate Debt. Permit Consolidated Floating Rate Debt of at the last day of any fiscal quarter of the
Borrower at any time to exceed 25% of the Total Asset Value on such date. 
  

 91 

 7.2 Limitation on Indebtedness. Create, incur, assume or suffer to exist any
Indebtedness, except: 
 (a) Indebtedness of any Loan Party pursuant to any Loan Document; 

(b) Indebtedness of (i) the Borrower to any Subsidiary and (ii) any Subsidiary to the Borrower or any other
Subsidiary; provided that, the aggregate amount of any Indebtedness of any Subsidiary that is not a Loan Party to any Loan Party shall not exceed $5,000,000 at any one time outstanding; 

(c) Indebtedness (including, without limitation, Capital Lease Obligations) secured by Liens permitted by
Section 7.3(h) in an aggregate principal amount not to exceed $5,000,000 at any one time outstanding; 
 (d)
Indebtedness outstanding on the date hereof and listed on Schedule 7.2(d) and any refinancings, refundings, renewals or extensions thereof (without any increase in the principal amount thereof (other than by the refinancing costs thereof
including premiums and make-whole payments) or any shortening of the maturity of any principal amount thereof); 

(e) Guarantee Obligations made in the ordinary course of business by the Borrower or any of its Subsidiaries of
obligations of the Borrower or any Subsidiary Guarantor; 
 (f) unsecured Recourse Indebtedness of the REIT and
its Subsidiaries which (i) shall (other than the Bilateral Line of Credit) mature at least one year after the Revolving Credit Termination Date and (ii) shall not exceed on any date of determination, an amount equal to 15% of Total Asset
Value on such date at any one time outstanding; 
 (g) Non-Recourse Indebtedness of any Subsidiary that becomes a
Subsidiary of the Borrower after the date hereof in accordance with Section 7.7(g), which exists at the time such Person becomes a Subsidiary; provided that, (x) such Indebtedness existed at the time of such acquisition and was not
created in connection therewith or in contemplation thereof, and (y) the Borrower shall deliver to the Administrative Agent a pro forma Compliance Certificate (i) certifying that, immediately prior to and after giving effect to such
additional Indebtedness, no Default or Event of Default shall exist and (ii) containing all information and calculations necessary, and taking into consideration such additional Indebtedness, for determining pro forma compliance with the
provisions of Section 7.1 hereof 
 (h) Non-Recourse Indebtedness (other than Permitted Construction
Financing) in respect of the Non-Recourse Subsidiary Borrowers that is secured by either (i) Real Property owned or leased by such Non-Recourse Subsidiary Borrowers and any related Property permitted by Section 7.3(k) or (ii) the
Capital Stock of any Subsidiary of such Non-Recourse Subsidiary Borrower that is also a Non-Recourse Subsidiary Borrower, including, in either case, any refinancing of any Indebtedness incurred

  

 92 

 
pursuant to Section 7.2(d); provided that, with respect to any of the foregoing Indebtedness: 

(A) none of the Group Members provides credit support of any kind (including any undertaking, agreement or instrument that
would constitute Indebtedness) or is directly or indirectly liable (as guarantor or otherwise), other than (i) any Subsidiary of the Borrower that is a direct or indirect parent or Subsidiary of such Non-Recourse Subsidiary Borrower or
(ii) the Non-Recourse Parent Guarantor as guarantor (x) to the extent permitted by Section 7.2(j) for fraud, misrepresentation, misapplication of cash, waste, environmental claims and liabilities, prohibited transfers, violations of
special purpose entity covenants and other circumstances customarily excluded by institutional lenders from exculpation provisions and included in separate guarantee or indemnification agreements in non-recourse financing of real estate or
(y) to the extent otherwise permitted by Section 7.2(f); and 
 (B) as to which the lenders thereunder
will not have any recourse to the Capital Stock or assets of the Group Members other than the assets securing such Indebtedness, additions, accessions and improvements thereto and proceeds thereof, the Capital Stock of the Non-Recourse Subsidiary
Borrower that is the borrower under such Indebtedness or the Capital Stock of any direct or indirect parent of such Non-Recourse Subsidiary Borrower and, in the case of a Non-Recourse Parent Guarantor, recourse against such Non-Recourse Parent
Guarantor for fraud, misrepresentation, misapplication of cash, waste, environmental claims and liabilities, prohibited transfers, violations of special purpose entity covenants and other circumstances customarily excluded by institutional lenders
from exculpation provisions and included in separate guarantee or indemnification agreements in non-recourse financings of real estate, and Guarantee Obligations permitted by Section 7.2(f); and 

provided, further, that, (x) immediately prior to and after giving effect to the incurrence of such Indebtedness, no
Default or Event of Default shall have occurred and be continuing, and (y) after giving pro forma effect to such Indebtedness and the use of proceeds therefrom, the Borrower shall be in compliance with the provisions of
Section 7.1 hereof. For the avoidance of doubt, if at any time following the Closing Date any Group Member acquires the remaining Capital Stock of any Joint Venture not owned by the Group Members on the Closing Date, any Real Property owned by
such Joint Venture shall be included in clause (i) of this Section 7.2(h); 
 (i) Permitted
Construction Financing of any Non-Recourse Subsidiary Borrower; provided that, with respect to any of the foregoing Indebtedness: 

(A) none of the Group Members provides credit support of any kind (including any undertaking, agreement or instrument that
would constitute Indebtedness) or is directly or indirectly liable (as guarantor or otherwise), other than (i) any Subsidiary of the Borrower that is a direct or indirect parent or Subsidiary of such Non-Recourse Subsidiary Borrower or
(ii) the Non-Recourse 
  

 93 

 
Parent Guarantor as guarantor (x) to the extent permitted by Section 7.2(j) for fraud, misrepresentation, misapplication of cash, waste, environmental claims and liabilities, prohibited
transfers, violations of special purpose entity covenants and other circumstances customarily excluded by institutional lenders from exculpation provisions and included in separate non-monetary completion guarantee or indemnification agreements in
construction financing of real estate or (y) to the extent otherwise permitted by Section 7.2(f), including customary monetary completion and repayment guarantees; and 

(B) as to which the lenders thereunder will not have any recourse to the Capital Stock or assets of the Group Members
other than the assets securing such Indebtedness, additions, accessions and improvements thereto and proceeds thereof and, in the case of a Non-Recourse Parent Guarantor, recourse against such Non-Recourse Parent Guarantor for (x) fraud,
misrepresentation, misapplication of cash, waste, environmental claims and liabilities, prohibited transfers, violations of special purpose entity covenants and other circumstances customarily excluded by institutional lenders from exculpation
provisions and included in separate non-monetary completion guarantee or indemnification agreements in construction financing of real estate, and or (y) to the extent otherwise permitted by Section 7.2(f), including customary monetary
completion and repayment guarantees; 
 provided, further, that, (x) immediately prior to and after giving
effect to the incurrence of such Indebtedness, no Default or Event of Default shall have occurred and be continuing, and (y) after giving pro forma effect to such Indebtedness and the use of proceeds therefrom, the Borrower shall
be in compliance with the provisions of Section 7.1 hereof; 
 (j) Permitted Limited Recourse Guarantees of
Indebtedness permitted by Sections 7.2(h) and (i), provided that, the sum of, without duplication, (x) the aggregate amount of Permitted Limited Recourse Guarantees comprised of monetary completion or payment guarantees plus
(y) the aggregate amount of Permitted Limited Recourse Guarantees required by GAAP to be reflected as a liability on the consolidated balance sheet of the Group Members shall not exceed the amount permitted to be incurred under
Section 7.2(f) (together with all other Indebtedness incurred pursuant to such Section at such time) at any one time outstanding; 

(k) unsecured Indebtedness incurred by the Borrower and its Subsidiaries to finance customary leasehold improvements
required by the terms of, or as a condition to the entering into of, operating leases, subleases, licenses, occupancy agreements and rights-of-use entered into by the Borrower and its Subsidiaries in their respective capacities as lessor or a
similar capacity in the ordinary course of business; and 
 (l) additional Indebtedness of the Borrower and its
Subsidiaries not otherwise permitted hereunder in an aggregate principal amount not to exceed $2,500,000 at any one time outstanding. 
  

 94 

 7.3 Limitation on Liens. Create, incur, assume or suffer to exist any Lien upon any
of its Property, whether now owned or hereafter acquired, except for: 
 (a) Liens for taxes not yet due or that
are being contested in good faith by appropriate proceedings, provided that adequate reserves with respect thereto are maintained on the books of the Borrower or its Subsidiaries, as the case may be, in conformity with GAAP; 

(b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising
in the ordinary course of business that are not overdue for a period of more than 30 days or that are being contested in good faith by appropriate proceedings; 

(c) pledges or deposits in connection with workers’ compensation, unemployment insurance and other social security
legislation; 
 (d) any attachment or judgment liens not resulting in an Event of Default under
Section 8(h); 
 (e) deposits to secure the performance of bids, trade contracts (other than for borrowed
money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(f) easements, rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business
that, in the aggregate, are not substantial in amount and that do not in any case materially detract from the value of the Property subject thereto or materially interfere with the ordinary conduct of the business of the Borrower or any of its
Subsidiaries; 
 (g) Liens in existence on the date hereof listed on Schedule 7.3(g), securing
Indebtedness permitted by Section 7.2(d), provided that, no such Lien is spread to cover any additional Property after the Closing Date and that the amount of Indebtedness secured thereby is not increased except as permitted by
Section 7.2(d); 
 (h) Liens securing Indebtedness of the Borrower or any other Subsidiary incurred pursuant
to Section 7.2(c) to finance the acquisition of fixed or capital assets, including Real Property, provided that (i) such Liens shall be created substantially simultaneously with the acquisition of such fixed or capital assets,
(ii) such Liens do not at any time encumber any Property other than the Property financed by such Indebtedness and (iii) the amount of Indebtedness secured thereby is not increased; 

(i) Liens created pursuant to the Security Documents; 

(j) any interest or title of a lessor under any Lease entered into by the Borrower or any other Subsidiary in the ordinary
course of its business and covering only the assets so leased; 
  

 95 

 (k) Liens on (x) fee-owned property or Real Property leases of the
Non-Recourse Subsidiary Borrowers and any related Property (other than the Capital Stock of any Group Member that is not a Non-Recourse Subsidiary Borrower or a direct or indirect parent of a Non-Recourse Subsidiary Borrower) customarily granted or
pledged by a borrower to its lender in connection with non-recourse real estate financing or construction financing, as applicable, including, without limitation, any personal property located on or related to such Property, any contracts, accounts
receivables and general intangibles related to such Real Property and any Hedge Agreements relating to the Indebtedness, or (y) in the case of any Mortgage Financing, the Capital Stock of any Non-Recourse Subsidiary Borrower or a direct or
indirect parent of a Non-Recourse Subsidiary Borrower (and, in each case, any proceeds from any of the foregoing) which Liens secure Indebtedness permitted by Sections 7.2(h) and (i), provided that, no such Lien shall encumber any
Collateral; 
 (l) Liens securing Indebtedness of any Subsidiary that becomes a Subsidiary after the date hereof
incurred pursuant to Section 7.2(g), which exists at the time such Person becomes a Subsidiary, provided that, (x) such Liens are created substantially simultaneously with the incurrence of such Indebtedness and (y) such Liens
do not at any time encumber any Property other than the Property financed by such Indebtedness, other than, in each case, in connection with any consolidations of such Indebtedness; and 

(m) Liens not otherwise permitted hereunder securing Indebtedness in an aggregate principal amount not to exceed
$2,500,000, provided that, no such Lien shall encumber any Collateral. 
 Notwithstanding the foregoing, in no event
shall any Lien be created, incurred, assumed or suffered to exist on Capital Stock of any Person that is the direct or indirect owner of any Borrowing Base Property, except Liens created pursuant to the Security Documents. 

7.4 Limitation on Fundamental Changes. Enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve
itself (or suffer any liquidation or dissolution), or Dispose of all or substantially all of its Property or business, except that: 

(a) any Subsidiary of the Borrower may be merged or consolidated with (or liquidated or dissolved into) or into the
Borrower (provided that the Borrower shall be the continuing or surviving corporation) or with or into any Wholly Owned Subsidiary Guarantor (provided that (i) the Wholly Owned Subsidiary Guarantor shall be the continuing or
surviving corporation or (ii) simultaneously with such transaction, the continuing or surviving corporation shall become a Wholly Owned Subsidiary Guarantor and the Borrower shall comply with Section 6.9 in connection therewith);

 (b) any Subsidiary of the Borrower may Dispose of any or all of its assets (upon voluntary liquidation,
dissolution or otherwise) to the Borrower or any Subsidiary Guarantor; and 
  

 96 

 (c) the Borrower and any Subsidiary of the Borrower may Dispose of any or
all of its assets pursuant to Section 7.5(e) or (f). 
 7.5 Limitation on Disposition of Property. Dispose of any of
its Property (including, without limitation, receivables and leasehold interests), whether now owned or hereafter acquired, or, in the case of any Subsidiary, issue or sell any shares of such Subsidiary’s Capital Stock to any Person, except:

 (a) the Disposition of obsolete or worn out property in the ordinary course of business; 

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

(c) Dispositions permitted by Section 7.4(b); 

(d) the sale or issuance of any Subsidiary’s Capital Stock to the Borrower or any Subsidiary Guarantor; 

(e) the Disposition of any Borrowing Base Property; provided that the Borrower shall have complied with each of the
requirements set forth in Section 5.4; and 
 (f) the Disposition of other assets; provided that, for
each such Disposition, the Administrative Agent shall have received (i) a certificate of a Principal Financial Officer certifying that after giving pro forma effect to the Disposition of such asset, the Total Revolving Extensions of Credit
shall not exceed the Maximum Facility Availability and (ii) a pro forma Compliance Certificate (x) containing all information and calculations necessary, after giving pro forma effect to the Disposition of such asset, for determining pro
forma compliance with the provisions of Section 7.1 hereof and (y) certifying that immediately prior to and after giving effect to such Disposition, no Default or Event of Default shall have occurred or be continuing. 

7.6 Limitation on Restricted Payments. Declare or pay any dividend on, or make any payment on account of, or set apart assets for
a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of, any Capital Stock of any Group Member, whether now or hereafter outstanding, or make any other distribution in respect thereof, either
directly or indirectly, whether in cash or property or in obligations of any Group Member, or enter into any derivatives or other transaction with any financial institution, commodities or stock exchange or clearinghouse (a “Derivatives
Counterparty”) obligating any Group Member to make payments to such Derivatives Counterparty as a result of any change in market value of any such Capital Stock (collectively, “Restricted Payments”), except that:

 (a) any Subsidiary may make Restricted Payments to the Borrower or any Subsidiary; 

(b) the REIT may make Restricted Payments in the form of common stock of the REIT; 

 

 97 

 (c) the REIT may make Restricted Payments to its direct or indirect owners
during any four quarter period (and the Borrower may make Restricted Payments to the REIT, the holders of the Borrower Preferred Units and the Borrower Common Units, in each case, to the extent necessary to enable the REIT to make such Restricted
Payments), not to exceed the greater of (x) such amount necessary to enable (disregarding the ability of the REIT to make consent dividends within the meaning of Section 565 of the Code) the REIT to maintain REIT Status, (y) 95% of
the REIT’s Funds from Operations during such period and (z) such amount necessary to enable the REIT to avoid the imposition of income and excise taxes on the REIT; provided that, on the date of any such Restricted Payment pursuant
to clauses (y) or (z), the Borrower shall deliver to the Administrative Agent a pro forma Compliance Certificate (A) certifying that, immediately prior to and after giving effect to such Restricted Payment, no Default or Event of Default
shall have occurred and be continuing, and (B) containing all information and calculations necessary, and taking into consideration such Restricted Payment, for determining pro forma compliance with the provisions of Section 7.1 hereof;

 (d) the Borrower may make Restricted Payments to the REIT to permit the REIT to (i) pay corporate
overhead expenses incurred in the ordinary course of business and (ii) pay any taxes which are due and payable by the REIT, the Borrower or any Subsidiary; 

(e) the Borrower may make distributions with respect to its Borrower Preferred Units to the extent required by the
Borrower LP Agreement as in effect on the Closing Date; 
 (f) the Borrower may redeem or repurchase the Borrower
Preferred Units or the Borrower Common Units in an aggregate amount not to exceed $2,500,000 during the term of this Agreement, provided that, on the date of any such Restricted Payment, the Borrower shall deliver to the Administrative Agent
a pro forma Compliance Certificate (A) certifying that, immediately prior to and after giving effect to such Restricted Payment, no Default or Event of Default shall have occurred and be continuing, and (B) containing all information and
calculations necessary, and taking into consideration such Restricted Payment, for determining pro forma compliance with the provisions of Section 7.1 hereof; 

(g) the Borrower may make redemption payments in cash with respect to the Borrower Common Units to the extent required by
the Borrower LP Agreement as in effect on the Closing Date, provided that, on the date of any such Restricted Payment, the Borrower shall deliver to the Administrative Agent a pro forma Compliance Certificate (A) certifying that,
immediately prior to and after giving effect to such Restricted Payment, no Default or Event of Default shall have occurred and be continuing, and (B) containing all information and calculations necessary, and taking into consideration such
Restricted Payment, for determining pro forma compliance with the provisions of Section 7.1 hereof; and 

(h) any Joint Venture may make Restricted Payments pursuant to the terms of its joint venture agreement; provided
that, such Restricted Payments shall be made 
  

 98 

 
(i) pro rata concurrently to each applicable Group Member in accordance with its relevant Ownership Percentage at the time of any such Restricted Payment, (ii) such Restricted Payments
do not exceed the amount of such Joint Venture’s obligations under its joint venture agreement and (iii) such Restricted Payments are required pursuant to the terms of such joint venture agreement. 

7.7 Limitation on Investments. Make any advance, loan, extension of credit (by way of guaranty or otherwise) or capital
contribution to, or purchase any Capital Stock, bonds, notes, debentures or other debt securities of, or any assets constituting an ongoing business from, or make any other investment in, any other Person (all of the foregoing,
“Investments”), except: 
 (a) extensions of trade credit in the ordinary course of business;

 (b) Investments in Cash Equivalents; 

(c) Investments arising in connection with the incurrence of Indebtedness permitted by Section 7.2(b), (e) and
(k); 
 (d) loans and advances to employees of the REIT, the Borrower or any Subsidiaries of the Borrower in the
ordinary course of business (including, without limitation, for travel, entertainment and relocation expenses) in an aggregate amount for the REIT, the Borrower and Subsidiaries of the Borrower not to exceed $500,000 at any one time outstanding;

 (e) Investments (other than those relating to the incurrence of Indebtedness permitted by Section 7.7(c))
by the Group Members in the Borrower or any Subsidiary of the Borrower, provided that, (x) immediately prior to and after giving effect to such Investment, no Default or Event of Default shall have occurred and be continuing, and
(y) after giving pro forma effect to such Investment, the Borrower shall be in compliance with the provisions of Section 7.1 hereof; 

(f) REIT Permitted Investments and Investments in Sunset Bronson made prior to the Closing Date; 

(g) Investments by the Borrower or any of its Subsidiaries, consisting of Acquisitions; provided that the
Administrative Agent shall have received a certificate of a Principal Financial Officer (i) certifying that after giving pro forma effect to such Acquisition, the Total Revolving Extensions of Credit shall not exceed the Maximum Facility
Availability, (ii) containing all information and calculations necessary, after giving pro forma effect to such Investment, for determining pro forma compliance with the provisions of Section 7.1 hereof and (iii) certifying that
immediately prior to and after giving effect to such Acquisition, no Default or Event of Default shall have occurred or be continuing; and 

(h) Investments not otherwise permitted hereunder in an aggregate principal amount not to exceed $2,500,000. 

 

 99 

 7.8 Limitation on Optional Payments and Modifications of Organizational Documents.
(a) Except as permitted by Section 7.6(f), make or offer to make any optional or voluntary payment, prepayment, repurchase or redemption of, or otherwise voluntarily or optionally defease, the Borrower Preferred Units, or segregate funds
for any such payment, prepayment, repurchase, redemption or defeasance, or enter into any derivative or other transaction with any Derivatives Counterparty obligating any Group Member to make payments to such Derivatives Counterparty as a result of
any change in market value of the Borrower Preferred Units; provided that, notwithstanding the foregoing, the Borrower Preferred Units may be exchanged for or converted into Borrower Common Units or common stock of the REIT, (b) amend,
modify or otherwise change, or consent or agree to any material amendment, modification, waiver or other change to, any of the terms of the Borrower Preferred Units (other than any such amendment, modification, waiver or other change which
(i) would extend the date on which the holders of the Borrower Preferred Units are entitled to be redeemed at their option, or reduce the amount of the liquidation preference with respect to the Borrower Preferred Units, reduce the rate or
extend the date for payment of preferred distributions thereon or relax any covenant or other restriction applicable to the Borrower Preferred Units and (ii) does not involve the payment of a consent fee of more than a de minimis amount), or
(c) amend its organizational documents in any manner determined by the Administrative Agent to be adverse to the Lenders in any material respect (including any amendment, modification or supplement to the Borrower LP Agreement or any related
agreement that in any manner that increases the redemption price applicable to the Borrower Preferred Units). 
 7.9
Limitation on Transactions with Affiliates. Except as disclosed on Schedule 7.9 enter into any transaction, including, without limitation, any purchase, sale, lease or exchange of Property, the rendering of any service or the payment of any
management, advisory or similar fees, with any Affiliate (other than any Group Member) unless such transaction is (a) otherwise permitted under this Agreement, (b) in the ordinary course of business of such Group Member, as the case may
be, and (c) upon fair and reasonable terms no less favorable to such Group Member, as the case may be, than it would obtain in a comparable arm’s length transaction with a Person that is not an Affiliate. 

7.10 Limitation on Sales and Leasebacks. Enter into any arrangement with any Person providing for the leasing by the REIT, the
Borrower or any Subsidiary of real or personal property which has been or is to be sold or transferred by the REIT, the Borrower or such Subsidiary to such Person or to any other Person to whom funds have been or are to be advanced by such Person on
the security of such property or rental obligations of the REIT, the Borrower or such Subsidiary. 
 7.11 Limitation on
Changes in Fiscal Periods. Permit the fiscal year of the Borrower to end on a day other than December 31 or change the Borrower’s method of determining fiscal quarters. 

7.12 Limitation on Negative Pledge Clauses. Enter into or suffer to exist or become effective any agreement that prohibits or
limits the ability of any Group Member to create, incur, assume or suffer to exist any Lien upon any of its Property or revenues, whether now owned or hereafter acquired, to secure the Obligations or, in the case of any Guarantor, its obligations
under the Guarantee and Collateral Agreement, other than (a) this Agreement and the 
  

 100 

 
other Loan Documents; (b) any agreements governing any purchase money Liens or Capital Lease Obligations otherwise permitted hereby; (c) documentation evidencing Indebtedness permitted
pursuant to Section 7.2(g); (d) any restrictions in connection with existing Indebtedness incurred pursuant to Section 7.2(d), Mortgage Financing or Permitted Construction Financing, including on the Capital Stock of the Subsidiary
that is the borrower under such existing Indebtedness incurred pursuant to Section 7.2(d), Mortgage Financing or Permitted Construction Financing or any direct or indirect parent of such Subsidiary; and (e) single purpose entity
limitations contained in charter documents for Excluded Subsidiaries, provided that, (i) in the case of clauses (b) and (c), such prohibition or limitation shall only be effective against the assets financed thereby and (ii) in
the case of clause (d), such prohibition or limitation shall only be effective against the assets financed thereby and indirect transfers of the Capital Stock of the Subsidiary. 

7.13 Limitation on Restrictions on Subsidiary Distributions. Enter into or suffer to exist or become effective any consensual
encumbrance or restriction on the ability of any Subsidiary to (a) make Restricted Payments in respect of any Capital Stock of such Subsidiary held by, or pay any Indebtedness owed to, the Borrower or any other Subsidiary, (b) make
Investments in the Borrower or any other Subsidiary or (c) transfer any of its assets to the Borrower or any other Subsidiary, except for such encumbrances or restrictions existing under or by reason of (i) any restrictions existing under
the Loan Documents; (ii) any restrictions with respect to a Subsidiary imposed pursuant to an agreement that has been entered into in connection with the Disposition of all or substantially all of the Capital Stock or assets of such Subsidiary;
(iii) restrictions with respect to a Person at the time it becomes a Subsidiary pursuant to any Indebtedness permitted pursuant to Section 7.2(g), provided that, such restrictions (x) were not entered into in contemplation of
such Person becoming a Subsidiary and (y) such restrictions apply solely to such Person and its Subsidiaries; (iv) restrictions imposed by applicable law; (v) with respect to clauses (b) and (c) above, (A) restrictions
pursuant to documentation evidencing Permitted Construction Financing or Mortgage Financing incurred by Subsidiaries that are not Guarantors, and (B) restrictions pursuant to any joint venture agreement solely with respect to the transfer of
the assets or Capital Stock of the related Joint Venture; and (vi) any restrictions existing under an agreement that amends, refinances or replaces any agreement containing restrictions permitted under the preceding clauses (i) through
(v), provided that, the terms and conditions of any such agreement, as they relate to any such restrictions are no less favorable to the Borrower and its Subsidiaries, as applicable, than those under the agreement so amended, refinanced or
replaced, taken as a whole. 
 7.14 Limitation on Lines of Business. Enter into any business, either directly or through
any Subsidiary, except for those businesses in which the Group Members are engaged on the date of this Agreement or that are reasonably related thereto. 

7.15 Limitation on Activities of the REIT. In the case of the REIT, notwithstanding anything to the contrary in this Agreement or
any other Loan Document, (a) conduct, transact or otherwise engage in, or commit to conduct, transact or otherwise engage in, any business or operations other than those incidental to its ownership of the Capital Stock of the Borrower,
(b) incur, create, assume or suffer to exist any Indebtedness or other liabilities or financial obligations, except (i) nonconsensual obligations imposed by operation of law, (ii) pursuant to the Loan Documents to which it is a party,
(iii) obligations with respect to its 
  

 101 

 
Capital Stock, and (iv) Permitted Limited Recourse Guarantees permitted by Section 7.2(j), or (c) own, lease, manage or otherwise operate any properties or assets (including cash
(other than cash received in connection with dividends made by the Borrower in accordance with Section 7.6 pending application in the manner contemplated by said Section) and cash equivalents) other than the ownership of shares of Capital Stock
of the Borrower. 
 7.16 Limitation on Hedge Agreements. Enter into any Hedge Agreement other than Hedge Agreements
entered into in the ordinary course of business, and not for speculative purposes, to protect against changes in interest rates. 

7.17 REIT Status. Permit the REIT to fail to meet the requirements for REIT Status. 

7.18 Borrower Tax Status. Permit the Borrower to become an association (or publicly traded partnership or taxable mortgage pool)
taxable as a corporation for federal tax purposes at any time. 
 7.19 Borrowing Base Properties; Ground Leases. (a) Use
or occupy or conduct any activity on, or allow the use or occupancy of or the conduct of any activity on any Borrowing Base Properties in any manner which makes void, voidable, or cancelable any insurance then in force with respect thereto or makes
the maintenance of insurance in accordance with Section 6.5 commercially unreasonable (including by way of increased premium); 

(b) Without the prior written consent of the Administrative Agent, initiate or permit any zoning reclassification of any Borrowing Base
Property or seek any variance under existing zoning ordinances applicable to any Borrowing Base Property or use or permit the use of any Borrowing Base Property in such a manner which would result in such use becoming a nonconforming use under
applicable zoning ordinances or other Requirement of Law, in each case, in a manner that would materially interfere with the use or operation of such Borrowing Base Property; 

(c) Without the prior written consent of the Administrative Agent, (i) except as permitted by Section 7.3(f), impose any
material easement, restrictive covenant, or encumbrance upon any Borrowing Base Property, (ii) execute or file any subdivision plat affecting any Borrowing Base Property or (iii) consent to the annexation of any Borrowing Base Property to
any municipality; 
 (d) Suffer, permit or initiate the joint assessment of any Borrowing Base Property (a) with any other
real property constituting a tax lot separate from such Borrowing Base Property, and (b) which constitutes real property with any portion of such Borrowing Base Property which may be deemed to constitute personal property, or any other
procedure whereby the Lien of any taxes which may be levied against such personal property shall be assessed or levied or charged to such real property portion of such Borrowing Base Property; 

(e) Without the prior written consent of the Administrative Agent, permit any drilling or exploration for or extraction, removal or
production of any mineral, hydrocarbon, gas, natural element, compound or substance (including sand and gravel) from the surface or 

 

 102 

 
subsurface of any Borrowing Base Property regardless of the depth thereof or the method of mining or extraction thereof; 

(f) Without the prior consent of the Administrative Agent, surrender the leasehold estate created by any Acceptable Ground Lease or
terminate or cancel any Acceptable Ground Lease or modify, change, supplement, alter, or amend any Acceptable Ground Lease, either orally or in writing, in each case, except as would not cause such Acceptable Ground Lease to fail to qualify as an
Acceptable Ground Lease; 
 (g) Without the prior consent of the Administrative Agent, fail to exercise any option or right to
renew or extend the term of any Acceptable Ground Lease in accordance with the terms of such Acceptable Ground Lease, and shall give prompt written notice to Lender and shall execute, acknowledge, deliver and record any document requested by the
Administrative Agent to evidence the Lien of the related Mortgage on such extended or renewed lease term, in each case, except as would not cause such Acceptable Ground Lease to fail to qualify as an Acceptable Ground Lease; provided, that,
the Loan Parties shall not be required to exercise any particular option or right to renew or extend to the extent the Loan Parties shall have received the prior written consent of the Administrative Agent (which consent may be withheld by the
Administrative Agent in its sole and absolute discretion and which consent shall not be necessary to the extent such failure to exercise such right would not cause such Acceptable Ground Lease to fail to qualify as an Acceptable Ground Lease)
allowing the Loan Parties to forego exercising such option or right to renew or extend; 
 (h) Waive, excuse, condone or in any
way release or discharge any ground lessor of or from such ground lessor’s material obligations, covenants and/or conditions under the applicable Acceptable Ground Lease without the prior written consent of the Administrative Agent, in each
case, except as would not cause such Acceptable Ground Lease to fail to qualify as an Acceptable Ground Lease; 
 (i)
Notwithstanding anything contained in any Acceptable Ground Lease to the contrary, without the prior written consent of the Administrative Agent, sublet any portion of any Borrowing Base Property held pursuant to an Acceptable Ground Lease, except
as would not cause such Acceptable Ground Lease to fail to qualify as an Acceptable Ground Lease; 
 (j) Enter into any
Contractual Obligations related to any Borrowing Base Property providing for the payment of a management fee (or any other similar fee) to anyone other than a Group Member, unless such fee is subordinated to the Obligations in a manner satisfactory
to the Administrative Agent; or 
 (k) Any acquisition of any ground lessor’s interest in any Acceptable Ground Lease by
any Group Member shall be accomplished by the Group Member in such a manner so as to avoid a merger of the interests of lessor and lessee in such Acceptable Ground Lease, unless consent to such merger is granted by the Administrative Agent.

 7.20 Environmental Matters. (a) Cause, commit, permit, or allow to continue (i) any violation of any
Environmental Requirement which could reasonably be expected to cause a Material Property Event or have a Material Adverse Effect: (A) by any Group Member 

 

 103 

 
or by any Person; and (B) by or with respect to any Borrowing Base Property or any use of or condition or activity on any Real Property, or (ii) the attachment of any environmental
Liens on any Borrowing Base Property. 
 (b) Place, install, dispose of, or release, or cause, permit, or allow the placing,
installation, disposal, spilling, leaking, dumping, or release of, any Materials of Environmental Concern or storage tank (or similar vessel) on any Real Property; provided that, any Materials of Environmental Concern or storage tank (or
similar vessel) disclosed in the ESA or otherwise permitted pursuant to any Lease affecting any Borrowing Base Property shall be permitted on any Borrowing Base Property so long as such Materials of Environmental Concern or storage tanks (or similar
vessels) are maintained in compliance with all applicable Environmental Requirements. 
 SECTION 8 EVENTS OF DEFAULT

 If any of the following events shall occur and be continuing: 

(a) the Borrower shall fail to pay any principal of any Loan or Reimbursement Obligation when due in accordance with the
terms hereof; or the Borrower shall fail to pay any interest on any Loan or Reimbursement Obligation, or any other amount payable hereunder or under any other Loan Document, within five days after any such interest or other amount becomes due in
accordance with the terms hereof or thereof; or 
 (b) any representation or warranty made or deemed made by any
Loan Party herein or in any other Loan Document, in any Borrowing Base Certificate, or that is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any such
other Loan Document shall prove to have been inaccurate in any material respect on or as of the date made or deemed made or furnished; or 

(c) (i) any Loan Party shall default in the observance or performance of any agreement contained in clause (i) or
(ii) of Section 6.4(a) (with respect to the REIT and the Borrower only), Section 6.7(a) or Section 7, or in Section 5 of the Guarantee and Collateral Agreement or (ii) an “Event of Default” under and as
defined in any Mortgage shall have occurred and be continuing; or 
 (d) any Loan Party shall default in the
observance or performance of any other agreement contained in this Agreement or any other Loan Document (other than as provided in paragraphs (a) through (c) of this Section), and such default shall continue unremedied for a period of
30 days; or 
 (e) any Group Member shall (i) default in making any payment of any principal of any
Indebtedness (including, without limitation, any Guarantee Obligation, but excluding the Loans and Reimbursement Obligations), on the scheduled or original due date with respect thereto; or (ii) default in making any payment of any interest on
any such Indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created; or (iii) default in the observance 

 

 104 

 
or performance of any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall
occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the giving of
notice if required, such Indebtedness to become due prior to its stated maturity or to become subject to a mandatory offer to purchase by the obligor thereunder or (in the case of any such Indebtedness constituting a Guarantee Obligation) to become
payable; provided that, (x) a default, event or condition described in clause (i), (ii) or (iii) of this paragraph (e) shall not at any time constitute an Event of Default unless, at such time, one or more defaults,
events or conditions of the type described in clauses (i), (ii) and (iii) of this paragraph (e) shall have occurred and be continuing with respect to Indebtedness having an aggregate principal amount (including undrawn committed
or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of which exceeds in the aggregate the Threshold Amount, and (y) solely with respect to any Non-Recourse Indebtedness, a
default, event or condition described in clause (iii) of this paragraph (e) with respect to any Non-Recourse Indebtedness shall not at any time constitute an Event of Default unless at such time, the lenders thereunder have caused such
Non-Recourse Indebtedness to become due prior to its stated maturity or the applicable Group Members have otherwise commenced negotiations with such lenders with respect to a deed-in-lieu or other settlement of all or substantially all of the
obligations under such Non-Recourse Indebtedness; or 
 (f) (i) any Group Member shall commence any case,
proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it,
or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a
receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or any Group Member shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced
against any Group Member any case, proceeding or other action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed,
undischarged or unbonded for a period of 60 days; or (iii) there shall be commenced against any Group Member any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against
all or any substantial part of its assets that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or (iv) any Group
Member shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) any Group Member shall generally not, or shall be
unable to, or shall admit in writing its inability to, pay its debts as they become due; or 
 (g) (i) any Person
shall engage in any “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) any failure to 

 

 105 

 
satisfy the minimum funding standard of Section 412 of the Code and Section 302 of ERISA, whether or not waived, shall exist with respect to any Single Employer Plan or Multiemployer
Plan, or any Lien in favor of the PBGC or a Plan shall arise on the assets of the Borrower or any Commonly Controlled Entity, (iii) a Reportable Event shall occur with respect to, or proceedings shall commence to have a trustee appointed, or a
trustee shall be appointed, to administer or to terminate any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee would reasonably be expected to result in the termination of such Plan for purposes
of Title IV of ERISA, (iv) any Single Employer Plan shall terminate for purposes of Title IV of ERISA, or (v) the Borrower or any Commonly Controlled Entity shall incur, or reasonably be expected to incur, any liability in connection with
a withdrawal from, or the Insolvency or Reorganization of a Multiemployer Plan; and in each case in clauses (i) through (v) above, such event or condition, together with all other such events or conditions, if any, would, in the sole
judgment of the Required Lenders, reasonably be expected to have a Material Adverse Effect; or 
 (h) one or more
judgments or decrees shall be entered against any Group Member involving for the Group Members taken as a whole a liability (not paid or fully covered by insurance as to which the relevant insurance company has acknowledged coverage) of $5,000,000
or more, and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within 30 days from the entry thereof; or 

(i) any of the Security Documents shall cease, for any reason (other than by reason of the express release thereof
pursuant to Section 10.15), to be in full force and effect, or any Loan Party or any Affiliate of any Loan Party shall so assert, or any Lien created by any of the Security Documents shall cease to be enforceable and of the same effect and
priority purported to be created thereby; or 
 (j) the guarantee contained in Section 2 of the Guarantee
and Collateral Agreement shall cease, for any reason (other than by reason of the express release thereof pursuant to Section 10.15), to be in full force and effect or any Loan Party or any Affiliate of any Loan Party shall so assert; or

 (k) any Change of Control shall occur; 

then, and in any such event, (a) if such event is an Event of Default specified in clause (i) or (ii) of paragraph (f) above
with respect to the Borrower, automatically the Revolving Credit Commitments shall immediately terminate and the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents
(including, without limitation, all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) shall immediately become due and payable, and
(b) if such event is any other Event of Default, either or both of the following actions may be taken: (i) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the
Administrative Agent shall, by notice to the Borrower declare the Revolving Credit Commitments to be terminated forthwith, whereupon the Revolving Credit Commitments shall 

 

 106 

 
immediately terminate; and (ii) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice
to the Borrower, declare the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents (including, without limitation, all amounts of L/C Obligations, whether or not the
beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) to be due and payable forthwith, whereupon the same shall immediately become due and payable. In the case of all Letters of Credit with
respect to which presentment for honor shall not have occurred at the time of an acceleration pursuant to this paragraph, the Borrower shall at such time deposit in a cash collateral account opened by the Administrative Agent an amount equal to the
aggregate then undrawn and unexpired face amount of such Letters of Credit. Amounts held in such cash collateral account shall be applied by the Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion
thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other obligations of the Borrower hereunder and under the other Loan Documents. After all such Letters of Credit shall have
expired or been fully drawn upon, all Reimbursement Obligations shall have been satisfied and all other obligations of the Borrower hereunder and under the other Loan Documents shall have been paid in full, the balance, if any, in such cash
collateral account shall be returned to the Borrower (or such other Person as may be lawfully entitled thereto). 

SECTION 9 THE AGENTS 

9.1 Appointment. Each Lender hereby irrevocably designates and appoints the Agents as the agents of such Lender under this
Agreement and the other Loan Documents, and each Lender irrevocably authorizes each Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and
perform such duties as are expressly delegated to such Agent by the terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere
in this Agreement, no Agent shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities
shall be read into this Agreement or any other Loan Document or otherwise exist against any Agent. 
 9.2 Delegation of
Duties. Each Agent may execute any of its duties under this Agreement and the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. No Agent
shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 

9.3 Exculpatory Provisions. Neither any Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or
affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement or any other Loan Document (except to the extent that any of the foregoing are found by a final
and nonappealable decision of a court of competent jurisdiction to have resulted from its or such Person’s own gross negligence or willful misconduct) or (ii) responsible in any manner to any of the Lenders for any recitals, statements,
representations or warranties made by 
  

 107 

 
any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received
by the Agents under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan
Party to perform its obligations hereunder or thereunder. The Agents shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this
Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party. 
 9.4 Reliance by
Agents. Each Agent shall be entitled to rely, and shall be fully protected in relying, upon any instrument, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other
document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Loan Parties),
independent accountants and other experts selected by such Agent. The Agents may deem and treat the payee of any Note as the owner thereof for all purposes unless such Note shall have been transferred in accordance with Section 10.6 and all
actions required by such Section in connection with such transfer shall have been taken. Each Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such
advice or concurrence of the Required Lenders (or, if so specified by this Agreement, all Lenders or any other instructing group of Lenders specified by this Agreement) as it deems appropriate or it shall first be indemnified to its satisfaction by
the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. Each Agent shall in all cases be fully protected in acting, or in refraining from acting, under this
Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or, if so specified by this Agreement, all Lenders or any other instructing group of Lenders specified by this Agreement), and such request and any action
taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans. 
 9.5
Notice of Default. No Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless such Agent shall have received notice from a Lender, the REIT, or the Borrower referring to this
Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”. In the event that the Administrative Agent shall receive such a notice, the Administrative Agent shall give notice thereof to the
Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all Lenders or any other instructing group of
Lenders specified by this Agreement); provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such
action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. 
 9.6
Non-Reliance on Agents and Other Lenders. Each Lender expressly acknowledges that neither any of the Agents nor any of their respective officers, directors, employees, agents, attorneys-in-fact or affiliates have made any representations or
warranties to 
  

 108 

 
it and that no act by any Agent hereafter taken, including any review of the affairs of a Loan Party or any affiliate of a Loan Party, shall be deemed to constitute any representation or warranty
by any Agent to any Lender. Each Lender represents to the Agents that it has, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of
and investigation into the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender
also represents that it will, independently and without reliance upon any 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 analysis, appraisals and
decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and
creditworthiness of the Loan Parties and their affiliates. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, no Agent shall have any duty or responsibility to
provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into the
possession of such Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates. 
 9.7
Indemnification. The Lenders agree to indemnify each Agent in its capacity as such (to the extent not reimbursed by the REIT or the Borrower and without limiting the obligation of the REIT or the Borrower to do so), ratably according to their
respective Revolving Credit Percentages in effect on the date on which indemnification is sought under this Section (or, if indemnification is sought after the date upon which the Revolving Credit Commitments shall have terminated and the Loans
shall have been paid in full, ratably in accordance with such Revolving Credit Percentages immediately prior to such date), for, and to save each Agent harmless from and against, any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (including, without limitation, at any time following the payment of the Loans) be imposed on, incurred by or asserted against such Agent in any
way relating to or arising out of, the Revolving Credit Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action
taken or omitted by such Agent under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from such Agent’s gross negligence or willful misconduct. The agreements in this Section shall survive
the payment of the Loans and all other amounts payable hereunder. 
 9.8 Agent in Its Individual Capacity. Each Agent and
its affiliates may make loans to, accept deposits from and generally engage in any kind of business with any Loan Party as though such Agent were not an Agent. With respect to its Loans made or renewed by it and with respect to any Letter of Credit
issued or participated in by it, each Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and 

 

 109 

 
may exercise the same as though it were not an Agent, and the terms “Lender” and “Lenders” shall include each Agent in its individual capacity. 

9.9 Successor Administrative Agent. The Administrative Agent may resign as Administrative Agent upon ten days’ notice to the
Lenders and the Borrower. If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which
successor agent shall (unless an Event of Default under Section 8(a) or Section 8(f) with respect to the Borrower shall have occurred and be continuing) be subject to approval by the Borrower (which approval shall not be unreasonably
withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent” shall mean such successor agent effective upon such appointment and
approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this
Agreement or any holders of the Loans. If no successor agent has accepted appointment as Administrative Agent by the date that is ten days following a retiring Administrative Agent’s notice of resignation, the retiring Administrative
Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as
provided for above. The Syndication Agent may, at any time, by notice to the Lenders and the Administrative Agent, resign as Syndication Agent hereunder, whereupon the duties, rights, obligations and responsibilities of the Syndication Agent
hereunder shall automatically be assumed by, and inure to the benefit of, the Administrative Agent, without any further act by the Syndication Agent, the Administrative Agent or any Lender. After any retiring Agent’s resignation as Agent, the
provisions of this Section 9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement and the other Loan Documents. 

9.10 Authorization to Release Liens and Guarantees. The Administrative Agent is hereby irrevocably authorized by each of the
Lenders to effect any release of Liens or guarantee obligations contemplated by Section 10.15. 
 9.11 The Arranger; the
Syndication Agent. Neither the Arranger nor the Syndication Agent, in their respective capacities as such, shall have any duties or responsibilities, nor shall any such Person incur any liability, under this Agreement and the other Loan
Documents. 
 9.12 No Duty to Disclose. The Administrative Agent, the Syndication Agent and the Arrangers and their
respective affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the REIT, the Borrower, the other Loan Parties and their respective Affiliates, and none of the Administrative Agent, the
Syndication Agent nor any Arranger has any obligation to disclose any of such interests to the REIT, the Borrower, any other Loan Party or any of their respective Affiliates. 

9.13 Waiver. To the fullest extent permitted by law, each of the REIT, the Borrower and the other Loan Parties hereby waives and
releases any claims that it may have 
  

 110 

 
against the Administrative Agent, the Syndication Agent and the Arrangers with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction
contemplated hereby. 
 SECTION 10 MISCELLANEOUS 

10.1 Amendments and Waivers. Neither this Agreement or any other Loan Document, nor any terms hereof or thereof may be amended,
supplemented or modified except in accordance with the provisions of this Section 10.1. The Required Lenders and each Loan Party party to the relevant Loan Document may, or (with the written consent of the Required Lenders) the Administrative
Agent and each Loan Party party to the relevant Loan Document may, from time to time, (a) enter into written amendments, supplements or modifications hereto and to the other Loan Documents (including amendments and restatements hereof or
thereof) for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any manner the rights of the Lenders or of the Loan Parties hereunder or thereunder or (b) waive, on such terms and conditions as may
be specified in the instrument of waiver, any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment,
supplement or modification shall: 
 (i) forgive the principal amount or extend the final scheduled date of
maturity of any Loan or Reimbursement Obligation, reduce the stated rate of any interest or fee payable under this Agreement (except (x) in connection with the waiver of applicability of any post-default increase in interest rates (which waiver
shall be effective with the consent of the Required Lenders) and (y) that any amendment or modification of defined terms used in the financial covenants in this Agreement shall not constitute a reduction in the rate of interest or fees for
purposes of this clause (i)) or extend the scheduled date of any payment thereof, or increase the amount or extend the expiration date of any Revolving Credit Commitment of any Lender, in each case without the consent of each Lender directly
affected thereby; 
 (ii) amend, modify or waive any provision of this Section or reduce any percentage specified
in the definition of Required Lenders or Supermajority Lenders, consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, release all or substantially all of the
Collateral or release all or substantially all of the Subsidiary Guarantors from their guarantee obligations under the Guarantee and Collateral Agreement, in each case without the consent of all the Lenders; 

(iii) amend, modify or waive any provision of Section 9, or any other provision affecting the rights, duties or
obligations of any Agent, without the consent of any Agent directly affected thereby; 
 (iv) amend, modify or
waive any provision of Section 2.3 or 2.4 without the consent of the Swing Line Lender; 
  

 111 

 (v) amend, modify or waive any provision of Section 2.15 without the
consent of each Lender directly affected thereby; 
 (vi) amend, modify or waive any provision of Section 3
without the consent of each Issuing Lender affected thereby; 
 (vii) impose restrictions on assignments and
participations that are more restrictive than, or additional to, those set forth in Section 10.6 without the consent of each Lender directly affected thereby; or 

(viii) amend, modify or waive (i) the definitions of “Approved Borrowing Base Office Properties,”
“Borrowing Base,” “Borrowing Base Office Properties,” “Borrowing Base Properties,” “Borrowing Base Studio Properties,” “Capitalization Rate,” “Eligible Borrowing Base Property”,
“Maximum Facility Availability” or “Total Asset Value”, (ii) solely in connection with determining the Borrowing Base, the definitions of “Consolidated Debt Service Coverage Amount” (and the related defined terms
used therein) and “Net Operating Income” (and the related defined terms used therein), (iii) add a Borrowing Base Studio Property (other than Sunset Gower and Sunset Bronson) to the Borrowing Base or (iv) Sections 5.3 or
5.4, in each case, without the consent of the Supermajority Lenders. 
 Any such waiver and any such amendment, supplement or modification shall
apply equally to each of the Lenders and shall be binding upon the Loan Parties, the Lenders, the Agents and all future holders of the Loans. In the case of any waiver, the Loan Parties, the Lenders and the Agents shall be restored to their former
position and rights hereunder and under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default, or
impair any right consequent thereon. Any such waiver, amendment, supplement or modification shall be effected by a written instrument signed by the parties required to sign pursuant to the foregoing provisions of this Section; provided, that
delivery of an executed signature page of any such instrument by facsimile transmission shall be effective as delivery of a manually executed counterpart thereof. 

10.2 Notices. All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing
(including by telecopy), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three Business Days after being deposited in the mail, postage prepaid, or, in the case of telecopy notice,
when received, addressed (a) in the case of the REIT, the Borrower and the Agents, as follows and (b) in the case of the Lenders, as set forth in an administrative questionnaire delivered to the Administrative Agent or in the case of a
Lender which becomes a party to this Agreement pursuant to an Assignment and Assumption substantially in the form of Exhibit E, in such Assignment and Assumption or (c) in the case of any party, to such other address as such party may
hereafter notify to the other parties hereto: 
  

 112 

					
		 	The REIT:	  	 Hudson Pacific Properties, Inc.

11601 Wilshire Blvd., Suite 1600
 Los Angeles, CA
90025
 Attention: Mark Lammas or Corporate Credit

Facility Administrator
 Telecopy:
(310) 445-5710
 Telephone: (310) 445-5702

			
		 	The Borrower:	  	 Hudson Pacific Properties, L.P.

c/o Hudson Pacific Properties, Inc.
 11601
Wilshire Blvd., Suite 1600
 Los Angeles, CA 90025

Attention: Mark Lammas or Corporate Credit

Facility Administrator
 Telecopy:
(310) 445-5710
 Telephone: (310) 445-5702

			
		 	The Syndication Agent:	  	 Bank of America, N.A.
 315
Montgomery Street
 Mail Code: CA5-704-06-37

San Francisco, CA 94104
 Attention: Helen W. Chan

 Telecopy: (415) 913-2356

Telephone:
                        

			
		 	The Administrative Agent:	  	 Barclays Bank PLC
 745 Seventh
Avenue
 New York, New York 10019

Attention: Craig Malloy
 Telecopy:
(646) 758-4617
 Telephone: (212) 526-7150

			
		 	With a copy to:	  	 Issuing Lender:
 As notified by
such Issuing Lender to the
 Administrative Agent and the Borrower

provided that any notice, request or demand to or upon any Agent, any Issuing Lender or any Lender shall not be effective until received.

 Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant
to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Section 2 unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or
the Borrower may, in its discretion, agree to accept notices and other communications 
  

 113 

 
to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.

 10.3 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of any Agent or
any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or
further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

 10.4 Survival of Representations and Warranties. All representations and warranties made herein, in the other Loan
Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans and other extensions of credit hereunder. 

10.5 Payment of Expenses. The Borrower agrees (a) to pay or reimburse the Agents for all their reasonable out-of-pocket costs
and expenses incurred in connection with the syndication of the Revolving Credit Commitments (other than fees payable to syndicate members) and the development, preparation and execution of, and any amendment, supplement or modification to, this
Agreement and the other Loan Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including, without limitation, the reasonable
fees and disbursements and other charges of counsel to the Administrative Agent and the charges of Intralinks, (b) to pay or reimburse each Lender and the Agents for all their costs and expenses incurred in connection with the enforcement or
preservation of any rights under this Agreement, the other Loan Documents and any other documents prepared in connection herewith or therewith, including, without limitation, the fees and disbursements of counsel (including the allocated fees and
disbursements and other charges of in-house counsel) to each Lender and of counsel to the Agents, (c) to pay, indemnify, or reimburse each Lender and the Agents for, and hold each Lender and the Agents harmless from, any and all recording and
filing fees and any and all liabilities with respect to, or resulting from any delay in paying, stamp, excise and other taxes, if any, which may be payable or determined to be payable in connection with the execution and delivery of, or consummation
or administration of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, this Agreement, the other Loan Documents and any such other documents, and (d) to
pay, indemnify or reimburse each Lender, each Agent, their respective affiliates, and their respective officers, directors, trustees, employees, advisors, agents and controlling persons (each, an “Indemnitee”) for, and hold each
Indemnitee harmless from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever incurred by an Indemnitee or asserted against
any Indemnitee by any third party or by the Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document, any commitment letter or fee letter in
connection therewith, or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto or thereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby
or thereby, (ii) any Loan or Letter of Credit or the use or proposed use of 
  

 114 

 
the proceeds thereof (including any refusal by any Issuing Lender to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly
comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Materials of Environmental Concern on or from any property owned, occupied or operated by the Borrower or any of its Subsidiaries, or any
environmental liability related in any way to the Borrower or any of its Subsidiaries or any or their respective properties, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing,
whether based on contract, tort or any other theory, whether brought by any third party or by the Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto (all the foregoing in this clause (d), collectively,
the “Indemnified Liabilities”), provided, that the Borrower shall have no obligation hereunder to any Indemnitee with respect to Indemnified Liabilities to the extent such Indemnified Liabilities are found by a final and
nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee. No Indemnitee shall be liable for any damages arising from the use by unauthorized persons of
information or other materials sent through electronic, telecommunications or other information transmission systems that are intercepted by such persons or for any special, indirect, consequential or punitive damages in connection with the
Revolving Credit Commitments. Without limiting the foregoing, and to the extent permitted by applicable law, the Borrower agrees not to assert and to cause its Subsidiaries not to assert, and hereby waives and agrees to cause its Subsidiaries so to
waive, all rights for contribution or any other rights of recovery with respect to all claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature, under or related to Environmental Laws, that
any of them might have by statute or otherwise against any Indemnitee. All amounts due under this Section shall be payable not later than 30 days after written demand therefor. Statements payable by the Borrower pursuant to this Section shall
be submitted to Mark Lammas (Telephone No. (310) 445-5702) (Fax No. (310) 445-5710), at the address of the Borrower set forth in Section 10.2, or to such other Person or address as may be hereafter designated by the Borrower in a
notice to the Administrative Agent. The agreements in this Section shall survive repayment of the Loans and all other amounts payable hereunder. 

10.6 Successors and Assigns; Participations and Assignments. (a) This Agreement shall be binding upon and inure to the
benefit of the REIT, the Borrower, the Lenders, the Agents, all future holders of the Loans and their respective successors and assigns, except that the Borrower may not assign or transfer any of its rights or obligations under this Agreement
without the prior written consent of the Agents and each Lender. 
 (b) Any Lender may, without the consent of the Borrower, in
accordance with applicable law, at any time sell to one or more banks, financial institutions or other entities (each, a “Participant”) participating interests in any Loan owing to such Lender, any Revolving Credit Commitment of
such Lender or any other interest of such Lender hereunder and under the other Loan Documents. In the event of any such sale by a Lender of a participating interest to a Participant, such Lender’s obligations under this Agreement to the other
parties to this Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Agreement and the other Loan Documents, and
the Borrower and the Agents shall continue to deal solely and directly with such Lender in connection with such Lender’s rights 

 

 115 

 
and obligations under this Agreement and the other Loan Documents. In no event shall any Participant under any such participation have any right to approve any amendment or waiver of any
provision of any Loan Document, or any consent to any departure by any Loan Party therefrom, except to the extent that such amendment, waiver or consent would require the consent of all Lenders pursuant to Section 10.1. The Borrower agrees that
if amounts outstanding under this Agreement and the Loans are due or unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall, to the maximum extent permitted by
applicable law, be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this
Agreement, provided that, in purchasing such participating interest, such Participant shall be deemed to have agreed to share with the Lenders the proceeds thereof as provided in Section 10.7(a) as fully as if such Participant were a
Lender hereunder. The Borrower also agrees that each Participant shall be entitled to the benefits of Sections 2.16, 2.17 or 2.18 with respect to its participation in the Revolving Credit Commitments and the Loans outstanding from time to time
as if such Participant were a Lender; provided that, in the case of Section 2.17, such Participant shall have complied with the requirements of said Section, and provided, further, that no Participant shall be entitled to
receive any greater amount pursuant to any such Section than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer
occurred. 
 (c) Any Lender (an “Assignor”) may, in accordance with applicable law and upon written notice to
the Administrative Agent, at any time and from time to time assign to any Lender or any affiliate, Related Fund or Control Investment Affiliate thereof or, with the consent of the Borrower and the Agents and, in the case of any assignment of
Revolving Credit Commitments, the written consent of the Issuing Lender and the Swing Line Lender (which shall not be unreasonably withheld or delayed), to an additional bank, financial institution or other entity (an “Assignee”)
all or any part of its rights and obligations under this Agreement pursuant to an Assignment and Assumption, substantially in the form of Exhibit E, executed by such Assignee and such Assignor (and, where the consent of the Borrower, the Agents
or the Issuing Lender or the Swing Line Lender is required pursuant to the foregoing provisions, by the Borrower and such other Persons) and delivered to the Administrative Agent for its acceptance and recording in the Register; provided that
no such assignment to an Assignee (other than any Lender or any affiliate thereof) shall be in an aggregate principal amount of less than $5,000,000 (other than in the case of an assignment of all of a Lender’s interests under this Agreement),
unless otherwise agreed by the Borrower and the Administrative Agent. Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Assumption, (x) the Assignee thereunder
shall be a party hereto and, to the extent provided in such Assignment and Assumption, have the rights and obligations of a Lender hereunder with the Revolving Credit Commitments and/or Loans as set forth therein, and (y) the Assignor
thereunder shall, to the extent provided in such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of an Assignor’s rights and obligations under this
Agreement, such Assignor shall cease to be a party hereto, except as to Section 2.16, 2.17 and 10.5 in respect of the period prior to such effective date). In the event that Borrower fails to respond within five Business Days after the receipt
of a request to approve an assignment pursuant to this 
  

 116 

 
Section 10.6(c), the Borrower shall be deemed to have consented to such assignment. Notwithstanding any provision of this Section, the consent of the Borrower shall not be required for any
assignment that occurs at any time when any Event of Default shall have occurred and be continuing. For purposes of the minimum assignment amounts set forth in this paragraph, multiple assignments by two or more Related Funds shall be aggregated.

 (d) The Administrative Agent shall, on behalf of the Borrower, maintain at its address referred to in Section 10.2 a
copy of each Assignment and Assumption delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Revolving Credit Commitment of, and principal amount of the Loans owing to,
each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrower, each Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans
and any Notes evidencing such Loans recorded therein for all purposes of this Agreement. Any assignment of any Loan, whether or not evidenced by a Note, shall be effective only upon appropriate entries with respect thereto being made in the Register
(and each Note shall expressly so provide). Any assignment or transfer of all or part of a Loan evidenced by a Note shall be registered on the Register only upon surrender for registration of assignment or transfer of the Note evidencing such Loan,
accompanied by a duly executed Assignment and Assumption; thereupon one or more new Notes in the same aggregate principal amount shall be issued to the designated Assignee, and the old Notes shall be returned by the Administrative Agent to the
Borrower marked “canceled”. The Register shall be available for inspection by the Borrower or any Lender (with respect to any entry relating to such Lender’s Loans) at any reasonable time and from time to time upon reasonable prior
notice. Each Lender that sells a participation, acting for this purpose as a non-fiduciary agent (solely for tax purposes) shall maintain a register on which it enters the name and address of each participant and the principal amounts of each
participant’s interest in the Revolving Credit Commitments, Loans and other Obligations held by it (the “Participant Register”). 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 interest in the Revolving Credit Commitments, Loans and other Obligations as the owner thereof for all purposes of this Agreement notwithstanding any
notice to the contrary. 
 (e) Upon its receipt of an Assignment and Assumption executed by an Assignor and an Assignee (and, in
any case where the consent of any other Person is required by Section 10.6(c), by each such other Person) together with payment to the Administrative Agent of a registration and processing fee of $3,500 (treating multiple, simultaneous
assignments by or to two or more Related Funds as a single assignment), the Administrative Agent shall (i) promptly accept such Assignment and Assumption and (ii) on the effective date determined pursuant thereto record the information
contained therein in the Register and give notice of such acceptance and recordation to the Borrower. On or prior to such effective date, the Borrower, at its own expense, upon request, shall execute and deliver to the Administrative Agent (in
exchange for the Revolving Credit Note of the assigning Lender) a new Revolving Credit Note to the order of such Assignee in an amount equal to the Revolving Credit Commitment assumed or acquired by it pursuant to such Assignment and Assumption and,
if the Assignor has retained a Revolving Credit Commitment upon request, a new Revolving Credit Note to the order of the Assignor in an amount equal to the Revolving Credit Commitment retained by it hereunder.

  

 117 

 
Such new Note or Notes shall be dated the Closing Date and shall otherwise be in the form of the Note or Notes replaced thereby. 

(f) For avoidance of doubt, the parties to this Agreement acknowledge that the provisions of this Section concerning assignments of Loans
and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests in Loans and Notes, including, without limitation, any pledge or assignment by a Lender of any Loan or Note to any Federal
Reserve Bank in accordance with applicable law. 
 (g) Notwithstanding anything to the contrary contained herein, any Lender (a
“Granting Lender”) may grant to a special purpose funding vehicle (an “SPC”), identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower, the option to
provide to the Borrower all or any part of any Loan that such Granting Lender would otherwise be obligated to make to the Borrower pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to
make any Loan and (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The making of a Loan by an
SPC hereunder shall utilize the Revolving Credit Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or similar
payment obligation under this Agreement (all liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior
to the date that is one year and one day after the payment in full of all outstanding commercial paper or other indebtedness of any SPC, it will not institute against, or join any other person in instituting against, such SPC any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any state thereof. In addition, notwithstanding anything to the contrary in this Section 10.6(g), any SPC may (A) with notice to, but
without the prior written consent of, the Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to the Granting Lender, or with the prior written consent of the
Borrower and the Administrative Agent (which consent shall not be unreasonably withheld) to any financial institutions providing liquidity and/or credit support to or for the account of such SPC to support the funding or maintenance of Loans, and
(B) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPC; provided that
non-public information with respect to the Borrower may be disclosed only with the Borrower’s consent which will not be unreasonably withheld. This paragraph (g) may not be amended without the written consent of any SPC with Loans
outstanding at the time of such proposed amendment. 
 10.7 Adjustments; Set-off. (a) Except to the extent that this
Agreement provides for payments to be allocated to a particular Lender or to the Lenders, if any Lender (a “Benefitted Lender”) shall at any time receive any payment of all or part of the Obligations owing to it, or receive any
collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in Section 8(f), or otherwise), in a greater proportion than any such payment to or collateral received
by any other Lender, if any, in respect of such other Lender’s Obligations, such Benefitted Lender shall purchase for 
  

 118 

 
cash from the other Lenders a participating interest in such portion of each such other Lender’s Obligations, or shall provide such other Lenders with the benefits of any such collateral, as
shall be necessary to cause such Benefitted Lender to share the excess payment or benefits of such collateral ratably with each of the Lenders; provided, however, that if all or any portion of such excess payment or benefits is
thereafter recovered from such Benefitted Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. 

(b) In addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without prior notice to the
REIT or the Borrower, any such notice being expressly waived by the REIT and the Borrower to the extent permitted by applicable law, upon any amount becoming due and payable by the REIT or the Borrower hereunder (whether at the stated maturity, by
acceleration or otherwise), to set off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in
each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the credit or the account of the REIT or the Borrower, as the case may be. Each
Lender agrees promptly to notify the Borrower and the Administrative Agent after any such setoff and application made by such Lender, provided that the failure to give such notice shall not affect the validity of such setoff and application.

 10.8 Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of
separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by facsimile transmission shall be effective as delivery of a
manually executed counterpart hereof. A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent. 

10.9 Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 10.10 Integration. This Agreement and the other Loan Documents represent the
entire agreement of the REIT, the Borrower, the Agents, the Arranger and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Arranger, any Agent or any
Lender relative to subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents. 
 10.11
Governing Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

 

 119 

 10.12 Submission To Jurisdiction; Waivers. Each of the REIT and the Borrower hereby
irrevocably and unconditionally: 
 (a) submits for itself and its Property in any legal action or proceeding
relating to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of
the United States of America for the Southern District of New York, and appellate courts from any thereof; 
 (b)
consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an
inconvenient court and agrees not to plead or claim the same; 
 (c) agrees that service of process in any such
action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the REIT or the Borrower, as the case may be at its address set forth in
Section 10.2 or at such other address of which the Administrative Agent shall have been notified pursuant thereto; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or
shall limit the right to sue in any other jurisdiction; and 
 (e) waives, to the maximum extent not prohibited
by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages. 

10.13 Acknowledgments. Each of the REIT and the Borrower hereby acknowledges that: 

(a) it has been advised by and consulted with its own legal, accounting, regulatory and tax advisors (to the extent it
deemed appropriate) in the negotiation, execution and delivery of this Agreement and the other Loan Documents; 

(b) neither the Arranger, any Agent nor any Lender has any fiduciary relationship with or duty to the REIT or the Borrower
arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between the Arranger, the Agents and the Lenders, on one hand, and the REIT and the Borrower, on the other hand, in connection herewith or
therewith is solely that of debtor and creditor; 
 (c) it is capable of evaluating, and understands and accepts,
the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; and 

(d) no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions
contemplated hereby among the Arranger, the Agents and the Lenders or among the REIT, the Borrower and the Lenders. 
  

 120 

 10.14 Confidentiality. Each of the Agents and the Lenders agrees to keep confidential
all non-public information provided to it by any Loan Party pursuant to this Agreement that is designated by such Loan Party as confidential; provided that nothing herein shall prevent any Agent or any Lender from disclosing any such
information (a) to the Arranger, any Agent, any other Lender or any affiliate of any thereof, (b) to any Participant or Assignee (each, a “Transferee”) or prospective Transferee that agrees to comply with the provisions of
this Section or substantially equivalent provisions, (c) to any of its employees, directors, agents, attorneys, accountants and other professional advisors, (d) to any financial institution that is a direct or indirect contractual
counterparty in swap agreements or such contractual counterparty’s professional advisor (so long as such contractual counterparty or professional advisor to such contractual counterparty agrees to be bound by the provisions of this Section),
(e) upon the request or demand of any Governmental Authority having jurisdiction over it, (f) in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to any Requirement of Law,
(g) in connection with any litigation or similar proceeding, (h) that has been publicly disclosed other than in breach of this Section, (i) to the National Association of Insurance Commissioners or any similar organization or any
nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender or (j) in connection with the exercise of any remedy hereunder or
under any other Loan Document. 
 10.15 Release of Collateral and Guarantee Obligations. (a) Notwithstanding
anything to the contrary contained herein or in any other Loan Document, upon request of the Borrower in connection with any Disposition of Property permitted by the Loan Documents, the Administrative Agent shall (without notice to, or vote or
consent of, any Lender, or any affiliate of any Lender that is a party to any Specified Hedge Agreement) take such actions as shall be required to release its security interest in any Collateral being Disposed of in such Disposition, and to release
any guarantee obligations under any Loan Document of any Person being Disposed of in such Disposition, to the extent necessary to permit consummation of such Disposition in accordance with the Loan Documents. 

(b) Notwithstanding anything to the contrary contained herein or in any other Loan Document, upon request of the Borrower in connection
with any incurrence of Indebtedness permitted by Section 7.2, the Administrative Agent shall (without notice to, or vote or consent of, any Lender, or any affiliate of any Lender that is a party to any Specified Hedge Agreement) take such
actions as shall be required to release its security interest in any Collateral to be subject to a Lien permitted by Section 7.3, and to release any guarantee obligations under any Loan Document of the Person incurring such Indebtedness, to the
extent necessary to permit the incurrence of such Indebtedness (and the granting of Liens to secure such Indebtedness) in accordance with the Loan Documents, provided that, the Borrower shall deliver to the Administrative Agent a pro forma
Compliance Certificate (i) certifying that, immediately prior to and after giving effect to the incurrence of such Indebtedness, no Default or Event of Default shall have occurred and be continuing, (ii) containing all information and
calculations necessary, and taking into consideration such Indebtedness, for determining pro forma compliance with the provisions of Section 7.1 hereof and the Borrowing Base and (iii) with respect to any Borrowing Base Property,
certifying that the conditions set forth for the release of such Borrowing Base Property in Section 5.4 have been satisfied. 
  

 121 

 (c) Notwithstanding anything to the contrary contained herein or in any other Loan Document,
upon request of the Borrower in connection with any transaction undertaken by the Borrower pursuant to which the removal of certain Collateral is necessary or advisable to facilitate such transaction, the Administrative Agent shall (without notice
to, or vote or consent of, any Lender, or any affiliate of any Lender that is a party to any Specified Hedge Agreement) take such actions as shall be required to release its security interest in such Collateral and, if such Collateral is comprised
of a Person, to release any guarantee obligations under any Loan Document of such Person, but only to the extent reasonably necessary to facilitate the transaction being undertaken by the Borrower, provided that, the Borrower shall deliver to the
Administrative Agent a pro forma Compliance Certificate (i) certifying that, immediately prior to and after giving effect to the removal of such Collateral, no Default or Event of Default shall have occurred and be continuing,
(ii) containing all information and calculations necessary, and taking into consideration the removal of such Collateral, for determining pro forma compliance with the provisions of Section 7.1 hereof and the Borrowing Base and
(iii) with respect to any Borrowing Base Property, certifying that the conditions set forth for the release of such Borrowing Base Property in Section 5.4 have been satisfied. 

(d) Notwithstanding anything to the contrary contained herein or any other Loan Document, when all Obligations (other than obligations in
respect of any Specified Hedge Agreement) have been paid in full, all Revolving Credit Commitments have terminated or expired and no Letter of Credit shall be outstanding, upon request of the Borrower, the Administrative Agent shall (without notice
to, or vote or consent of, any Lender, or any affiliate of any Lender that is a party to any Specified Hedge Agreement) take such actions as shall be required to release its security interest in all Collateral, and to release all guarantee
obligations under any Loan Document, whether or not on the date of such release there may be outstanding Obligations in respect of Specified Hedge Agreements. Any such release of guarantee obligations shall be deemed subject to the provision that
such guarantee obligations shall be reinstated if after such release any portion of any payment in respect of the Obligations guaranteed thereby shall be rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy,
dissolution, liquidation or reorganization of the Borrower or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any Guarantor or any substantial
part of its property, or otherwise, all as though such payment had not been made. 
 10.16 Accounting Changes. In the
event that any “Accounting Change” (as defined below) shall occur and such change results in a change in the method of calculation of financial covenants, standards or terms in this Agreement, then the Borrower and the Administrative Agent
agree to enter into negotiations in order to amend such provisions of this Agreement so as to equitably reflect such Accounting Change with the desired result that the criteria for evaluating the Borrower’s financial condition shall be the same
after such Accounting Change as if such Accounting Change had not been made. Until such time as such an amendment shall have been executed and delivered by the Borrower, the Administrative Agent and the Required Lenders, all financial covenants,
standards and terms in this Agreement shall continue to be calculated or construed as if such Accounting Change had not occurred. “Accounting Change” refers to any change in accounting principles required by the promulgation of any
rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants or, if applicable, the SEC. 

 

 122 

 10.17 Waivers of Jury Trial. THE REIT, THE BORROWER, THE AGENTS AND THE LENDERS
HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

 

 123 

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

			
	HUDSON PACIFIC PROPERTIES, INC.
		
	By:	 	 
		 	Name:
		 	Title:
	
	HUDSON PACIFIC PROPERTIES, L.P.
		
	By:	 	  

		 	Name:
		 	Title:
	
	 BANC OF AMERICA SECURITIES LLC,
as Arranger

		
	 By:
	 	  

		 	Name:
		 	Title:
	
	 BANK OF AMERICA, N.A.,
as Syndication Agent

		
	 By:
	 	  

		 	Name:
		 	Title:
	
	 BARCLAYS BANK PLC,
as Administrative Agent

		
	By:	 	  

		 	Name:
		 	Title:Loan Agreement

 EXHIBIT 10.23 

 
  

 
 LOAN AGREEMENT 

by and among 

SUNSET BRONSON ENTERTAINMENT PROPERTIES, LLC, 

as Borrower 
 the
Lenders Party Hereto, 
 WACHOVIA BANK, NATIONAL ASSOCIATION, 

as Administrative Agent 

with 
 WACHOVIA
CAPITAL MARKETS, LLC, 
 As Lead Arranger and Sole Bookrunner 

dated as of 

May 12, 2008 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	 	  	Page

							
	ARTICLE I DEFINITIONS	  	1
		 	1.1	  	Definitions	  	1
		 	1.2	  	Accounting Terms	  	11
		
	ARTICLE II THE LOANS	  	11
		 	2.1	  	Agreement to Lend and Borrow	  	11
		 	2.2	  	Evidence of Indebtedness	  	11
		 	2.3	  	Interest Rate; Principal Amortization	  	12
		 	2.4	  	Maturity of the Loans	  	13
		 	2.5	  	Security	  	14
		 	2.6	  	Fees	  	14
		 	2.7	  	Increased Costs	  	15
		 	2.8	  	Payments; Pro Rata Treatment	  	15
		 	2.9	  	Designation of a Different Lending Office	  	16
		 	2.10	  	Taxes	  	16
		 	2.11	  	Survival of Indemnity	  	18
		 	2.12	  	Funding by Lenders; Payments by Borrower; Presumptions by
		 		  	Administrative Agent	  	18
		 	2.13	  	Replacement of Lenders	  	19
		 	2.14	  	Cash Management Account	  	19
		 	2.15	  	Partial Release of Collateral	  	20
		
	ARTICLE III CONDITIONS PRECEDENT	  	22
		 	3.1	  	Closing	  	22
		
	ARTICLE IV LOAN DISBURSEMENTS	  	23
		 	4.1	  	Recordation Disbursements	  	23
		 	4.2	  	Subsequent Disbursements	  	23
		 	4.3	  	Notice of Borrowing	  	24
		 	4.4	  	Availability of Funds	  	24
		 	4.5	  	Lending Offices	  	24
		 	4.6	  	Borrowing Monthly	  	25
		 	4.7	  	Method of Loan Advances	  	25
		 	4.8	  	Limitations and Conditions on Loan Advances	  	25
		 	4.9	  	Reallocation of Amounts	  	26
		 	4.10	  	Deficiencies	  	26
		 	4.11	  	Appraisals	  	26
		 	4.12	  	[Intentionally Omitted]	  	27
		 	4.13	  	[Intentionally Omitted]	  	27
		 	4.14	  	[Intentionally Omitted]	  	27
		 	4.15	  	Letters of Credit Issuance	  	27

  

 -i- 

							
		
	ARTICLE V TITLE INSURANCE	  	29
		 	5.1	  	Basic Insurance	  	29
		 	5.2	  	Continuation and Date-Down Endorsements	  	29
		
	ARTICLE VI OPERATION AND MAINTENANCE OF THE PROJECT	  	29
		 	6.1	  	Operation as First Class Studio Facility	  	29
		 	6.2	  	Maintenance	  	29
		
	ARTICLE VII LIABILITY, RISK, AND FLOOD INSURANCE	  	29
		 	7.1	  	Property	  	29
		 	7.2	  	Liability	  	29
		 	7.3	  	Flood	  	30
		 	7.4	  	Additional Insurance	  	30
		 	7.5	  	Other Requirements	  	30
		 	7.6	  	Evidence	  	30
		
	ARTICLE VIII RIGHTS OF INSPECTION; AGENCY	  	31
		
	ARTICLE IX REPRESENTATIONS AND WARRANTIES	  	31
		 	9.1	  	Consideration	  	31
		 	9.2	  	Organization, Powers and Good Standing	  	31
		 	9.3	  	Authorization of Loan Documents	  	32
		 	9.4	  	Compliance with Laws	  	32
		 	9.5	  	No Material Defaults	  	32
		 	9.6	  	Litigation; Adverse Facts	  	32
		 	9.7	  	Title to Properties; Liens	  	33
		 	9.8	  	Disclosure	  	33
		 	9.9	  	Payment of Taxes	  	33
		 	9.10	  	Securities Activities	  	33
		 	9.11	  	Government Regulations	  	33
		 	9.12	  	Rights to Project Agreements, Permits and Licenses	  	34
		 	9.13	  	Utilities and Access	  	34
		 	9.14	  	Use of Project	  	34
		 	9.15	  	Financial Condition	  	34
		 	9.16	  	Personal Property	  	34
		 	9.17	  	No Condemnation	  	34
		 	9.18	  	Other Loan Documents	  	34
		 	9.19	  	Indemnitor	  	34
		 	9.20	  	No Lease Defaults	  	34
		 	9.21	  	Defects	  	35
		 	9.22	  	ERISA	  	35
		
	ARTICLE X COVENANTS OF BORROWER	  	35
		 	10.1	  	Consideration	  	35
		 	10.2	  	Existence	  	35

  

 -ii- 

							
		 	10.3	  	Books and Records; Access by Administrative Agent and the Lenders	  	35
		 	10.4	  	No Encumbrances	  	35
		 	10.5	  	Compliance with Laws	  	36
		 	10.6	  	Personal Property	  	36
		 	10.7	  	Assessments	  	36
		 	10.8	  	Disbursements	  	36
		 	10.9	  	Information and Statements	  	36
		 	10.10	  	Representations and Warranties	  	37
		 	10.11	  	Trade Names	  	37
		 	10.12	  	Further Assurances	  	37
		 	10.13	  	Notice of Litigation	  	37
		 	10.14	  	Maintenance of Existence	  	38
		 	10.15	  	Hazardous Materials	  	38
		 	10.16	  	Verification of Costs	  	38
		 	10.17	  	Single Purpose Entity	  	38
		 	10.18	  	Government Regulation	  	38
		 	10.19	  	Negative Covenants	  	38
		 	10.20	  	“Last Look” for Refinancing	  	41
		
	ARTICLE XI EVENTS OF DEFAULT AND REMEDIES	  	42
		 	11.1	  	Events of Default	  	42
		 	11.2	  	Remedies	  	44
		
	ARTICLE XII ADMINISTRATIVE AGENT	  	46
		 	12.1	  	Appointment and Authority	  	46
		 	12.2	  	Rights as a Lender	  	46
		 	12.3	  	Exculpatory Provisions	  	47
		 	12.4	  	Reliance by Administrative Agent	  	47
		 	12.5	  	Delegation of Duties	  	48
		 	12.6	  	Resignation of Administrative Agent	  	48
		 	12.7	  	Non-Reliance on Administrative Agent and Other Lenders	  	49
		 	12.8	  	No Other Duties, Etc.	  	49
		
	ARTICLE XIII MISCELLANEOUS	  	49
		 	13.1	  	Successors and Assigns Generally; Assignments	  	49
		 	13.2	  	Notices	  	52
		 	13.3	  	Authority to File Notices	  	53
		 	13.4	  	Inconsistencies with the Loan Documents	  	53
		 	13.5	  	No Waiver	  	53
		 	13.6	  	Administrative Agent Approval of Instruments and Parties	  	53
		 	13.7	  	Administrative Agent Determination of Facts	  	53
		 	13.8	  	Incorporation of Preamble, Recitals and Exhibits	  	53
		 	13.9	  	Third-Party Consultants	  	53
		 	13.10	  	Costs and Expenses; Indemnification; Reimbursement	  	53
		 	13.11	  	Disclaimer by Administrative Agent and the Lenders	  	55
		 	13.12	  	Intentionally Omitted	  	55

  

 -iii- 

							
		 	13.13	  	Titles and Headings	  	55
		 	13.14	  	Brokers	  	55
		 	13.15	  	Change, Discharge, Termination, or Waiver	  	55
		 	13.16	  	CHOICE OF LAW	  	56
		 	13.17	  	Disbursements in Excess of Aggregate Commitment	  	56
		 	13.18	  	Submission to Jurisdiction; Waiver of Venue; Service of Process	  	56
		 	13.19	  	Counterparts	  	57
		 	13.20	  	Time is of the Essence	  	57
		 	13.21	  	Attorneys’ Fees	  	57
		 	13.22	  	[Intentionally Omitted]	  	57
		 	13.23	  	[Intentionally Omitted]	  	57
		 	13.24	  	Waiver Of Jury Trial	  	57
		 	13.25	  	WAIVER OF SPECIAL DAMAGES	  	57
		 	13.26	  	USA Patriot Act Notification	  	58
		 	13.27	  	Amendments and Waivers	  	58
		 	13.28	  	Setoff; Sharing of Payments by Lenders	  	59
		 	13.29	  	Application of Proceeds	  	60
		 	13.30	  	Swap Contracts	  	61
		
	ARTICLE XIV EXHIBITS	  	62

  

 -iv- 

 LOAN AGREEMENT 

This Loan Agreement is made as of May 12, 2008 by and among SUNSET BRONSON ENTERTAINMENT PROPERTIES, LLC, a Delaware limited
liability company, whose address is c/o Hudson Capital, LLC, 11601 Wilshire Boulevard, Suite 1600, Los Angeles, California 90025-0317, Attention: Victor Coleman and Howard Stern (“Borrower”), the Lenders party hereto from time to
time (the “Lenders”) and WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association, whose address is Wachovia Bank, N.A., Real Estate Financial Services, General Banking Group, Mail Code: CA 6500, 1800 Century Park
East, Suite 500, Los Angeles, California 90067, as administrative agent for the Lenders (“Administrative Agent”). 

RECITALS 

A. Borrower has acquired fee simple title to that certain real property located in Hollywood, California, more particularly described in
Exhibit A attached hereto (the “Property”). 
 B. Borrower has requested that the Lenders extend credit
to it for the refinancing, re-entitlement and leasing of the Property and the payment of the other costs described in the Budget. 

C. The Lenders are prepared to extend such credit in accordance with and subject to the terms and conditions set forth herein.

 NOW, THEREFORE, in consideration of the covenants and conditions herein contained, the Borrower, the Lenders and the
Administrative Agent, each intending to be legally bound, hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 1.1
Definitions. As used herein, the following terms shall have the meanings set forth below: 
 “Administrative
Agent” has the meaning set forth in the preamble hereof and shall include any successor administrative agent appointed pursuant to Section 12.6. 

“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 “Affiliate” of any Person means any other Person directly or indirectly controlling, controlled by or under
direct or indirect common control with such Person. For purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether
through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

 

 -1- 

 “Aggregate Commitment” means the aggregate Commitments of all the Lenders,
as reduced or increased from time to time pursuant to the terms of this Agreement. As of the date of this Agreement, the Aggregate Commitment is $39,000,000. 

“Agreement” shall mean this Loan Agreement, as the same may be amended, modified, supplemented, renewed and restated
from time to time. 
 “Appraisal” shall mean an appraisal of the “as is” value of the Property and
the Improvements (i) ordered by Administrative Agent, (ii) prepared by an appraiser selected by and satisfactory to Administrative Agent, (iii) in compliance with all federal and state standards for appraisals (including without
limitation all requirements under the Financial Institutions Reform, Recovery, and Enforcement Act), (iv) reviewed by Administrative Agent and (v) satisfying Administrative Agent’s then-current policies for appraisals; provided,
however, that in reviewing such appraisals and applying such discretion, Administrative Agent will act in good faith and will consistently apply the standards generally used by Administrative Agent in the normal course of its real estate lending
business in order to review and evaluate appraisals. 
 “Approved Fund” means any Fund that is administered or
managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with
the consent of any party whose consent is required by Section 13.1), and accepted by Administrative Agent, in substantially the form of Exhibit B or any other form approved by Administrative Agent. 

“Borrower” has the meaning set forth in the preamble hereof. 

“Borrower’s Knowledge” means the current actual (and not the constructive or imputed) knowledge of the Responsible
Persons. Lender acknowledges that the individuals who are named as Responsible Persons are named solely for the purpose of defining the scope of Borrower s Knowledge and not for the purpose of imposing any liability or creating any duties running
from such individuals to Lender. 
 “Borrowing Date” means any Business Day specified pursuant to
Section 4.3 as a date on which the Lenders make a disbursement of the Loans hereunder. 
 “Budget”
shall mean the cost breakdown/budget for the Loans attached hereto as Exhibit C. 
 “Business Day” means
a day (other than a Saturday or Sunday) on which banks generally are open in Charlotte, North Carolina and Los Angeles, California for the conduct of substantially all of their commercial lending activities. 

“CC&R’s” shall mean any and all covenants, conditions, restrictions, maintenance agreements or reciprocal
easement agreements affecting the Project or any of the Property. 
  

 -2- 

 “Calendar Month” shall mean any of the twelve (12) calendar months of
the year. With respect to any payment or obligation that is due or required to be performed within a specified number of Calendar Months, then such payment or obligation shall become due on the day in the last of such specified number of Calendar
Months that corresponds numerically to the date on which such payment or obligation was incurred or commenced; provided, however, that with respect to any obligation that was incurred or commenced on the 29th, 30th or 31st day of any Calendar Month
and if the Calendar Month in which such payment or obligation would otherwise become due does not have a numerically corresponding date, such obligation shall become due on the first Business Day of the next succeeding Calendar Month. 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption
or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority or (c) the making or issuance of
any request, guideline or directive (whether or not having the force of law) by any Governmental Authority. 
 “Closing
Date” shall mean the date the Deed of Trust is recorded in the official records of the County. 

“Code” means the Internal Revenue Code of 1986, as amended or superseded from time to time. Any reference to a specific
provision of the Code shall be construed to include any comparable provision of the Code as hereafter amended or superseded. 

“Collateral” shall mean all real and personal property (whether tangible or intangible) in which a lien, encumbrance or
security interest is granted in favor of Administrative Agent, for the benefit of the Lenders, pursuant to the Loan Documents. 

“Commitment” has the meaning set forth in Section 2.1(a). 

“Commitment Period” means the period from and including the date of this Agreement to the Maturity Date, or such earlier
date as the Aggregate Commitment shall terminate as provided herein. 
 “County” shall mean Los Angeles County,
California. 
 “Day” or “Days” shall mean calendar days unless expressly stated to be Business
Days. 
 “Debt Service Coverage Ratio” shall mean a fraction, the numerator of which is the Net Operating
Income from the Project before payment of debt service for the three-month period in question, and the denominator of which is an amount equivalent to the sum of an amount, as reasonably determined by Administrative Agent, equivalent to the interest
that would accrue on the Loans during such three-month period at a rate of interest equal to the then-current LIBOR Rate (giving affect to all Swap Contracts then in effect). 

“Deed of Trust” shall mean a Deed of Trust, Assignment, Security Agreement and Fixture Filing executed by Borrower, as
trustor, and naming Administrative Agent as beneficiary, creating a first lien on the Property, the Improvements, and all other buildings, 

 

 -3- 

 
fixtures and improvements now or hereafter owned or acquired by Borrower and situated on the Property, and all rights and easements appurtenant thereto, securing indebtedness and obligations
pursuant to the Loan Documents, all in form and substance acceptable to Administrative Agent, as such deed of trust may be amended, modified, supplemented, renewed and restated from time to time. 

“Defaulting Lender” means, as of any date, any Lender that has (a) failed to make a Loan required to be made by it
hereunder, (b) given notice to Administrative Agent or Borrower that it will not make, or that it has disaffirmed or repudiated any obligation to make, any Loan required to be made by it hereunder (unless such notice is given by all Lenders) or
(c) been deemed insolvent or become the subject of a bankruptcy or insolvency proceeding. 
 “Eligible
Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund, and (d) any other Person (other than a natural person) with total assets of $1,000,000,000 or more that is regularly engaged in commercial
lending activities as one of its core businesses, and is approved by (i) Administrative Agent and (ii) unless an Event of Default has occurred and is continuing, Borrower (each such approval not to be unreasonably withheld or delayed);
provided that notwithstanding the foregoing, “Eligible Assignee” shall not include Borrower or any of Borrower’s Affiliates or Subsidiaries. 

“Environmental Indemnity” shall mean that certain Environmental Indemnity Agreement executed by Borrower and Indemnitor
of even date herewith. 
 “Event of Default” shall mean the occurrence of any of the events listed in
Section 11.1 of this Agreement. 
 “ERISA” shall mean Employee Retirement Income Security Act of
1974, as the same may, from time to time, be amended. 
 “Excluded Taxes” means, with respect to Administrative
Agent, any Lender, or any other recipient of any payment to be made by or on account of any obligation of Borrower hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and franchise taxes imposed on it
(in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable Lending
Office is located, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which Borrower is located and (c) in the case of a Foreign Lender (other than an assignee
pursuant to a request by Borrower under Section 2.13), any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party hereto (or designates a new Lending Office) or is
attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in Law) to comply with Section 2.10(e), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time
of designation of a new Lending Office (or assignment), to receive additional amounts from the Borrower with respect to such withholding tax pursuant to Section 2.10(a). 

“Extended Maturity Date” shall mean an extended Maturity Date determined in accordance with Section 2.4 of
this Agreement. 
  

 -4- 

 “Extension Fee” shall mean one quarter of one percent (.25%) of the sum of
(i) amounts outstanding on the Loans as of the then applicable Maturity Date and (ii) the undisbursed amount of the Loans as of the then applicable Maturity Date. 

“Federal Funds Rate” means, for any day, the rate per annum (rounded upwards, if necessary, to the
nearest  1/100 of 1%) equal to the weighted average
of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day,
provided, however, that (a) if the day for which such rate is to be determined is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published
on the next succeeding Business Day, and (b) if such rate is not so published for any Business Day, the Federal Funds Rate for such Business Day shall be the average rate charged to Administrative Agent on such Business Day on such transactions
as determined by Administrative Agent. 
 “Fee Letter” shall mean that certain letter agreement of even
date herewith between Wachovia Bank and Borrower, pertaining to the payment by Borrower to Wachovia Bank of certain fees in connection with this Agreement. 

“Financing Statement” shall mean one or more UCC-1 financing statements authorized by Borrower, as debtor, in favor of
Administrative Agent, as secured party, and perfecting Administrative Agent’s security interest in the collateral described therein, each in form and substance satisfactory to Administrative Agent, to be filed in the Office of the Secretary of
State of Delaware, and in such other offices for recording or filing such statements in such jurisdictions as Administrative Agent shall desire to perfect Administrative Agent’s security interest or reflect such interest in appropriate public
records. 
 “Foreign Lender” means any Lender (or, if such Lender is a disregarded entity for United States
federal income tax purposes, the Person treated, for United States federal income tax purposes, as the owner of the assets of such Lender) that is not organized under the laws of the United States of America, any State thereof or the District of
Columbia. 
 “Fund” means any Person (other than a natural person) that is (or will be) engaged in making,
purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 

“Governmental Authority” shall mean (a) any governmental municipality or political subdivision thereof,
(b) any governmental or quasi-governmental agency, authority, board, bureau, commission, department instrumentality or public body, or (c) any court, administrative tribunal or public utility. 

“Guaranty” shall mean that certain Guaranty of even date herewith executed by Indemnitor in favor of Administrative
Agent and Lenders, as more fully described therein. 
 “Hard Costs” shall mean acquisition costs, refinancing
costs, permit costs, and other hard costs, in each case to the extent that such items are set forth in the Budget. 
  

 -5- 

 “Improvements” shall mean all on-site and off-site improvements to the
Property, including the existing approximately 306,722 square foot structures located at 5300 West Sunset Boulevard, together with all capital improvements, fixtures, tenant improvements and appurtenances now or later to be constructed and/or
located on the Property and/or in such improvements. 
 “Indebtedness” means, as to any Person
(a) indebtedness created, issued, incurred or assumed by such Person for borrowed money or evidenced by bonds, debentures, notes or similar instruments; (b) all obligations of such Person to pay the deferred purchase price of property or
services; (c) all indebtedness secured by a lien on any asset of such Person whether or not such indebtedness is assumed by such Person; (d) all obligations, contingent or otherwise, of such Person directly or indirectly guaranteeing any
indebtedness or other obligation of any other Person or in any manner providing for the payment of any indebtedness or other obligation of any other Person or otherwise protecting the holder of such indebtedness against loss (excluding endorsements
for collection or deposit in the ordinary course of business); (e) the amount of all reimbursement obligations and other obligations of such Person (whether due or to become due, contingent or otherwise) in respect of letters of credit, drafts,
notes, bankers’ acceptances, surety or other bonds and similar instruments; (f) all other obligations that would be included as liabilities on a balance sheet prepared in accordance with GAAP; and (g) net liabilities under Swap
Contracts. 
 “Indemnified Taxes” means Taxes other than Excluded Taxes. 

“Indemnitor” means Hudson Sunset Gower, LLC, a Delaware limited liability company. 

“Interest Period” means each period commencing on the last day of the immediately preceding Interest Period and ending
on the same day of the month that interest is due 1 month thereafter; provided, (a) the first Interest Period shall commence on the Closing Date and end on the first day of the next Calendar Month, (b) any Interest Period that ends in a
month for which there is no day which numerically corresponds to the last day of the immediately preceding Interest Period shall end on the last day of the month, and (c) any Interest Period that would otherwise extend past the Maturity Date
shall end on the Maturity Date. 
 “Issuing Lender” means Wachovia Bank, N.A. in its individual capacity as a
Lender issuing Letters of Credit under this Agreement and such other Lenders as Borrower and Administrative Agent hereafter approve to issue Letters of Credit hereunder. 

“KTLA Lease” shall mean that certain Lease executed by Sunset Studios Holdings, LLC, a Delaware limited liability
company, predecessor-in-interest to Borrower, as landlord, and KTLA, Inc., as tenant, and dated as of January 30, 2008. 

“Leases” means all leases, and other occupancy or use agreements (whether oral or written), now or hereafter existing,
which cover or relate to the Property or any part thereof, together with all options therefor, amendments thereto and renewals and modifications thereof. 

“Lenders” has the meaning set forth in the preamble hereof. 

 

 -6- 

 “Lending Office” means with respect to a Lender, the office, branch,
subsidiary or affiliate of such Lender identified in the Administrative Questionnaire delivered by such Lender to the Administrative Agent or otherwise selected by such Lender pursuant to Section 4.5. 

“LIBOR Rate” means, with respect to each Interest Period, the rate per annum determined on the basis
of the offered rate for deposits in U.S. dollars having a maturity of one month which appears on the Reuters Screen LIBOR01 Page as of 11:00 a.m. (London time) on the second London Banking Day before such Interest Period Begins, plus
3.65% per annum; provided that, if no such offered rates appear on such page, the applicable “LIBOR Rate” shall instead be the arithmetic average (rounded upward, if necessary, to the next higher
 1/100th of 1%) of rates quoted by not less than two
(2) major lenders in New York City, selected by the Administrative Agent in its reasonable discretion, at approximately 10:00 a.m., New York City time, on such day, for deposits in U.S. dollars offered by leading European banks having a
maturity of one month in a amount comparable to the outstanding principal amount of the Loans, plus 3.65% per annum; provided, further, that if on any day the Administrative Agent is unable to determine the LIBOR Rate in the foregoing
manner, the LIBOR Rate for such day shall be the rate per annum equal to the Prime Rate for such day. Notwithstanding the foregoing, from and after June 1, 2010, in no event shall the “LIBOR Rate” hereunder ever be less than
5.90% per annum. 
 “Loan Documents” shall mean this Agreement, the Notes, the Deed of Trust,
Financing Statements, the Guaranty, the Environmental Indemnity, and all other documents and instruments now or hereafter executed and delivered in connection with this Agreement and the Loans described herein. 

“Loan-to-Value Ratio” shall mean the ratio, expressed as a percentage, of (i) the sum of (A) the outstanding
principal balance of the Loans and (B) the undisbursed amount of the Loans to (ii) the as-is value of the Project, as set forth in the applicable Appraisal, as approved by Administrative Agent in its reasonable discretion. 

“Loans” means the loans made pursuant to this Agreement that are more particularly described in Section 2.1.

 “London Banking Day” means a day on which dealings in dollar deposits are conducted by and between banks in
the London interbank eurodollar market. 
 “Maturity Date” shall mean the date upon which the Loans become due
and payable, which date shall be May 30, 2010; provided that if the Maturity Date is extended as provided in Section 2.4, it shall mean the Extended Maturity Date. 

“Net Operating Income” shall mean the amount of (a) Rental Income for the applicable three (3) month period of
time in question, less (b) the amount of Operating Expenses for such period of time. 
 Net Sales Proceeds:
The gross sales price for the Satellite D Parcel, minus customary and reasonable expenses (not to exceed seven percent (7%) of the gross sales price) actually incurred. 

 

 -7- 

 “Non-Related Party” shall mean a person or entity that is not an Affiliate
of Borrower. 
 “Note” or “Notes” means a promissory note or notes substantially in the form
of Exhibit D, executed and delivered by Borrower payable to the order of a Lender, and delivered pursuant to Section 2.2 or any other provision hereof, as the same may be modified, amended, supplemented or replaced from time to
time. 
 “Notice of Borrowing” has the meaning set forth in Section 4.3(a) and shall be in the form
of Exhibit E. 
 “Obligations” means any and all indebtedness and obligations of Borrower owing to Agent
and Lenders under the Loan Documents. 
 “OFAC” means the U.S. Department of the Treasury’s Office of
Foreign Assets Control. 
 “Operating Expenses” shall mean any and all costs and expenses incurred in
connection with the Project (or which should spent to operate and maintain the Project at the level currently managed) during the applicable three-month time period in question as reasonably determined by Lender, including without limitation
(a) taxes and assessments imposed upon the Project which are reasonably allocable to such time period, (b) bond assessments which are reasonably allocable to such time period, (c) insurance premiums for casualty insurance and
liability insurance carried in connection with the Project which are reasonably allocable to such time period, (d) operating expenses incurred by Borrower for the management, operation, cleaning, leasing, maintenance and repair of the Project
which are reasonably allocable to such time period, including a management fee equal to three percent (3.0%), and (e) a $0.25 per square foot per annum replacement reserve reasonably allocable to such time period. Operating Expenses shall not
include any interest, principal, loan fees, extension fees or other payments on the Loan or capital expenditures. 

“Other Taxes” means all present or future stamp or documentary taxes or any other excise or property taxes, charges or
similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document. 

“Parking Lease” shall mean that certain Parking Lot Lease between Parking Lease Lessor, as lessor, and Borrower, as
lessee, dated as of May 12, 2008. 
 “Parking Lease Lessor” shall mean Sunset Studios Holdings, LLC, a
Delaware limited liability company. 
 “Permitted Exceptions” means the matters approved by Administrative
Agent as permitted exceptions of title with respect to the Property and set forth as exceptions to title in the Title Insurance Policy approved by Administrative Agent. 
  

 -8- 

 “Person” shall mean a natural person, a partnership, a joint venture, an
unincorporated association, a limited liability company, a corporation, a trust, any other legal entity, or any Governmental Authority. 

“Prime Rate” means that interest rate so denominated and set by Wachovia Bank from time to time as an interest rate
basis for borrowings. The Prime Rate is but one of several interest rate bases used by Wachovia Bank. Wachovia Bank lends at interest rates above and below the Prime Rate. 

“Project” shall mean the Property and the Improvements. 

“Project Costs” means all costs incurred or to be incurred by Borrower with respect to the acquisition and/or
refinancing of the Property, and the leasing, re-entitlement, development and operation of the Project, as set forth in the Budget. 

“Property” shall mean the real property described in Exhibit A attached hereto. 

“Ratable Share” means, with respect to any Lender on any date, the ratio of (a) the amount of the Commitment of
such Lender to (b) the Aggregate Commitment. 
 “Rental Income” shall mean the rental income and any other
income received by Borrower, as reasonably determined by Administrative Agent, for the three (3) month period of time in question from the tenant Leases of the Improvements which are then in effect (and as to which the tenants thereunder are in
possession and paying rent, and are not in default); provided, however, rental income and other income to be received by Borrower, as reasonably determined by Administrative Agent, from the tenant Leases of the Improvements which are then in effect,
but under which rent has not yet commenced (and as to which the tenants thereunder are not in default), shall be credited to Rental Income. 

“Register” has the meaning set forth in Section 13.1(c). 

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

“Required Lenders” shall mean, (i) at any particular time that there are three (3) or more
Lenders, Lenders having at least 66- 2/3% of the
Aggregate Commitment or, if the Aggregate Commitment has been terminated, Lenders having at least
66- 2/3% of the aggregate amount of the Loans then
outstanding or (ii) at any particular time that there are two (2) or fewer Lenders, all the Lenders; provided in each case that the Commitment of, and the portion of the Loans held by, any Defaulting Lender (and the Defaulting
Lender itself if there are two (2) Lenders) shall be excluded for purposes of determining Required Lenders. 

“Responsible Persons” shall mean Christopher Barton and Dale Shimoda. 

“Responsible Officer” means as to Borrower or any of its Subsidiaries, any of the chief executive officer, president,
any vice president or chief financial officer of the with respect to Borrower or such Subsidiary and, with respect to financial matters and matters, any of the 

 

 -9- 

 
chief financial officer or treasurer with respect to Borrower or such Subsidiary, or Christopher Barton or Howard Stern. 

“Satellite D Parcel” means the approximately 13,242 square-foot portion of the Project located on Bronson Avenue and
more particularly described in Exhibit I attached hereto. 
 “Soft Costs” shall mean the fees and costs
other than Hard Costs, which shall include, without limitation, loan fees, advertising, fees and costs for direct project supervision, project overhead, project audit fees, management fees, temporary facilities, interest, appraisal fees, real
property taxes, processing fees, insurance and closing costs plus any other costs, fees or expenses, all as approved by Administrative Agent in its reasonable discretion, in each case to the extent that such items are set forth in the Budget.

 “Subsidiary” shall mean, as to any Person, a corporation, limited liability company or other entity of which
shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other
managers of such corporation, limited liability company or other entity are at the time owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person, and with respect
to Borrower shall include all Subsidiaries of Subsidiaries of Borrower, provided that no joint venture will be a Subsidiary. Unless otherwise specified, “Subsidiary” means a Subsidiary of the Borrower (including Subsidiaries of
Subsidiaries). 
 “Swap Contract” shall mean any agreement, whether or not in writing, relating to any
transaction that is a rate swap, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap or option, bond, note or bill option, interest rate option, forward foreign exchange transaction, interest cap,
collar or floor transaction, currency swap, cross-currency rate swap, swap option, currency option or any other similar transaction (including any option to enter into the foregoing) or any combination of the foregoing, and, unless the context
otherwise clearly requires, any form of master agreement published by the International Swaps and Derivatives Association, Inc., or any other master agreement, together with any related schedules and confirmations, as amended, supplemented,
superseded or replaced from time to time, relating to or governing any or all of the foregoing. 
 “Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Title Company” shall mean Chicago Title Insurance Company, or such other title insurance company as Administrative
Agent may approve from time to time. 
 “Title Insurance Policy” shall mean a title insurance policy issued by
the Title Company, in form and substance satisfactory to Administrative Agent and containing such endorsements as Administrative Agent may require. 

“Total Costs” shall mean the sum of Hard Costs (including all acquisition costs of the Property) and Soft Costs.

  

 -10- 

 “Treasury Note Rate” shall mean the yields reported, as of 10:00 a.m. (New
York time) on any Business Day (hereinafter defined), on the display designated as “Page 678” on the Telerate Data Service (or such other display as may replace Page 678 on the Telerate Data Service) for actively traded U.S. Treasury
securities having a maturity equal to ten (10) years, or if such yields shall not be reported as of such time or the yields reported as of such time shall not be ascertainable, the latest Treasury Constant Maturity Series yields reported, for
the latest day for which such yields shall have been so reported as of the applicable Business Day, in Federal Reserve statistical Release H. 15 (519) (or any comparable successor publication) for actively traded U.S. Treasury securities having
a constant maturity equal to ten (10) years. Such implied yield shall be determined, if necessary, by (i) converting U.S. Treasury bill quotations to bond-equivalent yields in accordance with accepted financial practice and
(ii) interpolating linearly between reported yields. The term “Business Day” as used in this paragraph means a day on which banks are open for business in New York, New York. 

“Unmatured Event of Default” shall mean an event or condition which with notice or lapse of time, or both, would become
an Event of Default. 
 “Wachovia Bank” means Wachovia Bank, National Association, a national banking
association. 
 1.2 Accounting Terms. For purposes of this Agreement, all accounting terms not otherwise defined herein
or in the Recitals shall have the meanings assigned to them in conformity with generally acceptable accounting standards and principles, consistently applied (“GAAP”). 

ARTICLE II 
 THE
LOANS 
 2.1 Agreement to Lend and Borrow. 

(a) Subject to the terms and conditions of this Agreement, each Lender severally agrees to make Loans to Borrower from time to time
during the Commitment Period in an aggregate principal amount of Loans made by such Lender not to exceed the amount set forth on Exhibit F attached hereto (such Lender’s obligations to make Loans in such amounts, as reduced, increased or
otherwise modified from time to time pursuant to the terms of this Agreement, being referred to herein as such Lender’s “Commitment”). The proceeds of the Loans shall be used for the purposes of paying for the costs of
acquiring and/or refinancing the Property, leasing the Improvements, re-entitlement of the Project and for the other purposes set forth in the Budget. All amounts advanced under the Loans and repaid may not be re-borrowed. 

(b) Agent and Lenders shall not have any obligation to make any Loan that would have the effect of increasing the aggregate amount of all
Loans made by Lenders hereunder plus the amount of all L/C Obligations (as defined in Section 4.15 below) to an amount exceeding the Aggregate Commitment. 

2.2 Evidence of Indebtedness. The Loans made by the Lenders pursuant hereto shall be evidenced by Notes, payable to the order of
each Lender in the amount of its Commitment and evidencing the obligation of Borrower to pay the aggregate unpaid principal amount of the 

 

 -11- 

 
Loans made by such Lender, with interest thereon as prescribed in Section 2.3. Each Lender is hereby authorized to record electronically or otherwise the date and amount of each Loan
disbursement made by such Lender, and the date and amount of each payment or prepayment of principal thereof, and any such recordation shall be conclusive absent manifest error as to the accuracy of the information so recorded; provided,
however, the failure of such Lender to make, or any error in making, any such recordation(s) shall not affect the obligation of Borrower to repay outstanding principal, interest, or any other Obligation due hereunder or under the Notes in
accordance with the terms hereof and thereof. 
 2.3 Interest Rate; Principal Amortization. 

(a) Payment. The Loans shall bear interest on the unpaid principal amount thereof at a rate per annum equal to the LIBOR Rate.
Interest shall be payable in arrears and shall be due on the first Business Day of each Calendar Month and on the last day of the Commitment Period. 

(b) Rate after Default. If all or a portion of the principal amount of any of the Loans made hereunder or any
installment of interest on any Loan shall not be paid on or prior to the fifth
(5th) day after the same becomes due (whether at the
stated maturity, by acceleration or otherwise and after any applicable opportunity to cure), any such overdue principal amount and, to the extent permitted by applicable law, any overdue installment of interest on any Loan shall, without limiting
any other rights of the Lenders, bear interest, payable on demand, for each day thereafter until paid at a rate per annum equal to the sum of 4% plus the LIBOR Rate. After the occurrence and during the continuance of an Event of Default, the
principal amount of the Loans (and, to the extent permitted by applicable law, all accrued interest thereon) may, at the election of the Required Lenders, bear interest at a rate per annum equal to the sum of 4% plus the LIBOR Rate. 

(c) Computation of Interest. Interest in respect of the Loans shall be calculated on the basis of a 360-day year for the actual
days elapsed. Each determination of an interest rate by Administrative Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Lenders and Borrower in the absence of manifest error. 

(d) No Deductions. All payments of principal or interest under the Notes shall be made without deduction of any present and future
taxes, levies, imposts, deductions, charges or withholdings, which amounts shall be owed and paid by Borrower. Borrower will pay the amounts necessary such that the gross amount of the principal and interest received by the Lenders is not less than
that required by this Agreement and the Notes. 
 (e) Late Charge. If any payments (other than the
principal payment due on the Maturity Date) under the Notes or any other Loan Documents are not made on or prior to the fifth
(5th) day after the same becomes due, Borrower shall
also pay to Administrative Agent (for the benefit of the Lenders) a late charge equal to 4% of such payment. Acceptance by Administrative Agent of any late payment without an accompanying late charge shall not be deemed a waiver of Administrative
Agent’s right to collect such late charge or to collect a late charge for any subsequent late payment received. 
  

 -12- 

 2.4 Maturity of the Loans. The outstanding principal balance of the Loans, together
with all unpaid accrued interest thereon (not otherwise paid when due), and all other amounts payable by Borrower with respect to the Notes or pursuant to the terms of any other Loan Documents (not otherwise paid when due), shall be due and payable
in full on the Maturity Date; provided, however, that the Maturity Date may be extended for three additional periods of twelve (12) months each, upon Borrower’s satisfaction of the following terms and conditions as to each such proposed
extension prior to each such extension: 
 (a) At least thirty (30) days (but not more than one hundred twenty
(120) days) prior to the then applicable maturity date, Borrower shall give Administrative Agent and each Lender written notice that Borrower desires an extension of said maturity date; 

(b) At the time notice of such extension is given to Administrative Agent and the Lenders and at the time of such extension, no Event of
Default or Unmatured Event of Default shall have occurred and be continuing; 
 (c) At the time of such extension, Borrower
shall pay the Extension Fee to Administrative Agent, for the ratable benefit of the Lenders, in cash or immediately available funds, which extension fee is fully earned and non-refundable regardless of whether the Loans are repaid prior to the
expiration of any extension period; 
 (d) Borrower shall have paid all reasonable, out-of-pocket costs and expenses of
Administrative Agent in connection with such extension; 
 (e) Borrower, at its sole cost and expense, shall have obtained such
endorsements to the Title Insurance Policy as Administrative Agent may reasonably require in connection with such extension; 

(f) At Administrative Agent’s option, Administrative Agent shall have received and approved an updated (within 90 days proceeding
the proposed extension) Appraisal of the Project at Borrower’s sole cost and expense, which demonstrates a Loan-to-Value Ratio of not to exceed forty-eight percent (48%); provided that Borrower may satisfy this requirement notwithstanding that
such Loan-to-Value Ratio has been exceeded by paying down the outstanding balance of the Loan within thirty (30) days of being notified of such non-compliance by an amount sufficient so that such required Loan-to-Value Ratio, calculated based
upon an assumed outstanding principal balance of the Loan (after giving affect to such paydown) is achieved; 
 (g) The Debt
Service Coverage Ratio for the Project for the three month period immediately preceding the then applicable Maturity Date shall have been at least 1.35 to 1.0; provided that Borrower may satisfy this requirement notwithstanding that such Debt
Service Coverage Ratio has not been met by paying down the outstanding balance of the Loan within thirty (30) days of being notified of such non-compliance by an amount sufficient so that such required Debt Service Coverage Ratio, calculated
with a denominator equal to the amount of interest that would accrue on the Loans (after giving effect to such paydown) based upon the then current interest rate, is achieved. For purposes of this Section 2.4(g) only, “Debt Service
Coverage Ratio” shall mean a fraction, the numerator of which is the Net Operating Income from 
  

 -13- 

 
the Project before payment of debt service for the three month period in question, and the denominator of which is an amount equivalent to the sum of (i) an amount, as reasonably determined
by Administrative Agent, equivalent to the interest that would accrue on the Loans during such three month period at a rate of interest equal to the greater of (A) seven percent (7.0%) per annum, or (B) the rate of two percent
(2.0%) per annum above the Treasury Note Rate (herein defined), and (ii) an amount for such period, as reasonably determined by Administrative Agent, equivalent to the amount of principal that would be payable during such three month
period according to a schedule that would fully amortize the Loans over a 30-year period given the foregoing rate of interest.; and 

(h) Borrower shall have given evidence satisfactory to Administrative Agent that either (i) the Swap Contract entered into in
accordance with Section 13.30 has been extended at least through the Extended Maturity Date or (ii) Borrower has entered into a new Swap Contract satisfying the requirements set forth in Section 13.30 with term at least
through the Extended Maturity Date. 
 (i) Borrower shall have given evidence satisfactory to Administrative Agent that either
(i) the term of the Parking Lease remains in full force with a term expiring no earlier than (or has been extended through at least, in the case of the final extension) the date which is twelve months after the Extended Maturity Date, or
(ii) after giving effect to the loss of parking resulting from the termination of the Parking Lease, the remainder of the Project encumbered by the Deed of Trust has adequate parking to satisfy zoning requirements (as evidenced by a zoning
letter or zoning report delivered to Administrative Agent) and requirements under the Leases. 
 2.5 Security. Payment of
the Notes shall be secured by the following: 
 (a) The Deed of Trust; 

(b) The Guaranty (subject to the limitations set forth therein); 

(c) To the extent to which they may be assigned, all rights, licenses, permits, franchises, authorizations, approvals and agreements
relating to the use, occupancy or operation of the Project, including all governmental permits and entitlements to use; and 

(d) The Financing Statement. 

2.6 Fees. 

(a) Loan Fee and Other Fees. Borrower shall pay to Wachovia Bank the fees specified in the Fee Letter, at the time specified in
the Fee Letter. All such fees payable to Wachovia Bank under the Fee Letter shall belong solely to Wachovia Bank, and Wachovia Bank shall not be required to share any such fees or compensation specified in the Fee Letter with any of the other
Lenders (except only to the extent, if at all, set forth in a separate written agreement between Wachovia Bank and any of such other Lenders). 

(b) Extension Fees. Borrower shall pay all fees for any maturity date extension as and when due pursuant to this Agreement.

  

 -14- 

 (c) L/C Fees. With respect to the Letters of Credit, Borrower shall pay to
Administrative Agent each L/C Fee pursuant to Section 4.15 below. 
 2.7 Increased Costs. 

(a) If any Change in Law shall: (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance
charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender; (ii) subject any Lender to any tax of any kind whatsoever with respect to this Agreement or any Loan
made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Indemnified Taxes or Other Taxes covered by Section 2.10 and the imposition of, or any change in the rate of, any Excluded Tax payable
by such Lender); or (iii) impose on any Lender or the London interbank market any other condition, cost or expense affecting this Agreement or Loans made by such Lender or participation therein; and the result of any of the foregoing shall be
to increase the cost to such Lender of making or maintaining any Loan (or of maintaining its obligation to make any such Loan), or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or any
other amount) then, upon request of such Lender, Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. 

(b) If any Lender determines that any Change in Law affecting such Lender or any Lending Office of such Lender or such Lender’s
holding company, if any, regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement,
the Commitment of such Lender or the Loans made by, such Lender, to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and
the policies of such Lender’s holding company with respect to capital adequacy), then from time to time Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for
any such reduction suffered. 
 2.8 Payments; Pro Rata Treatment. 

(a) Each borrowing by Borrower from the Lenders hereunder, each payment (including each prepayment) by Borrower on account of principal
of and interest on the Loans, and each payment by Borrower on account of any reduction of the Commitments, shall be made pro rata according to the respective Lenders’ Ratable Shares; provided that any Defaulting Lender shall not be
entitled to its Ratable Share of any such payment by Borrower until such time as such Defaulting Lender has paid its Ratable Share of all borrowing payable by it hereunder, together with interest thereon (as provided in Section 2.12(a)),
to Administrative Agent in accordance with the terms of this Agreement. All payments (including prepayments) to be made by Borrower hereunder and under the Notes, whether on account of principal, interest, fees or otherwise, shall be made without
set-off or counterclaim and shall be made prior to 1:00 p.m., Charlotte, North Carolina time, on the due date thereof to Administrative Agent, for the account of the Lenders, at Administrative Agent’s office at 301 South College Street,
Charlotte, North Carolina, or at such other office as directed by Administrative Agent from time to time, in Dollars and in immediately available funds. Administrative Agent shall promptly 

 

 -15- 

 
distribute such payments to the Lenders upon receipt in like funds as received. If any payment hereunder becomes due and payable on a day other than a Business Day, such payment shall be extended
to the next succeeding Business Day, and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension. 

(b) Borrower may from time to time pay, without penalty or premium, all outstanding Loans, or, in a minimum aggregate amount of
$1,000,000 or any integral multiple of $100,000 in excess thereof, any portion of the outstanding Loans, upon notice to Administrative Agent not later than 11:00 a.m. Charlotte, North Carolina time on the date of payment; provided, that,
notwithstanding the foregoing, no more than two prepayments of Loans may be made each calendar month. 
 (c) In addition to the
principal payments otherwise required hereunder, Borrower shall make mandatory prepayments (“Mandatory Prepayments”) of principal as set forth below. Amounts repaid hereunder may not be reborrowed. If Administrative Agent notifies
Borrower at any time that the aggregate amount of the Loans made hereunder plus the L/C Obligations exceeds the Aggregate Commitment, then, within five (5) Business Days after receipt of such notice, Borrower shall prepay the outstanding
principal amount of the Loans in an aggregate amount sufficient to reduce such outstanding principal plus the L/C Obligations as of such date of payment to an amount not to exceed the Aggregate Commitment. 

2.9 Designation of a Different Lending Office. If any Lender requests compensation under Section 2.7, or requires
Borrower to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.10, then such Lender, unless directed by Borrower not to do so, shall use reasonable efforts to
designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment
(i) would eliminate or reduce amounts payable pursuant to Section 2.7 or Section 2.10, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not
otherwise be disadvantageous to such Lender. Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

2.10 Taxes. 

(a) Any and all payments by or on account of any obligation of Borrower hereunder or under any other Loan Document shall be made free and
clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes, provided that if Borrower shall be required by applicable law to deduct any Indemnified Taxes (including any Other Taxes) from such payments, then
(i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section), Administrative Agent or the applicable Lender, as the case may be,
receives an amount equal to the sum it would have received had no such deductions been made, (ii) Borrower shall make such deductions and (iii) Borrower shall timely pay the full amount deducted to the relevant Governmental Authority in
accordance with applicable law. 
  

 -16- 

 (b) Without limiting the provisions of paragraph (a) above, Borrower shall
timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c) Borrower shall
indemnify Administrative Agent and each Lender, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to
amounts payable under this Section) paid by Administrative Agent or such Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes
were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to Borrower by a Lender (with a copy to Administrative Agent), or by Administrative Agent on
its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 
 (d) As soon as practicable after any
payment of Indemnified Taxes or Other Taxes by Borrower to a Governmental Authority, Borrower shall deliver to 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 Administrative Agent. 
 (e)
Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which Borrower is resident for tax purposes, or any treaty to which such jurisdiction is a party, with respect to payments
hereunder or under any other Loan Document shall deliver to Borrower (with a copy to Administrative Agent), at the time or times prescribed by applicable law or reasonably requested by Borrower or Administrative Agent, such properly completed and
executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if requested by Borrower or Administrative Agent, shall deliver such other
documentation prescribed by applicable law or reasonably requested by Borrower or Administrative Agent as will enable Borrower or Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting
requirements. Without limiting the generality of the foregoing, in the event that Borrower is resident for tax purposes in the United States of America, any Foreign Lender shall deliver to Borrower and 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 request of Borrower or Administrative Agent, but only if such Foreign
Lender is legally entitled to do so), whichever of the following is applicable: (i) duly completed copies of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the United States of America is
a party, (ii) duly completed copies of Internal Revenue Service 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 to
the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of Borrower within the meaning of section 881(c)(3)(B) of the Code, or
(C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) duly completed copies of Internal Revenue Service Form W-8BEN, or (iv) any other form prescribed by applicable law as a basis for

  

 -17- 

 
claiming exemption from or a reduction in United States Federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable law to permit
Borrower to determine the withholding or deduction required to be made. If a Foreign Lender fails to establish to the reasonable satisfaction of Borrower that payments made to such Foreign Lender under the Loan Documents are exempt from United
States withholding taxes, Borrower shall remit all required withholding taxes to the applicable taxing authority and all such withheld amounts (to the extent treated hereunder as Excluded Taxes) shall be treated, for purposes of the Loan Documents,
as if they were paid to such Foreign Lender. 
 (f) If Administrative Agent or a Lender determines, in its sole discretion, that
it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by Borrower or with respect to which Borrower has paid additional amounts pursuant to this Section, it shall pay to Borrower an amount equal to such refund (but
only to the extent of indemnity payments made, or additional amounts paid, by Borrower under this Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of Administrative Agent or such Lender,
as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that Borrower, upon the request of Administrative Agent, such Lender, agrees to repay the
amount paid over to Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to Administrative Agent or such Lender in the event Administrative Agent or such Lender is required to repay such refund to
such Governmental Authority. This paragraph shall not be construed to require Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes that it deems confidential) to Borrower or any other
Person. 
 2.11 Survival of Indemnity. Determination of amounts payable under Section 2.7 shall be calculated
as though each Lender funded its Loan through the purchase of a deposit of the type and maturity corresponding to the deposit used as a reference in determining the interest rate applicable to such Loan, whether in fact that is the case or not. The
obligations of Borrower under Section 2.7 and Section 2.10 shall survive repayment of the Notes and termination of this Agreement. 

2.12 Funding by Lenders; Payments by Borrower; Presumptions by Administrative Agent. 

(a) Unless Administrative Agent shall have received notice from a Lender prior to the proposed date of any borrowing of Loans that such
Lender will not make available to Administrative Agent such Lender’s Ratable Share of such Loans, Administrative Agent may assume that such Lender has made such Ratable Share available on such date in accordance with Section 4.4 and
may, in reliance upon such assumption, make available to Borrower a corresponding amount. In such event, if a Lender has not in fact made its Ratable Share of the Loans available to Administrative Agent, then the applicable Lender and Borrower
severally agree to pay to Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to Borrower to but excluding the date of payment to
Administrative Agent, at (i) in the case of a payment to be made by such Lender, the Federal Funds Rate and (ii) in the case of a payment to be made by Borrower, the interest rate applicable to the Loans. If Borrower and such Lender

  

 -18- 

 
shall pay such interest to Administrative Agent for the same or an overlapping period, Administrative Agent shall promptly remit to Borrower the amount of such interest paid by Borrower for such
period. If such Lender pays its Ratable Share of Loans to Administrative Agent, then the amount so paid shall constitute such Lender’s Loan. Any payment by Borrower shall be without prejudice to any claim Borrower may have against a Lender that
shall have failed to make such payment to Administrative Agent. 
 (b) Unless Administrative Agent shall have received notice
from Borrower prior to the date on which any payment is due to Administrative Agent for the account of the Lenders hereunder that Borrower will not make such payment, Administrative Agent may assume that Borrower has made such payment on such date
in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders, as the case may be, the amount due. In such event, if Borrower has not in fact made such payment, then each of the Lenders, as the case may be, severally
agrees to repay to Administrative Agent forthwith on demand the amount so distributed to such Lender, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to
Administrative Agent, at the Federal Funds Rate. 
 2.13 Replacement of Lenders. If any Lender requests compensation
under Section 2.7, or if Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.10, or if any Lender is a Defaulting Lender, then
Borrower may, at its sole expense and effort, upon notice to such Lender and Administrative Agent, either pay such Lender’s Commitment (and thereby reduce the Aggregate Commitment) or require such Lender to assign and delegate, without recourse
(in accordance with and subject to the restrictions contained in, and consents required by, Section 13.1), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that
shall assume such obligations (which Eligible Assignee may be another Lender, if a Lender accepts such assignment), provided that: (a) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans,
accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents from Borrower in the case of a pay off or the assignee (to the extent of such outstanding principal and accrued interest and
fees) or Borrower (in the case of all other amounts); (b) in the case of any such payoff or assignment resulting from a claim for compensation under Section 2.7 or payments required to be made pursuant to Section 2.10,
such payoff or assignment will result in a reduction in such compensation or payments thereafter; (c) such payoff or assignment does not conflict with applicable law; (d) in the case of a payoff, Borrower pays all applicable breakage fees
owing under the Loan Documents; and (e) in the case of a payoff, Borrower deposits with Administrative Agent the positive difference between such Lender’s Commitment and the outstanding principal of such Lender’s Loans, which amount
shall be advanced in full, subject to the conditions and pursuant to the terms set forth in this Agreement for advancing Loan proceeds, prior to the advance of any additional Loan proceeds. A Lender shall not be required to allow any such
payoff or make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling Borrower to require such payoff or assignment and delegation cease to apply. 

2.14 Cash Management Account. 
  

 -19- 

 (a) On or prior to the Closing Date (and as a condition to the closing of the Loans and the
first disbursement of funds hereunder), Borrower shall establish a deposit account (herein the “Cash Management Account”) controlled by a cash management agreement (herein the “Cash Management Agreement”) approved
by Administrative Agent and pursuant to which Borrower shall have no right of withdrawal, except as specified herein. All rents, income and other sums and amounts collected by Borrower (and/or any agent or property manager of Borrower) with respect
to the Project each month shall be deposited directly into the Cash Management Account promptly upon receipt by Borrower (or such agent and/or property manager). Administrative Agent, for the benefit of Lenders, shall have, and is hereby granted by
Borrower, a security interest in the Cash Management Account to secure the Obligations. All funds in the Cash Management Account shall be remitted to Borrower from time to time in accordance with the terms of the Cash Management Agreement; provided,
however (a) at any time that the Debt Service Coverage Ratio for the most-recent three-month period (measured monthly on a rolling three-month basis) is less than 1.10:1.0, funds in the Cash Management Account shall be swept daily into the
Collection Account (as defined in the Cash Management Agreement) in accordance with the terms of the Cash Management Agreement, and any funds remaining in the Collection Account after payment of all interest payments, principal amortization
payments, reserves, escrows and any other sums then owing to Administrative Agent and/or Lenders under the terms of the Loan Documents and payment of all Operating Expenses shall be retained in the Collection Account and may be disbursed by
Administrative Agent, in its sole discretion, for Project-related costs, or (b) if any Event of Default shall have occurred and is continuing, all sums and amounts deposited in both the Cash Management Account and the Collection Account may be
applied by Administrative Agent, for the benefit of Lenders, to the Obligations in the order and manner chosen by Administrative Agent in its sole discretion. For purposes of calculating the Debt Service Coverage Ratio under this
Section 2.14 only, the assumed interest rate shall be the then-current LIBOR Rate. 
 (b) If the Debt Service
Coverage Ratio is at least 1.10:1.0 for three consecutive months (measured monthly on a rolling three-month basis), and so long as no Event of Default or Unmatured Event of Default then exists, amounts on deposit in the Cash Management Account shall
be released to Borrower upon Borrower’s request therefor. 
 2.15 Partial Release of Collateral. Except as expressly
set forth below in this Section, Administrative Agent shall have no obligation to release any of the Collateral for the Loans until all of Borrower’s indebtedness and obligations under the Loan Documents have been paid and performed in full,
and all obligations of Administrative Agent and Lenders under this Agreement and the other Loan Documents have terminated. Borrower shall be entitled to obtain a release of the Satellite D Parcel (but not any other portion of the Project) from the
lien of the Loan Documents, provided that all of the following conditions are satisfied: 
 (a) Borrower has provided Lender
with at least fifteen (15) but not more than sixty (60) days prior written notice (the “Partial Release Notice”) of the proposed release together with copies of any documents which Borrower requests that Administrative
Agent execute in connection with such proposed release; 
  

 -20- 

 (b) At the time the Partial Release Notice is given to Administrative Agent and the Lenders
and at the time of such release, no Event of Default or Unmatured Event of Default shall have occurred and be continuing; 
 (c)
Concurrently with Administrative Agent’s release of the Satellite D Parcel, Borrower shall pay to Administrative Agent (for the ratable benefit of the Lenders) a release payment (the “Release Payment”) equal to the
greatest of the following amounts 
 (i) $1,400,000; 

(ii) Ninety percent (90%) of the Net Sales Proceeds from the sale of the Satellite D Parcel; or 

(iii) The amount which, when applied to the outstanding principal balance of the Loans, would result in an Loan-to-Value Ratio (after
such application) of forty-eight percent (48%), based on the portion of the Project remaining as Collateral after giving effect to the proposed release. In connection therewith, at Administrative Agent’s option, Administrative Agent shall have
received and approved an updated (within 90 days preceeding the proposed release) Appraisal of the portion of the Project remaining as Collateral at Borrower’s sole cost and expense; 

(d) The Satellite D Parcel and the portion of the Project remaining as Collateral shall each constitute a legally subdivided interest in
real property, and the release of the Satellite D Parcel will not (i) violate any requirements of any document of record covering the Satellite D Parcel or the portion of the Project remaining as Collateral in any material respect,
(ii) cause the remainder of the Project to be in violation of any setback, zoning or other similar restrictions in any material respect, or (iii) violate in any material respect any applicable laws regarding subdivisions, parcel maps and
the division of land into lots or parcels; 
 (e) Borrower shall have delivered to Administrative Agent evidence satisfactory to
Administrative Agent in its reasonable discretion that the Satellite D Parcel and the balance of the Project, after giving effect to the release, shall not be dependent on each other or on any other parcel for compliance with any of the laws or
restrictions described in paragraph (d) above; 
 (f) Borrower shall have delivered to Administrative Agent evidence
satisfactory to Administrative Agent in its reasonable discretion that the balance of the Project, after giving effect to the release, shall have adequate parking (either on-site or on adjacent property subject to recorded easement agreements
acceptable to Administrative Agent); 
 (g) Administrative Agent shall be satisfied in its reasonable discretion that the
remaining Project, after the proposed release, has (independent of the Satellite D Parcel) adequate ingress and egress to one or more physically open, publicly dedicated streets, and is adequately serviced by public or onsite water systems, sewer or
septic systems and utilities; 
 (h) Borrower shall have executed and delivered to Administrative Agent such other instruments,
certificates and documentation as Administrative Agent shall reasonably request in order to preserve, confirm or secure the validity and priority of the remaining liens and 

 

 -21- 

 
security granted to Administrative Agent under the Loan Documents, including any amendments, modifications or supplements to any of the Loan Documents and endorsements to the title insurance
policy insuring the lien of the Deed of Trust encumbering the remainder of the Project; 
 (i) Borrower shall have provided to
Administrative Agent a tax parcel endorsement to the Title Insurance Policy, or other evidence reasonably satisfactory to Lender, that the remaining Project shall be taxed as a separate tax parcel; 

(j) Borrower shall have delivered to Administrative Agent a copy of the purchase and sale agreement and all other related material
documentation with respect to any sale of the Satellite D Parcel; 
 (k) Borrower shall have delivered to Administrative Agent
true, correct and complete copies of any mutual covenants, conditions and restrictions, easement agreements, plans or other agreements to be executed in connection with the release (if any) which affect the balance of the Project, all of which shall
be in form and substance reasonably satisfactory to Administrative Agent and shall be in full force and effect contemporaneously with the release; and 

(l) Borrower shall have paid all reasonable costs and expenses incurred by Administrative Agent and Lenders in connection with the
proposed release, including reasonable out-of-pocket attorneys’ fees and costs (excluding fees and costs for in-house legal counsel) and all title insurance premiums for title endorsements required by Administrative Agent in connection with the
proposed release. 
 2.16 Partial Release of Main Lot Development Parcel. Administrative Agent agrees to consider in good
faith a one-time request from Borrower for the release of a legally-subdivided portion of the land shown on Exhibit H attached hereto and incorporated herein by reference (the “Release Parcel”) in connection with the
construction of a parking garage and/or office building thereon; provided, however, Administrative Agent may approve or reject such request in its sole discretion, and any approval shall be subject to any conditions deemed appropriate by
Administrative Agent in its sole discretion. If the parties have not agreed upon mutually acceptable terms for such release within fifteen (15) Business Days after Administrative Agent’s receipt of Borrower’s proposal for the
construction, development and release of the Release Parcel, Section 10.20 shall be of no further force or effect; provided, however, Borrower agrees to negotiate with Administrative Agent in good faith and not for the purpose of
terminating its obligations under Section 10.20. 
 ARTICLE III 

CONDITIONS PRECEDENT 

3.1 Closing. Administrative Agent’s and the Lender’s obligations to close the Loans and perform under this Agreement are
expressly conditioned upon (i) Borrower’s satisfaction of all of the conditions set forth in Exhibit G hereto; (ii) Borrower’s satisfaction of the conditions for disbursement set forth in Article IV (as applicable);
(iii) the Title Company’s unconditional commitment to issue the Title Insurance Policy; and (iv) Borrower’s delivery to Administrative 

 

 -22- 

 
Agent of the following documents, in form and content satisfactory to Administrative Agent, duly executed (and acknowledged where necessary) by the appropriate parties thereto, if applicable:

 (a) This Agreement; 

(b) The Notes; 

(c) The Deed of Trust, which shall be duly recorded in the official records of the County; 

(d) The Financing Statement, which shall be duly filed with the California Secretary of State; 

(e) The Environmental Indemnity; 

(f) Assignments of all agreements, contracts, rights, permits, licenses, entitlements, authorizations, and franchises relating to the
Project, and consents to such assignments where deemed appropriate by Administrative Agent 
 (g) The Guaranty; and 

(h) Such other documents that Administrative Agent may reasonably require. 

ARTICLE IV 
 LOAN
DISBURSEMENTS 
 4.1 Recordation Disbursements. Upon recordation of the Deed of Trust and satisfaction of all conditions
set forth herein, provided that the Title Company has issued or irrevocably committed in writing to issue to Administrative Agent the Title Insurance Policy referred to in Section 5.1 hereof, Lenders shall disburse, subject to the
limitations of the Budget, to Borrower or to the persons, firms or corporations entitled thereto the amounts (if approved in writing by Administrative Agent) necessary to pay all or portions of: (i) reasonable out-of-pocket costs, charges and
expenses incurred by (A) Administrative Agent and payable by Borrower hereunder or (B) Borrower in connection with title insurance charges and premiums, tax and lien service charges, recording fees, escrow fees, real property taxes and
assessments, and insurance premiums payable in connection with Borrower’s acquisition of fee title to the Property; (ii) the amount necessary to complete the purchase of the Property (or to reimburse Borrower for such amounts previously
paid by Borrower); and (iii) other Project costs and expenses theretofore incurred by Borrower. 
 4.2 Subsequent
Disbursements. Subsequent to recordation of the Deed of Trust and subject to the provisions of this Agreement, Borrower shall be entitled to Loan advances as are required to be used for the payment of: 

(a) interest on borrowings under the Notes; 
  

 -23- 

 (b) the costs and expenses of Administrative Agent and the Lenders which are payable by
Borrower or reimbursable by Borrower as set forth herein; 
 (c) to the extent applicable, the Hard Costs and Soft Costs with
respect to the Project in accordance with the applicable provisions of the Budget; provided, however, the amount of funds available for such disbursements will be reduced, pro rata for each applicable line item of the Budget, by the sum of the face
amount of all outstanding Letters of Credit (defined below), if any; and 
 (d) for the payment of draws under standby letters
of credit made by the Issuing Lender (individually, “Letter of Credit”, and collectively “Letters of Credit”) in accordance with Section 4.15. 

4.3 Notice of Borrowing. 

(a) Borrower may borrow under the Commitments, during the Commitment Period, provided Borrower shall give Administrative Agent written
notice, substantially in the form of Form of Exhibit E hereto (the “Notice of Borrowing”) signed by a Responsible Officer, which Notice of Borrowing must be received at least five (5) Business Days prior to the date of
the requested Loans. Each Notice of Borrowing shall be irrevocable. Each Notice of Borrowing shall specify (i) the Borrowing Date (which shall be a Business Day), and (ii) the amount of the requested Loans. Upon receipt of a Notice of
Borrowing, Administrative Agent shall promptly (i) notify each Lender of the contents thereof and of such Lender’s ratable share of the requested Loans and (ii) provide each Lender a copy of the Notice of Borrowing. 

(b) Upon the reasonable request of Administrative Agent at any time or from time to time, Borrower shall also deliver to Administrative
Agent (i) a list of the names and addresses of all material dealers, laborers and subcontractors with whom written agreements (if any) have been made by Borrower or Borrower’s general contractor (if any), (ii) lien waivers and
releases with respect to all work performed and materials supplied (if any) in connection with the Improvements, and (iii) copies of invoices greater than $25,000 (or any other amount as hereinafter requested by Administrative Agent).

 4.4 Availability of Funds. Subject to satisfaction of the terms and conditions of this Agreement, each Lender shall
deposit funds with Administrative Agent for the account of Borrower by 2:00 p.m. Charlotte, North Carolina time on the Borrowing Date by wire transfer or other immediately available funds equal to its Ratable Share of the Loans to be made on the
Borrowing Date. Except as provided above, the Loans will then be disbursed to Borrower by Administrative Agent crediting the account of Borrower on the books of Administrative Agent with the aggregate amounts made available to Administrative Agent
by the Lenders, and in like funds as received by Administrative Agent, and all Loan proceeds shall be withdrawn and used solely for the purposes specified in the Notice of Borrowing and Borrower shall upon the request of Administrative Agent,
promptly furnish Administrative Agent with evidence of such use. 
 4.5 Lending Offices. Each Lender may book its Loans
at any Lending Office selected by such Lender and may change its Lending Office from time to time. All terms of this Agreement shall apply to any such Lending Office and the Loans and the Notes issued hereunder

  

 -24- 

 
shall be deemed held by each Lender for the benefit of any such Lending Office. Each Lender may, by written notice to Administrative Agent and Borrower in accordance with
Section 13.2, designate replacement or additional Lending Offices through which Loans will be made by it and for whose account Loan payments are to be made. 

4.6 Borrowing Monthly. Notwithstanding anything to the contrary in this Agreement, Borrower may submit no more than one
(1) Notice of Borrowing in any Calendar Month. Each borrowing must be in an amount not less than $100,000. 
 4.7 Method
of Loan Advances. Loan Advances shall be disbursed directly to Borrower, provided however, that in the event that Administrative Agent determines that Borrower has failed to honor any obligation under the Loan Documents, then Administrative
Agent may, at Administrative Agent’s option, disburse Loan advances (a) directly to Borrower, (b) directly to persons supplying labor, materials and services in connection with the Improvements, or (c) jointly to Borrower and
said persons. 
 4.8 Limitations and Conditions on Loan Advances. Borrower shall be entitled to Loans only in accordance
with the terms and conditions of this Agreement (unless waived or modified by Administrative Agent) and, in addition, each of the following conditions (unless waived or modified by Administrative Agent): 

(a) Subject to representations and warranties that, by nature, cannot remain true and correct, the representations and warranties of
Borrower contained in all of the Loan Documents shall be correct in all material respects on and as of the date of the disbursement as though made on and as of that date and no Event of Default or Unmatured Event of Default shall have occurred and
be continuing as of the date of the disbursement; 
 (b) Disbursement of Loan proceeds shall be available only to pay costs
actually incurred by Borrower in connection with the acquisition and/or refinancing of the Project, the leasing of the Improvements, and the other purposes set forth in the Budget; 

(c) Prior to each Loan advance, Administrative Agent shall have received and approved the documents required pursuant to
Section 4.3 hereof, and, if applicable, properly completed and executed AIA forms G702 and G703; 
 (d) No stop
notices shall have been received by Administrative Agent which Administrative Agent believes requires the withholding of any Loan advance; 

(e) No mechanics’ lien shall have been recorded against the Property and remain undischarged or unreleased (other than mechanics'
liens that have been bonded over); 
 (f) Administrative Agent shall be satisfied that the Loan advance will not be junior in
priority to any mechanics’ or materialmen’s liens or any intervening or other liens on the Property (other than mechanics’ liens that have been bonded over); 

(g) Prior to each Loan advance, Borrower shall have delivered to Administrative Agent all material approvals, consents, permits and
licenses issued by Governmental Authorities required for the Project that have not been previously delivered to 
  

 -25- 

 
Administrative Agent, and all approvals, consents, permits and licenses then required for the Project shall remain in full force and effect; 

(h) Loan advances shall be limited to thirty percent (30%) of the actual amounts of costs incurred with respect to items set forth
in the Budget, as indicated by invoices, statements, vouchers, receipts or other written evidence satisfactory to Administrative Agent (it being understood that Borrower shall pay the remaining seventy percent (70%) out of its own funds [i.e.,
not Loan proceeds]); 
 (i) All Loan advances shall be limited to the purposes and amounts set forth in the categories set forth
in the Budget; provided that notwithstanding any limitations on disbursements set forth in this Agreement, the budget, or otherwise, Borrower shall pay all costs and expenses arising in connection with the Project; 

(j) Administrative Agent shall not be required to disburse any requested Loans before five (5) days after the receipt of the
applicable Notice of Borrowing, and in any event until all applicable conditions and requirements in this Agreement have been satisfied; and 

(k) Borrower shall not be entitled to any Loan advances for any costs under the headings “Investor Equity” or “Developer
Equity” on the Budget and such costs will either be paid directly by Borrower at or prior to closing if so required in the Budget, deposited with Administrative Agent pursuant to the requirements of Section 4.10 below if so required
by Administrative Agent, or otherwise paid directly by Borrower; provided, however, that this clause (k) shall not apply to any management fees, disposition fees or leasing fees payable by Borrower. 

4.9 Reallocation of Amounts. At Administrative Agent’s reasonable discretion, Borrower shall be entitled to reallocate
between budget categories, subject to the following limitations: 
 (a) All undisbursed funds in any budget category after
giving effect to any such reallocation must be sufficient to fully pay all amounts allocated to such category relating to unfinished work or costs; and 

(b) Borrower shall not be entitled to request a reallocation between budget categories more often than once a month. 

4.10 Deficiencies. In no event shall Administrative Agent be required to advance any amount which, in Administrative Agent’s
reasonable opinion, will reduce the undisbursed amount of the Loans allocated to the costs described in any line item in the Budget or in any cost category set forth in any schedule of values approved by Administrative Agent below the amount which
Administrative Agent, in Administrative Agent’s reasonable opinion, deems sufficient to pay in full the costs to which such amount is allocated. 

4.11 Appraisals. If reasonably required by Administrative Agent or if required by law, Administrative Agent shall have the right
to order Appraisals of the Project from time to time from an appraiser selected by Administrative Agent, which Appraisals shall comply with all federal and state standards for appraisals and otherwise shall be satisfactory to Administrative

  

 -26- 

 
Agent in all material respects. Borrower agrees to pay the cost and expense for all Appraisals and reviews thereof ordered by Administrative Agent pursuant to this paragraph. 

4.12 [Intentionally Omitted]. 

4.13 [Intentionally Omitted]. 

4.14 [Intentionally Omitted].

4.15 Letters of Credit Issuance. 

(a) Amount and Terms of the Credit. Subject to the terms and upon the conditions of this Agreement, the Issuing Lender shall issue
letters of credit for the account of the Borrower from time to time up to but not including one (1) month prior to the Maturity Date (the “L/C Commitment Termination Date”). The maximum aggregate principal amount which remains
undrawn under all outstanding Letters of Credit (the “L/C Obligations”) under this Agreement shall not exceed at any one time the amount of Loan funds which remain available for disbursement (the “L/C Commitment”).

 (b) Letters of Credit. 

(i) Amounts and Terms of Letters of Credit. During the period from the Closing Date to but excluding the L/C Commitment
Termination Date, and subject to the terms and conditions of this Agreement, upon Borrower’s request pursuant to Section 4.15(c), the Issuing Lender shall issue one or more letter(s) of credit for the purposes specified in
subsection 4.15(b)(ii) below (each, a “Letter of Credit,” and collectively, the “Letters of Credit”) for the account of Borrower; provided that the Issuing Lender shall not be obligated to issue any
Letter of Credit if, after giving effect thereto, the L/C Obligations would exceed the L/C Commitment. All Letters of Credit shall be on Issuing Lender’s standard forms of letters of credit at the time of issuance. No Letter of Credit shall
have an expiration date later than the Maturity Date. 
 (ii) Purpose. Borrower shall request, and Issuing Lender shall
be obligated to issue, Letters of Credit solely for the purpose of supporting Borrower’s performance obligations in connection with its ownership, development, re-entitlement, leasing and operation of the Project. 

(iii) Letter of Credit Draws are Loans under this Agreement. Borrower and each Lender agree that any draws under any Letters of
Credit shall constitute Loan advances under this Agreement for all purposes. Without limiting the foregoing, (i) all draws under any Letter of Credit shall bear interest and be repaid as Loan advances outstanding under this Agreement, and
(ii) if, at the time any draw is made under any Letter of Credit, an Event of Default has occurred and is continuing or the Maturity Date has passed or the Loans have been accelerated or are otherwise due and payable, such draw under such
Letter of Credit shall be immediately due and payable in full. Promptly upon being notified by the Administrative Agent (after Administrative Agent has received notice from the Issuing Lender) that a draw has occurred under any Letter of Credit,
each Lender shall reimburse the Administrative Agent (whether or not a Default is outstanding), for the benefit of the Issuing Lender, for that Lender’s Ratable Share of such draw. 

(c) Request for Credit. Borrower, on or after the Closing Date, shall give the Issuing Lender notice of its request for the
issuance of a Letter of Credit by delivering to the 
  

 -27- 

 
Issuing Lender (with a copy to Administrative Agent) a duly executed and completed L/C Application on Issuing Lender’s then current form (herein, an “L/C Application”). Such
request shall specify: (a) the date on which the issuance of the Letter of Credit is requested to be made (which day shall be a Business Day), and (b) the amount of the Letter Credit. Subject to the conditions herein, the Issuing Lender
will issue the Letter of Credit as soon as reasonably practicable after receiving the above described notice. 
 (d) Issuance
Fees. For each Letter of Credit issued by Issuing Lender, and upon any renewal thereof, Borrower shall pay to Administrative Agent, for the account of each Lender (including the Issuing Lender) in accordance with its Ratable Share, from the
Borrower’s own funds, such fees determined by Issuing Lender prior to the issuance of such Letter of Credit (the “L/C Fee”). The L/C Fee shall be due and payable, and shall be deemed fully earned, on the date of issuance (or
the date of renewal) of the Letter of Credit. If a Letter of Credit is canceled or otherwise terminates prior to the expiration of its term, Borrower shall not be entitled to any rebate of any portion of the L/C Fee. 

(e) Conditions Precedent to Issuance of Letters of Credit. The obligation of the Issuing Lender to issue any Letter of Credit
requested by Borrower is subject to satisfaction of the following conditions precedent (in addition to those set forth above in this Section 4.15): 

(i) Conditions to Advances shall be Satisfied. Each of the conditions specified in Section 4.8 shall also be
applicable as conditions precedent to the issuance of any Letter of Credit. 
 (ii) L/C Application. The Issuing Lender
shall have received from Borrower, in form and substance satisfactory to the Issuing Lender, (i) a duly executed and completed L/C Application which L/C Application shall set forth, among other things, the beneficiary, the amount, and the term
of the proposed Letter of Credit, and (ii) a duly executed and completed written request for a Letter of Credit. 
 (iii)
Issuing Lender Approval. The Issuing Lender shall have determined that the amount of any requested Letter of Credit, the beneficiary thereof and the other terms contained in the documents pertaining to such Letter of Credit comply with the
terms hereof and are otherwise satisfactory to the Issuing Lender in the exercise of its reasonable discretion. 
 (iv)
Payment of Fees. Borrower shall pay the applicable L/C Fee. The applicable L/C Fee shall be payable prior to the issuance (or renewal) of any Letter of Credit and shall be paid by Borrower to the Administrative Agent for the benefit of
Issuing Lender and Lenders, as set forth in Section 4.15(d) above. In addition, Borrower shall pay all reasonable and customary fees and costs (other than issuance fees) described in the documents pertaining to such Letter of Credit.

 (v) Telephone Confirmation. Prior to the issuance of any Letter of Credit, Issuing Lender shall confirm by telephone
with Administrative Agent that, following the issuance of such Letter of Credit, none of the limitations set forth in this Section 4.15 would be violated. 
  

 -28- 

 ARTICLE V 

TITLE INSURANCE 

5.1 Basic Insurance. Concurrently with the recording of the Deed of Trust, Borrower shall, at Borrower’s sole cost and
expense, deliver or cause to be delivered to Administrative Agent the Title Insurance Policy issued by the Title Company with a liability limit of not less than the full amount of the Aggregate Commitment and with coverage and in form satisfactory
to Administrative Agent, insuring Administrative Agent’s and Lender’s interest under the Deed of Trust as a valid first lien on the Project, which policy shall contain only such exceptions from its coverage as shall have been approved in
writing by Administrative Agent, and thereafter Borrower shall, at its own cost and expense, do all things necessary to maintain the Deed of Trust as a valid first lien on the Property. 

5.2 Endorsements. After recordation of the Deed of Trust and as a condition precedent to each Loan advance under Article IV
above, Borrower shall (if required by Administrative Agent) at its own cost and expense, deliver or cause to be delivered to Administrative Agent from time to time CLTA 122 endorsements to be attached to the Title Insurance Policy referred to
above, in form and substance satisfactory to Administrative Agent, as Administrative Agent reasonably deems necessary to insure the priority of the Deed of Trust as a valid first lien on the Project as of the date of and including the amount covered
by each such disbursement, and Borrower agrees to furnish to the Title Company such surveys and other information as are required by the Title Company to enable the Title Company to issue such endorsements to Administrative Agent. 

ARTICLE VI 

OPERATION AND MAINTENANCE OF THE PROJECT 

6.1 Operation as First Class Studio Facility. At all times during the term of this Agreement, Borrower shall itself (or through a
manager satisfactory to Administrative Agent) operate the Project as a studio, production, office and parking facility, and uses related or ancillary thereto, at not less than the level currently managed. 

6.2 Maintenance. Borrower shall at all times maintain the Project in good condition and repair (as is more fully set forth in the
Deed of Trust). 
 ARTICLE VII 

LIABILITY, RISK, AND FLOOD INSURANCE 

At all times throughout the term hereof, Borrower shall, at its sole cost and expense, maintain insurance, and shall pay, prior to the
date on which the same become delinquent, all premiums in respect thereto, including, but not necessarily limited to: 
 7.1
Property. “Special Cause of Loss” insurance on the Improvements in an amount not less than the full insurable value on a replacement cost basis of the insured Improvements and personal property related thereto. 

7.2 Liability. Insurance protecting Borrower, Administrative Agent and Lenders against loss or losses from liability imposed by
law or assumed in any written contract and 
  

 -29- 

 
arising from personal injury, including bodily injury or death, having a limit of liability of not less than One Million Dollars ($1,000,000) (combined single limit for personal injury and
property damage) and an umbrella excess liability policy in an amount not less than Fifteen Million Dollars ($15,000,000) protecting Borrower, Administrative Agent and Lenders against any loss or liability or damage for personal injury, including
bodily injury or death, or property damage. Such policies must be written on an occurrence basis so as to provide blanket contractual liability, broad form property damage coverage, and coverage for products and completed operations. 

7.3 Flood. If required by Administrative Agent, a policy or policies of flood insurance in the maximum amount of flood insurance
available with respect to the Project under the Flood Disaster Protection Act of 1973, as amended. This requirement will be waived upon presentation of evidence satisfactory to Administrative Agent that no portion of the Property is located within
an area identified by the U.S. Department of Housing and Urban Development as having special flood hazards. 
 7.4 Additional
Insurance. Borrower shall provide such other policies of insurance as Administrative Agent may reasonably request in writing. 

7.5 Other Requirements. All required insurance shall be procured and maintained in financially sound and generally recognized
responsible insurance companies selected by Borrower and subject to the approval of Administrative Agent. Such companies should be authorized to write such insurance in the State of California. The company issuing the policies shall have a financial
and performance rating of “A-VII” or better by A.M. Best Co., in Bests’ Key Guide, or such other rating acceptable to Administrative Agent. All property policies evidencing the required insurance shall name Administrative Agent (for
the benefit of Lenders) as first mortgagee, and all liability policies evidencing the insurance required shall name Administrative Agent (for the benefit of Lenders) as additional insured, shall provide for payment to the Administrative Agent (or
its assignee, as directed by Administrative Agent), for the benefit of Lenders, of the net proceeds of insurance resulting from any claim for loss or damage thereunder, shall not be cancelable as to the interests of Administrative Agent and Lenders
due to the acts of Borrower, and shall provide for at least thirty (30) days prior written notice of the cancellation or modification thereof to Administrative Agent. 

7.6 Evidence. All policies of insurance, or certificates of insurance evidencing that such insurance is in full force and effect,
shall be delivered to Administrative Agent on or before the closing date (together with proof of the payment of the premiums thereof). At least thirty (30) days prior to the expiration or cancellation of each such policy, Borrower shall furnish
Administrative Agent evidence that such policy has been renewed or replaced in the form of a certificate reflecting that there is in full force and effect, with a term covering the next succeeding calendar year, insurance of the types and in the
amounts required. 
  

 -30- 

 ARTICLE VIII 

RIGHTS OF INSPECTION; AGENCY 

Administrative Agent, or its agent, shall, upon written notice, subject to the rights of tenants at the Project, have the right at any
reasonable time and from time to time to enter upon the Property for purposes of inspection and conducting appraisals. 
 ARTICLE
IX 
 REPRESENTATIONS AND WARRANTIES 

9.1 Consideration. As an inducement to Administrative Agent and Lenders to execute this Agreement and to disburse the proceeds of
the Loans, Borrower represents and warrants to Administrative Agent and Lenders that the following statements set forth in this Article IX are true, correct and complete as of the date hereof and will be true, correct and complete as of the
Closing Date and Borrower acknowledges that the truth and accuracy of such representations and warranties is also a condition precedent to Administrative Agent’s and Lenders’ obligation to make each Loan advance. 

9.2 Organization, Powers and Good Standing. 

(a) Organization and Powers-Borrower. Borrower is a limited liability company, duly formed and validly existing under the laws of
the State of Delaware and is duly qualified to transact business under the laws of the State of California. Borrower has all requisite power and authority and rights to own and operate its properties, to carry on its businesses as now conducted and
as proposed to be conducted, and to enter into and perform this Agreement and the other Loan Documents. The address of Borrower’s principal place of business is 11601 Wilshire Boulevard, Suite 1600, Los Angeles, California 90025-0317.

 (b) Organization and Powers-Indemnitor. Indemnitor is a limited liability company, duly organized and validly existing
under the laws of the State of Delaware and is duly qualified to transact business under the laws of the State of California. Indemnitor has all requisite power and authority, rights and franchises to own and operate its properties, to carry on its
businesses as now conducted and as proposed to be conducted, and to enter into and perform the Environmental Indemnity and the other Loan Documents. The address of Indemnitor’s chief executive office and principal place of business is c/o
Hudson Capital, LLC, 11601 Wilshire Boulevard, Suite 1600, Los Angeles, California 90025-0317. 
 (c) Good Standing.
Borrower has made all filings and is in good standing in the State of California and in each other jurisdiction in which the character of the property it owns or the nature of the business it transacts makes such filings necessary or where the
failure to make such filings could have a materially adverse effect on the business, operations, assets or condition (financial or otherwise) of Borrower. Indemnitor has made all filings and is in good standing in the State of Delaware and in each
other jurisdiction in which the character of the property it owns or the nature of the business it transacts makes such filings necessary or where the failure to make such filings could have a materially adverse effect on the business, operations,
assets or condition (financial or otherwise) of Indemnitor. 
  

 -31- 

 (d) Non-foreign Status. Borrower is not a “foreign corporation,”
“foreign partnership,” “foreign trust,” or “foreign estate,” as those terms are defined in the Internal Revenue Code and the regulations promulgated thereunder. Borrower’s U.S. employer identification number is
74-3247776. 
 9.3 Authorization of Loan Documents. 

(a) Authorization. The execution, delivery and performance of the Loan Documents by Borrower are within Borrower’s powers and
have been duly authorized by all necessary action by Borrower. 
 (b) No Conflict. The execution, delivery and
performance of the Loan Documents by Borrower will not violate (i) Borrower’s limited liability company agreement or certificate of formation; or (ii) any legal requirement affecting Borrower or any of its properties; or
(iii) any agreement to which Borrower is bound or to which it is a party and will not result in or require the creation (except as provided in or contemplated by this Agreement) of any lien upon any of such properties. 

(c) Binding Obligations. This Agreement and the other Loan Documents have been duly executed by Borrower, and are legally valid
and binding obligations of Borrower, enforceable against Borrower in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights
generally and by general principles of equity. 
 9.4 Compliance with Laws. The Property consists of legal and separate
lots under California law, and for tax assessment purposes. To Borrower’s Knowledge, the Improvements were constructed in material compliance with, and the Project presently complies in all material respects with, all restrictive covenants and
all applicable laws and regulations, including, without limitation, all building codes, environmental laws, and the Americans With Disabilities Act (Public Law 101-336). 

9.5 No Material Defaults. To Borrowers Knowledge, there exists no material violation of or material default by Borrower and no
event has occurred which, upon the giving of notice or the passage of time, or both, would constitute a material default with respect to (a) the terms of any instrument evidencing or securing any material indebtedness secured by the Project,
(b) any material lease or other agreement affecting the Project to which Borrower is a party, (c) any material license, permit, statute, ordinance, law, judgment, order, writ, injunction, decree, rule or regulation of any Governmental
Authority, or any determination or award of any arbitrator to which Borrower or the Project may be bound, or (d) any mortgage, instrument, agreement or document by which Borrower, or any of its properties is bound: (i) which involves any
Loan Document, (ii) that might materially and adversely affect the ability of Borrower to perform its obligations under any of the Loan Documents or any other material instrument, agreement or document to which it is a party, or
(iii) which might adversely affect the first priority of the liens created by this Agreement or any of the Loan Documents. 

9.6 Litigation; Adverse Facts. Borrower has no knowledge of any action, suit, investigation, proceeding or arbitration (whether or
not purportedly on behalf of Borrower) at 
  

 -32- 

 
law or in equity or before or by any foreign or domestic court or other governmental entity (a “Legal Action”), pending or, to Borrower’s Knowledge, overtly threatened
against or affecting Borrower or any of its assets which could reasonably be expected to result in any material adverse change in the business, operations, assets (including the Project) or condition (financial or otherwise) of Borrower or would
materially and adversely affect Borrower’s ability to perform its obligations under the Loan Documents. Borrower is not (a) in violation of any applicable law which violation materially and adversely affects or may materially and adversely
affect the business, operations, assets (including the Project) or condition (financial or otherwise) of Borrower, (b) subject to, or in default with respect to any other legal requirement that would have a materially adverse effect on the
business, operations, assets (including the Project) or condition (financial or otherwise) of Borrower, or (c) in default with respect to any agreement to which Borrower is a party or to which it is bound. There is no Legal Action pending or,
to Borrower’s Knowledge, threatened against or affecting Borrower questioning the validity or the enforceability of this Agreement or any of the other Loan Documents. 

9.7 Title to Properties; Liens. Borrower has good and legal title to all properties and assets reflected in its most recent
balance sheet delivered to Administrative Agent, except for assets disposed of in the ordinary course of business since the date of such balance sheet. Borrower is the sole owner of, and has good and marketable title to the fee interest in the
Property, and the Improvements and all other real property described in the Deed of Trust, free from any adverse lien, security interest or encumbrance of any kind whatsoever, excepting only (a) liens and encumbrances shown on the Title Policy,
(b) liens and security interests in favor of Administrative Agent, and (c) other matters which have been approved in writing by Administrative Agent. 

9.8 Disclosure. There is no fact known to Borrower that materially and adversely affects the business, operations, assets or
condition (financial or otherwise) of Borrower that has not been disclosed in this Agreement or in other documents, certificates and written statements furnished to Administrative Agent in connection herewith. 

9.9 Payment of Taxes. All tax returns and reports of Borrower required to be filed by it have been timely filed, and all taxes,
assessments, fees and other governmental charges upon Borrower and upon its properties, assets, income and franchises which are due and payable have been paid prior to delinquency. 

9.10 Securities Activities. Borrower is not engaged principally, or as one of its important activities, in the business of
extending credit for the purpose of purchasing or carrying any margin stock (as defined within Regulations G, T and U of the Board of Governors of the Federal Reserve System), and none of the value of Borrower’s assets consists of such margin
stock. No part of the Loans will be used to purchase or carry any margin stock or to extend credit to others for that purpose or for any other purpose that violates the provisions of Regulations U or X of said Board of Governors. 

9.11 Government Regulations. Borrower is not subject to regulation under the Investment Company Act of 1940, the Federal Power
Act, the Public Utility Holding Company Act of 1935, the Interstate Commerce Act or to any federal or state statute or regulation limiting its ability in incur indebtedness for money borrowed. 

 

 -33- 

 9.12 Rights to Project Agreements, Permits and Licenses. To Borrower’s
Knowledge, Borrower is the true owner of all rights in and to all existing agreements, permits and licenses relating to the Project, and will be the true owner of all rights in and to all future agreements, permits and licenses relating to the
Project. 
 9.13 Utilities and Access. Telephone services, gas, electric power, storm sewers, sanitary sewers and water
facilities are available to the Project and are adequate to serve the Project, and are not subject to any conditions, other than normal charges to the utility supplier, which would limit the use of such utilities. All streets and easements necessary
for the operation of the Project for its intended purpose are available to the Property. 
 9.14 Use of Project. The
Improvements and the Property, and their use as a studio, production, office and parking facility, and uses related or ancillary thereto, comply (after giving effect to the Parking Lease), in all material respects, fully with all applicable laws and
restrictive covenants, including, without limitation, all zoning laws. 
 9.15 Financial Condition. The financial
statements and all financial data previously delivered to Administrative Agent in connection with the Loans and/or relating to Borrower are true, correct and complete in all material respects. Such financial statements comply with the requirements
of Section 10.9 of this Agreement and fairly present the financial position of the parties who are the subject thereof as of the date thereof. No borrowings have been made by Borrower since the date thereof which are secured by, or might
give rise to, a lien or claim against the Project, the proceeds of the Loans, or other assets of Borrower. 
 9.16 Personal
Property. Borrower is now and shall continue to be the sole owner of the personal property constituting part of the Collateral free from any adverse lien, security interest or adverse claim of any kind whatsoever, except for liens or security
interests in favor of Administrative Agent. 
 9.17 No Condemnation. No condemnation proceedings or moratorium is pending
or, to Borrower’s Knowledge, threatened against the Project or the Property (or any portion thereof) which would materially impair the use, occupancy or full operation of the Project in any manner whatsoever. 

9.18 Other Loan Documents. Each of the representations and warranties of Borrower contained in any of the other Loan Documents is
true and correct in all material respects. All of such representations and warranties are incorporated herein for the benefit of Administrative Agent. 

9.19 Indemnitor. Each Indemnitor has full right, power and authority to execute, deliver and carry out the terms of the Guaranty
and the Environmental Indemnity and, when executed and delivered pursuant thereto, the Guaranty and the Environmental Indemnity will constitute the valid, binding and legal obligations of Indemnitor, enforceable against Indemnitor in accordance with
its terms subject to bankruptcy, insolvency, moratorium and similar laws affecting creditors generally and to general principles of equity. 

9.20 No Lease Defaults. To Borrower’s Knowledge, there are no defaults under any Lease. 

 

 -34- 

 9.21 Defects. There are no defects, facts or conditions affecting the Project which
would make it unsuitable for its present use and operation as a studio, production, office and parking facility, and uses related or ancillary thereto. 

9.22 ERISA. Any Employee Pension Benefit Plan, as defined in ERISA, of Borrower meets, as of the date hereof, the minimum
standards of 29 USCA Section 1082 (Section 302 of ERISA), and no Reportable Event or prohibited transaction has occurred with respect to any Employee Benefit Plan, as defined in ERISA, of Borrower. 

9.23 Borrower’s Knowledge. Borrower represents and warrants to Administrative Agent and Lenders that Christopher Barton and
Dale Shimoda are the individuals most likely to have actual knowledge of any item for which Borrower’s representations are limited to Borrower’s Knowledge. 

ARTICLE X 

COVENANTS OF BORROWER 

10.1 Consideration. As an inducement to Administrative Agent and the Lenders to execute this Agreement and to make each
disbursement of the Loans, Borrower hereby covenants as set forth in this Article X, which covenants shall remain in effect so long as the Notes shall remain unpaid or any obligation of Borrower under any other Loan Documents remain
outstanding or unperformed. 
 10.2 Existence. Borrower shall continue to be validly existing under the laws of the
jurisdiction of its formation. 
 10.3 Books and Records; Access by Administrative Agent and the Lenders. Borrower shall
maintain a single, standard, modern system of accounting (including, without limitation, a single, complete and accurate set of books and records of its assets, business, financial condition, operations, property, prospects and results of operation
in accordance with good accounting practice and on a cash basis). Borrower shall also maintain copies of all information and records regarding the operation of the Project and the construction of any tenant improvements, including, without
limitation, plans, specifications, drawings, maps, contracts, subcontracts, correspondence, payment applications, draw requests, lien waivers, stop notices, and all other similar information. During business hours and upon reasonable advance written
notice, Borrower will give representatives of Administrative Agent and each Lender access to all assets, books, documents, property, and records of Borrower and will permit such representatives to inspect such assets and property and to audit, copy,
examine and make excerpts from such books, documents and records. 
 10.4 No Encumbrances. Borrower will not permit any
lien, levy, attachment or restraint to be made or filed against the Project, or any portion thereof, or permit any receiver, trustee or assignee for the benefit of creditors to be appointed to take possession of the Project or any portion thereof,
except for mechanics’ lien claims filed or asserted against the Property or the Project and concerning which Borrower is in full compliance with Section 5.1 of the Deed of Trust. 

 

 -35- 

 10.5 Compliance with Laws. Borrower shall comply, in all material respects, with all
applicable laws, statutes, regulations, codes and requirements, as amended from time to time (including, without limitation, all environmental laws, building, zoning and use laws, requirements, regulations and ordinances, and the Americans With
Disabilities Act), all CC&Rs and all obligations created by private contracts and leases which affect ownership, construction, equipping, fixturing, use or operation of the Project. If requested by Administrative Agent, Borrower shall promptly
deliver to Administrative Agent, copies of all permits and approvals received from Governmental Authorities relating to the construction, use, occupancy or operation of the Project. 

10.6 Personal Property. Borrower will not install materials, personal property, equipment or fixtures subject to any security
agreement or other agreement or contract wherein the right is reserved to any person, firm or corporation to remove or repossess any such materials, equipment for fixtures, or whereby title to any of the same is not completely vested in Borrower at
the time of installation, without Administrative Agent’s prior written consent. 
 10.7 Assessments. Borrower shall
pay or discharge all lawful claims, including taxes, assessments and governmental charges or levies imposed upon Borrower or its income or profits or upon any property (including the Project) belonging to Borrower prior to the date upon which
penalties attach thereto, and submit evidence satisfactory to Administrative Agent confirming the payment of all taxes assessments and charges against the Project. 

10.8 Disbursements. Borrower shall receive the disbursements to be made hereunder subsequent to the initial advance as a trust
fund for the purpose of paying the costs and expenses approved hereunder by Administrative Agent as provided herein. 
 10.9
Information and Statements. Borrower shall furnish to Administrative Agent, with sufficient copies for each Lender which Administrative Agent shall distribute to the Lenders: 

(a) as soon as the same are available, and in any event within ninety (90) days after the end of each fiscal year and sixty
(60) days after the end of each interim quarterly accounting period of the subject, a copy of the current financial statements of Borrower, which shall consist of (i) a balance sheet as of the end of the relevant fiscal period,
(ii) statements of income and expenses of Borrower for such fiscal period (together, in each case, with the comparable figures for the corresponding period of the previous fiscal year), (iii) statements of income and expenses of the
Project for such fiscal period (together with comparable figures for the corresponding period of the previous fiscal year), (iv) contingent liabilities of Borrower, and (v) cash flow statements of Borrower. The year-end financial
statements of Borrower shall be audited by a certified public accountant satisfactory to Administrative Agent; 
 (b) within
twenty (20) days after the end of each month, monthly leasing reports and rent rolls for the Project. Each such report shall be in form satisfactory to Administrative Agent and include such information as Administrative Agent may reasonably
request; 
  

 -36- 

 (c) copies of filed federal income tax returns of Borrower for each taxable year (with all
K-1s and other forms and supporting schedules attached), within thirty (30) days after filing but in any event not later than one hundred twenty (120) days after the close of each such taxable year (subject to extension at Borrower’s
option); and 
 (d) such other information concerning Borrower, the Project, and the assets, business, financial condition,
operations, property, prospects, and results of operations of Borrower as Administrative Agent reasonably requests from time to time. In this regard, promptly upon request of Administrative Agent, Borrower shall deliver to Administrative Agent
counterparts and/or conditional assignments as security of any and all renovation and/or construction contracts (if any), receipted invoices, bills of sale, statements, conveyances, and other agreements, documents, and instruments of any nature
relating to the Project or under which Borrower claims title to any materials or supplies used or to be used in the Project. Also, in this regard, promptly upon request of Administrative Agent, Borrower shall deliver to Administrative Agent a
complete list of all contractors, subcontractors, material suppliers, other vendors, artisans, and laborers (if any) performing work or services or providing materials or supplies for the Project. 

10.10 Representations and Warranties. Until repayment of the Notes and all other obligations secured by the Deed of Trust, the
representations and warranties of Article IX shall remain true and complete in all material respects, subject to representations and warranties that, by nature, cannot remain true and correct. 

10.11 Trade Names. Borrower shall immediately notify Administrative Agent in writing of any change in the legal, trade or
fictitious business names used by Borrower and shall, upon Administrative Agent’s request, execute any additional financing statements and other certificates necessary to reflect the change in trade names or fictitious business names.

 10.12 Further Assurances. Borrower shall execute and deliver from time to time, promptly after any request therefor by
Administrative Agent, any and all instruments, agreements and documents and shall take such other action as may be necessary or desirable in the reasonable opinion of Administrative Agent to maintain, perfect or insure Administrative Agent’s
security provided for herein and in the other Loan Documents, including, without limitation, the authorization of UCC-1 renewal statements, the execution of such amendments to the Deed of Trust and the other Loan Documents and the delivery of such
endorsements to the Title Company, all as Administrative Agent shall reasonably require (in each case for the purpose of maintaining, perfecting or insuring Administrative Agent’s security provided for herein and in the other Loan Documents and
not for the purpose of changing any of the economic terms under the Loan Documents), and Borrower shall pay all fees and expenses (including reasonable attorneys’ fees) related thereto. Promptly upon the request of Administrative Agent,
Borrower shall execute and deliver a Certification of Non-Foreign Status. 
 10.13 Notice of Litigation. Borrower shall
give, or cause to be given, prompt written notice to Administrative Agent of (a) any action or proceeding which is instituted by or against it in any Federal or state court or before any commission or other regulatory body, Federal, state or
local, foreign or domestic, or any such proceedings which are threatened against it, which, if adversely determined, would be likely to have a material and adverse effect upon its business, 

 

 -37- 

 
operations, properties, assets, management, ownership or condition (financial or otherwise), (b) any other action, event or condition of any nature which may have a material and adverse
effect upon its business, operations, management, assets, properties, ownership or condition (financial or otherwise), or which, with notice or lapse of time or both, would constitute an Event of Default or a default under any other contract,
instrument or agreement to which it is a party to by or to which it or any of its properties or assets may be bound or subject, and (c) any actions, proceedings or notices adversely affecting the Project or Administrative Agent’s interest
therein by any zoning, building or other municipal officers, offices or departments having jurisdiction with respect to the Project. 

10.14 Maintenance of Existence. Borrower shall maintain and preserve its existence and all rights and franchises material to its
business. 
 10.15 Hazardous Materials. Borrower will not use, and will not permit the use of, any Hazardous Material (as
defined in the Environmental Indemnity) in violation of any Environmental Requirement (as defined in the Environmental Indemnity) in connection with the Project. 

10.16 Verification of Costs. At Administrative Agent’s request, Borrower agrees to provide Administrative Agent with copies
of all contracts, subcontracts and other agreements and information relating to the Project so that Administrative Agent can verify all costs set forth in the Budget, which contracts, subcontracts and other agreements and information shall be
subject to Administrative Agent’s review and approval. Based on its review and verification of costs set forth in the Budget, Administrative Agent shall have the right, in consultation with Borrower, to reduce the dollar amount of any line
items in the Budget or reallocate between line items in the Budget. 
 10.17 Single Purpose Entity. Prior to the date
hereof Borrower has not, and in the future Borrower will not, without the prior written consent of Administrative Agent, own any properties or assets other than the Project and the personal property pertaining thereto or to be used in connection
therewith. 
 10.18 Government Regulation. Borrower shall not (a) be or become subject at any time to any law,
regulation, or list of any government agency (including, without limitation, the U.S. Office of Foreign Asset Control list) that prohibits or limits Administrative Agent or any Lender from making any advance or extension of credit to Borrower or
from otherwise conducting business with Borrower, or (b) fail to provide documentary and other evidence of Borrower’s identity as may be requested by Administrative Agent at any time to enable Administrative Agent to verify Borrower’s
identity or to comply with any applicable law or regulation, including, without limitation, Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318. 

10.19 Negative Covenants. Borrower shall not, without the prior written consent of Administrative Agent in Administrative
Agent’s sole and absolute discretion, do or permit to be done any of the following: 
  

 -38- 

 (a) Indebtedness. Borrower shall not incur or become liable for any Indebtedness,
whether secured or unsecured, in favor of any Person, other than: 
 (i) the Loans; 

(ii) unsecured trade debt incurred in the ordinary course of Borrower’s business and paid in the ordinary course of Borrower’s
business and not exceeding $500,000 in the aggregate outstanding at any time; and 
 (iii) obligations under Swap Contracts
permitted under Section 13.30 hereof. 
 (b) Liens and Encumbrances. Borrower shall not create, incur or
suffer to exist any lien or encumbrance in, of or on any of the property of Borrower except for Permitted Exceptions or for mechanics’ lien claims filed or asserted against the Property or the Project and concerning which Borrower is in full
compliance with Section 5.1 of the Deed of Trust. 
 (c) Fundamental Changes. Borrower shall not dissolve or
liquidate or become a party to any merger or consolidation. 
 (d) Distributions. Borrower will not declare or pay any
distributions or redeem, repurchase or otherwise acquire or retire any of its capital stock or other ownership interest at any time outstanding, except that, for so long as no Event of Default or Unmatured Event of Default has occurred and is
continuing, Borrower may make distributions to its members so long as after giving effect to any such distribution no Event of Default or Unmatured Event of Default shall have occurred. 

(e) Affiliates. Borrower will not, without the prior written approval of Administrative Agent, enter into any transaction
(including the purchase or sale of any property or service) with, or make any payment or transfer to, any Affiliate of Borrower except in the ordinary course of business and pursuant to the reasonable requirements of Borrower’s business and
upon fair and reasonable terms no less favorable to Borrower than Borrower would obtain in a comparable arms-length transaction. Administrative Agent acknowledges that it has approved (i) that certain Management Agreement dated as of January
    , 2008 between Sunset Studios Holdings, LLC, predecessor-in-interest to Borrower, and Hudson Studios Management, LLC, and (ii) the Parking Lease. 

(f) Amendments to Organizational Documents. Borrower shall not allow any material amendments to be made in the terms of
Borrower’s organizational documents. 
 (g) No Other Business. Borrower will not engage in any business other than
the ownership, management, and operation of the Project and Borrower will conduct and operate its business as presently conducted and operated. 

(h) No Commingling. Borrower will not commingle its funds and other assets with those of any Affiliate, Indemnitor, any of
Borrower’s members, managers, partners or shareholders or any other Person. 
  

 -39- 

 (i) Changes. Borrower will not change or in any manner cause or seek a change in any
laws, requirements of Governmental Authorities or obligations created by private contracts and leases which now or hereafter may significantly adversely affect Borrower’s ability to repay the Loan or otherwise perform its obligations under the
Loan Documents, without the prior written consent of Administrative Agent, which consent shall not be unreasonably withheld. 

(j) Change in Ownership. Following the closing of the Loan and the recordation of the Deed of Trust, Borrower will not suffer to
occur or exist, whether occurring voluntarily or involuntarily, any change in, or any lien or encumbrance with respect to, the legal or beneficial ownership of any interest in Borrower, any partner in Borrower or any other direct or indirect
ownership interest in Borrower or the partners in Borrower. 
 (k) Leases. Except as specified below, Borrower shall not
enter into, or amend or modify in any material respect, any lease covering any portion of the Project without Administrative Agent’s prior written consent, in Administrative Agent’s reasonable discretion, and shall furnish to
Administrative Agent, upon execution, a fully executed copy of each such lease entered into by Borrower, together with all exhibits and attachments thereto and all amendments and modifications thereof. Borrower shall provide Administrative Agent
with a copy of each proposed lease and with financial information on the proposed tenant to aid Administrative Agent in determining whether it will consent thereto. Administrative Agent may declare each such lease to be prior or subordinate to the
Deed of Trust, at Administrative Agent’s sole option. Borrower shall provide to Administrative Agent a monthly status report on the Project, showing the names of all lessees, the areas leased and the major terms of all leases. Notwithstanding
the first sentence of this subsection (k), with respect to all leases that either (i) demise less than 8,000 square feet or (ii) provide for a term of fewer than six (6) months, Borrower shall not be obligated to obtain Administrative
Agent’s prior written consent so long as such lease is on a lease form approved by Administrative Agent (which approval shall not be unreasonably withheld, conditioned or delayed and with any material modifications thereto also having been
approved by Administrative Agent), and the rents payable under such leases are market rents (such leases being referred to hereinafter as “Safe Harbor Leases”), and Borrower shall not be required to get Administrative
Agent’s consent to modifications of Safe Harbor Leases so long as such leases would continue to meet the criteria for being Safe Harbor Leases after giving effect to such modifications. Additionally, notwithstanding the first sentence of this
subsection (k) Borrower shall not be obligated to obtain Administrative Agent’s prior written consent with respect to extensions and renewals of existing or subsequently approved leases so long as such lease is on the same form as the
existing or subsequently-approved lease (with any material modifications thereto also having been approved by Administrative Agent) and the rents payable under such leases are either (i) determined in accordance with the procedures for
determining rents payable thereunder during an extension or renewal expressly set forth in the existing or subsequently-approved lease or (ii) market rents. Borrower shall provide Administrative Agent with a copy of each proposed lease
requiring approval, modification requiring approval or extension/renewal requiring approval and with financial information on the proposed tenant to aid Administrative Agent in determining whether it will consent thereto; if Administrative Agent
fails to approve or reject any proposed lease, modification or extension/renewal within three (3) Business Days thereafter, such proposed lease or extension/renewal shall be deemed approved. Except for payments under the KTLA Lease,

  

 -40- 

 
Borrower shall not accept payment of more than twelve (12) month’s rent in advance from any tenant; provided, however, that Borrower shall be entitled to accept security deposits. No
such Lease shall contain any provision granting an option, right of first offer or refusal or other preemptory right to purchase all or any portion of the Project. 

10.20 “Last Look” for Refinancing. If at any time Borrower receives from any Person other than Wachovia Bank, N.A. (a
“Third Party Lender”), an offer, term sheet, loan application or loan commitment (each, an “Offer”) which provides for construction and/or redevelopment financing (but excluding any equity financing and any
permanent financing) with respect to the entirety of the Property and such financing is to be secured by a mortgage, encumbrance, pledge or any other hypothecation of the Property by Borrower (each, a “Financing Transaction”), then
Borrower shall deliver written notice of such Offer to Lender (including a copy of such offer, term sheet, loan application or loan commitment) (the “Offer Notice”) and Lender shall have five (5) Business Days after receipt of
the Offer Notice (the “Right of First Refusal Period”) to deliver to Borrower a notice (an “Acceptance Notice”) setting forth Lender’s intent to enter into a Financing Transaction with Borrower in the place of
such Third Party Lender upon the same terms and conditions as the terms and conditions set forth in the Offer Notice (the “Third Party Terms and Conditions”). Subject to the following sentence, in the event that Lender delivers an
Acceptance Notice, Borrower shall not accept the Offer from, or enter into the Financing Transaction with, such Third Party Lender and Borrower shall enter into a Financing Transaction with Lender in the place of such Third Party Lender upon the
Third Party Terms and Conditions; provided, however, that the loan documents used by Lender in connection therewith shall be substantially identical to the Loan Documents (except to the extent that the Third Party Terms and Conditions vary from the
terms of the Loan Documents). Notwithstanding anything in this Section 10.20 to the contrary, in the event that the Third Party Terms and Conditions provide that the Third Party Lender’s obligation to consummate the Financing
Transaction is contingent upon the satisfactory review of due diligence materials, Lender’s obligation to consummate the Financing Transaction after delivery of an Acceptance Notice shall not be contingent upon facts or circumstances of which
it was aware as of the date of the delivery of the Acceptance Notice. Lender shall consummate the Financing Transaction within thirty (30) days after delivery of the Acceptance Notice and Borrower shall promptly deliver to Lender materials and
documents similar to those delivered by Borrower to Lender in connection with the closing of the Loan. If no Acceptance Notice has been sent by Lender within the Right of First Refusal Period or if Lender fails to consummate the Financing
Transaction within thirty (30) days after delivery of the Acceptance Notice, then Borrower may consummate the Financing Transaction set forth in the Offer with the applicable Third Party Lender or with any other Third Party Lender on materially
the same terms and conditions as the terms and conditions set forth in the Offer without complying with the provisions of this Section 10.20 for a period of one hundred eighty (180) days after the expiration of the Right of First
Refusal Period or the thirty (30) day period, as applicable. 
 10.21 Post-Closing Delivery. Borrower shall use its
best efforts to, within thirty (30) days after the Closing Date, deliver to Lender a fully-executed and acknowledged subordination, nondisturbance and attornment agreement, in form and content satisfactory to Lender, for the KTLA Lease.

  

 -41- 

 ARTICLE XI 

EVENTS OF DEFAULT AND REMEDIES 

11.1 Events of Default. The occurrence of any one or more of the following shall constitute an Event of Default under this
Agreement: 
 (a) Failure of Borrower or Indemnitor to pay any amounts of principal or interest due pursuant to this Agreement
or the Loan Documents within ten (10) days after the date such amount is due. 
 (b) Failure by Borrower or Indemnitor to
pay any amount (other than principal or interest) when due under this Agreement or any other Loan Document and the expiration of ten (10) days after written notice of such failure by Administrative Agent to Borrower. 

(c) Failure by Borrower, Indemnitor or any other Person referred to therein to comply with any of the provisions of Article VII or
Sections 10.4, 10.18, or 10.19. 
 (d) Failure by Borrower or Indemnitor to perform any other obligation,
or to comply with any term or condition, applicable to Borrower or Indemnitor under any Loan Document that is not referred to in another Section of this Section 11.1 and the expiration of thirty (30) days after written notice of
such failure by Administrative Agent to Borrower; provided, however, that if such failure is of a nature such that it cannot be cured by the payment of money and if such failure requires work to be performed, acts to be done or conditions to be
removed which cannot, by their nature, with reasonable diligence, be performed, done or removed, as the case may be, within such thirty-day period and Borrower shall have commenced to cure such failure within such thirty-day period and thereafter
diligently continues to prosecute such cure, such period shall be deemed extended for so long as shall be required by Borrower in the exercise of reasonable diligence to cure such failure, but in no event shall such thirty-day period be so extended
to be a period in excess of ninety (90) days. 
 (e) Any representation or warranty by Borrower or Indemnitor in any Loan
Document is materially false, incorrect, or misleading as of the date made or renewed, excluding the lapse of representations and warranties that, by nature, cannot remain true and correct. 

(f) Intentionally Omitted. 

(g) Borrower or Indemnitor (i) is unable or admits in writing Borrower’s or Indemnitor’s inability to pay its monetary
obligations as they become due, (ii) fails to pay when due any monetary obligation, whether such obligation be direct or contingent, to any person in excess of $150,000.00, (iii) makes a general assignment for the benefit of creditors, or
(iv) applies for, consents to, or acquiesces in, the appointment of a trustee, receiver, or other custodian for Borrower or Indemnitor or the property of Borrower or Indemnitor or any part thereof, or in the absence of such application,
consent, or acquiescence a trustee, receiver, or other custodian is appointed for Borrower or Indemnitor or the property of Borrower or Indemnitor or any part thereof, and such appointment is not discharged within ninety (90) days. 

 

 -42- 

 (h) Commencement of any case under the Bankruptcy Code, Title 11 of the United State Code,
or commencement of any other bankruptcy arrangement, reorganization, receivership, custodianship, or similar proceeding under any federal, state, or foreign law by Borrower or Indemnitor. 

(i) If a receiver, trustee or similar officer shall be appointed for Borrower or Indemnitor or for all or any substantial part of the
property of Borrower or Indemnitor without the application or consent of Borrower or Indemnitor and such appointment shall continue undischarged for a period of ninety (90) days (whether or not consecutive); or any bankruptcy, insolvency,
reorganization, arrangements, readjustment of debt, dissolution, liquidation or similar proceedings shall be instituted (by petition, application, or otherwise) against Borrower or Indemnitor and shall remain undismissed for a period of ninety
(90) days (whether or not consecutive). 
 (j) Any litigation or proceeding is commenced before any Governmental Authority
against or affecting Borrower or Indemnitor or the property of Borrower or Indemnitor or any part thereof and such litigation or proceeding is not defended diligently and in good faith by Borrower or Indemnitor. 

(k) A final judgment or decree for monetary damages or a monetary fine or penalty (not subject to appeal or as to which the time for
appeal has expired) is entered against Borrower or Indemnitor by any Government Authority, which together with the aggregate amount of all other such judgments and decrees against Borrower or Indemnitor that remain unpaid or that have not been
discharged or stayed, exceeds $50,000.00, is not paid and discharged or stayed within thirty (30) days after the entry thereof. 

(l) Commencement of any action or proceeding which seeks as one of its remedies the dissolution of Borrower or Indemnitor. 

(m) All or any material part of the property of Borrower or Indemnitor is attached, levied upon, or otherwise seized by legal process,
and such attachment, levy, or seizure is not quashed, stayed, or released within sixty (60) days of the date thereof. 

(n) The occurrence of any Accelerating Transfer (as defined in the Deed of Trust), unless Administrative Agent has consented to such
Accelerating Transfer in its sole and absolute discretion, as more particularly provided in the Deed of Trust. 
 (o) The
occurrence of any Event of Default, as such term is defined in any other Loan Document, after taking into account applicable cure periods. 

(p) (i) A default shall occur in the payment when due (after giving effect to any applicable notice and grace periods), whether by
acceleration or otherwise, with respect to indebtedness of Borrower or Indemnitor in an aggregate amount exceeding $150,000.00; or (ii) a default shall occur in the performance or observance of any obligation or condition with respect to
indebtedness in an aggregate amount exceeding $150,000.00 if the effect of such default described in this clause (ii) is to permit the acceleration of the maturity of such indebtedness. 

 

 -43- 

 (q) Borrower, Indemnitor or any Person on behalf of Borrower or Indemnitor shall claim or
assert that the Loan Documents are not legal, valid and binding agreements enforceable against Borrower or Indemnitor in accordance with their respective terms; or the Loan Documents shall in any way be terminated (except in accordance with their
terms) or become or be judicially declared ineffective or inoperative or shall in any way cease to give or provide the respective liens, security interests, rights, titles, interests, remedies, powers or privileges intended to be created thereby.

 (r) Any Governmental Authorities take or institute action in response to Borrower’s violation of any applicable law,
rule or regulation, which in the reasonable opinion of Administrative Agent, will adversely affect Borrower’s or Indemnitor’s ability to repay the Loans, if such action remains effective for more than thirty (30) days. 

(s) Administrative Agent fails to have a legal, valid, binding, and enforceable first priority lien reasonably acceptable to
Administrative Agent (subject to Permitted Exceptions) on the Property, Improvements and all other collateral. 
 (t) A stop
notice affecting the balance of the Loan proceeds is served on Administrative Agent, unless and until a bond in form and substance satisfactory to Administrative Agent, issued by a surety acceptable to Administrative Agent in its reasonable
discretion, is furnished to Administrative Agent within the time period specified by Administrative Agent. 
 (u) (i) if
the leasehold estate created by the Parking Lease shall be surrendered or the Parking Lease shall be terminated or cancelled for any reason or under any circumstances whatsoever, or (ii) if any of the material terms, covenants or conditions of
the Parking Lease shall in any manner be modified, changed, supplemented, altered, or amended without consent of Administrative Agent (such consent not to be unreasonably withheld); provided, however, the occurrence of any of the events described in
clauses (i) or (ii) shall not be an Event of Default if, after giving effect to the loss of parking resulting from the termination of the Parking Lease, the Project still has adequate parking to satisfy zoning requirements (as evidenced by
a zoning letter or zoning report delivered to Administrative Agent) and requirements under the Leases. 
 11.2 Remedies.

 (a) During the continuance of any Event of Default, (i) if such event is one of the Events of Default specified in
Section 11.1(g)(iii), Section 11.1(h) or Section 11.1(i), the Commitments, if still outstanding, shall automatically and immediately terminate and all indebtedness under the Notes and the other Loan Documents
shall immediately become due and payable, and (ii) if such event is any other Event of Default and is continuing, either or both of the following actions may be taken: (A) Administrative Agent may, or upon the request of the Required
Lenders, Administrative Agent shall, by notice to Borrower, declare the Commitments to be terminated forthwith, whereupon the Commitments shall immediately terminate; and (B) Administrative Agent may, or upon the request of the Required
Lenders, Administrative Agent shall, by notice of default to Borrower, declare the full amount of all outstanding indebtedness under the Notes and the other Loan Documents to be due and payable forthwith, whereupon the same shall immediately become
due and payable. Except as expressly provided 
  

 -44- 

 
above in this Section 11.2(a), presentment, demand, protest and all other notices of any kind are hereby expressly waived. If any Event of Default occurs and is continuing,
Administrative Agent may, or upon the request of the Required Lenders shall (to the extent such request of the Required Lenders is not contrary to law or sound business practices), exercise on behalf of itself and the Lenders all rights and remedies
available to it under the Deed of Trust and the other Loan Documents. Additionally, Administrative Agent and each Lender may exercise any and all other rights and remedies available to Administrative Agent and each Lender at law or in equity to the
extent not inconsistent with the rights specifically granted to Administrative Agent and each Lender hereunder. 
 During the
continuance of an Event of Default, Administrative Agent shall have the right, but not the obligation, to make disbursements and to directly apply such disbursements to satisfy Borrower’s obligations. Borrower hereby authorizes Administrative
Agent during the continuance of any Event of Default to hold, use, disburse and apply disbursements hereunder to payment of Project Costs, payment or performance of obligations of Borrower under the Loan Documents (including payment of interest on
the Notes and preservation and protection of the Improvements). Such disbursements shall be deemed disbursements for all purposes of the Loan Documents. 

During the continuance of an Event of Default, in addition to any other remedies which any Person may have under any of the Loan
Documents or under applicable law, Administrative Agent shall have the right, but not the obligation, to requisition funds hereunder and disburse them pursuant to the Deed of Trust to enable the construction, equipping and completion of any tenant
improvements and/or ongoing renovations. All sums disbursed by the Lender pursuant to this paragraph shall be deemed disbursements for all purposes of the Loan Documents. 

(b) Effective from and after the occurrence of an Event of Default, Borrower hereby constitutes and appoints Administrative Agent, or an
independent contractor selected by Administrative Agent, as its true and lawful attorney-in-fact with full power of substitution for the purposes of operation of the Project and performance of Borrower’s obligations under this Agreement in the
name of the Borrower, and hereby empower said attorney-in-fact to do any or all of the following upon the occurrence of an Event of Default: 

(i) to use any of the funds of Borrower, including any balance of the Loans, as applicable, and any funds which may be held by
Administrative Agent for Borrower, for the purpose of effecting completion of any tenant improvements and/or ongoing renovations; 

(ii) to employ any contractors, subcontractors, agents, architects and inspectors required for said purposes; 

(iii) to employ attorneys to defend against attempts to interfere with the exercise of power granted hereby; 

(iv) to pay, settle or compromise all existing bills and claims which are or may be liens against the Property, the Improvements or the
Project or may be necessary or 
  

 -45- 

 
desirable for the completion of any tenant improvements and/or ongoing renovations or clearance of objections to or encumbrances on title; 

(v) to execute all applications and certificates in the name of Borrower, which may be required by any other construction contract;

 (vi) to prosecute and defend all actions or proceedings in connection with the Project and to take such action, require such
performance and do any and every other act as is deemed necessary with respect to the completion of any tenant improvements and/or ongoing renovations which Borrower might do on its own behalf; 

(vii) to let new or additional contracts to the extent not prohibited by their existing contracts; 

(viii) to employ watchmen and erect security fences to protect the Project from injury; and 

(ix) to take such action and require such performance as it deems necessary under any of the bonds or insurance policies to be furnished
hereunder, to make settlements and compromises with the sureties or insurers thereunder, and in connection therewith to execute instruments of release and satisfaction. 

It is understood and agreed that the foregoing power of attorney shall be deemed to be a power coupled with an interest which cannot be
revoked until repayment of the Loans. Administrative Agent agrees to act in good faith in its exercise of the foregoing power of attorney, and in exercising such power of attorney will take actions in its reasonable opinion either to maintain,
protect or enhance its collateral or to collect sums owing under the Loan Documents, and shall not act in a manner in its exercise of the foregoing power of attorney which would increase Indemnitor’s recourse obligations under the Guaranty.

 ARTICLE XII 

ADMINISTRATIVE AGENT 

12.1 Appointment and Authority. Each of the Lenders hereby irrevocably appoints Wachovia Bank to act on its behalf as
Administrative Agent hereunder and under the other Loan Documents, including without limitation acting as collateral agent for the Lenders under the Loan Documents, or any of them, and authorizes Administrative Agent to take such actions on its
behalf and to exercise such powers as are delegated to Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of
Administrative Agent and the Lenders, and neither Borrower nor Indemnitor shall have rights as a third party beneficiary of any of such provisions. 

12.2 Rights as a Lender. The Person serving as Administrative Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise
requires, include the Person serving as Administrative Agent hereunder in its individual capacity. Such 
  

 -46- 

 
Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with Borrower or
any Subsidiary or other Affiliate thereof as if such Person were not Administrative Agent hereunder and without any duty to account therefor to the Lenders. 

12.3 Exculpatory Provisions. 

(a) Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan
Documents. Without limiting the generality of the foregoing, Administrative Agent: (i) shall not be subject to any fiduciary or other implied duties, regardless of whether an Event of Default has occurred and is continuing; (ii) shall not
have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that Administrative Agent is required to exercise as directed in
writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that Administrative Agent shall not be required to take any action that, in
its opinion or the opinion of its counsel, may expose Administrative Agent to liability or that is contrary to any Loan Document or applicable law; and (iii) shall not, except as expressly set forth herein and in the other Loan Documents, have
any duty to disclose, and shall not be liable for the failure to disclose, any information relating to Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in
any capacity. 
 (b) Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent
or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary), or as Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in
Section 13.1 and Article XI or (ii) in the absence of its own gross negligence or willful misconduct. Administrative Agent shall be deemed not to have knowledge of any Event of Default unless and until notice describing such
Event of Default is given to Administrative Agent by Borrower or a Lender. 
 (c) Administrative Agent shall not be responsible
for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document
delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Event of
Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article III or
elsewhere herein, other than to confirm receipt of items expressly required to be delivered to Administrative Agent. 
 12.4
Reliance by Administrative Agent. Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including
any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. Administrative Agent also may

  

 -47- 

 
rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining
compliance with any condition hereunder to the making of a Loan, that by its terms must be fulfilled to the satisfaction of a Lender, Administrative Agent may presume that such condition is satisfactory to such Lender unless Administrative Agent
shall have received notice to the contrary from such Lender prior to the making of such Loan. Administrative Agent may consult with legal counsel (who may be counsel for Borrower), independent accountants and other experts selected by it, and shall
not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

12.5 Delegation of Duties. Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder
or under any other Loan Document by or through any one or more sub agents appointed by Administrative Agent; provided, however, Borrower shall not be responsible for any additional cost or expense solely caused by such an arrangement. Administrative
Agent and any such sub agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub agent and to the Related
Parties of Administrative Agent and any such sub agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 

12.6 Resignation of Administrative Agent. Administrative Agent may at any time give notice of its resignation to the Lenders and
Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with the consent of Borrower unless an Event of Default has occurred and is continuing (such consent not to be unreasonably withheld or delayed), to
appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted
such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent meeting the
qualifications set forth above provided that if Administrative Agent shall notify Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such
notice and (1) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (2) all payments, communications and determinations provided to be made by, to or through
Administrative Agent shall instead be made by or to each Lender directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section. Upon the acceptance of a successor’s appointment
as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged
from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this paragraph). The fees payable by Borrower to a successor Administrative Agent shall be the same as those
payable to its predecessor unless otherwise agreed between Borrower and such successor. The predecessor Administrative Agent shall pay to the successor the pro rata portion of any annual administration fee paid in advance by Borrower for the portion
of the year between the time of the successor Administrative Agent’s acceptance of its appointment as 
  

 -48- 

 
Administrative Agent and the following anniversary date of this Agreement. After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions
of this Article and Section 13.10 shall continue in effect for the benefit of such retiring Administrative Agent, its sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them
while the retiring Administrative Agent was acting as Administrative Agent. 
 12.7 Non-Reliance on Administrative Agent and
Other Lenders. Each Lender acknowledges that it has, independently and without reliance upon Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made
its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon Administrative Agent or any other Lender or any of their Related Parties and based on such
documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document
furnished hereunder or thereunder. 
 12.8 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of
the Arrangers or Bookrunners listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as Administrative Agent or a Lender
hereunder. 
 ARTICLE XIII 

MISCELLANEOUS 

13.1 Successors and Assigns Generally; Assignments. 

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns permitted hereby, except that Borrower may not assign or otherwise transfer any of its rights or obligations hereunder, except as expressly provided in the Loan Documents, without the prior written consent of Administrative Agent and
each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of paragraph (b) of this Section, (ii) by way of participation in
accordance with the provisions of paragraph (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of paragraph (f) of this Section (and any other attempted
assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted
hereby, Participants to the extent provided in paragraph (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of Administrative Agent and the Lenders) any legal or equitable right, remedy or
claim under or by reason of this Agreement. 
 (b) Any Lender may at any time assign to one or more assignees all or a portion
of its rights and obligations under this Agreement at no cost to Borrower (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions:
(i) in the case of an assignment of the 
  

 -49- 

 
entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund,
no minimum amount need be assigned; (ii) in any case not described in clause (i) of this paragraph, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable
Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to
Administrative Agent or, if an “Effective Date” is specified in the Assignment and Assumption, as of the Effective Date) shall not be less than $5,000,000 (and integral multiples of $1,000,000 in excess thereof), unless each of
Administrative Agent and, so long as no Default has occurred and is continuing, Borrower otherwise consent (each such consent not to be unreasonably withheld or delayed); (iii) each partial assignment shall be made as an assignment of a
proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned; (iv) no consent shall be required for any assignment except to the extent required by
clause (ii) of this paragraph and, in addition: (A) the consent of Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default or an Unmatured Event of Default has
occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund (other than a Foreign Lender) and (B) the consent of Administrative Agent (such consent not to be
unreasonably withheld or delayed) shall be required if such assignment is to a Person that is not a Lender with a Commitment, an Affiliate of such Lender or an Approved Fund with respect to such Lender; (v) the parties to each assignment shall
execute and deliver to Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 for each assignment, and the assignee, if it is not a Lender, shall deliver to Administrative Agent an Administrative
Questionnaire; (vi) no such assignment shall be made to Borrower or any of Borrower’s Affiliates or Subsidiaries; (vii) no such assignment shall be made to a natural person; and (viii) the assigning Lender must retain a
Commitment of at least $10,000,000 (and integral multiples of $1,000,000 in excess thereof). 
 Subject to acceptance and
recording thereof by Administrative Agent pursuant to paragraph (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the
extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption,
be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall
continue to be entitled to the benefits of Sections 2.8, 2.10 and 13.10 with respect to facts and circumstances occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender of rights or
obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (d) of this
Section. 
 (c) Administrative Agent, acting solely for this purpose as an agent of Borrower, shall maintain at its office in
Charlotte, North Carolina, a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of 

 

 -50- 

 
the Lenders, and the Commitments of, and principal amounts of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the
Register shall be conclusive, and Borrower, Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding
notice to the contrary. The Register shall be available for inspection by Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. It is the intention of the parties hereto that the Loans will be treated as
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 such regulations). 

(d) Any Lender may at any time, without the consent of, or notice to, Borrower or Administrative Agent, sell participations to any Person
(other than a natural person or Borrower or any of Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a
portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for
the performance of such obligations and (iii) Borrower, Administrative Agent, and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any
agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this
Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of Participant, agree to any amendment, modification or waiver described in Section 13.27 that requires the consent
of all Lenders, that affects such Participant. Subject to paragraph (e) of this Section, and subject to Borrower’s rights under Section 2.13, the Borrower agrees that each Participant shall be entitled to the benefits
of Sections 2.8 and 2.10 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be
entitled to the benefits of Section 13.28(a) as though it were a Lender, provided such Participant agrees to be subject to Section 13.28(b) as though it were a Lender. Borrower shall not be responsible for any participation
costs and expenses of any Participant. 
 (e) A Participant shall not be entitled to receive any greater payment under
Sections 2.8 or 2.10 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with Borrower’s
prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.10 unless Borrower is notified of the participation sold to such Participant and such Participant
agrees, for the benefit of Borrower, to comply with Section 2.10 as though it were a Lender. 
 (f) Any Lender may
at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that
no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
  

 -51- 

 13.2 Notices. All demands or notices under the Loan Documents shall be in writing
(including, without limitation, telecopy, telegraphic, telex, or cable communication) and mailed, telecopied, telegraphed, telexed, cabled, or delivered to the respective party hereto at the address specified at the end of this paragraph or at such
other address as may have been specified in a written notice. Any demand or notice mailed shall be mailed first class mail, postage prepaid, return receipt requested, and shall be effective upon the earlier of (i) actual receipt by the
addressee, and (ii) the dates showing on the return-receipt. Any demand or notice not mailed will be effective upon the earlier of (i) actual receipt by the addressee, and (ii) the time the receipt of the telecopy, telegram, telex, or
cable is mechanically confirmed. The addresses for notices are as follows: 
  

			
	If to Administrative Agent:	  	Wachovia Bank, N.A.
		  	Real Estate Asset Management
		  	General Banking Group
		  	Mail Code: CA 6500
		  	1800 Century Park East, Suite 500
		  	Los Angeles, California 90067
		  	Attn: Raquel Castro
		  	Facsimile: (310) 789-8994
		
	If to Borrower:	  	Sunset Bronson Entertainment Properties, LLC
		  	c/o Hudson Capital, LLC
		  	11601 Wilshire Boulevard, Suite 1600
		  	Los Angeles, California 90025-0317
		  	Attn: Victor Coleman and Howard Stern
		  	Facsimile: (310) 445-5710
		
	with copies to:	  	Jeffer, Mangels, Butler & Marmaro LLP
		  	1900 Avenue of the Stars, Suite 700
		  	Los Angeles, California 90067
		  	Attn: Scott M. Kalt, Esq.
		  	Facsimile: (310) 203-0567
		
		  	SGS Investors, LLC
		  	c/o Farallon Capital Management, L.L.C.
		  	One Maritime Plaza, Suite 2100
		  	San Francisco, California 94111
		  	Attn: Richard B. Fried
		  	Facsimile: (415) 616-6059
		
		  	Pircher, Nichols & Meeks
		  	1925 Century Park East, Suite 1700
		  	Los Angeles, California 90067
		  	Attn: Real Estate Notices (903375.5/JLB/CWB)
		  	Facsimile: (310) 201-8922

  

 -52- 

 13.3 Authority to File Notices. During the continuance of an Event of Default,
Borrower irrevocably appoints Administrative Agent at its attorney-in-fact, with full power of substitution, to file for record, at the Borrower’s cost and expense and in Borrower’s name, any notices of completion, notices of cessation
of labor, or any other notices that Administrative Agent considers necessary or desirable to protect its security. Administrative Agent agrees to act in good faith in its exercise of the foregoing power of attorney, and shall not act in a manner in
its exercise of the foregoing power of attorney which would increase Indemnitor’s recourse obligations under the Guaranty. 

13.4 Inconsistencies with the Loan Documents. In the event of any inconsistencies between the terms of this Agreement and any
terms of any of the Loan Documents, the terms of this Agreement shall govern and prevail. 
 13.5 No Waiver. No
disbursement of proceeds of the Loans shall constitute a waiver of any conditions to Administrative Agent’s or any Lender’s obligation to make further disbursements nor, in the event Borrower is unable to satisfy any such conditions,
shall any such waiver have the effect of precluding Administrative Agent or the Lenders from thereafter declaring such inability to constitute a default under this Agreement. 

13.6 Administrative Agent Approval of Instruments and Parties. All proceedings taken in accordance with transactions provided for
herein; all surveys, appraisals and documents required or contemplated by this Agreement and the persons responsible for the execution and preparation thereof; shall be satisfactory to and subject to approval by Administrative Agent. Administrative
Agent’s counsel shall be provided with copies of all documents which they may reasonably request in connection with the Agreement. 

13.7 Administrative Agent Determination of Facts. Administrative Agent shall at all times be free to establish independently, to
its satisfaction, the existence or nonexistence of any fact or facts, the existence or nonexistence of which is a condition of this Agreement. 

13.8 Incorporation of Preamble, Recitals and Exhibits. The preamble, recitals and exhibits hereto are hereby incorporated in to
this Agreement. 
 13.9 Third-Party Consultants. Administrative Agent may hire such third-party consultants as it deems
necessary, the costs of which shall be paid by Borrower, to provide the following services: (a) review the Budget and the costs associated therewith; (b) conduct compliance inspections with respect to the progress of construction of any
tenant improvements, and approve each element of a request for disbursement relating to construction costs incurred in connection therewith; and (c) perform such other services as may, from time to time, be required by Administrative Agent.
This obligation on the part of Borrower shall survive the closing of the Loans and the repayment thereof. Borrower hereby authorizes Administrative Agent, in its discretion, to pay such expenses, charges, costs and fees at any time by a disbursement
of Loans. 
 13.10 Costs and Expenses; Indemnification; Reimbursement. 

(a) Borrower shall pay (i) all reasonable out of pocket expenses incurred by Administrative Agent and its Affiliates (including the
reasonable fees, charges and disbursements of counsel for Administrative Agent), in connection with the preparation, 

 

 -53- 

 
negotiation, execution and delivery of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), (ii) all taxes and assessments and all reasonable out-of-pocket expenses, charges, costs and fees provided for in this Agreement or relating to the Loans or construction of any tenant
improvements, including, without limitation, any fees incurred for recording or filing any of the Loan Documents, title insurance premiums and charges, tax service contract fees, fees of any consultants, Administrative Agent’s processing and
closing fees, Administrative Agent’s inspection fees, printing, photostating and duplicating expenses, air freight charges, escrow fees, costs of surveys, premiums of hazard insurance policies and surety bonds and fees for any appraisal,
appraisal review, market or feasibility study required by Administrative Agent, (iii) all reasonable out of pocket expenses incurred by Administrative Agent or any Lender (including the reasonable out-of-pocket fees, charges and disbursements
of any counsel for Administrative Agent or any Lender), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in
connection with the Loans made hereunder, including all such out of pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans, and (iv) any civil penalty or fine assessed by OFAC against, and all
reasonable costs and expenses (including counsel fees and disbursements) incurred in connection with defense thereof, by Administrative Agent or any Lender as a result of conduct of Borrower that violated a sanction enforced by OFAC. 

(b) Borrower shall indemnify Administrative Agent (and any sub-agent thereof), each Lender, and each Related Party of any of the
foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any
counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by Borrower or Indemnitor arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement,
any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or
thereby, (ii) any Loan or the use or proposed use of the proceeds therefrom, or (iii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other
theory, whether brought by a third party or by Borrower or Indemnitor, and regardless of whether any Indemnitee is a party thereto, provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims,
damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a
claim brought by Borrower or Indemnitor against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if Borrower or Indemnitor has obtained a final and nonappealable judgment in its
favor on such claim as determined by a court of competent jurisdiction. 
 (c) To the extent that the Borrower for any reason
fails to indefeasibly pay any amount required under paragraph (a) or (b) of this Section to be paid by it to Administrative Agent (or any sub-agent thereof) or any Related Party of Administrative Agent, each Lender

  

 -54- 

 
severally agrees to pay to Administrative Agent (or any such sub-agent) or such Related Party, as the case may be, such Lender’s Ratable Share (determined as of the time that the applicable
unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against
Administrative Agent (or any such sub-agent) in its capacity as such, or against any Related Party of any of the Administrative Agent acting for Administrative Agent (or any such sub-agent) in connection with such capacity. The obligations of the
Lenders under this paragraph are several and not joint or joint and several. 
 (d) The obligations on the part of Borrower
under this Section 13.10 shall survive the closing of the Loans and the repayment thereof. 
 13.11 Disclaimer by
Administrative Agent and the Lenders. Administrative Agent and the Lenders shall not be liable to any contractor, subcontractor, supplier, laborer, architect, engineer or any other party for services performed or materials supplied in connection
with the Project. Administrative Agent and the Lenders shall not be liable for any debts or claims accruing in favor of any such parties against Borrowers or others or against the Property or the Project. Borrower is not and shall not be an agent of
Administrative Agent or any Lender for any purpose. Administrative Agent and the Lenders are not joint venture partners with Borrower in any manner whatsoever. Prior to default by Borrower under this Agreement and the exercise of remedies granted
herein, and subject to the explicit written consent of Administrative Agent, Administrative Agent and the Lenders shall not be deemed to be in privity of contract with any contractor or provider of services to the Project, nor shall any payment of
funds directly to a contractor, subcontractor, or provider of services be deemed to create any third party beneficiary status or recognition of same by Administrative Agent or the Lenders. Approvals granted by Administrative Agent or the Lenders for
any matters covered under this Agreement shall be narrowly construed to cover only the parties and facts identified in any written approval or, if not in writing, such approvals shall be solely for the benefit of Borrower. 

13.12 Intentionally Omitted. 

13.13 Titles and Headings. The titles and headings of sections of this Agreement are intended for convenience only and shall not
in any way affect the meaning or construction of any provision of this Agreement. 
 13.14 Brokers. Borrower represents
that it has paid all brokerage commissions due to Eastdil Secured in connection with this transaction. Borrower and Administrative Agent represent to each other that neither of them knows of any other brokerage commissions or finders’ fee due
or claimed with respect to the transaction contemplated hereby. Borrower and Administrative Agent shall indemnify and hold harmless the other party from and against any and all loss, damage, liability, or expense, including costs and reasonable
attorney fees, which such other party may incur or sustain by reason of or in connection with any misrepresentation by the indemnifying party with respect to the foregoing. 

13.15 Change, Discharge, Termination, or Waiver. No provision of this Agreement may be changed, discharged, terminated, or waived
except in writing signed by the party against whom enforcement of the change, discharge, termination, or waiver is sought. No failure on the 

 

 -55- 

 
part of Administrative Agent or the Lenders to exercise and no delay by Administrative Agent or the Lenders in exercising any right or remedy under the Loan Documents or under the law shall
operate as a waiver thereof. 
 13.16 CHOICE OF LAW. THIS AGREEMENT AND THE TRANSACTION CONTEMPLATED HEREUNDER SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES. 

13.17 Disbursements in Excess of Aggregate Commitment. In the event the total disbursements by Administrative Agent plus L/C
Obligations exceed the Aggregate Commitment, the total of all disbursements plus the L/C Obligations shall nonetheless be secured by the Deed of Trust. All other sums expended by Administrative Agent pursuant to this Agreement or any other Loan
Documents shall be deemed to have been paid to Borrower and shall be secured by, among other things, the Deed of Trust. 
 13.18
Submission to Jurisdiction; Waiver of Venue; Service of Process. 
 (a) BORROWER IRREVOCABLY AND UNCONDITIONALLY SUBMITS,
FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF CALIFORNIA SITTING IN LOS ANGELES COUNTY, CALIFORNIA, AND OF THE UNITED STATES DISTRICT COURT AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH
ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE
CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ADMINISTRATIVE AGENT OR ANY LENDER MAY
OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

(b) BORROWER IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR
HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (a) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

 

 -56- 

 (c) EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR
NOTICES IN SECTION 13.2. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

13.19 Counterparts. This Agreement may be executed in any number of counterparts each of which shall be deemed an original, but
all such counterparts together shall constitute but one agreement. 
 13.20 Time is of the Essence. Time is of the
essence of this Agreement. 
 13.21 Attorneys’ Fees. Without limiting the generality of the expense reimbursement
obligations of Borrower set forth in Section 13.10, Borrower shall promptly pay to Administrative Agent from Borrower’s own funds or from the proceeds of the Loans, upon demand, with interest thereon from the date of demand at the
default interest rate, reasonable out-of-pocket attorneys’ fees (excluding in-house counsel) and all costs and other expenses paid or incurred by Administrative Agent in enforcing or exercising its rights or remedies created by, connected with
or provided for in this Agreement or any of the other Loan Documents, and payment thereof shall be secured by the Deed of Trust. If at any time Borrower fails, refuses or neglects to do any of the things herein provided to be done by Borrower,
Administrative Agent shall have the right, but not the obligation, to do the same but at the expense and for the account of Borrower. The amount of any monies so expended or obligations so incurred by Administrative Agent, together with interest
thereon at the default interest rate, shall be repaid to Administrative Agent forthwith upon written demand therefor and payment thereof shall be secured by the Deed of Trust. 

13.22 [Intentionally Omitted] 

13.23 [Intentionally Omitted] 

13.24 Waiver Of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

13.25 WAIVER OF SPECIAL DAMAGES. BORROWER WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT BORROWER MAY HAVE TO
CLAIM OR RECOVER FROM ADMINISTRATIVE AGENT OR ANY LENDER 
  

 -57- 

 
IN ANY LEGAL ACTION OR PROCEEDING ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES. 

13.26 USA Patriot Act Notification. The following notification is provided to Borrower pursuant to Section 326 of the USA
Patriot Act of 2001, 31 U.S.C. Section 5318: 
 IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT. To help
the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person or entity that opens an account, including any
deposit account, treasury management account, loan, other extension of credit, or other financial services product. What this means for Borrower: When Borrower opens an account, if Borrower is an individual, Administrative Agent will ask for
Borrower’s name, taxpayer identification number, residential address, date of birth, and other information that will allow Administrative Agent to identify Borrower, and, if Borrower is not an individual, Administrative Agent will ask for
Borrower’s name, taxpayer identification number, business address, and other information that will allow Administrative Agent to identify Borrower. Administrative Agent may also ask, if Borrower is an individual, to see Borrower’s
driver’s license or other identifying documents, and, if Borrower is not an individual, to see Borrower’s legal organizational documents or other identifying documents. 

13.27 Amendments and Waivers. Administrative Agent and Borrower may, from time to time, with the written consent of the Required
Lenders, enter into written amendments, supplements or modifications for the purpose of adding any provisions to this Agreement or the Notes or changing in any manner the rights of the Lenders or Borrower hereunder or thereunder, and with the
consent of the Required Lenders, Administrative Agent on behalf of the Lenders may execute and deliver to Borrower a written instrument waiving, on such terms and conditions as the Administrative Agent may specify in such instrument, any of the
requirements of this Agreement, the Notes or any Event of Default and its consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall reduce the rate or extend the time of payment of
principal, interest or fees on any Note or reduce the principal amount of any Note, or change the amount or terms of any Lender’s Loan or Ratable Share or the amount of any Lender’s Commitment (except for (i) changes resulting from an
assignment permitted hereunder or (ii) as provided in Section 2.13), or change Section 13.28(b) in a manner that would alter the pro rata sharing of payments required thereby, or release any Indemnitor from the Guaranty
or the Environmental Indemnity, or amend, modify, change or waive any provision of this Section, or reduce the percentage specified in the definition of Required Lenders, or consent to the assignment or transfer by Borrower of any of its rights and
obligations under this Agreement, or consent to the release of all, substantially all or a material portion of the collateral (unless otherwise permitted under this Agreement), or amend, modify or change any other provision of this Agreement that
requires the consent of all Lenders, in each case without the written consent of all Lenders; and provided, further, that no such waiver and no such amendment, supplement or modification shall amend, modify, change or waive any
provision relating to the rights or obligations of Administrative Agent without the consent of Administrative Agent; provided, further, that Administrative Agent and Borrower may, from

  

 -58- 

 
time to time, with the written consent of the Required Lenders extend the final maturity of any Note by causing any Lender not consenting to such extension to be repaid the outstanding principal
balance allocated to its Commitment together with all interest, fees and other amounts which may be due to such Lender hereunder (at which point such non-consenting Lender shall cease to be a Lender). Any such waiver and any such amendment,
supplement or modification shall be binding upon Borrower, Administrative Agent and each Lender, and all future holders of the Notes. In the case of any waiver, Borrower, Administrative Agent and each Lender shall be restored to their former
position and rights hereunder and under the outstanding Notes, and any Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Event of Default, or impair any right
consequent thereon. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, modification, waiver or consent hereunder, except that the Commitment of such Lender may not be
increased without the consent of such Lender. 
 13.28 Setoff; Sharing of Payments by Lenders. 

(a) If an Event of Default shall have occurred and be continuing, each Lender and each of their respective Affiliates is hereby
authorized at any time and from time to time, following receipt of Administrative Agent’s written consent, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of Borrower against any and all of the obligations
of Borrower now or hereafter existing under this Agreement or any other Loan Document to such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or any other Loan Document and although such obligations
of Borrower may be contingent or unmatured or are owed to a branch or office of such Lender different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each Lender and their respective Affiliates under
this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or their respective Affiliates may have. Each Lender agrees to notify Borrower and Administrative Agent promptly after any such setoff and
application, provided that the failure to give such notice shall not affect the validity of such setoff and application. 

(b) If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or
interest on any of its Loans or other obligations hereunder resulting in such Lender’s receiving payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such obligations greater than its pro rata share
thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and such other obligations of the other
Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and
other amounts owing them, provided that: (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the
extent of such recovery, without interest; and (ii) the provisions of this paragraph shall not be construed to apply to (x) any payment made by Borrower pursuant to and in accordance with the express

  

 -59- 

 
terms of this Agreement or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other
than to Borrower or any Subsidiary thereof (as to which the provisions of this paragraph shall apply). Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a
participation pursuant to the foregoing arrangements may exercise against Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of Borrower in the amount of such
participation. 
 13.29 Application of Proceeds. So long as no Event of Default shall be continuing, Administrative Agent
shall apply all payments and prepayments in respect of the Notes in such order as shall be specified by Borrower; provided that if Borrower does not specify how such payments and prepayments are to be applied prior to Administrative Agent’s
receipt of such payments, and prepayments, such amounts received shall be applied in such manner as Administrative Agent shall determine. During the continuance of an Event of Default, Administrative Agent shall, unless otherwise specified at the
direction of the Required Lenders which direction shall be consistent with the last two sentences of the penultimate paragraph of this Section, apply all payments and prepayments in respect of the Notes and all proceeds of collateral, if any, and
any enforcement action (or other realization), in the following order: 
 (a) first, to pay all costs and expenses incurred in
connection with such sale of collateral or enforcement action (or other realization), including reasonable attorneys’ fees and expenses actually incurred (including, without limitation, the expenses and costs associated with any collateral
disposition or enforcement action (or other realization)); 
 (b) second, to pay all late charges then due under the Loan
Documents; 
 (c) third, to pay all accrued interest on and then principal of any portion of the Loans which Administrative
Agent may have advanced on behalf of any Lender for which Administrative Agent has not then been reimbursed by such Lender or Borrower; 

(d) fourth, to pay any fees, expenses, reimbursements or indemnities then due to Administrative Agent; 

(e) fifth, to pay any fees, expenses, reimbursements or indemnities then due under the Loan Documents to the Lenders; 

(f) sixth, to pay all accrued interest in respect of the Loans and any obligations owing under any Swap Contracts; 

(g) seventh, to the ratable payment or prepayment of principal outstanding on the Loans in such order as Administrative Agent may
determine in its sole discretion; and 
 (h) eighth, to the ratable payment of all other amounts payable under the Notes or
under the other Loan Documents. 
 Borrower shall remain liable and will pay, on demand, any deficiency remaining in respect of
the Notes and the other Loan Documents, together with interest thereon 
  

 -60- 

 
pursuant to the terms of this Agreement. The order of priority set forth in clauses (b) and (c) above and the related provisions of this Agreement are set forth solely to
determine the rights and priorities of Administrative Agent. The order of priority set forth in clauses (d), (e) and (f) above may be changed only with the prior written consent of all the Lenders without necessity of
notice to or consent of or approval by Borrower, or any other Person. The order of priority set forth in clauses (b) and (c) above may be changed only with the prior written consent of Administrative Agent. 

Notwithstanding any provisions concerning distribution of payments to the contrary in this Agreement, so long as any Event of Default
exists that has not been waived by the Required Lenders, each Lender shall share in any payments or proceeds, including proceeds of any collateral, received by Administrative Agent or any Lender made or received at any time the continuance of any
Event of Default (“Proceeds after Default”) in an amount equal to such Lender’s Ratable Share of the Proceeds after Default; provided, however, if any one or more of the Lenders has not made any funding when
required hereunder, the distribution of Proceeds after Default shall be adjusted so that each Lender shall receive Proceeds after Default in an amount equal to (1) the Proceeds after Default multiplied by (2) the percentage (rounded to
five decimal places) of the total amount outstanding funded by all the Lenders that such Lender has actually funded. If necessary, Administrative Agent and each Lender shall use the adjustments procedure set forth in Section 13.28(b) to
make the appropriate distributions to the Lenders as set forth in this paragraph of this Article. 
 13.30 Swap
Contracts. Prior to or substantially concurrently with the Closing Date (and as an additional condition precedent to the obligation of Agent and Lenders to make advances hereunder), Borrower shall enter into Swap Contracts with Wachovia Bank or
with another Lender (or with Affiliates of Wachovia Bank or such other Lender), or with another financial institution satisfactory to Administrative Agent in its reasonable discretion, for the purpose of hedging and protecting against interest rate
fluctuation risks with respect to the Loans, with a notional amount of at least the Aggregate Commitment and a term at least until the Maturity Date, and on such additional terms and conditions as are approved by Administrative Agent in its
reasonable discretion and as are reasonably acceptable to Wachovia Bank or such other Lender (or their Affiliates), or such other financial institution, as applicable. So long as the Deed of Trust encumbers the Project and the Swap Contract has been
provided by Wachovia Bank or another Lender (or any of their Affiliates) in connection with the Loans, Borrower’s obligations (including any payment obligations) with respect to any such Swap Contract shall be secured by the Deed of Trust and
any other Collateral, and any default by Borrower under any such Swap Contract shall, at the discretion of Administrative Agent, constitute an Event of Default under this Agreement. All Swap Contracts, if any, between Borrower and Wachovia Bank or
any other Lender (or any of their Affiliates) are independent Agreements governed by the written provisions of the Swap Contracts, which will remain in full force and effect, unaffected by any repayment, prepayment, acceleration, reduction, increase
or change in the terms of any Notes or other Loan Documents, except as otherwise expressly provided in the written Swap Contracts, and any payoff statement from Administrative Agent relating to the Notes shall not apply to the Swap Contracts except
as otherwise expressly provided in such payoff statement. By its signature below, Borrower waives any right under California Civil Code Section 2954.10 (to the extent applicable) or otherwise to prepay the Loans, in whole or in part, without
payment of any and all amounts specified or required under the terms of any Swap Contracts (the “Indemnified 

 

 -61- 

 
Amounts”). Borrower acknowledges that prepayment of the Loans may result in Lenders and their Affiliates incurring additional losses, costs, expenses and liabilities, including lost
revenues and lost profits in connection with the Swap Contracts or otherwise. Borrower therefore agrees to pay any and all Indemnified Amounts if the Loans are prepaid, whether voluntarily or by reason of acceleration, including acceleration upon
any transfer or conveyance of any right, title or interest in any Property giving Administrative Agent the right to accelerate the maturity of the Loan as provided in the Loan Documents. Borrower agrees that Lenders’ willingness to offer the
Loans to Borrower is sufficient and independent consideration, given individual weight by Lenders, for this waiver. Borrower understands that Lenders would not offer the Loans to Borrower absent this waiver. 

13.31 Breakage Fees. Borrower agrees to indemnify each Lender and to hold each Lender harmless from any loss or expense
which such Lender sustains or incurs (other than through such Lender’s negligence or willful misconduct) as a consequence of (a) default by Borrower in making any prepayment of a Loan after Borrower has given a notice thereof in accordance
with the provisions of this Agreement or (b) the making of a prepayment of Loans on a day which is not the last day of an Interest Period with respect thereto (whether by acceleration, demand, required assignment or otherwise). Such
indemnification may include, without limitation, an amount equal to the excess, if any, of (i) the amount of interest which would have accrued on the amount so prepaid or not so borrowed for the period from the date of such prepayment or of
such failure to borrow to the last day of the applicable Interest Period (or, in the case of a failure to borrow the Interest Period that would have commenced on the date of such failure) in each case at the applicable rate of interest for such
portion of the Loan provided for herein over (ii) the amount of interest (as reasonably determined by such Lender) which would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading
banks in the interbank LIBOR market. By its signature below, Borrower waives any right under California Civil Code Section 2954.10 or otherwise to prepay any Loan, in whole or in part, without payment of any and all amounts specified above in
this Section 2.14 (the “Breakage Amounts”). Borrower acknowledges that prepayment of any Loan may result in Lenders’ incurring additional losses, costs, expenses and liabilities, including lost revenues and lost profits.
Borrower therefore agrees to pay any and all Breakage Amounts if any Loan is prepaid, whether voluntarily or by reason of acceleration, including acceleration upon any transfer or conveyance of any right, title or interest in the Project giving
Administrative Agent on behalf of Lenders the right to accelerate the maturity of the Loans as provided in the Loan Documents. Borrower agrees that Lenders’ willingness to offer the LIBOR Rate to Borrower is sufficient and independent
consideration, given individual weight by Lenders, for this waiver. Borrower understands that Lenders would not offer the LIBOR Rate to Borrower absent this waiver.  

ARTICLE XIV 

EXHIBITS 
 The
following exhibits to this Agreement are fully incorporated herein as if set forth at length: 
  

					
	Exhibit A	 	—	 	Property Description

  

 -62- 

					
	Exhibit B	 	—	 	Form of Assignment and Assumption Agreement
			
	Exhibit C	 	—	 	Loan Budget
			
	Exhibit D	 	—	 	Form of Note
			
	Exhibit E	 	—	 	Form of Notice of Borrowing
			
	Exhibit F	 	—	 	Commitments
			
	Exhibit G	 	—	 	Closing Conditions
			
	Exhibit H	 	—	 	Depiction of Release Parcel
			
	Exhibit I	 	—	 	Satellite D Parcel Property Description

[Signatures Appear on Following Page.] 

 

 -63- 

 IN WITNESS WHEREOF, Administrative Agent and Borrower have caused this Agreement to be duly
executed and delivered as of the date first above written. 
 “Borrower” 

 

									
	SUNSET BRONSON ENTERTAINMENT PROPERTIES, LLC,
	a Delaware limited liability company
		
	By:	 	Sunset Studios Holdings, LLC,
		 	a Delaware limited liability company,
		 	its sole member
			
		 	By:	 	Hudson Sunset Gower, LLC,
		 		 	a Delaware limited liability company,
		 		 	its administrative member
				
		 		 	By:	 	 Hudson Capital, LLC,

a California limited liability company,
 its sole
member

					
		 		 		 	By:	 	 /s/ Victor Coleman

		 		 		 	Name:	 	Victor Coleman
		 		 		 	Title:	 	Manager

  

 S-1 

 “Administrative Agent” 

 

			
	 WACHOVIA BANK, N.A.,

a national banking association

		
	By:	 	 /s/ Raquel Castro

	Name:	 	Raquel Castro
	Title:	 	Vice President

 “Lenders” 

 

			
	 WACHOVIA BANK, N.A.,

a national banking association

		
	By:	 	 /s/ Raquel Castro

	Name:	 	Raquel Castro
	Title:	 	Vice President

  

 S-2 

 EXHIBIT A 

PROPERTY DESCRIPTION 

PARCEL 1: 
 LOT 1 AND A PORTION OF LOT 2 OF
TRACT NO. 1619, IN THE CITY OF LOS ANGELES, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 20 PAGE 48 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, AND LOTS 1 TO 12 INCLUSIVE OF TRACT NO. 4468, IN THE CITY OF
LOS ANGELES, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 48 PAGE 67 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, DESCRIBED AS A WHOLE AS FOLLOWS: 

BEGINNING AT THE NORTHWEST CORNER OF LOT 1 OF TRACT NO. 1619, AT THE SOUTHEAST CORNER OF SUNSET BOULEVARD AND BRONSON AVENUE; THENCE ALONG BRONSON
AVENUE, SOUTH 00 DEGREES 08 MINUTES EAST 735.61 FEET TO THE SOUTHWEST CORNER OF LOT 1 OF TRACT NO. 4468, IN THE NORTH LINE OF FERNWOOD AVENUE; THENCE ALONG FERNWOOD AVENUE, NORTH 89 DEGREES 41 MINUTES EAST 601.42 FEET TO THE SOUTHEAST CORNER OF LOT
12 OF TRACT NO. 4468, IN THE WEST LINE OF VAN NESS AVENUE; THENCE ALONG VAN NESS AVENUE, NORTH 00 DEGREES 13 MINUTES WEST 735.56 FEET TO THE SOUTHWEST CORNER OF VAN NESS AVENUE AND SUNSET BOULEVARD; THENCE ALONG SUNSET BOULEVARD, SOUTH 89 DEGREES 41
MINUTES WEST 600.30 FEET TO THE POINT OF BEGINNING. 
 PARCEL 2: 

THAT PORTION OF FERNWOOD AVENUE VACATED BY RESOLUTION TO VACATE NO. 05-1400270 RECORDED FEBRUARY 2, 2006 AS INSTRUMENT NO. 06-0257516, OFFICIAL RECORDS,
BOUNDED AS FOLLOWS: 
 ON THE SOUTH BY THE CENTERLINE OF FERNWOOD AVENUE, 60 FEET WIDE, AS SHOWN ON THE MAP OF SAID TRACT NO. 1619; 

ON THE WEST BY A LINE PARALLEL WITH AND 15 FEET EASTERLY OF THE SOUTHERLY PROLONGATION OF THE WESTERLY LINE OF LOT 1 OF SAID TRACT NO. 1619. 

ON THE EAST BY A LINE PARALLEL WITH AND 2 FEET WESTERLY OF THE SOUTHERLY PROLONGATION OF THE EASTERLY LINE OF LOT 12 OF SAID TRACT NO. 1619. 

 

 EXHIBIT A 

 PARCEL 3: 

LOTS 3 AND 4 OF GRIDER AND HAMILTON’S HOLLYWOOD TRACT, IN THE CITY OF LOS ANGELES, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED
IN BOOK 9 PAGE 12 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. 
  

 EXHIBIT A 

 EXHIBIT B 

FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT 

This ASSIGNMENT AND ASSUMPTION AGREEMENT (the “Assignment and Assumption”) dated as of
                , 200    , is made by and between
                                         
            (“Assignor”) and
                                         
        (“Assignee”). 
 RECITALS 

WHEREAS, the Assignor is party to that certain Loan Agreement dated as of May     , 2008 (as it may be
amended, amended and restated, modified, supplemented or renewed from time to time, the “Loan Agreement”), among
                                    
(“Borrower”), the several financial institutions from time to time party thereto (collectively, including Assignor, “Lenders”), and Wachovia Bank, National Association, as agent for Lenders (in such capacity, the
“Agent”). Capitalized terms used in this Assignment and Assumption and not defined herein have the meanings given to them in the Loan Agreement; 

WHEREAS, as provided under the Loan Agreement, Assignor has committed to making advances of Loan proceeds to Borrower (collectively, the
“Advances”) in an aggregate principal amount not to exceed $             (the “Commitment”); 

WHEREAS, as of the Effective Date (defined below), the aggregate outstanding principal amount of Advances owing by Borrower to Assignor
equals $            ; 
 WHEREAS, Assignor wishes to assign
to Assignee [a portion] [all] of the rights and obligations of Assignor under the Loan Agreement in respect of its Commitment (both as to outstanding and undisbursed Advances), in an amount equal to
$             (the “Assigned Amount”) on the terms and subject to the conditions set forth herein, and Assignee wishes to accept assignment of such rights and to
assume such obligations from Assignor on such terms and subject to such conditions; 
 NOW, THEREFORE, in consideration of the
foregoing and the mutual agreements contained herein, the parties hereto agree as follows: 
 1. Assignment and
Assumption. 
 1.1 Subject to the terms and conditions of this Assignment and Assumption, (i) Assignor hereby sells,
transfers and assigns to Assignee, and (ii) Assignee hereby purchases, assumes and undertakes from Assignor, without recourse and without representation or warranty (except as provided in this Assignment and Assumption)
    % (the “Assignee’s Percentage Share”) of (A) the Commitment of Assignor and (B) all related rights, benefits, obligations, liabilities and indemnities of Assignor under and in connection
with the Loan Agreement and the other Loan Documents. 
  

 EXHIBIT B – Page 1 

 1.2 With effect on and after the Effective Date (as defined in Section 5
hereof), Assignee shall be a party to the Loan Agreement and shall succeed to all of the rights and be obligated to perform all of the obligations of a Lender under the Loan Agreement, including the requirements concerning the payment of
indemnification, with a Commitment in an amount equal to the Assigned Amount. Assignee agrees that it will perform in accordance with their terms all of the obligations which it is required to perform as a Lender under the Loan Agreement. It is the
intent of the parties hereto that the Commitment of Assignor shall, as of the Effective Date, be reduced by an amount equal to the Assigned Amount and Assignor shall relinquish its rights and be released from its obligations under the Loan Agreement
to the extent such obligations have been assumed by Assignee; provided, however, that Assignor shall not relinquish its rights to be indemnified by Borrower under the Environmental Indemnity or any other Loan Documents to the extent such
rights relate to the time prior to the Effective Date. 
 1.3 After giving effect to the assignment and assumption set forth
herein, on the Effective Date Assignor’s Commitment will be $            ; and its Ratable Share will be     %. 

1.4 After giving effect to the assignment and assumption set forth herein, on the Effective Date Assignee’s Commitment will be
$            ; and its Ratable Share will be     %. 

2. Payments. 

2.1 As consideration for the sale, assignment and transfer contemplated in Section 1 hereof, Assignee shall pay to Assignor
on the Effective Date in immediately available funds an amount equal to $            , representing Assignee’s Ratable Share of the principal amount of all outstanding Advances
under the Loan Documents. 
 2.2 Assignor further agrees to pay to Agent a processing and recordation fee in the amount
specified in Section 13.1(b) of the Loan Agreement. 
 2.3 Assignee shall be entitled to the following portions of
the [commitment fees and extension fees] payable to Assignor (and no portion of any other fees payable to Assignor in connection with the
Loan):                                        
                                  

                         
                                         
                                         
                                         
                                         
                   
                                         
                                         
                                         
                                         
                                         
   . 
 3. Reallocation of Payments. Any interest, fees (except as specified in Section 2.3
above) and other payments accrued to the Effective Date with respect to the Commitment or the outstanding Advances of Assignor shall be for the account of Assignor. Any interest, fees (except as specified in Section 2.3 above) and other
payments accrued on and after the Effective Date with respect to the Assigned Amount shall be for the account of Assignee. Each of Assignor and Assignee agrees that it will hold in trust for the other party any interest, fees and other amounts which
it may receive to which the other party is entitled pursuant to the preceding sentence and pay to the other party any such amounts that it may receive promptly upon receipt. 

4. Independent Credit Decision. Assignee (a) acknowledges that it has received a copy of the Loan Agreement and the Exhibits
thereto, together with copies of the most recent 
  

 EXHIBIT B – Page 2 

 
financial statements referred to in Section      of the Loan Agreement, and such other documents and information as it has deemed appropriate to make its own credit and
legal analysis and decision to enter into this Assignment and Assumption; and (b) agrees that it will, independently and without reliance upon Assignor, Agent or any other Lender and based on such documents and information as it deems
appropriate at the time, continue to make its own credit and legal decisions in taking or not taking action under the Loan Agreement. 

5. Effective Date; Notices. 

5.1 As between Assignor and Assignee, the effective date for this Assignment and Assumption shall be
            , 200     (the “Effective Date”); provided that the following conditions precedent have been satisfied on or before the
Effective Date: 
 (a) this Assignment and Assumption shall be executed and delivered by Assignor and Assignee; 

(b) the consent of Agent required for an effective assignment of the Assigned Amount by Assignor to Assignee under
Section 13.1(b) of the Loan Agreement shall have been duly obtained and shall be in full force and effect as of the Effective Date; 

(c) Assignee shall pay to Assignor all amounts due to Assignor under this Assignment and Assumption; and 

(d) the processing and recordation fee referred to in Section 2.2 hereof shall have been paid to Agent. 

5.2 Promptly following the execution of this Assignment and Assumption, Assignor shall deliver to Borrower and Agent for acknowledgment
by Agent, a Notice of Assignment substantially in the form attached hereto as Schedule 1. 
 6. Agent. [INCLUDE
ONLY IF ASSIGNOR IS AGENT] 
 6.1 Assignee hereby appoints and authorizes Assignor to take such action as agent on its behalf
and to exercise such powers under the Loan Agreement as are delegated to Agent by the Lenders pursuant to the terms of the Loan Agreement. 

6.2 Assignee shall assume no duties or obligations held by Assignor in its capacity as Agent under the Loan Agreement.] 

7. Withholding Tax. Assignee (a) represents and warrants to Lenders, Agent and Borrower that under applicable law and
treaties no tax will be required to be withheld by the Lenders or Borrower with respect to any payments to be made to Assignee hereunder, (b) agrees to furnish (if it [or, if such Assignee is a disregarded entity for United States federal
income tax purposes, the person or entity treated, for United States federal income tax purposes, as the owner of the assets of such Assignee] is organized under the laws of any jurisdiction other than the United States or any state thereof) to
Agent and Borrower prior to the time that Agent or Borrower is required to make any payment of principal, interest or fees hereunder, duplicate executed originals of the applicable forms and/or other documentation described in Section

  

 EXHIBIT B – Page 3 

 
2.10(e) (“Tax Certificates”) of the Loan Agreement (wherein Assignee claims entitlement to the benefits of a tax treaty that provides for a complete exemption from U.S. federal
income withholding tax an all payments hereunder) and agrees to provide new Tax Certificates upon the expiration of any previously delivered Tax Certificates or comparable statements in accordance with applicable U.S. law and regulations and
amendments thereto, duly executed and completed by Assignee, and (c) agrees to comply with all applicable U.S. laws and regulations with regard to such withholding tax exemption. 

8. Representations and Warranties. 

8.1 Assignor represents and warrants that (i) it is the legal and beneficial owner of the interest being assigned by it hereunder
and that such interest is free and clear of any lien or other adverse claim; (ii) it is duly organized and existing and it has the full power and authority to take, and has taken, all action necessary to execute and deliver this Assignment and
Assumption and any other documents required or permitted to be executed or delivered by it in connection with this Assignment and Assumption and to fulfill its obligations hereunder; (iii) no notices to, or consents, authorizations or approvals
of, any Person are required (other than any already given or obtained) for its due execution, delivery and performance of this Assignment and Assumption, and apart from any agreements or undertakings or filings required by the Loan Agreement, no
further action by, or notice to, or filing with, any Person is required of it for such execution, delivery or performance; and (iv) this Assignment and Assumption has been duly executed and delivered by it, and constitutes the legal, valid and
binding obligation of Assignor, enforceable against Assignor in accordance with the terms hereof, subject, as to enforcement, to bankruptcy, insolvency, moratorium, reorganization and other laws of general application relating to or affecting
creditors’ rights and to general equitable principles. 
 8.2 Assignor makes no representation or warranty and assumes no
responsibility with respect to any statements, warranties or representations made in or in connection with the Loan Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Agreement or any other
instrument or document furnished pursuant thereto. Assignor makes no representation or warranty in connection with, and assumes no responsibility with respect to, the solvency, financial condition or statements of Borrower, or the performance or
observance by Borrower of any of its respective obligations under the Loan Agreement or any other instrument or document furnished in connection therewith. 

8.3 Assignee represents and warrants that (i) it is duly organized and existing and it has full power and authority to take, and has
taken, all action necessary to execute and deliver this Assignment and Assumption and any other documents required or permitted to be executed or delivered by it in connection with this Assignment and Assumption, and to fulfill its obligations
hereunder; (ii) no notices to, or consents, authorizations or approvals of, any Person are required (other than any already given or obtained) for its due execution, delivery and performance of this Assignment and Assumption; and apart from any
agreements or undertakings or filings required by the Loan Agreement, no further action by, or notice to, or filing with, any Person is required of it for such execution, delivery or performance; (iii) this Assignment and Assumption has been
duly executed and delivered by it, and constitutes the legal, valid and binding obligation of Assignee, enforceable against Assignee in accordance with 

 

 EXHIBIT B – Page 4 

 
the terms hereof, subject, as to enforcement, to bankruptcy, insolvency, moratorium, reorganization and other laws of general application relating to or affecting creditors’ rights and to
general equitable principles; and (iv) it satisfies the requirements of an Eligible Assignee under the Loan Agreement. 

9. Further Assurances. Assignor and Assignee each hereby agree to execute and deliver such other instruments, and take such other
action, as either party may reasonably request in connection with the transactions contemplated by this Assignment and Assumption, including the delivery of any notices or other documents or instruments to Borrower or Agent, which may be required in
connection with the assignment and assumption contemplated hereby. 
 10. Miscellaneous. 

10.1 Any amendment or waiver of any provision of this Assignment and Assumption shall be in writing and signed by the parties hereto. No
failure or delay by either party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof, and any waiver of any breach of the provisions of this Assignment and Assumption shall be without prejudice to any
rights with respect to any other or further breach thereof. 
 10.2 All payments made hereunder shall be made without any
set-off or counterclaim. 
 10.3 Assignor and Assignee shall each pay its own costs and expenses incurred in connection with the
negotiation, preparation, execution and performance of this Assignment and Assumption. 
 10.4 This Assignment and Assumption
may be executed in any number of counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

10.5 THIS ASSIGNMENT AND ASSUMPTION SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF CALIFORNIA. Assignor
and Assignee each irrevocably submits to the non-exclusive jurisdiction of any State or Federal court sitting in [jurisdiction select by Assignor] over any suit, action or proceeding arising out of or relating to this Assignment and
Assumption, and irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such [jurisdiction select by Assignor] State or Federal court. Each party to this Assignment and Assumption hereby
irrevocably waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. 

10.6 TO THE EXTENT PERMITTED BY APPLICABLE LAW, ASSIGNOR AND ASSIGNEE EACH HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY
RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS ASSIGNMENT AND ASSUMPTION, THE LOAN AGREEMENT, ANY RELATED DOCUMENTS AND AGREEMENTS OR ANY COURSE OF CONDUCT,
COURSE OF DEALING, OR STATEMENTS (WHETHER ORAL OR WRITTEN). 
  

 EXHIBIT B – Page 5 

 IN WITNESS WHEREOF, Assignor and Assignee have caused this Assignment and Assumption to be
executed and delivered by their duly authorized officers as of the date first above written. 
  

					
	 [ASSIGNOR]
	 	
		
	By:	 	  

		
	Title:	 	  

		
	By:	 	  

		
	Title:	 	  

		
	Address:	 	
	  
	 	
	  
	 	
	  
	 	
		
	 [ASSIGNEE]
	 	
		
	By:	 	  

		
	Title:	 	  

		
	By:	 	  

		
	Title:	 	  

		
	Address:	 	
	  
	 	
	  
	 	
	  
	 	

  

 EXHIBIT B – Page 6 

 SCHEDULE 1 

TO EXHIBIT B 

NOTICE OF ASSIGNMENT AND ASSUMPTION 

                     ,
200     
 To Agent: 

Wachovia Bank, National Association 
 Real Estate
Financial Services 
 General Banking Group 

Mail Code: CA 6500 
 1800 Century Park East,
Suite 500 
 Los Angeles, California 90067 

Attn: Raquel Castro 
 To Borrower: 

 

			
	  

	c/o	 	  

			
	  

	  

	Attn:	 	  

Ladies and Gentlemen: 
 We
refer to the Loan Agreement dated as of May     , 2008 (as it may be amended, amended and restated, modified, supplemented or renewed from time to time the “Loan Agreement”) among
                                        
(“Borrower”), the Lenders referred to therein and Wachovia Bank, National Association, as administrative agent for the Lenders (in such capacity, the “Agent”). Capitalized terms used but not defined herein shall
have the meanings given to them in the Loan Agreement. 
 1. We hereby give you notice of, and request your consent to, the
assignment by                                     
(“Assignor”) to                                 
(“Assignee”) of     % of the right, title and interest of Assignor in and to the Loan Agreement (including, without limitation, the right, title and interest of Assignor in and to the Commitment of
Assignor and all outstanding Advances made by Assignor) pursuant to the Assignment and Assumption Agreement attached hereto (the “Assignment and Acceptance”). Before giving effect to such assignment Assignor’s Commitment is $
             [,] [and] the aggregate amount of its outstanding Advances is $            . 

 

 EXHIBIT B – Page 7 

 2. Assignee agrees that, upon receiving the consent of Agent to such assignment, Assignee
will be bound by the terms of the Loan Agreement as fully and to the same extent as if Assignee were the Lender originally holding such interest in the Loan Agreement 

3. The following administrative details apply to Assignee: 

 

							
	(A)	  	Notice Address:	  		  	
		  	 Assignee name:
	  	  
	  	
		  	 Address:
	  	  
	  	
		  		  	  
	  	
		  		  	  
	  	
		  	 Attention:
	  	  
	  	
		  	 Telephone:
	  	  
	  	
		  	 Telecopier:
	  	  
	  	
			
	(B)	  	Assignee’s Payment Instructions to Agent:	  	
				
		  	 Account Number:
	  	  
	  	
		  	 At:
	  	  
	  	
		  		  	  
	  	
		  		  	  
	  	
		  	 Reference:
	  	  
	  	
		  	 Attention:
	  	  
	  	

 4. You are entitled to rely upon the representations, warranties and covenants of each of Assignor
and Assignee contained in the Assignment and Assumption. 
 IN WITNESS WHEREOF, Assignor and Assignee have caused this Notice of
Assignment and Assumption to be executed by their respective duly authorized officials, officers or agents as of the date first above mentioned. 
  

			
	Very truly yours,
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

		
		 	  

		 	[Printed Name and Title]
		
	By:	 	  

		
		 	  

		 	[Printed Name and Title[

  

 EXHIBIT B – Page 8 

			
	[NAME OF ASSIGNEE]
		
	By:	 	  

		
		 	  

		 	[Printed Name and Title]
		
	By:	 	  

		
		 	  

		 	[Printed Name and Title]

ACKNOWLEDGED AND ASSIGNMENT CONSENTED TO: 

WACHOVIA BANK, NATIONAL ASSOCIATION, 
 as Agent

  

			
	By:	 	  

		
		 	  

		 	[Printed Name and Title]

  

 EXHIBIT B – Page 9 

 EXHIBIT C 

LOAN BUDGET 
  

 EXHIBIT C 

 TRIBUNE STUDIOS 

Hollywood, California 

DEFERRED MAINTENANCE AND OPINION OF PROBABLE COSTS 

 

																																				
	 Description
	 	Immediate	 	Year 1	 	Year 2	 	Year 3	 	Year 4	 	Year 5	 	Year 6	 	Year 7	 	Year 8	 	Year 9	 	Year 10	 	 Comments

	 SITE
	 			 			 			 			 			 			 			 			 			 			 			 	
	 Seal and re-stripe asphaltic-concrete pavement at main site.
	 			 			 	 	41,500	 			 			 	 	41,500	 			 			 	 	41,500	 			 			 	
	 Seal and re-stripe asphaltic-concrete pavement at Lot A.
	 			 			 			 			 			 			 			 			 			 			 			 	Per discussion with the client, Lot A and Lot B have been sold.
	 Seal and re-stripe asphaltic-concrete pavement at Lot B.
	 			 			 			 			 			 			 			 			 			 			 			 	Per discussion with the client, Lot A and Lot B have been sold.
	 Remove and replace cracked and/or deteriorated asphaltic-concrete throughout main site.
	 			 			 	 	3,000	 			 			 			 			 			 			 			 			 	
	 Allowance to repair damaged concrete at Lot D (Producer’s Lot).
	 			 			 	 	25,000	 			 			 			 			 			 			 			 			 	
	 Remove and replace damaged paving at Lot A and Lot B.
	 			 			 			 			 			 			 			 			 			 			 			 	Per discussion with the client, Lot A and Lot B have been sold.
	 Slurry coat asphaltic-concrete at maintenance storage area.
	 			 			 			 			 			 			 			 			 			 			 			 	Per discussion with the client, Lot A and Lot B have been sold.
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 Site - Subtotal
	 	$	0	 	$	0	 	$	69,500	 	$	0	 	$	0	 	$	41,500	 	$	0	 	$	0	 	$	41,500	 	$	0	 	$	0	 	
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 STRUCTURE
	 			 			 			 			 			 			 			 			 			 			 			 	
	 Stages 1 through 3: Install horizontal bracing at the roof diaphragm and vertical bracing at the perimeter of the
building.
	 			 			 			 	 	500,000	 			 			 			 			 			 			 			 	
	 Stages 1 through 3: Install sill plate anchors at the west addition to the building.
	 			 			 			 	 	25,000	 			 			 			 			 			 			 			 	
	 Stages 4 through 5: Install supplemental horizontal bracing at the roof diaphragm and vertical bracing at the perimeter of the
building.
	 			 			 	 	200,000	 			 			 			 			 			 			 			 			 	
	 Stages 4 through 5: Provide wall anchors at the roof-to-wall connections on the north and east walls.
	 			 			 	 	40,000	 			 			 			 			 			 			 			 			 	
	 Stage 6: Install horizontal bracing at the roof diaphragm and vertical bracing at the perimeter of the building.
	 			 			 			 	 	200,000	 			 			 			 			 			 			 			 	

  

 62 

 TRIBUNE STUDIOS 

Hollywood, California 
  

																																				
	 Description
	 	Immediate	 	Year 1	 	Year 2	 	Year 3	 	Year 4	 	Year 5	 	Year 6	 	Year 7	 	Year 8	 	Year 9	 	Year 10	 	 Comments

	 Stages 7 through 8: Install horizontal bracing at the roof diaphragm and vertical bracing at the perimeter of the
building.
	 			 			 			 			 			 			 	 	350,000	 			 			 			 			 	Currently occupied by KTLA Stuidios. Cannot initiate upgrade until space is vacated. Not feasible to shut down studio, as it could inteript broascast operations.
	 Stage 9 through 10: Install horizontal bracing at the roof diaphragm and vertical bracing at the perimeter of the
building.
	 			 			 			 			 	 	750,000	 			 			 			 			 			 			 	
	 Stages 9 through 10: Install sill plate anchors at the south addition to the building.
	 			 			 			 			 	 	30,000	 			 			 			 			 			 			 	
	 Building 10: Install sill plate anchors.
	 			 			 			 			 	 	50,000	 			 			 			 			 			 			 	
	 Building 10: Install additional plywood shear walls.
	 			 			 			 			 	 	100,000	 			 			 			 			 			 			 	
	 Building 11: Install steel-braced frames throughout the building.
	 			 			 			 			 			 	 	500,000	 			 			 			 			 			 	
	 Building 14: Install supplemental horizontal bracing at the roof diaphragm and vertical bracing at the perimeter of the building.

	 			 			 			 			 			 			 			 			 			 			 			 	Per discussion with the client, Building 14 is to be demolished.
	 Building 14: Provide braces for the mezzanine.
	 			 			 			 			 			 			 			 			 			 			 			 	Per discussion with the client, Building 14 is to be demolished.
	 Building 16: Install sill plate anchors at the building.
	 			 			 			 			 			 			 	 	50,000	 			 			 			 			 	Currently occupied by KTLA Stuidios. Cannot initiate upgrade until space is vacated. Not feasible to shut down studio, as it could inteript broascast operations.
	 Building 16: Install additional plywood shear walls.
	 			 			 			 			 			 			 	 	250,000	 			 			 			 			 	
	 Provide adequate anchorage and bracing for building service equipment.
	 			 			 	 	10,000	 			 			 			 			 			 			 			 			 	
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 Structure - Subtotal
	 	$	0	 	$	0	 	$	250,000	 	$	725,000	 	$	930,000	 	$	500,000	 	$	650,000	 	$	0	 	$	0	 	$	0	 	$	0	 	
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

  

 63 

 TRIBUNE STUDIOS 

Hollywood, California 
  

																									
	 Description
	 	Immediate	 	Year 1	 	Year 2	 	Year 3	 	Year 4	 	Year 5	 	Year 6	 	Year 7	 	Year 8	 	Year 9	 	Year 10	 	 Comments

	 ENVELOPE AND EXTERIOR

	 Repaint exterior walls of buildings.
	 		 	50,000	 		 	50,000	 		 	50,000	 		 	50,000	 		 	50,000	 		 	Includes minor wall repairs.
	 Replacement of roof insulation at sound stage buildings.
	 		 	24,000	 	24,000	 	24,000	 	24,000	 	25,000	 		 		 		 		 		 	
	 Repair and retrofit of stage doors at sound stage buildings.
	 		 	100,000	 		 		 		 		 		 		 		 		 		 	
	 Allowance for limited window replacement.
	 		 	Maint.	 		 		 		 		 		 		 		 		 		 	Replacement of windows based on remaining useful life of windows.
	 Allowance for roof repairs.
	 		 	30,000	 	30,000	 	30,000	 	30,000	 		 		 		 		 		 		 	Monies are in place to allow for roofing replacements to be delayed and coordinated with seismic retrofit work.
	 STAGES 1 THROUGH 3:

	 Low sloped roof replacement.
	 		 		 		 	256,000	 		 		 		 		 		 		 		 	Re-roof with 60 mil Fibertite over  1/4
” DensDeck.
	 Steep sloped roof replacement.
	 		 		 		 	131,000	 		 		 		 		 		 		 		 	Re-roof with 60 mil Fibertite over  1/4
” DensDeck.
	 Roof replacement consulting services.
	 		 		 		 	17,950	 		 		 		 		 		 		 		 	Spec., Pre-Bid, Q.C, etc.
	 STAGES 4 THROUGH 5:

	 Low sloped roof replacement.
	 		 		 	214,000	 		 		 		 		 		 		 		 		 	Re-roof with 60 mil Fibertite over  1/4
” DensDeck.
	 Steep sloped roof replacement.
	 		 		 	163,000	 		 		 		 		 		 		 		 		 	Re-roof with 60 mil Fibertite over  1/4
” DensDeck.
	 Roof replacement consulting services.
	 		 		 	17,950	 		 		 		 		 		 		 		 		 	Spec., Pre-Bid, Q.C, etc.
	 STAGE 6:
	 		 		 		 		 		 		 		 		 		 		 		 	
	 Low sloped roof replacement.
	 		 		 		 		 	216,000	 		 		 		 		 		 		 	Re-roof with 60 mil Fibertite over  1/4
” DensDeck.
	 Steep sloped roof replacement.
	 		 		 		 		 	85,000	 		 		 		 		 		 		 	Re-roof with 60 mil Fibertite over  1/4
” DensDeck.
	 Roof replacement consulting services.
	 		 		 		 		 	17,500	 		 		 		 		 		 		 	Spec., Pre-Bid, Q.C, etc.
	 STAGES 7 AND 8:
	 		 		 		 		 		 		 		 		 		 		 		 	
	 Low sloped roof replacement.
	 		 		 		 		 		 		 	257,000	 		 		 		 		 	Re-roof with 60 mil Fibertite over  1/4
” DensDeck.
	 Roof replacement consulting services.
	 		 		 		 		 		 		 	7,400	 		 		 		 		 	Spec., Pre-Bid, Q.C, etc.
	 STAGE 9:
	 		 		 		 		 		 		 		 		 		 		 		 	
	 Low sloped roof replacement.
	 		 		 		 		 	528,000	 		 		 		 		 		 		 	Re-roof with 60 mil Fibertite over  1/4
” DensDeck.
	 Skylight replacement.
	 		 		 		 		 	23,100	 		 		 		 		 		 		 	
	 Roof replacement consulting services.
	 		 		 		 		 	12,375	 		 		 		 		 		 		 	Spec., Pre-Bid, Q.C, etc.

  

 64 

 TRIBUNE STUDIOS 

Hollywood, California 
  

																																				
	 Description
	 	Immediate	 	Year 1	 	Year 2	 	Year 3	 	Year 4	 	Year 5	 	Year 6	 	Year 7	 	Year 8	 	Year 9	 	Year 10	 	 Comments

	 BUILDING 10:
	 			 			 			 			 			 			 			 			 			 			 			 	
	 Low sloped roof replacement.
	 			 			 			 			 	 	165,000	 			 			 			 			 			 			 	Re-roof with 60 mil Fibertite over  1/4
” DensDeck.
	 Roof replacement consulting services.
	 			 			 			 			 	 	7,425	 			 			 			 			 			 			 	Spec., Pre-Bid, Q.C, etc.
	 BUILDING 11:

	 Low sloped roof replacement.
	 			 			 			 			 			 	 	312,000	 			 			 			 			 			 	Re-roof with 60 mil Fibertite over  1/4
” DensDeck.
	 Roof replacement consulting services.
	 			 			 			 			 			 	 	16,650	 			 			 			 			 			 	Spec., Pre-Bid, Q.C, etc.
	 KTLA OFFICES/NEWSROOM:

	 Low sloped roof replacement.
	 			 			 			 			 			 			 	 	65,000	 			 			 			 			 	Re-roof with 60 mil Fibertite over  1/4
” DensDeck.
	 Steep sloped roof replacement.
	 			 			 			 			 			 			 	 	160,000	 			 			 			 			 	Re-roof with 30 year composition shingles over 30# underlayment felt.
	 Roof replacement consulting services.
	 			 			 			 			 			 			 	 	19,350	 			 			 			 			 	Spec., Pre-Bid, Q.C, etc.
	 BUILDING 14/MAINTENANCE BUILDING:

	 Low sloped roof replacement.
	 			 			 			 			 			 			 			 			 			 			 			 	Per discussion with the client, Building 14 is to be demolished.
	 Roof replacement consulting services.
	 			 			 			 			 			 			 			 			 			 			 			 	Per discussion with the client, Building 14 is to be demolished.
	 BLDG. 21/ENTERTAINMENT CENTER:

	 Low sloped roof replacement.
	 			 			 			 			 			 			 	 	80,000	 			 			 			 			 	Re-roof with 60 mil Fibertite over  1/4
” DensDeck.
	 Roof replacement consulting services.
	 			 			 			 			 			 			 	 	3,000	 			 			 			 			 	Spec., Pre-Bid, Q.C, etc.
	 BUILDING 15/MASTER CONTROL BLDG.

	 Low sloped roof replacement.
	 			 			 			 			 			 			 	 	116,000	 			 			 			 			 	Re-roof with 60 mil Fibertite over  1/4
” DensDeck.
	 Roof replacement consulting services.
	 			 			 			 			 			 			 	 	3,500	 			 			 			 			 	Spec., Pre-Bid, Q.C, etc.
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 Envelope and Exterior - Subtotal
	 	$	0	 	$	204,000	 	$	448,950	 	$	508,950	 	$	1,108,400	 	$	403,650	 	$	711,250	 	$	50,000	 	$	0	 	$	50,000	 	$	0	 	
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 INTERIOR IMPROVEMENTS

	 Common area flooring replacements at Buildings 10 and 11.
	 			 	 	50,000	 	 	50,000	 	 	50,000	 			 			 			 			 	 	50,000	 	 	50,000	 	 	50,000	 	
	 Restroom improvements at Building 10 and Building 11.
	 			 	 	25,000	 	 	25,000	 	 	25,000	 			 			 			 			 	 	25,000	 	 	25,000	 	 	25,000	 	

  

 65 

 TRIBUNE STUDIOS 

Hollywood, California 
  

																																				
	 Description
	 	Immediate	 	Year 1	 	Year 2	 	Year 3	 	Year 4	 	Year 5	 	Year 6	 	Year 7	 	Year 8	 	Year 9	 	Year 10	 	 Comments

	 Replacement of wall insulation at sound stage buildings.
	 			 	 	42,000	 	 	42,000	 	 	42,000	 	 	42,000	 	 	42,000	 			 			 			 			 			 	
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 Interior Improvements - Subtotal
	 	$	0	 	$	117,000	 	$	117,000	 	$	117,000	 	$	42,000	 	$	42,000	 	$	0	 	$	0	 	$	75,000	 	$	75,000	 	$	75,000	 	
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 MECHANICAL/ELECTRICAL

	 Allowance for anticipated replacement of rooftop package units and compressor/condensing units that can be completed as needed.

	 			 	 	148,580	 	 	148,580	 	 	148,580	 	 	148,580	 	 	148,580	 	 	85,620	 	 	105,650	 	 	105,650	 	 	105,650	 	 	105,650	 	
	 Allowance for providing control of additional equipment by the computerized control system on site.
	 			 			 			 			 			 			 			 			 			 			 			 	Cost not included, as this is considered an upgrade to existing systems at the property.
	 Consideration should be given to completing a comprehensive site utility plan showing domestic water, fire water, sewer, natural
gas, communications, and electrical systems.
	 			 			 			 			 			 			 			 			 			 			 			 	Per discussion with the owner, a site utility plan has been completed.
	 Referred loads from one lightly loaded service in Building 11 that is in poor shape to another service that has
capacity.
	 			 	 	20,000	 			 			 			 			 			 			 			 			 			 	
	 Complete five year fire sprinkler certification required by the California State Fire Marshal.
	 	 	10,000	 			 			 			 			 			 			 			 			 			 			 	
	 Equip Building 10, Stages 9A and 9B, and Stage 10 with a fire alarm system approved by the International Building Code effective
January 1, 2008.
	 			 	 	85,000	 			 			 			 			 			 			 			 			 			 	May be required by the City, in conjunction with any tenant improvement work, and the cost has already been incurred.
	 Equip Building 11 with a fire alarm system approved by The International Building Code effective January 1,
2008.
	 			 	 	92,000	 			 			 			 			 			 			 			 			 			 	May be required by the City, in conjunction with any tenant improvement work.
	 Replace obsolete fire alarm panel for special systems at Building 21 and Master Control.
	 			 			 	 	15,000	 			 			 			 			 			 			 			 			 	May be required by the City, in conjunction with any tenant improvement work.
	 Replace obsolete fire alarm panel for special systems at KTLA Administrative Offices.
	 			 			 	 	12,000	 			 			 			 			 			 			 			 			 	May be required by the City, in conjunction with any tenant improvement work.
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 Mechanical/Electrical - Subtotal
	 	$	10,000	 	$	345,580	 	$	175,580	 	$	148,580	 	$	148,580	 	$	148,580	 	$	85,620	 	$	105,650	 	$	105,650	 	$	105,650	 	$	105,650	 	
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

  

 66 

 TRIBUNE STUDIOS 

Hollywood, California 
  

																																				
	 Description
	 	Immediate	 	Year 1	 	Year 2	 	Year 3	 	Year 4	 	Year 5	 	Year 6	 	Year 7	 	Year 8	 	Year 9	 	Year 10	 	 Comments

	 BUILDING EQUIPMENT

	 Modernize elevator in Building 21 with Microprocessor Controller and closed-loop door operator.
	 	 	50,000	 			 			 			 			 			 			 			 			 			 			 	
	 Modernize elevator in Building 21 with a new car operating panel and hall stations that comply with ADA. Including illuminated
alarm button and ADA telephone.
	 	 	6,500	 			 			 			 			 			 			 			 			 			 			 	
	 Install ADA handrails in all five elevators.
	 	 	10,000	 			 			 			 			 			 			 			 			 			 			 	
	 Install illuminated alarm buttons in four remaining elevators.
	 	 	8,000	 			 			 			 			 			 			 			 			 			 			 	
	 Install new hydraulic cylinders with PVC liners on elevators in Building 21, Stage 1, and Stage 11.
	 			 			 	 	60,000	 			 			 	 	30,000	 			 			 			 			 			 	Work at Building 21 to proceed after current tenant vacates the space.
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 Building Equipment - Subtotal
	 	$	74,500	 	$	0	 	$	60,000	 	$	0	 	$	0	 	$	30,000	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 CODE REVIEW

	 No issues were noted.
	 			 			 			 			 			 			 			 			 			 			 			 	
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 Code Review - Subtotal
	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 DISABLED ACCESSIBILITY

	 Stripe accessible paths-of-travel from buildings to accessible parking stalls.
	 	 	500	 			 			 			 			 			 			 			 			 			 			 	
	 Provide grab bars at the freestanding disabled-accessible men’s and women’s restrooms at the Van Ness
Gate.
	 	 	1,000	 			 			 			 			 			 			 			 			 			 			 	
	 Lower mirrors to the accessible height at the freestanding disabled-accessible men’s and women’s restrooms at the Van
Ness Gate.
	 	 	100	 			 			 			 			 			 			 			 			 			 			 	
	 Provide cane detection warning at the disabled-accessible drinking fountain at the freestanding restrooms at the Van Ness Gate.

	 	 	400	 			 			 			 			 			 			 			 			 			 			 	

  

 67 

 TRIBUNE STUDIOS 

Hollywood, California 
  

																																				
	 Description
	 	Immediate	 	Year 1	 	Year 2	 	Year 3	 	Year 4	 	Year 5	 	Year 6	 	Year 7	 	Year 8	 	Year 9	 	Year 10	 	 Comments

	 Allowance for ADA modifications that are anticipated when KTLA vacates their space.
	 			 			 			 	 	25,000	 			 			 			 			 			 			 			 	Any major renovations to the property are likely to require property ownership to conduct a full ADA review of the property.
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 Disabled Accessibility - Subtotal
	 	$	2,000	 	$	0	 	$	0	 	$	25,000	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 SUBTOTAL
	 	$	86,500	 	$	666,580	 	$	1,121,030	 	$	1,524,530	 	$	2,228,980	 	$	1,165,730	 	$	1,446,870	 	$	155,650	 	$	222,150	 	$	230,650	 	$	180,650	 	
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	 GRAND TOTAL
	 	$	9,029,320	 			 			 			 			 			 			 			 			 			 			 	
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

  

 68 

 EXHIBIT D 

FORM OF NOTE 

$                        

 Los Angeles, California 

                       
     , 2008 
 For value received,
                                         
                                         
          , a
                                         
                               (the “Borrower”), promises to pay to the
order of
                                         
                                (the “Lender”), for the account of its
Lending Office, the principal sum of
                                         
                                         
          
                                         
                                         
           and No/100 Dollars ($                    .00), or such lesser amount as shall
equal the unpaid principal amount of each Loan made by the Lender to the Borrower pursuant to the Loan Agreement referred to below, on the dates and in the amounts provided in the Loan Agreement. The Borrower promises to pay interest on the unpaid
principal amount of this Note on the dates and at the rate or rates provided for in the Loan Agreement. Interest on any overdue principal of and, to the extent permitted by law, overdue interest on the principal amount hereof shall bear interest at
a rate per annum as provided in Section 2.3 of the Loan Agreement. All such payments of principal and interest shall be made in lawful money of the United States in Federal or other immediately available funds at the office of Wachovia
Bank, National Association, Mail Code: CA 6500, 1800 Century Park East, Suite 500, Los Angeles, California 90067 Attention: Raquel Castro, or such other address as may be specified from time to time pursuant to the Loan Agreement. 

All Loans made by the Lender, the respective maturities thereof, the interest rates from time to time applicable thereto and all
repayments of the principal thereof shall be recorded by the Lender and, prior to any transfer hereof, endorsed by the Lender on the schedule attached hereto, or on a continuation of such schedule attached to and made a part hereof; provided that
the failure of the Lender to make, or any error of the Lender in making, any such recordation or endorsement shall not affect the obligations of the Borrower hereunder or under the Loan Agreement. 

This Note is one of the Notes referred to in that certain Loan Agreement dated as of May     , 2008 among the
Borrower, the Lenders party thereto from time to time, and Wachovia Bank, National Association, as Administrative Agent for the Lenders (as the same may be amended, restated or modified from time to time, the “Loan Agreement”).
Terms defined in the Loan Agreement are used herein with the same meanings. Reference is made to the Loan Agreement for provisions for the prepayment and the repayment hereof and the acceleration of the maturity hereof. 

The Borrower hereby waives presentment, demand, protest, notice of demand, protest and nonpayment and any other notice required by law
relative hereto, except to the extent as otherwise may be expressly provided for in the Loan Agreement. 
 The Borrower agrees,
in the event that this Note or any portion hereof is collected by law or through an attorney at law, to pay all reasonable costs of collection, including, without 

 

 EXHIBIT D – Page 1 

 
limitation, reasonable attorneys’ fees. This Note shall be construed in accordance with and governed by the laws of the State of California without regard to the choice or conflict of law
principles thereof. 
 IN WITNESS WHEREOF, the Borrower has caused this Note to be duly executed under seal, by its duly
authorized officer as of the day and year first above written. 
  

	
	                             
                                         
  ,
	a
                                         
                   

  

			
	 By:
	 	  

	Name:	 	  

	Title:	 	  

 

 EXHIBIT D – Page 2 

 Note (cont’d) 

LOANS AND PAYMENTS OF PRINCIPAL 
  

 
  

													
	 Date
	 	Type of
Loan	 	Interest
Rate	 	Amount of
Loan	 	Amount of
Principal
Repaid	 	Maturity Date	 	Notation
Made By
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	

  

 EXHIBIT D – Page 3 

 EXHIBIT E 

FORM OF NOTICE OF BORROWING 

1. This Notice of Borrowing is executed and delivered by
                                         
                                       , a
                                         
                                       
(“Borrower”) to Wachovia Bank (the “Agent”) for the Lenders pursuant to the Loan Agreement (the “Agreement”) dated as of May     , 2008, entered into by the Borrower, the
Lenders and the Agent. Any terms used herein and not defined herein shall have the meanings defined in the Agreement. 
 2. The
Borrower hereby requests that the Banks make a Loan for the account of the Borrower pursuant to the Agreement, as follows: 

(a) Amount of Loan:
$                             (minimum of $250,000). 

(b) Date of Loan:
                            , 20        . 

(c) Loan Number:
                                        

 3. In connection with the Loan requested herein, the Borrower hereby represents, warrants and certifies to the Agent and the
Lenders that, as of the date of the Loan requested herein: Subject to representations and warranties that, by nature, cannot remain true and correct, each representation and warranty made by the Borrower in Article IX of the Agreement will be true
and correct, both immediately before and after such Loan is made, as though such representation and warranty was made on and as of the date of such Loan; and no Event of Default or event that upon notice or passage of time would constitute an Event
of Default will have occurred and be continuing. (If any of the foregoing statements is not true and correct, attach a statement specifying in detail the circumstances thereof and the actions Borrower is taking or proposes to take with respect
thereto.) 
 4. The undersigned authorizes and requests Wachovia to make disbursements of the proceeds as follows: 

 

			
	        	  	Deposit directly to Wachovia Bank, ABA#
                                        

		  	Account Number
                                         
                        
		  	held in the name of
                                         
                           , or

 

			
	        	  	Wire transfer to
                                        ,
ABA#
                                        

		  	Account Number
                                         
                       
		  	held in the name of
                                         
                           
		
		  	Additional Wire Detail:
                                         
                           

 

 EXHIBIT E – Page 1 

 This Notice of Borrowing is executed on
                    , 20        , by a Responsible Officer of Borrower on behalf of Borrower.
The undersigned, in such capacity, hereby certifies each and every matter contained herein to be true and correct. 
 Dated:
                     
  

	
	                             
                                         
  ,
	a
                                         
                   

  

			
	 By:
	 	  

	Name:	 	  

	Title:	 	  

 

	
	Employer Identification No. [                    ]
	

  

 EXHIBIT E – Page 2 

 EXHIBIT F 

COMMITMENTS 
  

							
	 	 	Title	 	Allocation	 	% of Aggregate
	Wachovia Bank, N.A.	 	Administrative Agent	 	$39,000,000	 	100.00%

  

 EXHIBIT F 

 EXHIBIT G 

CLOSING REQUIREMENTS 

The obligations of Administrative Agent and Lenders to make the Loans to Borrower and to perform the remainder of their obligations under
the Agreement are expressly conditioned upon Administrative Agent’s receipt and approval of each of the following items and the satisfaction by Borrower of the following conditions: 

1. Agreements. One copy, if any, of Borrower’s agreements with all other parties providing architectural, design or
engineering services for the Project. 
 2. Appraisal. An appraisal of the Property in form and content satisfactory to
Administrative Agent in its sole and absolute discretion. 
 3. Inspection Reports. A copy of all inspection and test
reports made by or for Borrower with respect to the Project. 
 4. Authorizations. All appropriate authorizations,
permits and approvals for the Project. Copies of all development agreements and other agreements with any Governmental Authority or utility provider. 

5. Title Report. The Preliminary Title Report and evidence satisfactory to Administrative Agent that the Title Company is prepared
to issue the Title Insurance Policy and copies of recorded documents such as easements, liens or other matters of public record or known to Borrower affecting the Property. 

6. Insurance. The policies of insurance required under Article V and Article VII of the Loan Agreement. 

7. Good Standing - Borrower. Borrower shall have submitted to Administrative Agent (i) a certificate issued by the
appropriate agency of the state of the Borrower’s formation and the State of California, certifying that Borrower is a limited liability company in good standing under the laws of such states, (ii) a copy of Borrower’s certificate of
formation and all amendments thereto certified by the appropriate agency of the state of Borrower’s formation, (iii) a copy of the Borrower’s limited liability company agreement and all amendments thereto, and (iv) a copy of
resolutions of the sole member of Borrower authorizing Borrower’s execution of the Loan Documents and the consummation of the transactions contemplated thereby, which shall be certified as true and correct by the manager or sole member of
Borrower. 
 8. Good Standing – Indemnitor. Indemnitor shall have submitted to Administrative Agent (i) a certificate
issued by the appropriate agency of the state of the Indemnitor’s organization, certifying that Indemnitor is a limited liability company in good standing under the laws of such state, (ii) a copy of Indemnitor’s formation documents
and all amendments thereto certified by the appropriate agency of the state of Indemnitor’s organization, and (iii) a copy of resolutions authorizing Indemnitor’s execution of the Loan Documents and the consummation of

  

 EXHIBIT G – Page 1 

 
the transactions contemplated thereby, which shall be certified as true and correct by the manager of Indemnitor. 

9. Flood Zone. Evidence satisfactory to Administrative Agent, as to whether (a) the Property is located in an area designated
by the Department of Housing and Urban Development as having special flood or mudslide hazards, and (b) the community in which the Property are located is participating in the National Flood Insurance Program. 

10. Soils Tests. A soils sample test report as recommended by the environmental site assessment report for the Property.

 11. Utilities. Evidence satisfactory to Administrative Agent, that (a) telephone service, electric power, storm
sewer, sanitary sewer and water facilities are available to the Property; (b) such utilities are or will be adequate to serve the Project; and (c) no conditions exist to affect Borrower’s right to connect into and have unlimited use
of such utilities except for the payment of a normal connection charge and except for the payment of subsequent charges for such services to the utility supplier. 

12. Approvals. Evidence satisfactory to Administrative Agent that all permits (including certificates of occupancy), variances,
zoning approvals, or other required permissions for the operation and occupancy of the Project are in existence, and that the Project will be in full compliance with all Federal, State and local laws, and all rules or regulation governing the
protection of the environment in all material respects. 
 13. Taxes, Etc. Evidence satisfactory to Administrative Agent
that all real estate taxes, assessments, water, sewer or other charges levied or assessed against the Project have been paid in full (other than those that are payable but not yet delinquent). 

14. Bankruptcy. Evidence satisfactory to Administrative Agent that there is not pending, at the time of closing, by or against the
Borrower or Indemnitor, any petition for reorganization, or arrangement under any bankruptcy or insolvency law, or any other action brought under such law. 

15. Environmental Assessment. An environmental assessment report for the Property, performed by an environmental engineer that is
acceptable to Administrative Agent, and which assessment shall be in form and substance satisfactory to Administrative Agent, in Administrative Agent’s sole discretion. Such report shall be addressed to such persons as Administrative Agent may
require. 
 16. Financial Statements. Current financial statements required by Administrative Agent of Borrower and
Indemnitor. 
 17. Non-Foreign Certificate. A certificate of non-foreign status. 

18. Attorney Fees’. The payment of attorneys’ fees and out-of-pocket costs incurred by Administrative Agent to document
and close the Loans. 
  

 EXHIBIT G – Page 2 

 19. Equity. Evidence satisfactory to Administrative Agent of payment by Borrower
(from its own funds and not from Loan proceeds) of not less than $38,700,000 toward the purchase price of the Property and/or other Project Costs. 

20. Fees. Payment of all loan and other fees required pursuant to the Fee Letter and Loan Documents. 

21. Survey. Administrative Agent shall have received and approved a current survey of the Property and Project. 

22. Earthquake Insurance. Without limiting the other insurance requirements specified in this Agreement, Administrative Agent
shall have reviewed and approved the earthquake insurance with respect to the Project, which shall be required in the event that the Probable Maximum Loss for the Project as determined by a qualified consultant satisfactory to Administrative Agent
is greater than twenty percent (20%) of the total value of the Project. 
 23. Leases. Lease, estoppel certificate
and subordination, non-disturbance and attornment agreement from KTLA. 
 24. Operating Statements. Historical operating
statements for the Project for the prior two (2) years. 
 25. NOI. Administrative Agent shall have determined
(based upon an appraisal approved by Administrative Agent) that the annual net operating income from the Project (as stabilized) will be at least $3,500,000. 

26. Other Items. Such other items or documents as Administrative Agent may reasonably require. 

 

 EXHIBIT G – Page 3 

 EXHIBIT H 

DEPICTION OF RELEASE PARCEL 

(Attached) 
  

 EXHIBIT H 

 

 

  

 EXHIBIT I 

SATELLITE D PARCEL PROPERTY DESCRIPTION 

LOTS 3 AND 4 OF GRIDER AND HAMILTON S HOLLYWOOD TRACT, IN THE CITY OF LOS ANGELES, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN
BOOK 9 PAGE 12 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. 
  

 EXHIBIT I

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]