Document:

Credit Agreement

 Exhibit 10.9 
  
 EXECUTION COPY 
  
 CREDIT AGREEMENT 
  
 DATED AS OF MAY 9, 2005 
  
 BY AND AMONG 
  
 WELLS OPERATING PARTNERSHIP II, L.P., 
  
 AS BORROWER, 
  
 WACHOVIA CAPITAL MARKETS, LLC, 
  
 AS SOLE LEAD
ARRANGER AND BOOK MANAGER, 
  
 WACHOVIA BANK, NATIONAL
ASSOCIATION, 
  
 AS ADMINISTRATIVE AGENT, 
  
 PNC BANK, NATIONAL ASSOCIATION 
  
 AND 
  
 LASALLE BANK NATIONAL ASSOCIATION 
  
 AS SYNDICATION AGENTS, 
  
 SOCIÉTÉ GÉNÉRALE 
  
 AND 
  
 CITICORP NORTH AMERICA, INC. 
  
 AS DOCUMENTATION AGENTS 
  
 AND 
  
 THE FINANCIAL INSTITUTIONS PARTY HERETO

 AND THEIR ASSIGNEES UNDER SECTION 12.5, 
  

AS LENDERS 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page

	 ARTICLE I.
	 	DEFINITIONS	  	2
			
	 Section 1.1
	 	        Definitions	  	2
			
	 Section 1.2
	 	        General; References to Times	  	24
			
	 ARTICLE II.
	 	CREDIT FACILITY	  	25
			
	 Section 2.1
	 	        Revolving Loans	  	25
			
	 Section 2.2
	 	        Swingline Loans	  	25
			
	 Section 2.3
	 	        Letters of Credit	  	27
			
	 Section 2.4
	 	        Rates and Payment of Interest on Loans	  	30
			
	 Section 2.5
	 	        Number of Interest Periods	  	31
			
	 Section 2.6
	 	        Repayment of Loans	  	31
			
	 Section 2.7
	 	        Prepayments	  	31
			
	 Section 2.8
	 	        Continuation	  	32
			
	 Section 2.9
	 	        Conversion	  	32
			
	 Section 2.10
	 	        Notes	  	33
			
	 Section 2.11
	 	        Voluntary Reductions of the Commitment	  	33
			
	 Section 2.12
	 	        Expiration or Maturity Date of Letters of Credit Past Termination Date	  	33
			
	 Section 2.13
	 	        Amount Limitations	  	34
			
	 Section 2.14
	 	        Increase of Commitments	  	34
			
	 Section 2.15
	 	        Advances by Agent	  	35
			
	 Section 2.16
	 	        Extension of Termination Date	  	35
			
	 ARTICLE III.
	 	PAYMENTS, FEES AND OTHER GENERAL PROVISIONS	  	36
			
	 Section 3.1
	 	        Payments	  	36
			
	 Section 3.2
	 	        Pro Rata Treatment	  	36

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page

	 Section 3.3
	 	        Sharing of Payments, Etc	  	37
			
	 Section 3.4
	 	        Several Obligations	  	37
			
	 Section 3.5
	 	        Minimum Amounts	  	37
			
	 Section 3.6
	 	        Fees	  	38
			
	 Section 3.7
	 	        Computations	  	39
			
	 Section 3.8
	 	        Usury	  	39
			
	 Section 3.9
	 	        Agreement Regarding Interest and Charges	  	39
			
	 Section 3.10
	 	        Statements of Account	  	39
			
	 Section 3.11
	 	        Defaulting Lenders	  	39
			
	 Section 3.12
	 	        Taxes	  	41
			
	 ARTICLE IV.
	 	YIELD PROTECTION, ETC	  	42
			
	 Section 4.1
	 	        Additional Costs; Capital Adequacy	  	42
			
	 Section 4.2
	 	        Suspension of LIBOR Loans	  	43
			
	 Section 4.3
	 	        Illegality	  	43
			
	 Section 4.4
	 	        Compensation	  	43
			
	 Section 4.5
	 	        Affected Lenders	  	44
			
	 Section 4.6
	 	        Treatment of Affected Loans	  	44
			
	 Section 4.7
	 	        Change of Lending Office	  	45
			
	 Section 4.8
	 	        Assumptions Concerning Funding of LIBOR Loans	  	45
			
	 ARTICLE V.
	 	CONDITIONS PRECEDENT	  	45
			
	 Section 5.1
	 	        Initial Conditions Precedent	  	45
			
	 Section 5.2
	 	        Conditions Precedent to All Loans and Letters of Credit	  	47
			
	 Section 5.3
	 	        Conditions as Covenants	  	47
			
	 ARTICLE VI.
	 	REPRESENTATIONS AND WARRANTIES	  	48
			
	 Section 6.1
	 	        Representations and Warranties	  	48

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page

	 Section 6.2
	 	        Survival of Representations and Warranties, Etc	  	56
			
	 ARTICLE VII.
	 	AFFIRMATIVE COVENANTS	  	56
			
	 Section 7.1
	 	        Preservation of Existence and Similar Matters	  	56
			
	 Section 7.2
	 	        Compliance with Applicable Law and Contracts	  	57
			
	 Section 7.3
	 	        Maintenance of Property	  	57
			
	 Section 7.4
	 	        Conduct of Business	  	57
			
	 Section 7.5
	 	        Insurance	  	57
			
	 Section 7.6
	 	        Payment of Taxes and Claims	  	57
			
	 Section 7.7
	 	        Visits and Inspections	  	58
			
	 Section 7.8
	 	        Use of Proceeds; Letters of Credit	  	58
			
	 Section 7.9
	 	        Environmental Matters	  	58
			
	 Section 7.10
	 	        Books and Records	  	59
			
	 Section 7.11
	 	        Further Assurances	  	59
			
	 Section 7.12
	 	        Guarantors	  	59
			
	 Section 7.13
	 	        REIT Status	  	60
			
	 Section 7.14
	 	        Distribution of Income to the Borrower	  	60
			
	 Section 7.15
	 	        Reporting Company	  	60
			
	 Section 7.16
	 	        More Restrictive Agreements	  	60
			
	 ARTICLE VIII.
	 	INFORMATION	  	60
			
	 Section 8.1
	 	        Quarterly Financial Statements	  	60
			
	 Section 8.2
	 	        Year-End Statements	  	61
			
	 Section 8.3
	 	        Compliance Certificate	  	61
			
	 Section 8.4
	 	        Other Information	  	62
			
	 Section 8.5
	 	        Additions and Substitutions to and Removals From Unencumbered Assets	  	64

  

 -iii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page

	 ARTICLE IX.
	 	 NEGATIVE COVENANTS
	  	66
			
	 Section 9.1
	 	 Financial Covenants
	  	66
			
	 Section 9.2
	 	 Indebtedness
	  	66
			
	 Section 9.3
	 	 Certain Permitted Investments of Obligors, etc
	  	67
			
	 Section 9.4
	 	 Investments Generally
	  	68
			
	 Section 9.5
	 	 Liens; Negative Pledges; Other Matters
	  	68
			
	 Section 9.6
	 	 Restricted Payments; Stock Repurchases
	  	69
			
	 Section 9.7
	 	 Merger, Consolidation, Sales of Assets and Other Arrangements
	  	69
			
	 Section 9.8
	 	 Fiscal Year
	  	70
			
	 Section 9.9
	 	 Modifications to Certain Agreements
	  	70
			
	 Section 9.10
	 	 Transactions with Affiliates
	  	70
			
	 Section 9.11
	 	 ERISA Exemptions
	  	70
			
	 Section 9.12
	 	 Restriction on Prepayment of Indebtedness
	  	71
			
	 Section 9.13
	 	 Modifications to Governing Documents
	  	71
			
	 Section 9.14
	 	 Occupancy of Unencumbered Assets
	  	71
			
	 Section 9.15
	 	 Additional General Partner of the Borrower
	  	71
			
	 ARTICLE X.
	 	 DEFAULT
	  	72
			
	 Section 10.1
	 	 Events of Default
	  	72
			
	 Section 10.2
	 	 Remedies Upon Event of Default
	  	75
			
	 Section 10.3
	 	 Allocation of Proceeds
	  	75
			
	 Section 10.4
	 	 Collateral Account
	  	76
			
	 Section 10.5
	 	 Performance by Agent
	  	77
			
	 Section 10.6
	 	 Rights Cumulative
	  	77
			
	 ARTICLE XI.
	 	 THE AGENT
	  	77

  

 -v- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page

	 Section 11.1
	 	        Authorization and Action	  	77
			
	 Section 11.2
	 	        Agent’s Reliance, Etc	  	78
			
	 Section 11.3
	 	        Notice of Defaults	  	79
			
	 Section 11.4
	 	        Wachovia Bank as Lender	  	79
			
	 Section 11.5
	 	        Approvals of Lenders	  	79
			
	 Section 11.6
	 	        Lender Credit Decision, Etc	  	79
			
	 Section 11.7
	 	        Indemnification of Agent	  	80
			
	 Section 11.8
	 	        Successor Agent	  	81
			
	 Section 11.9
	 	        Titled Agents	  	81
			
	 Section 11.10
	 	        Other Loans by Lenders to Obligors	  	81
			
	 ARTICLE XII.
	 	MISCELLANEOUS	  	82
			
	 Section 12.1
	 	        Notices	  	82
			
	 Section 12.2
	 	        Expenses	  	83
			
	 Section 12.3
	 	        Setoff	  	83
			
	 Section 12.4
	 	        Litigation; Jurisdiction; Other Matters; Waivers	  	83
			
	 Section 12.5
	 	        Successors and Assigns	  	84
			
	 Section 12.6
	 	        Amendments	  	86
			
	 Section 12.7
	 	        Nonliability of Agent and Lenders	  	87
			
	 Section 12.8
	 	        Confidentiality	  	87
			
	 Section 12.9
	 	        Indemnification	  	88
			
	 Section 12.10
	 	        Termination; Survival	  	89
			
	 Section 12.11
	 	        Severability of Provisions	  	89
			
	 Section 12.12
	 	        GOVERNING LAW	  	90
			
	 Section 12.13
	 	        Counterparts	  	90

  

 -v- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page

	 Section 12.14
	 	        Obligations with Respect to Obligors and Subsidiaries	  	90
			
	 Section 12.15
	 	        Limitation of Liability	  	90
			
	 Section 12.16
	 	        Entire Agreement	  	90
			
	 Section 12.17
	 	        Construction	  	90
			
	 Section 12.18
	 	        Time of the Essence	  	90
			
	 Section 12.19
	 	        Patriot Act	  	91

  

 -vi- 

 THIS CREDIT AGREEMENT (this “Agreement”) dated as of May 9, 2005 by and among WELLS
OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership (“Borrower”), each of the financial institutions initially a signatory hereto together with their assignees pursuant to Section 12.5(d) (collectively, the
“Lenders” and individually a “Lender”) and WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent (the “Agent”). 
  
 WHEREAS, the Lenders have agreed to make a credit facility available to the Borrower; and 
  
 WHEREAS, the parties desire to enter into this Agreement in order to set forth the terms and provisions applicable to such
facility; 
  
 NOW, THEREFORE, in consideration of the recitals
herein and the mutual covenants contained herein, the parties hereto hereby agree as follows: 
  
 ARTICLE I. DEFINITIONS 
  
 Section 1.1
Definitions. 
  
 In addition to terms defined elsewhere
herein, the following terms shall have the following meanings for the purposes of this Agreement: 
  
 “Additional Costs” has the meaning given that term in Section 4.1. 
  
 “Adjusted EBITDA” means as of any date of determination the sum of (a) EBITDA of the Borrower for the
immediately preceding calendar quarter less (b) the Capital Reserve for such period. 
  
 “Adjusted Eurodollar Rate” means, with respect to each Interest Period for any LIBOR Loan, the rate obtained by dividing (a) LIBOR for such Interest Period by (b) a percentage equal to 1 minus the
stated maximum rate (stated as a decimal) of all reserves, if any, required to be maintained against “Eurocurrency liabilities” as specified in Regulation D of the Board of Governors of the Federal Reserve System (or against any other
category of liabilities which includes deposits by reference to which the interest rate on LIBOR Loans is determined or any category of extensions of credit or other assets which includes loans by an office of any Lender outside of the United States
of America to residents of the United States of America). 
  
 “Adjusted Total Asset Value” means as of any date of determination the sum of (a) Total Asset Value less (b) the value of assets (determined in a manner consistent with the definition of Total Asset Value) owned or
leased by Excluded Subsidiaries or Unconsolidated Affiliates and included in Total Asset Value. 
  
 “Affiliate” means, as to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with
such Person. For purposes of this definition, “control” (including with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”) means the possession directly or
indirectly of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities or by contract or otherwise. 
  
 “Agent” means Wachovia Bank, as contractual representative for the Lenders under the terms of this
Agreement, and any of its successors. 
  
 “Agreement
Date” means the date as of which this Agreement is dated. 
  
 “Anti-Terrorism Laws” has the meaning given that term in Section 6.1(hh). 
  

 2 

 “Applicable Law” means all applicable provisions of constitutions, statutes, rules,
regulations and orders of all governmental bodies and all orders and decrees of all courts, tribunals and arbitrators. 
  
 “Applicable Margin” means at any time the percentage rate per annum set forth below in the Base Rate Margin column with respect to Base
Rate Loans and the LIBOR Margin column with respect to LIBOR Loans determined based upon the Debt to Total Asset Value Ratio of the Borrower: 
  

							
	 Debt to Total Asset
 Value
Ratio

	  	Base Rate Margin

	 	 	LIBOR Margin

	 
	 Less than or equal to 0.25 to 1.00
	  	0	%	 	0.85	%
	 Greater than 0.25 to 1.00 but less than or equal to 0.35 to 1.00
	  	0	%	 	0.95	%
	 Greater than 0.35 to 1.00 but less than or equal to 0.45 to 1.00
	  	0	%	 	1.05	%
	 Greater than 0.45 to 1.00
	  	0	%	 	1.20	%

  
 Any increase or decrease in the
Applicable Margin resulting from a change in the Debt to Total Asset Value Ratio shall become effective as of the first (1st) Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 8.1(a); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such
Section, then the Applicable Margin shall be the percentage that would apply if the Debt to Total Asset Value Ratio was greater than 0.45 to 1.00 and it shall apply as of the first (1st) Business Day after the date on which such Compliance Certificate was required to have been delivered. 
  
 “Approved Bond Transaction” means those real property
projects and any other real property developments (a) in which the Borrower or any Guarantor acquires an interest as a lessee in real property subject to a bond transaction encumbering the property wherein the Borrower or such Guarantor is also the
owner of the applicable bonds; (b) pursuant to which rental payments of the Borrower or applicable Guarantor as lessee ultimately run to the Borrower or such Guarantor in the form of payments on the applicable bonds and are in an amount that are
equivalent (or nearly so) with the required payments under the bonds; and (c) which lease (i) has a remaining term of not less than twenty (20) years or provides a purchase option in favor of the Borrower or the applicable Guarantor for the
underlying land that is exercisable by the Borrower or such Guarantor at the option of the Borrower or such Guarantor, as appropriate, prior to or simultaneously with the expiration of the lease and for a de minimus or nominal purchase price, (ii)
under which any required rental payment or other payment due under such lease from the Borrower or the applicable Guarantor to the lessor have been assigned to secure the bonds held by the Borrower or the applicable Guarantor and no payment default
has occurred and no other default has occurred which would permit the termination of the lease, (iii) where no party to such lease is the subject of a Bankruptcy Event, (iv) contains customary provisions either (A) protective of any lender to the
lessee or (B) whereby the lessor expressly agrees upon request to subordinate the lessor’s fee interest to the rights and remedies of such a lender, (v) where the Borrower’s or the applicable Guarantor’s interest in the real property
or the lease is not subject to (A) any Lien other than Permitted Liens of the types described in clauses (a), (c) and (d) of the definition of Permitted Liens and the instruments securing the bonds held by the Borrower or the applicable Guarantor,
and (vi) such lease and bond documents permits reasonable transferability thereof (including the right to sublease to occupancy tenants), in each case, documented and structured in a manner satisfactory to the Agent in its reasonable discretion.

  

 3 

 “Assignee” has the meaning given that term in Section 12.5(d). 
  
 “Assignment and Acceptance Agreement” means an Assignment
and Acceptance Agreement among a Lender, an Assignee and the Agent, substantially in the form of Exhibit A. 
  
 “Available Amount” means the lesser of (i) the total Commitments (as the same may be reduced from time to time pursuant to Section 2.11,
increased pursuant to Section 2.14) and (ii) fifty percent (50%) of the Unencumbered Asset Value. 
  
 “Bankruptcy Code” means Title 11, U.S.C.A., as amended from time to time or any successor statute thereto. 
  
 “Bankruptcy Event” means, with respect to any Person, the
occurrence of any of the following: (a) the entry of a decree or order for relief by a court or governmental agency in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or the
appointment by a court or governmental agency of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of such Person or for any substantial part of its property or the ordering of the winding up or liquidation of
its affairs by a court or governmental agency; or (b) the commencement against such Person of an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or of any case, proceeding or other action
for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of such Person or for any substantial part of its property or for the winding up or liquidation of its affairs, and such involuntary case
or other case, proceeding or other action shall remain undismissed for a period of ninety (90) consecutive days, or the repossession or seizure by a creditor of such Person of a substantial part of its property; or (c) such Person shall commence a
voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment of or the taking
possession by a receiver, liquidator, assignee, creditor in possession, custodian, trustee, sequestrator (or similar official) of such Person or for any substantial part of its property or make any general assignment for the benefit of creditors; or
(d) such Person shall admit in writing its inability to pay its debts generally as they become due. 
  
 “Base Rate” means the per annum rate of interest equal to the greater of (a) the Prime Rate or (b) the Federal Funds Rate plus one-half
of one percent (0.5%). Any change in the Base Rate resulting from a change in the Prime Rate or the Federal Funds Rate shall become effective as of 12:01 a.m. on the Business Day on which each such change occurs. The Base Rate is a reference rate
used by the Lender acting as the Agent in determining interest rates on certain loans and is not intended to be the lowest rate of interest charged by the Lender acting as the Agent or any other Lender on any extension of credit to any debtor.

  
 “Base Rate Loan” means a Loan bearing
interest at a rate based on the Base Rate. 
  
 “Benefit
Arrangement” means at any time an employee benefit plan within the meaning of Section 3(3) of ERISA which is not a Plan or a Multiemployer Plan and which is maintained or otherwise contributed to by any member of the ERISA Group.

  
 “Borrower” has the meaning set forth in the
introductory paragraph hereof. 
  
 “Business Day”
means (a) any day other than a Saturday, Sunday or other day on which banks in Charlotte, North Carolina or New York, New York are authorized or required to close and (b) with reference to a LIBOR Loan, any such day that is also a day on which
dealings in Dollar deposits are carried out in the London interbank market. 
  

 4 

 “Capital Reserves” means, for any period and with respect to a Property, an amount equal
to (a) $0.40 per square foot per annum for all office Properties and $0.15 per square foot per annum for all other Properties multiplied by (b) a fraction, the numerator of which is the number of days in such period and the denominator of which is
365. Any portion of a Property leased under a ground lease to a third party that owns the improvements on such portion of such Property shall not be included in the determination of Capital Reserves. If the term Capital Reserves is used without
reference to any specific Property, then the amount shall be determined on an aggregate basis with respect to all Properties of the Borrower, Guarantors and their Subsidiaries and a proportionate share of all Properties of all Unconsolidated
Affiliates. 
  
 “Capitalization Rate” means
8.25%. 
  
 “Capitalized Lease Obligations” means
obligations under a lease that are required to be capitalized for financial reporting purposes in accordance with GAAP. The amount of a Capitalized Lease Obligation is the capitalized amount of such obligation as would be required to be reflected on
a balance sheet of the applicable Person prepared in accordance with GAAP as of the applicable date. 
  
 “Cash Equivalents” means: (a) securities issued, guaranteed or insured by the United States of America or any of its agencies with
maturities of not more than one year from the date acquired; (b) certificates of deposit with maturities of not more than one year from the date acquired which are issued by a United States federal or state chartered commercial bank of recognized
standing, or a commercial bank organized under the laws of any other country which is a member of the Organization for Economic Cooperation and Development, or a political subdivision of any such country, acting through a branch or agency, which
bank at the time of the acquisition thereof has capital and unimpaired surplus in excess of $500,000,000 and which bank or its holding company at the time of the acquisition thereof has a short-term commercial paper rating of at least A-2 or the
equivalent by S&P or at least P-2 or the equivalent by Moody’s; (c) reverse repurchase agreements with terms of not more than seven days from the date acquired, for securities of the type described in clause (a) above and entered into only
with commercial banks having the qualifications described in clause (b) above; (d) commercial paper issued by any Person incorporated under the laws of the United States of America or any State thereof and rated at the time of the acquisition
thereof at least A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody’s, in each case with maturities of not more than one year from the date acquired; and (e) investments in money market funds registered
under the Investment Company Act of 1940, which have at the time of the acquisition thereof net assets of at least $500,000,000 and at least 85% of whose assets consist of securities and other obligations of the type described in clauses (a) through
(d) above. 
  
 “Change of Control” means the
occurrence of any of the following: 
  
 (a) any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) is or becomes the “beneficial owner” (as defined in Rules 13d-3
and 13d-5 under the Exchange Act, except that a Person will be deemed to have “beneficial ownership” of all securities that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of
time), directly or indirectly, of more than thirty-three percent (33%) of the total voting power of the then outstanding voting stock of the REIT Guarantor; 
  
 (b) during any period of 12 consecutive months, a majority of the Board of Trustees or Directors of the REIT Guarantor consists of individuals who were
not either (i) trustees or directors of 

  

 5 

 
the REIT Guarantor as of the corresponding date of the previous year, (ii) selected or nominated to become trustees or directors by the Board of Trustees or
Directors of the REIT Guarantor of which a majority consisted of individuals described in clause (b)(i) above, or (iii) selected or nominated to become trustees or directors by the Board of Trustees or Directors of the REIT Guarantor of which a
majority consisted of individuals described in clause (b)(i) above and individuals described in clause (b)(ii), above; 
  
 (c) the REIT Guarantor shall fail to be the sole general partner of the Borrower, subject to Section 9.10(b); or 
  
 (d) Borrower or the REIT Guarantor fails to own, directly or indirectly, free
of any liens, encumbrances or adverse claims, at least seventy-five percent (75%) of the Equity Interests of each Guarantor (other than the REIT Guarantor), control all major decisions of such Guarantor (including, without limitation, decisions to
sell or encumber property) and otherwise possess the ordinary voting power to elect a majority of the board of directors, or other persons performing similar functions, of each such Guarantor. 
  
 “Collateral Account” means a special non-interest bearing
deposit account maintained by the Agent at the Principal Office and under its sole dominion and control. 
  
 “Commitment” means, as to each Lender, such Lender’s obligation to make Revolving Loans pursuant to Section 2.1, to issue (in the
case of the Issuing Lender) or participate in (in the case of the other Lenders) Letters of Credit pursuant to Section 2.4 and to participate in Swingline Loans pursuant to Section 2.2, to an amount up to, but not exceeding (but in the case of the
Lender acting as the Issuing Lender excluding the aggregate amount of participations in the Letters of Credit held by other Lenders) the amount set forth for such Lender on Schedule I hereto as such Lender’s “Commitment Amount” or as
set forth in the applicable Assignment and Acceptance Agreement, as the same may be reduced from time to time pursuant to Section 2.11, increased pursuant to Section 2.14, or as appropriate to reflect any assignments to or by such Lender effected in
accordance with Section 12.5. 
  
 “Commitment
Percentage” means, as to each Lender, the ratio, expressed as a percentage, of (a) the amount of such Lender’s Commitment to (b) the aggregate amount of the Commitments of all Lenders hereunder; provided, however, that if
at the time of determination the Commitments have terminated or been reduced to zero, the “Commitment Percentage” of each Lender shall be the Commitment Percentage of such Lender in effect immediately prior to such termination or
reduction. 
  
 “Compliance Certificate” has the
meaning given that term in Section 8.3. 
  
 “Construction
Budget” means, in the aggregate, the fully budgeted total cost to develop the property under construction, including the acquisition cost of land as reasonably determined by Borrower in good faith. 
  
 “Construction-in-Process” means cash expenditures for land
and improvements (including indirect costs internally allocated and development costs) determined in accordance with GAAP on all Properties that are under development or are scheduled to commence development within twelve (12) months of any date of
determination. 
  
 “Contingent Liabilities” as to
any Person, but without duplication of any amount included or includable in items (a) through (h), (j) and (k) of Indebtedness, as applied to any obligation, means and includes liabilities or obligations with respect to: (a) a guaranty (other than
by endorsement of negotiable instruments for collection in the ordinary course of business), directly or indirectly, in any manner, of any part or all of such obligation; (b) an agreement, direct or indirect, contingent or otherwise, and whether or
not constituting a guaranty, the practical effect of which is to assure the payment or performance (or 

  

 6 

 
payment of damages in the event of nonperformance) of any part or all of such obligation, whether by: (i) the purchase of securities or obligations, (ii) the
purchase, sale or lease (as lessee or lessor) of property or the purchase or sale of services primarily for the purpose of enabling the obligor with respect to such obligation to make any payment (or payment of damages in the event of
nonperformance) of or on account of any part or all of such obligation, or to assure the owner of such obligation against loss, (iii) the supplying of funds to or in any other manner investing in the obligor with respect to such obligation, (iv)
repayment of amounts drawn down by beneficiaries of letters of credit (including Letters of Credit), or (v) the supplying of funds to or investing in a Person on account of all or any part of such Person’s obligation under a guaranty of any
obligation or indemnifying or holding harmless, in any way, such Person against any part or all of such obligation; (c) all obligations, contingent or otherwise, of such Person under any synthetic lease, tax retention operating lease, or similar off
balance sheet financing arrangement; (d) all obligations of such Person with respect to any take-out commitment or forward equity commitment; (e) purchase obligations net of asset value; and (f) all obligations under performance and/or completion
guaranties (or other agreements the practical effect of which is to assure performance or completion of such obligations) as and to the extent such obligations are required to be included as liabilities on the balance sheet of such Person in
accordance with GAAP. 
  
 “Continue”,
“Continuation” and “Continued” each refers to the continuation of a LIBOR Loan from one Interest Period to another Interest Period pursuant to Section 2.8. 
  
 “Contribution Agreement” means the Contribution Agreement of
even date herewith in substantially the form of Exhibit B to be executed by the Borrower and the Guarantors. 
  
 “Convert”, “Conversion” and “Converted” each refers to the conversion of a Loan of one Type into a Loan
of another Type pursuant to Section 2.9. 
  
 “Credit
Event” means any of the following: (a) the making (or deemed making) of any Loan, (b) the Conversion of a Loan and (c) the issuance of a Letter of Credit. 
  
 “Debt to Total Asset Value Ratio” means the ratio (expressed as a percentage) of (a) the sum of the
Borrower’s, the Guarantors’ and their respective Subsidiaries’ Indebtedness to (b) Total Asset Value. 
  
 “Default” means any of the events specified in Section 10.1, whether or not there has been satisfied any requirement for the giving of
notice, the lapse of time, or both. 
  
 “Defaulting
Lender” has the meaning set forth in Section 3.11. 
  
 “Derivatives Contract” means any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity
index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions,
collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the
foregoing), whether or not any such transaction is governed by or subject to any master agreement. Not in limitation of the foregoing, the term “Derivatives Contract” includes any and all transactions of any kind, and the related
confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other
master agreement, including any such obligations or liabilities under any such master agreement. 
  

 7 

 “Derivatives Termination Value” means, in respect of any one or more Derivatives
Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Derivatives Contracts, (a) for any date on or after the date such Derivatives Contracts have been closed out and termination value(s)
determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a) the amount(s) determined as the mark-to-market value(s) for such Derivatives Contracts, as determined based upon one or
more mid-market or other readily available quotations provided by any recognized dealer in such Derivatives Contracts (which may include the Agent or any Lender). 
  
 “Development Property” means a Property currently under development for use as an office or industrial
building that has not become a Stabilized Property, or on which the improvements (other than tenant improvements on unoccupied space) related to the development have not been completed, provided that such a Development Property on which all
improvements (other than tenant improvements on unoccupied space) related to the development of such Property have been completed for at least twelve (12) months shall cease to constitute a Development Property notwithstanding the fact that such
Property has not become a Stabilized Property. 
  
 “Dividend Reinvestment Proceeds” means, as of any date of determination and for any given period, an amount equal to all dividends or other distributions paid by the REIT Guarantor during such period, directly or
indirectly, on account of any shares of any equity interest of the REIT Guarantor which any holder(s) of such equity interest direct to be used, concurrently with the making of such dividend or distribution, for the purpose of purchasing for the
account of such holder(s) additional equity interests in the REIT Guarantor or any of its Subsidiaries. 
  
 “Documentation Agent” means Société Générale and Citicorp North America, Inc. 
  
 “Dollars” or “$” means dollars in lawful
currency of the United States of America. 
  
 “EBITDA” means, with respect to a Person for any period (without duplication): (a) net income (loss) of such Person for such period determined on a consolidated basis in accordance with GAAP, exclusive of the following (but
only to the extent included in the determination of such net income (loss)): (i) depreciation and amortization expense; (ii) Interest Expense; (iii) income tax expense; and (iv) extraordinary or non-recurring gains and losses; plus (b) such
Person’s pro rata share of EBITDA of its Unconsolidated Affiliates. EBITDA shall be adjusted to remove any impact from straight line rent leveling adjustments required under GAAP and amortization of all intangibles, without duplication,
pursuant to FAS 141. 
  
 “Effective Date” means
the later of: (a) the Agreement Date; and (b) the date on which all of the conditions precedent set forth in Section 5.1 shall have been fulfilled or waived in writing by the Requisite Lenders. 
  
 “Eligible Assignee” means any Person who is: (i) currently a
Lender; (ii) a commercial bank, trust company, insurance company, investment bank or pension fund organized under the laws of the United States of America, or any state thereof, and having total assets in excess of $5,000,000,000; (iii) a savings
and loan association or savings bank organized under the laws of the United States of America, or any state thereof, and having a tangible net worth of at least $500,000,000; or (iv) a commercial bank organized under the laws of any other country
which is a member of the Organization for Economic Cooperation and Development, or a political subdivision of any such country, and having total assets in excess of $10,000,000,000, provided that such bank is acting through a branch or agency
located in the United States of America. 
  

 8 

 “Eligible Ground Lease” means a ground lease containing the following terms and
conditions: (a) a remaining term (exclusive of any unexercised extension options) of forty (40) years or more from the Effective Date; (b) the right of the lessee to mortgage and encumber its interest in the leased property without the consent of
the lessor; (c) the obligation of the lessor to give the holder of any mortgage lien on such leased property written notice of any defaults on the part of the lessee and agreement of such lessor that such lease will not be terminated until such
holder has had a reasonable opportunity to cure or complete foreclosure, and fails to do so; (d) reasonable transferability of the lessee’s interest under such lease, including the ability to sublease; and (e) such other rights customarily
required by mortgagees making a loan secured by the interest of the holder of the leasehold estate demised pursuant to a ground lease. 
  
 “Environmental Laws” means any Applicable Law relating to environmental protection or the manufacture, storage, disposal or clean-up of
Hazardous Materials including, without limitation, the following: Clean Air Act, 42 U.S.C. § 7401 et seq.; Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; Solid Waste Disposal Act, as amended by the Resource Conservation and
Recovery Act, 42 U.S.C. § 6901 et seq.; Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et seq.; National Environmental Policy Act, 42 U.S.C. § 4321 et seq.; regulations of the Environmental
Protection Agency and any applicable rule of common law and any judicial interpretation thereof relating primarily to the environment or Hazardous Materials. 
  
 “Equity Interest” means, with respect to any Person, any share of capital stock of (or other ownership or profit interests in) such
Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit interests in) such Person, any security convertible into or exchangeable for any share
of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person of such shares (or such other interests), and any other ownership or profit interest in
such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or other interest is authorized or otherwise existing on any date of
determination. 
  
 “Equity Issuance” means any
issuance by a Person of any Equity Interest and shall in any event include the issuance of any Equity Interest upon the conversion or exchange of any security constituting Indebtedness that is convertible or exchangeable, or is being converted or
exchanged, for Equity Interests. 
  
 “Equity
Percentage” means the aggregate ownership percentage of the Borrower, the other Obligors or their respective Subsidiaries in each Unconsolidated Affiliate. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the regulations
promulgated thereunder in effect from time to time. 
  
 “ERISA Group” means the Borrower, the other Obligors, any Subsidiary of the Borrower or any of the other Obligors and all members of a controlled group of corporations and all trades or businesses (whether or not
incorporated) under common control which, together with the Borrower, the other Obligors or any of their respective Subsidiaries, are treated as a single employer under Section 414 of the Internal Revenue Code. 
  
 “Event of Default” means any of the events specified in
Section 10.1, provided that any requirement for notice or lapse of time or any other condition has been satisfied. 
  
 “Excluded Subsidiary” means (x) any Subsidiary of the Borrower or the REIT Guarantor (a) holding title to assets which are or are to
become collateral for any Secured Indebtedness of such Subsidiary; (b) which is prohibited from guarantying the Indebtedness of any other Person pursuant to 

  

 9 

 
(i) any document, instrument or agreement evidencing such Secured Indebtedness or (ii) a provision of such Subsidiary’s organizational documents which
provision was included in such Subsidiary’s organizational documents as a condition to the extension of such Secured Indebtedness; and (c) the liabilities for which none of the Guarantors (other than the REIT Guarantor), any of their respective
Subsidiaries (other than another Excluded Subsidiary) or any other Obligor (other than the Borrower and REIT Guarantor) has any Contingent Liability or is otherwise liable with respect to any of the Indebtedness of such Subsidiary, except for
customary exceptions for fraud, misapplication of funds, environmental indemnities, and other similar exceptions from non recourse liability or (y) any Subsidiary which is not a Wholly Owned Subsidiary and with respect to which the REIT Guarantor or
the Borrower, as applicable, does not have sufficient voting power (and is unable, after good faith efforts to do so, to cause any necessary non-affiliated equity holders to agree) to cause such entity to become a “Guarantor” or,
notwithstanding such voting power, the interests of such non-affiliated holders has material economic value in the reasonable judgment of the Borrower that would be impaired by such Subsidiary becoming a “Guarantor” 
  
 “Executive Order” has the meaning given that term in Section
6.1(hh). 
  
 “Extension Fee” has the
meaning given that term in Section 3.6. 
  
 “Extension
Request” has the meaning given that term in Section 2.16. 
  
 “Facility Termination Date” has the meaning given that term in Section 2.12. 
  
 “Fair Market Value” means, with respect to (a) a security listed on a national securities exchange or the NASDAQ National Market, the
price of such security as reported on such exchange by any widely recognized reporting method customarily relied upon by financial institutions, and (b) with respect to any other property, the price which could be negotiated in an arm’s-length
free market transaction, for cash, between a willing seller and a willing buyer, neither of which is under pressure or compulsion to complete the transaction. 
  

“Federal Funds Rate” means, for any day, the rate per annum (rounded upward to the nearest 1/100th of 1%) equal to the weighted
average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day,
provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day, and (b) if no such rate is so published on such next succeeding Business Day,
the Federal Funds Rate for such day shall be the average rate quoted to the Agent by federal funds dealers selected by the Agent on such day on such transaction as determined by the Agent. 
  
 “Fees” means the fees and commissions provided for or
referred to in Section 3.6 and any other fees payable by the Borrower to the Agent or any Lender hereunder or under any other Loan Document. 
  
 “Fixed Charge Coverage Ratio” means the ratio of (a) Adjusted EBITDA to (b) Fixed Charges for the period used to calculate EBITDA.

  
 “Fixed Charges” means, for any period, the
sum of (a) Interest Expense of the Borrower, the Guarantor and their respective Subsidiaries determined on a consolidated basis for such period, plus (b) all regularly scheduled principal payments made with respect to Indebtedness of the
Borrower, the Guarantors and their respective Subsidiaries during such period, other than any balloon, bullet or similar principal payment which repays such Indebtedness in full, plus (c) all Preferred Dividends paid during such period. Such
Person’s Equity Percentage in the Fixed Charges of its Unconsolidated Affiliates shall be included in the determination of Fixed Charges. 
  

 10 

 “Floating Rate Debt” means all Indebtedness for borrowed money of the Borrower, the
other Obligors and each of their respective Subsidiaries which bears interest at fluctuating rates (and in any event shall include all Loans and other Indebtedness of the Borrower under any of the Loan Documents) and for which the Borrower, such
Obligor or such Subsidiary has not obtained Interest Rate Agreements which Interest Rate Agreements effectively cause such variable rates to be equivalent to, or to be capped at, fixed rates. For purposes of this definition, Floating Rate Debt of
the Borrower, any other Obligor or any Subsidiary of the Borrower, the other Obligors and their respective Subsidiaries shall include the Floating Rate Debt of any Unconsolidated Affiliate of the Borrower, such Obligor or such Subsidiary, as the
case may be, only to the extent of such Floating Rate Debt is recourse to the Borrower, such Obligor or such Subsidiary. 
  
 “Funds From Operations” means, with respect to a Person and for a given period, (a) net income (loss) of such Person determined on a
consolidated basis for such period minus (or plus) (b) gains (or losses) from debt restructuring and sales of property during such period, plus (c) depreciation with respect to such Person’s real estate assets and
amortization (other than amortization of deferred financing costs) of such Person for such period, all after adjustment for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated entities will be calculated to reflect funds
from operations on the same basis. 
  
 “GAAP”
means U.S. generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the Agreement Date. 
  
 “Governing Documents” of any Person means the declaration of
trust, certificate or articles of incorporation, by-laws, partnership agreement or operating or members agreement, as the case may be, and any other organizational or governing documents, of such Person. 
  
 “Governmental Approvals” means all authorizations, consents,
approvals, licenses and exemptions of, registrations and filings with, and reports to, all Governmental Authorities. 
  
 “Governmental Authority” means any national, state or local government (whether domestic or foreign), any political subdivision thereof
or any other governmental, quasi-governmental, judicial, public or statutory instrumentality, authority, body, agency, bureau or entity (including, without limitation, the Federal Deposit Insurance Corporation, the Comptroller of the Currency or the
Federal Reserve Board, any central bank or any comparable authority) or any arbitrator with authority to bind a party at law. 
  
 “Gross Cash Proceeds” means, with respect to any Equity Issuance by any Person, the aggregate amount of all cash and the Fair Market
Value of all other property (other than securities of such Person being converted or exchanged in connection with such Equity Issuance) received by such Person in respect of such Equity Issuance. 
  
 “Guarantors” means, individually and collectively, as the
context shall require, the REIT Guarantor and all other Material Subsidiaries (other than Excluded Subsidiaries) and any other Person that is now or hereafter a party to the Guaranty as a “Guarantor”. 
  

 11 

 “Guaranties” (whether one or more) means the Guaranty substantially in the form of
Exhibit C executed by the Guarantors as of the Agreement Date and delivered to the Agent in accordance with this Agreement. 
  
 “Hazardous Materials” means all or any of the following: (a) substances that are defined or listed in, or otherwise classified pursuant
to, any applicable Environmental Laws as “contaminant”, “hazardous substances”, “hazardous materials”, “hazardous wastes”, “pollutant”, “toxic substances” or any other formulation intended
to define, list or classify substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, “TCLP” toxicity or “EP toxicity”; (b) oil, petroleum or petroleum
derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or production of crude oil, natural gas or geothermal resources; (c) any
flammable substances or explosives or any radioactive materials; (d) asbestos in any form; (e) electrical equipment which contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in excess of fifty parts per million; and
(f) any other chemicals, materials or substances regulated pursuant to any Environmental Law. 
  
 “Indebtedness” means, with respect to a Person, at the time of computation thereof, all of the following (without duplication): (a) all obligations of such Person in respect of money borrowed (other
than trade debt incurred in the ordinary course of business which is not more than sixty (60) days past due); (b) all obligations of such Person, whether or not for money borrowed (i) represented by notes payable, or drafts accepted, in each case
representing extensions of credit, (ii) evidenced by bonds, debentures, notes or similar instruments, or (iii) constituting purchase money indebtedness, conditional sales contracts, title retention debt instruments or other similar instruments, upon
which interest charges are customarily paid or that are issued or assumed as full or partial payment for property or services rendered; (c) Capitalized Lease Obligations of such Person; (d) all reimbursement obligations of such Person under any
letters of credit or acceptances (whether or not the same have been presented for payment); (e) all Off-Balance Sheet Obligations of such Person; (f) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment
in respect of any Mandatorily Redeemable Stock issued by such Person or any other Person, valued at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; (g) all obligations of such Person in respect
of any purchase obligation, repurchase obligation, takeout commitment or forward equity commitment, in each case evidenced by a binding agreement (excluding any such obligation to the extent the obligation can be satisfied by the issuance of Equity
Interests (other than Mandatorily Redeemable Stock) at the option of such Person); (h) net obligations under any Derivatives Contract not entered into as a hedge against existing Indebtedness, in an amount equal to the Derivatives Termination Value
thereof; (i) all Contingent Liabilities of such Person (except for guaranties of customary exceptions for fraud, misapplication of funds, environmental indemnities, violation of “special purpose entity” covenants, bankruptcy, insolvency,
receivership or other similar events and other similar exceptions to recourse liability until a claim is made with respect thereto, and then shall be included only to the extent of the amount of such claim); (j) all Indebtedness of another Person
secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property or assets owned by such Person, even though such Person has not assumed or become liable for the payment
of such Indebtedness or other payment obligation; and (k) such Person’s pro rata share of the Indebtedness of any Unconsolidated Affiliate of such Person. Indebtedness of any Person shall include Indebtedness of any partnership or joint venture
in which such Person is a general partner or joint venturer to the extent of such Person’s pro rata share of the ownership of such partnership or joint venture (except if such Indebtedness, or portion thereof, is recourse to such Person, in
which case the greater of such Person’s pro rata portion of such Indebtedness or the amount of the recourse portion of the Indebtedness, shall be included as Indebtedness of such Person). All Loans and Letter of Credit Liabilities shall
constitute Indebtedness of the Borrower. 
  
 “Intellectual
Property” has the meaning given that term in Section 6.1(t). 
  

 12 

 “Interest Expense” means, for any period, without duplication, (a) total interest
expense of the Borrower, the Guarantors and their respective Subsidiaries, including capitalized interest not funded under a construction loan interest reserve account plus recurring fees such as recurring issuer, trustee and credit enhancement fees
in connection with tax-exempt financings, determined on a consolidated basis in accordance with GAAP for such period, plus (b) the Borrower’s, the Guarantors’ and their respective Subsidiaries’ Equity Percentage of Interest Expense of
their Unconsolidated Affiliates for such period. 
  
 “Interest Period” means with respect to any LIBOR Loan, each period commencing on the date such LIBOR Loan is made or the day following the last day of the next preceding Interest Period for such Loan and ending 7, 30, 60,
90, or 180 days thereafter, as the Borrower may select in a Notice of Borrowing, Notice of Continuation or Notice of Conversion, as the case may be, except that each Interest Period of 30, 60, 90 or 180 day’s duration that commences on the last
Business Day of a calendar month shall end on the last Business Day of the appropriate subsequent calendar month. Notwithstanding the foregoing: (i) no Interest Period for a Revolving Loan shall end after the Termination Date; and (ii) each Interest
Period that would otherwise end on a day which is not a Business Day shall end on the next succeeding Business Day (or, if such next succeeding Business Day falls in the next succeeding calendar month, on the next preceding Business Day).

  
 “Interest Rate Agreement” means any interest
rate swap agreement, interest rate cap agreement, interest rate collar agreement or other similar contractual agreement or arrangement entered into with a nationally recognized financial institution then having a credit rating of BBB/Baa (or
equivalent) or higher from both S&P and Moody’s for the purpose of protecting against fluctuations in interest rates. 
  
 “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended. 
  
 “Investment” means, with respect to any Person, any
acquisition or investment (whether or not of a controlling interest) by such Person, by means of any of the following: (a) the purchase or other acquisition of any Equity Interest in another Person; (b) a loan, advance or extension of credit to,
capital contribution to, guaranty of Indebtedness of, or purchase or other acquisition of any Indebtedness of, another Person, including any partnership or joint venture interest in such other Person; (c) the purchase or other acquisition (in one
transaction or a series of transactions) of assets of another Person that constitute the business or a division or operating unit of another Person; (d) the purchase or other acquisition of Cash Equivalents or (e) the acquisition in the ordinary
course of business of any interests in real property or any other investment. Any binding commitment to make an Investment in any other Person, as well as any option of another Person to require an Investment in such Person, shall constitute an
Investment. Except as expressly provided otherwise, for purposes of determining compliance with any covenant contained in the Loan Documents, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent
increases or decreases in the value of such Investment. 
  
 “Issuing Lender” means Wachovia Bank in its capacity as the Lender issuing the Letters of Credit and its successors and assigns. 
  
 “Joinder Agreement” means the joinder agreement with respect to the Guaranty and the Contribution Agreement to be executed and delivered
pursuant to Section 7.12 by any additional Guarantor, substantially in the form of Exhibit D. 
  
 “L/C Commitment Amount” equals $25,000,000. 
  
 “Lender” means each financial institution from time to time party hereto, together with its respective successors and permitted assigns.
The Issuing Lender shall also be a Lender. 
  

 13 

 “Lending Office” means, for each Lender and for each Type of Loan, the office of such
Lender specified as such on its signature page hereto or in the applicable Assignment and Acceptance Agreement, or such other office of such Lender as such Lender may notify the Agent in writing from time to time. 
  
 “Letter of Credit” means an irrevocable standby letter of
credit in respect of obligations of the Borrower or a Subsidiary incurred pursuant to contracts made or performances undertaken or to be undertaken in the ordinary course of such Person’s business which is payable upon presentation of a sight
draft and other documents described in the Letter of Credit, if any, as originally issued pursuant to this Agreement or as amended, modified, extended, renewed or supplemented. 
  
 “Letter of Credit Documents” means, with respect to any Letter of Credit, collectively, any application
therefor, any certificate or other document presented in connection with a drawing under such Letter of Credit and any other agreement, instrument or other document governing or providing for (a) the rights and obligations of the parties concerned
or at risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations. 
  
 “Letter of Credit Liabilities” means, without duplication, at any time and in respect of any Letter of Credit, the sum of (a) the Stated
Amount of such Letter of Credit plus (b) the aggregate unpaid principal amount of all Reimbursement Obligations of the Borrower at such time due and payable in respect of all drawings made under such Letter of Credit. For purposes of this Agreement,
a Lender (other than the Lender acting as the Issuing Lender) shall be deemed to hold a Letter of Credit Liability in an amount equal to its participation interest in the related Letter of Credit under Section 2.4, and the Lender acting as the
Issuing Lender shall be deemed to hold a Letter of Credit Liability in an amount equal to its retained interest in the related Letter of Credit after giving effect to the acquisition by the Lenders other than the Lender acting as the Issuing Lender
of their participation interests under such section. 
  
 “LIBOR” means, for any LIBOR Loan for any Interest Period therefor, the rate per annum (rounded upwards, if necessary, to the nearest 1/100th of 1%) appearing on Telerate Page 3750 (or any successor page) as the London
interbank offered rate for deposits in Dollars at approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period. If for any reason such rate is not
available, the term “LIBOR” shall mean, for any LIBOR Loan for any Interest Period therefor, the rate per annum (rounded upwards, if necessary, to the nearest 1/100th of 1%) appearing on the Reuters Screen LIBO Page as the London interbank
offered rate for deposits in Dollars at approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period; provided, however, if more than one rate
is specified on the Reuters Screen LIBO Page, the applicable rate shall be the arithmetic mean of all such rates. 
  
 “LIBOR Loans” means Loans bearing interest at a rate based on LIBOR. 
  
 “Lien” as applied to the property of any Person means: (a) any security interest, encumbrance, mortgage,
deed to secure debt, deed of trust, pledge, lien, charge or lease constituting a Capitalized Lease Obligation, conditional sale or other title retention agreement, or other security title, encumbrance or preferential arrangement which has the same
practical effect of constituting a security interest or encumbrance of any kind, whether voluntarily incurred or arising by operation of law, in respect of any property of such Person, or upon the income or profits therefrom; (b) any arrangement,
express or implied, under which any property of such Person is transferred, sequestered or otherwise identified for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to the payment
of the general, unsecured creditors of such Person; and (c) the filing of any financing statement under the Uniform Commercial Code or its equivalent in any jurisdiction, other than a financing statement filed in respect of a lease not constituting
a Capitalized Lease Obligation pursuant to Section 9-505 (or a successor provision) of the Uniform Commercial Code as in effect in an applicable jurisdiction that is not in the nature of a security interest. 
  

 14 

 “Loan” means a Revolving Loan or a Swingline Loan. Amounts drawn under a Letter of
Credit shall also be considered Revolving Loans as provided in Section 2.3. 
  
 “Loan Document” means this Agreement, each Note, each Letter of Credit Document, the Guaranty, the Contribution Agreement, each Joinder Agreement, and each other document or instrument now or
hereafter executed and delivered by an Obligor in connection with, pursuant to or relating to this Agreement. 
  
 “Mandatorily Redeemable Stock” means, with respect to any Person, any Equity Interest of such Person which by the terms of such Equity
Interest (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise (a) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or
otherwise (other than an Equity Interest to the extent redeemable in exchange for common stock or other equivalent common Equity Interests), (b) is convertible into or exchangeable or exercisable for Indebtedness or Mandatorily Redeemable Stock, or
(c) is redeemable at the option of the holder thereof, in whole or in part (other than an Equity Interest which is redeemable solely in exchange for common stock or other equivalent common Equity Interests); in each case, on or prior to the
Termination Date. Stock in the REIT Guarantor shall not be deemed Mandatorily Redeemable Stock solely due to the Share Redemption Program, provided that (x) no Default or Event of Default exists or would arise from any redemption pursuant to
the Share Redemption Program and (y) the aggregate amount of redemptions pursuant to the Share Redemption Program in any calendar year shall not exceed the amount permitted under the Share Redemption Program as of the date of this Agreement.

  
 “Material Adverse Effect” means a material
adverse change in or effect on (a) the business, assets, financial condition, liabilities (actual or contingent), or results of operations or prospects of the Borrower and its Subsidiaries or any other Obligor and its Subsidiaries each taken as a
whole, (b) the ability of an Obligor to perform its obligations under the Loan Documents to which it is a party, (c) the validity or enforceability of such Loan Documents, or (d) the rights and remedies of the Lenders and the Agent under the Loan
Documents. 
  
 “Material Contract” means any
contract or other arrangement (other than Loan Documents), whether written or oral, to which the Borrower, any other Obligor or any of their respective Subsidiaries is a party as to which the breach, nonperformance, cancellation or failure to renew
by any party thereto could reasonably be expected to have a Material Adverse Effect. 
  
 “Material Subsidiary” means any Subsidiary of the Borrower or the REIT Guarantor which either (a) has assets which constitute more than five percent (5%) of Adjusted Total Asset Value at the end of
the most recent calendar quarter of the Borrower, or (b) owns (or is the lessee under an Eligible Ground Lease of) an Unencumbered Asset included in determining the Unencumbered Assets Value. 
  
 “Minimum Shareholder Equity” means, as of any date of
calculation, an amount equal to (a) $740,000,000; plus (b) an amount equal to seventy-two and one quarter percent (72.25%) of the Gross Cash Proceeds of any Equity Issuances received by the REIT Guarantor or by the Borrower or any other
Guarantor during the period commencing on the Effective Date and ending as of the most-recently ended fiscal quarter of the REIT Guarantor; plus (c) one hundred percent (100.0%) of net income during the period commencing on the Effective Date
and ending as of the most-recently ended fiscal quarter of the REIT Guarantor; less (d) subject to the restrictions on purchases or redemptions in Section 9.6, one hundred percent (100.0%) of the amount expended by the REIT Guarantor in
connection with the purchase or redemption of treasury stock of the REIT Guarantor during the period commencing on the 

  

 15 

 
Effective Date and ending as of the most-recently ended fiscal quarter of the REIT Guarantor; less (e) subject to the restrictions on dividends in
Section 9.6, one hundred percent (100.0%) of the amount of dividends or similar distributions (including, for purposes of clarification and without limitation, dividends which become Dividend Reinvestment Proceeds) paid by the REIT Guarantor during
the period commencing on the Effective Date and ending as of the most-recently ended fiscal quarter of the REIT Guarantor. 
  
 “Minimum Unencumbered Asset Certificate” has the meaning set forth in Section 8.5(c). 
  
 “Minimum Unencumbered Asset Requirements” has the meaning
set forth in Section 8.5(c). 
  
 “Moody’s”
means Moody’s Investors Service, Inc. and its successors. 
  
 “Mortgage Receivable” means mortgage and notes receivable and other promissory notes, including interest payments thereunder, of the Borrower or any Subsidiary in a Person (other than the REIT Guarantor or its
Subsidiaries). 
  
 “Multiemployer Plan” means at
any time an employee pension benefit plan within the meaning of Section 4001(a)(3) of ERISA to which any member of the ERISA Group is then making or accruing an obligation to make contributions or has within the preceding five plan years made
contributions, including for these purposes any Person which ceased to be a member of the ERISA Group during such five year period. 
  
 “Negative Pledge” means a provision of any document, instrument or agreement (including any Governing Document), other than this
Agreement or any other Loan Document, that prohibits, restricts or limits, or purports to prohibit, restrict or limit, the creation or assumption of any Lien on any assets of a Person as security for the Indebtedness of such Person or any other
Person, or entitles another Person to obtain or claim the benefit of a Lien on any assets of such Person; provided, however, that an agreement that conditions a Person’s ability to encumber its assets upon the maintenance of one
or more specified ratios that limit such Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, shall not constitute a Negative Pledge. 
  
 “Net Dividends” means, for any given period of time for the
REIT Guarantor, an amount equal to (a) one hundred percent (100.0%) of all dividends or other distributions, direct or indirect, on account of any shares of any Equity Interest of the REIT Guarantor (except dividends or distributions payable solely
in shares of that class of equity interest to the holders of that class) during such period, less (b) any amount of such dividends or distributions constituting Dividend Reinvestment Proceeds. 
  
 “Net Operating Income” or “NOI” means, for
any Property and for a given period, an amount equal to the sum of (a) the gross revenues for such Property for such fiscal period received in the ordinary course of business (excluding pre-paid rents and revenues and security deposits except to the
extent applied in satisfaction of tenants’ obligations for rent) minus (b) all operating expenses incurred with respect to such Property for such fiscal period (including an appropriate accrual for property taxes, insurance and other expenses
not paid quarterly); provided there shall be deducted from such amount the following (to the extent not duplicative of deductions already taken in the calculation of Net Operating Income), on a pro rata basis for such period, management
expenses computed at an annual rate equal to the greater of (i) two percent (2.0%) of the annualized gross revenue of such Property or (ii) the annualized amount of management fees actually incurred with respect to such Property. The Borrower may
perform the preceding calculation on an aggregate basis for all such Properties wherever the context would appropriately permit or warrant the use of an aggregate calculation. For purposes of calculating the NOI of any Property, if such Property is
owned, in whole or in part, by one or more Non-Wholly Owned Subsidiaries, there shall be deducted from such calculation all NOI not allocated to Borrower’s or REIT Guarantor’s interest in such Non-Wholly Owned Subsidiaries pursuant to any
agreement or instrument governing the same. 
  

 16 

 “Nonrecourse Indebtedness” means, with respect to a Person, (a) Indebtedness for
borrowed money in respect of which recourse for payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, violation of “special purpose entity” covenants, bankruptcy, insolvency, receivership
or other similar events and other similar exceptions to recourse liability until a claim is made with respect thereto, and then such Indebtedness shall not constitute “Nonrecourse Indebtedness” only to the extent of the amount of such
claim) is contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness or (b) if such Person is a Single Asset Entity, any Indebtedness for borrowed money of such Person. 
  
 “Non-Wholly Owned Subsidiary” means any Subsidiary which is
not a Wholly Owned Subsidiary. 
  
 “Note” means a
Revolving Note or a Swingline Note. 
  
 “Notice of
Borrowing” means a notice in the form of Exhibit E to be delivered to the Agent pursuant to Section 2.1(b) evidencing the Borrower’s request for a borrowing of Revolving Loans. 
  
 “Notice of Continuation” means a notice in the form of
Exhibit F to be delivered to the Agent pursuant to Section 2.8 evidencing the Borrower’s request for the Continuation of a LIBOR Loan. 
  
 “Notice of Conversion” means a notice in the form of Exhibit G to be delivered to the Agent pursuant to Section 2.9 evidencing the
Borrower’s request for the Conversion of a Loan from one Type to another Type. 
  
 “Notice of Swingline Borrowing” means a notice in the form of Exhibit H to be delivered to the Agent pursuant to Section 2.2 evidencing the Borrower’s request for a borrowing of Swingline
Loans. 
  
 “Obligations” means, individually and
collectively: (a) the aggregate principal balance of, and all accrued and unpaid interest on, all Loans; (b) all Reimbursement Obligations and all other Letter of Credit Liabilities; and (c) all other indebtedness, liabilities, obligations,
covenants and duties of the Borrower and the other Obligors owing to the Agent, the Swingline Lender, the Issuing Lender or any Lender of every kind, nature and description, under or in respect of this Agreement or any of the other Loan Documents,
including, without limitation, the Fees and indemnification obligations, whether direct or indirect, absolute or contingent, due or not due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any promissory note.

  
 “Obligors” means any Person now or hereafter
primarily or secondarily obligated to pay all or any part of the Obligations, including the Borrower and the Guarantors. 
  
 “Occupancy Rate” means, with respect to a Property at any time, the ratio, expressed as a percentage, of (a) the net rentable square
footage of such Property actually occupied by tenants that are not affiliated with the Borrower and paying rent (or subject to free rent for periods of ninety (90) days or less) at rates not materially less than rates generally prevailing at the
time the applicable lease was entered into, pursuant to binding leases as to which no monetary default has occurred and has continued unremedied for thirty (30) or more days to (b) the aggregate net rentable square footage of such Property. For
purposes of the definition of “Occupancy Rate”, a tenant shall be deemed to actually occupy a Property notwithstanding a temporary cessation of operations for renovation, repairs or other temporary reason, or for the purpose of completing
tenant build-out or that is otherwise scheduled to be open for business within ninety (90) days of such date. 
  

 17 

 “Off-Balance Sheet Obligations” means liabilities and obligations of the REIT Guarantor,
any Subsidiary or any other Person in respect of “off-balance sheet arrangements” (as defined in the SEC Off-Balance Sheet Rules) which the REIT Guarantor would be required to disclose in the “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” section of the REIT Guarantor’s report on Form 10-Q or Form 10-K (or their equivalents) which the REIT Guarantor is required to file with the Securities and Exchange Commission (or any
Governmental Authority substituted therefor). As used in this definition, the term “SEC Off-Balance Sheet Rules” means the Disclosure in Management’s Discussion and Analysis About Off Balance Sheet Arrangements, Securities Act Release
No. 33-8182, 68 Fed. Reg. 5982 (Feb. 5, 2003) (codified at 17 CFR Parts 228, 229 and 249). 
  
 “Participant” has the meaning given that term in Section 12.5(c). 
  
 “Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act
of 2001, as the same may be amended from time to time, and corresponding provisions of future laws. 
  
 “PBGC” means the Pension Benefit Guaranty Corporation and any successor agency. 
  
 “Permitted Liens” means, as to any Person, (a) liens
securing taxes, assessments and other charges or levies imposed by any governmental authority (excluding any lien imposed pursuant to any of the provisions of ERISA or pursuant to any environmental laws) or the claims of materialmen, mechanics,
carriers, warehousemen or landlords for labor, materials, supplies or rentals incurred in the ordinary course of business, which are not at the time required to be paid or discharged under the applicable provisions of this Agreement; (b) liens
consisting of deposits or pledges made, in the ordinary course of business, in connection with, or to secure payment of, obligations under workers’ compensation, unemployment insurance or similar applicable laws; (c) liens consisting of
encumbrances in the nature of zoning restrictions, easements, and rights or restrictions of record on the use of real property, which do not materially detract from the value of such property or impair the intended use thereof in the business of
such Person; (d) the rights of tenants under leases or subleases not interfering with the ordinary conduct of business of such Person; (e) liens in favor of the Agent for the benefit of the Lenders; (f) liens in favor of the Borrower or a Guarantor
securing obligations owing by a Subsidiary to the Borrower or a Guarantor; and (g) liens securing judgments that do not otherwise give rise to a Default or an Event of Default. 
  
 “Person” means an individual, corporation, partnership, limited liability company, joint stock company,
association, trust or unincorporated organization, joint venture, a government or any agency or political subdivision thereof, or any other entity of whatever nature. 
  
 “Plan” means at any time an employee pension benefit plan (other than a Multiemployer Plan) which is
covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Internal Revenue Code and either (a) is maintained, or contributed to, by any member of the ERISA Group for employees of any member of the ERISA Group
or (b) has at any time within the preceding five years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person which was at such time a member of the ERISA Group. 

 
 “Post-Default Rate” means, in respect of any principal of
any Loan or any other Obligation that is not paid when due (whether at stated maturity, by acceleration, by optional or mandatory prepayment or otherwise), a rate per annum equal to the sum of (a) four percent (4.0%) per annum plus (b) the
sum of (i) the Base Rate plus (ii) the Applicable Margin as in effect from time to time. 
  
 “Potential Unencumbered Asset” has the meaning set forth in Section 8.5(a). 
  

 18 

 “Preferred Dividends” means, for any period and without duplication, all Restricted
Payments paid during such period on Preferred Equity Interests issued by the REIT Guarantor or any of its Subsidiaries. Preferred Dividends shall not include dividends or distributions (a) paid or payable solely in Equity Interests (other than
Mandatorily Redeemable Stock) payable to holders of such class of Equity Interests; (b) paid or payable to the REIT Guarantor or any of its Subsidiaries; or (c) constituting or resulting in the redemption of Preferred Equity Interests, other than
scheduled redemptions not constituting balloon, bullet or similar redemptions in full. 
  
 “Preferred Equity Interest” means, with respect to any Person, Equity Interests in such Person which are entitled to preference or priority over any other Equity Interest in such Person in respect of
the payment of dividends or distribution of assets upon liquidation or both. 
  
 “Prime Rate” means the rate of interest per annum announced publicly by the Lender acting as the Agent as its prime rate from time to time. The Prime Rate is not necessarily the best or the lowest
rate of interest offered by the Lender acting as the Agent or any other Lender. 
  
 “Principal Office” means the office of the Agent located at One Wachovia Center, Charlotte, North Carolina, or such other office of the Agent as the Agent may designate from time to time. 

 
 “Prohibited Person” has the meaning given that term in
Section 6.1(hh). 
  
 “Property” means any parcel
of real property, together with all improvements thereon, owned or leased pursuant to a ground lease by the Borrower, any other Obligor, or any of their respective Subsidiaries or any Unconsolidated Affiliate of the Borrower, any other Obligor, or
any of their respective Subsidiaries and which is located in a State of the United States of America or the District of Columbia. 
  
 “Qualified General Partner” means any entity which is (a) controlled by Leo F. Wells III and (b) otherwise approved by the Agent in
writing. 
  
 “Register” has the meaning given
that term in Section 12.5(e). 
  
 “Regulatory
Change” means, with respect to any Lender, any change in Applicable Law effective after the Agreement Date (including without limitation, Regulation D of the Board of Governors of the Federal Reserve System) or the adoption or making after
such date of any interpretation, directive or request applying to a class of banks, including such Lender, of or under any Applicable Law (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) by
any Governmental Authority or monetary authority charged with the interpretation or administration thereof or compliance by any Lender with any request or directive regarding capital adequacy. 
  
 “Reimbursement Obligation” means the absolute, unconditional
and irrevocable obligation of the Borrower to reimburse the Issuing Lender for any drawing honored by the Issuing Lender under a Letter of Credit. 
  
 “REIT” means a Person qualifying for treatment as a “real estate investment trust” under the Internal Revenue Code. 

 
 “REIT Guarantor” means Wells Real Estate Investment Trust
II, Inc., a Maryland corporation. 
  
 “Requisite
Lenders” means, as of any date, Lenders whose aggregate Commitment Percentage equals or exceeds 66-2/3% (excluding Defaulting Lenders who, accordingly, are not entitled to vote), or if the Commitments (or any part thereof) are no longer in
effect as a result of the terms of Section 10.2, 

  

 19 

 
Lenders holding at least 66-2/3% of the aggregate outstanding principal amount of the Loans and participations in Letters of Credit (excluding Defaulting
Lenders who, accordingly, are not entitled to vote). 
  
 “Responsible Officer” means (a) with respect to REIT Guarantor (acting as a signatory for Borrower), REIT Guarantor’s President, chief executive officer, chief financial officer, chief accounting officer or any other
financial officer who is a vice president or more senior officer, (b) with respect to any other Obligor, such Obligor’s chief executive officer, chief financial officer, or any other financial officer who is a vice president or more senior
officer, and (c) with respect to any Lender, any officer, partner, managing member or similar person apparently authorized to execute documents on behalf of such Lender. A Responsible Officer shall also include any other person or officer
specifically authorized and designated as such by the applicable Person. 
  
 “Restricted Payment” means (a) any dividend or other distribution, direct or indirect, on account of any Equity Interest of the Borrower, the REIT Guarantor, any other Obligor or any of their
respective Subsidiaries now or hereafter outstanding, except a dividend payable solely in Equity Interests of identical class to the holders of that class; (b) any redemption, conversion, exchange, retirement, sinking fund or similar payment,
purchase or other acquisition for value, direct or indirect, of any Equity Interest of the Borrower, the REIT Guarantor, any other Obligor or any of their respective Subsidiaries now or hereafter outstanding; and (c) any payment made to retire, or
to obtain the surrender of, any outstanding warrants, options or other rights to acquire any Equity Interests of the Borrower, the REIT Guarantor, any other Obligor or any of their respective Subsidiaries now or hereafter outstanding. 
  
 “Revolving Loan” means a loan made by a Lender to the
Borrower pursuant to Section 2.1(a). 
  
 “Revolving
Note” has the meaning given that term in Section 2.10(a). 
  
 “Secured Debt” means with respect to the Borrower and the other Obligors or any of their respective Subsidiaries as of any given date, the aggregate principal amount of all Indebtedness of such Persons on a consolidated
basis outstanding at such date and that is secured in any manner by any Lien, and in the case of the Obligors, shall include (without duplication), such Obligor’s Equity Percentage of the Secured Indebtedness of its Unconsolidated Affiliates.

  
 “Secured Debt to Total Asset Value Ratio”
means the ratio (expressed as a percentage) of Secured Debt to Total Asset Value. 
  
 “Secured Recourse Debt to Total Asset Value Ratio” means the ratio (expressed as a percentage) of Secured Debt (excluding Nonrecourse Indebtedness) to Total Asset Value. 
  
 “Securities Act” means the Securities Act of 1933, as
amended from time to time, together with all rules and regulations issued thereunder. 
  
 “Shareholder Equity” means an amount equal to shareholders’ equity or net worth of the REIT Guarantor and its Subsidiaries (including, without limitation, the Excluded Subsidiaries) on a
consolidated basis, as determined in accordance with GAAP. 
  
 “Share Redemption Program” means the share redemption program of the REIT Guarantor as described in that certain Supplement No. 9 dated May 18, 2004, to the Prospectus dated November 26, 2003 of the REIT Guarantor.

  
 “Single Asset Entity” means a Person (other
than an individual) that (a) only owns a single Property; (b) is engaged only in the business of owning, developing and/or leasing such Property; and 

  

 20 

 
(c) receives substantially all of its gross revenues from such Property. In addition, if the assets of a Person consist solely of (i) Equity Interests in one
other Single Asset Entity and (ii) cash and other assets of nominal value incidental to such Person’s ownership of the other Single Asset Entity, such Person shall also be deemed to be a Single Asset Entity. 
  
 “Solvent” means, when used with respect to any Person, that
(a) the fair value and the fair salable value of its assets are each in excess of the fair valuation of its total liabilities (including all Contingent Liabilities computed at the amount which, in light of all the facts and circumstances existing at
such time, represents the amount that could reasonably be expected to become an actual and matured liability); (b) such Person is able to pay its debts or other obligations in the ordinary course as they mature; and (c) such Person has capital not
unreasonably small to carry on its business and all business in which it proposes to be engaged. 
  
 “S&P” means Standard & Poor’s Rating Services, a division of The McGraw Hill Companies, Inc. and its successors. 

 
 “Stabilized Property” means a completed Property that has
achieved an Occupancy Rate of at least eighty percent (80%) for a period of not less than one (1) full calendar quarter. 
  
 “Stated Amount” means the amount available to be drawn by a beneficiary under a Letter of Credit from time to time, as such amount may be
increased, reinstated or reduced from time to time in accordance with the terms of such Letter of Credit. 
  
 “Subsidiary” means, for any Person, any corporation, partnership, limited liability company or other entity of which at least a majority
of the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar functions of such corporation, partnership, limited liability company
or other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person,
and shall include all Persons the accounts of which are consolidated with those of such Person pursuant to GAAP. 
  
 “Swingline Commitment” means the Swingline Lender’s obligation to make Swingline Loans pursuant to Section 2.2 in an amount up to,
but not exceeding, $50,000,000, as such amount may be reduced from time to time in accordance with the terms hereof. 
  
 “Swingline Lender” means Wachovia Bank, together with its successors and assigns. 
  
 “Swingline Loan” means a loan made by the Swingline Lender
to the Borrower pursuant to Section 2.2(a). 
  
 “Swingline
Note” means the promissory note of the Borrower payable to the order of the Swingline Lender in a principal amount equal to the amount of the Swingline Commitment as originally in effect and otherwise duly completed, substantially in the
form of Exhibit I. 
  
 “Syndication Agent”
means PNC Bank, National Association and LaSalle Bank National Association. 
  
 “Taxes” has the meaning given that term in Section 3.12. 
  

 21 

 “Termination Date” means May 9, 2008, or if the Termination Date has then been extended
pursuant to Section 2.16, such extended Termination Date, or if the Commitments are earlier terminated pursuant to Section 2.11, such earlier termination date. 
  

“Titled Agent” means any entity given the title of “Sole Lead Arranger and Book Manager”, “Syndication Agent”, or
“Documentation Agent” with respect to this Agreement, together with their respective successors and permitted assigns. 
  
 “Total Asset Value” means as of any date of determination the sum (without duplication) of all of the following of the Borrower, the
Guarantors and their Subsidiaries on a consolidated basis determined in accordance with GAAP applied on a consistent basis: (a) cash and Cash Equivalents, plus (b) with respect to each Property (other than Development Properties) owned for
four (4) consecutive fiscal quarters by the Borrower, a Guarantor or any of their respective Subsidiaries, the quotient of (i) Net Operating Income attributable to such Property (without regard to its occupancy) for the prior fiscal quarter of the
Borrower most recently ended times four (4), divided by (ii) the applicable Capitalization Rate, plus (c) the GAAP book value of Properties acquired during the most recent four (4) fiscal quarters of the Borrower, plus (d) the GAAP
book value for Construction-in-Process for Development Properties, plus (e) the GAAP book value of Unimproved Land and Mortgage Receivables. The Borrower’s pro rata share of assets held by Unconsolidated Affiliates (excluding assets of
the type described in the immediately preceding clause (a)) will be included in Total Asset Value calculations consistent with the above described treatment for wholly-owned assets. For purposes of determining Total Asset Value, (x) Net Operating
Income from Properties acquired or disposed of by the Borrower, any Subsidiary of Borrower or any Unconsolidated Affiliate during the immediately preceding four (4) fiscal quarters of the Borrower shall be excluded from clause (b) above. 

 
 “Total Commitment” means, as of any date, the sum of the
then current Commitments of the Lenders. As of the Effective Date, the Total Commitment (including the Swingline Commitment) is $400,000,000, subject to increase upon an increase of the Commitment in accordance with the provisions of Section 2.14.

  
 “Total Indebtedness” means all Indebtedness
of the Borrower, the REIT Guarantor and all of their respective Subsidiaries determined on a consolidated basis and in the case of the Borrower, shall include (without duplication), the Borrower’s pro rata share of the Indebtedness of its
Unconsolidated Affiliates. 
  
 “Type” with
respect to any Loan, refers to whether such Loan is a LIBOR Loan or Base Rate Loan. 
  
 “Unconsolidated Affiliate” means, in respect of any Person, any other Person (a) in whom such Person holds an Investment, which Investment is accounted for in the financial statements of such Person
on an equity basis of accounting and whose financial results would not be consolidated under GAAP with the financial results of such first Person on the consolidated financial statements of such first Person, or (b) which is not a Subsidiary of such
first Person. 
  
 “Unencumbered Adjusted NOI”
means, for any period, (a) NOI from all Unencumbered Assets (without regard to the occupancy of an individual Unencumbered Asset, but subject to the terms of Section 9.14) for the immediately preceding calendar quarter less (b) Capital Reserves
attributable to such Unencumbered Assets for such period. 
  
 “Unencumbered Asset” means a Property which is accepted as an Unencumbered Asset pursuant to Section 8.5(a) and satisfies all of the following requirements: (a) such Property is fully developed and operational principally
as an industrial or office property unless such property is a 

  

 22 

 
Development Property; (b) the Property is owned, or leased under an Eligible Ground Lease or Approved Bond Transaction, entirely by the Borrower and/or a
Guarantor; (c) neither such Property, nor any interest of the Borrower or any Guarantor therein, is subject to any Lien (other than those described in clauses (a), (c) and (d) of the definition of Permitted Liens) or a Negative Pledge; (d) if such
Property is owned or leased by a Guarantor (i) none of the Borrower’s or any other Guarantor’s direct or indirect ownership interest in such Guarantor is subject to any Lien or to a Negative Pledge; and (ii) the Borrower directly or
indirectly through a Subsidiary, has the right to take the following actions without the need to obtain the consent of any Person: (x) to sell, transfer or otherwise dispose of such Property and (y) to create a Lien on such Property as security for
Indebtedness of the Borrower or such Guarantor, as applicable; (e) such Property is free of all structural defects or major architectural deficiencies, title defects, environmental conditions or other adverse matters except for defects,
deficiencies, conditions or other matters individually or collectively which are not material to the profitable operation of such Property; (f) if such Property constitutes Construction-In-Process and construction of above-ground improvements has
commenced, such construction has not been terminated, suspended, or otherwise interrupted for more than one hundred twenty (120) consecutive days (unless such delay is a result of force majeure); (g) such Property is located entirely in a state
within the contiguous 48 states of the continental United States, Hawaii or the District of Columbia; (h) such Property has been designated as an “Unencumbered Asset” on Schedule 6.1(y) or in an Unencumbered Asset Certificate in
accordance with Section 8.5(a) and in either event has not been removed as an Unencumbered Asset pursuant to Section 8.5(b) and (i) with respect to which Property (x) the Agent shall have received the Unencumbered Asset Qualification Documents, (y)
at the time such Property is accepted as an Unencumbered Asset under this Agreement, the aggregate occupancy level for the preceding calendar quarter of tenants in possession and paying rent (not more than sixty (60) days past due) and which are not
otherwise in default under their respective leases was at least eighty percent (80%) of the aggregate rentable area within such Property and (z) the Weighted Average Duration of all leases for such Property in effect as of the date such Property is
to become an Unencumbered Asset shall be at least four (4) years. For purposes of this definition, the “Weighted Average Duration” of any Property shall be calculated as follows: on any date of determination with respect to such Property,
the number obtained by (i) summing the products obtained by multiplying (a) the remaining duration at such time of each lease with respect to such Property by (b) the rentable square footage of the Property subject to such lease and (ii) dividing
such sum by the aggregate rentable square footage of such Property subject to leases in effect as of such date. Weighted Average Duration shall be calculated, with respect to any Property, without regard to any unexercised extension options
contained in any lease for such Property. 
  
 “Unencumbered Asset Certificate” has the meaning given that term in Section 8.3. 
  
 “Unencumbered Asset Coverage Ratio” means the ratio of (a) the Unencumbered Asset Value as of the date of determination to (b) the
Unsecured Debt of the Obligors and their Subsidiaries as of such date of determination. 
  
 “Unencumbered Asset Qualification Documents” means, with respect to any Property which the Borrower seeks to include as an Unencumbered Asset in the calculation of the Unencumbered Asset Value, (a)
historic operating statements, if available, for such period as the Agent may reasonably require (b) a current rent roll certified by the Borrower and showing such information as the Agent may reasonably require, (c) projected operating budgets for
the next four (4) fiscal quarters of the Borrower and (d) a budget setting forth any capital expenditures to be made with respect to such Property within the following twelve (12) month period, in form and substance satisfactory to the Agent.

  
 “Unencumbered Asset Value” means as of any
date of determination the sum (without duplication) of (a) the Unencumbered Adjusted NOI from Properties included in Unencumbered Assets (excluding NOI attributable to (x) Development Properties included within Unencumbered Assets and (y) Properties
included in the calculation of book value of Unencumbered Assets in clause (b) of this 

  

 23 

 
definition) for the calendar quarter most recently ended times four (4) divided by the applicable Capitalization Rate, plus (b) the GAAP book value of
all Unencumbered Assets acquired during the four fiscal quarters of the Borrower most recently ended, plus (c) the GAAP book value of Construction-In-Process for Development Properties included within Unencumbered Assets, until the earlier of
(i) the date such Property is no longer a Development Property or (ii) the second calendar quarter after such Property becomes a Stabilized Property. To the extent that the aggregate Unencumbered Asset Value attributable to (A) Properties subject to
an Eligible Ground Lease (other than Properties subject to an Approved Bond Transaction) exceeds ten percent (10%) of the Unencumbered Asset Value or (B) Development Properties exceeds ten percent (10%) of the Unencumbered Asset Value, any such
excess shall be excluded. 
  
 “Unencumbered Interest
Coverage Ratio” means the ratio of (a) the Unencumbered Adjusted NOI to (b) the Unsecured Interest Expense for the immediately preceding calendar quarter. 
  
 “Unfunded Liabilities” means, with respect to any Plan at any time, the amount (if any) by which (a) the
value of all benefit liabilities under such Plan, determined on a plan termination basis using the assumptions prescribed by the PBGC for purposes of Section 4044 of ERISA, exceeds (b) the fair market value of all Plan assets allocable to such
liabilities under Title IV of ERISA (excluding any accrued but unpaid contributions), all determined as of the then most recent valuation date for such Plan, but only to the extent that such excess represents a potential liability of a member of the
ERISA Group to the PBGC or any other Person under Title IV of ERISA. 
  
 “Unimproved Land” means land on which no development (other than improvements that are not material and are temporary in nature) has occurred and on which no development is scheduled to occur within the following twelve
(12) months. 
  
 “Unsecured Debt” means
Indebtedness of the Obligors and their Subsidiaries on a consolidated basis outstanding at any time which is not Secured Indebtedness. 
  
 “Unsecured Interest Expense” means, for a given period, all Interest Expense of the Obligors and their Subsidiaries on a consolidated
basis attributable to Unsecured Debt of the Obligors and their Subsidiaries for such period. 
  
 “Wachovia Bank” means Wachovia Bank, National Association and its successors. 
  
 “Wholly Owned Subsidiary” means any Subsidiary of the Borrower or the REIT Guarantor in respect of which all of the equity securities or
other ownership interests (other than, in the case of a corporation, directors’ qualifying shares) are at the time directly or indirectly owned by the Borrower or the REIT Guarantor. 
  
 Section 1.2 General; References to Times. 
  

Unless otherwise indicated, all accounting terms, ratios and measurements shall be interpreted or determined in accordance with GAAP in effect as of
the Agreement Date. References in this Agreement to “Sections”, “Articles”, “Exhibits” and “Schedules” are to sections, articles, exhibits and schedules herein and hereto unless otherwise indicated. References
in this Agreement to any document, instrument or agreement (a) shall include all exhibits, schedules and other attachments thereto, (b) shall include all documents, instruments or agreements issued or executed in replacement thereof, to the extent
permitted hereby and (c) shall mean such document, instrument or agreement, or replacement or predecessor thereto, as amended, supplemented, restated or otherwise modified as of the date of this Agreement and from time to time thereafter to the
extent not prohibited hereby and in effect at any given time. Wherever from the context it appears appropriate, each term stated in either the singular or plural shall include the singular and plural, and pronouns stated in the masculine, feminine
or neuter gender shall include the 

  

 24 

 
masculine, the feminine and the neuter. Titles and captions of Articles, Sections, subsections and clauses in this Agreement are for convenience only, and
neither limit nor amplify the provisions of this Agreement. Unless otherwise indicated, all references to time are references to Charlotte, North Carolina time. 
  

ARTICLE II. CREDIT FACILITY 
  
 Section 2.1 Revolving Loans. 
  
 (a) Generally. Subject to the terms and conditions hereof (including Section 2.13), during the period from the Effective Date to but excluding the
Termination Date, each Lender severally and not jointly agrees to make Revolving Loans to the Borrower in an aggregate principal amount at any one time outstanding up to, but not exceeding, the amount of such Lender’s Commitment. Subject to the
terms and conditions of this Agreement, during the period from the Effective Date to but excluding the Termination Date, the Borrower may borrow, repay and reborrow Revolving Loans hereunder. 
  
 (b) Requesting Revolving Loans. The Borrower shall give the Agent
notice pursuant to a Notice of Borrowing or telephonic notice of each borrowing of Revolving Loans. Each Notice of Borrowing shall be delivered to the Agent (i) before 11:00 a.m. in the case of LIBOR Loans, on the date three (3) Business Days prior
to the proposed date of such borrowing and (ii) in the case of Base Rate Loans, on the date one (1) Business Day prior to the proposed date of such borrowing. Any such telephonic notice shall include all information to be specified in a written
Notice of Borrowing and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Borrowing sent to the Agent by telecopy on the same day of the giving of such telephonic notice. The Agent will transmit by telecopy the Notice of
Borrowing (or the information contained in such Notice of Borrowing) or the information contained in a telephonic notice of borrowing (if such telephonic notice is received prior to a Notice of Borrowing) to each Lender promptly upon receipt by the
Agent. Each Notice of Borrowing or telephonic notice of each borrowing shall be irrevocable once given and binding on the Borrower. 
  
 (c) Disbursements of Revolving Loan Proceeds. No later than 1:00 p.m. on the date specified in the Notice of Borrowing (provided such date complies
with the requirements in Section 2.1(b)), each Lender will make available for the account of its applicable Lending Office to the Agent at the Principal Office, in immediately available funds, the proceeds of the Revolving Loan to be made by such
Lender. Subject to satisfaction of the applicable conditions set forth in Article V for such borrowing, the Agent will make the proceeds of such borrowing available to the Borrower in Dollars, in immediately available funds, no later than 2:00 p.m.
on the date and at the account specified by the Borrower in such Notice of Borrowing. 
  
 Section 2.2 Swingline Loans. 
  
 (a) Swingline
Loans. Subject to the terms and conditions hereof, during the period from the Effective Date to but excluding the Termination Date, the Swingline Lender agrees to make Swingline Loans to the Borrower in an aggregate principal amount at any one
time outstanding up to, but not exceeding, the amount of the Swingline Commitment. If at any time the aggregate principal amount of the Swingline Loans outstanding at such time exceeds the Swingline Commitment in effect at such time, the Borrower
shall immediately pay the Agent for the account of the Swingline Lender the amount of such excess. Subject to the terms and conditions of this Agreement, the Borrower may borrow, repay and reborrow Swingline Loans hereunder. 
  
 (b) Procedure for Borrowing Swingline Loans. The Borrower shall give
the Agent and the Swingline Lender notice pursuant to a Notice of Swingline Borrowing or telephonic notice of each borrowing of a Swingline Loan. Each Notice of Swingline Borrowing shall be delivered to the Swingline 

  

 25 

 
Lender no later than 11:00 a.m. on the proposed date of such borrowing. Any such telephonic notice shall include all information to be specified in a written
Notice of Swingline Borrowing and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Swingline Borrowing sent to the Swingline Lender by telecopy on the same day of the giving of such telephonic notice. On the date of the
requested Swingline Loan and subject to satisfaction of the applicable conditions set forth in Article V for such borrowing, the Swingline Lender will make the proceeds of such Swingline Loan available to the Borrower in Dollars, in immediately
available funds, at the account specified by the Borrower in the Notice of Swingline Borrowing not later than 2:00 p.m. on such date. 
  
 (c) Interest. Swingline Loans shall bear interest at a per annum rate equal to the LIBOR Rate with an Interest Period of seven (7) days’
duration plus the Applicable Margin for LIBOR Rate Loans. Interest payable on Swingline Loans is solely for the account of the Swingline Lender. All accrued and unpaid interest on Swingline Loans shall be payable on the dates and in the
manner provided in Section 2.4 with respect to interest on Base Rate Loans (except as the Swingline Lender and the Borrower may otherwise agree in writing in connection with any particular Swingline Loan). 
  
 (d) Swingline Loan Amounts, Etc. Each Swingline Loan shall be in the
minimum amount of $1,000,000 and integral multiples of $500,000 or such other minimum amounts agreed to by the Swingline Lender and the Borrower. Any voluntary prepayment of a Swingline Loan must be in integral multiples of $100,000 or the aggregate
principal amount of all outstanding Swingline Loans (or such other minimum amounts upon which the Swingline Lender and the Borrower may agree) and in connection with any such prepayment, the Borrower must give the Swingline Lender prior written
notice thereof no later than 10:00 a.m. on the date of such prepayment. The Swingline Loans shall, in addition to this Agreement, be evidenced by the Swingline Note. 
  
 (e) Repayment and Participations of Swingline Loans. The Borrower agrees to repay each Swingline Loan on demand, but
in any event within five (5) Business Days after the date such Swingline Loan was made. Notwithstanding the foregoing, the Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Swingline Loans
on the Termination Date (or such earlier date as the Swingline Lender and the Borrower may agree in writing). In lieu of demanding repayment of any outstanding Swingline Loan from the Borrower in respect of which the Agent has not either (x)
received a Notice of Borrowing indicating that such Swingline Loan is to be repaid with the proceeds thereof within five (5) Business Days of the date such Swingline Loan was made or (y) received notice from the Borrower that it intends to repay
such Swingline Loan within five (5) Business Days of the date such Swingline Loan was made and, in the case of this clause (y) only, such Swingline Loan is not repaid by 11:30 a.m. on such date, the Swingline Lender may, on behalf of the Borrower
(which hereby irrevocably direct the Swingline Lender to act on their behalf), request a borrowing of Revolving Loans (which shall be Base Rate Loans) from the Lenders in an amount equal to the principal balance of such Swingline Loan. The
limitations of Section 3.5(a) shall not apply to any borrowing of Base Rate Loans made pursuant to this subsection. The Swingline Lender shall give notice to the Agent of any such borrowing of Base Rate Loans not later than 12:00 p.m. on the
proposed date of such borrowing, and the Agent shall promptly give notice to the Lenders of any such borrowing of Base Rate Loans. No later than 2:00 p.m. on such date, each Lender will make available to the Agent at the Principal Office for the
account of Swingline Lender, in immediately available funds, the proceeds of the Base Rate Loan to be made by such Lender. The Agent shall pay the proceeds of such Base Rate Loans to the Swingline Lender, which shall apply such proceeds to repay
such Swingline Loan. Immediately upon the making of a Swingline Loan, each Lender will be deemed to, and hereby irrevocably and unconditionally agrees to, purchase, without recourse or warranty, an undivided participation interest in the Swingline
Loan in an amount equal to its Commitment Percentage of such Swingline Loan. If the Lenders are prohibited from making Loans required to be made under this subsection for any reason, including without limitation, the occurrence of any of the Events
of Default described in Sections 10.1(f) or 10.1(g), each Lender shall fund its participation interest (regardless of whether the conditions precedent thereto set forth in 

  

 26 

 
Section 5.2 are then satisfied, whether or not the Borrower has submitted a Notice of Borrowing and whether or not the Commitments are then in effect, any
Event of Default exists or all the Loans have been accelerated) by paying the proceeds thereof to the Agent for the account of the Swingline Lender in Dollars and in immediately available funds. If such amount is not in fact made available to the
Swingline Lender by any Lender, the Swingline Lender shall be entitled to recover such amount on demand from such Lender, together with accrued interest thereon for each day from the date of demand thereof, at the Federal Funds Rate. If such Lender
does not pay such amount forthwith upon the Swingline Lender’s demand therefor, and until such time as such Lender makes the required payment, the Swingline Lender shall be deemed to continue to have outstanding Swingline Loans in the amount of
such unpaid participation obligation for all purposes of the Loan Documents (other than those provisions requiring the other Lenders to purchase a participation therein). Further, such Lender shall be deemed to have assigned any and all payments
made of principal and interest on its Revolving Loans, and any other amounts due to it hereunder, to the Swingline Lender to fund Swingline Loans in the amount of the participation in Swingline Loans that such Lender failed to purchase pursuant to
this Section until such amount has been purchased (as a result of such assignment or otherwise). A Lender’s obligation to purchase such a participation in a Swingline Loan shall be absolute and unconditional and shall not be affected by any
circumstance whatsoever, including without limitation, (i) any claim of setoff, counterclaim, recoupment, defense or other right which such Lender or any other Person may have or claim against the Agent, the Swingline Lender or any other Person
whatsoever, (ii) the occurrence or continuation of a Default or Event of Default (including without limitation, any of the Defaults or Events of Default described in Sections 10.1(f) or 10.1(g)) or the termination of any Lender’s Commitment,
(iii) the existence (or alleged existence) of an event or condition which has had or could have a Material Adverse Effect, (iv) any breach of any Loan Document by the Agent, any Lender or the Borrower or (v) any other circumstance, happening or
event whatsoever, whether or not similar to any of the foregoing. Upon the receipt by Swingline Lender of any payment in respect of any Swingline Loan, Swingline Lender shall promptly pay to each Lender that has acquired and funded a participation
therein under this Section 2.2(e) such Lender’s Commitment Percentage of such payment; provided, however, that in the event that such payment received by the Swingline Lender is required to be returned, such Lender will return to
the Swingline Lender any portion thereof previously distributed by the Swingline Lender to it. 
  
 Section 2.3 Letters of Credit. 
  
 (a) Letters of Credit. Subject to the terms and conditions of this Agreement, the Issuing Lender, on behalf of the Lenders, agrees to issue for the account of the Borrower during the period from and including the Effective Date to,
but excluding, the date thirty (30) days prior to the Termination Date one or more Letters of Credit up to a maximum aggregate Stated Amount at any one time outstanding not to exceed the L/C Commitment Amount with respect thereto. 
  
 (b) Terms of Letters of Credit. At the time of issuance, the amount,
form, terms and conditions of each Letter of Credit, and of any drafts or acceptances thereunder, shall be subject to approval by the Issuing Lender and the Borrower. Notwithstanding the foregoing, in no event may (i) the amount of any Letter of
Credit be less than $300,000, or (ii) the expiration date of any Letter of Credit extend beyond the earlier of (A) one (1) year from the issuance date of such Letter of Credit and (B) the date that is five (5) days prior to the Termination Date.

  
 (c) Requests for Issuance of Letters of Credit. The
Borrower shall give the Issuing Lender and the Agent written notice (or telephonic notice promptly confirmed in writing) at least five (5) Business Days prior to the requested date of issuance of a Letter of Credit, such notice to describe in
reasonable detail the proposed terms of such Letter of Credit and the nature of the transactions or obligations proposed to be supported by such Letter of Credit, and in any event shall set forth with respect to such Letter of Credit (i) the
proposed initial Stated Amount, (ii) the beneficiary or beneficiaries, and (iii) the proposed expiration date. The Borrower shall also execute and deliver such customary letter of 

  

 27 

 
credit application forms as requested from time to time by the Issuing Lender. Provided the Borrower has given the notice prescribed by the first sentence of
this subsection and subject to Section 2.13 and the other terms and conditions of this Agreement, including, without limitation, the satisfaction of any applicable conditions precedent set forth in Article V, and Issuing Lender has not received
written notice from any Lender, the Agent or the Borrower, at least one (1) Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Article V shall not
be satisfied, the Issuing Lender shall issue the requested Letter of Credit on the requested date of issuance for the benefit of the stipulated beneficiary. The Issuing Lender shall deliver to the Borrower a copy of each issued Letter of Credit
within a reasonable time after the date of issuance thereof. To the extent any term of a Letter of Credit Document is inconsistent with a term of any Loan Document, the term of such Loan Document shall control. 
  
 (d) Reimbursement Obligations. Upon receipt by the Issuing Lender from
the beneficiary of a Letter of Credit of any demand for payment under such Letter of Credit, the Issuing Lender shall promptly notify the Borrower and the Agent of the amount to be paid by the Issuing Lender as a result of such demand and the date
on which payment is to be made by the Issuing Lender to such beneficiary in respect of such demand; provided, however, the Issuing Lender’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any
respect from the applicable Reimbursement Obligation. The Borrower hereby unconditionally and irrevocably agrees to pay and reimburse the Agent for the account of the Issuing Lender for the amount of each demand for payment under such Letter of
Credit on or prior to the date on which payment is to be made by the Issuing Lender to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by the Issuing Lender of any payment in respect of
any Reimbursement Obligation, the Issuing Lender shall promptly pay to each Lender that has acquired and funded a participation therein under the second sentence of Section 2.3(i) such Lender’s Commitment Percentage of such payment;
provided, however, that in the event that such payment received by the Issuing Lender is required to be returned, such Lender will return to the Issuing Lender any portion thereof previously distributed by the Issuing Lender to it.

  
 (e) Manner of Reimbursement. Upon its receipt of a
notice referred to in Section 2.3(d), the Borrower shall advise the Agent and the Issuing Lender whether or not the Borrower intends to borrow hereunder to finance its obligation to reimburse the Issuing Lender for the amount of the related demand
for payment. If the Borrower fails to so advise the Agent and the Issuing Lender, or if the Borrower fails to reimburse the Issuing Lender for a demand for payment under a Letter of Credit by the date of such payment, then (i) if the applicable
conditions contained in Article V would permit the making of Revolving Loans, the Borrower shall be deemed to have requested a borrowing of Revolving Loans (which shall be Base Rate Loans) in an amount equal to the unpaid Reimbursement Obligation
and the Agent shall give each Lender prompt notice (which shall be no later than 12:00 p.m.) of the amount of the Revolving Loan to be made available to the Agent for the account of the Issuing Lender not later than 2:00 p.m. and (ii) if such
conditions would not permit the making of Revolving Loans, the provisions of Section 2.3(j) shall apply. The limitations of Section 3.5(a) shall not apply to any borrowing of Base Rate Loans under this subsection. 
  
 (f) Effect of Letters of Credit on Commitments. Upon the issuance by
the Issuing Lender of any Letter of Credit and until such Letter of Credit shall have expired or been terminated, the Commitment of each Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of
(i) such Lender’s Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) any related Reimbursement Obligations then outstanding. 
  
 (g) Issuing Lender’s Duties Regarding Letters of Credit; Unconditional Nature of Reimbursement Obligation. In
examining documents presented in connection with drawings under Letters of Credit and making payments under such Letters of Credit against such documents, the Issuing Lender shall only be required to use the same standard of care as it uses in
connection with examining 

  

 28 

 
documents presented in connection with drawings under letters of credit in which it has not sold participations and making payments under such letters of
credit. The Borrower assumes all risks of the acts and omissions of, or misuse of the Letters of Credit by, the respective beneficiaries of such Letters of Credit; provided, however, this assumption is not intended to, and shall not,
preclude the Borrower from pursuing such remedies as it may have against the beneficiaries or transferees under law or any other agreement. In furtherance and not in limitation of the foregoing, neither the Agent, the Issuing Lender nor any of the
Lenders shall be responsible for (i) the form, validity, sufficiency, accuracy, genuineness or legal effects of any document submitted by any party in connection with the application for and issuance of or any drawing honored under any Letter of
Credit even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter
of Credit, or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) failure of the beneficiary of any Letter of Credit to strictly comply with conditions
required in order to draw upon such Letter of Credit; (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telex, telecopy or otherwise, whether or not they be in cipher; (v) errors in
interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit, or of the proceeds thereof; (vii) the misapplication by the beneficiary of any
Letter of Credit, or the proceeds of any drawing under any Letter of Credit; or (viii) any consequences arising from causes beyond the control of the Agent, the Issuing Lender or the Lenders. None of the above shall affect, impair or prevent the
vesting of any of the Agent’s, the Issuing Lender’s or any Lender’s rights or powers hereunder. Any action taken or omitted to be taken by the Issuing Lender under or in connection with any Letter of Credit, if taken or omitted in the
absence of gross negligence or willful misconduct, shall not create against the Agent, the Issuing Lender or any Lender any liability to the Borrower or any Lender. In this connection, the obligation of the Borrower to reimburse the Issuing Lender
for any drawing made under any Letter of Credit shall be absolute, unconditional and irrevocable and shall be paid strictly in accordance with the terms of this Agreement under all circumstances whatsoever, including without limitation, the
following circumstances: (A) any lack of validity or enforceability of any Letter of Credit Document or any term or provisions therein; (B) any amendment or waiver of or any consent to departure from all or any of the Letter of Credit Documents; (C)
the existence of any claim, setoff, defense or other right which the Borrower may have at any time against the Agent, any Lender, the Issuing Lender, any beneficiary or transferee of a Letter of Credit or any other Person, whether in connection with
this Agreement, the transactions contemplated hereby or in the Letter of Credit Documents or any unrelated transaction; (D) any breach of contract or dispute between the Borrower, any beneficiary or transferee of a Letter of Credit, the Agent, the
Issuing Lender, any Lender or any other Person; (E) any draft, certificate, demand, statement or any other document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein
or made in connection therewith being untrue or inaccurate in any respect whatsoever; (F) any non-application or misapplication by the beneficiary or transferee of a Letter of Credit or any other Person of the proceeds of any drawing under such
Letter of Credit; (G) payment by the Issuing Lender under any Letter of Credit against presentation of a draft, certificate, demand, statement or other document which does not strictly comply with the terms of such Letter of Credit; (H) any improper
use which may be made of any Letter of Credit or any improper acts or omissions of any beneficiary or transferee of any Letter of Credit in connection therewith; (I) any irregularity in the transaction with respect to which any Letter of Credit is
issued, including any fraud by the beneficiary or any transferee of such Letter of Credit; (J) the legality, validity, form, regularity or enforceability of the Letter of Credit; (K) the failure of any payment by Issuing Lender to conform to the
terms of a Letter of Credit (if, in Issuing Lender’s good faith judgment, such payment is determined to be appropriate); (L) the surrender or impairment of any security for the performance or observance of any of the terms of any of the Loan
Documents; (M) the occurrence of any Default or Event of Default; and (N) any other act, omission to act, delay or circumstance whatsoever that might, but for the provisions of this Section, constitute a legal or equitable defense to or discharge of
the Borrower’s Reimbursement Obligations. Notwithstanding anything to the contrary contained in this Section or 

  

 29 

 
Section 12.9, but not in limitation of the Borrower’s unconditional obligation to reimburse the Issuing Lender for any drawing made under a Letter of
Credit as provided in this Section, the Borrower shall have no obligation to indemnify the Agent, the Issuing Lender or any Lender in respect of any liability incurred by the Issuing Lender arising solely out of the gross negligence or willful
misconduct of the Issuing Lender in respect of a Letter of Credit (including, without limitation, a failure of Issuing Lender to comply with the terms of a Letter of Credit) as actually and finally determined by a court of competent jurisdiction.
Except as otherwise provided in this Section, nothing in this Section shall affect any rights the Borrower may have with respect to the Issuing Lender’s gross negligence or willful misconduct with respect to any Letter of Credit. 
  
 (h) Amendments, Etc. The issuance by the Issuing Lender of any
extension, amendment, supplement or other modification to any Letter of Credit shall be subject to the same conditions applicable under this Agreement to the issuance of new Letters of Credit (including, without limitation, that the request therefor
be made through the Issuing Lender), and no such extension, amendment, supplement or other modification shall be issued unless either (i) the respective Letter of Credit affected thereby would have complied with such conditions had it originally
been issued hereunder in such extended, amended, supplemented or modified form or (ii) the Requisite Lenders shall have consented thereto. In connection with any such extension, amendment, supplement or other modification, the Borrower shall pay the
Fees, if any, payable under Section 3.6(b). 
  
 (i)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender of any Letter of Credit each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing Lender,
without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Lender with respect to such Letter of Credit and each Lender thereby shall absolutely,
unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender to pay and discharge when due, such Lender’s Commitment Percentage of the Issuing Lender’s liability
under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Agent for the account of the Issuing Lender in respect of any Letter of Credit pursuant to Section 2.3(j), such Lender shall, automatically and without any
further action on the part of the Agent, the Issuing Lender or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender by the Borrower in respect of such Letter of
Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender
pursuant to Section 3.6(b)(ii)). 
  
 (j) Payment Obligation of
Lenders. Each Lender severally agrees to pay to the Agent for the account of the Issuing Lender on demand in immediately available funds in Dollars the amount of such Lender’s Commitment Percentage of each drawing paid by the Issuing Lender
under each Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to Section 2.3(d). Each such Lender’s obligation to make such payments to the Agent for the account of the Issuing Lender under this subsection,
and the Issuing Lender’s right to receive the same, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make
its payment under this subsection, (ii) the financial condition of the Borrower or any other Obligor, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(f) or 10.1(g), or (iv) the
termination of the Commitments. Each such payment to the Agent for the account of the Issuing Lender shall be made without any offset, abatement, withholding or deduction whatsoever. 
  
 (k) Information to Lenders. Within thirty (30) days after the end of each calendar quarter, the Issuing Lender shall
deliver to the Lenders an accounting of each Letter of Credit then outstanding. Upon the request of any Lender from time to time, the Issuing Lender shall deliver to such Lender 

  

 30 

 
information reasonably requested by such Lender with respect to each Letter of Credit then outstanding. Other than as set forth in this subsection, the
Issuing Lender shall have no duty to notify the Lenders regarding the issuance or other matters regarding Letters of Credit issued hereunder. The failure of the Issuing Lender to perform its requirements under this subsection shall not relieve any
Lender from its obligations under Section 2.3(j). 
  
 Section 2.4 Rates and
Payment of Interest on Loans. 
  
 (a) Rates. The
Borrower promises to pay to the Agent for the account of each Lender interest on the unpaid principal amount of each Loan made by such Lender for the period from and including the date of the making of such Loan to but excluding the date such Loan
shall be paid in full, at the following per annum rates: 
  
 (i)
during such periods as such Loan is a Base Rate Loan, at the Base Rate (as in effect from time to time) plus the Applicable Margin (utilizing the applicable “Base Rate Margin” as identified in the definition of Applicable Margin); and

  
 (ii) during such periods as such Loan is a LIBOR Loan, at the
Adjusted Eurodollar Rate for such Loan for the Interest Period therefor plus the Applicable Margin (using the applicable “LIBOR Margin” as identified in the definition of Applicable Margin). 
  
 Notwithstanding the foregoing, during the continuance of an Event of Default, the Borrower
shall pay to the Agent for the account of each Lender interest at the Post-Default Rate on the outstanding principal amount of any Loan made by such Lender, on all outstanding Reimbursement Obligations and on any other amount payable by the Borrower
hereunder or under the Notes held by such Lender to or for the account of such Lender (including without limitation, accrued but unpaid interest to the extent permitted under Applicable Law). 
  
 (b) Payment of Interest. Accrued interest on each Loan shall be
payable in arrears on the first day of each calendar month. Interest payable at the Post-Default Rate shall be payable from time to time on demand. Promptly after the determination of any interest rate provided for herein or any change therein, the
Agent shall give notice thereof to the Lenders to which such interest is payable and to the Borrower. All determinations by the Agent of an interest rate hereunder shall be conclusive and binding on the Lenders and the Borrower for all purposes,
absent manifest error. 
  
 Section 2.5 Number of Interest Periods.

  
 There may be no more than six (6) different Interest
Periods for LIBOR Loans that are Revolving Loans outstanding at the same time. 
  
 Section 2.6 Repayment of Loans. The Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Loans, together with all other amounts then outstanding under this Agreement, on the
Termination Date. 
  
 Section 2.7 Prepayments. 
  
 (a) Optional. Subject to Section 3.5 and Section 4.4, the Borrower
may prepay any Loan at any time without premium or penalty. The Borrower shall give the Agent at least one (1) Business Day’s prior written notice of the prepayment of any Revolving Loan. 
  
 (b) Mandatory. If at any time the aggregate principal amount of all
outstanding Revolving Loans, together with the aggregate amount of all Letter of Credit Liabilities and the aggregate principal 

  

 31 

 
amount of all outstanding Swingline Loans, exceeds the Available Amount in effect at such time, the Borrower shall, within five (5) Business Days, pay to the
Agent for the accounts of the Lenders the amount of such excess. Such payment shall be applied by the Agent to pay all amounts of principal outstanding on the Revolving Loans and any Reimbursement Obligations pro rata in accordance with Section 3.2
and if any Letters of Credit are outstanding at such time the remainder, if any, shall be deposited by the Agent into the Collateral Account for application to any Reimbursement Obligations. If the Borrower is required to pay any outstanding LIBOR
Loans by reason of this Section prior to the end of the applicable Interest Period therefor, the Borrower shall pay all amounts due under Section 4.4. 
  
 Section 2.8 Continuation. 
  
 So long as no Default or Event of Default shall have occurred and be continuing, the Borrower may on any Business Day, with respect to any Revolving Loan
that is a LIBOR Loan, elect to maintain such LIBOR Loan or any portion thereof as a LIBOR Loan by selecting a new Interest Period for such LIBOR Loan. Each new Interest Period selected under this Section shall commence on the last day of the
immediately preceding Interest Period. Each selection of a new Interest Period shall be made by the Borrower’s giving to the Agent a Notice of Continuation not later than 11:00 a.m. on the third (3rd) Business Day prior to the date of any such Continuation. Such notice by the Borrower of a Continuation shall be by telephone or telecopy, confirmed
immediately in writing if by telephone, in the form of a Notice of Continuation, specifying (a) the proposed date of such Continuation, (b) the LIBOR Loans and portions thereof subject to such Continuation and (c) the duration of the selected
Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. Each Notice of Continuation shall be irrevocable by and binding on the Borrower once given. Promptly after
receipt of a Notice of Continuation, the Agent shall notify each applicable Lender by telecopy, or other similar form of transmission, of the proposed Continuation. If the Borrower shall fail to select in a timely manner a new Interest Period for
any such LIBOR Loan in accordance with this Section, or shall fail to give a timely Notice of Continuation with respect to a Base Rate Loan, or if a Default or Event of Default shall have occurred and be continuing, such Loan will automatically, on
the last day of the current Interest Period therefor, Convert into (or, with respect to a Base Rate Loan, continue as) a Base Rate Loan notwithstanding the first sentence of Section 2.9 or the Borrower’s failure to comply with any of the terms
of such Section. 
  
 Section 2.9 Conversion. 
  
 So long as no Default or Event of Default shall have occurred and be
continuing, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Agent, Convert all or a portion of a Revolving Loan of one Type into a Revolving Loan of another Type. Any Conversion of a Revolving
Loan that is a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of
Conversion on the principal amount so Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third (3rd) Business Day prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each applicable Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice
of Conversion shall be by telephone (confirmed immediately in writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Revolving Loan to be Converted, (c) the portion of such
Type of Revolving Loan to be Converted, (d) the Type of Revolving Loan such Revolving Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion
shall be irrevocable by and binding on the Borrower once given. 
  

 32 

 Section 2.10 Notes. 
  
 (a) Revolving Note. The Revolving Loans made by each Lender shall, in addition to this Agreement, also be evidenced by a promissory note of the
Borrower substantially in the form of Exhibit J (each a “Revolving Note”), payable to the order of such Lender in a principal amount equal to the amount of its Commitment as originally in effect and otherwise duly completed.

  
 (b) Records. The date, amount, interest rate, Type and
duration of Interest Periods (if applicable) of each Loan made by each Lender to the Borrower, and each payment made on account of the principal thereof, shall be recorded by such Lender on its books and such entries shall be binding on the Borrower
absent manifest error. 
  
 (c) Lost, Stolen, Destroyed or
Mutilated Notes. Upon receipt by the Borrower of (i) written notice from a Lender that a Note of such Lender has been lost, stolen, destroyed or mutilated, and (ii) (A) in the case of loss, theft or destruction, an unsecured agreement of
indemnity from such Lender in form reasonably satisfactory to the Borrower, or (B) in the case of mutilation, upon surrender and cancellation of such Note, the Borrower shall at its own expense execute and deliver to such Lender a new Note dated the
date of such lost, stolen, destroyed or mutilated Note. 
  
 Section 2.11
Voluntary Reductions of the Commitment. 
  
 The Borrower
shall have the right to terminate or reduce the aggregate unused amount of the Commitments (for which purpose use of the Commitments shall be deemed to include the aggregate amount of Letter of Credit Liabilities and the aggregate principal amount
of all outstanding Swingline Loans) at any time and from time to time without penalty or premium upon not less than fifteen (15) Business Days prior written notice to the Agent of each such termination or reduction, which notice shall specify the
effective date thereof and the amount of any such reduction and shall be irrevocable once given and effective only upon receipt by the Agent. The Agent will promptly transmit such notice to each Lender. The Commitments may not be reduced below
$100,000,000 in the aggregate unless the Borrower terminates the Commitments in their entirety, and, once terminated or reduced, the Commitments may not be increased or reinstated. 
  
 Section 2.12 Expiration or Maturity Date of Letters of Credit Past Termination Date. 
  
 If on the date (the “Facility Termination Date”) the Commitments
are terminated (whether voluntarily, by reason of the occurrence of an Event of Default or otherwise), there are any Letters of Credit outstanding hereunder, without limiting the terms of Section 2.3(b), the Borrower shall, on the Facility
Termination Date, pay to the Agent an amount of money equal to the Stated Amount of such Letter(s) of Credit for deposit into the Collateral Account. If a drawing pursuant to any such Letter of Credit occurs on or prior to the expiration date of
such Letter of Credit, the Borrower authorizes the Issuing Lender to notify the Agent, and authorize the Agent to pay to the Issuing Lender monies deposited in the Collateral Account for Issuing Lender to make payment to the beneficiary with respect
to such drawing or the payee with respect to such presentment. If no drawing occurs on or prior to the expiration date of such Letter of Credit, the Agent shall withdraw the monies deposited in the Collateral Account with respect to such outstanding
Letter of Credit on or before the date twenty (20) Business Days after the expiration date of such Letter of Credit and apply such funds to the Obligations, if any, then due and payable in the order prescribed by Section 10.3. No amount drawn under
a Letter of Credit shall be subject to reinstatement. 
  

 33 

 Section 2.13 Amount Limitations. 
  
 Notwithstanding any other term of this Agreement or any other Loan Document, at no time may the aggregate principal amount
of all outstanding Revolving Loans, together with the aggregate principal amount of all outstanding Swingline Loans and the aggregate amount of all Letter of Credit Liabilities, exceed the Available Amount at such time. 
  
 Section 2.14 Increase of Commitments. 
  
 Subject to the approval of the Agent (which shall not be unreasonably
withheld, delayed or, except with respect to the fees to be paid to Agent for arranging the increase, conditioned), the Borrower shall have the right to request an increase in the aggregate amount of the Commitments by providing written notice to
the Agent, which notice shall be irrevocable once given; provided that (i) the aggregate amount of such increases in the Commitments pursuant to this Section 2.14 shall not exceed $100,000,000 in the aggregate; (ii) the Borrower may not
exercise its rights pursuant to this Section 2.14 more than two (2) times; and (iii) the Borrower may not exercise its rights under this Section 2.14 if there are less than twelve (12) full months to the Termination Date. Each such increase in the
Commitments must be an aggregate minimum amount of $25,000,000 and integral multiples of $1,000,000 in excess thereof. The Agent shall promptly notify each Lender of such request. Each existing Lender shall have the right to increase its Commitment
by an amount so that such Lender’s Commitment Percentage shall not be decreased as a result of such requested increase in the Commitments. All other allocations of such requested increase shall be subject to the approval of the Agent. Each
Lender shall notify the Agent within ten (10) Business Days after receipt of the Agent’s notice whether such Lender wishes to increase the amount of its Commitment. If a Lender fails to deliver any such notice to the Agent within such time
period, then such Lender shall be deemed to have declined to increase its Commitment. No Lender shall be required to increase its Commitment and any new Lender(s) becoming a party to this Agreement in connection with any such requested increase must
be an Eligible Assignee. As a condition to any such increase in the Commitment, the Borrower shall pay to the Agent such fees as it may require in connection with the arrangement of such increase, and to the Lenders acquiring such increase such fees
as they may require in connection therewith, which fees shall, when paid, be fully earned and non-refundable under any circumstances. In the event a new Lender or Lenders become a party to this Agreement, or if any existing Lender agrees to increase
its Commitment, such Lender shall on the date it becomes a Lender hereunder (or increases its Commitment, in the case of an existing Lender) (and as a condition thereto) purchase from the other Lenders its Commitment Percentage (as determined after
giving effect to the increase of Commitments) of any outstanding Revolving Loans, by making available to the Agent for the account of such other Lenders at the Principal Office, in same day funds, an amount equal to the sum of (a) the portion of the
outstanding principal amount of such Revolving Loans to be purchased by such Lender plus (b) the aggregate amount of payments previously made by the other Lenders under Sections 2.2(e) or 2.3(j) which have not been repaid, and the Borrower shall pay
to such other Lenders interest accrued and unpaid to and as of such date on such portion of the outstanding principal amount of such Revolving Loans. The Borrower shall also pay to the Lenders amounts payable, if any, to such Lenders under Section
4.4 as a result of the prepayment of any such Revolving Loans. No increase of the Commitments may be effected under this Section if either (x) a Default or Event of Default shall be in existence on the effective date of such increase or (y) any
representation or warranty made or deemed made by or on behalf of the Borrower or any other Obligor in any Loan Document is not (or would not be) true or correct in all material respects on the effective date of such increase (except for
representations or warranties which expressly relate solely to an earlier date). In connection with any increase in the aggregate amount of the Commitments pursuant to this subsection, (A) any Lender becoming a party hereto shall execute such
documents and agreements as the Agent may reasonably request and (B) the Borrower shall make appropriate arrangements so that each new Lender, and any existing Lender increasing its Commitment, receives a new or replacement Revolving Note, as
appropriate, in the amount of such Lender’s Commitment contemporaneously with the effectiveness of the applicable increase in the aggregate amount of Commitments. 
  

 34 

 Section 2.15 Advances by Agent. 
  
 Unless the Agent shall have been notified by any Lender prior to the specified date of borrowing that such Lender does not
intend to make available to the Agent the Loan to be made by such Lender on such date, the Agent may assume that such Lender will make the proceeds of such Loan available to the Agent on the date of the requested borrowing and the Agent may (but
shall not be obligated to), in reliance upon such assumption, make available to the Borrower the amount of such Loan to be provided by such Lender and such Lender shall be liable to Agent for the amount of such advance. If such Lender does not pay
such corresponding amount upon the Agent’s demand therefor, the Agent will promptly notify the Borrower, and the Borrower shall promptly pay such corresponding amount to the Agent. The Agent shall also be entitled to recover from the Lender or
the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Agent to the Borrower to the date such corresponding amount is recovered by the Agent at
a per annum rate equal to (i) from the Borrower at the applicable rate for such Loan or (ii) from a Lender at the Federal Funds Rate. Subject to the terms of this Agreement (including, without limitation, Section 12.15), the Borrower does not waive
any claim that it may have against a Defaulting Lender. 
  
 Section 2.16
Extension of Termination Date. 
  
 Provided that no Default
or Event of Default shall have occurred and be continuing, the Borrower shall have the one-time right to extend the Termination Date to May 9, 2009 upon satisfaction of the following conditions precedent which must be satisfied prior to the
effectiveness of such extension of the Termination Date: 
  
 (a)
Extension Request. The Borrower shall deliver written notice of such request (the “Extension Request”) to Agent not earlier than the date which is one hundred eighty (180) days prior to the Termination Date and not later than the
date which is ninety (90) days prior to the Termination Date. 
  
 (b) Payment of the Extension Fee. The Borrower shall pay to Agent the extension fee pursuant to Section 3.6(d). 
  
 (c) No Default. On the date the Extension Request is submitted and on the Termination Date (as determined without regard to such extension), there
shall exist no Default or Event of Default; and 
  
 (d)
Representations and Warranties. The representations and warranties made by or on behalf of the Borrower, the other Obligors and the Subsidiaries of the Borrower and the other Obligors in the Loan Documents or otherwise made by or on behalf of
the Borrower, the other Obligors and the Subsidiaries of the Borrower and the other Obligors in connection therewith or after the date thereof (except to the extent that such representations and warranties relate solely to an earlier date (in which
case such representations and warranties shall have been true and accurate on and as of such earlier date)) shall have been true and correct in all material respects (and without regard to any qualifications limiting such representations to
knowledge or belief) on the date the Extension Request is made and on the Termination Date (as determined without regard to such Extension Request). 
  
 Each Extension Request shall constitute a representation and warranty by the Borrower that all of the foregoing conditions have been satisfied on the date
of such Extension Request. The Borrower shall not have the right to make an Extension Request at any time after the Termination Date. 
  

 35 

 ARTICLE III. PAYMENTS, FEES AND OTHER GENERAL PROVISIONS 
  
 Section 3.1 Payments. 
  
 Except to the extent otherwise provided herein, all payments of principal, interest and other amounts to be made by the
Borrower under this Agreement or any other Loan Document shall be made in Dollars, in immediately available funds, without deduction, set-off or counterclaim, to the Agent at its Principal Office, not later than 2:00 p.m. on the date on which such
payment shall become due (each such payment made after such time on such due date to be deemed to have been made on the next succeeding Business Day). Subject to Sections 3.2 and 3.3., the Agent may (but shall not be obligated to) debit the amount
of any such payment which is not made by such time from any special or general deposit account of Borrower with the Agent, other than accounts as to which the Agent has expressly waived offset rights in writing. The Borrower shall, at the time of
making each payment under this Agreement or any Note, specify to the Agent the amounts payable by the Borrower hereunder to which such payment is to be applied. Each payment received by the Agent for the account of a Lender under this Agreement or
any Note shall be paid to such Lender at the applicable Lending Office of such Lender no later than one (1) Business Day after receipt. If the Agent fails to pay such amount to a Lender as provided in the previous sentence, the Agent shall pay
interest on such amount until paid at a rate per annum equal to the Federal Funds Rate from time to time in effect. If the due date of any payment under this Agreement or any other Loan Document would otherwise fall on a day which is not a Business
Day such date shall be extended to the next succeeding Business Day and interest shall be payable for the period of such extension. If a court of competent jurisdiction shall adjudge that any amount received and distributed by the Agent is to be
repaid, each Person to whom any such distribution shall have been made shall either repay to the Agent its proportionate share of the amount so adjudged to be repaid or shall pay over the same in such manner and to such Persons as shall be
determined by such court. 
  
 Section 3.2 Pro Rata Treatment. Except to the
extent otherwise provided herein: (i) each borrowing from the Lenders under Section 2.1(a) shall be made from the Lenders, each payment of the Fees under Section 3.6(a), Section 3.6(b)(ii) and Section 3.6(d) shall be made for the account of the
Lenders, and each termination or reduction of the amount of the Commitments under Section 2.13 shall be applied to the respective Commitments of the Lenders, pro rata according to the amounts of their respective Commitments; (ii) each payment or
prepayment of principal of Revolving Loans by the Borrower shall be made for the account of the Lenders pro rata in accordance with the respective unpaid principal amounts of the Revolving Loans held by them, provided that if immediately
prior to giving effect to any such payment in respect of any Revolving Loans the outstanding principal amount of the Revolving Loans shall not be held by the Lenders pro rata in accordance with their respective Commitments in effect at the time such
Revolving Loans were made, then such payment shall be applied to the Revolving Loans in such manner as shall result, as nearly as is practicable, in the outstanding principal amount of the Revolving Loans being held by the Lenders pro rata in
accordance with their respective Commitments; (iii) each payment of interest on Revolving Loans by the Borrower shall be made for the account of the Lenders pro rata in accordance with the amount of interest on such Revolving Loans then due and
payable to the respective Lenders; (iv) the making, Conversion and Continuation of Revolving Loans of a particular Type (other than Conversions provided for by Section 4.6) shall be made pro rata among the Lenders according to the amounts of their
respective Commitments (in the case of making of Revolving Loans) or their respective Revolving Loans (in the case of Conversions and Continuations of Revolving Loans) and the then current Interest Period for each Lender’s portion of each
Revolving Loan of such Type shall be coterminous; (v) the Lenders’ participation in, and payment obligations in respect of, Letters of Credit under Section 2.4, shall be pro rata in accordance with their respective Commitments; and (vi) the
Lenders’ participation in, and payment obligations in respect of, Swingline Loans under Section 2.2, shall be pro rata in accordance with their respective Commitments. All payments of principal, interest, fees and other amounts in respect of
the Swingline Loans shall be for the account of the Swingline Lender only (except to the extent any Lender shall have acquired a participating interest in any such Swingline Loan pursuant to Section 2.2(e)). 
  

 36 

 Section 3.3 Sharing of Payments, Etc. 
  
 If a Lender shall obtain payment of any principal of, or interest on, any Loan made by it to the Borrower under this
Agreement, or shall obtain payment on any other Obligation owing by the Borrower or any other Obligor through the exercise of any right of set-off, banker’s lien or counterclaim or similar right or otherwise or through voluntary prepayments
directly to a Lender or other payments made by the Borrower to a Lender not in accordance with the terms of this Agreement and such payment should be distributed to some or all of the Lenders pro rata in accordance with Section 3.2 or Section 10.3,
as applicable, such Lender shall promptly purchase from the other applicable Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Loans made by such other Lenders or other Obligations owed to such
other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable, to the end that all the applicable Lenders shall share the benefit of such payment (net of any reasonable expenses which may be incurred by such
Lender in obtaining or preserving such benefit) pro rata in accordance with Section 3.2 or Section 10.3. To such end, all the applicable Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise)
if such payment is rescinded or must otherwise be restored. The Borrower agrees that any Lender so purchasing a participation (or direct interest) in the Loans or other Obligations owed to such other Lenders may exercise all rights of set-off,
banker’s lien, counterclaim or similar rights with respect to such participation as fully as if such Lender were a direct holder of Loans in the amount of such participation. Nothing contained herein shall require any Lender to exercise any
such right or shall affect the right of any Lender to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness or obligation of the Borrower. 
  
 Section 3.4 Several Obligations. 
  
 No Lender shall be responsible for the failure of any other Lender to make a Loan or to perform any other obligation to be made or performed by such other
Lender hereunder, and the failure of any Lender to make a Loan or to perform any other obligation to be made or performed by it hereunder shall not relieve the obligation of any other Lender to make any Loan or to perform any other obligation to be
made or performed by such other Lender. 
  
 Section 3.5 Minimum Amounts.

  
 (a) Borrowings and Conversions. Each borrowing of
Base Rate Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $250,000 in excess thereof. Each borrowing and each Conversion of LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral
multiples of $1,000,000 in excess of that amount. 
  
 (b)
Prepayments. Each voluntary prepayment of Revolving Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $500,000 in excess thereof (or the aggregate principal amount of Revolving Loans then outstanding).

  
 (c) Reductions of Commitments. Each reduction of the
Commitments under Section 2.13 shall be in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof. 
  

 37 

 Section 3.6 Fees. 
  
 (a) Unused Fees. The Borrower agrees to pay to the Agent for the account of each Lender an unused fee calculated at the rate per annum (the
“Rate”) set forth below on the average daily amount by which the Total Commitment exceeds the sum of outstanding Revolving Loans plus the Stated Amount of Letters of Credit during such calendar quarter for the period from and including the
Agreement Date to but excluding the date the Total Commitment is terminated or reduced to zero or the Termination Date. The unused fee shall be calculated based on the ratio (expressed as a percentage) of (i) the average daily amount of the sum of
outstanding Revolving Loans plus the Stated Amount of Letters of Credit during such calendar quarter to (ii) the Total Commitment (such percentage the “Utilization Percentage”) as follows: 
  

				
	 Utilization Percentage

	  	Rate

	 
	 Less than 50%
	  	0.175	%
	 Greater than or equal to 50%
	  	0.125	%

  
 Such unused fee shall
be paid in arrears on (w) the last Business Day of March, June, September and December in each year, (x) the date of each reduction in the Commitments (but only on the amount of the reduction), and (y) the Termination Date. 
  
 (b) Letter of Credit Fees. 
  
 (i) The Borrower shall pay to the Agent for the account of the Issuing
Lender only, and not the account of any other Lender, a one-time fee in respect of each Letter of Credit at the rate equal to one-eighth of one percent (0.125%) of the Stated Amount of each Letter of Credit. Such fee shall be non-refundable and
payable upon issuance of such Letter of Credit. 
  
 (ii) The
Borrower agrees to pay to the Agent for the account of each Lender a letter of credit fee at a rate per annum equal to the Applicable Margin for Revolving Loans that are LIBOR Loans times the daily average Stated Amount of each Letter of Credit for
the period from and including the date of issuance or extension of such Letter of Credit (A) to and including the date such Letter of Credit expires or is terminated or (B) to but excluding the date such Letter of Credit is drawn in full. Such fees
shall be nonrefundable and payable in arrears on the last Business Day of March, June, September and December in each year, on the Termination Date, and on the date the Commitments are terminated or reduced to zero. During the continuance of an
Event of Default, the Letter of Credit fee payable pursuant to this Section 3.6(b)(ii) shall be payable at a rate per annum equal to the sum of (x) the Applicable Margin for Revolving Loans that are LIBOR Loans plus (y) four percent (4.0%), and such
fees shall be due and payable upon demand. 
  
 (iii) The Borrower
shall pay directly to the Issuing Lender from time to time on demand all commissions, charges, costs and expenses in the amounts customarily charged by the Issuing Lender from time to time in like circumstances with respect to the issuance of each
Letter of Credit, drawings, amendments and other transactions relating thereto. 
  
 (c) Administrative and Other Fees. The Borrower agrees to pay the reasonable administrative and other fees of the Agent as may be agreed to in writing from time to time. 
  

 38 

 (d) Extension Fee. The Borrower agrees to pay Agent for the account of each Lender an extension
fee concurrently with the extension of the Termination Date pursuant to Section 2.16 equal to 0.15% of the Total Commitment. 
  
 Section 3.7 Computations. 
  
 Unless otherwise expressly set forth herein, any accrued interest on any Loan, any Fees or any other Obligations due hereunder shall be computed on the
basis of a year of 360 days (or a year of 365 or 366 days, as applicable, in the case of Base Rate Loans) and the actual number of days elapsed. 
  
 Section 3.8 Usury. 
  
 In no event shall the amount of interest due or payable on the Loans or other Obligations exceed the maximum rate of interest allowed by Applicable Law
and, if any such payment is paid by the Borrower or received by any Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the respective Lender in writing that the Borrower elects to have such
excess sum returned to it forthwith. It is the express intent of the parties hereto that the Borrower not pay and the Lenders not receive, directly or indirectly, in any manner whatsoever, interest in excess of that which may be lawfully paid by the
Borrower under Applicable Law. 
  
 Section 3.9 Agreement Regarding Interest and
Charges. 
  
 The parties hereto hereby agree and stipulate
that the only charge imposed upon the Borrower for the use of money in connection with this Agreement is and shall be the interest specifically described in Section 2.2(c), Section 2.3 and Section 2.4(a)(i), (ii) and (iii). Notwithstanding the
foregoing, the parties hereto further agree and stipulate that all agency fees, syndication fees, arrangement fees, amendment fees, up-front fees, commitment fees, facility fees, unused fee, closing fees, letter of credit fees, underwriting fees,
default charges, late charges, funding or “breakage” charges, increased cost charges, attorneys’ fees and reimbursement for costs and expenses paid by the Agent or any Lender to third parties or for damages incurred by the Agent or
any Lender, or any other similar amounts are charges made to compensate the Agent or any such Lender for underwriting or administrative services and costs or losses performed or incurred, and to be performed or incurred, by the Agent and the Lenders
in connection with this Agreement and shall under no circumstances be deemed to be charges for the use of money. The Borrower hereby acknowledges and agrees that the Lenders have imposed no minimum borrowing requirements, reserve or escrow balances
or compensating balances related in any way to the Obligations. Any use by the Borrower of certificates of deposit issued by any Lender or other accounts maintained with any Lender has been and shall be voluntary on the part of the Borrower. All
charges other than charges for the use of money shall be fully earned and nonrefundable when due. 
  
 Section 3.10 Statements of Account. 
  
 The Agent will account to the Borrower monthly with a statement of Loans, Letters of Credit, accrued interest and Fees, charges and payments made pursuant to this Agreement and the other Loan Documents, and such
account rendered by the Agent shall be deemed conclusive upon the Borrower absent manifest error. The failure of the Agent to deliver such a statement of accounts shall not relieve or discharge the Borrower from any of its obligations hereunder.

  
 Section 3.11 Defaulting Lenders. 
  
 (a) Generally. If for any reason any Lender (a “Defaulting
Lender”) shall fail or refuse to perform any of its obligations under this Agreement or any other Loan Document to which it is a party within the time period specified for performance of such obligation or, if no time period is specified, if

  

 39 

 
such failure or refusal continues for a period of two (2) Business Days after notice from the Agent, then, in addition to the rights and remedies that may be
available to the Agent or the Borrower under this Agreement or Applicable Law, such Defaulting Lender’s right to participate in the administration of the Loans, this Agreement and the other Loan Documents, including without limitation, any
right to vote in respect of, to consent to or to direct any action or inaction of the Agent or to be taken into account in the calculation of all of the Lenders or the Requisite Lenders, shall be suspended during the pendency of such failure or
refusal. If a Lender is a Defaulting Lender because it has failed to make timely payment to the Agent of any amount required to be paid to the Agent hereunder (without giving effect to any notice or cure periods), in addition to other rights and
remedies which the Agent or the Borrower may have under the immediately preceding provisions or otherwise, the Agent shall be entitled (i) to collect interest from such Defaulting Lender on such delinquent payment for the period from the date on
which the payment was due until the date on which the payment is made at the Federal Funds Rate, (ii) to withhold or setoff and to apply in satisfaction of the defaulted payment and any related interest, any amounts otherwise payable to such
Defaulting Lender under this Agreement or any other Loan Document, and (iii) to bring an action or suit against such Defaulting Lender in a court of competent jurisdiction to recover the defaulted amount and any related interest. Any amounts
received by the Agent in respect of a Defaulting Lender’s Loans shall not be paid to such Defaulting Lender and shall be held uninvested by the Agent and either applied against the purchase price of such Loans under Section 3.11(b) or paid to
such Defaulting Lender upon the Defaulting Lender’s curing of its default. Subject to the terms of this Agreement (including, without limitation, Section 12.15), the Borrower does not waive any claim that it may have against a Defaulting
Lender. 
  
 (b) Purchase or Cancellation of Defaulting
Lender’s Commitment. Any Lender who is not a Defaulting Lender shall have the right, but not the obligation, in its sole discretion, to acquire all of a Defaulting Lender’s Commitment. Any Lender desiring to exercise such right shall
give written notice thereof to the Agent and the Borrower no sooner than two (2) Business Days and not later than five (5) Business Days after such Defaulting Lender became a Defaulting Lender. If more than one Lender exercises such right, each such
Lender shall have the right to acquire an amount of such Defaulting Lender’s Commitment in proportion to the Commitments of the other Lenders exercising such right. If after such fifth (5th) Business Day, the Lenders have not elected to purchase all of the Commitment of such Defaulting Lender, then the Borrower may, by giving written notice
thereof to the Agent, such Defaulting Lender and the other Lenders, either (i) demand that such Defaulting Lender assign its Commitment to an Eligible Assignee approved by Agent (such approval not to be unreasonably withheld or delayed) subject to
and in accordance with the provisions of Section 12.5(d) for the purchase price provided for below within five (5) Business Days of such demand or (ii) terminate the Commitment of such Defaulting Lender, whereupon such Defaulting Lender shall no
longer be a party hereto or have any rights or obligations hereunder or under any of the other Loan Documents (except as expressly provided in this Section 3.11(b)). No party hereto shall have any obligation whatsoever to initiate any such
replacement or to assist in finding an Eligible Assignee. Upon any such purchase or assignment, the Defaulting Lender’s interest in the Loans and its rights hereunder (but not its liability in respect thereof or under the Loan Documents or this
Agreement to the extent the same relate to the period prior to the effective date of the purchase) shall terminate on the date of purchase, and the Defaulting Lender shall promptly execute all documents reasonably requested to surrender and transfer
such interest to the purchaser or assignee thereof, including an appropriate Assignment and Acceptance Agreement and, notwithstanding Section 12.5(d), shall pay to the Agent an assignment fee in the amount of $3,500. The purchase price for the
Commitment of a Defaulting Lender shall be equal to the amount of the principal balance of the Loans outstanding and owed by the Borrower to the Defaulting Lender. Prior to payment of such purchase price to a Defaulting Lender, the Agent shall apply
against such purchase price any amounts retained by the Agent pursuant to the penultimate sentence of Section 3.11(a). The Defaulting Lender shall be entitled to receive amounts owed to it by the Borrower under the Loan Documents which accrued prior
to the date of the default by the Defaulting Lender, to the extent the same are received by the Agent from or on behalf of the Borrower. There shall be no recourse against any Lender or the Agent for the payment of such sums except to the extent of
the receipt of payments from any other party or in respect of the Loans. 
  

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 Section 3.12 Taxes. 
  
 (a) Taxes Generally. All payments by the Borrower of principal of, and interest on, the Loans and all other Obligations shall be made free and
clear of and without deduction for any present or future excise, stamp or other taxes, fees, duties, levies, imposts, charges, deductions, withholdings or other charges of any nature whatsoever imposed by any taxing authority, but excluding (i)
franchise taxes, and (ii) any taxes imposed on or measured by any Lender’s assets, net income, receipts or branch profits (such non-excluded items being collectively called “Taxes”). If any withholding or deduction from any payment to
be made by the Borrower hereunder is required in respect of any Taxes pursuant to any Applicable Law, then the Borrower will: 
  
 (i) pay directly to the relevant Governmental Authority the full amount required to be so withheld or deducted; 
  
 (ii) promptly forward to the Agent an official receipt or other documentation
satisfactory to the Agent evidencing such payment to such Governmental Authority; and 
  
 (iii) pay to the Agent for its account or the account of the applicable Lender, as the case may be, such additional amount or amounts as is necessary to ensure that the net amount actually received by the Agent or
such Lender will equal the full amount that the Agent or such Lender would have received had no such withholding or deduction been required. 
  
 (b) Tax Indemnification. If the Borrower fails to pay any Taxes when due to the appropriate Governmental Authority or fails to remit to the Agent,
for its account or the account of the respective Lender, as the case may be, the required receipts or other required documentary evidence, the Borrower shall indemnify the Agent and the Lenders for any incremental Taxes, interest or penalties that
may become payable by the Agent or any Lender as a result of any such failure. For purposes of this Section, a distribution hereunder by the Agent or any Lender to or for the account of any Lender shall be deemed a payment by the Borrower.

  
 (c) Tax Forms. Prior to the date that any Lender or
participant organized under the laws of a jurisdiction outside the United States of America becomes a party hereto, such Person shall deliver to the Borrower and the Agent (but only so long as such Lender or participant is or remains lawfully able
to do so) such certificates, documents or other evidence, as required by the Internal Revenue Code or Treasury Regulations issued pursuant thereto (including Internal Revenue Service Forms W-8ECI and W-8BEN, as applicable, or appropriate successor
forms), properly completed, currently effective and duly executed by such Lender or participant indicating whether payments to it hereunder and under the Notes are (i) not subject to United States Federal backup withholding tax or (ii) not subject
to United States Federal withholding tax under the Internal Revenue Code because such payment is either effectively connected with the conduct by such Lender or participant of a trade or business in the United States or totally exempt from United
States Federal withholding tax by reason of the application of the provisions of a treaty to which the United States is a party or such Lender is otherwise wholly exempt; provided that nothing herein (including, without limitation, the
failure or inability to provide any of such certificates, documents or other evidence) shall relieve the Borrower of its obligations under this Section 3.12. In addition, any such Lender or participant shall deliver to the Borrower and the Agent
(but only so long as such Lender or participant is or remains lawfully able to do so) further copies of any such certificate, document or other evidence on or before the date that any such certificate, document or other evidence expires or becomes
obsolete. 
  

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 ARTICLE IV. YIELD PROTECTION, ETC. 
  
 Section 4.1 Additional Costs; Capital Adequacy. 
  
 (a) Additional Costs. The Borrower shall promptly pay to the Agent for the account of a Lender from time to time such
amounts as such Lender may determine to be necessary to compensate such Lender for any costs incurred by such Lender that it reasonably determines are attributable to its making or maintaining of any LIBOR Loans or its obligation to make any LIBOR
Loans hereunder, any reduction in any amount receivable by such Lender under this Agreement or any of the other Loan Documents in respect of any of such Loans or such obligation or the maintenance by such Lender of capital in respect of its Loans or
its Commitment (such increases in costs and reductions in amounts receivable being herein called “Additional Costs”), resulting from any Regulatory Change that: (i) changes the basis of taxation of any amounts payable to such Lender under
this Agreement or any of the other Loan Documents in respect of any of such Loans or its Commitment (other than taxes which are excluded from the definition of Taxes pursuant to the first sentence of Section 3.12(a)); or (ii) imposes or modifies any
reserve, special deposit or similar requirements (other than Regulation D of the Board of Governors of the Federal Reserve System or other reserve requirement to the extent utilized in the determination of the Adjusted Eurodollar Rate for such Loan)
relating to any extensions of credit or other assets of, or any deposits with or other liabilities of, such Lender, or any commitment of such Lender (including, without limitation, the Commitments of such Lender hereunder); or (iii) has or would
have the effect of reducing the rate of return on capital of such Lender to a level below that which such Lender could have achieved but for such Regulatory Change (taking into consideration such Lender’s policies with respect to capital
adequacy). 
  
 (b) Lender’s Suspension of LIBOR Loans.
Without limiting the effect of the provisions of Section 4.1(a), if, by reason of any Regulatory Change, any Lender either (i) incurs Additional Costs based on or measured by the excess above a specified level of the amount of a category of deposits
or other liabilities of such Lender that includes deposits by reference to which the interest rate on LIBOR Loans is determined as provided in this Agreement or a category of extensions of credit or other assets of such Lender that includes LIBOR
Loans or (ii) becomes subject to restrictions on the amount of such a category of liabilities or assets that it may hold, then, if such Lender so elects by notice to the Borrower (with a copy to the Agent), the obligation of such Lender to make or
Continue, or to Convert any other Type of Loans into, LIBOR Loans hereunder shall be suspended until such Regulatory Change ceases to be in effect (in which case the provisions of Section 4.6 shall apply). 
  
 (c) Additional Costs in Respect of Letters of Credit. Without limiting
the obligations of the Borrower under the preceding subsections of this Section (but without duplication), if as a result of any Regulatory Change or any risk-based capital guideline or other requirement heretofore or hereafter issued by any
Governmental Authority there shall be imposed, modified or deemed applicable any tax, reserve, special deposit, capital adequacy or similar requirement against or with respect to or measured by reference to Letters of Credit and the result shall be
to increase the cost to the Issuing Lender of issuing (or any Lender of purchasing participations in) or maintaining its obligation hereunder to issue (or purchase participations in) any Letter of Credit or reduce any amount receivable by the
Issuing Lender or any Lender hereunder in respect of any Letter of Credit, then, upon demand by the Issuing Lender or such Lender, the Borrower shall pay promptly, and in any event within thirty (30) days of demand, to the Agent for its account or
the account of the Issuing Lender or such Lender, as applicable, from time to time as specified by the Issuing Lender or a Lender, such additional amounts as shall be sufficient to compensate the Issuing Lender or such Lender for such increased
costs or reductions in amount. 
  
 (d) Notification and
Determination of Additional Costs. Each of the Agent and each Lender agrees to notify the Borrower of any event occurring after the Agreement Date entitling the Agent or such Lender to compensation under any of the preceding subsections of this
Section as promptly as practicable; 

  

 42 

 
provided, however, the failure of the Agent or any Lender to give such notice shall not release the Borrower from any of its obligations
hereunder; provided, however, that notwithstanding the foregoing provisions of this Section, the Agent or a Lender, as the case may be, shall not be entitled to compensation for any such amount relating to any period ending more than
twelve (12) months prior to the date that the Agent or such Lender, as applicable, first notifies the Borrower in writing thereof. The Agent and or such Lender agrees to furnish to the Borrower a certificate setting forth the basis and amount of
each request by the Agent or such Lender for compensation under this Section. Absent manifest error, determinations by the Agent or any Lender of the effect of any Regulatory Change shall be conclusive, provided that such determinations are made on
a reasonable basis and in good faith. 
  
 Section 4.2 Suspension of LIBOR
Loans. 
  
 Anything herein to the contrary notwithstanding,
if, on or prior to the determination of any Adjusted Eurodollar Rate for any Interest Period: 
  
 (a) the Agent reasonably determines (which determination shall be conclusive) that by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Adjusted
Eurodollar Rate for such Interest Period, or 
  
 (b) the Agent
reasonably determines (which determination shall be conclusive) that the Adjusted Eurodollar Rate as determined by the Agent will not adequately and fairly reflect the cost to the Lenders of making or maintaining LIBOR Loans for such Interest
Period; 
  
 then the Agent shall give the Borrower and each Lender prompt notice
thereof and, so long as such condition remains in effect, the Lenders shall be under no obligation to, and shall not, make additional LIBOR Loans, Continue LIBOR Loans or Convert Loans into LIBOR Loans and the Borrower shall, on the last day of each
current Interest Period for each outstanding LIBOR Loan, either repay such Loan or Convert such Loan into a Base Rate Loan. 
  
 Section 4.3 Illegality. 
  
 Notwithstanding any other provision of this Agreement, if it becomes unlawful for any Lender to honor its obligation to make or maintain LIBOR Loans
hereunder, then such Lender shall promptly notify the Borrower thereof (with a copy to the Agent) and such Lender’s obligation to make or Continue, or to Convert Loans of any other Type into, LIBOR Loans shall be suspended until such time as
such Lender may again make and maintain LIBOR Loans (in which case the provisions of Section 4.6 shall be applicable). 
  
 Section 4.4 Compensation. 
  
 The Borrower shall pay to the Agent for the account of each Lender, upon the request of such Lender through the Agent, such amount or amounts as shall be
sufficient (in the reasonable opinion of such Lender) to compensate it for any loss, cost or expense that such Lender determines is attributable to: 
  
 (a) any payment or prepayment (whether mandatory or optional) of a LIBOR Loan, or Conversion of a LIBOR Loan, made by such Lender for any reason
(including, without limitation, acceleration) on a date other than the last day of the Interest Period for such Loan; or 
  
 (b) any failure by the Borrower for any reason (including, without limitation, the failure of any of the applicable conditions precedent specified in
Article V to be satisfied) to borrow a LIBOR Loan from such Lender on the date for such borrowing, or to Convert a Base Rate Loan into a LIBOR Loan or Continue a LIBOR Loan on the requested date of such Conversion or Continuation. 
  

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 Upon the Borrower’s request, any Lender requesting compensation under this Section shall provide the Borrower with a
statement setting forth the basis for requesting such compensation and the method for determining the amount thereof. Each Lender may use any reasonable averaging and attribution methods generally applied by such Lender and may include, without
limitation, administrative costs as a component of such loss, cost or expense. Absent manifest error, determinations by any Lender in any such statement shall be conclusive, provided that such determinations are made on a reasonable basis and in
good faith. 
  
 Section 4.5 Affected Lenders. 
  
 If (a) a Lender requests compensation pursuant to Section 3.12 or 4.1, and
the Requisite Lenders are not also doing the same, or (b) the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 4.1(b) or 4.3 but the obligation of the
Requisite Lenders shall not have been suspended under such Sections, then, so long as there does not then exist any Default or Event of Default, the Borrower, within thirty (30) days of such request for compensation or suspension, as applicable, may
either (i) demand that such Lender (the “Affected Lender”), and upon such demand the Affected Lender shall promptly, assign its Commitments to an Eligible Assignee subject to and in accordance with the provisions of Section 12.5(d) for a
purchase price equal to the aggregate principal balance of Loans then owing to the Affected Lender plus any accrued but unpaid interest thereon and accrued but unpaid fees owing to the Affected Lender, or (ii) pay to the Affected Lender the
aggregate principal balance of Loans then owing to the Affected Lender plus any accrued but unpaid interest thereon and accrued but unpaid fees owing to the Affected Lender, whereupon the Affected Lender shall no longer be a party hereto or have any
rights or obligations hereunder or under any of the other Loan Documents. Each of the Agent and the Affected Lender shall reasonably cooperate in effectuating the replacement of such Affected Lender under this Section, but at no time shall the
Agent, such Affected Lender nor any other Lender be obligated in any way whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. The exercise by the Borrower of its rights under this Section shall be at the
Borrower’s sole cost and expense and at no cost or expense to the Agent, the Affected Lender or any of the other Lenders. The terms of this Section shall not in any way limit the Borrower’s obligation to pay to any Affected Lender
compensation owing to such Affected Lender pursuant to Section 3.12, 4.1 or 4.4. 
  
 Section 4.6 Treatment of Affected Loans. 
  
 If
the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 4.1(b), 4.2 or 4.3, then such Lender’s LIBOR Loans shall be automatically Converted into
Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required by Section 4.1(b) or 4.3, on such earlier date as such Lender may specify to the Borrower with a copy to the Agent)
and, unless and until such Lender gives notice as provided below that the circumstances specified in Section 4.1 or 4.3 that gave rise to such Conversion no longer exist: 
  
 (a) to the extent that such Lender’s LIBOR Loans have been so Converted, all payments and prepayments of principal that
would otherwise be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and 
  
 (b) all Loans that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made or Continued instead as Base Rate Loans, and all Base
Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. 
  
 If such Lender gives notice to the Borrower (with a copy to the Agent) that the circumstances specified in Section 4.1 or 4.3 that gave rise to the Conversion of such Lender’s LIBOR Loans pursuant to this 

  

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Section no longer exist (which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders
are outstanding, then such Lender’s Revolving Loans that are Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that,
after giving effect thereto, all Revolving Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments. 
  
 Section 4.7 Change of Lending Office. 
  
 Each Lender agrees that it will use reasonable efforts to designate an
alternate Lending Office with respect to any of its Loans affected by the matters or circumstances described in Sections 3.12, 4.1 or 4.3 to reduce the liability of the Borrower or avoid the results provided thereunder, so long as such designation
is not disadvantageous to such Lender as determined by such Lender in its sole discretion, except that such Lender shall have no obligation to designate a Lending Office located in the United States of America. 
  
 Section 4.8 Assumptions Concerning Funding of LIBOR Loans. 
  
 Calculation of all amounts payable to a Lender under this Article IV shall
be made as though such Lender had actually funded LIBOR Loans through the purchase of deposits in the relevant market bearing interest at the rate applicable to such LIBOR Loans in an amount equal to the amount of the LIBOR Loans and having a
maturity comparable to the relevant Interest Period; provided, however, that each Lender may fund each of its LIBOR Loans in any manner it sees fit and the foregoing assumption shall be used only for calculation of amounts payable
under this Article IV. 
  
 ARTICLE V. CONDITIONS PRECEDENT

  
 Section 5.1 Initial Conditions Precedent. 
  
 The obligation of the Lenders to effect or permit the occurrence of the
first Credit Event hereunder, whether as the making of a Loan or the issuance of a Letter of Credit, is subject to the following conditions precedent: 
  
 (a) The Agent shall have received each of the following, in form and substance satisfactory to the Agent: 
  
 (i) Counterparts of this Agreement executed by each of the parties hereto;

  
 (ii) Revolving Notes executed by the Borrower payable to each
Lender and complying with the applicable provisions of Section 2.12, and the Swingline Note executed by the Borrower payable to the Agent (which Notes shall be promptly forwarded by the Agent to the applicable Lender); 
  
 (iii) The Guaranty executed by each Guarantor existing as of the Effective
Date; 
  
 (iv) A favorable opinion of counsel to the Obligors,
addressed to the Agent, the Lenders and the Swingline Lender, addressing such matters as Agent may reasonably require; 
  
 (v) The Governing Documents of the Borrower, each Guarantor and each general partner, managing member (or Person performing similar functions) of such
Persons certified as of a recent date by the Secretary of State of the State of formation of the applicable Person; 
  

 45 

 (vi) A good standing certificate with respect to the Borrower, each Guarantor and each general partner,
managing member (or Person performing similar functions) of such Persons issued as of a recent date by the appropriate Secretary of State (and any state department of taxation, as applicable) and certificates of qualification to transact business or
other comparable certificates issued by the Secretary of State (and any state department of taxation, as applicable), of each state in which such Person is organized, in which the Unencumbered Assets owned (or leased pursuant to an Eligible Ground
Lease) by such Person are located, and wherever such Person is required to be so qualified and where the failure to be so qualified would have, in each instance, a Material Adverse Effect; 
  
 (vii) A certificate of incumbency signed by the general partner, secretary
(or Person performing similar functions) of the Borrower, each Guarantor and their respective general partners, managing members (or Person performing similar functions) as to each of the partners, officers or other Persons authorized to execute and
deliver the Loan Documents to which any of them is a party and the officers or other representatives of the Borrower then authorized to deliver Notices of Borrowing, Notices of Continuation, Notices of Conversion and Notices of Swingline Borrowings
and to request the issuance of Letters of Credit; 
  
 (viii)
Copies, certified by the general partner, secretary or other authorized Person of each of the Borrower, the Guarantors and their respective general partners, managing members (or Persons performing similar functions) of such Persons of all
partnership, limited liability company, corporate (or comparable) action taken by such Person to authorize the execution, delivery and performance of the Loan Documents to which such Persons are a party; 
  
 (ix) Evidence that the principal of and interest on, and all other amounts
owing in respect of the First Amended and Restated $430 Million Interim Revolving Credit Agreement, dated as of July 1, 2004, among the Borrower, certain Guarantors party thereto, the lenders named therein, as Lenders, Bank of America, N.A., as
Administrative Agent, and Banc of America Securities LLC, as Sole Lead Arranger and Sole Book Manager, shall have been paid in full, that any commitments to extend credit thereunder shall have been canceled or terminated and that all guaranties in
respect of, and Liens securing, such Indebtedness shall have been released (or arrangements for such release satisfactory to the Agent shall have been made); 
  
 (x) The Fees then due and payable under Section 3.6, and any other Fees payable to the Agent and the Lenders on or prior to the Effective Date;

  
 (xi) A Compliance Certificate calculated as of March 31, 2005;

  
 (xii) Copies of the Unencumbered Asset Qualification Documents
for each of the Properties included as an Unencumbered Asset as of the Effective Date; and 
  
 (xiii) Such other documents, agreements and instruments as the Agent on behalf of the Lenders may reasonably request; and 
  
 (b) In the good faith judgment of the Agent and the Lenders: 
  
 (i) There shall not have occurred or become known to the Agent or any of the Lenders any event, condition, situation or status since the date of the
information contained in the financial and business projections, budgets, pro forma data and forecasts concerning the Borrower, the other Obligors, and their respective Subsidiaries delivered to the Agent and the Lenders prior to the Agreement Date
that has had or could reasonably be expected to result in a Material Adverse Effect; 
  

 46 

 (ii) No litigation, action, suit, investigation or other arbitral, administrative or judicial proceeding
shall be pending or threatened which could reasonably be expected to (1) result in a Material Adverse Effect or (2) restrain or enjoin, impose materially burdensome conditions on, or otherwise materially and adversely affect the ability of the
Borrower or any other Obligor to fulfill the respective obligations under the Loan Documents to which it is a party; 
  
 (iii) The Borrower, the other Obligors and their respective Subsidiaries shall have received all approvals, consents and waivers, and shall have made or
given all necessary filings and notices as shall be required to consummate the transactions contemplated hereby without the occurrence of any default under, conflict with or violation of (1) any Applicable Law or (2) any agreement, document or
instrument to which the Borrower or any other Obligor is a party or by which any of them or their respective properties is bound, except for such approvals, consents, waivers, filings and notices the receipt, making or giving of which would not
reasonably be likely to (A) have a Material Adverse Effect, or (B) restrain or enjoin, impose materially burdensome conditions on, or otherwise materially and adversely affect the ability of the Borrower or any other Obligor to fulfill their
respective obligations under the Loan Documents to which it is a party; and 
  
 (iv) There shall not have occurred or exist any other material disruption of financial or capital markets that could reasonably be expected to materially and adversely affect the transactions contemplated by the Loan
Documents. 
  
 Section 5.2 Conditions Precedent to All Loans and Letters of
Credit. 
  
 The obligations of the Lenders to make any Loans,
of the Issuing Lender to issue Letters of Credit, and of the Swingline Lender to make any Swingline Loan are all subject to the further condition precedent that: (a) no Default or Event of Default shall have occurred and be continuing as of the date
of the making of such Loan or date of issuance of such Letter of Credit or would exist immediately after giving effect thereto; (b) the representations and warranties made or deemed made by the Borrower and each other Obligor in the Loan Documents
to which any of them is a party, shall be true and correct in all material respects (and without regard to any qualifications limiting such representations to knowledge or belief) on and as of the date of the making of such Loan or date of issuance
of such Letter of Credit with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties
shall have been true and accurate on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted hereunder, and (c) in the case of the borrowing of Revolving Loans, the Agent shall have received
a timely Notice of Borrowing. Each Credit Event shall constitute a certification by the Borrower to the effect set forth in the preceding sentence (both as of the date of the giving of notice relating to such Credit Event and, unless the Borrower
otherwise notifies the Agent and the Issuing Lender, as applicable, prior to the date of such Credit Event, as of the date of the occurrence of such Credit Event). In addition, if such Credit Event is the making of a Loan, the Borrower shall be
deemed to have represented to the Agent and the Lenders at the time such Loan is made that all applicable conditions to the making of such Loan contained in Article V have been satisfied. 
  
 Section 5.3 Conditions as Covenants. 
  
 If the Lenders make any Loans, or the Issuing Lender issues a Letter of Credit, prior to the satisfaction of all applicable conditions precedent set forth
in Sections 5.1 and 5.2, the Borrower shall nevertheless cause such condition or conditions to be satisfied within five (5) Business Days after the date of the making of such Loans or the issuance of such Letter of Credit. Unless set forth in
writing to the contrary, the making of its initial Loan by a Lender shall constitute a certification by such Lender to the Agent and the other Lenders that the Borrower has satisfied the conditions precedent for initial Loans set forth in Sections
5.1 and 5.2 or such Lender has waived such conditions. 
  

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 ARTICLE VI. REPRESENTATIONS AND WARRANTIES 
  
 Section 6.1 Representations and Warranties. 
  
 In order to induce the Agent and each Lender to enter into this Agreement
and to make Loans and issue Letters of Credit, the Borrower represents and warrants to the Agent and each Lender as follows: 
  
 (a) Organization; Power; Qualification. Each of the Borrower, the other Obligors and their respective Subsidiaries is a corporation, partnership or
other legal entity, duly organized or formed, validly existing and in good standing under the jurisdiction of its incorporation or formation, has the power and authority to own or lease its respective properties and to carry on its respective
business as now being and hereafter proposed to be conducted and is duly qualified and is in good standing as a foreign corporation, partnership or other legal entity, and authorized to do business, in each jurisdiction in which the character of its
properties or the nature of its business requires such qualification or authorization and where the failure to be so qualified or authorized could reasonably be expected to have, in each instance, a Material Adverse Effect. 
  
 (b) Ownership Structure. As of the Agreement Date Part I of
Schedule 6.1(b) is a complete and correct list or diagram of all Subsidiaries of the Borrower and the other Obligors setting forth for each such Subsidiary (i) the jurisdiction of organization of such Subsidiary, (ii) each Obligor which holds
any Equity Interests in such Subsidiary, (iii) the nature of the Equity Interests held by each such Person, (iv) the percentage of ownership of such Subsidiary represented by such Equity Interests and (v) whether such Subsidiary is a Material
Subsidiary and/or an Excluded Subsidiary. Except as disclosed in such Schedule, as of the Agreement Date (i) each Obligor and its Subsidiaries owns, free and clear of all Liens (other than Permitted Liens) and Negative Pledges (except as permitted
by Section 9.5), and has the unencumbered right to vote, all outstanding Equity Interests in each Person shown to be held by it on such Schedule, (ii) all of the issued and outstanding capital stock of each such Person organized as a corporation is
validly issued, fully paid and nonassessable, and (iii) other than options with respect to the stock of the REIT Guarantor granted to outside directors of the REIT Guarantor in the ordinary course of business, there are no outstanding subscriptions,
options, warrants, commitments, preemptive rights or agreements of any kind (including, without limitation, any stockholders’ or voting trust agreements) for the issuance, sale, registration or voting of, or outstanding securities convertible
into, any additional shares of capital stock of any class, or partnership or other ownership interests of any type in, any such Person. As of the Agreement Date, Part II of Schedule 6.1(b) correctly sets forth or diagrams all Unconsolidated
Affiliates of the Borrower, including the correct legal name of such Person, the type of legal entity which each such Person is, and all Equity Interests in such Person held directly or indirectly by the Borrower. 
  
 (c) Authorization of Agreement, Etc. The Borrower has the right and
power, and has taken all necessary action to authorize it, to borrow and obtain other extensions of credit hereunder. The Borrower and each other Obligor has the right and power, and has taken all necessary action to authorize it, to execute,
deliver and perform each of the Loan Documents to which it is a party in accordance with their respective terms and to consummate the transactions contemplated hereby and thereby. The Loan Documents to which the Borrower or any other Obligor is a
party have been duly executed and delivered by the duly authorized officers or other representatives of such Person and each is a legal, valid and binding obligation of such Person enforceable against such Person in accordance with its respective
terms except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable remedies for the enforcement of certain obligations (other than the payment of
principal) contained herein or therein may be limited by equitable principles generally. 
  

 48 

 (d) Compliance of Loan Documents with Laws, Etc. The execution, delivery and performance of this
Agreement, the Notes and the other Loan Documents to which the Borrower or any other Obligor is a party in accordance with their respective terms and the borrowings and other extensions of credit hereunder do not and will not, by the passage of
time, the giving of notice, or both: (i) require any Governmental Approval or violate any Applicable Law (including all Environmental Laws) relating to the Borrower or any other Obligor; (ii) conflict with, result in a breach of or constitute a
default under the organizational documents of the Borrower or any other Obligor, or any indenture, agreement or other instrument to which the Borrower or any other Obligor is a party or by which it or any of its respective properties may be bound;
or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by the Borrower or any other Obligor. 
  
 (e) Compliance with Law; Governmental Approvals, Agreements. The Borrower, each other Obligor, and each of their
respective Subsidiaries is in compliance with its Governing Documents, each agreement, judgment, decree or order to which any of them is a party or by which any of them or their properties may be bound, each Governmental Approval applicable to it
and in compliance with all other Applicable Law (including without limitation, Environmental Laws) relating to such Person except for noncompliances which, and Governmental Approvals the failure to possess which, would not, individually or in the
aggregate, cause a Default or an Event of Default or have a Material Adverse Effect. 
  
 (f) Title to Properties; Liens; Title Insurance. As of the Agreement Date, Part I of Schedule 6.1(f) sets forth all of the real property owned or leased by the Borrower, each other Obligor and each of
their respective Subsidiaries. Each such Person has good, marketable and legal title to, or a valid leasehold interest in, its respective assets. Each of the Borrower, the other Obligors and their respective Subsidiaries have title to their
properties sufficient for the conduct of their business. As of the Agreement Date, there are no Liens or Negative Pledges against any Unencumbered Assets except for Permitted Liens. The Borrower or another Obligor is, with respect to all
Unencumbered Assets and other real property reasonably necessary for the operation of its business, the named insured under a policy of title insurance issued by a title insurer operating in the jurisdiction where such real property is located. As
to each such policy of title insurance (i) the coverage amount equals or exceeds the acquisition cost of the related real property and any improvements added thereto by such Person (ii) no claims are pending that, if adversely determined, have had
or could reasonably be expected to have a Material Adverse Effect; and (iii) no title insurer has given notice to the insured Person that such policy of title insurance is no longer in effect. Neither the Borrower, any other Obligor nor any of their
respective Subsidiaries has knowledge of any defect in title of any Property that, individually or in the aggregate, has had or could reasonably be expected to have a Material Adverse Effect. 
  
 (g) Existing Indebtedness. Schedule 6.1(g) is, as of May 9,
2005 a complete and correct listing of all Indebtedness of the Borrower, the other Obligors and their respective Subsidiaries, including without limitation, Contingent Liabilities (to the extent included in the definition of Indebtedness) of the
Borrower and the other Obligors and their respective Subsidiaries, and indicating whether such Indebtedness is Secured Debt or Unsecured Debt. During the period from such date to the Agreement Date, neither the Borrower, any other Obligor nor any of
their respective Subsidiaries incurred any material Indebtedness except as set forth in such Schedule. The Borrower, the other Obligors, and their respective Subsidiaries have performed and are in compliance with all of the material terms of all
Indebtedness of such Persons and all instruments and agreements relating thereto, and no default or event of default, or event or condition which with the giving of notice, the lapse of time, or both, would constitute such a default or event of
default, exists with respect to any such Indebtedness. 
  
 (h)
Material Contracts. Each of the Borrower, the other Obligors and their respective Subsidiaries that is a party to any Material Contract is in compliance with all of the material terms of such Material Contract, and no default or event of
default, or event or condition which with the giving of notice, the lapse of time, or both, would constitute such a default or event of default, exists with respect to any such Material Contract. 
  

 49 

 (i) Litigation. Except as set forth on Schedule 6.1(i), there are no actions, suits or
proceedings pending (nor, to the knowledge of the Borrower, are there any actions, suits or proceedings threatened, nor is there any basis therefor) against or in any other way relating adversely to or affecting the Borrower, any other Obligor, any
of their respective Subsidiaries or any of their respective property in any court, or before any tribunal, administrative agency, board, arbitrator or mediator of any kind or before or by any other Governmental Authority which has had or could
reasonably be expected to have a Material Adverse Effect or which question the validity or enforceability of any of the Loan Documents. There are no strikes, slow downs, work stoppages or walkouts or other labor disputes in progress or threatened
relating to the Borrower, any other Obligor, or any of their respective Subsidiaries which has had or could be reasonably expected to have a Material Adverse Effect. There are no judgments outstanding against or affecting the Borrower, any other
Obligor, any of their respective Subsidiaries or any of their respective properties individually or in the aggregate involving amounts in excess of $10,000,000. 
  

(j) Taxes. All federal, state and other tax returns of the Borrower, any other Obligor or any of their respective Subsidiaries required by
Applicable Law to be filed have been duly filed, and all federal, state and other taxes, assessments and other governmental charges or levies upon the Borrower, each other Obligor, any of their respective Subsidiaries and their respective
properties, income, profits and assets which are due and payable have been paid, except any such nonpayment which is at the time permitted under Section 7.6. As of the Agreement Date, none of the United States income tax returns of the Borrower, any
other Obligor or any of their respective Subsidiaries is under audit. All charges, accruals and reserves on the books of the Borrower, any other Obligor and each of their respective Subsidiaries in respect of any taxes or other governmental charges
are in accordance with GAAP. 
  
 (k) Financial Statements.
The Borrower has furnished to each Lender copies of (i) the audited consolidated balance sheet of the REIT Guarantor and its consolidated Subsidiaries for the fiscal year ending December 31, 2004 and the related audited consolidated statements of
income, shareholders’ equity and cash flow for the fiscal year ending on such date with the opinion thereof of Ernst & Young, LLP, (ii) the unaudited consolidated statements of income and cash flow for the REIT Guarantor and its
consolidated Subsidiaries for the three (3) months ending March 31, 2005 certified by a Responsible Officer of the REIT Guarantor, and (iii) unaudited statements of Net Operating Income for each of the Unencumbered Assets for the fiscal quarter
ended March 31, 2005 satisfactory in form to the Agent and certified by a Responsible Officer of the REIT Guarantor. Such financial statements (including in each case related schedules and notes) are complete and correct and present fairly, in
accordance with GAAP consistently applied throughout the periods involved, the consolidated financial position of the REIT Guarantor and its consolidated Subsidiaries as at their respective dates and the results of operations and the cash flow for
such periods. Such statements included in the item (iii) above are complete and correct and present fairly, in accordance with GAAP consistently applied throughout the periods involved the Net Operating Income for such periods. Neither the Borrower,
the REIT Guarantor, nor any Subsidiary of the Borrower or the REIT Guarantor has on the Agreement Date any material contingent liabilities, liabilities, liabilities for taxes, or unusual or long-term commitments or unrealized or forward anticipated
losses from any unfavorable commitments, except as referred to or reflected or provided for in said financial statements or except as set forth on Schedule 6.1(k). 
  
 (l) No Material Adverse Change. Since March 31, 2005, there has been no material adverse change in the consolidated
financial condition, results of operations, business or prospects of the Borrower, the Obligors or their respective Subsidiaries. Each of the Borrower, the other Obligors and their respective Subsidiaries are Solvent. 
  

 50 

 (m) ERISA. Each member of the ERISA Group is in compliance with its obligations, if any, under the
minimum funding standards of ERISA and the Internal Revenue Code with respect to each Plan and is in compliance with the presently applicable provisions of ERISA and the Internal Revenue Code with respect to each Plan, except in each case for
noncompliances which could not reasonably be expected to have a Material Adverse Effect. As of the Agreement Date, no member of the ERISA Group has (i) sought a waiver of the minimum funding standard under Section 412 of the Internal Revenue Code in
respect of any Plan, (ii) failed to make any contribution or payment to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement, or made any amendment to any Plan or Benefit Arrangement, which has resulted or could result in the
imposition of a Lien or the posting of a bond or other security under ERISA or the Internal Revenue Code or (iii) incurred any liability under Title IV of ERISA other than a liability to the PBGC for premiums under Section 4007 of ERISA. 

 
 (n) No Plan Assets; No Prohibited Transaction. None of the assets
of the Borrower, any other Obligor or their respective Subsidiaries constitute “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. The execution, delivery and
performance of this Agreement and the other Loan Documents, and the borrowing and repayment of amounts hereunder, do not and will not constitute “prohibited transactions” under ERISA or the Internal Revenue Code. 
  
 (o) Absence of Defaults. None of the Borrower, any other Obligor or
any of their respective Subsidiaries is in default under its Governing Documents, and no event has occurred, which has not been remedied, cured or irrevocably waived: (i) which constitutes a Default or an Event of Default; or (ii) which constitutes,
or which with the passage of time, the giving of notice, a determination of materiality, the satisfaction of any condition, or any combination of the foregoing, would constitute, a default or event of default by Borrower, any other Obligor or any of
their respective Subsidiaries under any agreement (other than this Agreement) or judgment, decree or order to which the Borrower, any other Obligor or any of their respective Subsidiaries is a party or by which the Borrower, any other Obligor, any
of their respective Subsidiaries or any of their respective properties may be bound where such default or event of default could, individually or in the aggregate, involve (x) Indebtedness or other obligations or liabilities (other than Nonrecourse
Indebtedness) in excess of $10,000,000 or (y) any Nonrecourse Indebtedness in excess of $20,000,000. 
  
 (p) Environmental Matters. 
  
 (i) The Borrower, each other Obligor and each of their respective Subsidiaries is in compliance with the requirements of all applicable Environmental Laws
except for the matters set forth on Schedule 6.1(p) and such other non-compliance which, in any event, either individually or in the aggregate, has not had and could not reasonably be expected to have a Material Adverse Effect. 
  
 (ii) No Hazardous Materials have been (i) generated or manufactured on,
transported to or from, treated at, stored at or discharged from any Property in violation of any Environmental Laws; (ii) discharged into subsurface waters under any Property in violation of any Environmental Laws; or (iii) discharged from any
Property on or into property or waters (including subsurface waters) adjacent to any Property in violation of any Environmental Laws, except for the matters set forth on Schedule 6.1(p) and other violations which violations, in any event, in
the case of any of (i), (ii) or (iii), either individually or in the aggregate, has had or could reasonably be expected to have a Material Adverse Effect. 
  
 (iii) Except for the matters set forth on Schedule 6.1(p) and any of the following matters or liabilities that, in any event, either individually
or in the aggregate, have not had and could not reasonably be expected to have a Material Adverse Effect, neither the Borrower, any other Obligor nor any of their respective Subsidiaries (i) has received notice (written or oral) or otherwise learned
of any claim, demand, suit, action, proceeding, event, condition, report, directive, lien, violation, non-compliance 

  

 51 

 
or investigation indicating or concerning any potential or actual liability (including, without limitation, potential liability for enforcement,
investigatory costs, cleanup costs, government response costs, removal costs, remedial costs, natural resources damages, property damages, personal injuries or penalties) arising in connection with (x) any non-compliance with or violation of the
requirements of any applicable Environmental Laws, or (y) the presence of any Hazardous Materials on any Property (or any Property previously owned by any of such Persons) or the release or threatened release of any Hazardous Materials into the
environment, (ii) has any threatened or actual liability in connection with the presence of any Hazardous Materials on any Property (or any Property previously owned by any of such Persons) or the release or threatened release of any Hazardous
Materials into the environment, (iii) has received notice of any federal or state investigation evaluating whether any remedial action is needed to respond to the presence of any Hazardous Materials on any Property (or any Property previously owned
by any of such Persons) or a release or threatened release of any Hazardous Materials into the environment for which the Borrower, any Obligor or any of their respective Subsidiaries is or may be liable, or (iv) has received notice that the
Borrower, any Obligor or any of their respective Subsidiaries is or may be liable to any Person under any Environmental Law. 
  
 (iv) To the best of the Borrower’s knowledge after due inquiry, no Property is located in an area identified by the Secretary of Housing and Urban
Development as an area having special flood hazards, or if any such Property is located in such a special flood hazard area, then the Borrower has obtained all insurance that is required to be maintained by law or which is customarily maintained by
Persons engaged in similar businesses and owning similar Properties in the same general areas in which the Borrower operates except where such failure individually or in the aggregate has not had and could not reasonably be expected to have a
Material Adverse Effect. 
  
 (q) Investment Company; Public
Utility Holding Company. None of the Borrower, any other Obligor or any of their respective Subsidiaries, is (i) an “investment company” or a company “controlled” by an “investment company” within the meaning of the
Investment Company Act of 1940, as amended, (ii) a “holding company” or a “subsidiary company” of a “holding company”, or an “affiliate” of a “holding company” or of a “subsidiary company”
of a “holding company”, within the meaning of the Public Utility Holding Company Act of 1935, as amended, or (iii) subject to any other Applicable Law which purports to regulate or restrict its ability to borrow money or to consummate the
transactions contemplated by this Agreement or to perform its obligations under any Loan Document to which it is a party. 
  
 (r) Margin Stock. None of the Borrower, any other Obligor or any of their respective Subsidiaries is engaged principally, or as one of its
important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock” or a “margin security” within the meaning of Regulations T, U and X of the
Board of Governors of the Federal Reserve System. 
  
 (s)
Affiliate Transactions. Except as permitted by Section 9.10, none of the Borrower, any other Obligor or any of their respective Subsidiaries is a party to or bound by any agreement or arrangement (whether oral or written) to which any
Affiliate (but not any Subsidiary of Borrower) of any Borrower, any other Obligor or any of their respective Subsidiaries is a party. 
  
 (t) Intellectual Property. Except as has not had and could not be reasonably expected to have a Material Adverse Effect, (i) the Borrower, each
other Obligor and each of their respective Subsidiaries owns or has the right to use, under valid license agreements or otherwise, all material patents, licenses, franchises, trademarks, trademark rights, trade names, trade name rights, trade
secrets and copyrights (collectively, “Intellectual Property”) used in the conduct of their respective businesses as now conducted and as contemplated by the Loan Documents, without known conflict with any patent, license, franchise,
trademark, trade secret, trade name, copyright, or other proprietary right of any other 

  

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Person; (ii) the Borrower, each other Obligor and each of their respective Subsidiaries has taken all such steps as they deem reasonably necessary to protect
their respective rights under and with respect to such Intellectual Property; (iii) no claim has been asserted by any Person with respect to the use of any Intellectual Property by the Borrower, any other Obligor or any of their respective
Subsidiaries, or challenging or questioning the validity or effectiveness of any Intellectual Property; and (iv) the use of such Intellectual Property by the Borrower, the other Obligors and each of their respective Subsidiaries, does not infringe
on the rights of any Person, subject to such claims and infringements as do not, in the aggregate, give rise to any liabilities on the part of the Borrower, the other Obligors or any of their respective Subsidiaries. 
  
 (u) Business. The Borrower, the other Obligors and each of their
respective Subsidiaries are engaged substantially in the business of the acquisition, disposition, financing, ownership, development rehabilitation, leasing, operation and management of office and industrial buildings and other business activities
incidental thereto. 
  
 (v) Broker’s Fees. No
broker’s or finder’s fee, commission or similar compensation will be payable with respect to the transactions contemplated hereby. No other similar fees or commissions will be payable by any Obligor for any other services rendered to the
Borrower, any of the Subsidiaries of the Borrower or any other Obligor or any other Obligor ancillary to the transactions contemplated hereby. 
  
 (w) Accuracy and Completeness of Information. No written information, report or other papers or data (excluding financial projections and other
forward looking statements) furnished to the Agent or any Lender by, on behalf of, or at the direction of, the Borrower, any other Obligor or any of their respective Subsidiaries in connection with or relating in any way to this Agreement, contained
any untrue statement of a fact material to the creditworthiness of the Borrower, any other Obligor or any of their respective Subsidiaries or omitted to state a material fact necessary in order to make such statements contained therein, in light of
the circumstances under which they were made, not misleading. The written information, reports and other papers and data with respect to the Borrower, any other Obligor or any of their respective Subsidiaries or the Unencumbered Assets (other than
projections and other forward-looking statements) furnished to the Agent or the Lenders in connection with or relating in any way to this Agreement was, at the time so furnished, complete and correct in all material respects, or has been
subsequently supplemented by other written information, reports or other papers or data, to the extent necessary to give in all material respects a true and accurate knowledge of the subject matter. All financial statements furnished to the Agent or
any Lender by, on behalf of, or at the direction of, the Borrower, any other Obligor or any of their respective Subsidiaries in connection with or relating in any way to this Agreement, present fairly, in accordance with GAAP consistently applied
throughout the periods involved, the financial position of the Persons involved as at the date thereof and the results of operations for such periods. All financial projections and other forward looking statements prepared by, or on behalf of the
Borrower, any other Obligor or any of their respective Subsidiaries that have been or may hereafter be made available to the Agent or any Lender were or will be prepared in good faith based on reasonable assumptions. No fact or circumstance is known
to the Borrower which has had, or may in the future have (so far as the Borrower can reasonably foresee), a Material Adverse Effect which has not been set forth in the financial statements referred to in Section 6.1(k) or in such information,
reports or other papers or data or otherwise disclosed in writing to the Agent and the Lenders prior to the Effective Date. 
  
 (x) REIT Status. The REIT Guarantor qualifies, and has since the year ending December 31, 2003 qualified, as a REIT, has elected to be treated as a
REIT, and is in compliance with all requirements and conditions imposed under the Internal Revenue Code to allow the REIT Guarantor to maintain its status as a REIT. 
  

 53 

 (y) Unencumbered Assets. As of the Agreement Date, Schedule 6.1(y) is a correct and
complete list of all Unencumbered Assets. Each of the Unencumbered Assets included by the Borrower in calculations of the Unencumbered Asset Value satisfies all of the requirements contained in this Agreement for the same to be included therein.

  
 (z) Insurance. The Borrower, the other Obligors and
their respective Subsidiaries have insurance covering the Borrower, the other Obligors and their respective Subsidiaries and their respective Properties in such amounts and against such risks and casualties as are customary for Persons or Properties
of similar character and location, due regard being given to the type of improvements thereon, their construction, location, use and occupancy. As of the Agreement Date, none of the Borrower, any other Obligor or any of their respective Subsidiaries
has received notice that any such insurance has been cancelled, not renewed, or impaired in any way. 
  
 (aa) Ownership of Borrower. The REIT Guarantor is the sole general partner of the Borrower and owns free of any Lien or other claim not less than a
seventy-five percent (75%) Equity Interest in the Borrower as the general partner thereof. 
  
 (bb) No Bankruptcy Filing. None of the Borrower, any Obligor or any of their respective Subsidiaries is contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency
laws or the liquidation of its assets or property, and the Borrower has no knowledge of any Person threatening the filing of any such petition against any of the Borrower, any Obligor or any of their respective Subsidiaries. 
  
 (cc) No Fraudulent Intent. Neither the execution and delivery of this
Agreement or any of the other Loan Documents nor the performance of any actions required hereunder or thereunder is being undertaken by the Borrower or any other Obligor with or as a result of any actual intent by any of such Persons to hinder,
delay or defraud any entity to which any of such Persons is now or will hereafter become indebted. 
  
 (dd) Transaction in Best Interests of Borrower and Obligors; Consideration. The transaction evidenced by this Agreement and the other Loan
Documents is in the best interests of the Borrower and the other Obligors and the creditors of such Persons. The direct and indirect benefits to inure to the Borrower and the other Obligors pursuant to this Agreement and the other Loan Documents
constitute materially more than “reasonably equivalent value” (as such term is used in §548 of the Bankruptcy Code) and “valuable consideration,” “fair value,” and “fair consideration” (as such terms are
used in any applicable state fraudulent conveyance law), in exchange for the benefits to be provided by the Borrower and the other Obligors pursuant to this Agreement and the other Loan Documents, and but for the willingness of each Guarantor to
guaranty the Obligations, the Borrower would be unable to obtain the financing contemplated hereunder which financing will enable the Borrower and the other Obligors to have available financing to conduct and expand their business. The Borrower and
the other Obligors constitute a single integrated financial enterprise and each receives a benefit from the availability of credit under this Agreement to the Borrower. 
  
 (ee) Property. All of the Borrower’s, the other Obligors’ and their respective Subsidiaries’
properties are in good repair and condition, subject to ordinary wear and tear, other than with respect to deferred maintenance existing as of the date of acquisition of such property as permitted in this Section. The Borrower has completed or
caused to be completed an appropriate investigation of the environmental condition of each Property as of the later of the date of the Borrower’s, the Obligors’ or the applicable Subsidiary’s purchase thereof or the date upon which
such property was last security for Indebtedness of such Persons, including preparation of a “Phase I” report and, if appropriate, a “Phase II” report, in each case prepared by a recognized environmental engineer in accordance
with customary standards which discloses that such property is not in violation of the representations and covenants set forth in this 

  

 54 

 
Agreement, unless such violation has been disclosed in writing to the Agent and remediation actions satisfactory to Agent are being taken. There are no
unpaid or outstanding real estate or other taxes or assessments on or against any property of the Borrower, the other Obligors or their respective Subsidiaries which are delinquent. Except as set forth in Schedule 6.1(ee) hereto, there are no
pending eminent domain proceedings against any property of the Borrower, the other Obligors or their respective Subsidiaries or any part thereof, and, to the knowledge of the Borrower, no such proceedings are presently threatened or contemplated by
any taking authority which, in all such events, individually or in the aggregate have had or could reasonably be expected to have a Material Adverse Effect. None of the property of the Borrower, the other Obligors or their respective Subsidiaries is
now damaged or injured as a result of any fire, explosion, accident, flood or other casualty in any manner which individually or in the aggregate has had or could reasonably be expected to have any Material Adverse Effect. 
  
 (ff) No Event of Default. No Default or Event of Default has occurred
and is continuing. 
  
 (gg) Subordination. None of the
Borrower or any other Obligor is a party to or bound by any agreement, instrument or indenture that may require the subordination in right or time of payment of any of the Obligations to any other indebtedness or obligation of any of such Persons.

  
 (hh) Anti-Terrorism Laws. 
  
 (i) None of the Borrower or any other Obligor or any of their Affiliates is
in violation of any laws or regulations relating to terrorism or money laundering (“Anti-Terrorism Laws”), including Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 (the “Executive Order”) and the
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56. 
  
 (ii) None of the Borrower, any other Obligor or any of their Affiliates, or any of their brokers or other agents acting or benefiting from the Loan is a
Prohibited Person. A “Prohibited Person” is any of the following: 
  
 (A) a person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order; 
  
 (B) a person or entity owned or controlled by, or acting for or on behalf of, any person or entity that is listed in the Annex to, or is otherwise
subject to the provisions of, the Executive Order; 
  
 (C) a
person or entity with whom any Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; 
  
 (D) a person or entity who commits, threatens or conspires to commit or supports “terrorism” as defined in the Executive Order; or 

 
 (E) a person or entity that is named as a “specially designated
national and blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Asset Control at its official website or any replacement website or other replacement official publication of such list.

  
 (iii) None of the Borrower or any other Obligor, any of their
Affiliates or any of their agents acting in any capacity in connection with the Loan (1) to the best of the Borrower’s knowledge, conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the
benefit of any Prohibited Person, (2) to the best of the Borrower’s knowledge, deals in, or 

  

 55 

 
otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order, or (3) engages in or
conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law. 
  
 (iv) The Borrower and the other Obligors shall not (1) knowingly conduct any
business or engage in making or receiving any contribution of funds, goods or services to or for the benefit of any Prohibited Person, (2) knowingly deal in, or otherwise engage in any transaction relating to, any property or interests in property
blocked pursuant to the Executive Order or any other Anti-Terrorism Law, or (3) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set
forth in any Anti-Terrorism Law (and the Borrower shall deliver to Agent any certification or other evidence requested from time to time by Agent in its reasonable discretion, confirming the Borrower’s and the other Obligors’ compliance
herewith). 
  
 Section 6.2 Survival of Representations and Warranties, Etc.

  
 All statements contained in any certificate, financial
statement or other instrument delivered by or on behalf of the Borrower, any other Obligor or any of their respective Subsidiaries to the Agent or any Lender pursuant to or in connection with this Agreement or any of the other Loan Documents
(including, but not limited to, any such statement made in or in connection with any amendment thereto or any statement contained in any certificate, financial statement or other instrument delivered by or on behalf of the Borrower prior to the
Agreement Date and delivered to the Agent or any Lender in connection with closing the transactions contemplated hereby) shall constitute representations and warranties made by the Borrower under this Agreement. All representations and warranties
made under this Agreement and the other Loan Documents shall be deemed to be made at and as of the Agreement Date, the Effective Date and the date of the occurrence of any Credit Event, except to the extent that such representations and warranties
expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and accurate on and as of such earlier date) and except for changes in factual circumstances specifically permitted hereunder. All
such representations and warranties shall survive the effectiveness of this Agreement, the execution and delivery of the Loan Documents and the making of the Loans and the issuance of the Letters of Credit. 
  
 ARTICLE VII. AFFIRMATIVE COVENANTS 
  
 For so long as this Agreement is in effect, unless the Requisite Lenders (or,
if required pursuant to Section 12.6, all of the Lenders) shall otherwise consent in the manner provided for in Section 12.6, the Borrower shall comply with the following covenants: 
  
 Section 7.1 Preservation of Existence and Similar Matters. 
  
 Except as otherwise permitted under Section 9.7, the Borrower shall preserve and maintain, and cause each other Obligor and
each Subsidiary of the Borrower or any other Obligor to preserve and maintain, their respective existence, rights, franchises, licenses and privileges in the jurisdiction of its incorporation or formation and qualify and remain qualified and
authorized to do business in each jurisdiction in which it is organized, in each jurisdiction in which any Unencumbered Asset owned (or leased pursuant to an Eligible Ground Lease or Approved Bond Transaction) by it is located, and in each other
jurisdiction in which the character of its properties or the nature of its business requires such qualification and authorization and where the failure to be so authorized and qualified could reasonably be expected to have a Material Adverse Effect.
The Borrower shall, and shall cause the other Obligors and each Subsidiary of the Borrower or any other Obligor to, develop and implement such programs, policies and procedures as are necessary to comply with the Patriot Act and shall promptly
advise Agent in writing in the event that any of such Persons shall determine that any investors in such Persons are in violation of such act. 
  

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 Section 7.2 Compliance with Applicable Law and Contracts. 
  
 The Borrower shall comply, and cause each other Obligor and each Subsidiary
of the Borrower or any other Obligor to comply, with (a) all Applicable Law, including the obtaining of all Governmental Approvals, (b) their respective Governing Documents, and (c) all mortgages, indentures, contracts, agreements and instruments to
which it is a party or by which any of its properties may be bound, the failure, in any such event, with which to comply could reasonably be expected to have a Material Adverse Effect. 
  
 Section 7.3 Maintenance of Property. 
  
 In addition to the requirements of any of the other Loan Documents, the Borrower shall, and shall cause each other Obligor and each Subsidiary of the
Borrower and each other Obligor to, (a) protect and preserve all of its properties or cause to be protected and preserved, and maintain or cause to be maintained in good repair, working order and condition all tangible properties, ordinary wear and
tear excepted, and (b) make or cause to be made all needed and appropriate repairs, renewals, replacements and additions to such properties, so that the business carried on in connection therewith may be properly and advantageously conducted at all
times. 
  
 Section 7.4 Conduct of Business. 
  
 The Borrower shall at all times carry on, and cause the other Obligors and
the Subsidiaries of the Borrower and the other Obligors to carry on, their respective businesses as now conducted and as described in Section 6.1(u). 
  
 Section 7.5 Insurance. 
  
 In addition to the requirements of any of the other Loan Documents, the Borrower shall, and shall cause each other Obligor and each Subsidiary of the
Borrower and each other Obligor to, maintain or cause to be maintained commercially reasonable insurance with financially sound and reputable insurance companies covering such Persons and their respective properties in such amounts and against such
risks and casualties as are customary for Persons or properties of similar character and location, due regard being given to the type of improvements thereon, their construction, location, use and occupancy, and from time to time deliver to the
Agent or any Lender upon its request a detailed list stating the names of the insurance companies, the amounts and rates of the insurance, the dates of the expiration thereof and the properties and risks covered thereby, together with copies of all
policies or certificates of the insurance then in effect. 
  
 Section 7.6
Payment of Taxes and Claims. 
  
 The Borrower shall, and
shall cause each other Obligor and each Subsidiary of the Borrower and each other Obligor to, pay and discharge or cause to be paid and discharged when due (a) all taxes, assessments and governmental charges or levies imposed upon it or upon its
income or profits or upon any properties belonging to it, and (b) all lawful claims of materialmen, mechanics, carriers, warehousemen and landlords for labor, materials, supplies and rentals which, if unpaid, might become a Lien on any properties of
such Person; provided, however, that this Section shall not require the payment or discharge of any such tax, assessment, charge, levy or claim which is being contested in good faith by appropriate proceedings which operate to suspend
the collection thereof and for which adequate reserves have been established on the books of such Person, in accordance with GAAP; provided further that upon 

  

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the commencement of proceedings to foreclose any Lien that may have attached as security therefor, such Person either (A) will provide a bond or other
security sufficient under applicable law to stay all such proceedings or (B) if no such bond is provided, will pay each such tax, assessment, governmental charge, levy or claim. 
  
 Section 7.7 Visits and Inspections. 
  
 The Borrower shall, and shall cause each other Obligor and each Subsidiary of the Borrower and each other Obligor to, permit representatives or agents of
any Lender or the Agent, from time to time, as often as may be reasonably requested, but only during normal business hours and at the expense of such Lender or the Agent (unless a Default or Event of Default shall be continuing, in which case the
exercise by the Agent or such Lender of its rights under this Section shall be at the expense of the Borrower), as the case may be, to: (a) visit and inspect all properties of the Borrower, such Subsidiary or other Obligor (but subject to the rights
of tenants under their leases) to the extent any such right to visit or inspect is within the control of such Person; (b) inspect and make extracts from their respective books and records, including but not limited to management letters prepared by
independent accountants; and (c) discuss with its principal officers, and its independent accountants, its business, properties, condition (financial or otherwise), results of operations and performance. If requested by the Agent, the Borrower shall
execute an authorization letter addressed to its accountants authorizing the Agent or any Lender to discuss the financial affairs of the Borrower, any other Obligor or any Subsidiary of Borrower or any other Obligor with its accountants. 

 
 Section 7.8 Use of Proceeds; Letters of Credit. 
  
 The Borrower shall use the proceeds of all Loans and all Letters of Credit
for general business purposes only. The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of Borrower or any other Obligor to, use any part of such proceeds or Letters of Credit to purchase or carry, or to reduce or retire
or refinance any credit incurred to purchase or carry, any margin stock (within the meaning of Regulations T, U or X of the Board of Governors of the Federal Reserve System) or to extend credit to others for the purpose of purchasing or carrying any
such margin stock. 
  
 Section 7.9 Environmental Matters. 
  
 The Borrower shall, and shall cause all other Obligors and each Subsidiary
of the Borrower and each other Obligor to, comply or cause to be complied with, all Environmental Laws in all material respects. If the Borrower, any other Obligor or any Subsidiary of the Borrower or any other Obligor shall (a) receive written
notice that any material violation of any Environmental Law may have been committed or is about to be committed by such Person, (b) receive written notice that any administrative or judicial complaint or order has been filed or is about to be filed
against the Borrower, or any other Obligor or any of their respective Subsidiaries alleging material violations of any Environmental Law or requiring the Borrower, any other Obligor or any of their respective Subsidiaries to take any action in
connection with the release of Hazardous Materials, or (c) receive any written notice from a Governmental Authority or private party alleging that the Borrower, any other Obligor or any of their respective Subsidiaries may be liable or responsible
for costs associated with a response to or cleanup of a release of Hazardous Materials or any damages caused thereby individually or in the aggregate in excess of $10,000,000, the Borrower shall provide the Agent and each Lender with a copy of such
notice within thirty (30) days after the receipt thereof by such Person. The Borrower shall, and shall cause the other Obligors and each Subsidiary of the Borrower or any other Obligor to, take or cause to be taken promptly all actions necessary to
prevent the imposition of any Liens on any of their respective properties arising out of or related to any Environmental Laws; provided, however, that if any such Lien arises due to the acts or omissions of third parties and such Lien
(x) together with all other such Liens then in existence, could not reasonably be expected to have a Material Adverse Effect, (y) does not relate to any Unencumbered Asset, or (z) has not resulted in foreclosure proceedings with respect to the
property in question, the Borrower may pursue claims against such third parties prior to removing such Lien. 
  

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 Section 7.10 Books and Records. 
  
 The Borrower shall, and shall cause each of the other Obligors and each Subsidiary of the Borrower or any other Obligor to,
maintain true and accurate books and records pertaining to their respective business operations in which full, true and correct entries will be made in accordance with GAAP. The Borrower shall, and shall cause each of the Obligors and their
respective Subsidiaries to, maintain its current accounting procedures unless approved by the Agent. 
  
 Section 7.11 Further Assurances. 
  
 The Borrower shall, at the Borrower’s cost and expense and upon request of the Agent, execute and deliver or cause to be executed and delivered, to the Agent such further instruments, documents and certificates,
and do and cause to be done such further acts that may be reasonably necessary or advisable in the reasonable opinion of the Agent to carry out more effectively the provisions and purposes of this Agreement and the other Loan Documents. 

 
 Section 7.12 Guarantors. 
  
 (a) Material Subsidiaries. Within fifteen (15) days of any Person
becoming a Material Subsidiary (other than an Excluded Subsidiary) after the Effective Date, the Borrower shall deliver to the Agent each of the following items, each in form and substance satisfactory to the Agent: (i) a Joinder Agreement executed
by such Material Subsidiary and (ii) the items that would have been delivered under Sections 5.1(a)(iv) through (viii) if such Material Subsidiary had been one on the Effective Date. Additionally, in the event that any Subsidiary of the Borrower or
the REIT Guarantor, whether presently existing or hereafter formed or acquired, which is not a Guarantor at such time, shall after the date hereof become a guarantor under any existing or future Unsecured Debt of the Borrower or any other Obligor,
then the Borrower shall cause such Subsidiary to execute and deliver the items described in this Section 7.12(a). 
  
 (b) Release of a Guarantor. The Borrower may request in writing that the Agent release, and upon receipt of such request the Agent shall release,
the applicable Guarantor from the Guaranty so long as: (i) such Guarantor is not otherwise required to be a party to the Guaranty under this Section 7.12; (ii) no Default or Event of Default shall then be in existence or would occur as a result of
such release, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in this Section 7.12; (iii) the Agent shall have received such written request at least ten (10) Business Days
prior to the requested date of release and (iv) Borrower shall deliver to the Agent evidence reasonably satisfactory to the Agent either that (A) the Guarantor has ceased to qualify as a Material Subsidiary or (B) the Guarantor qualifies as an
Excluded Subsidiary. Delivery by the Borrower to the Agent of any such request for a release shall constitute a representation by the Borrower that the matters set forth in the preceding sentence (both as of the date of the giving of such request
and as of the date of the effectiveness of such request) are true and correct with respect to such request. Notwithstanding the foregoing, the foregoing provisions shall not apply to the REIT Guarantor, which may only be released upon the written
approval of Agent and all of the Lenders. Concurrently with any request by the Borrower to release any Guarantor from its Guaranty, the Borrower shall deliver to the Agent a pro forma Compliance Certificate giving effect to the transaction or other
event which forms the basis for the release of the Guarantor from the Guaranty and the removal of the assets of such Guarantor from the calculation of Unencumbered Asset Value, as appropriate, which Compliance Certificate shall show continued
compliance with each of the covenants contained in Sections 9.1 through 9.3, 9.6 and 9.14. 
  

 59 

 Section 7.13 REIT Status. 
  
 The REIT Guarantor shall at all times maintain its status as, and elect to receive status as, a REIT. 
  
 Section 7.14 Distribution of Income to the Borrower. 
  
 The Borrower shall cause all of its Subsidiaries to promptly distribute to
the Borrower (but not less frequently than once each fiscal quarter of the Borrower unless otherwise approved by the Agent), whether in the form of dividends, distributions or otherwise, all profits, proceeds or other income relating to or arising
from such Subsidiaries’ use, operation, financing, refinancing, sale or other disposition of their respective assets and properties after (a) the payment by each such Subsidiary of its debt service, operating expenses and other obligations for
such quarter and (b) payment, or the establishment of reasonable reserves for the payment, of operating expenses and other obligations not paid on at least a quarterly basis and capital improvements and repairs (including tenant improvements) to be
made to such Subsidiary’s assets and properties pursuant to leases, Secured Debt or required by law or otherwise approved by such Subsidiary in the ordinary course of business consistent with prudent business practices, (c) funding of reserves
required by the terms of any Secured Debt encumbering property of the Subsidiary, including, without limitation, any lockbox, “cash-trap” or similar restriction on distribution of cash flow from such Subsidiary’s assets and
properties; (d) payment or establishment of reserves for payment to minority equity interest holders of amounts required to be paid in respect of such equity interest; (e) payment of closing costs relating to the acquisition, financing, refinancing
or disposition of such Subsidiary’s assets and properties; and (f) payments in reduction or extinguishment of Secured Debt of such Subsidiary, including, without limitation, balances due at maturity, or upon the refinancing, of such Secured
Debt or upon the sale of such Subsidiary. 
  
 Section 7.15 Reporting Company

  
 The Borrower shall cause the REIT Guarantor to maintain
its status as a reporting company pursuant to the Securities Exchange Act of 1934. 
  
 ARTICLE VIII. INFORMATION 
  
 For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to Section 12.6, all of the Lenders) shall otherwise consent in the manner set forth in Section 12.6, the Borrower shall furnish to each
Lender (or to the Agent if so provided below) at its Lending Office: 
  
 Section 8.1 Quarterly Financial Statements. 
  
 As soon as available and in any event not later than the first to occur of (a) the date that is five (5) days following the filing of the REIT Guarantor’s 10-Q Report with the Securities and Exchange Commission and (b) the date that is
fifty (50) days after the close of each of the first, second and third calendar quarters of the REIT Guarantor, the unaudited consolidated balance sheet of the REIT Guarantor and its Subsidiaries as at the end of such period and the related
unaudited consolidated statements of income, shareholders’ equity and cash flows of the REIT Guarantor and its Subsidiaries for such period and an unaudited statement of Funds from Operations, setting forth in each case in comparative form the
figures as of the end of and for the corresponding periods of the previous calendar year, all of which shall be certified by the chief financial or chief accounting officer of the REIT Guarantor, in his or her opinion, to present fairly, in
accordance with GAAP as then in effect, the consolidated financial position of the REIT Guarantor and its Subsidiaries as at the date thereof and the results of operations for such period (subject to normal year-end audit adjustments). Together with
such financial statements, the Borrower shall deliver reports, in form and detail satisfactory to the Agent, setting forth (i) all capital expenditures made during the calendar quarter then ended; (ii) a description of all Properties acquired during
such 

  

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calendar quarter, including the Net Operating Income of each such Property, acquisition costs and related mortgage debt; (iii) a description of all
Properties sold during the calendar quarter then ended, including the Net Operating Income from such Properties and the sales price; (iv) a statement of the Net Operating Income contribution by each Property for the preceding calendar quarter; (v) a
current rent roll and operating statement with respect to each Property included as an Unencumbered Asset in form and substance reasonably satisfactory to the Agent and (vi) such other information as the Agent may request. At the time the financial
statements are required to be furnished at the close of the second calendar quarter of the REIT Guarantor, the Borrower shall furnish to the Agent pro forma quarterly financial information for the REIT Guarantor and its Subsidiaries for the next two
(2) calendar quarters, including pro forma covenant calculations, EBITDA, sources and uses of funds, capital expenditures, Net Operating Income for the Properties, and other income and expenses. 
  
 Section 8.2 Year-End Statements. 
  
 As soon as available and in any event not later than the first to occur of
(a) the date that is five (5) days following the filing of the REIT Guarantor’s 10-K Report with the Securities and Exchange Commission and (b) the date that is ninety (90) days after the end of each respective calendar year of the REIT
Guarantor and its Subsidiaries, the audited consolidated balance sheet of the REIT Guarantor and its Subsidiaries as at the end of such calendar year and the related audited consolidated statements of income, shareholders’ equity and cash flows
of the REIT Guarantor and its Subsidiaries for such calendar year and an unaudited statement of Funds from Operations, setting forth in comparative form the figures as at the end of and for the previous calendar year, all of which shall be certified
by (i) a Responsible Officer of the REIT Guarantor, in his or her opinion, to present fairly, in accordance with GAAP as then in effect, the consolidated financial position of REIT Guarantor and its Subsidiaries as at the date thereof and the
results of operations for such period, and (ii) independent certified public accountants of recognized national standing acceptable to the Agent, whose certificate shall be unqualified and in scope and substance satisfactory to the Agent and who
shall have authorized the REIT Guarantor to deliver such financial statements and certification thereof to the Agent and the Lenders pursuant to this Agreement. Together with such financial statements, the REIT Guarantor shall deliver a written
statement from such accountants to the effect that they have read a copy of this Agreement and the Guaranty, and that in making the examination necessary to such certification, they have obtained no knowledge of any Default of Event of Default, or
if such accountants shall have obtained knowledge of any then existing Default or Event of Default they shall disclose in such statement any such Default or Event of Default; provided that such accountants shall not be liable to Agent or the
Lenders should they fail to obtain knowledge of any Default or Event of Default. In addition, the REIT Guarantor shall deliver with such year-end statements the reports described in Section 8.1(i)-(iv) together with pro forma quarterly financial
information for the REIT Guarantor and its Subsidiaries for the next four (4) calendar quarters, including pro forma covenant calculations, EBITDA, sources and uses of funds, capital expenditures, Net Operating Income for the Properties, and other
income and expenses. 
  
 Section 8.3 Compliance Certificate. 
  
 At the time financial statements are required to be furnished pursuant to
Sections 8.1 and 8.2 and within ten (10) Business Days of the Agent’s request with respect to any other fiscal period, a certificate substantially in the form of Exhibit N (a “Compliance Certificate”) executed by a Responsible
Officer of the REIT Guarantor: (a) setting forth in reasonable detail as at the end of such quarterly accounting period, calendar year, or other fiscal period, as the case may be, the calculations required to establish whether or not the Borrower
and the REIT Guarantor are in compliance with the covenants contained in Sections 9.1 through 9.3, 9.6 and 9.14; and (b) stating that no Default or Event of Default exists, or, if such is not the case, specifying such Default or Event of Default and
its nature, when it occurred, whether it is continuing and the steps being taken by the Borrower and/or the REIT Guarantor with respect to such event, condition or failure. With each Compliance Certificate, Borrower shall also deliver a certificate

  

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(an “Unencumbered Asset Certificate”) executed by the chief financial officer of the REIT Guarantor that: (i) sets forth a list of all Unencumbered
Assets together with a calculation of the Unencumbered Asset Value and the Available Amount; and (ii) certifies that (A) all Unencumbered Assets so listed fully qualify as such under the applicable criteria for inclusion as Unencumbered Assets, and
(B) all acquisitions, dispositions or other removals of Unencumbered Assets completed during such quarterly accounting period, calendar year, or other fiscal period were permitted under this Agreement, and (C) the acquisition cost or principal
balance of any Unencumbered Assets, as applicable, acquired during such period and any other information that Agent may require to determine the Unencumbered Asset Value of such Unencumbered Asset, and the Unencumbered Asset Value of any
Unencumbered Assets removed during such period. In addition, with each such Compliance Certificate, the Borrower shall deliver the following information: (w) a development schedule of the announced development pipeline, including for each announced
development project, the project name and location, the square footage to be developed, the expected construction start date, the expected date of delivery, the expected stabilization date and the total anticipated cost; (x) a schedule of all
outstanding Indebtedness of the Borrower and its Subsidiaries and the REIT Guarantor and its Subsidiaries, showing for each component of Indebtedness, the lender, the total commitment, the total indebtedness outstanding, the interest rate, if fixed,
or the applicable margin over an index, if the interest rate floats, the term, the required amortization (if any) and the security (if any); (y) a schedule of all interest rate protection agreements to which the Borrower, the REIT Guarantor or any
of their respective Subsidiaries are a party, showing for each such agreement, the total dollar amount, the type of agreement (i.e. cap, collar, swap, etc.) and the term thereof and (z) a copy of all management reports, if any, submitted to the
Borrower or the REIT Guarantor or its management by its independent public accountants. 
  
 Section 8.4 Other Information. 
  
 (a)
Securities Filings. Within five (5) Business Days of the filing thereof, written notice and a listing of all registration statements, reports on Forms 10-K, 10-Q and 8-K (or their equivalents) and all other periodic reports which the
Borrower, any other Obligor or any of their respective Subsidiaries shall file with the Securities and Exchange Commission (or any Governmental Authority substituted therefor) or any national securities exchange; 
  
 (b) Shareholder Information. Promptly upon the mailing thereof to the
shareholders of the REIT Guarantor, copies of all financial statements, reports and proxy statements so mailed and promptly upon the issuance thereof copies of all press releases issued by the Borrower, any other Obligor or any of their respective
Subsidiaries, in each case to the extent not otherwise publicly available; 
  
 (c) ERISA. If and when any member of the ERISA Group (i) gives or is required to give notice to the PBGC of any “reportable event” (as defined in Section 4043 of ERISA) with respect to any Plan which
might constitute grounds for a termination of such Plan under Title IV of ERISA, or knows that the plan administrator of any Plan has given or is required to give notice of any such reportable event, a copy of the notice of such reportable event
given or required to be given to the PBGC; (ii) receives notice of complete or partial withdrawal liability under Title IV of ERISA or notice that any Multiemployer Plan is in reorganization, is insolvent or has been terminated, a copy of such
notice; (iii) receives notice from the PBGC under Title IV of ERISA of an intent to terminate, impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or appoint a trustee to administer any Plan, a copy of such notice;
(iv) applies for a waiver of the minimum funding standard under Section 412 of the Internal Revenue Code, a copy of such application; (v) gives notice of intent to terminate any Plan under Section 4041(c) of ERISA, a copy of such notice and other
information filed with the PBGC; (vi) gives notice of withdrawal from any Plan pursuant to Section 4063 of ERISA, a copy of such notice; or (vii) fails to make any payment or contribution to any Plan or Multiemployer Plan or in respect of any
Benefit Arrangement or makes any amendment to any Plan or Benefit Arrangement which has resulted or could result in the imposition of a Lien or the posting of a bond or other security, a certificate of the chief financial officer of the REIT
Guarantor setting forth details as to such occurrence and the action, if any, which the Borrower or applicable member of the ERISA Group is required or proposes to take; 
  

 62 

 (d) Litigation. To the extent the Borrower, any other Obligor or any of their respective
Subsidiaries is aware of the same, prompt notice of the commencement of any proceeding or investigation by or before any Governmental Authority and any action or proceeding in any court or other tribunal or before any arbitrator against or in any
other way relating adversely to, or adversely affecting, the Borrower, any other Obligor, any of their respective Subsidiaries or any of their respective properties, assets or businesses which involve claims individually or in the aggregate in
excess of $5,000,000, and prompt notice of the receipt of notice that any United States income tax returns of the Borrower, any other Obligor, or any of their respective Subsidiaries are being audited; 
  
 (e) Modification of Governing Documents. A copy of any amendment to a
Governing Document of the Borrower or any other Obligor promptly upon, and in any event within fifteen (15) Business Days of, the effectiveness thereof; 
  
 (f) Change of Management or Financial Condition. Prompt notice of any change in the senior management of the REIT Guarantor (which, as of the date
hereof, is deemed to be Leo F. Wells, III, Douglas P. Williams, Randall D. Fretz, Don Miller, Bobby Bowers and Steve Franklin), any change in the business, assets, liabilities, financial condition, results of operations or business prospects of the
Borrower, any other Obligor, or any of their respective Subsidiaries which has had or could reasonably be expected to have a Material Adverse Effect, or any other event or circumstance which has had or could reasonably be expected to have a Material
Adverse Effect; 
  
 (g) Default. Notice of the occurrence
of any of the following promptly upon a Responsible Officer obtaining knowledge thereof: (i) any Default or Event of Default (which notice shall state that it is a “notice of default” for the purposes of Section 11.3 below) or (ii) any
event which constitutes or which with the passage of time, the giving of notice, or otherwise, would constitute a default or event of default by the Borrower, any other Obligor, or any of their respective Subsidiaries under any (x) Indebtedness
(other than Nonrecourse Indebtedness) of such Person individually or in the aggregate in excess of $10,000,000 or (y) Nonrecourse Indebtedness of such Person individually or in the aggregate in excess of $20,000,000, or (z) Material Contract to
which any such Person is a party or by which any such Person or any of its respective properties may be bound; 
  
 (h) Judgments. Prompt notice of any order, judgment or decree in excess of $10,000,000 (or, with respect to any Nonrecourse Indebtedness,
$20,000,000) having been entered against the Borrower, any other Obligor, or any of their respective Subsidiaries or any of their respective properties or assets; 
  
 (i) Notice of Violations of Law. Prompt notice if the Borrower, any other Obligor, or any of their respective
Subsidiaries shall receive any notification from any Governmental Authority alleging a violation of any Applicable Law or any inquiry which could reasonably be expected to have a Material Adverse Effect; 
  
 (j) Material Assets Sales. Prompt notice of the sale, transfer or
other disposition of any material assets of the Borrower, any other Obligor, or any of their respective Subsidiaries to any Person other than the Borrower, any other Obligor, or any of their respective Subsidiaries; 
  
 (k) Material Contracts. Promptly upon (i) entering into any Material
Contract after the Agreement Date, a copy to the Agent of such Material Contract, together with a copy of all related or ancillary documentation and (ii) the giving or receipt thereof by the Borrower, any other Obligor, or any of their respective
Subsidiaries notice alleging that any party to any Material Contract is in default of its obligations thereunder; 
  

 63 

 (l) Material Subsidiary. Prompt notice of any Person becoming a Material Subsidiary; and

  
 (m) Other Information. From time to time and promptly
upon each request, such data, certificates, reports, statements, documents or further information regarding the business, assets, liabilities, financial condition, results of operations or business prospects of the Borrower, any or other Obligor or
any of their respective Subsidiaries as the Agent or any Lender may reasonably request. 
  
 Section 8.5 Additions and Substitutions to and Removals From Unencumbered Assets 
  
 (a) Additions and Substitutions to Unencumbered Assets. 
  

(i) Following the Effective Date, the Borrower may request that one or more new Properties be added as an Unencumbered Asset or that one or more new
Properties be substituted for one or more Properties (such newly added or substituted Property, the “Potential Unencumbered Asset(s)”) then included as an Unencumbered Asset. Any such request shall be made in writing to the Agent (which
the Agent shall promptly furnish to the Lenders) and shall include the following items (it being understood that the Agent shall have no obligation to verify the truth, accuracy or completeness of any information contained therein): 
  
 (A) an Unencumbered Asset Certificate reflecting such addition or
substitution, together with a statement of: (x) the acquisition cost of such Potential Unencumbered Asset(s); and (y) the same information that the Borrower would be required to include in a Compliance Certificate; 
  
 (B) the Unencumbered Asset Qualification Documents relating to the Potential
Unencumbered Asset(s); 
  
 (C) with respect to any such
substitution, a Minimum Unencumbered Asset Certificate demonstrating compliance with the Minimum Unencumbered Asset Requirements immediately following such substitution; and 
  
 (D) such additional information and documentation as may be necessary for the Agent to determine whether the Potential
Unencumbered Asset qualifies as an Unencumbered Asset and any additional information the Agent may reasonably request. 
  
 (ii) Within ten (10) Business Days of the receipt by the Agent of the applicable items referred to in Sections 8.5(a)(i)(A) - (D), the Agent shall notify
the Borrower and the Lenders as to whether or not the Agent approves of the addition or substitution of the Potential Unencumbered Asset(s). In the event the Agent does not approve of such addition or substitution as a result of such Potential
Unencumbered Asset(s) not satisfying the criteria for approval, (x) the Agent shall state such reason(s) in such notification and (y) the Requisite Lenders shall have ten (10) Business Days following receipt of such notification from the Agent in
which to notify the Agent and the Borrower as to whether or not they approve or disapprove of such addition or substitution. In the event the Requisite Lenders approve of such addition or substitution or fail to notify the Agent and the Borrower of
their approval or disapproval of such addition or substitution within such ten (10) Business Day period, such Potential Unencumbered Asset(s) shall be deemed to be included in the calculation of the Unencumbered Asset Value as of the date of such
approval or such tenth (10th) Business Day, as appropriate. 
  
 (b) Removals from Unencumbered Assets. 
  
 (i) Subject to Section 8.5(c), upon any Unencumbered Asset ceasing to
qualify as an Unencumbered Asset, such Unencumbered Asset shall no longer be included in the calculation of the 

  

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Unencumbered Asset Value. Within ten (10) Business Days after any such disqualification, the Borrower shall deliver to the Agent an Unencumbered Asset
Certificate reflecting such disqualification, together with a statement of: (i) the identity of the disqualified Unencumbered Asset, and (ii) the Unencumbered Asset Value attributable to such Unencumbered Asset. 
  
 (ii) Subject to Section 8.5(c), the Borrower may voluntarily remove any
Property from Unencumbered Assets (including as a result of any financing, sale, transfer or other disposition of any Unencumbered Asset in accordance with the terms of the Loan Documents) by delivering to the Agent, no later than ten (10) Business
Days prior to the date on which such removal is to be effected (or, in the event such removal shall result from the financing, sale, transfer or other disposition of an Unencumbered Asset, ten (10) Business Days prior to such proposed sale, transfer
or disposition), an Unencumbered Asset Certificate reflecting such removal, together with a statement (x) that no Default or Event of Default then exists or would, upon the occurrence of such event or with the passage of time, result from such
removal, (y) of the identity of the Unencumbered Asset being removed, and (z) the Unencumbered Asset Value attributable to such Unencumbered Asset. 
  
 (iii) Notwithstanding anything to the contrary in this Agreement, in the event that a Property (a “Defaulted Property”) included in the
calculation of the Unencumbered Asset Value fails to satisfy the requirements set forth in clause (e) of the definition of “Unencumbered Asset” as a result of conditions existing or effecting such Property for any period of time prior to
the acquisition thereof by the Borrower, any other Obligor or any of their respective Subsidiaries of which the Borrower had no knowledge or the Borrower or the Agent determines that the information contained in the operating statements and rent
roll relating to such Property for any period of time prior to the acquisition thereof by the Borrower, any other Obligor or any of their respective Subsidiaries and previously delivered to the Agent as an Unencumbered Asset Qualification Document
was not true, complete and correct at the time of such delivery and the Borrower had no knowledge of the same (any such failure or determination a “Replacement Event”), then, if such Replacement Event results in a Default, the Borrower
shall have thirty (30) days from the earlier of (x) date the Agent notifies the Borrower that a Replacement Event has occurred or (y) date the Borrower notifies the Agent that a Replacement Event has occurred in which to identify one or more
Potential Unencumbered Asset(s) to cure such Default by replacing the Defaulted Property as an Unencumbered Asset and delivering to the Agent those items specified in Sections 8.5(a)(i)(A) - (D) with respect thereto and otherwise satisfy all
conditions to such Property being accepted as an Unencumbered Asset pursuant to this Agreement (the “Replacement Conditions”). 
  
 For the avoidance of doubt, in the event the Borrower fails to comply with the Replacement Conditions within the time periods set forth above or the
Requisite Lenders disapprove of the replacement of the Defaulted Property with the Potential Unencumbered Asset(s) following a Replacement Event, the right of the Borrower to cure such Default as provided in Section 8.5(b)(iii)(C) shall cease, and
thereupon the Agent and the Lenders shall have any and all rights and remedies with respect to such Replacement Event as may be available under this Agreement and the other Loan Documents. 
  
 (iv) Simultaneously with the delivery of the items required pursuant to
Sections 8.5(b)(i), (ii) and (iii), the Borrower shall deliver to the Agent (A) a pro forma Compliance Certificate demonstrating, upon giving effect to such removal, replacement or disqualification, on a pro forma basis, compliance with the
covenants contained in Sections 9.1 through 9.3, 9.6 and 9.14 and (B) a Minimum Unencumbered Asset Certificate. 
  
 (c) Minimum Unencumbered Assets. Subject to this Section 8.5, the Borrower shall not, and shall not permit any other Obligor or any Subsidiary of
the Borrower or any other Obligor to, 
  
 (i) sell, transfer or
otherwise dispose of any Unencumbered Asset included in the calculation of the Unencumbered Asset Value; or 
  

 65 

 (ii) remove any Unencumbered Asset from the calculation of the Unencumbered Asset Value (whether as a
result of such Property failing to satisfy the requirements set forth in the definition thereof or otherwise); or 
  
 (iii) substitute any Potential Unencumbered Asset(s) for any existing Unencumbered Asset or Assets; 
  
 unless, immediately following such sale, transfer, disposition, removal or substitution (x)
there shall be at least eight (8) Unencumbered Assets included in the calculation of the Unencumbered Asset Value and (y) the Unencumbered Asset Value would be at least $200,000,000 (the “Minimum Unencumbered Asset Requirements”).
Simultaneously with any such proposed sale, transfer, disposition removal or substitution, the Borrower shall deliver to the Agent a certificate (a “Minimum Unencumbered Asset Certificate”) of a Responsible Officer of the REIT Guarantor
demonstrating compliance with the Minimum Unencumbered Asset Requirements. 
  
 ARTICLE IX. NEGATIVE COVENANTS 
  
 For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to Section 12.6, all of the Lenders) shall otherwise consent in the manner set forth in Section 12.6, the REIT Guarantor or the Borrower, as
applicable, shall comply with the following covenants: 
  
 Section 9.1
Financial Covenants. 
  
 The Borrower shall not permit, on a
consolidated basis in accordance with GAAP: 
  
 (a) the Secured
Debt to Total Asset Value Ratio to exceed forty percent (40%) at any time; 
  
 (b) the Fixed Charge Coverage Ratio to be less than 1.75:1.00 at any time; 
  
 (c) the Debt to Total Asset Value Ratio to exceed fifty percent (50%) at any time; 
  
 (d) the Unencumbered Interest Coverage Ratio to be less than 2.0:1.0 at any time; 
  
 (e) the Unencumbered Asset Coverage Ratio to be less than 2.0:1.0 at any
time; 
  
 (f) the Secured Recourse Debt to Total Asset Value Ratio
to exceed ten percent (10%) at any time; 
  
 (g) the aggregate
principal amount of all outstanding Floating Rate Debt to exceed thirty-five percent (35%) of Total Asset Value; 
  
 (h) Shareholder Equity to be less than the Minimum Shareholder Equity; and 
  
 (i) the sum of the aggregate outstanding principal amount of Revolving Loans and the Stated Amount of all Letters of Credit
to exceed the Available Amount. 
  
 Section 9.2 Indebtedness. 

 
 The Borrower shall not, and shall not permit any other Obligor or any
Subsidiary of Borrower or any other Obligor to, create, incur, assume, or permit or suffer to exist, or assume or guarantee, directly or indirectly, contingently or otherwise, or become or remain liable with respect to any Indebtedness other than
the following: 
  
 (a) the Obligations; 
  

 66 

 (b) intercompany Indebtedness among the Borrower and its Wholly Owned Subsidiaries; provided,
however, that the obligations of the Borrower and each Guarantor in respect of such intercompany Indebtedness shall be subordinate to the Obligations; and 
  
 (c) any other Indebtedness existing, created, incurred or assumed so long as (i) immediately prior to the existence,
creation, incurring or assumption thereof (other than with respect to any Indebtedness incurred for purposes of prepayment of other Indebtedness as permitted by the proviso in Section 9.12), and immediately thereafter and after giving effect
thereto, no Default or Event of Default is or would be in existence, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 9.1 and (ii) the amount of all Indebtedness
existing, created, incurred or assumed under this clause (c) in respect of revolving credit facilities, individually or in the aggregate (including outstanding loans and related commitments thereunder), shall not exceed $10,000,000 at any one time.

  
 Section 9.3 Certain Permitted Investments of Obligors, etc. 

 
 The Borrower shall not, and shall not permit any other Obligor or any
Subsidiary of the Borrower or any other Obligor to, make any Investment in or otherwise own or hold the following items (whether through the Borrower, an Obligor, a Subsidiary of the Borrower or an Obligor, or their respective Unconsolidated
Affiliates) which would cause the aggregate value of such holdings of the Borrower, such Subsidiaries and the other Obligors to exceed the percentage of Total Asset Value set forth below at any time: 
  
 (a) Investments in Unimproved Land shall not exceed five percent (5%) of
Total Asset Value; 
  
 (b) Investments in Mortgage Receivables
shall not exceed ten percent (10%) of Total Asset Value; 
  
 (c)
Investments in Unconsolidated Affiliates shall not exceed twenty percent (20%) of Total Asset Value; 
  
 (d) the aggregate Construction Budget for Construction-in-Process shall not exceed fifteen percent (15%) of Total Asset Value; and 
  
 (e) Investments made in Properties that are not primarily either office or
industrial Properties shall not exceed ten percent (10%) of Total Asset Value. 
  
 Notwithstanding the foregoing, in no event shall the aggregate value of the holdings of the Borrower, any other Obligor and their Subsidiaries in the Investments described in clauses (a) through (e) exceed thirty percent (30%) of Total
Asset Value at any time. For the purposes of this Section 9.3, a Property shall be considered Construction-in-Process until the issuance of a permanent certificate of occupancy for such Property or phase thereof. 
  
 For the purposes of this Section 9.3, the Investment of the Borrower, any
other Obligor or their Subsidiaries in any Unconsolidated Affiliates will equal (without duplication) the sum of (i) such Person’s pro rata share of Construction-in-Process of their Unconsolidated Affiliates, plus (ii) such Person’s
pro rata share of their Unconsolidated Affiliate’s Investment in Unimproved Land; plus (iii) such Person’s pro rata share of any other Investments valued at the lower of GAAP book value or market value. 
  

 67 

 Section 9.4 Investments Generally. 
  
 The Borrower shall not, and shall not permit any other Obligor or any of their Subsidiaries to, directly or indirectly,
acquire, make or purchase any Investment, or permit any Investment of such Person to be outstanding on and after the Agreement Date, other than the following: 
  

(a) Investments in Subsidiaries and Unconsolidated Affiliates in existence on the Agreement Date and disclosed on Part I of Schedule 6.1(b);

  
 (b) Investments to acquire Equity Interests of a Subsidiary or
any other Person who after giving effect to such acquisition would be a Subsidiary, so long as in each case (i) immediately after giving effect to such Investment, no Default or Event of Default is or would be in existence and (ii) if such
Subsidiary is (or after giving effect to such Investment would become) a Material Subsidiary, the terms and conditions set forth in Section 7.12 are satisfied; 
  

(c) Investments permitted under Section 9.3; 
  
 (d) Investments in Cash Equivalents 
  
 (e) subject to the terms of Section 9.3 and 9.4, Investments in Properties that are primarily office or industrial Properties; and 
  
 (f) intercompany Indebtedness among the Borrower, the REIT Guarantor and
their Wholly Owned Subsidiaries, provided that such Indebtedness is permitted by the terms of Section 9.2. 
  
 Section 9.5 Liens; Negative Pledges; Other Matters. 
  
 (a) The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to, create, assume, or incur any
Lien (other than Permitted Liens) upon any of its properties, assets, income or profits of any character whether now owned or hereafter acquired if immediately prior to the creation, assumption or incurring of such Lien, or immediately thereafter, a
Default or Event of Default is or would be in existence, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 9.1; provided, however, that nothing contained
in this Section 9.5 shall prohibit the refinancing of Secured Debt of the Borrower, any other Obligor or any of their respective Subsidiaries in the event an Event of Default is then in existence so long as such refinancing (i) is otherwise
permitted under this Agreement and (ii) will not create any additional, or exacerbate any existing, Default or Event of Default. 
  
 (b) The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to, enter into, assume or
otherwise be bound by any Negative Pledge except for a Negative Pledge contained in (i) any agreement (A) evidencing Indebtedness which the Borrower or such Subsidiary or Obligor may create, incur, assume, or permit or suffer to exist under Section
9.2, (B) which Indebtedness is secured by a Lien permitted to exist pursuant to this Agreement, and (C) which prohibits the creation of any other Lien on only the property securing such Indebtedness as of the date such agreement was entered into; or
(ii) a Governing Document of a Non-Wholly Owned Subsidiary which requires consent to, or places limitations on, the imposition of Liens on such Subsidiary’s assets or properties. 
  
 (c) The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor
to, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction (other than pursuant to the Loan Documents) of any kind on (i) the ability of the Borrower, any other Obligor or any Subsidiary of the
Borrower or any other Obligor to: 
  

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(A) pay dividends or make any other distribution on any of such Person’s capital stock or other equity interests owned by the Borrower, any other
Obligor, or any of their respective Subsidiaries, (B) pay any Indebtedness owed to the Borrower, any other Obligor, or any of their respective Subsidiaries, (C) make loans or advances to the Borrower, any other Obligor, or any of their respective
Subsidiaries, or (D) transfer any of its property or assets to the Borrower, any Obligor, or any of their respective Subsidiaries, other than any such restrictions described in this subpart (i) which are contained in (x) agreements evidencing
Secured Debt and which relate solely to the assets pledged as collateral security for such Secured Debt or (y) any Governing Document of a Non-Wholly Owned Subsidiary and which relate solely to such Subsidiary (other than any such Subsidiary that
owns, in whole or in part, any Unencumbered Asset), or (ii) the ability of the Borrower or any other Obligor to pledge the Unencumbered Assets as security for the Obligations. 
  
 Section 9.6 Restricted Payments; Stock Repurchases. 
  
 (a) The Borrower will not make any Restricted Payment to the REIT Guarantor and the REIT Guarantor will not make any
Restricted Payments during any calendar quarter which, based upon the prior twelve (12) months from the date of calculation, except for Net Dividends not to exceed the greater of (i) ninety percent (90%) of the Funds From Operations of the REIT
Guarantor on a consolidated basis through the date of any such Restricted Payment; provided that in no event shall such Restricted Payments exceed one hundred percent (100%) of Funds from Operations for the two most recently completed fiscal
quarters of the Borrower; or (ii) the minimum amount required in order for the REIT Guarantor to maintain its status as a REIT, as set forth in a certification to Agent from the chief financial officer of the REIT Guarantor. Redemption of Equity
Interests of the REIT Guarantor pursuant to the Share Redemption Program shall be permitted pursuant to Section 9.6(b). Redemption of limited partnership interests of the Borrower shall be permitted to the extent such redemption is made with respect
to such limited partnership interests issued to a seller in connection with the purchase by the Borrower, any other Obligor or any of their respective Subsidiaries of any Property and such redemption is effectuated by the conversion of such limited
partnership interests into common stock of the REIT Guarantor. If a Default or Event of Default shall have occurred and be continuing, then neither the Borrower nor the REIT Guarantor shall make any Restricted Payments to any Person whatsoever
without the prior written consent of the Requisite Lenders other than cash distributions by the Borrower to its partners (and corresponding distributions by the REIT Guarantor to its shareholders) in a minimum amount required in order for the REIT
Guarantor to maintain its status as a REIT, as set forth in a certification to Agent from the chief financial officer of the REIT Guarantor. 
  
 (b) Neither the Borrower nor the REIT Guarantor shall at any time buy back, redeem, retire or otherwise acquire, directly or indirectly, any shares of its
capital stock if a Default or Event of Default exists or immediately thereafter and after giving effect thereto, a Default or Event of Default is or would be in existence and, with respect to any acquisition of shares of capital stock of the REIT
Guarantor, (i) such acquisition shall be consummated in accordance with the terms and conditions of its Share Redemption Program and (ii) the aggregate amount of redemptions by the REIT Guarantor in any calendar year shall not exceed the amount
permitted to be redeemed in any calendar year under the Share Redemption Program as in effect on the Agreement Date. 
  
 Section 9.7 Merger, Consolidation, Sales of Assets and Other Arrangements. 
  
 The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of Borrower or any other Obligor to: (i)
enter into any transaction of merger, consolidation, reorganization or other business combination; (ii) liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution); or (iii) convey, sell, lease, sublease, transfer or otherwise
dispose of, in one transaction or a series of transactions, all or any substantial part of its business or assets, whether now owned or hereafter acquired, or discontinue or eliminate any business line or segment (any such event described in clause
(iii), a 

  

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“Sale”); provided, however, that a Person may merge with the Borrower or any of its Subsidiaries, so long as (i) such Person was
organized under the laws of the United States of America or one of its states; (ii) if such merger involves the Borrower, the Borrower is the survivor of such merger; (iii) if such merger involves a Subsidiary of the Borrower that is a Guarantor,
subject to Section 9.7(b)(ii), such Subsidiary is the survivor of such merger; (iv) immediately prior to such merger, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence; (v) the
Borrower shall have given the Agent and the Lenders at least ten (10) Business Days’ prior written notice of such merger (except that such prior notice shall not be required in the case of the merger of a Subsidiary of the Borrower with and
into the Borrower); (vi) such merger is completed as a result of negotiations with the approval of the board of directors or similar body of such Person and is not a so called “hostile takeover”; (vii) following such merger, the Borrower
and its Subsidiaries will continue to be engaged solely in the business of the ownership, development, management and investment in real estate; and (viii) such merger, together with all other mergers permitted by this Section 9.7 and consummated in
the same fiscal year as such merger, shall not increase the Total Asset Value by more than twenty-five percent (25%) of the Total Asset Value as of the end of the previous fiscal year. 
  
 Section 9.8 Fiscal Year. 
  
 Neither the Borrower nor the REIT Guarantor shall change its fiscal year from that in effect as of the Agreement Date with the Agent’s prior written
consent. 
  
 Section 9.9 Modifications to Certain Agreements. 

 
 (a) The Borrower shall not, and shall not permit any other Obligor or any
Subsidiary of the Borrower or any other Obligor to, enter into any amendment or modification to any Material Contract which could reasonably be expected to have a Material Adverse Effect without the Agent’s prior written consent. 
  
 (b) The Borrower shall not enter into any material amendment or other
modification to the Share Redemption Program without the Agent’s prior written consent. 
  
 Section 9.10 Transactions with Affiliates. 
  
 The Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to, permit to exist or enter into, any transaction (including the purchase, sale, lease or exchange
of any property or the rendering of any service) with any Affiliate (but not including any Subsidiary of the Borrower), except (i) transactions in the ordinary course of and pursuant to the reasonable requirements of the business of such Person and
upon fair and reasonable terms which are no less favorable to such Person than would be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate and (ii) transactions in connection with the Advisory Agreement,
dated as of November 1, 2004, between Wells Real Estate Investment Trust II, Inc. and Wells Capital, Inc. and the Master Property Management, Leasing and Construction Management Agreement, dated as of
                    , between the Borrower, the REIT Guarantor and Wells Management Company, Inc., and renewals thereof on substantially
similar terms and conditions. 
  
 Section 9.11 ERISA Exemptions.

  
 The Borrower shall not, and shall not permit any other
Obligor or any Subsidiary of the Borrower or any other Obligor to, permit any of its respective assets to become or be deemed to be “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations
promulgated thereunder. 
  

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 Section 9.12 Restriction on Prepayment of Indebtedness. 
  
 Without the prior written consent of the Agent, neither the Borrower, any
other Obligor, nor any Subsidiary of the Borrower or any other Obligor shall prepay, redeem or purchase the principal amount, in whole or in part, of any Indebtedness other than the Obligations after the occurrence of any Event of Default;
provided, however, that this Section 9.12 shall not prohibit the prepayment of Indebtedness which is financed solely from the proceeds of a new loan which would otherwise be permitted by the terms of this Agreement. 
  
 Section 9.13 Modifications to Governing Documents. 
  
 The Borrower shall not, and shall not permit any other Obligor or any
Subsidiary of the Borrower or any other Obligor to enter into any amendment or modification of any Governing Document of the Borrower, such Subsidiary, or such Obligor which would have a Material Adverse Effect without the Agent’s prior written
consent. 
  
 Section 9.14 Occupancy of Unencumbered Assets. 
  
 The Unencumbered Assets that are Properties (excluding those Unencumbered
Assets which are Development Properties) shall consist solely of Properties which have an aggregate occupancy level for the preceding calendar quarter of tenants in possession and paying rent (not more than sixty (60) days past due), or subject to
free rent for periods of ninety (90) days or less, and which are not otherwise in default in any material manner under their respective leases, of at least eighty percent (80%) of the aggregate rentable area within such Unencumbered Assets.

  
 Section 9.15 Additional General Partner of the Borrower 
  
 Notwithstanding anything contained in this Agreement to the contrary, the
Borrower shall be permitted to issue additional general partnership interests to an entity other than the REIT Guarantor so long as the following conditions are satisfied: 
  
 (a) such additional general partner is a Qualified General Partner; 
  
 (b) immediately following such issuance, the REIT Guarantor shall continue to
own free and clear of any Lien or other claim at least fifty-one percent (51%) of the Equity Interests of the Borrower and remains a general partner thereof; 
  
 (c) such Qualified General Partner, concurrently with becoming a general partner of the Borrower, becomes a Guarantor unless otherwise approved in writing
by the Requisite Lenders; 
  
 (d) such Qualified General Partner
agrees to be bound by all of the representations, warranties, covenants and Events of Default contained in the Loan Documents and otherwise applicable to the Guarantors, except to the extent the Agent agrees otherwise; 
  
 (e) at the request of the Agent, the Borrower and the Obligors shall,
concurrently with the issuance of such additional general partnership interests, enter into such amendments or other modifications to the Loan Documents as the Agent and the Requisite Lenders deem necessary for purposes of effectuating the
foregoing; 
  
 (f) the Borrower shall deliver, or shall cause to
be delivered, to the Agent such agreements, instruments and other documents, including a favorable opinion of counsel, as the Agent may reasonably request in connection with the foregoing; and 
  

 71 

 (g) the Borrower shall give the Agent at least fifteen (15) days prior notice with respect to any such
issuance. 
  
 ARTICLE X. DEFAULT 
  
 Section 10.1 Events of Default. 
  
 Each of the following shall constitute an Event of Default, whatever the
reason for such event and whether it shall be voluntary or involuntary or be effected by operation of Applicable Law or pursuant to any judgment or order of any Governmental Authority: 
  
 (a) Default in Payment of Principal. The Borrower shall fail to pay when due (whether at maturity, by reason of
acceleration or otherwise) the principal of any of the Loans, or any Reimbursement Obligation. 
  
 (b) Default in Payment of Interest and Other Obligations. The Borrower shall fail to pay when due any interest on any of the Loans or any of the other payment Obligations owing by the Borrower under this
Agreement or any other Loan Document, or any other Obligor shall fail to pay when due any payment Obligation owing by such other Obligor under any Loan Document to which it is a party, and such failure shall continue for a period of three (3)
Business Days from the date such payment was due. 
  
 (c)
Default in Performance. (i) The Borrower shall fail to perform or observe any term, covenant, condition or agreement contained in Section 7.12, 7.13, 8.3 or 8.5 or in Article IX, or (ii) the Borrower or any other Obligor shall fail to perform
or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section and such failure under this Section 10.1(c)(iii) shall continue for a
period of thirty (30) days after the date upon which the Borrower has received written notice of such failure from the Agent. 
  
 (d) Misrepresentations. Any written statement, representation or warranty made or deemed made by or on behalf of the Borrower or any other Obligor
under this Agreement or under any other Loan Document, or any amendment hereto or thereto, or in any other writing or statement at any time furnished or made or deemed made by or on behalf of the Borrower or any other Obligor to the Agent or any
Lender, shall at any time prove to have been incorrect or misleading (and without regard to any qualifications limiting such representations to knowledge or belief), in light of the circumstances in which made or deemed made, in any material respect
when furnished or made or deemed made. 
  
 (e) Indebtedness
Cross-Default. 
  
 (i) The Borrower, any other Obligor, or
any of their respective Subsidiaries shall fail to pay when due and payable, the principal of, or interest on, (x) any Indebtedness (other than (A) the Obligations and (B) Nonrecourse Indebtedness) having an aggregate outstanding principal amount
greater than or equal to $10,000,000 or (y) any Nonrecourse Indebtedness having an aggregate outstanding principal amount greater than or equal to $20,000,000 (all such Indebtedness or obligations under Derivative Contracts being “Material
Indebtedness”); or 
  
 (ii) (x) The maturity of any Material
Indebtedness shall have been accelerated in accordance with the provisions of any indenture, contract or instrument evidencing, providing for the creation of or otherwise concerning such Material Indebtedness or (y) any Material Indebtedness shall
have been required to be prepaid or repurchased prior to the stated maturity thereof (which for the purposes hereof shall include any termination event or other event resulting in the settling of payments due under a Derivative Contract); or

  

 72 

 (iii) Any other event shall have occurred and be continuing which would permit any holder or holders of
Material Indebtedness, any trustee or agent acting on behalf of such holder or holders or any other Person, to accelerate the maturity of any such Material Indebtedness or require any such Material Indebtedness to be prepaid or repurchased prior to
its stated maturity (which for the purposes hereof shall include any termination event or other event resulting in the settling of payments due under a Derivative Contract). 
  
 (f) Voluntary Bankruptcy Proceeding. The Borrower, any other Obligor, or any of their respective Subsidiaries shall:
(i) commence a voluntary case under the Bankruptcy Code, or other federal bankruptcy laws (as now or hereafter in effect); (ii) file a petition seeking to take advantage of any other Applicable Laws, domestic or foreign, relating to bankruptcy,
insolvency, reorganization, winding-up, or composition or adjustment of debts; (iii) consent to, or fail to contest in a timely and appropriate manner, any petition filed against it in an involuntary case under such bankruptcy laws or other
Applicable Laws or consent to any proceeding or action described in the immediately following subsection; (iv) apply for or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a
receiver, custodian, trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign; (v) admit in writing its inability to pay its debts as they become due; (vi) make a general assignment for the benefit of creditors;
(vii) make a conveyance fraudulent as to creditors under any Applicable Law; or (viii) take any corporate or partnership action for the purpose of effecting any of the foregoing; provided, however, that the events described in this
Section 10.1(f) as to any Subsidiary of any Obligor that is not also an Obligor shall not constitute an Event of Default unless more than $10,000,000 of the Total Asset Value is attributable to (x) such Subsidiary(ies) and (y) any Subsidiary(ies)
which is/are the subject of an Event of Default under Section 10.1(g). 
  
 (g) Involuntary Bankruptcy Proceeding. A case or other proceeding shall be commenced against Borrower, any other Obligor or any of their respective Subsidiaries in any court of competent jurisdiction seeking: (i) relief under the
Bankruptcy Code, or other federal bankruptcy laws (as now or hereafter in effect) or under any other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; or (ii)
the appointment of a trustee, receiver, custodian, liquidator or the like of such Person, or of all or any substantial part of the assets, domestic or foreign, of such Person, and such case or proceeding shall continue undismissed or unstayed for a
period of sixty (60) consecutive calendar days, or an order granting the remedy or other relief requested in such case or proceeding against such Person (including, but not limited to, an order for relief under such Bankruptcy Code or such other
federal bankruptcy laws) shall be entered; provided, however, that the events described in this Section 10.1(g) as to any Subsidiary of any Obligor that is not also an Obligor shall not constitute an Event of Default unless more than
$10,000,000 of the Total Asset Value is attributable to (x) such Subsidiary(ies) and (y) any Subsidiary(ies) which is/are the subject of an Event of Default under Section 10.1(f). 
  
 (h) Litigation; Enforceability. The Borrower or any other Obligor shall disavow, revoke or terminate (or attempt to
terminate) any Loan Document to which it is a party or shall otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental Authority the validity or enforceability of this Agreement, any Note or any other
Loan Document or this Agreement, any Note, the Guaranty or any other Loan Document shall cease to be in full force and effect (except as a result of the express terms thereof). 
  
 (i) Judgment. A judgment or order for the payment of money or for an injunction shall be entered against the
Borrower, any other Obligor, or any of their respective Subsidiaries by any court or other tribunal and (i) such judgment or order shall continue for a period of thirty (30) days without being 

  

 73 

 
paid, stayed or dismissed through appropriate appellate proceedings, and (ii) either (A) the amount of such judgment or order for which insurance has not
been acknowledged in writing by the applicable insurance carrier (or the amount as to which the insurer has denied liability) exceeds, individually or together with all other such outstanding judgments or orders entered against the Borrower, such
other Obligor or such Subsidiary, $10,000,000 (or, in the case of any judgment or order with respect to any Nonrecourse Indebtedness, which judgment or order is issued solely to permit the holder(s) of such Indebtedness to foreclose on any
collateral securing the same, $20,000,000), or (B) in the case of an injunction or other non-monetary judgment, such judgment could reasonably be expected to have a Material Adverse Effect. 
  
 (j) Attachment. A warrant, writ of attachment, execution or similar
process shall be issued against any property of the Borrower, any other Obligor, or any of their respective Subsidiaries which exceeds, individually or together with all other such warrants, writs, executions and processes for the Borrower, such
Obligor or such Subsidiary, $10,000,000 (or, in the case of any warrant, writ of attachment, execution or similar process with respect to any Nonrecourse Indebtedness, which warrant, writ of attachment, execution or process is issued solely to
permit the holder(s) of such Indebtedness to foreclose on any collateral securing the same, $20,000,000), and such warrant, writ, execution or process shall not be discharged, vacated, stayed or bonded for a period of thirty (30) days;
provided, however, that if a bond has been issued in favor of the claimant or other Person obtaining such warrant, writ, execution or process, the issuer of such bond shall execute a waiver or subordination agreement in form and
substance satisfactory to the Agent pursuant to which the issuer of such bond subordinates its right of reimbursement, contribution or subrogation to the Obligations and waives or subordinates any Lien it may have on the assets of any Obligor.

  
 (k) ERISA. Any member of the ERISA Group shall fail to
pay when due an amount or amounts aggregating in excess of $5,000,000 which it shall have become liable to pay under Title IV of ERISA; or notice of intent to terminate a Material Plan shall be filed under Title IV of ERISA by any member of the
ERISA Group, any plan administrator or any combination of the foregoing; or the PBGC shall institute proceedings under Title IV of ERISA to terminate, to impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or to
cause a trustee to be appointed to administer, any Material Plan; or a condition shall exist by reason of which the PBGC would be entitled to obtain a decree adjudicating that any Material Plan must be terminated; or there shall occur a complete or
partial withdrawal from, or a default, within the meaning of Section 4219(c)(5) of ERISA, with respect to, one or more Multiemployer Plans which could cause one or more members of the ERISA Group to incur a current payment obligation in excess of
$5,000,000. 
  
 (l) Loan Documents. An Event of Default (as
defined therein) shall occur under any of the other Loan Documents. 
  
 (m) Change of Control. A Change of Control shall occur. 
  
 (n) Federal Tax Lien. A federal tax lien shall be filed against the Borrower, any Obligor, or any of their respective Subsidiaries under Section 6323 of the Internal Revenue Code or a lien of the PBGC shall be filed against the
Borrower, any other Obligor, or any of their respective Subsidiaries under Section 4068 of ERISA and in either case such lien shall remain undischarged (or otherwise unsatisfied) for a period of twenty-five (25) days after the date of filing.

  

 74 

 Section 10.2 Remedies Upon Event of Default. 
  
 Upon the occurrence of an Event of Default the following provisions shall apply: 
  
 (a) Acceleration; Termination of Facilities. 
  
 (i) Automatic. Upon the occurrence of an Event of Default specified
in Sections 10.1(f) or 10.1(g), (A)(i) the principal of, and all accrued interest on, the Loans and the Notes at the time outstanding, (ii) an amount equal to the Stated Amount of all Letters of Credit outstanding as of the date of the occurrence of
such Event of Default, and (iii) all of the other Obligations of the Borrower, including, but not limited to, the other amounts owed to the Lenders, the Swingline Lender, the Issuing Lender and the Agent under this Agreement, the Notes or any of the
other Loan Documents shall become immediately and automatically due and payable by the Borrower without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the Borrower, and (B) all of the Commitments, the
obligation of the Lenders to make Revolving Loans, the Swingline Commitment, the obligation of the Swingline Lender to make Swingline Loans, and the obligation of the Issuing Lender to issue Letters of Credit hereunder, shall all immediately and
automatically terminate. 
  
 (ii) Optional. If any other
Event of Default shall have occurred and be continuing, the Agent shall, at the direction of the Requisite Lenders: (A) declare (1) the principal of, and accrued interest on, the Loans and the Notes at the time outstanding, (2) an amount equal to
the Stated Amount of all Letters of Credit outstanding as of the date of the occurrence of such other Event of Default, and (3) all of the other Obligations, including, but not limited to, the other amounts owed to the Lenders and the Agent under
this Agreement, the Notes or any of the other Loan Documents, to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly
waived by the Borrower, and (B) terminate the Commitments and the obligation of the Lenders to make Revolving Loans hereunder and the obligation of the Issuing Lender to issue Letters of Credit hereunder. Further, if the Agent has exercised any of
the rights provided under the preceding sentence, the Swingline Lender shall: (x) declare the principal of, and accrued interest on, the Swingline Loans and the Swingline Note at the time outstanding, and all of the other Obligations owing to the
Swingline Lender, to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by the Borrower and (y) terminate the
Swingline Commitment and the obligation of the Swingline Lender to make Swingline Loans. 
  
 (b) Loan Documents. The Requisite Lenders may direct the Agent to, and the Agent if so directed shall, exercise any and all of its rights under any and all of the other Loan Documents. 
  
 (c) Applicable Law. The Requisite Lenders may direct the Agent to, and
the Agent if so directed shall, exercise all other rights and remedies it may have under any Applicable Law. 
  
 (d) Appointment of Receiver. To the extent permitted by Applicable Law, the Agent and the Lenders shall be entitled to the appointment of a
receiver for the assets and properties of the Borrower, the other Obligors and their respective Subsidiaries, without notice of any kind whatsoever and without regard to the adequacy of any security for the Obligations or the solvency of any party
bound for its payment, to take possession of all or any portion of the business operations of the Borrower, the other Obligors and their respective Subsidiaries and to exercise such power as the court shall confer upon such receiver. 
  
 Section 10.3 Allocation of Proceeds. 
  
 If an Event of Default shall have occurred and be continuing and maturity of
any of the Obligations has been accelerated, all payments received by the Agent under any of the Loan Documents, in respect of any principal of or interest on the Obligations or any other amounts payable by the Borrower hereunder or thereunder,
shall be applied in the following order and priority: 
  
 (a)
amounts due to the Agent and the Lenders in respect of fees and expenses due under Sections 3.6 and 12.2; 
  

 75 

 (b) payments of interest on Swingline Loans; 
  
 (c) payments of interest on all other Loans and Reimbursement Obligations, to
be applied for the ratable benefit of the Lenders, pro rata among the Lenders based upon the aggregate outstanding Revolving Loans and Reimbursement Obligations (and as to the Revolving Loans, first to Base Rate Loans and then to LIBOR Loans);

  
 (d) payments of principal of Swingline Loans; 
  
 (e) payments of principal of all other Loans and Reimbursement Obligations,
to be applied for the ratable benefit of the Lenders, pro rata among the Lenders based upon the aggregate outstanding Revolving Loans and Reimbursement Obligations (and as to the Revolving Loans, first to Base Rate Loans and then to LIBOR Loans);

  
 (f) amounts to be deposited into the Collateral Account in
respect of Letters of Credit (to be applied as provided in Section 10.4); 
  
 (g) amounts due the Agent and the Lenders pursuant to Sections 11.7 and 12.9; 
  
 (h) payments of all other amounts due and owing by the Borrower under any of the Loan Documents, if any, to be applied for the ratable benefit of the
Lenders and Agent; and 
  
 (i) any amount remaining after
application as provided above, shall be paid to the Borrower or whomever else may be legally entitled thereto. 
  
 Section 10.4 Collateral Account. 
  
 (a) As collateral security for the prompt payment in full when due of all Letter of Credit Liabilities and the other Obligations, the Borrower hereby pledges and grants to the Agent, for the ratable benefit of the
Lenders as provided herein, a security interest in all of its right, title and interest in and to the Collateral Account and the balances from time to time in the Collateral Account (including the investments and reinvestments therein provided for
below). The balances from time to time in the Collateral Account shall not constitute payment of any Letter of Credit Liabilities until applied by the Agent as provided herein. Anything in this Agreement to the contrary notwithstanding, funds held
in the Collateral Account shall be subject to withdrawal only as provided in this Section and in Section 2.12. 
  
 (b) Amounts on deposit in the Collateral Account shall be invested and reinvested by the Agent in such Cash Equivalents as the Agent shall determine in
its sole discretion. All such deposits, investments and reinvestments shall be held in the name of and be under the sole dominion and control of the Agent. The Borrower irrevocably authorizes Agent to exercise any and all rights of the Borrower in
respect of the Collateral Account and to give all instructions, directions and entitlement orders in respect thereof as Agent shall deem necessary or desirable. Agent is authorized by the Borrower to file such financing statements as Agent may deem
necessary in connection with the perfection of the security interests in the Collateral Account. The Borrower agrees to do such further acts and things, and to execute and deliver such additional documents as Agent may reasonably request at any time
in connection with the administration or enforcement of its rights with respect to the Collateral Account. For the purposes of the Uniform Commercial Code, Georgia shall be deemed to be the location and jurisdiction of Agent, the Collateral Account
and any securities entitlements relating thereto. The Agent shall exercise reasonable care in the custody and preservation of any funds held in the Collateral Account and shall be deemed to have exercised such care if such funds are accorded
treatment substantially equivalent to that which the Agent accords other funds deposited with the Agent, it being understood that the Agent shall not have any responsibility for taking any necessary steps to preserve rights against any parties with
respect to any funds held in the Collateral Account. 
  

 76 

 (c) If an Event of Default shall have occurred and be continuing, the Requisite Lenders may, in their
discretion, at any time and from time to time, instruct the Agent to liquidate any such investments and reinvestments and credit the proceeds thereof to the Collateral Account and apply or cause to be applied such proceeds and any other balances in
the Collateral Account for the ratable benefit of the Lenders to the payment of any of the Letter of Credit Liabilities due and payable. 
  
 (d) If (i) no Default or Event of Default has occurred and is continuing and (ii) all of the Letter of Credit Liabilities have been paid in full, the
Agent shall, from time to time, at the request of the Borrower, deliver to the Borrower, against receipt but without any recourse, warranty or representation whatsoever, such of the balances in the Collateral Account as exceed the aggregate amount
of Letter of Credit Liabilities at such time. 
  
 (e) The Borrower
shall pay to the Agent from time to time such fees as the Agent normally charges for similar services in connection with the Agent’s administration of the Collateral Account and investments and reinvestments of funds therein. 
  
 Section 10.5 Performance by Agent. 
  
 If the Borrower shall fail to perform any covenant, duty or agreement
contained in any of the Loan Documents, the Agent may perform or attempt to perform such covenant, duty or agreement on behalf of the Borrower after the expiration of any cure or grace periods set forth herein. In such event, the Borrower shall, at
the request of the Agent, promptly pay any amount reasonably expended by the Agent in such performance or attempted performance to the Agent, together with interest thereon at the applicable Post-Default Rate from the date of such expenditure until
paid. Notwithstanding the foregoing, neither the Agent nor any Lender shall have any liability or responsibility whatsoever for the performance of any obligation of the Borrower under this Agreement or any other Loan Document. 
  
 Section 10.6 Rights Cumulative. 
  
 The rights and remedies of the Agent and the Lenders under this Agreement
and each of the other Loan Documents shall be cumulative and not exclusive of any rights or remedies which any of them may otherwise have under Applicable Law. In exercising their respective rights and remedies the Agent and the Lenders may be
selective and no failure or delay by the Agent or any of the Lenders in exercising any right shall operate as a waiver of it, nor shall any single or partial exercise of any power or right preclude its other or further exercise or the exercise of
any other power or right. 
  
 ARTICLE XI. THE AGENT

  
 Section 11.1 Authorization and Action. 
  
 Each Lender hereby appoints and authorizes the Agent to take such action as
contractual representative on such Lender’s behalf and to exercise such powers under this Agreement and the other Loan Documents as are specifically delegated to the Agent by the terms hereof and thereof, together with such powers as are
reasonably incidental thereto. Not in limitation of the foregoing, each Lender authorizes and directs the Agent to enter into the Loan Documents for the benefit of the Lenders. Each Lender hereby agrees that, except as otherwise set forth herein,
any action taken by the Requisite Lenders in accordance with the provisions of this Agreement or the Loan Documents, and the exercise by the Requisite Lenders of the powers set forth herein or therein, together with such other powers as are
reasonably incidental thereto, shall be authorized and binding upon all of the Lenders. Nothing herein 

  

 77 

 
(including the use of the term “Agent”) shall be construed to deem the Agent a trustee or fiduciary for any Lender nor to impose on the Agent
duties or obligations other than those expressly provided for herein. At the request of a Lender, the Agent will forward to such Lender copies or, where appropriate, originals of the documents delivered to the Agent pursuant to this Agreement or the
other Loan Documents. The Agent will also furnish to any Lender, upon the request of such Lender, a copy of any certificate or notice furnished to the Agent by the Borrower, any Obligor or any other Affiliate of the Borrower or any Obligor, pursuant
to this Agreement or any other Loan Document not already delivered to such Lender pursuant to the terms of this Agreement or any such other Loan Document. As to any matters not expressly provided for by the Loan Documents (including, without
limitation, enforcement or collection of any of the Obligations), the Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or
refraining from acting) upon the instructions of the Requisite Lenders (or all of the Lenders if explicitly required under any other provision of this Agreement), and such instructions shall be binding upon all Lenders and all holders of any of the
Obligations; provided, however, that, notwithstanding anything in this Agreement to the contrary, the Agent shall not be required to take any action which exposes the Agent to personal liability or which is contrary to this Agreement
or any other Loan Document or Applicable Law. Not in limitation of the foregoing, the Agent shall not exercise any right or remedy it or the Lenders may have under any Loan Document upon the occurrence of a Default or an Event of Default unless the
Requisite Lenders have so directed the Agent to exercise such right or remedy. The Borrower may rely on written amendments or waivers executed by Agent or acts taken by Agent as being authorized by the Lenders or the Requisite Lenders, as
applicable, to the extent Agent does not advise Borrower that it has not obtained such authorization from the Lenders or the Requisite Lenders, as applicable. 
  
 Section 11.2 Agent’s Reliance, Etc. 
  
 Notwithstanding any other provisions of this Agreement or any other Loan Documents, neither the Agent nor any of its directors, officers, agents,
employees or counsel shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement, except for its or their own gross negligence or willful misconduct. Without limiting the generality of the
foregoing, the Agent: (a) may treat the payee of any Note as the holder thereof until the Agent receives written notice of the assignment or transfer thereof signed by such payee and in form satisfactory to the Agent; (b) may consult with legal
counsel (including its own counsel or counsel for the Borrower or any other Obligor), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in
accordance with the advice of such counsel, accountants or experts; (c) makes no warranty or representation to any Lender or any other Person and shall not be responsible to any Lender or any other Person for any statements, warranties or
representations made by any Person in or in connection with this Agreement or any other Loan Document; (d) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of any of
this Agreement or any other Loan Document or the satisfaction of any conditions precedent under this Agreement or any Loan Document on the part of the Borrower or other Persons or inspect the property, books or records of the Borrower or any other
Person; (e) shall not be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other Loan Document, any other instrument or document furnished pursuant thereto
or any collateral covered thereby or the perfection or priority of any Lien in favor of the Agent on behalf of the Lenders in any such collateral; and (f) shall incur no liability under or in respect of this Agreement or any other Loan Document by
acting upon any notice, consent, certificate or other instrument or writing (which may be by telephone or telecopy) believed by it to be genuine and signed, sent or given by the proper party or parties. 
  

 78 

 Section 11.3 Notice of Defaults. 
  
 The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default, except with
respect to defaults in the payment of principal, interest and fees required to be paid to Agent for the account of the Lenders, unless the Agent has received notice from a Lender or the Borrower referring to this Agreement, describing with
reasonable specificity such Default or Event of Default and stating that such notice is a “notice of default.” If any Lender (excluding the Lender which is also serving as the Agent) becomes aware of any Default or Event of Default, it
shall promptly send to the Agent such a “notice of default.” Further, if the Agent receives such a “notice of default”, the Agent shall give prompt notice thereof to the Lenders. 
  
 Section 11.4 Wachovia Bank as Lender. 
  
 Wachovia Bank, as a Lender, shall have the same rights and powers under this
Agreement and any other Loan Document as any other Lender and may exercise the same as though it were not the Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include Wachovia Bank in each
case in its individual capacity. Wachovia Bank and its affiliates may each accept deposits from, maintain deposits or credit balances for, invest in, lend money to, act as trustee under indentures of, serve as financial advisor to, and generally
engage in any kind of business with, the Borrower, any other Obligor or any other affiliate thereof as if it were any other bank and without any duty to account therefor to the other Lenders. Further, the Agent and any affiliate may accept fees and
other consideration from the Borrower for services in connection with this Agreement and otherwise without having to account for the same to the other Lenders. 
  

Section 11.5 Approvals of Lenders. 
  
 All communications from the Agent to any Lender requesting such Lender’s determination, consent, approval or disapproval (a) shall be given in the
form of a written notice to such Lender, (b) shall be accompanied by a description of the matter or issue as to which such determination, approval, consent or disapproval is requested, or shall advise such Lender where information, if any, regarding
such matter or issue may be inspected, or shall otherwise describe the matter or issue to be resolved, (c) shall include, if reasonably requested by such Lender and to the extent not previously provided to such Lender, written materials and a
summary of all oral information provided to the Agent by the Borrower in respect of the matter or issue to be resolved, and (d) shall include the Agent’s recommended course of action or determination in respect thereof. Each Lender shall reply
promptly, but in any event within ten (10) Business Days (or such lesser or greater period as may be specifically required under the Loan Documents) of receipt of such communication. Except as otherwise provided in this Agreement and except with
respect to items requiring the unanimous consent or approval of the Lenders under Section 12.6, unless a Lender shall give written notice to the Agent that it specifically objects to the recommendation or determination of the Agent (together with a
written explanation of the reasons behind such objection) within the applicable time period for reply, such Lender shall be deemed to have conclusively approved of or consented to such recommendation or determination. 
  
 Section 11.6 Lender Credit Decision, Etc. 
  
 Each Lender expressly acknowledges and agrees that neither the Agent nor any
of its officers, directors, employees, agents, counsel, attorneys-in-fact or other affiliates has made any representations or warranties as to the financial condition, operations, creditworthiness, solvency or other information concerning the
business or affairs of the Borrower, any other Obligor, any of their respective Subsidiaries or any other Person to such Lender and that no act by the Agent hereafter taken, including any review of the affairs of the Borrower, shall be deemed to
constitute any such representation or warranty by the Agent to any Lender. Each Lender acknowledges that it has, independently and without reliance upon the 

  

 79 

 
Agent, any other Lender or counsel to the Agent, or any of their respective officers, directors, employees and agents, and based on the financial statements
of the Borrower, the other Obligors, and their respective Subsidiaries, or any other Affiliate thereof, and inquiries of such Persons, its independent due diligence of the business and affairs of the Borrower, the Obligors, their respective
Subsidiaries and other Persons, its review of the Loan Documents, the legal opinions required to be delivered to it hereunder, the advice of its own counsel and such other documents and information as it has deemed appropriate, made its own credit
and legal analysis and decision to enter into this Agreement and the transaction contemplated hereby. Each Lender also acknowledges that it will, independently and without reliance upon the Agent, any other Lender or counsel to the Agent or any of
their respective officers, directors, employees and agents, and based on such review, advice, documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under the Loan
Documents. Except for notices, reports and other documents and information expressly required to be furnished to the Lenders by the Agent under this Agreement or any of the other Loan Documents, the Agent shall have no duty or responsibility to
provide any Lender with any credit or other information concerning the business, operations, property, financial and other condition or creditworthiness of the Borrower, any other Obligor, any of their respective Subsidiaries or any other Affiliate
thereof which may come into possession of the Agent or any of its officers, directors, employees, agents, attorneys-in-fact or other Affiliates. Each Lender acknowledges that the Agent’s legal counsel in connection with the transactions
contemplated by this Agreement is only acting as counsel to the Agent and is not acting as counsel to such Lender. 
  
 Section 11.7 Indemnification of Agent. 
  
 Each Lender agrees to indemnify the Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) pro
rata in accordance with such Lender’s respective Commitment Percentage, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature
whatsoever which may at any time be imposed on, incurred by, or asserted against the Agent (in its capacity as Agent but not as a Lender) in any way relating to or arising out of the Loan Documents, any transaction contemplated hereby or thereby or
any action taken or omitted by the Agent under the Loan Documents (collectively, “Indemnifiable Amounts”); provided, however, that no Lender shall be liable for any portion of such Indemnifiable Amounts to the extent
resulting from the Agent’s gross negligence or willful misconduct or if the Agent fails to follow the written direction of the Requisite Lenders unless such failure is pursuant to the reasonable advice of counsel of which the Lenders have
received notice. Without limiting the generality of the foregoing but subject to the preceding provision, each Lender agrees to reimburse the Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to
do so) promptly upon demand for its ratable share of any out-of-pocket expenses (including reasonable counsel fees of the counsel(s) of the Agent’s own choosing) incurred by the Agent in connection with the preparation, negotiation, execution,
administration or enforcement of, or legal advice with respect to the rights or responsibilities of the parties under, the Loan Documents, any suit or action brought by the Agent to enforce the terms of the Loan Documents and/or collect any
Obligations, any “lender liability” suit or claim brought against the Agent and/or the Lenders, and any claim or suit brought against the Agent and/or the Lenders arising under any Environmental Laws. Such out-of-pocket expenses (including
counsel fees) shall be advanced by the Lenders on the request of the Agent notwithstanding any claim or assertion that the Agent is not entitled to indemnification hereunder upon receipt of an undertaking by the Agent that the Agent will reimburse
the Lenders if it is actually and finally determined by a court of competent jurisdiction that the Agent is not so entitled to indemnification. The agreements in this Section shall survive the payment of the Loans and all other amounts payable
hereunder or under the other Loan Documents and the termination of this Agreement. If the Borrower shall reimburse the Agent for any Indemnifiable Amount following payment by any Lender to the Agent in respect of such Indemnifiable Amount pursuant
to this Section, the Agent shall share such reimbursement on a ratable basis with each Lender making any such payment. 
  

 80 

 Section 11.8 Successor Agent. 
  
 The Agent may resign at any time as Agent under the Loan Documents by giving written notice thereof to the Lenders and the
Borrower. The Agent may be removed as Agent under the Loan Documents as a result of its gross negligence or willful misconduct by the Requisite Lenders (other than the Lender then acting as the Agent). Any such removal or resignation shall also
constitute Agent’s resignation as Swingline Lender and may, at such Agent’s option, also constitute its resignation as Issuing Lender. Upon any such resignation or removal, the Requisite Lenders (other than the Lender then acting as Agent,
in the case of the removal of the Agent under the immediately preceding sentence) shall have the right to appoint a successor Agent and Swingline Lender, which shall be a Lender, if any Lender shall be willing to serve, and otherwise shall be a
commercial bank having total combined assets of at least $5,000,000,000, which appointment shall, provided no Default or Event of Default shall have occurred and be continuing, be subject to the Borrower’s approval, which approval shall not be
unreasonably withheld or delayed (except that the Borrower shall, in all events, be deemed to have approved each Lender (and its affiliates) holding at least ten percent (10%) of the Total Commitments (calculated at the time Agent gives notice of
its resignation) as a successor Agent and Swingline Lender). If no successor Agent shall have been so appointed in accordance with the immediately preceding sentence, and shall have accepted such appointment, within thirty (30) days after the
resigning Agent’s giving of notice of resignation or the Lenders’ removal of the resigning Agent, then the resigning or removed Agent may, on behalf of the Lenders, appoint a successor Agent, which shall be a Lender, if any Lender shall be
willing to serve, and otherwise shall be a commercial bank having total combined assets of at least $5,000,000,000. Upon the acceptance of any appointment as Agent or Swingline Lender hereunder by a successor Agent, such successor Agent and
Swingline Lender shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations under the Loan Documents as Agent and
Swingline Lender. After any Agent’s resignation or removal hereunder as Agent, the provisions of this Article XI and all provisions of this Agreement relating to Swingline Loans shall continue to inure to its benefit as to any actions taken or
omitted to be taken by it while it was Agent or Swingline Lender under the Loan Documents.  
  
 Section 11.9 Titled Agents. 
  
 Each of the Titled Agents in each such respective capacity, assumes no responsibility or obligations hereunder, including, without limitation, for servicing enforcement or collection of any of the Loans, nor any duties as an agent hereunder
for the Lenders. The titles of “Sole Lead Arranger and Book Manager”, “Documentation Agent” and “Syndication Agent” are solely honorific and imply no fiduciary responsibility on the part of the Titled Agents to the
Agent, the Borrower or any Lender and the use of such titles does not impose on the Titled Agents any duties or obligations greater than those of any other Lender or entitle the Titled Agents to any rights other than those to which any other Lender
is entitled. 
  
 Section 11.10 Other Loans by Lenders to Obligors.

  
 The Lenders agree that one or more of them may now or
hereafter have other loans to one or more of the Obligors which are not subject to this Agreement. The Lenders agree that the Lender(s) which may have such other loan(s) to the Obligors may collect payments on such loan(s) and may secure such
loan(s) (so long as such loan does not itself expressly violate this Agreement). Further, the Lenders agree that the Lender(s) which may have such other loan(s) to the Obligors shall have no obligation to attempt to collect payments under the Loans
or Reimbursement Obligations in preference and priority over the collection and/or enforcement of such other loan(s). 
  

 81 

 ARTICLE XII. MISCELLANEOUS 
  
 Section 12.1 Notices. 
  
 Unless otherwise provided herein, communications provided for hereunder shall be in writing and shall be mailed, telecopied or delivered by hand or by
nationally-recognized overnight courier as follows: 
  

					
	 If to the Borrower:
	 	 
		
	 	  	Wells Operating Partnership II, L.P.
	 	  	6200 The Corners Parkway
	 	  	Suite 250
	 	  	Norcross, Georgia 30092-6040
	 	  	Attention: Doug P. Williams
	 	  	Telecopy Number:	 	(770)
	 	  	Telephone Number:	 	(770) 449-7800
		
	 	  	With a copy to:
		
	 	  	Alston & Bird LLP
	 	  	1201 West Peachtree Street, NE
	 	  	Atlanta, Georgia 30309
	 	  	Attention: Steven D. Collier
	 	  	Telecopy Number:	 	(404) 253-8552
	 	  	Telephone Number:	 	(404) 881-7638
		
	If to the Agent:	 	 
		
	 	  	Wachovia Bank, National Association
	 	  	191 Peachtree Street, N.E.
	 	  	Atlanta, Georgia 30303
	 	  	Attention: Cathy Casey
	 	  	Telecopy Number:	 	(404) 332-4066
	 	  	Telephone Number:	 	(404) 332-5649
		
	If to a Lender:	 	 
		
	 	  	To such Lender’s address or telecopy number, as applicable, set forth on its signature page hereto or in the applicable Assignment and Acceptance Agreement.

  
 or, as to each party at such other
address as shall be designated by such party in a written notice to the other parties delivered in compliance with this Section. All such notices and other communications shall be effective (i) if mailed, when received; (ii) if telecopied, when
transmitted; or (iii) if hand delivered or sent by overnight courier, when delivered. Notwithstanding the immediately preceding sentence, all notices or communications to the Agent or any Lender under Article II shall be effective only when actually
received. Neither the Agent nor any Lender shall incur any liability to the Borrower (nor shall the Agent incur any liability to the Lenders) for acting upon any telephonic notice referred to in this Agreement which the Agent or such Lender, as the
case may be, believes in good faith to have been given by a Person authorized to deliver such notice or for otherwise acting in good faith hereunder. 
  

 82 

 Section 12.2 Expenses. 
  

The Borrower agrees (a) to pay or reimburse the Agent for all of its reasonable out-of-pocket costs and expenses incurred in connection with the
preparation, negotiation, execution, administration and interpretation of, and any amendment, supplement or modification to, any of the Loan Documents (including due diligence expenses and travel expenses relating to closing), and the consummation
of the transactions contemplated thereby, including the reasonable fees and disbursements of counsel to the Agent (such expenses to include ongoing charges for Intralinks, SyndTrak Online or any similar system), (b) to pay or reimburse Wachovia Bank
and Wachovia Capital Markets, LLC for their reasonable out-of-pocket costs and expenses incurred in connection with the initial syndication of the Loans by Wachovia Bank and Wachovia Capital Markets, LLC, (c) to pay or reimburse the Agent and the
Lenders for all their costs and expenses incurred in connection with the enforcement or preservation of any rights under the Loan Documents, including the reasonable fees and disbursements of their respective counsel (including the allocated fees
and expenses of in-house counsel) and any payments in indemnification or otherwise payable by the Lenders to the Agent pursuant to the Loan Documents, (d) to pay, and indemnify and hold harmless the Agent and the Lenders from, any and all recording
and filing fees and any and all liabilities with respect to, or resulting from any failure to pay or delay in paying, documentary, stamp, excise and other similar taxes, if any, which may be payable or determined to be payable in connection with the
execution and delivery of any of the Loan Documents, or consummation of any amendment, supplement or modification of, or any waiver or consent under or in respect of, any Loan Document, and (e) to the extent not already covered by any of the
preceding subsections, to pay or reimburse the Agent and the Lenders for all their costs and expenses incurred in connection with any bankruptcy or other proceeding of the type described in Sections 10.1(f) or 10.1(g), including the reasonable fees
and disbursements of counsel to the Agent and any Lender, whether such fees and expenses are incurred prior to, during or after the commencement of such proceeding or the confirmation or conclusion of any such proceeding. If the Borrower shall fail
to pay any amounts required to be paid by it pursuant to this Section, the Agent and/or the Lenders may pay such amounts on behalf of the Borrower and either deem the same to be Loans outstanding hereunder or otherwise Obligations owing hereunder.

  
 Section 12.3 Setoff. 
  
 Subject to Section 3.3 and in addition to any rights now or hereafter
granted under Applicable Law and not by way of limitation of any such rights, the Agent and each Lender and Participant is hereby authorized by the Borrower, at any time or from time to time during the continuance of an Event of Default, without
prior notice to the Borrower or to any other Person, any such notice being hereby expressly waived, but in the case of a Lender and Participant subject to receipt of the prior written consent of the Agent exercised in its sole discretion, to set off
and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by the
Agent, such Lender or Participant or any affiliate of the Agent or such Lender or Participant, to or for the credit or the account of the Borrower against and on account of any of the Obligations, irrespective of whether or not any or all of the
Loans and all other Obligations have been declared to be, or have otherwise become, due and payable as permitted by Section 10.2, and although such obligations shall be contingent or unmatured. Promptly following any such set-off the Agent shall
notify the Borrower thereof and of the application of such set-off, provided that the failure to give such notice shall not invalidate such set-off. The foregoing shall not apply to any account governed by a written agreement containing express
waivers by the Agent or any Lender with respect to rights of setoff. 
  
 Section 12.4 Litigation; Jurisdiction; Other Matters; Waivers. 
  
 (a) EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE BORROWER, THE AGENT OR ANY OF THE 

  

 83 

 
LENDERS WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT
PERMITTED BY APPLICABLE LAW, EACH OF THE LENDERS, THE AGENT AND THE BORROWER HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY
PARTY HERETO ARISING OUT OF THIS AGREEMENT, THE NOTES, OR ANY OTHER LOAN DOCUMENT OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE BORROWER, THE AGENT OR ANY OF THE LENDERS OF ANY KIND OR NATURE. 

 
 (b) THE BORROWER, THE AGENT AND EACH LENDER HEREBY AGREES THAT THE UNITED
STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF GEORGIA, ATLANTA DIVISION OR, AT THE OPTION OF THE AGENT, ANY STATE COURT LOCATED IN ATLANTA, GEORGIA, SHALL HAVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG THE
BORROWER, THE AGENT OR ANY OF THE LENDERS, PERTAINING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT, THE LOANS AND LETTERS OF CREDIT, THE NOTES OR ANY OTHER LOAN DOCUMENT OR TO ANY MATTER ARISING HEREFROM OR THEREFROM. THE BORROWER AND EACH OF THE
LENDERS EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN
ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE
AGENT OR ANY LENDER OR THE ENFORCEMENT BY THE AGENT OR ANY LENDER OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 
  
 (c) THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES
THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS, THE TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE TERMINATION OF THIS AGREEMENT. 
  
 Section 12.5 Successors and Assigns. 
  
 (a) The provisions of this Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and permitted assigns, except that the Borrower may not assign or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of all Lenders
and any such assignment or other transfer to which all of the Lenders have not so consented shall be null and void. 
  
 (b) Any Lender may make, carry or transfer Loans at, to or for the account of any of its branch offices or the office of an affiliate of such Lender
except to the extent such transfer would result in increased costs to the Borrower. 
  
 (c) Any Lender may at any time grant to one or more banks or other financial institutions (each a “Participant”) participating interests in its Commitment or the Obligations owing to such Lender;
provided, however, (i) any such participating interest must be for a constant and not a varying percentage interest, (ii) no Lender may grant a participating interest in its Commitment, or if the Commitments have been terminated, the
aggregate outstanding principal balance of Revolving Notes held by it, in an amount 

  

 84 

 
less than $5,000,000 and (iii) after giving effect to any such participation by a Lender, the amount of its Commitment or if the Commitments have been
terminated, the aggregate outstanding principal balance of Revolving Notes held by it, in which it has not granted any participating interests must be equal to $5,000,000 and integral multiples of $1,000,000 in excess thereof. No Participant shall
have any rights or benefits under this Agreement or any other Loan Document. In the event of any such grant by a Lender of a participating interest to a Participant, such Lender shall remain responsible for the performance of its obligations
hereunder, and the Borrower and the Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement pursuant to which any Lender may grant such a
participating interest shall provide that such Lender shall retain the sole right and responsibility to enforce the obligations of the Borrower hereunder including, without limitation, the right to approve any amendment, modification or waiver of
any provision of this Agreement; provided, however, such Lender may agree with the Participant that it will not, without the consent of the Participant, agree to (i) increase, or extend the term or extend the time or waive any
requirement for the reduction or termination of, such Lender’s Commitment, (ii) extend the date fixed for the payment of principal of or interest on the Loans or portions thereof owing to such Lender, (iii) reduce the amount of any such payment
of principal, (iv) reduce the rate at which interest is payable thereon or (v) release any Guarantor (except as otherwise permitted under Section 7.12(b)). An assignment or other transfer which is not permitted by Section 12.5(d) or (e) below shall
be given effect for purposes of this Agreement only to the extent of a participating interest granted in accordance with this subsection (c). The selling Lender shall notify the Agent and the Borrower of the sale of any participation hereunder and,
if requested by the Agent, certify to the Agent that such participation is permitted hereunder. 
  
 (d) Any Lender may with the prior written consent of the Agent and, so long as no Default or Event of Default shall have occurred and be continuing, the
Borrower (which consent, in each case, shall not be unreasonably withheld or delayed), assign to one or more Eligible Assignees (each an “Assignee”) all or a portion of its Commitment and its other rights and obligations under this
Agreement and the Notes; provided, however, (i) no such consent by the Borrower or the Agent shall be required in the case of any assignment to another Lender, any affiliate of such Lender or of another Lender; (ii) any partial
assignment of a Commitment shall be in an amount at least equal to $5,000,000 and integral multiples of $1,000,000 in excess thereof and after giving effect to such partial assignment the assigning Lender retains a portion of the Commitment so
assigned, or if any of the Commitments have been terminated, holds Revolving Notes having an aggregate outstanding principal balance, of at least $5,000,000 and integral multiples of $1,000,000 in excess thereof (provided, however, the
conditions set forth in this subsection (ii) shall not apply to any full assignment by any Lender of its Commitment); and (iii) each such assignment shall be effected by means of an Assignment and Acceptance Agreement. Upon execution and delivery of
such instrument and payment by such Assignee to such transferor Lender of an amount equal to the purchase price agreed between such transferor Lender and such Assignee, such Assignee shall be deemed to be a Lender party to this Agreement as of the
effective date of the Assignment and Acceptance Agreement and shall have all the rights and obligations of a Lender with a Commitment as set forth in such Assignment and Acceptance Agreement, and the transferor Lender shall be released from its
obligations hereunder to a corresponding extent, and no further consent or action by any party shall be required. Upon the consummation of any assignment pursuant to this subsection (d), the transferor Lender, the Agent and the Borrower shall make
appropriate arrangements so that new Notes are issued to the Assignee and such transferor Lender, as appropriate. In connection with any such assignment, the transferor Lender shall pay to the Agent an administrative fee for processing such
assignment in the amount of $3,500. 
  
 (e) The Agent shall
maintain at the Principal Office a copy of each Assignment and Acceptance Agreement delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders and the Commitment of each Lender from time to time (the
“Register”). The Agent shall give each Lender and the Borrower notice of the assignment by any Lender of its rights as 

  

 85 

 
contemplated by this Section. The Borrower, the Agent and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for
all purposes of this Agreement. The Register and copies of each Assignment and Acceptance Agreement shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice to the
Agent. Upon its receipt of an Assignment and Acceptance Agreement executed by an assigning Lender, together with each Note subject to such assignment, the Agent shall, if such Assignment and Acceptance Agreement has been completed and if the Agent
receives the processing and recording fee described in Section 12.5(d) above, (i) accept such Assignment and Acceptance Agreement, (ii) record the information contained therein in the Register and (iii) give prompt notice thereof to the Borrower.

  
 (f) In addition to the assignments and participations
permitted under the foregoing provisions of this Section, any Lender may assign and pledge all or any portion of its Loans and its Notes to any Federal Reserve Bank as collateral security pursuant to Regulation A and any Operating Circular issued by
such Federal Reserve Bank, and such Loans and Notes shall be fully transferable as provided therein. No such assignment shall release the assigning Lender from its obligations hereunder. 
  
 (g) A Lender may furnish any information concerning the Borrower, any other Obligor or any of their respective Subsidiaries
or Affiliates in the possession of such Lender from time to time to Assignees and Participants (including prospective Assignees and Participants) subject to compliance with Section 12.8. 
  
 (h) Anything in this Section to the contrary notwithstanding, no Lender may assign or participate any interest in any Loan
held by it hereunder to the Borrower, any other Obligor or any of their respective Affiliates or Subsidiaries. 
  
 (i) Each Lender agrees that, without the prior written consent of the Borrower and the Agent, it will not make any assignment hereunder in any manner or
under any circumstances that would require registration or qualification of, or filings in respect of, any Loan or Note under the Securities Act or any other securities laws of the United States of America or of any other jurisdiction. 

 
 Section 12.6 Amendments. 
  
 Except as otherwise expressly provided in this Agreement, any consent or
approval required or permitted by this Agreement or any other Loan Document to be given by the Lenders may be given, and any term of this Agreement or of any other Loan Document may be amended, and the performance or observance by the Borrower or
any other Obligor or any of their respective Subsidiaries of any terms of this Agreement or such other Loan Document or the continuance of any Default or Event of Default may be waived (either generally or in a particular instance and either
retroactively or prospectively) with, but only with, the written consent of the Requisite Lenders (and, in the case of an amendment to any Loan Document, the written consent of the Borrower). Notwithstanding the foregoing, no amendment, waiver or
consent shall, unless in writing, and signed by all of the Lenders (or the Agent at the written direction of the Lenders), do any of the following: (i) increase the Commitments (or any component thereof) of the Lenders (except as contemplated by
Section 2.14) or subject the Lenders to any additional obligations; (ii) reduce the principal of, or interest rates that have accrued or that will be charged on the outstanding principal amount of, any Loans or Fees or other Obligations; (iii)
reduce the amount of any Fees payable hereunder; (iv) except as provided in Section 2.16, postpone any date fixed for any payment of any principal of, or interest on, any Loans or any other Obligations, or, except as provided in Section 2.3, extend
the expiration date of any Letter of Credit beyond the Termination Date; (v) change the Commitment Percentages (or any component thereof) (except as a result of any increase in the aggregate amount of the Commitments contemplated by Section 2.14,
3.11(b) or 4.5) or amend or otherwise modify the provisions of Section 3.2; (vi) modify the definition of the term “Requisite Lenders”, modify in any other manner the number or percentage of the Lenders (including all of the Lenders)
required to make any 

  

 86 

 
determinations or waive any rights hereunder or to modify any provision hereof, including without limitation, any modification of this Section if such
modification would have such effect; or (vii) release any Guarantor from its obligations under the Guaranty (except as otherwise permitted under Section 7.12(b)). Further, no amendment, waiver or consent unless in writing and signed by the Agent, in
addition to the Lenders required hereinabove to take such action, shall affect the rights or duties of the Agent under this Agreement or any of the other Loan Documents. Any amendment, waiver or consent relating to Section 2.2 or the obligations of
the Swingline Lender under this Agreement or any other Loan Document shall, in addition to the Lenders required hereinabove to take such action, require the written consent of the Swingline Lender. Any amendment, waiver or consent relating to
Section 2.3 or the obligations or rights of the Issuing Lender under this Agreement or any other Loan Documents shall, in addition to the Lenders required hereinabove to take such action, require the written consent of the Issuing Lender. No waiver
shall extend to or affect any obligation not expressly waived or impair any right consequent thereon and any amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose set forth therein. No course of
dealing or delay or omission on the part of the Agent or any Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto. Except as otherwise explicitly provided for herein or in any other Loan Document, no
notice to or demand upon the Borrower shall entitle the Borrower to any other or further notice or demand in similar or other circumstances. 
  
 Section 12.7 Nonliability of Agent and Lenders. 
  
 The relationship between the Borrower and the Lenders and the Agent shall be solely that of borrower and lender. Neither the Agent nor any Lender shall
have any fiduciary responsibilities to the Borrower and no provision in this Agreement or in any of the other Loan Documents, and no course of dealing between or among any of the parties hereto, shall be deemed to create any fiduciary duty owing by
the Agent or any Lender to any Lender, the Borrower, any other Obligor or any of their respective Subsidiaries. Neither the Agent nor any Lender undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in
connection with any phase of the Borrower’s business or operations. 
  
 Section 12.8 Confidentiality. 
  
 Except as
otherwise provided by Applicable Law, the Agent and each Lender shall utilize all non-public information obtained pursuant to the requirements of this Agreement which has been identified as confidential or proprietary by the Borrower in accordance
with its customary procedure for handling confidential information of this nature to prevent improper disclosure (including disclosure to competitors of the Borrower) and in accordance with safe and sound banking practices but in any event may make
disclosure: (a) to any of their respective affiliates (provided they shall be notified of the obligation to keep such information confidential in accordance with the terms of this Section); (b) as reasonably requested by any bona fide Assignee,
Participant or other transferee in connection with the contemplated transfer of any Commitment or participations therein as permitted hereunder (provided they shall be notified of the obligation to keep such information confidential in accordance
with the terms of this Section); (c) as required or requested by any Governmental Authority or representative thereof or pursuant to legal process or in connection with any legal proceedings; (d) to the Agent’s or such Lender’s independent
auditors and other professional advisors (provided they shall be notified of the confidential nature of the information); (e) after the happening and during the continuance of an Event of Default, to any other Person, in connection with the exercise
by the Agent or the Lenders of rights hereunder or under any of the other Loan Documents; and (f) to the extent such information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Agent
or any Lender on a nonconfidential basis from a source other than the Borrower, any other Obligor, or any of their respective Subsidiaries or any of their respective Affiliates. 
  

 87 

 Section 12.9 Indemnification. 
  
 (a) Borrower shall and hereby agrees to indemnify, defend and hold harmless the Agent, any affiliate of the Agent and each
of the Lenders and their respective directors, officers, shareholders, agents, employees and counsel (each referred to herein as an “Indemnified Party”) from and against any and all losses, costs, claims, damages, liabilities,
deficiencies, judgments or expenses of every kind and nature (including, without limitation, amounts paid in settlement, court costs and the reasonable fees and disbursements of counsel incurred in connection with any litigation, investigation,
claim or proceeding or any advice rendered in connection therewith, but excluding losses, costs, claims, damages, liabilities, deficiencies, judgments or expenses indemnification in respect of which is specifically covered by Section 3.12 or 4.1 or
expressly excluded from the coverage of such Sections) incurred by an Indemnified Party in connection with, arising out of, or by reason of, any suit, cause of action, claim, arbitration, investigation or settlement, consent decree or other
proceeding (the foregoing referred to herein as an “Indemnity Proceeding”) which is in any way related directly or indirectly to: (i) this Agreement or any other Loan Document or the transactions contemplated thereby; (ii) the making of
any Loans or issuance of Letters of Credit hereunder; (iii) any actual or proposed use by the Borrower of the proceeds of the Loans or Letters of Credit; (iv) the Agent’s or any Lender’s entering into this Agreement; (v) the fact that the
Agent and the Lenders have established the credit facility evidenced hereby in favor of the Borrower; (vi) the fact that the Agent and the Lenders are creditors of the Borrower and have or are alleged to have information regarding the financial
condition, strategic plans or business operations of the Borrower, the other Obligors, or their respective Subsidiaries; (vii) the fact that the Agent and the Lenders are material creditors of the Borrower and are alleged to influence directly or
indirectly the business decisions or affairs of the Borrower, the other Obligors and their respective Subsidiaries or their financial condition; (viii) the exercise of any right or remedy the Agent or the Lenders may have under this Agreement or the
other Loan Documents; or (ix) any violation or non-compliance by the Borrower, any other Obligor, or any of their respective Subsidiaries of any Applicable Law (including any Environmental Law) including, but not limited to, any Indemnity Proceeding
commenced by (A) the Internal Revenue Service or state taxing authority or (B) any Governmental Authority or other Person under any Environmental Law, including any Indemnity Proceeding commenced by a Governmental Authority or other Person seeking
remedial or other action to cause the Borrower, the Obligors or their respective Subsidiaries (or their respective properties) (or the Agent and/or the Lenders as successors to the Borrower, any other Obligor or their respective Subsidiaries) to be
in compliance with such Environmental Laws; provided, however, that the Borrower shall not be obligated to indemnify any Indemnified Party (x) for any acts or omissions of such Indemnified Party that constitute gross negligence or
willful misconduct, as finally determined by a court of competent jurisdiction after the expiration of all applicable appeal periods or (y) in connection with any losses, costs, claims, damages, liabilities, deficiencies, judgments or expenses
arising out of any action, claim, arbitration, investigation or settlement, consent decree or other proceeding brought by any Indemnified Party against any other Indemnified Party in connection with, arising out of, or by reason of this Agreement or
any other Loan Document or the transactions contemplated thereby or the making of any Loans or issuance of Letters of Credit hereunder. 
  
 (b) The Borrower’s indemnification obligations under this Section shall apply to all Indemnity Proceedings arising out of, or related to, the
foregoing whether or not an Indemnified Party is a named party in such Indemnity Proceeding. In this connection, this indemnification shall cover all reasonable costs and expenses of any Indemnified Party in connection with any deposition of any
Indemnified Party or compliance with any subpoena (including any subpoena requesting the production of documents). This indemnification shall, among other things, apply to any Indemnity Proceeding commenced by other creditors of the Borrower, any
other Obligor, or any of their respective Subsidiaries, any shareholder, partner or other equity holder of the Borrower, any other Obligor or any of their respective Subsidiaries (whether such shareholder(s) or such other Persons are prosecuting
such Indemnity Proceeding in their individual capacity or derivatively on behalf of such Person), any account debtor of the Borrower, any other Obligor, or any of their respective Subsidiaries or by any Governmental Authority. 
  

 88 

 (c) This indemnification shall apply to any Indemnity Proceeding arising during the pendency of any
bankruptcy proceeding filed by or against Borrower and/or an Obligor or any of their respective Subsidiaries. 
  
 (d) All out-of-pocket fees and expenses of, and all amounts paid to third-persons by, an Indemnified Party with respect to an Indemnified Proceeding shall
be advanced by the Borrower at the request of such Indemnified Party notwithstanding any claim or assertion by the Borrower that such Indemnified Party is not entitled to indemnification hereunder upon receipt of an undertaking by such Indemnified
Party that such Indemnified Party will reimburse the Borrower if it is actually and finally determined by a court of competent jurisdiction that such Indemnified Party is not so entitled to indemnification hereunder. 
  
 (e) An Indemnified Party may conduct its own investigation and defense of,
and may formulate its own strategy with respect to, any Indemnified Proceeding covered by this Section and, as provided above, all reasonable costs and expenses incurred by such Indemnified Party shall be reimbursed by the Borrower. No action taken
by legal counsel chosen by an Indemnified Party in investigating or defending against any such Indemnified Proceeding shall vitiate or in any way impair the obligations and duties of the Borrower hereunder to indemnify and hold harmless each such
Indemnified Party. 
  
 (f) If and to the extent that the
obligations of the Borrower hereunder are unenforceable for any reason, the Borrower hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under Applicable Law. 
  
 (g) The Borrower’s obligations hereunder shall survive any termination
of this Agreement and the other Loan Documents and the payment in full in cash of the Obligations, and are in addition to, and not in substitution of, any other of their obligations set forth in this Agreement or any other Loan Document to which it
is a party. 
  
 Section 12.10 Termination; Survival. 
  
 At such time as (a) all of the Commitments have been terminated, (b) all
Letters of Credit have terminated, (c) none of the Lenders, the Swingline Lender nor the Issuing Lender is obligated any longer under this Agreement to make any Loans or issue Letters of Credit and (d) all Obligations (other than obligations which
survive as provided in the following sentence) have been paid and satisfied in full, this Agreement shall terminate. The indemnities to which the Agent, the Lenders and the Swingline Lender are entitled under the provisions of Sections 3.12, 4.1,
4.4, 11.7, 12.2 and 12.9 and any other provision of this Agreement and the other Loan Documents, and the provisions of Section 12.4, shall continue in full force and effect and shall protect the Agent, the Lenders and the Swingline Lender (i)
notwithstanding any termination of this Agreement, or of the other Loan Documents, against events arising after such termination as well as before and (ii) at all times after any such party ceases to be a party to this Agreement with respect to all
matters and events existing on or prior to the date such party ceased to be a party to this Agreement. 
  
 Section 12.11 Severability of Provisions. 
  
 Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating
the remainder of such provision or the remaining provisions or affecting the validity or enforceability of such provision in any other jurisdiction. 
  

 89 

 Section 12.12 GOVERNING LAW. 
  
 THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF GEORGIA APPLICABLE TO
CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
  
 Section 12.13
Counterparts. 
  
 This Agreement and any amendments, waivers,
consents or supplements may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all of which counterparts together shall
constitute but one and the same instrument. 
  
 Section 12.14
Obligations with Respect to Obligors and Subsidiaries. 
  
 The obligations of the Borrower to direct or prohibit the taking of certain actions by the other Obligors and the Subsidiaries of the Borrower and the other Obligors as specified herein shall be absolute and not subject to any defense the
Borrower may have that the Borrower does not control such Obligors or Subsidiaries. 
  
 Section 12.15 Limitation of Liability. 
  
 Neither the Agent nor any Lender, nor any affiliate, officer, director, employee, attorney, or agent of the Agent or any Lender shall have any liability with respect to, and the Borrower hereby waives, releases, and agrees not to sue any of
them upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by the Borrower in connection with, arising out of, or in any way related to, this Agreement or any of the other Loan Documents, or any of the
transactions contemplated by this Agreement or any of the other Loan Documents. The Borrower hereby waives, releases, and agrees not to sue the Agent or any Lender or any of the Agent’s or any Lender’s affiliates, officers, directors,
employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Agreement or any of the other Loan Documents, or any of the transactions contemplated by this Agreement
or financed hereby. 
  
 Section 12.16 Entire Agreement. 
  
 This Agreement, the Notes, and the other Loan Documents referred to herein
embody the final, entire agreement among the parties hereto and supersede any and all prior commitments, agreements, representations, and understandings, whether written or oral, relating to the subject matter hereof and thereof and may not be
contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or discussions of the parties hereto. There are no oral agreements among the parties hereto. 
  
 Section 12.17 Construction. 
  
 The Agent, the Borrower and each Lender acknowledge that each of them has had the benefit of legal counsel of its own choice and has been afforded an
opportunity to review this Agreement and the other Loan Documents with its legal counsel and that this Agreement and the other Loan Documents shall be construed as if jointly drafted by the Agent, the Borrower and each Lender. 
  
 Section 12.18 Time of the Essence. 
  
 Time is of the essence with respect to each and every covenant, agreement
and obligation of the Borrower under this Agreement and the other Loan Documents. 
  

 90 

 Section 12.19 Patriot Act. 
  
 Each Lender and the Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower and Guarantors that,
pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrower and Guarantors, which information includes names and addresses and other information that will allow such Lender or
the Agent, as applicable, to identify the Borrower and Guarantors in accordance with the Patriot Act. 
  

 91 

 IN WITNESS WHEREOF, the parties hereto have caused this Credit Agreement to be executed under seal by
their authorized officers all as of the day and year first above written. 
  

					
	BORROWER:
	
	WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership
		
	By:	 	 Wells Real Estate Investment Trust II, Inc., its
 General Partner

			
	 	 	By:	 	  

	 	 	Name:	 	  

	 	 	Title:	 	  

	
	[SEAL]

					
			
	 	 	Address:	 	  

	 	 	  

	 	 	  

	 	 	  

	 	 	Attention:	 	  

  
 [Signatures
Continued on Next Page] 
  

 92 

 [Signature Page to Credit Agreement dated as of 
 May 2005 with Wells Operating Partnership] 
  

			
	 WACHOVIA BANK, NATIONAL ASSOCIATION,
 as Agent, as a Lender, as Swingline Lender and as
 Issuing Lender

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

			
	Lending Office (all Types of Loans):
	
	Wachovia Bank, National Association
	191 Peachtree Street, N.E.
	Atlanta, Georgia 30303
	Attention: Cathy Casey
	Telecopy Number:	 	(404) 332-4066
	Telephone Number:	 	(404) 332-5649

  

 93 

 [Signature Page to Credit Agreement dated as of 
 May 2005 with Wells Operating Partnership] 
  

			
	PNC BANK, NATIONAL ASSOCIATION, as a
	Lender and as a Syndication Agent
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

			
	Lending Office (all Types of Loans):
	
	One PNC Plaza
	249 Fifth Avenue
	Pittsburgh, PA 15222
	Mailstop: P1-POPP-19-2
	Attention: Andrew White
	Telecopy Number:	 	(412) 762-6500
	Telephone Number:	 	(412) 768-2376

  

 94 

 [Signature Page to Credit Agreement dated as of 
 May 2005 with Wells Operating Partnership] 
  

			
	 LASALLE BANK NATIONAL ASSOCIATION, as a

	 Lender and as a Syndication Agent

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

			
	Lending Office (all Types of Loans):
	
	 135 South LaSalle Street

	 Suite 1225

	 Chicago, IL 60603

	 Attention: Steve Shockey

	 Telecopy Number:
	 	 (312) 904-7096

	 Telephone Number:
	 	 (312) 904-6691

  

 95 

 [Signature Page to Credit Agreement dated as of 
 May 2005 with Wells Operating Partnership] 
  

			
	 SOCIÉTÉ GÉNÉRALE, as a Lender and as a

	 Documentation Agent

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	 	 	 
	 	 	 

  

			
	Lending Office (all Types of Loans):
	
	2001 Ross Avenue
	Suite 4900
	Dallas, TX 75201
	Attention: Joe Martinez
	Telecopy Number:	 	(214) 979-2727
	Telephone Number:	 	(214) 979-2732

  

 96 

 [Signature Page to Credit Agreement dated as of 
 May 2005 with Wells Operating Partnership] 
  

			
	CITICORP NORTH AMERICA, INC., as a Lender
	and as a Documentation Agent
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

			
	Lending Office (all Types of Loans):
	
	 390 Greenwich Street

	 1st Floor

	 New York, NY 10013

	 Attention: Michael Chlopak

	 Telecopy Number:
	 	 (212) 723-8547

	 Telephone Number:
	 	 (212) 723-5899

  

 97 

 [Signature Page to Credit Agreement dated as of 
 May 2005 with Wells Operating Partnership] 
  

			
	SUMITOMO MITSUI BANKING CORPORATION,
	 as a Lender

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

			
	Lending Office (all Types of Loans):
	
	 277 Park Avenue

	 New York, NY 10172

	 Attention: Charles J. Sullivan

	 Telecopy Number:
	 	 (212) 224-4887

	 Telephone Number:
	 	 (212) 224-4278

  

 98 

 [Signature Page to Credit Agreement dated as of 
 May 2005 with Wells Operating Partnership] 
  

			
	 COMERICA BANK, as a Lender

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

			
	Lending Office (all Types of Loans):
	
	 500 Woodward

	 7th Floor

	 Detroit, MI 48226-3256

	 Attention: Jessica Kempf

	 Telecopy Number:
	 	 (313) 222-9295

	 Telephone Number:
	 	 (313) 222-6140

  

 99 

 [Signature Page to Credit Agreement dated as of 
 May 2005 with Wells Operating Partnership] 
  

			
	 CHEVY CHASE BANK, F.S.B., as a Lender

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

			
	Lending Office (all Types of Loans):
	
	 7501 Wisconsin Avenue

	 12th Floor

	 Bethesda, MD 20814

	 Attention: Sadhvi K. Subramanian

	 Telecopy Number:
	 	 (240) 497-7714

	 Telephone Number:
	 	 (240) 497-7702

  

 100 

 [Signature Page to Credit Agreement dated as of 
 May 2005 with Wells Operating Partnership] 
  

			
	 ERSTE BANK, NEW YORK BRANCH, as a Lender

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

			
	Lending Office (all Types of Loans):
	
	 280 Park Avenue

	 32nd Floor

	 West Building

	 New York, NY 10017

	 Attention: Greg Aptman

	 Telecopy Number:
	 	 (212) 984-5627

	 Telephone Number:
	 	 (212) 984-5638

  

 101 

 [Signature Page to Credit Agreement dated as of 
 May 2005 with Wells Operating Partnership] 
  

			
	 PEOPLE’S BANK, as a Lender

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

			
	Lending Office (all Types of Loans):
	
	 850 Main Street

	 Bridgeport, CT 06604-4913

	 Attention: Steve Johassen

	 Telecopy Number:
	 	 (203) 338-7344

	 Telephone Number:
	 	 (203) 338-2468

  

 102 

 [Signature Page to Credit Agreement dated as of 
 May 2005 with Wells Operating Partnership] 
  

			
	 SOVEREIGN BANK, as a Lender

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

			
	Lending Office (all Types of Loans):
	
	75 State Street
	MA1 SST 04-11
	Boston, MA 02109
	Attention: T. Gregory Donohue
	Telecopy Number:	 	(617) 757-5652
	Telephone Number:	 	(617) 757-5578

  

 103 

 [Signature Page to Credit Agreement dated as of 
 May 2005 with Wells Operating Partnership] 
  

			
	 HIBERNIA NATIONAL BANK, as a Lender

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

			
	Lending Office (all Types of Loans):
	
	313 Carondolet Street
	Suite 1400
	New Orleans, LA 70130
	Attention: Rodney Crosby
	Telecopy Number:	 	(504) 533-2042
	Telephone Number:	 	(504) 533-2849

  

 104 

 [Signature Page to Credit Agreement dated as of 
 May 2005 with Wells Operating Partnership] 
  

			
	 STATE BANK OF INDIA, NEW YORK,
as a Lender

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

			
	Lending Office (all Types of Loans):
	
	460 Park Avenue
	New York, NY 10022
	Attention: Ashok Wanehoo
	Telecopy Number:	 	(212) 521-3289
	Telephone Number:	 	(212) 521-3262

  

 105 

 [Signature Page to Credit Agreement dated as of 
 May 2005 with Wells Operating Partnership] 
  

			
	 BANK OF TAIWAN, NEW YORK AGENCY as a Lender

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

			
	Lending Office (all Types of Loans):
	
	 100 Wall Street

	 11th Floor

	 New York, NY 10005

	 Attention: Jeffrey Wang

	 Telecopy Number:
	 	 (212) 968-8370

	 Telephone Number:
	 	 (212) 968-8128 (ext. 30)

  

 106 

 EXHIBIT A 
  
 FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT 
  
 THIS ASSIGNMENT AND ACCEPTANCE AGREEMENT dated as of
                , 200   (the “Agreement”) by and among
                             (the “Assignor”),
                             (the “Assignee”), and WACHOVIA BANK, NATIONAL ASSOCIATION, as
Agent (the “Agent”). 
  
 WHEREAS, the Assignor is a
Lender under that certain Credit Agreement dated as of May 9, 2005 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Wells Operating Partnership II, L.P., a Delaware limited
partnership (the “Borrower”), the financial institutions party thereto and their assignees under Section 12.5 thereof (the “Lenders”), the Agent, and the other parties thereto; 
  
 WHEREAS, the Assignor desires to assign to the Assignee, among other things,
all or a portion of the Assignor’s Commitment under the Credit Agreement, all on the terms and conditions set forth herein; and 
  
 WHEREAS, the Agent and, if required by the Credit Agreement, the Borrower consents to such assignment on the terms and conditions set forth herein;

  
 NOW, THEREFORE, for good and valuable consideration, the
receipt and sufficiency of which hereby are acknowledged by the parties hereto, the parties hereto hereby agree as follows: 
  
 Section 1. Assignment. 
  
 (a) Subject to the terms and conditions of this Agreement and in consideration of the payment to be made by the Assignee to the Assignor pursuant to
Section 2 of this Agreement, effective as of                 , 200   (the “Assignment Date”), the Assignor hereby irrevocably sells,
transfers and assigns to the Assignee, without recourse, the following (such interest being assigned, the “Assigned Commitment”): 
  

							
	 Assigned Facility

	  	Amount Assigned

	  	Amount Retained

	  	 Commitment
 Percentage of
 Interest Assigned

	 Revolving Loan
	  	 	  	 	  	 

  
 and all voting rights of the Assignor
associated with the Assigned Commitment, all rights to receive interest on such amount of such Loans and all commitment and other Fees with respect to the Assigned Commitment and other rights of the Assignor under the Credit Agreement and the other
Loan Documents with respect to the Assigned Commitment, all as if the Assignee were an original Lender under and signatory to the Credit Agreement having a Commitment, as set forth above, equal to the amount of the Assigned Commitment. The Assignee,
subject to the terms and conditions hereof, hereby assumes all obligations of the Assignor with respect to the Assigned Commitment as if the Assignee were an original Lender under and signatory to the Credit Agreement having a Commitment, as set
forth above, equal to the Assigned Commitment, which obligations shall include, but shall not be limited to, if a Commitment is part of the Assigned Commitment, the obligation of the Assignor to make Revolving Loans to the Borrower with respect to
the Assigned Commitment, the obligation to pay amounts due in respect of 

  

 A-1 

 
Swingline Loans as required under Section 2.2 of the Credit Agreement, the obligation to pay amounts due in respect of draws under Letters of Credit as
required under Section 2.3 of the Credit Agreement, and in any case the obligation to indemnify the Agent as provided therein (the foregoing enumerated obligations, together with all other similar obligations more particularly set forth in the
Credit Agreement and the other Loan Documents, shall be referred to hereinafter, collectively, as the “Assigned Obligations”). The Assignor shall have no further duties or obligations with respect to, and shall have no further interest in,
the Assigned Obligations or the Assigned Commitment from and after the Assignment Date. 
  
 (b) The assignment by the Assignor to the Assignee hereunder is without recourse to the Assignor. The Assignee makes and confirms to the Agent, the Assignor, and the other Lenders all of the representations,
warranties and covenants of a Lender under Article XI of the Credit Agreement. Not in limitation of the foregoing, the Assignee acknowledges and agrees that, except as set forth in Section 4 below, the Assignor is making no representations or
warranties with respect to, and the Assignee hereby releases and discharges the Assignor for any responsibility or liability for: (i) the present or future solvency or financial condition of the Borrower, any other Obligor or any of their respective
Subsidiaries, (ii) any representations, warranties, statements or information made or furnished by the Borrower, any other Obligor or any of their respective Subsidiaries in connection with the Credit Agreement or otherwise, (iii) the validity,
efficacy, sufficiency, or enforceability of the Credit Agreement, any other Loan Document or any other document or instrument executed in connection therewith, or the collectability of the Assigned Obligations, (iv) the perfection, priority or
validity of any Lien with respect to any collateral at any time securing the Obligations or the Assigned Obligations under the Notes or the Credit Agreement and (v) the performance or failure to perform by the Borrower or any other Obligor of any
obligation under the Credit Agreement or any other Loan Document to which it is a party. Further, the Assignee acknowledges that it has, independently and without reliance upon the Agent, or on any affiliate or subsidiary thereof, the Assignor or
any other Lender and based on the financial statements supplied by the Borrower and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to become a Lender under the Credit Agreement. The
Assignee also acknowledges that it will, independently and without reliance upon the Agent, the Assignor or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under the Credit Agreement or any other Loan Documents or pursuant to any other obligation. Except as expressly provided in the Credit Agreement, the Agent shall have no duty or responsibility whatsoever,
either initially or on a continuing basis, to provide the Assignee with any credit or other information with respect to the Borrower or any other Obligor or to notify the Assignee of any Default or Event of Default. The Assignee has not relied on
the Agent as to any legal or factual matter in connection therewith or in connection with the transactions contemplated thereunder. 
  
 Section 2. Payment by Assignee. In consideration of the assignment made pursuant to Section 1 of this Agreement, the Assignee agrees to pay to the
Assignor on the Assignment Date, an amount equal to $             representing (i) the aggregate principal amount outstanding of the Loans owing to the Assignor under the Credit
Agreement and the other Loan Documents being assigned hereby plus (ii) if applicable, the aggregate amount of payments previously made by Assignor to fund participations in Swing Loans and Letters of Credit under Sections 2.2 and 2.3 of the Credit
Agreement which have not been repaid and which are being assigned hereby. 
  
 Section 3. Payments by Assignor. The Assignor agrees to pay to the Agent on the Assignment Date the administration fee, if any, payable under the applicable provisions of the Credit Agreement. 
  

 A-2 

 Section 4. Representations and Warranties of Assignor. The Assignor hereby represents and warrants
to the Assignee that (a) as of the Assignment Date (i) the Assignor is a Lender under the Credit Agreement having a Commitment under the Credit Agreement (without reduction by any assignments thereof which have not yet become effective), equal to
$             and that the Assignor is not in default of its obligations under the Credit Agreement; and (ii) the outstanding balance of Revolving Loans owing to the Assignor
(without reduction by any assignments thereof which have not yet become effective) is $            ; and (b) it is the legal and beneficial owner of the Assigned Commitment which is
free and clear of any adverse claim created by the Assignor. 
  
 Section 5. Representations, Warranties and Agreements of Assignee. The Assignee (a) represents and warrants that it is (i) legally authorized to enter into this Agreement, (ii) an “accredited investor” (as such term is used
in Regulation D of the Securities Act) and (iii) an Eligible Assignee; (b) confirms that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant thereto and such other documents
and information (including without limitation the Loan Documents) as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (c) appoints and authorizes the Agent to take such action as contractual
representative on its behalf and to exercise such powers under the Loan Documents as are delegated to the Agent by the terms thereof together with such powers as are reasonably incidental thereto; and (d) agrees that it will become a party to and
shall be bound by the Credit Agreement and the other Loan Documents to which the other Lenders are a party on the Assignment Date and will perform in accordance therewith all of the obligations which are required to be performed by it as a Lender.

  
 Section 6. Recording and Acknowledgment by the Agent.
Following the execution of this Agreement, the Assignor will deliver to the Agent (a) a duly executed copy of this Agreement for acknowledgment and recording by the Agent in the Register and (b) the Assignor’s Revolving Note. Upon such
acknowledgment and recording, from and after the Assignment Date, the Agent shall make all payments in respect of the interest assigned hereby (including payments of principal, interest, Fees and other amounts) to the Assignee. The Assignor and
Assignee shall make all appropriate adjustments in payments under the Credit Agreement for periods prior to the Assignment Date directly between themselves. 
  
 Section 7. Addresses. The Assignee specifies as its address for notices and its Lending Office for all Loans, the offices set forth below:

  

			
	 Notice Address:
	  	 _____________________________

	 	  	 _____________________________

	 	  	 _____________________________

	 	  	 Telephone No.:_________________

	 	  	 Telecopy No.:__________________

		
	 Lending Office:
	  	 _____________________________

	 	  	 _____________________________

	 	  	 _____________________________

	 	  	 Telephone No.:_________________

	 	  	 Telecopy No.:__________________

  
 Section 8. Payment
Instructions. All payments to be made to the Assignee under this Agreement by the Assignor, and all payments to be made to the Assignee under the Credit Agreement, shall be made as provided in the Credit Agreement in accordance with the
following instructions: 
  

	
	 __________________________________________________________________________________________________________________________________________
 
	  
 __________________________________________________________________________________________________________________________________________

  

 A-3 

 Section 9. Effectiveness of Assignment. This Agreement, and the assignment and assumption
contemplated herein, shall not be effective until (a) this Agreement is executed and delivered by each of the Assignor, the Assignee, the Agent, and if required under Section 12.5(d) of the Credit Agreement, the Borrower, and (b) the payment to the
Assignor of the amounts, if any, owing by the Assignee pursuant to Section 2 hereof and (c) the payment to the Agent of the amounts, if any, owing by the Assignor pursuant to Section 3 hereof. Upon recording and acknowledgment of this Agreement by
the Agent, from and after the Assignment Date, (i) the Assignee shall be a party to the Credit Agreement and, to the extent provided in this Agreement, have the rights and obligations of a Lender thereunder and (ii) the Assignor shall, to the extent
provided in this Agreement, relinquish its rights (except as otherwise provided in Section 12.10 of the Credit Agreement) and be released from its obligations under the Credit Agreement; provided, however, that if the Assignor does not
assign its entire interest under the Loan Documents, it shall remain a Lender entitled to all of the benefits and subject to all of the obligations thereunder with respect to its retained Commitment. 
  
 Section 10. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF GEORGIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
  
 Section 11. Counterparts. This Agreement may be executed in any number of counterparts each of which, when taken together, shall constitute one and
the same agreement. 
  
 Section 12. Headings. Section
headings have been inserted herein for convenience only and shall not be construed to be a part hereof. 
  
 Section 13. Amendments; Waivers. This Agreement may not be amended, changed, waived or modified except by a writing executed by the Assignee and
the Assignor and, to the extent the Borrower’s approval is required under Section 12.5(d) of the Credit Agreement, the identity of the Assignee may not be changed without the approval of the Borrower; provided, however, any
amendment, waiver or consent which shall affect the rights or duties of the Agent under this Agreement shall not be effective unless signed by the Agent. 
  
 Section 14. Entire Agreement. This Agreement embodies the entire agreement between the Assignor and the Assignee with respect to the subject matter
hereof and supersedes all other prior arrangements and understandings relating to the subject matter hereof. 
  
 Section 15. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
permitted assigns. 
  
 Section 16. Definitions. Terms not
otherwise defined herein are used herein with the respective meanings given them in the Credit Agreement. 
  
 [Include this Section only if Borrower’s consent is required under Section 12.5(d) 
  
 Section 17. Agreements of the Borrower. The Borrower hereby agrees that the Assignee shall be a Lender under the Credit Agreement having a
Commitment equal to the Assigned Commitment. The Borrower agrees that the Assignee shall have all of the rights and remedies of a Lender under the Credit Agreement and the other Loan Documents as if the Assignee were an original Lender under and
signatory to the Credit Agreement, including, but not limited to, the right of a Lender to receive payments 

  

 A-4 

 
of principal and interest with respect to the Assigned Obligations, and, if applicable, to the Revolving Loans made after the date hereof and, if applicable,
to receive the commitment and other Fees payable to the Lenders as provided in the Credit Agreement. Further, the Assignee shall be entitled to the indemnification provisions from the Borrower in favor of the Lenders as provided in the Credit
Agreement and the other Loan Documents. The Borrower further agrees, upon the execution and delivery of this Agreement, to execute in favor of the Assignee Notes as required by Section 12.5(d) of the Credit Agreement. Upon receipt by the Assignor of
the amounts due the Assignor under Section 2, the Assignor agrees to surrender to the Borrower such Assignor’s Revolving Note as required by the Credit Agreement (subject to the Borrower’s obligations to deliver a replacement Note to the
extent that Assignor is retaining a Commitment).] 
  
 [Signatures
on Following Pages] 
  

 A-5 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Assignment and Acceptance Agreement as of
the date and year first written above. 
  

			
	ASSIGNOR:
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	ASSIGNEE:
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

					
	 [Include signature of the Borrower only if
 required under Section 12.5(d) of the Credit
 Agreement]

	
	 Agreed and consented to as of the
 date first
written above.

	
	BORROWER:
	
	 WELLS OPERATING PARTNERSHIP II,
 L.P., a
Delaware limited partnership

		
	By:	 	 Wells Real Estate Investment Trust II,
 Inc.,
its sole General Partner

			
	 	 	By:	 	  

	 	 	Name:	 	  

	 	 	Title:	 	  

  
 [Signatures Continued
on Following Page] 
  

 A-6 

 Accepted as of the date first written above. 
  

			
	AGENT:
	
	WACHOVIA BANK, NATIONAL ASSOCIATION,
	as Agent
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 A-7 

 EXHIBIT B 
  
 CONTRIBUTION AGREEMENT 
  
 THIS CONTRIBUTION AGREEMENT (this “Agreement”) is entered into as of the 9th day of May, 2005, by and among WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership (the “Borrower”), and the parties executing this
agreement as Guarantors (such parties are hereinafter referred to collectively as the “Guarantors”; the Borrower and the Guarantors are sometimes hereinafter referred to individually as a “Contributing Party” and collective as
the “Contributing Parties”). 
  
 WHEREAS, pursuant to
that certain Credit Agreement dated as of May 9, 2005, by and among the Borrower, the Lenders a party thereto and Wachovia Bank, National Association, as Agent (such agreement, as the same may have been or may from time to time be amended, modified,
restated or extended, being hereinafter referred to as the “Credit Agreement”), the Lenders have agreed to extend financial accommodations to the Borrower; 
  
 WHEREAS, as a condition to the execution of the Credit Agreement, the Lenders have required that Guarantors execute and
deliver that certain Guaranty, dated of even date herewith (such agreement, as the same may have been or may from time to time be amended, modified, restated or extended, being hereinafter referred to as the “Guaranty”); 
  
 WHEREAS, pursuant to the Guaranty, Guarantors have jointly and severally
agreed to guarantee the obligations described in the Guaranty (the “Guaranteed Obligations”); 
  
 WHEREAS, either (i) the Borrower or its 99% general partner is the owner, directly or indirectly, of at least a majority of the issued and outstanding
Equity Interests in each Guarantor, or (ii) each Guarantor is the owner, directly or indirectly of a substantial amount of the Equity Interests in the Borrower; 
  

WHEREAS, the Borrower and each of the Guarantors, though separate legal entities, are mutually dependent upon each other in the conduct of their
respective businesses as an integrated operation and have determined it to be in their mutual best interest to obtain financing from the Agent and the Lenders through their collective efforts; and 
  
 WHEREAS, the Borrower and Guarantors will derive substantial direct or
indirect economic benefit from the effectiveness and existence of the Credit Agreement; 
  
 NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained, and to induce the Borrower to enter into the Credit Agreement and the Guarantors to enter into the Guaranty, it is agreed as
follows: 
  

	 	1.	Definitions. Capitalized terms used herein that are not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement. 

 

	 	2.	Contribution. To the extent that a Contributing Party shall, under the Guaranty, make a payment (a “Guarantor Payment”) of a portion of the Guaranteed Obligations,
then such Guarantor shall be entitled to contribution and indemnification from, and be reimbursed by, the other Contributing Parties in an amount equal to the amount derived by subtracting from any such Guarantor Payment the “Allocable
Amount” (as defined herein) of such Contributing Party; provided, however, that no Contributing Party shall be liable hereunder for contribution, indemnification, subrogation or reimbursement with respect to any Guarantor Payment
for any amounts in excess of the “Allocable Amount” (as defined herein) for such Contributing Party. 

  

 B-1 

 As of any date of determination, the “Allocable Amount” of each Contributing Party shall be
equal to the maximum amount of liability which could be asserted against such Contributing Party hereunder with respect to the applicable Guarantor Payment without (i) rendering such Contributing Party “insolvent” within the meaning of
Section 101(32) of the Federal Bankruptcy Code (the “Bankruptcy Code”) or Section 2 of either the Uniform Fraudulent Transfer Act (the “UFTA”) or the Uniform Fraudulent Conveyance Act (the “UFCA”) or the fraudulent
conveyance and transfer laws of the State of Georgia or such other jurisdiction whose laws shall be determined to apply to the transactions contemplated by this Agreement (the “Applicable State Fraudulent Conveyance Laws”), (ii) leaving
such Contributing Party with unreasonably small capital, within the meaning of Section 548 of the Bankruptcy Code or Section 4 of the UFTA or Section 5 of the UFCA or the Applicable State Fraudulent Conveyance Laws, or (iii) leaving such
Contributing Party unable to pay its debts as they become due within the meaning of Section 548 of the Bankruptcy Code or Section 4 of the UFTA or Section 6 of the UFCA or the Applicable State Fraudulent Conveyance Laws. 
  

	 	3.	No Impairment. This Agreement is intended only to define the relative rights of the Contributing Parties, and nothing set forth in this Agreement is intended to or shall
reduce or impair the obligations of the Guarantors to pay any amounts, as and when the same shall become due and payable in accordance with the terms of the Guaranty. The parties hereto acknowledge that the rights of contribution and indemnification
hereunder shall constitute assets in favor of Guarantors to which such contribution and indemnification is owing. 

  

	 	4.	Effectiveness. This Agreement shall become effective upon its execution by each of the parties hereto and shall continue in full force and effect and may not be amended,
terminated or otherwise revoked by any Contributing Party until all of the Guaranteed Obligations shall have been indefeasibly paid in full (in lawful money of the United States of America) and discharged and the Credit Agreement and financing
arrangements evidenced and governed by the Credit Agreement shall have been terminated, except as to any Guarantor upon its release from the Guaranty under the terms of the Credit Agreement or as approved by all of the Lenders. Each Contributing
Party agrees that if, notwithstanding the foregoing, such Contributing Party shall have any right under applicable law to terminate or revoke this Agreement, and such Contributing Party shall attempt to exercise such right, then such termination or
revocation shall not be effective until a written notice of such revocation or termination, specifically referring hereto and signed by such Contributing Party, is actually received by each of the other Contributing Parties and by the Agent at its
notice address set forth in the Credit Agreement. Such notice shall not affect the right or power of any Contributing Party to enforce rights arising prior to receipt of such written notice by each of the other Contributing Parties and the Agent. If
any Lender or the Agent grants additional loans or financial accommodations to the Borrower or takes other action giving rise to additional Guaranteed Obligations after any Contributing Party has exercised any right to terminate or revoke this
Agreement but before the Agent receives such written notice, the rights of the other Contributing Parties to contribution and indemnification hereunder in connection with any Guarantor Payments made with respect to such loans or Guaranteed
Obligations shall be the same as if such termination or revocation had not occurred. 

  

 B-2 

	 	5.	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Georgia (without giving effect to the conflict of laws rules of
any jurisdiction). 

  

	 	6.	Third Party Beneficiary. The Contributing Parties agree that Agent has a valid interest in the terms of this Agreement pursuant to the Credit Agreement and Guaranty. The
Contributing Parties further agree that until all obligations of the Contributing Parties under the Credit Agreement and Guaranty are fully performed and the obligations of the Lenders to extend Loans and issue Letters of Credit has terminated,
Agent shall be an express third party beneficiary of this Agreement with the right to enforce the terms and provisions hereof. 

  

	 	7.	Counterparts. This Agreement and any amendment hereof may be executed in several counterparts and by each party on a separate counterpart, each of which when so executed and
delivered shall be an original, and all of which together shall constitute one instrument. In proving the Agreement it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom enforcement is
sought. 

  
  

 B-3 

 IN WITNESS WHEREOF, each party has executed and delivered this Agreement, under seal, as of the date
first above written. 
  

					
	BORROWER:
	
	WELLS OPERATING PARTNERSHIP II, L.P.,
	a Delaware limited partnership
		
	By:	 	Wells Real Estate Investment Trust II, Inc.,
	 	 	its sole General Partner
			
	 	 	By:	 	  

	 	 	Name:	 	  

	 	 	Title:	 	  

	  
 [SEAL]

  

 B-4 

  

					
	GUARANTORS:
	
	WELLS REAL ESTATE INVESTMENT
	TRUST II, INC, a Maryland corporation
		
	By:	 	  

	Name:	 	Douglas P. Williams
	Title:	 	Executive Vice President
	
	WELLS REIT II – 80 M STREET LLC, a
	Delaware limited liability company
		
	By:	 	  

	Name:	 	Douglas P. Williams
	Title:	 	President
	
	WELLS REIT II – EMERALD POINT,
	L.P., a Delaware limited partnership
		
	By:	 	WELLS REIT II – EMERALD POINT,
	 	 	LLC, a Delaware limited liability
	 	 	company, its sole general partner
			
	 	 	By:	 	  

	 	 	Name:	 	Douglas P. Williams
	 	 	Title:	 	Executive Vice President
	
	WELLS REIT II – EMERALD POINT,
	LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	Douglas P. Williams
	Title:	 	President
	
	WELLS REIT II – CORRIDORS III, LLC,
	a Delaware limited liability company
		
	By:	 	  

	Name:	 	Douglas P. Williams
	Title:	 	President

  

 B-5 

							
	WELLS REIT II – REPUBLIC DRIVE,
	LLC, a Delaware limited liability company
		
	By:	 	WELLS OPERATING
	 	 	PARTNERSHIP II, L.P., a Delaware
	 	 	limited partnership, its sole member
			
	 	 	By:	 	WELLS REAL ESTATE
	 	 	 	 	INVESTMENT TRUST II,
	 	 	 	 	INC, a Maryland corporation, its
	 	 	 	 	General Partner
				
	 	 	 	 	By:	 	  

	 	 	 	 	Name:	 	Douglas P. Williams
	 	 	 	 	Title:	 	Executive Vice President
	
	 WELLS GOVERNOR’S POINTE 4241
 IRWIN SIMPSON, LLC, a Delaware limited
 liability company

		
	By:	 	WELLS OPERATING
	 	 	PARTNERSHIP II, L.P., a Delaware
	 	 	limited partnership, its sole member
			
	 	 	By:	 	WELLS REAL ESTATE
	 	 	 	 	INVESTMENT TRUST II,
	 	 	 	 	INC, a Maryland corporation, its
	 	 	 	 	General Partner
				
	 	 	 	 	By:	 	  

	 	 	 	 	Name:	 	Douglas P. Williams
	 	 	 	 	Title:	 	Executive Vice President

  
  

 B-6 

							
	 WELLS GOVERNOR’S POINTE 8990
 DUKE, LLC, a Delaware limited liability
 company

		
	By:	 	 WELLS OPERATING
 PARTNERSHIP II, L.P., a
Delaware
 limited partnership, its sole member

			
	 	 	By:	 	 WELLS REAL ESTATE
 INVESTMENT TRUST
II,
 INC, a Maryland corporation, its
 General
Partner

				
	 	 	 	 	By:	 	  

	 	 	 	 	Name:	 	Douglas P. Williams
	 	 	 	 	Title:	 	Executive Vice President
	
	 WELLS REIT II – 180 PARK AVENUE,
 LLC, a Delaware limited liability company

		
	By:	 	 WELLS OPERATING
 PARTNERSHIP II, L.P., a
Delaware
 limited partnership, its sole member
 and
Member-Manager

			
	 	 	By:	 	 WELLS REAL ESTATE
 INVESTMENT TRUST
II,
 INC, a Maryland corporation,
 its General
Partner

				
	 	 	 	 	By:	 	  

	 	 	 	 	Name:	 	Douglas P. Williams
	 	 	 	 	Title:	 	Executive Vice President
	
	 WELLS REIT II – 5995 OPUS PARKWAY,
 LLC, a Delaware limited liability company

		
	By:	 	  

	Name:	 	Douglas P. Williams
	Title:	 	President
	
	 WELLS REIT II – WILDWOOD
 PROPERTIES, LLC, a Delaware limited
 liability company

		
	By:	 	  

	Name:	 	Douglas P. Williams
	Title:	 	President

  

 B-7 

							
	 WELLS REIT II – OPUS/FINLEY
 PORTFOLIO, LLC, a Delaware limited
 liability company

		
	By:	 	 WELLS OPERATING
 PARTNERSHIP II, L.P., a
Delaware
 limited partnership, its sole member

			
	 	 	By:	 	 WELLS REAL ESTATE
 INVESTMENT TRUST
II,
 INC, a Maryland corporation,
 its General
Partner

				
	 	 	 	 	By:	 	  

	 	 	 	 	Name:	 	Douglas P. Williams
	 	 	 	 	Title:	 	Executive Vice President
	
	 WELLS ONE WEST FOURTH, LLC, a
 Delaware limited liability company

		
	By:	 	 WELLS OPERATING
 PARTNERSHIP II, L.P., a
Delaware
 limited partnership, its sole member

			
	 	 	By:	 	 WELLS REAL ESTATE
 INVESTMENT TRUST
II,
 INC, a Maryland corporation,
 its General
Partner

				
	 	 	 	 	By:	 	  

	 	 	 	 	Name:	 	Douglas P. Williams
	 	 	 	 	Title:	 	Executive Vice President

  

 B-8 

 EXHIBIT C 
  
 FORM OF GUARANTY 
  
 THIS GUARANTY dated as of May 9, 2005, executed and delivered by each of the undersigned and the other Persons from time to time party hereto pursuant to
the execution and delivery of a Joinder Agreement (all of the undersigned, together with such other Persons each a “Guarantor” and collectively, the “Guarantors”) in favor of (a) WACHOVIA BANK, NATIONAL ASSOCIATION, in its
capacity as Agent (the “Agent”) for the Lenders under that certain Credit Agreement dated as of May 9, 2005 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among WELLS
OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership (the “Borrower”), the financial institutions party thereto and their assignees under Section 12.5 thereof (the “Lenders”), the Agent, and the other parties thereto,
and (b) the Lenders, the Issuing Lender and the Swingline Lender (the parties described in (a) and (b) are hereinafter referred to collectively as the “Credit Parties”). 
  
 WHEREAS, pursuant to the Credit Agreement, the Credit Parties have agreed to make available to the Borrower certain
financial accommodations on the terms and conditions set forth in the Credit Agreement; 
  
 WHEREAS, either (i) Borrower or its 99% general partner is the owner, directly or indirectly, of at least a majority of the issued and outstanding Equity Interests in each Guarantor, or (ii) each Guarantor is the
owner, directly or indirectly of a substantial amount of the Equity Interests in the Borrower; 
  
 WHEREAS, the Borrower and each of the Guarantors, though separate legal entities, are mutually dependent upon each other in the conduct of their respective businesses as an integrated operation and have determined it
to be in their mutual best interests to obtain financing from the Credit Parties through their collective efforts; 
  
 WHEREAS, each Guarantor acknowledges that it will receive direct and indirect benefits from the Credit Parties making such financial accommodations
available to the Borrower under the Credit Agreement and, accordingly, each Guarantor is willing to guarantee the Borrower’s obligations to the Credit Parties on the terms and conditions contained herein; and 
  
 WHEREAS, each Guarantor’s execution and delivery of this Guaranty is a
condition to the Credit Parties making, and continuing to make, such financial accommodations to the Borrower. 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each Guarantor, each Guarantor agrees
as follows: 
  
 Section 1. Guaranty. Each Guarantor hereby
absolutely, irrevocably and unconditionally guaranties the due and punctual payment and performance when due, whether at stated maturity, by acceleration or otherwise, of all of the following (collectively referred to as the “Guarantied
Obligations”): (a) all indebtedness and obligations owing by the Borrower to any Credit Party under or in connection with the Credit Agreement and any other Loan Document, including without limitation, the repayment of all principal of the
Revolving Loans, Swingline Loans and the Reimbursement Obligations, and the payment of all interest, Fees, charges, attorneys’ fees and other amounts payable to any Credit Party thereunder or in connection therewith; (b) any and all extensions,
renewals, modifications, amendments or substitutions of the foregoing; (c) all expenses, including, without limitation, reasonable attorneys’ fees and disbursements, that are incurred by the Credit Parties in the enforcement of any of the
foregoing or any obligation of such Guarantor hereunder; and (d) all other Obligations. 
  

 C-1 

 Section 2. Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment, and
not of collection, and a debt of each Guarantor for its own account. Accordingly, none of the Credit Parties shall be obligated or required before enforcing this Guaranty against any Guarantor: (a) to pursue any right or remedy any of them may have
against the Borrower, any other Guarantor or any other Person or commence any suit or other proceeding against the Borrower, any other Guarantor or any other Person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy
of the Borrower, any other Guarantor or any other Person; or (c) to make demand of the Borrower, any other Guarantor or any other Person or to enforce or seek to enforce or realize upon any collateral security held by a Credit Party which may secure
any of the Guarantied Obligations. 
  
 Section 3. Guaranty
Absolute. Each Guarantor guarantees that the Guarantied Obligations will be paid strictly in accordance with the terms of the documents evidencing the same, regardless of any Applicable Law now or hereafter in effect in any jurisdiction
affecting any of such terms or the rights of the Credit Parties with respect thereto. The liability of each Guarantor under this Guaranty shall be absolute, irrevocable and unconditional in accordance with its terms and shall remain in full force
and effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever, including without limitation, the following (whether or not such Guarantor consents
thereto or has notice thereof): 
  
 (a) (i) any change in the
amount, interest rate or due date or other term of any of the Guarantied Obligations, (ii) any change in the time, place or manner of payment of all or any portion of the Guarantied Obligations, (iii) any amendment or waiver of, or consent to the
departure from or other indulgence with respect to, the Credit Agreement, any other Loan Document, or any other document or instrument evidencing or relating to any Guarantied Obligations, or (iv) any waiver, renewal, extension, addition, or
supplement to, or deletion from, or any other action or inaction under or in respect of, the Credit Agreement, any of the other Loan Documents, or any other documents, instruments or agreements relating to the Guarantied Obligations or any other
instrument or agreement referred to therein or evidencing any Guarantied Obligations or any assignment or transfer of any of the foregoing; 
  
 (b) any illegality, lack of validity or enforceability of the Credit Agreement, any of the other Loan Documents, or any other document, instrument or
agreement referred to therein or evidencing any Guarantied Obligations or any assignment or transfer of any of the foregoing; 
  
 (c) any furnishing to a Credit Party of any security for the Guarantied Obligations, or any sale, exchange, release or surrender of, or realization on,
any collateral securing any of the Obligations; 
  
 (d) any
settlement or compromise of any of the Guarantied Obligations, any security therefor, or any liability of any other party with respect to the Guarantied Obligations, or any subordination of the payment of the Guarantied Obligations to the payment of
any other liability of the Borrower or any other Obligor; 
  
 (e)
any act or failure to act by the Borrower, any other Obligor or any other Person which may adversely affect such Guarantor’s subrogation rights, if any, against the Borrower to recover payments made under this Guaranty; 
  
 (f) any nonperfection or impairment of any security interest or other Lien on
any collateral, if any, securing in any way any of the Obligations; 
  
 (g) any application of sums paid by the Borrower, any other Guarantor or any other Person with respect to the liabilities of the Credit Parties, regardless of what liabilities of the Borrower remain unpaid; 
  

 C-2 

 (h) to the fullest extent permitted by law, any statute of limitations in any action hereunder or for the
collection of the Notes or the Reimbursement Obligations or for the payment or performance of the Guarantied Obligations; 
  
 (i) the incapacity, lack of authority, death or disability of Borrower or any other person or entity, or the failure of any Credit Party to file or
enforce a claim against the estate (either in administration, bankruptcy or in any other proceeding) of the Borrower or any Guarantor or any other person or entity; 
  
 (j) the dissolution or termination of existence of the Borrower, any Guarantor or any other Person; 
  
 (k) the voluntary or involuntary liquidation, sale or other disposition of
all or substantially all of the assets of the Borrower or any other Person; 
  
 (l) the voluntary or involuntary receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, assignment, composition, or readjustment of, or any similar proceeding affecting, the
Borrower or any Guarantor or any other person, or any of the Borrower’s or any Guarantor’s or any other Person’s or entity’s properties or assets; 
  
 (m) the damage, destruction, condemnation, foreclosure or surrender of all or any part of any Property or any of the
improvements located thereon; 
  
 (n) the failure of a Credit
Party to give notice of the existence, creation or incurring of any new or additional indebtedness or obligation or of any action or nonaction on the part of any other person whomsoever in connection with any Guarantied Obligation; 
  
 (o) any failure or delay of a Credit Party to commence an action against the
Borrower or any other Person, to assert or enforce any remedies against the Borrower under the Notes or the Loan Documents, or to realize upon any security; 
  
 (p) any failure of any duty on the part of a Credit Party to disclose to any Guarantor any facts it may now or hereafter know regarding the Borrower, any
other Person or the Properties or any of the improvements located thereon, whether such facts materially increase the risk to Guarantors or not; 
  
 (q) failure to accept or give notice of acceptance of this Guaranty by the Credit Parties; 
  
 (r) failure to make or give notice of presentment and demand for payment of any of the indebtedness or performance of any of
the Guarantied Obligations; 
  
 (s) failure to make or give
protest and notice of dishonor or of default to Guarantors or to any other party with respect to the indebtedness or performance of the Guarantied Obligations; 
  

(t) except as otherwise specifically provided in this Guaranty, any and all other notices whatsoever to which Guarantors might otherwise be entitled;

  
 (u) any lack of diligence by the Credit Parties in collection,
protection or realization upon any collateral securing the payment of the indebtedness or performance of the Guaranteed Obligations; 
  
 (v) the compromise, settlement, release or termination of any or all of the obligations of the Borrower under the Notes or the Loan Documents; 

 

 C-3 

 (w) any transfer by the Borrower or any other Person of all or any part of the security encumbered by the
Loan Documents; 
  
 (x) claims or rights of set-off that any
Guarantor may have; 
  
 (y) any law, regulation, decree or order
of any jurisdiction or any event affecting any provision of the Guarantied Obligations; or 
  
 (z) to the fullest extent permitted by law, any other legal, equitable or surety defenses whatsoever to which Guarantors might otherwise be entitled or any other circumstances which might otherwise constitute a
discharge of a Guarantor (other than indefeasible payment in full or as to a Guarantor, a release of such Guarantor pursuant to and as provided in the Credit Agreement or as approved by all of the Lenders), it being the intention that the
obligations of Guarantors hereunder are absolute, unconditional and irrevocable. 
  
 Section 4. Action with Respect to Guarantied Obligations. The Credit Parties may, at any time and from time to time, without the consent of, or notice to, any Guarantor, and without discharging any Guarantor
from its obligations hereunder, take any and all actions described in Section 3 and may otherwise: (a) amend, modify, alter or supplement the terms of any of the Guarantied Obligations, including, but not limited to, extending or shortening the time
of payment of any of the Guarantied Obligations or changing the interest rate that may accrue on any of the Guarantied Obligations; (b) amend, modify, alter or supplement the Credit Agreement or any other Loan Document; (c) sell, exchange, release
or otherwise deal with all, or any part, of any collateral securing any of the Obligations; (d) release any other Obligor or other Person liable in any manner for the payment or collection of the Guarantied Obligations; (e) exercise, or refrain from
exercising, any rights against the Borrower, any other Guarantor or any other Person; and (f) apply any sum, by whomsoever paid or however realized, to the Guarantied Obligations in such order as the Agent shall elect. 
  
 Section 5. Representations and Warranties. Each Guarantor hereby makes
to the Credit Parties all of the representations and warranties made by the Borrower with respect to or in any way relating to such Guarantor in the Credit Agreement and the other Loan Documents, as if the same were set forth herein in full.

  
 Section 6. Covenants. Each Guarantor will perform and
comply with all covenants applicable to such Guarantor, or which the Borrower is required to cause such Guarantor to comply with under the terms of the Credit Agreement or any of the other Loan Documents as if the same were more fully set forth
herein. 
  
 Section 7. Waiver. Each Guarantor, to the
fullest extent permitted by Applicable Law, hereby waives notice of acceptance hereof or any presentment, demand, protest or notice of any kind, and any other act or thing, or omission or delay to do any other act or thing, which in any manner or to
any extent might vary the risk of such Guarantor or which otherwise might operate to discharge such Guarantor from its obligations hereunder. 
  
 Section 8. Reinstatement of Guarantied Obligations. If a claim is ever made on a Credit Party for repayment or recovery of any amount or amounts
received in payment or on account of any of the Guarantied Obligations, and such Credit Party repays all or part of said amount by reason of (a) any judgment, decree or order of any court or administrative body of competent jurisdiction, or (b) any
settlement or compromise of any such claim effected by such Credit Party with any such claimant (including the Borrower or a trustee in bankruptcy for the Borrower), then and in such event each Guarantor agrees that any such judgment, decree, order,
settlement or compromise shall be binding on it, 

  

 C-4 

 
notwithstanding any revocation hereof, any release herefrom, or the cancellation of the Credit Agreement, any of the other Loan Documents, or any other
instrument evidencing any liability of the Borrower, and such Guarantor shall be and remain liable to the Credit Parties for the amounts so repaid or recovered to the same extent as if such amount had never originally been paid to such Credit Party.

  
 Section 9. No Contest with Credit Parties;
Subordination. So long as any Guarantied Obligation remains unpaid or undischarged, Guarantors will not, by paying any sum recoverable hereunder (whether or not demanded by any Credit Party) or by any means or on any other ground, claim any
set-off or counterclaim against the Borrower in respect of any liability of Guarantors to the Borrower or, in proceedings under federal bankruptcy law or insolvency proceedings of any nature, prove in competition with any Credit Party in respect of
any payment hereunder or be entitled to have the benefit of any counterclaim or proof of claim or dividend or payment by or on behalf of the Borrower or the benefit of any other security for any obligation hereby guaranteed which, now or hereafter,
any Credit Party may hold or in which it may have any share. Except as expressly provided in the Contribution Agreement, Guarantors hereby expressly waive any right of contribution from or indemnity against the Borrower, whether at law or in equity,
arising from any payments made by Guarantors pursuant to the terms of this Guaranty, and Guarantors acknowledge that Guarantors have no right whatsoever to proceed against the Borrower for reimbursement of any such payments. In connection with the
foregoing, Guarantors expressly waive any and all rights of subrogation to the Credit Parties against the Borrower, and Guarantors hereby waive any rights to enforce any remedy which a Credit Party may have against the Borrower and any rights to
participate in any collateral for the Borrower’s obligations under the Loan Documents. Guarantors hereby subordinate any and all indebtedness of the Borrower now or hereafter owed to Guarantors to all indebtedness of the Borrower to the Credit
Parties, and agree with the Credit Parties that (a) Guarantors shall not demand or accept any payment from the Borrower on account of such indebtedness, (b) Guarantors shall not claim any offset or other reduction of Guarantors’ obligations
hereunder because of any such indebtedness, and (c) Guarantors shall not take any action to obtain any interest in any of the security described in and encumbered by the Loan Documents because of any such indebtedness; provided,
however, that, if a Credit Party so requests, such indebtedness shall be collected, enforced and received by Guarantors as trustee for the Credit Parties and be paid over to the Credit Parties on account of the indebtedness of the Borrower to
the Credit Parties, but without reducing or affecting in any manner the liability of Guarantors under the other provisions of this Guaranty except to the extent the principal amount of such outstanding indebtedness shall have been reduced by such
payment. 
  
 Section 10. Payments Free and Clear. All sums
payable by each Guarantor hereunder, whether of principal, interest, Fees, expenses, premiums or otherwise, shall be paid in full, without set-off or counterclaim or any deduction or withholding whatsoever (including any Taxes), and if any Guarantor
is required by Applicable Law or by a Governmental Authority to make any such deduction or withholding, such Guarantor shall pay to the Credit Parties such additional amount as will result in the receipt by the Credit Parties of the full amount
payable hereunder had such deduction or withholding not occurred or been required. 
  
 Section 11. Set-off. In addition to any rights now or hereafter granted under any of the other Loan Documents or Applicable Law and not by way of limitation of any such rights, each Guarantor hereby authorizes
the Credit Parties, at any time during the continuance of an Event of Default, without any prior notice to such Guarantor or to any other Person, any such notice being hereby expressly waived, but in the case of a Credit Party other than the Agent
subject to receipt of the prior written consent of the Agent exercised in its sole discretion, to set off and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates
of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by such Credit Party or any affiliate of such Credit Party, to or for the credit or the account of such Guarantor against and on account of any of the
Guarantied Obligations, although such obligations shall be contingent or 

  

 C-5 

 
unmatured. Each Guarantor agrees, to the fullest extent permitted by Applicable Law, that any Participant may exercise rights of set off or counterclaim and
other rights with respect to its participation as fully as if such Participant were a direct creditor of such Guarantor in the amount of such participation. The foregoing shall not apply to any account governed by a written agreement containing an
express waiver by such Participant of such Participant’s rights of setoff. 
  
 Section 12. Business Failure, Bankruptcy or Insolvency. In the event of the business failure of any Guarantor or if there shall be pending any bankruptcy or insolvency case or proceeding with respect to any
Guarantor under federal bankruptcy law or any other applicable law or in connection with the insolvency of any Guarantor, or if a liquidator, receiver, or trustee shall have been appointed for any Guarantor or any Guarantor’s properties or
assets, the Credit Parties may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of such Person allowed in any proceedings relative to such Guarantor, or any of such Guarantor’s
properties or assets, and, irrespective of whether the indebtedness or other obligations of the Borrower guaranteed hereby shall then be due and payable, by declaration or otherwise, the Credit Parties shall be entitled and empowered to file and
prove a claim for the whole amount of any sums or sums owing with respect to the indebtedness or other obligations of the Borrower guaranteed hereby, and to collect and receive any moneys or other property payable or deliverable on any such claim.
Guarantors covenant and agree that upon the commencement of a voluntary or involuntary bankruptcy proceeding by or against the Borrower, Guarantors shall not seek a supplemental stay or otherwise pursuant to 11 U.S.C. §105 or any other
provision of the Bankruptcy Reform Act of 1978, as amended (the “Bankruptcy Code”), or any other debtor relief law (whether statutory, common law, case law, or otherwise) of any jurisdiction whatsoever, now or hereafter in effect, which
may be or become applicable, to stay, interdict, condition, reduce or inhibit the ability of the Credit Parties to enforce any rights of such Person against Guarantors by virtue of this Guaranty or otherwise. If a Credit Party is prevented under
Applicable Law or otherwise from demanding or accelerating payment of any of the Guarantied Obligations by reason of any automatic stay or otherwise, the Credit Parties shall be entitled to receive from each Guarantor, upon demand therefor, the sums
which otherwise would have been due had such demand or acceleration occurred. 
  
 Section 13. Additional Guarantors; Release of Guarantors. Section 7.12 of the Credit Agreement provides that certain Subsidiaries must become Guarantors by, among other things, executing and delivering to Agent
a Joinder Agreement. Any Subsidiary which executes and delivers to the Agent a Joinder Agreement shall be a Guarantor for all purposes hereunder. Under certain circumstances described in Section 7.12(b) of the Credit Agreement, certain Subsidiaries
may obtain from the Agent a written release from this Guaranty pursuant to the provisions of such section, and upon obtaining such written release, any such Subsidiary shall no longer be a Guarantor hereunder. Each other Guarantor consents and
agrees to any such release and agrees that no such release shall affect its obligations hereunder. 
  
 Section 14. Information. Each Guarantor assumes all responsibility for being and keeping itself informed of the financial condition of the Borrower
and the other Guarantors, and of all other circumstances bearing upon the risk of nonpayment of any of the Guarantied Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that none of
the Credit Parties shall have any duty whatsoever to advise any Guarantor of information regarding such circumstances or risks. 
  
 Section 15. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF GEORGIA APPLICABLE TO
CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
  

 C-6 

 Section 16. WAIVER OF JURY TRIAL; ETC. 
  
 (a) EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN
OR AMONG ANY GUARANTOR, THE AGENT OR ANY OTHER CREDIT PARTY WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE
CREDIT PARTIES AND EACH GUARANTOR HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE BORROWER, THE AGENT OR ANY OTHER CREDIT PARTY OF ANY KIND OR NATURE. 
  
 (b) EACH OF THE GUARANTORS, THE AGENT AND EACH OTHER CREDIT PARTY HEREBY AGREES THAT THE UNITED STATES DISTRICT COURT FOR
THE NORTHERN DISTRICT OF GEORGIA, ATLANTA DIVISION OR, AT THE OPTION OF THE AGENT, ANY STATE COURT LOCATED IN ATLANTA, GEORGIA, SHALL HAVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG ANY GUARANTOR, THE AGENT OR ANY
OTHER CREDIT PARTY, PERTAINING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT, THE LOANS, THE LETTERS OF CREDIT, THE NOTES OR ANY OTHER LOAN DOCUMENT OR TO ANY MATTER ARISING HEREFROM OR THEREFROM. EACH GUARANTOR AND EACH CREDIT PARTY EXPRESSLY SUBMITS
AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH
ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE AGENT OR ANY OTHER CREDIT PARTY
OR THE ENFORCEMENT BY THE AGENT OR ANY OTHER CREDIT PARTY OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 
  
 (c) THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES
THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS AND THE TERMINATION OF THIS GUARANTY. 
  
 Section 17. Loan Accounts. Each Credit Party may maintain books and accounts setting forth the amounts of principal,
interest and other sums paid and payable with respect to the Guarantied Obligations, and in the case of any dispute relating to any of the outstanding amount, payment or receipt of any of the Guarantied Obligations or otherwise, the entries in such
books and accounts shall be deemed prima facie evidence of the amounts and other matters set forth herein. The failure of a Credit Party to maintain such books and accounts shall not in any way relieve or discharge any Guarantor of any of its
obligations hereunder. 
  
 Section 18. Waiver of Remedies.
No delay or failure on the part of a Credit Party in the exercise of any right or remedy it may have against any Guarantor hereunder or otherwise shall operate as a waiver thereof, and no single or partial exercise by a Credit Party of any such
right or remedy shall preclude any other or further exercise thereof or the exercise of any other such right or remedy. 
  

 C-7 

 Section 19. Termination. This Guaranty shall remain in full force and effect until indefeasible
payment in full of the Guarantied Obligations, the cancellation of all Letters of Credit and the other Obligations and the termination or cancellation of the Credit Agreement in accordance with its terms. 
  
 Section 20. Successors and Assigns. Each reference herein to the Agent
or the other Credit Parties shall be deemed to include such Person’s respective successors and assigns (including, but not limited to, any holder of the Guarantied Obligations) in whose favor the provisions of this Guaranty also shall inure,
and each reference herein to each Guarantor shall be deemed to include such Guarantor’s permitted successors and assigns, upon whom this Guaranty also shall be binding. The Lenders, the Issuing Lender and the Swingline Lender may, in accordance
with the applicable provisions of the Credit Agreement, assign, transfer or sell any Guarantied Obligation, or grant or sell participations in any Guarantied Obligations, to any Person without the consent of, or notice to, any Guarantor and without
releasing, discharging or modifying any Guarantor’s obligations hereunder. Each Guarantor hereby consents to the delivery by the Agent or any Lender to any Assignee or Participant (or any prospective Assignee or Participant) of any financial or
other information regarding the Borrower or any Guarantor. No Guarantor may assign or transfer its obligations hereunder to any Person without the prior written consent of all Lenders and any such assignment or other transfer to which all of the
Lenders have not so consented shall be null and void. 
  
 Section
21. JOINT AND SEVERAL OBLIGATIONS. THE OBLIGATIONS OF THE GUARANTORS HEREUNDER SHALL BE JOINT AND SEVERAL, AND ACCORDINGLY, EACH GUARANTOR CONFIRMS THAT IT IS LIABLE FOR THE FULL AMOUNT OF THE “GUARANTIED OBLIGATIONS” AND ALL OF THE
OBLIGATIONS AND LIABILITIES OF EACH OF THE OTHER GUARANTORS HEREUNDER. 
  
 Section 22. Amendments. This Guaranty may not be amended except in writing signed by the Requisite Lenders (or all of the Lenders if required under the terms of the Credit Agreement), the Agent and each Guarantor. 
  
 Section 23. Payments. All payments to be made by any Guarantor
pursuant to this Guaranty shall be made in Dollars, in immediately available funds to the Agent at the Principal Office, not later than 2:00 p.m. on the date of demand therefor. 
  
 Section 24. Notices. All notices, requests and other communications hereunder shall be in writing (including
facsimile transmission or similar writing) and shall be given (a) to each Guarantor at its address set forth below its signature hereto, (b) to the Agent, any Lender, the Issuing Lender or the Swingline Lender at its respective address for notices
provided for in the Credit Agreement, or (c) as to each such party at such other address as such party shall designate in a written notice to the other parties. Each such notice, request or other communication shall be effective (i) if mailed, when
received; (ii) if telecopied, when transmitted; or (iii) if hand delivered, when delivered; provided, however, that any notice of a change of address for notices shall not be effective until received. 
  
 Section 25. Severability. In case any provision of this Guaranty shall
be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  
 Section 26. Headings. Section headings used in this Guaranty are for convenience only and shall not affect the
construction of this Guaranty. 
  

 C-8 

 Section 27. Limitation of Liability. 
  
 Neither the Agent, any other Credit Party nor any affiliate, officer,
director, employee, attorney, or agent of such Persons, shall have any liability with respect to, and each Guarantor hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential
damages suffered or incurred by a Guarantor in connection with, arising out of, or in any way related to, this Guaranty or any of the other Loan Documents, or any of the transactions contemplated by this Guaranty, the Credit Agreement or any of the
other Loan Documents. Each Guarantor hereby waives, releases, and agrees not to sue the Agent, any other Credit Party or any of such Person’s affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of
any claim in connection with, arising out of, or in any way related to, this Guaranty, the Credit Agreement or any of the other Loan Documents, or any of the transactions contemplated by Credit Agreement or financed thereby. 
  
 Section 28. Definitions. 
  
 Capitalized terms used herein that are not otherwise defined herein shall
have the meanings given them in the Credit Agreement. 
  
 [Signatures Begin on Next Page] 
  

 C-9 

 IN WITNESS WHEREOF, each Guarantor has duly executed and delivered this Guaranty under seal as of the
date and year first written above. 
  

					
	GUARANTORS:
	
	WELLS REAL ESTATE INVESTMENT
	TRUST II, INC, a Maryland corporation
		
	By:	 	  

	Name:	 	Douglas P. Williams
	Title:	 	Executive Vice President
	
	WELLS REIT II – 80 M STREET LLC, a
	Delaware limited liability company
		
	By:	 	  

	Name:	 	Douglas P. Williams
	Title:	 	President
	
	WELLS REIT II – EMERALD POINT,
	L.P., a Delaware limited partnership
		
	By:	 	WELLS REIT II – EMERALD POINT,
	 	 	LLC, a Delaware limited liability company,
	 	 	its sole general partner
			
	 	 	By:	 	  

	 	 	Name:	 	Douglas P. Williams
	 	 	Title:	 	President
	
	WELLS REIT II – EMERALD POINT,
	LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	Douglas P. Williams
	Title:	 	President

  

 C-10 

							
	WELLS REIT II – CORRIDORS III, LLC,
	a Delaware limited liability company
		
	By:	 	  

	Name:	 	Douglas P. Williams
	Title:	 	President
	
	WELLS REIT II – REPUBLIC DRIVE,
	LLC, a Delaware limited liability company
		
	By:	 	WELLS OPERATING
	 	 	PARTNERSHIP II, L.P., a Delaware
	 	 	limited partnership, its sole member
			
	 	 	By:	 	WELLS REAL ESTATE
	 	 	 	 	INVESTMENT TRUST II,
	 	 	 	 	INC, a Maryland corporation, its
	 	 	 	 	General Partner
				
	 	 	 	 	By:	 	  

	 	 	 	 	Name:	 	Douglas P. Williams
	 	 	 	 	Title:	 	Executive Vice President
	
	WELLS GOVERNOR’S POINTE 4241
	IRWIN SIMPSON, LLC, a Delaware limited
	liability company
		
	By:	 	WELLS OPERATING
	 	 	PARTNERSHIP II, L.P., a Delaware
	 	 	limited partnership, its sole member
			
	 	 	By:	 	WELLS REAL ESTATE
	 	 	 	 	INVESTMENT TRUST II, INC,
	 	 	 	 	a Maryland corporation, its
	 	 	 	 	General Partner
				
	 	 	 	 	By:	 	  

	 	 	 	 	Name:	 	Douglas P. Williams
	 	 	 	 	Title:	 	Executive Vice President

  

 C-11 

							
	WELLS GOVERNOR’S POINTE 8990
	DUKE, LLC, a Delaware limited liability
	company
		
	By:	 	WELLS OPERATING
	 	 	PARTNERSHIP II, L.P., a Delaware
	 	 	limited partnership, its sole member
			
	 	 	By:	 	WELLS REAL ESTATE
	 	 	 	 	INVESTMENT TRUST II,
	 	 	 	 	INC, a Maryland corporation, its
	 	 	 	 	General Partner
				
	 	 	 	 	By:	 	  

	 	 	 	 	Name:	 	Douglas P. Williams
	 	 	 	 	Title:	 	Executive Vice President
	
	WELLS REIT II – 180 PARK AVENUE,
	LLC, a Delaware limited liability company
		
	By:	 	WELLS OPERATING
	 	 	PARTNERSHIP II, L.P., a Delaware
	 	 	limited partnership, its sole member
	 	 	and Member-Manager
			
	 	 	By:	 	WELLS REAL ESTATE
	 	 	 	 	INVESTMENT TRUST II,
	 	 	 	 	INC, a Maryland corporation,
	 	 	 	 	its General Partner
				
	 	 	 	 	By:	 	  

	 	 	 	 	Name:	 	Douglas P. Williams
	 	 	 	 	Title:	 	Executive Vice President
	
	WELLS REIT II – 5995 OPUS PARKWAY,
	LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	Douglas P. Williams
	Title:	 	President

  

 C-12 

							
	 WELLS REIT II – WILDWOOD
 PROPERTIES, LLC, a Delaware limited
 liability company

		
	By:	 	  

	Name:	 	Douglas P. Williams
	Title:	 	President
	
	WELLS REIT II – OPUS/FINLEY
	PORTFOLIO, LLC, a Delaware limited
	liability company
		
	By:	 	WELLS OPERATING
	 	 	PARTNERSHIP II, L.P., a Delaware
	 	 	limited partnership, its sole member
			
	 	 	By:	 	WELLS REAL ESTATE
	 	 	 	 	INVESTMENT TRUST II,
	 	 	 	 	INC, a Maryland corporation,
	 	 	 	 	its General Partner
				
	 	 	 	 	By:	 	  

	 	 	 	 	Name:	 	Douglas P. Williams
	 	 	 	 	Title:	 	Executive Vice President
	
	WELLS ONE WEST FOURTH, LLC, a
	Delaware limited liability company
		
	By:	 	WELLS OPERATING
	 	 	PARTNERSHIP II, L.P., a Delaware
	 	 	limited partnership, its sole member
			
	 	 	By:	 	WELLS REAL ESTATE
	 	 	 	 	INVESTMENT TRUST II,
	 	 	 	 	INC, a Maryland corporation,
	 	 	 	 	its General Partner
				
	 	 	 	 	By:	 	  

	 	 	 	 	Name:	 	Douglas P. Williams
	 	 	 	 	Title:	 	Executive Vice President

  

 C-13 

 EXHIBIT D 
  
 FORM OF JOINDER AGREEMENT 
  
 THIS JOINDER AGREEMENT dated as of
                    ,             , executed and delivered by
                                        ,
a                      (the “New Subsidiary”), in favor of (a) WACHOVIA BANK, NATIONAL ASSOCIATION, in its capacity as Agent (the
“Agent”) for the Lenders under that certain Credit Agreement dated as of May 9, 2005 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among WELLS OPERATING PARTNERSHIP
II, L.P., a Delaware limited partnership (the “Borrower”), the financial institutions party thereto and their assignees under Section 12.5 thereof (the “Lenders”), the Agent, and the other parties thereto, and (b) the Lenders,
the Issuing Lender and the Swingline Lender (the parties described in (a) and (b) above are hereinafter referred to collectively as the “Credit Parties”). 
  
 WHEREAS, pursuant to the Credit Agreement, the Credit Parties have agreed to make available to the Borrower certain
financial accommodations on the terms and conditions set forth in the Credit Agreement; 
  
 WHEREAS, the Borrower or its 99% general partner owns, directly or indirectly, at least a majority of the issued and outstanding Equity Interests in the New Subsidiary; 
  
 WHEREAS, the Borrower, the New Subsidiary, and the existing Guarantors,
though separate legal entities, are mutually dependent upon each other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financing from the Credit Parties
through their collective efforts; 
  
 WHEREAS, the New Subsidiary
acknowledges that it will receive direct and indirect benefits from the Credit Parties making such financial accommodations available to the Borrower under the Credit Agreement and, accordingly, the New Subsidiary is willing to guarantee the
Borrower’s obligations to the Credit Parties on the terms and conditions contained herein; and 
  
 WHEREAS, the New Subsidiary’s execution and delivery of this Agreement is a condition to the Credit Parties continuing to make such financial
accommodations to the Borrower. 
  
 NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the New Subsidiary, the New Subsidiary agrees as follows: 
  
 Section 1. Joinder to Guaranty. The New Subsidiary hereby agrees that it is a “Guarantor” under that certain Guaranty dated as of May 9,
2005 (as amended, supplemented, restated or otherwise modified from time to time, the “Guaranty”), made by Wells Real Estate Investment Trust II, Inc., a Maryland corporation, and each other Person a party thereto in favor of the Credit
Parties and assumes all obligations, representations, warranties, covenants, terms, conditions, duties and waivers of a “Guarantor” thereunder, all as if the New Subsidiary had been an original signatory to the Guaranty. Without limiting
the generality of the foregoing, the New Subsidiary hereby: 
  
 (a) irrevocably and unconditionally guarantees the due and punctual payment and performance when due, whether at stated maturity, by acceleration or otherwise, of all Guarantied Obligations (as defined in the Guaranty); 
  

 D-1 

 (b) makes to the Credit Parties as of the date hereof each of the representations and warranties
contained in Section 5 of the Guaranty and agrees to be bound by each of the covenants contained in Section 6 of the Guaranty; and 
  
 (c) consents and agrees to each provision set forth in the Guaranty. 
  
 Section 2. Joinder to Contribution Agreement. The New Subsidiary hereby agrees that it is a “Guarantor”
under that certain Contribution Agreement dated as of May 9, 2005 (as amended, supplemented, restated or otherwise modified from time to time, the “Contribution Agreement”), made by the Borrower and the other Persons a party thereto and
assumes all obligations, representations, warranties, covenants, terms, conditions, duties and waivers of a “Guarantor” thereunder, all as if the New Subsidiary had been an original signatory to the Contribution Agreement. Without limiting
the generality of the foregoing, the New Subsidiary hereby agrees to be bound by each of the covenants contained in the Contribution Agreement, and consents and agrees to each provision set forth in the Contribution Agreement. 
  
 Section 3. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF GEORGIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
  
 Section 4. Further Assurances. The New Subsidiary agrees to execute and deliver such other instruments and documents and take such other action, as
the Agent may reasonably request, in connection with the transactions contemplated by this Joinder Agreement. 
  
 Section 5. Definitions. Capitalized terms used herein and not otherwise defined herein shall have their respective defined meanings given them in
the Credit Agreement. 
  
 (Signatures on next Page) 
  
  

 D-2 

 IN WITNESS WHEREOF, the New Subsidiary has caused this Joinder Agreement to be duly executed and
delivered under seal by its duly authorized officers as of the date first written above. 
  

			
	[NEW SUBSIDIARY]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	[SEAL]

  

			
	Address for Notices:
		
	Attention:	 	  

			
	Telecopy Number:	 	  

	Telephone Number:	 	  

  
 Accepted: 
  

			
	WACHOVIA BANK, NATIONAL ASSOCIATION,
	as Agent
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
  

 D-3 

 EXHIBIT E 
  
 NOTICE OF BORROWING 
  
 (Revolving Loans) 
  
                     , 200    

  
 Wachovia Bank, National Association, 
 as Agent 
 191 Peachtree Street, N.E. 
 Atlanta, GA 30303 
 Attention: Cathy Casey 
  
 Gentlemen: 
  
 Reference is made to that certain Credit Agreement (as amended, restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”) dated as of May 9, 2005, by and among Wells Operating Partnership II, L.P. (the “Borrower”), the financial institutions a party thereto and their assignees under Section 12.5 thereof (the
“Lenders”), Wachovia Bank, National Association, as Agent (“Agent”) and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit
Agreement. The Borrower hereby requests that the Lenders make Revolving Loans to the Borrower pursuant to Section 2.1(b) of the Credit Agreement in the amount of $            
[minimum of $1,000,000.00 and in multiples of $250,000.00 for Base Rate Loans; minimum of $1,000,000.00 and in multiples of $1,000,000.00 for LIBOR Loans]. 
  

					
	 Aggregate Commitments
	  	$	400,000,000.00	 
	 Less the amount of all outstanding Revolving Loans
	  	$	(                        	)
	 Less the aggregate amount of all Letter of Credit Liabilities
	  	$	(                        	)
	 Less outstanding Swingline Loans
	  	$	(                        	)
	 Available Amount
	  	$	                        	 
	 Less amount requested
	  	$	(                        	)
	 Amount remaining to be advanced
	  	$	                        	 
	 The advance is to be made as follows:
	  	 	 	 
	 A.     Base Rate Loan:
	  	 	 	 
	 1.      Amount of Base Rate Loan:
	  	$	                        	 
	 2.      Proposed Date of Base Rate Loan
	  	 	__________	 
	 B.     LIBOR Loan:
	  	 	 	 
	 1.      Amount of LIBOR Loan:
	  	$	                        	 
	 2.      Number of LIBOR Loans now in effect: [cannot exceed 6]
	  	$	                        	 
	 3.      Proposed Date of new LIBOR Loan:
	  	$	                        	 

			
		
	 4.      Interest Period for new LIBOR Loan:
	  	[Check one box only]
 ̈     7 days
 ̈     30 days
 ̈     60 days
 ̈     90 days
 ̈     180 days

  

 E-1 

 The proceeds of this borrowing of Revolving Loans will be used for general business purposes. 

 
 The Borrower hereby certifies to the Agent and the Lenders that as of the
date hereof and as of the date of the making of the requested Revolving Loans and after giving effect thereto, (a) no Default or Event of Default has or shall have occurred and be continuing, and (b) the representations and warranties made or deemed
made by the Borrower and each other Obligor in the Loan Documents to which any of them is a party are and shall be true and correct in all material respects, except to the extent that such representations and warranties expressly relate solely to an
earlier date (in which case such representations and warranties were true and accurate on and as of such earlier date). In addition, the Borrower certifies to the Agent and the Lenders that all conditions to the making of the requested Revolving
Loans contained in Article V of the Credit Agreement will have been satisfied at the time such Revolving Loans are made. 
  
 If notice of the requested borrowing of Revolving Loans was previously given by telephone, this notice is to be considered the written confirmation of
such telephone notice required by Section 2.1(b) of the Credit Agreement. 
  

					
	Sincerely,
	
	WELLS OPERATING PARTNERSHIP II, L.P.,
	a Delaware limited partnership
		
	By:	 	Wells Real Estate Investment Trust II, Inc.,
	 	 	its sole General Partner
			
	 	 	By:	 	  

	 	 	Name:	 	  

	 	 	Title:	 	  

  

 E-2 

 EXHIBIT F 
  
 FORM OF NOTICE OF CONTINUATION 
  
                     , 200_ 
  
 Wachovia Bank, National Association, as Agent 
 191 Peachtree Street, N.E. 
 Atlanta, Georgia 30303 
 Attention: Cathy Casey 
  
 Ladies and Gentlemen: 
  
 Reference is made to that certain Credit Agreement dated as of May 9, 2005 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Wells Operating Partnership II, L.P.
(the “Borrower”), the financial institutions party thereto and their assignees under Section 12.5 thereof (the “Lenders”), Wachovia Bank, National Association, as Agent (the “Agent”), and the other parties thereto.
Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 
  
 Pursuant to Section 2.8 of the Credit Agreement, the Borrower hereby requests a Continuation of a borrowing of Revolving Loans, as LIBOR Loans under the
Credit Agreement, and in that connection sets forth below the information relating to such Continuation as required by such Section of the Credit Agreement: 
  

	 	1.	The proposed date of such Continuation is
                            ,
            . 

  

	 	2.	The aggregate principal amount of Revolving Loans subject to the requested Continuation is $             and was
originally borrowed by the Borrower on                     , 200_. 

  

	 	3.	The portion of such principal amount subject to such Continuation is $            . 

  

	 	4.	The current Interest Period for each of the Revolving Loans subject to such Continuation ends on
                    , 200_. 

  

	 	5.	The duration of the new Interest Period for each of such Revolving Loans or portion thereof subject to such Continuation is: 

  

			
	Interest Period	 	 
	 	 	 
	 ̈     7 days	 	[check one box only]
	 ̈     30 days	 	 
	 ̈     60 days	 	 
	 ̈     90 days	 	 
	 ̈     180 days1	 	 

	1	If more than one Interest Period is desired, indicate the principal amount of the Revolving Loans requested for each Interest Period. 

  

 F-1 

 The Borrower hereby certifies to the Agent and the Lenders that as of the date hereof, as of the proposed
date of the requested Continuation, and after giving effect to such Continuation, no Default or Event of Default has or shall have occurred and be continuing. 
  
 If notice of the requested Continuation was given previously by telephone, this notice is to be considered the written
confirmation of such telephone notice required by Section 2.8 of the Credit Agreement. 
  

 F-2 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Notice of Continuation as of
the date first written above. 
  

					
	WELLS OPERATING PARTNERSHIP II, L.P.,
	a Delaware limited partnership
		
	By:	 	Wells Real Estate Investment Trust II, Inc.,
	 	 	its sole General Partner
			
	 	 	By:	 	  

	 	 	Name:	 	  

	 	 	Title:	 	  

  

 F-3 

 EXHIBIT G 
  
 FORM OF NOTICE OF CONVERSION 
  
                     , 200  

  
 Wachovia Bank, National Association, as Agent 
 191 Peachtree Street, N.E. 
 Atlanta, Georgia 30303 
 Attention: Cathy Casey 
  
 Ladies and Gentlemen: 
  
 Reference is made to that certain Credit Agreement dated as of May 9, 2005 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Wells Operating Partnership II, L.P.
(the “Borrower”), the financial institutions party thereto and their assignees under Section 12.5 thereof (the “Lenders”), Wachovia Bank, National Association, as Agent (the “Agent”), and the other parties thereto.
Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 
  
 Pursuant to Section 2.9 of the Credit Agreement, the Borrower hereby requests a Conversion of a borrowing of Revolving Loans of one Type into Revolving
Loans of another Type under the Credit Agreement, and in that connection sets forth below the information relating to such Conversion as required by such Section of the Credit Agreement: 
  

	 	1.	The proposed date of such Conversion is                     ,
200  . 

  

	 	2.	The Revolving Loans to be Converted pursuant hereto are currently: 

  

					
	[Check one box only]	  	 ̈	  	Base Rate Loans
	 	  	 ̈	  	LIBOR Loans

  

	 	3.	The aggregate principal amount of Revolving Loans subject to the requested Conversion is
$                     and was originally borrowed by the Borrowers on
                    , 200  . 

  

	 	4.	The portion of such principal amount subject to such Conversion is
$                    . 

  

	 	5.	The amount of such Revolving Loans to be so Converted is to be converted into Revolving Loans of the following Type: 

  
 [Check one box only] 
  

	 	 ̈	Base Rate Loans 

  

	 	 ̈	LIBOR Loans, each with an initial Interest Period for a duration of: 

  

			
	 Interest Period

	  	 
	  ̈    7 days
	  	 
	  ̈    30 days
	  	[Check one box only]
	  ̈    60 days
	  	 
	  ̈    90 days
	  	 
	  ̈    180 days2
	  	 

  

	2	If more than one Interest Period is desired, indicate the principal amount of the Revolving Loan requested for each Interest Period. 

  

 G-1 

 The Borrowers hereby certify to the Agent and the Lenders that as of the date hereof and as of the date
of the requested Conversion and after giving effect thereto no Default or Event of Default has or shall have occurred and be continuing. 
  
 If notice of the requested Conversion was given previously by telephone, this notice is to be considered the written confirmation of such telephone notice
required by Section 2.9 of the Credit Agreement. 
  
 IN WITNESS
WHEREOF, the undersigned have duly executed and delivered this Notice of Conversion as of the date first written above. 
  

					
	WELLS OPERATING PARTNERSHIP II, L.P.,
	 a Delaware limited partnership

		
	 By:
	 	 Wells Real Estate Investment Trust II, Inc.,

	 	 	 its sole General Partner

			
	 	 	 By:
	 	  

	 	 	 Name:
	 	  

	 	 	 Title:
	 	  

  

 G-2 

 EXHIBIT H 
  
 FORM OF NOTICE OF SWINGLINE BORROWING 
  
                     ,
             
  
 Wachovia Bank, National Association, as Agent 
 191 Peachtree Street, N.E. 
 Atlanta, Georgia 30303 
 Attention: Cathy Casey 
  
 Ladies and Gentlemen: 
  
 Reference is made to that certain Credit Agreement dated as of May 9, 2005 (as amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”), by and among WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership (the “Borrower”), the financial institutions party thereto and their assignees under Section 12.5 thereof (the
“Lenders”), Wachovia Bank, National Association, as Agent (the “Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit
Agreement. 
  

	 	1.	Pursuant to Section 2.2(b) of the Credit Agreement, the Borrower hereby requests that the Swingline Lender make a Swingline Loan to the Borrower in an amount equal to
$            . 

  

	 	2.	The Borrower requests that such Swingline Loan be made available to the Borrower on
                    , 200  . 

  

	 	3.	The proceeds of this Swingline Loan will be used for general business purposes. 

  

	 	4.	The Borrower requests that the proceeds of such Swingline Loan be made available to the Borrower by             .

  
 The Borrower hereby certifies to the Agent, the
Swingline Lender and the Lenders that as of the date hereof, as of the date of the making of the requested Swingline Loan, and after making such Swingline Loan, (a) no Default or Event of Default has or shall have occurred and be continuing, and (b)
the representations and warranties made or deemed made by the Borrower and each other Obligor in the Loan Documents to which any of them is a party are and shall be true and correct in all material respects, except to the extent that such
representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties were true and accurate on and as of such earlier date). In addition, the Borrower certifies to the Agent, the Swingline
Lender and the Lenders that all conditions to the making of the requested Swingline Loan contained in Article V of the Credit Agreement will have been satisfied at the time such Swingline Loan is made. 
  
 If notice of the requested borrowing of this Swingline Loan was previously
given by telephone, this notice is to be considered the written confirmation of such telephone notice required by Section 2.2(b) of the Credit Agreement. 
  

 H-1 

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Notice of Swingline Borrowing as
of the date first written above. 
  

					
	WELLS OPERATING PARTNERSHIP II, L.P.,
	a Delaware limited partnership
		
	By:	 	Wells Real Estate Investment Trust II, Inc.,
	 	 	its sole General Partner
			
	 	 	By:	 	  

	 	 	Name:	 	  

	 	 	Title:	 	  

	  
 [SEAL]

  

 H-2 

 EXHIBIT I 
  
 FORM OF SWINGLINE NOTE 
  

			
	 $50,000,000.00
	 	            , 2005

  
 FOR VALUE RECEIVED,
the undersigned, WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership (the “Borrower”), hereby promises to pay to the order of WACHOVIA BANK, NATIONAL ASSOCIATION (the “Swingline Lender”) in care of Agent to
Agent’s address at One Wachovia Center, 301 South College Street, Charlotte, North Carolina 28288, or at such other address as may be specified in writing by the Agent to the Borrower, the principal sum of FIFTY MILLION AND NO/100 DOLLARS
($50,000,000.00) (or such lesser amount as shall equal the aggregate unpaid principal amount of Swingline Loans made by the Swingline Lender to the Borrower under the Credit Agreement), on the dates and in the principal amounts provided in the
Credit Agreement, and to pay interest on the unpaid principal amount owing hereunder, at the rates and on the dates provided in the Credit Agreement. 
  
 The date, amount of each Swingline Loan, and each payment made on account of the principal thereof, shall be recorded by the Swingline Lender on its books
and, prior to any transfer of this Note, endorsed by the Swingline Lender on the schedule attached hereto or any continuation thereof, provided that the failure of the Swingline Lender to make any such recordation or endorsement shall not
affect the obligations of the Borrower to make a payment when due of any amount owing under the Credit Agreement or hereunder in respect of the Swingline Loans. 
  

This Note is the Swingline Note referred to in Credit Agreement dated as of May 9, 2005 (as amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), by and among the Borrower, the financial institutions party thereto and their assignees under Section 12.5 thereof (the “Lenders”), Wachovia Bank, National Association, as Agent, and the
other parties thereto, and evidences Swingline Loans made to the Borrower thereunder. Terms used but not otherwise defined in this Note have the respective meanings assigned to them in the Credit Agreement. 
  
 The Credit Agreement provides for the acceleration of the maturity of this
Note upon the occurrence of certain events and for prepayments of Swingline Loans upon the terms and conditions specified therein. 
  
 Except as permitted by Sections 11.8 and 12.5(d) of the Credit Agreement, this Note may not be assigned by the Swingline Lender to any other Person.

  
 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF GEORGIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
  
 The Borrower hereby waives presentment for payment, demand, notice of demand, notice of non-payment, protest, notice of protest and all other similar
notices. 
  
 Time is of the essence for this Note. 
  

 I-1 

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Swingline Note under seal as of the
date first written above. 
  

					
	WELLS OPERATING PARTNERSHIP II, L.P.,
	 a Delaware limited partnership

		
	 By:
	 	 Wells Real Estate Investment Trust II, Inc.,

	 	 	 its sole General Partner

			
	 	 	 By:
	 	  

	 	 	 Name:
	 	  

	 	 	 Title:
	 	  

	[SEAL]

  

 I-2 

 SCHEDULE OF SWINGLINE LOANS 
  
 This Note evidences Swingline Loans made under the within-described Credit Agreement to the Borrower, on the dates and in
the principal amounts set forth below, subject to the payments and prepayments of principal set forth below: 
  

									
	 Date of
 Loan

	 	 Principal
 Amount of Loan

	 	 Amount Paid
 or Prepaid

	  	Unpaid Principal
Amount

	  	 Notation
 Made By

  

 I-3 

 EXHIBIT J 
  
 FORM OF REVOLVING NOTE 
  

			
	 $                    
	 	            , 200  

  
 FOR VALUE RECEIVED,
the undersigned, WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership (the “Borrower”), hereby promises to pay to the order of
                     (the “Lender”), in care of Agent to Agent’s address at One Wachovia Center, 301 South College Street,
Charlotte, North Carolina 28288, or at such other address as may be specified in writing by the Agent to the Borrower, the principal sum of              AND
            /100 DOLLARS ($            ) (or such lesser amount as shall equal the aggregate unpaid principal
amount of Revolving Loans made by the Lender to the Borrower under the Credit Agreement (as herein defined)), on the dates and in the principal amounts provided in the Credit Agreement, and to pay interest on the unpaid principal amount owing
hereunder, at the rates and on the dates provided in the Credit Agreement. 
  
 The date, amount of each Revolving Loan made by the Lender to the Borrower, and each payment made on account of the principal thereof, shall be recorded by the Lender on its books and, prior to any transfer of this
Note, endorsed by the Lender on the schedule attached hereto or any continuation thereof, provided that the failure of the Lender to make any such recordation or endorsement shall not affect the obligations of the Borrower to make a payment
when due of any amount owing under the Credit Agreement or hereunder in respect of the Revolving Loans made by the Lender. 
  
 This Note is one of the Revolving Notes referred to in the Credit Agreement dated as of May 9, 2005 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), by and among the Borrower the financial institutions party thereto and their assignees under Section 12.5 thereof (the “Lenders”), the Agent, and the other parties thereto.
Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 
  
 The Credit Agreement provides for the acceleration of the maturity of this Note upon the occurrence of certain events and for prepayments of Loans upon
the terms and conditions specified therein. 
  
 Except as
permitted by Section 12.5(d) of the Credit Agreement, this Note may not be assigned by the Lender to any other Person. 
  
 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF GEORGIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY
PERFORMED, IN SUCH STATE. 
  
 The Borrower hereby waives
presentment for payment, demand, notice of demand, notice of non-payment, protest, notice of protest and all other similar notices. 
  
 Time is of the essence for this Note. 
  

 J-1 

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Revolving Note under seal as of the
date first written above. 
  

					
	WELLS OPERATING PARTNERSHIP II, L.P.,
	a Delaware limited partnership
		
	By:	 	Wells Real Estate Investment Trust II, Inc.,
	 	 	its sole General Partner
			
	 	 	By:	 	  

	 	 	Name:	 	  

	 	 	Title:	 	  

	[SEAL]

  

 J-2 

 SCHEDULE OF REVOLVING LOANS 
  
 This Note evidences Revolving Loans made under the within-described Credit Agreement to the Borrower, on the dates and in
the principal amounts set forth below, subject to the payments and prepayments of principal set forth below: 
  

									
	 Date of
 Loan

	  	 Principal
 Amount of Loan

	  	 Amount Paid
 or Prepaid

	  	 Unpaid Principal
 Amount

	  	 Notation
 Made By

  

 J-3 

 EXHIBIT K 
  
 FORM OF COMPLIANCE CERTIFICATE 
  
                     , 200_ 
  
 Wachovia Bank, National Association, as Agent 
 191 Peachtree Street, N.E. 
 Atlanta, Georgia 30303 
 Attention: Cathy Casey 
  
 Each of the Lenders Party to the Credit Agreement referred to below 
  
 Ladies and Gentlemen: 
  
 Reference is made to that certain Credit Agreement dated as of May 9, 2005 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among WELLS OPERATING PARTNERSHIP II, L.P., a
Delaware limited partnership (the “Borrower”), the financial institutions party thereto and their assignees under Section 12.5 thereof (the “Lenders”), Wachovia Bank, National Association, as Agent (the “Agent”) and the
other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 
  
 Pursuant to Section 8.3 of the Credit Agreement, the undersigned hereby certifies to the Agent and the Lenders as follows: 
  
 (1) The undersigned is the chief financial officer of the REIT Guarantor.

  
 (2) The undersigned is responsible for and has made or caused
to be made under his/her supervision a detailed review of the applicable activities of the Obligors and their Subsidiaries in connection with the preparation of this Certificate. 
  
 (3) The undersigned has examined the books and records of the Borrower and has conducted such other examinations and
investigations as are reasonably necessary to provide this Compliance Certificate. 
  
 (4) No Default or Event of Default exists [if such is not the case, specify such Default or Event of Default and its nature, when it occurred and whether it is continuing and the steps being taken by the Borrower with
respect to such event, condition or failure]. 
  
 (5) The
representations and warranties made or deemed made by the Borrower and the other Obligors in the Loan Documents to which any is a party, are true and correct in all material respects on and as of the date hereof except to the extent that such
representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and accurate on and as of such earlier date). 
  
 (6) Attached hereto as Schedule 1 are detailed calculations
establishing whether or not the Borrower was in compliance with the covenants contained in Sections 7.12, 9.1 through 9.3, 9.6 and 9.14 of the Credit Agreement. 
  

 K-1 

 IN WITNESS WHEREOF, the undersigned has executed this certificate as of the date first above written.

  

					
	WELLS OPERATING PARTNERSHIP II, L.P.,
	a Delaware limited partnership
		
	By:	 	Wells Real Estate Investment Trust II, Inc.,
	 	 	its sole General Partner
			
	 	 	By:	 	  

	 	 	Name:	 	  

	 	 	Title:	 	  

  

 K-2 

 Schedule 1 
  

[Calculations to be Attached] 
  

 K-3 

 SCHEDULES AND EXHIBITS 
  

			
	SCHEDULE I	 	Commitments
		
	 SCHEDULE 6.1(b)
	 	Ownership Structure
		
	 SCHEDULE 6.1(f)
	 	Properties
		
	 SCHEDULE 6.1(g)
	 	Existing Indebtedness
		
	 SCHEDULE 6.1(i)
	 	Litigation
		
	 SCHEDULE 6.1(k)
	 	Financial Statements
		
	 SCHEDULE 6.1(p)
	 	Environmental Matters
		
	 SCHEDULE 6.1(y)
	 	List of Unencumbered Assets
		
	 SCHEDULE 6.1(ee)
	 	Eminent Domain Proceedings
		
	 EXHIBIT A
	 	Form of Assignment and Acceptance Agreement
		
	 EXHIBIT B
	 	Form of Contribution Agreement
		
	 EXHIBIT C
	 	Form of Guaranty
		
	 EXHIBIT D
	 	Form of Joinder Agreement
		
	 EXHIBIT E
	 	Form of Notice of Borrowing
		
	 EXHIBIT F
	 	Notice of Continuation
		
	 EXHIBIT G
	 	Notice of Conversion
		
	 EXHIBIT H
	 	Form of Notice of Swingline Borrowing
		
	 EXHIBIT I
	 	Form of Swingline Note
		
	 EXHIBIT J
	 	Form of Revolving Note
		
	 EXHIBIT K
	 	Form of Compliance CertificateAmended and Restated Agreement of Limited Partnership of Lightstone

 Exhibit 4.1 
  

 
 AMENDED AND RESTATED 
  
 AGREEMENT OF LIMITED PARTNERSHIP 
  
 OF 
  
 LIGHTSTONE VALUE PLUS REIT LP 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 ARTICLE 1 DEFINED TERMS
	  	1
		
	 ARTICLE 2 ORGANIZATIONAL MATTERS
	  	11
	             2.1  
	  	Formation	  	11
	 2.2  
	  	Name	  	11
	 2.3  
	  	Registered Office and Agent; Principal Office	  	12
	 2.4  
	  	Power of Attorney	  	12
	 2.5  
	  	Term	  	13
		
	 ARTICLE 3 PURPOSE
	  	13
	 3.1  
	  	Purpose and Business	  	13
	 3.2  
	  	Powers	  	14
		
	 ARTICLE 4 CAPITAL CONTRIBUTIONS
	  	14
	 4.1  
	  	Capital Contributions of the Partners	  	14
	 4.2  
	  	Additional Funds; Restrictions on the General Partner	  	15
	 4.3  
	  	Issuance of Additional Partnership Interests; Admission of Additional Limited Partners	  	16
	 4.4  
	  	Contribution of Proceeds of Issuance of REIT Stock	  	16
	 4.5  
	  	Repurchase of REIT Stock; Shares-In-Trust	  	17
	 4.6  
	  	No Third-Party Beneficiary	  	17
	 4.7  
	  	No Interest; No Return	  	17
	 4.8  
	  	No Preemptive Rights	  	18
		
	 ARTICLE 5 DISTRIBUTIONS
	  	18
	 5.1  
	  	Regular Distributions	  	18
	 5.2  
	  	Qualification as a REIT	  	19
	 5.3  
	  	Withholding	  	19
	 5.4  
	  	Additional Partnership Interests	  	19
	 5.5  
	  	Distributions Upon Liquidation	  	19
		
	 ARTICLE 6 ALLOCATIONS
	  	19
	 6.1  
	  	Allocations	  	19
	 6.2  
	  	Revisions to Allocations to Reflect Issuance of Partnership Interests	  	19
		
	 ARTICLE 7 MANAGEMENT AND OPERATIONS OF BUSINESS
	  	20
	 7.1  
	  	Management	  	20
	 7.2  
	  	Certificate of Limited Partnership	  	23
	 7.3  
	  	Reimbursement of the General Partner	  	23
	 7.4  
	  	Outside Activities of the General Partner	  	24
	 7.5  
	  	Contracts with Affiliates	  	24
	 7.6  
	  	Indemnification	  	25
	 7.7  
	  	Liability of the General Partner	  	27
	 7.8  
	  	Other Matters Concerning the General Partner	  	27
	 7.9  
	  	Title to Partnership Assets	  	28
	 7.10
	  	Reliance by Third Parties	  	28
	 7.11
	  	Loans By Third Parties.	  	29
		
	 ARTICLE 8 RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS
	  	29
	 8.1  
	  	Limitation of Liability	  	29
	 8.2  
	  	Management of Business	  	29
	 8.3  
	  	Outside Activities of Limited Partners	  	29
	 8.4  
	  	Return of Capital	  	30
	 8.5  
	  	Rights of Limited Partners Relating to the Partnership	  	30
	 8.6  
	  	Exchange Rights Agreements	  	30
		
	 ARTICLE 9 BOOKS, RECORDS, ACCOUNTING AND REPORTS
	  	31
	             9.1  
	  	Records and Accounting	  	31
	 9.2  
	  	Fiscal Year	  	31
	 9.3  
	  	Reports	  	31

  

 i 

					
	 	  	 	  	Page

		
	 ARTICLE 10 TAX MATTERS
	  	32
	 10.1  
	  	Preparation of Tax Returns	  	32
	 10.2  
	  	Tax Elections	  	32
	 10.3  
	  	Tax Matters Partner	  	32
	 10.4  
	  	Organizational Expenses	  	33
	 10.5  
	  	Withholding	  	33
		
	 ARTICLE 11 TRANSFERS AND WITHDRAWALS
	  	34
	 11.1  
	  	Transfer	  	34
	 11.2  
	  	Transfer of the General Partner’s General Partner Interest	  	35
	 11.3  
	  	Limited Partners’ Rights to Transfer	  	36
	 11.4  
	  	Substituted Limited Partners	  	37
	 11.5  
	  	Substituted Special General Partner	  	 
	 11.6  
	  	Assignees	  	38
	 11.7  
	  	General Provisions	  	38
		
	 ARTICLE 12 ADMISSION OF PARTNERS
	  	40
	 12.1  
	  	Admission of Successor General Partner	  	40
	 12.2  
	  	Admission of Additional Limited Partners	  	40
	 12.3  
	  	Amendment of Agreement and Certificate of Limited Partnership	  	41
		
	 ARTICLE 13 DISSOLUTION, LIQUIDATION AND TERMINATION
	  	41
	 13.1  
	  	Dissolution	  	41
	 13.2  
	  	Winding Up	  	42
	 13.3  
	  	Return of Special General Partner Capital Contributions	  	 
	 13.4  
	  	No Obligation to Contribute Deficit	  	44
	 13.5  
	  	Rights of Limited Partners	  	44
	 13.6  
	  	Notice of Dissolution	  	44
	 13.7  
	  	Termination of Partnership and Cancellation of Certificate of Limited Partnership	  	44
	 13.8  
	  	Reasonable Time for Winding-Up	  	45
	 13.9  
	  	Waiver of Partition	  	45
		
	 ARTICLE 14 AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS
	  	45
	 14.1  
	  	Amendments	  	45
	 14.2  
	  	Meetings of the Partners	  	46
		
	 ARTICLE 15 GENERAL PROVISIONS
	  	47
	 15.1  
	  	Addresses and Notice	  	47
	 15.2  
	  	Titles and Captions	  	47
	 15.3  
	  	Pronouns and Plurals	  	47
	 15.4  
	  	Further Action	  	47
	 15.5  
	  	Binding Effect	  	47
	 15.6  
	  	Creditors	  	47
	 15.7  
	  	Waiver	  	47
	 15.8  
	  	Counterparts	  	47
	 15.9  
	  	Applicable Law	  	48
	 15.10
	  	Invalidity of Provisions	  	48
	 15.11
	  	Entire Agreement	  	48
	 15.12
	  	Merger	  	48
	 15.13
	  	No Rights as Stockholders	  	48
			
	 EXHIBITS
	  	 	  	 
			
	 Exhibit A -
	  	Partners’ Contributions and Partnership Interests	  	 
	 Exhibit B -
	  	 Allocations
	  	 
	 Exhibit C -
	  	Exchange Rights Agreement for Partnership Units	  	 
	 Exhibit D -
	  	Certificate of Limited Partnership	  	 

  

 ii 

 FOR ALL INVESTORS: 
  
 THE PARTNERSHIP UNITS ISSUED UNDER THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR REGISTERED OR QUALIFIED UNDER THE APPLICABLE STATE SECURITIES LAWS, IN RELIANCE UPON EXEMPTIONS FROM REGISTRATION AND QUALIFICATION PROVIDED IN THE SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR TRANSFERRED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND QUALIFICATION OR REGISTRATION UNDER THE APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION OR QUALIFICATION IS NOT
REQUIRED. 
  
 IN ADDITION, THE PARTNERSHIP UNITS ISSUED UNDER THIS
AGREEMENT MAY BE SOLD OR TRANSFERRED ONLY IN COMPLIANCE WITH THE RESTRICTIONS ON TRANSFER SET FORTH HEREIN. 
  
 IN MAKING AN INVESTMENT DECISION INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE COMPANY AND THE TERMS OF THIS OFFERING, INCLUDING THE MERITS AND
RISKS INVOLVED. THE PARTNERSHIP UNITS OFFERED HEREBY HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY
OF THIS MEMORANDUM. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. 
  
 THE PARTNERSHIP UNITS OFFERED HEREBY ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THE APPLICABLE
STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. 
  
 FOR NEW YORK INVESTORS: 
  
 THIS AGREEMENT HAS NOT BEEN REVIEWED BY THE ATTORNEY GENERAL PRIOR TO ITS ISSUANCE AND USE. THE ATTORNEY GENERAL OF THE
STATE OF NEW YORK HAS NOT PASSED ON OR ENDORSED THE MERITS OF THIS OFFERING. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL. 
  
 THIS AGREEMENT DOES NOT CONTAIN AN UNTRUE STATEMENT OF A MATERIAL FACT OR OMIT TO STATE A MATERIAL FACT NECESSARY TO MAKE THE STATEMENTS MADE, IN LIGHT OF
THE CIRCUMSTANCES UNDER WHICH THEY ARE MADE, NOT MISLEADING. STATEMENTS CONTAINED HEREIN AS TO THE CONTENTS OF DOCUMENTS GOVERNING THIS INVESTMENT ARE SUMMARIES AND ARE NOT COMPLETE COPIES OF THE DOCUMENTS, AND, ACCORDINGLY, REFERENCE SHOULD BE MADE
TO THE DOCUMENTS THEMSELVES FOR A MORE COMPLETE UNDERSTANDING OF THE INVESTMENT. HOWEVER, THIS PARTNERSHIP AGREEMENT CONTAINS A FAIR SUMMARY OF THE MATERIAL TERMS OF DOCUMENTS PURPORTED TO BE SUMMARIZED HEREIN. 
  
 FOR FLORIDA INVESTORS: 
  
 THE PARTNERSHIP UNITS OFFERED HEREBY WILL BE SOLD TO, AND ACQUIRED BY, THE PURCHASER IN A TRANSACTION EXEMPT UNDER SECTION
517.061(11) OF THE FLORIDA SECURITIES AND INVESTOR PROTECTION ACT. THAT SECTION PROVIDES THAT WHEN SALES ARE MADE TO FIVE OR MORE PERSONS, ANY SALE MADE PURSUANT TO SUCH SECTION IS VOIDABLE AT THE OPTION OF THE PURCHASER WITHIN THREE (3) DAYS AFTER
THE FIRST TENDER OF CONSIDERATION IS MADE BY SUCH PURCHASER TO THE ISSUER, AN AGENT OF THE ISSUER, OR AN ESCROW AGENT OR WITHIN THREE (3) DAYS AFTER THE AVAILABILITY OF THAT PRIVILEGE IS COMMUNICATED TO SUCH PURCHASER, WHICHEVER OCCURS LATER.

  

 iii 

 FORM OF AMENDED AND RESTATED 
 AGREEMENT OF LIMITED PARTNERSHIP 
 OF 
 LIGHTSTONE VALUE PLUS REIT LP 
  
 THIS AGREEMENT OF LIMITED PARTNERSHIP OF LIGHTSTONE VALUE PLUS REIT LP (this “Agreement”), dated as of April 22, 2005, is entered into by
and among LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST, INC., a Maryland corporation, as general partner (the “General Partner”), LIGHTSTONE VALUE PLUS REIT LLC, a Delaware limited liability company, as limited Partner (the
“Initial Limited Partner”) and, LIGHTSTONE SLP, LLC, a Delaware limited liability company, as special general partner (the “Special General Partner”), and the Limited Partners party hereto from time to time.

  
 WHEREAS, the General Partner, the Limited Partner and the
Special General Partner have formed Lightstone Value Plus REIT LP (the “Partnership”) as a limited partnership pursuant to the Revised Uniform Limited Partnership Act of the State of Delaware and have filed a certificate of limited
partnership with the Secretary of State of the State of Delaware; 
  
 WHEREAS, the General Partner, the Limited Partner and the Special General Partner desire to amend and restate the Agreement of Limited Partnership of the Partnership as set forth herein; 
  
 NOW THEREFORE, in consideration of the mutual covenants herein contained, and
other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties do hereby agree as follows: 
  
 
ARTICLE 1 
  
 DEFINED TERMS

  
 The following definitions shall be for all purposes,
unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement. 
  
 “Act” means the Delaware Revised Uniform Limited Partnership Act, as amended from time to time, and any successor to such
statute. 
  
 “Additional General Partner” means a
Person that has executed and delivered an additional general partner signature page in the form attached hereto, has been admitted to the Partnership as a General Partner pursuant to Section 4.3 hereof and that is shown as such on the books and
records of the Partnership. 
  
 “Adjusted Capital Account
Deficit” means with respect to any Partner, the negative balance, if any, in such Partner’s Capital Account as of the end of any relevant fiscal year, determined after giving effect to the following adjustments: 
  
 (a) credit to such Capital Account any portion of such
negative balance which such Partner (i) is treated as obligated to restore to the Partnership pursuant to the provisions of Section 1.704-1(b)(2)(ii)(c) of the Regulations, or (ii) is deemed to be obligated to restore to the Partnership pursuant to
the penultimate sentences of Sections 1.704-2(g)(1) and 1.704-2(i)(5) of the Regulations; and 
  
 (b) debit to such Capital Account the items described in Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6) of the Regulations. 
  
 “Adjusted Contribution” means the Capital Contributions of
any Partner reduced by the total distributions to such Partner from Capital Events. With respect to the General Partner, the Adjusted Contribution shall include the difference, if any, between gross proceeds from the future issuance of REIT Stock,
if any, and the proceeds actually received by the General Partner. 
  
 “Advisory Agreement” means the Advisory Agreement among the Partnership and the General Partner, as advisees, and the Initial General Partner, as advisor. 

 “Affiliate” means, 
  
 (a) with respect to any individual Person, any member of the Immediate Family of such Person or a trust
established for the benefit of such member, or 
  
 (b) with respect to any Entity, any Person which, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, any such Entity. For purposes of this definition, “control,”
when used with respect to a any Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling”
and “controlled” have meanings correlative to the foregoing. 
  
 “Agreement” means this Agreement of Limited Partnership, as originally executed and as amended, modified, supplemented or restated from time to time, as the context requires. 
  
 “Articles of Incorporation” means the General Partner’s
Articles of Incorporation, filed with the Maryland State Department of Assessments and Taxation, or other organizational document governing the General Partner, as amended, modified, supplemented or restated from time to time. 
  
 “Assignee” means a Person to whom one or more Partnership
Units have been transferred in a manner permitted under this Agreement, but who has not become a Substituted Limited Partner, and who has the rights set forth in Section 11.5. 
  
 “Available Cash” means, with respect to the applicable period of measurement (i.e., any period beginning on
the first day of the fiscal year, quarter or other period commencing immediately after the last day of the fiscal year, quarter or other applicable period for purposes of the prior calculation of Available Cash for or with respect to which a
distribution has been made, and ending on the last day of the fiscal year, quarter or other applicable period immediately preceding the date of the calculation), the excess, if any, as of such date, of 
  
 (a) the gross cash receipts of the Partnership for such
period from all sources whatsoever, including, without limitation, the following: 
  
 (i) all rents, revenues, income and proceeds derived by the Partnership from its operations, including, without limitation, distributions
received by the Partnership from any Entity in which the Partnership has an interest; 
  
 (ii) all proceeds and revenues received by the Partnership on account of any sales of any Partnership property or as a refinancing of or
payment of principal, interest, costs, fees, penalties or otherwise on account of any borrowings or loans made by the Partnership or financings or refinancings of any property of the Partnership; 
  
 (iii) the amount of any insurance proceeds and condemnation
awards received by the Partnership; 
  
 (iv) all
capital contributions and loans received by the Partnership from its Partners; 
  
 (v) all cash amounts previously reserved by the Partnership, to the extent such amounts are no longer needed for the specific purposes for
which such amounts were reserved; and 
  
 (vi)
the proceeds of liquidation of the Partnership’s property in accordance with this Agreement; 
  
 over 
  
 (b) the sum of the following: 
  
 (i) all operating costs and expenses, including taxes and other expenses of the properties directly and indirectly held by the Partnership
and capital expenditures made during such period (without deduction, however, for any capital expenditures, charges for Depreciation or other expenses not paid in cash or expenditures from reserves described in (viii) below); 
  

 2 

 (ii) all costs and expenses expended or paid during such period in connection with the
sale or other disposition, or financing or refinancing, of the property directly or indirectly held by the Partnership or the recovery of insurance or condemnation proceeds; 
  
 (iii) all fees provided for under this Agreement; 
  
 (iv) all debt service, including principal and interest,
paid during such period on all indebtedness (including under any line of credit) of the Partnership; 
  
 (v) all capital contributions, advances, reimbursements, loans or similar payments made to any Person in which the Partnership has an
interest; 
  
 (vi) all loans made by the
Partnership in accordance with the terms of this Agreement; 
  
 (vii) all reimbursements to the General Partner or its Affiliates during such period; and 
  
 (viii) the amount of any new reserve or increase in reserves established during such period which the General Partner determines is
necessary or appropriate in its sole and absolute discretion. 
  
 Notwithstanding
the foregoing, Available Cash shall not include any cash received or reductions in reserves, or take into account any disbursements made or reserves established, after commencement of the dissolution and liquidation of the Partnership. 

 
 “Business Combination” has the meaning set forth in
Section 7.1(a)(iii)(C). 
  
 “Capital Account”
means with respect to any Partner, the Capital Account maintained for such Partner in accordance with the following provisions: 
  
 (a) to each Partner’s Capital Account there shall be credited 
  
 (i) such Partner’s Capital Contributions; 
  
 (ii) such Partner’s distributive share of Net Income
and any items in the nature of income or gain which are specially allocated to such Partner pursuant to Paragraphs 1 and 2 of Exhibit B and 
  
 (iii) the amount of any Partnership liabilities assumed by such Partner or which are secured by any asset distributed to such Partner;

  
 (b) to each Partner’s Capital Account
there shall be debited 
  
 (i) the amount of cash
and the Gross Asset Value of any property distributed to such Partner pursuant to any provision of this Agreement, 
  
 (ii) such Partner’s distributive share of Net Losses and any items in the nature of expenses or losses which are specially allocated
to such Partner pursuant to Paragraphs 1 and 2 of Exhibit B and 
  
 (iii) the amount of any liabilities of such Partner assumed by the Partnership or which are secured by any asset contributed by such Partner to the Partnership; and 
  
 (c) in the event all or a portion of a Partnership Interest
is transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the transferred Partnership Interest. 
  
 The foregoing provisions and the other provisions of this Agreement relating to the
maintenance of Capital Accounts are intended to comply with Sections 1.704-1(b) and 1.704-2 of the Regulations, and shall be interpreted and applied in a manner consistent with such Regulations. In the event the General Partner shall reasonably
determine that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto (including, without limitation, debits or credits relating to liabilities which are secured by contributed or distributed assets or
which are assumed by the Partnership, the General Partner, the Special General Partner or any Limited Partner) are computed in order to comply with such Regulations, the General Partner may make such modification; 

  

 3 

 
provided that it would not cause the amounts distributable to any Partner pursuant to Article 13 hereof upon the dissolution of the Partnership to vary from
the amount contemplated as set forth in Section 2(g) of Exhibit B. 
  
 “Capital Contribution” means, with respect to any Partner, any cash, cash equivalents or the Gross Asset Value of property which such Partner contributes or is deemed to contribute to the Partnership pursuant to Article 4
hereof. 
  
 “Capital Event” means any Partnership
transaction not in the ordinary course of its business including, without limitation, principal payments, prepayments, the incurrence of prepayment penalties, refinancing, sales, exchanges, foreclosures, or other dispositions of property directly or
indirectly owned by the Partnership and recoveries of damage awards and insurance proceeds not used to rebuild (other than the receipt of contributions to the capital of the Partnership and business or rental interruption insurance proceeds not used
to rebuild). 
  
 “Certificate” means the
Certificate of Limited Partnership relating to the Partnership to be filed in the form of Exhibit D hereto as soon as practicable after the date hereof in the office of the Delaware Secretary of State, as amended from time to time in accordance with
the terms hereof and the Act. 
  
 “Charter” means
the Articles of Incorporation of the General Partner dated as of June 30, 2004, as amended from time to time. 
  
 “Code” means the Internal Revenue Code of 1986, as amended and in effect from time to time, as interpreted by the applicable regulations
thereunder. Any reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provision of future law. 
  
 “Common Stock” means a share of the common stock of the General Partner, $.01 par value. Common Stock may
be issued in one or more classes or series in accordance with the terms of the Articles of Incorporation. If there is more than one class or series of Common Stock, the term “Common Stock” shall, as the context requires, be deemed to refer
to the class or series of Common Stock that correspond to the class or series of Partnership Interests for which the reference to Common Stock is made. 
  
 “Common Stock Amount” has the meaning set forth in the Exchange Rights Agreements. 
  
 “Consent” means the consent or approval of a proposed action
by a Partner given in accordance with Section 14.2 hereof. 
  
 “Consent of the Outside Limited Partners” means the Consent of Limited Partners (excluding for this purpose any Partnership Interests held by the General Partner and the Special General Partner, any other Person of which
they own or control more than fifty percent (50%) of the voting interests and any Person directly or indirectly owning or controlling more than fifty percent (50%) of the outstanding voting interests of the General Partner or Special General
Partner) holding Percentage Interests that are greater than fifty percent (50%) of the aggregate Percentage Interest of all Limited Partners who are not excluded for the purposes hereof. 
  
 “Contributed Property” means each property, partnership interest, contract right or other asset, in such
form as may be permitted by the Act, contributed or deemed contributed to the Partnership by any Partner, including any interest in any successor partnership occurring as a result of a termination of the Partnership pursuant to Section 708 of Code.

  
 “Cumulative Non-Compound Return” means the
percentage resulting from dividing: (i) the total amount of dividends and distributions paid by the General Partner to the Stockholders or the total amount of distributions made by the Partnership to the Limited Partners or Special General Partner,
as applicable, in each case reduced by distributions from the sale or financing of properties, from the Effective Date until the Distribution Date, by 

  

 4 

 
(ii) the product of (a) the average adjusted investor capital for such period (calculated on a daily basis), and (b) the number of years (including the
fractions thereof) elapsed from the Effective Date until the Distribution Date (based on a year of 365 days).  
  
 “Debt” means, as to any Person, as of any date of determination, (a) all indebtedness of such Person for borrowed money or for the
deferred purchase price of property or services; (b) all amounts owed by such Person to banks or other Persons in respect of reimbursement obligations under letters of credit, surety bonds and other similar instruments guaranteeing payment or other
performance of obligations by such Person; (c) all indebtedness for borrowed money or for the deferred purchase price of property or services secured by any lien on any property owned by such Person, to the extent attributable to such Person’s
interest in such property, even though such Person has not assumed or become liable for the payment thereof; and (d) obligations of such Person incurred in connection with entering into a lease which, in accordance with generally accepted accounting
principles, should be capitalized. 
  
 “Depreciation” means, with respect to any asset of the Partnership for any fiscal year or other period, the depreciation, depletion, amortization or other cost recovery deduction, as the case may be, allowed or allowable
for federal income tax purposes in respect of such asset for such fiscal year or other period; provided, however, that except as otherwise provided in Section 1.704-2 of the Regulations, if there is a difference between the Gross Asset Value
(including the Gross Asset Value, as increased pursuant to paragraph (d) of the definition of Gross Asset Value) and the adjusted tax basis of such asset at the beginning of such fiscal year or other period, Depreciation for such asset shall be an
amount that bears the same ratio to the beginning Gross Asset Value of such asset as the federal income tax depreciation, depletion, amortization or other cost recovery deduction for such fiscal year or other period bears to the beginning adjusted
tax basis of such asset; provided, further, that if the federal income tax depreciation, depletion, amortization or other cost recovery deduction for such asset for such fiscal year or other period is zero, Depreciation of such asset shall be
determined with reference to the beginning Gross Asset Value of such asset using any reasonable method selected by the General Partner. 
  
 “Distribution Date” has the meaning set forth in Section 5.1(b). 
  
 “Effective Date” means the date of first closing of the offering pursuant to the Registration Statement on
Form S-11. 
  
 “Entity” means any general
partnership, limited partnership, corporation, joint venture, trust, business trust, real estate investment trust, limited liability company, limited liability partnership, cooperative or association. 
  
 “ERISA” means the Employee Retirement Income Security Act of
1974, as amended from time to time (or any corresponding provisions of succeeding laws). 
  
 “Exchange Factor” has the meaning set forth in the Exchange Rights Agreements. 
  
 “Exchange Right” has the meaning set forth in the Exchange Rights Agreements. 
  
 “Exchange Rights Agreements” has the meaning set forth in
Section 8.6. 
  
 “First Level Return” has the
meaning set forth in Section 5.1(b)(i). 
  
 “GAAP” means United States generally accepted accounting principles, as in effect from time to time. 
  
 “General Partner” means Lightstone Value Plus Real Estate Investment Trust, Inc., a Maryland corporation, and any successor as general
partner of the Partnership. General Partners mean the General Partner and the Special General Partner. 
  
 “General Partner Interest” means a Partnership Interest held by the General Partner, in its capacity as general partner. A General
Partner Interest may be expressed as a number of Partnership Units. 
  

 5 

 “Gross Asset Value” means, with respect to any asset of the Partnership, such
asset’s adjusted basis for federal income tax purposes, except as follows: 
  
 (a) the initial Gross Asset Value of any asset contributed by a Partner to the Partnership shall be the gross fair market value of such
asset, without reduction for liabilities, as determined by the contributing Partner and the Partnership on the date of contribution thereof; 
  
 (b) if the General Partner determines that an adjustment is necessary or appropriate to reflect the relative economic interests of the
Partners, the Gross Asset Values of all Partnership assets shall be adjusted in accordance with Sections 1.704-1(b)(2)(iv)(f) and (g) of the Regulations to equal their respective gross fair market values, without reduction for liabilities, as
reasonably determined by the General Partner, as of the following times: 
  
 (i) a Capital Contribution (other than a de minimis Capital Contribution) to the Partnership by a new or existing Partner as consideration for a Partnership Interest; or 
  
 (ii) the distribution by the Partnership to a Partner of
more than a de minimis amount of Partnership assets as consideration for the repurchase of a Partnership Interest; or 
  
 (iii) the liquidation of the Partnership within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Regulations; 
  
 (c) the Gross Asset Values of Partnership assets distributed
to any Partner shall be the gross fair market values of such assets (taking Section 7701(g) of the Code into account) without reduction for liabilities, as determined by the General Partner as of the date of distribution; and 
  
 (d) the Gross Asset Values of Partnership assets shall be
increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Sections 734(b) or 743(b) of the Code, but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant
to Section 1.704-1(b)(2)(iv)(m) of the Regulations (as set forth in Exhibit B); provided, however, that Gross Asset Values shall not be adjusted pursuant to this paragraph (d) to the extent that the General Partner determines that an adjustment
pursuant to paragraph (b) above is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this paragraph (d). 
  
 At all times, Gross Asset Values shall be adjusted by any Depreciation taken into account with respect to the Partnership’s assets for
purposes of computing Net Income and Net Loss. 
  
 “Incapacity” or “Incapacitated” means, 
  
 (a) as to any individual Partner, death, total physical disability or entry by a court of competent jurisdiction adjudicating him
incompetent to manage his person or his estate; 
  
 (b) as to any corporation which is a Partner, the filing of a certificate of dissolution, or its equivalent, for the corporation or the revocation of its charter; 
  
 (c) as to any partnership which is a Partner, the dissolution and commencement of winding up of the
partnership; 
  
 (d) as to any estate which is a
Partner, the distribution by the fiduciary of the estate’s entire interest in the Partnership; 
  
 (e) as to any trustee of a trust which is a Partner, the termination of the trust (but not the substitution of a new trustee); or

  
 (f) as to any Partner, the bankruptcy of such
Partner, which shall be deemed to have occurred when 
  
 (i) the Partner commences a voluntary proceeding seeking liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar law now or hereafter in effect; 
  

 6 

 (ii) the Partner is adjudged as bankrupt or insolvent, or a final and nonappealable order
for relief under any bankruptcy, insolvency or similar law now or hereafter in effect has been entered against the Partner; 
  
 (iii) the Partner executes and delivers a general assignment for the benefit of the Partner’s creditors; 
  
 (iv) the Partner files an answer or other pleading admitting
or failing to contest the material allegations of a petition filed against the Partner in any proceeding of the nature described in clause (ii) above; 
  
 (v) the Partner seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator for the Partner or for all or any
substantial part of the Partner’s properties; 
  
 (vi) any proceeding seeking liquidation, reorganization or other relief of or against such Partner under any bankruptcy, insolvency or other similar law now or hereafter in effect has not been dismissed within one hundred twenty (120) days
after the commencement thereof; 
  
 (vii) the
appointment without the Partner’s consent or acquiescence of a trustee, receiver or liquidator has not been vacated or stayed within ninety (90) days of such appointment; or 
  
 (viii) an appointment referred to in clause (vii) which has been stayed is not vacated within ninety (90)
days after the expiration of any such stay. 
  
 “Indemnitee” means 
  
 (a) any Person made a party to a proceeding by reason of its status as 
  
 (i) the General Partner, 
  
 (ii) the Special General Partner, 
  
 (iii) a Limited Partner, 
  
 (iv) an investment advisor to the General Partner, 
  
 (v) a trustee, director or officer of the Partnership, the General Partner, the Special General Partner or
the investment advisor to the General Partner, or 
  
 (vi) a director, trustee, member or officer of any other Entity, each Person serving in such capacity at the request of the Partnership or the General Partner, or 
  
 (b) his or its liabilities, pursuant to a loan guarantee or otherwise, for any indebtedness of the
Partnership or any Subsidiary of the Partnership (including, without limitation, any indebtedness which the Partnership or any Subsidiary of the Partnership has assumed or taken assets subject to); and 
  
 (c) such other Persons (including Affiliates of the General
Partner, the Special General Partner, a Limited Partner or the Partnership) as the General Partner may designate from time to time (whether before or after the event giving rise to potential liability), in its sole and absolute discretion.

  
 “Initial Limited Partner” means the
Lightstone Value Plus Reit LLC. 
  
 “IRS” shall
mean the Internal Revenue Service of the United States. 
  
 “Lien” means any lien, security interest, mortgage, deed of trust, charge, claim, encumbrance, pledge, option, right of first offer or first refusal and any other right or interest of others of any kind or nature, actual or
contingent, or other similar encumbrance of any nature whatsoever. 
  
 “Limited Partner” means, prior to the admission of the first Additional Limited Partner to the Partnership, the Initial Limited Partner, and thereafter any Person named as a Limited Partner in Exhibit A, as such Exhibit

  

 7 

 
may be amended from time to time, upon the execution and delivery by such Person of an additional limited partner signature page, or any Substituted Limited
Partner or Additional Limited Partner, in such Person’s capacity as a Limited Partner of the Partnership. 
  
 “Limited Partner Interest” means a Partnership Interest of a Limited Partner in the Partnership representing a fractional part of the
Partnership Interests of all Partners and includes any and all benefits to which the holder of such a Partnership Interest may be entitled, as provided in this Agreement, together with all obligations of such Person to comply with the terms and
provisions of this Agreement. A Limited Partner Interest may be expressed as a number of Partnership Units. 
  
 “Liquidating Event” has the meaning set forth in Section 13.1 hereof. 
  
 “Liquidator” has the meaning set forth in Section 13.2 hereof. 
  
 “Net Income” or “Net Loss” means, for each
fiscal year or other applicable period, an amount equal to the Partnership’s taxable income or loss for such year or period as determined for federal income tax purposes by the General Partner, determined in accordance with Section 703(a) of
the Code (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Section 703(a) of the Code shall be included in taxable income or loss), adjusted as follows: 
  
 (a) by including as an item of gross income any tax-exempt
income received by the Partnership and not otherwise taken into account in computing Net Income or Net Loss; 
  
 (b) by treating as a deductible expense any expenditure of the Partnership described in Section 705(a)(2)(B) of the Code (or which is
treated as a Section 705(a)(2)(B) expenditure pursuant to Section 1.704-1(b)(2)(iv)(i) of the Regulations) and not otherwise taken into account in computing Net Income or Net Loss, including amounts paid or incurred to organize the Partnership
(unless an election is made pursuant to Section 709(b) of the Code) or to promote the sale of interests in the Partnership and by treating deductions for any losses incurred in connection with the sale or exchange of Partnership property disallowed
pursuant to Section 267(a)(1) or 707(b) of the Code as expenditures described in Section 705(a)(2)(B) of the Code; 
  
 (c) by taking into account Depreciation in lieu of depreciation, depletion, amortization and other cost recovery deductions taken into
account in computing taxable income or loss; 
  
 (d) by computing gain or loss resulting from any disposition of Partnership property with respect to which gain or loss is recognized for federal income tax purposes by reference to the Gross Asset Value of such property rather than its
adjusted tax basis; 
  
 (e) in the event of an
adjustment of the Gross Asset Value of any Partnership asset which requires that the Capital Accounts of the Partnership be adjusted pursuant to Sections 1.704-1(b)(2)(iv)(e), (f) and (g) of the Regulations, by taking into account the amount of such
adjustment as if such adjustment represented additional Net Income or Net Loss pursuant to Exhibit B; and 
  
 (f) by not taking into account in computing Net Income or Net Loss items separately allocated to the Partners pursuant to Paragraphs 1 and
2 of Exhibit B. 
  
 “Net Investment” means (i) as
it relates to the Stockholders, the original issue price paid by such stockholders for the purchase of Common Stock; (ii) as it relates to the Limited Partners the total amount of Capital Contributions; and (iii) as it relates to the Special General
Partner the Special General Partner Capital Contributions; in each case reduced by distributions from the sale or financing of properties. 
  
 “Nonrecourse Deductions” has the meaning set forth in Sections 1.704-2(b)(1) and 1.704-2(c) of the Regulations. 
  

 8 

 “Nonrecourse Liabilities” has the meaning set forth in Section 1.704-2(b)(3) of the
Regulations. 
  
 “Offering Expenses” means all of
the costs and expenses of the offering of the Common Stock (including organizational expenses, dealer manager fees and selling commissions relating thereto), paid by the Special General Partner on behalf of the General Partner. 
  
 “Outside Limited Partners” has the meaning set forth in
“Consent of the Outside Limited Partners.” 
  
 “Partner” means the General Partner, the Special General Partner or a Limited Partner, and “Partners” means the General Partner, the Special General Partner and the Limited Partners collectively. 
  
 “Partner Minimum Gain” means an amount, with respect to each
Partner Nonrecourse Debt, equal to the Partnership Minimum Gain that would result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section 1.704-2(i)(3). 
  
 “Partner Nonrecourse Debt” has the meaning set forth in
Regulations Section 1.704-2(b)(4). 
  
 “Partner
Nonrecourse Deductions” has the meaning set forth in Regulations Section 1.704-2(i)(2), and the amount of Partner Nonrecourse Deductions with respect to a Partner Nonrecourse Debt for a Partnership taxable year shall be determined in
accordance with the rules of Regulations Section 1.704-2(i)(2). 
  
 “Partnership” means the limited partnership formed under the Act and pursuant to this Agreement, and any successor thereto. 
  
 “Partnership Interest” means an ownership interest in the Partnership representing a Capital Contribution by either a Limited Partner,
the Special General Partner or the General Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the
terms and provisions of this Agreement. A Partnership Interest may be expressed as a number of Partnership Units. 
  
 “Partnership Minimum Gain” has the meaning set forth in Regulations Section 1.704-2(b)(2), and the amount of Partnership Minimum Gain, as
well as any net increase or decrease in a Partnership Minimum Gain, for a Partnership taxable year shall be determined in accordance with the rules of Regulations Section 1.704-2(d). 
  
 “Partnership Record Date” means the record date established by the General Partner for the distribution of
Available Cash pursuant to Section 5.1 hereof, which record date shall be the same as the record date established by the General Partner for a distribution to its stockholders of some or all of its portion of such distribution. 
  
 “Partnership Unit” means a fractional, undivided share of
the Partnership Interests of all Partners issued pursuant to Sections 4.1, 4.2 and 4.3 and includes any classes or series of Partnership Units established after the date hereof. The number of Partnership Units outstanding and the Percentage
Interests in the Partnership represented by such Partnership Units are set forth in Exhibit A, as such Exhibit may be amended from time to time. The ownership of Partnership Units shall be evidenced by such form of certificate for Partnership Units
as the General Partner adopts from time to time unless the General Partner determines that the Partnership Units shall be uncertificated securities. 
  
 “Partnership Year” means the fiscal year of the Partnership, as set forth in Section 9.2 hereof. 
  
 “Percentage Interest” means, as to a Partner, the fractional
part of the Partnership Interests owned by such Partner and expressed as a percentage as specified in Exhibit A, as such Exhibit may be amended from time to time. The Special General Partner Interest shall not be considered in the computation of the
Partners’ Percentage Interest. 
  

 9 

 “Permitted Partners” has the meaning set forth in subparagraph 1(b) of Exhibit B.

  
 “Permitted Transferee” means any person to
whom Partnership Units are Transferred in accordance with Section 11.3 of this Agreement. 
  
 “Person” means an individual or Entity. 
  
 “Precontribution Gain” has the meaning set forth in subparagraph 3(c) of Exhibit B. 
  
 “Quarter” means each of the three-month periods ending on March 31, June 30, September 30 and December 31. 
  
 “Registration Statement” means the Registration Statement on
Form S-11 to be filed by the General Partner with the Securities and Exchange Commission, and any amendments at any time made thereto. 
  
 “Regulations” means the final, temporary or proposed Income Tax Regulations promulgated under the Code, as such regulations may be
amended from time to time (including corresponding provisions of succeeding regulations). 
  
 “REIT” means a real estate investment trust as defined in Section 856 of the Code. 
  
 “REIT Requirements” has the meaning set forth in Section 5.2. 
  
 “REIT Stock” has the meaning set forth in the Exchange Rights Agreement. 
  
 “REIT Stock Amount” has the meaning set forth in the
Exchange Rights Agreement. 
  
 “Restricted
Partner” has the meaning set forth in Section 1(b) of Exhibit B. 
  
 “Second Level Return” has the meaning set forth in Section 5.1(b)(iii). 
  
 “SLP Distribution” has the meaning set forth in Section 5.1(b)(ii). 
  
 “Special General Partner” means, Lightstone SLP, LLC, a Delaware limited liability company. 
  
 “Special General Partner Capital Contributions” means all
Capital Contributions made by the Special General Partner through purchase of Special Partnership Units from time to time. 
  
 “Special General Partner Interest” means a Partnership Interest of the Special General Partner in the Partnership and includes any and
all benefits to which the Special General Partner may be entitled, as provided in this Agreement, together with all obligations of the Special General Partner to comply with the terms and provisions of this Agreement. A Special General Partner
Interest may be expressed as a number of Partnership Units. 
  
 “Special Partnership Units” means the Partnership Units issued to the Special General Partner pursuant to Section 4.1(b). 
  
 “Stockholder” means a holder of Common Stock. 
  
 “Stock Option Plans” means, collectively, any and all plans adopted from time to time by the General Partner pursuant to which REIT Stock
is issued, or options to acquire REIT Stock are granted, to employees or directors of the General Partner, employees of the Partnership or employees of their respective Affiliates in consideration for services or future services. 
  

 10 

 “Subsidiary” means, with respect to any Person, any corporation, partnership, limited
liability company or other entity of which a majority of 
  
 (a) the voting power of the voting equity securities; and/or 
  
 (b) the outstanding equity interests (whether or not voting), is owned, directly or indirectly, by such Person. 
  
 “Substituted Limited Partner” means a Person who is admitted
as a Limited Partner to the Partnership pursuant to Section 11.4 hereof. 
  
 “Substituted Special General Partner” means a Person who is admitted as a Special General Partner to the Partnership pursuant to Section 11.5 hereof. 
  
 “Tax Items” has the meaning set forth in Exhibit B.

  
 “Terminating Capital Transaction” means any
sale or other disposition (other than a deemed disposition pursuant to Section 708(b)(1)(B) and the regulations thereunder) of all or substantially all of the assets of the Partnership or a related series of transactions that, taken together, result
in the sale or other disposition of all or substantially all of the assets of the Partnership. 
  
 “Transfer” as a noun, means any sale, assignment, conveyance, pledge, hypothecation, gift, encumbrance or other transfer, and as a verb, means to sell, assign, convey, pledge, hypothecate, give,
encumber or otherwise transfer. 
  
 Certain additional terms and
phrases have the meanings set forth in Exhibit B. 
  
 
ARTICLE 2 
  
 ORGANIZATIONAL
MATTERS 
  
 
2.1 Formation 
  
 The
General Partner, the Initial Limited Partner and the Special General Partner are hereby authorized to form the Partnership by filing the Certificate as soon as practicable after the date hereof in the office of the Delaware Secretary of State. The
Partnership is a limited partnership organized pursuant to the provision of the Act and upon the terms and conditions set forth in this Agreement. Except as expressly provided herein to the contrary, the rights and obligations of the Partners and
the administration and termination of the Partnership shall be governed by the Act. The Partnership Interest of each Partner shall be personal property for all purposes. 
  
 
2.2 Name 
  
 The name of the
Partnership is Lightstone Value Plus REIT LP. The Partnership’s business may be conducted under any other name or names deemed advisable by the General Partner, including the name of the General Partner or any Affiliate thereof. The words
“Limited Partnership,” “L.P.,” “Ltd.” or similar words or letters shall be included in the Partnership’s name where necessary for the purposes of complying with the laws of any jurisdiction that so requires. The
General Partner in its sole and absolute discretion may change the name of the Partnership and shall notify the Limited Partners of such change in the next regular communication to the Limited Partners. 
  

 11 

 
2.3 Registered Office and Agent; Principal Office 
  
 The address of the registered office of the Partnership in the State of Delaware and the name and address of the registered agent for service of process on the Partnership in the State of Delaware is the Corporation
Service Company, 2711 Centerville Road Suite 400, Wilmington, Delaware 19808. The principal office of the Partnership shall be 326 Third Street, Lakewood, New Jersey 08701, or such other place as the General Partner may from time to time designate
by notice to the Limited Partners. The Partnership may maintain offices at such other place or places within or outside the State of Delaware as the General Partner deems advisable. 
  
 
2.4 Power of Attorney 
  
 (a) Each Limited Partner, Special General Partner and each Assignee who accepts Partnership Units (or any rights, benefits or privileges associated therewith) is deemed to irrevocably constitute and appoint the
General Partner, any Liquidator, and authorized officers and attorneys-in-fact of each, and each of those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority
in its name, place and stead to: 
  
 (i) execute,
swear to, acknowledge, deliver, file and record in the appropriate public offices 
  
 (A) all certificates, documents and other instruments (including, without limitation, this Agreement and the Certificate and all
amendments or restatements thereof) that the General Partner or the Liquidator deems appropriate or necessary to form, qualify or continue the existence or qualification of the Partnership as a limited partnership (or a partnership in which the
Limited Partners have limited liability) in the State of Delaware and in all other jurisdictions in which the Partnership may or plans to conduct business or own property, including, without limitation, any documents necessary or advisable to convey
any Contributed Property to the Partnership; 
  
 (B) all instruments that the General Partner or any Liquidator deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement in accordance with its terms; 
  
 (C) all conveyances and other instruments or documents that
the General Partner or any Liquidator deems appropriate or necessary to reflect the dissolution and liquidation of the Partnership pursuant to the terms of this Agreement, including, without limitation, a certificate of cancellation; 
  
 (D) all instruments relating to the admission, withdrawal,
removal or substitution of any Partner pursuant to, or other events described in, Article 11, 12 or 13 hereof or the Capital Contribution of any Partner; 
  
 (E) all certificates, documents and other instruments relating to the determination of the rights, preferences and privileges of
Partnership Interest; and 
  
 (F) amendments to
this Agreement as provided in Article 14 hereof; and 
  
 (ii) execute, swear to, seal, acknowledge and file all ballots, consents, approvals, waivers, certificates and other instruments appropriate or necessary, in the sole and absolute discretion of the General Partner or any Liquidator, to
make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action which is made or given by the Partners hereunder or is consistent with the terms of this Agreement or appropriate or necessary, in the sole discretion of
the General Partner or any Liquidator, to effectuate the terms or intent of this Agreement. 
  
 Nothing contained herein shall be construed as authorizing the General Partner or any Liquidator to amend this Agreement except in accordance with Article 14 hereof or as may be otherwise expressly provided for in
this Agreement. 
  

 12 

 (b) (i) The foregoing power of attorney is hereby declared to be irrevocable and a power
coupled with an interest, in recognition of the fact that each of the Partners will be relying upon the power of the General Partner and any Liquidator to act as contemplated by this Agreement in any filing or other action by it on behalf of the
Partnership, and it shall survive and not be affected by the subsequent Incapacity of any Limited Partner, Special General Partner or Assignee and the Transfer of all or any portion of such Limited Partner’s, Special General Partner’s or
Assignee’s Partnership Units and shall extend to such Limited Partner’s, Special General Partner’s or Assignee’s heirs, successors, assigns and personal representatives. 
  
 (ii) Each such Limited Partner, Special General Partner or
Assignee hereby agrees to be bound by any representation made by the General Partner or any Liquidator, acting in good faith pursuant to such power of attorney, and each such Limited Partner, Special General Partner or Assignee hereby waives any and
all defenses which may be available to contest, negate or disaffirm the action of the General Partner or any Liquidator, taken in good faith under such power of attorney. 
  
 (iii) Each Limited Partner, Special General Partner or Assignee shall execute and deliver to the General
Partner or the Liquidator, within fifteen (15) days after receipt of the General Partner’s or Liquidator’s request therefor, such further designation, powers of attorney and other instruments as the General Partner or the Liquidator, as
the case may be, deems necessary to effectuate this Agreement and the purposes of the Partnership. 
  
 
2.5 Term 
  
 The term of the
Partnership shall commence on the date hereof and shall continue until December 31, 2099, unless the Partnership is dissolved sooner pursuant to the provisions of Article 13 or as otherwise provided by law. 
  
 
ARTICLE 3 
  
 PURPOSE

  
 
3.1 Purpose and Business 
  
 (a) The purpose and nature of the business to be conducted by the Partnership is to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act including, without
limitation, to engage in the following activities: 
  
 (i) to acquire, hold, own, develop, construct, improve, maintain, operate, sell, lease, transfer, encumber, convey, exchange, and otherwise dispose of or deal with the properties described in the prospectus contained in the Registration
Statement; 
  
 (ii) to acquire, hold, own,
develop, construct, improve, maintain, operate, sell, lease, transfer, encumber, convey, exchange, and otherwise dispose of or deal with real and personal property of all kinds; 
  
 (iii) to enter into any partnership, joint venture, corporation, limited liability company, trust or other
similar arrangement to engage in any of the foregoing; 
  
 (iv) to undertake such other activities as may be necessary, advisable, desirable or convenient to the business of the Partnership; and 
  
 (v) to engage in such other ancillary activities as shall be necessary or desirable to effectuate the foregoing purposes; 
  
 provided, however, that such business shall be limited to and conducted in such a manner as
to permit the General Partner at all times to be classified as a REIT, unless the General Partner determines not to qualify as a REIT or ceases to qualify as a REIT for any reason not related to the business conducted by the Partnership. 

 
 (b) The Partnership shall have all powers necessary or
desirable to accomplish the purposes enumerated. 
  

 13 

 
3.2 Powers 
  
 (a) The Partnership is empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment of the purposes and business described herein and for the
protection and benefit of the Partnership including, without limitation, full power and authority to enter into, perform, and carry out contracts of any kind, to borrow money and to issue evidences of indebtedness, whether or not secured by
mortgage, trust deed, pledge or other Lien, and, directly or indirectly, to acquire, own, improve, develop and construct real property, and lease, sell, transfer and dispose of real property; provided, that the Partnership shall not take, or refrain
from taking, any action which, in the judgment of the General Partner, in its sole and absolute discretion, 
  
 (i) could adversely affect the ability of the General Partner to continue to qualify as a REIT, unless the General Partner otherwise
ceases to qualify as a REIT; 
  
 (ii) could
subject the General Partner to any additional taxes under Section 857 or Section 4981 of the Code; or 
  
 (iii) could violate any law or regulation of any governmental body or agency having jurisdiction over the General Partner or its
securities, unless such action (or inaction) shall have been specifically consented to by the General Partner in writing. 
  
 (b) The General Partner also is empowered to do any and all acts and things necessary, appropriate or advisable to ensure that the
Partnership will not be classified as a “publicly traded partnership” for the purposes of Section 7704 of the Code, including but not limited to imposing restrictions on exchanges of Partnership Units. 
  
 
ARTICLE 4 
  
 CAPITAL
CONTRIBUTIONS 
  
 
4.1 Capital Contributions of the Partners 
  
 (a) The General Partner and Initial Limited Partner have made or shall make at the Effective Date, if applicable, the Capital
Contributions as set forth in Exhibit A to this Agreement. 
  
 (b) The Special General Partner shall make, at each closing of the offering, the appropriate portion of Special General Partner Capital Contributions required to be made pursuant to the agreement among the
Partnership, the Special General Partner and David Lichtenstein, dated April 1, 2005. In consideration thereof, the Partnership will issue, concurrently herewith, Special Partnership Units to the Special General Partner. 
  
 (c) To the extent the Partnership acquires any property by
the merger of any other Person into the Partnership or the contribution of assets by any other Person, Persons who receive Partnership Interests in exchange for their interests in the Person merging into or contributing assets to the Partnership
shall become Partners and shall be deemed to have made Capital Contributions as provided in the applicable merger agreement or contribution agreement and as set forth in Exhibit A, as amended to reflect such deemed Capital Contributions. 

 
 (d) Each Partner shall own Partnership Units in the
amounts set forth for such Partner in Exhibit A and shall have a Percentage Interest in the Partnership as set forth in Exhibit A, which Percentage Interest shall be adjusted in Exhibit A from time to time by the General Partner to the extent
necessary to reflect accurately exchanges, additional Capital Contributions, the issuance of additional Partnership Units or similar events having an effect on any Partner’s Percentage Interest. 
  

 14 

 (e) The General Partner shall adjust the amount of the Special General Partner
Contributions in Exhibit A to reflect all Offering Expenses paid by the Special General Partner from time to time. The Special General Partner shall provide the General Partner with evidence of payment of Offering Expenses as such expenses are
incurred. 
  
 (f) The number of Partnership Units
held by the General Partner, in its capacity as general partner, shall be deemed to be the General Partner Interest. 
  
 (g) Except as provided in Sections 4.2 and 10.5, the Partners shall have no obligation to make any additional Capital Contributions or
provide any additional funding to the Partnership (whether in the form of loans, repayments of loans or otherwise) and no Partner shall have any obligation to restore any deficit that may exist in its Capital Account, either upon a liquidation of
the Partnership or otherwise. 
  
 
4.2 Additional Funds; Restrictions on the General Partner 
  
 (a)    (i) The sums of money required to finance the business and affairs of the Partnership shall be derived from the initial Capital
Contributions made to the Partnership by the Partners as set forth in Section 4.1 and from funds generated from the operation and business of the Partnership, including, without limitation, rents and distributions directly or indirectly received by
the Partnership from any Subsidiary. 
  
 (ii) In
the event additional financing is needed from sources other than as set forth in Section 4.2(a)(i) for any reason, the General Partner may, in its sole and absolute discretion, in such amounts and at such times as it solely shall determine to be
necessary or appropriate, 
  
 (A) cause the
Partnership to issue additional Partnership Interests and admit additional Limited Partners to the Partnership in accordance with Section 4.3; 
  
 (B) make additional Capital Contributions to the Partnership (subject to the provisions of Section 4.2(b)); 
  
 (C) cause the Partnership to borrow money, enter into loan
arrangements, issue debt securities, obtain letters of credit or otherwise borrow money on a secured or unsecured basis; 
  
 (D) make a loan or loans to the Partnership (subject to Section 4.2(b)); or 
  
 (E) sell any assets or properties directly or indirectly
owned by the Partnership. 
  
 (iii) In no event
shall the Special General Partner or any Limited Partners be required to make any additional Capital Contributions or any loan to, or otherwise provide any financial accommodation for the benefit of, the Partnership. 
  
 (b) The General Partner shall not issue any debt securities,
any preferred stock or any common stock (including additional REIT Stock (other than (i) as payment of the REIT Stock Amount or (ii) in connection with the conversion or exchange of securities of the General Partner solely in conversion or exchange
for other securities of the General Partner)) or rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase any of the foregoing (collectively, “Securities”), other
than to all holders of REIT Stock, unless the General Partner shall 
  
 (i) in the case of debt securities, lend to the Partnership the proceeds of or consideration received for such Securities on the same terms and conditions, including interest rate and repayment schedule, as shall be
applicable with respect to or incurred in connection with the issuance of such Securities and the proceeds of, or consideration received from, any subsequent exercise, exchange or conversion thereof (if applicable); 
  
 (ii) in the case of equity Securities senior or junior to
the REIT Stock as to dividends and distributions on liquidation, contribute to the Partnership the proceeds of or consideration (including any property or other non-cash assets) received for such Securities and the proceeds of, or consideration
received from, any subsequent exercise, exchange or conversion thereof (if applicable), 

  

 15 

 
and receive from the Partnership, interests in the Partnership in consideration therefor with the same terms and conditions, including dividend, dividend
priority and liquidation preference, as are applicable to such Securities; and 
  
 (iii) in the case of REIT Stock or other equity Securities on a parity with the REIT Stock as to dividends and distributions on
liquidation, (including, without limitation, REIT Stock or other Securities issued as a stock award or upon exercise of options issued under the Stock Option Plans), contribute to the Partnership the proceeds of or consideration (including any
property or other non-cash assets, including services) received for such Securities and the proceeds of, or consideration received from, any subsequent exercise, exchange or conversion thereof (if applicable), and receive from the Partnership a
number of additional Partnership Units in consideration therefor equal to the product of 
  
 (A) the number of shares of REIT Stock or other equity Securities issued by the General Partner, multiplied by 
  
 (B) a fraction the numerator of which is one and the
denominator of which is the Exchange Factor in effect on the date of such contribution. 
  
 
4.3 Issuance of Additional Partnership Interests; Admission of Additional Limited Partners 
  
 (a) In addition to any Partnership Interests issuable by the Partnership pursuant to Section 4.2, the General Partner is authorized to
cause the Partnership to issue additional Partnership Interests (or options therefor) in the form of Partnership Units or other Partnership Interests in one or more series or classes, or in one or more series of any such class senior or junior to
the Partnership Units to any Persons at any time or from time to time, on such terms and conditions, as the General Partner shall establish in each case in its sole and absolute discretion subject to Delaware law, including, without limitation, (i)
the allocations of items of Partnership income, gain, loss, deduction and credit to each class or series of Partnership Interests, (ii) the right of each class or series of Partnership Interests to share in Partnership distributions, and (iii) the
rights of each class or series of Partnership Interest upon dissolution and liquidation of the Partnership; provided, that, no such Partnership Interests shall be issued to the General Partner unless either (a) the Partnership Interests are
issued in connection with the grant, award, or issuance of REIT Stock or other equity interests in the General Partner having designations, preferences and other rights such that the economic interests attributable to such REIT Stock or other equity
interests are substantially similar to the designations, preferences and other rights (except voting rights) of the Partnership Interests issued to the General Partner in accordance with this Section 4.3(a) or (b) the additional Partnership
Interests are issued to all Partners holding Partnership Interests in the same class in proportion to their respective Percentage Interests in such class, without any approval being required from any Limited Partner or any other Person; and
provided, however, that 
  
 (i)
such issuance does not cause the Partnership to become, with respect to any employee benefit plan subject to Title I of ERISA or Section 4975 of the Code, a “party in interest” (as defined in Section 3(14) of ERISA) or a “disqualified
person” (as defined in Section 4975(e) of the Code); and 
  
 (ii) such issuance would not cause any portion of the assets of the Partnership to constitute assets of any employee benefit plan pursuant to Section 2510.3-101 of the regulations of the United States Department of
Labor. 
  
 (b) Subject to the limitations set
forth in Section 4.3(a), the General Partner may take such steps as it, in its sole and absolute discretion, deems necessary or appropriate to admit any Person as a Limited Partner of the Partnership or to issue any Partnership Interests, including,
without limitation, amending the Certificate, Exhibit A or any other provision of this Agreement. 
  
 
4.4 Contribution of Proceeds of Issuance of REIT Stock
 
  
 In connection with any
offering, grant, award, or issuance of REIT Stock or securities, rights, options, warrants or convertible or exchangeable securities pursuant to Section 4.2, the General Partner shall make 

  

 16 

 
aggregate Capital Contributions to the Partnership of the proceeds raised in connection with such offering, grant, award, or issuance, including any property
issued to the General Partner pursuant to a merger or contribution agreement in exchange for Common Stock; provided, however, that if the proceeds actually received by the General Partner are less than the gross proceeds of such offering, grant,
award, or issuance as a result of any underwriter’s discount, commission, or fee or other expenses paid or incurred in connection with such offering, grant, award, or issuance, then the General Partner shall be deemed to have made a Capital
Contribution to the Partnership in the amount of the gross proceeds of such issuance and the Partnership shall be deemed simultaneously to have paid pursuant to Section 7.3(c) for the amount of such underwriter’s discount or other expenses.

  
 
4.5 Repurchase of REIT Stock; Shares-In-Trust 
  
 (a) In the event that the General Partner shall elect to purchase from its stockholders REIT Stock for the purpose of delivering such REIT
Stock to satisfy an obligation under any distribution reinvestment program adopted by the General Partner, any employee stock purchase plan adopted by the General Partner, or any other obligation or arrangement undertaken by the General Partner in
the future, the purchase price paid by the General Partner for such REIT Stock and any other expenses incurred by the General Partner in connection with such purchase shall be considered expenses of the Partnership and shall be reimbursed to the
General Partner, subject to the condition that: 
  
 (i) if such REIT Stock subsequently is to be sold by the General Partner, the General Partner shall pay to the Partnership any proceeds received by the General Partner from the sale of such REIT Stock (provided that an exchange of REIT
Stock for Partnership Units pursuant to the applicable Exchange Rights Agreement would not be considered a sale for such purposes); and 
  
 (ii) if such REIT Stock is not re-transferred by the General Partner within 30 days after the purchase thereof, the General Partner shall
cause the Partnership to cancel a number of Partnership Units held by the General Partner (as applicable) equal to the product of 
  
 (x) the number of shares of such REIT Stock, multiplied by 
  
 (y) a fraction, the numerator of which is one and the denominator of which is the Exchange Factor in effect
on the date of such cancellation. 
  
 (b) In the
event the General Partner purchases Shares-in-Trust (as from time to time defined in the Articles of Incorporation, as may be amended from time to time), the Partnership will purchase from the General Partner a number of Partnership Units equal to
the product of 
  
 (i) the number of
Shares-in-Trust purchased by the General Partner, multiplied by 
  
 (ii) a fraction, the numerator of which is one and the denominator of which is the Exchange Factor in effect on the date of such purchase. 
  
 
4.6 No Third-Party Beneficiary 
  
 No creditor or other third party having dealings with the Partnership shall have the right to enforce the right or obligations of any Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder or at law
or in equity, it being understood and agreed that the provisions of this Agreement shall be solely for the benefit of, and may be enforced solely by, the parties hereto and their respective successors and assigns. 
  
 
4.7 No Interest; No Return 
  
 (a) No Partner shall be entitled to interest on its Capital Contribution or on such Partner’s Capital Account. 
  
 (b) Except as provided herein or by law, no Partner shall have any right to demand or receive the return of its Capital Contribution from
the Partnership. 
  

 17 

 
4.8 No Preemptive Rights 
  
 Subject to any preemptive rights that may be granted pursuant to Section 4.3 hereof, no Person shall have any preemptive or other similar right with respect to 
  
 (a) additional Capital Contributions or loans to the Partnership; or 
  
 (b) issuance or sale of any Partnership Units or other
Partnership Interests. 
  
 
ARTICLE 5 
  
 DISTRIBUTIONS

  
 
5.1 Regular Distributions 
  
 (a) Except for distributions pursuant to Section 13.2 in connection with the dissolution and liquidation of the Partnership, and subject to the provisions of Sections 5.1(b), 5.3, 5.4, 5.5 and 12.2(c), the General
Partner shall cause the Partnership to distribute, at such times as the General Partner shall determine, an amount of Available Cash, determined by the General Partner in its sole discretion to the Limited Partners and the General Partner, as of the
applicable Partnership Record Date, in accordance with each such Partner’s respective Percentage Interest. This section 5.1(a) is not applicable to the Special General Partner. Distributions to the Special General Partner should be made
exclusively pursuant to Section 5.1(b). In no event may any such Partner receive a distribution of Available Cash with respect to a Partnership Unit if such Partner is entitled to receive a distribution out of such Available Cash with respect to
REIT Stock for which such a Partnership Unit has been exchanged. 
  
 (b) Except for distributions pursuant to Section 13.2 in connection with the dissolution and liquidation of the Partnership, and subject to the provisions of Sections 5.1(a), 5.3, 5.4, 5.5 and 12.2(c), the General
Partner shall cause the Partnership to distribute, at such times as the General Partner shall determine (each a “Distribution Date”), an amount of Available Cash, determined by the General Partner in its sole discretion to the
Special General Partner, the Limited Partners and General Partner, as of the applicable Partnership Record Date, in accordance with the following provisions: 
  

(i) 100% of Available Cash will be distributed to the General Partner and Limited Partners in accordance with Section 5.1(a) above
until the Limited Partners receive distributions from the Partnership and the Stockholders receive dividends from the General Partner in an amount equal to a Cumulative Non-Compounded Return of 7% per year on their Net Investment
(“First Level Return”); 
  
 (ii)
100% of Available Cash will be distributed to the Special General Partner if at the Distribution Date, the Limited Partners and the Stockholders have received First Level Returns, until the Special General Partner receives distributions from
the Partnership in an amount equal to a Cumulative Non-Compound Return of 7% per year on its Net Investment (“SGP Distribution”); 
  
 (iii) 70% of Available Cash will be distributed to the General Partner and Limited Partners in accordance with Section 5.1(a) above and
30% of Available Cash will be distributed to the Special General Partner, if at the Distribution Date (1) the Limited Partners and the Stockholders have received First Level Returns, and (2) the Special General Partner has received the SGP
Distribution, until the Limited Partners receive distributions from the Partnership and Stockholders receive dividends from the General Partner in an amount equal to a Cumulative Non-Compounded return of 12% per year on their Net Investment
(“Second Level Return”); and  
  
 (iv) 60% of Available Cash will be distributed to the General Partner and Limited Partners in accordance with Section 5.1(a) above and 40% of Available Cash will be distributed to the Special General Partner, if at the Distribution Date the
Limited Partners and Stockholders have received Second Level Returns.  
  

 18 

 
5.2 Qualification as a REIT 
  
 The General Partner shall use its best efforts to cause the Partnership to distribute sufficient amounts under this Article 5 to enable the General Partner to pay dividends to the Stockholders that will enable the General Partner to

  
 (a) satisfy the requirements for
qualification as a REIT under the Code and Regulations (“REIT Requirements”), and 
  
 (b) avoid any federal income or excise tax liability; 
  
 provided, however, the General Partner shall not be bound to comply with this covenant to the extent such distributions would

  
 (x) violate applicable Delaware law or

  
 (y) contravene the terms of any notes,
mortgages or other types of debt obligations to which the Partnership may be subject in conjunction with borrowed funds. 
  
 
5.3 Withholding 
  
 With
respect to any withholding tax or other similar tax liability or obligation to which the Partnership may be subject as a result of any act or status of any Partner or to which the Partnership becomes subject with respect to any Partnership Unit, the
Partnership shall have the right to withhold amounts of Available Cash distributable to such Partner or with respect to such Partnership Units, to the extent of the amount of such withholding tax or other similar tax liability or obligation pursuant
to the provisions contained in Section 10.5. 
  
 
5.4 Additional Partnership Interests 
  
 If the Partnership issues Partnership Interests in accordance with Section 4.2 or 4.3, the distribution priorities set forth in Section 5.1 shall be amended, as necessary, to reflect the distribution priority of such
Partnership Interests and corresponding amendments shall be made to the provisions of Exhibit B. 
  
 
5.5 Distributions Upon Liquidation
 
  
 Proceeds from a Terminating
Capital Transaction and any other cash received or reductions in reserves made after commencement of the liquidation of the Partnership shall be distributed to the Partners in accordance with Section 13.2. 
  
 
ARTICLE 6 
  
 ALLOCATIONS

  
 
6.1 Allocations 
  
 The Net
Income, Net Loss and other Partnership items shall be allocated pursuant to the provisions of Exhibit B. 
  
 
6.2 Revisions to Allocations to Reflect Issuance of Partnership Interests 
  
 If the Partnership issues Partnership Interests to the General Partner, Special General Partner or any additional Limited Partner pursuant to Article IV,
the General Partner shall make such revisions to this Article 6 and Exhibit B as it deems necessary to reflect the terms of the issuance of such Partnership Interests, including making preferential allocations to classes of Partnership Interests
that are entitled thereto. Such revisions shall not require the consent or approval of any other Partner. 
  

 19 

 
ARTICLE 7 
  
 MANAGEMENT AND
OPERATIONS OF BUSINESS 
  
 
7.1 Management 
  
 (a)    (i) Except as otherwise expressly provided in this Agreement, full, complete and exclusive discretion to manage and control the business and affairs of the Partnership are and shall be vested in the General
Partner, and no Limited Partner shall have any right to participate in or exercise control or management power over the business and affairs of the Partnership. Except as provided, any action taken by the General Partner in connection with
management of the Partnership requires the consent of the Special General Partner. 
  
 (ii) The General Partner may not be removed by the Special General Partner or the Limited Partners with or without cause. 
  
 (iii) In addition to the powers now or hereafter granted a
general partner of a limited partnership under applicable law or which are granted to the General Partner under any other provision of this Agreement, the General Partner, subject to Section 7.11, shall have full power and authority to do all things
deemed necessary or desirable by it to conduct the business of the Partnership, to exercise all powers set forth in Section 3.2 hereof and to effectuate the purposes set forth in Section 3.1 hereof, including, without limitation: 
  
 (A) (1) the making of any expenditures, the lending or
borrowing of money, including, without limitation, making prepayments on loans and borrowing money to permit the Partnership to make distributions to its Partners in such amounts as will permit the General Partner (so long as the General Partner
qualifies as a REIT) to avoid the payment of any federal income tax (including, for this purpose, any excise tax pursuant to Section 4981 of the Code) and to make distributions to its stockholders in amounts sufficient to permit the General Partner
to maintain REIT status, 
  
 (2) the assumption
or guarantee of, or other contracting for, indebtedness and other liabilities, 
  
 (3) the issuance of evidence of indebtedness (including the securing of the same by deed, mortgage, deed of trust or other lien or
encumbrance on the Partnership’s assets) and 
  
 (4) the incurring of any obligations it deems necessary for the conduct of the activities of the Partnership, including the payment of all expenses associated with the General Partner; 
  
 (B) the making of tax, regulatory and other filings, or
rendering of periodic or other reports to governmental or other agencies having jurisdiction over the business or assets of the Partnership or the General Partner; 
  
 (C) the acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or exchange of all or
substantially all of the assets of the Partnership (including the exercise or grant of any conversion, option, privilege, or subscription right or other right available in connection with any assets at any time held by the Partnership) or the
merger, consolidation or other combination (a “Business Combination”) of the Partnership with or into another Entity on such terms as the General Partner deems proper, provided that the General Partner shall be required to send to
the Special General Partner and each Limited Partner a notice of such proposed Business Combination no less than 15 days prior to the record date for the vote of the General Partner’s stockholders on such Business Combination, if any;

  
 (D) the use of the assets of the Partnership
(including, without limitation, cash on hand) for any purpose consistent with the terms of this Agreement and on any terms it sees fit, including, without limitation, 
  
 (1) the financing of the conduct of the operations of the General Partner, the Partnership or any of the
Partnership’s Subsidiaries, 
  

 20 

 (2) the lending of funds to other Persons (including, without limitation, the
Subsidiaries of the Partnership and/or the General Partner) and the repayment of obligations of the Partnership and its Subsidiaries and any other Person in which it has an equity investment, and 
  
 (3) the making of capital contributions to its
Subsidiaries; 
  
 (E) the expansion,
development, construction, leasing, repair, alteration, demolition or improvement of any property in which the Partnership or any Subsidiary of the Partnership owns an interest; 
  
 (F) the negotiation, execution, and performance of any contracts, conveyances or other instruments that the
General Partner considers useful or necessary to the conduct of the Partnership’s operations or the implementation of the General Partner’s powers under this Agreement, including contracting with contractors, developers, consultants,
accountants, legal counsel, other professional advisors and other agents and the payment of their expenses and compensation out of the Partnership’s assets; 
  
 (G) the distribution of Partnership cash or other Partnership assets in accordance with this Agreement;

  
 (H) holding, managing, investing and
reinvesting cash and other assets of the Partnership; 
  
 (I) the collection and receipt of revenues and income of the Partnership; 
  
 (J) the establishment of one or more divisions of the Partnership, the selection and dismissal of employees of the Partnership
(including, without limitation, employees having titles such as “president,” “vice president,” “secretary” and “treasurer” of the Partnership), and agents, outside attorneys, accountants, consultants and
contractors of the Partnership, and the determination of their compensation and other terms of employment or engagement; 
  
 (K) the maintenance of such insurance for the benefit of the Partnership and the Partners and directors and officers thereof as it deems
necessary or appropriate; 
  
 (L) the formation
of, or acquisition of an interest (including non-voting interests in entities controlled by Affiliates of the Partnership or third parties) in, and the contribution of property to, any further Entities or other relationships that it deems desirable,
including, without limitation, the acquisition of interests in, and the contributions of funds or property to, or making of loans to, its Subsidiaries and any other Person from time to time, or the incurrence of indebtedness on behalf of such
Persons or the guarantee of the obligations of such Persons; provided that, as long as the General Partner has determined to elect to qualify as a REIT or to continue to qualify as a REIT, the Partnership may not engage in any such formation,
acquisition or contribution that would cause the General Partner to fail to qualify as a REIT; 
  
 (M) the control of any matters affecting the rights and obligations of the Partnership, including 
  
 (1) the settlement, compromise, submission to arbitration
or any other form of dispute resolution, or abandonment of, any claim, cause of action, liability, debt or damages, due or owing to or from the Partnership, 
  
 (2) the commencement or defense of suits, legal proceedings, administrative proceedings, arbitration or other forms of dispute
resolution, and 
  
 (3) the representation of
the Partnership in all suits or legal proceedings, administrative proceedings, arbitrations or other forms of dispute resolution, the incurring of legal expenses, and the indemnification of any Person against liabilities and contingencies to the
extent permitted by law; 
  

 21 

 (N) the undertaking of any action in connection with the Partnership’s direct or
indirect investment in its Subsidiaries or any other Person (including, without limitation, the contribution or loan of funds by the Partnership to such Persons); 
  
 (O) the determination of the fair market value of any Partnership property distributed in kind using such
reasonable method of valuation as the General Partner, in its sole discretion, may adopt; 
  
 (P) the exercise, directly or indirectly, through any attorney-in-fact acting under a general or limited power of attorney, of any right,
including the right to vote, appurtenant to any asset or investment held by the Partnership; 
  
 (Q) the exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of or in connection with any
Subsidiary of the Partnership or any other Person in which the Partnership has a direct or indirect interest, or jointly with any such Subsidiary or other Person; 
  
 (R) the exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of any
Person in which the Partnership does not have an interest pursuant to contractual or other arrangements with such Person; 
  
 (S) the making, execution and delivery of any and all deeds, leases, notes, mortgages, deeds of trust, security agreements, conveyances,
contracts, guarantees, warranties, indemnities, waivers, releases or legal instruments or agreements in writing necessary or appropriate, in the judgment of the General Partner, for the accomplishment of any of the foregoing; 
  
 (T) the issuance of additional Partnership Units in
connection with Capital Contributions by Additional Limited Partners and additional Capital Contributions by Partners pursuant to Article 4 hereof; 
  
 (U) the opening of bank accounts on behalf of, and in the name of, the Partnership and its Subsidiaries; and 
  
 (V) the amendment and restatement of Exhibit A to reflect
accurately at all times the Capital Contributions and Percentage Interests of the Partners as the same are adjusted from time to time to the extent necessary to reflect redemptions, Capital Contributions, the issuance of Partnership Units, the
admission of any Additional Limited Partner or any Substituted Limited Partner or otherwise, which amendment and restatement, notwithstanding anything in this Agreement to the contrary, shall not be deemed an amendment of this Agreement, as long as
the matter or event being reflected in Exhibit A otherwise is authorized by this Agreement. 
  
 (b)    (i) The Special General Partner and each of the Limited Partners agree that the General Partner is authorized to execute, deliver and perform the above-mentioned agreements and transactions
on behalf of the Partnership without any further act, approval or vote of the Partners, notwithstanding any other provision of this Agreement to the fullest extent permitted under the Act or other applicable law, rule or regulation. 
  
 (ii) The execution, delivery or performance by the General
Partner or the Partnership of any agreement authorized or permitted under this Agreement shall not constitute a breach by the General Partner of any duty that the General Partner may owe the Partnership or the Limited Partners or any other Persons
under this Agreement or of any duty stated or implied by law or equity. 
  
 (c) At all times from and after the date hereof, the General Partner at the expense of the Partnership, may or may not, cause the Partnership to obtain and maintain 
  
 (i) casualty, liability and other insurance on the
properties of the Partnership; 
  
 (ii) liability
insurance for the Indemnitees hereunder; and 
  

 22 

 (iii) such other insurance as the General Partner, in its sole and absolute discretion,
determines to be appropriate and reasonable. 
  
 (d) At all times from and after the date hereof, the General Partner may cause the Partnership to establish and maintain at any and all times working capital accounts and other cash or similar balances in such amount as the General Partner,
in its sole and absolute discretion, deems appropriate and reasonable from time to time. 
  
 (e)    (i) In exercising its authority under this Agreement, the General Partner may, but shall be under no obligation to, take into account the tax consequences to any Partner (including the
General Partner) of any action taken (or not taken) by it. The General Partner and the Partnership shall not have liability to the Special General Partner or any Limited Partner for monetary damages or otherwise for losses sustained, liabilities
incurred or benefits not delivered by the Special General Partner or such Limited Partner in connection with such decisions, provided that the General Partner has acted in good faith pursuant to its authority under this Agreement. The Limited
Partners expressly acknowledge that the General Partner is acting on behalf of the Partnership, the General Partner, and the General Partner’s stockholders, collectively. 
  
 (ii) The General Partner and the Partnership shall not have liability to the Special General Partner or any
Limited Partner under any circumstances as a result of an income tax liability incurred by the Special General Partner or such Limited Partner as a result of an action (or inaction) by the General Partner taken pursuant to its authority under and in
accordance with this Agreement. 
  
 
7.2 Certificate of General Partnership 
  
 (a) The General Partner has previously filed the Certificate with the Secretary of State of Delaware as required by the Act. 
  
 (b)    (i) The General Partner shall use all reasonable efforts to cause to be filed such other certificates or documents as may be
reasonable and necessary or appropriate for the formation, continuation, qualification and operation of a limited partnership (or a partnership in which the limited partners have limited liability) in the State of Delaware and any other state, or
the District of Columbia, in which the Partnership may elect to do business or own property. 
  
 (ii) To the extent that such action is determined by the General Partner to be reasonable and necessary or appropriate, the General
Partner shall file amendments to and restatements of the Certificate and do all of the things to maintain the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability) under the laws of the State of
Delaware and each other state, or the District of Columbia, in which the Partnership may elect to do business or own property. 
  
 (iii) Subject to the terms of Section 8.5(a)(iv) hereof, the General Partner shall not be required, before or after filing, to deliver or
mail a copy of the Certificate or any amendment thereto to the Special General Partner or any Limited Partner. 
  
 
7.3 Reimbursement of the General Partner 
  
 (a) Except as provided in this Section 7.3 and elsewhere in this Agreement (including the provisions of Articles 5 and 6 regarding
distributions, payments, and allocations to which it may be entitled), the General Partner shall not be compensated for its services as general partner of the Partnership. 
  
 (b)    (i) The Partnership shall be responsible for and shall pay all expenses relating to the
Partnership’s organization, the ownership of its assets and its operations. The General Partner shall be reimbursed on a monthly basis, or such other basis as it may determine in its sole and absolute discretion, for all expenses that it incurs
on behalf of the Partnership relating to the ownership and operation of the Partnership’s assets, or for the benefit of the Partnership, including all expenses 

  

 23 

 
associated with compliance by the General Partner and the Initial Limited Partner with laws, rules and regulations promulgated by any regulatory body,
expenses related to the operations of the General Partner and to the management and administration of any Subsidiaries of the General Partner or the Partnership or Affiliates of the Partnership, such as auditing expenses and filing fees and any and
all salaries, compensation and expenses of officers and employees of the General Partner, but excluding any portion of expenses reasonably attributable to assets not owned by or for the benefit of, or to operations not for the benefit of, the
Partnership or Affiliates of the Partnership; provided, that the amount of any such reimbursement shall be reduced by any interest earned by the General Partner with respect to bank accounts or other instruments or accounts held by it in its name.

  
 (ii) Such reimbursement shall be in addition
to any reimbursement made as a result of indemnification pursuant to Section 7.6 hereof. 
  
 (iii) The General Partner shall determine in good faith the amount of expenses incurred by it related to the ownership and operation of,
or for the benefit of, the Partnership. If certain expenses are incurred for the benefit of the Partnership and other entities (including the General Partner), such expenses will be allocated to the Partnership and such other entities in such a
manner as the General Partner in its reasonable discretion deems fair and reasonable. All payments and reimbursements hereunder shall be characterized for federal income tax purposes as expenses of the Partnership incurred on its behalf, and not as
expenses of the General Partner. 
  
 (c)    (i) Expenses incurred by the General Partner relating to the organization or reorganization of the Partnership and the General Partner the issuance of Common Stock in connection with the Consolidation and any
issuance of additional Partnership Interests, REIT Stock or rights, options, warrants, or convertible or exchangeable securities pursuant to Section 4.2 hereof and all costs and expenses associated with the preparation and filing of any periodic
reports by the General Partner under federal, state or local laws or regulations (including, without limitation, all costs, expenses, damages, and other payments resulting from or arising in connection with litigation related to any of the
foregoing) are primarily obligations of the Partnership. 
  
 (ii) To the extent the General Partner pays or incurs such expenses, the General Partner shall be reimbursed for such expenses. 
  

7.4 Outside Activities of the General Partner 
  
 The General Partner and any Affiliates of the General Partner may acquire Limited Partner Interests and shall be entitled to exercise all
rights of a Limited Partner relating to such Limited Partner Interests. 
  
 
7.5 Contracts with Affiliates 
  
 (a)    (i) The Partnership may lend or contribute funds or other assets to its Subsidiaries or other Persons in which it has an equity investment and such Subsidiaries and Persons may borrow funds from the Partnership,
on terms and conditions established in the sole and absolute discretion of the General Partner. 
  
 (ii) The foregoing authority shall not create any right or benefit in favor of any Subsidiary or any other Person. 
  
 (b) Except as provided in Section 7.4, the Partnership may
Transfer assets to Entities in which it is or thereby becomes a participant upon such terms and subject to such conditions consistent with this Agreement and applicable law as the General Partner, in its sole and absolute discretion, may determine.

  
 (c) Except as expressly permitted by this
Agreement, neither the General Partner nor any of its Affiliates shall sell, Transfer or convey any property to, or purchase any property from, the Partnership, directly or indirectly, except pursuant to transactions that are determined by the
General Partner in good faith to be fair and reasonable. 
  

 24 

 (d) The General Partner, in its sole and absolute discretion and without the approval of
the Special General Partner or the Limited Partners, may propose and adopt, on behalf of the Partnership, employee benefit plans, stock option plans, and similar plans funded by the Partnership for the benefit of employees of the Partnership, the
General Partner, any Subsidiaries of the Partnership or any Affiliate of any of them in respect of services performed, directly or indirectly, for the benefit of the Partnership and Special General Partner, the General Partner, any Subsidiaries of
the Partnership or any Affiliate of any of them. 
  
 (e) The General Partner is expressly authorized to enter into, in the name and on behalf of the Partnership, a “right of first opportunity” or “right of first offer” arrangement, non-competition agreements and other
conflict avoidance agreements with various Affiliates of the Partnership and the General Partner, on such terms as the General Partner and Special General Partner in their absolute discretion, believe are advisable. 
  
 
7.6 Indemnification 
  
 (i) To the fullest extent permitted by Delaware law and subject to Sections 7.9(a) and (b), the Partnership shall indemnify each Indemnitee from and against any and all losses, claims, damages, liabilities, joint or
several, expenses (including, without limitation, reasonable attorneys’ fees and other legal fees and expenses), judgments, fines, settlements, and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil,
criminal, administrative or investigative (collectively, “Claims”), that relate to the operations of the Partnership or the General Partner as set forth in this Agreement, in which such Indemnitee may be involved, or is threatened to be
involved, as a party or otherwise, so long as (x) the course of conduct which gave rise to the Claim was taken, in the reasonable determination of the Indemnitee made in good faith, in the best interests of the Partnership or the General Partner,
(y) such Claim was not the result of negligence or misconduct by the Indemnitee and (z) such indemnification is not satisfied or recoverable from the assets of the stockholders of the General Partner. Notwithstanding the foregoing, no Indemnitee
shall be indemnified for any Claim arising from or out of an alleged violation of federal or state securities laws unless (x) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to such
Indemnitee, (y) such allegations have been dismissed with prejudice on the merits by a court of competent jurisdiction as to such Indemnitee, or (z) a court of competent jurisdiction approves a settlement of such allegations against such Indemnitee
and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the Securities and Exchange Commission and of the published position
of any state securities regulatory authority in which the REIT Stock was offered or sold as to indemnification for violations of securities law. 
  
 (ii) Without limitation, the foregoing indemnity shall extend to any liability of any Indemnitee, pursuant to a loan guaranty (except a
guaranty by a limited partner of nonrecourse indebtedness of the Partnership or as otherwise provided in any such loan guaranty), contractual obligation for any indebtedness or other obligation or otherwise for any indebtedness of the Partnership or
any Subsidiary of the Partnership (including, without limitation, any indebtedness which the Partnership or any Subsidiary of the Partnership has assumed or taken subject to), and the General Partner is hereby authorized and empowered, on behalf of
the Partnership, to enter into one or more indemnity agreements consistent with the provisions of this Section 7.6 in favor of any Indemnitee having or potentially having liability for any such indebtedness. 
  
 (iii) Any indemnification pursuant to this Section 7.6 shall
be made only out of the assets of the Partnership, and neither the General Partner nor the Special General Partner or any Limited Partner shall have any obligation to contribute to the capital of the Partnership, or otherwise provide funds, to
enable the Partnership to fund its obligations under this Section 7.6. 
  

 25 

 (b) Subject to Section 7.9(c), reasonable expenses incurred by an Indemnitee who is a
party to a proceeding shall be paid or reimbursed by the Partnership in advance of the final disposition of any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative made or threatened against an
Indemnitee upon receipt by the Partnership of (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Partnership as authorized in this Section 7.6 has
been met; and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has not been met. 
  
 (c) The indemnification provided by this Section 7.6 shall be in addition to any other rights to which an
Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity unless otherwise provided in a
written agreement pursuant to which such Indemnities are indemnified. 
  
 (d) The Partnership may, but shall not be obligated to, purchase and maintain insurance, on behalf of the Indemnities and such other Persons as the General Partner shall determine, against any liability that may be
asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of whether the Partnership would have the power to indemnify such Person against such liability under the provisions of
this Agreement. 
  
 (e) For purposes of this
Section 7.6, the Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by such Indemnitee of its duties to the Partnership also imposes duties on, or otherwise involves
services by, such Indemnitee to the plan or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of this
Section 7.6; and actions taken or omitted by the Indemnitee with respect to an employee benefit plan in the performance of its duties for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries of the plan
shall be deemed to be for a purpose which is not opposed to the best interests of the Partnership. 
  
 (f) In no event may an Indemnitee subject any of the Partners (other than the General Partner) to personal liability by reason of the
indemnification provisions set forth in this Agreement. 
  
 (g) An Indemnitee shall not be denied indemnification in whole or in part under this Section 7.6 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the
transaction was otherwise permitted by the terms of this Agreement. 
  
 (h)    (i) The provisions of this Section 7.6 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other Persons.

  
 (ii) Any amendment, modification or repeal of
this Section 7.6 or any provision hereof shall be prospective only and shall not in any way affect the Partnership’s liability to any Indemnitee under this Section 7.6, as in effect immediately prior to such amendment, modification, or repeal
with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 
  
 (i) If and to the extent any payments to the General Partner
pursuant to this Section 7.6 constitute gross income to the General Partner (as opposed to the repayment of advances made on behalf of the Partnership), such amounts shall constitute guaranteed payments within the meaning of Section 707(c) of the
Code, shall be treated consistently therewith by the Partnership and all Partners, and shall not be treated as distributions for purposes of computing the Partners’ Capital Accounts. 
  
 (j) Notwithstanding anything to the contrary in this
Agreement, the General Partner shall not be entitled to indemnification hereunder for any loss, claim, damage, liability or expense for which the General Partner is obligated to indemnify the Partnership under any other agreement between the General
Partner and the Partnership. 
  

 26 

 
7.7 Liability of the General Partner 
  
 Subject to Section 7.9: 
  
 (a) Notwithstanding anything to the contrary set forth in this Agreement, neither the General Partner nor the investment advisor of the General Partner, nor any of their respective officers and directors, shall be
liable for monetary damages to the Partnership, any Partners or any Assignees for losses sustained or liabilities incurred as a result of errors in judgment or mistakes of fact or law or of any act or omission unless the General Partner or its
investment advisor, as the case may be, acted in bad faith and the act or omission was material to the matter giving rise to the loss, liability or benefit not derived. 
  
 (b)    (i) The Special General Partner and the Limited Partners expressly acknowledge that the General
Partner (and its investment advisor) is acting on behalf of the Partnership and the shareholders of the General Partner collectively, that the General Partner (and its investment advisor), subject to the provisions of Section 7.1(e) hereof, is under
no obligation to consider the separate interest of the Special General Partner or the Limited Partners (including, without limitation, the tax consequences to the Special General Partner, the Limited Partners or Assignees) in deciding whether to
cause the Partnership to take (or decline to take) any actions, and that the General Partner (and its investment advisor) shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited
Partners or the Special General Partner in connection with such decisions; provided that the General Partner (and its investment advisor) has acted in good faith. 
  
 (ii) With respect to any indebtedness of the Partnership which the Special General Partner or any Limited
Partner may have guaranteed, the General Partner (and its investment advisor) shall have no duty to keep such indebtedness outstanding. 
  
 (c)    (i) Subject to its obligations and duties as General Partner set forth in Section 7.1(a) hereof, the General Partner may
exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agent, including its investment advisor. 
  
 (ii) The General Partner shall not be responsible for any
misconduct or negligence on the part of any such agent appointed by the General Partner in good faith. 
  
 (d) The Limited Partners expressly acknowledge that in the event of any conflict in the fiduciary duties owed by the General Partner to
its stockholders and by the General Partner, in its capacity as a general partner of the Partnership, to the Special General Partner or the Limited Partners, the General Partner may act in the best interests of the General Partner’s
stockholders without violating its fiduciary duties to the Special General Partner and the Limited Partners, and that the General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by
the Special General Partner or the Limited Partners in connection with any such violation. 
  
 (e) Any amendment, modification or repeal of this Section 7.7 or any provision hereof shall be prospective only and shall not in any way
affect the limitations on the General Partner’s and its officers’ and directors’ liability to the Partnership and the Limited Partners under this Section 7.7 as in effect immediately prior to such amendment, modification or repeal
with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 
  
 
7.8 Other Matters Concerning the General Partner 
  
 Subject to Section 7.9: 
  
 (a) The General Partner may rely and shall be protected in acting, or refraining from acting, upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, bond, debenture, or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties. 
  
 (b) The General Partner may consult with legal counsel,
accountants, appraisers, management consultants, investment bankers, architects, engineers, environmental consultants and other consultants and 

  

 27 

 
advisers selected by it, and any act taken or omitted to be taken in reliance upon the opinion of such Persons as to matters which such General Partner
reasonably believes to be within such Person’s professional or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such opinion. 
  
 (c)    (i) The General Partner shall have the right, in
respect of any of its powers or obligations hereunder, to act through any of its duly authorized officers and duly appointed attorneys-in-fact. 
  
 (ii) Each such attorney shall, to the extent provided by the General Partner in the power of attorney, have full power and authority to do
and perform each and every act and duty which is permitted or required to be done by the General Partner hereunder. 
  
 (d) Notwithstanding any other provisions of this Agreement or the Act, any action of the General Partner on behalf of the Partnership or
any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is necessary or advisable in order 
  
 (i) to protect the ability of the General Partner to
continue to qualify as a REIT; or 
  
 (ii) to
avoid the General Partner incurring any taxes under Section 857 or Section 4981 of the Code, 
  
 is expressly authorized under this Agreement and is deemed approved by the Special General Partner and all of the Limited Partners. 
  
 7.9 Restrictions on Indemnification and Limitation of Liability 
  
 (a) The Partnership shall not indemnify Indemnitees for any
liability loss suffered by the Indemnitees, nor shall it hold harmless for any loss or liability suffered by the Partnership, any Indemnitee, unless all of the following conditions are met: (i) the Indemnitees determined, in good faith, that the
course of conduct which caused the loss or liability was in the best interests of the Partnership, (ii) the Indemnitee were acting on behalf of the Partnership or performing services for the Partnership, (iii) such liability or loss or expense was
not the result of negligence or misconduct on the part of Indemnitees and (iv) such indemnification or agreement to hold harmless shall be recoverable only out of the net assets of the Partnership and not from stockholders or the General Partner.

  
 (b) Notwithstanding anything to the contrary
in subsection (a), the Partnership shall not indemnify Indemnitees or any persons acting as a broker-dealer for any losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws by such party unless
one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the particular Indemnitee, (ii) such claims have been dismissed with
prejudice on the merits by a court of competent jurisdiction as to the particular Indemnitee or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular Indemnitee and finds that indemnification of the
settlement and related costs should be made, and the court considering the matter has been advised of the position of the Securities and Exchange Commission and the published position of any state securities regulatory authority as to
indemnification for violations of securities law. 
  
 (c) The Partnership will advance amounts to Indemnitees for legal expenses and other costs incurred as a result of any legal action for which indemnification is being sought is permissible only if all of the following conditions are
satisfied: (i) the legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Partnership, (ii) the legal action is initiated by a third party who is not a Stockholder or is initiated by a
Stockholder acting in his or her capacity as such and a court of competent jurisdiction specifically approves the advancement and (iii) the Indemnitees undertake in writing to repay the advanced funds to the Partnership, together with the applicable
legal rate of interest thereon, in cases in which such Indemnitees are found not to be entitled to indemnification. 
  

 28 

 
7.10 Title to Partnership Assets 
  
 (a) Title to Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively, shall
have any ownership interest in such Partnership assets or any portion thereof. 
  
 (b)    (i) Title to any or all of the Partnership assets may be held in the name of the Partnership, the General Partner or one or more nominees, as the General Partner may determine, including
Affiliates of the General Partner. 
  
 (ii) The
General Partner hereby declares and warrants that any Partnership asset for which legal title is held in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit
of the Partnership in accordance with the provisions of this Agreement; provided, that the General Partner shall use its best efforts to cause beneficial and record title to such assets to be vested in the Partnership as soon as reasonably
practicable. 
  
 (iii) All Partnership assets
shall be recorded as the property of the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets is held. 
  

7.11 Reliance by Third Parties 
  
 (a) Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Partnership shall be entitled to assume that the General Partner has full power and authority, without consent or approval of
any other Partner or Person, to encumber, sell or otherwise use in any manner any and all assets of the Partnership and to enter into any contracts on behalf of the Partnership, and take any and all actions on behalf of the Partnership, and such
Person shall be entitled to deal with the General Partner as if the General Partner were the Partnership’s sole party in interest, both legally and beneficially. 
  
 (b) The Special General Partner and each Limited Partner hereby waives any and all defenses or other
remedies which may be available against such Person to contest, negate or disaffirm any action of the General Partner in connection with any such dealing. 
  

 29 

 (c) In no event shall any Person dealing with the General Partner or its representatives
be obligated to ascertain that the terms of this Agreement have been complied with or to inquire into the necessity or expediency of any act or action of the General Partner or its representatives. 
  
 (d) Each and every certificate, document or other instrument
executed on behalf of the Partnership by the General Partner or its representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that 
  
 (i) at the time of the execution and delivery of such
certificate, document or instrument, this Agreement was in full force and effect; 
  
 (ii) the Person executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on
behalf of the Partnership; and 
  
 (iii) such
certificate, document or instrument was duly executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Partnership. 
  
 
7.12 Loans By Third Parties. 
  
 The Partnership may incur Debt, or enter into similar credit, guarantee, financing or refinancing arrangements for any purpose (including, without limitation, in connection with any acquisition of property) with any Person upon such terms
as the General Partner determines appropriate. 
  
 
ARTICLE 8 
  
 RIGHTS AND
OBLIGATIONS OF LIMITED PARTNERS AND THE SPECIAL GENERAL PARTNER 
  
 
8.1 Limitation of Liability 
  
 No Limited Partners shall have any liability under this Agreement except as expressly provided in this Agreement, including Section 10.5 hereof, or under the Act. 
  
 
8.2 Management of Business 
  
 (a) No Limited Partner or Assignee (other than the General Partner, any of their Affiliates or any officer, director, employee, agent or trustee of the General Partner, the Partnership or any of their Affiliates, in
their capacity as such) shall take part in the operation, management or control (within the meaning of the Act) of the Partnership’s business, transact any business in the Partnership’s name or have the power to sign documents for or
otherwise bind the Partnership. 
  
 (b) The
transaction of any such business by the General Partner, the Special General Partner, any of its Affiliates or any officer, director, employee, partner, agent or trustee of the General Partner, the Special General Partner, the Partnership or any of
their Affiliates, in their capacity as such, shall not affect, impair or eliminate the limitations, the Limited Partners or Assignees under this Agreement. 
  
 
8.3 Outside Activities of Limited Partners and the Special General Partner 
  
 (a) Subject to any agreements entered into pursuant to Section 7.5 hereof and any other agreements entered into by the Special General
Partner, a Limited Partner or its Affiliates with the Partnership or any of its Subsidiaries, the Special General Partner and any Limited Partner and any officer, director, employee, agent, trustee, Affiliate or shareholder of the Special General
Partner or any Limited Partner shall be entitled to and may have business interests and engage in business activities in addition to those relating to the Partnership, including business interests and activities that are in direct competition with
the Partnership or that are enhanced by the activities of the Partnership. 
  

 30 

 (b) Neither the Partnership nor any Partners shall have any rights by virtue of this
Agreement in any business ventures of the Special General Partner or any Limited Partner or Assignee. 
  
 (c) Neither the Special General Partner or the Limited Partners nor any other Person shall have any rights by virtue of this Agreement or
the Partnership relationship established hereby in any business ventures of any other Person and such Person shall have no obligation pursuant to this Agreement to offer any interest in any such business ventures to the Partnership, the Special
General Partner, any Limited Partner or any such other Person, even if such opportunity is of a character which, if presented to the Partnership, the Special General Partner, any Limited Partner or such other Person, could be taken by such Person.

  
 
8.4 Return of Capital 
  
 (a) Except pursuant to the Exchange Rights Agreements or pursuant to Section 13.3 hereof, neither the Special General Partner nor Limited Partner shall be entitled to the withdrawal or return of its Capital
Contribution, except to the extent of distributions made pursuant to this Agreement or upon termination of the Partnership as provided herein. 
  
 (b) Except as provided in Articles 5 and 13 hereof, no Limited Partner or Assignee shall have priority over any other Limited Partner, the
Special General Partner or Assignee, either as to the return of Capital Contributions or as to profits, losses or distributions. 
  
 (c) Except as provided in Articles 5 and 13 hereof, the Special General Partner shall not have priority over any General Partner or
Assignee, either as to the return of Capital Contributions or as to profits, losses or distributions. 
  
 
8.5 Rights of Limited Partners Relating to the Partnership 
  
 (a) In addition to the other rights provided by this Agreement or by the Act, and except as limited by Section 8.5(b) hereof, each Limited
Partner shall have the right, for a purpose reasonably related to the Special General Partner or such Limited Partner’s interest as a limited partner in the Partnership, upon written demand with a statement of the purpose of such demand and at
such General Partner’s own expense (including such reasonable copying and administrative charges as the General Partner may establish from time to time): 
  

(i) to obtain a copy of the most recent annual and quarterly reports filed with the Securities and Exchange Commission by the General
Partner pursuant to the Securities Exchange Act of 1934; 
  
 (ii) to obtain a copy of the Partnership’s federal, state and local income tax returns for each Partnership Year; 
  
 (b) Notwithstanding any other provision of this Section 8.5, the General Partners may keep confidential from the Limited Partners, for
such period of time as the General Partners determine in their sole and absolute discretion to be reasonable, any information that 
  
 (i) the General Partners reasonably believe to be in the nature of trade secrets or other information, the disclosure of which the General
Partners in good faith believe are not in the best interests of the Partnership or could damage the Partnership or its business; or 
  
 (ii) the Partnership is required by law or by agreements with an unaffiliated third party to keep confidential. 
  
 
8.6 Exchange Rights Agreements 
  
 (a) The Limited Partners have been granted the right, but not the obligation, to exchange all or a portion of their Partnership Units for cash or, at the option of the General Partner, for shares of REIT Stock on the
terms and subject to the conditions and restrictions contained in certain Exchange Rights Agreements 

  

 31 

 
between the General Partners and the Limited Partners (as amended from time to time, the “Exchange Rights Agreements”). The form of Exchange
Rights Agreement governing the exchange of Partnership Units shall be substantially in the form attached hereto as Exhibit C, with such changes as may be agreed to by the General Partner. 
  
 (b) The Limited Partners and all successors, assignees and
transferees (whether by operation of law, including by merger or consolidation, dissolution or liquidation of an entity that is a Limited Partner, or otherwise) shall be bound by the provisions of the Exchange Rights Agreement to which they are
parties. 
  
 
ARTICLE 9 
  
 BOOKS,
RECORDS, ACCOUNTING AND REPORTS 
  
 
9.1 Records and Accounting 
  
 (a) The General Partner shall keep or cause to be kept at the principal office of the Partnership those records and documents required to be maintained by the Act and other books and records deemed by the General
Partner to be appropriate with respect to the Partnership’s business, including, without limitation, all books and records necessary for the General Partner to comply with applicable REIT Requirements and to provide to the Limited Partners any
information, lists and copies of documents required to be provided pursuant to Sections 8.5(a) and 9.3 hereof. 
  
 (b) Any records maintained by or on behalf of the Partnership in the regular course of its business may be kept on, or be in the form of,
punch cards, magnetic tape, photographs, micrographics or any other information storage device, provided that the records so maintained are convertible into clearly legible written form within a reasonable period of time. 
  
 (c) The books of the Partnership shall be maintained, for
financial and tax reporting purposes, on an accrual basis in accordance with generally accepted accounting principles, or such other basis as the General Partner determines to be necessary or appropriate. 
  
 
9.2 Fiscal Year 
  
 The
fiscal year of the Partnership shall be the calendar year. 
  
 
9.3 Reports 
  
 (a) As soon as practicable, but in no event later than the date on which the General Partner mails its annual report to its stockholders, the General Partner shall cause to be mailed to the Special General Partner and each Limited Partner
as of the close of the Partnership Year, an annual report containing financial statements of the Partnership, or of the General Partner, if such statements are prepared on a consolidated basis with the Partnership, for such Partnership Year,
presented in accordance with GAAP, such statements to be audited by a nationally recognized firm of independent public accountants selected by the General Partner in its sole discretion. 
  
 (b) If and to the extent that the General Partner mails quarterly reports to its stockholders, then as soon
as practicable, but in no event later than the date such reports are mailed, the General Partner shall cause to be mailed to each Limited Partner a report containing unaudited financial statements as of the last day of the calendar quarter of the
Partnership, or of the General Partner, if such statements are prepared on a consolidated basis with the Partnership, and such other information as may be required by applicable law or regulation, or as the General Partner determines to be
appropriate. 
  
 (c) Notwithstanding the
foregoing, the General Partner may deliver to the Special General Partner and the Limited Partners each of the reports described above, as well as any other communications that it may provide hereunder, by E-mail or by any other electronic means.

  

 32 

 
ARTICLE 10 
  
 TAX MATTERS

  
 
10.1 Preparation of Tax Returns 
  
 The General Partner shall arrange for the preparation and timely filing of all returns of Partnership income, gains, deductions, losses and other items required of the Partnership for federal and state income tax purposes and shall use all
reasonable efforts to furnish, within ninety (90) days of the close of each taxable year, the tax information reasonably required by the Special General Partner and the Limited Partners for federal and state income tax reporting purposes.

  
 
10.2 Tax Elections 
  
 (a) Except as otherwise provided herein, the General Partner shall, in its sole and absolute discretion, determine whether to make any available election pursuant to the Code. 
  
 (b) The General Partner shall elect a permissible method
(which need not be the same method for each item or property) of eliminating the disparity between the book value and the tax basis for each item of property contributed to the Partnership or to a Subsidiary of the Partnership pursuant to the
regulations promulgated under the provisions of Section 704(c) of the Code. 
  
 (c) The General Partner shall have the right to seek to revoke any tax election it makes, including, without limitation, the election under Section 754 of the Code, upon the General Partner’s determination, in
its sole and absolute discretion, that such revocation is in the best interests of the Partners. 
  
 
10.3 Tax Matters Partner 
  
 (a)    (i) The General Partner shall be the “tax matters partner” of the Partnership for federal income tax purposes. 
  
 (ii) Pursuant to Section 6230(e) of the Code, upon receipt of notice from the Internal Revenue Service of the beginning of an
administrative proceeding with respect to the Partnership, the tax matters partner shall furnish the Internal Revenue Service with the name, address, taxpayer identification number, and profit interest of each of the Special General Partner and the
Limited Partners and the Assignees; provided, that such information is provided to the Partnership by the Special General Partner, the Limited Partners and the Assignees. 
  
 (iii) The tax matters partner is authorized, but not required: 
  
 (A) to enter into any settlement with the Internal Revenue
Service with respect to any administrative or judicial proceedings for the adjustment of Partnership items required to be taken into account by a Partner for income tax purposes (such administrative proceedings being referred to as a “tax
audit” and such judicial proceedings being referred to as “judicial review”), and in the settlement agreement the tax matters partner may expressly state that such agreement shall bind all Partners, except that such settlement
agreement shall not bind any Partner 
  
 (1) who
(within the time prescribed pursuant to the Code and Regulations) files a statement with the Internal Revenue Service providing that the tax matters partner shall not have the authority to enter into a settlement agreement on behalf of such Partner;
or 
  
 (2) who is a “notice partner”
(as defined in Section 6231(a)(8) of the Code) or a member of a “notice group” (as defined in Section 6223(b)(2) of the Code); 
  
 (B) in the event that a notice of a final administrative adjustment at the Partnership level of any item required to be taken into
account by a Partner for tax purposes (a “final adjustment”) is mailed to the tax matters partner, to seek judicial review of such final adjustment, including the 

  

 33 

 
filing of a petition for readjustment with the Tax Court or the filing of a complaint for refund with the United States Claims Court or the District Court of
the United States for the district in which the Partnership’s principal place of business is located; 
  
 (C) to intervene in any action brought by any other Partner for judicial review of a final adjustment; 
  
 (D) to file a request for an administrative adjustment with
the Internal Revenue Service and, if any part of such request is not allowed by the Internal Revenue Service, to file an appropriate pleading (petition or complaint) for judicial review with respect to such request; 
  
 (E) to enter into an agreement with the Internal Revenue
Service to extend the period for assessing any tax which is attributable to any item required to be taken account of by a Partner for tax purposes, or an item affected by such item; and 
  
 (F) to take any other action on behalf of the Partners or the Partnership in connection with any tax audit
or judicial review proceeding to the extent permitted by applicable law or regulations. 
  
 The taking of any action and the incurring of any expense by the tax matters partner in connection with any such proceeding, except to the extent required by law, is a matter in the sole and absolute discretion of the
tax matters partner and the provisions relating to indemnification of the General Partner set forth in Section 7.6 of this Agreement shall be fully applicable to the tax matters partner in its capacity as such. 
  
 (b)    (i) The tax matters partner shall receive no
compensation for its services. 
  
 (ii) All third
party costs and expenses incurred by the tax matters partner in performing its duties as such (including legal and accounting fees and expenses) shall be borne by the Partnership. 
  
 (iii) Nothing herein shall be construed to restrict the Partnership from engaging an accounting firm to
assist the tax matters partner in discharging its duties hereunder, so long as the compensation paid by the Partnership for such services is reasonable. 
  
 
10.4 Organizational Expenses 
  
 The Partnership shall elect to deduct expenses, if any, incurred by it in organizing the Partnership ratably over a fifteen year period as provided in Section 709 of the Code. 
  
 
10.5 Withholding 
  
 (a) The Special General Partner and each Limited Partner hereby authorizes the Partnership to withhold from, or pay on behalf of or with respect to, the Special General Partner and such Limited Partner any amount of federal, state, local,
or foreign taxes that the General Partner determines that the Partnership is required to withhold or pay with respect to any amount distributable or allocable to the Special General Partner and such Limited Partner pursuant to this Agreement,
including, without limitation, any taxes required to be withheld or paid by the Partnership pursuant to Sections 1441, 1442, 1445, or 1446 of the Code. 
  
 (b)    (i) Any amount paid on behalf of or with respect to the Special General Partner or a Limited Partner shall constitute a loan by
the Partnership to the Special General Partner or such Limited Partner, which loan shall be repaid by the Special General Partner or such Limited Partner as the case may be within fifteen (15) days after notice from the General Partner that such
payment must be made unless 
  
 (A) the
Partnership withholds such payment from a distribution which would otherwise be made to the Special General Partner or the Limited Partner, as applicable; or 
  

(B) the General Partner determines, in its sole and absolute discretion, that such payment may be satisfied out of the available funds
of the Partnership which would, but for such payment, be distributed to the Special General Partner or the Limited Partner, as applicable. 
  

 34 

 (ii) Any amounts withheld pursuant to the foregoing clauses (i)(A) or (B) shall be
treated as having been distributed to the Special General Partner or the Limited Partner, as applicable. 
  
 (c)    (i) The Special General Partner and each Limited Partner hereby unconditionally and irrevocably grants to the Partnership a
security interest in the Special General Partner’s and such Limited Partner’s Partnership Interest, as the case may be, to secure the Special General Partner’s and such Limited Partner’s obligation to pay to the Partnership any
amounts required to be paid pursuant to this Section 10.5. 
  
 (ii) (A) In the event that the Special General Partner or a Limited Partner fails to pay when due any amounts owed to the Partnership pursuant to this Section 10.5, the General Partner may, in its sole and absolute discretion, elect to make
the payment to the Partnership on behalf of such defaulting Special General Partner or Limited Partner, and in such event shall be deemed to have loaned such amount to such defaulting Special General Partner or Limited Partner and shall succeed to
all rights and remedies of the Partnership as against such defaulting Special General Partner or Limited Partner, as applicable. 
  
 (B) Without limitation, in such event, the General Partner shall have the right to receive distributions that would otherwise be
distributable to such defaulting Special General Partner or Limited Partner until such time as such loan, together with all interest thereon, has been paid in full, and any such distributions so received by the General Partner shall be treated as
having been distributed to the defaulting Special General Partner or Limited Partner and immediately paid by the defaulting Special General Partner or Limited Partner to the General Partner in repayment of such loan. 
  
 (iii) Any amount payable by the Special General Partner or a
Limited Partner hereunder shall bear interest at the highest base or prime rate of interest published from time to time by any of Citibank, N.A. and J.P. Morgan Chase & Co., plus four (4) percentage points, but in no event higher than the
maximum lawful rate of interest on such obligation, such interest to accrue from the date such amount is due (i.e., fifteen (15) days after demand) until such amount is paid in full. 
  
 (iv) The Special General Partner and each Limited Partner shall take such actions as the Partnership or the
General Partner shall request in order to perfect or enforce the security interest created hereunder. 
  
 
ARTICLE 11 
  
 TRANSFERS AND
WITHDRAWALS 
  
 
11.1 Transfer 
  
 (a)    (i) The term “Transfer,” when used in this Article 11 with respect to a Partnership Interest or a Partnership Unit, shall be deemed to refer to a transaction by which the General Partner purports to
assign all or any part of its General Partner Interest to another Person, the Special General Partner purports to assign all or any part of its Special General Partner Interest to another Person or a Limited Partner purports to assign all or any
part of its Limited Partner Interest to another Person, and includes a sale, assignment, gift, pledge, encumbrance, hypothecation, mortgage, exchange or any other disposition by law or otherwise. 
  
 (ii) The term “Transfer” when used in this Article
11 does not include any exchange of Partnership Units for cash or REIT Stock pursuant to the Exchange Rights Agreement. 
  
 (b)    (i) No Partnership Interest shall be Transferred, in whole or in part, except in accordance with the terms and conditions set
forth in this Article 11. 
  
 (ii) Any Transfer
or purported Transfer of a Partnership Interest not made in accordance with this Article 11 shall be null and void. 
  

 35 

 
11.2 Transfer of the General Partner’s General Partner Interest 
  
 (a) The General Partner may not Transfer any of its General Partner Interest or withdraw as General Partner, or Transfer any of its
Limited Partner Interest, except 
  
 (i) if
holders of at least two-thirds of the Limited Partner Interests consent to such Transfer or withdrawal, 
  
 (ii) if such Transfer is to an entity which is wholly owned by the General Partner and is a Qualified REIT Subsidiary as defined in
Section 856(i) of the Code, or 
  
 (iii) in
connection with a transaction described in Section 11.2(c) or 11.2(d) (as applicable) 
  
 (b) In the event the General Partner withdraws as general partner of the Partnership in accordance with Section 11.2(a), the General
Partner’s General Partner Interest shall immediately be converted into a Limited Partner Interest. 
  
 (c) Except as otherwise provided in Section 11.2(d), the General Partner shall not engage in any merger, consolidation or other
combination of the General Partner with or into another Person (other than a merger in which the General Partner is the surviving entity) or sale of all or substantially all of its assets, or any reclassification, or any recapitalization of
outstanding REIT Stock (other than a change in par value, or from par value to no par value, or as a result of a subdivision or combination of REIT Stock) (a “Transaction”), unless 
  
 (i) in connection with the Transaction all Limited Partners
will either receive, or will have the right to elect to receive, for each Partnership Unit an amount of cash, securities, or other property equal to the product of the Exchange Factor and the amount of cash, securities or other property or value
paid in the Transaction to or received by a holder of one share of REIT Stock corresponding to such Partnership Unit in consideration of one share of REIT Stock at any time during the period from and after the date on which the Transaction is
consummated; provided that if, in connection with the Transaction, a purchase, tender or exchange offer (“Offer”) shall have been made to and accepted by the holders of more than 50% of the outstanding REIT Stock, each holder of
Partnership Units shall be given the option to exchange its Partnership Units for the amount of cash, securities, or other property which a Limited Partner would have received had it 
  
 (A) exercised its Exchange Right and 
  
 (B) sold, tendered or exchanged pursuant to the Offer the REIT Stock received upon exercise of the Exchange
Right immediately prior to the expiration of the Offer. 
  
 The foregoing is not intended to, and does not, affect the ability of (i) a stockholder of the General Partner to sell its stock in the General Partner or (ii) the General Partner to perform its obligations (under
agreement or otherwise) to such stockholders (including the fulfillment of any obligations with respect to registering the sale of stock under applicable securities laws). 
  
 (d) (i) Notwithstanding Section 11.2(c), the General Partner may merge into or consolidate with another
entity if immediately after such merger or consolidation 
  
 (A) substantially all of the assets of the successor or surviving entity (the “Surviving General Partner”), other than Partnership Units held by the General Partner, are contributed to the Partnership as a
Capital Contribution in exchange for Partnership Units with a fair market value equal to the value of the assets so contributed as determined by the Surviving General Partner in good faith and 
  
 (B) the Surviving General Partner expressly agrees to
assume all obligations of the General Partner hereunder. 
  
 (ii) (A) Upon such contribution and assumption, the Surviving General Partner shall have the right and duty to amend this Agreement and the Exchange Rights Agreement as set forth in this Section 11.2(d). 

 

 36 

 (B)    (1) The Surviving General Partner shall in good faith arrive at a new method
for the calculation of the Exchange Factor for a Partnership Unit after any such merger or consolidation so as to approximate the existing method for such calculation as closely as reasonably possible. 
  
 (2) Such calculation shall take into account, among other
things, the kind and amount of securities, cash and other property that was receivable upon such merger or consolidation by a holder of REIT Stock or options, warrants or other rights relating thereto, and which a holder of Partnership Units could
have acquired had such Partnership Units been redeemed for REIT Stock immediately prior to such merger or consolidation. 
  
 (C) Such amendment to this Agreement shall provide for adjustment to such method of calculation, which shall be as nearly equivalent as
may be practicable to the adjustments provided for with respect to the Exchange Factor. 
  
 (iii) The above provisions of this Section 11.2(d) shall similarly apply to successive mergers or consolidations permitted hereunder.

  
 
11.3 Limited Partners’ and Special General Partner’s Rights to Transfer 
  
 (a) Subject to the provisions of Sections 11.3(c), 11.3(d), 11.3(e), 11.4 and 11.6, a Limited Partner and the Special General Partner may,
without the consent of the General Partner, Transfer all or any portion of its Limited Partner Interest or Special General Partner Interest, as the case may be, or any of such Limited Partner’s or Special General Partner’s economic right
as a Limited Partner or Special General Partner, as applicable. In order to effect such transfer, the Limited Partner or Special General Partner, as applicable, must deliver to the General Partner a duly executed copy of the instrument making such
transfer and such instrument must evidence the written acceptance by the assignee of all of the terms and conditions of this Agreement and represent that such assignment was made in accordance with all applicable laws and regulations. 
  
 (b)    (i) If a Limited Partner or Special General
Partner is Incapacitated, the executor, administrator, trustee, committee, guardian, conservator or receiver of such Limited Partner’s or Special General Partner’s estate shall have all of the rights of a Limited Partner or Special General
Partner, as the case may be, but not more rights than those enjoyed by other Limited Partners or Special General Partner respectively, for the purpose of settling or managing the estate and such power as the Incapacitated Limited Partner or Special
General Partner possessed to Transfer all or any part of his or its interest in the Partnership. 
  
 (ii) The Incapacity of a Limited Partner or Special General Partner, in and of itself, shall not dissolve or terminate the Partnership.

  
 (c) The General Partner may prohibit any
Transfer by a Limited Partner or Special General Partner of its Partnership Units if, in the opinion of legal counsel to the Partnership, such Transfer would require filing of a registration statement under the Securities Act of 1933, as amended, or
would otherwise violate any federal or state securities laws or regulations applicable to the Partnership or the Partnership Units. 
  
 (d) No Transfer by a Limited Partner or Special General Partner of its Partnership Units may be made to any Person if 
  
 (i) in the opinion of legal counsel of the Partnership, it
would adversely affect the ability of the General Partner to continue to qualify as a REIT or would subject the General Partner to any additional taxes under Section 857 or Section 4981 of the Code; 
  
 (ii) in the opinion of legal counsel for the Partnership, it
would result in the Partnership being treated as an association taxable as a corporation for federal income tax purposes; 
  
 (iii) such Transfer would cause the Partnership to become, with respect to any employee benefit plan subject to Title I of ERISA, a
“party-in-interest” (as defined in Section 3(14) of ERISA) or a “disqualified person” (as defined in Section 4975(c) of the Code); 
  

 37 

 (iv) such Transfer would, in the opinion of legal counsel for the Partnership, cause any
portion of the assets of the Partnership to constitute assets of any employee benefit plan pursuant to Department of Labor Regulations Section 2510.2-101; 
  
 (v) such Transfer would subject the Partnership to regulation under the Investment Company Act of 1940, the Investment Advisors Act of
1940 or the Employee Retirement Income Security Act of 1974, each as amended; 
  
 (vi) without the consent of the General Partner, which consent may be withheld in its sole and absolute discretion, such Transfer is a sale or exchange, and such sale or exchange would, when aggregated with all other
sales and exchanges during the 12-month period ending on the date of the proposed Transfer, result in 50% or more of the interests in Partnership capital and profits being sold or exchanged during such 12-month period; or 
  
 (vii) such Transfer is effectuated through an
“established securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code. 
  
 (e) No transfer of any Partnership Units may be made to a lender to the Partnership or any Person who is
related (within the meaning of Regulations Section 1.752-4(b)) to any lender to the Partnership whose loan constitutes a nonrecourse liability (within the meaning of Regulations Section 1.752-1(a)(2)), without the consent of the General Partner,
which may be withheld in its sole and absolute discretion, provided that as a condition to such consent the lender will be required to enter into an arrangement with the Partnership and the General Partner to exchange for the Cash Amount (as such
term is defined in the Exchange Rights Agreement) any Partnership Units in which a security interest is held simultaneously with the time at which such lender would be deemed to be a partner in the Partnership for purposes of allocating liabilities
to such lender under Section 752 of the Code. 
  
 (f) Any Transfer in contravention of any of the provisions of this Section 11.3 shall be void and ineffectual and shall not be binding upon, or recognized by, the Partnership. 
  
 
11.4 Substituted Limited Partners 
  
 (a)    (i) No Limited Partner shall have the right to substitute a Permitted Transferee for a Limited Partner in its place. 
  
 (ii) The General Partner shall, however, have the right to consent to the admission of a Permitted
Transferee of the Partnership Interest of a Limited Partner pursuant to this Section 11.4 as a Substituted Limited Partner, which consent may be given or withheld by the General Partner in its sole and absolute discretion. 
  
 (iii) The General Partner’s failure or refusal to
permit such transferee to become a Substituted Limited Partner shall not give rise to any cause of action against the Partnership or any Partner. 
  
 (b) A transferee who has been admitted as a Substituted Limited Partner in accordance with this Article 11 shall have all the rights
and powers and be subject to all the restrictions and liabilities of a Limited Partner under this Agreement. 
  
 (c)    (i) No Permitted Transferee will be admitted as a Substituted Limited Partner unless such transferee has furnished to the
General Partner 
  
 (A) evidence of acceptance
in form satisfactory to the General Partner of all of the terms and conditions of this Agreement and the Exchange Rights Agreement, including, without limitation, the power of attorney granted in Section 2.4 hereof, and 
  

 38 

 (B) such other documents or instruments as may be required in the reasonable discretion
of the General Partner in order to effect such Person’s admission as a Substituted Limited Partner. 
  
 (ii) Upon the admission of a Substituted Limited Partner, the General Partner shall amend Exhibit A to reflect the name, address, number
of Partnership Units, and Percentage Interest of such Substituted Limited Partner and to eliminate or adjust, if necessary, the name, address and interest of the predecessor of such Substituted Limited Partner. 
  
 11.5 Substituted Special General Partners 
  
 (a)    (i) No Special General Partner
shall have the right to substitute a Permitted Transferee for a Special General Partner in its place. 
  
 (ii) The General Partner shall, however, have the right to consent to the admission of a Permitted Transferee of the Partnership Interest
of a Special General Partner pursuant to this Section 11.5 as a Substituted Special General Partner, which consent may be given or withheld by the General Partner in its sole and absolute discretion. 
  
 (iii) The General Partner’s failure or refusal to
permit such transferee to become a Substituted Special General Partner shall not give rise to any cause of action against the Partnership or any Partner. 
  
 (b) A transferee who has been admitted as a Substituted Special General Partner in accordance with this Article 11 shall have all the
rights and powers and be subject to all the restrictions and liabilities of a Special General Partner under this Agreement. 
  
 (c)    (i) No Permitted Transferee will be admitted as a Substituted Special General Partner unless such transferee
has furnished to the General Partner 
  
 (A)
evidence of acceptance in form satisfactory to the General Partner of all of the terms and conditions of this Agreement and the Exchange Rights Agreement, including, without limitation, the power of attorney granted in Section 2.4 hereof, and

  
 (B) such other documents or instruments as
may be required in the reasonable discretion of the General Partner in order to effect such Person’s admission as a Substituted Special General Partner. 
  

(ii) Upon the admission of a Substituted Special General Partner, the General Partner shall amend Exhibit A to reflect the name,
address, number of Partnership Units, and Percentage Interest of such Substituted Special General Partner and to eliminate or adjust, if necessary, the name, address and interest of the predecessor of such Substituted Special General Partner.

  
 
11.6 Assignees 
  
 (a) If the General Partner, in its sole and absolute discretion, does not consent to the admission of any transferee as a Substituted Limited Partner or Substituted Special General Partner, as applicable, as described in Section 11.4(a),
such transferee shall be considered an Assignee for purposes of this Agreement. 
  
 (b) An Assignee shall be deemed to have had assigned to it, and shall be entitled to receive distributions from the Partnership and the
share of Net Income, Net Losses and any other items of gain, loss, deduction or credit of the Partnership attributable to the Partnership Units assigned to such transferee, but shall not be deemed to be a holder of Partnership Units for any other
purpose under this Agreement, and shall not be entitled to vote such Partnership Units in any matter presented to the Limited Partners and Special General Partner, for a vote (such Partnership Units being deemed to have been voted on such matter in
the same proportion as all other Partnership Units held by Limited Partners and the Special General Partner are voted). 
  

 39 

 (c) In the event any such transferee desires to make a further assignment of any such
Partnership Units, such transferee shall be subject to all of the provisions of this Article 11 to the same extent and in the same manner as any Limited Partner or Special General Partner desiring to make an assignment of Partnership Units.

  
 
11.7 General Provisions 
  
 (a) No Limited Partner or Special General Partner may withdraw from the Partnership other than as a result of a permitted Transfer of all of such Limited Partner’s or Special General Partner’s Partnership
Units in accordance with this Article 11 or, as it relates to the Limited Partners, pursuant to exchange of all of its Partnership Units pursuant to the applicable Exchange Rights Agreement. 
  
 (b)    (i) Any Limited Partner or Special General
Partner, which shall Transfer all of its Partnership Units in a Transfer permitted pursuant to this Article 11 shall cease to be a Limited Partner or Special General Partner, as applicable, upon the admission of all Assignees of such Partnership
Units as Substituted Limited Partners or Substituted Special General Partner, as applicable. 
  
 (ii) Similarly, any Limited Partner which shall Transfer all of its partnership Units pursuant to an exchange of all of its Partnership
Units pursuant to an Exchange Rights Agreement shall cease to be a Limited Partner. 
  
 (c) Other than pursuant to the Exchange Rights Agreement or with the consent of the General Partner, transfers pursuant to this Article 11
may only be made as of the first day of a fiscal quarter of the Partnership. 
  
 (d)    (i) If any Partnership Interest is transferred or assigned during the Partnership’s fiscal year in compliance with the provisions of this Article 11 or exchanged pursuant to the
applicable Exchange Rights Agreement on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items attributable to such interest for such Partnership Year shall be divided and allocated
between the transferor Partner and the transferee Partner by taking into account their varying interests during the Partnership Year in accordance with Section 706(d) of the Code, using the interim closing of the books method. 
  
 (ii) Solely for purposes of making such allocations, each of
such items for the calendar month in which the Transfer or assignment occurs shall be allocated to the transferee Partner, and none of such items for the calendar month in which an exchange occurs shall be allocated to the exchanging Partner,
provided, however, that the General Partner may adopt such other conventions relating to allocations in connection with transfers, assignments, or exchanges as it determines are necessary or appropriate. 
  
 (iii) All distributions of Available Cash attributable to
Partnership Units, with respect to which the Partnership Record Date is before the date of such Transfer, assignment, or exchange of such Partnership Units, shall be made to the transferor Partner or the exchanging Partner, as the case may be, and
in the case of a Transfer or assignment other than an exchange, all distributions of Available Cash thereafter attributable to such Partnership Units shall be made to the transferee Partner. 
  
 (e) In addition to any other restrictions on transfer herein
contained, including without limitation the provisions of this Article 11, in no event may any Transfer or assignment of a Partnership Interest by any Partner (including pursuant to Section 8.6) be made without the express consent of the General
Partner, in its sole and absolute discretion, (i) to any person or entity who lacks the legal right, power or capacity to own a Partnership Interest; (ii) in violation of applicable law; (iii) of any component portion of a Partnership Interest, such
as the Capital Account, or rights to distributions, separate and apart from all other components of a Partnership Interest; (iv) if in the opinion of legal counsel to the Partnership such transfer would cause a termination of the Partnership for
federal or state income tax purposes (except as a result of the exchange for REIT Stock of all Partnership Units held by all Limited Partners or pursuant to a transaction expressly permitted under Section 7.11 or Section 11.2); (v) if in the opinion
of counsel to the Partnership, such transfer would cause the Partnership to cease to be classified as a partnership for federal income tax 

  

 40 

 
purposes (except as a result of the exchange for REIT Stock of all Partnership Units held by all Limited Partners or pursuant to a transaction expressly
permitted under Section 7.11 or Section 11.2); (vi) if such transfer requires the registration of such Partnership Interest pursuant to any applicable federal or state securities laws; (vii) if such transfer is effectuated through an
“established securities market” or a “secondary market” (or the substantial equivalent thereof) within the meaning of Section 7704 of the Code or such transfer causes the Partnership to become a “publicly traded
partnership,” as such term is defined in Section 469(k)(2) or Section 7704(b) of the Code (provided that this clause (vii) shall not be the basis for limiting or restricting in any manner the exercise of the Exchange Right under Section 8.6
unless, and only to the extent that, outside tax counsel provides to the General Partner an opinion to the effect that, in the absence of such limitation or restriction, there is a significant risk that the Partnership will be treated as a
“publicly traded partnership” and, by reason thereof, taxable as a corporation); (viii) such transfer could adversely affect the ability of the General Partner to remain qualified as a REIT; or (ix) if in the opinion of legal counsel of
the transferring Partner (which opinion and counsel are reasonably satisfactory to the Partnership), or legal counsel of the Partnership, such transfer would adversely affect the ability of the General Partner to continue to qualify as a REIT or
subject the General Partner to any additional taxes under Section 857 or Section 4981 of the Code, in the event that the General Partner has elected to be qualified as a REIT. 
  
 (f) The General Partner shall monitor the transfers of interests in the Partnership to determine (i) if such
interests are being traded on an “established securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code; and (ii) whether additional transfers of interests
would result in the Partnership being unable to qualify for at least one of the “safe harbors” set forth in Regulations Section 1.7704-1 (or such other guidance subsequently published by the IRS setting forth safe harbors under which
interests will not be treated as “readily tradable on a secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code) (the “Safe Harbors”). The General Partner shall take all steps
reasonably necessary or appropriate to prevent any trading of interests or any recognition by the Partnership of transfers made on such markets and, except as otherwise provided herein, to insure that at least one of the Safe Harbors is met;
provided, however, that the foregoing shall not authorize the General Partner to limit or restrict in any manner the right of any holder of a Partnership Unit to exercise the Exchange Right in accordance with the terms of the applicable Exchange
Rights Agreement unless, and only to the extent that, outside tax counsel provides to the General Partner an opinion to the effect that, in the absence of such limitation or restriction, there is a significant risk that the Partnership will be
treated as a “publicly traded partnership” and, by reason thereof, taxable as a corporation. 
  
 
ARTICLE 12 
  
 ADMISSION OF
PARTNERS 
  
 
12.1 Admission of Successor General Partner 
  
 (a)    (i) A successor to all of the General Partner Interest pursuant to Section 11 hereof who is proposed to be admitted as a successor General Partner shall be admitted to the Partnership as the
General Partner, effective immediately following such transfer and the admission of such successor General Partner as a general partner of the Partnership upon the satisfaction of the terms and conditions set forth in Section 12.1(b). 
  
 (ii) Any such transferee shall carry on the business of the
Partnership without dissolution. 
  
 (b) A Person
shall be admitted as a substitute or successor General Partner of the Partnership only if the following terms and conditions are satisfied: 
  
 (i) the Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms
and provisions of this Agreement by executing a counterpart 

  

 41 

 
thereof and such other documents or instruments as may be required or appropriate in order to effect the admission of such Person as a General Partner;

  
 (ii) if the Person to be admitted as a
substitute or additional General Partner is a corporation or a partnership it shall have provided the Partnership with evidence satisfactory to counsel for the Partnership of such Person’s authority to become a General Partner and to be bound
by the terms and provisions of this Agreement; and 
  
 (iii) counsel for the Partnership shall have rendered an opinion (relying on such opinions from other counsel as may be necessary) that the admission of the person to be admitted as a substitute or additional General Partner is in
conformity with the Act, that none of the actions taken in connection with the admission of such Person as a substitute or additional General Partner will cause 
  
 (A) the Partnership to be classified other than as a partnership for federal income tax purposes, or

  
 (B) the loss of any Limited Partner’s
limited liability. 
  
 (c) In the case of such
admission on any day other than the first day of a Partnership Year, all items attributable to the General Partner Interest for such Partnership Year shall be allocated between the transferring General Partner and such successor as provided in
Section 11.6(d) hereof. 
  
 
12.2 Admission of Additional Limited Partners 
  
 (a) A Person who makes a Capital Contribution to the Partnership in accordance with this Agreement shall be admitted to the Partnership as
an Additional Limited Partner only upon furnishing to the General Partner 
  
 (i) evidence of acceptance in form satisfactory to the General Partner of all of the terms and conditions of this Agreement and the applicable Exchange Rights Agreement, including, without limitation, the power of
attorney granted in Section 2.4 hereof, and 
  
 (ii) such other documents or instruments as may be required in the discretion of the General Partner in order to effect such Person’s admission as an Additional Limited Partner. 
  
 (b)    (i) Notwithstanding anything to the contrary in
this Section 12.2, no Person shall be admitted as an Additional Limited Partner without the consent of the General Partner, which consent may be given or withheld in the General Partner’s sole and absolute discretion. 
  
 (ii) The admission of any Person as an Additional Limited
Partner shall become effective on the date upon which the name of such Person is recorded on the books and records of the Partnership, following the consent of the General Partner to such admission. 
  
 (c)    (i) If any Additional Limited Partner is admitted
to the Partnership on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items allocable among Partners and Assignees for such Partnership Year shall be allocated among such
Additional Limited Partner and all other Partners and Assignees by taking into account their varying interests during the Partnership Year in accordance with Section 706(d) of the Code, using the interim closing of the books method. 
  
 (ii)  (A) Solely for purposes of making such allocations, each of
such items for the calendar month in which an admission of any Additional Limited Partner occurs shall be allocated among all of the Partners and Assignees, including such Additional Limited Partner. 
  
 (B) distributions of Available Cash with respect to which
the Partnership Record Date is before the date of such admission shall be made solely to Partners and Assignees, other than the Additional Limited Partner, and all distributions of Available Cash thereafter shall be made to all of the Partners and
Assignees, including such Additional Limited Partner. 
  

 42 

 (d) Upon the admission of the first Additional Limited Partner to the Partnership, the
Initial Limited Partner’s original interest in the Partnership shall automatically, and without further action on the part of the Initial Limited Partner or the Partnership, be withdrawn. 
  
 
12.3 Amendment of Agreement and Certificate of Limited Partnership 
  
 For the admission to the Partnership of any Partner, the General Partner shall take all steps necessary and appropriate under the Act to amend the records
of the Partnership and, if necessary, to prepare as soon as practical an amendment of this Agreement (including an amendment of Exhibit A) and, if required by law, shall prepare and file an amendment to the Certificate and may for this purpose
exercise the power of attorney granted pursuant to Section 2.4 hereof. 
  
 
ARTICLE 13 
  
 DISSOLUTION,
LIQUIDATION AND TERMINATION 
  
 
13.1 Dissolution 
  
 (a) The Partnership shall not be dissolved by the admission of Substituted Limited Partners, Additional Limited Partners or Substituted Special General Partner or by the admission of a successor General Partner in accordance with the terms
of this Agreement. Upon the withdrawal of the General Partner, any successor General Partner shall continue the business of the Partnership. 
  
 (b) The Partnership shall dissolve, and its affairs shall be wound up, only upon the first to occur of any of the following
(“Liquidating Events”): 
  
 (i)
the expiration of its term as provided in Section 2.5 hereof; 
  
 (ii) an event of withdrawal of the General Partner, as defined in the Act (other than an event of bankruptcy), unless, within ninety (90) days after such event of withdrawal, the Special General Partner and a
“majority in interest” (as defined below) of the remaining Partners Consent in writing to continue the business of the Partnership and to the appointment, effective as of the date of withdrawal, of a successor General Partner; 

 
 (iii) an election to dissolve the Partnership made by the
General Partner, with the consent of the Special General Partner and the Consent of the Limited Partners holding at least a majority of the Percentage Interest of the Limited Partners (including Limited Partner Interests held by the General
Partner); 
  
 (iv) entry of a decree of judicial
dissolution of the Partnership pursuant to the provisions of the Act; 
  
 (v) the sale of all or substantially all of the assets and properties of the Partnership; 
  
 (vi) a final and non-appealable judgment is entered by a court of competent jurisdiction ruling that the General Partner is bankrupt or
insolvent, or a final and non-appealable order for relief is entered by a court with appropriate jurisdiction against the General Partner, in each case under any federal or state bankruptcy or insolvency laws as now or hereafter in effect, unless
prior to the entry of such order or judgment and the Special General Partner and a “majority in interest” (as defined below) of the remaining Partners Consent in writing to continue the business of the Partnership and to the appointment,
effective as of a date prior to the date of such order or judgment, of a substitute General Partner. 
  
 As used herein, a “majority in interest” shall refer to Partners (excluding the General Partner and the Special General Partner) who hold more
than fifty percent (50%) of the outstanding Percentage Interests not held by the General Partner and the Special General Partner. 
  

 43 

 
13.2 Winding Up 
  
 (a)    (i) Upon the occurrence of a Liquidating Event, the Partnership shall continue solely for the purposes of winding up its affairs in an orderly manner, liquidating its assets, and satisfying the claims of its
creditors and Partners. 
  
 (ii) No Partner shall
take any action that is inconsistent with, or not necessary to or appropriate for, the winding up of the Partnership’s business and affairs. 
  
 (iii) The General Partner, or, in the event there is no remaining General Partner, any Person elected unanimously by the Special General
Partner and Limited Partners holding at least a “majority in interest” (the General Partner or such other Person being referred to herein as the “Liquidator”), shall be responsible for overseeing the winding up and
dissolution of the Partnership and shall take full account of the Partnership’s liabilities and property and the Partnership property shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds
therefrom (which may, to the extent determined by the General Partner, include shares of common stock or other securities of the General Partner) shall be applied and distributed in the following order: 
  
 (A) First, to the payment and discharge of all of the
Partnership’s debts and liabilities to creditors other than the Partners; 
  
 (B) Second, to the payment and discharge of all of the Partnership’s debts and liabilities to the General Partner; 
  
 (C) Third, to the payment and discharge of all of the
Partnership’s debts and liabilities to the other Partners; and 
  
 (D) the balance, if any, as follows: 
  
 (1) 100% of all sums distributable by the Partnership shall be paid to the General Partner and Limited Partners in accordance with each Partner’s respective Percentage Interest until the Limited Partners receive
distributions from the Partnership in an amount equal to the sum of the First Level Return and Net Investment and the Stockholders receive dividends from the General Partner equal to the sum of the First Level Return and the Net Investment;

  
 (2) 100% of all sums distributable by the
Partnership shall be paid to the Special General Partner until the Special Limiter Partner receives distributions from the Partnership in an amount equal to the sum of the SLP Distribution and the Net Investment; 
  
 (3) 30% of all sums distributable by the Partnership shall
be paid to the Special General Partner, and 70% of all sums distributable by the Partnership shall be paid to the General Partner and Limited Partners in accordance with each Partner’s respective Percentage Interest until the Limited Partners
receive distributions from the Partnership in an amount equal to the sum of the Second Level Return and Net Investment and the Stockholders receive dividends from the General Partner equal to the sum of the Second Level Return and the Net
Investment; and 
  
 (4) 40% of all sums
distributable by the Partnership shall be paid to the Special General Partner, and 60% of all sums distributable by the Partnership shall be paid to the General Partner and Limited Partners in accordance with each Partner’s respective
Percentage Interest after the General Partner and the Limited Partners receive the distributions described in 13.2(a)(iii)(D)(3). 
  
 (5) All amounts distributed by the Partnership pursuant to Article 5 should be taken into account for purposes of this Section
13.2(a)(iii)D. 
  
 (iv) The General Partner shall
not receive any additional compensation for any services performed pursuant to this Article 13. 
  

 44 

 (v) Any distributions pursuant to this Section 13.2(a) shall be made by the end of the
Partnership’s taxable year in which the liquidation occurs (or, if later, within 90 days after the date of the liquidation). 
  
 (b)    (i) Notwithstanding the provisions of Section 13.2(a) hereof which require liquidation of the assets of the Partnership, but
subject to the order of priorities set forth therein, if prior to or upon dissolution of the Partnership the Liquidator determines that an immediate sale of part or all of the Partnership’s assets would be impractical or would cause undue loss
to the Partners, the Liquidator may, in its sole and absolute discretion, defer for a reasonable time the liquidation of any asset except those necessary to satisfy liabilities of the Partnership (including to those Partners as creditors) or
distribute to the Partners, in lieu of cash, as tenants in common and in accordance with the provisions of Section 13.2(a) hereof, undivided interests in such Partnership assets as the Liquidator deems not suitable for liquidation. 
  
 (ii) Any such distributions in kind shall be made only if,
in the good faith judgment of the Liquidator, such distributions in kind are in the best interests of the Partners, and shall be subject to such conditions relating to the disposition and management of such properties as the Liquidator deems
reasonable and equitable and to any agreements governing the operation of such properties at such time. 
  
 (iii) The Liquidator shall determine the fair market value of any property distributed in kind using such reasonable method of valuation
as it may adopt. 
  
 (c) In the discretion of the
Liquidator, a pro rata portion of the distributions that would otherwise be made to the General Partner, the Special General Partner and Limited Partners pursuant to this Article 13 may be: 
  
 (A) distributed to a trust established for the benefit of
the General Partner, the Special General Partner and Limited Partners for the purposes of liquidating Partnership assets, collecting amounts owed to the Partnership, and paying any contingent or unforeseen liabilities or obligations of the
Partnership or the General Partner arising out of or in connection with the Partnership; the assets of any such trust shall be distributed to the General Partner, the Special General Partner and Limited Partners from time to time, in the reasonable
discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Partnership would otherwise have been distributed to the General Partner, the Special General Partner and Limited Partners pursuant to this
Agreement; or 
  
 (B) withheld or escrowed to
provide a reasonable reserve for Partnership liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Partnership, provided that such withheld or escrowed amounts shall be distributed to
the General Partner, the Special General Partner and Limited Partners in the manner and order of priority set forth in Section 13.2(a), as soon as practicable. 
  

13.3 Return of Special General Partner Capital Contributions. 
  
 (a) In the event the Advisory Agreement is terminated pursuant to the provisions of Section 17 thereof, the Special General Partner shall
receive a distribution equivalent to the Special General Partner Contributions. 
  
 (b) The amount due under Section 13.3(a) shall be payable by the Partnership immediately upon termination of the Advisory Agreement. The
Partnership shall pay interest on unpaid amounts at a rate equal to six per cent (6.0%) per annum. 
  
 
13.4 No Obligation to Contribute Deficit 
  
 If any Partner has a deficit balance in his Capital Account (after giving effect to all contributions, distributions and allocations for all taxable years, including the year during which such liquidation occurs),
such 

  

 45 

 
Partner shall have no obligation to make any contribution to the capital of the Partnership with respect to such deficit, and such deficit shall not be
considered a debt owed to the Partnership or to any other Person for any purpose whatsoever. 
  
 
13.5 Rights of Limited Partners 
  
 (a) Except as otherwise provided in this Agreement, each Limited Partner and the Special General Partner shall look solely to the assets of the Partnership for the return of its Capital Contributions and shall have no
right or power to demand or receive property other than cash from the Partnership. 
  
 (b) Except as otherwise provided in this Agreement, no Limited Partner shall have priority over any other Partner as to the return of its
Capital Contributions, distributions, or allocations. 
  
 
13.6 Notice of Dissolution 
  
 In the event a Liquidating Event occurs or an event occurs that would, but for the provisions of an election or objection by one or more Partners pursuant to Section 13.1, result in a dissolution of the Partnership, the General Partner
shall, within thirty (30) days thereafter, provide written notice thereof to each of the Partners. 
  
 
13.7 Termination of Partnership and Cancellation of Certificate of Limited Partnership 
  
 Upon the completion of the liquidation of the Partnership’s assets, as provided in Section 13.2 hereof, the Partnership shall be terminated, a
certificate of cancellation shall be filed, and all qualifications of the Partnership as a foreign general partnership in jurisdictions other than the state of Delaware shall be canceled and such other actions as may be necessary to terminate the
Partnership shall be taken. 
  
 
13.8 Reasonable Time for Winding-Up 
  
 A reasonable time shall be allowed for the orderly winding-up of the business and affairs of the Partnership and the liquidation of its assets pursuant to Section 13.2 hereof in order to minimize any losses otherwise
attendant upon such winding-up, and the provisions of this Agreement shall remain in effect among the Partners during the period of liquidation. 
  
 
13.9 Waiver of Partition 
  
 Each Partner hereby waives any right to partition of the Partnership property. 
  
 
ARTICLE 14 
  
 AMENDMENT OF
PARTNERSHIP AGREEMENT; MEETINGS 
  
 
14.1 Amendments 
  
 (a)    (i) The General Partner shall have the power, without the consent of the Limited Partners or the Special General Partner, to amend this Agreement except as set forth in Section 14.1(b) hereof. 
  
 (ii) The General Partner shall provide notice to the Limited
Partners and the Special General Partner when any action under this Section 14.1(a) is taken in the next regular communication to the Limited Partners and the Special General Partner. 
  
 (b) Notwithstanding Section 14.1(a) hereof, this Agreement shall not be amended with respect to 

 
 (i) any Partner adversely affected without the Consent of
such Partner adversely affected if such amendment would: 
  

 46 

 (A) convert a Limited Partner’s interest in the Partnership into a Special General
Partner Interest or a General Partner Interest; 
  
 (B) modify the limited liability of a Limited Partner in a manner adverse to such Limited Partner; or 
  
 (C) amend this Section 14.1(b)(i). 
  
 (ii) any General Partner adversely affected without the Consent of General Partners holding more than fifty percent (50%) of the
outstanding Percentage Interests of the General Partners adversely affected if such amendment would: 
  
 (A) alter or change Exchange Rights; 
  
 (B) create an obligation to make Capital Contributions not contemplated in this Agreement; 
  
 (C) alter or change the terms of this Agreement or the
Exchange Rights Agreement regarding the rights of the limited partners with respect to Business Combinations; 
  
 (D) alter or change the distribution and liquidation rights provided in Section 5 and 13 hereto, except as otherwise permitted under this
Agreement; or 
  
 (E) amend this Section
14.1(b)(ii). 
  
 (iii) the Special General
Partner without its Consent if such amendment would alter or change any of its rights under this Agreement. 
  
 Section 14.1(b)(i) does not require unanimous consent of all Partners adversely affected unless the amendment is to be effective against all Partners adversely affected. 
  
 
14.2 Meetings of the Partners 
  
 (a)    (i) Meetings of the Partners may be called by the General Partner and shall be called upon the receipt by the General Partner of a written request by Limited Partners holding 25 percent or more of the Partnership
Interests. 
  
 (ii) The request shall state the
nature of the business to be transacted. 
  
 (iii) Notice of any such meeting shall be given to all Partners not less than seven (7) days nor more than thirty (30) days prior to the date of such meeting. 
  
 (iv) Partners may vote in person or by proxy at such meeting. 
  
 (v) Whenever the vote or Consent of the Special General
Partner or the Limited Partners is permitted or required under this Agreement, such vote or Consent may be given at a meeting of the Partners or may be given in accordance with the procedure prescribed in Section 14.1(a) hereof. 
  
 (vi) Except as otherwise expressly provided in this
Agreement, the Consent of holders of a majority of the Percentage Interests held by Partners (including the General Partner) shall control. The Special General Partner shall have the right to veto any decision taken pursuant to this Section
14.2(a)(vi), if such decision could reasonably be expected to adversely affect the Special General Partner Interest or any of its rights under this Agreement. 
  

(b)    (i) Subject to Section 14.2(a)(vi), any action required or permitted to be taken at a meeting of the Partners may be taken
without a meeting if a written consent setting forth the action so taken is signed by a majority of the Percentage Interests of the Partners (or such other percentage as is expressly required by this Agreement). 
  
 (ii) Such consent may be in one instrument or in several
instruments, and shall have the same force and effect as a vote of a majority of the Percentage Interests of the Partners (or such other percentage as is expressly required by this Agreement). 
  

 47 

 (iii) Such consent shall be filed with the General Partner. 
  
 (iv) An action so taken shall be deemed to have been taken
at a meeting held on the effective date of the consent as certified by the General Partner. 
  
 (c)    (i) Each Limited Partner and the Special General Partner may authorize any Person or Persons to act for him by proxy on all matters in which a Limited Partner is entitled to participate,
including waiving notice of any meeting, or voting or participating at a meeting. 
  
 (ii) Every proxy must be signed by the Partner or an attorney-in-fact and a copy thereof delivered to the Partnership. 
  
 (iii) No proxy shall be valid after the expiration of eleven
(11) months from the date thereof unless otherwise provided in the proxy. 
  
 (iv) Every proxy shall be revocable at the pleasure of the Partner executing it, such revocation to be effective upon the General Partner’s receipt of written notice of such revocation from the Partner executing
such proxy. 
  
 (d)    (i) Each meeting of
the Partners shall be conducted by the General Partner or such other Person as the General Partner may appoint pursuant to such rules for the conduct of the meeting as the General Partner or such other Person deems appropriate. 
  
 (ii) Meetings of Partners may be conducted in the same
manner as meetings of the stockholders of the General Partner and may be held at the same time, and as part of, meetings of the stockholders of the General Partner. 
  
 
ARTICLE 15 
 GENERAL PROVISIONS 
  
 
15.1 Addresses and Notice 
  
 Any notice, demand, request or report required or permitted to be given or made to a Partner or Assignee under this Agreement shall be in writing and shall be deemed given or made when delivered in person or five days after being sent by
first class United States mail or by overnight delivery or via facsimile to the Partner or Assignee at the address set forth in Exhibit A or such other address of which the Partner shall notify the General Partner in writing. Notwithstanding the
foregoing, the General Partner may elect to deliver any such notice, demand, request or report by E-mail or by any other electronic means, in which case such communication shall be deemed given or made one day after being sent. 
  
 
15.2 Titles and Captions 
  
 All article or section titles or captions in this Agreement are for convenience of reference only, shall not be deemed part of this Agreement and shall in no way define, limit, extend or describe the scope or intent of any provisions
hereof. Except as specifically provided otherwise, references to “Articles” and “Sections” are to Articles and Sections of this Agreement. 
  

15.3 Pronouns and Plurals 
  
 Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.

  
 
15.4 Further Action 
  
 The
parties shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 
  

 48 

 
15.5 Binding Effect 
  
 This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns. 
  
 
15.6 Creditors 
  
 Other
than as expressly set forth herein with respect to the Indemnities, none of the provisions of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Partnership. 
  
 
15.7 Waiver 
  
 No failure
by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any other covenant,
duty, agreement or condition. 
  
 
15.8 Counterparts 
  
 This
Agreement may be executed in counterparts, all of which together shall constitute one agreement binding on all of the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall
become bound by this Agreement immediately upon affixing its signature hereto. 
  
 
15.9 Applicable Law 
  
 This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without regard to the principles of conflicts of laws thereof, provided, however, that causes of action for violations of
federal or state securities laws shall not be governed by this Section 15.9. 
  
 
15.10 Invalidity of Provisions 
  
 If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby. 
  
 
15.11 Entire Agreement 
  
 This Agreement contains the entire understanding and agreement among the Partners with respect to the subject matter hereof and supersedes any other prior written or oral understandings or agreements among them with respect thereto.

  
 
15.12 Merger 
  
 Subject to
Section 4.2 herein, the Partnership may merge with, or consolidate into, any Person or Entity in accordance with Section 17-211 of the Act. 
  
 
15.13 No Rights as Stockholders 
  
 Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders of the General Partner, including, without limitation, any right to receive dividends or
other distributions made to shareholders or to vote or to consent or receive notice as shareholders in respect to any meeting or shareholders for the election of directors of the General Partner or any other matter. 
  
 [SIGNATURE PAGE FOLLOWS] 
  

 49 

 Signature Page to Agreement of Limited Partnership of Lightstone Value Plus REIT LP, 
 by and among the undersigned and the other parties thereto. 
  

									
	 	 	GENERAL PARTNER:
		
	 	 	LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST, INC.
			
	 	 	 By:
	 	 /S/    DAVID LICHTENSTEIN

	 	 	 	 	Name:	 	David Lichtenstein
	 	 	 	 	Title:	 	Chief Executive Officer, President and Chairman of the Board of Directors
		
	 	 	LIMITED PARTNER:
		
	 	 	 LIGHTSTONE VALUE PLUS REIT LLC

			
	 	 	 By:
	 	 /S/    DAVID LICHTENSTEIN

	 	 	 	 	Name:	 	David Lichtenstein
	 	 	 	 	Title:	 	Authorized Person
		
	 	 	SPECIAL GENERAL PARTNER:
		
	 	 	 LIGHTSTONE SLP, LLC

			
	 	 	 By:
	 	 /S/    DAVID LICHTENSTEIN

	 	 	 	 	Name:	 	David Lichtenstein
	 	 	 	 	Title:	 	Authorized Person

  

 50 

 Corporate/Limited Liability Company Additional Limited Partner Signature Page to Agreement of Limited
Partnership of Lightstone Value Plus REIT LP, by and among the undersigned and the other parties thereto. 
  

									
	 Dated:                     
, 200    
	 	 [Name of Corporation/LLC]

				
	 	 	 	 	 By:
	 	

	 	 	 	 	 	 	Name:	 	 
	 	 	 	 	 	 	Title:	 	 

  

 51 

 Individual Additional Limited Partner Signature Page to Agreement of Limited Partnership of Lightstone
Value Plus REIT LP, by and among the undersigned and the other parties thereto. 
  

									
	 	 	 	 	 
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	Name:

  
 Dated:                          , 200     
  

 52 

 Partnership Limited Partner Signature Page to Agreement of Limited Partnership of Lightstone Value Plus
REIT LP, by and among the undersigned and the other parties thereto. 
  

									
	 Dated:                      ,
200    
	 	 [Name of LP]

				
	 	 	 	 	 By:
	 	

	 	 	 	 	 	 	Name:	 	 
	 	 	 	 	 	 	Title:	 	 

  

 53 

 Exhibit A 
  

Partners’ Contributions and Partnership Interests 
  

											
	 Name and Address of Partner

	  	Type of
Interest

	  	Capital Contribution

	 	Number of
Partnership Units
(“OPUs”)

	  	Percentage
Interest

	  	Security
Interests

	 Lightstone Value Plus Real Estate Investment Trust, Inc.
	  	General
Partnership
Interest	  	$200,000	 	20,000	  	99.01%	  	 
						
	 Lightstone Value Plus REIT LLC
	  	Limited
Partnership
Interest	  	$2,000	 	200	  	0.99%	  	 
						
	 Lightstone SLP, LLC
	  	Special
General
Partnership
Interest	  	[Amount will equal
the offering expenses
of Lightstone Value
Plus Real Estate
Investment
Trust, Inc.]	 	1 Special
Partnership Unit
For each
$100,000
Contributed	  	Not applicable	  	 

  

 54 

 Exhibit B 
  

Allocations 
  
 1. Allocation of Net Income and Net Loss. Except as otherwise provided in this Agreement, Net Income, Net Loss and, to the extent necessary,
individual items of income, gain, loss or deduction, of the Partnership shall be allocated among the Partners in a manner such that the Capital Account of each Partner, immediately after making such allocation, is, as nearly as possible, equal
proportionately to (i) the distributions that would be made to such Partner pursuant to Section 5.1, Regular Distributions, and Article 13, Dissolution, Liquidation and Termination, if the Partnership were dissolved, its affairs wound up and its
assets sold for cash equal to their Gross Asset Value, all Partnership liabilities were satisfied (limited with respect to each nonrecourse liability to the Gross Asset Value of the assets securing such liability), and the net assets of the
Partnership were distributed in accordance with Section 5.1 and Article 13 to the Partners immediately after making such allocation, minus (ii) such Partner’s share of Partnership minimum gain (within the meaning of Regulation Section
1.704-2(d)) and Partner nonrecourse debt minimum gain (within the meaning of Regulation Section 1.704-2(i)(5)), computed immediately prior to the hypothetical sale of assets. 
  
 2. Special Allocations. Notwithstanding any provisions of paragraph 1 of this Exhibit B, the following special
allocations shall be made. 
  
 (a) Minimum
Gain Chargeback (Nonrecourse Liabilities). Except as otherwise provided in Section 1.704-2(f) of the Regulations, if there is a net decrease in Partnership Minimum Gain for any Partnership fiscal year, each Partner shall be specially allocated
items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Partner’s share of the net decrease in Partnership Minimum Gain to the extent required by Regulations Section 1.704-2(f). The
items to be so allocated shall be determined in accordance with Sections 1.704-2(f) and (i) of the Regulations. This subparagraph 2(a) is intended to comply with the minimum gain chargeback requirement in said section of the Regulations and shall be
interpreted consistently therewith. Allocations pursuant to this subparagraph 2(a) shall be made in proportion to the respective amounts required to be allocated to each Partner pursuant hereto. 
  
 (b) Partner Minimum Gain Chargeback. Except as
otherwise provided in Section 1.704-2(i)(4) of the Regulations, if there is a net decrease in Partner Minimum Gain attributable to a Partner Nonrecourse Debt during any fiscal year, each Partner who has a share of the Partner Minimum Gain
attributable to such Partner Nonrecourse Debt, determined in accordance with Section 1.704-2(i)(5) of the Regulations, shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount
equal to that Partner’s share of the net decrease in the Partner Minimum Gain attributable to such Partner Nonrecourse Debt to the extent and in the manner required by Section 1.704-2(i) of the Regulations. The items to be so allocated shall be
determined in accordance with Sections 1.704-2(i)(4) and (j)(2) of the Regulations. This subparagraph 2(b) is intended to comply with the minimum gain chargeback requirement with respect to Partner Nonrecourse Debt contained in said section of the
Regulations and shall be interpreted consistently therewith. Allocations pursuant to this subparagraph 2(b) shall be made in proportion to the respective amounts required to be allocated to each Partner pursuant hereto. 
  
 (c) Qualified Income Offset. In the event a Partner
unexpectedly receives any adjustments, allocations or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), (5) or (6) of the Regulations, and such Partner has an Adjusted Capital Account Deficit, items of Partnership income (including gross
income) and gain shall be specially allocated to such Partner in an amount and manner sufficient to eliminate the Adjusted Capital Account Deficit as quickly as possible as required by the Regulations. This subparagraph 2(c) is intended to
constitute a “qualified income offset” under Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently therewith. 
  
 (d) Other Chargeback of Impermissible Negative Capital Account. To the extent any Partner has an Adjusted Capital Account Deficit
at the end of any Partnership fiscal year, each such Partner shall be specially allocated items of Partnership income (including gross income) and gain in the amount of such 

  

 55 

 
excess as quickly as possible, provided that an allocation pursuant to this paragraph 2(d) shall be made if and only to the extent that such Partner would
have an Adjusted Capital Account Deficit after all other allocations provided for in this Exhibit B have been tentatively made as if this paragraph 2(d) were not in the Agreement. 
  
 (e) Nonrecourse Deductions. Nonrecourse Deductions for any fiscal year or other applicable period
shall be allocated to the Partners in accordance with their respective Percentage Interests. 
  
 (f) Partner Nonrecourse Deductions. Partner Nonrecourse Deductions for any fiscal year or other applicable period with respect to a
Partner Nonrecourse Debt shall be specially allocated to the Partner that bears the economic risk of loss for such Partner Nonrecourse Debt (as determined under Sections 1.704-2(b)(4) and 1.704-2(i)(1) of the Regulations). 
  
 (g) Section 754 Adjustment. To the extent an
adjustment to the adjusted tax basis of any asset of the Partnership pursuant to Section 734(b) of the Code or Section 743(b) of the Code is required, pursuant to Section 1.704-1(b)(2)(iv)(m) of the Regulations, to be taken into account in
determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall
be specially allocated among the Partners in a manner consistent with the manner in which each of their respective Capital Accounts are required to be adjusted pursuant to such section of the Regulations. 
  
 (h) Gross Income Allocation. There shall be specially
allocated to the General Partner an amount of Partnership income and gain during each Partnership Year or portion thereof, before any other allocations are made hereunder, which is equal to the excess, if any, of the cumulative distributions of cash
made to the General Partner under Section 7.3(b) hereof over the cumulative allocations of Partnership income and gain to the General Partner pursuant to this Section 2(i) of this Exhibit B. 
  
 3. Tax Allocations. 
  
 (a) Items of Income or Loss. Except as is otherwise
provided in this Exhibit B, an allocation of Partnership Net Income or Net Loss to a Partner shall be treated as an allocation to such Partner of the same share of each item of income, gain, loss, deduction and item of tax-exempt income or Section
705(a)(2)(B) expenditure (or item treated as such expenditure pursuant to Regulations Section 1.704-1(b)(2)(iv)(i)) (“Tax Items”) that is taken into account in computing Net Income or Net Loss. 
  
 (b) Section 1245/1250 Recapture. If any portion of
gain from the sale of Partnership assets is treated as gain which is ordinary income by virtue of the application of Code Sections 1245 or 1250 (“Affected Gain”), then such Affected Gain shall be allocated among the Partners in the same
proportion that the depreciation and amortization deductions giving rise to the Affected Gain were allocated. This subparagraph 3(b) shall not alter the amount of Net Income (or items thereof) allocated among the Partners, but merely the character
of such Net Income (or items thereof). For purposes hereof, in order to determine the proportionate allocations of depreciation and amortization deductions for each fiscal year or other applicable period, such deductions shall be deemed allocated on
the same basis as Net Income and Net Loss for such respective period. 
  
 (c) Precontribution Gain, Revaluations. With respect to any Contributed Property, the Partnership shall use any permissible method contained in the Regulations promulgated under Section 704(c) of the Code
selected by the General Partner, in its sole discretion, to take into account any variation between the adjusted basis of such asset and the fair market value of such asset as of the time of the contribution (“Precontribution Gain”). Each
Partner hereby agrees to report income, gain, loss and deduction on such Partner’s federal income tax return in a manner consistent with the method used by the Partnership. If any asset has a Gross Asset Value which is different from the
Partnership’s adjusted basis for such asset for federal income tax purposes because the Partnership has revalued such asset pursuant to Regulations Section 1.704-1(b)(2)(iv)(f), the allocations of Tax Items shall be made in accordance with the
principles of Section 704(c) of the Code and the Regulations and the methods of allocation promulgated thereunder. The intent of 

  

 56 

 
this subparagraph 3(c) is that each Partner who contributed to the capital of the Partnership a Contributed Property will bear, through reduced allocations
of depreciation, increased allocations of gain or other items, the tax detriments associated with any Precontribution Gain. This subparagraph 3(c) is to be interpreted consistently with such intent. 
  
 (d) Excess Nonrecourse Liability Safe Harbor.
Pursuant to Regulations Section 1.752-3(a)(3), solely for purposes of determining each Partner’s proportionate share of the “excess nonrecourse liabilities” of the Partnership (as defined in Regulations Section 1.752-3(a)(3)), the
Partners’ respective interests in Partnership profits shall be determined under any permissible method reasonably determined by the General Partner; provided, however, that each Partner who has contributed an asset to the Partnership shall be
allocated, to the extent possible, a share of “excess nonrecourse liabilities” of the Partnership which results in such Partner being allocated nonrecourse liabilities in an amount which is at least equal to the amount of income pursuant
to Section 704(c) of the Code and the Regulations promulgated thereunder (the “Liability Shortfall”). In the event there is an insufficient amount of nonrecourse liabilities to allocate to each Partner an amount of nonrecourse liabilities
equal to the Liability Shortfall, then an amount of nonrecourse liabilities in proportion to, and to the extent of, the Liability Shortfall shall be allocated to each Partner. 
  
 (e) References to Regulations. Any reference in this Exhibit B or the Agreement to a provision of
proposed and/or temporary Regulations shall, in the event such provision is modified or renumbered, be deemed to refer to the successor provision as so modified or renumbered, but only to the extent such successor provision applies to the
Partnership under the effective date rules applicable to such successor provision.) 
  
 (f) Successor Partners. For purposes of this Exhibit B, a transferee of a Partnership Interest shall be deemed to have been
allocated the Net Income, Net Loss and other items of Partnership income, gain, loss, deduction and credit allocable to the transferred Partnership Interest that previously have been allocated to the transferor Partner pursuant to this Agreement.

  

 57 

 Exhibit C 
  

EXCHANGE RIGHTS AGREEMENT 
  
 THIS EXCHANGE RIGHTS AGREEMENT (this “Agreement”), dated as of
                    , 200    , is entered into by and among Lightstone Value Plus Real Estate Investment Trust, Inc., a Maryland
corporation (the “Company”), Lightstone Value Plus REIT LP, a Delaware limited partnership (the “Operating Partnership”), and the Persons whose names are set forth on Exhibit A attached hereto (as it
may be amended from time to time). 
  
 R E C I T A L S:

  
 (c) The Company, together with certain
other limited partners, has formed the Operating Partnership pursuant to the Agreement of Limited Partnership of the Operating Partnership dated
                    , 2004 (as such agreement may be amended or amended and restated from time to time, the “Partnership
Agreement”). 
  
 (d) Pursuant to the
Partnership Agreement, the Limited Partners (as defined below) directly or indirectly hold units of limited partnership interest (“Partnership Units”) in the Operating Partnership. 
  
 (e) The Operating Partnership has agreed to provide the
Limited Partners with certain direct or indirect rights to exchange their Partnership Units for cash or, at the election of the Company, for shares of the Company’s common stock, $0.01 par value per share (the “REIT
Stock”). 
  
 Accordingly, the parties hereto do
hereby agree as follows: 
  
 ARTICLE I 
  
 DEFINED TERMS 
  
 The following definitions shall be for all purposes, unless otherwise clearly
indicated to the contrary, applied to the terms used in this Agreement. 
  
 “Assignee” means a Person to whom one or more Partnership Units have been transferred in a manner permitted under the Partnership Agreement, but who has not become a substituted Limited Partner in accordance
therewith. 
  
 “Business Day” means any
day except a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law to close. 
  
 “Cash Amount” means an amount of cash per Partnership Unit equal to the Value on the Valuation Date of the REIT Stock Amount.

  
 “Exchange Factor” means 1.0, provided,
that in the event that the Company (i) declares or pays a dividend on its outstanding REIT Stock in REIT Stock or makes a distribution to all holders of its outstanding REIT Stock in REIT Stock; (ii) subdivides its outstanding REIT Stock; or (iii)
combines its outstanding REIT Stock into a smaller number of shares of REIT Stock, the Exchange Factor shall be adjusted by multiplying the Exchange Factor by a fraction, the numerator of which shall be the number of shares of REIT Stock issued and
outstanding on the record date for such dividend, contribution, subdivision or combination (assuming for such purpose that such dividend, distribution, subdivision or combination has occurred as of such time), and the denominator of which shall be
the actual number of shares of REIT Stock (determined without the above assumption) issued and outstanding on the record date for such dividend, distribution, subdivision or combination. Any adjustment to the Exchange Factor shall become effective
immediately after the effective date of such event retroactive to the record date, if any, for such event. 
  

 58 

 “Exchanging Partner” has the meaning set forth in Section 2.1 hereof. 

 
 “Exchange Right” has the meaning set forth in
Section 2.1 hereof. 
  
 “Lien” means any
lien, security interest, mortgage, deed of trust, charge, claim, encumbrance, pledge, option, right of first offer or first refusal and any other right or interest of others of any kind or nature, actual or contingent, or other similar encumbrance
of any nature whatsoever. 
  
 “Limited
Partner” means any Person, other than the Company, named as a Limited Partner on Exhibit A, as such Exhibit may be amended from time to time. 
  
 “Notice of Exchange” means the Notice of Exchange substantially in the form of Exhibit B to this Agreement. 
  
 “Offering” means the offering of the Company’s
common stock, par value $.01 per share, pursuant to a registration statement on Form S-11 filed with the Securities and Exchange Commission. 
  
 “Person” shall mean an individual, partnership, corporation, limited liability company, trust, estate, or unincorporated
organization, or other entity, or a government or agency or political subdivision thereof. 
  
 “REIT Stock Amount” means that number of shares of REIT Stock equal to the product of the number of Partnership Units offered for exchange by an Exchanging Partner, multiplied by the Exchange
Factor as of the Valuation Date, provided, that in the event the Company or the Operating Partnership issues to all holders of REIT Stock rights, options, warrants or convertible or exchangeable securities entitling the stockholders to subscribe for
or purchase REIT Stock, or any other securities or property (collectively, the “rights”), then the REIT Stock Amount shall also include such rights that a holder of that number of shares of REIT Stock would be entitled to receive.

  
 “SEC” means the Securities and
Exchange Commission. 
  
 “Specified Exchange
Date” means the tenth (10th) Business Day after receipt by the Operating Partnership and the Company of a Notice of Exchange; provided, however, that if the Operating Partnership has more than 99 partners, as determined in accordance
with the provisions of Treasury Regulation Section 1.7704-1(h), then the Specified Exchange Date shall mean the thirty-first (31st) calendar day after receipt by the Operating Partnership and the Company of a Notice of Exchange. 
  
 “Valuation Date” means the date of receipt by the
Operating Partnership and the Company of a Notice of Exchange or, if such date is not a Business Day, the first Business Day thereafter. 
  
 “Value” means, with respect to shares of REIT Stock, the average of the daily market price for the five (5) consecutive trading
days immediately preceding the Valuation Date. The market price for each such trading day shall be: 
  
 (i) if the REIT Stock are listed or admitted to trading on the New York Stock Exchange (the “NYSE”), any other national
securities exchange or the Nasdaq Stock Market (“Nasdaq”), the closing price on such day, or if no such sale takes place on such day, the average of the closing bid and asked prices on such day; or 
  
 (ii) if the REIT Stock are not listed or admitted to trading
on the NYSE, any national securities exchange or Nasdaq, the last reported sale price on such day; or 
  
 (iii) if no sale takes place on such day, the average of the closing bid and asked prices on such day, as reported by a reliable quotation
source designated by the Company or if the REIT Stock is not then traded on any market, as determined in good faith by the Company’s Independent Directors (as defined by the Company’s charter). 
  

 59 

 In the event the REIT Stock Amount includes rights that a holder of REIT Stock would be entitled to receive, then the
Value of such rights shall be determined by the independent directors of the Company acting in good faith on the basis of such quotations and other information as they consider, in their reasonable judgment, appropriate. 
  
 ARTICLE II 
  
 EXCHANGE RIGHT 
  
 2.1 Exchange Right. (a) Subject to Sections 2.2, 2.3, 2.4 and 2.5
hereof, and subject to any limitations under applicable law, the Operating Partnership hereby grants to each Limited Partner and each Limited Partner hereby accepts the right (the “Exchange Right”), exercisable (i) on or
after the date that is one (1) year after the closing of the Offering or (ii) upon the liquidation of the Operating Partnership or the sale of all or substantially all of the assets of the Operating Partnership, to exchange on a Specified Exchange
Date all or a portion of the Partnership Units held by such Limited Partner at an exchange price equal to and in the form of the Cash Amount. 
  
 (b) The Exchange Right shall be exercised pursuant to a Notice of Exchange delivered to the Operating Partnership, with a copy delivered
to the Company, by the Limited Partner who is exercising the Exchange Right (the “Exchanging Partner”); provided, however, that the Company, on behalf of the Operating Partnership, may elect, after a Notice of Exchange is
delivered, to satisfy the Exchange Right which is the subject of such notice in accordance with Section 2.2. 
  
 (c) A Limited Partner may exercise the Exchange Right from time to time with respect to part or all of the Partnership Units that it owns,
as selected by the Limited Partner, provided that, except as provided in the Agreement, a Limited Partner may not exercise the Exchange Right for less than one thousand (1,000) Partnership Units unless such Limited Partner then holds less than one
thousand (1,000) Partnership Units, in which event the Limited Partner must exercise the Exchange Right for all of the Partnership Units held by such Limited Partner. 
  
 (d) An Exchanging Partner shall have no right with respect to any Partnership Units so exchanged to receive
any distributions paid after the Specified Exchange Date with respect to such Partnership Units. 
  
 (e) Any Assignee of a Limited Partner may exercise the rights of such Limited Partner pursuant to this Article 2, and such Limited Partner
shall be deemed to have assigned such rights to such Assignee and shall be bound by the exercise of such rights by such Assignee. 
  
 (f) In connection with any exercise of such rights by an Assignee on behalf of a Limited Partner, the Cash Amount or the REIT Stock
Amount, as the case may be, shall be satisfied by the Operating Partnership or the Company, as the case may be, directly to such Assignee and not to such Limited Partner. 
  
 2.2 Option of Company to Exchange for REIT Stock. (a) Notwithstanding the provisions of Section 2.1, the Company may,
on behalf of the Operating Partnership, in its sole and absolute discretion (subject to the limitations on ownership and transfer of REIT Stock set forth in the Company’s charter), elect to assume directly and satisfy an Exchanging
Partner’s Exchange Right by exchanging REIT Stock and rights equal to the REIT Stock Amount on the Specified Exchange Date for the Partnership Units offered for exchange by the Exchanging Partner, whereupon the Company shall acquire the
Partnership Units offered for exchange by the Exchanging Partner and shall be treated for all purposes of the Partnership Agreement as the owner of such Partnership Units. Unless the Company, in its sole and absolute discretion, shall exercise its
right to assume directly and satisfy the Exchange Right, the Company shall not have any obligation to the Exchanging Partner or to the Operating Partnership with respect to the Exchanging Partner’s exercise of the Exchange Right. If the Company
shall exercise its right to satisfy the Exchange Right in the manner described in the first sentence of this Section 2.2 and shall fully perform its obligations in connection therewith, the Operating Partnership shall have no right or obligation to
pay any amount to the Exchanging Partner with respect to such Exchanging Partner’s exercise of 

  

 60 

 
the Exchange Right, and each of the Exchanging Partner, the Operating Partnership and the Company shall, for federal income tax purposes, treat the
transaction between the Company and the Exchanging Partner as a sale of the Exchanging Partner’s Partnership Units to the Company. Nothing contained in this Section 2.2 shall imply any right of the Company to require any Limited Partner to
exercise the Exchange Right afforded to such Limited Partner pursuant to Section 2.1. 
  
 (b) In the event the Company shall elect to satisfy, on behalf of the Operating Partnership, an Exchanging Partner’s Exchange Right
by exchanging REIT Stock for the Partnership Units offered for exchange, 
  
 (i) the Company hereby agrees so to notify the Exchanging Partner within five (5) Business Days after the receipt by the Company of such Notice of Exchange, 
  
 (ii) each Exchanging Partner hereby agrees to execute such
documents and instruments as the Company may reasonably require in connection with the issuance of REIT Stock upon exercise of the Exchange Right, and 
  
 (iii) the Company hereby agrees to deliver stock certificates representing fully paid and nonassessable shares of REIT Stock. 

 
 2.3 Prohibition of Exchange for REIT Stock. Notwithstanding
anything herein to the contrary, the Company shall not be entitled to satisfy an Exchanging Partner’s Exchange Right pursuant to Section 2.2 if the delivery of REIT Stock to such Limited Partner by the Company pursuant to Section 2.2
(regardless of the Operating Partnership’s obligations to the Limited Partner under Section 2.1) 
  
 (a) would be prohibited under the Articles of Incorporation of the Company, 
  
 (b) if the Company has elected REIT status, would otherwise jeopardize the REIT status of the Company, or

  
 (c) would cause the acquisition of the REIT
Stock by the Limited Partner to be “integrated” with any other distribution of REIT Stock by the Company for purposes of complying with the registration provisions of the Securities Act. 
  
 2.4 Payment Date. Any Cash Amount to be paid to an Exchanging Partner
shall be paid on the Specified Exchange Date; provided, however, that the Operating Partnership may elect to cause the Specified Exchange Date to be delayed for up to an additional 180 days to the extent required for the Company to cause
additional REIT Shares to be issued to provide financing to be used to make such payment of the Cash Amount by the Operating Partnership. 
  
 2.5 Expiration of Exchange Right. The Exchange Right shall expire with respect to any Partnership Units for which an Exchange Notice has not been
delivered to the Operating Partnership and the Company on or before December 31, 2040. 
  
 2.6 Effect of Exchange. (a) Any exchange of Partnership Units pursuant to this Article 2 shall be deemed to have occurred as of the Specified Exchange Date for all purposes, including without limitation the
payment of distributions or dividends in respect of Partnership Units or REIT Stock, as applicable. 
  
 (b) Any Partnership Units acquired by the Company pursuant to an exercise by any Limited Partner of an Exchange Right shall be deemed to
be acquired by and reallocated or reissued to the Company. 
  
 (c) The Company, as general partner of the Operating Partnership, shall amend the Partnership Agreement to reflect each such exchange and reallocation or reissuance of Partnership Units and each corresponding
recalculation of the Partnership Units of the Limited Partners. 
  

 61 

 ARTICLE III 
  
 OTHER PROVISIONS 
  
 3.1 Covenants of the Company. (a) At all times during the pendency of the Exchange Right, the Company shall reserve for issuance such number of
shares of REIT Stock as may be necessary to enable the Company to issue such shares in full payment of the REIT Stock Amount in regard to all Partnership Units held by Limited Partners which are from time to time outstanding. 
  
 (b) During the pendency of the Exchange Right, the Company
shall deliver to Limited Partners in a timely manner all reports filed by the Company with the SEC to the extent the Company also transmits such reports to its stockholders and all other communications transmitted from time to time by the Company to
its stockholders generally. 
  
 (c) The Company
shall notify each Limited Partner, upon request, of the then current Exchange Factor and such notice will include a reasonable explanation of the Exchange Factor calculation to be applied at such time. 
  
 3.2 Fractional Shares. (a) No fractional shares of REIT Stock shall be
issued upon exchange of Partnership Units. 
  
 (b) The number of full shares of REIT Stock which shall be issuable upon exchange of Partnership Units (or the cash equivalent amount thereof if the Cash Amount is paid) shall be computed on the basis of the aggregate amount of Partnership
Units so surrendered. 
  
 (c) Instead of any
fractional shares of REIT Stock which would otherwise be issuable upon exchange of any Partnership Units, the Operating Partnership shall pay a cash adjustment in respect of such fraction in an amount equal to the Cash Amount of a Partnership Unit
multiplied by such fraction. 
  
 3.3 Investment Representations
and Warranties. By delivering to the Company a Notice of Exchange, each Exchanging Partner will be deemed to represent and warrant to the Company and the Operating Partnership that such Exchanging Partner is aware of the Company’s option to
exchange such Exchanging Partner’s Partnership Units for REIT Stock pursuant to Section 2.2 hereof and that: 
  
 (a) (i) Such Exchanging Partner has received and reviewed 
  
 (A) a copy of the prospectus contained in the Registration Statement on Form S-11 filed by the Company in
connection with the Offering, any prospectus contained in any Registration Statement subsequently filed by the Company, and any supplement or amendment thereto (each, a “Prospectus”), and 
  
 (B) if the Company is filing reports under the Securities
Exchange Act of 1934, as amended, copies of all reports and other filings (the “SEC Reports”), including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, made by the Company with
the SEC pursuant to the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, 
  
 and understands the risks of, and other considerations relating to, an investment in REIT Stock. 
  
 (ii) Such Exchanging Partner, by reason of its business and financial experience, together with the business
and financial experience of those persons, if any, retained by it to represent or advise it with respect to its investment in REIT Stock, 
  
 (A) has such knowledge, sophistication and experience in financial and business matters and in making investment decisions of this type
that it is capable of evaluating the merits and risks of and of making an informed investment decision with respect to an investment in REIT Stock, 
  

 62 

 (B) is capable of protecting its own interest or has engaged representatives or advisors
to assist it in protecting its interests and 
  
 (C) is capable of bearing the economic risk of such investment. 
  
 (iii) (A) Such Exchanging Partner is an “accredited investor” as defined in Rule 501 of the regulations promulgated under the Securities Act. 
  
 (B) If such Exchanging Partner has retained or retains a person to represent or advise it with respect to
its investment in REIT Stock, such Exchanging Partner will advise the Company of such retention and, at the Company’s request, such Exchanging Partner shall, prior to or at delivery of the REIT Stock hereunder, 
  
 (I) acknowledge in writing such representation and

  
 (II) cause such representative or advisor to
deliver a certificate to the Company containing such representations as may be reasonably requested by the Company. 
  
 (b)    (i) Such Exchanging Partner understands that an investment in the Company involves substantial risks. 
  
 (ii) Such Exchanging Partner has been given the opportunity
to make a thorough investigation of the activities of the Company and has been furnished with materials relating to the Company and its activities, including, without limitation, each Prospectus and the SEC Reports. 
  
 (iii) Such Exchanging Partner has relied and is making its
investment decision based upon the Prospectus/Consent Solicitation Statement relating to the Consolidation and any subsequent Prospectus, the SEC Reports and other written information provided to the Exchanging Partner by or on behalf of the Company
and, as applicable, such Exchanging Partner’s position as a director or executive officer of the Company. 
  
 (c)    (i) The REIT Stock to be issued to such Exchanging Partner hereunder will be acquired by such Exchanging Partner for its own
account, for investment only and not with a view to, or with any intention of, a distribution or resale thereof, in whole or in part, or the grant of any participation therein. 
  
 (ii) Such Exchanging Partner was not formed for the specific purpose of acquiring an interest in the
Company. 
  
 (d)    (i) Such Exchanging
Partner acknowledges that 
  
 (A) the shares of
REIT Stock to be issued to such Exchanging Partner hereunder have not been registered under the Securities Act or state securities laws by reason of a specific exemption or exemptions from registration under the Securities Act and applicable state
securities laws and, the certificates representing such shares of REIT Stock will bear a legend to such effect, 
  
 (B) the Company’s and the Operating Partnership’s reliance on such exemptions is predicated in part on the accuracy and
completeness of the representations and warranties of such Exchanging Partner contained herein, 
  
 (C) the REIT Stock to be issued to such Exchanging Partner hereunder may not be resold or otherwise distributed unless registered under
the Securities Act and applicable state securities laws, or unless an exemption from registration is available, 
  
 (D) there may be no market for unregistered shares of REIT Stock, and 
  
 (E) the Company has no obligation or intention to register such REIT Stock under the Securities Act or any
state securities laws or to take any action that would make available any exemption from the registration requirements of such laws, except as provided in the Registration Rights Agreement entered into by the Company and the Exchanging Partner (the
“Registration Rights Agreement”). 
  

 63 

 (ii) Such Exchanging Partner acknowledges that because of the restrictions on transfer or
assignment of such REIT Stock to be issued hereunder, such Exchanging Partner may have to bear the economic risk of its investment in REIT Stock issued hereunder for an indefinite period of time, although the holder of any such REIT Stock will be
afforded certain rights to have such REIT Stock registered under the Securities Act and applicable state securities laws pursuant to the Registration Rights Agreement. 
  
 (e) The address set forth under such Exchanging Partner’s name in the Notice of Exchange is the address
of the Exchanging Partner’s principal place of business or, if a natural person, the address of the Exchanging Partner’s residence, and such Exchanging Partner has no present intention of becoming a resident of any country, state or
jurisdiction other than the country and state in which such principal place of business or residence is situated. 
  
 ARTICLE IV 
  
 GENERAL PROVISIONS 
  
 4.1 Addresses and
Notice. Any notice, demand, request or report required or permitted to be given or made to the Operating Partnership, the Company, a Limited Partner or Assignee, as the case may be, under this Agreement shall be in writing and shall be deemed
given or made when delivered in person or when sent by first class United States mail or by other similarly reliable means of written communication to the Operating Partnership, the Company, a Limited Partner or Assignee, as the case may be, (i) at
the address listed on the records of the Operating Partnership, with respect to a Limited Partner or Assignee, and (ii) at 3333 New Hyde Park Road, Suite 100, New Hyde Park, New York 11042, Attn: President, with respect to the Operating Partnership
or the Company. 
  
 4.2 Titles and Captions. All article or
section titles or captions in this Agreement are for convenience only. They shall not be deemed part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof. Except as specifically provided
otherwise, references to “Articles” and “Sections” are to Articles and Sections of this Agreement. 
  
 4.3 Pronouns and Plurals. Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine
or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 
  
 4.4 Further Action and Additional Restrictions. The parties shall execute and deliver all documents, provide all information and take or refrain
from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 
  
 4.5 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors,
administrators, successors, legal representatives and permitted assigns. 
  
 4.6 Waiver. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof
shall constitute waiver of any such breach or any other covenant, duty, agreement or condition. 
  
 4.7 Counterparts. This Agreement may be executed in counterparts, all of which together shall constitute one agreement binding on all of the
parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon affixing its signature hereto. 
  
 4.8 Applicable Law. This Agreement shall be construed and enforced in
accordance with and governed by the laws of the State of Delaware, without regard to the principles of conflicts of law thereof. 
  

 64 

 4.9 Invalidity of Provisions. If any provision of this Agreement is or becomes invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby. 
  
 4.10 Entire Agreement. This Agreement contains the entire understanding and agreement among the Limited Partners, the Operating Partnership and the
Company with respect to the subject matter hereof and supersedes any other prior written or oral understandings or agreements among them with respect thereto. 
  

4.11 Amendment. This Agreement may be amended from time to time with the consent of the Company by a vote of the Limited Partners in
the same manner as the Partnership Agreement (in accordance with Section 14.1(a) thereof) may be amended as provided therein, provided, however, that the Company shall vote its limited partnership interests in proportion to the votes of
the other Limited Partners. 
  

 65 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

  

									
	 	 	THE COMPANY:
		
	 	 	LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST, INC.
				
	 	 	 	 	 By:
	 	

	 	 	 	 	 	 	Name:	 	 
	 	 	 	 	 	 	Title:	 	 
		
	 	 	OPERATING PARTNERSHIP:
		
	 	 	 LIGHTSTONE VALUE PLUS REIT LP

				
	 	 	 	 	 BY:
	 	LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST, INC., its general partner

													
						
	 	 	 	 	 	 	 	 	 By:
	 	

	 	 	 	 	 	 	 	 	 	 	Name:	 	 
	 	 	 	 	 	 	 	 	 	 	Title:	 	 

  

 66 

 Exhibit A - Exchange Rights Agreement 
  
 Name and Address of Limited Partner 
  

 67 

 Exhibit B – Exchange Rights Agreement 
  
 Notice of Exchange 
  
 The undersigned Limited Partner hereby irrevocably (i) exchanges
             Partnership Units in Lightstone Value Plus REIT LP, in accordance with the terms of the Exchange Rights Agreement, dated as of
            , 200     (the “Exchange Rights Agreement”), and the Exchange Right referred to therein; (ii) surrenders such Partnership Units and
all right, title and interest therein; and (iii) directs that the Cash Amount or REIT Stock Amount (as determined by the Company) deliverable upon exercise of the Exchange Right be delivered to the address specified below, and if REIT Stock is to be
delivered, such REIT Stock will be registered or placed in the name(s) and at the address(es) specified below. 
  
 The undersigned hereby represents, warrants, and certifies that the undersigned (a) has marketable and unencumbered title to such Partnership Units, free
and clear, other than any encumbrance arising pursuant to the Partnership Agreement, of the rights or interests of any other person or entity; (b) has the full right, power, and authority to exchange and surrender such Partnership Units as provided
herein; and (c) has obtained the consent or approval of all persons or entities, if any, (other than consent or approval that may be required of the Company or the Operating Partnership) having the right to consent or approve such exchange and
surrender on the part of the undersigned. 
  
 The undersigned
hereby makes the representations and warranties contained in Section 3.3 of the Exchange Rights Agreement as if such representations and warranties had been set forth in full in this Notice of Exchange. 
  

									
				
	Dated:  	 	 	 	 	 	 
			
	 	 	 	 	
 Name of Limited Partner (Please Print)

			
	 Signature guaranteed by:
	 	 	 	 
			
	 	 	 	 	
 (Signature of Limited Partner)

			
	
	 	 	 	 
			
	 	 	 	 	
 (Street Address)

			
	 	 	 	 	
 (City) (State)
                        (Zip Code)

			
	 	 	 	 	 If REIT Stock is to be issued, issue to:

				
	 	 	 	 	 Name:
	 	

  

 68 

 Exhibit D 
  

Certificate of Limited Partnership 
  

 69

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