Document:

rgnx-ex101_80.htm

EXHIBIT 10.1

 

LEASE AGREEMENT

THIS LEASE AGREEMENT (“this Lease”) is made as of this __1__ day of November, 2018, between ARE-MARYLAND NO. 24, LLC, a Delaware limited liability company (“Landlord”), and REGENXBIO INC., a Delaware corporation (“Tenant”).

BASIC LEASE PROVISIONS

	
Address:
	
9800 Medical Center Drive, Building F, Suite 100, Rockville, Maryland  20850.

	
Premises:
	
That portion of the Project, containing approximately 132,487 rentable square feet, as determined by Landlord, as shown as the hatched area on Exhibit A.  The Premises consist of the following, all of which are depicted on Exhibit A:  (i) approximately 13,897 rentable square feet located on the first floor of the Building (“1st Floor Premises”), (ii) approximately 39,530 rentable square feet located on the third floor of the Building (“3rd Floor Premises”), (iii) approximately 39,530 rentable square feet located on the 4th floor of the Building (“4th Floor Premises”), and (iv) approximately 39,530 rentable square feet located on the 5th floor of the Building (“5th Floor Premises”).  The 1st Floor Premises, the 3rd Floor Premises, and the 5th Floor Premises are collectively referred to as the “Initial Premises,” and the Initial Premises and 4th Floor Premises are collectively referred to as the “Premises.”

Gaudreau, Inc., Landlord’s architect (“Landlord’s Architect”), has measured the area of the Building and the Premises based on preliminary plans of the Building pursuant to the 2010 Standard Method of Measuring Floor Area in Office Buildings (Single Tenant Method A) as adopted by the Building Owners and Managers Association (ANSI/BOMA Z65.1-2010), modified as follows:  (a) total rentable area is based on a single tenant building where the total interior gross area for each floor is the rentable area, and (b) adjustments were made to allocate the Building Service Area (Building Common) to each floor on a prorata basis (“BOMA Standards”).  On Substantial Completion (as defined below) of the Building, Landlord will cause Landlord’s Architect to confirm the measurement of the rentable areas of the Building and the Premises (“Landlord’s Measurement Confirmation”) based on the BOMA Standards (or identify any variation in such measurement) and shall deliver Landlord’s Measurement Confirmation to Tenant.  Landlord’s Measurement Confirmation shall be conclusive (and Landlord shall at its expense cause Landlord’s Architect to certify such measurement directly to Tenant), and Landlord and Tenant shall promptly enter into a mutually acceptable amendment to this Lease making any conforming changes to this Lease based on such measurements; provided, however, that if Landlord’s Measurement Confirmation reflects that the rentable areas of the Premises or the Building (or both) are more than 2% greater than the rentable areas of the Premises or Building (or both) as set forth in the Basic Lease Provisions, Tenant shall have the right within 30 days after receipt of Landlord’s Measurement Confirmation to engage an architect duly licensed by the State of Maryland to confirm (“Tenant’s Measurement Confirmation”) the rentable areas of the Building and the Premises based on the BOMA Standards.  If Tenant’s Measurement Confirmation does not confirm Landlord’s Measurement Confirmation and a variance of more than 2% continues to exist, Landlord and Tenant shall promptly meet to resolve such variance in good faith.  Landlord covenants and agrees, irrespective of any change in the BOMA Standards after the Lease Commencement Date, that Landlord shall not re-measure the rentable area of the Building and/or the Premises during the Term, except to reflect actual changes in the physical size of the Premises or the Building, and then only in accordance with the BOMA Standards.

 

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Project:
	
The specific buildings in the Project known as Building A, Building B, Building C, Building D, Building E (“Parking Garage”), and Building F and located at 9800 Medical Center Drive, Rockville, Maryland  20850, in which the Premises are located, together with all improvements thereon and appurtenances thereto as shown on Exhibit B.

	
Building:
	
The to be constructed building in the Project known as Building F located at 9800 Medical Center Drive, Rockville, Maryland  20850, in which the Premises are located, and shown on Exhibit B.

	
Base Rent:
	
Initially, $414,021.88 per month (i.e., $37.50 per rentable square foot per annum) for the Premises, subject to adjustment upon confirmation of the rentable area of the Premises as provided above.

	
Rentable Area of Premises: 
	
132,487 rentable square feet, subject to adjustment upon confirmation of the rentable area of the Premises as provided above.

	
Rentable Area of Project:
	
457,076 rentable square feet, subject to adjustment upon confirmation of the rentable area of the Building as provided above.  As of the Commencement Date, set forth below is the rentable area of the buildings located in the Project (excluding Building F, the Parking Garage):

 

	
Building A:
	
 
	
43,380 rentable square feet

	
Building B:
	
 
	
58,326 rentable square feet

	
Building C:
	
 
	
124,351 rentable square feet

	
Building D:
	
 
	
56,379 rentable square feet

	
Building F:
	
 
	
174,640 rentable square feet

	
Total:
	
 
	
457,076 rentable square feet

 

Landlord covenants and agrees that Landlord shall not re-measure the rentable area of the Project during the Term except to reflect actual changes in the physical size of the Project, and then only in accordance with the measurement standards that have been used historically to measure such rentable area of the Project.  Tenant’s Project Share and Building’s Share of Project shall be promptly re-adjusted based on any changes in the Rentable Area of Project after the Commencement Date. 

 

	
Tenant’s Share:
	
75.86%, subject to adjustment upon confirmation of the rentable areas of the Building and the Premises as provided above.

	
Tenant’s Project Share:
	
28.99%, subject to adjustment upon confirmation of the rentable area of the Premises as provided above.

	
Rentable Area of Building:
	
174,640 rentable square feet, subject to adjustment upon confirmation of the rentable area of the Building as provided above.

	
Building’s Share of Project:
	
38.21%, subject to adjustment upon confirmation of the rentable areas of the Building as provided above.

	
Security Deposit:
	
$828,043.76 (i.e., 2 months of Base Rent for the Premises at the initial rate set forth above), subject to adjustment upon confirmation of the rentable area of the Premises as provided above.

	
Target Commencement Date:
	
July 1, 2020.

 

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Rent Adjustment Percentage:  2.5%

	
Base Term:
	
Beginning on the Commencement Date and ending 180 months from the first day of the first full month following the Rent Commencement Date.  For clarity, if the Rent Commencement Date occurs on the first day of a month, the Base Term will be measured from that date.  If the Rent Commencement Date occurs on a day other than the first day of a month, the Base Term will be measured from the first day of the following month.

	
Permitted Use:
	
general office, research and development biotechnology laboratory, training, manufacturing, and other related uses consistent with biotechnology use and otherwise in compliance with the provisions of Section 7 hereof.

 

	
Address for Rent Payment:
	
Landlord’s Notice Address:

	
For check payments remit to:

P.O. Box 79840

Baltimore, MD  21279-0840

 

For wire/ACH payments:

Bank name:SunTrust Bank

Bank address:25 Park Place

Atlanta, GA  30303

Phone number:1.800.221.9792 ACH

1.800.947.3786 Wire

Account name:Alexandria Real Estate Equities, Inc.

Account number: 1000049592453

ABA number:061000104 (or 

SWIFT # SNTRUS3AXXX)

Other instructions:Include Tenant ID (found on

statement)

 
	
385 E. Colorado Blvd., Suite 299 

Pasadena, California 91101

Attention:  Corporate Secretary

	
Tenant’s Notice Address (before Lease Commencement Date):
	
Tenant’s Notice Address (on and after Lease Commencement Date):

	
9600 Blackwell Road

Suite 210

Rockville, MD  20850

Attention: General Counsel
	
9800 Medical Center Drive

Building F

Suite 100

Rockville, MD  20850

Attention:  General Counsel

The following Exhibits and Addenda are attached hereto and incorporated herein by this reference:

		
	
[X] EXHIBIT A - PREMISES DESCRIPTION
	
[X] EXHIBIT A-1 – DRAWING SHOWING OUTDOOR PLAZA

	
[X] EXHIBIT B - DESCRIPTION OF PROJECT
	
[X] EXHIBIT C-1 – LANDLORD WORK LETTER

	
[X] EXHIBIT C-2 – TENANT WORK LETTER
	
[X] EXHIBIT D –COMMENCEMENT DATE

	
[X] EXHIBIT E - RULES AND REGULATIONS

[X] EXHIBIT G – LOCATION OF IDENTIFICATION SIGNAGE
	
[X] EXHIBIT F TENANT’S PERSONAL PROPERTY

[X] EXHIBIT H –LOADING DOCKS AND DEDICATED GENERATOR AREA

	
[X] EXHIBIT I – TENANTS WITH SUPERIOR EXPANSION RIGHTS
	
 

	
 
	
 

1.Lease of Premises.  Upon and subject to all of the terms and conditions hereof, Landlord hereby leases the Premises to Tenant and Tenant hereby leases the Premises from Landlord.  The portions 

 

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of the Project that are for the non-exclusive use of tenants of the Project are collectively referred to herein as the “Common Areas.”  The Common Areas include the outdoor space adjacent to the Building as shown as the “Outdoor Plaza” on Exhibit A-1 attached hereto.  Tenant, its employees, licensees, invitees, successors, subtenants, and assignees shall have, as appurtenant to the Premises, the right to use the Common Areas at no additional cost, in common with others.  Subject to Section 7(a), Landlord reserves the right to modify the Common Areas, provided that such modifications do not materially adversely affect (i) Tenant’s access to and/or use of the Premises for the Permitted Use or (ii) Tenant’s parking rights under Section 10.  Subject to a Taking (as defined in Section 19) and Force Majeure (as defined in Section 34), Tenant shall have access to the Premises (and the right to use the Common Areas subject to a Taking, Force Majeure, and the provisions of Section 13) 24 hours per day, 7 days per week, 365/366 days per year during the Term.

2.Delivery; Acceptance of Premises; Commencement Date.  Landlord shall use reasonable efforts to deliver the Premises to Tenant on or before the Target Commencement Date, with the Base Building Work Substantially Completed (“Delivery” or “Deliver”).  If Landlord fails to timely Deliver the Premises, Landlord shall not be liable to Tenant for any loss or damage resulting therefrom, and this Lease shall not be void or voidable except as provided herein.  If Landlord does not Deliver the Premises for any reason within 270 days of the Target Commencement Date as such period may be extended by Force Majeure Delays (not to exceed 1 year in the aggregate) and Tenant Delays on a day-for-day basis, this Lease may be terminated by Tenant by written notice to Landlord (except that any Tenant Delay shall extend the Target Commencement Date on a day-for-day basis), and if so terminated:  (a) the first month’s Base Rent for the Premises paid by Tenant pursuant to Section 3(a) below shall be refunded to Tenant, (b), the Security Deposit, or any balance thereof, i.e., after deducting therefrom all amounts to which Landlord is entitled under the provisions of this Lease, shall be returned to Tenant (and if the Security Deposit is the form of a Letter of Credit [as defined in Section 6], with such documentation or instructions as reasonably required by the issuer thereof to cancel the Letter of Credit), and (c) neither Landlord nor Tenant shall have any further rights, duties, or obligations under this Lease, except with respect to provisions that expressly survive termination of this Lease.  If any Tenant Delay actually delays Landlord’s Delivery of the Base Building Work beyond such 270 day period, then Landlord shall cause the Base Building Architect to certify the date on which the Base Building Work would have been completed but for such Tenant Delay and shall provide such certification to Tenant by written notice, and such certified date shall be the date of Delivery, subject to Tenant’s right to dispute reasonably in good faith any Tenant Delay claimed by Landlord, by written notice to Landlord given within 30 days after Tenant’s receipt of the Base Building Architect’s certification thereof.  As used herein, the terms “Base Building Work,” “Base Building Architect,” “Tenant Improvements Work,” “Force Majeure Delays,” “Tenant Delays,” and “Substantially Completed” shall have the meanings set forth for such terms in the Landlord Work Letter (Exhibit C-1) and the Tenant Work Letter (Exhibit C-2), as applicable.  If Tenant does not elect to terminate this Lease within 30 days of the lapse of such 270 day period as it may have been extended as provided above, such right to terminate this Lease shall be waived and this Lease shall remain in full force and effect.

In addition to Tenant’s termination right set forth in the preceding paragraph, Tenant shall have the right to terminate this Lease as follows:

 

(1)If Landlord fails to obtain a final and non-appealable building permit for the Base Building Work for any reason within 270 days after April 30, 2019 (such 270 day period ends on Saturday, January 25, 2020) as such period may be extended by Force Majeure Delays (not to exceed 1 year in the aggregate) and Tenant Delays on a day-for-day basis, Tenant shall thereafter be entitled to send a written notice to Landlord stating that Tenant is terminating this Lease because of Landlord’s failure to obtain such final and non-appealable building permit (except that any Tenant Delay shall extend such 270 day period on a day-for-day basis).  Such termination, however, shall be void if Landlord obtains such final and non-appealable building permit within 90 days after receipt of Tenant’s termination notice.  Tenant shall send such termination notice to Landlord, if at all, within 30 days after the expiration of such 270 day period as it may have been extended as provided above; otherwise, such right to terminate this Lease shall be waived 

 

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and this Lease shall remain in full force and effect.  For purposes of this paragraph, a “final and non-appealable building permit” means that all applicable appeal periods have expired with no appeal having been taken (or, if appealed, such appeal is resolved to the satisfaction of Landlord).

 

(2)If Landlord fails to cause the Building to be in a watertight condition for any reason within 270 days after March 31, 2020 (such 270 day period ends on Saturday, December 26, 2020) as such period may be extended by Force Majeure Delays (not to exceed 1 year in the aggregate) and Tenant Delays on a day-for-day basis, Tenant shall thereafter be entitled to send a written notice to Landlord stating that Tenant is terminating this Lease because of Landlord’s failure to cause the Building to be in such watertight condition (except that any Tenant Delay shall extend such 270 day period on a day-for-day basis).  Such termination, however, shall be void if Landlord causes the Building to be in such watertight condition within 60 days after receipt of Tenant’s termination notice; otherwise, such right to terminate this Lease shall be waived and this Lease shall remain in full force and effect.  Tenant shall send such termination notice to Landlord, if at all, within 30 days after the expiration of such 270 day period as it may have been extended as provided above, such right to terminate this Lease shall be waived and this Lease shall remain in full force and effect.

 

The references to “Force Majeure Delays” in paragraphs (1) and (2) above shall be included within the overall 1 year maximum, aggregate time period for all forms of Force Majeure Delays set forth in this Section 2.  In case of a termination of this Lease as set forth in paragraphs (1) or (2) above, (A) the first month’s Base Rent for the Premises paid by Tenant pursuant to Section 3(a) below shall be refunded to Tenant, (B), the Security Deposit, or any balance thereof, i.e., after deducting therefrom all amounts to which Landlord is entitled under the provisions of this Lease, shall be returned to Tenant (and if the Security Deposit is the form of a Letter of Credit [as defined in Section 6], with such documentation or instructions as reasonably required by the issuer thereof to cancel the Letter of Credit), and (C) neither Landlord nor Tenant shall have any further rights, duties, or obligations under this Lease, except with respect to provisions that expressly survive termination of this Lease. 

 

(a)Per Diem Credit.  If Landlord does not Deliver the Premises by no later than 270 days after the Target Commencement Date for reasons other than Force Majeure Delays or Tenant Delays, Tenant shall receive a Per Diem Credit (as defined below) against the Base Rent for the Initial Premises for each day after the date that is 270 days after the Target Commencement Date until the Lease Commencement Date.  In all cases, the Target Commencement Date shall be subject to extension for Force Majeure Delays (not to exceed 1 year in the aggregate) or Tenant Delays on a day-for-day basis.  For purposes of this Lease, “Per Diem Credit” means a per day credit in an amount equal to the product of the area of the Initial Premises (i.e., 92,957 rentable square feet) multiplied by $37.50, divided by 365.

(b)Definitions of Various Dates.  For purposes of this Lease, (i) the “Commencement Date” shall mean the date of this Lease, (ii) the “Lease Commencement Date” means 10 business days after Landlord Delivers the Premises for the performance of the Tenant Improvements, (iii) the “Rent Commencement Date” for the Initial Premises means the first anniversary of the Lease Commencement Date, and (iv) the “4th Floor Rent Commencement Date” for the 4th Floor Premises means the first anniversary of the Rent Commencement Date.  Landlord shall provide Tenant with notice of the anticipated the Lease Commencement Date not more than 60 days and not less than 30 days before such date.  Upon written request of Landlord, Tenant shall execute and deliver one or more written acknowledgments of the Commencement Date, the Lease Commencement Date, the Rent Commencement Date, the 4th Floor Rent Commencement Date, and the expiration date of the Base Term when such are established in the form of the “Acknowledgement of Commencement Date” attached to this Lease as Exhibit D; provided, however, that Landlord’s failure to request, provide, or execute, or Tenant’s failure to execute and deliver, such acknowledgment(s) shall not affect Landlord’s or Tenant’s rights and obligations hereunder.  The “Term” of this Lease shall be the Base Term, as defined above in the Basic Lease Provisions and any Extension Terms that Tenant may elect pursuant to Section 42 (Right to Extend Term).

 

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(c)Condition of Premises.  Except as set forth in the Landlord Work Letter and in this Section 2, Section 7 (Use), and Section 13 (Landlord’s Repairs):  (i) Tenant shall accept the Premises in their condition as of the Lease Commencement Date, subject to the Premises being in material compliance with all applicable material Legal Requirements (as defined in Section 7); (ii) Landlord shall have no obligation for any defects in the Premises; and (iii) Tenant’s taking possession of the Premises shall be conclusive evidence that Tenant accepts the Premises and that the Premises were in good condition at the time possession was taken.  Any occupancy of the Premises by Tenant before the Lease Commencement Date shall be subject to all of the terms and conditions of this Lease (other than the obligation to pay Base Rent or Tenant’s Share of Operating Expenses).

(d)Complete Agreement.  Tenant agrees and acknowledges that, except as otherwise expressly provided in this Lease, neither Landlord nor any agent of Landlord has made any representation or warranty with respect to the condition of all or any portion of the Premises or the Project, and/or the suitability of the Premises or the Project for the conduct of Tenant’s business, and Tenant waives any implied warranty that the Premises or the Project are suitable for the Permitted Use.  This Lease constitutes the complete agreement of Landlord and Tenant with respect to the subject matter hereof and supersedes any and all prior representations, inducements, promises, agreements, understandings and negotiations that are not contained herein.  Landlord in executing this Lease does so in reliance upon Tenant’s representations, warranties, acknowledgments and agreements contained herein.

(e)Latent Defects.  Notwithstanding the foregoing provisions of this Section 2, Tenant shall have a period of one year after Landlord’s Delivery of the Premises to Tenant to reasonably identify in writing any Latent Defects (as defined below) in the Premises and the mechanical, electrical, heating, air conditioning, and ventilation (“HVAC”), and plumbing systems and the structural components serving the Premises.  For purposes of this Lease, “Latent Defects” means those material defects in the Premises and such systems and/or components that could not have been readily identified or discovered through a reasonable inspection thereof conducted by a qualified architect, engineer, or technician.  Landlord will promptly repair such identified Latent Defects (subject to Landlord’s reasonable confirmation that such Latent Defects are, in fact, Latent Defects).

(f)On Site Food Service.  By no later than the Rent Commencement Date for the Initial Premises, Landlord shall use commercially reasonable efforts to enter into a lease or other arrangement with a third party operator for space on the first floor of the Building not to exceed approximately 6,299 rentable square feet in area as shown on Exhibit A attached hereto (“On Site Food Service Area”) or the purpose of establishing and operating a restaurant (“On Site Food Service”).  Landlord makes no guaranty, promise, or assurance that it will, in fact, enter into such an agreement for On Site Food Service, and the terms of such agreement (if any) shall be satisfactory to Landlord in the exercise of its sole and absolute discretion.  Landlord’s obligation to use commercially reasonable efforts shall be satisfied in full if Landlord performs the following:  (i) Landlord directs its broker in writing to identify potential providers of the On Site Food Service, (ii) Landlord solicits written proposals from at least 3 potential providers of the On Site Food Service, and (iii) Landlord interviews at least 2 potential providers of the On Site Food Service.  

(1)If Landlord determines not to open the On Site Food Service or, if Landlord opens the On Site Food Service but later ceases to operate it, then the Expansion Right and Tenant’s rights for the Hold Space as set forth in Section 41 shall apply to the On Site Food Service Area.

(2)If Landlord determines not to open the On Site Food Service or, if Landlord opens the On Site Food Service but later ceases to operate it, and Tenant subsequently leases the On Site Food Service Area pursuant to Tenant’s exercise of the Expansion Right or Tenant’s exercise of its rights for the Hold Space as set forth in Section 41, then Tenant shall have the right to operate an On Site Food Service in the On Site Food Service Area as long as it is operated on a private (non-public) basis and is for the sole and exclusive use and enjoyment of Tenant and its employees.

 

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(g)Occupancy of 4th Floor Premises.  Notwithstanding anything to the contrary contained herein, Tenant shall have the right to occupy and use the 4th Floor Premises at any time and from time to time from and after the Lease Commencement Date, for the Permitted Use, without affecting the 4th Floor Rent Commencement Date or triggering the payment of Base Rent with respect to 4th Floor Premises before such date.

3.Rent.

(a)Base Rent.  The first month’s Base Rent for the Premises and the Security Deposit shall be due and payable on delivery of a Tenant-executed copy of this Lease to Landlord; such first month’s Base Rent shall be applied to the first payment(s) of Base Rent during the Term after the Initial Premises Base Rent Abatement.  Beginning on the Rent Commencement Date and the 4th Floor Rent Commencement Date, respectively, and on or before the first day of each calendar month thereafter during the Term hereof (but subject to the Base Rent Abatement described in Section 4(a)) Tenant shall pay to Landlord in advance, without demand, abatement, deduction or set-off, except as otherwise provided herein, monthly installments of Base Rent for the Initial Premises and the 4th Floor Premises, respectively, in lawful money of the United States of America, at the office of Landlord for payment of Rent set forth above, or to such other entity or person or at such other place as Landlord may from time to time notify Tenant in writing not less than 30 days in advance.  Payments of Base Rent for any fractional calendar month shall be prorated on a per diem basis.  The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations.  Tenant shall have no right at any time to abate, reduce, or set-off any Rent (as defined in Section 5) due hereunder except for any abatement or set-off as may be expressly provided in this Lease.

(b)Additional Rent.  In addition to Base Rent, Tenant agrees to pay to Landlord as additional rent (“Additional Rent”):  commencing on the Lease Commencement Date (and notwithstanding the Initial Premises Base Rent Abatement), (i) Tenant’s Share of “Operating Expenses” (as defined in Section 5), and (ii) any and all other amounts Tenant assumes or agrees to pay under the provisions of this Lease, including, without limitation, any and all other sums that may become due by reason of any default of Tenant or failure to comply with the agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after any applicable notice and cure period.

4.Base Rent Adjustments.  Base Rent shall be increased on each anniversary of the first day of the first full calendar month during the Base Term (each an “Adjustment Date”) by multiplying the Base Rent payable immediately before such Adjustment Date by the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such Adjustment Date.  Base Rent, as so adjusted, shall thereafter be due as provided herein.  Base Rent adjustments for any fractional calendar month shall be prorated.  

(a)Base Rent Abatement.  Notwithstanding anything to the contrary contained in this Lease, but provided Tenant is not in Default hereunder, Landlord hereby grants Tenant an abatement of the Base Rent (i) payable for the Initial Premises during the period beginning on the Lease Commencement Date and ending the day before the Rent Commencement Date (i.e., 12 months after the Lease Commencement Date) (“Initial Premises Base Rent Abatement”), and (ii) payable for the 4th Floor Premises during the period beginning on the Lease Commencement Date and ending the day before the 4th Floor Rent Commencement Date (i.e., 12 months after the Rent Commencement Date; 24 months after the Lease Commencement Date) (“4th Floor Base Rent Abatement”; together with the Initial Premises Base Rent Abatement, the “Base Rent Abatement”).  For the avoidance of doubt, if the Lease Commencement Date occurs on the first day of a calendar month, the Base Rent Abatement will be measured from that date.  If the Lease Commencement Date occurs on a day other than the first day of a calendar month, the Base Rent Abatement will be measured from the first day of the following calendar month.  Except as provided in the preceding sentences, Tenant shall pay the full amount of Base Rent due in accordance with the provisions of this Lease.  The administration rent set forth in Section 5 below shall not be abated and shall 

 

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be based on the amount of Base Rent that would have been payable but for the Base Rent Abatement.  Notwithstanding anything to the contrary in this Section 4(a), the adjustment in the Base Rent as set forth in this Section 4 shall be based on the full and unabated amount of Base Rent payable for the first 12 month period from and after the Lease Commencement Date.

(b)Base Rent Set-off for Failure to Fund TI Allowance.  If Landlord fails to disburse any portion of the TI Allowance (as defined in the Tenant Work Letter) to Tenant for TI Costs incurred in connection with the design and construction of the Tenant Improvements in the time and manner required by the Tenant Work Letter, Tenant may thereafter send a second written request (after the request for disbursement) to Landlord (“Set-off Demand Notice”).  The Set-off Demand Notice shall include a copy of the request for disbursement.  If Landlord fails to pay the portion of the TI Allowance owed to Tenant within 5 business days after the Set-off Demand Notice is received by Landlord and as long as Tenant is not in default of its obligations under this Lease of which default Tenant has been given notice and Landlord’s payment obligation has not been suspended under Section 5(e) of the Tenant Work Letter, then Tenant shall have the right to set-off such unpaid TI Allowance amounts owed by Landlord against the next accruing monthly installments of Base Rent under this Lease.  Tenant shall not claim any rights of set-off for unfunded portions of the TI Allowance to the extent that Tenant has not first made a written request for disbursement for such amount, and the amount of set-off shall not exceed any shortfall specifically set forth in the previously claimed TI Allowance payment.  If Landlord in good faith disputes (“Dispute”) that Tenant is entitled to the disbursement of any portion of the TI Allowance and so notifies Tenant in writing, the parties shall promptly meet to resolve the Dispute.  If Landlord and Tenant are unable to resolve the Dispute within 15 days after the date of Landlord’s notification of Tenant, the parties shall submit the Dispute to final and binding arbitration as set forth in this Section.  During the pendency of the Dispute, Tenant shall make payments of Base Rent into escrow with an escrow agent appointed by Landlord and reasonably acceptable to Tenant, which escrow shall be governed by an escrow agreement in form and substance reasonably acceptable to Landlord, Tenant, and such escrow agent.  The arbitration shall be in accordance with the then prevailing Expedited Procedures of the Arbitration Rules for the Real Estate Industry of the American Arbitration Association (“AAA”) or the successor of such Rules.  Judgment on the award rendered by the arbitrators may be enforced and entered in any court having jurisdiction.

5.Operating Expense Payments.  Landlord shall deliver to Tenant a written estimate of Operating Expenses for each calendar year during the Term (“Annual Estimate”), which may be revised by Landlord from time to time (but no more than twice) during such calendar year.  Beginning on the Lease Commencement Date (and notwithstanding the Base Rent Abatement), Tenant shall pay Landlord on or before the first day of each calendar month during the Term hereof an amount equal to 1/12th of Tenant’s Share of the Annual Estimate for the entire Premises.  Payments for any fractional calendar month shall be prorated. Operating Expenses for the calendar years in which Tenant’s obligation to share therein begins and ends shall be prorated.  

The term “Operating Expenses” means, except as otherwise provided herein, all costs and expenses of any kind or description whatsoever incurred or accrued each calendar year by Landlord with respect to the Building (including the Building’s Share of all costs and expenses of any kind or description incurred or accrued by Landlord with respect to the Project which are not specific to the Building or any other building located in the Project) determined in accordance with generally acceptable accounting principles consistently applied from year to year as such principles are generally applied in the real estate industry (“GAAP”) (including, without duplication, Taxes (as defined in Section 9), capital repairs and improvements made to accomplish a reduction in the Operating Expenses, to comply with any changes in applicable Legal Requirements enacted after the Lease Commencement Date or to ensure continued compliance with Legal Requirements in effect on the Lease Commencement Date, or to replace worn out or obsolete building systems or equipment (which capital repairs and improvements shall be amortized over their useful life on a straight-line basis without interest), the costs of Landlord’s third party property manager or, if there is no third party property manager, administration rent in the amount of 3% of Base Rent, the cost to repair or replace exterior glass, caulking, or brick, the cost of any tuck pointing, and Landlord’s costs 

 

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and expenses associated with the On Site Food Service (net of any costs and expenses paid to Landlord by the operator of the On Site Food Service, if any, and inclusive of any costs, fees, and/or subsidies paid by Landlord to the operator of the On Site Food Service, if any), excluding only:

(a)costs of repair or replacement of the roof, foundation, slab, and structural walls of the Building, the original construction costs of the Project, the costs of any subsequent renovation of the Project (except for capital repairs and improvements and normal repair and maintenance, the costs of which are includable in Operating Expenses as provided above), and costs of correcting defects in such original construction or renovation;

(b)capital expenditures for expansion or renovation of the Project (except for capital repairs and improvements, the cost of which are includable in Operating Expenses as provided above);

(c)[reserved];

(d)interest, principal payments of Mortgage (as defined in Section 27) debts of Landlord or the owner of any interest in the Project, financing costs and amortization of funds borrowed by Landlord or the owner of any interest in the Project, whether secured or unsecured and all payments of base rent (but not taxes or operating expenses) under any ground lease or other underlying lease of all or any portion of the Project;

(e)amortization and depreciation of the Project (except for amortization of capital repairs and improvements, which are includable in Operating Expenses as provided above);

(f)advertising, legal and space planning expenses and leasing commissions and other costs and expenses incurred in procuring and leasing space to current or prospective tenants for the Project, including, the cost of or imputed rent for any leasing office maintained in the Project (to the extent such office exceeds 5,000 rentable square feet), free rent, construction allowances, moving costs and other leasing concessions granted to such  tenants;

(g)legal and other expenses incurred in the negotiation or enforcement of leases;

(h)costs of completing, fixturing, improving, renovating, painting, redecorating or other work, which Landlord pays for or performs for any leasable space in the Project, and costs of correcting defects in such work;

(i)costs of utilities (including HVAC service) outside normal business hours provided to tenants of the Project and for which such tenants are charged;

(j)costs to be reimbursed by other tenants of the Project or Taxes to be paid directly by Tenant or other tenants of the Project, whether or not actually paid;

(k)salaries, wages, benefits and other compensation paid to officers and employees of Landlord or the owner of any interest in the Project who are not assigned in whole or in part to the operation, management, maintenance, or repair of the Project, and in the case of such parties who are assigned only in part to the operation, management, maintenance, or repair of the Project, the portion of such salaries, wages, benefits, and other compensation not allocable to the Project;

(l)general organizational, administrative and overhead costs relating to maintaining Landlord’s or the owner of any interest in the Project’s existence, either as a corporation, partnership, or other entity, including general corporate, legal and accounting expenses;

 

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(m)costs (including attorneys’ fees and costs of settlement, judgments and payments in lieu thereof) incurred in connection with disputes with tenants, other occupants, or prospective tenants, and costs and expenses, including legal fees, incurred in connection with negotiations or disputes with employees, consultants, management agents, leasing agents, purchasers, or mortgagees of the Building;

(n)costs incurred by Landlord or the owner of any interest in the Project due to (i) the violation by Landlord, any owner of any interest in the Project, or their respective employees, agents or contractors or any tenant, licensee or occupant of the terms and conditions of any lease or license of, or occupancy agreement with respect to, space in the Project or any Legal Requirement or (ii) the gross negligence or willful misconduct of Landlord or its employees;

(o)penalties, fines or interest incurred as a result of Landlord’s or the owner of any interest in the Project’s inability or failure to make payment of Taxes and/or to file any tax or informational returns when due, or from Landlord’s failure to make any payment of Taxes required to be made by Landlord or hereunder, or by or the owner of any interest in the Project, before delinquency;

(p)overhead and profit increment paid to Landlord or the owner of any interest in the Project, or to subsidiaries or affiliates of Landlord or the owner of any interest in the Project, for goods and/or services in or to the Project to the extent the same exceeds the costs of such goods and/or services rendered by unaffiliated third parties on a competitive basis;

(q)costs of Landlord’s or the owner of any interest in the Project’s charitable or political contributions and/or trade association dues, or to acquire, maintain, and/or insure any fine art located at the Project;

(r)costs in connection with services (including electricity), items or other benefits of a type that are not standard for the Project and that are not available to Tenant without specific charges therefor, but which are provided to another tenant or occupant of the Project, whether or not such other tenant or occupant is specifically charged therefor by Landlord or the owner of any interest in the Project;

(s)costs incurred in the sale or refinancing of the Project or Landlord’s or the owner of any interest in the Project’s interest(s) therein;

(t)net income taxes of Landlord or the owner of any interest in the Project (except to the extent such net income taxes are in substitution for any Taxes payable hereunder), franchise, capital stock, gift, estate or inheritance taxes or any federal, state or local documentary taxes imposed against the Project or any portion thereof or interest therein;

(u)costs to repair or correct Latent Defects identified to Landlord within 1 year after Landlord’s Delivery of the Premises to Tenant;

(v)costs incurred (less costs of recovery) for any items to the extent such amounts are actually recovered by Landlord under a manufacturer’s, materialman’s, vendor’s, or contractor’s warranty;

(w)costs to repair, restore, or replace any item in the Building, to the extent Landlord is actually reimbursed therefor by proceeds from insurance or condemnation;

(x)costs incurred in connection with environmental clean-up, response action, or remediation on, in or under or about the Project, to the extent such costs relate to matters (i) existing before the Commencement Date, but excepting costs of normal and customary testing and monitoring, or (ii) caused by Landlord after the Commencement Date; provided, however, that Tenant shall have the obligation to prove by a preponderance of the evidence that such environmental clean-up, response action, or 

 

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remediation relate to matters existing before the Commencement Date or were caused by Landlord, ITS agents, employees, or contractors after the Commencement Date.  Upon Tenant satisfying such obligation, Landlord shall, at no cost to Tenant, perform or take (as the case may be) such environmental clean-up, response action, or remediation to the extent required by applicable Governmental Authorities;

(y)salaries, wages, or other compensation paid to employees of any property management organization being paid a fee by Landlord or the owner of any interest in the Project for its services where such services are covered by a management fee;

(z)any items excluded from Taxes;

(aa)all costs to comply with Landlord’s warranty obligations under this Lease;

(bb)reserves for future Operating Expenses; and

(cc)any expenses otherwise includable within Operating Expenses to the extent actually reimbursed by persons other than tenants of the Project under leases for space in the Project.

Notwithstanding any contrary provision contained in this Section 5, Controllable Operating Expenses (as defined below) shall be capped so that no increase thereof in any calendar year exceeds 5% over the prior year’s Controllable Operating Expenses on a non-cumulative basis.  As a result, the actual annual increase of Controllable Operating Expenses in any given calendar year from and after the calendar year in which the Lease Commencement Date occurs may be less than or equal to 5% (but shall not exceed 5% in any such year).  For purposes of this Lease, “Controllable Operating Expenses” means all Operating Expenses except real estate taxes, utilities, snow and ice removal, and insurance premiums (such exceptions collectively referred to herein as the “Non-Controllable Operating Expenses”).

Within 90 days after the end of each calendar year (or such longer period as may be reasonably required), Landlord shall furnish to Tenant a statement (an “Annual Statement”) showing in reasonable detail:  (a) the total and Tenant’s Share of actual Operating Expenses for the previous calendar year (including a breakdown of Controllable Operating Expenses for such calendar year), and (b) the total of Tenant’s payments in respect of Tenant’s Share of Operating Expenses for such year.  If Tenant’s Share of actual Operating Expenses for such year exceeds Tenant’s payments in respect of Tenant’s Share of Operating Expenses for such year, the excess shall be due and payable by Tenant as Rent within 30 days after delivery of such Annual Statement to Tenant.  If Tenant’s payments of Operating Expenses for such year exceed Tenant’s Share of actual Operating Expenses for such year Landlord shall pay the excess to Tenant within 30 days after delivery of such Annual Statement, except that after the expiration, or earlier termination of the Term or if Tenant is delinquent in its obligation to pay Rent, Landlord shall pay the excess to Tenant after deducting all other amounts due Landlord.

The Annual Statement shall be final and binding upon Tenant unless Tenant, within 120 days after Tenant’s receipt thereof, shall question or contest same by giving written notice to Landlord.  If, during such 120 day period, Tenant in good faith questions or contests the accuracy of Landlord’s statement of Tenant’s Share of Operating Expenses, Landlord will provide Tenant and/or its designated lease audit firm (working pursuant to a fee arrangement other than a contingent fee) with access during normal business hours at the management office for the Project (located in the Washington, D.C. metropolitan area) with access to Landlord’s books and records relating to the operation of the Project and such other records and information as reasonably required to enable Tenant and/or its designated lease audit firm to determine the amount of Operating Expenses for the calendar year in question and the accuracy of the Annual Statement thereof (“Expense Information”).  If after Tenant’s and/or its designated lease audit firm’s review of such Expense Information (“Tenant’s Review”), Landlord and Tenant cannot agree upon the amount of Tenant’s Share of Operating Expenses for the calendar year in question, then either Landlord or Tenant shall have the right 

 

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to have an independent public accounting firm selected by such party from among the 5 largest in the United States and reasonably approved by the other party, working pursuant to a fee arrangement other than a contingent fee (at Landlord’s or Tenant’s cost and expense as provided below), audit and/or review the Expense Information for the year in question (“Independent Review”).  The results of any such Independent Review shall be binding on Landlord and Tenant.  If the Independent Review (or Tenant’s Review as agreed to by Landlord) shows that the payments actually made by Tenant with respect to Tenant’s Share of Operating Expenses for the calendar year in question exceeded Tenant’s Share of Operating Expenses for such calendar year, Landlord shall at Landlord’s option either (i) if such excess can be fully recovered within 6 months thereby, credit the excess amount to the next succeeding installments of estimated Tenant’s Share of Operating Expenses (or the date Landlord agreed to Tenant’s Review, if applicable) or (ii) pay the excess to Tenant within 30 days after delivery of the results of the Independent Review, except that after the expiration or earlier termination of this Lease or if Tenant is delinquent in its obligation to pay Rent, Landlord shall pay the excess to Tenant after deducting all other amounts due Landlord.  If the Independent Review shows that Tenant’s payments with respect to Tenant’s Share of Operating Expenses for such calendar year were less than Tenant’s Share of Operating Expenses for the calendar year, Tenant shall pay the deficiency to Landlord within 30 days after delivery of the results of the Independent Review to Landlord and Tenant (or the date Landlord agreed to Tenant’s Review, if applicable).  If the Independent Review (or Tenant’s Review as agreed to by Landlord) shows that Tenant has overpaid with respect to Tenant’s Share of Operating Expenses by 5% or more, then Landlord shall (i) reimburse Tenant for all costs incurred by Tenant for Tenant’s Review and (ii) pay all costs of the Independent Review.  If the Independent Review (or Tenant’s Review as agreed to by Landlord) shows that Tenant has overpaid with respect to Tenant’s Share of Operating Expenses by less than 5%, then Tenant shall pay all costs of Tenant’s Review and the Independent Review.  

Notwithstanding anything set forth herein to the contrary, if the Building is not at least 95% occupied on average during any calendar year falling wholly or partially during the Term, Tenant’s Share of Operating Expenses for such year shall be computed as though the Building had been 95% occupied on average during such calendar year, provided that in no event shall Landlord collect from Building tenants more than 100% of Operating Expenses actually incurred in any calendar year.

“Tenant’s Share” shall be the percentage set forth in the Basic Lease Provisions as Tenant’s Share with respect to Building Operating Expenses, or Tenant’s Project Share as to Project Operating expenses, as applicable, as reasonably adjusted by Landlord for changes in the physical size of the Premises or the Project occurring thereafter.  Landlord may directly invoice Tenant (and Tenant shall pay as Additional Rent) for any item of expense or cost reimbursable by Tenant that Landlord reasonably determines relates to a repair, replacement, or service that benefits only the Premises or only a portion of the Project that includes the Premises or that varies with occupancy or use.  For the avoidance of doubt, a repair, replacement, or service shall be deemed to benefit only the Premises (a) if an act or omission by Tenant or any Tenant Party causes or triggers the need for such repair, replacement or service (but only to the extent the cost of which is not covered by insurance), or (b) if Tenant requests a repair, replacement, or service that Landlord is not otherwise obligated to perform or provide under the terms of this Lease.  The cost of any such repair, replacement or service shall be excluded from the Operating Expenses if caused by any other tenant of the Building that is directly invoiced for such repair, replacement, or service.  Base Rent, Tenant’s Share of Operating Expenses and all other amounts payable by Tenant to Landlord hereunder are collectively referred to herein as “Rent.” 

6.Security Deposit.  Tenant shall deposit with Landlord, upon delivery of an executed copy of this Lease to Landlord, a security deposit (“Security Deposit”) for the performance of all of Tenant’s obligations hereunder in the amount set forth in the Basic Lease Provisions, which Security Deposit shall be in the form of an unconditional and irrevocable letter of credit (“Letter of Credit”):  (i) in form and substance satisfactory to Landlord, (ii) naming Landlord as beneficiary, (iii) expressly allowing Landlord to draw upon it at any time from time to time by delivering to the issuer notice that Landlord is entitled to draw thereunder, (iv) issued by an FDIC-insured financial institution reasonably satisfactory to Landlord, and 

 

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(v) redeemable by presentation of a sight draft in Maryland or California.  As of the Commencement Date, Silicon Valley Bank is an FDIC-insured financial institution reasonably satisfactory to Landlord.  If Tenant does not provide Landlord with a substitute Letter of Credit complying with all of the requirements hereof at least 10 days before the stated expiration date of any then current Letter of Credit, Landlord shall have the right to draw the full amount of the current Letter of Credit and hold the funds drawn in cash without obligation for interest thereon as the Security Deposit.  The Security Deposit shall be held by Landlord as security for the performance of Tenant’s obligations under this Lease.  The Security Deposit is not an advance rental deposit or a measure of Landlord’s damages in case of Tenant’s default.  Upon each occurrence of a Default (as defined in Section 20), Landlord may use all or any part of the Security Deposit to pay delinquent payments due under this Lease, and the cost of any damage, injury, expense or liability caused by such Default, without prejudice to any other remedy provided herein or provided by law.  Upon any such use of all or any portion of the Security Deposit, Tenant shall pay Landlord within 5 business days after written demand the amount that will restore the Security Deposit to the amount set forth in the Basic Lease Provisions.  Tenant hereby waives the provisions of any law, now or hereafter in force, which provide that Landlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of Rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums reasonably necessary to compensate Landlord for any other actual loss or damage, foreseeable or unforeseeable, caused by the act or omission of Tenant or any officer, employee, agent or invitee of Tenant that constitutes a Default hereunder.  Upon bankruptcy or other debtor-creditor proceedings involving Tenant, the Security Deposit shall be deemed to be applied first to the payment of Rent and other charges due Landlord for periods prior to the filing of such proceedings.  If Tenant shall fully perform every provision of this Lease to be performed by Tenant, the Security Deposit, or any balance thereof (i.e., after deducting therefrom all amounts to which Landlord is entitled under the provisions of this Lease), shall be returned to Tenant (or, at Landlord’s option, to the last assignee of Tenant’s interest hereunder) within 90 days after the expiration or earlier termination of this Lease.

If Landlord transfers its interest in the Project or this Lease, Landlord shall either (a) transfer any Security Deposit then held by Landlord to a person or entity assuming Landlord’s obligations under this Section 6, or (b) return to Tenant any Security Deposit then held by Landlord and remaining after the deductions permitted herein.  Upon such transfer to such transferee or the return of the Security Deposit to Tenant, Landlord shall have no further obligation with respect to the Security Deposit, and Tenant’s right to the return of the Security Deposit shall apply solely against Landlord’s transferee.  Landlord’s obligation respecting the Security Deposit is that of a debtor, not a trustee, and no interest shall accrue thereon.  

7.Use.  The Premises shall be used solely for the Permitted Use set forth in the Basic Lease Provisions, and in compliance with all applicable Legal Requirements.  As used in the Lease, “Legal Requirements” (collectively, and each, a “Legal Requirement”) shall mean all laws, orders, judgments, ordinances, regulations, codes, directives, permits, licenses, covenants and restrictions now or hereafter applicable to, as the context requires, (i) the Premises, the Building, and/or the Project, and to the use and occupancy thereof, including, without limitation, the Americans With Disabilities Act, 42 U.S.C. § 12101, et seq. (together with the regulations promulgated pursuant thereto, “ADA”) and/or (ii) Landlord and/or Tenant.  Tenant shall, upon 5 business days’ written notice from Landlord, discontinue any use of the Premises that is declared by any Governmental Authority (as defined in Section 9) having jurisdiction to be a violation of a Legal Requirement.  Tenant will not use or permit the Premises to be used for any purpose or in any manner that would void Tenant’s or Landlord’s insurance.  Tenant shall not permit any part of the Premises to be used as a “place of public accommodation”, as defined in the ADA or any similar legal requirement.  Tenant shall reimburse Landlord within 30 days after written demand for any additional premium charged under any such insurance policy then maintained by Landlord for the Project by reason of Tenant’s failure to comply with the provisions of this Section or otherwise caused by Tenant’s use and/or occupancy of the Premises in violation of this Section.  Tenant will use the Premises in a careful, safe and lawful manner and will not commit or permit waste, overload the floor or structure of the Premises, subject the Premises to use that would damage the Premises or materially obstruct or interfere with the rights of Landlord or other tenants or occupants of the Project (Landlord agreeing that the use of the Premises for the Permitted Use 

 

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will not so obstruct or interfere with such rights), including conducting or giving notice of any auction, liquidation, or going out of business sale on the Premises, or using or allowing the Premises to be used for any unlawful purpose.  Tenant shall cause any equipment or machinery to be installed in the Premises so as to reasonably prevent sounds or vibrations from the Premises from extending into Common Areas, or other space in the Project.  Tenant shall not place any machinery or equipment weighing 500 pounds or more in or upon the Premises or transport or move such items through the Common Areas of the Project or in the Project elevators without the prior written consent of Landlord, which consent shall not be unreasonably withheld, delayed, or conditioned.  Except as may be provided under the Tenant Work Letter, Tenant shall not, without the prior written consent of Landlord (which consent shall not be unreasonably withheld, delayed, or conditioned), use the Premises in any manner that will require ventilation, air exchange, heating, gas, steam, electricity or water beyond the existing capacity of the Building as proportionately allocated to the Premises based upon Tenant’s Share as usually furnished for the Permitted Use.

(a)Modifications to Common Areas.  Landlord shall, as an Operating Expense (to the extent such Legal Requirement is first generally applicable to the Building after the Lease Commencement Date and subject to the provisions of Section 5 requiring amortization of costs of capital items) or at Tenant’s expense (to the extent such Legal Requirement is applicable solely by reason of Tenant’s, as compared to other biotechnology or laboratory tenants of the Project, particular use of the Premises) make any alterations, repairs, replacements, or modifications to the Common Areas and to the exterior, structure, and roof of the Building that are required by Legal Requirements, including the ADA.  Tenant, at its sole expense, shall make any alterations, repairs, replacements, or modifications to the interior of the Premises that are required by Legal Requirements (including, without limitation, compliance of the Premises with the ADA).  Except to the extent such non-compliance (i) exists on the date Landlord Delivers the Premises to Tenant or (ii) is created by any alterations, repairs, replacements, or modifications made to the Premises, the Common Areas, or the Building by or on behalf of Landlord (except as may be required to comply with any Legal Requirement), Tenant, at its sole expense, shall make any alterations, repairs, replacements, or modifications to the interior of the Premises that are required by Legal Requirements (including, without limitation, compliance of the Premises with the ADA).  Notwithstanding any other provision herein to the contrary, Tenant shall be responsible for any and all demands, claims, liabilities, losses, costs, expenses, actions, causes of action, damages or judgments, and all reasonable expenses incurred in investigating or resisting the same (including, without limitation, reasonable attorneys’ fees, charges and disbursements and costs of suit) (collectively, “Claims”) arising out of or in connection with Tenant’s violation of or failure to comply with Legal Requirements (to the extent such compliance is the obligation of Tenant under this Lease), and Tenant shall indemnify, defend, hold and save Landlord harmless from and against any and all such Claims.

(b)Alexandria FitLab.  As long as Tenant is not in Default, Tenant, its subtenants and their on-site employees (including any individual independent contractors who are resident on-site on a regular and continuous basis) (collectively, “On-Site Personnel”) shall have a non-exclusive license to use on a complimentary basis the Alexandria FitLab located at 910 Clopper Road, Gaithersburg, Maryland that is owned by an affiliate of Landlord (“910 Clopper Landlord”).  In no event shall the number of On-Site Personnel having such a license exceed 20 individuals.   Although the Alexandria FitLab does not form a part of the Premises, the applicable provisions of this Lease (a) governing Tenant’s compliance with Legal Requirements, (b) imposing obligations on Tenant for matters occurring in, on, within, or about the Premises or arising out of the use or occupancy of the Premises (including, but not limited to, those obligations relating to insurance and indemnification), or (c) limiting Landlord’s liability, shall apply with equal force to Tenant’s use of the Alexandria FitLab.  Landlord shall have the right at any time and from time to time in the exercise of its sole and absolute subjective discretion to eliminate, reconfigure, relocate, or modify the Alexandria FitLab or modify its hours of availability for Tenant’s use, it being understood and agreed that Landlord makes no guaranty, assurance, or representation to Tenant that the Alexandria FitLab will remain available for use by Tenant during all or any part of the Term; provided however, that any such changes shall be applied to Tenant in a non-discriminatory manner vis-à-vis all other permitted users of the Alexandria FitLab.  

 

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Landlord or its designee may specifically condition the use of the Alexandria FitLab by any On-Site Personnel upon such On-Site Personnel’s execution and delivery of the standard license, indemnification, and waiver agreement required by Landlord or, if applicable, any operator of the Alexandria FitLab.  Tenant and the On-Site Personnel shall be required to comply with all of the reasonable and non-discriminatory rules, regulations, conditions, and scheduling procedures of the 910 Clopper Landlord in connection with the use of the Alexandria FitLab.  As of the Commencement Date, Tenant shall cause the 910 Clopper Landlord to be named as an additional insured under the commercial general liability policy of insurance that Tenant is required to maintain under this Lease.  If Tenant Defaults in its obligations under this Section 7(b), Landlord shall have the right, in addition to any other rights and remedies available to Landlord for a Default by Tenant, to terminate immediately the license hereby granted to Tenant to use the Alexandria FitLab.  The expiration or earlier termination of this Lease shall automatically terminate the license hereby granted to Tenant to so use the Alexandria FitLab.

(c)Loading Docks.  The Building will contain 2 loading docks as identified on Exhibit H attached hereto.  Tenant shall have (i) an exclusive license to use one of the loading docks and associated receiving area serving the Building designated by Tenant by written notice to Landlord given not later than the Lease Commencement Date (“Exclusive Loading Dock”), and (ii) a non-exclusive license to use the other loading dock and associated receiving area serving the Building in common with other tenants in the Building in accordance with the Legal Requirements and the terms and conditions of this paragraph (“Non-Exclusive Loading Dock”; together with the Exclusive Loading Dock, the “Loading Docks”).  Tenant shall be permitted at its sole cost and expense, to install, maintain, repair, replace, and remove signage, as reasonably approved by Landlord, at and/or over the Exclusive Loading Dock denoting that the Exclusive Loading Dock is for Tenant’s exclusive use, and to install fencing, caging, or other comparable barrier in the associated receiving area (together with the Exclusive Loading Dock, the “Exclusive Loading Dock Area”) as reasonably approved by Landlord, to segregate the Exclusive Loading Dock, and to use the Exclusive Loading Dock Area for staging and storage purposes as permitted by this Lease.  The license granted hereby is personal to Tenant and shall not be assigned or otherwise pledged or transferred, directly or indirectly, except in conjunction with a Permitted Transfer (as defined in Section 22).  Tenant shall use the Loading Docks in a manner that will not unreasonably interfere with the rights of any tenants or occupants in the Building.  Landlord assumes no responsibility for enforcing Tenant’s rights or for protecting the Loading Docks from any person or entity, including, but not limited to, other tenants or occupants of the Building.  During any period of replacement, repair, or maintenance of the Loading Docks when they are not operational, Landlord shall have no obligation to provide Tenant with alternative, supplemental, temporary, or back-up loading docks, provided that Landlord shall perform such replacement, repair, or maintenance in a manner that minimizes, to the extent reasonably practicable, the duration and extent of any material interference with Tenant’s ability to use the Loading Docks, especially the Exclusive Loading Dock.  Except as expressly set forth in Section 30(i) below, Landlord makes no warranties of any kind, express or implied, with respect to the Loading Docks, and Landlord disclaims any such warranties.  Without limiting the foregoing, Tenant expressly acknowledges and agrees that Landlord does not guaranty or warrant that the Loading Docks will be operational at all times, will be of sufficient capacity to accommodate Tenant’s use thereof, will be free of Hazardous Materials except as expressly set forth in Section 30(i) below, or will function or perform adequately, and Landlord shall not be liable for any damages resulting from the failure of the Loading Docks.  Although the Loading Docks do not form a part of the Premises, the applicable provisions of this Lease (A) governing Tenant’s compliance with Legal Requirements, (B) imposing obligations on Tenant for matters occurring in, on, within, or about the Premises or arising out of the use or occupancy of the Premises (including, but not limited to, those obligations relating to insurance, indemnification, Hazardous Materials Clearance (as defined in Section 18), and Environmental Requirements (as defined in Section 30), or (C) limiting Landlord’s liability, shall apply with equal force to Tenant’s use of the Loading Docks.  

(1)If Tenant defaults in its obligations under this Section 7(c) and fails to cure such default within 3 business days after written notice from Landlord, Landlord shall have the right, in addition to any other rights and remedies available to Landlord for a Default by Tenant, to suspend immediately 

 

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Tenant’s license to use the Loading Docks.  If Tenant cures such default, Tenant’s license to use the Loading Docks shall be immediately restored.  

(2)Tenant shall have the right to enforce its right to use the Exclusive Loading Dock Area by posting warning notices on unauthorized vehicles blocking Tenant’s use of the Exclusive Loading Dock and/or causing any such vehicle to be towed by a reputable towing company engaged by Tenant (with any towing and storage charges being payable by the owner of any such towed vehicle).  Tenant shall indemnify, defend, hold and save Landlord harmless from and against any and all such Claims arising out of Tenant’s enforcement of its right to use the Exclusive Loading Dock Area.

(3)The expiration or earlier termination of this Lease shall automatically terminate the license hereby granted to Tenant to so use the Loading Docks.  The terms and provisions of this paragraph shall survive the expiration or earlier termination of this Lease.

(d)Fiber Optic and T-1 Internet Service.  Tenant shall have the right to tie into the Building’s fiber optic and T-1 internet trunk lines (including the right to install and maintain equipment and lines in the Building’s point of entry, risers, and chases as reasonably required by Tenant and reasonably allocated by Landlord to provide connectivity to the Premises) at no additional fee or rent payable to Landlord, but Tenant shall be responsible for the cost of such tying in and any fees charged by the applicable service provider for access to and use of such fiber optic trunk line.  As of the Commencement Date, the service providers to the Project are Comcast, Verizon, and Zayo.

8.Holding Over.  If, with Landlord’s express written consent, Tenant retains possession of the Premises after the termination of the Term, (i) unless otherwise agreed by Landlord in such written consent, such possession shall be subject to immediate termination by Landlord at any time, (ii) all of the other terms and provisions of this Lease (including, without limitation, the adjustment of Base Rent pursuant to Section 4 hereof) shall remain in full force and effect (excluding any expansion or renewal option or other similar right or option) during such holdover period, (iii) Tenant shall continue to pay Base Rent in the amount payable upon the date of the expiration or earlier termination of this Lease or such other amount as Landlord may indicate, in Landlord’s sole and absolute discretion, in such written consent (provided such amounts do not exceed the amounts payable by Tenant had Tenant remained in possession of the Premises without the express written consent of Landlord as hereinafter provided), and (iv) all other payments shall continue under the terms of this Lease.  If Tenant remains in possession of the Premises after the expiration or earlier termination of the Term without the express written consent of Landlord, (A) Tenant shall become a tenant at sufferance upon the terms of this Lease except that the monthly rental shall be equal to 150% (increasing to 200% after 30 days) of Rent in effect during the last 30 days of the Term, and (B) Tenant shall be responsible for all damages suffered by Landlord resulting from or occasioned by Tenant’s holding over (including if such holding over exceeds 30 days, consequential damages if Landlord has advised Tenant in advance of any particular consequential damages that Landlord may incur or suffer as a result of Tenant’s holding over from and after such 30 day period, including, without limitation, consequential damages that Landlord may incur or suffer by reason of Landlord’s inability to lease the Premises or deliver occupancy to a particular tenant).  No holding over by Tenant, whether with or without consent of Landlord, shall operate to extend this Lease except as otherwise expressly provided, and this Section 8 shall not be construed as consent for Tenant to retain possession of the Premises.  Acceptance by Landlord of Rent after the expiration of the Term or earlier termination of this Lease shall not result in a renewal or reinstatement of this Lease.

9.Taxes.  Landlord shall pay, as part of Operating Expenses, all taxes, levies, fees, assessments and governmental charges of any kind, existing as of the Commencement Date or thereafter enacted (collectively referred to as “Taxes”), imposed by any federal, state, regional, municipal, local or other governmental authority or agency, including, without limitation, quasi-public agencies (collectively, “Governmental Authority”) on the Building, or on the Project (as allocable to the Building without duplication), during the Term, including, without limitation, all Taxes:  (i) imposed on or measured by or 

 

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based, in whole or in part, on rent payable to (or gross receipts received by) Landlord under this Lease or any other lease of space in the Project and/or from the rentals received by Landlord or the owner of any interest in the Project, (ii) based on the square footage, assessed value or other measure or evaluation of any kind of the Premises or the Project, (iii) assessed or imposed by or on the operation or maintenance of any portion of the Premises or the Project, including parking, (iv) assessed or imposed by, or at the direction of, or resulting from Legal Requirements, or interpretations thereof, promulgated by any Governmental Authority, or (v) imposed as a license or other fee, charge, tax, or assessment on Landlord’s business of leasing space in the Project.  Landlord may contest by appropriate legal proceedings the amount, validity, or application of any Taxes or liens securing Taxes.  Taxes shall not include:  (A) any net income, capital, stock, succession, transfer, franchise, gift, estate, or inheritance taxes imposed on Landlord except to the extent such taxes are in substitution for any Taxes payable hereunder, (B) any item to the extent otherwise included in Operating Expenses (other than Taxes) or excluded therefrom, (C) costs or fees payable to Governmental Authorities in connection with any future construction, renovation, and/or improvements to the Building, including fees for transit, housing, schools, open space, child care, arts programs, traffic mitigation measures, environmental impact reports, traffic studies, and transportation system management plans, (D) reserves for future Taxes, (E) any personal property taxes attributable to any fine art located at the Building, and (F) interest and penalties incurred as a result of Landlord’s late payment of any Taxes.  If any such Tax is levied or assessed directly against Tenant, then Tenant shall be responsible for and shall pay the same at such times and in such manner as the taxing authority shall require.  Tenant shall pay, prior to delinquency, any and all Taxes levied or assessed against any personal property or trade fixtures placed by Tenant in the Premises, whether levied or assessed against Landlord or Tenant.  If any Taxes on Tenant’s personal property or trade fixtures are levied against Landlord or Landlord’s property, or if the assessed valuation of the Project is increased by a value attributable to improvements in or alterations to the Premises, whether owned by Landlord or Tenant and whether or not affixed to the real property so as to become a part thereof, higher than the base valuation on which Landlord from time-to-time allocates Taxes to all tenants in the Project, Landlord shall have the right, but not the obligation, to pay such Taxes.  The amount of any such payment by Landlord shall constitute Additional Rent due from Tenant to Landlord within 30 days after written demand (accompanied by reasonably detailed supporting documentation thereof).

(a)Tax Consultant.  Landlord shall, as an Operating Expense, pay the reasonable costs to engage a reputable third party tax consultant to review annually the Taxes to evaluate whether it would be appropriate to contest the Taxes, and Landlord shall furnish such consultant’s analysis and recommendations to Tenant.  Landlord, however, retains the ultimate right, in the exercise of its sole judgment, whether to contest the Taxes.

(b)Tax Abatement or Refund; Jurisdictional Incentives.  If Landlord or the owner of any interest in the Project receives an abatement or refund of Taxes or other financial incentives in a definitive dollar amount from the State of Maryland, Tenant shall be entitled to Tenant’s Share with respect to such abatement, refund, or incentives solely allocable to the Building and Tenant’s Project Share as to such abatement, refund, or incentives allocable to the Project, to be applied by Landlord against Rent next coming due (or, if no further Rent is due from Tenant, by a cash payment by Landlord to Tenant).  If Tenant applies for and receives any financial incentives from the State of Maryland for the Premises or its operations therein, Tenant shall be entitled to the sole benefit of any such incentives without claim thereon by Landlord or any other party.

10.Parking.  Subject to all Legal Requirements, Force Majeure, a Taking (as defined in Section 19 below) and the exercise by Landlord of its rights hereunder, Tenant shall have the right, in common with other tenants of the Project pro rata in accordance with the rentable area of the Premises and the rentable areas of the Project occupied by such other tenants, to park in those areas of the Project designated for non-reserved parking, subject in each case to Landlord’s reasonable and non-discriminatory rules and regulations with respect thereto.  Landlord shall not charge Tenant for such parking during the Term.  Landlord may allocate parking spaces among Tenant and other tenants in the Project pro rata as 

 

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described above if Landlord determines in good faith that such parking facilities are becoming overcrowded.  In addition, Tenant shall have the exclusive right to 10 reserved parking spaces in the locations to be mutually agreed upon by Landlord and Tenant, acting reasonably and in good faith, and Tenant shall, at its sole cost, have the right to mark such parking spaces as “Reserved” in accordance with applicable Legal Requirements.  Landlord shall not be responsible for enforcing Tenant’s parking rights against any third parties, including other tenants of the Project or for enforcing any such reservation of parking spaces.  Tenant shall have the right to enforce its right to reserved parking spaces by posting warning notices on unauthorized vehicles parking in Tenant’s reserved spaces and/or causing any such vehicle to be towed by a reputable towing company engaged by Tenant (with any towing and storage charges being payable by the owner of any such towed vehicle).  Tenant shall indemnify, defend, hold and save Landlord harmless from and against any and all such Claims arising out of Tenant’s enforcement of its reserved parking rights.  As of the Commencement Date, the current parking ratio is 2.42 standard sized spaces per 1,000 leased rentable square feet.

11.Utilities, Services.

(a)General; Interruption.  Landlord shall provide, subject to the terms of this Section 11, janitorial services to the Common Areas, water, electricity, heat, light, power, telephone, sewer, natural gas and other utilities (including fire sprinklers), and refuse and trash collection (collectively, “Utilities”).  Landlord shall pay, as Operating Expenses or subject to Tenant’s reimbursement obligation, for all Utilities used on the Premises during the Term, all maintenance charges for Utilities during the Term, and any storm sewer charges or other similar charges for Utilities imposed by any Governmental Authority or Utility provider during the Term, and any taxes, penalties, surcharges or similar charges thereon.  Tenant may cause, at its expense and subject to Landlord’s reasonable approval, any Utilities to be separately metered and charged directly to Tenant by the provider, in which event (i) Tenant shall pay directly to the Utility provider, prior to delinquency, any separately metered Utilities and services that may be furnished to Tenant or the Premises during the Term, and (ii) Operating Expenses shall be adjusted to exclude therefrom costs to provide any such separately-metered Utilities to tenants of the Building and/or Project.  Tenant shall pay directly to the Utility provider, prior to delinquency, any separately metered Utilities and services that may be furnished to Tenant or the Premises during the Term.  Tenant shall pay, as part of Operating Expenses, its share of all charges for jointly metered Utilities based upon consumption, as reasonably determined by Landlord.  Except as provided in this paragraph, no interruption or failure of Utilities from any cause whatsoever shall result in eviction or constructive eviction of Tenant, termination of this Lease or the abatement of Rent.  Tenant agrees to limit use of water and sewer with respect to Common Areas to normal restroom use.  If electricity, water, or HVAC service to the Premises is interrupted by reason of the gross negligence or willful misconduct of Landlord and such interruption shall continue for more than 5 consecutive business days, or 30 business days (regardless of whether consecutive) out of 45 consecutive business days, and shall render any material portion of the Premises unusable for the purpose of conducting Tenant’s business as permitted under this Lease, then to the extent (and only to the extent) that Landlord receives insurance proceeds from its carrier in respect of such interruption, all Base Rent payable hereunder with respect to the affected portion of the Premises shall be abated to such extent as follows:  (A) in the case of an interruption of 5 consecutive business days, Base Rent shall abate for such portion of the Premises for the period beginning on the 6th consecutive business day of such failure, and shall continue until substantial use of the affected portion of the Premises for the normal conduct of Tenant’s business is restored; and (B) in the case of an interruption of 30 business days out of 45 consecutive business days, Base Rent shall abate, during that calendar year, immediately for any additional business day after the 30th business day of interruption and shall continue until substantial use of the affected portion of the Premises for the normal conduct of Tenant’s business is restored.

(b)Emergency Generator.  Landlord’s sole obligation for either providing emergency generators or providing emergency back-up power to Tenant shall be: (i) to provide emergency generators with not less than the stated capacity of the emergency generators to be located in the Building as of the Lease Commencement Date (which capacity shall not be less than 750 Kw, (ii) to make connection of such 

 

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emergency generators to the Premises available to Tenant during the Term, and (iii) to contract with a third party to maintain such emergency generators as per the manufacturer’s standard maintenance guidelines.  Landlord shall have no obligation to provide Tenant with operational emergency generators or back-up power or to supervise, oversee, and confirm that the third party maintaining the emergency generators is maintaining the generators as per the manufacturer’s standard guidelines or otherwise.  During any period of replacement, repair, or maintenance of the emergency generators when the emergency generators are not operational, including any delays thereto due to the inability to obtain parts or replacement equipment, Landlord shall have no obligation to provide Tenant with an alternative back-up generator or generators or alternative sources of back-up power.  Tenant expressly acknowledges and agrees that Landlord does not guaranty that such emergency generators will be operational at all times or that emergency power will be available to the Premises when needed, provided that if Tenant notifies Landlord that an emergency generator is not operational, Landlord shall use commercially reasonable efforts in good faith to engage or contact as soon as reasonably practicable under the circumstances a third party service technician to repair the emergency generator so that it becomes operational.

(c)Dedicated Generator for Tenant’s Use.  Subject to the satisfaction, in Landlord’s sole, but reasonable, judgment, of all of the conditions set forth in this Section 11(c), Tenant may, at its sole cost and expense, install and once installed shall maintain in the location shown on Exhibit H attached hereto as “Regenxbio Generator” and dedicated to Tenant’s exclusive use as provided herein (“Dedicated Generator Area”) for use in connection with Tenant’s business in the Premises, one emergency backup generator with a capacity of up to [1 Mw], and all related equipment, piping, venting, and metering devices (collectively, “Dedicated Generator”) and an above-ground fuel storage tank with adequate capacity as mutually and reasonably agreed by Landlord and Tenant (“Fuel Tank”).

(1)Installation; Maintenance; Removal.  The Dedicated Generator and Fuel Tank shall be installed by a contractor reasonably acceptable to Landlord and thereafter shall be properly maintained by Tenant, all at Tenant’s sole expense.  Tenant shall be responsible for connecting the Dedicated Generator to the electrical supply system serving the Premises in accordance with the reasonable requirements of Landlord’s electrical engineer/contractor.  At the expiration or earlier termination of the Term, the Dedicated Generator and Fuel Tank shall, at the election of Tenant, be removed at Tenant’s sole cost and expense and the area on which they were located shall be returned to the condition it was in prior to the installation of the Dedicated Generator and Fuel Tank.  If Tenant does not elect to so remove the Dedicated Generator and Fuel Tank, Landlord shall acquire sole ownership of the Dedicated Generator and Fuel Tank free and clear of all liens and encumbrances so that Landlord has good and marketable title thereto and Tenant shall execute and deliver to Landlord a bill of sale therefor (in the absence of a bill of sale, this Section shall constitute the bill of sale).  Tenant shall pay all governmental fees, charges, and taxes and all hook-up and disconnection fees associated with Tenant’s use of the Dedicated Generator and Landlord shall have no liability therefor.  All of the applicable provisions of this Lease, including, without limitation, the insurance, maintenance, repair, release, and indemnification provisions set forth in this Lease shall apply and be applicable to Tenant’s installation, operation, maintenance, and removal of the Dedicated Generator and Fuel Tank.  Tenant shall, at its sole cost and expense, secure all necessary permits and approvals from all applicable Governmental Authorities for the size, placement, installation, and removal of the Dedicated Generator and Fuel Tank.  If Tenant is unable to obtain the necessary approvals and permits from any Governmental Authorities for the Dedicated Generator and Fuel Tank, Tenant shall have no remedy, claim, cause of action, or recourse against Landlord (provided Landlord complies with its obligations under the next succeeding sentence hereof), nor shall such failure or inability to obtain any necessary permits or approvals provide Tenant the right to terminate this Lease.  Landlord shall cooperate with Tenant in securing all necessary permits and approvals for the Dedicated Generator and Fuel Tank; provided, however, that Landlord shall not be obligated to spend any monies in connection with obtaining such permits and approvals and shall not be required to perform any act or otherwise take any action that would impose or create any liabilities on Landlord.  Without limiting any other obligations of Tenant set forth in this Lease, Tenant shall, at its sole cost and expense, install, maintain, and repair the Dedicated Generator and Fuel Tank and keep such equipment in good 

 

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order and operating condition.  The Fuel Tank shall serve as the fuel source for the Dedicated Generator to be installed by Tenant.  Any installation work described in this Section shall comply with the applicable terms and conditions of this Lease.

(2)Insurance.  If the presence of the Fuel Tank and all related infrastructure (including, but not limited to, piping, venting, and metering devices) is the sole cause of an increase in Landlord’s property or liability insurance premiums for the Building, Landlord shall so inform Tenant in writing (which notice shall include evidence from the insurer requiring same) and Tenant shall pay to Landlord as Additional Rent within 30 days after demand therefor an amount equal to such increase.

(3)Maintenance.  Tenant shall, at its sole cost and expense, at all times during the Term maintain with a qualified contractor a maintenance and repair contract (“Dedicated Generator Maintenance Contract”) for the Dedicated Generator.  The Dedicated Generator Maintenance Contract shall be in form and content reasonably satisfactory to Landlord.  Landlord shall be a third party beneficiary of the Dedicated Generator Maintenance Contract and, within 30 days after Landlord’s request, Tenant shall deliver a copy of the Dedicated Generator Maintenance Contract to Landlord. 

(4)Testing.  Tenant shall be allowed to test the Dedicated Generator periodically (but no more often than once a week) at a time or times mutually and reasonably agreed to by Landlord and Tenant.  Tenant shall as soon as reasonably practicable under the circumstances take all necessary actions to cause the Dedicated Generator to comply with applicable Legal Requirements governing the air quality of the Building and to prevent any exhaust emitted from the Dedicated Generator from adversely affecting the indoor air quality of the Building.  No promotional or advertising matter or signage shall be attached to, painted, or displayed on the Dedicated Generator.

(5)Compliance.  Tenant shall, at its sole cost and expense, comply with all Legal Requirements that may now or hereafter be applicable to the Dedicated Generator Area or to the use, operation, repair, maintenance, and replacement of the Dedicated Generator.  The Legal Requirements include, but are not limited to, Legal Requirements (1) requiring that Tenant obtain the necessary permits and approvals for the use, operation, repair, maintenance, and replacement of the Dedicated Generator, (2) establishing standards for any form of pollution, (3) requiring the person discharging or permitting the discharging of Hazardous Materials or participating in the discharge or spilling of Hazardous Materials to report such discharge or spill to the proper Governmental Authorities, and (4) requiring certain inspections, gauging, and recordkeeping.  Tenant shall pay all costs, expenses, claims, fines, penalties, and damages that may in any manner arise out of or be imposed because of the failure of Tenant to comply with this Section 11(c).  Tenant shall indemnify, defend, and hold harmless Landlord and its officers, members, directors, employees, managers, employees, agents, and contractors from all Claims arising from Tenant’s failure to comply with this Section 11(c).  Each party shall promptly give notice to the other of any notice of violation of any such Legal Requirements received by such party.

(d)Utility Data.  Tenant agrees to provide Landlord with access to Tenant’s water and/or energy usage data on a monthly basis, either, at Tenant’s sole option, by providing Tenant’s applicable utility login credentials to Landlord’s designated online portal, or by another delivery method reasonably agreed to by Landlord and Tenant. The costs and expenses incurred by Landlord in connection with receiving and analyzing such water and/or energy usage data (including, without limitation, as may be required pursuant to applicable Legal Requirements) shall be included as part of Operating Expenses.

12.Alterations and Tenant’s Property.  Except for the Base Building Work and the Tenant Improvements (which are governed by the terms and conditions of the Work Letters), any alterations, additions, or improvements made to the Premises by or on behalf of Tenant, including additional locks or bolts of any kind or nature upon any doors or windows in the Premises, but excluding installation, removal or realignment of equipment and/or furniture systems (other than removal of furniture systems owned or 

 

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paid for by Landlord) not involving any modifications to the structure or connections (other than by ordinary plugs or jacks) to Building Systems (as defined in Section 13) (“Alterations”) shall be subject to Landlord’s prior written consent, which may be given or withheld in Landlord’s sole discretion if any such Alteration affects the structure or Building Systems and does not constitute a Special Structural Alteration (as defined in Section 12(c) below), but which shall otherwise not be unreasonably withheld, conditioned, or delayed.  Tenant may construct Alterations in the Premises that are nonstructural and do not materially or adversely affect the Building Systems without Landlord’s prior approval if the aggregate cost of all such work in any 12 month period does not exceed $250,000 (a “Notice-Only Alteration”), provided Tenant notifies Landlord in writing of such intended Notice-Only Alteration, and such notice shall be accompanied by plans, specifications and such other information concerning the nature and cost of the Notice-Only Alteration as may be reasonably requested by Landlord, which notice and accompanying materials shall be delivered to Landlord not less than 15 business days in advance of any proposed construction.  If Landlord approves any Alterations that require such approval, Landlord may impose such conditions on Tenant in connection with the commencement, performance and completion of such Alterations (including any Special Structural Alteration) as Landlord may deem appropriate in Landlord’s reasonable discretion.  Any request for approval shall be in writing, delivered not less than 15 business days in advance of any proposed construction, and accompanied by plans, specifications, bid proposals, work contracts and such other information reasonably documenting the nature and cost of the alterations, including the identities and mailing addresses of all persons performing work or supplying materials.  Landlord’s right to review plans and specifications and to monitor construction shall be solely for its own benefit, and Landlord shall have no duty to ensure that such plans and specifications or construction comply with applicable Legal Requirements.  Landlord shall either approve or disapprove such plans and specifications in writing within 7 business days after receipt thereof.  Any disapproval shall be accompanied by a reasonably detailed explanation for the disapproval.  If Landlord does not respond to such request within such 7 business day period, Tenant may send a second written notice to Landlord (together with a concurrent copy sent by a reputable overnight delivery service providing receipted evidence of delivery to Mr. Lawrence J. Diamond, Alexandria Real Estate Equities, Inc., 946 Clopper Road, Gaithersburg, Maryland  20878), requesting Landlord’s approval of such Alterations.  If Landlord does not respond within 5 business days after receipt of such second notice, such request for Alterations shall be deemed to have been approved by Landlord.  Such second notice to Landlord shall state the following in 10-point or larger in bold face type in capitalized letters:

LANDLORD’S FAILURE TO RESPOND WITHIN five (5) BUSINESS DAYS AFTER RECEIPT OF THIS request SHALL MEAN THAT LANDLORD HAS BEEN DEEMED TO HAVE APPROVED THE REQUEST FOR ALTERATIONS DESCRIBED IN THIS REQUEST. 

 

Tenant shall cause, at its sole cost and expense, all Alterations to comply with the insurance requirements set forth in this Lease and with Legal Requirements and shall implement at its sole cost and expense any alteration or modification required by Legal Requirements as a result of any Alterations.  Tenant shall pay to Landlord, as Additional Rent, within 30 days after written demand an amount equal to 3% of the hard construction costs incurred by Tenant in connection with any Alteration that requires Landlord’s approval to cover Landlord’s overhead and expenses for plan review, coordination, scheduling, and inspection.  Before Tenant begins any Alteration, Landlord may post on and about the Premises notices of non-responsibility pursuant to applicable law.  Tenant shall reimburse Landlord for, and indemnify and hold Landlord harmless from, any expense incurred by Landlord by reason of faulty work done by Tenant or its contractors or inadequate cleanup.

 

(a)Security for Completing Alterations.  Tenant (but only if Tenant is other than RegenXBio Inc. or an assignee of REGENXBIO, Inc. pursuant to a Permitted Transfer) shall furnish security or make other arrangements satisfactory to Landlord to assure payment for the completion of all Alterations work free and clear of liens, and shall provide (and cause each contractor or subcontractor to 

 

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provide) certificates of insurance (in form and substance reasonably satisfactory to Landlord; form ACORD 25 for commercial liability and form ACORD 28 for commercial property are satisfactory to Landlord) for workers’ compensation and other coverage in amounts and from an insurance company satisfactory to Landlord protecting Landlord against liability for personal injury or property damage during construction.  Upon completion of any Alterations, Tenant shall deliver to Landlord:  (i) sworn statements setting forth the names of all contractors and subcontractors who did the work and final lien waivers from all such contractors and subcontractors; and (ii) “as built” plans for any such Alteration.

(b)Tenant’s Property; Restoration.  Other than (i) the items, if any, listed on Exhibit F attached hereto, (ii) any items agreed by Landlord in writing to be included on Exhibit F in the future, and (iii) any trade fixtures, machinery, equipment and other personal property (including built-in machinery and equipment) not paid for out of the TI Allowance (as defined in the Tenant Work Letter) that may be removed without material damage to the Premises, unless such damage shall be repaired (including capping or terminating utility hook-ups behind walls) by Tenant during the Term (collectively, “Tenant’s Property”), all property of any kind paid for with the TI Allowance, all Alterations, real property fixtures, built-in casework and cabinets and other similar additions and improvements built into the Premises so as to become an integral part of the Premises such as fume hoods that penetrate the roof or plenum area, built-in cold rooms, built-in warm rooms, walk-in cold rooms, walk-in warm rooms, deionized water systems, glass washing equipment, autoclaves, chillers, built-in plumbing, electrical and mechanical equipment and systems (including wiring and cabling), and any power generator and transfer switch (collectively, “Installations”) shall be and shall remain the property of Landlord during the Term and following the expiration or earlier termination of the Term, shall not be removed by Tenant at any time during the Term and shall remain upon and be surrendered with the Premises as a part thereof in accordance with Section 28 following the expiration or earlier termination of this Lease, it being understood and agreed that (A) with the exception of Special Structural Alterations, Tenant shall have no obligation whatsoever to remove any Installations from the Premises or the Building upon the expiration or earlier termination of this Lease or to restore the Premises or the Building to their condition prior to the installation thereof, and (B) any equipment installed by Tenant (including, but not limited to, stand-alone autoclaves and steam sterilizers), may be removed by Tenant regardless of the degree of integration into the Premises, so long as Tenant, at its sole cost and expense, repairs any damage caused by such removal (including, but not limited to, capping or terminating utility hook-ups behind walls).  During any such restoration period, Tenant shall pay Rent to Landlord as provided herein as if such space were otherwise occupied by Tenant.  

(c)Special Structural Alterations.  Subject to the terms of this Section 12 and notwithstanding any contrary provision contained in this Lease, (i) a Special Structural Alteration shall constitute and be treated as an Alteration except that this Section 12(c) shall govern Landlord’s approval standard for a Special Structural Alteration and Tenant’s obligations to remove a Special Structural Alteration and to restore the Premises based on such removal, and (ii) Landlord shall not unreasonably withheld, delay, or condition its approval for a Special Structural Alteration requested by Tenant.  In assessing whether to grant or withhold its approval, Landlord shall have the right to engage a structural engineer to advise Landlord.  Tenant shall, within 30 days after written request therefor, reimburse Landlord as Additional Rent for the fees and expenses of such structural engineer.  On the expiration of earlier termination of the Term, Tenant shall, at its sole cost and expense, remove the Special Structural Alteration if requested to do so by Landlord and repair any damage caused by such removal (including, but not limited to, capping or terminating utility hook-ups behind walls).  During any such restoration period, Tenant shall pay Rent to Landlord as provided herein as if such space were otherwise occupied by Tenant.  For purposes of this Lease, a “Special Structural Alteration” means an installation of additional structural support or bracing and core drilling as needed to accommodate Tenant’s equipment to be located in the Premises from time to time, and the performance of slab openings/penetrations for installation of internal stairwells connecting portions of the Premises located on adjacent floors) to Building Systems.  

13.Landlord’s Repairs.  Landlord shall, in accordance with the Maintenance Standard (as defined below), maintain the following:  (a) as an Operating Expense (subject to the provisions of Section 

 

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5), the repair or replacement of the roof membrane, exterior glass, caulking, tuck pointing, brick repair, demising walls, parking areas (both surface and the Parking Garage), the Common Areas of the Building, the base Building HVAC, plumbing, fire sprinklers, elevators and all other building systems serving the Premises and other portions of the Building (“Building Systems”), and (b) at Landlord’s expense and not as an Operating Expense, the repair or replacement of the roof, foundation, slab, and structural walls of the Building, correction of defects in the original construction of the Building, any repair or replacement to the extent covered under any warranties of Landlord’s contractors or vendors, and of any damage to the Premises caused by the gross negligence or willful misconduct of Landlord or its employees.  Losses and damages caused by Tenant, or by any of Tenant’s agents, servants, employees, invitees, and contractors (collectively, “Tenant Parties”), shall be repaired by Landlord, to the extent not covered by insurance, at Tenant’s sole cost and expense.  Landlord reserves the right to stop Building Systems services when necessary (i) by reason of accident or emergency, or (ii) for planned repairs, alterations or improvements, which are, in the reasonable judgment of Landlord, desirable or necessary to be made, until said repairs, alterations or improvements shall have been completed.  Except as otherwise expressly provided in this Lease, Landlord shall have no responsibility or liability for failure to supply Building Systems services during any such period of interruption; provided, however, that Landlord shall (A) except in case of emergency, give Tenant at least 3 business days’ advance notice of any planned stoppage of Building Systems services for routine maintenance, repairs, alterations, or improvements, and (B) use all commercially reasonable efforts to minimize the extent and duration of such stoppage (including, where practicable, performing any such maintenance, repairs, alterations, or improvements at times and in manner that will minimize any stoppage of Building Systems services during normal business hours).  Tenant shall promptly give Landlord written notice of any repair required by Landlord pursuant to this Section (or with respect to any emergency, oral notice followed immediately by written notice), after which Landlord shall use all commercially reasonable efforts to promptly effect such repair.  Landlord shall not be liable for any failure to make any repairs or to perform any maintenance unless such failure shall persist for an unreasonable time after Tenant’s written notice of the need for such repairs or maintenance.  Tenant waives its rights under any Legal Requirement to terminate this Lease or to make such repairs at Landlord’s expense and agrees that the parties’ respective rights with respect to such matters shall be solely as set forth herein.  Repairs required as the result of fire, earthquake, flood, or other casualty, vandalism, war, or similar cause of damage or destruction shall be controlled by Section 18.  Repairs required as a result of a Taking (as defined in Section 19) shall be controlled by Section 19.  For purposes of this Lease, “Maintenance Standard” means the standards customarily maintained by owners of Class A office/laboratory buildings in the Gaithersburg/Rockville, Maryland market of comparable size and age, reasonable wear and tear excepted, and in compliance with all applicable Legal Requirements.

14.Tenant’s Repairs.  

(a)General.  Subject to Section 13 hereof, Tenant, at its expense, shall repair, replace and maintain in accordance with the Maintenance Standard all portions of the Premises, including, without limitation, entries, doors, ceilings, interior windows, interior walls, the interior side of demising walls, any supplemental HVAC systems installed by or on behalf of Tenant providing service to the Premises (including any roof-mounted equipment therefor), and the Dedicated Generator and Fuel Tank (if any).  Such repair and replacement may include capital expenditures and repairs whose benefit may extend beyond the Term.  Should Tenant fail to make any such repair or replacement or fail to maintain the Premises, Landlord shall give Tenant notice of such failure.  If Tenant fails to commence cure of such failure within 10 days of Landlord’s notice, and thereafter diligently prosecute such cure to completion, Landlord may perform such work and shall be reimbursed by Tenant within 30 days after receipt of Landlord’s written demand therefor (together with copies of the paid invoices evidencing the costs incurred by Landlord); provided, however, that if such failure by Tenant creates or could create an emergency, Landlord may immediately commence cure of such failure and shall notify Tenant promptly after such action has been undertaken, and thereafter be entitled to recover the costs of such cure from Tenant as provided in this paragraph.  Subject to Sections 17 and 18, Tenant shall bear the full uninsured cost of any repair or replacement to any part of the Project that results from damage caused by Tenant or any Tenant Party and 

 

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any repair that benefits only the Premises.  For the avoidance of doubt, a repair shall be deemed to benefit only the Premises (i) if an act or omission by Tenant or any Tenant Party causes or triggers the need for such repair (but only to the extent the cost of which repair is not covered by insurance), or (ii) if Tenant requests a repair that Landlord is not otherwise obligated to perform under the terms of this Lease.  The cost of any such repair shall be excluded from the Operating Expenses if caused by any other tenant of the Building that is directly invoiced for such repair.

(b)HVAC Maintenance Contracts.  Tenant, at its expense, shall at all times during the Term maintain with qualified contractors maintenance and repair contracts (“HVAC Maintenance Contracts”) for any HVAC systems installed by or on behalf of Tenant providing service to the Premises (including any roof-mounted HVAC systems).  The HVAC Maintenance Contracts shall be in form and content reasonably satisfactory to Landlord.  Landlord shall be a third party beneficiary of the HVAC Maintenance Contracts and, within 30 days after Landlord’s request, Tenant shall deliver a copy of the HVAC Maintenance Contracts to Landlord.

15.Mechanic’s Liens.  Tenant shall discharge, by bond or otherwise, any mechanic’s lien filed against the Premises or against the Project for work claimed to have been done for, or materials claimed to have been furnished to, Tenant within 20 days after the filing thereof, at Tenant’s sole cost and shall otherwise keep the Premises and the Project free from any liens arising out of work performed, materials furnished or obligations incurred by Tenant.  Should Tenant fail to discharge timely any lien described herein, Landlord shall have the right, but not the obligation, to pay such claim or post a bond or otherwise provide security to eliminate the lien as a claim against title to the Project and the cost thereof shall be due from Tenant as Additional Rent within 30 days after written demand accompanied by reasonably detailed supporting documentation of such cost.  If Tenant shall lease or finance the acquisition of equipment, furnishings, or other personal property of a removable nature utilized by Tenant in the operation of Tenant’s business, Tenant agrees that any Uniform Commercial Code Financing Statement filed as a matter of public record by any lessor or creditor of Tenant with respect to such property will upon its face or by exhibit thereto indicate that such Financing Statement is applicable only to removable personal property of Tenant located within the Premises.  In no event shall the address of the Project be furnished on the statement without qualifying language as to applicability of the lien only to removable personal property, located in an identified suite held by Tenant.

16.Indemnification.  

(a)By Tenant.  Tenant hereby indemnifies and agrees to defend (at Landlord’s option and with counsel reasonably acceptable to Landlord), save and hold Landlord harmless from and against any and all Claims for injury or death to persons or damage to property occurring within or about the Premises, arising directly or indirectly out of use or occupancy of the Premises or a breach or default by Tenant in the performance of any of its obligations hereunder, except to the extent caused by the willful misconduct or gross negligence of Landlord or its employees.  Landlord shall not be liable to Tenant for, and Tenant assumes all risk of damage to, personal property (including, without limitation, loss of records kept within the Premises).  Tenant further waives any and all Claims for injury to Tenant’s business or loss of income relating to any such damage or destruction of personal property (including, without limitation, any loss of records).  Landlord shall not be liable for any damages arising from any act, omission or neglect of any tenant in the Project or of any other third party.

(b)By Landlord.  Landlord hereby indemnifies and agrees to defend (at Tenant’s option and with counsel reasonably acceptable to Tenant), save and hold Tenant harmless from and against any and all Claims for injury or death to persons or damage to property occurring within or within or about the Common Area caused by the willful misconduct or gross negligence of Landlord or its employees, except to the extent caused by the willful misconduct or negligence of Tenant or its agents or employees.

 

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17.Insurance.  Landlord shall maintain all risk property and, if applicable, sprinkler damage insurance covering the full replacement cost of the Project or such lesser coverage amount as Landlord may elect provided such coverage amount is not less than 90% of such full replacement cost.  Landlord shall further procure and maintain commercial general liability insurance with a single loss limit of not less than $2,000,000 for bodily injury and property damage with respect to the Project.  Landlord may, but is not obligated to, maintain such other insurance and additional coverages as it may deem necessary, including, but not limited to, flood, environmental hazard and earthquake, loss or failure of building equipment, errors and omissions, rental loss during the period of repair or rebuilding, workers’ compensation insurance and fidelity bonds for employees employed to perform services and insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord without regard to whether or not such are made a part of the Project.  For purposes of this Section 17, “such other insurance and additional coverages” as used in the preceding sentence shall be deemed necessary if either (i) they form a part of the insurance coverages maintained by Landlord and its affiliates and parent entities for their portfolio of properties, except to the extent modified by a lender to Landlord or its affiliates or parent entities, or (ii) are consistent with such coverages then being so required by landlords of buildings or projects comparable to the Building or Project in the Gaithersburg/Rockville market area.  All such insurance shall be included as part of the Operating Expenses.  The Project may be included in a blanket policy (in which case the cost of such insurance allocable to the Project will be determined by Landlord based upon the insurer’s cost calculations).  Tenant shall also reimburse Landlord for any increased premiums or additional insurance that Landlord reasonably deems necessary as a result of Tenant’s use of the Premises not permitted by this Lease.

Tenant, at its sole cost and expense, shall maintain the following:  (i) beginning on the Lease Commencement Date and for the balance of the Term, all risk property insurance with business interruption and extra expense coverage, covering the full replacement cost of all property and improvements installed or placed in the Premises by Tenant at Tenant’s expense; workers’ compensation insurance with no less than the minimum limits required by law; and employer’s liability insurance with such limits as required by law; and (ii) beginning on the Commencement Date and for the balance of the Term, commercial general liability insurance, with a minimum limit of not less than $2,000,000 per occurrence for bodily injury and property damage with respect to the Premises.  The commercial general liability insurance policy shall name Landlord and Alexandria Real Estate Equities, Inc., and its and their respective members, officers, directors, employees, managers, and agents (collectively, “Landlord Parties”), as additional insureds; insure on an occurrence and not a claims-made basis; be issued by insurance companies that have a rating of not less than policyholder rating of A and financial category rating of at least Class X in “Best’s Insurance Guide”; shall not be cancelable for nonpayment of premium unless 30 days prior written notice shall have been given to Landlord from the insurer; contain a hostile fire endorsement and a contractual liability endorsement; and provide primary coverage to Landlord (any policy issued to Landlord providing duplicate or similar coverage shall be deemed excess over Tenant’s policies).  Copies of such policies (if requested by Landlord), or certificates of insurance (in form and substance reasonably satisfactory to Landlord; form ACORD 25 for commercial liability and form ACORD 28 for commercial property are satisfactory to Landlord) showing the limits of coverage required hereunder and showing Landlord as an additional insured, along with reasonable evidence of the payment of premiums for the applicable period, shall be delivered to Landlord by Tenant upon Tenant’s execution and delivery of this Lease (with respect to the commercial liability insurance) and upon the Lease Commencement Date (with respect to the commercial property insurance) and upon each renewal of said insurance.  Tenant’s policy may be a “blanket policy” with an aggregate per location endorsement that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy.  Tenant shall, at least 5 days prior to the expiration of such policies, furnish Landlord with renewal certificates.

In each instance where insurance is to name Landlord as an additional insured, Tenant shall upon written request of Landlord also designate and furnish certificates so evidencing Landlord as additional insured to:  (i) any lender of Landlord holding a security interest in the Project or any portion thereof, (ii) the landlord under any lease wherein Landlord is tenant of the real property on which the Project is located, if 

 

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the interest of Landlord is or shall become that of a tenant under a ground or other underlying lease rather than that of a fee owner, and/or (iii) any management company retained by Landlord to manage the Project.

The property insurance obtained by Landlord and Tenant shall include a waiver of subrogation by the insurers and all rights based upon an assignment from its insured, against Landlord or Tenant, and their respective officers, directors, employees, managers, agents, invitees and contractors (“Related Parties”), in connection with any loss or damage thereby insured against.  Neither party nor its respective Related Parties shall be liable to the other for loss or damage caused by any risk insured against under property insurance required to be maintained hereunder, and each party waives any claims against the other party, and its respective Related Parties, for such loss or damage.  The failure of a party to insure its property shall not void this waiver.  Landlord and its respective Related Parties shall not be liable for, and Tenant hereby waives all claims against such parties for, business interruption and losses occasioned thereby sustained by Tenant or any person claiming through Tenant resulting from any accident or occurrence in or upon the Premises or the Project from any cause whatsoever.  If the foregoing waivers shall contravene any law with respect to exculpatory agreements, the liability of Landlord or Tenant shall be deemed not released but shall be secondary to the other’s insurer.

Landlord may require insurance policy limits to be raised to conform with requirements of Landlord’s lender and/or to bring coverage limits to levels then being generally required of new tenants within the Project that are consistent with such limits then being so required by landlords of buildings or projects comparable to the Building or Project in the Gaithersburg/Rockville market area.

18.Restoration.  If, at any time during the Term, the Building or the Premises are damaged or destroyed by a fire or other casualty, Landlord shall notify Tenant within 60 days after discovery of such damage as to the amount of time Landlord reasonably estimates it will take to restore the Building and the Premises, as applicable (“Restoration Period”).  If the Restoration Period is estimated to exceed 12 months (“Maximum Restoration Period”), Landlord may, in such notice, elect to terminate this Lease as of the date that is 75 days after the date of discovery of such damage or destruction; provided, however, that notwithstanding Landlord’s election to restore, Tenant may elect to terminate this Lease by written notice to Landlord delivered within 15 business days of receipt of a notice from Landlord estimating a Restoration Period for the Premises longer than the Maximum Restoration Period.  Unless either Landlord or Tenant so elects to terminate this Lease, Landlord shall, subject to receipt of sufficient insurance proceeds (inclusive of any deductible that shall be treated as a current Operating Expense), promptly restore the Building and the Premises (excluding the improvements installed in the Premises by Tenant or by Landlord and paid for by Tenant), subject to delays arising from the collection of insurance proceeds, from Force Majeure events, or from obtaining any license, clearance or other authorization of any kind that shall be required under any applicable Environmental Requirements (as defined in Section 30) to enter into and restore the Premises because of the use, storage, handling, treatment, generation, release, disposal, removal or remediation of Hazardous Materials (as defined in Section 30) in, on or about the Building or the Premises (collectively referred to herein as “Hazardous Materials Clearances”); provided, however, that if Landlord’s repair or restoration of the Building and Premises is not substantially complete as of the end of the Maximum Restoration Period or, if longer, the Restoration Period, Tenant may by written notice to Landlord delivered within 15 business days after the expiration of the Maximum Restoration Period or, if longer, the Restoration Period, elect to terminate this Lease, in which event Landlord shall be relieved of its obligation to make such repairs or restoration and this Lease shall terminate as of the date that is 75 days after the later of:  (i) discovery of such damage or destruction, or (ii) the date all required Hazardous Materials Clearances are obtained, but Landlord shall retain any Rent paid and the right to any Rent payable by Tenant prior to such election by Landlord or Tenant.

Tenant, at its expense, shall promptly perform, subject to delays arising from the collection of insurance proceeds, from Force Majeure events or from obtaining any required Hazardous Material Clearances, all repairs or restoration not required to be done by Landlord and shall promptly re-enter the Premises and commence doing business in accordance with this Lease.  Notwithstanding the foregoing, 

 

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Landlord may terminate this Lease if the Premises are damaged or destroyed during the last year of the Term and Landlord reasonably estimates that it will take more than 3 months to repair such damage or destruction, or if sufficient insurance proceeds (inclusive of any deductible amount) are not available for such restoration.  Rent shall be abated from the date all required Hazardous Material Clearances are obtained until the Premises (and those portions of the Building necessary to provide access and Building system services to the Premises) are repaired and restored, in the proportion that the area of the Premises, if any, that is untenantable bears to the total area of the Premises.  Such abatement shall be the sole remedy of Tenant, and except as provided in this Section 18, Tenant waives any right to terminate this Lease by reason of damage or casualty loss.  As used in this Section 18, the term “untenantable” means reasonably incapable of being accessed or occupied for its intended use due to damage to or destruction of the Premises or the Building (or any portions thereof)

The provisions of this Lease, including this Section 18, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, or any other portion of the Building, and any statute or regulation that is now or may hereafter be in effect shall have no application to this Lease or any damage or destruction to all or any part of the Premises or any other portion of the Building, the parties hereto expressly agreeing that this Section 18 sets forth their entire understanding and agreement with respect to such matters.

19.Condemnation.  If the whole or any material part of the Premises or the Building is taken for any public or quasi-public use under governmental law, ordinance, or regulation, or by right of eminent domain, or by private purchase in lieu thereof (a “Taking” or “Taken”), and the Taking would either prevent or substantially interfere with Tenant’s use of the Premises or substantially interfere with or impair Landlord’s ownership or operation of the Building, then upon written notice by Landlord or Tenant to the other party, this Lease shall terminate and Rent shall be apportioned as of said date.  If part of the Premises shall be Taken, and this Lease is not terminated as provided above, Landlord shall promptly restore the Premises and the Project as nearly as is commercially reasonable under the circumstances to their condition prior to such partial Taking and the rentable square footage of the Building, the rentable square footage of the Premises, Tenant’s Share of Operating Expenses and the Rent payable hereunder during the unexpired Term shall be reduced to such extent as may be fair and reasonable under the circumstances.  Upon any such Taking, Landlord shall be entitled to receive the entire price or award from any such Taking without any payment to Tenant, and Tenant hereby assigns to Landlord Tenant’s interest, if any, in such award.  Tenant shall have the right, to the extent that same shall not diminish Landlord’s award, to make a separate claim against the condemning authority (but not Landlord) for such compensation as may be separately awarded or recoverable by Tenant for moving expenses and loss of or damage to Tenant’s equipment and trade fixtures, if a separate award for such items is made to Tenant.  Tenant hereby waives any and all rights it might otherwise have pursuant to any provision of state law to terminate this Lease upon a partial Taking of the Premises or the Project.

20.Events of Default.  Each of the following events shall be a default (“Default”) by Tenant under this Lease:

(a)Payment Defaults.  Tenant shall fail to pay any installment of Rent or any other payment hereunder when due; provided, however, that Landlord will give Tenant notice and an opportunity to cure any failure to pay Rent within 3 business days of any such notice not more than once in any 12 month period and Tenant agrees that such notice shall be in lieu of and not in addition to, or shall be deemed to be, any notice required by law.

(b)Insurance.  Any insurance required to be maintained by Tenant pursuant to this Lease shall be canceled or terminated or shall expire or shall be reduced or changed so as to no longer comply with the applicable requirements of this Lease, and such non-compliance is not rectified within 5 business days after written notice thereof from Landlord, or Landlord shall receive a notice of nonrenewal of any such insurance and Tenant shall fail to obtain replacement insurance at least 20 days before the expiration of 

 

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the current coverage, and such failure is not rectified within 5 business days after written notice thereof from Landlord.

(c)Abandonment.  Tenant shall abandon the Premises without (i) the release of the Premises of all Hazardous Materials Clearances and free of any residual impact from the Tenant HazMat Operations, and (ii) complying with the provisions of Section 28.

(d)Improper Transfer.  Tenant shall assign, sublease or otherwise transfer or attempt to transfer all or any portion of Tenant’s interest in this Lease or the Premises except as expressly permitted herein, or Tenant’s interest in this Lease shall be attached, executed upon, or otherwise judicially seized and such action is not released within 90 days of the action.

(e)Liens.  Tenant shall fail to discharge or otherwise obtain the release or bonding of any lien placed upon the Premises in violation of this Lease by reason of any work performed by or on behalf of Tenant, within 30 days after any such lien is filed against the Premises and such failure is not rectified within 5 business days after written notice thereof from Landlord (for the avoidance of doubt, Landlord shall have the right to send such written notice to Tenant immediately after such lien is filed).

(f)Insolvency Events.  Tenant or any guarantor or surety of Tenant’s obligations hereunder shall:  (A) make a general assignment for the benefit of creditors; (B) commence any case, proceeding or other action seeking to have an order for relief entered on its behalf as a debtor or to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or its debts or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or of any substantial part of its property (collectively a “Proceeding for Relief”); (C) become the subject of any Proceeding for Relief that is not dismissed within 90 days of its filing or entry; or (D) die or suffer a legal disability (if Tenant, guarantor, or surety is an individual) or be dissolved or otherwise fail to maintain its legal existence (if Tenant, guarantor or surety is a corporation, partnership or other entity).

(g)Estoppel Certificate or Subordination Agreement.  Tenant fails to execute any document required from Tenant under Sections 23 or 27 within 5 business days after a second notice requesting such document.

(h)Other Defaults.  Tenant shall fail to comply with any provision of this Lease other than those specifically referred to in this Section 20, and, except as otherwise expressly provided herein, such failure shall continue for a period of 15 days after written notice thereof from Landlord to Tenant.

Any notice given under Section 20(h) hereof shall:  (i) specify the alleged default, (ii) demand that Tenant cure such default, (iii) be in lieu of, and not in addition to, or shall be deemed to be, any notice required under any provision of applicable law, and (iv) not be deemed a forfeiture or a termination of this Lease unless Landlord elects otherwise in such notice; provided that if the nature of Tenant’s default pursuant to Section 20(h) is such that it cannot be cured by the payment of money and reasonably requires more than 15 days to cure, then Tenant shall not be deemed to be in default if Tenant commences such cure within said 15 day period and thereafter diligently prosecutes the same to completion; provided, however, that such cure shall be completed no later than 90 days from the date of Landlord’s notice.

21.Landlord’s Remedies.

(a)Interest.  Upon a Default by Tenant hereunder, Landlord may, without waiving or releasing any obligation of Tenant hereunder, make such payment or perform such act.  All sums so paid or incurred by Landlord, together with interest thereon, from the date such sums were paid or incurred, at the annual rate equal to 12% per annum or the highest rate permitted by law (“Default Rate”), whichever is less, shall 

 

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be payable to Landlord on demand as Additional Rent.  Nothing herein shall be construed to create or impose a duty on Landlord to mitigate any damages resulting from Tenant’s Default hereunder. 

(b)Late Payment Rent.  Late payment by Tenant to Landlord of Rent and other sums due will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult and impracticable to ascertain.  Such costs include, but are not limited to, processing and accounting charges and late charges that may be imposed on Landlord under any Mortgage covering the Premises.  Therefore, if any installment of Rent due from Tenant is not received by Landlord within 5 days after the date such payment is due, Tenant shall pay to Landlord an additional sum of 6% of the overdue Rent as a late charge (provided that Tenant shall not be required to pay such late charge upon the first occurrence of a late payment by Tenant of Rent in any 12-consecutive month period).  The parties agree that this late charge represents a fair and reasonable estimate of the costs Landlord will incur by reason of late payment by Tenant.  In addition to the late charge, Rent not paid when due shall bear interest at the Default Rate from the 5th day after the date due until paid.

(c)Re-Entry.  Upon a Default by Tenant under this Lease, Landlord shall have the right, immediately or at any time thereafter, without further notice to Tenant (unless otherwise provided herein), to enter the Premises, with legal process, without terminating this Lease or being guilty of trespass, and do any and all acts as Landlord may deem necessary, proper or convenient to cure such Default, for the account and at the expense of Tenant, any notice to quit or notice of Landlord’s intention to re-enter being hereby expressly waived, and Tenant agrees to pay to Landlord as Additional Rent all damage and/or expense incurred by Landlord in so doing, including interest at the Default Rate, from the due date until the date payment is received by Landlord.

(d)Termination.  Upon a Default by Tenant under this Lease, Landlord shall have the right to terminate this Lease and Tenant’s right to possession of the Premises and, with legal process, take possession of the Premises and remove Tenant, any occupant and any property therefrom, using such force as may be necessary, without being guilty of trespass and without relinquishing any rights of Landlord against Tenant, any notice to quit, or notice of Landlord’s intention to re-enter being hereby expressly waived.  Landlord shall be entitled to recover damages from Tenant for all amounts covenanted to be paid during the remainder of the Term (except for the period of any holdover by Tenant, in which case the monthly rental rate stated at Section 8 herein shall apply), which may be accelerated by Landlord at its option, using a discount rate equal to the discount rate of the Federal Reserve Bank of Richmond, Virginia at the time of award plus 1%, together with (i) all expenses of any proceedings (including, but not limited to, the expenses set forth in Section 22(f) below) that may be necessary in order for Landlord to recover possession of the Premises, (ii) the expenses of the re-renting of the Premises (including, but not limited to, any commissions paid to any real estate agent, advertising expense and the costs of such repairs, replacements, or modifications that Tenant was obligated but failed to perform (including, but not limited to, the removal of any Special Structural Alterations), and (iii) interest computed at the Default Rate from the due date until paid; provided, however, that there shall be credited against the amount of such damages all amounts received by Landlord from such re-renting of the Premises, with any overage being refunded to Tenant.  Landlord shall in no event be liable in any way whatsoever for failure to re-rent the Premises or, in the event that the Premises are re-rented, for failure to collect the rent thereof under such re-renting.  Landlord shall have no obligation whatsoever to mitigate any damages resulting from a Default by Tenant under this Lease except for entering into and maintaining a listing of the Premises with a commercial real estate broker (“Mitigation Requirement”).  On compliance with the Mitigation Requirement, Landlord shall be deemed to have fully satisfied its obligation to mitigate damages under this Lease and under any Legal Requirement in effect on the Commencement Date or at the time of Tenant’s Default; and Tenant waives and releases, to the fullest extent permissible under applicable Legal Requirements, any right to assert in any action by Landlord to enforce the terms of this Lease, any defense, counterclaim, or rights of set-off or recoupment respecting the mitigation of damages by Landlord, unless and to the extent Landlord fails to comply with the Mitigation Requirement.  No act or thing done by Landlord shall be deemed to be an acceptance of a surrender of the Premises, unless Landlord shall execute a written agreement of surrender 

 

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with Tenant.  Tenant’s liability hereunder shall not be terminated by the execution of a new lease of the Premises by Landlord, unless that new lease expressly so states.  In the event Landlord does not exercise its option to accelerate the payment of amounts owed as provided hereinabove, then Tenant agrees to pay to Landlord, upon demand, the amount of damages herein provided after the amount of such damages for any month shall have been ascertained; provided, however, that any expenses incurred by Landlord shall be deemed to be a part of the damages for the month in which they were incurred.  Separate actions may be maintained each month or at other times by Landlord against Tenant to recover the damages then due, without waiting until the end of the term of this Lease to determine the aggregate amount of such damages.  Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Tenant being evicted or being dispossessed for any cause, or in the event of Landlord obtaining possession of the Premises by reason of the violation by Tenant of any of the covenants and conditions of this Lease. 

(e)Reserved.

(f)Expenses.  Tenant shall pay, as Additional Rent and immediately upon written demand from Landlord, all out-of-pocket costs and expenses incurred by Landlord, including, but not limited to, attorneys’ fees, expert witness fees, paralegal fees, other litigation expenses (such as expenses for photocopying, electronic legal research, and deposition transcripts), and court costs in connection with or arising out of any Default by Tenant under this Lease, including, but not limited to, any action or proceeding brought by Landlord to enforce any obligation of Tenant under this Lease or the right of Landlord in or to the Premises.  Such expenses are recoverable at all levels, including appeals and post-judgment actions or proceedings.  The giving of a notice of Default by Landlord shall constitute part of an action or proceeding under this Lease, entitling Landlord to reimbursement of such fees and expenses, even if an action or proceeding is not commenced in a court of law and regardless of whether the Default is cured. 

(g)Suspension of Funding/Performance.  Upon a Default by Tenant and during the continuance thereof, Landlord shall have the right to suspend funding of any TI Allowance or the performance of the Base Building Work (and such suspension shall constitute a Tenant Delay).

(h)Other Remedies.  In addition to the remedies set forth in this Section 21, Landlord, at its option, without further notice or demand to Tenant, shall have all other rights and remedies provided at law or in equity.

(i)Limitation of Tenant’s Damages.  Notwithstanding anything to the contrary set forth in this Lease or any default damages that may be permitted or authorized by applicable Legal Requirements, in no event shall damages recoverable from Tenant as a consequence of a Default under this Lease include any of the following:  (i) consequential or punitive damages (except, however, as set forth in Section 8 (Holding Over); and (ii) leasing commissions and/or brokerage fees to the extent allocable to any period after the expiration date of the Base Term (as such Base Term may be extended by Tenant’s exercise of an Extension Right before the occurrence of a Default).

22.Assignment and Subletting.

(a)General Prohibition.  Without Landlord’s prior written consent (except as provided in Section 22(b) below and subject to and on the conditions described in this Section 22, Tenant shall not, directly or indirectly, voluntarily or by operation of law, assign this Lease or sublease the Premises or any part thereof or mortgage, pledge, or hypothecate its leasehold interest or grant any concession or license within the Premises, and any attempt to do any of the foregoing shall be void and of no effect.  If Tenant is a corporation, partnership or limited liability company, the shares or other ownership interests thereof that are not actively traded upon a stock exchange or in the over-the-counter market, a transfer or series of transfers whereby 25% or more of the issued and outstanding shares or other ownership interests of such 

 

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corporation are, or voting control is, transferred (but excepting transfers upon deaths of individual owners) from a person or persons or entity or entities that were owners thereof at time of execution of this Lease to persons or entities who were not owners of shares or other ownership interests of the corporation, partnership or limited liability company at time of execution of this Lease, shall be deemed an assignment of this Lease requiring the consent of Landlord as provided in this Section 22.  Notwithstanding the foregoing, any public offering of shares or other ownership interest in Tenant shall not be deemed an assignment.

(b)Transfer Notice.  If Tenant desires to assign, sublease, hypothecate or otherwise transfer this Lease or sublet the Premises other than pursuant to a Permitted Transfer (as defined below), then at least 10 business days, but not more than 45 business days, before the date Tenant desires the assignment or sublease to be effective (“Transfer Date”), Tenant shall give Landlord a notice (“Transfer Notice”) containing such information about the proposed assignee or sublessee, including the proposed use of the Premises and any Hazardous Materials proposed to be used, stored handled, treated, generated in or released or disposed of from the Premises, the Transfer Date, any relationship between Tenant and the proposed assignee or sublessee, and all material terms and conditions of the proposed assignment or sublease, including a copy of any proposed assignment or sublease in its final form, and such other information as Landlord may deem reasonably necessary or appropriate to its consideration whether to grant its consent.  Landlord shall, by giving written notice to Tenant within 15 business days after receipt of the Transfer Notice:  (i) grant such consent, or (ii) refuse such consent, in its reasonable discretion as set forth in Section 22(d) below (provided that Landlord shall further have the right to review and approve or disapprove the proposed form of sublease prior to the effective date of any such subletting).  Tenant shall pay to Landlord a fee equal to $2,500 in connection with its consideration of any Transfer Notice and/or its preparation or review of any consent documents.  Such fee shall be escalated by an amount equal to 2.5% on each anniversary of the Lease Commencement Date.

(c)Permitted Transfer.  Notwithstanding the foregoing provisions of this Section 22, Landlord’s consent shall not be required (but Tenant shall provide at least 10 business days’ prior written notice to Landlord unless such prior notice would violate any applicable Legal Requirements or any agreement to which Tenant or its counterparty are bound, in which even such notice shall be provided promptly after the transfer is consummated) to the following (each a “Permitted Transfer”):  (i) an assignment of this Lease or a subletting of all or any portion of the Premises to any entity controlling, controlled by, or under common control with Tenant, provided that Landlord shall have the right to reasonably approve the form of any such sublease or assignment, or (ii) an assignment of this Lease or a subletting of any portion of the Premises to a corporation or other entity that is a successor-in-interest to Tenant, by way of merger, consolidation or corporate reorganization, or by the purchase of all or substantially all of the assets or the ownership interests of Tenant provided that (A) such merger or consolidation, or such acquisition or assumption, as the case may be, is for a good business purpose and not principally for the purpose of transferring this Lease without Landlord’s consent, and (B) the net worth (as determined in accordance with GAAP of the assignee is not less than the net worth (as determined in accordance with GAAP) of Tenant as of the date of Tenant’s most current quarterly or annual financial statements, and (C) such assignee shall agree in writing to assume all of the terms, covenants and conditions of this Lease arising after the effective date of the assignment.

(d)Reasonableness Factors.  Among other reasons, it shall be reasonable for Landlord to withhold its consent to a proposed subletting in any of these instances:  (i) the proposed subtenant is engaged in areas of scientific research or other business concerns that are controversial, in Landlord's reasonable judgment, or the subtenant’s proposed use of the Premises will violate any applicable Legal Requirement, (ii) the proposed subtenant lacks the creditworthiness to support the financial obligations it would incur under the proposed sublease, (iii) in Landlord’s reasonable judgment, the use of the Premises by the proposed subtenant would require unreasonably increased services by Landlord, (iv) Landlord has received from any other landlord to the proposed subtenant a negative report concerning such other 

 

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landlord’s experience with the proposed subtenant, (v) Landlord has experienced previous defaults by or is in litigation with the proposed subtenant, and (vi) the sublease is prohibited by Landlord’s lender.

(e)Additional Conditions.  As a condition to any such assignment or subletting, whether or not Landlord’s consent is required, Landlord may require:

(1)that any assignee or subtenant (other than an assignee or subtenant pursuant to a Permitted Transfer) agree, in writing at the time of such assignment or subletting, that if Landlord gives such party notice that Tenant is in default under this Lease, such party shall thereafter make all payments otherwise due Tenant directly to Landlord, which payments will be received by Landlord without any liability except to credit such payment against those due under this Lease, and any such subtenant (including a subtenant pursuant to a Permitted Transfer) shall agree to attorn to Landlord or its successors and assigns should this Lease be terminated for any reason; provided, however, in no event shall Landlord or its successors or assigns be obligated to accept such attornment; and

(2)A list of Hazardous Materials, certified by the proposed assignee or subtenant (other than an assignee or subtenant pursuant to a Permitted Transfer) to be true and correct, which the proposed assignee or sublessee intends to use, store, handle, treat, generate in or release or dispose of from the Premises, together with copies of all documents relating to such use, storage, handling, treatment, generation, release or disposal of Hazardous Materials by the proposed assignee or subtenant in the Premises or on the Project, prior to the proposed assignment or subletting, including, without limitation:  permits; approvals; reports and correspondence; storage and management plans; plans relating to the installation of any storage tanks to be installed in or under the Project (provided, said installation of tanks shall only be permitted after Landlord has given its written consent to do so, which consent may be withheld in Landlord’s sole and absolute discretion); and all closure plans or any other documents required by any and all federal, state and local Governmental Authorities for any storage tanks installed in, on or under the Project for the closure of any such tanks.  Neither Tenant nor any such proposed assignee or subtenant is required, however, to provide Landlord with any portion(s) of the such documents containing information of a proprietary nature that, in and of themselves, do not contain a reference to any Hazardous Materials or hazardous activities.

(f)No Release of Tenant, Sharing of Excess Rents.  Notwithstanding any assignment or subletting, Tenant and any guarantor or surety of Tenant’s obligations under this Lease shall at all times remain fully and primarily responsible and liable for the payment of Rent and for compliance with all of Tenant’s other obligations under this Lease.  If the Rent due and payable by a sublessee or assignee (or a combination of the rental payable under such sublease or assignment (other than pursuant to a Permitted Transfer) plus any bonus or other consideration therefor or incident thereto in any form) exceeds the sum of the rental payable under this Lease (excluding however, any Rent payable under this Section and actual and reasonable brokerage fees, legal costs, tenant improvement allowances, and any design or construction fees directly related to and required pursuant to the terms of any such sublease or assignment) (“Excess Rent”), then Tenant shall be bound and obligated to pay Landlord as Additional Rent hereunder 50% of such Excess Rent within 10 business days following receipt thereof by Tenant.  If Tenant shall sublet the Premises or any part thereof (other than pursuant to a Permitted Transfer), Tenant hereby immediately and irrevocably assigns to Landlord, as security for Tenant’s obligations under this Lease, all rent from any such subletting, and Landlord as assignee and as attorney-in-fact for Tenant, or a receiver for Tenant appointed on Landlord’s application, may collect such rent and apply it toward Tenant’s obligations under this Lease; except that, until the occurrence of a Default, Tenant shall have the absolute right to collect such rent.

 

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(g)No Waiver.  The consent by Landlord to an assignment or subletting shall not relieve Tenant or any assignees of this Lease or any sublessees of the Premises from obtaining the consent of Landlord to any further assignment or subletting (other than a Permitted Transfer) nor shall it release Tenant or any assignee or sublessee of Tenant from full and primary liability under this Lease.  The acceptance of Rent hereunder, or the acceptance of performance of any other term, covenant, or condition thereof, from any other person or entity shall not be deemed to be a waiver of any of the provisions of this Lease or a consent to any subletting, assignment or other transfer of the Premises.

(h)Prior Conduct of Proposed Transferee.  Notwithstanding any other provision of this Section 22, if (i) the proposed assignee or sublessee of Tenant has been required by any prior landlord, lender or Governmental Authority to take remedial action in connection with Hazardous Materials contaminating a property, where the contamination resulted from such party’s action or use of the property in question, (ii) the proposed assignee or sublessee is subject to an enforcement order issued by any Governmental Authority in connection with the use, storage, handling, treatment, generation, release or disposal of Hazardous Materials (including, without limitation, any order related to the failure to make a required reporting to any Governmental Authority), or (iii) because of the existence of a pre-existing environmental condition in the vicinity of or underlying the Project, the risk that Landlord would be targeted as a responsible party in connection with the remediation of such pre-existing environmental condition would be materially increased or exacerbated by the proposed use of Hazardous Materials by a proposed assignee or sublessee, Landlord shall have the absolute right to refuse to consent to any assignment or subletting to any such party.  The provisions of this Section 22(h) shall not apply to a Permitted Transfer.

(i)Business Entity Occupancy.  Tenant shall have the right, upon 10 business days prior written notice to Landlord but without obtaining Landlord’s prior written consent, to permit a business entity or individual that is a contractor, partner, collaborator, affiliate, subsidiary, client, customer, co-developer of Tenant (or an entity for whom Tenant is a subcontractor), or otherwise has a business relationship with Tenant, and is providing Tenant services in the course of Tenant’s business operations at the Premises or is occupying the Premises in furtherance of such business relationship with Tenant (each, a “Business Entity” or collectively, “Business Entities”), to use not more than 20% of the rentable area of the Premises for any Permitted Use; provided, however, that (i) if Tenant receives compensation for such use in excess of that portion of the Rent attributable to such portion of the Premises for the period in question, Section 22(f) above shall apply, (ii) the entity remains a Business Entity for the entire duration of such use and the entity is not indicated on the Building directory or any signage on the Premises (“Business Entity Occupancy”), (iii) no new demising walls are constructed to accomplish the Business Entity Occupancy, (iv) Tenant shall be responsible for any and all Claims arising out of or in connection with the Business Entity Occupancy or any act or omission of any Business Entity, and Tenant shall indemnify, defend, hold and save Landlord harmless from and against any and all Claims arising out of or in connection with any Business Entity Occupancy or any act or omission of any Business Entity, (v) the provisions of this Section 22(i) are personal to RegenXBio Inc. and its assignees and subtenants pursuant to a Permitted Transfer and are not assignable or transferable in whole or in part, and (vi) if Tenant and the Business Entity have entered into a written agreement governing the Business Entity Occupancy, Tenant shall provide a true and correct copy of such agreement to Landlord before the Business Entity Occupancy occurs.  Such Business Entity Occupancy shall not be deemed a sublease or assignment hereunder, nor shall it vest in any such Business Entity any right, title, or interest in this Lease or the Premises nor shall it relieve, release, impair, or discharge any of Tenant’s obligations hereunder.  Tenant shall require that the Business Entity does not violate the terms of this Lease and any failure or breach of any term, covenant, condition, or other provision of this Lease by any Business Entity shall constitute a breach of such term, covenant, condition, or other provision of this Lease by Tenant and, if such failure or breach is not cured within any applicable notice and cure period under this Lease, shall constitute a Default by Tenant.

23.Estoppel Certificate.  Tenant shall, within 10 business days of written notice from Landlord, execute, acknowledge and deliver a statement in writing in any form reasonably requested by a proposed lender or purchaser, (i) certifying that this Lease is unmodified and in full force and effect (or, if 

 

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modified, stating the nature of such modification and certifying that this Lease as so modified is in full force and effect) and the dates to which the rental and other charges are paid in advance, if any, (ii) acknowledging that to the actual knowledge of Tenant (without independent inquiry) there are not any uncured defaults on the part of Landlord hereunder, or specifying such defaults if any are known and claimed, and (iii) setting forth such further information with respect to the status of this Lease or the Premises as may be requested thereon.  Any such statement may be relied upon by any prospective purchaser or encumbrancer of all or any portion of the real property of which the Premises are a part.  Tenant’s failure to deliver such statement within 5 business days after a second notice from Landlord shall, at the option of Landlord, be conclusive upon Tenant that this Lease is in full force and effect and without modification except as may be represented by Landlord in any certificate prepared by Landlord and delivered to Tenant for execution.

24.Quiet Enjoyment.  So long as Tenant shall perform all of the covenants and agreements herein required to be performed by Tenant, within any applicable notice and cure period hereunder, Tenant shall, subject to the terms of this Lease, at all times during the Term, have peaceful and quiet enjoyment of the Premises without interference or hindrance by any person claiming by, through or under Landlord.

25.Prorations.  All prorations required or permitted to be made hereunder shall be made on the basis of a 360-day year and 30-day months.

26.Rules and Regulations.  Tenant shall, at all times during the Term and any extension thereof, comply with all reasonable and nondiscriminatory rules and regulations at any time or from time to time established by Landlord covering use of the Premises and the Project; provided, however, that such rules and regulations shall not (a) be binding upon Tenant until Tenant has received a written copy of such modifications, and (b) contradict any provision contained in this Lease nor materially increase Tenant’s obligations or materially lessen its rights hereunder.  The current rules and regulations are attached hereto as Exhibit E.  If there is any conflict between said rules and regulations and other provisions of this Lease, the terms and provisions of this Lease shall control.  Landlord shall not have any liability or obligation for the breach of any rules or regulations by other tenants in the Project and shall not enforce such rules and regulations in a discriminatory manner.

27.Subordination and Lien Waiver.

(a)Subordination.  As of the Commencement Date, no Mortgage encumbers the Project.  This Lease and Tenant’s interest and rights hereunder shall be subject and subordinate at all times to the lien of any Mortgage hereafter created on or against the Project or any portion that includes the Premises, and all amendments, restatements, renewals, modifications, consolidations, refinancing, assignments and extensions thereof, without the necessity of any further instrument or act on the part of Tenant; provided, however that so long as there is no Default under any of the terms covenants, conditions, or agreements of this Lease, this Lease and all of the terms, provisions, and conditions of this Lease, shall remain in full force and effect, and neither this Lease, nor Tenant’s rights hereunder nor Tenant’s possession of the Premises will be disturbed during the Term by the Holder of any such Mortgage.  Tenant agrees, at the election of the Holder of any such Mortgage, to attorn to any such Holder.  Tenant agrees upon demand to execute, acknowledge and deliver such reasonable instruments, confirming such subordination, and such reasonable instruments of attornment as shall be requested by any such Holder, provided any such instruments contain appropriate non-disturbance provisions stating that so long as Tenant is not in Default under any of the terms, covenants, conditions, or agreements of this Lease, this Lease and all of the terms, provisions, and conditions of this Lease, shall remain in full force and effect, and neither this Lease, nor Tenant’s rights hereunder nor Tenant’s possession of the Premises will be disturbed during the Term.  Notwithstanding the foregoing, any such Holder may at any time subordinate its Mortgage to this Lease, without Tenant’s consent, by notice in writing to Tenant, and thereupon this Lease shall be deemed prior to such Mortgage without regard to their respective dates of execution, delivery or recording and in that event such Holder shall have the same rights with respect to this Lease as though this Lease had been 

 

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executed prior to the execution, delivery and recording of such Mortgage and had been assigned to such Holder.  Landlord shall use its commercially reasonable efforts (but with no obligation to pay any out-of-pocket fees or charged imposed by the Holder unless Tenant agrees to pay them) to obtain from any Holder of a first lien Mortgage at any time during the Term covering any or all of the Project or the Premises a non-disturbance agreement on Holder’s standard form (which form shall be conformed only to the extent necessary to comply with the requirements of this Section 27) in favor of Tenant stating that so long as Tenant is not in Default under any of the terms, covenants, conditions, or agreements of this Lease, this Lease and all of the terms, provisions, and conditions of this Lease, shall remain in full force and effect, and neither this Lease, nor Tenant’s rights hereunder nor Tenant’s possession of the Premises will be disturbed during the Term and recognizing Tenant’s rights to any concessions (such as the Base Rent Abatement and/or leasehold improvement allowances) to which Tenant is entitled to under this Lease.  The term “Mortgage” whenever used in this Lease shall be deemed to include any ground or underlying leases, mortgages, deeds of trust, security assignments, and any other liens or encumbrances, entered into or granted by Landlord (or its predecessor-in-interest) and that encumber any portion of the Project that includes the Premises, and any reference to the “Holder” of a Mortgage shall be deemed to include the lessor under any such ground or underlying lease, the mortgagee under any such mortgage, the beneficiary under any such deed of trust or any other lien or encumbrance, and the secured party under any such security assignment.

(b)Lien Waiver.  At Tenant’s request, Landlord shall waive its right to any and all statutory, common law, and other liens upon the property of Tenant in connection with any bona fide third party equipment financing pursuant to a lien waiver agreement in form and substance reasonably acceptable to Landlord.  Such lien waiver shall be limited to specific items of equipment and shall not be in the form of a blanket lien waiver.

28.Surrender.  Upon the expiration of the Term or earlier termination of Tenant’s right of possession, Tenant shall surrender the Premises to Landlord in good order and condition (subject to Tenant’s repair, restoration, and legal compliance obligations under this Lease), without any obligation to remove any Alterations or Installations (including, but not limited to, cabling and wiring) thereto, free of Hazardous Materials brought upon, kept, used, stored, handled, treated, generated in, or released or disposed of from, the Premises by any person other than a Landlord Party (collectively, “Tenant HazMat Operations”) and released of all Hazardous Materials Clearances, broom clean, ordinary wear and tear, loss due to casualty and condemnation, and damage that Landlord is obligated to repair or restore, excepted.  At least 3 months prior to the surrender of the Premises, Tenant shall deliver to Landlord a narrative description of the actions proposed (or required by any Governmental Authority) to be taken by Tenant in order to surrender the Premises (including any Installations permitted by Landlord to remain in the Premises) at the expiration or earlier termination of the Term, free from any residual impact from the Tenant HazMat Operations and otherwise released for unrestricted use and occupancy permitted prior to Tenant’s occupancy under this Lease (“Surrender Plan”).  Such Surrender Plan shall be accompanied by (x) a current listing of (i) all Hazardous Materials licenses and permits held by or on behalf of any Tenant Party with respect to the Premises, and (y) any closure plan required for any tanks installed or used in accordance with Section 30 hereof, and (ii) all Hazardous Materials used, stored, handled, treated, generated, released (to the extent known) or disposed of from the Premises, and shall be subject to the review and approval of Landlord’s environmental consultant (which approval shall not be unreasonably withheld or delayed).  In connection with the review and approval of the Surrender Plan, upon the reasonable request of Landlord, Tenant shall deliver to Landlord or its consultant such additional non-proprietary information concerning Tenant HazMat Operations as Landlord shall request.  On or before such surrender, Tenant shall deliver to Landlord a report demonstrating that the approved Surrender Plan shall have been satisfactorily completed in accordance with the approved Surrender Plan and applicable Environmental Requirements, and Landlord shall have the right, subject to reimbursement at Tenant’s expense as set forth below, to cause Landlord’s environmental consultant to inspect the Premises and perform such additional procedures as may be deemed reasonably necessary to confirm that the Premises are, as of the effective date of such surrender or early termination of this Lease, free from any residual 

 

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impact from Tenant HazMat Operations.  Tenant shall reimburse Landlord, as Additional Rent, for the actual out-of-pocket expense incurred by Landlord for Landlord’s environmental consultant to review and approve the Surrender Plan and to visit the Premises and verify satisfactory completion of the same, which cost shall not exceed $5,000.  Landlord shall have the unrestricted right to deliver such Surrender Plan and any report by Landlord’s environmental consultant with respect to the surrender of the Premises to third parties. 

If Tenant shall fail to prepare or submit a Surrender Plan approved by Landlord, or if Tenant shall fail to complete the approved Surrender Plan, or if such Surrender Plan, whether or not approved by Landlord, shall fail to adequately address any residual effect of Tenant HazMat Operations in, on or about the Premises, Landlord shall have the right to take such actions as Landlord may deem reasonable or appropriate to assure that the Premises and the Project are surrendered free from any residual impact from Tenant HazMat Operations, the cost of which actions shall be reimbursed by Tenant as Additional Rent, without regard to the limitation set forth in the first paragraph of this Section 28.

Upon the expiration of the Term or earlier termination of Tenant’s right of possession, Tenant shall immediately return to Landlord all keys and/or access cards to parking, the Building, restrooms or all or any portion of the Premises furnished to or otherwise procured by Tenant.  If any such access card or key is lost, Tenant shall pay to Landlord the cost of replacing such lost access card or key.  Any Tenant’s Property, Alterations and property not so removed by Tenant as permitted or required herein shall be deemed abandoned and may be stored, removed, and disposed of by Landlord at Tenant’s expense, and Tenant waives all claims against Landlord for any damages resulting from Landlord’s retention and/or disposition of such property.  All obligations of Tenant hereunder not fully performed as of the termination of the Term, including the obligations of Tenant under Section 30 hereof, shall survive the expiration or earlier termination of the Term, including, without limitation, indemnity obligations, payment obligations with respect to Rent and obligations concerning the condition and repair of the Premises.

29.Waiver of Jury Trial.  TENANT AND LANDLORD WAIVE ANY RIGHT TO TRIAL BY JURY OR TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, BETWEEN LANDLORD AND TENANT ARISING OUT OF THIS LEASE OR ANY OTHER INSTRUMENT, DOCUMENT, OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED HERETO.

30.Environmental Requirements.

(a)Prohibition/Compliance/Indemnity.  Tenant shall not cause or permit any Hazardous Materials (as hereinafter defined) to be brought upon, kept, used, stored, handled, treated, generated in or about, or released or disposed of from, the Premises or the Project in violation of applicable Environmental Requirements by Tenant or any Tenant Party.  If Tenant breaches the obligation stated in the preceding sentence, or if the presence of Hazardous Materials in the Premises during the Term or any holding over results in contamination of the Premises, the Project or any adjacent property or if contamination of the Premises, the Project or any adjacent property by Hazardous Materials brought into, kept, used, stored, handled, treated, generated in or about, or released or disposed of from, the Premises by anyone other than Landlord and Landlord’s employees, agents and contractors otherwise occurs during the Term or any holding over, Tenant hereby indemnifies and shall defend (as applicable) and hold Landlord, its officers, directors, employees, agents and contractors harmless from any and all actions (including, without limitation, remedial or enforcement actions of any kind, administrative or judicial proceedings, and orders or judgments arising out of or resulting therefrom), costs, claims, damages (including, without limitation, punitive damages and damages based upon diminution in value of the Premises or the Project, or the loss of, or restriction on, use of the Premises or any portion of the Project), expenses (including, without limitation, attorneys’, consultants’ and experts’ fees, court costs and amounts paid in settlement of any claims or actions), fines, forfeitures or other civil, administrative or criminal penalties, injunctive or other relief (whether or not based upon personal injury, property damage, or contamination of, or adverse effects upon, the environment, water tables or natural resources), liabilities or losses (collectively, “Environmental 

 

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Claims”) that arise during or after the Term as a result of such contamination; provided, however, that Tenant shall have no indemnification, remediation, or other obligation or responsibility under this Section 30 for any contamination or Environmental Claim if Tenant proves by a preponderance of the evidence that such contamination or Environmental Claim arises from any Hazardous Materials brought into, kept, used, stored, handled, treated, generated in or about, or released or disposed of from the Premises by Landlord, its employees or contractors, or another tenant unrelated or unaffiliated with Tenant or that existed in the Premises as of the Commencement Date and were not brought into, kept, used, stored, handled, treated, generated in or about, or released or disposed of from the Premises by Tenant, any Tenant Party, or any subtenant of Tenant or other occupant of the Premises.  This indemnification of Landlord by Tenant includes, without limitation, costs incurred in connection with any investigation of site conditions or any cleanup, treatment, remedial, removal, or restoration work required by any federal, state or local Governmental Authority because of Hazardous Materials present in the air, soil or ground water above, on, or under the Premises.  Without limiting the foregoing, if the presence of any Hazardous Materials on the Premises, the Building, the Project or any adjacent property caused or permitted by Tenant or any Tenant Party results in any contamination of the Premises, the Building, the Project or any adjacent property in violation of any applicable Environmental Requirements, Tenant shall promptly take all actions at its sole expense and in accordance with applicable Environmental Requirements as are necessary to return the Premises, the Building, the Project or any adjacent property to the condition existing prior to the time of such contamination, provided that Landlord’s approval of such action shall first be obtained, which approval shall not unreasonably be withheld or delayed so long as such actions would not potentially have any material adverse long-term or short-term effect on the future use of the Premises, the Building, or the Project, as such uses were permitted prior to the Tenant’s occupancy under this Lease.

(b)Business.  Landlord acknowledges that it is not the intent of this Section 30 to prohibit Tenant from using the Premises for the Permitted Use.  Tenant may operate its business according to prudent industry practices so long as the use or presence of Hazardous Materials is strictly and properly monitored according to all then applicable Environmental Requirements.  As a material inducement to Landlord to allow Tenant to use Hazardous Materials in connection with its business, Tenant agrees to deliver to Landlord prior to the Commencement Date a list identifying each type of Hazardous Materials to be brought upon, kept, used, stored, handled, treated, generated on, or released (to the extent known) or disposed of from, the Premises and setting forth any and all governmental approvals or permits required in connection with the presence, use, storage, handling, treatment, generation, release or disposal of such Hazardous Materials on or from the Premises (“Hazardous Materials List”).  Tenant shall deliver to Landlord an updated Hazardous Materials List once a year but shall also deliver an updated list promptly after any new Hazardous Material is brought onto, kept, used, stored, handled, treated, generated on, or released (to the extent known) or disposed of from, the Premises.  Tenant shall deliver to Landlord true and correct copies of the following documents (“Haz Mat Documents”) relating to the use, storage, handling, treatment, generation, release, or disposal of Hazardous Materials prior to the Commencement Date, or if unavailable at that time, concurrent with the receipt from or submission by Tenant to a Governmental Authority:  (i) permits, plans, and reports required under any applicable Environmental Requirements, including, but not limited to, plans relating to the installation, use, or closure of any storage tanks on or under the Project to be installed or used by Tenant (provided, said installation or use of tanks shall only be permitted after Landlord has given Tenant its written consent to do so, which consent may be withheld in Landlord’s sole and absolute discretion); (ii) notices of violation of any applicable Environmental Requirements; and (iii) material correspondence (including approvals from Governmental Authorities) related to clauses (i) and (ii) above.  Tenant is not required, however, to provide Landlord with any portion(s) of the Haz Mat Documents containing information of a proprietary nature that, in and of themselves, do not contain a reference to any Hazardous Materials or hazardous activities.  It is not the intent of this Section to provide Landlord with information that could be detrimental to Tenant’s business should such information become possessed by Tenant’s competitors.

(c)Tenant Representation and Warranty.  Tenant hereby represents and warrants to Landlord that (i) neither Tenant nor any of its legal predecessors has been required by any prior landlord, 

 

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lender, or Governmental Authority at any time to take remedial action in connection with Hazardous Materials contaminating a property, which contamination was permitted by Tenant of such predecessor or resulted from Tenant’s or such predecessor’s action or use of the property in question, and (ii) Tenant is not subject to any enforcement order issued by any Governmental Authority in connection with the use, storage, handling, treatment, generation, release or disposal of Hazardous Materials (including, without limitation, any order related to the failure to make a required reporting to any Governmental Authority).  If Landlord determines that this representation and warranty was not true as of the date of this lease, Landlord shall have the right to terminate this Lease in Landlord’s sole and absolute discretion.

(d)Testing.  Landlord shall have access to, and a right to perform inspections and tests of, the Premises and the Project to determine Tenant’s compliance with Environmental Requirements, its obligations under this Section 30, or the environmental condition of the Premises and the Project.  In connection with such testing, upon the request of Landlord, Tenant shall deliver to Landlord or its consultant such non-proprietary information concerning the use of Hazardous Materials in or about the Premises by Tenant or any Tenant Party.  Access shall be granted to Landlord upon Landlord’s prior notice to Tenant and at such times so as to minimize, so far as may be reasonable under the circumstances, any disturbance to Tenant’s operations.  Such inspections and tests shall be conducted at Landlord’s expense, unless such inspections or tests are conducted pursuant to Section 21 hereof or reveal that Tenant has not complied with any Environmental Requirement, in which case Tenant shall reimburse Landlord as Additional Rent for the reasonable cost of such inspection and tests within 30 days after request therefor.  Tenant shall, at its sole cost and expense, promptly and satisfactorily remediate any environmental conditions identified by such testing in accordance with all Environmental Requirements.  Landlord’s receipt of or satisfaction with any environmental assessment in no way waives any rights that Landlord may have against Tenant.

(e)Underground Tanks.  Under no circumstances whatsoever will Tenant have the right to install any underground storage tank on or about the Premises or the Project.  If underground or other storage tanks storing Hazardous Materials located on the Premises or the Project before the Commencement Date are used by Tenant, Tenant shall install, use, monitor, operate, maintain, upgrade and manage such storage tanks, maintain appropriate records, obtain and maintain appropriate insurance, implement reporting procedures, properly close any underground storage tanks if required by and in accordance with all applicable Environmental Requirements, and take or cause to be taken all other actions necessary or required under any applicable Environmental Requirements, as such now exists or may hereafter be adopted or amended in connection with the installation, use, maintenance, management, operation, upgrading and closure of such storage tanks.

(f)Control Areas.  Tenant shall be allowed to utilize up to its pro rata share of the Hazardous Materials inventory within any control area or zone (located within the Premises), as designated from time to time by the applicable building code or other Legal Requirement, for Hazardous Materials use or storage.  As used in the preceding sentence, Tenant’s pro rata share of any control area or zone located within the Premises shall be determined based on the rentable square footage that Tenant leases within the applicable control area or zone.  For purposes of example only, if a control area or zone contains 10,000 rentable square feet and 2,000 rentable square feet of a tenant’s premises are located within such control area or zone (while such premises as a whole contains 5,000 rentable square feet), the applicable tenant’s pro rata share of such control area or zone would be 20%.

(g)Tenant’s Obligations.  Tenant’s obligations under this Section 30 shall survive the expiration or earlier termination of this Lease for the applicable statute of limitations period under the relevant Environmental Requirement.  During any period of time after the expiration or earlier termination of this Lease required by Tenant or Landlord to complete the removal from the Premises of any Hazardous Materials (including, without limitation, the release and termination of any licenses or permits restricting the use of the Premises and the completion of the approved Surrender Plan), Tenant shall continue to pay the full Rent (prorated daily) in accordance with this Lease for any portion of the Premises not relet by Landlord because of the presence of such Hazardous Materials on such portion of the Premises.

 

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(h)Definitions.  As used herein, (i) the term “Environmental Requirements” means all applicable present and future statutes, regulations, ordinances, rules, codes, judgments, orders or other similar enactments of any Governmental Authority regulating or relating to environmental conditions (including health and safety as related to environmental conditions) on, under, or about the Premises or the Project, or the environment, including without limitation, the following:  the Comprehensive Environmental Response, Compensation and Liability Act; the Resource Conservation and Recovery Act; and all state and local counterparts thereto, and any regulations or policies promulgated or issued thereunder, and (ii) the term “Hazardous Materials” means and includes any substance, material, waste, pollutant, or contaminant listed or defined as hazardous or toxic, or regulated by reason of its impact or potential adverse impact on humans, animals and/or the environment under any Environmental Requirements, asbestos and petroleum, including crude oil or any fraction thereof, natural gas liquids, liquefied natural gas, or synthetic gas usable for fuel (or mixtures of natural gas and such synthetic gas).  As defined in Environmental Requirements, Tenant is and shall be deemed to be the “operator” of Tenant’s “facility” and the “owner” of all Hazardous Materials brought on the Premises by Tenant or any Tenant Party, and the wastes, by-products, or residues generated, resulting, or produced therefrom.

(i)No Hazardous Materials as of Lease Commencement Date.  As of the Lease Commencement Date, Landlord represents and warrant to Tenant that, except as set forth in any environmental report delivered by or on behalf of Landlord to Tenant before the Commencement Date, to the actual then current knowledge of Lawrence J. Diamond, Co-Chief Operating Officer of Tenant’s affiliate, Alexandria Real Estate Equities, Inc., the Premises and the Loading Docks are free of any Hazardous Materials.  Mr. Diamond shall have no personal liability whatsoever under this Lease or otherwise.  If required by the applicable Governmental Authority, Landlord shall at no expense to Tenant remove or remediate in accordance with applicable Environmental Requirements any contamination of the Premises and/or the Loading Docks existing as of the Lease Commencement Date in violation of any applicable Environmental Requirements.

31.Tenant’s Remedies/Limitation of Liability.  Landlord shall not be in default hereunder unless Landlord fails to perform any of its obligations hereunder within 30 days after written notice from Tenant (or in case of an emergency involving imminent injury or damage, promptly after telephonic notice to Tenant’s principal contact with Landlord), specifying such failure (unless such performance will, due to the nature of the obligation, require a longer period of time, then after such period of time as is reasonably necessary).  Upon any default by Landlord in a non-emergency situation, Tenant shall give notice by registered or certified mail to any Holder of a Mortgage, and Tenant shall offer such Holder and/or landlord a reasonable opportunity to cure the default, including time to obtain possession of the Project by power of sale or a judicial action if such should prove necessary to effect a cure; provided Landlord shall have furnished to Tenant in writing the names and addresses of all such persons who are to receive such notices.  All obligations of Landlord hereunder shall be construed as covenants, not conditions; and, except as may be otherwise expressly provided in this Lease, Tenant may not terminate this Lease for breach of Landlord’s obligations hereunder.

Notwithstanding the foregoing, if any claimed Landlord default hereunder will immediately, materially, and adversely affect Tenant’s ability to normally conduct its business in any material portion of the Premises (a “Material Landlord Default”), Tenant shall, as soon as reasonably possible, but in any event within 5 business days of obtaining actual knowledge of such claimed Material Landlord Default, give Landlord written notice of such claim and telephonic notice to Tenant’s principal contact with Landlord.  Landlord shall then have 2 business days to commence cure of such claimed Material Landlord Default and shall diligently prosecute such cure to completion.  If such claimed Material Landlord Default is not a default by Landlord hereunder, or if Tenant failed to give Landlord the notice required hereunder within 5 business days of obtaining actual knowledge of such claimed Material Landlord Default, Landlord shall be entitled to recover from Tenant, as Additional Rent, any costs incurred by Landlord in connection with such cure in excess of the costs, if any, that Landlord would otherwise have been liable to pay hereunder.  If Landlord fails to commence cure of any claimed Material Landlord Default as provided above, Tenant may 

 

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commence and prosecute such cure to completion, and shall be entitled to recover the costs of such cure (but not any consequential or other damages) from Landlord, to the extent of Landlord’s obligation to cure such claimed Material Landlord Default hereunder, subject to the limitations set forth in the immediately preceding sentence of this paragraph and the other provisions of this Lease. 

All obligations of Landlord under this Lease will be binding upon Landlord only during the period of its ownership of the Premises and not thereafter.  The term “Landlord” in this Lease shall mean only the owner for the time being of the Premises.  Upon the transfer by such owner of its interest in the Premises, such owner shall thereupon be released and discharged from all obligations of Landlord thereafter accruing, but such obligations shall be binding during the Term upon each new owner for the duration of such owner’s ownership.

32.Inspection and Access.  Landlord and its agents, representatives, and contractors may enter the Premises to inspect the Premises and to make such repairs as may be required or permitted pursuant to this Lease and for any other purpose specified in this Section.  Landlord and Landlord’s representatives may enter the Premises during normal business hours on not less than 48 hours advance written notice (except in the case of emergencies or to provide janitorial services in which case no such notice shall be required and such entry may be at any time) for the purpose of effecting any such repairs, inspecting the Premises, or showing the Premises to prospective purchasers and, during the last year of the Term, to prospective tenants.  Landlord may erect a suitable sign on or about the Building (a) stating the Premises are available to let, which sign may be erected only during the last year of the Term, or (b) stating that the Project is available for sale, which sign may be erected at any time during the Term.  Landlord may grant easements, make public dedications, designate Common Areas and create restrictions on or about the Premises, provided that no such easement, dedication, designation or restriction materially, adversely affects Tenant’s access to, use, or occupancy of the Premises for the Permitted Use or Tenant’s parking rights under Section 10.  At Landlord’s request, Tenant shall execute such reasonable instruments as may be necessary for such easements, dedications or restrictions.  Tenant shall at all times, except in the case of emergencies or the provision of janitorial services, have the right to escort Landlord or its agents, representatives, contractors or guests while the same are in the Premises, provided such escort does not materially and adversely affect Landlord’s access rights hereunder.  Landlord shall use all commercially reasonable efforts to conduct such activities in a manner that minimizes inconvenience, annoyance, or disturbance to Tenant or Tenant’s access to, use, or occupancy of the Premises for the Permitted Use and Tenant’s parking rights under Section 10.

33.Security.  Tenant acknowledges and agrees that security devices and services, if any, while intended to deter crime may not in given instances prevent theft or other criminal acts and that Landlord is not providing any security services with respect to the Premises.  Tenant agrees that Landlord shall not be liable to Tenant for, and Tenant waives any claim against Landlord with respect to, any loss by theft or any other damage suffered or incurred by Tenant in connection with any unauthorized entry into the Premises or any other breach of security with respect to the Premises.  Tenant shall be solely responsible for the personal safety of Tenant’s officers, employees, agents, contractors, guests and invitees while any such person is in, on or about the Premises and/or the Project.  Tenant shall at Tenant’s cost obtain insurance coverage to the extent Tenant desires protection against such criminal acts.  Throughout the Term, Landlord shall provide Tenant, without charge, with a sufficient number of working access cards or devices for the elevator and Building access control systems, as reasonably determined and requested by Tenant from time to time to accommodate Tenant’s employees and contractors regularly working at the Premises, plus visitors to, and employees and contractors occasionally working at, the Premises.

(a)Tenant’s Security Devices.  Tenant shall have the right, at its sole cost and expense, to install security devices within and at the entrances to the Premises, including devices such as electronic access control, closed circuit television cameras, and turnstiles.

 

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(b)Elevator Security.  The passenger elevators serving the Premises shall have programmable access control to lock-off each floor using a proximity or insert type card reader.

(c)Access.  Landlord shall provide to Tenant access to the Building 24 hours each day of the year by means of an electronic card or key system.  The basic components of the Building’s access system shall include proximity or insert type cards access control points at the Building entry lobby and elevators,  Such access shall be subject to such reasonable and non-discriminatory regulations or adjustment as Landlord may deemed appropriate from time to time.  

(d)Guard Desk.  For so long as Tenant leases all of the office/laboratory space in the Building, Tenant shall have the right, at its sole cost and expense, to install a guard desk/station in the common lobby atrium on the main level of the Building.  The location, size, appearance, and configuration of the guard desk shall be reasonably acceptable to Landlord and Tenant.

34.Force Majeure.  Neither Landlord nor Tenant shall be responsible or liable for delays in the performance of its respective obligations hereunder when caused by, related to, or arising out of acts of God, strikes, lockouts, or other labor disputes, embargoes, quarantines, weather, national, regional, or local disasters, calamities, or catastrophes, inability to obtain labor or materials (or reasonable substitutes therefor) at reasonable costs or failure of, or inability to obtain, utilities necessary for performance, governmental restrictions, orders, limitations, regulations, or controls, national emergencies, delay in issuance or revocation of permits, enemy or hostile governmental action, terrorism, insurrection, riots, civil disturbance or commotion, fire or other casualty, and other causes or events beyond the reasonable control of Landlord (“Force Majeure”); provided, however, that in no event shall Force Majeure excuse the monetary obligations of Landlord or Tenant under this Lease.

35.Brokers.  Landlord and Tenant each represents and warrants that it has not dealt with any broker, agent or other person (collectively, “Broker”) in connection with this transaction and that no Broker brought about this transaction, other than Tenant’s broker, Cresa Global Inc. d/b/a Cresa (“Cresa”), and Landlord’s broker, Jones Lang LaSalle (“JLL”).  Cresa shall be paid by Landlord pursuant to a separate agreement between Landlord and Cresa.  JLL shall be paid by Landlord pursuant to a separate agreement between Landlord and JLL. Landlord and Tenant each hereby agree to indemnify, defend, and hold the other harmless from and against any claims by any Broker, other than Cresa and JLL, claiming a commission or other form of compensation by virtue of having dealt with Tenant or Landlord, as applicable, with regard to this leasing transaction.

36.Limitation on Landlord’s Liability.  NOTWITHSTANDING ANYTHING SET FORTH HEREIN OR IN ANY OTHER AGREEMENT BETWEEN LANDLORD AND TENANT TO THE CONTRARY:  (A) LANDLORD SHALL NOT BE LIABLE TO TENANT OR ANY OTHER PERSON FOR (AND TENANT AND EACH SUCH OTHER PERSON ASSUME ALL RISK OF) LOSS, DAMAGE OR INJURY, WHETHER ACTUAL OR CONSEQUENTIAL TO:  TENANT’S PERSONAL PROPERTY OF EVERY KIND AND DESCRIPTION, INCLUDING, WITHOUT LIMITATION TRADE FIXTURES, EQUIPMENT, INVENTORY, SCIENTIFIC RESEARCH, SCIENTIFIC EXPERIMENTS, LABORATORY ANIMALS, PRODUCT, SPECIMENS, SAMPLES, AND/OR SCIENTIFIC, BUSINESS, ACCOUNTING AND OTHER RECORDS OF EVERY KIND AND DESCRIPTION KEPT AT THE PREMISES AND ANY AND ALL INCOME DERIVED OR DERIVABLE THEREFROM; (B) THERE SHALL BE NO PERSONAL RECOURSE TO LANDLORD FOR ANY ACT OR OCCURRENCE IN, ON OR ABOUT THE PREMISES OR ARISING IN ANY WAY UNDER THIS LEASE OR ANY OTHER AGREEMENT BETWEEN LANDLORD AND TENANT WITH RESPECT TO THE SUBJECT MATTER HEREOF AND ANY LIABILITY OF LANDLORD HEREUNDER SHALL BE STRICTLY LIMITED SOLELY TO LANDLORD’S INTEREST IN THE PROJECT OR ANY PROCEEDS FROM SALE OR CONDEMNATION THEREOF AND ANY INSURANCE PROCEEDS PAYABLE IN RESPECT OF LANDLORD’S INTEREST IN THE PROJECT OR IN CONNECTION WITH ANY SUCH LOSS; AND (C) IN NO EVENT SHALL ANY PERSONAL LIABILITY BE ASSERTED AGAINST ANY OF LANDLORD’S OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR CONTRACTORS.  

 

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UNDER NO CIRCUMSTANCES SHALL LANDLORD OR ANY OF LANDLORD’S OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR CONTRACTORS BE LIABLE FOR INJURY TO TENANT’S BUSINESS OR FOR ANY LOSS OF INCOME OR PROFIT THEREFROM.

37.Severability.  If any clause or provision of this Lease is illegal, invalid or unenforceable under present or future laws, then and in that event, it is the intention of the parties hereto that the remainder of this Lease shall not be affected thereby.  It is also the intention of the parties to this Lease that in lieu of each clause or provision of this Lease that is illegal, invalid or unenforceable, there be added, as a part of this Lease, a clause or provision as similar in effect to such illegal, invalid or unenforceable clause or provision as shall be legal, valid and enforceable.  This Lease, including the exhibits attached hereto, constitutes the entire agreement between Landlord and Tenant pertaining to the subject matter hereof and supersedes all prior agreements, understandings, letters of intent, negotiations, and discussions, whether oral or written, of the parties, and there are no warranties, representations, or other agreements, express or implied, made to either party by the other party in connection with the subject matter hereof except as specifically set forth herein or in the documents delivered pursuant hereto or in connection herewith.

38.Signs; Exterior Appearance.  Except as provided in this Section 38, Tenant shall not, without the prior written consent of Landlord, which may be granted or withheld in Landlord’s sole discretion:  (i) attach any awnings, exterior lights, decorations, balloons, flags, pennants, banners, painting or other projection to any outside wall of the Project, (ii) use any curtains, blinds, shades or screens other than Landlord’s standard window coverings as specified in the Basis of Design Report (as defined in Exhibit C-1 attached hereto), (iii) coat or otherwise sunscreen the interior or exterior of any windows, (iv) place any bottles, parcels, or other articles on the window sills, (v) place any equipment, furniture or other items of personal property on any exterior balcony, or (vi) paint, affix or exhibit on any part of the Premises or the Project any signs, notices, window or door lettering, placards, decorations, or advertising media of any type that can be viewed from the exterior of the Premises.  Interior signs on entrance doors to the Premises and the Building directory tablet shall be inscribed, painted or affixed for Tenant by Landlord at the sole but reasonable cost and expense of Tenant, and shall be of a size, color and type reasonably acceptable to Landlord.  Nothing may be placed on the exterior of corridor walls or corridor doors other than Landlord’s standard lettering.  The Building directory tablet shall be provided exclusively for the display of the name and location of tenants.

(a)Identification Signage.  Tenant shall have the right, at its sole option, cost, and expense and in compliance with all applicable Legal Requirements, to install and affix to the exterior of the Building not more than 2 mounted, illuminated signs as desired by Tenant and permitted by applicable Legal Requirements (and related electrical connections and equipment) bearing the then-current name and the corporate logo of Tenant or any assignee of this Lease or sublessee of all or any portion of the Premises pursuant to a Permitted Transfer (“Identification Signage”).  Such right shall be personal to RegenXBio Inc. and any assignee of this Lease or sublessee of all or any portion of the Premises pursuant to a Permitted Transfer.  Landlord shall have the right to approve the placement on the wall, size, and design of the Identification Signage, which approval shall not be unreasonably withheld, delayed, or conditioned.  Landlord hereby approves the location of the Identification Signage set forth on Exhibit G attached hereto.  Tenant shall, at its sole cost and expense, maintain the Identification Signage in good order and repair consistent with the Maintenance Standard and have the right to replace, renovate, and/or update the Identification Signage from time to time, subject to Landlord’s approval, which approval shall not be unreasonably withheld, delayed, or conditioned.  On the expiration or earlier termination of the Term, Tenant shall, at its sole cost and expense, (i) remove the Identification Signage in a good and workmanlike manner and in compliance with all applicable Legal Requirements, and (ii) repair any damage to the façade or appearance of the Building caused by installation, replacement, renovation, updating and/or removal of the Identification Signage.

(b)Monument Signage.  Landlord shall, in compliance with all applicable Legal Requirements, install (before the Rent Commencement Date) and thereafter throughout the Term, maintain 

 

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in good condition and repair, as part of the Operating Expenses, Tenant’s name on the monument sign serving the Building.  Landlord shall have the right to approve the placement on such monument sign, size, and design of such signage, which approval shall not be unreasonably withheld, delayed, or conditioned.  Tenant’s rights under this paragraph to have signage on such monument sign are non-exclusive, it being understood and agreed that Landlord may have heretofore granted or may hereafter grant rights to signage on such monument sign to other tenants of the Building, and the area occupied by Tenant’s name on such monument shall not exceed Tenant’s proportionate share of the monument (which share shall be equal to Tenant’s Share as to any monument sign serving the Building and Tenant’s Project Share as to any monument sign serving the Project).

(c)Plaque Signage.  Plaque signage will be located adjacent to the main entrance to the Building.  Landlord shall install, before the Rent Commencement Date, and thereafter throughout the Term, maintain in good condition and repair, as part of the Operating Expenses, Tenant’s name on the plaque.  Tenant shall have the right to approve the placement on the wall, size, and design of such plaque signage, which approval shall not be unreasonably withheld, delayed, or conditioned.  Tenant’s rights under this paragraph are non-exclusive and the percentage of the total plaque area occupied by Tenant’s name on such plaque shall be approximately Tenant’s Share.

39.Right of First Negotiation.

(a)General.  If at any time any Available Space (as defined below) in the Building becomes available for lease and Landlord receives a bona fide proposal, request for proposal, term sheet, or other comparable expression of interest to lease any Available Space, Landlord shall give notice of such availability to Tenant (“Availability Notice”).  The Availability Notice shall set forth market terms, conditions, and concessions for the lease of the Available Space (“Available Space Market Terms”).  Tenant shall respond to the Availability Notice within 10 business days after receipt thereof, which response shall state that Tenant (1) declines to lease the Available Space, (2) agrees to lease the Available Space on the terms set forth in the Availability Notice (including the Available Space Market Terms), in which event Landlord and Tenant shall within 15 days thereafter execute and deliver an amendment to this Lease or a lease agreement for the Available Space, or (3) desires to lease the Available Space but in good faith disagrees with the proposed Available Space Market Terms, in which event Landlord and Tenant shall, for a period of up to 15 days thereafter, negotiate in good faith for Tenant’s lease of the Available Space on mutually acceptable Available Space Market Terms (“Negotiation Right”).  If Landlord and Tenant are unable to agree on the Available Space Market Terms within such 15 day period after negotiating in good faith, the parties shall proceed to arbitration as set forth below.  For purposes of this Section, “Available Space” shall mean any space on the first floor (if Tenant does not exercise its option to lease the Hold Space (as defined in Section 45)) and second floor of the Building that is not occupied by a tenant or that is occupied by an existing tenant whose lease is expiring within 6 months or less and such tenant does not wish to renew (whether or not such tenant has a right to renew) its occupancy of such space.  In no event shall the Available Space include any space on the first floor for the On Site Food Service (unless Landlord is not then operating and does not intend to operate the On Site Food Service) or Landlord’s management office.  Provided that no right to expand is exercised by any tenant with superior rights (as set forth in Exhibit I), Tenant shall be entitled to lease the Available Space upon the terms and conditions, if any, agreed to by Landlord and Tenant.

 

(i)Available Space Market Terms Proposal.  Within 10 days after the expiration of such 15 day period, each party shall deliver to the other a proposal containing the Available Space Market Terms that the submitting party believes to be correct (each, an “Available Space Market Terms Proposal”).  If either party fails to timely submit an Available Space Market Terms Proposal, and such failure is not remedied within 3 business days after written notice thereof to such party, the other party’s submitted Available Space Market Terms Proposal shall be deemed the Available Space Market Terms.  If both parties submit Available Space Market Terms Proposals, then Landlord and Tenant shall meet within 7 days after delivery of the last Available Space Market Terms Proposal and make a good faith attempt to 

 

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mutually appoint a single Arbitrator (as defined below) to determine the Available Space Market Terms.  If Landlord and Tenant are unable to agree upon a single Arbitrator, then each shall, by written notice delivered to the other within 10 days after the meeting, select an Arbitrator.  If either party fails to timely give notice of its selection for an Arbitrator, and such failure is not remedied within 3 business days after written notice thereof to such party, the other party’s submitted Available Space Market Terms Proposal shall be deemed the Available Space Market Terms.  The 2 Arbitrators so appointed shall, within 5 business days after their appointment, appoint a third Arbitrator.  If the 2 Arbitrators so selected cannot agree on the selection of the third Arbitrator within the time above specified, then either party, on behalf of both parties, may request such appointment of such third Arbitrator by application to any state court of general jurisdiction in the jurisdiction in which the Premises are located, upon 10 days prior written notice to the other party of such intent.

 

(ii)Decision.  The decision of the Arbitrator(s) shall be made within 30 days after the appointment of a single Arbitrator or the third Arbitrator, as applicable.  The decision of the Arbitrator(s) shall be limited solely as to which of the Available Space Market Terms Proposals submitted by the parties is closest to the actual Available Space Market Terms in such Arbitrator(s)’ good faith professional judgment.  The decision of the single Arbitrator, or the majority or unanimity of the 3 Arbitrator panel, as applicable, shall be final and binding upon the parties.  Each party shall pay the fees and expenses of the Arbitrator appointed by or on behalf of such party (if applicable) and the fees and expenses of the agreed-upon single Arbitrator or the third Arbitrator, as applicable, shall be borne equally by both parties.  Landlord and Tenant shall then execute and deliver a mutually acceptable amendment recognizing the Available Space Market Terms, along with the other terms set forth in the Availability Notice, for the Availability Space.

 

(iii)Definition of Arbitrator.  An “Arbitrator” shall be any person appointed by or on behalf of either party or appointed pursuant to the provisions hereof and:  (A) shall be (1) a member of the American Institute of Real Estate Appraisers with not less than 10 years of experience in the appraisal of improved office and high tech industrial real estate in the Rockville/Gaithersburg, Maryland market area, or (2) a licensed commercial real estate broker with not less than 15 years’ experience representing landlords and/or tenants in the leasing of high tech or life sciences space in the Rockville/Gaithersburg, Maryland market area, (B) devoting substantially all of his/her time to professional appraisal or brokerage work, as applicable, at the time of appointment and (C) shall not then be, or in the preceding 5 years have been, employed by either party or their affiliates, and shall otherwise be in all respects impartial and disinterested.

 

(b)Amended Lease.  Landlord and Tenant shall execute and deliver a lease amendment or lease agreement for the Available Space within the 15 day period specified in Section 39(a)(2) above or within 15 days after the final decision of the Arbitrator(s) as set forth in Section 39(a)(ii) above.  Both Landlord and Tenant shall exercise diligence to ensure that such lease amendment or lease agreement is timely executed and delivered.

 

(c)Exceptions.  Notwithstanding the above, the Negotiation Right shall not be in effect and may not be exercised by Tenant:  (i) during any period of time that Tenant is in Default under any provision of this Lease; or (ii) if Tenant has been in Default under any provision of this Lease 3 or more times, regardless of whether the Defaults are cured, during the 12 month period prior to the date on which Tenant seeks to exercise the Negotiation Right.

 

(d)Termination.  The Negotiation Right shall terminate and be of no further force or effect even after Tenant’s due and timely exercise of the Negotiation Right, if, after such exercise, but prior to the commencement date of the lease of such Available Space, (i) Tenant is in Default under any provision of this Lease; or (ii) Tenant has Defaulted 3 or more times during the period from the date of the exercise of the Negotiation Right to the date of the commencement of the lease of the Available Space, regardless of whether such Defaults are cured.

 

 

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(e)Right Personal.  The Negotiation Right is personal to RegenXBio Inc., and is not otherwise assignable without Landlord’s consent, which may be granted or withheld in Landlord’s sole discretion separate and apart from any consent by Landlord to an assignment of Tenant’s interest in this Lease, except that the Negotiation Right shall automatically be assigned without Landlord’s consent in connection with any assignment of this Lease that is a Permitted Transfer.

 

(f)No Extensions.  The period of time within which the Negotiation Right may be exercised shall not be extended or enlarged by reason of Tenant’s inability to exercise the Negotiation Right.

 

40.Right to Expand in the Building or Project.

(a)Expansion in the Building.  Tenant shall have the right, but not the obligation, to expand the Premises (“Expansion Right”) to include any Expansion Space (as defined below) in the Building upon the terms and conditions in this Section.  For purposes of this Section, “Expansion Space” shall mean any space in the Building that is not occupied by a tenant or that is occupied by an existing tenant whose lease is expiring within 6 months or less and such tenant does not wish to renew (whether or not such tenant has a right to renew) its occupancy of such space.  In no event shall the Expansion Space include any space on the first floor for the On Site Food Service (unless Landlord is not then operating and does not intend to operate the On Site Food Service) or Landlord’s management office.  If there is any Expansion Space in the Building, Landlord shall, when the availability of the Expansion Space becomes known (but not earlier than 180 days before such availability), deliver to Tenant written notice (“Expansion Notice”) of the Expansion Space.  The Expansion Notice shall set forth the terms and conditions on which Landlord is prepared to lease the Expansion Space to Tenant.  The rental terms for the Expansion Space shall be the fair market rent, including market concessions (collectively, “Expansion Space FMR/Concessions”) as mutually determined by Landlord and Tenant, and the Expansion Notice shall set forth Landlord’s proposed Expansion Space FMR/Concessions.  Tenant shall respond to the Expansion Notice within 10 business days after receipt thereof, which response shall state that Tenant (1) declines to lease the Expansion Space, (2) agrees to lease the Expansion Space on the terms set forth in the Expansion Notice (including the Expansion Space FMR/Concessions), in which event Landlord and Tenant shall within a period of 15 thereafter days execute and deliver an amendment to this Lease or a lease agreement for the Expansion Space, or (3) desires to lease the Expansion Space but in good faith disagrees with the proposed Expansion Space FMR/Concessions, in which event Landlord and Tenant shall, for a period of up to 15 days, negotiate in good faith for Tenant’s lease of the Expansion Space on mutually acceptable Expansion Space FMR/Concessions.  If Landlord and Tenant are unable to agree on the Expansion Space FMR/Concessions within such 15 day period after negotiating in good faith, the parties shall proceed to arbitration as set forth below.

(1)Expansion Space FMR/Concession Proposal.  Within 10 days after the expiration of such 15 day period, each party shall deliver to the other a proposal containing the Expansion Space FMR/Concessions that the submitting party believes to be correct (“Expansion Space FMR/Concessions Proposal”).  If either party fails to timely submit an Expansion Space FMR/Concessions Proposal, and such failure is not remedied within 3 business days after written notice thereof to such party, the other party’s submitted Expansion Space FMR/Concessions Proposal shall be deemed the Expansion Space FMR/Concessions.  If both parties submit Expansion Space FMR/Concessions Proposals, then Landlord and Tenant shall meet within 7 days after delivery of the last Expansion Space FMR/Concessions Proposal and make a good faith attempt to mutually appoint a single Arbitrator to determine the Expansion Space FMR/Concessions.  If Landlord and Tenant are unable to agree upon a single Arbitrator, then each shall, by written notice delivered to the other within 10 days after the meeting, select an Arbitrator.  If either party fails to timely give notice of its selection for an Arbitrator, and such failure is not remedied within 3 business days after written notice thereof to such party, the other party’s submitted Expansion Space FMR/Concessions Proposal shall be deemed the Expansion Space FMR/Concessions.  The 2 Arbitrators so appointed shall, within 5 business days after their appointment, appoint a third Arbitrator.  If the 2 Arbitrators so selected cannot agree on the selection of the third Arbitrator 

 

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within the time above specified, then either party, on behalf of both parties, may request such appointment of such third Arbitrator by application to any state court of general jurisdiction in the jurisdiction in which the Premises are located, upon 10 days prior written notice to the other party of such intent.

(2)Decision.  The decision of the Arbitrator(s) shall be made within 30 days after the appointment of a single Arbitrator or the third Arbitrator, as applicable.  The decision of the Arbitrator(s) shall be limited solely as to which of the Expansion Space FMR/Concessions Proposals submitted by the parties is closest to the actual Expansion Space FMR/Concessions in such Arbitrator(s)’ good faith professional judgment.  The decision of the single Arbitrator, or the majority or unanimity of the 3 Arbitrator panel, as applicable, shall be final and binding upon the parties.  Each party shall pay the fees and expenses of the Arbitrator appointed by or on behalf of such party (if applicable) and the fees and expenses of the agreed-upon single Arbitrator or the third Arbitrator, as applicable, shall be borne equally by both parties.  Landlord and Tenant shall then execute and deliver a mutually acceptable amendment or lease agreement recognizing the Expansion Space FMR/Concessions, along with the other terms set forth in the Expansion Notice, for the Expansion Space.

Provided that no right to expand is exercised by any tenant with superior rights (as set forth in Exhibit I) and more than 3 years remain on the Term, Tenant shall be entitled to lease the Expansion Space upon the terms and conditions set forth in this Section 40(a).

(b)Expansion in the Project.  Tenant shall have the right, but not the obligation, to expand the Premises (“Project Expansion Right”) to include any Project Expansion Space (as defined below) in the Project upon the terms and conditions in this Section.  For purposes of this Section, “Project Expansion Space” means any space in the Project containing at least 50,000 rentable square feet of contiguous space in Building B that is not occupied by a tenant or that is occupied by an existing tenant whose lease is expiring within 6 months or less and such tenant does not wish to renew (whether or not such tenant has a right to renew) its occupancy of such space.  Landlord shall, when the availability of the Project Expansion Space becomes known (but not earlier than 180 days before such availability), deliver to Tenant written notice (“Project Expansion Notice”) of the Project Expansion Space.  The Project Expansion Notice shall set forth the terms and conditions on which Landlord is prepared to lease the Project Expansion Space.  The rental terms for the Project Expansion Space shall be the fair market rent, including market concessions (collectively, “Project Expansion Space FMR/Concessions”) as mutually determined by Landlord and Tenant, and the Project Expansion Notice shall set forth Landlord’s proposed Project Expansion Space FMR/Concessions.  Tenant shall respond to the Project Expansion Notice within 10 business days after receipt thereof, which response shall state that Tenant (1) declines to lease the Project Expansion Space, (2) agrees to lease the Project Expansion Space on the terms set forth in the Project Expansion Notice (including the Project Expansion Space FMR/Concessions), in which event Landlord and Tenant shall within a period of 15 days thereafter execute and deliver an amendment to this Lease or a lease agreement for the Project Expansion Space, or (3) desires to lease the Project Expansion Space but in good faith disagrees with the proposed Project Expansion Space FMR/Concessions, in which event Landlord and Tenant shall, for a period of up to 15 days, negotiate in good faith for Tenant’s lease of the Project Expansion Space on mutually acceptable Project Expansion Space FMR/Concessions.  If Landlord and Tenant are unable to agree on the Project Expansion Space FMR/Concessions within such 15 day period after negotiating in good faith, the parties shall proceed to arbitration as set forth below.

(1)Project Expansion Space FMR/Concession Proposal.  Within 10 days after the expiration of such 15 day period, each party shall deliver to the other a proposal containing the Project Expansion Space FMR/Concessions that the submitting party believes to be correct (“Project Expansion Space FMR/Concessions Proposal”).  If either party fails to timely submit a Project Expansion Space FMR/Concessions Proposal, and such failure is not remedied within 3 business days after written notice thereof to such party, the other party’s submitted Project Expansion Space FMR/Concessions Proposal shall be deemed the Project Expansion Space FMR/Concessions.  If both parties submit Project Expansion Space FMR/Concessions Proposals, then Landlord and Tenant shall meet within 7 days after delivery of 

 

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the last Project Expansion Space FMR/Concessions Proposal and make a good faith attempt to mutually appoint a single Arbitrator to determine the Project Expansion Space FMR/Concessions.  If Landlord and Tenant are unable to agree upon a single Arbitrator, then each shall, by written notice delivered to the other within 10 days after the meeting, select an Arbitrator.  If either party fails to timely give notice of its selection for an Arbitrator, and such failure is not remedied within 3 business days after written notice thereof to such party, the other party’s submitted Project Expansion Space FMR/Concessions Proposal shall be deemed the Project Expansion Space FMR/Concessions.  The 2 Arbitrators so appointed shall, within 5 business days after their appointment, appoint a third Arbitrator.  If the 2 Arbitrators so selected cannot agree on the selection of the third Arbitrator within the time above specified, then either party, on behalf of both parties, may request such appointment of such third Arbitrator by application to any state court of general jurisdiction in the jurisdiction in which the Premises are located, upon 10 days prior written notice to the other party of such intent.

(2)Decision.  The decision of the Arbitrator(s) shall be made within 30 days after the appointment of a single Arbitrator or the third Arbitrator, as applicable.  The decision of the Arbitrator(s) shall be limited solely as to which of the Project Expansion Space FMR/Concessions Proposals submitted by the parties is closest to the actual Project Expansion Space FMR/Concessions in such Arbitrator(s)’ good faith professional judgment.  The decision of the single Arbitrator, or the majority or unanimity of the 3 Arbitrator panel, as applicable, shall be final and binding upon the parties.  Each party shall pay the fees and expenses of the Arbitrator appointed by or on behalf of such party (if applicable) and the fees and expenses of the agreed-upon single Arbitrator or the third Arbitrator, as applicable, shall be borne equally by both parties.  Landlord and Tenant shall then execute and deliver a mutually acceptable amendment or a lease agreement recognizing the Project Expansion Space FMR/Concessions, along with the other terms set forth in the Project Expansion Notice, for the Project Expansion Space.

Provided that no right to expand is exercised by any tenant with superior rights (as set forth in Exhibit I) and more than 3 years remain on the Term, Tenant shall be entitled to lease the Project Expansion Space upon the terms and conditions set forth in this Section 40(b).

(c)Amended Lease.  If Tenant fails to deliver notice responding to an Expansion Notice or a Project Expansion Notice as provided herein within 10 business days following such tender, Tenant shall be deemed to have waived its right to lease the Expansion Space or Project Expansion Space, as applicable, described in such Expansion Notice or Project Expansion Notice.  Landlord and Tenant shall execute and deliver a lease amendment or lease agreement for the Expansion Space or Project Expansion Space within the 30 day period from the date Tenant gives notice accepting Landlord’s offer to lease the Expansion Space or Project Expansion Space.  Both Landlord and Tenant shall exercise diligence to ensure that such lease amendment or lease agreement is timely executed and delivered.

(d)Exceptions.  Notwithstanding the above, the Expansion Right and Project Expansion Right shall not be in effect and may not be exercised by Tenant:  (i) during any period of time that Tenant is in Default under any provision of this Lease; or (ii) if Tenant has been in Default under any provision of this Lease 3 or more times, regardless of whether the Defaults are cured, during the 12 month period prior to the date on which Tenant seeks to exercise the Expansion Right or Project Expansion Right.

(e)Termination.  The Expansion Right or Project Expansion Right (as applicable) shall terminate and be of no further force or effect even after Tenant’s due and timely exercise of the Expansion Right or Project Expansion Right (as applicable), if, after such exercise, but prior to the commencement date of the lease of the Expansion Space or Project Expansion Space (as applicable), (i) Tenant is in Default under any provision of this Lease; or (ii) Tenant has Defaulted 3 or more times during the period from the date of the exercise of the Expansion Right or Project Expansion Right (as applicable) to the date of the commencement of the lease of the Available Space or Project Expansion Space (as applicable), regardless of whether such Defaults are cured.

 

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(f)Subordinate.  Tenant’s rights in connection with the Expansion Right and Project Expansion Right (as applicable) are and shall be subject to and subordinate to any expansion or extension rights granted in the Project as set forth in Exhibit I.

(g)Rights Personal.  The Expansion Right and Project Expansion Right are personal to RegenXBio Inc. and are not assignable without Landlord’s consent, which may be granted or withheld in Landlord’s sole discretion separate and apart from any consent by Landlord to an assignment of Tenant’s interest in this Lease, except that they shall automatically be assigned without Landlord’s consent in connection with any assignment of this Lease that is a Permitted Transfer.

(h)No Extensions.  The period of time within which any Expansion Right or Project Expansion Right (as applicable) may be exercised shall not be extended or enlarged by reason of Tenant’s inability to exercise the Expansion Right or Project Expansion Right (as applicable).

41.Hold Space Option.  As long as Tenant is not in Default, Landlord shall not market the balance of the leaseable space on the first floor of the Building (“Hold Space”) to prospective tenants for the period between the Commencement Date and June 1, 2019.  The provisions of this Section shall not apply, however, to any space on the first floor for the On Site Food Service (unless Landlord is not then operating and does not intend to operate the On Site Food Service) or Landlord’s management office.  If not later than June 1, 2019, Tenant notifies Landlord that Tenant wishes to the lease the Hold Space as of a date specified in such notice (but not later than June 1, 2019), the Hold Space shall be added to the Premises effective as of such specified commencement date and for the remainder of the Base Term (subject to the Extension Right set forth in Section 42) and otherwise upon the same terms, rent, and leasing concessions as provided to Tenant for the leasing of the Initial Premises, including an abatement of Base Rent for a period of 12 months from the commencement of the leasing of the Hold Space, and a tenant improvement allowance in the amount equal to $110 per rentable square foot of the Hold Space.

42.Right to Extend Term.  Tenant shall have the right to extend the Term of this Lease upon the following terms and conditions:

(a)Extension Rights.  Tenant shall have 2 consecutive rights (each, an “Extension Right”) to extend the term of this Lease for 5 years each (each, an “Extension Term”) on the same terms and conditions as this Lease (other than Base Rent and the TI Allowance (as defined in Exhibit C-2 attached hereto)) by giving Landlord written notice of its election to exercise each Extension Right at least 12 months prior, and no earlier than 18 months prior, to the expiration of the Base Term of this Lease or the expiration of any prior Extension Term.  Within 30 days after Landlord’s receipt of Tenant’s exercise notice with respect to an Extension Right, Landlord shall provide Tenant with its written good faith determination of the Market Rate (including Base Rent, annual escalations thereof, and tenant improvement allowance) for the applicable Extension Term.

(b)Market Rate.  Upon the commencement of any Extension Term, Base Rent and tenant improvement allowance shall be payable at the Market Rate (as defined below).  Base Rent shall thereafter be adjusted on each anniversary of the commencement of such Extension Term by a percentage as determined at the time the Market Rate is determined.  As used herein, “Market Rate” shall mean the then market base rental rate for comparable space for a comparable term in comparable buildings in the Rockville/Gaithersburg, Maryland market and annual escalations thereof, taking into account the existence and amount of any tenant improvement allowance or any other cash payment or other equivalent concession, including, without limitation, moving allowances, lease takeover allowances (or where a lease assumption is applicable, the value thereof), and any other comparable tenant inducement and market concession.

 

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(c)Arbitration—Generally.  If, on or before the date that is 150 days before the expiration of the Base Term of this Lease, or the expiration of any prior Extension Term, Tenant has not agreed with Landlord’s initial determination of the Market Rate (including Base Rent, annual escalations thereof, and tenant improvement allowance) during such subsequent Extension Term after negotiating in good faith, Tenant may by written notice to Landlord not later than 120 days prior to the expiration of the Base Term of this Lease, or the expiration of any then effective Extension Term, elect arbitration as described in Section 42(d).  If Tenant does not timely elect such arbitration, Tenant shall be deemed to have agreed to the Market Rate as most recently proposed to Tenant in writing by Landlord.

(d)Arbitration—Process.

(1)Extension Proposal.  Within 10 days of Tenant’s notice to Landlord of its election to arbitrate Market Rate (including Base Rent, annual escalations thereof, and tenant improvement allowance), each party shall deliver to the other a proposal containing the Market Rate (including Base Rent, annual escalations thereof, and tenant improvement allowance) that the submitting party believes in good faith to be correct (“Extension Proposal”).  If either party fails to timely submit an Extension Proposal, and such failure is not remedied within 3 business days after written notice thereof to such party, the other party’s submitted proposal shall determine the Base Rent, annual escalations thereof, and tenant improvement allowance for the Extension Term.  If both parties submit Extension Proposals, then Landlord and Tenant shall meet within 7 days after delivery of the last Extension Proposal and make a good faith attempt to mutually appoint a single Arbitrator to determine the Market Rate (including Base Rent, annual escalations thereof, and tenant improvement allowance).  If Landlord and Tenant are unable to agree upon a single Arbitrator, then each shall, by written notice delivered to the other within 10 days after the meeting, select an Arbitrator.  If either party fails to timely give notice of its selection for an Arbitrator, and such failure is not remedied within 3 business days after written notice thereof to such party, the other party’s submitted proposal shall determine the Base Rent, annual escalations thereof, and tenant improvement allowance for the Extension Term.  The 2 Arbitrators so appointed shall, within 5 business days after their appointment, appoint a third Arbitrator.  If the 2 Arbitrators so selected cannot agree on the selection of the third Arbitrator within the time above specified, then either party, on behalf of both parties, may request such appointment of such third Arbitrator by application to any state court of general jurisdiction in the jurisdiction in which the Premises are located, upon 10 days prior written notice to the other party of such intent.

(2)Decision.  The decision of the Arbitrator(s) shall be made within 30 days after the appointment of a single Arbitrator or the third Arbitrator, as applicable.  The decision of the Arbitrator(s) shall be limited solely as to which of the Market Rent proposals submitted by the parties is closest to the actual Market Rent for the Extension Term in such Arbitrator(s)’ good faith professional judgment.  The decision of the single Arbitrator, or the majority or unanimity of the 3 Arbitrator panel, as applicable, shall be final and binding upon the parties.  Each party shall pay the fees and expenses of the Arbitrator appointed by or on behalf of such party (if applicable) and the fees and expenses of the agreed-upon single Arbitrator or the third Arbitrator, as applicable, shall be borne equally by both parties.  If the Market Rate (including Base Rent, annual escalations thereof, and tenant improvement allowance) are not determined by the first day of the Extension Term, then Tenant shall pay Landlord Base Rent in an amount equal to the Base Rent in effect immediately before the Extension Term and increased by the Rent Adjustment Percentage until such determination is made.  After the determination of the Market Rate (including Base Rent, annual escalations thereof, and tenant improvement allowance), the parties shall make any necessary adjustments to such payments made by Tenant.  Landlord and Tenant shall then execute and deliver a mutually acceptable amendment recognizing the Market Rate (including Base Rent, annual escalations thereof, and tenant improvement allowance) for the Extension Term.

(e)Rights Personal.  Extension Rights are personal to REGENXBIO, Inc. and are not assignable without Landlord’s consent, which may be granted or withheld in Landlord’s sole discretion separate and apart from any consent by Landlord to an assignment of Tenant’s interest in this Lease, except 

 

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that they may be assigned without Landlord’s consent in connection with any assignment of this Lease that is a Permitted Transfer.

(f)Exceptions.  Notwithstanding anything set forth above to the contrary, Extension Rights shall not be in effect and Tenant may not exercise any of the Extension Rights:  (i) during any period of time that Tenant is in Default under any provision of this Lease; or (ii) if Tenant has been in Default under any provision of this Lease 3 or more times, whether or not the Defaults are cured, during the 12 month period immediately prior to the date that Tenant intends to exercise an Extension Right, regardless of whether the Defaults are cured.

(g)No Extensions.  The period of time within which any Extension Rights may be exercised shall not be extended or enlarged by reason of Tenant’s inability to exercise the Extension Rights.

(h)Termination.  The Extension Rights shall terminate and be of no further force or effect even after Tenant’s due and timely exercise of an Extension Right, if, after such exercise, but prior to the commencement date of an Extension Term, (i) Tenant is in Default under any provision of this Lease; or (ii) Tenant has Defaulted 3 or more times during the period from the date of the exercise of an Extension Right to the date of the commencement of the Extension Term, regardless of whether such Defaults are cured.

43.Right of First Offer to Purchase Building.  

(a)General.  If at any time during the Term of this Lease, Landlord shall desire to sell fee simple title to the Building to a third party as one parcel (either by a separately recorded parcel of land or by a condominium regime), Landlord shall first offer the Building to Tenant (“Right of First Offer”) by delivering to Tenant a written notice specifying the Basic Sale Terms (as defined below) upon which Landlord desires to sell the Building (“Sale Notice”).  For a period of 30 days after Tenant’s receipt of the Sale Notice, Landlord and Tenant shall negotiate in good faith the terms and conditions of the sale as set forth in the Sale Notice and such other terms and conditions acceptable to Landlord and Tenant.  If Landlord and Tenant do not execute and deliver a binding contract of sale for the Building by the expiration of such 30-day negotiation period, then Landlord shall be free to sell the Building to a third-party upon terms and conditions acceptable to Landlord, except as provided in Section 43(d) below.

(b)No Right if Default, Assignment, or Sublet.  Tenant shall not have a Right of First Offer if, at the time Landlord delivers the Sale Notice to Tenant, Tenant is in Default under any provision of this Lease.  The Right of First Offer is personal to RegenXBio, Inc. and is not assignable without Landlord’s consent, which consent may be granted or withheld in Landlord’s sole discretion separate and apart from any consent by Landlord to an assignment of Tenant’s interest in this Lease, except that the Right of First Offer shall automatically be assigned without Landlord’s consent in connection with any assignment of this Lease that is a Permitted Transfer.

(c)Certain Transfers Excluded.  The Right of First Offer shall not apply to the following (collectively, “Excluded Transfers”):  (i) any sale/leaseback transaction; (ii) any sale or transfer of the Building or Project to an entity in which Landlord or a Landlord Affiliate (as defined below) has a controlling interest; (iii) any transfer without consideration, (iv) any sale of the Project as a whole, (v) any condemnation or eminent domain action or proceeding affecting all or any part of the Building by any governmental or quasi‐governmental authority for any public or quasi‐public use or purpose, including a sale thereof under threat of such a taking, (vi) any foreclosure proceeding or sale or any sale in lieu of a foreclosure affecting the Building, or (vii) any portfolio transaction that includes at least one other real estate asset consisting of a commercial building or land capable of accommodating a new commercial building.  For purposes of this Lease, (A) “Landlord Affiliate” means, with respect to Landlord, any person or entity Controlling, Controlled by, or under common Control with Landlord, and (B) “Control” (and any form thereof, such as “Controlled” or “Controlling”) means with respect to any person or entity the possession directly or indirectly, through 

 

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one or more intermediaries, of the power to:  (1) vote more than 50% of the voting stock of such person or entity; or (2) direct or cause the direction of the management or policies of such person or entity, whether through the ownership of voting securities, membership interests, partnership interests, by contract, or otherwise.

(d)Revival of Right of First Offer.  If after Tenant either rejects the Right of First Offer or does not timely exercise the Right of First Offer and Landlord desires to offer the Building for sale at a purchase price that is less than 95% of the purchase price stated in the Basic Sale Terms, then Landlord must first give Tenant a new notice of its Right of First Offer to purchase the Building in accordance with the procedures set forth in this Section 43.  If after Tenant timely exercises the Right of First Offer, Landlord and Tenant fail to execute and deliver a binding contract of sale for the Building by the expiration of the 30-day negotiation period described in Section 43(a) above, and Landlord is willing to sell the Building to a third-party at a purchase price that is less than 95% of the best written purchase price offer made by Tenant and delivered to Landlord during such 30-day negotiation period, then Landlord must first give Tenant a new notice of its Right of First Offer to purchase the Building in accordance with the procedures set forth in this Section 43.  If Tenant either rejects the Right of First Offer or does not timely exercise the Right of First Offer, or if after Tenant timely exercises the Right of First Offer, Landlord and Tenant fail to execute and deliver a binding contract of sale for the Building by the expiration of the 30-day negotiation period described in Section 43(a) above, and within a period of 180 days thereafter Landlord fails to enter into a binding contract of sale for the Building to a third party, then Landlord must first give Tenant a new notice of its Right of First Offer to purchase the Building in accordance with the procedures set forth in this Section 43. 

(e)Right of First Offer Terminates After Sale to Third Party.  Upon any sale of the Building (other than a sale described in Section 43(c)(i), (iii), (iv), (vi), or (vii) that includes the Building) to a third-party and subject to Landlord’s compliance with the terms of this Section, the Right of First Offer shall forever terminate.

(f)Definition.  For purposes of this Lease, “Basic Sale Terms” means the purchase price, terms of payment of the purchase price, financing contingencies, if any, closing date, and any other terms Landlord desires to include in the Sale Notice to Tenant.

(g)Termination of Lease.  This Lease shall terminate upon transfer of fee title to the Building by a special warranty deed to Tenant pursuant to this Section.

44.Termination Option. Notwithstanding anything to the contrary contained herein, Tenant shall have a one-time option to terminate this Lease (“Termination Option”) in accordance with the following terms and conditions:

(a)Tenant Gives Notice.  If Tenant desires to exercise the Termination Option, Tenant shall give Landlord irrevocable written notice (“Termination Notice”) of Tenant’s exercise of the Termination Option.  The Termination Notice must be deemed given to Landlord no later than the date that is 12 months before the Termination Date.  Time is of the essence with respect to giving of the Termination Notice and all other deadlines in this Section.

 

(b)Termination Date.  If Tenant gives the Termination Notice and complies with all the provisions in this Section, this Lease shall terminate at midnight at the end of the 120th full calendar month after the 4th Floor Rent Commencement Date (“Termination Date”).

 

(c)Termination Fee.  For the Termination Notice to be effective, Tenant shall pay 50% of the Termination Fee (as defined below) to Landlord in certified funds concurrently with the delivery of the Termination Notice to Landlord.  Tenant shall pay the remaining 50% of the Termination Fee to Landlord in certified funds at least 30 days before the Termination Date.  For purposes of this Section, “Termination 

 

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Fee” means an amount equal to the aggregate of (i) the unamortized amount, as of the Termination Date, of the TI Allowance (as defined in the Tenant Work Letter), the Base Rent Abatement, the leasing commissions paid by Landlord in connection with this Lease (which amounts shall be amortized over the Base Term on a straight-line basis over the Base Term with interest at 5% per annum), and (ii) an amount equal to the sum of 4 months of the then amount of Base Rent and Tenant’s Share of Operating Expenses.  The amount of the Termination Fee shall be calculated by Landlord and provided to Tenant in reasonably detailed written form within 30 days after Tenant’s written request therefor.

 

(d)Tenant’s Obligation Survives Termination.  With respect to this Section, Tenant’s obligations to pay Rent and Additional Rent under this Lease, and to perform all other Lease obligations for the period up to and including the Termination Date, shall survive the termination of this Lease.

 

(e)Landlord May Cancel and Void Termination if Tenant in Default.  Notwithstanding the foregoing provisions of this Section, if Tenant shall exercise the Termination Option (in accordance with clause (a) above) when it is in Default more than one time in any calendar year, then Landlord may elect, but is not obligated, to cancel and declare null and void Tenant’s exercise of the Termination Option and this Lease shall continue in full force and effect for the full Term unaffected by Tenant’s exercise of the Termination Option.  If Landlord does not cancel Tenant’s exercise of the Termination Option after such Default, Tenant shall cure any Default within the period of time specified in this Lease and this obligation shall survive the Termination Date.

 

(f)Tenant Shall Surrender Space by Termination Date.  If Tenant exercises the Termination Option, Tenant shall surrender full and complete possession of the Premises to Landlord on the Termination Date vacant, broom-clean, in good order and condition, subject to Tenant Improvements, any Alterations or Installations permitted by this Lease upon surrender to remain in the Premises, and ordinary wear and tear, loss due to casualty and condemnation, damage that Landlord is obligated to repair or restore, and Landlord’s legal compliance obligations under this Lease, excepted, and in accordance with the provisions of this Lease (including, but not limited to, Section 28), and thereafter the Premises shall be free and clear of all leases, tenancies, and rights of occupancy of any entity claiming by, through, or under Tenant.

 

(g)Failure to Surrender Makes Tenant a Holdover.  If Tenant shall fail to deliver possession of the Premises on or before the Termination Date in accordance with the terms hereof, Tenant shall be deemed to be a holdover tenant from and after the Termination Date, and in such event, Tenant shall be subject to the provisions of Section 8 relating to holdover tenancies.

 

(h)Lease Ceases After Termination.  If Tenant properly and timely exercises the Termination Option and properly and timely satisfies all other monetary and non-monetary obligations under this Lease, this Lease shall cease and expire on the Termination Date with the same force and effect as if the Termination Date were the date originally provided in this Lease as the expiration date of the Term.

 

45.Termination Right for Lease and License Agreement at 9712-9714 Medical Center Drive.  As of the Commencement Date, Tenant leases space in the buildings located at 9712-9714 Medical Center Drive, Rockville, Maryland, pursuant to (a) a Lease dated March 6, 2015, as amended (“MCD Lease”), between ARE-Maryland No. 45, LLC, a Delaware limited liability company, an affiliate of Landlord and successor in interest to BMR-Medical Center Drive, LLC (“MCD Landlord”), and Tenant, and (b) a Space License Agreement dated February 22, 2016, as amended (“MCD License”), between MCD Landlord and Tenant.  As long as Tenant is not in Default under this Lease or the MCD Lease, Tenant shall have the right to terminate the MCD Lease and MCD License without fee or penalty by delivering written notice of termination to Landlord (“MCD Termination Notice”).  Tenant shall specify the termination date in the MCD Termination Notice (which termination date shall be at least 6 months after the date of the MCD Termination Notice and not earlier than the Lease Commencement Date).  The MCD Lease and MCD License shall terminate on such termination date as if such termination date were the expiration date of the 

 

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MCD Lease and MCD License, Tenant shall return to MCD Landlord the space leased or licensed pursuant to the MCD Lease and MCD License, respectively, in accordance with the applicable terms and conditions of the MCD Lease and MCD License, and Landlord shall refund to Tenant the Security Deposit, the Suite 1114 Additional Security Deposit and the Suite 1214 Additional Security Deposit (as such terms are defined in the MCD Lease), in accordance with the applicable terms and conditions of the MCD Lease.

46.Roof Equipment.  As long as Tenant is not in Default, Tenant shall have the right at its sole cost and expense, subject to compliance with all Legal Requirements, to install on the roof of the Building (in Tenant’s Share of the space available therefor on the roof), and throughout the Term, operate, maintain, repair, replace, and remove, (i) one or more satellite dishes, communication antennae, or other communications equipment (all of which having a diameter and height reasonably acceptable to Landlord) for the transmission or reception of communication of signals as Tenant may from time to time desire, and (ii) equipment for any supplemental HVAC systems installed by or on behalf of Tenant and providing service to the Premises, as may be approved by Landlord as part of the Tenant Improvements or any subsequent Alterations (collectively, the “Roof Equipment”), on the following terms and conditions:

(a)Requirements.  Tenant shall submit to Landlord (i) the plans and specifications for the installation of the Roof Equipment (which may be part of the plans and specifications for the Tenant Improvements or any subsequent Alterations), (ii) copies of all required governmental and quasi-governmental permits, licenses, and authorizations that Tenant will and must obtain at its own expense, with the cooperation of Landlord, if necessary for the installation and operation of the Roof Equipment, and (iii) an insurance policy or certificate of insurance evidencing insurance coverage as required by this Lease and any other insurance as reasonably required by Landlord for the installation and operation of the Roof Equipment, which such other insurance shall be consistent with that typically required by landlords of comparable buildings in the vicinity of the Project.  Landlord shall not unreasonably withhold or delay its approval for the installation and operation of the Roof Equipment; provided, however, that Landlord may reasonably withhold its approval if the installation or operation of the Roof Equipment (A) is reasonably likely to damage the structural integrity of the Building, (B) is reasonably likely to void, terminate, or invalidate any applicable roof warranty, (C) is reasonably likely to interfere with any service provided by Landlord or with the existing satellite dishes, communication antennae, or other communications equipment of any other tenant of the Building, (D) is not reasonably screened from viewing from the ground level adjacent to the Building.  

(b)No Damage to Roof.  If installation of the Roof Equipment requires Tenant to make any roof cuts or perform any other roofing work, such cuts shall only be made in the manner reasonably designated in writing by Landlord; and any such installation work (including any roof cuts or other roofing work) shall be performed by Tenant, at Tenant’s sole cost and expense by a roofing contractor designated by Landlord and reasonably acceptable to Tenant.  If Tenant or its agents shall otherwise cause any damage to the roof during the installation, operation, and removal of the Roof Equipment such damage shall be repaired promptly at Tenant’s expense and the roof shall be restored to the same condition it was in before the damage, reasonable wear and tear excepted.  Landlord shall not charge Tenant Additional Rent for the installation and use of the Roof Equipment.  If, however, Landlord’s insurance premium or Tax assessment increases solely as a result of the Roof Equipment, Tenant shall pay such increase as Additional Rent within 30 days after receipt of a reasonably detailed invoice from Landlord.  Tenant shall not be entitled to any abatement or reduction in the amount of Rent payable under this Lease if for any reason Tenant is unable to use the Roof Equipment.  In no event whatsoever shall the installation, operation, maintenance, or removal of the Roof Equipment by Tenant or its agents void, terminate, or invalidate any applicable roof warranty.

(c)Protection.  The installation, operation, maintenance, and removal of the Roof Equipment shall be at Tenant’s sole risk.  Tenant shall indemnify, defend, and hold Landlord harmless from and against any and all claims, costs, damages, liabilities and expenses (including, but not limited to, reasonable attorneys’ fees) of every kind and description that may arise out of or be connected in any way 

 

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with Tenant’s installation, operation, maintenance, or removal of the Roof Equipment, except to the extent caused by the willful misconduct or gross negligence of Landlord or its employees.

(d)Removal.  At the expiration or earlier termination of this Lease or the permanent discontinuance of the use of the Roof Equipment by Tenant, Tenant shall, at its sole cost and expense, remove the Roof Equipment from the roof of the Building, in which event Tenant shall leave the portion of the roof where the Roof Equipment was located in the same condition it was in before the installation thereof, reasonable wear and tear excepted.  If Tenant does not so remove the Roof Equipment, Tenant hereby authorizes Landlord to remove and dispose of the Roof Equipment and charge Tenant as Additional Rent for all reasonable out-of-pocket costs and expenses incurred by Landlord in such removal and disposal.  Tenant agrees that Landlord shall not be liable for any Roof Equipment disposed of or removed by Landlord.

(e)No Interference.  The Roof Equipment shall not interfere (other than in a de minimus manner) with the proper functioning of any telecommunications equipment or devices that have been installed or will be installed by Landlord or for any other tenant or future tenant of the Building.  Tenant acknowledges that other tenant(s) may have approval rights over the installation and operation of telecommunications equipment and devices on or about the roof, and that Tenant’s right to install and operate the Roof Equipment is subject and subordinate to the rights of such other tenants that install roof equipment before Tenant installs any Roof Equipment.  Tenant agrees that Landlord and any other tenant of the Building that currently has or in the future takes possession of any portion of the Building will be permitted to install such telecommunication equipment that is of a type and frequency that will not interfere (other than in a de minimus manner) with the Roof Equipment.

(f)Relocation.  Landlord shall have the right, at its expense and after 60 days’ prior notice to Tenant, to relocate the Roof Equipment to another site on the roof of the Building as long as such site reasonably meets Tenant’s sight line and interference requirements and does not unreasonably interfere with Tenant’s use and operation of the Roof Equipment.

(g)Access.  The right of Tenant to install, operate, maintain, repair, replace, and remove the Roof Equipment shall be personal solely to RegenXBio Inc. and its permitted assignees and subtenants, and (i) no other person or entity shall have any right to use or operate the Roof Equipment, and (ii) Tenant shall not assign, convey, or otherwise transfer to any person or entity any right, title, or interest in all or any portion of the Roof Equipment or the use and operation thereof, except that the right of Tenant to install, operate, maintain, repair, replace, and remove the Roof Equipment shall be automatically assigned without Landlord’s consent in connection with any assignment of this Lease that is a Permitted Transfer.

(h)Appearance.  The Roof Equipment shall be reasonably screened from viewing from the ground level adjacent to the Building.

47.Miscellaneous.

(a)Notices.  All notices or other communications between the parties shall be in writing and shall be deemed duly given upon delivery or refusal to accept delivery by the addressee thereof if delivered in person, or upon actual receipt if delivered by reputable overnight guaranty courier, addressed and sent to the parties at their addresses set forth above.  Landlord and Tenant may from time to time by written notice to the other designate another address for receipt of future notices.

(b)Joint and Several Liability.  If and when included within the term “Tenant,” as used in this instrument, there is more than one person or entity, each shall be jointly and severally liable for the obligations of Tenant.

 

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(c)Financial Information.  If at any time during the Term of this Lease, Tenant is in Default under Section 20(a), or Landlord reasonably is concerned with the financial condition of Tenant, then in any such event Tenant shall furnish Landlord, from time to time, upon Landlord's written request (but no more than twice per calendar year), Tenant's most recent year-end unconsolidated financial statements reflecting Tenant's current financial condition audited by a nationally recognized accounting firm.  This subsection shall not apply during any period that Tenant is publicly traded on a recognized national stock exchange or trading system in the United States such as the New York Stock Exchange or NASDAQ.

(d)Recordation.  Neither this Lease nor a memorandum of lease shall be filed by or on behalf of Tenant in any public record, but Tenant shall have the right at its expense to file a copy of this Lease or a memorandum thereof with the U.S. Securities and Exchange Commission if required to do so by applicable Legal Requirement.  Landlord may prepare and file, and upon request by Landlord Tenant will execute, a memorandum of lease, provided no rent or other economic information is included therein.

(e)Interpretation.  The normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Lease or any exhibits or amendments hereto.  Words of any gender used in this Lease shall be held and construed to include any other gender, and words in the singular number shall be held to include the plural, unless the context otherwise requires.  The captions inserted in this Lease are for convenience only and in no way define, limit or otherwise describe the scope or intent of this Lease, or any provision hereof, or in any way affect the interpretation of this Lease.

(f)Not Binding Until Executed.  The submission by Landlord to Tenant of this Lease shall have no binding force or effect, shall not constitute an option for the leasing of the Premises, nor confer any right or impose any obligations upon either party until execution of this Lease by both parties.

(g)Limitations on Interest.  It is expressly the intent of Landlord and Tenant at all times to comply with applicable law governing the maximum rate or amount of any interest payable on or in connection with this Lease.  If applicable law is ever judicially interpreted so as to render usurious any interest called for under this Lease, or contracted for, charged, taken, reserved, or received with respect to this Lease, then it is Landlord’s and Tenant’s express intent that all excess amounts theretofore collected by Landlord be credited on the applicable obligation (or, if the obligation has been or would thereby be paid in full, refunded to Tenant), and the provisions of this Lease immediately shall be deemed reformed and the amounts thereafter collectible hereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder.

(h)Choice of Law.  Construction and interpretation of this Lease shall be governed by the internal laws of the state in which the Premises are located, excluding any principles of conflicts of laws.

(i)Time.  Time is of the essence as to the performance of Landlord’s and Tenant’s obligations under this Lease.

(j)OFAC.  Tenant and Landlord are currently (i) in compliance with and shall at all times during the Term of this Lease remain in compliance with the regulations of the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of Treasury and any statute, executive order, or regulation relating thereto (collectively, the “OFAC Rules”), (ii) not listed on, and shall not during the Term of this Lease be listed on, the Specially Designated Nationals and Blocked Persons List, Foreign Sanctions Evaders List, or the Sectoral Sanctions Identifications List, which are all maintained by OFAC and/or on any other similar list maintained by OFAC or other governmental authority pursuant to any authorizing statute, executive order, or regulation, and (iii) not a person or entity with whom a U.S. person is prohibited from conducting business under the OFAC Rules.

 

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(k)Incorporation by Reference.  All exhibits and addenda attached hereto are hereby incorporated into this Lease and made a part hereof.  Except as otherwise provided in Section 26, if there is any conflict between such exhibits or addenda and the terms of this Lease, such exhibits or addenda shall control.

(l)No Accord and Satisfaction.  No payment by Tenant or receipt by Landlord of a lesser amount than the monthly installment of Base Rent or any Additional Rent will be other than on account of the earliest stipulated Base Rent and Additional Rent, nor will any endorsement or statement on any check or letter accompanying a check for payment of any Base Rent or Additional Rent be an accord and satisfaction.  Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance of such Rent or to pursue any other remedy provided in this Lease.

(m)Confidentiality.  Except as otherwise provided in this Lease, the terms and conditions of this Lease shall be kept confidential by Landlord and Tenant and not disclosed to third-parties without the prior written consent of the other party.

(1)By Landlord.  Notwithstanding the confidentiality provisions herein, Landlord may disclose the existence and/or contents of this Lease:  (A) as and only to the extent required by Legal Requirements or in response to a request by a Governmental Authority; (B) as necessary to (I) manage its investment in the Building or Project or (II) seek input, advice, or guidance from existing or prospective professional advisors, including, without limitation, analysts, investors, tax preparers, bank personnel, brokers, business advisors, legal advisors, lenders, and financial advisors; (C) as necessary to manage and enforce the terms of this Lease, (D) if the information is already a matter of public record or generally known to the public, or (E) as otherwise reasonably necessary in the course of operations of the property or business of Landlord and its affiliates, including, without limitation, capital formation.

(2)By Tenant.  Notwithstanding the confidentiality provisions herein, Tenant may disclose the existence and/or contents of this Lease:  (A) as and only to the extent required by Legal Requirements or in response to a request by a Governmental Authority; (B) as necessary to seek input, advice, or guidance from existing or prospective professional advisors, including, without limitation, tax preparers, bank personnel, brokers, business advisors, legal advisors, lenders, accountants, auditors, and financial advisors; (C) as necessary to manage and enforce the terms of this Lease (including, without limitation, Tenant’s audit rights hereunder), (D) as necessary for any potential or actual transaction with Tenant’s actual or prospective lenders, purchasers, sellers, equipment lessors, joint venturers, assignees or subtenants, and their respective professional advisors (provided such parties are advised of the provisions of this Section 47(m) and agree to abide by them), or (E) if the information is already a matter of public record or generally known to the public.

(n)Counterparts/Electronic Signatures.  This Lease may be executed in 2 or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature process complying with the U.S. federal ESIGN Act of 2000) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.  Electronic signatures shall be deemed original signatures for purposes of this Lease and all matters related thereto, with such electronic signatures having the same legal effect as original signatures.

(o)Hazardous Activities.  Notwithstanding any other provision of this Lease, Landlord, for itself and its employees, agents and contractors, reserves the right to refuse to perform any repairs or services in any portion of the Premises that, pursuant to Tenant’s routine safety guidelines, practices or custom or prudent industry practices, require any form of protective clothing or equipment other than safety glasses.  In any such case, Tenant shall contract with parties who are acceptable to Landlord, in Landlord’s 

 

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reasonable discretion, for all such repairs and services, and Landlord shall, to the extent required, equitably adjust Tenant’s Share of Operating Expenses in respect of such repairs or services to reflect that Landlord is not providing such repairs or services to Tenant.

(p)LEED; Fitwel.  Tenant acknowledges that Landlord may, but shall not be obligated to, seek to obtain Leadership in Energy and Environmental Design (LEED), LEED Silver, or other similar “green” certification for the Project and/or the Premises, such as a Fitwel certification.  Tenant agrees to reasonably cooperate with Landlord, at no material out-of-pocket cost to Tenant (other than Tenant’s Share of Operating Expenses), and to provide such non-confidential and non-proprietary information and/or documentation as Landlord may reasonably request, in connection therewith.

(q)No Conflicts or Consent.  To Landlord’s Knowledge, (i) Landlord’s execution and delivery of this Lease will not conflict with or result in any violation of any provision of any contract or other agreement or instrument to which Landlord is a party, or (ii) no consent, approval, order, permit or authorization of, or registration, filing or declaration with, any court, administrative agency or commission or other Governmental Authority, is required to be obtained or made in connection with the execution and delivery of this Lease by Landlord.  For purposes of this Lease, “Landlord’s Knowledge” means the current actual knowledge of Lawrence J. Diamond, the co-chief operating officer of Alexandria Real Estate Equities, Inc., an affiliate of Landlord.  Mr. Diamond shall have no personal liability whatsoever under this Lease or otherwise.

(r)Attorneys’ Fees.  If any action is brought by either party against the other party, relating to or arising out of this Lease or the enforcement hereof, the prevailing party shall be entitled to recover from the other party reasonable attorneys’ fees, costs and expenses incurred in connection with the prosecution or defense of such action.  For purposes of this Lease, (i) the term “attorneys’ fees” or “attorneys’ fees and costs” shall mean the fees and expenses of counsel to the parties hereto, which may include printing, photostating, duplicating and other expenses, air freight charges, and fees billed for law clerks, paralegals and other persons not admitted to the bar but performing services under the supervision of an attorney, and the costs and fees incurred in connection with the enforcement or collection of any judgment obtained in any such proceeding, and (ii) a party shall be considered the “prevailing party” to the extent that (1) such party initiated the litigation and substantially obtained the relief which it sought (whether by judgment, voluntary agreement or action of the other party, trial or alternative dispute resolution process), (2) such party did not initiate the litigation and did not receive judgment in its favor, but the party receiving the judgment did not substantially obtain the relief that it sought, or (3) the other party to the litigation withdrew its claim or action without having substantially received the relief which it was seeking.  The provisions of this Section shall survive the entry of any judgment, and shall not merge, or be deemed to have merged, into any judgment.

 

[ Signatures on next page ]

 

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IN WITNESS WHEREOF, Landlord and Tenant have executed this Lease under seal as of the day and year first above written.

 

			
	
TENANT:
	
 
	
 

	
 
	
 
	
 

	
REGENXBIO INC.,

	
a Delaware corporation

 

			
	
By:
	
/s/ Kenneth Mills
	
(SEAL)

	
Name:
	
Kenneth Mills
	
 

	
Title:
	
President & CEO
	
 

 

	
	
LANDLORD:

	
 

	
ARE-MARYLAND NO. 24, LLC,

	
a Delaware limited liability company

	
 

 

			
	
By:
	
 
	
ALEXANDRIA REAL ESTATE EQUITIES, L.P.,

	
 
	
 
	
a Delaware limited partnership,

	
 
	
 
	
managing member

 

			
	
By:
	
 
	
ARE-QRS CORP.,

	
 
	
 
	
a Maryland corporation,

	
 
	
 
	
general partner

 

			
	
By:
	
/s/ Jackie Clem
	
(SEAL)

	
Name:
	
Jackie Clem
	
 

	
Title:
	
Senior Vice President
	
 

	
 
	
RE Legal Affairs
	
 

 

 

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JOINDER BY MCD LANDLORD

 

The undersigned, ARE-Maryland No. 45, LLC, a Delaware limited liability company, hereby joins in the execution of the foregoing Lease Agreement solely for the purpose of agreeing to and being bound by the provisions of Section 45 thereof.

 

			
	
MCD LANDLORD:
	
 
	
 

	
 
	
 
	
 

	
ARE-Maryland No. 45, LLC, 

	
a Delaware limited liability company

 

			
	
By:
	
 
	
Alexandria Real Estate Equities, L.P.,

	
 
	
 
	
a Delaware limited partnership, 

	
 
	
 
	
managing member

 

			
	
By:
	
 
	
ARE-QRS CORP.,

	
 
	
 
	
a Maryland corporation, 

	
 
	
 
	
general partner

 

			
	
By:
	
/s/ Jackie Clem
	
(SEAL)

	
Name:
	
Jackie Clem
	
 

	
Title:
	
Senior Vice President
	
 

	
 
	
RE Legal Affairs
	
 

 

 

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EXHIBIT A TO LEASE

DESCRIPTION OF PREMISES

 

 

 

 

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EXHIBIT A-1 TO LEASE

DRAWING SHOWING OUTDOOR PLAZA

 

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EXHIBIT B TO LEASE

DESCRIPTION OF PROJECT

 

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EXHIBIT C-1 TO LEASE 
LANDLORD WORK LETTER

WORK LETTER

THIS WORK LETTER for base building dated November ___, 2018 (this “Work Letter”) is made and entered into by and between ARE-MARYLAND NO. 24, LLC, a Delaware limited liability company (“Landlord”), and REGENXBIO, INC., a Delaware corporation, and is attached to and made a part of the Lease Agreement dated November __, 2018 (“Lease”), by and between Landlord and Tenant.  Any initially capitalized terms used but not defined herein shall have the meanings given them in the Lease.

	
1.
	
General Requirements.

a.Tenant’s Authorized Representative.  Tenant designates Jerome Jackson, Vit Vasista, and Patrick Christmas (any such individual acting alone, “Tenant’s Representative”) as the only persons authorized to act for Tenant pursuant to this Work Letter.  Landlord shall not be obligated to respond to or act upon any request, approval, inquiry or other communication (“Communication”) from or on behalf of Tenant in connection with this Work Letter unless such Communication is in writing from Tenant’s Representative.  Tenant may change any Tenant’s Representative at any time upon not less than 5 business days advance written notice to Landlord.  Neither Tenant nor Tenant’s Representative shall be authorized to direct Landlord’s contractors in the performance of the Base Building Work (as defined below).

b.Landlord’s Authorized Representative.  Landlord designates Lawrence J. Diamond, Edward J. Rose, and William DePippo (any such individual acting alone, “Landlord’s Representative”) as the only persons authorized to act for Landlord pursuant to this Work Letter.  Tenant shall not be obligated to respond to or act upon any request, approval, inquiry or other Communication from or on behalf of Landlord in connection with this Work Letter unless such Communication is in writing from Landlord’s Representative.  Landlord may change any Landlord’s Representative at any time upon not less than 5 business days advance written notice to Tenant.  Landlord’s Representative shall be the sole persons authorized to direct Landlord’s contractors in the performance of the Base Building Work.

c.Architects, Consultants and Contractors.  Landlord and Tenant hereby acknowledge and agree that:  (i) the general contractor and any subcontractors for the Base Building Work shall be selected by Landlord, subject to Tenant’s approval, which approval shall not be unreasonably withheld, conditioned, or delayed, and (ii) Gaudreau, Inc. shall be the architect (“Base Building Architect”) for the Base Building Work.  Tenant hereby approves The Whiting-Turner Contracting Company (“General Contractor”) as the general contractor for the Base Building Work.

	
2.
	
Work to Be Performed by Landlord.

a.Base Building Work Defined.  As used in this Work Letter, “Base Building Work” means the construction of the fixed and permanent improvements constituting the core and shell of the Building and core Building service components (excluding any service components and the construction of any internal stair(s) between the floors comprising the Premises constituting Tenant Improvements [as defined in the Work Letter attached to the Lease as Exhibit C-2 (“Tenant Work Letter”)]), all substantially in accordance with the Basis of Design Report dated June 15, 2017 prepared by Jennerik Engineering, Inc. and attached hereto as Attachment 1 (“Basis of Design Report”), the Final Base Building Design Drawings (as defined in Section 2.b. below), and the Final Base Building Construction Drawings (as defined in Section 2.c. below).

 

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b.Base Building Design Drawings.  Landlord shall cause the Base Building Architect to deliver to Tenant the schematic drawings, outline specifications, and material selections (“Initial Base Building Design Drawings”) detailing Landlord’s requirements for the Base Building Work by no later than the date set forth in the Base Building Construction Schedule (as defined in Section 2.g below).  The Initial Base Building Design Drawings shall be prepared in accordance and consistent with the Basis of Design Report.  Not more than 15 business days thereafter, Tenant shall deliver to Landlord the written questions or comments of Tenant with regard to the Initial Base Building Design Drawings.  Such questions or comments, if any, shall include a reasonably clear articulation of Tenant’s core competencies and operational needs specific to the Premises to the extent not set forth in the Basis of Design Report.  In response to those comments that Landlord Reasonably Agrees to Accommodate (as defined below), Landlord shall cause the Base Building Architect to revise the Initial Base Building Design Drawings and shall resubmit the revised Initial Base Building Design Drawings to Tenant for review and comment within 10 days thereafter.  Tenant shall then have 5 business days within which to deliver to Landlord written comments detailing the reason(s) why the revisions do not satisfy the requirements set forth in this paragraph.  The foregoing process shall be repeated until Landlord addresses Tenant’s comments, but the Initial Base Building Design Drawings must be finalized by no later than the date set forth in the Base Building Construction Schedule in order for the Base Building Work to be Substantially Complete by the Target Commencement Date (as defined in the Lease).  Any delay in finalizing the Initial Base Building Design Drawings by the date set forth in the Base Building Construction Schedule because of Tenant’s failure to timely comply with the response deadlines set forth in the review and comment process described in this paragraph shall constitute a Tenant Delay (as defined in Section 3.d below).  The Initial Base Building Design Drawings as so revised are hereinafter referred to as the “Final Base Building Design Drawings”.

	
 
	
i.
	
For purposes of this Work Letter, “Reasonably Agrees to Accommodate” means that Landlord shall use reasonable efforts to accommodate Tenant’s requested changes as long as such changes (A) do not materially increase Landlord’s cost to construct the Base Building Improvements (unless Tenant agrees to either to pay such increased cost or that the TI Allowance (as defined in the Tenant Work Letter) shall be reduced by the amount of such increased cost), (B) do not materially adversely affect the design of  the core and shell of the Building such that the Building will not be able to accommodate future generic laboratory use, (C) solely concern finishes and appearance as long as such finishes and appearance are consistent with the quality and compatible with the overall design of the Project, and (D) do not cause or result in a cumulative delay of more than 120 days (i.e., cumulative delays caused or resulting from the review and comment process described in Sections 2.b and 2.c and any non-Material Changes set forth in Section 2.e) in the Substantial Completion of the Base Building Work by the Target Commencement Date.

c.Base Building Construction Drawings.  Not later than 75 days after the completion of the Final Base Building Design Drawings, Landlord shall cause the Base Building Architect to prepare and deliver to Tenant for review and comment construction plans, specifications, and drawings for the Base Building Work (“Initial Base Building Construction Drawings”).  The Initial Base Building Construction Drawings shall be prepared in accordance and consistent with the Final Base Building Design Drawings.  Tenant shall deliver its written comments on the Initial Base Building Construction Drawings to Landlord not later than 15 business days after Tenant’s receipt of the same.  Tenant’s comments shall be limited to those matters that are inconsistent with the Final Base Building Design Drawings.  Landlord shall evaluate Tenant’s comments, if any, and modify the Initial Base Building Construction Drawings so that that the design reflected in the Initial Base Building Construction Drawings is consistent with the Final Base Building Design Drawings.  Landlord shall cause the Base Building Architect to revise the Initial Base Building Construction Drawings and shall resubmit the revised Initial Base Building Construction Drawings to Tenant for review and comment within 10 days thereafter.  Tenant shall then have 5 days within which to deliver to Landlord written comments detailing the reason(s) why the revisions do not satisfy the requirements set forth in this paragraph.  The foregoing process will be repeated until Landlord addresses Tenant’s comments, but the Initial Base Building Construction Drawings must be finalized by no later than the date set forth in the Base 

 

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Building Construction Schedule in order for the Base Building Work to be Substantially Complete by the Target Commencement Date.  Any delay in finalizing the Initial Base Building Construction Drawings by the date set forth in the Base Building Construction Schedule because of Tenant’s failure to timely comply with the response deadlines set forth in the review and comment process described in this paragraph shall constitute a Tenant Delay.  The Initial Base Building Construction Drawings as so revised (and as modified by any Change Request approved by Landlord pursuant to Section 2.e below) are referred to in this Work Letter as the “Final Base Building Construction Drawings.”  The Final Base Building Construction Drawings shall govern the construction of the Base Building Work subject to any Change Request submitted by Tenant.  Subject to the provisions of Section 2.d below, Landlord shall not modify the Final Base Building Construction Drawings except as may be reasonably required and permitted hereunder in connection with the issuance of the Building Permit (as defined in Section 2.f below). 

d.Scope.  Other than the Base Building Work, Landlord shall not have any obligation whatsoever for the finishing of the Building.  Landlord shall have the right to make modifications to the Base Building Work, at Landlord’s sole cost, as may be necessitated from time to time by Legal Requirements; provided, however, that without Tenant’s written consent as specified herein, Landlord shall not make any Landlord Requested Modifications (as defined below) to the Base Building Work.  For purposes of this Work Letter, “Landlord Requested Modifications” means modifications, other than as may be necessitated from time to time by Legal Requirements, that result in material and adverse change to or impact on (i) the mechanical, electrical, HVAC, or plumbing (“MEP”) systems or utilities in or serving the Premises, (ii) access to, clearances of, or usable space within the Premises, (iii) the overall design, configuration, and/or appearance of the Building, the Common Areas, and/or the Premises, (iii) the quality of the materials used in the Base Building Work, or (iv) Tenant’s use of the Premises for the Permitted Use, including Tenant’s core competencies and/or operational needs as set forth in the Basis of Design Report.  Tenant’s consent shall not be unreasonably withheld, delayed, or conditioned as to Landlord Requested Modifications described in clauses (i), (ii), and/or (iii) of the foregoing definition thereof but may be withheld or conditioned in Tenant’s sole and absolute discretion as to Landlord Requested Modifications described in clause (iv) of such definition.

e.Changes.  Any changes requested by Tenant to the Base Building Work (including those that are inconsistent with the Final Base Building Construction Drawings) shall be requested and instituted in accordance with the provisions of this Section 2.e and shall be subject to the written approval of Landlord.  Landlord’s approval shall be granted or withheld in its reasonable discretion if such requested changes are not Material Changes (as defined below).  If such requested changes are Material Changes, Landlord’s approval may be granted or withheld in Landlord’s sole discretion.  As used herein, a “Material Change” shall mean any change to the Base Building Work (except as may be required to comply with any applicable Legal Requirements) that, together with all prior approved Changes or concurrently proposed Changes, would result in (1) a cumulative increase in the cost of the Base Building Work in excess of $2,000,000 or (2) cumulative delays in completing the Base Building Work in excess of 60 days.  In no event shall Landlord be required to agree to any Material Changes.

	
 
	
i.
	
If Tenant shall request changes to the Base Building Work (“Change”), Tenant shall request the Change by notifying Landlord in writing (“Change Request”).  The Change Request shall detail the nature and extent of the Change and shall be signed by Tenant’s Representative.  Landlord shall review, advise Tenant in writing of any additional cost payable by Tenant and/or Tenant Delay from implementing such requested Change, and approve or disapprove the Change Request within 5 business days thereafter (or such additional time, not to exceed an additional 3 business days, as may be reasonably required for such review so long as Landlord notifies Tenant of such additional required time prior to the end of the original 5-business-day period), provided that Landlord's approval shall not be unreasonably withheld or conditioned for Changes to the Base Building Work except if the Change Request would result in or constitute a Material Change or materially conflict with the provisions of Section 2.i below.  If Landlord fails to 

 

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approve or disapprove a Change Request within such 5 business day (or longer) period, the Change Request shall be deemed approved by Landlord.  The Change Request shall state in all capital letters in bold font the following (or a substantially similar statement):  “LANDLORD’S FAILURE TO RESPOND WITHIN 5 BUSINESS DAYS AFTER RECEIPT OF THIS CHANGE REQUEST SHALL CONSTITUTE LANDLORD’S APPROVAL OF THE CHANGE REQUEST,” and shall be sent to the recipients identified below in accordance with the notice provisions in the Lease:

 

			
	
ARE-Maryland No. 24, LLC

c/o Alexandria Real Estate Equities, Inc.

385 E. Colorado Blvd., Suite 299

Pasadena, CA  91101

Attention:  Corporate Secretary
	
Mr. Lawrence J. Diamond

Co-Chief Operating Officer

Regional Market Director- Maryland

Alexandria Real Estate Equities, Inc.

946 Clopper Road

Gaithersburg, MD  20878
	
Kevin L. Shepherd, Esquire

Venable LLP

Suite 900

750 East Pratt Street

Baltimore, MD  21202

Within 3 business days after Tenant’s receipt of Landlord’s written advice of any additional cost payable by Tenant and/or Tenant Delay from implementing such requested Change approved by Landlord, Tenant may, by written notice to Landlord, withdraw the Change Request in question.  In case of a Material Change or a Change that conflicts with the provisions of Section 2.i below, Landlord may withhold its approval to the Change Request in Landlord's sole discretion.  Any delay in the completion of the Base Building Work caused by a Change Request (including any Change Request withdrawn by Tenant after approval thereof by Landlord), including any reasonably required suspension of the Base Building Work while any such Change is being evaluated and/or designed, shall constitute a Tenant Delay.

	
 
	
ii.
	
Except as provided in Section 2.e.i above, in no event shall Landlord be required to implement any modifications to the Base Building Work or the Final Base Building Construction Drawings, including, without limitation, any modifications that would result in a delay to the Base Building Construction Schedule.  Tenant shall be solely responsible for all costs and expenses incurred by Landlord to modify the Base Building Work (including, without limitation, Changes of any work thereon then in progress or completed), the Final Base Building Construction Drawings, or the Final Base Building Design Drawings as a result of any Change Requests.  Any delay in the Base Building Construction Schedule to the extent arising from any Changes to the Final Base Building Construction Drawings requested by Tenant as set forth in this Work Letter (including, without limitation, any resultant Changes as may be required to the Final Base Building Design Drawings, the Final Base Building Construction Drawings, and/or any suspension of the Base Building Work while any such Changes are being evaluated, designed, and/or constructed) shall constitute a Tenant Delay.  To the extent that completion of the Base Building Work shall have been actually delayed, any delay by Tenant in reviewing, revising, or approving plans and specifications beyond the periods set forth herein shall constitute a Tenant Delay.  If Tenant approves in writing the cost or savings and the estimated extension in the time for completion of the Base Building Work, if any, Landlord shall promptly cause the approved Change to be implemented.  Notwithstanding any approval or disapproval by Tenant of any estimate of the delay caused by such proposed Change, the Base Building Architect’s reasonable and good faith determination of the actual amount of Tenant Delay in connection with the Change shall be binding on Landlord and Tenant.

 

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f.Commencement of Base Building Work.  Landlord shall commence construction of the Base Building Work from and after the Commencement Date upon obtaining a building permit (“Building Permit”) authorizing the construction of the Base Building Work consistent with the Final Base Building Construction Drawings.  If any Governmental Authority having jurisdiction over the construction of the Base Building Work or any portion thereof shall impose terms or conditions on the construction thereof that:  (i) are materially inconsistent with Landlord’s obligations hereunder, (ii) materially increase the cost of constructing the Base Building Work, or (iii) will materially delay the construction of the Base Building Work, Landlord may seek means by which to mitigate or eliminate any such adverse terms and conditions, so long as such mitigation or elimination (or the seeking thereof) shall not materially delay the Substantial Completion of the Base Building Work or result in any Landlord Requested Modifications (other than as may be necessitated by Legal Requirements).

g.Schedule for Base Building Work.  The Base Building Construction Schedule is attached as Rider 1 to this Work Letter (“Base Building Construction Schedule”).  The Base Building Construction Schedule contains certain assumptions on which it is based.  If the actual conditions or circumstances deviate from such assumptions, Landlord may from time to time reasonably adjust the Base Building Work Schedule in a manner consistent with such deviation and shall promptly notify Tenant of any material adjustment, provided that such adjustment does not change the Target Commencement Date.

h.No Material Delay.  Landlord has advised Tenant that it is critically important to Landlord’s business operations that the Base Building Work be Substantially Completed by the Target Commencement Date and that delays, if any, in achieving that objective not be material.  Accordingly, notwithstanding any contrary provision contained in this Work Letter, Tenant specifically acknowledges that in no event whatsoever shall the review and comment processes described in Sections 2.b and 2.c and any request for non-Material Changes set forth in Section 2.e cause or result in a cumulative delay in the Substantial Completion of the Base Building Work of more than 120 days beyond the Target Commencement Date.

i.Performance and Substantial Completion of Base Building Work.  Promptly after the date of the Final Base Building Construction Drawings, Landlord shall (i) obtain the Building Permit and (ii) Substantially Complete, or cause to be Substantially Completed (as such terms are defined in this section), the Base Building Work in a good and workmanlike manner, at Landlord’s sole cost and expense (except as otherwise provided herein), in compliance with all applicable Legal Requirements (as defined in the Lease), and in accordance with the Final Base Building Construction Drawings subject to Minor Variations (as defined below) and normal punch list items of a non-material nature that do not interfere with Tenant’s lawful, safe, and secure access to and occupancy and use of the Premises for the performance of the Tenant Improvements (as defined in the Tenant Work Letter), on or before the Target Commencement Date, i.e., the target date for Substantial Completion of the Base Building Work as set forth in the Base Building Construction Schedule.  The Target Commencement Date shall be extended on a day-for-day basis for each day of any and all delays due to Force Majeure (“Force Majeure Delays”) and Tenant Delays.  As soon as reasonably possible after the date of Substantial Completion, Landlord’s Authorized Representative and Tenant’s Authorized Representative shall jointly inspect the Base Building Work and prepare a punchlist.  The punchlist shall list: incomplete, minor, or insubstantial details of construction; necessary mechanical adjustments; and needed finishing touches.  Landlord shall promptly undertake and diligently complete, or cause to be completed, all punchlist items, and shall use reasonable efforts to complete, or cause to be completed, all punchlist items within 30 days after the creation of the punchlist.  Upon such completion, Landlord’s Authorized Representative shall notify Tenant’s Authorized Representative thereof, and such parties shall, as soon as reasonably possible thereafter, jointly re-inspect the Base Building Work to confirm such completion and, if needed, prepare a punchlist of any items remaining to be completed (which Landlord shall promptly undertake and diligently complete, or cause to be completed).  For the purpose of this Work Letter, (A) “Substantial Completion of the Base Building Work” means the date on which all of the following shall have occurred:  (1) execution of a Certificate of Substantial Completion by the Base Building Architect and general contractor for the Base Building Work 

 

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in the form of the American Institute of Architects document G704, (2) the issuance of a temporary certificate of occupancy for the Base Building Work by the applicable Governmental Authority, and (3) the date on which the elevators and lobby are substantially complete and available to serve the Premises, so that safe and secure access is available through the lobby of the Building to the elevators, and the lobby and elevator finishes are substantially complete.  Completion of punch list items for elevator finishes and lobby finishes shall not be required for Substantial Completion of the Base Building Work, provided that Landlord shall use all diligent efforts to complete the same within 60 days after Substantial Completion of the Tenant Improvements, and (B) “Minor Variations” means any modifications reasonably required:  (1) to comply with all applicable Legal Requirements and/or to obtain or to comply with any required permit (including the Building Permit); (2) to comply with any Change Request approved or deemed approved by Landlord; or (3)  to make reasonable adjustments for field deviations or conditions encountered during the construction of Base Building Work or to comport with good design, engineering, and construction practices provided in each case no Landlord Requested Modifications are made.   

	
3.
	
Performance of Base Building Work.

a.Selection of Materials.  Where more than one type of material or equipment are denoted as options on the Final Base Building Construction Drawings, the option to be used will be selected by Landlord at Landlord’s sole and absolute subjective discretion.  As to all building materials and equipment that Landlord is obligated to supply under this Work Letter where the Final Base Building Construction Drawings do not specify the manufacturer, Landlord shall select the manufacturer thereof in its sole and absolute subjective discretion.

b.Delivery of Premises.  

	
 
	
i.
	
Turnover Condition.  When the Base Building Work is in Turnover Condition (as defined below), subject to the remaining terms and provisions of this Section 3, Tenant shall have access to the Premises for the performance of portions of the Tenant Improvements as provided herein.  Landlord shall continue to work diligently to timely achieve Substantial Completion of the remaining Base Building Work after the Turnover Condition Date (as defined below), which remaining Base Building Work may include that affecting the elevators, permanent power systems, HVAC/MEP systems, and common areas (e.g., restrooms, core areas, and electrical).  For purposes of this Work Letter, (A) “Turnover Condition” means the date on which Landlord notifies Tenant in writing that the Building is in watertight condition and Tenant may (but shall not be obligated to), in the interest of time, enter the Premises to begin the performance of that portion of the Tenant Improvements (as defined in the Tenant Work Letter) consisting of MEP/Fire Protection rough-in work, and (B) “Turnover Condition Date” means the date on which Landlord notifies Tenant that the Base Building Work is in Turnover Condition.  For the avoidance of doubt, the Turnover Condition Date is not synonymous with the Lease Commencement Date, i.e., the date of Substantial Completion of the Base Building Work.  If Tenant so elects to enter upon the Premises on or after the Turnover Condition Date and prior to the date of Substantial Completion of the Base Building Work, Landlord and Tenant shall (and shall cause their respective agents, employees and contractors to) coordinate with each other so as to facilitate and not interfere with their respective work being performed in the Premises during such period.

 

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ii.
	
Substantial Completion.  Tenant’s acceptance of the Premises on the date of Substantial Completion shall not constitute a waiver of:  (i) any warranty with respect to workmanship (including installation of equipment) or material (exclusive of equipment provided directly by manufacturers), (ii) any non-compliance of the Base Building Work with applicable Legal Requirements, or (iii) any claim that the Base Building Work was not completed substantially in accordance with the Final Base Building Construction Drawings (subject to Minor Variations and such other changes as are permitted hereunder) (collectively, a “Construction Defect”).  Tenant shall have one year after Substantial Completion of the Base Building Work within which to notify Landlord of any such Construction Defect discovered by Tenant, and Landlord shall use reasonable efforts to remedy or cause the responsible contractor to remedy any such Construction Defect within 30 days thereafter.  If the applicable contractor, despite Landlord’s reasonable efforts, fails to remedy such Construction Defect within such 30-day period, Landlord shall promptly engage another contractor to perform the corrective work, at Landlord’s sole cost and expense and, at Tenant’s request, Landlord shall cooperate with Tenant should Tenant elect to pursue a claim against the responsible contractor.

c.Warranties.  Landlord shall obtain from the General Contractor a warranty of the Base Building Work against defects in materials and workmanship for a period of 1 year from the Lease Commencement Date.  In addition, Landlord (or the General Contractor on behalf of Landlord) shall obtain from each manufacturer of equipment installed as part of the Base Building Work, a warranty of such equipment for the then-applicable industry-standard warranty period for such equipment.  Tenant shall be entitled to receive the benefit of all construction warranties and manufacturer’s equipment warranties relating to equipment installed in the Premises.  If requested by Tenant, Landlord shall attempt to obtain extended warranties from manufacturers and suppliers of such equipment, but the cost of any such extended warranties shall be borne solely out of the TI Allowance (as defined in the Tenant Work Letter).

d.Lease Commencement Date Delay.  Except as otherwise provided in the Lease, Delivery of the Premises shall occur when the Base Building Work has been Substantially Completed, except to the extent that completion of the Base Building Work shall have been actually delayed by any one or more of the following causes (“Tenant Delay”):

	
 
	
i.
	
Tenant’s Representative was not available to give or receive any Communication or to take any other action required to be taken by Tenant hereunder, including, but not limited to, timely completing and submitting the documentation relating to the plumbing authority (or comparable) permit described in Section 3(a) of the Tenant Work Letter or meeting with Landlord and WSSC personnel as requested pursuant to Section 3(a) of the Tenant Work Letter;

	
 
	
ii.
	
Tenant’s Change Requests whether or not any such Change Requests are actually performed;

	
 
	
iii.
	
Construction of any Changes approved or deemed approved by Landlord;

	
 
	
iv.
	
Tenant’s request for materials, finishes or installations requiring unusually long lead times that are so identified by Landlord to Tenant in writing when the Final Base Building Construction Drawings and/or any Changes specifying same are approved by Landlord;

	
 
	
v.
	
Tenant’s delay in reviewing, revising, or approving plans and specifications beyond the applicable periods set forth herein;

 

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vi.
	
Tenant’s delay in providing information critical to the normal progression of the Building.  Tenant shall provide such information as soon as reasonably possible, but in no event longer than one week after receipt of any request for such information from Landlord;

	
 
	
vii.
	
Tenant’s delay in making payments to Landlord for Excess TI Costs; or

	
 
	
viii.
	
Any other act or omission by Tenant or any Tenant Party (as defined in the Lease), or persons employed by any of such persons.

 

If Delivery is delayed for any of the foregoing reasons, then Landlord shall cause the Base Building Architect to certify the date on which the Base Building Work would have been completed but for such Tenant Delay and shall provide such certification to Tenant by written notice, and such certified date shall be the date of Delivery, subject to Tenant’s right to dispute reasonably in good faith any Tenant Delay claimed by Landlord, by written notice to Landlord given within 30 days after Tenant’s receipt of the Base Building Architect’s certification thereof.

	
4.
	
Tenant Access.

a.Tenant’s Access Rights.  Landlord hereby agrees to permit Tenant, Tenant’s Representatives, and any of Tenant’s architects, engineers, and/or contractors access, at Tenant’s sole risk and expense, to the Building prior to the Turnover Condition Date, to inspect and observe the Base Building Work in process; all such access shall be during normal business hours or at such other times as are reasonably designated or approved by Landlord.  Notwithstanding the foregoing, Tenant, Tenant’s Representatives, and any of Tenant’s architects, engineers, and/or contractors shall have no right to enter onto the Premises or the Building unless and until Tenant shall deliver to Landlord evidence reasonably satisfactory to Landlord demonstrating that any insurance that Landlord may require pursuant to the Lease is in full force and effect.  Any entry by Tenant, Tenant’s Representatives, and any of Tenant’s architects, engineers, and/or contractors shall comply with all reasonable and established safety practices of Landlord’s contractor and Landlord until completion of the Base Building Work and acceptance thereof by Tenant.

b.No Interference.  Neither Tenant nor any Tenant Party shall interfere with the performance of the Base Building Work, nor with any inspections or issuance of final approvals by applicable Governmental Authorities, and upon any such interference, Landlord shall have the right to exclude Tenant and any Tenant Party from the Premises and the Project until the Turnover Condition Date.

c.No Acceptance of Premises.  The fact that Tenant may enter into the Project on and after the Turnover Condition Date for the purpose of performing the Tenant Improvements shall not be deemed an acceptance by Tenant of possession of the Premises or the Delivery of the Premises, but in such event Tenant shall defend with counsel reasonably acceptable by Landlord, indemnify and hold Landlord harmless from and against any loss of or damage to Tenant’s property, completed work, fixtures, equipment, materials or merchandise, and from liability for death of, or injury to, any person, caused by the act or omission of Tenant or any Tenant Party.

	
5.
	
Miscellaneous.

a.Consents.  Whenever consent or approval of either party is required under this Work Letter, that party shall not unreasonably withhold, condition or delay such consent or approval, unless expressly set forth herein to the contrary.

b.Modification.  No modification, waiver or amendment of this Work Letter or of any of its conditions or provisions shall be binding upon Landlord or Tenant unless in writing signed by Landlord and Tenant.

 

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RIDER 1 TO EXHIBIT C-1

Base Building Construction Schedule

 

The Base Building Construction Schedule set forth in the table below is based on the Commencement Date occurring on or before November 1, 2018.  If the Commencement Date occurs after November 1, 2018, the projected dates below shall be automatically extended one day for each day after November 1, 2018 until the Commencement Date occurs.

 

		
	
Milestone Event
	
Projected Date

	
Base Building Design Drawings sent to Tenant for comment

 
	
November 30, 2018

	
Deadline for completing Final Base Building Design Drawings

 
	
December 18, 2018

	
Deadline for completing Final Base Building Construction Drawings 

 
	
March 29, 2019

	
Base Building Permit issued
	
April 30, 2019

 

	
Landlord begins performance of Base Building Work
	
May 31, 2019

 

	
Completion of erection of structural steel for Base Building

 
	
January 31, 2020

	
Turnover Condition Date (i.e., date on which Building is watertight)

 
	
March 31, 2020

 

	
Substantial Completion of Base Building Work
	
June 30, 2020

 

 

 

 

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ATTACHMENT 1

BASIS OF DESIGN REPORT

 

 

 

 

21001083-v13

 

8833 D Belair Rd, Nottingham, MD  21236

PH 410.870.1300    EMAIL info@jennerikinc.com

 

 

 

BASIS OF DESIGN 

REPORT

 

 

 

Speculative Lab/ Office Facility

9800 F Medical Center Drive

Montgomery County, MD

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepared by:  JennERIK Engineering, Inc.

 

Issued For:  Schematic Design

 

Date:  June 15, 2017

 

 

			
	
Alexandria Real Estate Equities, Inc.
	
 
	
Schematic Design Report

	
 
	
 
	
Life Science and Translational Research Center

	
 
	
 
	
Building F and Parking Garage

 

 

Table of Contents

 

					
	
I.
	
 
	
HVAC Performance Criteria
	
 
	
84

	
 
	
 
	
 
	
 
	
 

	
A.
	
 
	
Intent
	
 
	
84

	
 
	
 
	
 
	
 
	
 

	
B.
	
 
	
General Project Description
	
 
	
84

	
 
	
 
	
 
	
 
	
 

	
C.
	
 
	
Codes and Standards
	
 
	
84

	
 
	
 
	
 
	
 
	
 

	
D.
	
 
	
Outdoor Design Parameters
	
 
	
85

	
 
	
 
	
 
	
 
	
 

	
E.
	
 
	
Building Envelope Construction
	
 
	
85

	
 
	
 
	
 
	
 
	
 

	
F.
	
 
	
Air Leakage Test
	
 
	
86

	
 
	
 
	
 
	
 
	
 

	
G.
	
 
	
Redundancy
	
 
	
86

	
 
	
 
	
 
	
 
	
 

	
H.
	
 
	
Indoor Design Criteria
	
 
	
86

	
 
	
 
	
 
	
 
	
 

	
I.
	
 
	
Ventilation Criteria
	
 
	
87

	
 
	
 
	
 
	
 
	
 

	
J.
	
 
	
Occupant Heat Load Criteria
	
 
	
89

	
 
	
 
	
 
	
 
	
 

	
K.
	
 
	
Equipment and Lighting Heat gain criteria
	
 
	
90

	
 
	
 
	
 
	
 
	
 

	
L.
	
 
	
Airside System Design Standards
	
 
	
91

	
 
	
 
	
 
	
 
	
 

	
M.
	
 
	
Hydronic System Design Standards
	
 
	
92

	
 
	
 
	
 
	
 
	
 

	
II.
	
 
	
HVAC System Description
	
 
	
92

	
 
	
 
	
 
	
 
	
 

	
A.
	
 
	
Introduction
	
 
	
92

	
 
	
 
	
 
	
 
	
 

	
B.
	
 
	
Central water source heat pump plant
	
 
	
93

	
 
	
 
	
 
	
 
	
 

	
C.
	
 
	
Air Distribution Systems
	
 
	
94

	
 
	
 
	
 
	
 
	
 

	
D.
	
 
	
Supplemental Areas
	
 
	
95

	
 
	
 
	
 
	
 
	
 

	
E.
	
 
	
Controls
	
 
	
95

	
 
	
 
	
 
	
 
	
 

	
F.
	
 
	
Materials Matrix
	
 
	
96

	
 
	
 
	
 
	
 
	
 

	
III.
	
 
	
HVAC Methods and Materials
	
 
	
97

	
 
	
 
	
 
	
 
	
 

	
A.
	
 
	
General
	
 
	
97

	
 
	
 
	
 
	
 
	
 

	
B.
	
 
	
Materials
	
 
	
98

	
 
	
 
	
 
	
 
	
 

	
C.
	
 
	
Execution
	
 
	
101

	
 
	
 
	
 
	
 
	
 

	
IV.
	
 
	
Plumbing (Domestic) Performance Criteria
	
 
	
102

	
 
	
 
	
 
	
 
	
 

	
A.
	
 
	
Intent
	
 
	
102

	
 
	
 
	
 
	
 
	
 

	
B.
	
 
	
General Project Description
	
 
	
102

	
 
	
 
	
 
	
 
	
 

	
C.
	
 
	
Codes and Standards
	
 
	
102

	
 
	
 
	
 
	
 
	
 

	
D.
	
 
	
Equipment Sizing Criteria
	
 
	
103

 

 

			
	
Alexandria Real Estate Equities, Inc.
	
 
	
Schematic Design Report

	
 
	
 
	
Life Science and Translational Research Center

	
 
	
 
	
Building F and Parking Garage

 

 

					
	
 
	
 
	
 
	
 
	
 

	
V.
	
 
	
Plumbing System Description
	
 
	
103

	
 
	
 
	
 
	
 
	
 

	
A.
	
 
	
Introduction
	
 
	
103

	
 
	
 
	
 
	
 
	
 

	
B.
	
 
	
Domestic Water
	
 
	
104

	
 
	
 
	
 
	
 
	
 

	
C.
	
 
	
Sanitary, lab waste and Vent
	
 
	
105

	
 
	
 
	
 
	
 
	
 

	
D.
	
 
	
Storm Drainage
	
 
	
105

	
 
	
 
	
 
	
 
	
 

	
E.
	
 
	
Natural Gas
	
 
	
106

	
 
	
 
	
 
	
 
	
 

	
F.
	
 
	
Materials Matrix
	
 
	
106

	
 
	
 
	
 
	
 
	
 

	
VI.
	
 
	
Plumbing (Domestic) Methods and Materials
	
 
	
106

	
 
	
 
	
 
	
 
	
 

	
A.
	
 
	
General
	
 
	
106

	
 
	
 
	
 
	
 
	
 

	
B.
	
 
	
Materials
	
 
	
107

	
 
	
 
	
 
	
 
	
 

	
C.
	
 
	
Execution
	
 
	
110

	
 
	
 
	
 
	
 
	
 

	
VII.
	
 
	
Electrical Systems Description
	
 
	
111

	
 
	
 
	
 
	
 
	
 

	
A.
	
 
	
Intent
	
 
	
111

	
 
	
 
	
 
	
 
	
 

	
B.
	
 
	
General Project Desription
	
 
	
111

	
 
	
 
	
 
	
 
	
 

	
C.
	
 
	
Codes and Standards
	
 
	
111

	
 
	
 
	
 
	
 
	
 

	
D.
	
 
	
Project Overview
	
 
	
112

	
 
	
 
	
 
	
 
	
 

	
E.
	
 
	
Power Distribution
	
 
	
112

	
 
	
 
	
 
	
 
	
 

	
F.
	
 
	
Standby Generator (emergency)
	
 
	
113

	
 
	
 
	
 
	
 
	
 

	
G.
	
 
	
Lighting
	
 
	
113

	
 
	
 
	
 
	
 
	
 

	
H.
	
 
	
Fire Alarm System
	
 
	
114

	
 
	
 
	
 
	
 
	
 

	
I.
	
 
	
communication SystemS
	
 
	
114

	
 
	
 
	
 
	
 
	
 

	
J.
	
 
	
Security System
	
 
	
114

 

 

 

 

			
	
Alexandria Real Estate Equities, Inc.
	
 
	
Schematic Design Report

	
 
	
 
	
Life Science and Translational Research Center

	
 
	
 
	
Building F and Parking Garage

 

Basis of Design

 

I.HVAC Performance Criteria

	
 
	
A.
	
Intent

The performance criteria are intended to define the level of performance of the HVAC system. The parameters used herein shall form the basis of the HVAC system design, equipment selection and system sizing.

	
 
	
B.
	
General Project Description

The project includes a new five story shell building including a four level garage as delineated in the architectural package.  The garage is an open design (no mechanical ventilation).

 

The building is planned to accommodate multiple lab/ office tenants with a 50-50 mix of office to lab area. The labs are anticipated to have a moderate level of chemical fume hoods; one 6 feet hood per two lab modules.

 

The project will be LEED certified (Silver minimum). Provide LEED documentation in accordance with the LEED scorecard.

	
 
	
C.
	
Codes and Standards

The engineering calculations are based on the latest recommendations of ASHRAE and good engineering practices consistent with industry practice.

The codes applicable to the design are as follows:

	
 
	
•
	
Montgomery County Code Amendments

	
 
	
•
	
NC LEED Standards – LEED Silver or Gold

	
 
	
•
	
2015 International Building Code 

	
 
	
•
	
2015 International Mechanical Code

	
 
	
•
	
2015 International Plumbing Code 

	
 
	
•
	
2015 International Energy Conservation Code

	
 
	
•
	
2015 International Fire Code with State of Maryland and Montgomery County Amendments

	
 
	
•
	
Latest National Fire Protection Association (NFPA)

	
 
	
•
	
2014 National Electric Code 

 

 

 

			
	
Alexandria Real Estate Equities, Inc.
	
 
	
Schematic Design Report

	
 
	
 
	
Life Science and Translational Research Center

	
 
	
 
	
Building F and Parking Garage

 

Basis of Design

 

The standards applicable to the design are as follows:

	
 
	
•
	
American Society of Heating, Refrigeration and Air Conditioning Engineers (ASHRAE) handbooks

	
 
	
•
	
American Society of Heating, Refrigeration and Air Conditioning Engineers (ASHRAE) 90.1 Energy Standard

	
 
	
•
	
Sheet Metal and Air Conditioning Contractors National Association (SMACNA)

	
 
	
•
	
American Society of Mechanical Engineers (ASME)

	
 
	
D.
	
Outdoor Design Parameters

The following parameters will be used for the HVAC system:

 

					
	
1.
	
 
	
Altitude (above sea level):
	
 
	
154 ft

	
 
	
 
	
 
	
 
	
 

	
2.
	
 
	
Latitude:
	
 
	
39.2 N

	
 
	
 
	
 
	
 
	
 

	
3.
	
 
	
Location:
	
 
	
Rockville, Maryland

	
 
	
 
	
 
	
 
	
 

	
4.
	
 
	
Outside design temperature and humidity conditions
	
 
	
 

	
 
	
 
	
(from 2009 ASHRAE Fundamentals Handbook):
	
 
	
 

 

					
	
Lab and Lab Support Areas
	
 
	
 

	
 
	
 
	
 

	
a)
	
 
	
Cooling dry bulb and coincident wet bulb
	
 
	
94°F DB/78°F WB

	
 
	
 
	
 
	
 
	
 

	
b)
	
 
	
Heating Dry Bulb
	
 
	
10°F DB

	
 
	
 
	
 
	
 
	
 

	
Administrative and Support Areas
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
c)
	
 
	
Cooling dry bulb and coincident wet bulb
	
 
	
92°F DB/75°F WB

	
 
	
 
	
 
	
 
	
 

	
d)
	
 
	
Heating Dry Bulb
	
 
	
13°F DB

 

	
 
	
E.
	
Building Envelope Construction

 

					
	
1.
	
 
	
U Values (Btu/hr-ft2-°F)
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
Walls – METAL FRAMED
	
 
	0.048 (R-13 + R7.5 CI equivalent)
 

	
 
	
 
	
Roof – ABOVE DECK
	
 
	
0.025 (R-40 CI equivalent)

	
 
	
 
	
Glass (double glazed- FIXED)
	
 
	
0.33 max U Value ;

	
 
	
 
	
Skylights (single glazed)
	
 
	
N/A

	
 
	
 
	
 
	
 
	
 

	
2.
	
 
	
Glass Solar Factors (SHGC)
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
Glass
	
 
	
0.34 max

	
 
	
 
	
Skylights
	
 
	
N/A

 

 

			
	
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Schematic Design Report

	
 
	
 
	
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Building F and Parking Garage

 

Basis of Design

 

 

	
 
	
F.
	
Air Leakage Test

The building envelope will undergo a leakage test in accordance with ASTM E779 at a pressure differential of 0.3 inch water gauge with test threshold of a maximum 0.40 CFM/ft2 leakage rate.

	
 
	
G.
	
Redundancy

The outdoor air systems will have partial redundancy via multiple refrigeration circuits and/ or via multiple units manifolded together. Future tenant exhaust systems will also likely include manifolded pairs of exhaust fans.  

The cooling tower will have partial redundancy by way of having two cells.

The condenser water loops (tower open loop and building closed loop) will share a common stand by pump.

The condenser water boilers will include partial redundancy by way of two boilers sized at 2/3 building capacity each.

No other mechanical system redundancy is planned.

	
 
	
H.
	
Indoor Design Criteria

 

					
	
INDOOR DESIGN CONDITIONS

	
Room 
Names or types
	
Indoor Conditions

	
summer
	
winter

	
Temp
	
relaTive humidity
	
temp
	
Relative Humidity

	
Café and Fitness
	
75.0 +/-3.0oF
	
70% max
	
70.0 +/-3.0oF
	
n/a

	
Kitchens
	
80.0 +/-5.0oF
	
75% max
	
70.0 +/-3.0oF
	
n/a

	
Office Areas and Support Areas
	
75.0 +/-3.0oF
	
70% max
	
70.0 +/-3.0oF
	
n/a

	
Lab Areas 
	
72.0 +/-3.0 ̊F
	
60% max

(50% design)
	
72.0 +/-3.0 ̊F
	
n/a

	
Lobbies & Corridors
	
78.0 +/-3.0oF
	
70% max
	
70.0 +/-3.0oF
	
n/a

	
Utility, EMR, and Mechanical Areas
	
80.0 +/-10.0oF
	
n/a
	
65.0 +/-10.0oF
	
n/a

Notes:

	
 
	
1.
	
No relative Humidity (RH) control is provided unless noted otherwise.

	
 
	
2.
	
Where temperature ranges are indicated, the system shall be capable of maintaining the indicated temperature the rooms where thermostats are located.

 

 

			
	
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Schematic Design Report

	
 
	
 
	
Life Science and Translational Research Center

	
 
	
 
	
Building F and Parking Garage

 

Basis of Design

 

	
 
	
3.
	
Where relative humidity (RH) is listed with a maximum and minimum, the system shall be capable of maintaining a relative humidity condition within this range over the entire year.  Dehumidification control is provided for these spaces.  

	
 
	
I.
	
Ventilation Criteria

 

							
	

VENTILATION CRITERIA

	
Room Name
	
Occupancy Type
	
Occupancy Density
	
Minimum Outside Air
	
Exhaust Air

	
 
	
(Per 2015 IMC)
	
(people/1,000 sqft)
	
cfm/person
	
cfm/sqft
	
cfm
	
cfm/sqft

	
Labs 
	
Special
	
Per owner
	
15
	
To meet pressures(0.03 in. w.c design for ORs; 50 CFM across doors for labs)
	
n/a
	
To meet pressures

	
Conference Rm
	
Conference Rm
	
50
	
5
	
0.06
	
n/a
	
n/a

	
Café
	
Dining
	
100
	
7.5
	
0.18
	
n/a
	
n/a

	
Offices
	
Office
	
5
	
5
	
0.06
	
n/a
	
n/a

	
Fitness
	
Health/ Weights
	
10
	
20
	
0.06
	
n/a
	
n/a

	
Break Rm
	
Office
	
5
	
5
	
0.06
	
n/a
	
n/a

	
Lobby 
	
Lobby
	
10
	
5
	
0.06
	
n/a
	
n/a

	
Corridors
	
Corridor
	
n/a
	
n/a
	
0.06
	
n/a
	
n/a

	
Mail Room
	
Office
	
5
	
5
	
0.06
	
n/a
	
n/a

	
Storage Rooms
	
Warehouse
	
n/a
	
n/a
	
0.06
	
n/a
	
n/a

	
Mechanical Room
	
Warehouse
	
n/a
	
n/a
	
0.06
	
n/a
	
n/a

	
Data/I.T. Room
	
Warehouse
	
n/a
	
n/a
	
0.06
	
n/a
	
n/a

	
Telephone Room
	
Warehouse
	
n/a
	
n/a
	
0.06
	
n/a
	
n/a

	
Electrical Room
	
Warehouse
	
n/a
	
n/a
	
0.06
	
n/a
	
 

	
Elevator Machine Room
	
Warehouse
	
n/a
	
n/a
	
0.06
	
n/a
	
n/a

	
Janitor Closet
	
Unassigned
	
n/a
	
n/a
	
n/a
	
75 per mop sink
	
1

	
Restroom
	
Restroom
	
n/a
	
n/a
	
n/a
	
50/70 per fixture
	
2

 

 

			
	
Alexandria Real Estate Equities, Inc.
	
 
	
Schematic Design Report

	
 
	
 
	
Life Science and Translational Research Center

	
 
	
 
	
Building F and Parking Garage

 

Basis of Design

 

							
	

VENTILATION CRITERIA

	
Room Name
	
Occupancy Type
	
Occupancy Density
	
Minimum Outside Air
	
Exhaust Air

	
Parking Garage
	
Enclosed Garage
	
n/a
	
n/a
	
n/a
	
n/a
	
0.75

Notes:

	
 
	
1.
	
Ventilation rates are based upon the 2015 International Mechanical Code.

 

 

 

 

 

			
	
Alexandria Real Estate Equities, Inc.
	
 
	
Schematic Design Report

	
 
	
 
	
Life Science and Translational Research Center

	
 
	
 
	
Building F and Parking Garage

 

Basis of Design

 

	
 
	
J.
	
Occupant Heat Load Criteria

 

			
	

OCCUPANT HEAT GAIN CRITERIA

	
Room Name
	
Activity Level
	
Note

	
Cafe
	
1
	
1

	
Kitchen
	
3
	
1

	
Corridors
	
n/a
	
1

	
Lobby
	
n/a
	
1

	
Fitness
	
5
	
1

	
Mail Room
	
2
	
1

	
Offices
	
2
	
1

	
Common Area
	
2
	
1

	
Lab
	
2
	
1

	
Data/I.T. Room
	
n/a
	
1

	
Electrical Room
	
n/a
	
1

	
Elevator Machine Room
	
n/a
	
1

	
Janitor Closet
	
n/a
	
1

	
Mechanical Room
	
n/a
	
1

	
Toilet Rooms Public
	
n/a
	
1

	
Storage Rooms
	
n/a
	
1

	
Parking Garage
	
n/a
	
1

Notes:

	
 
	
1.
	
Activity level heat gain (btu/h) is defined as follows:

 

											
	
Level
	
 
	
Activity
	
 
	
 
	
 
	
Sensible
	
 
	
Latent

	
1
	
 
	
Seated, very light work
	
 
	
 
	
 
	
245
	
 
	
 
	
 
	
155

	
2
	
 
	
Office work
	
 
	
250
	
 
	
 
	
 
	
200
	
 
	
 

	
3
	
 
	
Sedentary work
	
 
	
 
	
 
	
275
	
 
	
 
	
 
	
275

	
4
	
 
	
Light work
	
 
	
275
	
 
	
 
	
 
	
475
	
 
	
 

	
5
	
 
	
Heavy Work
	
 
	
580
	
 
	
 
	
 
	
870
	
 
	
 

 

 

 

 

 

			
	
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K.
	
Equipment and Lighting Heat gain criteria

 

					
	
EQUIPMENT AND LIGHTING HEAT GAIN CRITERIA

	
Room 
Name
	
Equipment Heat Gain
	
Lighting Heat Gain
(Watts/Ft2)
	
Note

	
Plug Load (Watts/Ft2)
	
Specific Equipment (Watts)

	
Cafe
	
2
	
0
	
1
	
 

	
Labs
	
6
	
n/a
	
1.2
	
 

	
Corridors
	
-
	
n/a
	
1.0
	
 

	
Lobby
	
0.5
	
n/a
	
2.0
	
 

	
Fitness
	
1.0
	
TBD
	
1.5
	
 

	
Mail Room
	
1.0
	
n/a
	
1.5
	
 

	
Offices
	
1.5
	
n/a
	
1.0
	
 

	
Common Area
	
1.0
	
n/a
	
1.5
	
 

	
Data/I.T. Room
	
80 w/sqft
	
n/a
	
1.5
	
1

	
Electrical Room
	
50 W/sqft
	
n/a
	
1.0
	
1

	
Elevator Machine Room
	
6.0
	
n/a
	
1.0
	
1

	
Janitor Closet
	
-
	
n/a
	
1.0
	
 

	
Mechanical Room
	
-
	
TBD
	
1.5
	
 

	
Toilet Rooms Public
	
-
	
n/a
	
1.5
	
 

	
Storage Rooms
	
-
	
n/a
	
1.0
	
 

	
Parking Garage
	
-
	
n/a
	
0.75
	
 

	
 
	
 
	
 
	
 
	
 

Notes:

	
 
	
1.
	
Final cooling load calculations shall be performed using data supplied by the manufacturer of the equipment within the room.  The plug load listed is preliminary to serve as a basis of design.

 

 

 

			
	
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L.
	
Airside System Design Standards

Equipment and terminal units shall be sized using the following criteria:

		
	
Service
	
Maximum velocity (FPM)

	
 
	
 

	
Relief or exhaust air louvers (Free area)
	
750 fpm

	
Outside air intake louvers (Free area)
	
500 fpm

	
Filters (AHU or duct mounted)
	
500 fpm (450 for 100% OA)

	
Heating coils
	
800 fpm

	
Cooling coils
	
550 fpm (450 for 100% OA)

	
Fan outlets
	
1500-3500 fpm

	
 
	
 

 

HVAC ductwork shall be sized using the following maximum velocity criteria:

		
	
System
	
Maximum velocity (FPM)

	
 
	
 

	
Constant volume air systems (CAV) – supply air
	
2000 fpm

	
Variable volume air systems (VAV) – supply air
	
2500 fpm

	
CAV and VAV systems – return air mains
	
1800 fpm

	
 
	
 

 

HVAC ductwork shall be sized using the following maximum friction loss criteria:

		
	
System
	
Friction loss

	
 
	
 

	
VAV supply air mains and risers
	
0.25 inch wc/100 ft

	
CAV supply air mains and risers
	
0.15 inch wc/100 ft

	
CAV return air mains and risers
	
0.1 inch wc/100 ft

	
Supply air duct downstream of VAV box
	
0.1 inch wc/100 ft

 

 

 

 

 

 

 

			
	
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M.
	
Hydronic System Design Standards

Hydronic piping shall be sized using the following criteria:

				
	
HYDRONIC PIPE SIZING TABLE

	
Pipe size

(in)
	
Maximum

flow

(GPM)
	
Maximum

velocity

(FPS)
	
Maximum

pressure drop

(ft wc/100ft pipe)

	
3/4
	
5
	
3.30
	
7.30

	
1
	
8
	
3.10
	
4.60

	
1-1/4
	
15
	
3.80
	
5.00

	
1-1/2
	
23
	
4.60
	
4.00

	
2
	
50
	
5.20
	
5.00

	
2-1/2
	
90
	
6.00
	
6.00

	
3
	
140
	
6.00
	
4.70

	
4
	
320
	
8.00
	
5.70

	
6
	
900
	
10.00
	
5.20

	
8
	
1,600
	
10.00
	
3.80

Notes:

	
 
	
1.
	
Mains sized at up to 15 FPS for variable flow systems based on operating at peak design conditions for less than 2000 hours per year (per ASHRAE).

II.HVAC System Description

	
 
	
A.
	
Introduction

	
 
	
1.
	
The HVAC system is designed to support the entire shell building as delineated in the architectural package. The garage is an open structure; therefore, no HVAC is planned for the garage. The core areas will be entirely fit out. Shell systems will be provided to accommodate the building fit out. Shell systems include a condenser water loop including risers with floor by floor connections to serve tenant heat pumps, central core water source heat pumps (sized for typical office use only) and treated outdoor air systems sized for 50-50 office/ lab fit out. Tenant exhaust air risers are planned but will be installed as part of the future tenant improvement (TI) projects.

	
 
	
2.
	
The HVAC system will consist of a central plant located in a Mechanical Room on the roof level.  This Mechanical Room will house the boilers, pumps, heat exchanger, etc. for the water source heat pump system.  The cooling tower will be located on the roof.  The condenser water piping will be routed from the roof mechanical room to a pair of central risers which will connect the core heat pumps as well as capped valved connections for future tenant heat pump equipment. The condenser loop will also be available for future tenant water cooled lab equipment.  

	
 
	
3.
	
The building will be fit out with a combination of vertical and horizontal water source heat pumps per floor to accommodate the various tenant fit outs in the future. 

 

 

			
	
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4.
	
The lobby will be provided with a fully ducted 5 ton water source heat pump to be located above the first floor ceiling. The unit will also receive outdoor air via the fresh air risers. 

	
 
	
5.
	
The building’s outdoor air will be pre-treated via multiple central 100% outdoor air packaged rooftop units (one unit as marked “office use” will have with a heat recovery section).  The units will be DX cooling and gas fired heat and will be rated to operate with variable air flow. These units will also provide proper building pressurization. Each of the units will be rated for 23,000 CFM. The units will be set up to supply neutral air to the building’s water source heat pumps as well as directly to some spaces such as toilet rooms and corridors. They will also provide shell building temporary freeze protection heating.

	
 
	
6.
	
The tenant areas will be provided with valved and capped condenser water connections for future tenant fit-out water source heat pumps.  

	
 
	
7.
	
Core toilet rooms will be served by the 100% outdoor air systems.

	
 
	
8.
	
Cafe (kitchen) exhaust and make up air is planned to be via a roof mounted exhaust fan and make up air fan to be provided under the future café fit out work.

	
 
	
9.
	
The data rooms will be served by a ceiling mounted exhaust fan for heat removal of computer and switching equipment.

	
 
	
10.
	
The support spaces, including Fitness, Mail, Lobbies, etc..., will be served by horizontal, ceiling mounted water source heat pumps with distribution ductwork and air devices.

	
 
	
11.
	
The building will be provided with a direct digital automatic temperature control system. The system will be an open protocol web based system.

	
 
	
B.
	
Central water source heat pump plant

	
 
	
1.
	
A dual-cell, 600 ton cooling tower will be provided to cool the water source heat pump condenser loop.  The tower shall be roof mounted.  The cooling tower water piping shall be routed from the roof to the roof level main mechanical room.

	
 
	
2.
	
In order to provide heat to the water source heat pump loop, (2) natural gas fired, condensing type auxiliary boilers and pumps will be provided.  Each boiler shall be sized for 1,500 MBH output (each).  

	
 
	
3.
	
The water source heat pump loop shall be provided with a 2000 GPM plate and frame heat exchanger and (3) 2000 GPM base mounted, end suction pumps.

	
 
	
4.
	
Two 8” condenser water risers with a 4” loop and (4) sets of 2 1⁄2” valves at each floor level will be provided.

	
 
	
5.
	
A chemical treatment water system consisting of a corrosion inhibitor and biocides with a conductivity sensor and control panel will be provided for year round automatic cooling tower and water source heat pump condenser loop water treatment.  A side stream solids separator will be provided for the cooling tower loop.

 

 

			
	
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6.
	
Provide vent flue and combustion air intake systems for the auxiliary boiler with sidewall terminations.  Flues and intakes shall be PVC or other material as allowed by the boiler manufacturer.  

	
 
	
C.
	
Air Distribution Systems

	
 
	
1.
	
The entire building will be air-conditioned via water source heat pumps. The fitness center will be a horizontal unit. Tenant fit out will be via new heat pumps to be either floor or above ceiling mounted in the tenant spaces. Each unit shall be a ducted system including supply, return and outdoor air ductwork (where required), air devices, volume dampers, etc... for a complete and operable system.  Console type water source heat pumps shall be provided for entries vestibule.  The heat pumps shall be as manufactured by Mc Quay or approved equal with R-410a refrigerant.  Heat pump sizes shall be as follows:

					
	
Area Served
	
Floor
	
Qty.
	
Tonnage (Each)
	
Type

	
Entry Vestibule
	
First
	
1
	
1.0
	
Console

	
Lobby
	
First
	
1
	
5.0
	
Vertical

	
Fitness
	
First
	
1
	
5.0
	
Horizontal

	
Maintenance
	
First
	
2
	
2
	
Horizontal

	
EMR or shaft
	
1st
	
4
	
2.0
	
Console

 

	
 
	
2.
	
Ventilation for the building will be provided via multiple 100% packaged outdoor air rooftop units (one with wheel type heat recovery section).  The unit will include an exhaust fan section to capture the heat from common exhaust.  Four units each sized for 23,000 CFM shall be provided.

	
 
	
3.
	
Each supply air shaft penetration shall be provided with a combination fire/smoke damper. Exhaust shaft penetrations shall be provided with sub-duct arrangements or with combination fire/ smoke dampers at each penetration.

	
 
	
4.
	
Public toilet rooms shall be provided with a roof mounted centrifugal exhaust fan with associated ductwork, air devices, volume dampers, etc...  Exhaust fans shall be sized for 5,000 CFM.

	
 
	
5.
	
Provide the roof mechanical room with a temperature controlled ventilation system sized for 2,000 CFM.

	
 
	
6.
	
Provide a 1,000 CFM general exhaust system for the loading dock/ maintenance area.

	
 
	
7.
	
Provide (6) horizontally mounted 20 feet throw Air Pear fans in the Fitness Center.

	
 
	
8.
	
Provide each elevator shaft with a 6” round exhaust vent for venting hydraulic machine vent to the outside. 

	
 
	
9.
	
Provide each elevator shaft with a temperature controlled 6 ft2 relief lover with motor operated damper.

 

 

			
	
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10.
	
The building generator will be gas fired and located on grade – no exhaust piping extension is planned.

	
 
	
11.
	
The parking garage shall be open air and therefore will not require mechanical ventilation.  

	
 
	
12.
	
Square supply air devices in common and public areas shall be Titus Model TDC, louvered face with opposed blade dampers.  Air devices shall be steel except in Kitchen and Shower areas where they shall be aluminum.

	
 
	
13.
	
Return air devices in common and public areas shall be Titus Model 350F linear bar type devices with opposed blade dampers.  Exhaust air devices shall be the same except without the opposed blade damper.  Air devices shall be steel except in Shower areas where they shall be aluminum.

	
 
	
D.
	
Supplemental Areas

	
 
	
1.
	
The mechanical, electrical and elevator machine rooms will be conditioned using a water source heat pump located in the areas served for adjacent to the areas served where the equipment cannot be located in the space by Code. 

	
 
	
2.
	
Provide a non-heated air curtain over each loading dock door.

	
 
	
3.
	
Recessed wall and/or ceiling cabinet unit heaters shall be provided at entries, vestibules and in stair towers to offset infiltration heat loss at doors.

	
 
	
E.
	
Controls

	
 
	
1.
	
A direct digital control system (DDC) shall be implemented for the central plant including the cooling tower, pumps, common/public space HVAC equipment and ventilation units.  The DDC system shall include graphics. The main network panel shall be equivalent to an FX80 planned for expansion to include future tenant fit out work. 

	
 
	
2.
	
Common area outdoor air units shall be provided with Bacnet communication cards to communicate to the Bacnet DDC system.  Unit temperature controls shall include discharge air control as well as variable airflow.  

	
 
	
3.
	
Individual ducted water source heat pumps shall be provide with Bacnet communication cards to communicate to the main building Bacnet system. Each system whall be provide with a space temperature sensor.

	
 
	
4.
	
Provide the lobby with a CO2 space monitor to modulate outdoor airflow form the DOAS units to the return side of the heat pump.

	
 
	
5.
	
The ventilation unit control shall include return or exhaust air control as well as discharge air static pressure control.

	
 
	
6.
	
Each individual controller is independent and if it fails or is removed it will not affect the operation of other controllers on the system.

 

 

			
	
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7.
	
Provide two (2) DDC system work stations with graphic software at locations to be directed by the owner. The system will also be required to have a modem or Ethernet connection for off site connection.

	
 
	
8.
	
Provide alarm connections for all common and public space HVAC systems.

	
 
	
9.
	
The air moving system controllers will also be connected to the fire alarm system. The fire alarm system will over ride the BMS control when the fire alarm system goes into alarm.

	
 
	
10.
	
Each water source heat pump serving a common or public space will be provided with a stand alone electronic controller which shall control the fans and the temperature of the space served. The controller will be mounted adjacent to the unit. The controller will also monitor the status of the fans and the temperature of the space.

	
 
	
11.
	
The BMS control system will have the ability to monitor and gather data from the main HVAC systems including the central plant and the ventilation units. The control system can be programmed now or in the future to use this information to save energy through control strategies above and beyond the minimum required to control space temperature.

	
 
	
F.
	
Materials Matrix

 

					
	
System
	
Piping
	
Fittings
	
Isolation valves
	
Check valves

	
Condenser Water
(Over  4”)
	
CUL or Sch 40 Steel
	
Wrought copper -  Propress or Victaulic
	
BA-1 or BF-1
	
CV-1

	
Condenser Water 
(Up to 4”)
	
PVC – Sch 80
	
Sch 40 PVC - Glued
	
BA-1

 
	
CV-2/CV-3

	
Heating hot water
(Up to 4”)
	
CUL
	
Wrought copper -  Propress
	
BA-1
	
CV-1

Notes:

	
 
	
1.
	
For piping, fittings and valve specifications, see section III, HVAC Methods and Materials.

 

			
	
System
	
Ductwork
	
Fittings

	
HVAC supply, return and general exhaust
	
Galvanized sheet metal
	
Galvanized with S&D, TDC or Ductmate joints

Notes:

1.For ductwork and fitting specifications see section III, HVAC Methods and Materials.

 

 

			
	
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III.HVAC Methods and Materials

	
 
	
A.
	
General 

	
 
	
1.
	
The mechanical systems will be designed and installed in accordance with the 2015 International Mechanical Code (IMC) including any state or Montgomery County amendments. 

	
 
	
2.
	
All permits (fees by owner), and inspections will be obtained as required by all legal authorities of work included in these documents. 

	
 
	
3.
	
All materials and equipment will be new and will be installed in accordance with industry standards. 

	
 
	
4.
	
Submittals will be prepared for all materials and equipment indicating performance data, catalog information, installation details, etc.  In addition, some areas will be detailed on shop drawings and used for coordination.  All submittals and shop drawings will be reviewed and approved by the design engineer. 

	
 
	
5.
	
At the completion of the work, one bound set and 2 disks of operations and maintenance manuals will be provided.  These manuals will include equipment performance data, installation details, maintenance and service instructions, parts lists, wiring and controls diagrams. 

	
 
	
6.
	
A set of mechanical drawings will be maintained at the job site during construction.  These drawings will be kept up to date with all changes and deviations and will be used to prepare a set of record drawings, which will be provided at the end of the project. 

	
 
	
7.
	
Coordination will take place with other trades during construction.  Any interferences found due to other trades will be brought to the attention of the general contractor or construction manager. 

	
 
	
8.
	
Upon completion of the work, and at all times (every day) during the installation, rubbish and debris resulting from the scope of this work will be removed to a location on site provided by the general contractor and the area will be left in a neat, clean and acceptable condition. 

	
 
	
9.
	
All equipment and materials furnished and installed under this scope of work will be guaranteed to be free from defects of materials and workmanship for a period of one year after the date of equipment start-up. 

	
 
	
10.
	
Any openings required through structural walls, floors and roofs will be identified on block out drawings and provided to the general contractor. All forming, cutting and framing to these openings will be by the general contractor. 

	
 
	
11.
	
Architectural access doors required in ceilings and walls will be provided and installed by the General Contractor. 

	
 
	
12.
	
Pipe sleeves will be provided where piping passes through walls and floors.  Sleeves will be 18 gauge galvanized steel for walls and steel pipe for floors.  Fire stop will be provided where the floor or walls are fire rated.  Sleeves will be extended 2 inches above the floor in “wet” areas.

 

 

			
	
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B.
	
Materials

	
 
	
1.
	
Supports And Anchors 

	
 
	
(a)
	
Single pipe hangers will be malleable iron or carbon steel, adjustable swivel, split ring for pipe sizes up to 1-1/2 inches and carbon steel, adjustable clevis hangers for pipe sizes 2 inches and over. 

	
 
	
(b)
	
Multiple or trapeze hangers will be unistrut steel channels with unistrut clamps and all-thread hanger rods and double nuts.  Where required, unistrut channels may be replaced with structural steel channels or I-beams to meet structural loading. 

	
 
	
(c)
	
Wall supports will be unistrut bolted to the wall with unistrut pipe clamps for pipe sizes up to 3 inches and welded steel brackets and steel clamps for pipe sizes greater than 4 inches. 

	
 
	
(d)
	
Vertical pipe will be supported with steel riser clamps for steel pipe and copper riser clamps for copper pipe.

	
 
	
(e)
	
Pre-fabricated pipe inserts and shields will be used for pipes sizes over 2 inches. 

	
 
	
(f)
	
Horizontal pipe will be supported with the minimum spacing: 

				
	
Pipe Size (In.)
	
Copper Pipe (Ft.)
	
Steel Pipe (Ft.)
	
Hanger Diameter (In.)

	
1⁄2”
	
6’
	
6’
	
3⁄8”

	
3⁄4” to 1”
	
6’
	
8’
	
3⁄8”

	
1-1⁄2” to 1-1⁄2”
	
6’
	
10’
	
3⁄8”

	
2”
	
10’
	
10’
	
3⁄8”

	
2-1⁄2” to 4”
	
10’
	
10’
	
1⁄2”

	
6” to 8”
	
 
	
10’
	
5⁄8”

	
10” to 12”
	
 
	
14’
	
7⁄8”

	
 
	
 
	
 
	
 

 

	
 
	
(g)
	
All piping will be braced in accordance with SMACNA standards for the appropriate seismic hazard level. 

	
 
	
(h)
	
Drill-in expansion bolts will be used to support piping from concrete structures.  

	
 
	
2.
	
Mechanical Identification 

	
 
	
(a)
	
All major equipment will be identified with a laminated plastic nameplate with engraved white letters on a black background. Equipment to be identified will include air handling units, chillers, pumps, fan coil units, boilers, etc. 

	
 
	
(b)
	
All exposed piping in equipment rooms, tunnels and service chases will be identified with adhesive pipe markers showing the service and arrow bands for direction of flow per ANSI color standard. 

 

 

			
	
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(c)
	
Main valves in equipment rooms will be identified with brass tags attached by chain. 

	
 
	
(d)
	
A valve chart will be provided indicating the system and service of each valve identified in Para B.2.(c).

	
 
	
3.
	
Vibration Isolation And Seismic Restraints 

	
 
	
(a)
	
Vibration isolation will be provided internally on all air handling unit fans and exhaust fans.

	
 
	
(b)
	
All inertial bases will be concrete filled. The concrete will be provided by the general contractor. 

	
 
	
(c)
	
All equipment mounted on spring isolation will be connected to the piping or ductwork with flexible connectors. Piping connectors will be EPDM, twin sphere rated for 145 PSIG at 250oF or steel braided flexible pipe connectors. 

	
 
	
(d)
	
Rooftop equipment is planned to be installed on raised concrete pads installed on structural roof dunnage.

	
 
	
4.
	
Mechanical Insulation 

	
 
	
(a)
	
Pipe insulation will be provided on all heating water and exterior cooling tower (condenser water) piping.  The insulation will be glass fiber with a k-factor of 0.24 at 75oF, non-combustible, with a service temperature range of -20oF to 450oF. 

	
 
	
(b)
	
An all service jacket with integral vapor barrier consisting of white kraft paper with foil face and sealed joints will be used on low temperature services. Fitting covers will be PVC one-piece, pre-molded type. 

	
 
	
(c)
	
All insulated exterior piping will be covered with 0.006 inch thick corrugated aluminum jacket. 

	
 
	
(d)
	
Pipe insulation thickness will be as follows: 

							
	

System
	
Temperature
Range (F)
	
Insulation Thickness (in.) for Nominal Pipe Sizes

	
< 1”
	
1-1⁄4” to 2”
	
2-1⁄2” to 4”
	
6”
	
8” and up

	
Cooling Tower

(Exterior Condenser Water)
	
40-60
	
1”
	
1”
	
1”
	
1”
	
1”

	
Heating Water
	
140-200
	
1-1⁄2”
	
1-1⁄2”
	
1-1⁄2”
	
1-1⁄2”
	
1-1⁄2”

 

 

 

			
	
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(e)
	
Supply and return ductwork located will be insulated with flexible glass fiber duct wrap, 1 inch thick, 3/4 lb/cu.ft. density. The duct wrap will have a foil faced vapor barrier and will be secured to the ductwork.  Return ductwork located in a return plenum will not be insulated unless required for acoustic attenuation. 

	
 
	
(f)
	
Standard duct liner will be provided for the first 15 feet of ductwork connected to air distribution systems.  The liner will be flexible type with a smooth fire-resistant surface with thickness as shown on the plans.  Mechanical fasteners will be used for ducts exceeding 24" in height or width. 

	
 
	
5.
	
Hydronic Piping And Valves 

	
 
	
(a)
	
This specification applies to heating water and condenser water. 

	
 
	
(b)
	
Copper pipe sizes up to 4 inch (CUL): Victaulic fittings with steel pipe, ASTM A53, standard weight with grooved ends.  

	
 
	
(c)
	
Copper pipe sizes up to 2-1/2” (CUL): Copper pipe, ASTM B88, Type L, hard drawn with Propress fittings. Joints will be made using the Propress compression tool.

	
 
	
(d)
	
Unions will be installed where threaded equipment or valves require removal.  

	
 
	
(e)
	
Ball valves (BA-1): Up to 2-1/2 inch, 150 PSI WOG, bronze body, two piece, full port, stainless steel trim, Teflon seats, lever handle, ProPress, threaded or soldered connections. 

	
 
	
(f)
	
Butterfly valves (BF-1): 2-1/2 inch and up, iron body, aluminum-bronze disc, EPDM seals, 200 PSI working pressure, lug or grooved ends.  Lever handle up to 6 inch, gear operator 8 inch and over. 

	
 
	
(g)
	
Check valves (CV-1): Up to 2 inch, Class 125 bronze body, horizontal swing, y-pattern, threaded, grooved, Propress or soldered ends.  

	
 
	
(h)
	
Check valves (CV-2): Over 2 inch, Class 125 iron body, horizontal swing, flanged, grooved or Propress ends, bolted bonnet. 

	
 
	
(i)
	
Check valves on pump discharge (CV-3): Iron body, bronze trim, stainless steel spring actuated globe style non-slam valve, flanged or grooved ends. 

	
 
	
(j)
	
Strainers: Up to 2 inch, iron body, 125 PSI working pressure, y-pattern with 1/32 inch stainless steel perforated screen.  Over 2 inch, iron body, 125 PSI working pressure, y-pattern with 1/8 inch stainless steel perforated screen.   Ends to be flanged, grooved or Propress.

	
 
	
(k)
	
Dielectric Couplings:  Up to 2 inch, threaded couplings or dielectric unions will be provided where dissimilar metals are connected.  Over 2 inch, flanges with suitable gaskets will be used.

 

 

			
	
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6.
	
Ductwork 

	
 
	
(a)
	
Galvanized steel ductwork, lock forming quality having zinc coating of 1.25 oz per s.f. for each side in conformance with ASTM A90. Ductwork will be round, flat oval or rectangular, fabricated and supported in accordance with SMACNA duct construction standards.  Duct material, gauges, reinforcing and sealing will be provided for the operating pressures indicated. Exposed ductwork will be required to be spiral.

	
 
	
(b)
	
Duct joints will be sealed with a non-hardening, water resistant, fire resistive compound. 

	
 
	
(c)
	
For connection to diffusers and grilles, ductwork will be flexible, mylar lined, 1-1/2 inch thick, glass fiber with helically wound steel spring. Connect with draw band and duct tape.  The flexible ductwork maximum length will be 7 feet.

	
 
	
(d)
	
Volume control dampers will be provided at all branch ductwork to diffusers and grilles.  Dampers will be single blade in all round ductwork, 16 gauge galvanized steel, with locking and indicating quadrants.  Dampers in rectangular ductwork greater than 10" x 30" will be multiple-blade, opposed blade pattern. 

	
 
	
(e)
	
Combination fire smoke dampers will be located where ducts passing through rated walls, floors or ceilings require these assemblies.  The dampers will be fabricated in accordance with NFPA 90A and UL 555. 

	
 
	
C.
	
Execution

	
 
	
1.
	
Pipe Pressure Testing 

	
 
	
(a)
	
All factory equipment, control devices and instruments will be removed from the piping system or isolated prior to the pressure tests. All hydronic piping will be hydrostatically tested to one and a half times the maximum operating pressure for a duration of 2 hours. 

	
 
	
2.
	
Air And Water Balancing 

	
 
	
(a)
	
Air distribution systems will be balanced to within ± 10% of the quantities shown on the plans. 

	
 
	
(b)
	
Filters will be in place for balancing. 

	
 
	
(c)
	
Sheaves and pulleys will be adjusted to provide the maximum required airflow at air handling fans.  All other adjustments will be made through volume control dampers. 

	
 
	
(d)
	
Hydronic systems will be balanced to within ± 10% of the quantities shown on the plans.

	
 
	
(e)
	
Both the air and water balancing will be performed under the supervision of a NEBB or AABC certified Testing, Balancing and Adjusting Supervisor. 

	
 
	
(f)
	
An air and water balance report using NEBB or AABC forms will be provided upon completion of the balancing work. 

 

 

			
	
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3.
	
Commissioning

	
 
	
(a)
	
A third party commissioning agent will be hired by the owner.

	
 
	
(b)
	
Mechanical systems shall be started up and provided with a complete commissioning report.

	
 
	
(c)
	
Contractor shall meet with the commissioning agent on a weekly basis during the last 6 months of the project and provide commissioning team support.

	
 
	
(d)
	
Commissioning shall include a pre-functional test sheet for each piece of equipment to include confirmation of the correct installation of each piece of equipment.

	
 
	
(e)
	
The commissioning report shall also include a functional test report for each piece of equipment.

	
 
	
(f)
	
The commissioning report shall be submitted as an electronic pdf as well as one hard copy.

IV.Plumbing (Domestic) Performance Criteria

	
 
	
A.
	
Intent

The performance criteria is intended to define the level of performance of the domestic plumbing system.  The parameters used herein shall form the basis of the domestic and laboratory plumbing system design, equipment selection and system sizing. 

	
 
	
B.
	
General Project Description

The project includes a new five story shell building including a four level garage as delineated in the architectural package.  

 

The building is planned to accommodate multiple lab/ office tenants with a 50-50 mix of office to lab area.

 

The project will be LEED certified (Silver minimum). Provide LEED documentation in accordance with the LEED scorecard.

	
 
	
C.
	
Codes and Standards 

The engineering calculations are based on the latest recommendations of the following codes and standards and good engineering practices consistent with industry practice. 

 

The codes applicable to the design are as follows: 

• 2015 International Building Code  

• 2015 International Plumbing Code with WSSC amendments

• Latest National Fire Protection Association (NFPA) 

 

The standards applicable to the design are as follows: 

• Americans with Disabilities Act (ADA) 

• American Gas Association (AGA) 

 

 

			
	
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• American Society of Sanitary Engineers (ASSE) 

• American Water Works Association (AWWA) 

• National Sanitation Foundation (NSF) 

• Plumbing and Drainage Institute (PDI) 

	
 
	
D.
	
Equipment Sizing Criteria

	
 
	
1.
	
Domestic Water System

	
 
	
(a)
	
Pipe sizing shall be based on a maximum velocity of 8 fps for domestic hot and cold water supply and 4 fps for domestic hot water return. 

	
 
	
(b)
	
The system shall be designed to maintain a pressure of 40 psig at the most remote fixture based on an incoming pressure of 80 psig.

	
 
	
(c)
	
Maximum pressure drop of 5 psi/100ft. 

	
 
	
2.
	
Storm Drainage System 

	
 
	
(a)
	
Roof and overflow drainage system – both internally piped. Overflow to terminate above grade. Storm water to pipe to two site utility 15” connections at rear of building.

	
 
	
(b)
	
Garage storm water system for upper floor. Piping to terminate a single site utility connection.

	
 
	
3.
	
Sanitary, Lab Waste and Vent 

	
 
	
(a)
	
The building sanitary waste and vent system will be sized based on the Plumbing Code. 

	
 
	
(b)
	
Lab waste shall be routed to a single exterior WSSC monitor port. No house waste neutralization system is planned.

	
 
	
(c)
	
Lower levels of garage to be routed to sanitary via solid and oil interceptors.

	
 
	
4.
	
Natural Gas 

	
 
	
(a)
	
Natural gas piping will be sized based on the International Fuel Gas Code.

	
 
	
(b)
	
The gas pressure entering the building is assumed to be 2 psig.   

V.Plumbing System Description 

	
 
	
A.
	
Introduction

	
 
	
1.
	
The plumbing system is designed to support the entire shell building including garage as delineated in the architectural package.  The core areas will be entirely fit out. Shell systems will be provided to accommodate the building fit out. Shell systems include potable and non-potable risers, sanitary, vent and lab waste risers for future tenant connections.

 

 

			
	
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2.
	
The plumbing system design shall include underground sanitary, storm water, domestic water and hot water systems.  The systems will be extended to provide service to equipment and fixtures as required.  The design shall include plumbing fixtures for common toilet rooms and miscellaneous areas.

	
 
	
3.
	
A duplex variable speed controlled domestic water booster pump package will be planned and shall be verified with the results of the water flow test.

	
 
	
4.
	
A fire protection service including a complete wet pipe sprinkler system and standpipes for stair towers shall be provided.  A 1,000 GPM fire pump package will be provided and shall be verified with the results of the water flow test.  

	
 
	
B.
	
Domestic Water

	
 
	
1.
	
Provide an 8” combined fire/domestic water service with backflow prevention device. 

	
 
	
2.
	
The water services shall extend from the main water valve closet to 5 feet outside of the building where it will connect to the incoming water service line.  The domestic water service system shall be extended from fixtures and appliances requiring connection to a point within the main mechanical room.  Each line shall be provided with Code required backflow prevention to prevent possible contamination of potable water supply through back siphonage.  Incoming fire/domestic water services shall be sized as follows:

	
 
	
3.
	
Provide 3” potable and non-potable cold water main risers – two total – for future tenant connection.

	
 
	
4.
	
Pending the results of a flow test, a domestic water booster pump package will be designed to maintain pressure throughout building.  For budgeting purposes, the booster pump shall be a 250 GPM, 45 PSIG duplex system with (2) 15 horsepower motors and a 100 gallon expansion tank.  Provide the system complete with control panel and variable speed drives.

	
 
	
5.
	
Branch piping will be provided to serve plumbing fixtures and equipment as necessary.

	
 
	
6.
	
Provide a high efficiency, electric, 50 gallon, 6.5 KW, storage tank type domestic water heater and expansion tank with distribution piping to provide domestic hot water to the core toilet rooms. Water heater is to be located in the roof mechanical room. Provide a hot water circulation system.

 

 

			
	
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7.
	
The lab and office areas are future spaces that will be fit-out by the tenant.  Provide a valved and capped 1 1/2” cold water and lab water tap at two points on each floor future space for the tenant’s use.

	
 
	
8.
	
Provide make-up water connection with backflow preventers to the boiler, cooling tower and condenser water systems.

	
 
	
9.
	
Wall hydrants shall be provided on each elevation of each building as well as at one location on the roof for maintenance of the property.  Backflow devices shall be integral with the wall hydrant.

	
 
	
C.
	
Sanitary, lab waste and Vent

	
 
	
1.
	
Provide an 8” sanitary service connected to a single site utility connection. Provide an outdoor WSSC monito port at the main effluent lab waste.  

	
 
	
2.
	
The combined sanitary line shall extend to 5 feet outside of the building where it will connect to incoming site sanitary lines.

	
 
	
3.
	
The lowest level of the garage shall be served by a duplex sewage ejector pump package with a 50 GPM, 25 feet of head capacity.

	
 
	
4.
	
The sanitary systems will be extended to provide service to fixtures and equipment where required.

	
 
	
5.
	
Provide new sanitary and lab waste vents through the roof.

	
 
	
6.
	
Provide sanitary and lab waste risers at two points in the building for future tenant connection with 4” capped stubs at each floor for each system. 

	
 
	
D.
	
Storm Drainage

	
 
	
1.
	
Roof drainage shall be routed inside the building and piped to a collection point on the rear of the building.

	
 
	
2.
	
Condensate drains will be collected from the new air handling equipment and routed to the piped storm system. Provide two 4” condensate main risers with capped connections at each floor for future tenant WSHP condensate collection.

	
 
	
3.
	
Drains shall be provided for the upper level of the garage and also piped to the storm system.

	
 
	
4.
	
The elevator pits shall each be provided with a submersible pump and control systems capable of pumping water while containing oil.  Elevator sump pumps shall be Federal Oil Minder with 50 GPM capacity for each elevator cab or approved equal.

	
 
	
5.
	
Provide a 2” express drain connected to the underground storm water system in each stair.

 

 

			
	
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E.
	
Natural Gas 

	
 
	
1.
	
Natural gas piping will be provided to the boiler room and connected to the two heating water boilers. Provide Washington Gas coordination for meter installation. The manifold shall include space for a future restaurant gas meter. 

	
 
	
2.
	
Provide 2 psig pressure gas main services to two buildings as follows:

	
 
	
F.
	
Materials Matrix

 

					
	
System
	
Piping
	
Fittings
	
Isolation valves
	
Check valves

	
Domestic water 

(2” and under) 
	
CUL/CPVC
	
Press, Solder, Socket, adhesive
	
Ball
	
Swing

	
Domestic water 

(Over 2”)
	
CUL 

 
	
Wrought copper

 
	
Ball

 
	
Swing

	
Sanitary Waste 

and Vent 

(Below ground)
	
PVC40
	
Socket, adhesive 
	
 
	
 

	
Sanitary Waste 

and Vent 

(Above ground)
	
PVC40
	
Socket, adhesive 
	
 
	
 

	
Lab Waste 

and Vent 

(Below ground)
	
Enfield
	
Electrofusion 
	
 
	
 

	
Lab Waste 

and Vent 

(Above ground)
	
Enfield – Plenum Line
	
Mechanical Joint
	
 
	
 

	
Condensate Drainage

(Above ground)
	
PVC40
	
Socket, adhesive 
	
 
	
 

Notes:

	
 
	
1.
	
For piping, fittings and valve specifications see section III, HVAC Methods and Materials.

VI.Plumbing (Domestic) Methods and Materials 

	
 
	
A.
	
General

	
 
	
1.
	
The domestic plumbing systems will be designed and installed in accordance with the Plumbing Code including local amendments.  

	
 
	
2.
	
All permits (fees by owner), and inspections will be obtained as required by all legal authorities of work included in these documents.  

	
 
	
3.
	
All materials and equipment will be new and will be installed in accordance with industry standards.   

 

 

			
	
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4.
	
Submittals will be prepared for all materials and equipment indicating performance data, catalog information, installation details, etc.  In addition, some areas will be detailed on shop drawings and used for coordination.  All submittals and shop drawings will be reviewed and approved by the design engineer.  

	
 
	
5.
	
At the completion of the work, one bound set and two electronic disks with pdf files of operations and maintenance manuals will be provided.  These manuals will include equipment performance data, installation details, maintenance and service instructions, parts lists, wiring and controls diagrams.  

	
 
	
6.
	
A set of plumbing drawings will be maintained at the job site during construction.  These drawings will be kept up to date with all changes and deviations and will be used to prepare a set of record drawings, which will be provided at the end of the project.  

	
 
	
7.
	
Coordination will take place with other trades during construction.  Any interferences found due to other trades will be brought to the attention of the general contractor or construction manager.  

	
 
	
8.
	
Upon completion of the work, and at times during the installation (every day), rubbish and debris resulting from the scope of this work will be removed to a location on site provided by the general contractor and the area will be left in a neat, clean and acceptable condition.  

	
 
	
9.
	
All equipment and materials furnished and installed under this scope of work will be guaranteed to be free from defects of materials and workmanship for a period of one year after the date of equipment start-up.  

	
 
	
10.
	
Any openings required through structural walls, floors and roofs will be identified on block out drawings and provided to the general contractor. All forming, cutting and framing to these openings will be by the general contractor.  Provide fire proofing at all fire rated partition penetrations. 

	
 
	
11.
	
Architectural access doors required in ceilings and walls will be provided under this Division and installed by the General Contractor.  

	
 
	
12.
	
Pipe sleeves will be provided where piping passes through walls and floors.  Sleeves will be 18 gauge galvanized steel for walls and steel pipe for floors.  Fire stop will be provided where the floor or walls are fire rated.  Sleeves will be extended 2 inches above the floor in “wet” areas. 

	
 
	
B.
	
Materials

	
 
	
1.
	
Supports and Anchors

	
 
	
(a)
	
Single pipe hangers will be malleable iron or carbon steel, adjustable swivel, split ring for pipe sizes up to 1-1/2 inches and carbon steel, adjustable clevis hangers for pipe sizes 2 inches and over.  

 

 

			
	
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(b)
	
Multiple or trapeze hangers will be unistrut steel channels with unistrut clamps and all-thread hanger rods and double nuts.  Where required, unistrut channels may be replaced with structural steel channels or I-beams to meet structural loading.  

	
 
	
(c)
	
Wall supports will be unistrut bolted to the wall with unistrut pipe clamps for pipe sizes up to 3 inches and welded steel brackets and steel clamps for pipe sizes greater than 4 inches.  

	
 
	
(d)
	
Vertical pipe will be supported with steel riser clamps for steel pipe and copper riser clamps for copper pipe. 

	
 
	
(e)
	
Horizontal pipe will be supported with the minimum spacing:  

				
	
Pipe Size (In.)
	
Copper Pipe (Ft.)
	
Steel Pipe (Ft.)
	
Hanger Diameter (In.)

	
1⁄2”
	
6’
	
6’
	
3⁄8”

	
3⁄4” to 1”
	
6’
	
8’
	
3⁄8”

	
1-1⁄2” to 1-1⁄2”
	
6’
	
10’
	
3⁄8”

	
2”
	
10’
	
10’
	
3⁄8”

	
2-1⁄2” to 4”
	
10’
	
10’
	
1⁄2”

	
6” to 8”
	
 
	
10’
	
5⁄8”

 

	
 
	
(f)
	
All piping will be sway braced for the appropriate seismic hazard level.  

	
 
	
(g)
	
Drill-in expansion bolts will be used to support piping from concrete structures.  Low velocity shot pin fasteners will also be used where permitted by the structural engineer.  

	
 
	
2.
	
Equipment and piping Identification  

	
 
	
(a)
	
All major equipment will be identified with a laminated plastic nameplate with engraved white letters on a black background. Equipment to be identified will include water heaters, sump pumps, sewage ejector, tanks, etc.  

	
 
	
(b)
	
All exposed piping in equipment rooms, tunnels and service chases will be identified with adhesive pipe markers showing the service and arrow bands for direction of flow.  

	
 
	
(c)
	
Main valves in equipment rooms will be identified with brass tags attached by chain.  

	
 
	
(d)
	
A valve chart will be provided indicating the system and service of each valve identified in Para B.2.(c).  

	
 
	
3.
	
Mechanical Insulation and Heat Trace 

	
 
	
(a)
	
Pipe insulation will be provided on domestic hot water piping, domestic hot water re-circulating and domestic cold water piping mains.  The insulation will be glass fiber with a k-factor of 0.24 at 75oF, non-combustible, with a service temperature range of -20oF to 450oF.  

 

 

			
	
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(b)
	
An all service jacket with integral vapor barrier consisting of white kraft paper with foil face and sealed joints will be used on low temperature services. Fitting covers will be PVC one-piece, pre-molded type.  

	
 
	
(c)
	
All insulated exterior piping will be covered with 0.006 inch thick corrugated aluminum jacket. 

	
 
	
(d)
	
Provide heat trace with self-contained controls sized for 7.5 W/ft2 for exterior water piping such as mechanical equipment make up water. 

	
 
	
(e)
	
Pipe insulation thickness will be as follows:  

						
	
System
	
Temperature Range (F)
	
Insulation Thickness (in.) for Nominal Pipe Sizes

	
< 1”
	
1-1⁄4” to 2”
	
2-1⁄2” to 4”
	
6”

	
Domestic Hot Water and Hot Water Re-circulating
	
Above 105
	
1”
	
1”
	
1”
	
1”

	
Domestic Cold Water

(Outdoors)
	
Below 32
	
1⁄2”
	
1”
	
1”
	
1”

 

	
 
	
4.
	
Domestic hot and cold water piping and valves 

	
 
	
(a)
	
Copper pipe sizes over 2 inch (CUL): Copper pipe, ASTM B88, Type L, hard drawn with ANSI/ASME B16.29 wrought copper fittings.  Joints to be Victaulic or ProPress.  

	
 
	
(b)
	
Copper pipe sizes up to 2” inch (PVC/CPVC): Schedule 40 PVCr pipe.  Joints will be made with PVC adhesive. 

	
 
	
(c)
	
Unions will be installed where threaded equipment or valves require removal.  

	
 
	
(d)
	
Ball valves (BA-1): Up to 2-1/2 inch, 150 PSI WOG, bronze body two piece, full port, stainless steel body and trim, Teflon seats, lever handle, threaded, Propress or soldered connections.  

	
 
	
(e)
	
Ball valves (BA-2): Up to 2-1/2 inch, 150 PSI WOG, PVC body two piece, Teflon seats, lever handle, PVC connections.  

	
 
	
(f)
	
Butterfly valves (BF-1): 2-1/2 inch and up, iron body, aluminum-bronze disc, EPDM seals, 200 PSI working pressure, lug or grooved ends.  Lever handle up to 6 inch, gear operator 8 inch and over.  

	
 
	
(g)
	
Check valves (CV-1): Up to 2 inch, Class 125 bronze body, horizontal swing, ypattern,threaded, Propress or soldered ends.  

	
 
	
(h)
	
Check valves (CV-2): Over 2 inch, Class 125 iron body, horizontal swing, flanged, grooved or Propress ends, bolted bonnet.  

	
 
	
(i)
	
Check valves on pump discharge (CV-3): Iron body, bronze trim, stainless steel spring actuated globe style non-slam valve, flanged or grooved ends.  

 

 

			
	
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(j)
	
Strainers: Up to 2 inch, iron body, 125 PSI working pressure, y-pattern with 1/32 inch stainless steel perforated screen.  Over 2 inch, iron body, 125 PSI working pressure, y-pattern with 1/8 inch stainless steel perforated screen.  

	
 
	
(k)
	
Dielectric Couplings:  Up to 2 inch, threaded couplings or dielectric unions will be provided where dissimilar metals are connected.  Over 2 inch, flanges with suitable gaskets will be used. 

	
 
	
5.
	
Condensate drain piping 

	
 
	
(a)
	
PVC pipe sizes up to 3 inch (PVC): Schedule 40 PVC pipe, with PVC fittings 

	
 
	
6.
	
Sanitary Soil, Waste and Vent piping  

	
 
	
(a)
	
Pipe and fittings above and below ground (PVC40): ASTM D2665-85a Schedule 40 PVC piping with socket fittings and adhesive joints. 

	
 
	
C.
	
Execution 

	
 
	
1.
	
Pitch:  Horizontal sanitary and drain piping shall be run at a uniform grade of 1/8” per foot for pipe sizes 4” and larger, and 1⁄4” per foot for pipe sizes 3” and less, unless noted otherwise. 

	
 
	
2.
	
Water piping within walls and rough-ins for fixtures and equipment: Copper plated steel support system clamped to piping and secured to building construction so that pipes cannot be displaced. Hot water piping insulation with standard jackets, with or without vapor barrier, factory applied or field applied. Fittings, joints and valves shall be insulated with like material and thickness as adjoining pipe. 

	
 
	
3.
	
Waste and vent piping within walls and rough-ins for fixtures and equipment: Copper plated steel support system for copper DWV piping or galvanized steel support system for cast iron or galvanized piping. Supports to piping and building construction shall be secured so that pipes cannot be displaced. Felt strip isolation shall be provided between dissimilar metals. 

	
 
	
4.
	
Unions and flanges: On piping to inlet and outlet of all apparatus and equipment to facilitate removal of equipment. 

	
 
	
5.
	
Water hammer arrestors: Water hammer arrestors shall be installed at all quick closing valves such as flush valves, foot control valves, float valves, solenoid valves, etc. Water hammer arrestors shall be sized and located as recommended by PDI manual WH 201. 

	
 
	
6.
	
Cleanouts shall be provided and installed per the code. 

	
 
	
7.
	
Pipe Pressure Testing  

	
 
	
(a)
	
Domestic water piping: All factory equipment, control devices and instruments will be removed from the piping system or isolated prior to the pressure tests. All domestic hot and cold piping will be hydrostatically tested to a test pressure of one and one half times the maximum operating pressure of the system for a duration of 2 hours.  

	
 
	
(b)
	
Sanitary and vent piping: All above ground piping will be tested hydrostatically by closing all openings in the piping system, except the highest opening above the roof, and by filling the system to the point of overflowing. The pressure exerted on the system shall be no less than 10 ft of water column. 

 

 

			
	
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VII.Electrical Systems Description

	
 
	
A.
	
Intent

This performance criteria is intended to define the level of performance of the electrical system. The parameters used herein will form the basis of the electrical system design, equipment selection and system sizing.

	
 
	
B.
	
General Project Desription

The project includes a new five story shell building including a four level garage as delineated in the architectural package.  

 

The building is planned to accommodate multiple lab/ office tenants with a 50-50 mix of office to lab area.

 

The project will be LEED certified (Silver minimum). Provide LEED documentation in accordance with the LEED scorecard.

	
 
	
C.
	
Codes and Standards

The engineering calculations are based on the latest recommendations of ASHRAE, Article 220 of the National Electrical Code (NEC) and good engineering practices consistent with industry standards.

The codes applicable to the design are as follows:

	
 
	
•
	
2015 International Building Code 

	
 
	
•
	
2015 International Energy Conservation Code

	
 
	
•
	
2015 International Fire Code with State of Maryland Amendments

	
 
	
•
	
2014 National Electric Code 

	
 
	
•
	
Montgomery County Code Amendments

	
 
	
•
	
NC LEED Standards – LEED Silver or Gold

The standards applicable to the design are as follows:

	
 
	
•
	
Illuminating Engineering Society (IES)

	
 
	
•
	
Institute of Electrical and Electronics Engineers (IEEE)

 

 

			
	
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D.
	
Project Overview

The electrical systems are designed to support the entire shell building including garage as delineated in the architectural package.  The core areas will be entirely fit out. Shell systems will be provided to accommodate the building fit out. Shell systems include normal power (20 W/ft2), stand by power systems (3 W/ft2), an addressable fire alarm system with expansion capability for tenant fit out work and data/ phone floor to floor wire management system to accommodate tenant fit out without requiring access to other tenant spaces. Systems sized for 50-50 office/ lab fit out. Tenant power risers are planned along with space for tenant panel boards and transformers.

 

A main electrical service will be provided by Pepco pad mounted transformer with service entrance switchboards centrally located in the first level main electric room. 

 

A diesel generator will be provided to supply standby power to life safety systems and optional standby loads.  Generator automatic transfer switches and emergency distribution equipment will be centrally located in the first floor main electrical room. 

 

Lighting fixtures will be provided throughout all core areas of the building as well as the garage and will be energy efficient LED type. Stumble and egress lighting will be provided in the future tenant spaces. Automatic lighting controls using occupancy sensors and electronic time centers will be provided to control lighting in public corridors, lobbies, office areas, parking garages, storage rooms, utility rooms and other similar use rooms. A fire alarm system will be provided throughout the building with a central control and annunciator panel located in the main lobby.  

	
 
	
E.
	
Power Distribution

The building will be supplied by one 277/480 volts service from a Pepco pad mounted transformers. 2 separate utility transformers will be provided with a 12 way ductbank from each to 2 separate service entrance switchboards. 

 

The building switchboard will consist of the following: 

 

4000A – 480Y/277 volt Switchboard: CT Section with Pepco meter, 4000A main breaker with GFP and feeder breakers for future tenants.

 

3000A – 480Y/277 volt Switchboard: CT Section with Pepco meter, 3000A main breaker with GFP and feeder breakers for future tenants and common area power.

 

A 1000A breaker will be provided in the 3000A switchboard to feed a 1000A automatic transfer switch for emergency power.  A separate 225A breaker will be provided in the 3000A switchboard to feed a 225A automatic transfer switch for life safety loads.

 

A 75 KVA step down dry type transformer will be provided for all house 208Y/120 volt loads.  Additional transformers will be provided by the future tenants.

 

 

 

			
	
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A short circuit study, coordination study and arc-flash hazard analysis will be provided by the contractor as part of the entire electrical distribution system equipment installation. This study will assure that all overcurrent protective devices throughout the complex are coordinated to isolate any faults occurring in the power system and localize associated outages. The arc-flash hazard analysis will be prepared in accordance with the requirements set forth in NFPA 70E-Standard for Electrical Safety in the Workplace. The arc-flash hazard analysis will be performed according to the IEEE 1584 equations that are presented in NFPA 70E-2004, Annex D. The contractor will provide arc-flash labels on all electrical switchboards, panel boards and safety switches in the various buildings. Each label will indicate the flash protection boundary, risk category, working clearance and level of personnel protection equipment (PPE) required while performing maintenance. 

	
 
	
F.
	
Standby Generator (emergency)

A 277/480 volt 700kW diesel generator with skid mounted fuel storage tank sized for 48 hour run time will be located outside on grade next to the Pepco transformer to provide standby power. A remote generator annunciator panel will be provided in the main electric room and be NFPA 110 compliant.  A 1000A and 225A breaker will be provided on the output of the generator to feed 2 separate automatic transfer switches in main electrical room.

 

ATS-1 - 1000 ampere, 480Y/277 volts: tenant emergency power.

 

ATS-2 – 225 ampere, 480Y/277 volts; building wide life safety loads which includes lighting, fire alarm, security, and single elevator.

	
 
	
G.
	
Lighting

Lighting fixtures in the parking, public and common areas will be LED type. 

 

Lighting controls in the toilet rooms, storage rooms, trash rooms, janitor closets and similar rooms will consist of automatic occupancy sensor type switches to comply with current energy codes. Lighting in public corridors, parking garages and other common areas will be automatically controlled based on time of day occupancy schedules using electronic time clocks and relays to comply with current energy codes. Override controls will be provided in each area to provide override of the automatic timed controls.

 

UL924 relays will be provided for all lighting to be on life safety generator circuits.

 

Lighting levels will be designed to meet the recommended standards of the Illuminating Engineering Society (IES). Average, maintained lighting levels (footcandles) for the spaces in the building will be as follows:

 

			
	
•      Corridors
	
 
	
20 FC

	
•      Parking Garages
	
 
	
20 FC

	
•      Equipment Rooms
	
 
	
30 FC

	
•      Lobbies/reception
	
 
	
20 FC

	
•      Storage Rooms
	
 
	
20 FC

	
•      Public Toilet/Locker Rooms
	
 
	
30 FC

	
•      Elevator Machine Rooms
	
 
	
50 FC

 

 

			
	
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Pole mounted light fixtures using cut off type LED luminaires will be provided for the parking lot areas. All exterior lighting will be automatically controlled dusk-to-dawn using photocells and contactors.  

 

	
 
	
H.
	
Fire Alarm System

A fire alarm system complete with addressable control panel and remote lobby annunciator will be provided. The building will report to a central control and annunciator panel located in the main electric room and transmit an alarm offsite to a UL listed central monitoring company. An annunciator panel will also be provided in the main lobby vestibule at a location to be selected by the Architect. 

 

Pull stations, horns and strobes will be installed throughout the building in accordance with NFPA 72 – National Fire Alarm and Signaling Code.  All sprinkler system water flow and tamper switches will be monitored by the building fire alarm system. Air handling unit duct smoke detectors and shaft mounted duct smoke detectors at smoke dampers will be addressable type and will be provided as part of the building fire alarm system. 

 

Smoke and heat detectors will be provided in all elevator machine rooms, hoistways, pits and elevator lobbies in accordance with ANSI/ASME A17.1 Safety Code for Elevators. The building storm water ejector pumps shall be provided with a pump failure monitor system through the security/fire alarm system that transmits an automatic alarm to the security/fire alarm monitoring company. 

	
 
	
I.
	
communication SystemS

Verizon voice/data service cables (both copper and fiber) and Comcast cable television service cables will be extended from the street manhole system to a central communications room.

	
 
	
J.
	
Security System

The building will be provided with access control and closed-circuit TV camera surveillance systems. Access proximity key fob readers will be provided at each building entry door as well as in each elevator cab. The owner’s security vendor will provide security equipment and cables to suit the owner’s criteria. Provisions such as outlet boxes, conduit sleeves and 120 volt power to equipment will be made in the buildings to accommodate the final security system layout provided by the owner. Access control card readers will be located at all building exterior egress and exit/entry doors. The security camera surveillance system provided by the owner will be centrally located in the lobby and include eight (8) fixed cameras, two (2) DVR recorders (90 day recording capacity) and two (2) split screen monitors.

 

 

 

 

 

			
	
Alexandria Real Estate Equities, Inc.
	
 
	
Schematic Design Report

	
 
	
 
	
Life Science and Translational Research Center

	
 
	
 
	
Building F and Parking Garage

 

9800 Medical Center Drive—RegenXBio Inc.—Page 77

 

EXHIBIT C-2 TO LEASE
TENANT WORK LETTER

THIS WORK LETTER FOR TENANT IMPROVEMENTS dated November ___, 2018 (this “Work Letter”) is made and entered into by and between ARE-MARYLAND NO. 24, LLC, a Delaware limited liability company (“Landlord”), and REGENXBIO, INC., a Delaware corporation, and is attached to and made a part of the Lease Agreement dated November __, 2018 (“Lease”), by and between Landlord and Tenant.  Any initially capitalized terms used but not defined herein shall have the meanings given them in the Lease.

	
1.
	
General Requirements.

	
 
	
(a)
	
Tenant’s Authorized Representative.  Tenant designates Jerome Jackson, Vit Vasista, and Patrick Christmas (any such individual acting alone, “Tenant’s Representative”) as the only persons authorized to act for Tenant pursuant to this Work Letter.  Landlord shall not be obligated to respond to or act upon any request, approval, inquiry or other communication (“Communication”) from or on behalf of Tenant in connection with this Work Letter unless such Communication is in writing from Tenant’s Representative.  Tenant may change any Tenant’s Representative at any time upon not less than 5 business days advance written notice to Landlord.

	
 
	
(b)
	
Landlord’s Authorized Representative.  Landlord designates Lawrence J. Diamond, Edward J. Rose, and William DePippo (any such individual acting alone, “Landlord’s Representative”) as the only persons authorized to act for Landlord pursuant to this Work Letter.  Tenant shall not be obligated to respond to or act upon any request, approval, inquiry or other Communication from or on behalf of Landlord in connection with this Work Letter unless such Communication is in writing from Landlord’s Representative.  Landlord may change any Landlord’s Representative at any time upon not less than 5 business days advance written notice to Tenant.

	
 
	
(c)
	
Architects, Consultants and Contractors.  Landlord and Tenant hereby acknowledge and agree that the architect (“TI Architect”) and the engineer (“TI Engineer”) for the Tenant Improvements (as defined in Section 2(a) below), the general contractor (“TI General Contractor”) and any subcontractors for the Tenant Improvements shall be selected by Tenant, subject to Landlord’s approval, which approval shall not be unreasonably withheld, conditioned or delayed.  Landlord shall be named a third party beneficiary of any contract entered into by Tenant with the TI Architect, any consultant, any contractor or any subcontractor (which third party beneficiary designation shall allow Landlord to assume such contract or the rights and obligations of Tenant thereunder only on a Default by Tenant under the Lease), and of any warranty made by any contractor or any subcontractor with respect to the Tenant Improvements.  Landlord’s assumption of such contract or the rights and obligations of Tenant thereunder only on a Default by Tenant under the Lease shall be at Landlord’s sole risk, cost, and expense, except that in no event whatsoever shall Landlord be liable or responsible for any liabilities or obligations of Tenant that arose or relate to matters occurring before the date of such assumption.

	
2.
	
Tenant Improvements.

	
 
	
(a)
	
Tenant Improvements Defined.  As used herein, “Tenant Improvements” shall mean all improvements to the Premises desired by Tenant of a fixed and permanent nature, other than the Base Building Work (as defined in the Work Letter attached as Exhibit C-1 to the Lease (“Landlord Work Letter”)).  Other than as set forth in Landlord Work Letter and the funding of the TI Allowance (as defined below) as provided herein, Landlord shall not have any obligation whatsoever with respect to the finishing of the Premises for Tenant’s use and occupancy.

 

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i.
	
TI Design Drawings.  Tenant shall deliver to Landlord for review and approval, schematic drawings and outline specifications (“TI Design Drawings”) detailing Tenant’s requirements for the Tenant Improvements after Tenant’s receipt of the Final Base Building Construction Drawings (as defined in the Landlord Work Letter).  Not more than 15 days thereafter, Landlord shall deliver to Tenant the written objections or comments of Landlord with regard to the TI Design Drawings, provided that Landlord’s review and approval rights as to the TI Design Drawings shall be limited to a review thereof to confirm that the Tenant Improvements as specified therein:  (i) are reasonably compatible with (and do not adversely affect) the structural, MEP, and other systems of the Building, (ii) do not materially and adversely impact (in Landlord’s reasonable judgment) either the exterior appearance or operations of the Building or the operations of the Common Areas, and (iii) comply with all applicable Legal Requirements.  Tenant shall cause the TI Design Drawings to be revised by the TI Architect and, if applicable, the TI Engineer, to address such permitted written objections or comments and shall resubmit the drawings to Landlord for approval within 10 business days after Tenant’s receipt thereof.  Such process shall continue until Landlord has approved the TI Design Drawings, except that in each round of review and resubmission after the initial round, the review and resubmission periods shall be each be reduced to 5 business days.  If Landlord fails to provide its written objections or comments to Tenant within the applicable review period, the TI Design Drawings as most recently submitted shall be deemed approved by Landlord.  Each transmittal of the revised TI Design Drawings to Landlord shall state in all capital letters in bold font the following (or a substantially similar statement):  “Landlord’s failure to respond within [15 calendar/5 business] days after receipt of thE REVISED TI design DRAWINGS shall constitute Landlord’s approval of the rEVISED TI design DRAWINGS,” and shall be sent to the recipients identified below in accordance with the notice provisions in the Lease:

 

			
	
ARE-Maryland No. 24, LLC

c/o Alexandria Real Estate Equities, Inc.

385 E. Colorado Blvd., Suite 299

Pasadena, CA  91101

Attention:  Corporate Secretary
	
Mr. Lawrence J. Diamond

Co-Chief Operating Officer

Regional Market Director- Maryland

Alexandria Real Estate Equities, Inc.

946 Clopper Road

Gaithersburg, MD  20878
	
Kevin L. Shepherd, Esquire

Venable LLP

Suite 900

750 East Pratt Street

Baltimore, MD  21202

 

The TI Design Drawings as so revised and approved (or deemed approved) by Landlord are hereinafter referred to as the “Approved TI Design Drawings”.

 

	
 
	
(b)
	
TI Construction Drawings.  After the date the Approved TI Design Drawings have been approved (or deemed approved) by Landlord, Tenant shall cause the TI Architect and, if applicable, the TI Engineer, to prepare and deliver to Landlord for review and approval, construction plans, specifications, and drawings for the Tenant Improvements (“TI Construction Drawings”), which shall be prepared in accordance with and consistent with the Approved TI Design Drawings.  Tenant shall be solely responsible for ensuring that the TI Construction Drawings reflect Tenant’s requirements for the Tenant Improvements.  Landlord shall deliver its written approval or disapproval of (or comments on) the TI Construction Drawings to Tenant not later than 10 business days after Landlord’s receipt of the same; provided, however, that Landlord may not disapprove any matter that is consistent with the Approved TI Design Drawings.  Tenant and the TI Architect and, if applicable, the TI Engineer, shall consider all such comments in good faith and shall, within 10 business days after receipt, notify Landlord how Tenant proposes to respond to such comments.  Any disputes in connection with such comments shall be resolved in accordance with Section 2(d) 

 

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hereof.  Provided that the design reflected in the TI Construction Drawings is consistent with the Approved TI Design Drawings, Landlord shall approve the TI Construction Drawings submitted by Tenant, and if Landlord fails to do so within such 10 business day period, Landlord shall be deemed to have approved such drawings as most recently submitted.  Each transmittal of the revised TI Construction Drawings to Landlord shall state in all capital letters in bold font the following (or a substantially similar statement):  “Landlord’s failure to respond within 10 business days after receipt of thE REVISED TI construction DRAWINGS shall constitute Landlord’s approval of the rEVISED TI construction DRAWINGS,” and shall be sent to the recipients identified in Section 2(a)i. above in accordance with the notice provisions in the Lease.  The TI Construction Drawings as so revised and approved (or deemed approved) by Landlord are hereinafter referred to as the “Approved TI Construction Drawings”.  Once approved (or deemed approved) by Landlord, subject to the provisions of Section 4 below, Tenant shall not modify the Approved TI Construction Drawings except as may be reasonably required in connection with the making of Minor Variations (as defined in Section 3(d) below).

	
 
	
(c)
	
Approval and Completion.  If any dispute regarding the design of the Tenant Improvements is not settled within 10 business days after notice of such dispute is delivered by one party to the other, Tenant may make the final decision regarding the design of the Tenant Improvements, provided (i) Tenant acts reasonably, (ii) that all costs and expenses incurred by Tenant resulting from any such decision by Tenant shall be payable out of the TI Allowance (as defined in Section 5(d) below), and (iii) Tenant’s decision will not affect the base Building, the Base Building Work, the structural components of the Building or any Building systems (in which case Landlord shall make the final decision).  Any changes to the Approved TI Construction Drawings requested by Tenant shall be processed as provided in Section 4 hereof.

	
3.
	
Performance of the Tenant Improvements.

	
 
	
(a)
	
Commencement and Permitting of the Tenant Improvements.  At any time on and after the Turnover Condition Date (as defined in the Landlord Work Letter), Tenant shall, or prior to such date as provided in the Landlord Work Letter, Tenant may, commence construction of the Tenant Improvements upon obtaining and delivering to Landlord a building permit (“TI Permit”) authorizing the construction of the Tenant Improvements consistent with the Approved TI Construction Drawings.  The cost of obtaining the TI Permit shall be payable from the TI Allowance.  Landlord shall, at no cost to Tenant, assist Tenant in obtaining the TI Permit.  Prior to the commencement of the Tenant Improvements, Tenant shall (i) enter into with Tenant’s contractors the contracts for the construction and performance of the Tenant Improvements, (ii) deliver to Landlord true and complete copies of such executed contracts, and (iii) deliver certificates of insurance from any contractor performing any part of the Tenant Improvement evidencing industry standard commercial general liability, automotive liability, “builder’s risk”, and workers’ compensation insurance.  Tenant shall cause the general contractor to provide a certificate of insurance naming Landlord, Alexandria Real Estate Equities, Inc., and Landlord’s lender (if any) as additional insureds for the general contractor’s liability coverages required above.  Within 10 days after Landlord’s written request, Tenant shall at its expense complete and submit any documentation required by the applicable Governmental Authority (including, but not limited to, the Washington Suburban Sanitary Commission (“WSSC”)) for the issuance of a plumbing authority (or comparable) permit relating to laboratory water and wastewater usage at the Premises.  Such documentation includes, but is not limited to, an Industrial Wastewater Survey on the form specified by WSSC’s Regulatory Services Division, Industrial Discharge Control Section.  At Landlord’s request, Tenant shall also meet with Landlord and WSSC personnel at the Project to review cooperatively matters relating to water and wastewater usage, including, but not limited to, laboratory processes.

 

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(b)
	
Selection of Materials, Etc.  Where more than one type of material or structure are denoted as options on the Approved TI Construction Drawings, the option will be within Tenant’s reasonable discretion if the matter concerns the Tenant Improvements, and within Landlord’s sole and absolute subjective discretion if the matter concerns the structural components of the Building or any Building system.

	
 
	
(c)
	
Tenant Liability.  Tenant shall be responsible for correcting any deficiencies or defects in the Tenant Improvements.

	
 
	
(d)
	
Substantial Completion.  Tenant shall substantially complete or cause to be substantially completed the Tenant Improvements in a good and workmanlike manner, in accordance with the TI Permit subject, in each case, to Minor Variations and normal “punch list” items of a non-material nature that do not interfere with the use of the Premises (“Substantial Completion” or “Substantially Complete”).  Upon Substantial Completion of the Tenant Improvements, Tenant shall require the TI Architect and the TI General Contractor to execute and deliver, for the benefit of Tenant and Landlord, a Certificate of Substantial Completion in the form of the American Institute of Architects (“AIA”) document G704.  For purposes of this Work Letter, “Minor Variations” shall mean any modifications reasonably required:  (i) to comply with all applicable Legal Requirements and/or to obtain or to comply with any required permit (including the TI Permit); (ii) to comport with good design, engineering, and construction practices that are not material; or (iii) to make reasonable adjustments for field deviations or conditions encountered during the construction of the Tenant Improvements.

	
4.
	
Changes.  Any changes requested by Tenant to the Tenant Improvements after the date of the Approved TI Construction Drawings (“Changes”), shall be requested and instituted in accordance with the provisions of this Section 4 and shall be subject to the written approval of Landlord, which approval shall not be unreasonably withheld, conditioned, or delayed.

	
 
	
(a)
	
Tenant’s Right to Request Changes.  If Tenant shall request Changes, Tenant shall request such Changes by notifying Landlord in writing (a “Change Request”), which Change Request shall detail the nature and extent of any such Change.  Such Change Request must be signed by Tenant’s Representative.  Landlord shall review and approve or disapprove such Change Request within 5 business days after receipt of the Change Request, which approval shall not be unreasonably withheld or conditioned.  If Landlord fails to approve or disapprove a Change Request within such 5 business day period, the Change Request shall be deemed approved by Landlord.  The Change Request shall state in all capital letters in bold font the following (or a substantially similar statement):  “Landlord’s failure to respond within 5 business days after receipt of this Change Request shall constitute Landlord’s approval of the Change Request,” and shall be sent to the recipients identified in Section 2(a)i. above in accordance with the notice provisions in the Lease.

	
 
	
(b)
	
Implementation of Changes.  If Landlord approves (or is deemed to have approved) such Change, Tenant may cause the approved Change to be instituted.  If any TI Permit modification or change is required as a result of such Change, Tenant shall promptly provide Landlord with a copy of such TI Permit modification or change.

 

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9800 Medical Center Drive—RegenXBio Inc.—Page 81

 

	
5.
	
Costs.

	
 
	
(a)
	
Budget for Tenant Improvements.  Before the commencement of construction of the Tenant Improvements, Tenant shall obtain a detailed breakdown, by trade, of the costs incurred or that will be incurred, in connection with the design and construction of the Tenant Improvements (“Budget”), and deliver a copy of the Budget to Landlord.  The Budget shall be based upon the Approved TI Construction Drawings.

	
 
	
(b)
	
TI Allowance.  Landlord shall provide to Tenant a tenant improvement allowance (“TI Allowance”) of $110 per rentable square foot of the Premises, or $14,573,570 in the aggregate (based on the Premises containing 132,487 rentable square feet and subject to adjustment upon remeasurement of the Premises as provided in the Lease).  The TI Allowance shall be disbursed in accordance with this Work Letter.  Tenant shall have no right to any portion of the TI Allowance that is not requested before the last day of the month that is 24 months after the Lease Commencement Date.

	
 
	
(c)
	
Costs Payable from TI Allowance.  The TI Allowance shall be used solely for the payment of (i) design, project management, permits, and construction costs in connection with the construction of the Tenant Improvements, including, without limitation, the cost of electrical power and other utilities used in connection with the construction of the Tenant Improvements, (ii) Tenant’s voice or data cabling, (iii) security systems, and (iv) the cost of preparing the Approved TI Design Drawings and the Approved TI Construction Drawings, including cost of Changes (collectively, “TI Costs”).  Except as provided in the immediately preceding sentence, the TI Allowance shall not be used to purchase any furniture, personal property or other non-Building system materials or equipment, including, but not be limited to, non-ducted biological safety cabinets and other scientific equipment not incorporated into the Tenant Improvements.

	
 
	
(d)
	
Excess TI Costs.  Landlord shall have no obligation to bear any portion of the cost of any of the Tenant Improvements except to the extent of the TI Allowance.  If at any time and from time-to-time, the remaining TI Costs under the Budget exceed the remaining unexpended TI Allowance (“Excess TI Costs”), then Landlord shall only be obligated to pay out the remaining unexpended TI Allowance with respect to TI Costs requested to be paid under any draw request pursuant to Section 5(e) below, in the same ratio as the then remaining unexpended TI Allowance bears to the remaining TI Costs under the Budget.  Notwithstanding anything to the contrary set forth in this Section 5(d), (i) Tenant shall be fully and solely liable for Excess TI Costs and the cost of Minor Variations in excess of the TI Allowance, and (ii) as a condition precedent to Landlord’s obligation to disburse the TI Allowance, Tenant shall deliver to Landlord information reasonably acceptable to Landlord confirming that Tenant has the funds immediately available to pay the Excess TI Costs.

	
 
	
(e)
	
Payment for TI Costs.  During the course of design and construction of the Tenant Improvements, Landlord shall pay TI Costs once a month against a draw request in Landlord’s standard and reasonable form, accompanied by the TI General Contractor’s sworn statement, the TI Architect’s certification of partial completion, and lien waivers (comprising conditional partial or final lien releases for each progress payment and unconditional partial or final lien releases for the prior month’s progress payments), to the extent of Landlord’s approval thereof for payment, no later than 30 days following receipt of such draw request, provided that if at any time a draw request is made and prior to Landlord’s payment thereunder, Tenant is then in default of its obligations under the Lease or this Work Letter of which default Tenant has been given notice, Landlord’s payment obligation shall be suspended until such time as Tenant timely cures such default (and if Tenant fails to timely cure such default, the provisions of Section 4(b) of the Lease shall continue to apply).  Upon completion of the Tenant Improvements (and prior to any final disbursement of the TI Allowance), Tenant shall deliver to Landlord:  (i) the TI General Contractor’s sworn statement 

 

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setting forth the names of all contractors and first tier subcontractors who did the work and final, unconditional lien waivers from all such contractors and first tier subcontractors; (ii) as-built plans (one copy in print format and two copies in electronic CAD format) for such Tenant Improvements; (iii) the TI Architect’s certification of substantial completion in Form AIA G704, (iv) a temporary or final certificate of occupancy for the Premises; and (v) copies of all operation and maintenance manuals and warranties for all equipment installed in the Premises as part of or in conjunction with the Tenant Improvements, which may be in electronic form (such as PDF).

	
 
	
(f)
	
Test Fit Allowance.  Landlord shall pay to Tenant within 30 days after Landlord’s receipt of TI Architect’s invoice therefor, an amount equal to $0.15 per rentable square foot of the Premises, i.e., $19,873.05 (based on the Premises containing 132,487 rentable square feet), to fund a test fit/preliminary design of the Premises by the TI Architect.

	
6.
	
Miscellaneous.

	
 
	
(a)
	
Consents.  Whenever consent or approval of either party is required under this Work Letter, that party shall not unreasonably withhold, condition or delay such consent or approval, except as may be expressly set forth herein to the contrary.

	
 
	
(b)
	
Modification.  No modification, waiver or amendment of this Work Letter or of any of its conditions or provisions shall be binding upon Landlord or Tenant unless in writing signed by Landlord and Tenant.

 

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EXHIBIT D TO LEASE

ACKNOWLEDGMENT OF COMMENCEMENT DATE

 

 

This ACKNOWLEDGMENT OF COMMENCEMENT DATE is made as of this _____ day of _____________, 201__, between ARE-MARYLAND NO. 24, LLC, a Delaware limited liability company (“Landlord”), and REGENXBIO INC., a Delaware corporation (“Tenant”), and is attached to and made a part of the Lease Agreement dated as of November __, 2018 (“Lease”), by and between Landlord and Tenant.  Any initially capitalized terms used but not defined herein shall have the meanings given them in the Lease.

Landlord and Tenant hereby acknowledge and agree that the Commencement Date of the Base Term of the Lease is ____________, 2018, the Lease Commencement Date is ____________, the Rent Commencement Date (subject to the Base Rent Abatement) is ________________, the 4th Floor Rent Commencement Date is ________________, and the expiration date of the Base Term of the Lease shall be midnight on ______________.  In case of a conflict between the terms of the Lease and the terms of this Acknowledgement of Commencement Date, this Acknowledgement of Commencement Date shall control for all purposes.

IN WITNESS WHEREOF, Landlord and Tenant have executed this ACKNOWLEDGMENT OF COMMENCEMENT DATE under seal to be effective on the date first above written.

 

			
	
TENANT:
	
 
	
 

	
 
	
 
	
 

	
REGENXBIO INC.,

	
a Delaware corporation

 

			
	
By:
	
 
	
(SEAL)

	
Name:
	
 
	
 

	
Title:
	
 
	
 

 

	
	
LANDLORD:

	
 

	
ARE-MARYLAND NO. 24, LLC,

	
a Delaware limited liability company

	
 

 

			
	
By:
	
 
	
ALEXANDRIA REAL ESTATE EQUITIES, L.P.,

	
 
	
 
	
a Delaware limited partnership,

	
 
	
 
	
managing member

 

			
	
By:
	
 
	
ARE-QRS CORP.,

	
 
	
 
	
a Maryland corporation,

	
 
	
 
	
general partner

 

			
	
By:
	
 
	
(SEAL)

	
Name:
	
 
	
 

	
Title:
	
 
	
 

 

 

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EXHIBIT E TO LEASE

Rules and Regulations

48.The sidewalk, entries, and driveways of the Project shall not be obstructed by Tenant, or any Tenant Party, or used by them for any purpose other than ingress and egress to and from the Premises.

49.Tenant shall not place any objects, including antennas, outdoor furniture, etc., in the parking areas, landscaped areas or other areas outside of its Premises, or on the roof of the Project.

50.Except for service animals assisting the disabled, no animals shall be allowed in the offices, halls, or corridors in the Project.

51.Tenant shall not disturb the occupants of the Project or adjoining buildings by the use of any radio or musical instrument or by the making of loud or improper noises.

52.If Tenant desires telegraphic, telephonic or other electric connections in the Premises, Landlord or its agent will reasonably direct the electrician as to where and how the wires may be introduced; and, without such direction, no introduction of wires will be permitted (except as may be shown on the approved plans for the Tenant Improvements, any Alterations or Installations).  Any such installation or connection shall be made at Tenant’s expense (except to the extent paid pursuant to the TI Allowance (as defined in the Tenant Work Letter)).

53.Tenant shall not install or operate any steam or gas engine or boiler, or other mechanical apparatus in the Premises, except as specifically approved in the Lease or the approved plans for the Tenant Improvements, any Alterations or Installations.  The use of oil, gas or inflammable liquids for heating, lighting or any other purpose is expressly prohibited.  Explosives or other articles deemed extra hazardous shall not be brought into the Project.

54.Parking any type of recreational vehicles is specifically prohibited on or about the Project.  Except for the overnight parking of operative vehicles, no vehicle of any type shall be stored in the parking areas at any time.  In the event that a vehicle is disabled, it shall be removed within 48 hours.  There shall be no “For Sale” or other advertising signs on or about any parked vehicle.  All vehicles shall be parked in the designated parking areas in conformity with all signs and other markings.  All parking will be open parking, and no reserved parking, numbering or lettering of individual spaces will be permitted except as specified by Landlord or the Lease.

55.Tenant shall maintain the Premises free from rodents, insects and other pests.

56.Landlord reserves the right to exclude or expel from the Project any person who, in the judgment of Landlord, is intoxicated or under the influence of liquor or drugs or who shall in any manner do any act in violation of the Rules and Regulations of the Project.

57.Tenant shall not cause any unnecessary labor by reason of Tenant’s carelessness or indifference in the preservation of good order and cleanliness.  Landlord shall not be responsible to Tenant for any loss of property on the Premises, however occurring, or for any damage done to the effects of Tenant by the janitors or any other employee or person.

58.Tenant shall give Landlord prompt notice after becoming aware of any defects in the water, lawn sprinkler, sewage, gas pipes, electrical lights and fixtures, heating apparatus, or any other service equipment affecting the Premises.

 

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59.Tenant shall not permit storage outside the Premises, including without limitation, outside storage of trucks and other vehicles, or dumping of waste or refuse or permit any harmful materials to be placed in any drainage system or sanitary system in or about the Premises.

60.All moveable trash receptacles provided by the trash disposal firm for the Premises must be kept in the trash enclosure areas, if any, provided for that purpose.

61.No auction, public or private, will be permitted on the Premises or the Project.

62.No awnings shall be placed over the windows in the Premises except with the prior written consent of Landlord.

63.The Premises shall not be used for lodging, sleeping or cooking or for any immoral or illegal purposes or for any purpose other than that specified in the Lease.  No gaming devices (such as slot or video poker machines) shall be operated in the Premises.

64.Tenant shall ascertain from Landlord the maximum amount of electrical current that can safely be used in the Premises, taking into account the capacity of the electrical wiring in the Project and the Premises and the needs of other tenants, and shall not use more than such safe capacity.  Landlord’s consent to the installation of electric equipment shall not relieve Tenant from the obligation not to use more electricity than such safe capacity.

65.Tenant assumes full responsibility for protecting the Premises from theft, robbery and pilferage.

66.Tenant shall not install or operate on the Premises any machinery or mechanical devices of a nature not directly related to Tenant’s Permitted Use of the Premises and shall keep all such machinery free of vibration and noise that are transmitted beyond the Premises.

 

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EXHIBIT F TO LEASE

TENANT’S PERSONAL PROPERTY

None except as set forth below: 

NONE

 

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EXHIBIT G TO LEASE

LOCATION OF IDENTIFICATION SIGNAGE

 

 

 

 

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EXHIBIT H TO LEASE

LOADING DOCKS AND DEDICATED GENERATOR AREA 

 

 

 

 

 

 

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EXHIBIT I TO LEASE

TENANTS WITH SUPERIOR EXPANSION RIGHTS

 

 

 

None

 

 

 

 

 

 

21001083-v13EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

AMENDMENT NO. 1 TO CREDIT AGREEMENT 

AND BANK JOINDER AGREEMENT 

This AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT (this “Amendment”) dated as of
November 1, 2018, is among CHICAGO MERCANTILE EXCHANGE INC., a Delaware corporation (the “Company”), BANK OF AMERICA, N.A., in its capacity as administrative agent for the Banks (as defined in the Credit
Agreement described below) (in such capacity, the “Administrative Agent”), CITIBANK, N.A., in its capacity as Collateral Agent (in such capacity, the “Collateral Agent”) and in its capacity as
Collateral Monitoring Agent (in such capacity, the “Collateral Monitoring Agent”), each of the existing Banks (collectively, the “Existing Banks”) under the Existing Credit Agreement (as defined below)
which are parties hereto, and each of the Persons becoming Banks by the execution of this Amendment (the “New Banks”, and collectively with the Existing Banks, the “Banks”). Capitalized terms used in
this Amendment not otherwise defined herein shall have the respective meanings given thereto in the Credit Agreement (as herein defined). 

W I T N E S S E T H: 

WHEREAS, the Company, the Administrative Agent, the Collateral Agent, the Collateral Monitoring Agent and the Existing Banks entered
into that certain Credit Agreement dated as of November 2, 2017 (the “Existing Credit Agreement”; and as hereby amended and as further amended, modified, supplemented, restated, or amended and restated, the
“Credit Agreement”); 
 WHEREAS, the Company has requested, and the Administrative Agent, the Collateral
Agent, the Collateral Monitoring Agent and the Banks (including the Existing Banks party hereto) have agreed to amend (i) the Existing Credit Agreement in such a manner that, upon giving effect to such amendments, the Existing Credit Agreement
as so amended would contain the terms, covenants, conditions and other provisions as contained in the form of Credit Agreement set forth as Annex A to this Amendment (the “Consolidated Form Credit Agreement”)
and (ii) the Annexes, Schedules and Exhibits to the Existing Credit Agreement in such a manner that, upon giving effect to such amendments, the Annexes, Schedules and Exhibits to the Existing Credit Agreement as so amended would contain the
terms, covenants, conditions and other provisions as contained in the form of the Annexes, Schedules and Exhibits to the Credit Agreement set forth as Annex B to this Amendment (the “Consolidated Form Annexes, Schedules and
Exhibits”) and the Administrative Agent, the Collateral Agent, the Collateral Monitoring Agent and the Banks (including the Existing Banks party hereto) are willing to effect such amendments on the terms and conditions contained in this
Amendment; 
 NOW, THEREFORE, in consideration of the premises and further valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto agree as follows: 
 1.     Amendments to Existing Credit
Agreement. 
 a.    Subject to the terms and conditions set forth herein, the Existing Credit
Agreement is hereby amended so that, as amended, it shall read as set forth in, and shall have the terms, covenants, conditions and other provisions of, the Consolidated Form 

 
Credit Agreement, the terms, covenants, conditions and other provisions of which Consolidated Form Credit Agreement are hereby incorporated by reference into this Amendment as if fully set forth
herein. The Company, the Banks (including the Existing Banks party hereto), the Administrative Agent, the Collateral Agent and the Collateral Monitoring Agent acknowledge and agree that each amendment to the Existing Credit Agreement reflected in
the Consolidated Form Credit Agreement is and shall be effective as if individually specified in this Amendment (the Company, the Banks (including the Existing Banks party hereto), the Administrative Agent, the Collateral Agent and the Collateral
Monitoring Agent further acknowledging that amending the Existing Credit Agreement by reference to the Consolidated Form Credit Agreement provides a convenience to such parties to permit the amended terms to be read in full context), and that this
Amendment is not a novation of the Existing Credit Agreement or any other Loan Document or of any credit facility provided thereunder or in respect thereof. For ease of review, the original signature pages have been removed from the Consolidated
Form Credit Agreement. Notwithstanding that the cover page of the Consolidated Form Credit Agreement is dated “as of November 2, 2017” and Section 5.1 of the Consolidated Form Credit Agreement attached hereto
contains those conditions which were applicable to the initial Closing Date of November 2, 2017, the changes to the Existing Credit Agreement effected by this Amendment shall be effective as of the satisfaction or waiver to the conditions to
effectiveness set forth in Section 3 of this Amendment. 
 b.    Subject to the terms and conditions
set forth herein, the Annexes, Schedules and Exhibits attached to the Existing Credit Agreement are hereby amended so that, as amended, such Annexes, Schedules and Exhibits shall read as set forth in, and shall have the terms, covenants, conditions
and other provisions of, the Consolidated Form Annexes, Schedules and Exhibits, the terms, covenants, conditions and other provisions of which Consolidated Form Annexes, Schedules and Exhibits are hereby incorporated by reference into this Amendment
as if fully set forth herein. The Company, the Banks (including the Existing Banks party hereto), the Administrative Agent, the Collateral Agent and the Collateral Monitoring Agent acknowledge and agree that each amendment to the Annexes, Schedules
and Exhibits attached to the Existing Credit Agreement reflected in the Consolidated Form Annexes, Schedules and Exhibits is and shall be effective as if individually specified in this Amendment (the Company, the Banks (including the Existing Banks
party hereto), the Administrative Agent, the Collateral Agent and the Collateral Monitoring Agent further acknowledging that amending the Annexes, Schedules and Exhibits to the Existing Credit Agreement by reference to the Consolidated Form Annexes,
Schedules and Exhibits provides a convenience to such parties to permit the amended terms to be read in full context), and that this Amendment is not a novation of the Existing Credit Agreement or any other Loan Document or of any credit facility
provided thereunder or in respect thereof. 
 2.    Joinder of the New Banks; Allocations; Applicable Tranche
Commitments. 
 a.    By its execution of this Amendment, each New Bank hereby confirms and
agrees that, as of the Amendment Effective Date, it shall be and become a party to the Credit Agreement as a “Bank” and shall have all of the rights and be obligated to perform all of the obligations of a “Bank” thereunder with
the Applicable Tranche Commitment 

  
 2 

 
equal to the amount set forth on Schedule 1.1 in the Consolidated Form Annexes, Schedules and Exhibits (as from time to time adjusted in accordance with the terms of the Credit
Agreement). Each New Bank hereby (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Amendment and to consummate the transactions contemplated hereby
and to be become a Bank under the Credit Agreement, (ii) it meets all requirements to be a Bank assignee under Section 11.1(c) and (f) of the Credit Agreement (subject to such consents, if any, as may be required under
Section 11.1(c) of the Credit Agreement) and is not any Person described in Section 11.1(g) of the Credit Agreement, (iii) from and after the Amendment Effective Date, it shall be bound by the provisions of the
Credit Agreement as a Bank thereunder and, to the extent of the assets of the type present by its Applicable Tranche Commitment shall have the obligations of a Bank thereunder, (iv) it is sophisticated with respect to decisions to acquire
assets of the type represented by the Applicable Tranche Commitment and either it, or the Person exercising discretion in making its decision to acquire the Applicable Tranche Commitment, is experienced in acquiring assets of such type, (v) it
has received a copy of the Credit Agreement and the Annexes, Schedules and Exhibits attached thereto together with copies of the most recent financial statements delivered pursuant to Section 7.1 thereof, as applicable, 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 Amendment (and to incur the rights and obligations as a Bank under the Credit Agreement), (vi) it has, independently and without
reliance upon the Administrative Agent, the Collateral Agent, the Collateral Monitoring Agent or any other Bank and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this
Amendment; and (vii) if it is a Foreign Bank, it has delivered to the Administrative Agent any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the undersigned; and
(b) agrees that (i) it will, independently and without reliance upon the Administrative Agent, the Collateral Agent, the Collateral Monitoring Agent or any other Bank and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit and legal decisions in taking or not taking action under the Credit Agreement or any other document entered into in connection with the Loans thereunder, and (ii) it will perform in accordance with
their terms all of the obligations which by the terms of the Credit Agreement and such other documents are required to be performed by it as a Bank, and (c) makes for itself, as of the date hereof, the representation and warranty concerning
each Bank set forth in Section 11.17 of the Credit Agreement. On and after the Amendment Effective Date, all references to “Banks” in the Credit Agreement and the other Loan Documents shall be deemed to include the New Banks.

 3.    Effectiveness; Conditions Precedent. This Amendment shall become effective at the time (the
“Amendment Effective Date”) when each of the following conditions has been 

  
 3 

 
satisfied (and the Administrative Agent shall give notice to the Company of the effectiveness of this Amendment): 

a.    The Administrative Agent shall have received: 

(i)    counterparts of this Amendment duly executed by the Company, each Bank, the Administrative Agent,
the Collateral Agent and the Collateral Monitoring Agent; 
 (ii)    a copy of the certificate of
incorporation of the Company certified by the Delaware Secretary of State and certified by a secretary or assistant secretary of the Company to be true and correct as of the date hereof; 

(iii)    a copy of the bylaws of the Company certified by a secretary or assistant secretary of the Company
to be true and correct as of the date hereof; 
 (iv)    a certificate of good standing with respect to
the Company, certified by the Secretary of State of Delaware; 
 (v)    a copy, certified by the
secretary or assistant secretary of the Company, of the Company’s Board of Directors’ resolutions authorizing the execution of the Loan Documents; 

(vi)    an incumbency certificate, in substantially the form of Exhibit E to the Credit Agreement,
executed by the secretary or assistant secretary of the Company, which shall identify by name and title and bear the signature of the officers of the Company authorized to sign the Loan Documents and to make borrowings hereunder, including
telephonic borrowings, upon which certificate the Administrative Agent and the Banks shall be entitled to rely until informed of any change in writing by the Company; 

(vii)    a certificate, signed by (a)(i) the chief executive officer of the Company, (ii) the
president of the Company, (iii) the chief financial officer of the Company, (iv) the senior managing directors of the Company, (v) the managing directors in the Clearing Division of the Company, (vi) the president of CME Clearing
or (vii) the chief risk officer of the Company, and (b)(i) the secretary of the Company or (ii) the assistant secretary of the Company, or in each case his or her delegate, in substantially the form of Exhibit B of Annex B
hereto. Such certificate may be furnished by the Company by any means set forth in Section 13.1 of the Credit Agreement, and shall be deemed given to the Administrative Agent as provided therein; 

(viii)    a written opinion of the Company’s counsel, addressed to the Administrative Agent, the
Collateral Agent and the Banks (or upon which the Administrative Agent, the Collateral Agent and the Banks may rely), reasonably acceptable to the Administrative Agent; 

(ix)    quarterly consolidated financial Statements of CME Group Inc. and its subsidiaries and quarterly
consolidated financial statements of the Company and its subsidiaries for each quarterly period of 2018 then available; 

  
 4 

 (x)    UCC search results with respect to the Company
showing only Liens acceptable to the Administrative Agent; 
 (xi)    UCC financing statements naming the
Company, as debtor, for filing in all places required by applicable law or reasonably requested by the Administrative Agent to perfect the Liens of the Collateral Agent for the benefit of the Agents and Banks under the Collateral Documents as a
first priority Lien as to items of Collateral in which a security interest may be perfected by the filing of financial statements (which such statements will not specifically list any account numbers); 

(xii)    A fully executed Reaffirmation Agreement dated as of the date hereof (the
“Reaffirmation Agreement”) among the Company, the Clearing Members party thereto, the Administrative Agent, the Collateral Agent and the Collateral Monitoring Agent and relating to the Loan Documents, reasonably satisfactory
to the Administrative Agent; 
 (xiii)    Fully executed Joinder Agreements (as defined in the Security
and Pledge Agreement) (substantially in the form of Exhibit A attached to the Security and Pledge Agreement), dated as of the date hereof by each Person joining the Security and Pledge Agreement as a “Grantor” (as defined therein) as of
the date hereof; 
 (xiv)    A fully executed Amendment No. 2 to Security and Pledge Agreement
(“Amendment No. 2 to Security and Pledge Agreement”) dated the date hereof among the Grantors party thereto and the Collateral Agent. 

b.    Each of the conditions to effectiveness set forth in Section 2 of Amendment No. 2 to
Security and Pledge Agreement shall have been (or substantially simultaneously with the effectiveness of this Amendment, shall be) satisfied. 

c.    The Agents shall have received all fees and other amounts due and payable under the Fee Letters on or
prior to the date hereof (including, without limitation, all such fees due and owing to the Banks), for which invoices have been presented at least two Business Days prior to the Amendment Effective Date, including reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Company hereunder. 

d.    Upon the reasonable request of any Bank made at least ten days prior to the date hereof, the Company
shall have provided to such Bank the documentation and other information so requested in connection with applicable “know your customer” and anti-money-laundering rules and regulations, including the USA Patriot Act, in each case at least
five days prior to the date hereof. 
 Without limiting the generality of the provisions of Article X of the Credit Agreement, for purposes
of determining compliance with the conditions specified in this Section 3, each Bank that has signed this Amendment shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other
matter required thereunder to be consented to or approved 

  
 5 

 
by or acceptable or satisfactory to a Bank unless the Administrative Agent shall have received notice from such Bank prior to the proposed Amendment Effective Date specifying its objection
thereto. This Amendment shall constitute a Loan Document. 
 4.    Representations and Warranties. In
order to induce the Administrative Agent, the Collateral Agent, the Collateral Monitoring Agent and each Bank to enter into this Amendment, the Company represents and warrants to the Administrative Agent, the Collateral Agent, the Collateral
Monitoring Agent and each Bank as follows: 
 a.    At the time of and immediately after giving effect to
this Amendment, (i) the representations and warranties of the Company set forth in Article VI of the Credit Agreement shall be true and correct in all material respects (or, in the case of any such representation or warranty already qualified
by materiality, in all respects) on and as of the date hereof (except to the extent that such representations and warranties specifically refer to an earlier date, in which case as of such earlier date) and (ii) no Default or Unmatured Default
has occurred and is continuing. 
 b.    This Amendment has been duly executed and delivered by the
Company and constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement
of creditors’ rights generally and by general principles of equity (whether enforcement is considered in a proceeding at law or in equity). 

5.    Entire Agreement. This Amendment, together with the Credit Agreement, including the Annexes,
Schedules and Exhibits thereto, Amendment No. 2 to Security and Pledge Agreement, the Security and Pledge Agreement and the Reaffirmation Agreement (collectively, the “Relevant Documents”), sets forth the entire
understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter. No promise, condition, representation or warranty,
express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such promise, condition, representation or warranty. Each of the parties hereto acknowledges that, except as otherwise
expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party to any other party in relation to the subject matter hereof or thereof. None of the terms or conditions of
this Amendment may be changed, modified, waived or canceled orally or otherwise, except in writing and in accordance with Section 9.2 of the Credit Agreement. 

6.    Full Force and Effect of Agreement. Except as hereby specifically amended, modified or
supplemented, the Credit Agreement, including the Annexes, Schedules and Exhibits thereto, is hereby confirmed and ratified in all respects and shall be and remain in full force and effect according to its terms. The execution, delivery and
effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Bank or any Agent under any of the Loan Documents, nor, except as expressly provided herein, constitute a waiver
or amendment of any provision of any of the Loan Documents. 

  
 6 

 7.    Counterparts. This Amendment may be executed
in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties hereto may execute this Amendment by signing any such counterpart. Delivery of an executed signature page by facsimile or email shall
be effective as delivery of an original executed counterpart hereof. 
 8.    Governing Law. THIS
AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. The parties hereto hereby irrevocably submits to the exclusive jurisdiction of any United States federal or New York state court sitting in New York, New York, in any
action or proceeding arising out of or relating to this Amendment, and each of the parties hereto hereby irrevocably agrees that all claims in respect of any such action or proceeding may be heard and determined in any such court. This Amendment
shall be further subject to the provisions of Sections 11.4 of the Credit Agreement. 
 9.    WAIVER OF
TRIAL BY JURY. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN CONNECTION WITH THIS AMENDMENT OR ANY
MATTER ARISING HEREUNDER. 
 10.    Severability of Provisions. Any provision of this Amendment
held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or enforceability without affecting the validity, legality and enforceability of the
remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

11.    References. All references to the “Credit Agreement” in the Loan Documents (other
than the Credit Agreement), and all references to the “Agreement” in the Credit Agreement, shall mean the Existing Credit Agreement, as amended hereby and as further amended, restated, supplemented or otherwise modified from time to time.
All references to the “Annexes, Schedules and Exhibits to the Credit Agreement” in the Loan Documents (other than the Credit Agreement) shall mean the Annexes, Schedules and Exhibits to the Existing Credit Agreement, as amended hereby.

 12.    Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of
the Company, the Administrative Agent, the Collateral Agent, the Collateral Monitoring Agent, the Banks and their respective successors and assigns to the extent such successors and assigns are permitted as provided in
Section 9.2, Section 10.6 and Section 11.1 of the Credit Agreement, in the case of the Company, any Agents, and any Bank, respectively. 

[Signature pages follow.] 

  
 7 

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

			
	CHICAGO MERCANTILE EXCHANGE INC.
		
	By:	 	 /s/ Sunil Cutinho

	Name:	 	Sunil Cutinho
	Title:	 	President, CME Clearing

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

 
			
	 BANK OF AMERICA, N.A.,

as Administrative Agent

		
	By:	 	 /s/ Liliana Claar

	Name:	 	Liliana Claar
	Title:	 	Vice President
	
	 BANK OF AMERICA, N.A.,

as a Bank

		
	By:	 	 /s/ Maryanne Fitzmaurice

	Name:	 	Maryanne Fitzmaurice
	Title:	 	Director
	
	BANK OF AMERICA, N.A., CANADA BRANCH
		
	By:	 	 /s/ Medina Sales de Andrade

	Name:	 	Medina Sales de Andrade
	Title:	 	Vice President

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

 
			
	 CITIBANK, N.A.,

as Collateral Agent

		
	By:	 	 /s/ Jenny Cheng

	Name:	 	Jenny Cheng
	Title:	 	Senior Trust Officer
	
	 CITIBANK, N.A.,
 as
Collateral Monitoring Agent

		
	By:	 	 /s/ Diana Shapiro

	Name:	 	Diana Shapiro
	Title:	 	Director
	
	 CITIBANK, N.A.,
 as a
Bank

		
	By:	 	 /s/ Ciaran Small

	Name:	 	Ciaran Small
	Title:	 	Vice President

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

			
	 AGRICULTURAL BANK OF CHINA, NEW YORK BRANCH,

as a Bank

		
	By:	 	 /s/ Nelson Chou

	Name:	 	Nelson Chou
	Title:	 	SVP, Head of Corporate Banking

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

			
	 BANK OF CHINA, CHICAGO BRANCH,

as a Bank

		
	By:	 	 /s/ Kefei Xu

	Name:	 	Kefei Xu
	Title:	 	SVP and Branch Manager

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

			
	 BARCLAYS BANK PLC,
 as a
Bank

		
	By:	 	 /s/ Craig Malloy

	Name:	 	Craig Malloy
	Title:	 	Director

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

			
	 BMO HARRIS BANK N.A.,
 as a
Bank

		
	By:	 	 /s/ Adam Tarr

	Name:	 	Adam Tarr
	Title:	 	Director

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

			
	 COMMERZBANK AG NEW YORK BRANCH,

as a Bank

		
	By:	 	 /s/ Michael McCarthy

	Name:	 	Michael McCarthy
	Title:	 	Managing Director
		
	By:	 	 /s/ Barry Feigenbaum

	Name:	 	Barry Feigenbaum
	Title:	 	Managing Director

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

			
	 INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED, NEW YORK BRANCH,

as a Bank

		
	By:	 	 /s/ Shelly Yan

	Name:	 	Letian Yan
	Title:	 	Relationship Manager, AVP
		
	By:	 	 /s/ Jeffrey Roth

	Name:	 	Jeffrey Roth
	Title:	 	Executive Director

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

			
	 MUFG BANK, LTD., f/k/a THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

as a Bank

		
	By:	 	 /s/ Oscar Cortez

	Name:	 	Oscar Cortez
	Title:	 	Director

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

			
	 SANTANDER BANK N.A.,
 as a
Bank

		
	By:	 	 /s/ Robert C. Rubino

	Name:	 	Robert C. Rubino
	Title:	 	Co-President

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

			
	 THE BANK OF NOVA SCOTIA,
 as
a Bank

		
	By:	 	 /s/ Kevin Chan

	Name:	 	Kevin Chan
	Title:	 	Director

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

			
	 THE TORONTO-DOMINION BANK, NEW YORK BRANCH,

as a Bank

		
	By:	 	 /s/ Annie Dorval

	Name:	 	Annie Dorval
	Title:	 	Authorized Signatory

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,

as a Bank

		
	By:	 	 /s/ Christopher Catucci

	Name:	 	Christopher Catucci
	Title:	 	VP, Securities Industry & Investment Mgt Division

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

 
			
	 UNITED OVERSEAS BANK LIMITED, NEW YORK AGENCY,

as a Bank

		
	By:	 	 /s/ Eriberto De Guzman

	Name:	 	Eriberto De Guzman
	Title:	 	Managing Director and Country Manager
		
	By:	 	 /s/ William Sinsigalli

	Name:	 	William Sinsigalli
	Title:	 	Executive Director

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as a Bank

		
	By:	 	 /s/ James
Mastroianna                        

	Name:	 	James Mastroianna
	Title:	 	Vice President

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

 
			
	 CHINA CONSTRUCTION BANK CORPORATION LONDON BRANCH,

as a Bank

		
	By:	 	 /s/ Mr. Aimin
Yang                                

	Name:	 	Mr. Aimin Yang
	Title:	 	General Manager

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

 
			
	 DEUTSCHE BANK AG NEW YORK BRANCH,

as a Bank

		
	By:	 	 /s/ Virginia
Cosenza                                        

	Name:	 	Virginia Cosenza
	Title:	 	Vice President
		
	By:	 	 /s/ Ming K. Chu

	Name:	 	Ming K. Chu
	Title:	 	Director

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

 
			
	 JPMORGAN CHASE BANK, N.A.,

as a Bank

		
	By:	 	 /s/ Kortney
Knight                                        

	Name:	 	Kortney Knight
	Title:	 	Vice President, J.P. Morgan

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

 
			
	 LANDESBANK HESSEN-THÜRINGEN GIROZENTRALE, NEW YORK BRANCH,

as a Bank

		
	By:	 	 /s/ Jesse A. Reid,
Jr.                                        

	Name:	 	Jesse A. Reid, Jr.
	Title:	 	Senior Vice President, Insurance & Corporate Clients North America
		
	By:	 	 /s/ Stephanie Shinkarev

	Name:	 	Stephanie Shinkarev
	Title:	 	Assistant Vice President, Insurance & Corporate Clients North America

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

 
			
	 HSBC BANK USA, NATIONAL ASSOCIATION,

as a Bank

 
			
		
	By:	 	 /s/ Scott Yenger

	Name:	 	Scott Yenger
	Title:	 	Managing Director

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

 
			
	 BANK OF COMMUNICATIONS CO., LTD., NEW YORK BRANCH,

as a Bank

 
			
		
	By:	 	 /s/ Shelley He

	Name:	 	Shelley He
	Title:	 	Deputy General Manager

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

 
			
	 BNP PARIBAS,
 as a
Bank

		
	By:	 	 /s/ David Seaman

	Name:	 	David Seaman
	Title:	 	Director
		
	By:	 	 /s/ Frank Chiofalo

	Name:	 	Frank Chiofalo
	Title:	 	Vice President

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

 
			
	 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

as a Bank

		
	By:	 	 /s/ Doreen Barr

	Name:	 	Doreen Barr
	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Komal Shah

	Name:	 	Komal Shah
	Title:	 	Authorized Signatory

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

 
			
	 GOLDMAN SACHS BANK USA,

as a Bank

 
			
		
	By:	 	 /s/ Ryan Durkin

	Name:	 	Ryan Durkin
	Title:	 	Authorized Signatory

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

 
			
	 MIZUHO BANK, LTD.,

as a Bank

		
	By:	 	 /s/ Donna DeMagistris

	Name:	 	Donna DeMagistris
	Title:	 	Authorized Signatory

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

 
			
	 MORGAN STANLEY BANK, N.A.,

as a Bank

 
			
		
	By:	 	 /s/ Tejash Patel

	Name:	 	Tejash Patel
	Title:	 	Managing Director

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

 
			
	 ROYAL BANK OF CANADA,

as a Bank

 
			
		
	By:	 	 /s/ Tim Stephens

	Name:	 	Tim Stephens
	Title:	 	Authorized Signatory

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

 
			
	 SOCIETE GENERALE,

as a Bank

 
			
		
	By:	 	 /s/ Roberto Peralta

	Name:	 	Roberto Peralta
	Title:	 	Director

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

 
			
	 STANDARD CHARTERED BANK,

as a Bank

		
	By:	 	 /s/ Daniel Mattern

	Name:	 	Daniel Mattern
	Title:	 	Associate Director, Standard Chartered Bank

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

 
			
	 BROWN BROTHERS HARRIMAN & CO.,

as a Bank

 
			
		
	By:	 	 /s/ Ann Hobart

	Name:	 	Ann Hobart
	Title:	 	Senior Vice President

  
 Chicago Mercantile
Exchange, Inc. 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT AND BANK JOINDER AGREEMENT 

Signature Page 

 ANNEX A TO AMENDMENT 

Form Consolidated Credit Agreement 

See attached. 

  
 ANNEX A TO AMENDMENT 

 EXECUTION VERSION 

 

ANNEX A 

AMENDED CREDIT AGREEMENT 

As amended as of November 1, 2018 

 

 CREDIT AGREEMENT 

Dated as of November 2, 2017 

among 
 CHICAGO MERCANTILE
EXCHANGE INC., 
 EACH OF THE BANKS FROM TIME TO TIME PARTY HERETO, 

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

as Collateral Agent and Collateral Monitoring Agent, 

and 
 BANK OF CHINA, CHICAGO
BRANCH, BMO HARRIS BANK N.A., MUFG BANK, LTD., BARCLAYS BANK PLC, CITIBANK, N.A., COMMERZBANK AG NEW YORK BRANCH, UNITED OVERSEAS BANK LIMITED, NEW YORK AGENCY, WELLS FARGO BANK, NATIONAL ASSOCIATION, THE BANK OF NOVA SCOTIA, AGRICULTURAL BANK OF
CHINA LIMITED, NEW YORK BRANCH, TD SECURITIES (USA) LLC, INDUSTRIAL and COMMERCIAL BANK OF CHINA LIMITED, NEW YORK BRANCH, U.S. BANK NATIONAL ASSOCIATION and SANTANDER BANK, N.A., 

as Syndication Agents 
  

 
 MERRILL
LYNCH, PIERCE, FENNER & SMITH INCORPORATED, BANK OF CHINA, CHICAGO BRANCH, BMO HARRIS BANK N.A., MUFG BANK, LTD., BARCLAYS BANK PLC, CITIBANK, N.A., COMMERZBANK AG NEW YORK BRANCH, UNITED OVERSEAS BANK LIMITED, NEW YORK AGENCY, WELLS FARGO
BANK, NATIONAL ASSOCIATION, THE BANK OF NOVA SCOTIA, AGRICULTURAL BANK OF CHINA LIMITED, NEW YORK BRANCH, TD SECURITIES (USA) LLC, INDUSTRIAL COMMERCIAL BANK OF CHINA LIMITED, NEW YORK BRANCH, U.S. BANK NATIONAL ASSOCIATION, and SANTANDER BANK,
N.A., 
 as Joint Lead Arrangers and Joint Bookrunners 
  

 

  
 Amended Credit
Agreement 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE
I            DEFINITIONS
	  	 	1	 
			
	 Section 1.1
	 	 Definitions
	  	 	1	 
			
	 Section 1.2
	 	 Other Definitional and Interpretive Provisions
	  	 	26	 
			
	 Section 1.3
	 	 Exchange Rates
	  	 	26	 
			
	 Section 1.4
	 	 Collateral Valuation
	  	 	27	 
			
	 Section 1.5
	 	 Change of Currency
	  	 	28	 
		
	 ARTICLE II          THE
CREDIT
	  	 	28	 
			
	 Section 2.1
	 	 Revolving Credit Loans
	  	 	28	 
			
	 Section 2.2
	 	 Ratable Loans
	  	 	29	 
			
	 Section 2.3
	 	 Repayment of Advances
	  	 	29	 
			
	 Section 2.4
	 	 Reborrowing of Advances
	  	 	30	 
			
	 Section 2.5
	 	 Optional Principal Payments
	  	 	30	 
			
	 Section 2.6
	 	 Mandatory Principal Payments
	  	 	30	 
			
	 Section 2.7
	 	 Adjustments of Commitments
	  	 	31	 
			
	 Section 2.8
	 	 Fees
	  	 	32	 
			
	 Section 2.9
	 	 Collateral
	  	 	33	 
			
	 Section 2.10
	 	 Commitment Increase Option
	  	 	36	 
			
	 Section 2.11
	 	 Defaulting Banks
	  	 	37	 
			
	 Section 2.12
	 	 Removal or Replacement of a Bank
	  	 	38	 
			
	 Section 2.13
	 	 [Reserved]
	  	 	40	 
			
	 Section 2.14
	 	 Participations in Applicable Tranche Swingline Loans
	  	 	40	 
		
	 ARTICLE III        FUNDING THE
CREDITS
	  	 	40	 
			
	 Section 3.1
	 	 Method of Borrowing
	  	 	40	 
			
	 Section 3.2
	 	 Minimum Amount of Each Advance
	  	 	43	 
			
	 Section 3.3
	 	 Interest
	  	 	44	 
			
	 Section 3.4
	 	 Method of Payment
	  	 	44	 
			
	 Section 3.5
	 	 Notes; Telephonic Notices
	  	 	44	 
			
	 Section 3.6
	 	 Interest Payment Dates; Interest Basis
	  	 	45	 
		
	 ARTICLE IV        ADMINISTRATIVE
AGENT
	  	 	46	 
			
	 Section 4.1
	 	 Notice to and Payment by the Banks
	  	 	46	 
			
	 Section 4.2
	 	 Payment by Banks to the Administrative Agent
	  	 	46	 
			
	 Section 4.3
	 	 Distribution of Payments
	  	 	47	 
			
	 Section 4.4
	 	 Rescission of Payments by the Company
	  	 	47	 

  
 Amended Credit
Agreement 
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE
V            CONDITIONS PRECEDENT
	  	 	48	 
			
	 Section 5.1
	 	 Conditions Precedent
	  	 	48	 
			
	 Section 5.2
	 	 Each Advance
	  	 	49	 
		
	 ARTICLE VI          REPRESENTATIONS
AND WARRANTIES
	  	 	51	 
			
	 Section 6.1
	 	 Corporate Existence and Standing
	  	 	51	 
			
	 Section 6.2
	 	 Authorization and Validity
	  	 	51	 
			
	 Section 6.3
	 	 Compliance with Laws and Contracts
	  	 	51	 
			
	 Section 6.4
	 	 Financial Statements
	  	 	52	 
			
	 Section 6.5
	 	 Material Adverse Change
	  	 	52	 
			
	 Section 6.6
	 	 Subsidiaries
	  	 	52	 
			
	 Section 6.7
	 	 Accuracy of Information
	  	 	52	 
			
	 Section 6.8
	 	 Margin Regulations
	  	 	52	 
			
	 Section 6.9
	 	 Taxes
	  	 	52	 
			
	 Section 6.10
	 	 Litigation
	  	 	53	 
			
	 Section 6.11
	 	 ERISA
	  	 	53	 
			
	 Section 6.12
	 	 Investment Company Status
	  	 	53	 
			
	 Section 6.13
	 	 Registration
	  	 	53	 
			
	 Section 6.14
	 	 OFAC; Beneficial Ownership Regulation
	  	 	53	 
			
	 Section 6.15
	 	 Anti-Corruption Laws
	  	 	53	 
		
	 ARTICLE VII        COVENANTS
	  	 	53	 
			
	 Section 7.1
	 	 Financial Reporting
	  	 	53	 
			
	 Section 7.2
	 	 Use of Proceeds
	  	 	55	 
			
	 Section 7.3
	 	 Notice of Default
	  	 	56	 
			
	 Section 7.4
	 	 Conduct of Business
	  	 	56	 
			
	 Section 7.5
	 	 Compliance with Laws
	  	 	56	 
			
	 Section 7.6
	 	 Books and Records; Inspection Rights
	  	 	56	 
			
	 Section 7.7
	 	 Consolidated Tangible Net Worth
	  	 	56	 
			
	 Section 7.8
	 	 Liens
	  	 	57	 
			
	 Section 7.9
	 	 Additional Clearing Members
	  	 	57	 

  
 Amended Credit
Agreement 
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 7.10
	 	 Rule Changes
	  	 	58	 
			
	 Section 7.11
	 	 Taxes
	  	 	58	 
			
	 Section 7.12
	 	 Insurance
	  	 	58	 
			
	 Section 7.13
	 	 Fundamental Changes
	  	 	58	 
			
	 Section 7.14
	 	 Clearing Member Collateral Accounts
	  	 	58	 
			
	 Section 7.15
	 	 Sanctions
	  	 	58	 
			
	 Section 7.16
	 	 Anti-Corruption Laws
	  	 	58	 
		
	 ARTICLE VIII        DEFAULTS
	  	 	59	 
			
	 Section 8.1
	 	 Representations and Warranties
	  	 	59	 
			
	 Section 8.2
	 	 Payment Defaults
	  	 	59	 
			
	 Section 8.3
	 	 Certain Covenant Defaults
	  	 	59	 
			
	 Section 8.4
	 	 Other Covenant Defaults
	  	 	59	 
			
	 Section 8.5
	 	 Other Indebtedness
	  	 	59	 
			
	 Section 8.6
	 	 Bankruptcy, etc
	  	 	59	 
			
	 Section 8.7
	 	 Involuntary Bankruptcy, etc
	  	 	60	 
			
	 Section 8.8
	 	 Judgments
	  	 	60	 
			
	 Section 8.9
	 	 Security Interest; Validity
	  	 	60	 
			
	 Section 8.10
	 	 CFTC Designation
	  	 	60	 
		
	 ARTICLE IX          ACCELERATION,
WAIVERS, AMENDMENTS AND REMEDIES
	  	 	60	 
			
	 Section 9.1
	 	 Acceleration
	  	 	60	 
			
	 Section 9.2
	 	 Amendments
	  	 	61	 
			
	 Section 9.3
	 	 Preservation of Rights
	  	 	63	 
		
	 ARTICLE X            THE
AGENTS
	  	 	63	 
			
	 Section 10.1
	 	 Appointment and Authority
	  	 	63	 
			
	 Section 10.2
	 	 Rights as a Bank
	  	 	63	 
			
	 Section 10.3
	 	 Exculpatory Provisions
	  	 	64	 
			
	 Section 10.4
	 	 Reliance by Agents
	  	 	65	 
			
	 Section 10.5
	 	 Delegation of Duties
	  	 	65	 
			
	 Section 10.6
	 	 Resignation or Removal of Agents
	  	 	65	 
			
	 Section 10.7
	 	 Non-Reliance on Agents and Other Banks
	  	 	67	 
			
	 Section 10.8
	 	 No Other Duties, Etc
	  	 	67	 

  
 Amended Credit
Agreement 
 -iii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 10.9
	 	 Administrative Agent May File Proofs of Claim
	  	 	67	 
			
	 Section 10.10
	 	 Reimbursement and Indemnification
	  	 	69	 
			
	 Section 10.11
	 	 Release of Clearing Members
	  	 	69	 
			
	 Section 10.12
	 	 Rights of Agents
	  	 	69	 
		
	 ARTICLE XI          GENERAL
PROVISIONS SECTION
	  	 	69	 
			
	 Section 11.1
	 	 Successors and Assigns; Participating Interests
	  	 	69	 
			
	 Section 11.2
	 	 Survival
	  	 	73	 
			
	 Section 11.3
	 	 Taxes
	  	 	73	 
			
	 Section 11.4
	 	 Choice of Law; Jurisdiction
	  	 	76	 
			
	 Section 11.5
	 	 Headings
	  	 	77	 
			
	 Section 11.6
	 	 Entire Agreement
	  	 	77	 
			
	 Section 11.7
	 	 Several Obligations
	  	 	77	 
			
	 Section 11.8
	 	 Expenses; Indemnification, Increased Costs; Damage Waiver
	  	 	77	 
			
	 Section 11.9
	 	 Accounting
	  	 	81	 
			
	 Section 11.10
	 	 Severability of Provisions
	  	 	81	 
			
	 Section 11.11
	 	 Confidentiality
	  	 	81	 
			
	 Section 11.12
	 	 WAIVER OF TRIAL BY JURY
	  	 	81	 
			
	 Section 11.13
	 	 USA Patriot Act Notification
	  	 	81	 
			
	 Section 11.14
	 	 No Advisory or Fiduciary Responsibility
	  	 	82	 
			
	 Section 11.15
	 	 Judgment Currency
	  	 	82	 
			
	 Section 11.16
	 	 Acknowledgement and Consent to Bail-In of EEA Financial
Institutions
	  	 	82	 
			
	 Section 11.17
	 	 Bank ERISA Representation
	  	 	83	 
			
	 Section 11.18
	 	 Interest Rate Limitation
	  	 	84	 
		
	 ARTICLE XII         SETOFF; RATABLE
PAYMENTS
	  	 	84	 
			
	 Section 12.1
	 	 Setoff; Ratable Payments
	  	 	84	 
		
	 ARTICLE XIII        NOTICES
	  	 	85	 
			
	 Section 13.1
	 	 Notices Generally
	  	 	85	 
		
	 ARTICLE XIV        COUNTERPARTS
	  	 	87	 
		
	 ARTICLE
XV          SUBORDINATION
	  	 	87	 

  
 Amended Credit
Agreement 
 -iv- 

 ANNEXES, SCHEDULES AND EXHIBITS 

 

					
	ANNEXES
			
	I	 	–	 	Eligible Assets
	II	 	–	 	Currency Funding Times
	
	EXHIBITS:
			
	A	 	–	 	Form of Note
	B	 	–	 	Form of Officer’s Certificate
	C	 	–	 	Form of Certificate of Company Accountants
	D	 	–	 	Form of Default/Unmatured Default Certificate
	E	 	–	 	Form of Incumbency Certificate
	F	 	–	 	[Reserved] (See Annex A to Amendment No. 2 to Security and Pledge Agreement) 
	G	 	–	 	[Reserved]
	H	 	–	 	Form of Advance Request
	I	 	–	 	Form of Collateral Notice
	
	SCHEDULES
			
	I	 	–	 	Subsidiaries
	II	 	–	 	Litigation
	1.1	 	–	 	Applicable Tranche Commitments
	2.8	 	–	 	Certain Fees
	13.1	 	–	 	Notice Addresses (Company, Clearing Members, Administrative Agent, Collateral Agent and Collateral Monitoring Agent), Administrative Agent’s Office, Collateral Agent’s Office and Collateral Monitoring Agent’s
Office

  
 Amended Credit
Agreement 

 CHICAGO MERCANTILE EXCHANGE INC. 

 
  

CREDIT AGREEMENT 
 This
CREDIT AGREEMENT, (the “Agreement”) dated as of November 2, 2017, is among CHICAGO MERCANTILE EXCHANGE INC., a Delaware corporation (together with its successors and assigns, “CME” or the
“Company”) and a wholly owned subsidiary of CME Group Inc. (together with its successors and assigns, “Holdings”), the Banks, BANK OF AMERICA, N.A., as Administrative Agent and CITIBANK, N.A., in its capacity as
Collateral Agent and in its capacity as Collateral Monitoring Agent. 
 In consideration of the mutual agreements herein contained, the
parties hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 The parties
hereto agree as follows: 
 Section 1.1    Definitions. As used in this Agreement: 

“2.7(b) Effective Date” has the meaning set forth in Section 2.7(b). 

“2.7(b) Notice” has the meaning set forth in Section 2.7(b). 

“Accelerated Termination Date” means the effective date of any termination of a Bank’s Applicable Tranche Commitment
pursuant to Section 2.12. 
 “Accelerated Termination Notice” has the meaning set forth in
Section 2.7(b). 
 “Additional Amount” has the meaning set forth in
Section 11.3(a). 
 “Additional Applicable Tranche” means any credit facility that may be created
from time to time at the Company’s request and in compliance with the provisions of Section 2.7 (including the consents required thereunder) which such facility shall consist of Loans (and participations in Swingline
Loans) in those currencies requested by the Company and approved by each Bank agreeing to participate in such Additional Applicable Tranche, which such currencies will be listed in the Additional Tranche/Currency Confirmation related to such
Additional Applicable Tranche. 
 “Additional Tranche Commitment” means, with respect to any Bank, the commitment of
such Bank to make Loans and such Bank’s obligation to purchase participations in Swingline Loans in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Bank’s name under the heading
“Additional Tranche Commitment” on any Additional Tranche/Currency Confirmation (and in the currencies indicated for such tranche in such Additional Tranche/Currency Confirmation), or in the Assignment Agreement pursuant to which such Bank
shall have assumed Additional Tranche Commitment, as applicable, as such amount may be (a) reduced from time to time pursuant to Section 2.7; (b) reduced or increased from time to time pursuant to assignments by or to
such Bank pursuant to Section 2.12, 11.1 or 11.3(h); and (c) increased from time to time pursuant to Section 2.10. 

  
 Amended Credit
Agreement 
 1 

 “Additional Tranche/Currency Confirmation” has the meaning set forth in
Section 2.7(a). 
 “Administrative Agent” means Bank of America, N.A., in its capacity as
administrative agent for the Banks pursuant to Article X or any successor administrative agent hereunder, together with their respective successors and assigns. 

“Administrative Agent’s Office” means, with respect to any Applicable Tranche, the Administrative Agent’s address
and, as appropriate, account as set forth on Schedule 13.1 with respect to such Applicable Tranche, or such other address or account with respect to such Applicable Tranche as the Administrative Agent may from time to time notify to the
Company and the Banks. 
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by or
reasonably acceptable to the Administrative Agent, which may be amended or supplemented from time to time after the date hereof, including amending in order to change the bank account details of a Bank (which change to bank account details shall not
require the consent of other Persons and shall be effective within 5 Business Days or less of delivery of such amendment). 

“Advance” means, with respect to an Applicable Tranche, a borrowing hereunder consisting of the aggregate amount of the
several Applicable Tranche Revolving Loans made to the Company by the Banks under such Applicable Tranche, or of the several Applicable Tranche Swingline Loans made to the Company by the Applicable Tranche Swingline Banks under such Applicable
Tranche, in any case at the same time, in the same currency and having the same Loan Maturity Date. 
 “Advance Rate”
means, with respect to any Eligible Asset, the percentage specified on Annex I hereto applicable to such Eligible Asset based on its asset type and, for some asset types, time to maturity. 

“Advance Request” has the meaning set forth in Section 3.1(a). 

“Advance Request Confirmation” has the meaning set forth in Section 3.1(a). 

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Affiliate Funding
Bank” has the meaning set forth in Section 2.1. 
 “Agent” means the Administrative
Agent, the Collateral Agent or the Collateral Monitoring Agent, as the context may require. 
 “Agent Parties” has the
meaning set forth in Section 13.1(d). 
 “Agent Removal Request” has the meaning set forth in
Section 10.6. 
 “Agents” means the Administrative Agent, the Collateral Agent and the Collateral
Monitoring Agent. 
 “Aggregate Applicable Tranche Commitments” means, with respect to an Applicable Tranche, the
Applicable Tranche Commitments of all Banks in such Applicable Tranche, as the same may be increased or reduced from time to time pursuant to the terms of this Agreement. The Aggregate Applicable Tranche Commitments for each Applicable Tranche as of
the Amendment No. 1 Effective Date are as set forth on Schedule 1.1. 

  
 Amended Credit
Agreement 
 2 

 “Aggregate Commitments” means the Aggregate Applicable Tranche Commitments
for all Applicable Tranches of all the Banks, as the same may be increased or reduced from time to time pursuant to the terms of this Agreement. The amount of the Aggregate Commitments as of the Closing Date shall be $7,000,000,000.00. The amount of
the Aggregate Commitments as of the Amendment No. 1 Effective Date shall be $7,000,000,000.00. 
 “Agreement” means
this Credit Agreement, as amended by Amendment No. 1 and as it may be amended, restated, supplemented or otherwise modified from time to time. 

“Agreement Accounting Principles” means generally accepted principles of accounting in effect at the time of the preparation
of the financial statements referred to in Section 6.4, applied in a manner consistent with that used in preparing such statements. 

“Agreement Currency” has the meaning set forth in Section 11.15. 

“Alternative Currency” means each of the currencies (other than U.S. Dollars) listed in Annex II, under the heading
“Currency”. 
 “Alternative Currency Equivalent” means, at any time, with respect to any amount denominated in
U.S. Dollars, the equivalent amount thereof in the applicable Alternative Currency as determined by the Administrative Agent at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of
such Alternative Currency with U.S. Dollars. 
 “Alternative Currency Rate Loans” means, each of, HIBOR Rate Loans, BBSY
Rate Loans, NIBOR Rate Loans, CIBOR Rate Loans, STIBOR Rate Loans, Overnight Libor Rate Loans, Canadian Prime Rate Loans, PRIBOR Rate Loans, TIIE Rate Loans, Bank Bill Rate Loans, WIBOR Rate Loans, SIBOR Rate Loans, Loans made using the rate
referenced in clause (b) of the definition of Federal Funds Rate and any Loans made under an Additional Applicable Tranche in a currency other than U.S. Dollars. 

“Amendment No. 1” means that certain Amendment No. 1 to Credit Agreement and Bank Joinder Agreement,
dated as of the Amendment No. 1 Effective Date, among the Company, the Administrative Agent, the Collateral Agent, the Collateral Monitoring Agent and the Banks party thereto. 

“Amendment No. 1 Effective Date” means November 1, 2018. 

“Amendment No. 1 to Security and Pledge Agreement” means that certain Amendment No. 1 to Security and
Pledge Agreement, dated as of March 15, 2018, among the Company, the Clearing Members party thereto, and the Collateral Agent. 

“Amendment No. 2 to Security and Pledge Agreement” means that certain Amendment No. 2 to Security and
Pledge Agreement, dated as of the Amendment No. 1 Effective Date, among the Company, the Clearing Members party thereto, and the Collateral Agent. 

“Applicable AA Funds Delivery Deadline” means, with respect to each applicable currency, the time designated on Annex
II under the heading “Deadline for Administrative Agent Submission of Received Bank Loan Proceeds to Borrower” with respect to such applicable currency. 

“Applicable Alternative Currency Sublimit” means, with respect to any Alternative Currency, the sublimit indicated for such
Alternative Currency on Annex II under the heading “Alternative Currency Sublimit.” 

  
 Amended Credit
Agreement 
 3 

 “Applicable Bank” means, with respect to an Applicable Tranche, a Bank with
an Applicable Tranche Commitment in such Applicable Tranche or, following termination or expiration of such Applicable Tranche Commitment, a Bank that has Applicable Tranche Revolving Loans outstanding. 

“Applicable Bank Funding Deadline” means, with respect to each applicable currency, the time designated on Annex II
under the heading “Deadline for Bank Submission of Funds to Administrative Agent” with respect to such applicable currency. 

“Applicable Borrower Notice Deadline” means, with respect to each applicable currency, the time designated on Annex II
under the column titled “Deadline for Loan Notice Submission by Borrower to Administrative Agent” with respect to such applicable currency. 

“Applicable Lender Overnight Rate” means, for any day, (a) with respect to any amount denominated in U.S. Dollars, the
Federal Funds Effective Rate and (b) with respect to any amount denominated in an Alternative Currency, the rate of interest per annum at which overnight deposits in the applicable Alternative Currency, in an amount approximately equal to the
amount with respect to which such rate is being determined, would be offered for such day by a branch or Affiliate of Bank of America in the applicable offshore interbank market for such currency to major banks in such interbank market. 

“Applicable Percentage” means with respect to any Applicable Tranche and each Bank with an Applicable Tranche Commitment
thereunder, the percentage of the Aggregate Applicable Tranche Commitments represented by such Bank’s Applicable Tranche Commitment for such Applicable Tranche, subject to adjustment as provided in Section 2.11,
provided that, if the Aggregate Applicable Tranche Commitments have terminated or expired, such Applicable Percentage shall be determined based upon the percentage for such Applicable Tranche of the total Applicable Tranche Revolving Loans
represented by such Bank’s Applicable Tranche Revolving Loans. 
 “Applicable Prepayment Time” means, with respect to
each applicable currency, the time designated on Annex II under the heading “Applicable Prepayment Time” with respect to such applicable currency. 

“Applicable Reference Rate” means with respect to any Loan made in any currency, the rate indicated on Annex II under
the heading “Applicable Reference Rate” for such currency. 
 “Applicable Tranche” means Tranche A, Tranche B,
Tranche C, Tranche D, Tranche E, Tranche F, Tranche G, Tranche H, Tranche I or any Additional Applicable Tranche, as the case may be. 

“Applicable Tranche Commitment” means, with respect to any Bank, (a) in the case of Tranche A, such Bank’s Tranche
A Commitment, (b) in the case of Tranche B, such Bank’s Tranche B Commitment, (c) in the case of Tranche C, such Bank’s Tranche C Commitment, (d) in the case of Tranche D, such Bank’s Tranche D Commitment, (e) in
the case of Tranche E, such Bank’s Tranche E Commitment, (f) in the case of Tranche F, such Bank’s Tranche F Commitment, (g) in the case of Tranche G, such Bank’s Tranche G Commitment, (h) in the case of Tranche H, such
Bank’s Tranche H Commitment, (i) in the case of Tranche I, such Bank’s Tranche I Commitment and (j) in the case of any Additional Applicable Tranche, such Bank’s respective Additional Applicable Tranche Commitment. 

“Applicable Tranche Covering Swingline Loans” has the meaning set forth in Section 3.1(a). 

“Applicable Tranche Revolving Loan” means, with respect to any Applicable Tranche, Revolving Loans made under such Applicable
Tranche. 

  
 Amended Credit
Agreement 
 4 

 “Applicable Tranche Swingline Bank” means, with respect to any Applicable
Tranche, each Bank that has agreed in its sole discretion to provide Applicable Tranche Swingline Loans to the Company at the time of the request for such Applicable Tranche Swingline Loans by the Company pursuant to the terms hereof and in an
aggregate amount as so consented to by such Bank. 
 “Applicable Tranche Swingline Exposure” means, at any time, with
respect to each Applicable Tranche, the aggregate principal amount of all Applicable Tranche Swingline Loans outstanding under such Applicable Tranche at such time. With respect to each Applicable Tranche, the Applicable Tranche Swingline Exposure
of any Bank (if such Bank is an Applicable Tranche Swingline Bank) at any time shall be the sum of (i) the aggregate principal amount of Applicable Tranche Swingline Loans made by such Bank under such Applicable Tranche minus the aggregate
principal amount of participating interests acquired and funded in such Applicable Tranche Swingline Bank’s Applicable Tranche Swingline Loans by other Banks under such Applicable Tranche and (ii) the aggregate principal amount of
participating interests acquired and funded by such Bank under such Applicable Tranche in Applicable Tranche Swingline Loans of other Applicable Tranche Swingline Banks under such Applicable Tranche. 

“Applicable Tranche Swingline Loan” means, with respect to any Applicable Tranche, Swingline Loans made under any Applicable
Tranche and shall include each Applicable Tranche Covering Swingline Loan made under such Applicable Tranche. 

“Arrangers” means Merrill Lynch, Pierce, Fenner & Smith Incorporated (or any other registered broker-dealer
wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following
the date of this Agreement), in its capacity as a joint lead arranger and joint bookrunner, Bank of China, Chicago Branch, in its capacity as joint lead arranger and joint bookrunner, BMO Harris Bank N.A., in its capacity as joint lead arranger and
joint bookrunner, MUFG Bank, Ltd., in its capacity as joint lead arranger and joint bookrunner, Barclays Bank PLC, in its capacity as joint lead arranger and joint bookrunner, Citibank, N.A., in its capacity as joint lead arranger and joint
bookrunner, Commerzbank AG New York Branch, in its capacity as joint lead arranger and joint bookrunner, United Overseas Bank Limited, New York Agency, in its capacity as joint lead arranger and joint bookrunner, Wells Fargo Bank, National
Association, in its capacity as joint lead arranger and joint bookrunner, The Bank of Nova Scotia , in its capacity as joint lead arranger and joint bookrunner, Agricultural Bank of China Limited, New York Branch, in its capacity as joint lead
arranger and joint bookrunner, TD Securities (USA) LLC, in its capacity as joint lead arranger and joint bookrunner, and Industrial and Commercial Bank of China Limited, New York Branch, in its capacity as joint lead arranger and joint bookrunner,
U.S. Bank National Association, in its capacity as joint lead arranger and joint bookrunner and Santander Bank, N.A., in its capacity as joint lead arranger and joint bookrunner. 

“Article” means an article of this Agreement unless another document is specifically referenced. 

“Assignees” has the meaning set forth in Section 11.1(c). 

“Assignment Agreement” has the meaning set forth in Section 11.1(c). 

“Audit” has the meaning set forth in Section 7.6. 

“Australian Dollars” means the lawful currency of Australia. 

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

  
 Amended Credit
Agreement 
 5 

 “Bail-In Legislation” means, with
respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 
 “Bank Bill Rate” means, in relation to any Loan in New
Zealand Dollars for any day, the rate per annum equal to the Bank Bill Reference Bid Rate or a comparable or successor rate, which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other
commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) at or about 10:45 a.m. (Auckland, New Zealand time) on the on such day for overnight deposits and, if any such applicable
rate is below zero, the Bank Bill Rate for such day will be deemed to be zero. 
 “Bank Bill Rate Loan” means a Loan that
bears interest at a rate based on the Bank Bill Rate. All Bank Bill Rate Loans shall be denominated in New Zealand Dollars. 
 “Bank
of America” means Bank of America, N.A. and its successors. 
 “Banks” means the banks and other financial
institutions listed on the signature pages of this Agreement and their respective successors and assigns and any other Person that becomes a party hereto as a Bank in accordance with Section 9.2(b) or 11.1(c). 

“Bank Notice” has the meaning set for in Section 3.1(b). 

“BBSY Rate” means, in relation to any Loan in Australian Dollars for any day, a rate per annum equal to the Bank Bill Rate
or, if such rate is not available, a comparable or successor rate, which rate is reasonably selected by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such
quotations as may be designated by the Administrative Agent from time to time) at or about 10:30 a.m. (Melbourne, Australia time) for an amount comparable to the amount of that Loan on such day for overnight deposits and, if any such applicable rate
is below zero, the BBSY Rate for such day will be deemed to be zero; provided, that, after the date hereof and to the extent a comparable or successor rate is reasonably selected by the Administrative Agent (as contemplated above),
such selected rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such selected rate shall be
applied in a manner as otherwise reasonably determined by the Administrative Agent. 
 “BBSY Rate Loan” means a Loan that
bears interest at a rate based on the BBSY Rate. All BBSY Rate Loans shall be denominated in Australian Dollars. 
 “Beneficial
Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation. 

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

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of
ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the
assets of any such “employee benefit plan” or “plan”. 
 “Borrower Materials” has the meaning set forth
in Section 7.1. 

  
 Amended Credit
Agreement 
 6 

 “Borrowing Base” means, at any time, an amount equal to the aggregate
Discounted Value of all Collateral included in the Collateral Pool at such time, which Collateral (a) is subject to a perfected Lien in favor of the Collateral Agent for the benefit of the Agents and the Banks pursuant to the Loan Documents and
(b) is free and clear of any Lien other than those granted under the Loan Documents or as permitted by Section 7.8. 

“Borrowing Date” means a date on which an Advance is made hereunder. 

“Bullion Account Bank” has the meaning set forth in the Security and Pledge Agreement. 

“Bullion Security Agreement” has the meaning set forth in the Security and Pledge Agreement. 

“Business Day” means any day (other than a Saturday, Sunday or other day on which commercial banks are authorized to close
under the laws of, or are in fact closed in, the governmental jurisdiction where the Administrative Agent’s Office with respect to obligations hereunder denominated in U.S. Dollars is located) that is: 

(a)    if such day relates to any interest rate settings as to a Loan denominated in U.S. Dollars described in clause
(b) of the definition of “Federal Funds Rate”, a day on which dealings in deposits in U.S. Dollars are conducted by and between banks in the London interbank eurodollar market; 

(b)    if such day relates to any interest rate settings as to a Loan denominated in Euro, any fundings, disbursements,
settlements and payments in Euro in respect of any such a Loan, or any other dealings in Euro to be carried out pursuant to this Agreement in respect of any such a Loan, a TARGET Day and a day on which dealings in deposits in U.S. Dollars are
conducted by and between banks in the London interbank eurodollar market; 
 (c)    if such day relates to any interest
rate settings as to a Loan denominated in a LIBOR Quoted Specified Alternative Currency, a day on which dealings in deposits in such LIBOR Quoted Specified Alternative Currency are conducted by and between banks in the London interbank market; 

(d)    if such day relates to any fundings, disbursements, settlements and payments in a LIBOR Quoted Specified
Alternative Currency in respect of a Loan denominated in a LIBOR Quoted Specified Alternative Currency or any other dealings in a LIBOR Quoted Specified Alternative Currency are to be carried out pursuant to this Agreement (other than any interest
rate settings), a day on which banks are open for foreign exchange business in London; 
 (e)    if such day relates to
any fundings, disbursements, settlements and payments in a currency other than U.S. Dollars or a LIBOR Quoted Specified Alternative Currency in respect of a Loan denominated in a currency other than U.S. Dollars or a LIBOR Quoted Specified
Alternative Currency or any other dealings in any currency other than U.S. Dollars or a LIBOR Quoted Specified Alternative Currency to be carried out pursuant to this Agreement in respect of any such Loan (other than any interest rate settings), a
day on which banks are open for foreign exchange business in the principal financial center of the country of such currency; and 

(f)    if such day relates to any Market Value or Borrowing Base calculation to be made by the Collateral Monitoring
Agent, a day on which the Collateral Agent, Collateral Monitoring Agent and each Custodian is open for business (or such other day as agreed to by the Collateral Agent, Collateral Monitoring Agent and the Company). 

“Canadian Dollars” means the lawful currency of Canada. 

  
 Amended Credit
Agreement 
 7 

 “Canadian Prime Rate” means, for any day, the rate of interest per annum
(rounded upwards, if necessary, to the next 1/100 of 1%) equal to the greater of (a) the interest rate per annum publicly announced from time to time by the Administrative Agent, acting through its Canada branch, as its reference rate in effect
on such day at its principal office in Toronto for determining interest rates applicable to commercial loans denominated in Canadian Dollars and made by it in Canada (each change in such reference rate being effective from and including the date
such change is publicly announced as being effective) and (b) the interest rate per annum equal to the sum of (i) the rate that appears on the Bloomberg Screen CDOR Page for Canadian Dollar bankers’ acceptances having a term of one
month as of 10:00 am (Toronto time) on the date of determination as reported by the Administrative Agent (and if such screen is not available, any successor or similar service as may be reasonably selected by the Administrative Agent) and (ii) 0.50%
per annum, in each case, adjusted automatically with each quoted or published change in such rate, all without the necessity of any notice to the Company or any other Person; provided that if the Canadian Prime Rate shall be less than zero,
such rate shall be deemed zero for purposes of this Agreement. 
 “Canadian Prime Rate Loan” means a Loan that bears
interest at a rate based on the Canadian Prime Rate. All Canadian Prime Rate Loans shall be denominated in Canadian Dollars. 

“Capitalized Lease Obligation” means, subject to Section 1.2, at the time any determination thereof is to be made, the
amount of the liability in respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP. 

“CBOT” means The Chicago Board of Trade, together with its successors and assigns. 

“CBOT Rules” means the rules of the CBOT and includes any interpretations thereof. 

“Change in Law” has the meaning set forth in Section 11.8(b). 

“CIBOR Rate” means, in relation to any Loan in Danish Kroner for any day, a rate per annum equal to the Copenhagen Interbank
Offered Rate or, if such rate is not available, a comparable or successor rate, which rate is reasonably selected by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source
providing such quotations as may be designated by the Administrative Agent from time to time) at or about 11:00 a.m. (Copenhagen, Denmark time) for an amount comparable to the amount of that Loan on such day for overnight deposits and, if any such
applicable rate is below zero, the CIBOR Rate for such day will be deemed to be zero; provided, that, after the date hereof and to the extent a comparable or successor rate is reasonably selected by the Administrative Agent (as
contemplated above), such selected rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such
selected rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent. 
 “CIBOR Rate
Loan” means a Loan that bears interest at a rate based on the CIBOR Rate. All CIBOR Rate Loans shall be denominated in Danish Kroner. 

“Clearing House” means the department or departments of the Company that reconcile, settle, adjust and clear contracts on the
exchange of the Company, CBOT, NYMEX or any other exchange in respect of which the Company has equivalent authority, as the case may be, subject to the Rules. 

“Clearing Member” means a person specified as such on the CME website (located at the URL https://www.cmegroup.com/clearing/financial-and-regulatory-surveillance/clearing-firms.html (or at a replacement URL maintained by CME from time to time)). 

  
 Amended Credit
Agreement 
 8 

 “Clearing Member Collateral Securities Account” has the meaning set forth
in the Security and Pledge Agreement. 
 “Clearing Member Customer Collateral Account” has the meaning set forth in the
Security and Pledge Agreement. 
 “Clearing Member Security” has the meaning set forth in the Security and Pledge
Agreement. 
 “Closing Date” has the meaning set forth in Section 5.1. 

“CME” has the meaning set forth in the preamble hereto. 

“CME Rules” means the rules of the Company and includes any interpretations thereof. 

“Code” means the Internal Revenue Code of 1986. 

“Collateral” means, collectively, the “Collateral” under and as defined in the Security and Pledge Agreement, the
“Security Assets” under and as defined in each of the Bullion Security Agreements, the “Security Assets” under and as defined in each of the FX Security Agreements, and any other “Collateral” or “Security
Assets” or words of a similar nature under and as defined in any other Collateral Document. 
 “Collateral Agent”
means Citibank, N.A., acting through its Agency and Trust Division, in its capacity as collateral agent for the Agents and Banks pursuant to Article X or any successor collateral agent hereunder, together with its successors and assigns. 

“Collateral Agent’s Office” means the Collateral Agent’s address set forth on Schedule 13.1 or such other
address as the Collateral Agent may from time to time notify to the Administrative Agent, the Company and the Banks. 
 “Collateral
Documents” means the Security and Pledge Agreement, each Bullion Security Agreement, each FX Security Agreement, each Control Agreement, each Gold Warrant Collateral Document, and all other agreements and documents entered into by the
Company or any Clearing Member in favor of the Collateral Agent for the benefit of the Agents and Banks for the purpose of granting a security interest or effecting the Security and Pledge Agreement, any Bullion Security Agreement, any FX Security
Agreement, any Control Agreement or any Gold Warrant Collateral Document, in each case, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Collateral Monitoring Agent” means Citibank, N.A., acting through its Futures, Clearing and Collateral Division, in its
capacity as Collateral monitoring and calculation agent for the Agents and Banks pursuant to Section 10.1, or any successor collateral monitoring agent hereunder, together with its successors and assigns. 

“Collateral Monitoring Agent’s Office” means the Collateral Monitoring Agent’s address set forth on Schedule
13.1 or such other address as the Collateral Monitoring Agent may from time to time notify to the Administrative Agent, the Company and the Banks. 

“Collateral Notice” has the meaning set forth in Section 3.1(a). 

“Collateral Pool” has the meaning set forth in the Security and Pledge Agreement. 

“Company” has the meaning set forth in the preamble hereto. 

  
 Amended Credit
Agreement 
 9 

 “Company Information” has the meaning set forth in
Section 11.11. 
 “Company Securities Account” has the meaning set forth in the Security and
Pledge Agreement. 
 “Company Security” has the meaning set forth in the Security and Pledge Agreement. 

“Concentration Policy” has the meaning set forth in Annex I. 

“Consolidated Tangible Net Worth” means at any date the consolidated shareholders’ equity of the Company and its
consolidated Subsidiaries determined in accordance with Agreement Accounting Principles, less their consolidated Intangible Assets, all determined as of such date. For purposes of this definition “Intangible Assets” means the amount (to
the extent reflected in determining such consolidated shareholders’ equity) of (i) all write-ups (other than write-ups resulting from foreign currency
translations and write-ups of assets of a going concern business made within twelve months after the acquisition of such business) subsequent to September 30, 2018 in the book value of any asset owned by
the Company or a consolidated Subsidiary, (ii) all investments in unconsolidated Subsidiaries and all equity investments in Persons which are not Subsidiaries and (iii) all unamortized debt discount and expense, unamortized deferred
charges, goodwill, patents, trademarks, service marks, trade names, copyrights, organization or developmental expenses and other intangible items. In all cases, the value of “Intangible Assets” should be reduced by any associated deferred
tax liabilities. 
 “Control” means the possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Control Agreement” has the meaning set forth in the Security and Pledge Agreement. 

“Controlled Group” means all members of a controlled group of corporations and all trades or businesses (whether or not
incorporated) under common control which, together with the Company, are treated as a single employer under Section 414(b) or 414(c) of the Internal Revenue Code (and Sections 414(m) and (o) of the Internal Revenue Code for purposes of the
provisions relating to Section 412 of the Internal Revenue Code.) 
 “Corporate Bonds” means debt securities issued by
private and public corporations. 
 “Cross-Margining Clearing Organization” means a clearing organization that has entered
into a cross-margining agreement with the Clearing House. 
 “Custodian” has the meaning set forth in the Security and
Pledge Agreement. 
 “Czech Koruna” means the lawful currency of the Czech Republic. 

“Danish Kroner” means the lawful currency of Denmark. 

“Daylight Overdraft” means an intraday settlement obligation of the Company to a Clearing Member incurred in the ordinary
course of business in accordance with the Rules. Any such obligation not settled by the close of business on the date incurred shall then cease to be a Daylight Overdraft. 

“Default” means an event described in Article VIII. 

  
 Amended Credit
Agreement 
 10 

 “Defaulted Clearing Member” means, as of any time of determination, a
Clearing Member that has (i) failed to promptly discharge any obligation to the Company or (ii) become subject to any bankruptcy, reorganization, arrangement, insolvency, moratorium, or liquidation proceedings, or other similar proceedings
under U.S. federal or state bankruptcy laws or other applicable law. 
 “Defaulting Bank” means, subject to
Section 2.11(b), any Bank that (a) has failed to (i) fund all or any portion of its Loans as of the time required to be funded by it in accordance with Section 4.1 unless such Bank
notifies the Administrative Agent and the Company in writing that such failure is the result of such Bank’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable
default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any Applicable Tranche Swingline Bank or any other Bank any other amount required to be paid by it hereunder (including
in respect of its participation in Applicable Tranche Swingline Loans) in accordance with Section 2.14, (b) has notified the Company, the Administrative Agent, or any Applicable Tranche Swingline Bank in writing that it
does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Bank’s obligation to fund a Loan hereunder and states that such position is
based on such Bank’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) has not been satisfied), (c) has
failed, within three Business Days after written request by the Administrative Agent or the Company, to confirm in writing to the Administrative Agent and the Company that it will comply with its prospective funding obligations hereunder
(provided that such Bank shall cease to be a Defaulting Bank pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Company), or (d) has, or has a direct or indirect parent
company that has, (i) become the subject of a proceeding under the federal bankruptcy code or any other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency,
reorganization, or similar debtor relief laws, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its
business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-in Action;
provided that a Bank shall not be a Defaulting Bank solely by virtue of the ownership or acquisition of any equity interest in that Bank or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership
interest does not result in or provide such Bank with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Bank (or such Governmental Authority) to
reject, repudiate, disavow or disaffirm any contracts or agreements made with such Bank. Any determination by the Administrative Agent that a Bank is a Defaulting Bank under any one or more of clauses (a) through (d) above, and of
the effective date of such status, shall be conclusive and binding absent manifest error, and such Bank shall be deemed to be a Defaulting Bank (subject to Section 2.11(b)) as of the date established therefor by the
Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative Agent to the Company, the Applicable Tranche Swingline Banks and each other Bank promptly following such determination. 

“Designated Jurisdiction” means any country or territory to the extent that such country or territory itself, or its
government, is the subject of any comprehensive Sanction. 
 “Discounted Value” means, at any time with respect to any
Eligible Asset included in the Collateral, the Market Value of such asset determined by multiplying the Market Value of such asset at the time by the Advance Rate applicable to such Eligible Asset. 

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country
which is subject to the supervision of an EEA Resolution Authority, (b) any entity 

  
 Amended Credit
Agreement 
 11 

 
established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member
Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

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

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

“Eligible Asset” means any asset which is of a type and, where applicable, has a maturity as listed on Annex I hereto,
subject, in each case, to the Concentration Policy and Minimum Credit Rating (as applicable). 
 “ERISA” means the Employee
Retirement Income Security Act of 1974. 
 “EU Bail-In Legislation Schedule” means
the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 

“Euro” and “EUR” mean the single currency of the Participating Member States. 

“Excess Availability” means, as of any date, in the case of an Advance under any Applicable Tranche, the lesser of
(i) the excess, if any, of the Aggregate Applicable Tranche Commitments minus the aggregate principal of all outstanding Loans disbursed under such Applicable Tranche to the Company and (ii) the excess, if any, of the Borrowing Base minus
the aggregate principal of all outstanding Loans disbursed to the Company. 
 “Excess Notice Date” has the meaning set
forth in Section 2.6(d). 
 “Excluded Taxes” means, with respect to any and all payments to any
Agent, any Bank or any recipient of any payment to be made by or on account of any obligation of the Company under the Loan Documents, (i) net income Taxes, branch profits Taxes, franchise and excise Taxes (to the extent imposed in lieu of net
income Taxes), and all interest, penalties and liabilities with respect thereto, imposed on any Agent or any Bank by the United States of America or any political subdivision thereof, or by the jurisdiction under the laws of which such Agent, Bank
or recipient is organized or in which its principal office is located or, in the case of any Bank, in which its applicable lending office is located or by any other jurisdiction as a result of a present or former connection between such Agent, Bank
or recipient and the jurisdiction imposing such Tax (other than connections arising from the transactions contemplated by the Loan Documents) and (ii) any U.S. federal withholding Taxes imposed by FATCA. 

“Existing Credit Agreement” means the Credit Agreement dated as of November 3, 2016, among the Company, certain lenders
parties thereto, Bank of America, N.A., as administrative agent and Deutsche Bank Trust Company Americas, as collateral agent, and the other agents named therein. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version
that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or
regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities implementing such sections of the Code. 

  
 Amended Credit
Agreement 
 12 

 “Federal Funds Effective Rate” means, for any day, the rate per annum equal
to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that
(a) if such day is not a Business Day, the Federal Funds Effective Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is
so published on such next succeeding Business Day, the Federal Funds Effective Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions
as determined by the Administrative Agent, and, if the Federal Funds Effective Rate is below zero, such rate shall be deemed to be zero. 

“Federal Funds Rate” means, for any day, a rate per annum equal to the greater of (a) the Federal Funds Effective Rate
at the approximate time of the relevant Advance (for the first day of such Advance and until the next Business Day) or 12:00 noon (New York City time) (for each subsequent Business Day until the next Business Day) and
(b) one-month LIBOR (as appearing for such first or subsequent Business Day on the applicable Bloomberg Screen at 11:00 a.m., London time (or if not available, such other commercially available source
providing quotations of LIBOR as may be designated by the Administrative Agent from time to time), and, if the one-month LIBOR rate is below zero, such rate shall be deemed to be zero; provided,
that, after the date hereof and to the extent a comparable or successor rate is reasonably selected by the Administrative Agent for any such rate (as contemplated in the definition of such reference rates), such selected rate shall be applied
in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such selected rate shall be applied in a manner as otherwise
reasonably determined by the Administrative Agent. 
 “Federal Funds Rate Loan” means a Loan that bears interest at a rate
based on the Federal Funds Rate. All Federal Funds Rate Loans shall be denominated in U.S. Dollars. 
 “Fee Letters” means,
individually or collectively as the context may require, (i) that certain letter agreement dated as of September 11, 2018 among the Company, the Administrative Agent and Merrill Lynch, Pierce, Fenner & Smith Incorporated, and
(ii) that certain letter agreement dated November 2, 2017, among the Company, the Collateral Monitoring Agent and the Collateral Agent. 

“Foreign Bank” has the meaning set forth in Section 11.3(f). 

“Funding Affiliate” has the meaning set forth in Section 2.1. 

“FX Account Bank” has the meaning set forth in the Security and Pledge Agreement. 

“FX Account Collateral” has the meaning set forth in the Security and Pledge Agreement. 

“FX Security Agreement” has the meaning set forth in the Security and Pledge Agreement. 

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

“Gold Bullion” has the meaning set forth in the Security and Pledge Agreement. 

“Gold Warrants” has the meaning set forth in the Security and Pledge Agreement. 

“Gold Warrants Issuer” has the meaning set forth in the Security and Pledge Agreement. 

  
 Amended Credit
Agreement 
 13 

 “Gold Warrant Collateral Document” has the meaning set forth in the
Security and Pledge Agreement. 
 “Governmental Authority” means the government of the United States of America, any other
nation or any political subdivision thereof, whether state, provincial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Grantor” has the meaning set forth in the Security and Pledge Agreement. 

“Guaranty” of a Person means any agreement by which such Person assumes, guarantees, endorses, contingently agrees to
purchase or provide funds for the payment of, or otherwise becomes liable upon, the obligation of any other Person, or agrees to maintain the net worth or working capital or other financial condition of any other Person or otherwise assures any
creditor of such other Person against loss, including, without limitation, any comfort letter, operating agreement or take-or-pay contract and shall include, without
limitation, the contingent liability of such Person in connection with any application for a letter of credit; provided that the term “Guaranty” shall not include endorsements for collection on deposit in the ordinary course of
business. 
 “Guaranty Fund Assets” has the meaning set forth in the Security and Pledge Agreement. 

“Held Funds” has the meaning specified in Section 3.1(b)(iii). 

“HIBOR Rate” means, in relation to any Loan in Hong Kong Dollars for any day, a rate per annum equal to the Hong Kong
Interbank Offered Rate or, if such rate is not available, a comparable or successor rate, which rate is reasonably selected by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available
source providing such quotations as may be designated by the Administrative Agent from time to time) at or about 11:00am (Hong Kong time) for an amount comparable to the amount of that Loan on such day for overnight deposits and, if any such
applicable rate is below zero, the HIBOR Rate for such day will be deemed to be zero; provided, that, after the date hereof and to the extent a comparable or successor rate is reasonably selected by the Administrative Agent (as
contemplated above), such selected rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such
selected rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent. 
 “HIBOR Rate
Loan” means a Loan that bears interest at a rate based on the HIBOR Rate. All HIBOR Rate Loans shall be denominated in Hong Kong Dollars. 

“Holdings” has the meaning set forth in the preamble hereto. 

“Hong Kong Dollars” means the lawful currency of Hong Kong. 

“Impacted Tranche” has the meaning specified in Section 2.12. 

“Increased Cost Notice” has the meaning set forth in Section 11.8(b). 

“Indebtedness” of a Person means, without duplication, such Person’s (i) obligations for borrowed money (other than
a Daylight Overdraft), (ii) obligations representing the deferred purchase price of property other than accounts payable arising in the ordinary course of such Person’s business on terms 

  
 Amended Credit
Agreement 
 14 

 
customary in the trade, (iii) obligations, whether or not assumed, secured by Liens or payable out of the proceeds or production from property (other than futures and options contracts held
in a cross-margin account at the Company) now or hereafter owned or acquired by such Person, (iv) obligations which are evidenced by notes, acceptances, or other instruments, (v) Capitalized Lease Obligations, (vi) obligations for
which such Person is obligated pursuant to a Guaranty of Indebtedness (other than the guarantee provided by the Clearing House to Clearing Members in the ordinary course of business for their obligations to one another) and (vii) reimbursement
obligations with respect to letters of credit; provided, however, that “Indebtedness” shall not include (a) obligations of the Company to a Cross-Margining Clearing Organization arising out of the liquidation of
one or more pairs of cross-margin accounts held at the Clearing House and at such Cross-Margining Clearing Organization, (b) obligations of the Company to a pledgee arising out of the liquidation of one or more pairs of cross-margin pledge
accounts held at the Clearing House and at a Cross-Margining Clearing Organization and (c) with respect to the transfer of positions and related margin from a suspended Clearing Member to another Clearing Member, obligations of the Company to
make a transfer in cash in respect of margin related to such suspended Clearing Member’s positions. 
 “Indemnified
Amounts” has the meaning set forth in Section 11.8(a). 
 “Indemnified Party” has the
meaning set forth in Section 11.8(a). 
 “Indemnified Taxes” means Taxes other than Excluded
Taxes. 
 “Judgment Currency” has the meaning set forth in Section 11.15. 

“LIBOR” has the meaning specified in the definition of Overnight Libor Rate. 

“LIBOR Quoted Specified Alternative Currency” means each of the following currencies: Euro, Sterling, Yen and Swiss Franc and
any currency used in an Additional Applicable Tranche whose Applicable Reference Rate is determined by reference to LIBOR, in each case as long as there is a published LIBOR rate with respect thereto. 

“Lien” means, with respect to an asset, any security interest, mortgage, pledge, lien, claim, charge, encumbrance, title
retention agreement, lessor’s interest under a capitalized lease or analogous instrument, in, of or on such asset. 

“Loan” means a Revolving Loan or a Swingline Loan. 

“Loan Documents” means this Agreement, each Note, the Fee Letters, Amendment No. 1 and the Collateral Documents,
including Amendment No. 2 to Security and Pledge Agreement. 
 “Loan Maturity Date” has the meaning set forth in
Section 2.3(a). 
 “Market Value” means, as to any Eligible Asset at any time of determination,
the value determined by the Collateral Monitoring Agent (in accordance with Section 1.4) or any other entity (deemed acceptable for such purpose by the Administrative Agent and the Company), as the case may be, in its usual
and customary manner by using the most recent closing price (but in no event shall the closing price be earlier than the previous Business Day’s closing price) with respect to such Eligible Asset reasonably available to such Person from one or
more pricing services selected by such Person in its sole discretion. 
 “Material Adverse Effect” means a material adverse
effect on the Company’s financial position or the Company’s ability to perform its obligations in the ordinary course of business as they become due. 

  
 Amended Credit
Agreement 
 15 

 “Member
Attorney-in-Fact” means the Company in its capacity as attorney-in-fact for the
Clearing Members pursuant to the power of attorney authorized in CME Rule 817, CBOT Rule 817, NYMEX Rule 817 or any other similar Rule, as applicable. 

“Mexican Pesos” means the lawful currency of Mexico. 

“Minimum Credit Rating” has the meaning set forth in Annex I. 

“Money Fund Control Agreement” has the meaning set forth in the Security and Pledge Agreement. 

“Money Fund Issuer” has the meaning set forth in the Security and Pledge Agreement. 

“Money Fund Shares” has the meaning set forth in the Security and Pledge Agreement. 

“Money Gridlock Situation” means (1) a disruption in the clearing and settlement operations of the Clearing House due to
disruptions caused by a default by a depository, temporary problems or delays in obtaining or making settlement payments due to delays, overuse or other similar problems with the Fed Wire or similar money transfer systems or (2) the failure of
a Cross-Margining Clearing Organization to approve one or more withdrawals by the Clearing House from a cross-margining bank account held either by the Company and such Cross-Margining Clearing Organization jointly, or by a Clearing Member
cross-margining its positions at the Clearing House with its own or an Affiliate’s positions at such Cross-Margining Clearing Organization. 

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

“Multiemployer Plan” means a Plan maintained pursuant to a collective bargaining agreement or any other arrangement to which
the Company or any member of the Controlled Group is a party to which more than one employer is or has been obligated to make contributions. 

“New Lending Office” has the meaning set forth in Section 11.3(f). 

“New Zealand Dollars” means the lawful currency of New Zealand. 

“NIBOR Rate” means, in relation to any Loan in Norwegian Kroner for any day, a rate per annum equal to the Norwegian
Interbank Offered Rate or, if such rate is not available, a comparable or successor rate, which rate is reasonably selected by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available
source providing such quotations as may be designated by the Administrative Agent from time to time) at or about 12:00 p.m. (London time) for an amount comparable to the amount of that Loan on such day for overnight deposits and, if any such
applicable rate is below zero, the NIBOR Rate for such day will be deemed to be zero; provided, that, after the date hereof and to the extent a comparable or successor rate is reasonably selected by the Administrative Agent (as
contemplated above), such selected rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such
selected rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent. 
 “NIBOR Rate
Loan” means a Loan that bears interest at a rate based on the NIBOR Rate. All NIBOR Rate Loans shall be denominated in Norwegian Kroner. 

“Non-Consenting Bank” has the meaning set forth in
Section 2.12. 

  
 Amended Credit
Agreement 
 16 

 “Non-Terminating Bank” has the
meaning set forth in Section 2.7(b). 
 “Norwegian Kroner” means the lawful currency of Norway.

 “Note” has the meaning set forth in Section 3.5. 

“Notice of Exclusive Control” has the meaning set forth in the Security and Pledge Agreement. 

“NYMEX” means New York Mercantile Exchange, Inc., a Delaware corporation, together with its successors and assigns. 

“NYMEX Rules” means the rules of NYMEX and includes any interpretations thereof. 

“Obligations” means all unpaid principal of, and accrued and unpaid interest on, the Loans (including, without limitation,
interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Company, whether or not a claim for such interest is allowed in such proceeding), all accrued
and unpaid commitment fees and expenses (including attorneys’ and professional advisors’ fees) required to be paid under this Agreement and all other obligations of the Company to any Agent or any Bank, in each case arising under the Loan
Documents whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred. 

“OFAC” has the meaning set forth in Section 11.1(g). 

“Other Taxes” means 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 under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan Document, including any interest, additions to tax or penalties applicable thereto,
excluding however any such taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 11.3(h)). 

“Outstanding Loan Notice” has the meaning set forth in Section 3.1(b). 

“Overnight Libor Rate” means, in relation to any Loan in a LIBOR Quoted Specified Alternative Currency for any day, a rate
per annum equal to the London Interbank Offered Rate (“LIBOR”) for such currency or, if such rate is not available, a comparable or successor rate which rate is reasonably selected by the Administrative Agent, as published on the
applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) at approximately 11:00 a.m. (London time) for an amount comparable to the
amount of that Loan on such day for overnight deposits in the relevant currency, and, if any such applicable rate is below zero, the Overnight Libor Rate for such day will be deemed to be zero; provided, that, after the date hereof and
to the extent a comparable or successor rate is reasonably selected by the Administrative Agent (as contemplated above), such selected rate shall be applied in a manner consistent with market practice; provided, further that to the
extent such market practice is not administratively feasible for the Administrative Agent, such selected rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent. 

“Overnight Libor Rate Loan” means a Loan that bears interest at a rate based on the Overnight Libor Rate. All Overnight Libor
Rate Loans shall be denominated in a Libor Quoted Specified Alternative Currency. 
 “Participant Register” has the
meaning set forth in Section 11.1(b). 

  
 Amended Credit
Agreement 
 17 

 “Participants” has the meaning set forth in
Section 11.1(b). 
 “Participating Member State” means any member state of the European Union
that has the Euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union. 

“PBGC” means the Pension Benefit Guaranty Corporation and its successors and assigns. 

“Performance Bonds” means the assets made available to the Clearing House by each Clearing Member as security for its
obligations to the Clearing House pursuant to CME Rule 820, CBOT Rule 820, NYMEX Rule 820 or any other similar Rule, as applicable. 

“Person” means any corporation, natural person, firm, joint venture, partnership, limited liability company, trust,
unincorporated organization, enterprise, government or any department or agency of any government. 
 “Plan” means an
“employee pension benefit plan” (as described in Section 3(2) of ERISA) which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Internal Revenue Code as to which the Company or
any member of the Controlled Group either, (i) sponsors or has sponsored, (ii) maintains or has maintained, or (iii) contributes to or has or had an obligation to make contributions. 

“Platform” has the meaning set forth in Section 7.1. 

“Polish Zloty” means the lawful currency of Poland. 

“PPSA” has the meaning set forth in the Security and Pledge Agreement. 

“Prepayment Notice Deadline” means, with respect to each applicable currency, the time designated on Annex II under
the column titled “Deadline for Borrower Submission of a Prepayment Notice” with respect to such applicable currency. 

“PRIBOR Rate” means, in relation to any Loan in Czech Koruna for any day, a rate per annum equal to the Prague Interbank
Offered Rate or, if such rate is not available, a comparable or successor rate, which rate is reasonably selected by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source
providing such quotations as may be designated by the Administrative Agent from time to time) at or about 11:00am (Prague time) for an amount comparable to the amount of that Loan on such day for overnight deposits and, if any such applicable rate
is below zero, the PRIBOR Rate for such day will be deemed to be zero; provided, that, after the date hereof and to the extent a comparable or successor rate is reasonably selected by the Administrative Agent (as contemplated above),
such selected rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such selected rate shall be
applied in a manner as otherwise reasonably determined by the Administrative Agent. 
 “PRIBOR Rate Loan” means a Loan that
bears interest at a rate based on the PRIBOR Rate. All PRIBOR Rate Loans shall be denominated in Czech Koruna. 
 “PTE”
means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time 

  
 Amended Credit
Agreement 
 18 

 “Public Bank” has the meaning specified in
Section 7.1. 
 “Register” has the meaning set forth in
Section 11.1(d). 
 “Regulation U” means Regulation U of the Board of Governors of the Federal
Reserve System from time to time in effect and shall include any successor or other regulation or official interpretation of said Board of Governors relating to the extension of credit by banks for the purpose of purchasing or carrying margin stocks
applicable to member banks of the Federal Reserve System. 
 “Related Parties” means, with respect to any specified Person,
such Person’s Affiliates and the respective directors, officers, employees, agents, partners and advisors of such Person and such Person’s Affiliates. 

“Replacement Bank” has the meaning set forth in Section 2.12. 

“Reportable Event” means a reportable event as defined in Section 4043 of ERISA and the regulations issued under such
Section, with respect to a Plan, excluding, however, such events as to which the PBGC by regulation waived the requirement of Section 4043(a) of ERISA that it be notified within 30 days of the occurrence of such event (provided that a failure
to meet the minimum funding standard of Section 412 of the Internal Revenue Code and of Section 302 of ERISA shall be a reportable event regardless of the issuance of any such waivers in accordance with Section 412(c) of the Internal
Revenue Code). 
 “Requesting Bank” has the meaning set forth in Section 2.12. 

“Required Applicable Banks” means, with respect to any Applicable Tranche, Banks having more than 50% of the aggregate
outstanding Applicable Tranche Commitments in such Applicable Tranche or, after the Revolving Credit Termination Date, more than 50% of the aggregate Applicable Tranche Revolving Loans outstanding (including participating interests in Applicable
Tranche Swingline Loans) in such Applicable Tranche. 
 “Required Banks” means Banks having more than 50% of the sum of the
Aggregate Commitments or, after the Revolving Credit Termination Date, more than 50% of the aggregate Revolving Loans outstanding (including participating interests in Swingline Loans). 

“Resignation Effective Date” has the meaning set forth in Section 10.6. 

“Responsible Officer” means each of the Executive Chairman & President, Chief Executive Officer, Chief Financial
Officer, Treasurer, Assistant Treasurer, Secretary and Assistant Secretary of CME. 
 “Revaluation Date” means, with
respect to any Loan denominated in an Alternative Currency under an Applicable Tranche, each of the following: (i) each date of an Advance denominated in an Alternative Currency, (ii) while a Loan denominated in an Alternative Currency is
outstanding on any date upon the request of (A) the Administrative Agent or (B) the Required Applicable Banks with respect to Loans outstanding under any Applicable Tranche and (iii) such additional dates as the Company may reasonably
request from time to time. 
 “Revolving Credit Termination Date” means October 31, 2019 or any earlier date on which
the Aggregate Commitments are terminated pursuant to this Agreement. 

  
 Amended Credit
Agreement 
 19 

 “Revolving Loan” has the meaning set forth in
Section 2.1. Revolving Loans may be denominated in U.S. Dollars or Alternative Currencies, as the case may be for each Applicable Tranche as indicated on Schedule 1.1. 

“Rules” means the collective reference to the CME Rules, the CBOT Rules, the NYMEX Rules and the rules of any other exchange
which is qualified to clear trades through the Clearing House. 
 “S&P” means Standard & Poor’s Financial
Services LLC, a subsidiary of the McGraw-Hill Companies, Inc. and any successor thereto. 
 “Sanction(s)” means any
international economic sanction administered or enforced by the United States Government (including without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions
authority. 
 “SDN List” has the meaning set forth in Section 11.1(g). 

“Section” means a numbered section of this Agreement, unless another document is specifically referenced. 

“Secured Obligations” has the meaning set forth in the Security and Pledge Agreement. 

“Securities Account” has the meaning set forth in the Security and Pledge Agreement. 

“Security and Pledge Agreement” means that certain Security and Pledge Agreement, dated as of November 2, 2017 by and
among the Clearing Members party thereto, the Company and the Collateral Agent, as amended by Amendment No. 1 to Security and Pledge Agreement, as further amended by Amendment No. 2 to Security and Pledge Agreement (which agreement, as so
amended is attached as Annex A to Amendment No. 2 to Security and Pledge Agreement), and as the same may subsequently be amended, restated, supplemented or otherwise modified from time to time. 

“Security Deposits” means the assets made available to the Clearing House by a Clearing Member as security for its
obligations to the Clearing House pursuant to CME Rule 816, CBOT Rule 816, NYMEX Rule 816 or any other similar Rule. 
 “SIBOR
Rate” means, in relation to any Loan in Singapore Dollars for any day, a rate per annum equal to the Singapore Interbank Offered Rate or, if such rate is not available, a comparable or successor rate, which rate is reasonably selected by
the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) at or about 11:00am (Singapore
time) for an amount comparable to the amount of that Loan on such day for overnight deposits and, if any such applicable rate is below zero, the SIBOR Rate for such day will be deemed to be zero; provided, that, after the date hereof
and to the extent a comparable or successor rate is reasonably selected by the Administrative Agent (as contemplated above), such selected rate shall be applied in a manner consistent with market practice; provided, further that to the
extent such market practice is not administratively feasible for the Administrative Agent, such selected rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent. 

“SIBOR Rate Loan” means a Loan that bears interest at a rate based on the SIBOR Rate. All SIBOR Rate Loans shall be
denominated in Singapore Dollars. 
 “Singapore Dollars” means the lawful currency of the Republic of Singapore. 

  
 Amended Credit
Agreement 
 20 

 “Single Employer Plan” means a Plan maintained by the Company or any member
of the Controlled Group for employees of the Company or any member of the Controlled Group. 
 “Sovereign Debt” means any
Foreign Sovereign Debt referenced in Annex I. 
 “Spot Rate” for a currency, on any day, means the rate determined
(i) by the Administrative Agent, in the case of any Advance or (ii) by the Collateral Monitoring Agent, in the case of any Borrowing Base calculation, to be the rate quoted by the Person acting in such capacity as the spot rate for the
purchase by such Person of such currency with another currency on such date, with such rate determined in the respective Agent’s usual and customary manner (including without limitation by obtaining such rate from Bloomberg or other comparable
reporting service) and selected by such Agent in its sole discretion (provided that the rate with respect to any Borrowing Base calculation shall not be earlier than the rate determined as of the close of business on the prior Business Day);
provided further that the Administrative Agent or Collateral Monitoring Agent, as applicable, may obtain such spot rate from another financial institution designated by the Administrative Agent or Collateral Monitoring Agent, as applicable, if the
Person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency. 

“Sterling” and “£” mean the lawful currency of the United Kingdom. 

“STIBOR Rate” means, in relation to any Loan in Swedish Kronor for any day, a rate per annum equal to the Stockholm Interbank
Offered Rate or, if such rate is not available, a comparable or successor rate, which rate is reasonably selected by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source
providing such quotations as may be designated by the Administrative Agent from time to time) at or about 11:00 a.m. (Stockholm, Sweden time) for an amount comparable to the amount of that Loan on such day for overnight deposits and, if any such
applicable rate is below zero, the STIBOR Rate for such day will be deemed to be zero; provided, that, after the date hereof and to the extent a comparable or successor rate is reasonably selected by the Administrative Agent (as
contemplated above), such selected rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such
selected rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent. 
 “STIBOR Rate
Loan” means a Loan that bears interest at a rate based on the STIBOR Rate. All STIBOR Rate Loans shall be denominated in Swedish Kronor. 

“Subsidiary” means any corporation more than 50% of the outstanding voting securities of which shall at the time be owned or
controlled, directly or indirectly, by the Company or by one or more of its Subsidiaries or by the Company and one or more of its Subsidiaries, or any similar business organization which is so owned or controlled. 

“Supermajority Banks” means Banks having more than 75% of the sum of the Aggregate Commitments or, after the Revolving Credit
Termination Date, more than 75% of the aggregate Revolving Loans outstanding (including funded participating interests in Swingline Loans). 

“Swedish Kronor” means the lawful currency of Sweden. 

“Swingline Loan” has the meaning set forth in Section 2.1. 

“Swiss Francs” means the lawful currency of Switzerland. 

  
 Amended Credit
Agreement 
 21 

 “TARGET Day” means any day on which the Trans-European Automated Real-time
Gross Settlement Express Transfer (TARGET) payment system (or, if such payment system ceases to be operative, such other payment system (if any) determined by the Administrative Agent to be a suitable replacement) is open for the settlement of
payments in Euro. 
 “Taxes” means any and all present or future taxes, levies, imposts, duties, fees, deductions, charges
or withholdings (including backup withholding) imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Terminated Bank” has the meaning set forth in Section 2.12. 

“Terminated Commitment” has the meaning set forth in Section 2.7(b). 

“Test Draw” means an Advance made for the purpose of testing communication and draw procedures. 

“TIIE Rate” means, in relation to any Loan in Mexican Pesos for any day, the rate per annum equal to the Interbanking
Equilibrium Interest Rate (“TIIE”), or a comparable or successor rate which rate is reasonably selected by the Administrative Agent, as published by Banco de Mexico in the Federation’s Official Gazette (or such other commercially
available source providing such quotations as may be designated by the Administrative Agent from time to time) at or about 2:00 p.m. (Mexico City, Mexico time) for an amount comparable to the amount of that Loan on such day for overnight deposits
and, if any such applicable rate is below zero, the TIIE Rate for such day will be deemed to be zero; provided, that, after the date hereof and to the extent a comparable or successor rate is reasonably selected by the Administrative Agent (as
contemplated above), such selected rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Administrative Agent, such selected rate shall
be applied in a manner as otherwise reasonably determined by the Administrative Agent. 
 “TIIE Rate Loan” means a Loan
that bears interest at a rate based on the TIIE Rate. All TIIE Rate Loans shall be denominated in Mexican Pesos. 
 “Tranche
A” means the credit facility provided pursuant to Section 2.1 to or for the benefit of the Company by the Banks with a Tranche A Commitment, which such facility shall consist of Loans (and participations in
Swingline Loans) in the currencies referenced under the heading “Tranche A” on Schedule 1.1 and shall be in the maximum aggregate amount of the Tranche A Commitments of such Banks, as adjusted from time to time pursuant to the terms
hereof. 
 “Tranche A Commitment” means, with respect to any Bank, the commitment of such Bank to make Loans and such
Bank’s obligation to purchase participations in Swingline Loans in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Bank’s name under the heading “Tranche A” on
Schedule 1.1 (and in the currencies indicated for such tranche on Schedule 1.1), or in the Assignment Agreement pursuant to which such Bank shall have assumed its Tranche A Commitment, as applicable, as such amount may be
(a) reduced from time to time pursuant to Section 2.7; (b) reduced or increased from time to time pursuant to assignments by or to such Bank pursuant to Section 2.12, 11.1 or
11.3(h); and (c) increased from time to time pursuant to Section 2.10. 
 “Tranche B”
means the credit facility provided pursuant to Section 2.1 to or for the benefit of the Company by the Banks with a Tranche B Commitment, which such facility shall consist of Loans (and participations in Swingline Loans) in
the currencies referenced under the heading “Tranche B” on Schedule 1.1 and shall be in the maximum aggregate amount of the Tranche B Commitments of such Banks, as adjusted from time to time pursuant to the terms hereof. 

  
 Amended Credit
Agreement 
 22 

 “Tranche B Commitment” means, with respect to any Bank, the commitment of
such Bank to make Loans and such Bank’s obligation to purchase participations in Swingline Loans in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Bank’s name under the heading
“Tranche B” on Schedule 1.1 (and in the currencies indicated for such tranche on Schedule 1.1), or in the Assignment Agreement pursuant to which such Bank shall have assumed its Tranche B Commitment, as applicable, as such
amount may be (a) reduced from time to time pursuant to Section 2.7; (b) reduced or increased from time to time pursuant to assignments by or to such Bank pursuant to Section 2.12, 11.1
or 11.3(h); and (c) increased from time to time pursuant to Section 2.10. 
 “Tranche
C” means the credit facility provided pursuant to Section 2.1 to or for the benefit of the Company by the Banks with a Tranche C Commitment, which such facility shall consist of Loans (and participations in
Swingline Loans) in the currencies referenced under the heading “Tranche C” on Schedule 1.1 and shall be in the maximum aggregate amount of the Tranche C Commitments of such Banks, as adjusted from time to time pursuant to the terms
hereof. 
 “Tranche C Commitment” means, with respect to any Bank, the commitment of such Bank to make Loans and such
Bank’s obligation to purchase participations in Swingline Loans in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Bank’s name under the heading “Tranche C” on
Schedule 1.1 (and in the currencies indicated for such tranche on Schedule 1.1), or in the Assignment Agreement pursuant to which such Bank shall have assumed its Tranche C Commitment, as applicable, as such amount may be
(a) reduced from time to time pursuant to Section 2.7; (b) reduced or increased from time to time pursuant to assignments by or to such Bank pursuant to Section 2.12, 11.1 or
11.3(h); and (c) increased from time to time pursuant to Section 2.10. 
 “Tranche D”
means the credit facility provided pursuant to Section 2.1 to or for the benefit of the Company by the Banks with a Tranche D Commitment, which such facility shall consist of Loans (and participations in Swingline Loans) in
the currencies referenced under the heading “Tranche D” on Schedule 1.1 and shall be in the maximum aggregate amount of the Tranche D Commitments of such Banks, as adjusted from time to time pursuant to the terms hereof. 

“Tranche D Commitment” means, with respect to any Bank, the commitment of such Bank to make Loans and such Bank’s
obligation to purchase participations in Swingline Loans in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Bank’s name under the heading “Tranche D” on Schedule 1.1
(and in the currencies indicated for such tranche on Schedule 1.1), or in the Assignment Agreement pursuant to which such Bank shall have assumed its Tranche D Commitment, as applicable, as such amount may be (a) reduced from time to
time pursuant to Section 2.7; (b) reduced or increased from time to time pursuant to assignments by or to such Bank pursuant to Section 2.12, 11.1 or 11.3(h); and (c) increased
from time to time pursuant to Section 2.10. 
 “Tranche E” means the credit facility provided
pursuant to Section 2.1 to or for the benefit of the Company by the Banks with a Tranche E Commitment, which such facility shall consist of Loans (and participations in Swingline Loans) in the currencies referenced under
the heading “Tranche E” on Schedule 1.1 and shall be in the maximum aggregate amount of the Tranche E Commitments of such Banks, as adjusted from time to time pursuant to the terms hereof. 

“Tranche E Commitment” means, with respect to any Bank, the commitment of such Bank to make Loans and such Bank’s
obligation to purchase participations in Swingline Loans in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Bank’s name 

  
 Amended Credit
Agreement 
 23 

 
under the heading “Tranche E” on Schedule 1.1 (and in the currencies indicated for such tranche on Schedule 1.1), or in the Assignment Agreement pursuant to which such
Bank shall have assumed its Tranche E Commitment, as applicable, as such amount may be (a) reduced from time to time pursuant to Section 2.7; (b) reduced or increased from time to time pursuant to assignments by or to
such Bank pursuant to Section 2.12, 11.1 or 11.3(h); and (c) increased from time to time pursuant to Section 2.10. 

“Tranche F” means the credit facility provided pursuant to Section 2.1 to or for the benefit of the
Company by the Banks with a Tranche F Commitment, which such facility shall consist of Loans (and participations in Swingline Loans) in the currencies referenced under the heading “Tranche F” on Schedule 1.1 and shall be in the
maximum aggregate amount of the Tranche F Commitments of such Banks, as adjusted from time to time pursuant to the terms hereof. 

“Tranche F Commitment” means, with respect to any Bank, the commitment of such Bank to make Loans and such Bank’s
obligation to purchase participations in Swingline Loans in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Bank’s name under the heading “Tranche F” on Schedule 1.1
(and in the currencies indicated for such tranche on Schedule 1.1), or in the Assignment Agreement pursuant to which such Bank shall have assumed its Tranche F Commitment, as applicable, as such amount may be (a) reduced from time to
time pursuant to Section 2.7; (b) reduced or increased from time to time pursuant to assignments by or to such Bank pursuant to Section 2.12, 11.1 or 11.3(h); and (c) increased
from time to time pursuant to Section 2.10. 
 “Tranche G” means the credit facility provided
pursuant to Section 2.1 to or for the benefit of the Company by the Banks with a Tranche G Commitment, which such facility shall consist of Loans (and participations in Swingline Loans) in the currencies referenced under
the heading “Tranche G” on Schedule 1.1 and shall be in the maximum aggregate amount of the Tranche G Commitments of such Banks, as adjusted from time to time pursuant to the terms hereof. 

“Tranche G Commitment” means, with respect to any Bank, the commitment of such Bank to make Loans and such Bank’s
obligation to purchase participations in Swingline Loans in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Bank’s name under the heading “Tranche G” on Schedule 1.1
(and in the currencies indicated for such tranche on Schedule 1.1), or in the Assignment Agreement pursuant to which such Bank shall have assumed its Tranche G Commitment, as applicable, as such amount may be (a) reduced from time to
time pursuant to Section 2.7; (b) reduced or increased from time to time pursuant to assignments by or to such Bank pursuant to Section 2.12, 11.1 or 11.3(h); and (c) increased
from time to time pursuant to Section 2.10. 
 “Tranche H” means the credit facility provided
pursuant to Section 2.1 to or for the benefit of the Company by the Banks with a Tranche H Commitment, which such facility shall consist of Loans (and participations in Swingline Loans) in the currencies referenced under
the heading “Tranche H” on Schedule 1.1 and shall be in the maximum aggregate amount of the Tranche H Commitments of such Banks, as adjusted from time to time pursuant to the terms hereof. 

“Tranche H Commitment” means, with respect to any Bank, the commitment of such Bank to make Loans and such Bank’s
obligation to purchase participations in Swingline Loans in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Bank’s name under the heading “Tranche H” on Schedule 1.1
(and in the currencies indicated for such tranche on Schedule 1.1), or in the Assignment Agreement pursuant to which such Bank shall have assumed its Tranche H Commitment, as applicable, as such amount may be (a) reduced from time to
time pursuant to Section 2.7; (b) reduced or increased from time to time pursuant to assignments by or to such Bank pursuant to Section 2.12, 11.1 or 11.3(h); and (c) increased
from time to time pursuant to Section 2.10. 

  
 Amended Credit
Agreement 
 24 

 “Tranche I” means the credit facility provided pursuant to
Section 2.1 to or for the benefit of the Company by the Banks with a Tranche I Commitment, which such facility shall consist of Loans (and participations in Swingline Loans) in the currencies referenced under the heading
“Tranche I” on Schedule 1.1 and shall be in the maximum aggregate amount of the Tranche I Commitments of such Banks, as adjusted from time to time pursuant to the terms hereof. 

“Tranche I Commitment” means, with respect to any Bank, the commitment of such Bank to make Loans and such Bank’s
obligation to purchase participations in Swingline Loans in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Bank’s name under the heading “Tranche I” on Schedule 1.1
(and in the currencies indicated for such tranche on Schedule 1.1), or in the Assignment Agreement pursuant to which such Bank shall have assumed its Tranche I Commitment, as applicable, as such amount may be (a) reduced from time to
time pursuant to Section 2.7; (b) reduced or increased from time to time pursuant to assignments by or to such Bank pursuant to Section 2.12, 11.1 or 11.3(h); and (c) increased
from time to time pursuant to Section 2.10. 
 “UCC” has the meaning set forth in the Security
and Pledge Agreement. 
 “Unfunded Liabilities” means, (i) in the case of Single Employer Plans, the amount (if any)
by which the present value of all vested nonforfeitable benefits under such Plan exceeds the fair market value of all Plan assets allocable to such benefits, all determined as of the then most recent valuation date for such Plan, and (ii) in
the case of Multiemployer Plans, the withdrawal liability of the Company and Subsidiaries. 
 “Unmatured Default” means an
event which but for the lapse of time or the giving of notice, or both, would constitute a Default. 
 “US Bank” has the
meaning set forth in Section 11.3(e). 
 “U.S. Dollar Equivalent” means, at any time,
(a) with respect to any amount denominated in U.S. Dollars, such amount, and (b) with respect to any amount denominated in any Alternative Currency, the equivalent amount thereof in U.S. Dollars as determined by the Administrative Agent at
such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of U.S. Dollars with such Alternative Currency. 

“U.S. Dollars” or “$” refers to lawful money of the United States of America. 

“USA Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001, Pub. L. No. 107-56,115 Stat. 272 (2001). 

“Wholly-Owned Subsidiary” means any Subsidiary all of the outstanding voting securities of which shall at the time be owned
or controlled, directly or indirectly, by the Company or one or more Wholly-Owned Subsidiaries, or by the Company and one or more Wholly-Owned Subsidiaries, or any similar business organization which is so owned or controlled. 

“WIBOR Rate” means, in relation to any Loan in Polish Zloty for any day, a rate per annum equal to the Warsaw Interbank
Offered Rate or, if such rate is not available, a comparable or successor rate, which rate is reasonably selected by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source
providing such quotations as may be designated by the Administrative Agent from time to time) at or about 11:00am (Warsaw time) for an amount comparable to the amount of that Loan on such day for overnight deposits and, if any such applicable rate
is below zero, the WIBOR Rate for such day will be deemed to be zero; provided, that, after the date hereof and to the extent a comparable or successor rate is reasonably selected by the Administrative Agent (as contemplated

  
 Amended Credit
Agreement 
 25 

 
above), such selected rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible
for the Administrative Agent, such selected rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent. 

“WIBOR Rate Loan” means a Loan that bears interest at a rate based on the WIBOR Rate. All WIBOR Rate Loans shall be
denominated in Polish Zloty. 
 “Withholding Agent” means the Company or the Administrative Agent. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 
 “Yen” and “¥” mean the lawful
currency of Japan. 
 Section 1.2    Other Definitional and Interpretive Provisions. All terms defined in
this Agreement shall be equally applicable to both the singular and plural forms of the defined terms. Unless the context otherwise requires, any reference to any law, rule or regulation (including, without limitation, all references to any Rule) or
agreement shall be construed as a reference to the same as it may from time to time be amended, modified, supplemented or replaced. Unless the context requires otherwise, any reference herein to any Person shall be construed to include such
Person’s successors and assigns. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” Notwithstanding any other provision contained herein,
all computations of amounts and ratios referred to in Section 7.7 shall be made without giving effect to any election under Statement of Financial Accounting Standards 159 (or any other Financial Accounting Standard having a similar result or
effect) to value any Indebtedness or other liabilities of the Company at “fair value” as defined therein. Notwithstanding anything in this Agreement or any other Loan Document to the contrary, all obligations of any Person that are or
would be characterized as operating lease obligations in accordance with GAAP on the Amendment No. 1 Effective Date (whether or not such operating lease obligations were in effect on such date) shall continue to be (or shall be, in the case of
any such obligations not in effect on the Amendment No. 1 Effective Date) accounted for as operating lease obligations (and not as Capitalized Lease Obligations) for all purposes under this Agreement and the other Loan Documents, regardless of
any change in GAAP following the Amendment No. 1 Effective Date that would otherwise require such obligations to be treated or recharacterized (on a prospective or retroactive basis or otherwise) as Capitalized Lease Obligations and without
giving effect to the implementation of FASB ASU No. 2016-02, Leases (Topic 842). 

Section 1.3    Exchange Rates. 

(a)    The Administrative Agent shall determine the Spot Rates as of each Revaluation Date to be used for calculating
U.S. Dollar Equivalent amounts of Advances denominated in Alternative Currencies. The Collateral Monitoring Agent shall determine the Spot Rates as of each Revaluation Date to be used for calculating U.S. Dollar Equivalent amounts of any
Collateral in accordance with Section 1.4(c). The Administrative Agent or the Collateral Monitoring Agent, as applicable, shall communicate such calculations to the Company and the other such Agent (the Collateral Monitoring Agent or the
Administrative Agent, as applicable) promptly after such determination of the Spot Rate. Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts between the applicable
currencies until the next Revaluation Date to occur. Except for purposes of financial statements delivered by the Company hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount of any
currency (other than U.S. Dollars) for purposes hereof shall be such U.S. Dollar Equivalent amount as so determined by the Administrative Agent. 

  
 Amended Credit
Agreement 
 26 

 (b)    Wherever in this Agreement in connection with an Advance
denominated in Alternative Currencies or prepayment thereof, an amount, such as a required minimum or multiple amount, is expressed in U.S. Dollars, but such Advance or prepayment thereof is denominated in an Alternative Currency, such amount shall
be the relevant Alternative Currency Equivalent of such U.S. Dollar amount (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded upward), as determined by the Administrative Agent. 

Section 1.4    Collateral Valuation.  

(a)    The Discounted Value of the Collateral shall be monitored by, and all calculations of “Discounted Value”
or “Borrowing Base” contemplated by the Loan Documents shall be determined by the Collateral Monitoring Agent; provided that, in making any such determination, the Collateral Monitoring Agent shall be entitled (i) to
conclusively rely, without any independent investigation or inquiry, on any respective Custodian’s calculations of Market Value which are provided to the Collateral Monitoring Agent in the manner agreed to by the Collateral Monitoring Agent in
the applicable Control Agreement or other applicable Collateral Document and (ii) in the case of any Gold Warrants, to conclusively rely, without any independent investigation or inquiry, on a description of the amount and characteristics of
gold subject to such Gold Warrants, or other data provided to the Collateral Monitoring Agent by the applicable Custodian. The Collateral Monitoring Agent shall not be liable for any failure or delay by any Custodian to provide such calculations, so
long as the Collateral Monitoring Agent has used its commercially reasonable efforts to cause such Custodian to do so, nor shall the Collateral Monitoring Agent be liable for any errors in any Custodian’s calculations. Upon the request of the
Collateral Monitoring Agent, the Company shall use commercially reasonable efforts to assist the Collateral Monitoring Agent in obtaining such calculations from the applicable Custodians. If any Custodian fails or is delayed in providing such
calculations, the Collateral Monitoring Agent shall provide such calculations; provided that such Custodian has delivered to the Collateral Monitoring Agent a list of the assets and amounts thereof and other data, in each case, required to be
delivered under the terms of the relevant Control Agreement or other applicable Collateral Document (upon which the Collateral Monitoring Agent may conclusively rely, without any independent inquiry or investigation). With respect to any asset, if
any Custodian fails to deliver, in accordance with the relevant Control Agreement or other applicable Collateral Document, any information deemed reasonably necessary by the Collateral Monitoring Agent for the Collateral Monitoring Agent to
calculate the Market Value of such asset, the Collateral Monitoring Agent shall value such asset held by such Custodian at zero (0) for purposes of its calculations. The Administrative Agent and Collateral Agent shall be entitled to
conclusively rely, without any independent investigation or inquiry, on any such calculations made by the Collateral Monitoring Agent which are provided (either directly or through the Collateral Agent) to the Administrative Agent. 

(b)    On each Borrowing Date, the Collateral Monitoring Agent shall determine the Market Value of the Collateral securing
the Loans to be made on such date in accordance with Section 1.4(a). On each subsequent Business Day on which there is an outstanding Advance, the Collateral Monitoring Agent shall determine the Borrowing Base on and as of
such date in accordance with Section 1.4(a), and, in each case, shall promptly (and in any event on or before 12:00 noon (New York time on such day)) advise and notify (which may be by telephone, provided that written
confirmation thereof shall promptly follow) the Company, the Collateral Agent and the Administrative Agent of each such determination. 

(c)    Each calculation of the Discounted Value of any Collateral denominated in a currency other than U.S. Dollars shall
include the U.S. Dollar Equivalent of such Discounted Value. For purposes of determining such U.S. Dollar Equivalent as of any date, the Spot Rates as of the most recent Revaluation Date shall be used to calculate the Market Value of the
Collateral Pool as of the date of determination. 

  
 Amended Credit
Agreement 
 27 

 Section 1.5    Change of Currency. Each obligation of the
Company to make a payment denominated in the national currency unit of any member state of the European Union that adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euro at the time of such adoption. If, in
relation to the currency of any such member state, the basis of accrual of interest expressed in this Agreement in respect of that currency shall be inconsistent with any convention or practice in the London interbank market for the basis of accrual
of interest in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect from the date on which such member state adopts the Euro as its lawful currency. Each provision of this Agreement shall be subject
to such reasonable changes of construction as the Administrative Agent may from time to time specify to be appropriate to reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions or practices
relating to the Euro. Each provision of this Agreement also shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time reasonably determine to be appropriate to reflect a change in currency of any
other country and any relevant market conventions or practices relating to the change in currency. The Administrative Agent shall promptly advise the Company of any changes of construction pursuant to the preceding two sentences hereof. 

ARTICLE II 
 THE CREDIT

 Section 2.1    Revolving Credit Loans. 

(a)    Through and including the Revolving Credit Termination Date, (i) each Bank with an Applicable Tranche
Commitment under an Applicable Tranche severally agrees, on the terms and conditions set forth in this Agreement, to make revolving loans under such Applicable Tranche (“Revolving Loans”) to the Company from time to time in amounts
not to exceed in the aggregate for each such Applicable Tranche at any one time outstanding, the amount of its Applicable Tranche Commitment under such Applicable Tranche and (ii) each Applicable Tranche Swingline Bank severally may, in its
sole discretion and on the terms and conditions set forth in this Agreement, make swingline loans under any Applicable Tranche (“Swingline Loans”) to the Company from time to time and in such amounts as such Applicable Tranche
Swingline Bank shall determine at the time of each request by the Company for a Swingline Loan; provided, however, that no Revolving Loans or Swingline Loans shall be made if, after giving effect thereto, (A) the aggregate
outstanding principal of all Loans would exceed the Aggregate Commitments, (B) the aggregate outstanding principal of all Applicable Tranche Revolving Loans with respect to any Applicable Tranche would exceed the Aggregate Applicable Tranche
Commitment for such Applicable Tranche, (C) the aggregate outstanding principal amount of all Revolving Loans in an Alternative Currency would exceed the Applicable Alternative Currency Sublimit, or (D) the aggregate outstanding principal
of the Loans would exceed the Borrowing Base. Subject to the terms of this Agreement, the Company may borrow, repay and reborrow Revolving Loans and Swingline Loans at any time up to the Revolving Credit Termination Date. For the avoidance of doubt,
(x) a Loan can be a Revolving Loan or a Swingline Loan, subject to the terms and conditions set forth in the Loan Documents and (y) the provision of Swingline Loans by any Applicable Tranche Swingline Bank under an Applicable Tranche shall
be in addition to, and shall not relieve such Bank from its obligation to make Revolving Loans under such Applicable Tranche ratably in proportion to the amount of its Applicable Tranche Commitment. The obligations of any Bank to make Revolving
Loans hereunder shall cease at 5:01 p.m. (New York City time) on the Revolving Credit Termination Date. For the avoidance of doubt, (i) no Bank shall have any obligation to become an Applicable Tranche Swingline Bank and make Swingline Loans,
(ii) any determination by an Applicable Tranche Swingline Bank to make a specific Swingline Loan shall not 

  
 Amended Credit
Agreement 
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obligate the same Applicable Tranche Swingline Bank to make any other Swingline Loan and (iii) the Company’s ability to request such Swingline Loans shall cease at 5:01 p.m. (New York
City time) on the Revolving Credit Termination Date. Notwithstanding anything to the contrary contained herein, any Bank (“Affiliate Funding Bank”) may at its option elect to fund any loan through any foreign or domestic branch of
such Bank or such Affiliate (“Funding Affiliate”) of such Bank (and shall provide notice of any change in funding office to the Administrative Agent by delivering an amended Administrative Questionnaire, which change in funding
office shall be effective within 5 Business Days or less of delivery of such amended Administrative Questionnaire). Each party hereto hereby agrees that (i) neither the grant to any Funding Affiliate nor the exercise of any Funding Affiliate of
such option shall increase the costs or expenses or otherwise increase or change the obligation of the Company under this Agreement or any of the other Loan Documents, (ii) no Funding Affiliate shall be liable for any indemnity or similar
payment obligation under this Agreement for which an Affiliate Funding Bank would be liable, (iii) the Affiliate Funding Bank’s obligations under this Agreement to the other parties to this Agreement shall remain unchanged, (iv) the
Affiliate Funding Bank shall remain solely responsible for the performance under this Agreement, (v) the Company and each Agent shall continue to deal solely and directly with such Affiliate Funding Bank in connection with the Affiliate Funding
Bank’s rights and obligations under this Agreement (it being acknowledged that the Administrative Agent will forward Bank Notices regarding borrowings of Alternative Currencies directly to Funding Affiliates specifically identified for receipt
of such notices in the respective Affiliate Funding Bank’s Administrative Questionnaire) and (vi) the Affiliate Funding Bank shall for all purposes, retain the sole right to enforce this Agreement and to approve any amendment, waiver or
other modification of any provision of any Loan Document. The making of a Revolving Loan or a Swingline Loan under any Applicable Tranche by a Funding Affiliate hereunder shall utilize the Applicable Tranche Commitment of such Affiliate Funding Bank
to the same extent, and as if, such Loan were made by such Affiliate Funding Bank. 
 (b)    With respect to any Advance
requested hereunder to be made in any particular currency (the “Specified Currency”) at any time, (x) in the event there are no other outstanding Advances at such time or the only outstandings at such time are in the Specified
Currency, the Company shall allocate such Advance across all Applicable Tranches which contain such currency on a pro rata basis based on the amount of Loans available to be made in such currency under each such Applicable Tranche and (y) in
the event there are outstanding Advances in currencies other than the Specified Currency at such time, the Company shall use commercially reasonable efforts to the extent practicable (taking into account the minimum denominations required for
Advances and the Company’s need for Loans in Alternative Currencies) to allocate Advances hereunder such that, after giving pro forma effect to each such Advance and any payments thereof, the percentage of unused Applicable Tranche Commitments
under each Applicable Tranche relative to the Aggregate Applicable Tranche Commitments are approximately equal; provided that, the failure to maintain such approximately equal percentages referenced in this clause (y) shall not be a
Default or an Unmatured Default hereunder. 
 Section 2.2    Ratable Loans. Each Advance under an Applicable
Tranche shall consist of Revolving Loans made from the several Applicable Banks who have Applicable Tranche Commitments under such Applicable Tranche, ratably in proportion to the amounts of their respective Applicable Tranche Commitments on the
date of such Advance, or of Swingline Loans made from the Applicable Tranche Swingline Banks agreeing to make any specific Applicable Tranche Swingline Loans. 

Section 2.3    Repayment of Advances. 

(a)    Each Advance under an Applicable Tranche and accrued and unpaid interest thereon shall be due and payable to the
Administrative Agent for the account of each Applicable Bank making such Advance thirty (30) days after such Advance is made or, if earlier, the Revolving Credit Termination Date (any such date, a “Loan Maturity Date”), except
in the case of a Test Draw which shall be repaid pursuant to the provisions of Section 7.2 hereof and except as provided in Section 2.4. 

  
 Amended Credit
Agreement 
 29 

 (b)    Each then outstanding Advance and accrued and unpaid interest
thereon shall be due and payable on the Revolving Credit Termination Date. 
 Section 2.4    Reborrowing
of Advances. No Applicable Tranche Revolving Loan may be made hereunder to repay any Advance under any Applicable Tranche without the consent of (a) the Required Applicable Banks under the Applicable Tranche from which such Revolving Loan
is made and (b) the Required Applicable Banks under the Applicable Tranche to which the repayment is to be made, except that Revolving Loans under an Applicable Tranche may be made to repay any outstanding Swingline Loan under such Applicable
Tranche (in which case such Revolving Loans and accrued and unpaid interest thereon shall be due and payable to the Administrative Agent on the original Loan Maturity Date of such Swingline Loan). 

Section 2.5    Optional Principal Payments. Provided that the Company gives the Administrative Agent notice of
any prepayment, which notice shall be in a form acceptable to the Administrative Agent and shall be delivered no later than the Prepayment Notice Deadline, the Company may prepay, without premium or penalty, all or a portion of any outstanding
Advance under any Applicable Tranche at any time on any Business Day; provided further, that interest shall accrue on such amount being prepaid until the next Business Day if such payment is received after the Applicable Prepayment
Time on the date of payment. Repayment of principal pursuant to this Section 2.5 shall be accompanied by accrued and unpaid interest thereon. 

Section 2.6    Mandatory Principal Payments. (a) On any day on which the aggregate outstanding principal
of the Loans exceeds the Borrowing Base (as determined pursuant to Section 1.4), the Company shall immediately repay Loans in the amount of such excess or pledge to the Collateral Agent, for the benefit of the Banks,
additional Collateral in the Collateral Pool under the Collateral Documents as necessary to cure such deficiency, without the necessity of any notice or demand. 

(b)    [Reserved]. 

(c)    On any day on which the aggregate outstanding principal of the Loans, taken together, exceeds the Aggregate
Commitments, the Company shall repay Loans in the amount of such excess without the necessity of any notice or demand. 

(d)    On any Revaluation Date which is a Business Day on which the U.S. Dollar Equivalent of the aggregate
outstanding principal amount of Loans under any Applicable Tranche exceeds the Aggregate Applicable Tranche Commitments then in effect, then, the Company shall repay Revolving Loans under such Applicable Tranche and/or Swingline Loans under such
Applicable Tranche, as the Company shall select, in the amount of such excess by (i) 5:45 p.m. (New York City time) on the Business Day the Company receives written notice of such excess from the Administrative Agent (the “Excess Notice
Date”) if the Company receives notice from the Administrative Agent by 2:00 p.m. (New York City time) on such Excess Notice Date or (ii) on the next Business Day, prior to 11:00 a.m. (New York City time) after the Company receives
notice of such excess if the Company receives notices from the Administrative Agent after 2:00 p.m. (New York City time) on such Excess Notice Date. 

(e)    On any Business Day after giving effect to any requested Loan, or on any Business Day when Loans are outstanding,
on which the Borrowing Base is less than the sum of (i) 100% of the aggregate principal amount of outstanding Loans denominated in U.S. Dollars as of such day and (ii) 105% of the U.S. Dollar Equivalent of the aggregate principal amount of
outstanding Loans denominated in Alternative Currencies as of such day, then, the Company shall, upon written notice from the Administrative 

  
 Amended Credit
Agreement 
 30 

 
Agent, pledge additional Collateral or prepay Loans in any Applicable Tranche at the option of the Company (or do any combination of the foregoing) as necessary to cure such deficiency (or in the
event of any such requested Loan, instruct the Administrative Agent to return the proceeds of the requested Loan to the applicable Banks or, in the event such pledge of such additional Collateral is made as of such Business Day, hold such funds in
the Administrative Agent’s Office until the time of such pledge). 
 Repayment of any such excess amount shall be applied first, to prepay
outstanding Swingline Loans in the Applicable Tranche selected by the Company, and second, to prepay outstanding Revolving Loans in the Applicable Tranche selected by the Company, in each case in the direct order of their respective
maturities and shall be accompanied by accrued and unpaid interest thereon. 
 Section 2.7    Adjustments of
Commitments. 
 (a)    Adjustments by the Company. The Company may permanently reduce the Aggregate Applicable
Tranche Commitments under any Applicable Tranche, in whole or in part ratably among the Applicable Banks, in proportion to the amounts of their respective Applicable Tranche Commitments at any time upon written notice to the Administrative Agent;
provided, however, that, (i) subject to Sections 2.7(b) or 2.12, the amount of the Aggregate Applicable Tranche Commitments may not be reduced below the outstanding principal amount of the Advance(s) under such
Applicable Tranche, and (ii) a notice of termination of any Aggregate Applicable Tranche Commitments delivered by the Company may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice
may be revoked by the Company (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. The Company may also, with the consent of the Administrative Agent (such consent not to be
unreasonably withheld), request that any Bank under an Applicable Tranche (x) convert all or a part of such Bank’s Applicable Tranche Commitments under such Applicable Tranche into Applicable Tranche Commitments under (1) a different
then existing Applicable Tranche or (2) a new Additional Applicable Tranche requested by the Company or (y) provide for additional currencies under such Applicable Tranche (provided that in the event any requested currency in such
Applicable Tranche or Additional Applicable Tranche, as the case may be, is not U.S. Dollars, such currency is a lawful currency that is readily available and freely transferable and convertible into U.S. Dollars), so long as, in any case, there are
no outstanding Loans under either impacted Applicable Tranche or Additional Applicable Tranche at the time of such conversion. Each Bank shall notify the Company within five (5) Business Days of receipt of the Company’s request, in
writing, if and by what amount such Bank is willing, in its sole discretion, to so convert its Applicable Tranche Commitments or add additional currencies under an Applicable Tranche. Notwithstanding the foregoing, anything else provided herein or
otherwise, if any Bank shall fail to notify the Company within such five (5) Business Day period, such Bank shall be deemed to have declined such requested conversion or addition. In the case of any Additional Applicable Tranche or additional
currencies under an Applicable Tranche, the Administrative Agent shall notify the Company and the Banks of any such Additional Applicable Tranche or additional currencies approved as contemplated hereby and, the Applicable Reference Rate, Applicable
AA Funds Delivery Deadline, Applicable Alternative Currency Sublimit, Applicable Bank Funding Deadline, Applicable Borrower Notice Deadline and Applicable Payment Time, which such provisions shall be, in each case, (subject to the consent of the
Company and those Banks who have agreed to convert commitments into such Additional Applicable Tranche or add additional currencies) and the currencies to be provided thereunder (any such notice, as “Additional Tranche/Currency
Confirmation”) which such Additional Tranche/Currency Confirmation shall be deemed to modify Annex II with such additional information as applicable. 

(b)    Adjustments by Banks for Accelerated Termination. If any Applicable Tranche Commitment of a Bank hereunder
is terminated pursuant to Section 2.12, the Company shall immediately notify the Administrative Agent in writing of such termination (“Accelerated Termination Notice”) and

  
 Amended Credit
Agreement 
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shall state the amount of such terminating Bank’s Applicable Tranche Commitment so terminated (“Terminated Commitment”) in the Accelerated Termination Notice. The
Administrative Agent shall promptly provide a copy of the Accelerated Termination Notice to each remaining Bank (each a “Non-Terminating Bank”). Each
Non-Terminating Bank shall notify the Company, in writing, on or before the second Business Day after the date the Accelerated Termination Notice is received by such
Non-Terminating Bank, if and by what amount such Bank is willing in its sole discretion to increase its Applicable Tranche Commitment (in the case such Bank has an Applicable Tranche Commitment under the
Impacted Tranche at such time) or provide for such Applicable Tranche Commitment (in the case such Bank does not already have an Applicable Tranche Commitment under the Impacted Tranche at such time) (as applicable), which amount shall be equal to
all or some portion of the Terminated Commitment (each, a “2.7(b) Notice”). Any Non-Terminating Bank that fails to so notify the Company on or before such second Business Day shall be deemed
to have declined to increase or provide any such Applicable Tranche Commitment. If offers to increase or provide any such Applicable Tranche Commitments are made by two or more Non-Terminating Banks in an
aggregate amount greater than the aggregate amount of the Terminated Commitment, such Non-Terminating Banks and the Company hereby agree that such offers shall be allocated as nearly as possible in proportion
to the aggregate amount of such offers, so that the aggregate amount thereof will not exceed the amount of the Terminated Commitment. On or before the third Business Day after the date of the Accelerated Termination Notice, the Company shall notify
Administrative Agent and each Non-Terminating Bank of the amount, if any, by which each such Non-Terminating Bank’s Commitment has been increased or provided, which
amount shall not exceed the amount of such Non-Terminating Bank’s offer to increase or provide such Applicable Tranche Commitment in such Bank’s 2.7(b) Notice. All increases or provisions of
Applicable Tranche Commitments by the Banks under this Section 2.7(b) shall become effective on the terminating Bank’s Accelerated Termination Date or on such later date on which the Company shall notify Administrative
Agent and each Non-Terminating Bank of the amount, if any, by which each such Non-Terminating Bank’s Applicable Tranche Commitment has been increased or provided in
accordance with this Section 2.7(b) (“2.7(b) Effective Date”). The Company shall promptly upon request deliver to each Non-Terminating Bank whose Applicable Tranche
Commitment has been increased or provided pursuant to this Section 2.7(b) a new Note reflecting (if requested by such Non-Terminating Bank) such
Non-Terminating Bank’s new Applicable Tranche Commitment. Each such Bank whose Applicable Tranche Commitment is terminated as contemplated hereby shall promptly, after repayment to such Bank of all
Obligations (other than contingent obligations for which no claim has been made) owing to such Bank on the 2.7(b) Effective Date, return to the Company such Bank’s superseded Note(s), as applicable. Each such
Non-Terminating Bank shall make available to the Administrative Agent such amounts with respect to the Applicable Tranche affected by the termination contemplated by this Section in immediately available funds
as the Administrative Agent shall determine, for the benefit of the other applicable Banks in the respective Applicable Tranche, as being required in order to cause, after giving effect to such commitment increase, the outstanding Loans (and risk
participations in outstanding Swingline Loans) in the respective Applicable Tranche to be held ratably by all Applicable Banks in the respective Applicable Tranche in accordance with their respective Applicable Percentages (as revised by such
increase) and the Company shall be deemed to have prepaid and reborrowed the outstanding applicable Loans in the respective Applicable Tranche as of the 2.7(b) Effective Date to the extent necessary to keep the outstanding Loans in the respective
Applicable Tranche ratable with any revised Applicable Percentages arising from any nonratable increase in the Applicable Tranche Commitments contemplated hereby. 

Section 2.8    Fees. 

(a)    From the date hereof to and including the Revolving Credit Termination Date, the Company agrees to pay to the
Administrative Agent for the ratable account of the Banks in each Applicable Tranche a commitment fee of 10/100 of 1% per annum (on the basis of a year consisting of 360 days and for actual days elapsed) on the daily amount of the excess of
(i) the amount of the Aggregate Applicable 

  
 Amended Credit
Agreement 
 32 

 
Tranche Commitments under each such Applicable Tranche over (ii) the aggregate principal amount of all outstanding Loans (excluding any Swingline Loans, provided that in the event the
participating interests in all Applicable Tranche Swingline Loans outstanding on such date have been fully funded in accordance with Section 2.14(a), the Applicable Tranche Swingline Exposure of each Applicable Bank under
each such Applicable Tranche shall not be excluded from such aggregate principal amount or, in the event that such participating interests are not fully funded, only the participating interests acquired and so partially funded by such Bank in
accordance with Section 2.14(a) in respect of any such outstanding Applicable Tranche Swingline Loans shall not be excluded from such aggregate principal amount), payable in arrears on the last day of each fiscal quarter of
the Company hereafter and on the Revolving Credit Termination Date, commencing on the first of such dates to occur after the date hereof. 

(b)    The Company agrees to pay to the Administrative Agent for the ratable account of the Banks the fees in the amounts
and at the times set forth on Schedule 2.8. 
 (c)    The Company agrees to pay to the Administrative Agent, the
Collateral Monitoring Agent and the Collateral Agent, for each of their respective accounts, fees payable in the amounts and at the times separately agreed upon by the Company. 

(d)    All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative
Agent (or the Collateral Agent or Collateral Monitoring Agent, in the case of such fees payable to the Collateral Agent or Collateral Monitoring Agent). The Administrative Agent shall distribute any such payments received by it for the account of
the Banks to the Banks in accordance with their respective pro rata shares thereof. 

Section 2.9    Collateral. 

(a)    The Obligations of the Company under this Agreement, the Loans and all other Loan Documents shall be secured, in
each case, by the Collateral Pool, in accordance with the Collateral Documents. 
 (b)    The Company may at any time
(including after a Notice of Exclusive Control has been delivered) direct the Collateral Agent, in writing, to permit (and upon such direction, which shall be deemed a certification by the Company that such withdrawal, transfer or replacement is not
prohibited hereunder, the Collateral Agent shall permit) the replacement of any Clearing Member Security or Company Security credited to any Securities Account, or any Money Fund Share subject to the Lien of the Collateral Agent, or any FX Account
Collateral subject to the Lien of the Collateral Agent, or any Other Deposit Account Collateral subject to the Lien of the Collateral Agent, or any Gold Bullion subject to the Lien of the Collateral Agent pursuant to any Bullion Security Agreement,
or any Gold Warrants subject to the Lien of the Collateral Agent, or any other Collateral, as the case may be, with replacement collateral qualifying as Eligible Assets, or withdraw or transfer any Clearing Member Security or Company Security
credited to any Securities Account, or any Money Fund Share subject to the Lien of the Collateral Agent, or any FX Account Collateral subject to the Lien of the Collateral Agent, or any Gold Bullion subject to the Lien of the Collateral Agent
pursuant to any Bullion Security Agreement, or any Other Deposit Account Collateral subject to the Lien of the Collateral Agent, or any Gold Warrants subject to the Lien of the Collateral Agent or any other Collateral subject to the Lien of the
Collateral Agent; provided that: 
 (i)    at any time when there are one or more outstanding Advances,
after giving effect to any such replacement, transfer or withdrawal, the aggregate principal amount of all the remaining Loans outstanding as of the date of such replacement, transfer or withdrawal shall not exceed the Borrowing Base as of the date
of such replacement, transfer or withdrawal (such Borrowing Base determined by the Company and confirmed to the Company by the Collateral 

  
 Amended Credit
Agreement 
 33 

 
Agent (with the Collateral Agent’s determination controlling in the event of any discrepancy)); 

(ii)    at any time when (and in addition to any restrictions set forth in clause (i) above) there are
one or more outstanding Advances and either (1) a Default shall have occurred and be continuing at such time or (2) an Unmatured Default in respect of Section 8.2 shall have occurred and be continuing at such
time, the Company shall not be permitted to withdraw, transfer or replace any of the specified assets (other than Guaranty Fund Assets) identified in any Collateral Notice as Collateral associated with any Advance outstanding at such time; 

(iii)    at any time when there are no outstanding Advances, the Company shall be permitted to withdraw,
transfer or replace any Collateral; and 
 (iv)    at any time when (and in addition to any restrictions
set forth in clause (i) above) there are one or more outstanding Advances and either a Default in respect of Section 8.2 or an Unmatured Default in respect of Section 8.2 shall have occurred
and be continuing, the Company shall not be permitted to withdraw, transfer or replace any Guaranty Fund Assets identified in any Collateral Notice as Collateral associated with any Advance outstanding at such time. 

(v)    In making the confirmations pursuant to Section 2.9(b)(i), the Collateral Agent may
conclusively rely without inquiry on the determination of the Borrowing Base as calculated by the Collateral Monitoring Agent and notified to the Collateral Agent. 

(c)    The Company may at any time (including after a Notice of Exclusive Control has been delivered) direct the
Collateral Agent to cause any Custodian (or its transfer or servicing agent) having custody over any Clearing Member Customer Collateral Securities Account, any Clearing Member Collateral Securities Account or any Company Securities Account, any FX
Account Bank, any Bullion Account Bank, any Gold Warrants Issuer, any Applicable Other Depositary or any Money Fund Issuer or its transfer or servicing agent, as the case may be, in writing, to liquidate (and any applicable Custodian or any of their
transfer or servicing agents, as the case may be, shall liquidate in market-based transactions as directed, in writing, by the Company) any Clearing Member Security or Company Security credited to any Clearing Member Customer Collateral Securities
Account, any Clearing Member Collateral Securities Account or any Company Securities Account, or any FX Account Collateral subject to the Lien of the Collateral Agent, or any Other Deposit Account Collateral subject to the Lien of the Collateral
Agent, or any Money Fund Shares subject to the Lien of the Collateral Agent, or any Gold Bullion subject to the Lien of the Collateral Agent pursuant to any Bullion Security Agreement, or any Gold Warrants (or gold covered thereby) subject to the
Lien of the Collateral Agent, as the case may be, and apply the proceeds thereof and any other amounts credited to any Clearing Member Customer Collateral Securities Account, any Clearing Member Collateral Securities Account, any Clearing Member
Customer FX Account, any Clearing Member FX Account, any Other Deposit Account or credited in respect of such Money Fund Shares to repay any outstanding Loans in the Applicable Tranche; provided that: 

(i)    After giving effect to any such liquidation and repayment described in this clause (c), the
aggregate principal amount of the remaining Loans outstanding shall not exceed the Borrowing Base as of the date of such liquidation (such Borrowing Base determined by the Company and confirmed to the Company by the Collateral Agent (with the
Collateral Agent’s determination controlling in the event of any discrepancy)); provided that if the Administrative Agent determines that the remaining Loans outstanding exceed the Borrowing Base, the Company shall make a
prepayment or pledge additional Collateral pursuant to Section 2.6(a) to the extent necessary to cure any such deficiency unless the Administrative Agent otherwise determines that any such liquidation is in the best
interests of the Banks, after giving effect to any such liquidation 

  
 Amended Credit
Agreement 
 34 

 
and the repayment of Loans in the Applicable Tranche as directed by the Company pursuant thereto, in which case any such liquidation shall be permitted notwithstanding anything to the contrary in
this clause (i); 
 (ii)    the Company shall reimburse the Collateral Agent, Collateral Monitoring Agent
and any Custodian or any of their transfer or servicing agents, as the case may be, for any and all reasonable costs, internal charges and out-of-pocket expenses paid or
incurred by such Person in connection with any such liquidation; 
 (iii)    at any time when there are
one or more outstanding Advances and either (1) a Default shall have occurred and be continuing at such time or (2) an Unmatured Default in respect of Section 8.2 shall have occurred and be continuing at such
time, the Company shall not liquidate any of the specified assets (other than Guaranty Fund Assets) identified in any Collateral Notice as Collateral associated with any Advance that is outstanding at any time while such Default or Unmatured Default
exists (unless the Administrative Agent otherwise determines that any such liquidation is in the best interests of the Banks after giving effect to any such liquidation and the application of the proceeds thereof to repay Loans in the
Applicable Tranche, in which case any such liquidation shall be permitted notwithstanding anything to the contrary in this clause (iii)); and 

(iv)    at any time when there are one or more outstanding Advances and either a Default in respect of
Section 8.2 or an Unmatured Default in respect of Section 8.2 shall have occurred and be continuing, the Company shall not liquidate any Guaranty Fund Assets identified in any Collateral Notice as
Collateral associated with any Advance outstanding at such time (unless the Administrative Agent otherwise determines that any such liquidation is in the best interests of the Banks after giving effect to any such liquidation and the
application of the proceeds thereof to repay Loans in the Applicable Tranche, in which case any such liquidation shall be permitted notwithstanding anything to the contrary in this clause (iv)). 

(v)    In making the confirmations pursuant to Section 2.9(c)(i), the Collateral Agent may
conclusively rely without inquiry on the determination of such Borrowing Base as calculated by the Collateral Monitoring Agent and notified to the Collateral Agent. 

(d)    [Reserved] 

(e)    Upon any replacement, liquidation, transfer or withdrawal of any Clearing Member Security, Company Security, FX
Account Collateral, Gold Bullion, Gold Warrants, Other Deposit Account Collateral or Money Fund Shares in accordance with the Collateral Documents and pursuant to subsection (b) or (c) above (other than a transfer of any such assets to a
securities account or other account that is subject to the Lien of the Collateral Agent pursuant to the Loan Documents which has attached), the Lien of the Collateral Agent on the replaced, liquidated, transferred or withdrawn Clearing Member
Security, Company Security, FX Account Collateral, Gold Bullion, Gold Warrants, Other Deposit Account Collateral or Money Fund Shares, as applicable, shall be deemed automatically released without further consent of the Collateral Agent or any Bank.

 (f)    For the avoidance of doubt, at any time when there are no outstanding Advances, the Company shall be permitted
to withdraw, transfer, liquidate or replace any Collateral. 
 (g)    Any right of the Company to withdraw, replace,
transfer or liquidate any Collateral pursuant to this Section 2.9 shall apply to the extent any such Collateral has not been previously sold or liquidated by the Collateral Agent, or accepted by the Collateral Agent in full
or partial satisfaction of any Obligations in accordance with the Section 9-620 of the UCC. 

  
 Amended Credit
Agreement 
 35 

 Section 2.10    Commitment Increase Option. 

(a)    The Company may, at its option and without the consent of the Banks, at any time after the Amendment No. 1
Effective Date and from time to time thereafter, seek to increase the Aggregate Commitments by up to an aggregate amount of $3,000,000,000 for all such increases (resulting in maximum Aggregate Commitments of $10,000,000,000) upon written notice to
the Administrative Agent and the Collateral Agent, which notice shall specify the amount of any such increase, the requested Applicable Tranche(s) to be increased and the amount of each such increase within such Applicable Tranche and shall be
delivered at a time when no Default or Unmatured Default has occurred and is continuing. The Company may, in its sole discretion, offer the increase in the Aggregate Commitments to existing Banks or to other lenders or entities reasonably acceptable
to the Administrative Agent and the Company, and such requested increase may be with respect to any Applicable Tranche(s). No increase in the Aggregate Commitments shall become effective until the existing or new Banks extending a new or increased
Applicable Tranche Commitment amount (which such increase shall be determined by each such existing or new Bank in its sole discretion) and the Company shall have delivered to the Administrative Agent a document reasonably satisfactory to the
Administrative Agent and the Company pursuant to which any such existing Bank states the amount of its Applicable Tranche Commitment increase (as the case may be), any such new Bank (or new Applicable Bank) states its aggregate Applicable Tranche
Commitment amount and agrees to assume and accept the obligations and rights of a Bank hereunder (or under the Applicable Tranche, as the case may be) and the Company accepts such new or increased Applicable Tranche Commitments. The Banks (new or
existing) accepting new or increased Applicable Tranche Commitments shall accept an assignment from the existing Banks, and the existing Banks shall make an assignment to the new or existing Banks accepting a new or increased Applicable Tranche
Commitment (as the case may be), of a direct interest in each then outstanding Advance under the Applicable Tranche, as applicable, such that, after giving effect thereto, all credit exposure under each Applicable Tranche is held ratably by the
Applicable Banks in proportion to their respective Applicable Tranche Commitments. Assignments pursuant to the preceding sentence shall be made in exchange for the principal amount assigned plus accrued and unpaid interest and accrued and unpaid
facility fees. Any such increase of the Aggregate Commitments, respectively shall be subject to receipt by the Administrative Agent from the Company of such supplemental opinions, resolutions, certificates and other documents as the Administrative
Agent may reasonably request (including certification that the representations and warranties contained in Article VI are true and correct in all material respects (or, in the case of any such representation or warranty already qualified by
materiality, in all respects) as of such applicable date, except for representations and warranties that relate to a specific date, in which case as of such date). 

(b)    In addition to the foregoing, to the extent that the Company has reduced the Aggregate Commitments with respect to
any or all of the Banks (including pursuant to Section 2.12), the Company may, from time to time, increase any portion of any such Bank’s respective Applicable Tranche Commitment with respect to an Applicable Tranche
(and increase the Aggregate Commitments accordingly), with such Bank’s written consent in its sole discretion, in an amount up to the amount so reduced, provided that each such Bank shall accept an assignment from the existing Banks, and
the existing Banks shall make an assignment to each such Bank of a direct interest in each then outstanding Advance under such Applicable Tranche, such that, after giving effect thereto, all credit exposure hereunder is held ratably by the Banks in
proportion to their respective Applicable Tranche Commitments. The documents evidencing any such increase in the Aggregate Commitments shall be in a form reasonably acceptable to the Company and the Administrative Agent. 

  
 Amended Credit
Agreement 
 36 

 Section 2.11    Defaulting Banks. 

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

(i)    Waivers and Amendments. That Defaulting Bank’s right to approve or disapprove any
amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 9.2. 

(ii)    Reallocation of Payments. Any payment of principal, interest, fees or other amounts received
by any Agent for the account of that Defaulting Bank (whether voluntary or mandatory, at maturity, pursuant to Article IX or otherwise, and including any amounts made available to any Agent by that Defaulting Bank pursuant to
Section 12.1), shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by that Defaulting Bank to any Agent hereunder on a pro
rata basis; second, to the payment on a pro rata basis of any amounts owing by that Defaulting Bank to each Applicable Tranche Swingline Bank hereunder; third, as the Company may request (so long as no Default or Unmatured Default
exists), to the funding of any Loan in respect of which that Defaulting Bank has failed to fund its portion thereof as required by this Agreement (such unfunded amounts to be determined by the Administrative Agent, in consultation with the Company);
fourth, if so determined by the Administrative Agent and the Company, to be held in an interest bearing account and released in order to satisfy obligations of that Defaulting Bank to fund Loans under this Agreement; fifth, in the
case of a Defaulting Bank under any Applicable Tranche, to the payment of any amounts owing to the other Banks under such Applicable Tranche (including the Applicable Tranche Swingline Banks) as a result of any judgment of a court of competent
jurisdiction obtained by any Bank under such Applicable Tranche (including the Applicable Tranche Swingline Banks) against that Defaulting Bank as a result of that Defaulting Bank’s breach of its obligations under this Agreement with respect to
such Applicable Tranche; sixth, to the payment of any amounts owing to the Company as a result of any judgment of a court of competent jurisdiction obtained by the Company against that Defaulting Bank as a result of that Defaulting
Bank’s breach of its obligations under this Agreement; and seventh, to that Defaulting Bank or as otherwise directed by a court of competent jurisdiction; provided that if (A) such payment is a payment of the principal amount
of any Loans under any Applicable Tranche in respect of which that Defaulting Bank has not fully funded its appropriate share and (B) such Loans were made at a time when the conditions set forth in Section 5.2 were
satisfied or waived, such payment shall be applied solely to pay the Loans of all non-Defaulting Banks under each such Applicable Tranche on a pro rata basis (and ratably among all such Applicable Tranches
computed in accordance with the Defaulting Banks’ respective funding deficiencies) prior to being applied to the payment of any Loans of that Defaulting Bank under the Applicable Tranche. Any payments, prepayments or other amounts paid or
payable to a Defaulting Bank that are applied (or held) to pay amounts owed by a Defaulting Bank pursuant to this Section 2.11(a)(ii) shall be deemed paid to and redirected by that Defaulting Bank, and each Bank irrevocably
consents hereto. 
 (iii)    Certain Fees. That Defaulting Bank shall not be entitled to receive
any commitment fee pursuant to Section 2.8 for any period during which that Bank is a Defaulting Bank (and the Company shall not be required to pay any such fee that otherwise would have been required to have been paid to
that Defaulting Bank). 
 (iv)    Reallocation of Applicable Percentages to Reduce Fronting
Exposure. During any period in which there is a Defaulting Bank, for purposes of computing the amount of 

  
 Amended Credit
Agreement 
 37 

 
the obligation of each non-Defaulting Bank to acquire, refinance or fund participations in Applicable Tranche Swingline Loans pursuant to
Section 2.14, the pro rata portion and “Applicable Percentage” of each non-Defaulting Bank shall be computed from time to time without giving effect to the Applicable
Tranche Commitment of that Defaulting Bank with respect to each Applicable Tranche; provided that, (i) each such reallocation shall be given effect if, at the time of any such reallocation, no Default or Unmatured Default exists; and
(ii) the aggregate obligation of each non-Defaulting Bank to acquire, refinance or fund participations in the Applicable Tranche Swingline Loans shall not exceed the positive difference, if any, of
(1) the Applicable Tranche Commitment of that non-Defaulting Bank minus (2) the aggregate outstanding amount of the Applicable Tranche Revolving Loans of that Bank. Subject to
Section 11.16, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Bank arising from that Bank having become a Defaulting Bank, including any claim of a non-Defaulting Bank as a result of such non-Defaulting Bank’s increased exposure following such reallocation. 

(b)    Defaulting Bank Cure. If the Company, the Administrative Agent and the Applicable Tranche Swingline
Banks agree in writing in their sole discretion that a Defaulting Bank should no longer be deemed to be a Defaulting Bank, 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 Bank will, to the extent applicable, purchase that portion of outstanding Loans of the other Banks in each Applicable Tranche participated in by such Defaulting Bank at par or take such other actions
as the Administrative Agent may determine to be necessary to cause the Applicable Tranche Revolving Loans and funded and unfunded participations in Applicable Tranche Swingline Loans to be held on a pro rata basis by the Banks in the Applicable
Tranche in accordance with their Applicable Percentages (without giving effect to Section 2.11(a)(iv)), whereupon that Bank will cease to be a Defaulting Bank; provided that no adjustments will be made retroactively
with respect to fees accrued or payments made by or on behalf of the Company while that Bank was a Defaulting Bank (and the Company shall not be required to pay any such fees or payments to such Bank which were not required to have been paid to such
Bank while it was a Defaulting Bank); and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Bank to Bank will constitute a waiver or release of any
claim of any party hereunder arising from that Bank’s having been a Defaulting Bank. 
 (c)    Other Rights and
Remedies. The rights and remedies against a Defaulting Bank under this Section 2.11 are in addition to other rights and remedies which the Company may have against such Defaulting Bank with respect to any Funding
Default and which the Administrative Agent or any Bank may have against such Defaulting Bank with respect to any Funding Default. 

Section 2.12    Removal or Replacement of a Bank. Anything contained herein to the contrary notwithstanding,
in the event that: (a) any Bank shall become a Defaulting Bank and such Defaulting Bank shall immediately fail to cure the default as a result of which it has become a Defaulting Bank; (b) in connection with any proposed amendment,
modification, termination, waiver or consent with respect to any of the provisions hereof as contemplated by Section 9.2(a), the consent of the Required Banks shall have been obtained but the consent of one or more of the
other Banks (each a “Non-Consenting Bank”) whose consent is required shall not have been obtained or (c) any Bank requests reimbursement for amounts owing pursuant to
Section 11.3(a), 11.8(b) or 11.8(c) or (d) if any Bank gives any notice pursuant to Section 11.8(e) indicating its inability to make or maintain Alternative Currency Rate Loans
under an Applicable Tranche to which such Bank is then an “Applicable Bank” (each such Bank under clauses (c) and (d) above, a “Requesting Bank”, and such Applicable Tranche, an “Impacted Tranche”);
with respect to each such Defaulting Bank, Non-Consenting Bank or Requesting Bank (the “Terminated Bank”), the Company may, by giving written notice to the Administrative Agent and any
Terminated Bank of its election to do so, (1) elect to cause such Terminated Bank (and such Terminated Bank hereby irrevocably agrees) to assign its 

  
 Amended Credit
Agreement 
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outstanding Loans and its Applicable Tranche Commitments (or, in the case of a Requesting Bank under clause (d) above, the outstanding Loans and its Applicable Tranche Commitments under the
Impacted Tranche), if any, in full to one or more Assignees (each a “Replacement Bank”) in accordance with applicable law and the provisions of Section 11.1(c) and the Company shall pay the fees, if any,
payable thereunder in connection with any such assignment from a Non-Consenting Bank or a Requesting Bank and the Defaulting Bank shall pay the fees, if any, payable thereunder in connection with any such
assignment from such Defaulting Bank; provided, (i) (A) on the date of such assignment, the Replacement Bank shall pay to such Terminated Bank the aggregate principal amount of all outstanding Loans and Applicable Tranche Swingline
Exposure of the Terminated Bank (or, in the case of a Requesting Bank, under clause (d) above, the aggregate principal amount of all outstanding Loans and Applicable Tranche Swingline Exposure under the Impacted Tranche) and, subject to clauses
(B) and (C) hereof, all other Obligations owing to such Terminated Bank under this Agreement, (B) on the date any such fees shall be due as provided in Section 2.8, subject to
Section 2.11, the Replacement Bank shall pay all accrued, but theretofore unpaid fees owing to such Terminated Bank (or, in the case of a Requesting Bank, under clause (d) above, the aggregate principal amount of all
outstanding Loans and Applicable Tranche Swingline Exposure under the Impacted Tranche), and (C) on the date any accrued interest shall be due as provided in Section 3.3, the Replacement Bank shall pay all accrued, but
theretofore unpaid interest owing to such Terminated Bank (or, in the case of a Requesting Bank under clause (d) above, all accrued, but theretofore unpaid interest owing to such Terminated Bank under the Impacted Tranche) and (ii) in the
event such Terminated Bank is a Non-Consenting Bank, each Replacement Bank shall consent, at the time of such assignment, to such proposed amendment, modification, termination, waiver or consent or (2) so
long as no Applicable Tranche Swingline Loan (or, in the case of a Requesting Bank under clause (d) above, no Applicable Tranche Swingline Loan under the Impacted Tranche) is outstanding in respect of which such Bank may be required to acquire
a participating interest pursuant to Section 2.14, elect to terminate such Bank’s Applicable Tranche Commitment and obligations to make Loans and acquire such participating interest in Applicable Tranche Swingline
Loans hereunder (or, in the case of a Requesting Bank under clause (d) above, such Bank’s Applicable Tranche Commitment and obligations to make Loans and acquire such participating interest in Applicable Tranche Swingline Loans under the
Impacted Tranche), provided that the Company shall send written notice to such Bank specifying a date at least 3 Business Days after the date of such notice on which such Bank’s Applicable Tranche Commitments and obligation to make Loans and
acquire participating interests in Applicable Tranche Swingline Loans hereunder (or, in the case of a Requesting Bank under clause (d) above, such Bank’s Applicable Tranche Commitments and obligations to make Loans and acquire such
participating interest in Applicable Tranche Swingline Loans, under the Impacted Tranche) shall be terminated. Upon the prepayment of all Obligations owing to any Terminated Bank and the termination of such Terminated Bank’s Applicable Tranche
Commitments, if any (other than in the case of a Requesting Bank retaining an Applicable Tranche Commitment after such termination), such Terminated Bank shall no longer constitute a “Bank” for purposes hereof. Notwithstanding anything to
the contrary above, each Terminated Bank shall continue to be entitled to the benefits of Sections 2.14, 3.4(b), 4.3, 11.3, 11.8, 12.1(b), 12.1.(c), and 12.1(d) (in each case, to the extent
such obligations arose prior to the effective date of the Assignment Agreement applicable thereto). Each Bank agrees that if the Company exercises its option hereunder to cause an assignment by such Bank as a Terminated Bank, the Administrative
Agent may execute and deliver such documentation as may be required to give effect to an assignment in accordance with Section 11.1(c) on behalf of a Non-Consenting Bank or Terminated
Bank and any such documentation so executed by the Administrative Agent shall be effective for purposes of documenting an assignment pursuant to Section 11.1(c). 

  
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Agreement 
 39 

 Section 2.13    [Reserved]. 

Section 2.14    Participations in Applicable Tranche Swingline Loans. 

(a)    Each Applicable Tranche Swingline Bank shall provide written notice to the Administrative Agent of any outstanding
Applicable Tranche Swingline Loan and either (i) in the case of an Applicable Tranche Swingline Loan that is not an Applicable Tranche Covering Swingline Loan, the Applicable Banks in the respective Applicable Tranche shall acquire
participating interests in any outstanding Applicable Tranche Swingline Loan pro rata in accordance with their respective Applicable Tranche Commitments and Applicable Percentage thereof or (ii) in the case of an Applicable Tranche Covering
Swingline Loan, the Applicable Banks in the respective Applicable Tranche that failed to timely make available the Applicable Tranche Revolving Loans covered by such Applicable Tranche Covering Swingline Loan shall acquire participating interests in
such Applicable Tranche Covering Swingline Loan pro rata in accordance with such Applicable Tranche Revolving Loans that such Applicable Bank did not timely make available, in either event, not later than 12:00 noon (New York City time) on the third
Business Day following any Business Day on which an Applicable Tranche Swingline Loan is made by such Applicable Tranche Swingline Bank. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Applicable Bank,
specifying in such notice such Applicable Bank’s share of such Applicable Tranche Swingline Loan. Each Applicable Bank hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative Agent,
for the account of the Applicable Tranche Swingline Bank, such Bank’s share of such Applicable Tranche Swingline Loan. Each Applicable Bank acknowledges and agrees that its obligation to acquire participating interests in Applicable Tranche
Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Applicable Tranche
Commitments or the Aggregate Applicable Tranche Commitment, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Applicable Bank shall comply with its obligation under this Section in the
same manner as provided in Section 4.1 with respect to Loans made by such Applicable Bank (and Section 4.2 shall apply, mutatis mutandis, to the payment obligations of the Applicable Banks), and
the Administrative Agent shall promptly pay to such Applicable Tranche Swingline Bank the amounts so received by it from the Applicable Banks. The Administrative Agent shall notify the Company of any participating interest in any Applicable Tranche
Swingline Loan acquired pursuant to this Section. Any amounts received from the Company (or other party on behalf of the Company) in respect of an Applicable Tranche Swingline Loan after receipt by the Applicable Tranche Swingline Bank of the
proceeds of a sale of participating interests therein shall be promptly remitted through the Administrative Agent to the Applicable Banks that shall have made their payments pursuant to this Section and to the Applicable Tranche Swingline Bank, as
their interests may appear; provided that any such payment so remitted shall be repaid to the Administrative Agent, if and to the extent such payment is required to be refunded to the Company for any reason. The purchase of participating interests
in an Applicable Tranche Swingline Loan pursuant to this paragraph shall not relieve the Company of any default in the payment thereof. 

ARTICLE III 
 FUNDING
THE CREDITS 
 Section 3.1    Method of Borrowing. 

(a)    To request an Advance hereunder, the Company shall: 

(i)    give notification by telephone (which notification shall be made on the Borrowing Date, may be made
either before or after delivery of the Advance Request referred to in clause (ii) below and shall be subject to Section 3.5(b)) to the Administrative Agent that the Advance Request has been or will be delivered
to the Administrative Agent and, if not yet delivered, the amount of the Advance, the Applicable Tranche and the applicable currency that will be requested in such Advance Request (such telephone notification, the “Advance Request
Confirmation”), 

  
 Amended Credit
Agreement 
 40 

 (ii)    deliver, by email prior to the Applicable
Borrower Notice Deadline: 
 (A)     a notice to the Administrative Agent of such request for Applicable
Tranche Revolving Loans or Applicable Tranche Swingline Loans in substantially the form of Exhibit H attached hereto (an “Advance Request”), which Advance Request shall be executed by an officer of the Company listed on an
incumbency certificate (in substantially the form of Exhibit E hereto, delivered to the Administrative Agent, as updated in writing by the Company from time to time) and delivered to the Administrative Agent’s Office applicable for such
Applicable Tranche, and shall specify: 
  

	 	(1)	 the aggregate amount of the requested Advance; 

 

	 	(2)	 the date of such Advance, which shall be a Business Day; 

 

	 	(3)	 the Applicable Tranche under which such Advance is requested; 

 

	 	(4)	 whether such Advance is requested as an Applicable Tranche Revolving Loan or Applicable Tranche Swingline Loan;

  

	 	(5)	 the currency of the Loans to be borrowed (if the Company fails to specify a currency in an Advance Request,
then the Loan so requested shall be made in U.S. Dollars); and 

  

	 	(6)	 the location and number of the Company’s account to which funds are to be disbursed, which (x) in the
case of an Advance to be made in U.S. Dollars, Canadian Dollars, Euro or Sterling, shall be a deposit account of the Company’s maintained with the Administrative Agent or (y) in the case of an Advance to be made in a currency other than
U.S. Dollars, Canadian Dollars, Euro or Sterling, shall be an account maintained with the Administrative Agent or another financial institution; and 

(B)     a notice to the Collateral Agent and Collateral Monitoring Agent in substantially the form of
Exhibit I attached hereto detailing the Collateral pledged by the Company to secure the requested Advance (a “Collateral Notice”), which Collateral Notice shall be executed by an officer of the Company listed on an incumbency
certificate (in substantially the form of Exhibit E hereto, delivered to the Collateral Agent and the Collateral Monitoring Agent, as updated in writing by the Company from time to time) and delivered to the Collateral Agent’s Office and the
Collateral Monitoring Agent’s Office, and 
 (iii)    give separate notification, by telephone, to
the Collateral Agent that the Collateral Notice has been delivered to the Collateral Agent. Concurrently with, or shortly following, or in lieu of, its making an Advance Request in respect of Applicable Tranche Revolving Loans, the Company may also
make an Advance Request in respect of Applicable Tranche Swingline Loans. 
 An Advance Request in respect of Swingline Loans shall also specify
(1) the Banks being requested to act as an Applicable Tranche Swingline Bank with respect to such Advance and make Applicable Tranche Swingline Loans and the respective amounts thereof, and (2) if such Applicable Tranche Swingline Loans
are being requested on the same day as any Applicable Tranche Revolving Loans, whether such Applicable 

  
 Amended Credit
Agreement 
 41 

 
Tranche Swingline Loans are to cover for any Applicable Tranche Revolving Loans not made available to the Administrative Agent in a timely manner (any such Applicable Tranche Swingline Loan, an
“Applicable Tranche Covering Swingline Loan”) or are simply being requested in addition to such Applicable Tranche Revolving Loans. If any Applicable Tranche Swingline Loans being requested are Applicable Tranche Covering Swingline
Loans, the Administrative Agent shall first, use the proceeds of the Applicable Tranche Revolving Loans timely made available to it to fund the requested Advance as provided in Section 3.1(b), and second, fund
the remaining portion of the requested Advance, if any, with the proceeds made available to it in respect of one or more Applicable Tranche Covering Swingline Loans, subject to Section 3.1(c). For the avoidance of doubt,
the provision of Applicable Tranche Swingline Loans by any Applicable Tranche Swingline Bank shall be in addition to, and shall not relieve such Bank from its obligation to make Applicable Tranche Revolving Loans ratably in proportion to the amount
of its Applicable Tranche Commitment. 
 In the event the Company is unable to submit any such notices via email (due to operational difficulties or
otherwise), the Administrative Agent may, to the extent commercially reasonable and following telephone notices by the Company requesting same, agree to accept such notices via other electronic delivery methods. 

(b)    Advance Determination. 

(i)    Immediately as commercially practicable following the delivery of an Advance Request in accordance
with Section 3.1(a), the Administrative Agent shall (A) notify each Bank with a commitment under the Applicable Tranche in writing of the Company’s request for an Advance and such Bank’s pro rata share of the
Advance (any such notice, a “Bank Notice”) (and to the extent the Company has delivered a form FR U-1 in connection with such request, make available to the Banks such form FR U-1 via the Platform or other approved method of delivery) and (B) provide to the Collateral Agent and the Collateral Monitoring Agent (x) a copy of the applicable Advance Request and (y) a notice
stating the principal amount of Loans then outstanding under each Applicable Tranche (and before giving effect to such Advance requested in such Advance Request Confirmation) (any such notice described in clause (y), an “Outstanding Loan
Notice”). 
 (ii)    The Collateral Monitoring Agent shall, within 45 minutes of receipt of the
later of the applicable Collateral Notice and the Outstanding Loan Notice, (i) determine the Market Value of the Collateral Pool and the Borrowing Base, (ii) notify the Company and the Collateral Agent (by telephone and electronic
communication, such as email, at the contact information provided in the Advance Request) and the Administrative Agent (by telephone at the contact information set forth on Schedule 13.1) of the Collateral Monitoring Agent’s
determination of the Market Value of the Collateral Pool and the Borrowing Base and the Collateral Agent, based solely on information provided by the Collateral Monitoring Agent, upon which it may conclusively rely, will confirm whether the
Collateral Pool is sufficient for the Borrowing Base to collateralize the Company’s requested Advance. As soon as practicable, (x) the Collateral Agent shall deliver a copy of the Collateral Notice to the Administrative Agent and
(y) the Administrative Agent shall deliver a copy of any such received Collateral Notice to the Banks and further notify the Banks of such determination described above of the Collateral Agent. 

(iii)    Subject to the satisfaction of the applicable conditions precedent set forth in Article V,
not later than the Applicable AA Funds Delivery Deadline, the Administrative Agent shall, using the proceeds provided by the Banks pursuant to Section 4.1 for such requested Advance, or any additional proceeds that may be
provided on behalf of the Banks by the Administrative Agent as provided in this Agreement, make available to the Company in 

  
 Amended Credit
Agreement 
 42 

 
immediately available funds the requested Advance (or, if the Collateral Pool is not then sufficient to collateralize the requested Advance as required hereby, the portion thereof that is so
collateralized by the Collateral Pool) (x) in the case of an Advance to be made in U.S. Dollars, Canadian Dollars, Euro or Sterling, by depositing such funds into the deposit account of the Company maintained with the Administrative Agent
specified in the Advance Request or (y) in the case of an Advance to be made in a currency other than U.S. Dollars, Canadian Dollars, Euro or Sterling (and to the extent requested by the Company), by wire transfer of such funds to an account of
the Company maintained with the Administrative Agent or another financial institution (as specified in the Advance Request) (and for purposes of clause (y) above, the Applicable AA Funds Delivery Deadline shall be determined by the time the
Administrative Agent initiates such wire transfer of such funds and not the time received by any such other financial institution); provided that, in the event that the Collateral Pool is not sufficient to so collateralize the requested Advance, the
Collateral Agent shall notify the Company and the Administrative Agent thereof and the Company may post additional Collateral to the Collateral Pool within one Business Day of such notice (including, without limitation, by withdrawing any Company
Security in accordance with Section 2.9(b) and posting such Company Security as additional Collateral with respect to the Collateral Pool) and upon the posting of such additional Collateral to the Collateral Pool, the
Administrative Agent shall make available to the Company a corresponding amount of the funds deposited by the Banks in accordance with Section 4.1. In the event that the Company fails to post sufficient additional
Collateral to the Collateral Pool to collateralize the requested Advance as required hereby within one Business Day following such notice from the Collateral Agent of the insufficiency of the Collateral Pool, the Administrative Agent shall return
any excess proceeds provided by the Banks to the Banks ratably in accordance with the amounts funded by each Bank. Any funds held by the Administrative Agent during any such period prior to being made as an Advance or returned to the Banks in
accordance with this Section 3.1(b)(iii) being referred to herein as “Held Funds”. 

(c)    If an Advance Request is made in respect of Applicable Tranche Covering Swingline Loans, (i) the portion
thereof made available by any Applicable Tranche Swingline Bank to the Administrative Agent and not required to cover for Applicable Tranche Revolving Loans shall be promptly returned to such Applicable Tranche Swingline Banks on a pro rata basis in
accordance with the respective amounts made available by such Applicable Tranche Swingline Banks and (ii) the proceeds of Applicable Tranche Revolving Loans subsequently made available to the Administrative Agent shall be distributed to such
Applicable Tranche Swingline Banks as a prepayment of the principal of such Applicable Tranche Covering Swingline Loans, with such distribution to be made to such Applicable Tranche Swingline Banks on such a pro rata basis. Each Applicable Tranche
Swingline Bank that makes any Applicable Tranche Covering Swingline Loan which is not made available to the Company and is promptly returned as contemplated above shall be entitled to compensation for such Applicable Tranche Covering Swingline Loan
from the Company as determined by such Applicable Tranche Swingline Bank in accordance with its customary practices (provided that any such compensation shall not exceed the interest payable in respect of any Advance under the Applicable
Tranche until the next Business Day pursuant to Section 3.3); and any Applicable Tranche Covering Swingline Loan which is made available to the Company shall earn interest, payable by the Company, in accordance with
Section 3.3. 
 Section 3.2    Minimum Amount of Each Advance. Except in the case
of a Test Draw, each Advance shall be in the minimum amount of $10,000,000 (and in integral multiples of $250,000 if in excess thereof), provided, however, that any Advance may be in the aggregate amount of the Excess Availability, as
applicable to such Advance. 

  
 Amended Credit
Agreement 
 43 

 Section 3.3    Interest. 

(a)    Prior to its Loan Maturity Date, each Advance shall bear interest at the Applicable Reference Rate plus 1.50% per
annum. Held Funds shall bear interest at the Applicable Reference Rate which would have been applicable to such amounts if such amounts had been made available to the Company pursuant to the applicable requested Advance plus 1.50% per annum. Any
Advance not paid when due shall bear interest thereafter until paid in full at a rate per annum equal to the Applicable Reference Rate plus 3.50% per annum. 

(b)    Any Obligation other than those described in clause (a) above not paid when due shall bear interest thereafter
until paid in full at a rate per annum equal to the Federal Funds Rate plus 3.50% per annum. 

Section 3.4    Method of Payment. 

(a)    All payments (including prepayments) of principal, interest, commitment fees and other amounts payable hereunder by
the Company shall, subject to Section 11.3, be made without setoff, defense, recoupment or counterclaim in immediately available funds to the Administrative Agent, for the benefit of the Applicable Banks, (A) at any
time up to 12:00 noon (New York City time), with respect to principal, interest, commitment fees or such other amounts with respect to Loans denominated in U.S. Dollars or Canadian Dollars, or (B) at any time up to 2:30 pm London time, with
respect to principal, interest, commitment fees or such other amounts with respect to Loans denominated in an Alternative Currency (other than Canadian Dollars), in each case on the date when due at the Administrative Agent’s Office for the
applicable currency. Any amount received after such time on any date shall be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. If any payment hereunder shall be due on a day that is not a
Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in
lawful money of the United States of America, except that payments of principal and interest in respect of Loans denominated in an Alternative Currency shall be made in such Alternative Currency. 

(b)    Except with respect to payments made to an Applicable Bank whose Applicable Tranche Commitment is terminated
pursuant to Section 2.12, (A) all payments of principal of, and interest on, any Advance under an Applicable Tranche shall be made by the Administrative Agent to the Banks under such Applicable Tranche ratably among such
Banks, in proportion to the outstanding principal amount of their respective Loans constituting part of such Advance and (B) all payments of commitment fees and other amounts payable hereunder by the Administrative Agent to the Banks under an
Applicable Tranche shall be made to the Banks under such Applicable Tranche ratably among such Banks, in proportion to the amounts thereof owing to them. If at any time insufficient funds are received by and available to the Administrative Agent to
pay fully all amounts of principal, interest and fees then due under an Applicable Tranche, such funds shall be applied first, towards payment of all Obligations in respect of Applicable Tranche Swingline Loans under such Applicable Tranche,
second, towards payment of interest and fees then due in respect of Applicable Tranche Revolving Loans under such Applicable Tranche, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to
such parties, and third, towards payment of principal then due in respect of Applicable Tranche Revolving Loans under such Applicable Tranche, ratably among the parties entitled thereto in accordance with the amounts of principal then due to
such parties. 
 Section 3.5    Notes; Telephonic Notices. (a) Each Bank shall maintain in accordance
with its usual and customary practices an account or accounts evidencing the Loans made by such Bank from time to time, including the amounts of principal and interest payable and paid to such Bank from time to time

  
 Amended Credit
Agreement 
 44 

 
under this Agreement and the Loans. Any Bank may request that Loans made by it be evidenced by one or more promissory notes (any such promissory note, a “Note”), and in such
event, the Company shall prepare, execute and deliver to such Bank a Note payable to such Bank or to such Bank and its registered assigns substantially in the form of Exhibit A hereto, as applicable. Each Bank is hereby authorized to record
the principal amount of each of its Loans and each repayment on the schedule attached to its applicable Note, as applicable, or in its books and records; provided, however, that the failure to so record shall not affect the
Company’s obligations in respect of any Loan. The Administrative Agent shall also maintain accounts in which it will record (i) the amount of each Loan made hereunder and the information with respect to such Loan described in
Section 3.1(a)(ii)(A), (ii) the amount of any principal or interest due and payable or to become due and payable from the Company to each Bank hereunder and (iii) the amount of any sum received by the Administrative
Agent hereunder from the Company and each Bank’s share thereof. The entries maintained in the accounts maintained by the Banks and the Administrative Agent pursuant to this Section shall be prima facie evidence (absent manifest error) of
the existence and amounts of the Obligations therein recorded; provided, however, that the failure of the Administrative Agent or any Bank to maintain such accounts or any error therein shall not in any manner affect the obligation of
the Company to repay the Loans in accordance with their terms. In the event the records maintained by a Bank conflict with the records maintained by the Administrative Agent, the records maintained by the Administrative Agent shall control. 

(b)    The Company hereby authorizes the Administrative Agent to extend Advances (using the proceeds provided by the Banks
pursuant to Section 4.1 and otherwise in accordance with Section 3.1) based on telephonic notices made by any Persons the Administrative Agent in good faith believes to be acting on behalf of the
Company. 
 Section 3.6    Interest Payment Dates; Interest Basis. Interest accrued on each Advance under an
Applicable Tranche prior to the applicable Loan Maturity Date shall be payable to the Administrative Agent for the benefit of the Applicable Banks on the date on which such Advance is paid or prepaid, whether due to acceleration or otherwise.
Interest accrued on each Advance after its applicable Loan Maturity Date shall be payable on demand. Interest shall be calculated on the basis of (i) in the case of interest in respect of Loans denominated in U.S. Dollars, a year of 360 days
for actual days elapsed, (ii) in the case of interest in respect of Loans denominated in Euros, a year of 360 days for actual days elapsed, (iii) in the case of interest in respect of Loans denominated in Canadian Dollars and Sterling, a
year of 365 days for actual days elapsed, or as to which market practice differs from the foregoing, in accordance with such market practice, or (iv) in the case of interest in respect of Loans denominated in an Alternative Currency (other than
Canadian Dollars, Euros or Sterling) in accordance with market practice for such Alternative Currency. As referenced in the definitions for each Applicable Reference Rate, interest with respect to any Loan shall be determined on each Business Day
such Loan is outstanding. Commitment fees shall be calculated on the basis of a year of 360 days for actual days elapsed. 
 For the purposes of the
Interest Act (Canada), (i) whenever a rate of interest or fee rate hereunder is calculated on the basis of a year (the “deemed year”) that contains fewer days than the actual number of days in the calendar year of calculation, such rate of
interest or fee rate shall be expressed as a yearly rate by multiplying such rate of interest or fee rate by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year, (ii) the
principle of deemed reinvestment of interest shall not apply to any interest calculation hereunder and (iii) the rates of interest stipulated herein are intended to be nominal rates and not effective rates or yields. The Company hereby
irrevocably agrees not to plead or assert, whether by way of defense or otherwise, in any proceeding relating to this Agreement and the other Loan Documents, that the interest payable under this Agreement and the calculation thereof has not been
adequately disclosed to it, whether pursuant to section 4 of the Interest Act (Canada) or any other applicable law or legal principle of Canada. 

  
 Amended Credit
Agreement 
 45 

 ARTICLE IV 

ADMINISTRATIVE AGENT 

Section 4.1    Notice to and Payment by the Banks. 

(a)    Promptly following the delivery of any Bank Notice relating to any request for a Revolving Loan under an Applicable
Tranche (and in any event, prior to the Applicable Bank Funding Deadline), each Applicable Bank shall deposit in an account designated by the Administrative Agent for such purpose (and notified by the Administrative Agent to the Applicable Banks) in
immediately available funds the proceeds of such Applicable Bank’s Applicable Percentage of the requested Advance. 

(b)    Promptly following the delivery of any Bank Notice relating to any request for an Applicable Tranche Swingline
Loan, each Applicable Tranche Swingline Bank agreeing to fund any such Applicable Tranche Swingline Loan shall (unless the Applicable Tranche Swingline Bank has received notice (by telephone or in writing) from the Administrative Agent or the
Collateral Agent (including at the request of any Bank) prior to the Applicable Bank Funding Deadline plus an additional thirty (30) minutes which (x) directs such Applicable Tranche Swingline Bank not to make such Swingline
Loan as a result of the limitations set forth in the proviso to the first sentence of Section 2.1(a), or (y) notifies such Applicable Tranche Swingline Bank that one or more of the applicable conditions specified in
Article V is not then satisfied), subject to the terms and conditions hereof, not later than the Applicable Bank Funding Deadline plus an additional forty-five (45) minutes, deposit in the designated account of the
Administrative Agent in immediately available funds the agreed upon proceeds of such requested Advance. 

Section 4.2    Payment by Banks to the Administrative Agent. 

(a)    Unless the Administrative Agent shall have been notified by a Bank that such Bank does not intend to make available
its share of an Advance, the Administrative Agent may assume that such Bank has made or will make such payment and the Administrative Agent may in reliance upon such assumption (but shall not be required to) make available to the Company the
proceeds of the Loan to be made by such Bank and, if any Bank has not in fact made such payment to the Administrative Agent, such Bank shall, on demand, pay to the Administrative Agent the amount made available to the Company attributable to such
Bank together with interest thereon in respect of each day during the period commencing on the date such amount was made available to the Company and ending on (but excluding) the date such Bank pays such amount to the Administrative Agent at a rate
per annum equal to: (i) from the date the related advance was made by the Administrative Agent to the date two (2) Business Days after payment by such Bank is due hereunder, the Applicable Lender Overnight Rate for each such day and
(ii) from the date two (2) Business Days after the date such payment is due from such Bank to the date such payment is made by such Bank the Applicable Reference Rate for the Applicable Tranche in effect for each such day plus 1.50%. If
such amount is not received from such Bank by the Administrative Agent immediately upon demand, the Company will, on demand, repay to the Administrative Agent the proceeds of the Loan attributable to such Bank with interest thereon at a rate per
annum equal to the interest rate applicable to the relevant Loan. 
 (b)    The failure of any Bank to make a payment to
the Administrative Agent of the proceeds of the Loan to be made by such Bank shall not relieve any other Bank of its obligation hereunder to make payment to the Administrative Agent of the proceeds of a Loan, but no Bank shall be responsible for the
failure of any other Bank to make the payment required to be made by such other Bank. 

  
 Amended Credit
Agreement 
 46 

 Section 4.3    Distribution of Payments. 

(a)    Whenever the Administrative Agent receives from, or on behalf of the Company, or any other person or party, a
payment of principal, interest or commitment fees or other amount payable hereunder with respect to any of which the applicable Banks are entitled to receive a share, the Administrative Agent shall promptly pay to such Banks, in the currency so
received, the amount due each of such Banks as determined pursuant to this Agreement; provided, however, that the amount of such distribution shall be adjusted to the extent that amounts are owed by any Bank to the Administrative Agent
or as otherwise provided by Sections 2.14, 3.1(c)(ii), 3.4(b) or 4.2 or subsection (b) hereof. If any payment of principal, interest or commitment fees or other amount payable in connection with the Loans is
received from or on behalf of the Company by the Administrative Agent before 12:00 noon (New York City time) in the case of payments denominated in U.S. Dollars or Canadian Dollars or 2:30 p.m. (London time) in the case of payments denominated in
Alternative Currencies (other than Canadian Dollars), on any Business Day, the Administrative Agent shall use reasonable efforts to wire transfer the appropriate portion of the same to the applicable Banks that same Business Day, but in any event
shall wire the same to each of such Banks before the end of the next Business Day. 
 (b)    Unless the Administrative
Agent shall have received notice from the Company prior to the date on which any payment is due to the Administrative Agent for the account of the applicable Banks hereunder that the Company will not make such payment, the Administrative Agent may
assume that the Company has made such payment on such date in accordance herewith and may (but shall not be required to), in reliance upon such assumption, distribute to the applicable Banks the amount due. In such event, if the Company has not in
fact made such payment, then each of the applicable Banks severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Bank together with interest thereon in respect of each day during the period
commencing on the Business Day immediately following the date of such demand and ending on (but excluding) the date of payment to the Administrative Agent, at a rate per annum equal to: (i) from the Business Day immediately following the date
of such demand to the date two (2) Business Days after such date, the Applicable Lender Overnight Rate for each such day and (ii) from the date two (2) Business Days after the Business Day immediately following such demand to the date
such payment is made by such Bank, the Applicable Reference Rate in effect for each such day plus 1.50%. 

Section 4.4    Rescission of Payments by the Company. If all or part of any payment made by the Company to
Administrative Agent of principal, interest or commitment fees or other amount payable in connection with the Loans is rescinded or must otherwise be returned for any reason and if Administrative Agent has paid to any of the Banks such Bank’s
ratable share therein, such Bank shall, upon telephone notice from Administrative Agent, forthwith pay to Administrative Agent (i) on the date of such telephone notice if notice is received by such Bank at or prior to 12:00 noon (New York City
time) in the case of payments denominated in U.S. Dollars or Canadian Dollars or 2:30 p.m. (London time) in the case of payments denominated in Alternative Currencies other than Canadian Dollars or (ii) on the next Business Day if notice is
received by Administrative Agent after 12:00 noon, (New York City time), or 2:30 p.m. (London time), as applicable, an amount equal to such Bank’s ratable interest in the amount that was rescinded or that must be so returned by Administrative
Agent. Administrative Agent shall promptly return to the Company, or to whomever shall be legally entitled thereto pursuant to an order of a court of competent jurisdiction, each such amount (or any lesser amount) that is received from each Bank.
Administrative Agent shall have no obligation to the Company for any amount that Administrative Agent paid to any Bank and that is not repaid by such Bank, provided that Administrative Agent did in fact provide such Bank with the notice described
above to the effect that such payment was rescinded or must be returned. 

  
 Amended Credit
Agreement 
 47 

 ARTICLE V 

CONDITIONS PRECEDENT 

Section 5.1    Conditions Precedent. This Agreement shall become effective upon the occurrence of each of the
following (such date, the “Closing Date”): 
 (a)    The execution and delivery of a counterpart hereto
by each party hereto to the Administrative Agent (or its counsel). 
 (b)    The Agents shall have received all fees and
other amounts due and payable on or prior to the Closing Date (including, without limitation, all such fees due and owing to the Banks), for which invoices have been presented at least two Business Days prior to the Closing Date, including
reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Company hereunder. 

(c)    The Administrative Agent shall have received: 

(i)    a copy of the certificate of incorporation of the Company certified by the Delaware Secretary of
State and certified by a secretary or assistant secretary of the Company to be true and correct as of the date hereof; 

(ii)    a copy of the bylaws of the Company certified by a secretary or assistant secretary of the Company
to be true and correct as of the date hereof; 
 (iii)    a certificate of good standing with respect to
the Company, certified by the Secretary of State of Delaware; 
 (iv)    a copy, certified by the
secretary or assistant secretary of the Company, of the Company’s Board of Directors’ resolutions authorizing the execution of the Loan Documents; 

(v)    an incumbency certificate, in substantially the form of Exhibit E hereto, executed by the
secretary or assistant secretary of the Company, which shall identify by name and title and bear the signature of the officers of the Company authorized to sign the Loan Documents and to make borrowings hereunder, including telephonic borrowings,
upon which certificate the Administrative Agent and the Banks shall be entitled to rely until informed of any change in writing by the Company; 

(vi)    a certificate, signed by the (a) chief executive officer of the Company, (b) president of
the Company, (c) managing director & president of the Clearing House division of the Company, (d) managing director & chief financial officer of the Company or (e) senior managing director & president of
Global Operations, Technology & Risk, or in each case his or her delegate, in substantially the form of Exhibit B hereto. Such certificate may be furnished by the Company by any means set forth in
Section 13.1 hereof, and shall be deemed given to the Administrative Agent as provided therein; 

(vii)    a written opinion of the Company’s counsel, addressed to the Administrative Agent, the
Collateral Agent and the Banks (or upon which the Administrative Agent, the Collateral Agent and the Banks may rely), reasonably acceptable to the Administrative Agent; 

  
 Amended Credit
Agreement 
 48 

 (viii)    the Security and Pledge Agreement, duly
executed and delivered by the Grantors and the Collateral Agent; 
 (ix)    interim consolidated
financial Statements of CME Group Inc. and its subsidiaries and interim consolidated financial statements of the Company and its subsidiaries for each quarterly period of 2016 then available; 

(x)    UCC financing statements for filing in all places required by applicable law to perfect the Liens of
the Collateral Agent for the benefit of the Agents and Banks under the Collateral Documents as a first priority Lien as to items of Collateral in which a security interest may be perfected by the filing of financing statements (which such statements
will not specifically list any account numbers); and 
 (xi)    UCC search results with respect to the
Company showing only Liens acceptable to the Administrative Agent. 
 (d)    The Administrative Agent (or its counsel)
shall have received evidence that the Existing Credit Agreement has been or concurrently with the Closing Date is being terminated and all Liens securing obligations under the Existing Credit Agreement have been or concurrently with the Closing Date
are being released. 
 Without limiting the generality of the provisions of Article X, for purposes of determining compliance with the
conditions specified in this Section 5.1, each Bank that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be
consented to or approved by or acceptable or satisfactory to a Bank unless the Administrative Agent shall have received notice from such Bank prior to the proposed Closing Date specifying its objection thereto. 

Section 5.2    Each Advance. No Bank shall be required to make any Advance (including the initial Advance),
unless on the applicable Borrowing Date immediately after giving effect to the Advance and the contemplated use of the proceeds thereof: 

(a)    There exists no Default or Unmatured Default. 

(b)    The representations and warranties contained in Article VI (other than Section 6.5
and 6.10 (as it relates to clause (a)) are true and correct in all material respects (or, in the case of any such representation or warranty already qualified by materiality, in all respects) as of such Borrowing Date, except for
representations and warranties that relate to a specific date, in which case as of such date. 
 (c)    An Advance
Request with respect to such Advance shall have been delivered to the Administrative Agent in accordance with Section 3.1. 

(d)    A Collateral Notice with respect to such Advance shall have been delivered to the Collateral Agent and the
Collateral Monitoring Agent in accordance with Section 3.1. 
 (e)    To the extent any Money
Fund Share shall be included in the Collateral Pool relating to such Advance, a copy of the Money Fund Control Agreement applicable to each such Money Fund Share shall have been duly executed and delivered to the Administrative Agent by the
applicable Grantors, the Collateral Agent, the Collateral Monitoring Agent, the applicable Money Fund Issuer or its transfer or servicing agent and any other appropriate parties required by the Administrative Agent or the Collateral Agent. 

  
 Amended Credit
Agreement 
 49 

 (f)    To the extent any Gold Bullion is included in the Collateral Pool
relating to such Advance, a copy of the applicable Bullion Security Agreement relating to such Advance, shall have been duly executed and delivered to the Administrative Agent by the applicable Grantors, the Collateral Monitoring Agent and the
Collateral Agent. 
 (g)    To the extent any Gold Warrants are included in the Collateral Pool relating to such
Advance, UCC and PPSA financing statements which, to the extent required for perfection purposes or otherwise reasonably requested by any Agent, describe such Gold Warrants and the gold they represent, shall have been filed and copies of all other,
Gold Warrant Collateral Documents applicable to each such Gold Warrant shall have been duly executed and delivered to the Administrative Agent by the applicable Grantors or, where applicable, filed with applicable Governmental Authorities or other
Persons. 
 (h)    To the extent any Clearing Member Collateral Securities Account, Clearing Member Customer Collateral
Account, Company Securities Account or any other Collateral not referenced in clauses (e) through (g) above is included in the Collateral Pool relating to such Advance, a copy of the applicable Control Agreement (or in the case of any Clearing
Member FX Account, the applicable FX Security Agreement), shall have been duly executed and delivered to the Administrative Agent by the applicable Grantors, the applicable Custodian, the Collateral Monitoring Agent and the Collateral Agent. 

(i)    To the extent not previously provided under Section 5.1(c)(vii) or this
Section 5.2(i), a written opinion(s) of the Company’s counsel, addressed to the Administrative Agent, the Collateral Agent and the Banks (upon which the Administrative Agent, the Collateral Agent and the Banks may
rely), reasonably acceptable to the Administrative Agent relating to the applicable agreements delivered pursuant to clauses (e), (f), (g) or (h) above shall have been delivered to the Administrative Agent. 

(j)    The aggregate outstanding principal of (i) all Loans disbursed to the Company hereunder, after giving effect
to the Loans to be made on such Borrowing Date, does not exceed the Aggregate Commitments, (ii) the aggregate outstanding principal of any Revolving Loan with respect to any Applicable Tranche does not exceed the Aggregate Applicable Tranche
Commitments for such Applicable Tranche, (iii) any Applicable Tranche Loan in an Alternative Currency does not exceed the Applicable Alternative Currency Sublimit for such Alternative Currency, and (iv) all Loans disbursed to the Company
hereunder, after giving effect to such Loans, if any, to be made on such Borrowing Date, does not exceed the Borrowing Base as of such date,. 

(k)    In the case of a Revolving Loan to be denominated in an Alternative Currency under an Applicable Tranche, there
shall not have occurred any change in national or international financial, political or economic conditions or currency exchange rates or exchange controls which in the reasonable opinion of the Required Applicable Banks would make it impracticable
for such Applicable Tranche Revolving Loan to be denominated in the relevant Alternative Currency. 
 (l)    To the
extent the Collateral included in the Collateral Pool constitutes “margin stock” as defined in Regulation U, a form FR U-1, to the extent not previously delivered, shall have been delivered by the
Company to the Administrative Agent, and shall have been received by each Bank. 
 The Company’s receipt of the proceeds of any Loan hereunder shall
constitute a representation and warranty by the Company that the conditions contained in Sections 5.2(a) and (b) have been satisfied. 

  
 Amended Credit
Agreement 
 50 

 ARTICLE VI 

REPRESENTATIONS AND WARRANTIES 

The Company represents and warrants to the Agents and the Banks, as of the date hereof and (except as otherwise specified herein) to the Banks
on the date of each Advance, that: 
 Section 6.1    Corporate Existence and Standing. Each of the Company
and the Subsidiaries is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and has all requisite authority to conduct its business in each jurisdiction in which its business is conducted and
where the failure to have such authority would reasonably be expected to have a Material Adverse Effect. 

Section 6.2    Authorization and Validity. 

(a)    The Company has the corporate power and authority to execute and deliver the Loan Documents and to perform its
obligations thereunder. The execution and delivery by the Company of the Loan Documents and the performance of its obligations thereunder have been duly authorized by proper corporate proceedings. The Company has duly executed and delivered the Loan
Documents, and the Loan Documents constitute legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws
affecting the enforcement of creditors’ rights generally and by general principles of equity (whether enforcement is considered in a proceeding at law or in equity). 

(b)    The Company has the authority pursuant to CME Rules 816, 817 and 820, CBOT Rules 816, 817 and 820, NYMEX Rules 816,
817 and 820 and any other similar Rules, as applicable, to execute and deliver, as Member Attorney-in-Fact on behalf of the Clearing Members, the Collateral Documents.
Pursuant to CME Rule 817, CBOT Rule 817, NYMEX Rule 817 and any other similar Rules, as applicable, the Company has the authority, as Member Attorney-in-Fact on behalf
of the Clearing Members, to cause the Security Deposits to be subject to the Lien of the Collateral Documents to secure the Secured Obligations. Pursuant to CME Rule 817, CBOT Rule 817, NYMEX Rule 817 and any other similar Rules, as applicable, the
Company has the authority, as Member Attorney-in-Fact on behalf of the Clearing Members, to cause the Performance Bonds of Clearing Members to be subject to the Lien of
the Collateral Documents to secure the Secured Obligations (it being understood that only those Security Deposits and Performance Bonds which are Eligible Assets shall be pledged under the Collateral Documents). CME Rules 816, 817, 820 and 913.B,
CBOT Rules 816, 817, 820 and 913.B, NYMEX Rules 816, 817, 820 and 913.B and any other similar Rules, as applicable, each as published on the CME website (located at the URL https://www.cmegroup.com/market-regulation/rulebook.html) as of the
Amendment No. 1 Effective Date have been duly adopted and are in full force and effect. 

Section 6.3    Compliance with Laws and Contracts. Neither the execution and delivery by the Company of the
Loan Documents, nor the consummation of the transactions therein contemplated, nor compliance with the provisions thereof will violate any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on the Company or any
Subsidiary or the Company’s or any Subsidiary’s organizational or governing documents or the provisions of any material indenture, instrument or agreement to which the Company or any Subsidiary is a party or is subject, or by which it, or
its property, is bound, or conflict with or constitute a default thereunder. No order, consent, approval, license, authorization, or validation of, or filing, recording or registration with, or exemption by, any Governmental Authority, or any
subdivision thereof, that has not been obtained and in full force and effect is required to authorize, or is required in connection with the execution, delivery and performance of, or the legality, validity, binding effect or enforceability of, any
of the Loan Documents as against the Company, except for registration of each Bullion Security Agreement at the Companies Registration Office in England and Wales under The Overseas Companies (Execution of Documents and Registration of Charges)
Regulations 2009 and payment of associated fees. 

  
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Agreement 
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 Section 6.4    Financial Statements. The most recent audited
consolidated balance sheet and statements of income and cash flows of each of the Company and the Subsidiaries and of Holdings and its subsidiaries (which include the Company and the Subsidiaries) for the fiscal year ended December 31, 2017, in
each case, accompanied by an opinion of Ernst & Young LLP, independent public accountants, and the consolidated balance sheet and statements of income and cash flows of each of the Company and the Subsidiaries and of Holdings and its
subsidiaries as of and for the period ended on June 30, 2018, certified, in the case of the consolidated financial statements of the Company and the Subsidiaries, by the Company’s chief financial officer, copies of which have been
heretofore delivered to the Banks and were prepared in accordance with GAAP and fairly present in all material respects the consolidated financial condition and operations of the Company and the Subsidiaries or of Holdings and its subsidiaries, as
the case may be, at such dates and the consolidated results of each of their operations for the periods covered thereby, subject to year-end audit adjustments and the absence of footnotes in the case of the
statements for the period ended on June 30, 2018. 
 Section 6.5    Material Adverse Change. As of the
Amendment No. 1 Effective Date, no material adverse change in the business, financial condition, or results of operations of the Company and the Subsidiaries has occurred since the date of the audited financial statements referred to in
Section 6.4. 
 Section 6.6    Subsidiaries. Schedule I contains an
accurate list of all of the Subsidiaries of the Company existing as of the Amendment No. 1 Effective Date, setting forth their respective jurisdictions of incorporation and the percentage of their respective capital stock owned by the Company
or other Subsidiaries. All of the issued and outstanding shares of capital stock of such Subsidiaries have been duly authorized and issued and are fully paid and non-assessable. 

Section 6.7    Accuracy of Information. No written information (other than projections, forward-looking
statements or other information of a general economic or industry nature, it being understood that projections and forward-looking statements have been prepared by Holdings, the Company or any Subsidiary in good faith), exhibit or report furnished
by Holdings, the Company or any Subsidiary to the Administrative Agent, the Collateral Agent or any Bank in connection with the negotiation of the Loan Documents or, in the case of the Company, the performance thereof, taken as a whole, contained
any material misstatement of fact or omitted to state a material fact or any fact necessary to make the statements contained therein not materially misleading in light of the circumstances existing at the time furnished. 

Section 6.8    Margin Regulations. No proceeds of any Loans will be used (x) to “buy”,
“purchase” or “carry” any “margin stock” (each as defined in Regulation U), or (y) for any purpose that violates the provisions of Regulation T, U or X of the Board of Governors of the Federal Reserve System as now
and from time to time hereafter in effect. 
 Section 6.9    Taxes. The Company and its Subsidiaries have
filed all United States federal Tax returns and all other material Tax returns which are required to be filed by any of them and have paid all Taxes shown to be due and payable pursuant to said returns or pursuant to any assessment received by the
Company or any such Subsidiary, except such Taxes, if any, (i) as are being contested in good faith and with respect to which adequate reserves required in accordance with GAAP have been set aside on the books of the Company or such Subsidiary,
as applicable or (ii) to the extent that the failure to file such Tax returns or pay such Taxes would not result in a Material Adverse Effect. To the best of the Company’s knowledge, no Tax liens have been filed and no claims are being
asserted with respect to any such Taxes other than liens for Taxes that (i) are not overdue by more than 30 days or (ii) are being contested in good faith and with respect to which adequate reserves required in accordance with GAAP have
been set aside on the books of the Company or such Subsidiary, as applicable. 

  
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Agreement 
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 Section 6.10    Litigation. There is no litigation or
proceeding before any Governmental Authority pending or, to the knowledge of any of their officers, threatened, against or affecting the Company or any Subsidiary of the Company which might reasonably be expected to materially adversely affect
(a) as of the Amendment No. 1 Effective Date, except as set forth in Schedule II attached hereto, the business, financial condition or results of operations of the Company or (b) the ability of the Company to perform its
material obligations under the Loan Documents. 
 Section 6.11    ERISA. Each Plan complies in all material
respects with all applicable requirements of law and regulations, no Reportable Event has occurred with respect to any Plan, neither the Company nor any member of the Controlled Group has withdrawn from any Plan or initiated steps to do so, and no
steps have been taken to terminate any Plan. As of the Amendment No. 1 Effective Date, the assets of the Company are not and will not be deemed to constitute “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans or the Commitments. 

Section 6.12    Investment Company Status. Neither the Company nor any of its Subsidiaries is an
“investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940. 

Section 6.13    Registration. The Company is and will remain registered with the Commodity Futures Trading
Commission and all other Governmental Authorities, or any subdivision thereof, which require registration and have jurisdiction over the Company. 

Section 6.14    OFAC; Beneficial Ownership Regulation. Neither the Company, nor any of its
Subsidiaries, nor, to the knowledge of the Company and its Subsidiaries, any director, officer, employee, agent, affiliate or representative thereof, is an individual or entity that is, or is owned or controlled by any individuals or entities that
are (i) the target of any Sanctions, or (ii) located, organized or resident in a Designated Jurisdiction. As of the Amendment No. 1 Effective Date, the Company is not a “legal entity customer” under the Beneficial Ownership
Regulation. 
 Section 6.15    Anti-Corruption Laws. The Company and its Subsidiaries have conducted their
businesses in material compliance with applicable anti-corruption laws and have instituted and maintained policies and procedures designed to promote and achieve compliance with such laws in all material respects. 

ARTICLE VII 
 COVENANTS

 During the term of this Agreement and thereafter as long as any Advances or other Obligations (other than unasserted contingent
indemnification obligations not due and payable) remain outstanding hereunder, unless the Required Banks shall otherwise consent in writing: 

Section 7.1    Financial Reporting. The Company will maintain, for itself and each Subsidiary, a system of
accounting established and administered in order to permit preparation of financial statements in accordance with GAAP, and furnish to the Administrative Agent (and the Administrative Agent will furnish a copy to each Bank): 

(a)    Within 90 days after the close of each of its fiscal years, an unqualified audit report certified by independent
certified public accountants, acceptable to the Required Banks, prepared in 

  
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Agreement 
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accordance with GAAP on a consolidated basis for Holdings and its subsidiaries (including the Company), including balance sheets as of the end of such period, and statements of income, changes in
shareholders’ equity and cash flows for the year then ended, accompanied by any management letter prepared by said accountants and by a certificate of said accountants in substantially the form of Exhibit C hereto, or if, in the opinion
of such accountants, such certificate is not applicable, a description of any Default or Unmatured Default relating to accounting matters that in their opinion exists, stating the nature and status thereof. 

(b)    Within 90 days after the close of each of its fiscal years, for the Company and its Subsidiaries, an audited
consolidated balance sheet as at the end of such period and audited consolidated statements of income, changes in shareholders’ equity and cash flow for the year then ended, each (i) prepared in a manner consistent with the preparation of
Holdings’ year-end statements and in accordance with GAAP (other than the absence of footnotes) and (ii) accompanied by an opinion of Ernst & Young LLP, independent public accountants, or
other independent public accountants of nationally recognized standing. 
 (c)    Within 45 days after the close of the
first three quarterly periods of each of its fiscal years, for the Company and its Subsidiaries, an unaudited consolidated balance sheet as at the close of each such period and unaudited consolidated statements of income, changes in
shareholders’ equity and cash flows from the beginning of such fiscal year to the end of such quarter, each prepared in a manner consistent with the preparation of the Company’s year-end statements
and in accordance with GAAP (other than the absence of footnotes and subject to normal year-end adjustments). 

(d)    Within 45 days after the close of the first three quarterly periods of each of the Company’s fiscal years and
within 90 days after the close of each of the Company’s fiscal years, a report of, as of the end of such applicable quarter or year, as the case may be, (i) current net working capital (used herein as calculated based on current assets
minus current liabilities in accordance with GAAP), (ii) the aggregate amount of Security Deposits being held by the Company including a breakdown of the asset types making up such Security Deposits indicating, inter alia, those Security Deposit
assets which are Eligible Assets and (iii) the aggregate amount of Performance Bonds of Defaulted Clearing Members being held by the Company including a breakdown of the asset types making up such Performance Bonds indicating, inter alia, those
Performance Bond assets which are Eligible Assets. 
 (e)    Within the time periods set forth herein for the furnishing
of the financial statements required hereunder, a certificate signed by its managing director & chief financial officer or another managing director, in substantially the form of Exhibit D hereto, (i) certifying that, to the
knowledge of such officer or director, no Default or Unmatured Default has occurred during the period covered by such financial statements that is still continuing or, if any such Default or Unmatured Default does exist, setting forth a description
of the nature and status of such Default or Unmatured Default and (ii) showing the calculations set forth in Exhibit D concerning net working capital and Consolidated Tangible Net Worth. 

(f)    Within 90 days after the close of each fiscal year, a statement of the Unfunded Liabilities of each Plan, as of the
end of such year, signed by the managing director & chief financial officer of the Company or another managing director, or, in the event there are no Unfunded Liabilities, a certificate signed by its managing director & chief
financial officer or another managing director to that effect. 
 (g)    As soon as possible and in any event within 10
days after a Responsible Officer of the Company knows that any Reportable Event has occurred with respect to any Plan, a statement, signed by the managing director & chief financial officer of the Company or another managing director,
describing said Reportable Event and the action which the Company proposes to take with respect thereto. 

  
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Agreement 
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 (h)    Promptly following any request therefor, information and
documentation reasonably requested by the Administrative Agent or any Bank for purposes of compliance with applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the USA Patriot Act
and the Beneficial Ownership Regulation. 
 (i)    Such other information (including
non-financial information) as any Bank or the Administrative Agent may from time to time reasonably request. 

Documents required to be delivered pursuant to Section 7.1(a), or (b) or (c) (to the extent any such documents
are included in materials otherwise filed with the Securities and Exchange Commission) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Company posts such documents, or
provides a link thereto on the Company’s website on the Internet at the website address listed in Schedule 13.1; or (ii) on which such documents are posted on the Company’s behalf on an Internet or intranet website, if any, to
which each Bank and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that the Company shall deliver paper copies of such documents to the
Administrative Agent upon request therefor. Notwithstanding anything contained herein, in every instance the Company shall be required to provide copies (including by telecopy or electronic means) of the certificates required
by Section 7.1(e) to the Administrative Agent. Except for such certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in
any event shall have no responsibility to monitor compliance by the Company with any such request for delivery, and each Bank shall be solely responsible for maintaining its copies of such documents. For the avoidance of doubt, documents required to
be delivered pursuant to Section 7.1(f), or (g) or (i) may be delivered by electronic mail to the Administrative Agent. 

The Company hereby acknowledges that (a) the Agents and/or the Arrangers will make available to the Banks materials and/or information provided by or on
behalf of the Company hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on Syndtrak, Debt Domain, ClearPar, IntraLinks or another similar electronic system (the “Platform”) and
(b) certain of the Banks (each, a “Public Bank”) may have personnel who do not wish to receive material non-public information with respect to the Company or its Affiliates, or the
respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. The Company hereby agrees that so long as the Company is the issuer of any
outstanding debt or equity securities that are registered or issued pursuant to a private offering or is actively contemplating issuing any such securities (w) by its marking Borrower Materials “PUBLIC”, the Company shall be
deemed to have authorized the Agents, the Arrangers and the Banks to treat such Borrower Materials as not containing any material non-public information with respect to the Company or its securities for
purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 11.11); (x) all
Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information”; and (y) the Agents and the Arrangers shall treat any Borrower
Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform that is not designated “Public Side Information”. Notwithstanding the foregoing, the Company shall be under no
obligation to mark any Borrower Materials “PUBLIC.” 
 Section 7.2    Use of Proceeds. 

(a)    Except in the case of a Test Draw, the Company will only use the proceeds of the Loans: 

(i)    to satisfy any outstanding obligations of any Defaulted Clearing Members to CME, CBOT, NYMEX or any
other exchange qualified to clear trades through the Clearing 

  
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Agreement 
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House as provided in the Rules or, with respect to the transfer of positions and related margin from a suspended Clearing Member to another Clearing Member, to make a transfer in cash in respect
of margin related to such suspended Clearing Member’s positions, 
 (ii)    in the event of a
liquidity constraint or default by a depositary, or 
 (iii)    to fulfill the Company’s obligations
in circumstances where a Money Gridlock Situation that affects the Company’s operations exists. 

(b)    Additionally, the Company from time to time may conduct Test Draws which shall be repaid on the Business Day
immediately following the Borrowing Date thereof. 
 (c)    The Company will not, nor will it permit any Subsidiary to,
use any of the proceeds of the Loans to “buy” or “carry” any “margin stock” (each as defined in Regulation U) or for any purpose that violates the provisions of Regulation T, U or X of the Board of the Federal Reserve
System as now and from time to time hereafter in effect. 
 Section 7.3    Notice of Default. The Company
will, and will cause each Subsidiary to, give prompt notice in writing to the Administrative Agent of the occurrence of any Default or Unmatured Default of which a Responsible Officer has actual knowledge and of any other development, financial or
otherwise, which would reasonably be expected to materially adversely affect its business, properties or affairs or the ability of the Company to repay the Obligations. 

Section 7.4    Conduct of Business. The Company will, and will cause each Subsidiary to, carry on and conduct
its business in substantially the same manner and in substantially the same fields of enterprise as it is presently conducted, or reasonably similar thereto, or a reasonable extension thereof or ancillary thereto, and to do all things necessary to
remain duly organized, validly existing and in good standing as a domestic corporation, limited liability company or other entity in its jurisdiction of organization (in each case, other than pursuant to a merger or consolidation of any Subsidiary
with the Company, as permitted under Section 7.13 hereof) and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted and where the failure to have such authority
would reasonably be expected to have a Material Adverse Effect. 
 Section 7.5    Compliance with Laws. The
Company will, and will cause each Subsidiary to, comply with all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject, except where the failure to so comply would not reasonably be expected to
have a Material Adverse Effect. 
 Section 7.6    Books and Records; Inspection Rights. The Company will,
and will cause each of its Subsidiaries to, permit the Administrative Agent and the Collateral Agent or its representatives and agents, to inspect any of the properties, corporate books and financial records of the Company and each Subsidiary, to
examine and make copies of the books of accounts and other financial records of the Company and each Subsidiary, and to discuss the affairs, finances and accounts of the Company and each Subsidiary (the foregoing activities, an
“Audit”) with, and to be advised as to the same by, their respective officers at such reasonable times and intervals as the Administrative Agent or the Collateral Agent may designate; provided that so long as no Default has
occurred and is continuing the Company shall only be responsible for the costs and expenses of one Audit per 12-month period. 

Section 7.7    Consolidated Tangible Net Worth. The Company will maintain at all times a Consolidated Tangible
Net Worth of not less than $800,000,000. 

  
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Agreement 
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 Section 7.8    Liens. The Company will not, nor will it
permit any Subsidiary to, create or incur any Lien in or on any of the Collateral, except: 
 (a)    Liens in favor of
the Collateral Agent. 
 (b)    Liens in favor of the Company, which Liens are subordinated to the Liens in favor of the
Collateral Agent in accordance with Article XV hereof. 
 (c)    In the case of any Collateral, Liens
arising out of judgments or awards against the Company or any Subsidiary, in an amount of not more than $5,000,000 in the aggregate, which judgment or award is vacated, discharged, satisfied or stayed or bonded pending appeal within 60 days from the
entry thereof; provided that the Company shall have pledged to the Collateral Agent, for the benefit of the Banks, without the necessity of any notice or demand, such additional Collateral under the Collateral Pool under the Collateral
Documents having an aggregate Discounted Value necessary to cause the Borrowing Base to be not less than the aggregate principal amount of the Loans then outstanding. 

(d)    Liens for Taxes that are not overdue by more than 30 days or that are being contested in good faith and with
respect to which adequate reserves required in accordance with GAAP have been set aside on the books of the Company or such Subsidiary, as applicable. 

(e)    The Collateral Agent and the Collateral Monitoring Agent are not responsible for validating the absence of liens
through lien searches or otherwise. 
 Section 7.9    Additional Clearing Members. Upon any Person becoming
a Clearing Member, no asset of such Clearing Member shall be included in the Collateral Pool until such Clearing Member has executed and delivered (i) a supplement to the Security and Pledge Agreement, substantially in the form of Exhibit A
thereto, joining such Clearing Member as a party to the Security and Pledge Agreement, (ii) a supplement to each applicable Control Agreement joining such Clearing Member as a party to such Control Agreement to the extent any assets of such
Clearing Member are contained or included in (A) any applicable Clearing Member Collateral Securities Account, (B) any applicable Company Securities Account, (C) any applicable Clearing Member Customer Collateral Securities Account,
(D) any applicable Clearing Member Customer FX Account, (E) any applicable Money Fund Shares or (F) any applicable Other Deposit Account, (iii) to the extent that Gold Bullion of such Clearing Member is pledged by such Clearing
Member or is contained in any bullion account subject to a Bullion Security Agreement, a deed of accession to each applicable Bullion Security Agreement substantially in the form exhibited thereto or in such other form reasonably acceptable to the
Collateral Agent joining such Clearing Member as a party to such Bullion Security Agreement, (iv) to the extent that Gold Warrants of such Clearing Member are pledged by such Clearing Member, any applicable Gold Warrant Collateral Documents
shall have been duly executed and delivered to the Collateral Agent by the applicable Grantors or, where applicable, filed with applicable Governmental Authorities or other Persons (including the filing of UCC and PPSA financing statements, to the
extent required for perfection purposes or otherwise reasonably requested by any Agent, describing such Clearing Member as the debtor and such Gold Warrants and the gold they represent) and (v) to the extent that any Clearing Member FX Account
is pledged by such Clearing Member, a deed of accession to each applicable FX Security Agreement substantially in the form exhibited thereto or in such other form reasonably acceptable to the Collateral Agent joining such Clearing Member as a party
to such FX Security Agreement. If any Clearing Member becomes a party to any Loan Document and is a member of an exchange which is qualified to clear trades through the Clearing House other than CME, CBOT or NYMEX, then the Company shall promptly
(upon such Person’s becoming a Clearing Member) provide notice thereof to the Administrative Agent, along with a copy of an update to the Rules (which it shall be permitted to do for this purpose) to include the relevant Rules of such exchange
for purposes of the Loan Documents. 

  
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Agreement 
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 Section 7.10    Rule Changes. The Company will not, without
the prior written consent of the Banks, amend, revoke, or rescind any Rule in any manner that would have a materially adverse effect on the Lien granted to the Collateral Agent in the Collateral or the ability of the Collateral Agent to enforce any
of its rights under the Collateral Documents. Changes to the Rules may be made that have or could have the effect of decreasing the ability of the Company to pledge any assets (but not decreasing the ability of the Company to continue the pledge of
any assets currently included in the Borrowing Base for any outstanding Loans) or limit the purposes for which such assets can be pledged, but any such change shall not affect any Eligible Asset during the period such asset is pledged as Collateral
prior to its withdrawal from the Collateral Pool. 
 Section 7.11    Taxes. The Company will, and will cause
each Subsidiary to, pay when due all Taxes, assessments and governmental charges and levies upon it or its income, profits or property, except those (i) which are being contested in good faith by appropriate proceedings and with respect to
which adequate reserves required in accordance with GAAP have been set aside on the books of the Company or such Subsidiary, as applicable, or (ii) as to which the failure to pay would not reasonably be expected to have a Material Adverse
Effect. 
 Section 7.12    Insurance. The Company will, and will cause each Subsidiary to, maintain with
financially sound and reputable insurance companies insurance on all their property in such amounts and covering such risks as is consistent with sound business practice in the industry, and the Company will furnish to the Administrative Agent upon
request of any Bank information as to the insurance carried. The Administrative Agent shall furnish such information to each Bank. 

Section 7.13    Fundamental Changes. The Company will not merge into or consolidate with any other Person,
unless the Company is the surviving Person, or liquidate or dissolve. 
 Section 7.14    Clearing Member
Collateral Accounts. (a) Within two (2) Business Days of the date of delivery of any Advance Request, the Company will cause the Collateral identified in the Collateral Notice associated with such Advance (other than any Collateral in
a Company Securities Account and that portion of the Collateral Pool consisting of Corporate Bonds, Money Fund Shares, Gold Bullion or Gold Warrants) to be transferred into the Clearing Member Collateral Securities Accounts or (in the case of FX
Account Collateral) the Clearing Member FX Accounts and (b) within three (3) Business Days of the date of delivery of any Advance Request, the Company will cause that portion of the Collateral identified in the Collateral Notice associated
with such Advance consisting of Corporate Bonds to be transferred into the Clearing Member Collateral Securities Accounts or (in the case of Other Deposit Account Collateral) the Other Clearing Member Collateral Deposit Accounts. 

Section 7.15    Sanctions. The Company will not, directly or indirectly, use the proceeds of any Loan, or
lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other individual or entity, to fund any activities of or business with any individual or entity, or in any Designated Jurisdiction, that, at the
time of such funding, is the target of Sanctions, or in any other manner that will result in a violation by any individual or entity (including any individual or entity participating in the transaction, whether as Bank, Arranger, Administrative
Agent, Swingline Bank, or otherwise) of Sanctions. 
 Section 7.16    Anti-Corruption Laws. The Company
will, and will cause each Subsidiary to, conduct its businesses in material compliance with applicable anti-corruption laws and maintain policies and procedures designed to promote and achieve compliance with such laws in all material respects. The
Company and each Subsidiary will not directly or indirectly use the proceeds of any Advance for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, or other similar legislation in other
applicable jurisdictions. 

  
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Agreement 
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 ARTICLE VIII 

DEFAULTS 
 The occurrence
of any one or more of the following events shall constitute a Default: 
 Section 8.1    Representations and
Warranties. Any representation or warranty made, or deemed made under Section 5.2, by or on behalf of the Company or any Subsidiary to the Agents or the Banks in this Agreement or in any certificate or written
information delivered in connection with this Agreement or any other Loan Document shall be materially false as of the date on which made or deemed to have been made. 

Section 8.2    Payment Defaults. Nonpayment of the principal of any Loan when due, nonpayment of interest upon
any Loan within five days after the same becomes due or nonpayment of any commitment fee or other Obligation under any of the Loan Documents within ten days after the same becomes due. 

Section 8.3    Certain Covenant Defaults. (i) Any breach by the Company of any of the terms required to
be observed by it under Section 7.1 (other than Section 7.1(g)), which is not remedied within five days after the Company receives written notice from any Bank or the Administrative Agent;
(ii) any breach by the Company of any of the terms required to be observed by it under Section 2.6, 7.2, 7.7, 7.8, 7.10, 7.13, 7.14 or 7.15; or (iii) any material
breach by the Company of any of the other terms or provisions required to be observed by it under Article VII which is not remedied within five days after the Company receives written notice from any Bank or the Administrative Agent. 

Section 8.4    Other Covenant Defaults. The breach by the Company (other than a breach which constitutes a
Default under Section 8.1, 8.2 or 8.3) of any of the terms or provisions of this Agreement or any other Loan Document to which such Person is a party which is not remedied within thirty days after written
notice from any Bank or the Administrative Agent. 
 Section 8.5    Other Indebtedness. Failure of the
Company or any Subsidiary to pay any principal, premium, or interest when due on or under any Indebtedness (other than Indebtedness under this Agreement) having an aggregate principal amount then outstanding in excess of $25,000,000 and such failure
shall continue after any applicable grace period; or the default by the Company or any Subsidiary in the performance of any term, provision or condition contained in any agreement under which any such Indebtedness was created or is governed, which
results in such Indebtedness being accelerated or declared to be due and payable or required to be prepaid, redeemed or defeased (other than by a regularly scheduled repayment, redemption or defeasance or mandatory prepayment, redemption or
defeasance) prior to its stated maturity. 
 Section 8.6    Bankruptcy, etc. The Company or any Subsidiary
shall (a) have an order for relief entered with respect to it under the federal bankruptcy code, (b) not pay, or admit in writing its inability to pay, its debts generally as they become due, (c) make an assignment for the benefit of
creditors, (d) apply for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any substantial part of its property, (e) institute any proceeding seeking
an order for relief under the federal bankruptcy code or seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law
relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an answer or other pleading denying the material allegations of any such proceeding filed against it, (f) take any corporate action to authorize or effect
any of the foregoing actions set forth in this Section 8.6 or (g) fail to contest in good faith any appointment or proceeding described in Section 8.7. 

  
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Agreement 
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 Section 8.7    Involuntary Bankruptcy, etc. Without the
application, approval or consent of the Company or any Subsidiary, a receiver, trustee, examiner, liquidator or similar official shall be appointed for the Company or any Subsidiary or any substantial part of its property, or a proceeding described
in Section 8.6(e) shall be instituted against the Company or any Subsidiary and such appointment continues undischarged or such proceeding continues undismissed or unstayed for a period of 45 consecutive days. 

Section 8.8    Judgments. The Company or any Subsidiary shall fail to pay, bond or otherwise discharge, within
30 days of the entry thereof, any judgment or order for the payment of money in an amount greater than $25,000,000 in excess of available insurance coverage (to the extent the insurer has not denied coverage) or available indemnity coverage (to the
extent the indemnitor has not denied its obligation to indemnify) and which is not stayed on appeal or otherwise being appropriately contested in good faith. 

Section 8.9    Security Interest; Validity. The Collateral Agent, for its benefit, the benefit of the
Administrative Agent and the ratable benefit of the Banks, shall not have a valid and perfected first priority security interest in the Collateral (a) other than (i) in connection with any release of Collateral contemplated hereby or by
any other Loan Document or (ii) to the extent at any time that such Collateral is not included in the Collateral Pool or not subject to a respective control agreement contemplated by Section 5.2(e), or (h) because such control
agreement is not required at such time to be delivered pursuant to Section 5.2(e) or (h) or (b) other than as contemplated by the Security and Pledge Agreement; or the Company shall assert the invalidity of any such security interest or
the invalidity or unenforceability of any Collateral Document; or any Collateral Document shall be terminated without the Collateral Agent’s written consent except as contemplated by the Security and Pledge Agreement or such Collateral
Document. 
 Section 8.10    CFTC Designation. The Commodity Futures Trading Commission (or its successor)
shall revoke or suspend the designation of the Company as a designated contract market under the Commodity Exchange Act. 
 ARTICLE IX

 ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES 

Section 9.1    Acceleration. If any Default described in Section 8.6 or 8.7
occurs, the obligations of the Banks to make Loans hereunder shall automatically terminate and the Obligations shall immediately become due and payable without any election or action on the part of any Bank or the Administrative Agent. If any other
Default occurs, and for so long as it is continuing, the Administrative Agent upon the consent of the Required Banks may, or upon the direction of the Required Banks shall, terminate or suspend the Aggregate Commitments of the Banks to make Loans
hereunder, or declare the Obligations to be due and payable, or both, whereupon such Obligations shall become immediately due and payable, without presentment, demand, protest or notice of any kind, all of which the Company hereby expressly waives.
In addition, at any time after which the Obligations have become due and payable and the obligations of the Banks to make Loans hereunder have terminated in accordance with this Section 9.1, the Collateral Agent may (but
without any obligation), with the consent of the Administrative Agent (acting at the direction of the Required Banks), or shall, upon the direction of the Administrative Agent (acting at the direction of the Required Banks), enforce any and all
rights and interest created under the Collateral Documents, the UCC or the PPSA, including, without limitation, foreclosing the security interests created pursuant to the Collateral Documents by any available judicial procedure, and exercise all
other rights and remedies of the Collateral Agent otherwise available under any other provision of this Agreement, by operation of law, at equity or otherwise, all of which are hereby expressly preserved and all of which rights shall be cumulative.

  
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 Section 9.2    Amendments. Subject to the provisions of this
Section 9.2, the Required Banks or the Administrative Agent (with the written consent of the Required Banks) and, in either case, the Company may, for the purpose of adding or modifying any provisions hereof or of the other
Loan Documents, changing in any manner the rights of the Banks or the Company hereunder or thereunder or waiving any Default hereunder or thereunder, enter into agreements supplemental hereto or thereto; provided, however, that: 

(a)    no amendment, waiver or modification of any provision of this Agreement shall (i) (x) change the percentage in
the definition of the terms “Required Banks” or “Supermajority Banks” or any other provision hereof specifying the number or percentage of Banks required to waive, amend or modify any rights hereunder or give any
direction or grant any consent hereunder (other than the definition specified in clause (y) of this Section 9.2(a)(i)) without the consent of all of the Banks, or (y) change the percentage in the definition of the
term “Required Applicable Banks” with respect to an Applicable Tranche without the written consent of each Applicable Bank in such Applicable Tranche, (ii) reduce the principal amount of or extend the scheduled date of payment
for any Advance made by any Bank beyond the Revolving Credit Termination Date, or reduce the rate or extend the time of payment of interest thereon without the consent of such Bank, (iii) reduce the rate or extend the time of payment of any
commitment fee owed to any Bank without the consent of such Bank, (iv) adjust the amount of the Applicable Tranche Commitment of any Bank except as otherwise permitted herein or postpone the scheduled date of expiration of any Applicable
Tranche Commitment of any Bank without the consent of such Bank, (v) amend Section 2.6, 3.4(b) (solely with respect to pro rata treatment of payments to the Banks), 4.3 (solely with respect to pro rata
treatment of payments to the Banks), this Section 9.2, or Section 12.1(b) or (c) without the consent of each Bank directly affected thereby, (vi) extend the Revolving Credit
Termination Date of any Loan made by any Bank without the consent of such Bank, (vii) permit the Company to assign its rights under this Agreement without the consent of all of the Banks, (viii) subject to clause (c) below, amend the
definition of “Eligible Assets”, “Advance Rate”, “Concentration Policy”, “Minimum Credit Rating”, “Borrowing Base” and “Discounted Value”, the
provisions of Annex I hereto or Section 5.2(e), (f), (g), (h), (i), (j) or (k) hereto, in each case without the consent of the Supermajority Banks, (ix) release any
of the Collateral from the Lien granted pursuant to the Collateral Documents to the extent that on the date of such release the aggregate outstanding principal amount of all Loans exceed, or will immediately after such release exceed, the Borrowing
Base, other than as permitted by this Agreement or any other Loan Document (including without limitation Section 2.9 of this Agreement) without the consent of the Supermajority Banks, (x) amend, modify or waive any
provision of Section 2.11 or the definition of the term “Defaulting Bank” (or the definition of any component thereof) without the consent of the Required Banks and the Administrative Agent (for the avoidance of
doubt, this clause (x) shall be the only clause in this subsection applicable to any such amendment, modification or waiver of Section 2.11 or the definition of the term “Defaulting Bank”), (xi) impose
any greater restriction on the ability of any Bank under an Applicable Tranche to assign any of its rights or obligations hereunder without the written consent of the Required Applicable Banks under such Applicable Tranche, (xii) amend or
modify the provisions of Annex II without the consent of each Bank committed to fund Loans in the currency being amended or modified adversely affected thereby, or (xiii) affect the rights or duties under this Agreement of the Applicable
Banks under an Applicable Tranche (but not the Applicable Banks under a different Applicable Tranche) without the consent of the Administrative Agent and the Applicable Banks that would be required to consent thereto under this Section if such set
of Applicable Banks were the only Banks hereunder at the time; 

  
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 (b)    the Company may (i) add one or more new Banks or increase an
Applicable Tranche Commitment of an existing Bank, in each case pursuant to Section 2.10 without the consent of any other Bank and (ii) in connection with the removal or replacement of any Bank in accordance with
Section 2.12, (A) reduce the Aggregate Applicable Tranche Commitments up to the amount of any Terminated Bank’s Applicable Tranche Commitment without the consent of any other Bank and (B) add one or more Replacement Banks in
accordance with applicable law and the provisions of Section 11.1(c) without the consent of any Bank other than each such Replacement Bank provided that such Replacement Bank shall have executed an Assignment Agreement in
accordance with Section 11.1; 
 (c)    subject to the consent of the Administrative Agent
(which consent shall not be unreasonably withheld or delayed), the Company may modify the Eligible Assets, Advance Rate, the Concentration Policy, the Minimum Credit Rating, the Borrowing Base, Discounted Value or the provisions of Annex I
hereto at any time, without the consent of the Banks, if such modification results in an imposition of a more restrictive definition of Eligible Assets, Advance Rate, Concentration Policy, Minimum Credit Rating, Borrowing Base or Discounted Value or
more restrictive provisions of Annex I than as set forth herein as of the Amendment No. 1 Effective Date; 

(d)    the Company may amend, restate, supplement or otherwise modify the Security and Pledge Agreement to the extent
permitted by Section 8.5(ii) of the Security and Pledge Agreement, with only the consent of the parties described therein; and 

(e)    except as provided in clause (d) above, subject to the consent of the Collateral Agent (acting at the
direction of the Administrative Agent (which direction shall not be unreasonably withheld or delayed), unless the Collateral Agent determines that such amendment, restatement, supplement or modification would impair any right of the Collateral
Agent) and so long as any such amendment, restatement, supplement, or modification does not impair the perfection or priority of the Lien of the Collateral Agent on behalf of the Agents and the Banks in the respective Collateral subject to such
Collateral Document, the Company may amend, restate, supplement or otherwise modify any Collateral Document pursuant to the terms thereof, in each case, without the consent of the Banks; and 

(f)    subject to the requirements of Section 2.7 (including any Bank consent requirements
thereunder), the Company may convert Applicable Tranche Commitments from one Applicable Tranche to a different Applicable Tranche or add additional currencies to an Applicable Tranche without the consent of the Banks; 

and, provided further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition
to the Banks required above, affect the rights or duties of the Administrative Agent under this Agreement; (ii) no amendment, waiver or consent shall, unless in writing and signed by the Collateral Agent in addition to the Banks required above,
affect the rights or duties of the Collateral Agent under this Agreement; (iii) no amendment, waiver or consent shall, unless in writing and signed by the Collateral Monitoring Agent in addition to the Banks required above, affect the rights or
duties of the Collateral Monitoring Agent under this Agreement (iv) no amendment, waiver or consent shall, unless in writing and signed by the respective Applicable Tranche Swingline Bank in addition to the Banks required above, affect the
rights or duties of such Applicable Tranche Swingline Bank under this Agreement; and (v) any Fee Letters may be amended, or rights or privileges thereunder waived, in a writing executed only by the respective parties thereto. Notwithstanding
anything to the contrary herein, no Defaulting Bank shall have any right to approve or disapprove any amendment, waiver or consent hereunder, (and any amendment, waiver or consent which by its terms requires the consent of all Banks or each affected
Bank may be effected with the consent of the applicable Banks other than Defaulting Banks), except that (x) no Applicable Tranche Commitment of such Defaulting Bank may be increased or extended without the consent of such Bank and (y) any
waiver, amendment or modification requiring the consent of 

  
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all Banks or each affected Bank that by its terms directly affects any Defaulting Bank more adversely than other directly affected Banks shall require the consent of such Defaulting Bank. The
Company shall promptly deliver a copy to the Administrative Agent, the Collateral Agent and the Collateral Monitoring Agent of any amendment, waiver or consent which was not required to be executed by the Administrative Agent, the Collateral Agent
or the Collateral Monitoring Agent, as applicable, pursuant to this Section. 
 Section 9.3    Preservation of
Rights. No delay or omission of any of the Agents or the Banks to exercise any right under the Loan Documents shall impair such right or be construed to be a waiver of any Default or an acquiescence therein, and the making of a Loan
notwithstanding the existence of a Default or the inability of the Company to satisfy the conditions precedent to such Loan shall not constitute any waiver or acquiescence, regardless of whether the Administrative Agent or any Bank may have had
notice or knowledge of such Default at the time. Any single or partial exercise of any such right shall not preclude other or further exercise thereof or the exercise of any other right, and no waiver, amendment or other variation of the terms,
conditions or provisions of the Loan Documents whatsoever shall be valid unless the same shall be permitted by Section 9.2, and then only in the specific instance and for the purpose for which given. All remedies contained
in the Loan Documents or by law afforded shall be cumulative and all shall be available to the Banks until the Obligations have been paid in full and the Aggregate Commitments have been terminated. 

ARTICLE X 
 THE AGENTS

 Section 10.1    Appointment and Authority. Each of the Banks appoints Bank of America, N.A. to act on
its behalf as the Administrative Agent hereunder and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, together with such actions and
powers as are reasonably incidental thereto. Each of the Banks and the Administrative Agent appoints Citibank, N.A. to act on its behalf as the Collateral Agent and the Collateral Monitoring Agent hereunder and authorizes the Collateral Agent and
the Collateral Monitoring Agent to take such actions on its behalf and to exercise such powers as are delegated to the Collateral Agent and the Collateral Monitoring Agent (respectively) by the terms hereof together with such actions and powers as
are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Agents and the Banks, and the Company shall not have rights as a third party beneficiary of any of such provisions. It is understood and agreed that
the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent, the Collateral Agent or the Collateral Monitoring Agent is not intended to connote any fiduciary or
other implied (or express) obligations arising under agency doctrine of any applicable law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.
Each Bank hereby authorizes the Collateral Agent to execute each of the Collateral Documents on behalf, or for the benefit, of such Bank (the terms of which shall be binding on such Bank), including Amendment No. 2 to Security and Pledge
Agreement, and to release any lien in any Collateral if such release is provided for in any Loan Document or is otherwise consented to in accordance with Section 9.2. 

Section 10.2    Rights as a Bank. The Person serving as an Agent hereunder shall have the same rights and
powers in its capacity as a Bank as any other Bank and may exercise the same as though it were not an Agent and the term “Bank” or “Banks” shall, unless otherwise expressly indicated or unless the context otherwise requires,
include the Person serving as an Agent hereunder in its capacity as a Bank. Such 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 the Company or any Subsidiary or other Affiliate thereof as if such Person were not an Agent hereunder and without any duty to account therefor to the Banks. 

  
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 Section 10.3    Exculpatory Provisions. No Agent shall have
any duties or obligations except those expressly set forth herein or in any other Loan Document to which it is a party and its duties hereunder and thereunder shall be administrative in nature. Without limiting the generality of the foregoing, no
Agent: 
 (a)    shall be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred
and is continuing; 
 (b)    shall have any duty to take any discretionary action or exercise any discretionary powers,
except discretionary rights and powers expressly contemplated hereby that such Agent is required to exercise as directed in writing (x) in the case of the Collateral Agent or the Collateral Monitoring Agent, by the Administrative Agent (and the
Collateral Agent and the Collateral Monitoring Agent shall be fully protected in acting, or in refraining from acting, under the Loan Documents to the extent so directed by the Administrative Agent) and (y) in the case of the Administrative
Agent, by the Required Banks (or such other number or percentage of the Banks as shall be expressly provided for herein) (and the Administrative Agent shall be fully protecting in acting including giving directions to any other Agent, or in
refraining from acting, under the Loan Documents to the extent so directed by the Required Banks or such other number or percentage of Banks, as applicable); provided that each Agent may refuse to perform any duty or exercise any right or
power unless it receives indemnity from the Banks satisfactory to it against the costs, expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power; provided further that no Agent shall be
required to take any action that, in its opinion or the opinion of its counsel, may expose such Agent to liability or that is contrary to this Agreement, any Loan Document or applicable law, including for the avoidance of doubt any action that may
be in violation of the automatic stay under any Federal, state or foreign bankruptcy, insolvency, receivership, or similar law or that may effect a forfeiture, modification or termination of property of a Defaulting Bank in violation of any Federal,
state or foreign bankruptcy, insolvency, receivership, or similar law; and 
 (c)    shall, except as expressly set
forth herein, have any duty to disclose, or shall be liable for the failure to disclose, any information relating to Holdings, the Company or any of its Affiliates that is communicated to or obtained by the Person serving as an Agent or any of its
Affiliates in any capacity. 
 No Agent shall be liable for any action taken or not taken by it (i) (x) in the case of the Collateral
Agent or the Collateral Monitoring Agent, with the consent or at the request of the Administrative Agent and (y) in the case of the Administrative Agent, with the consent or at the request of the Required Banks (or such other number or
percentage of the Banks as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 9.2 and Article IX ) or (ii) in the absence of its own
gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and non-appealable judgment. No Agent shall be deemed to have knowledge of any Default unless and until notice
describing such Default is given in writing to such Agent by the Company or a Bank. Without limitation of any other provision of this Article X, if any provision of this Agreement or the other Loan Documents is silent or vague (as determined
in the good faith of the applicable Agent), each Agent shall be fully justified in failing or refusing to take any action under this Agreement or the other Loan Documents if it shall not have received (A) in the case of the Collateral Agent or
the Collateral Monitoring Agent, the written instruction, advice or concurrence of the Administrative Agent, and (B) in the case of the Administrative Agent, the written instruction, advice or concurrence of the Banks, in each case, as such
Agent deems appropriate. 
 No Agent shall be required to expend or risk any of its own funds or otherwise incur any liability, financial or
otherwise, in the performance of any of its duties hereunder or under any other Loan Document to which it is a party, or to take any action that is contrary to this Agreement or applicable law. 

  
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 No Agent shall 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, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith, (iii) the performance or
observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document
or any other agreement, instrument or document, (v) the existence, genuineness, value (other than as expressly provided by Section 1.4 with respect to the Collateral Monitoring Agent and Collateral Agent) or protection
of any Collateral, for the legality, effectiveness or sufficiency of any Collateral Document, or for the creation, perfection, priority, sufficiency or protection of any Liens securing the Secured Obligations or (vi) the satisfaction of any
condition set forth in Article V or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to such Agent. 

Upon receipt of any notice of the occurrence of any Default or Unmatured Default described in Section 7.3, the
Administrative Agent will promptly provide notice thereof to the Banks (with a copy to the Collateral Agent and the Collateral Monitoring Agent). 

For the avoidance of doubt, nothing herein or the other Loan Documents shall require the Collateral Agent to file financing statements or
continuation statements, or be responsible for maintaining the security interests purported to be created as described herein (except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it
hereunder or under any other Loan Document to which it is a party or any other payment made to it or by it in connection with the transactions contemplated hereby or thereby). 

Section 10.4    Reliance by Agents. Each 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 made by the proper Person. Each Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying
thereon. In determining compliance with any condition hereunder to the making of a Loan, which by its terms must be fulfilled to the satisfaction of a Bank, the Administrative Agent may presume that such condition is satisfactory to such Bank unless
the Administrative Agent shall have received notice to the contrary from such Bank prior to the making of such Loan. Each Agent may consult with legal counsel (who may be counsel for the Company), 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. 

Section 10.5    Delegation of Duties. Each Agent may perform any and all of its duties and exercise its rights
and powers hereunder by or through any one or more sub-agents appointed by such Agent. Each 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 such 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 such Agent. No Agent shall be responsible for
the negligence or misconduct of any sub-agents except to the extent such Agent acted with bad faith, gross negligence or willful misconduct in the selection of such
sub-agents. 
 Section 10.6    Resignation or Removal of Agents.

 (a)    The Administrative Agent or Citibank, N.A. (in both its capacity as Collateral Monitoring Agent and Collateral
Agent) may at any time give notice of its resignation to the Banks and the 

  
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Company. Further, (i) the Company and the Required Banks may, in the event that an Agent shall become unable to fulfill any of its duties hereunder (as determined by the Company in its
reasonable discretion) or upon mutual agreement from time to time request another Bank to act as the “Administrative Agent” or “Collateral Agent” and “Collateral Monitoring Agent”, as applicable, hereunder and
(ii) the Company may, in the event that any Applicable Tranche Commitment of a Bank serving as an Agent hereunder has been terminated by the Company as permitted by Section 2.12(a) because such Bank was a Defaulting
Bank remove such Bank as an Agent hereunder and request another Bank to act as the “Administrative Agent” or “Collateral Agent” and “Collateral Monitoring Agent”, as applicable, hereunder (in any such case of clauses
(i) and (ii), an “Agent Removal Request”). Upon receipt of any such notice of resignation, removal or request, the Required Banks shall have the right, with the consent of the Company (not to be unreasonably withheld), to
appoint a successor, which shall be a bank or trust company with an office in the United States. If no such successor Agent shall have been so appointed by the Required Banks with such consent of the Company and shall have accepted such appointment
within 30 days after the retiring or removed Agent gives notice of its resignation (or such earlier day as shall be agreed by the Company and the Required Banks) or 30 days after such Agent Removal Request (the “Resignation/Removal Effective
Date”), then the retiring or removed Agent may on behalf of the Banks upon 30 days’ prior written notice to the Company (but shall have no obligation to), appoint a successor Administrative Agent or Collateral Agent or Collateral
Monitoring Agent, as applicable, which shall be a bank or trust company having the operational capacity to perform the functions of such Agent hereunder, with an office (or an Affiliate with an office) in the United States and organized under the
laws of the United States of America or any state thereof, having a combined capital and surplus of at least $500,000,000 (or as may otherwise be mutually agreed among the Required Banks and the Company; provided that, if such retiring or
removed Agent is unable to locate such a successor Agent having a combined capital and surplus of at least $500,000,000 within 30 days after giving such notice to the Company, then after the expiration of such
30-day period it may appoint a successor having a combined capital surplus of at least $50,000,000 and otherwise meeting the requirements of this Section; and provided further that, if the applicable
Agent shall notify the Company and such Banks that no qualifying Person has accepted such appointment or if such Agent has elected not to appoint such a successor Agent, then such resignation or removal shall nonetheless become effective in
accordance with such notice on the Resignation/Removal Effective Date and with effect from the Resignation/Removal Effective Date (1) the retiring or removed Agent shall be discharged from its duties and obligations hereunder (except that in
the case of any collateral security held by the Collateral Agent on behalf of the Banks under any of the Loan Documents, the retiring or removed Collateral Agent shall continue to hold such collateral security (without any obligation to take action
in connection therewith in its capacity as Collateral Agent) until such time as a successor Collateral Agent is appointed) and (2) except for any indemnity payments or other amounts then owed to the retiring or removed Agent, all payments,
communications and determinations provided to be made by, to or through such Agent shall instead be made by or to each Bank directly, until such time as a successor Agent is appointed by the Required Banks or such Agent, as applicable (in each case,
with the consent of Company, not to be unreasonably withheld), as provided for above in this Section. Upon the acceptance of a successor’s appointment as Agent hereunder, such successor shall succeed to and become vested with all of the rights,
powers, privileges and duties of the retiring (or retired or removed) Agent (other than any rights to indemnity payments or other amounts owed to the retiring or removed Agent as of the Resignation Effective Date), and the retiring or removed Agent
shall be discharged from all of its duties and obligations as such Agent hereunder (if not already discharged therefrom as provided above in this Section). The fees payable by the Company to a successor Agent shall be the same as those payable to
its predecessor unless otherwise agreed between the Company and such successor. After an Agent’s resignation or removal hereunder, the provisions of this Article and Section 11.8 shall continue in effect for the
benefit of such retiring or removed Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them (i) while the retiring or removed Agent
was acting as such Agent and (ii) after such resignation or removal for as long as any of them continues to act in any capacity hereunder or under the other Loan Documents, including (a) acting as collateral agent or otherwise holding any
collateral security on behalf 

  
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of any of the Banks and (b) in respect of any actions taken in connection with transferring the agency to any successor Agent. Nothing in this Section shall constitute a waiver or release by
the Company of any claims it may have hereunder or under the other Loan Documents as a result of a Bank becoming a Defaulting Bank. 

(b)    Further, the Company may, at any time, with the consent of the Administrative Agent (not to be unreasonably
withheld or delayed) remove the Collateral Agent and Collateral Monitoring Agent and appoint a Bank (with such applicable Bank’s consent and which shall be a bank or trust company with an office in the United States of America or any state
thereof) as the successor Collateral Agent and Collateral Monitoring Agent, as applicable. Each such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the removed Collateral Agent and Collateral
Monitoring Agent (other than any rights to indemnity payments or other amounts owed to the removed Collateral Agent and Collateral Monitoring Agent as of the date of removal of such Collateral Agent and Collateral Monitoring Agent) and the removed
Collateral Agent and Collateral Monitoring Agent shall be discharged from all of its duties and obligations hereunder (except that in the case of any collateral security held by the Collateral Agent on behalf of the Banks under any of the Loan
Documents, the removed Collateral Agent shall continue to hold such collateral security until such time as a successor Collateral Agent is appointed). 

(c)    The Administrative Agent hereby agrees to provide the Company from time to time at the Company’s request a
list (which may be in electronic form) setting out the names of the Banks as of the date of such request, their respective Commitments, and the information on record with the Administrative Agent for delivering notices to the Banks in accordance
with Section 13.1(b). 
 (d)    In the event of any such resignation by or removal of Bank of America as Agent
pursuant to this Section, Bank of America may resign and be discharged of its duties as an Applicable Tranche Swingline Bank; provided that, Bank of America shall retain all the rights, powers and privileges of an “Applicable Tranche Swingline
Bank” provided for hereunder with respect to Applicable Tranche Swingline Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Banks to make Applicable Tranche Revolving Loans or fund
risk participations in outstanding Applicable Tranche Swingline Loans pursuant to Section 2.14. 

Section 10.7    Non-Reliance on Agents and Other Banks. Each Bank
acknowledges that it has, independently and without reliance upon any Agent or any other Bank 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 Bank also acknowledges that it will, independently and without reliance upon any Agent or any other Bank 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 related agreement or any document furnished hereunder or thereunder. 

Section 10.8    No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the
Bookrunners, Arrangers or Syndications Agents or Documentation Agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement, except in its capacity, as applicable, as the Administrative Agent, the
Collateral Agent, the Collateral Monitoring Agent or a Bank hereunder. Without limitation of the foregoing, neither the Bookrunners, Arrangers, Syndication Agents or Documentation Agents in their respective capacities as such shall, by reason of
this Agreement or any other Loan Document, have any fiduciary relationship in respect of any Bank or the Company. 

Section 10.9    Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under
any Federal, state or foreign bankruptcy, insolvency, receivership, or similar law, or any other judicial proceeding relative to the Company, the Administrative Agent (irrespective of whether the 

  
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principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the
Company) shall be entitled and empowered, by intervention in such proceeding or otherwise: 
 (a)    to file and prove a
claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other obligations hereunder that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the
claims of the Banks and the Agents (including any claim for the reasonable compensation, expenses, disbursements and advances of the Banks, the Administrative Agent, the Collateral Agent, and the Collateral Monitoring Agent and their respective
agents and counsel and all other amounts due the Banks, the Administrative Agent, the Collateral Agent, and the Collateral Monitoring Agent under Section 3.3 and Section 11.8) allowed in such
judicial proceeding; and 
 (b)    to collect and receive any monies or other property payable or deliverable on any
such claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such
judicial proceeding is hereby authorized by each Bank to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Banks, to pay to the Administrative
Agent, the Collateral Agent and the Collateral Monitoring Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent, the Collateral Agent and the Collateral Monitoring Agent and their
respective agents and counsel, and any other amounts due to them under Section 3.3 and Section 11.8. Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or
consent to or accept or adopt on behalf of any Bank any plan of reorganization, arrangement, adjustment or composition affecting the obligations hereunder or the rights of any Bank to authorize the Administrative Agent to vote in respect of the
claim of any Bank in any such proceeding. 
 The Banks hereby irrevocably authorize the Administrative Agent (acting at the direction of the
Required Banks), or the Collateral Agent at the direction of the Administrative Agent (acting at the direction of the Required Banks), to credit bid all or any portion of the Obligations (including accepting some or all of the Collateral in
satisfaction of some or all of the Secured Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at
any sale thereof conducted under the provisions of the bankruptcy code of the United States, including under Sections 363, 1123 or 1129 of the bankruptcy code of the United States, or any similar laws in any other jurisdictions to which the Company
is subject, (b) at any other sale or foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Collateral Agent (whether by judicial action or otherwise) in accordance with any
applicable law. In connection with any such credit bid and purchase, the Obligations owed to the Banks shall be entitled to be, and shall be, credit bid on a ratable basis (with Obligations with respect to contingent or unliquidated claims
receiving contingent interests in the acquired assets on a ratable basis that would vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent
interests) in the asset or assets so purchased (or in the equity interests or debt instruments of the acquisition vehicle or vehicles that are used to consummate such purchase). In connection with any such bid (i) the Collateral Agent with
the consent of the Administrative Agent shall be authorized to (A) form one or more acquisition vehicles to make a bid, (B) to adopt documents providing for the governance of the acquisition vehicle or vehicles (provided that any actions
by the Collateral Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or equity interests thereof shall be governed, directly or indirectly, by the vote of the Required Banks and the Administrative
Agent, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required Banks contained in Section 9.2 of this Agreement), and

  
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(C) to assign the relevant Obligations to any such acquisition vehicle pro rata by the Banks, as a result of which each of the Banks shall be deemed to have received a pro rata portion of any
equity interests and/or debt instruments issued by such an acquisition vehicle on account of the assignment of the Obligations to be credit bid, all without the need for any Bank or acquisition vehicle to take any further action, and (ii) to
the extent that Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better, because the amount of Obligations assigned to the acquisition vehicle
exceeds the amount of debt credit bid by the acquisition vehicle or otherwise), such Obligations shall automatically be reassigned to the Banks pro rata and the equity interests and/or debt instruments issued by any acquisition vehicle on account of
the Obligations that had been assigned to the acquisition vehicle shall automatically be cancelled, without the need for any Banks or any acquisition vehicle to take any further action. 

Section 10.10    Reimbursement and Indemnification. The Banks severally agree to reimburse and indemnify each
Agent and its Related Parties ratably in proportion to the aggregate amounts of their respective Applicable Tranche Commitments (determined as of the time that the applicable unreimbursed expense or payment is made), to the extent not paid or
reimbursed by the Company, and without relieving the Company of the obligation to do so (i) for any amounts for which such Agent, acting in its capacity as Agent, is entitled to reimbursement by the Company hereunder or under any other Loan
Document and (ii) for any other reasonable and documented out-of-pocket expenses (including reasonable attorneys’ fees, disbursements and time charges of
attorneys) incurred by such Agent, in its capacity as Agent and acting on behalf of the Banks, in connection with the administration and enforcement of this Agreement and the other Loan Documents, provided that in each case of this clause (ii), the
Banks shall only be required to reimburse the reasonable fees, disbursements and other charges of one separate counsel for each Agent and, if necessary, one separate local counsel for each Agent in each appropriate jurisdiction (and in the case of
different defenses or conflicts of interest (as determined by the affected Agents in their reasonable discretion), additional counsel for the affected Agents taken as a whole), except in each case, for any amounts or expenses that arise as a result
of the gross negligence or willful misconduct of such Agent as determined by a final judgment of a court of competent jurisdiction. 

Section 10.11    Release of Clearing Members. Subject to Section 8.7 of the Security and Pledge
Agreement, the Banks irrevocably authorize the Collateral Agent to, and the Collateral Agent shall, release any Clearing Member from its obligations under the Loan Documents if such Person ceases to be a Clearing Member (which obligations shall be
automatically released upon such Person ceasing to be a Clearing Member). Upon request by the Collateral Agent at any time, the Required Banks shall confirm in writing the Collateral Agent’s authority to release any Clearing Member from its
obligations under the Loan Documents pursuant to this Section 10.11. Subject to Section 8.7 of the Security and Pledge Agreement, the Collateral Agent shall, at the Company’s expense, execute and deliver such
documents as the Company may reasonably request to release such Person from its obligations under the Loan Documents. 

Section 10.12    Rights of Agents. The benefits, privileges and other rights provided to any Agent set forth
in this Article X shall apply to (and not be limited by) any other Loan Document. 
 ARTICLE XI 

GENERAL PROVISIONS SECTION 

Section 11.1    Successors and Assigns; Participating Interests. 

(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, provided that (i) the Company may not assign 

  
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or otherwise transfer any of its rights or obligations under this Agreement except as provided in Section 9.2 (and any attempted assignment or transfer by the Company
shall be null and void) and (ii) no Bank may assign or otherwise transfer any of its rights or obligations under this Agreement except in accordance with this Section 11.1. 

(b)    (i) Any Bank may, in accordance with applicable law, at any time sell to one or more banks, financial institutions
or other entities (“Participants”) participating interests in any Applicable Tranche Revolving Loan owing to such Bank, any Applicable Tranche Commitment of such Bank or any other interest of such Bank hereunder. In the event of any
such sale by a Bank of participating interests to a Participant, such Bank’s obligations under this Agreement to the other parties to this Agreement shall remain unchanged, such Bank shall remain solely responsible for the performance thereof
and the Company and each Agent shall continue to deal solely and directly with such Bank in connection with such Bank’s rights and obligations under this Agreement and the other Loan Documents. Any agreement or instrument pursuant to which a
Bank sells such a participating interest shall provide that such Bank shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement and in no event shall a Bank that
sells a participating interest be obligated to the Participant to take or refrain from taking any action hereunder or under any of the other Loan Documents except that such Bank may agree that it will not, without the consent of such Participant,
agree to (A) reduce the principal of, or interest payable on (or reduce the rate of interest applicable to), the Loans of such Bank or any fees or other amounts payable to such Bank hereunder which, in each case, are related to the
participating interest sold to such Participant or, (B) postpone the date fixed for any payment of the principal of, or interest on, the Loans of such Bank or other amounts payable to such Bank hereunder which, in each case, are related to the
participating interest sold to such Participant. The Company agrees that each Participant shall be entitled to the benefits of Sections 11.3, 11.8(b) and 11.8(c) to the same extent as if it were a Bank and had acquired its
interest by assignment pursuant to subsection (c) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Section 2.12 as if it were an assignee under paragraph
(c) of this Section and (B) shall not be entitled to receive any greater payment under Sections 11.3, 11.8(b) and 11.8(c), with respect to any participation, than the Bank from whom it acquired the applicable
participation would have been entitled to receive; provided further that a Participant that would be a Foreign Bank if it were a Bank shall not be entitled to the benefits of Section 11.3 unless the Company is notified of the
participation sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 11.3 as though it were a Bank. 

(ii)    Each Bank that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Company, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each participant’s interest in the Loans or
other obligations under this Agreement (the “Participant Register”); provided that no Bank shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any
Participant or any information relating to a Participant’s interest in any Applicable Tranche Commitment, or Loans or its other obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such
Applicable Tranche Commitment, or, Revolving Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register
shall be conclusive absent manifest error, and such Bank shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.

 (c)    Any Bank may (or in accordance with Section 11.3(h) shall), in accordance with
applicable law, and with the consent of the Company (such consent not to be unreasonably withheld and, in the absence of notice to the contrary, such consent shall be deemed granted ten days after notice to the Company of any contemplated
assignment) and the Administrative Agent (such consent not to be 

  
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unreasonably withheld or delayed), at any time assign to one or more assignees (all such assignees, collectively, “Assignees”) all or any part of any of its Applicable Tranche
Commitments (and related Applicable Tranche Revolving Loans) or if the Aggregate Applicable Tranche Commitments have been terminated, its Loans under such Applicable Tranche (as the case may be), pursuant to an assignment agreement (an
“Assignment Agreement”), executed by such Assignee and such Bank and delivered to the Company and each Agent; provided that the consent of the Company (and the consent of the Administrative Agent, solely with respect to
clauses (B) and (C)) to any such assignment shall not be required if (A) a Default under any of Sections 8.2, 8.6 or 8.7 has occurred and is continuing, (B) the assignment is by a Bank to an Affiliate of such Bank
or another existing Bank or an Affiliate of such other existing Bank which is a bank in the ordinary course of business or (C) the assignment of a security interest or pledge by any Bank of its Loans and its rights hereunder with respect
thereto pursuant to Section 11.1(i), below. Upon such execution and delivery of an Assignment Agreement, from and after the effective date as specified therein, (x) the Assignee thereunder shall be a party hereto and
shall be bound by the provisions hereto and, to the extent provided in such Assignment Agreement, shall have the rights and obligations of a Bank hereunder, with respect to its Applicable Tranche Commitment as set forth in such Assignment Agreement,
and (y) the transferor Bank thereunder shall, to the extent provided in such Assignment Agreement, be released from its obligations under this Agreement with respect to its Applicable Tranche Commitments being assigned (and, in the case of an
Assignment Agreement covering all or the remaining portion of a transferor Bank’s rights and obligations under this Agreement, such transferor Bank shall cease to be a party hereto, but shall continue to be entitled to the benefits, and subject
to the limitations, of Sections 2.14, 3.4(b), 4.3, 11.3, 11.8, 12.1(b) and 12.1(c) (to the extent such obligations arose prior to the effective date of such Assignment Agreement)). Upon delivery of
the Assignment Agreement to the Company and each Agent, the Company, each Agent and the Banks shall treat the Assignee as the owner of the Loans under the Applicable Tranche and the Applicable Tranche Commitment, recorded therein for all purposes of
this Agreement. Except in the case of an assignment of the entire remaining amount of the assigning Bank’s Applicable Tranche Commitment under an Applicable Tranche or Loans under an Applicable Tranche, the amount of the Applicable Tranche
Commitment under an Applicable Tranche or Loans under an Applicable Tranche of the assigning Bank subject to each such assignment (determined as of the date the Assignment Agreement with respect to such assignment is delivered to the Administrative
Agent) shall not be less than $25,000,000 and each continuing assigning Bank shall retain an Applicable Tranche Commitment of not less than $25,000,000, unless each of the Company and the Administrative Agent otherwise consent, provided that
no such consent of the Company shall be required if a Default under any of Sections 8.2, 8.6 or 8.7 has occurred and is continuing. Any assignment or transfer by a Bank that does not comply with this
Section 11.1 shall be treated for purposes of this Agreement as a sale by such Bank of a participating interest in such rights and obligations in accordance with subsection 11.1(b). 

(d)    On the effective date specified in any Assignment Agreement, or as soon as possible thereafter, the Company shall,
upon request of an Assignee, execute and deliver to such applicable Assignee a new Note payable to such Assignee reflecting the Applicable Tranche Commitment and outstanding Loans under the Applicable Tranche obtained by it pursuant to such
Assignment Agreement and, if the transferor Bank has retained an Applicable Tranche Commitment and Loans hereunder, upon request of such transferor Bank, a new Note in exchange for any applicable Note held by the transferor Bank (which existing Note
shall be surrendered to the Company) payable to the transferor Bank reflecting the Applicable Tranche Commitment and outstanding Loans thereunder retained by it hereunder. Such new Notes shall be dated the effective date of the Assignment Agreement
as specified therein, and (if requested as described above) include reference to the Applicable Tranche Commitment and shall otherwise be in the form of the Note replaced thereby. The Note surrendered by the transferor Bank shall be returned by the
transferor Bank to the Company marked “canceled”. The Administrative Agent, acting for this purpose as an agent of the Company, shall maintain at one of its offices a copy of each Assignment Agreement delivered to it and a register for the
recordation of the names and addresses of the Banks, and the Applicable 

  
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Tranche Commitment of, and principal amount (and stated interest) of the Loans owing under each Applicable Tranche to, each Bank pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive, and the Company, the Administrative Agent and the Banks shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as the owner of its
interest therein, as indicated in the Register, for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Company and any Bank, at any reasonable time and from time to time upon
reasonable prior notice. 
 (e)    The Company authorizes each Bank to disclose to any Participant or Assignee and any
prospective Participant or Assignee any and all financial and other information in such Bank’s possession concerning the Company which has been delivered to such Bank by or on behalf of the Company pursuant to this Agreement; provided that such
Participant or Assignee or prospective Participant or Assignee agrees to be bound by the confidentiality provisions contained in Section 11.11. 

(f)    If, pursuant to this Section 11.1, any interest in this Agreement or any Loan is
transferred to any Assignee which is organized under the laws of any jurisdiction other than the United States or any state thereof, such Assignee, concurrently with the effectiveness of such transfer and becoming a party to this Agreement pursuant
to the applicable Assignment Agreement shall, (i) represent to the transferor Bank (for the benefit of the transferor Bank, each Agent and the Company) that under applicable law and treaties then in effect no United States federal Taxes will be
required to be withheld by any Agent, the Company or the transferor Bank with respect to any payments to be made to such Assignee hereunder, (ii) furnish to the Company the documentation described in Section 11.3(f),
(wherein such Assignee claims entitlement to complete exemption from U.S. federal withholding Tax on all payments hereunder) and (iii) agree to otherwise comply with the terms of Section 11.3(f). 

(g)    Notwithstanding anything to the contrary contained in this Section 11.1 no Bank may
assign or sell participating interests, or otherwise syndicate all or any portion of such bank’s interests under this Agreement or any other Loan Document (i) to any Person who is (x) listed on the Specially Designated Nationals and
Blocked Persons List (the “SDN List”) maintained by the U.S. Department of Treasury Office of Foreign Assets Control (“OFAC”) and/or on any other similar list maintained by the OFAC pursuant to any authorizing
statute, executive order or regulation or (y) either (A) included within the term “designated national” as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (B) designated under Sections 1(a), 1(b), 1(c) or
1(d) of Executive Order No. 13224, 66 Fed. Reg. 49079 (published September 25, 2001) or similarly designated under any related enabling legislation or any other similar executive orders, (ii) in the case of any assignment of an
Applicable Tranche Commitment or Loan in any currency to any Person who cannot adhere to the timing of funding requirements set forth in Annex II with respect to such Alternative Currency within such Applicable Tranche, (iii) to the Company or
any of the Company’s Affiliates or Subsidiaries, (iv) to any Person who is a natural person or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of a natural Person, (v) to any Person
who is a Defaulting Bank or any of its Subsidiaries, or any Person who, upon becoming a Bank hereunder, would constitute any of the foregoing Persons described in this clause (v), or (vi) to any Person unless such Person (other than a natural
Person or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of a natural Person) is engaged in making loans and similar extensions of credit in the ordinary course of its business. 

(h)    The transferor Bank shall pay to the Administrative Agent for its own account a processing and recording fee of
$3,500. Upon its receipt of a duly completed Assignment Agreement executed by an assigning Bank and an Assignee, the Assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Bank hereunder), the processing and
recordation fee referred to in this subsection 11.1(h) and any written consent to such assignment required by subsection 11.1(c), the Administrative Agent shall accept such Assignment Agreement and record the information contained
therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this subsection 11.1(h). 

  
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 (i)    Any Bank 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 Bank, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank or any other central bank having jurisdiction over such
Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Bank from any of its obligations hereunder or substitute any
such pledgee or assignee for such Bank as a party hereto. 
 (j)    In connection with any assignment of rights and
obligations of any Defaulting Bank hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the
Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with
the consent of the Company and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Bank, to each of which the applicable assignee and assignor hereby irrevocably consent), to
(x) pay and satisfy in full all payment liabilities then owed by such Defaulting Bank to any Agent or any Bank hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and
participations in Applicable Tranche Swingline Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Bank hereunder shall become effective
under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Bank for all purposes of this Agreement until such compliance occurs. 

Section 11.2    Survival. All representations and warranties of the Company contained in this Agreement shall
survive the making of the Loans herein contemplated. The provisions of Sections 10.10, 11.3, 11.8, 12.1(b) and 12.1(c) and Article X shall survive and remain in full force and effect regardless of the
consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Aggregate Commitments, the termination of this Agreement or any provision hereof, or the resignation, replacement or removal of
the Administrative Agent. 
 Section 11.3    Taxes. 

(a)    All payments to any Bank made under any Loan Document shall be made free and clear of, and without deduction for any
Taxes, except as required pursuant to applicable law; provided that, subject to the other provisions of this Section 11.3, if the Company shall be required to deduct any Indemnified Taxes or Other Taxes from such
payments, then (i) the sum payable shall be increased by the amount (the “Additional Amount”) necessary so that after making all required deductions (including deductions applicable to additional sums described in this
paragraph) such Bank receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Company shall make such deductions and (iii) the Company shall pay the full amount deducted to the relevant
Governmental Authority in accordance with applicable law. In addition, to the extent not paid in accordance with the preceding sentence, the Company shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law.

 (b)    Subject to subsections (e) and (g) below, the Company shall indemnify each Bank for
Indemnified Taxes and Other Taxes paid by such Bank, provided, however, that the Company shall not be obligated to make payment to any Bank in respect of penalties, interest and other similar liabilities attributable to such Indemnified Taxes or
Other Taxes if such penalties, interest or other similar liabilities are reasonably attributable to the gross negligence or willful misconduct of such Bank. 

  
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 (c)    If a Bank shall become aware that it is entitled to claim a
refund from a Governmental Authority in respect of Indemnified Taxes or Other Taxes paid by the Company pursuant to this Section 11.3, including Indemnified Taxes or Other Taxes as to which it has been indemnified by the
Company, or with respect to which the Company has paid Additional Amounts pursuant hereto, it shall promptly notify the Company of the availability of such refund claim and, if such Bank determines in good faith that making a claim for refund will
not have a material adverse effect on its Taxes or business operations, shall, within 30 days after receipt of a request by the Company, make a claim to such Governmental Authority for such refund at the Company’s expense. If a Bank receives a
refund in respect of any Indemnified Taxes or Other Taxes paid by the Company pursuant hereto, it shall within 30 days from the date of such receipt pay over such refund to the Company (but only to the extent of Indemnified Taxes or Other Taxes paid
pursuant to hereto, including indemnity payments made or Additional Amounts paid, by the Company under this Section 11.3 with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out of
pocket expenses of such Bank and without interest (other than interest paid by the relevant Governmental Authority with respect to such refund). This Section shall not be construed to require the Administrative Agent or any Bank to make available
its Tax returns (or any other information relating to its Taxes which it deems confidential) to the Company or any other Person. 

(d)    If any Bank is or becomes eligible under any applicable law, regulation, treaty or other rule to a reduced rate of
taxation, or a complete exemption from withholding, with respect to Indemnified Taxes or Other Taxes on payments made to it by the Company, such Bank shall, upon the request of the Company or the Administrative Agent, complete and deliver from time
to time any certificate, form or other document requested by the Company or the Administrative Agent, the completion and delivery of which are a precondition to obtaining the benefit of such reduced rate or exemption, provided that the taking
of such action by such Bank, would not, in the reasonable judgment of such Bank be disadvantageous or prejudicial to such Bank or inconsistent with its internal policies or legal or regulatory restrictions. Subject to the above proviso, for any
period with respect to which a Bank has failed to provide any such certificate, form or other document requested by the Company or the Administrative Agent, such Bank shall not be entitled to any payment under this
Section 11.3 in respect of any Indemnified Taxes or Other Taxes that would not have been imposed but for such failure. 

(e)    Each Bank organized under the laws of a jurisdiction in the United States, any State thereof or the District of
Columbia (each such Bank, a “US Bank”) shall (i) deliver to the Company and the Administrative Agent, upon execution hereof (or, with respect to Persons becoming Banks hereunder by assignment, upon execution of the relevant
assignment agreement), two original copies of United States Internal Revenue Service Form W-9 or any successor form, properly completed and duly executed by such Bank, certifying that such Bank is exempt from
United States backup withholding Tax on payments of interest made under the Loan Documents and (ii) thereafter, at each time when it is so reasonably requested in writing by the Company or the Administrative Agent or at such time the Bank
becomes aware of the invalidity or obsolescence of a previously delivered form, deliver within a reasonable time two original copies of an updated Form W-9 or any successor form thereto. Notwithstanding the
provisions of subsection (a) and (b) above, the Company shall not be required to indemnify a US Bank to the extent the obligation to pay such indemnity payment or Additional Amounts would not have arisen but for a failure by such US Bank to
comply with this subsection (e), except to the extent such Bank’s assignor (if any) was entitled, at the time of assignment, to receive additional amounts from the Company under this subsection 11.3(e). 

(f)    Each Bank, Agent and other Person receiving payments under this Agreement that is organized under the laws of a
jurisdiction other than the United States, any State thereof or the District of Columbia (each such Bank, a “Foreign Bank”) that is entitled to an exemption from or reduction of 

  
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withholding Tax under the laws of the jurisdiction in which the Company is located, or any treaty to which such jurisdiction is a party, with respect to payments under the Loan Documents shall
deliver to the Company and the Administrative Agent, upon execution hereof (or, with respect to Persons becoming Banks hereunder by assignment, upon execution of the relevant assignment agreement), such properly completed and duly executed
documentation prescribed by applicable law or reasonably requested by the Company or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate, unless in the good faith opinion of the Foreign Bank such
documentation would expose the Foreign Bank to any material adverse consequences or risk or is inconsistent with its internal policies or legal or regulatory restrictions, it being understood that the completion of an Internal Revenue Service Form W-8BEN-E, W-8IMY or W-ECI by a Foreign Bank, as applicable, as of the date of this Agreement,
shall not be considered to be inconsistent with such Foreign Bank’s internal policies or legal or regulatory restrictions or expose such Foreign Bank to a material adverse consequence. Such documentation shall be delivered by each Foreign Bank
on or before the date it becomes a Bank and on or before the date, if any, such Foreign Bank changes its applicable lending office by designating a different lending office with respect to its Loans (a “New Lending Office”). In
addition, each Foreign Bank shall deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered by such Foreign Bank. 

If a payment made to a Bank would be subject to United States federal withholding Tax imposed by FATCA if such Bank were to fail to comply
with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Bank shall deliver to the Company and the Administrative Agent at the time or times prescribed by
applicable law and at such time or times reasonably requested by the Company or the Administrative Agent such documentation prescribed by FATCA or other provisions of applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the
Code) and such additional documentation reasonably requested by the Company or the Administrative Agent as may be necessary for the Company and the Administrative Agent to comply with their obligations under FATCA and to determine that such Bank has
complied with its obligations under FATCA or to determine the amount to deduct and withhold from such payment. For purposes of this Section 11.3, the term “FATCA” shall include any amendments made to FATCA after
the date of this Agreement and the term “applicable law” includes FATCA. 
 Each Agent and Bank (and, in the case of a Foreign
Bank, its lending office), represents that on the date hereof, payments made hereunder by the Company to it would not be subject to United States federal withholding Tax. 

(g)    Notwithstanding the provisions of subsection (a) and (b) above, the Company shall not be
required to indemnify any Foreign Bank, or to pay any Additional Amounts to any Foreign Bank, in respect of United States federal withholding Tax pursuant to subsection (a) or (b) above, (A) to the extent that the obligation
to withhold amounts with respect to United States federal withholding Tax existed on the date such Foreign Bank became a Bank, became a party hereto or otherwise acquired its interest herein or in the case of a Foreign Bank that after becoming a
party hereto changes its classification for United States federal income Tax purposes under Section 7701 of the Code, United States federal withholding Tax that exists on the date such change in entity classification is effective, except to the
extent that such Bank’s assignor (if any) was entitled, at the time of assignment, to receive additional amounts from the Company or such Bank was entitled, immediately prior to such change in entity classification becoming effective, to
receive additional amounts from the Company; (B) with respect to a change by such Foreign Bank of the jurisdiction in which it is organized, incorporated, controlled or managed, or in which it is doing business, from the date such Foreign Bank
changed such jurisdiction, but only to the extent that such withholding Tax exceeds any withholding Tax that would have been imposed on such Bank had it not changed the jurisdiction in which it is organized, incorporated, controlled or managed, or
in which it is doing business; or (C) to the extent that the obligation to pay such indemnity payment or Additional Amounts would not have arisen but for a failure by such Foreign Bank to comply with the provisions of
Section 11.3(d) or (f). 

  
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 (h)    If any Bank requests compensation under this
Section 11.3, or if the Company is required to pay any additional amount to any Governmental Authority for the account of any Bank pursuant to this Section 11.3, then such Bank 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 with the object of avoiding or eliminating the amounts
payable pursuant to this Section 11.3, provided that such designation or assignment shall be on such terms that such Bank and its lending office, in such Bank’s sole judgment, suffer no economic, legal,
regulatory or other disadvantage and would not otherwise be disadvantageous to such Bank. The Company hereby agrees to pay all reasonable costs and expenses incurred by any Bank in connection with any such designation or assignment. 

If any Bank requests compensation under this Section 11.3, or if the Company is required to pay any additional amount to any
Governmental Authority for the account of any Bank pursuant to this Section 11.3, then the Company may, at its sole expense and effort, upon notice to such Bank, require such Bank to assign and delegate, without recourse,
in accordance with and subject to the restrictions contained in Section 11.1, all of such Bank’s interests, rights and obligations under this Agreement to one or more assignees that shall assume such obligations (which
assignee or assignees may be one or more other Banks); provided that (i) such Bank shall have received payment of an amount equal to the outstanding principal of its Loans, accrued and unpaid interest thereon, accrued and unpaid fees and
all other amounts payable to it hereunder from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Company (in the case of all other amounts) and (ii) such assignment will result in a reduction in
such compensation or payments. A Bank shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Bank or otherwise, the circumstances entitling the Company to require such assignment and
delegation cease to apply. 
 A certificate of the relevant Bank setting forth the basis for any amounts (and the calculation thereof and methodology in
calculating, each in reasonable detail) claimed under this Section 11.3 shall be delivered to the Company and the Administrative Agent and shall be conclusive absent manifest error. Failure or delay on the part of a Bank to
demand compensation of any amount under this Section shall not constitute a waiver of such Bank’s right to demand such compensation; provided that the Company shall not be required to compensate any such Bank for any amounts claimed
under this Section that are incurred more than 90 days prior to the date that such Bank notifies the Company of the circumstances giving rise to such amounts and such Bank’s intention to claim compensation therefor; provided, further, that if
the circumstances giving rise to such amounts have retroactive effect, then the 90-day period referred to above shall be extended to include the period of retroactive effect thereof. 

Each Bank agrees that if any form or certification it previously delivered pursuant to this Section 11.3 expires or
becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Company and the Administrative Agent in writing of its legal inability to do so. 

(i)    Any payment required to be made by the Company to any Bank under this Section 11.3 shall
be deemed an Obligation and be secured by the Collateral. 
 Section 11.4    Choice of Law; Jurisdiction.
THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. The Company and the Banks hereby irrevocably submit to the exclusive jurisdiction of
any United States federal or New York state court sitting in New York, New York in any action or proceedings arising out of or relating to any Loan Documents and the Company and the Banks hereby irrevocably agree that all claims in respect of such
action or proceeding may be heard and determined in any such 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

  
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other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any Agent or any Bank may otherwise have to bring any
action or proceeding relating to this Agreement against the Company or its properties in the courts of any jurisdiction. Each party irrevocably consents to service of process in the manner provided for notices in
Section 13.1. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

Section 11.5    Headings. Section headings in the Loan Documents are for convenience of reference only, and
shall not govern the interpretation of any of the provisions of the Loan Documents. 
 Section 11.6    Entire
Agreement. The Loan Documents embody the entire agreement and understanding among the Company and the Banks and supersede all prior agreements and understandings among the Company and the Banks relating to the subject matter thereof. 

Section 11.7    Several Obligations. The respective obligations of the Banks hereunder are several and not
joint and no Bank shall be the partner or agent of any other. The failure of any Bank to perform any of its obligations hereunder shall not relieve any other Bank from any of its obligations hereunder. 

Section 11.8    Expenses; Indemnification, Increased Costs; Damage Waiver. 

(a)    The Company shall reimburse (i) the Administrative Agent and the Arrangers for any and all reasonable and
documented costs and out-of-pocket expenses (including reasonable attorneys’ fees and time charges of attorneys) paid or incurred by the Administrative Agent or
such Arranger in connection with the syndication of the credit facility provided for herein, (ii) the Administrative Agent for any and all reasonable and documented costs and
out-of-pocket expenses (including reasonable attorneys’ fees, disbursements and time charges of attorneys) paid or incurred by the Administrative Agent in
connection with the preparation and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall
be consummated), provided that in each case of this clauses (i) and (ii), the Company shall only be required to reimburse the reasonable fees, disbursements and other charges of one counsel for the Administrative Agent and, if necessary,
one local counsel in each appropriate jurisdiction, (iii) the Collateral Agent and/or Collateral Monitoring Agent for any and all reasonable and documented costs and
out-of-pocket expenses (including reasonable and documented attorneys’ fees, disbursements and time charges of attorneys) paid or incurred by the Collateral Agent
and/or Collateral Monitoring Agent in connection with its role as Collateral Agent and/or Collateral Monitoring Agent under this Agreement and the other Loan Documents, and any and all reasonable costs and out-of-pocket expenses (including reasonable and documented attorneys’ fees, disbursements and time charges of attorneys) paid or incurred by the Collateral Agent and/or Collateral Monitoring Agent in
connection with any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), provided that in each case of this clause (iii), the Company
shall only be required to reimburse the reasonable fees, disbursements and other charges of one counsel for the Collateral Agent and/or Collateral Monitoring Agent and, if necessary, one local counsel in each appropriate jurisdiction and
(iv) each Agent and each Bank for any and all reasonable and documented costs and out-of-pocket expenses (including reasonable attorneys’ fees, disbursements
and time charges of attorneys) paid or incurred by such Agent or such Bank, as applicable, in connection with the collection, liquidation and enforcement of the Loan Documents and/or the Collateral in connection with a Default which has occurred;
provided that in each case of this clause (iv), the Company shall only be required to reimburse the reasonable fees, disbursements and other charges of (x) one counsel for the Administrative Agent and the Banks, collectively, and
(y) one counsel for the Collateral Agent and Collateral Monitoring Agent, collectively, and, in the case of each of (x) and (y), if necessary, one local counsel in each appropriate jurisdiction, and in the case of different defenses or
conflict of interest between 

  
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the Administrative Agent and the Banks (as determined by the Administrative Agent or affected Banks in their reasonable discretion), additional counsel for the Administrative Agent or affected
Banks taken as a whole. The Company further agrees to indemnify each Agent, each Bank and each Related Party of any of the foregoing Persons (each an “Indemnified Party”) against all losses, claims, damages, penalties, judgments and
liabilities which any of them may pay or incur arising out of or relating to this Agreement, the other Loan Documents, the transactions contemplated hereby or thereby or the direct or indirect application or proposed application of the proceeds of
any Loan hereunder and to reimburse each Indemnified Party promptly upon demand for all reasonable documented out-of-pocket expenses (including, without limitation, the
reasonable documented fees and disbursements of (x) one counsel (selected by the Administrative Agent) to the Administrative Agent and the Banks (and each of their Related Parties), taken as a whole and (y) one counsel to the Collateral
Agent and the Collateral Monitoring Agent (and each of their Related Parties), taken as a whole, and in the case of a conflict of interest between the Administrative Agent and the Banks or any Related Party (as determined by the Administrative Agent
or affected Banks in their reasonable discretion), one additional counsel to all such affected conflicted Indemnified Parties similarly situated, taken as a whole (and, if reasonably necessary, of one local counsel and one applicable regulatory
counsel in each relevant material jurisdiction to the Administrative Agent and the Banks, taken as a whole, and one local counsel and one applicable regulatory counsel in each relevant material jurisdiction to the Collateral Agent and the Collateral
Monitoring Agent, taken as a whole)) in connection therewith, including reasonable documented out-of-pocket costs in connection with the preparation of a defense in
connection therewith (all of the foregoing being collectively referred to as “Indemnified Amounts”), excluding, however, in all of the foregoing instances, Indemnified Amounts (i) found by a court of competent jurisdiction in a
final non-appealable judgment to have resulted from the bad faith, gross negligence or willful misconduct on the part of the Indemnified Party seeking indemnification, (ii) consisting of Taxes for which
an indemnification is provided or specifically excluded from indemnification pursuant to Section 11.3, (iii) resulting from a material breach by any Bank or any of its Related Parties (excluding, in each case, any Agent) of
the obligations of such Indemnified Party under any Loan Document, if the Company has obtained a final, non-appealable judgment in its favor on such claim as determined by a court of competent jurisdiction,
(iv) resulting from a willful and material breach by any Agent or any of its Related Parties of the obligations of such Indemnified Party under any Loan Document, if the Company has obtained a final,
non-appealable judgment in its favor on such claim as determined by a court of competent jurisdiction or (v) arising out of a claim that does not involve an act or omission of the Company or its
Subsidiaries and that is solely among Indemnified Parties (other than disputes involving claims against any Person in its capacity as, or fulfilling its role as, an arranger, swingline lender or administrative, collateral, collateral monitoring or
syndication agent or similar role in respect of the Loan Documents). 
 (b)    If, after the date hereof, any law or any
governmental rule, regulation, policy, guideline or directive (whether or not having the force of law) is adopted, or there is any change in the interpretation or administration thereof (provided that (i) the Dodd-Frank Wall Street
Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder, issued in connection therewith or in implementation thereof and (ii) all requests, rules, guidelines, requirements and directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States, Canadian or other foreign regulatory authorities, in each case pursuant to Basel III,
shall in each case be deemed a change in law if enacted, adopted, issued or implemented after December 10, 2011), or the compliance by any Bank with such (any such event described above, a “Change in Law”), which, in any case,
affects the amount of capital or liquidity required or expected to be maintained by such Bank or any entity controlling such Bank, and such Bank reasonably determines the amount of capital or liquidity required is increased by or based upon the
existence of this Agreement or any of its Applicable Tranche Commitments hereunder and such increased capital or liquidity results in increased costs to such Bank, then, such Bank shall notify the Company of such fact and shall provide a reasonably
detailed description of such increased costs in the 

  
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notice (“Increased Cost Notice”), together with documentation from the relevant regulatory body setting forth such increased capital requirement, and the Company shall, in its
sole discretion, determine whether to terminate such Bank’s Applicable Tranche Commitment (as the case may be) in accordance with Section 2.12. The Company will pay to such Bank such additional amount or amounts as
will compensate such Bank for any such increase of cost suffered pursuant to this Section 11.8(b). Any payment required to be made by the Company under this Section 11.8(b) shall be deemed an
Obligation and be secured by the Collateral. 
 (c)    Except with respect to Taxes, which shall be governed solely and
exclusively by Section 11.3, if any Change in Law reasonably determined by the applicable Bank to be applicable 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 Bank; or 

(ii)    impose on any Bank, the London interbank market, the Canadian interbank market or any other
interbank market applicable to any Applicable Reference Rate, any other condition affecting this Agreement or Alternative Currency Rate Loans made by such Bank or participation therein; 

and the result of any of the foregoing shall be to increase the cost to such Bank of making or maintaining any Alternative Currency Rate Loan (or of
maintaining its obligation to make any such Alternative Currency Rate Loan) by an amount deemed by such Bank to be material or to reduce the amount of any sum received or receivable by such Bank hereunder (whether of principal, interest or
otherwise) by an amount deemed by such Bank to be material, then the Company will pay to such Bank, such additional amount or amounts as will compensate such Bank, subject to Section 2.12, for such additional costs incurred
or reduction suffered. Any payment required to be made by the Company under this Section 11.8(c) shall be deemed an Obligation and be secured by the Collateral. 

(d)    If (i) the Administrative Agent determines (which determination shall be conclusive absent manifest error)
that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for determining or charging interest rates based upon the Applicable Reference Rate other than the Federal Funds Rate or clause (b) of
the definition of “Federal Funds Rate” with respect to Loans in an Applicable Tranche or (ii) the Administrative Agent is advised by the Banks constituting Required Applicable Banks that, in the good faith determination of such Banks,
Applicable Reference Rate with respect to Loans in an Applicable Tranche other than clause (a) of the definition of Federal Funds Rate will not adequately and fairly reflect the cost to such Banks (or Bank) of making or maintaining their Loans
(or its Loan) included in the applicable Advance, then the Administrative Agent shall give notice thereof to the Company and the Banks by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the
Company and the Banks that the circumstances giving rise to such notice no longer exist, (x) if any Advance Request requests a Loan in an Alternative Currency, such Advance shall be made as an Advance in U.S. Dollars, (y) any obligation of
any Bank to make or continue Loans in any affected Alternative Currency shall be suspended (to the extent of the affected Loans) and (z) in the event of a determination described in the preceding sentence with respect to the LIBOR component of
the Federal Funds Rate, the utilization of the LIBOR component in determining the Federal Funds Rate shall be suspended, in each case until the Administrative Agent (in its discretion or upon the instruction of the Required Banks) revokes such
notice. 
 (e)    If any Bank shall notify the Administrative Agent and the Company that the introduction of or any
change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or Governmental Authority asserts that it is unlawful for any Bank or its applicable lending 

  
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office to make, maintain or fund or charge interest with respect to any Loans denominated in an Alternative Currency, or to charge interest rates based upon an Applicable Reference Rate
(other than clause (a) of the definition of “Federal Funds Rate”) or any Governmental Authority has imposed material restrictions on the authority of such Bank to purchase or sell, or to take deposits of any Alternative
Currency in the applicable interbank market, then, on notice thereof by such Bank to the Company through the Administrative Agent, (i) any obligation of such Bank to make or continue Loans in the Alternative Currency shall be suspended, and
(ii) if such notice asserts the illegality of such Bank making or maintaining Federal Funds Rate Loans the interest rate on which is determined by reference to the LIBOR component of the Federal Funds Rate, the interest rate on which Federal
Funds Rate Loans of such Bank shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the LIBOR component of the Federal Funds Rate, in each case until such Bank notifies the Administrative Agent
and the Company that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Company shall, promptly upon demand from such Bank (with a copy to the Administrative Agent), promptly prepay such Loans if
such Bank may not lawfully continue to maintain such Loans (or, in the case of Federal Funds Rate Loans, if necessary to avoid such illegality, the interest rate on such Loans shall be determined by the Administrative Agent without reference to the
LIBOR component of the Federal Funds Rate). The Company shall also pay accrued interest on any amount so prepaid. 

(f)    All amounts due under this Section 11.8 shall be payable promptly after written demand
therefor; provided that such amounts due pursuant to Section 11.8(b) and (c) shall be comparable (on a proportionate basis and as determined in a commercially reasonable manner) to amounts such Bank
charges similarly situated borrowers or account parties (or intends to charge substantially simultaneously) for such additional costs or such losses suffered on loans for borrowers with similar credit facilities. For purposes of clarification, the
foregoing shall not require that any Bank seek such charges against all such similarly situated borrowers or account parties prior to making any claim for costs or losses hereunder. Failure or delay on the part of any Bank to demand compensation
pursuant to the foregoing Sections 11.8(b) and (c) shall not constitute a waiver of such Bank’s right to demand such compensation, provided that the Company shall not be required to compensate a Bank pursuant to the
foregoing provisions of this Section for any increased costs incurred or reductions suffered more than 180 days prior to the date that such Bank notifies the Company of the Change in Law giving rise to such increased costs or reductions and of such
Bank’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180 day period referred to above shall be extended to include the period of
retroactive effect thereof). 
 (g)    To the extent permitted by applicable law, the Company shall not assert, and
hereby waives, any claim against any Indemnified Party, and no Indemnified Party shall assert, and by accepting the benefits of the Agreement waives, any claim against the Company (except to the extent of the Company’s indemnity obligations
provided above with respect to third party claims (which shall not, in any event include any third party claims by an Indemnified Party, except to the extent such indemnity claim is otherwise permitted pursuant to
Section 11.8(a))), in each case, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of this
Agreement or any agreement or instrument contemplated hereby, or the use of the proceeds hereof or thereof. 

(h)    Each Bank shall indemnify the Administrative Agent, within 10 days after demand therefor, for the full amount of
any Taxes attributable to such Bank that are payable or paid by the Administrative Agent, and reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant
Government Authority. A certificate as to the amount of such payment or liability delivered to any Bank by the Administrative Agent shall be conclusive absent manifest error. 

  
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 Section 11.9    Accounting. Except as provided to the
contrary herein, all accounting terms used herein shall be interpreted and all accounting determinations hereunder shall be made in accordance with GAAP. 

Section 11.10    Severability of Provisions. Any provision in any Loan Document that is held to be
inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of
that provision in any other jurisdiction, and to this end the provisions of all Loan Documents are declared to be severable. 

Section 11.11    Confidentiality. Each of the Banks and each Agent agrees to maintain the confidentiality of
the Company Information (as defined below), except that Company Information may be disclosed (a) to such Bank’s or Agent’s Affiliates and its and its Affiliates’ directors, officers, employees and agents, including accountants,
legal counsel and other advisors who have a need to know such information (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Company Information and instructed to keep such
Company Information confidential on terms substantially similar to this Section 11.11), (b) to the extent required or demanded by any governmental agency, self-regulatory authority or representative thereof, (c) to the
extent required by applicable laws or regulations or by any subpoena or similar legal process or to the extent reasonably required in connection with any litigation relating to this Agreement or the Collateral to which such Bank or such Agent, as
applicable, is a party, or for purposes of establishing a “due diligence” defense, (d) subject to an agreement containing provisions substantially the same as those described in this Section 11.11, to
(i) any actual or prospective Assignee or Participant or (ii) any actual or prospective counterparty (or its advisors) to any swap, or derivative transaction relating to the Company and its obligations, (e) with the consent of the
Company, (f) to the extent such Company Information becomes publicly available other than as a result of a breach of its confidentiality obligations as described in this Section 11.11, (g) to any other party to this
Agreement or (h) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder.

 As used in this Section, “Company Information” means all information received from the Company or any of its Subsidiaries or Affiliates
relating to Holdings or any of its subsidiaries (including the Company) or any of their respective Affiliates, or their businesses, other than any such information that is available to any Agent or any Bank, as applicable, on a non-confidential basis prior to disclosure by the Company. 

Section 11.12    WAIVER OF TRIAL BY JURY. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE
PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY MATTER ARISING HEREUNDER OR THEREUNDER. 

Section 11.13    USA Patriot Act Notification. The following notification is provided to the Company pursuant
to Section 326 of the USA Patriot Act: 
 IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT. To help the government of
the United States of America fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, record and update information that identifies each Person that opens an account,
including any deposit account, treasury management account, loan, other extension of credit, or other financial services product. Accordingly, when the Company opens an account, the Administrative Agent, the Collateral Agent and the Banks will ask
for the Company’s name, tax identification number, business address, Beneficial Ownership 

  
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Certification and other information that will allow the Administrative Agent, the Collateral Agent and the Banks to identify the Company. The Administrative Agent, the Collateral Agent and the
Banks may also ask to see the Company’s legal organizational documents or other identifying documents. 

Section 11.14    No Advisory or Fiduciary Responsibility. In connection with this Agreement or any promissory
note delivered hereunder (including in connection with any amendment, waiver or other modification hereof), the Company acknowledges and agrees, and acknowledges its subsidiaries’ understanding, that: (i) (A) the arranging and other
services regarding this Agreement provided by the Agents, the Banks and the Arrangers are arm’s-length commercial transactions between the Company and its Affiliates, on the one hand, and the Agents, the
Banks and the Arrangers, on the other hand, (B) the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Company is capable of evaluating, and understands and
accepts, the terms, risks and conditions of the transactions contemplated hereby; (ii) (A) the Agents, the Banks and the Arrangers each is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant
parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Company or any of its Affiliates, or any other Person and (B) neither any Agent, any Bank nor any Arranger has any obligation to the Company or any
of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein; and (iii) the Agents, the Banks 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 Company and its Affiliates, and neither any Agent, any Bank nor any Arranger has any obligation to disclose any of such interests to the Company or its Affiliates. To the fullest
extent permitted by law, the Company hereby waives and releases any claims that it may have against any Agent, any Bank or any Arranger with respect to any breach or alleged breach of agency or fiduciary duty (except for any agency or fiduciary duty
obligations expressly agreed in writing by the relevant parties) in connection with this Agreement or any promissory note delivered hereunder. 

Section 11.15    Judgment Currency. If, for the purposes of obtaining judgment in any court, it is necessary
to convert a sum due hereunder in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the first currency with such other currency
on the Business Day preceding that on which final judgment is given. The obligation of the Company in respect of any such sum due from it to any Agent or any Bank hereunder shall, notwithstanding any judgment in a currency (the “Judgment
Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following
receipt by the applicable Agent or such Bank, as the case may be, of any sum adjudged to be so due in the Judgment Currency, such Agent or such Bank, as the case may be, may in accordance with normal banking procedures purchase the Agreement
Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to any Agent or any Bank from the Company in the Agreement Currency, the Company agrees, as a separate obligation and
notwithstanding any such judgment, to indemnify such Agent or such Bank, as the case may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to any Agent or any Bank in such currency,
such Agent or such Bank, as the case may be, agrees to return the amount of any excess to the Company (or to any other Person who may be entitled thereto under applicable law). 

Section 11.16    Acknowledgement and Consent to Bail-In of EEA Financial
Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any party hereto, each such party acknowledges that any liability of any Bank that is an EEA Financial
Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 (a)    the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any Bank that is an EEA Financial Institution; and 

  
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 (b)    the effects of any
Bail-in Action on any such liability, including, if applicable: 

(i)    a reduction in full or in part or cancellation of any such liability; 

(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership
in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with
respect to any such liability under this Agreement or any other Loan Document; or 
 (iii)    the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 

Section 11.17    Bank ERISA Representation. 

(a)    Each Bank (x) represents and warrants, as of the date such Person became a Bank party hereto, to, and
(y) covenants, from the date such Person became a Bank party hereto to the date such Person ceases being a Bank party hereto, for the benefit of, the Administrative Agent, the Collateral Agent, the Collateral Monitoring Agent, each Arranger and
their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Company, that at least one of the following is and will be true: 

(i)    such Bank is not using “plan assets” (within the meaning of Section 3(42) of ERISA or
otherwise) of one or more Benefit Plans with respect to such Bank’s entrance into, participation in, administration of and performance of the Loans or the Applicable Tranche Commitments, 

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

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

  
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 (iv)    such other representation, warranty and covenant
as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Bank. 
 (b)    In
addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Bank or such Bank has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Bank further (x) represents and warrants, as of the date such Person became a Bank party hereto, to, and (y) covenants, from the date such
Person became a Bank party hereto to the date such Person ceases being a Bank party hereto, for the benefit of, the Administrative Agent, the Collateral Agent, the Collateral Monitoring Agent, each Arranger and their respective Affiliates, and not,
for the avoidance of doubt, to or for the benefit of the Company or any Clearing Member, that none of the Administrative Agent, the Collateral Agent, the Collateral Monitoring Agent, any Arranger or any of their respective Affiliates is a fiduciary
with respect to the assets of such Bank involved in such Bank’s entrance into, participation in, administration of and performance of the Loans, the Applicable Tranche Commitments and this Agreement (including in connection with the reservation
or exercise of any rights by the Administrative Agent, the Collateral Agent or the Collateral Monitoring Agent under this Agreement, any Loan Document or any documents related to hereto or thereto). 

Section 11.18    Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan
Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable law (including without limitation, the Criminal Code
(Canada)) (the “Maximum Rate”). If the Administrative Agent or any Bank shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid
principal, refunded to the Company. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Bank exceeds the Maximum Rate, such Person may, to the extent permitted by applicable law,
(a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal
parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 
 ARTICLE XII 

SETOFF; RATABLE PAYMENTS 

Section 12.1    Setoff; Ratable Payments. 

(a)    In addition to, and without limitation of, any rights of the Banks or Agents under applicable law, if the Company
becomes insolvent, however evidenced, or any Default occurs and is continuing, any indebtedness or other obligation owing from any Bank or Agent to the Company (including all account balances, whether provisional or final and whether or not
collected or available but excluding (x) any accounts designated as or representing “customer segregated funds” accounts and (y) any accounts pledged to such Bank to secure an overdraft facility to ensure the settlement of
foreign currency futures and options contracts traded on the exchange of the Company, CBOT, NYMEX or any other exchange in respect of which the Company has equivalent authority) may be offset and applied toward the payment of the Obligations owing
to such Bank or Agent, as the case may be, whether or not the Obligations, or any part thereof, shall then be due. 

(b)    Subject to Section 2.11, if any Bank, whether by setoff or otherwise, has payment made to
it upon any Loan under any Applicable Tranche in a greater proportion than that received by any other Bank upon any Loan in such Applicable Tranche constituting a portion of the same Advance, such Bank shall distribute to the Administrative Agent an
amount equal to each of the other Banks’ pro rata share 

  
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Agreement 
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in such Applicable Tranche of such payment. Such payment shall be distributed ratably between the Banks in such Applicable Tranche in proportion to each Bank’s respective share of the total
Obligations in such Applicable Tranche outstanding under this Agreement. Any payment distributed pursuant to this subsection (b) to the Administrative Agent shall be distributed by the Administrative Agent to the applicable Banks
in accordance with the provisions of this Agreement. 
 (c)    Subject to Section 2.11, if any
Bank, whether in connection with setoff or amounts which might be subject to setoff or otherwise, receives collateral or other protection for any category of its Obligations or such amounts which may be subject to setoff, in any case, in excess of
its pro rata share thereof, such Bank agrees, promptly upon demand, to take such action necessary such that all Banks share in the benefits of such collateral ratably in proportion to their Obligations of the same category. In case any such payment
is disturbed by legal process, or otherwise, appropriate further adjustments shall be made. 
 (d)    The Company agrees
that any Participant in a Loan may exercise setoff rights as provided by Section 12.1(a) as though it were a Bank with respect to its participating interest, provided that such Participant has agreed that it shall be
subject to Sections 12.1(b) and (c) as though it were a Bank. 
 ARTICLE XIII 

NOTICES 

Section 13.1    Notices Generally. Except in the case of notices and other communications expressly permitted
to be given by telephone (and except as provided in Section 3.5(b) or subsection (b) below), all notices and other communications provided for herein (and to the extent applicable to any other Loan Document)
shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or electronic communication as follows, and all notices and other communications expressly permitted
hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 
 (a)    if to the
Company, any Clearing Member, the Administrative Agent, the Collateral Agent, the Collateral Monitoring Agent or an Applicable Tranche Swingline Bank, to the address, facsimile number, electronic mail address or telephone number specified for such
Person on Schedule 13.1; and 
 (b)    if to any other Bank, to the address, facsimile number, electronic mail
address or telephone number specified in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Bank on its Administrative Questionnaire then in effect for the delivery of notices that may
contain material non-public information relating to the Company). 
 Notices and other communications sent by hand
or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given
during the Business Day for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided
in subsection (c) below, shall be effective as provided in such subsection (c). 

(c)    Electronic Communications. Notices and other communications to the Banks hereunder may be delivered or
furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to
notices to any Bank pursuant to Article II and Section 3.1 if such Bank has 

  
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Agreement 
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notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent, the Collateral Agent, the Collateral
Monitoring Agent any Applicable Tranche Swingline Bank or the Company may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that
approval of such procedures may be limited to particular notices or communications. 
 Unless the Administrative Agent otherwise prescribes,
(i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return
receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon
the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the
website address therefor; provided that, for both clauses (i) and (ii), if such notice, email or other communication is not sent during the Business Day of the recipient, such notice, email or communication shall be
deemed to have been sent at the opening of business on the next Business Day for the recipient. 
 (d)    The
Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM
LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative
Agent, the Collateral Agent, the Collateral Monitoring Agent or any of their Related Parties (collectively, the “Agent Parties”) have any liability to the Company, any Bank or any other Person for losses, claims, damages,
liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Company’s, the Administrative Agent’s, the Collateral Agent’s or the Collateral Monitoring Agent’s transmission of Borrower Materials
through the Internet. The Company and each Bank understands that the distribution of materials and other communications through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such
distribution and agrees and assumes the risks associated with such electronic distribution. 
 (e)    Change of
Address, Etc. Each of the Company, the Administrative Agent, the Collateral Agent, the Collateral Monitoring Agent and each Applicable Tranche Swingline Bank may change its address, facsimile or telephone number for notices and other
communications hereunder by notice to the other parties hereto. Each other Bank may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the Company, the Administrative Agent, the Collateral
Agent, the Collateral Monitoring Agent and the Applicable Tranche Swingline Banks. In addition, each Bank agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective
address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Bank. Furthermore, each Public Bank agrees to cause at
least one individual at or on behalf of such Public Bank to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Bank or its
delegate, in accordance with such Public Bank’s compliance procedures and applicable law, including United States Federal and state securities laws, to make reference to Borrower Materials that are not made available through the “Public
Side Information” portion of the Platform and that may contain material non-public information with respect to the Company or its securities for purposes of United States Federal or state securities laws.

  
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Agreement 
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 ARTICLE XIV 

COUNTERPARTS 
 This
Agreement may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties hereto may execute this Agreement by signing any such counterpart. Delivery of an executed signature page by
facsimile or email shall be effective as delivery of an original executed counterpart hereof. This Agreement shall be effective when it has been executed by the Company, the Agents and the Banks. 

ARTICLE XV 

SUBORDINATION 
 The
Company hereby subordinates its Lien on the Collateral to the Lien therein granted to the Collateral Agent pursuant to the Collateral Documents and the Company shall not take any action of any nature whatsoever to enforce its Lien until all of the
Obligations have been paid in full and the Aggregate Commitments have been terminated. 

  
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Agreement 
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