Document:

EX-10.1

 Exhibit 10.1 

SIXTH AMENDED AND RESTATED 

SENIOR CREDIT AGREEMENT 

DATED AS OF AUGUST 20, 2021 

AMONG 
 TERRENO REALTY
LLC, 
 AS BORROWER 

AND 
 KEYBANK NATIONAL
ASSOCIATION 
 AS ADMINISTRATIVE AGENT 

KEYBANC CAPITAL MARKETS 

AS JOINT LEAD ARRANGER 

MUFG UNION BANK, N.A. 

AS CO-SYNDICATION AGENT AND JOINT LEAD ARRANGER 

PNC BANK, NATIONAL ASSOCIATION 

AS CO-SYNDICATION AGENT 

PNC CAPITAL MARKETS LLC 

AS JOINT LEAD ARRANGER 

REGIONS BANK 
 AS CO-SYNDICATION AGENT 
 REGIONS CAPITAL MARKETS 

AS JOINT LEAD ARRANGER 

AND 
 THE SEVERAL
LENDERS 
 FROM TIME TO TIME PARTIES HERETO, 

AS LENDERS 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I. DEFINITIONS
	  	 	1	 
	 ARTICLE II. THE CREDIT
	  	 	26	 
	 2.1.
	 	 Generally
	  	 	26	 
	 2.2.
	 	 Termination or Increase in Aggregate Commitment
	  	 	27	 
	 2.3.
	 	 Applicable Margins and Facility Fee
	  	 	28	 
	 2.4.
	 	 Final Principal Payment
	  	 	30	 
	 2.5.
	 	 Facility Fee
	  	 	30	 
	 2.6.
	 	 Other Fees
	  	 	30	 
	 2.7.
	 	 Minimum Amount of Each Advance
	  	 	30	 
	 2.8.
	 	 Principal Payments
	  	 	30	 
	 2.9.
	 	 Method of Selecting Types and Interest Periods for New Advances
	  	 	31	 
	 2.10.
	 	 Conversion and Continuation of Outstanding Advances
	  	 	32	 
	 2.11.
	 	 Changes in Interest Rate, Etc.
	  	 	32	 
	 2.12.
	 	 Rates Applicable After Default
	  	 	32	 
	 2.13.
	 	 Method of Payment
	  	 	33	 
	 2.14.
	 	 Notes; Telephonic Notices
	  	 	33	 
	 2.15.
	 	 Interest Payment Dates; Interest and Fee Basis
	  	 	33	 
	 2.16.
	 	 Swingline Advances
	  	 	34	 
	 2.17.
	 	 Notification of Advances, Interest Rates and Prepayments
	  	 	35	 
	 2.18.
	 	 Lending Installations
	  	 	35	 
	 2.19.
	 	 Non-Receipt of Funds by the Administrative
Agent
	  	 	35	 
	 2.20.
	 	 Replacement of Lenders under Certain Circumstances
	  	 	35	 
	 2.21.
	 	 Usury
	  	 	36	 
	 2.22.
	 	 Unencumbered Properties
	  	 	36	 
	 2.23.
	 	 Extension of Revolving Facility Termination Date
	  	 	39	 
	 2.24.
	 	 Benchmark Replacement Setting. Notwithstanding anything to the contrary herein or
in any other Loan Document:
	  	 	40	 
	 ARTICLE IIA LETTER OF CREDIT SUBFACILITY
	  	 	44	 
	 2A.1
	 	 Obligation to Issue
	  	 	44	 
	 2A.2
	 	 Types and Amounts
	  	 	44	 
	 2A.3
	 	 Conditions
	  	 	44	 
	 2A.4
	 	 Procedure for Issuance of Facility Letters of Credit
	  	 	45	 
	 2A.5
	 	 Reimbursement Obligations; Duties of Issuing Bank
	  	 	46	 
	 2A.6
	 	 Participation
	  	 	46	 
	 2A.7
	 	 Payment of Reimbursement Obligations
	  	 	47	 
	 2A.8
	 	 Compensation for Facility Letters of Credit
	  	 	48	 
	 2A.9
	 	 Letter of Credit Collateral Account
	  	 	49	 
	 ARTICLE III. CHANGE IN CIRCUMSTANCES
	  	 	49	 
	 3.1.
	 	 Yield Protection
	  	 	49	 
	 3.2.
	 	 Changes in Capital Adequacy Regulations
	  	 	50	 
	 3.3.
	 	 Availability of Types of Advances
	  	 	50	 
	 3.4.
	 	 Funding Indemnification
	  	 	50	 
	 3.5.
	 	 Taxes
	  	 	51	 
	 3.6.
	 	 Lender Statements; Survival of Indemnity
	  	 	54	 

							
	 ARTICLE IV. CONDITIONS PRECEDENT
	  	 	55	 
	 4.1.
	 	 Initial Advance
	  	 	55	 
	 4.2.
	 	 Each Advance and Issuance
	  	 	57	 
	 ARTICLE V. REPRESENTATIONS AND WARRANTIES
	  	 	57	 
	 5.1.
	 	 Existence
	  	 	57	 
	 5.2.
	 	 Authorization and Validity
	  	 	57	 
	 5.3.
	 	 No Conflict; Government Consent
	  	 	57	 
	 5.4.
	 	 Financial Statements; Material Adverse Effect
	  	 	58	 
	 5.5.
	 	 Taxes
	  	 	58	 
	 5.6.
	 	 Litigation and Guarantee Obligations
	  	 	58	 
	 5.7.
	 	 Direct Subsidiaries; Investment Affiliates
	  	 	58	 
	 5.8.
	 	 ERISA
	  	 	59	 
	 5.9.
	 	 Accuracy of Information
	  	 	59	 
	 5.10.
	 	 Regulation U
	  	 	59	 
	 5.11.
	 	 Material Agreements
	  	 	59	 
	 5.12.
	 	 Compliance With Laws
	  	 	59	 
	 5.13.
	 	 Ownership of Properties
	  	 	59	 
	 5.14.
	 	 Investment Company Act
	  	 	59	 
	 5.15.
	 	 Affiliate Transactions
	  	 	59	 
	 5.16.
	 	 Solvency
	  	 	60	 
	 5.17.
	 	 Insurance
	  	 	60	 
	 5.18.
	 	 REIT Status
	  	 	60	 
	 5.19.
	 	 Environmental Matters
	  	 	60	 
	 5.20.
	 	 Unencumbered Properties
	  	 	61	 
	 5.21.
	 	 Intellectual Property
	  	 	63	 
	 5.22.
	 	 Broker’s Fees
	  	 	63	 
	 5.23.
	 	 No Bankruptcy Filing
	  	 	63	 
	 5.24.
	 	 No Fraudulent Intent
	  	 	63	 
	 5.25.
	 	 Transaction in Best Interests of Borrower and Subsidiary Guarantors; Consideration
	  	 	64	 
	 5.26.
	 	 Subordination
	  	 	64	 
	 5.27.
	 	 Tax Shelter Representation
	  	 	64	 
	 5.28.
	 	 Anti-Terrorism Laws
	  	 	64	 
	 5.29.
	 	 Survival
	  	 	65	 
	 5.30.
	 	 Beneficial Ownership Certification
	  	 	66	 
	 ARTICLE VI. COVENANTS
	  	 	66	 
	 6.1.
	 	 Financial Reporting
	  	 	66	 
	 6.2.
	 	 Use of Proceeds
	  	 	67	 
	 6.3.
	 	 Notice of Default
	  	 	68	 
	 6.4.
	 	 Conduct of Business
	  	 	68	 
	 6.5.
	 	 Taxes
	  	 	68	 
	 6.6.
	 	 Insurance
	  	 	68	 
	 6.7.
	 	 Compliance with Laws
	  	 	68	 
	 6.8.
	 	 Maintenance of Properties
	  	 	68	 
	 6.9.
	 	 Inspection
	  	 	68	 
	 6.10.
	 	 Maintenance of Status; Modification of Formation Documents
	  	 	69	 
	 6.11.
	 	 Dividends
	  	 	69	 
	 6.12.
	 	 Merger; Sale of Assets
	  	 	69	 
	 6.13.
	 	 Subsidiary Guarantors
	  	 	69	 
	 6.14.
	 	 Sale and Leaseback
	  	 	70	 
	 6.15.
	 	 Acquisitions and Investments
	  	 	70	 

  
 - ii - 

							
	 6.16.
	 	 Liens
	  	 	71	 
	 6.17.
	 	 Affiliates
	  	 	71	 
	 6.18.
	 	 Swap Contracts
	  	 	72	 
	 6.19.
	 	 [Reserved]
	  	 	72	 
	 6.20.
	 	 [Reserved]
	  	 	72	 
	 6.21.
	 	 Indebtedness and Cash Flow Covenants
	  	 	72	 
	 6.22.
	 	 Environmental Matters
	  	 	72	 
	 6.23.
	 	 Permitted Investments
	  	 	73	 
	 6.24.
	 	 Lease Approvals
	  	 	74	 
	 6.25.
	 	 Prohibited Encumbrances
	  	 	74	 
	 6.26.
	 	 Further Assurances
	  	 	74	 
	 6.27.
	 	 Distribution of Income to Borrower
	  	 	74	 
	 ARTICLE VII. DEFAULTS
	  	 	75	 
	 ARTICLE VIII. ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES
	  	 	77	 
	 8.1.
	 	 Acceleration
	  	 	77	 
	 8.2.
	 	 Amendments
	  	 	78	 
	 8.3.
	 	 Preservation of Rights
	  	 	78	 
	 8.4.
	 	 Application of Funds
	  	 	79	 
	 ARTICLE IX. GENERAL PROVISIONS
	  	 	79	 
	 9.1.
	 	 Survival of Representations
	  	 	79	 
	 9.2.
	 	 Governmental Regulation
	  	 	80	 
	 9.3.
	 	 Taxes
	  	 	80	 
	 9.4.
	 	 Headings
	  	 	80	 
	 9.5.
	 	 Entire Agreement
	  	 	80	 
	 9.6.
	 	 Several Obligations; Benefits of this Agreement
	  	 	80	 
	 9.7.
	 	 Expenses; Indemnification
	  	 	80	 
	 9.8.
	 	 Numbers of Documents
	  	 	81	 
	 9.9.
	 	 Accounting
	  	 	81	 
	 9.10.
	 	 Severability of Provisions
	  	 	81	 
	 9.11.
	 	 Nonliability of Lenders
	  	 	81	 
	 9.12.
	 	 CHOICE OF LAW
	  	 	81	 
	 9.13.
	 	 CONSENT TO JURISDICTION
	  	 	81	 
	 9.14.
	 	 WAIVER OF JURY TRIAL
	  	 	82	 
	 9.15.
	 	 USA PATRIOT ACT
	  	 	82	 
	 9.16.
	 	 Other Agents
	  	 	82	 
	 9.17.
	 	 Acknowledgement and Consent to Bail In of Affected Financial Institutions
	  	 	82	 
	 9.18.
	 	 Acknowledgement Regarding Any Supported QFCs
	  	 	83	 
	 9.19.
	 	 Erroneous Payments.
	  	 	84	 
	 ARTICLE X. THE ADMINISTRATIVE AGENT
	  	 	86	 
	 10.1.
	 	 Appointment
	  	 	86	 
	 10.2.
	 	 Powers
	  	 	86	 
	 10.3.
	 	 General Immunity
	  	 	86	 
	 10.4.
	 	 No Responsibility for Loans, Recitals, etc.
	  	 	87	 
	 10.5.
	 	 Action on Instructions of Lenders
	  	 	87	 
	 10.6.
	 	 Employment of Agents and Counsel
	  	 	87	 
	 10.7.
	 	 Reliance on Documents; Counsel
	  	 	87	 
	 10.8.
	 	 Administrative Agent’s Reimbursement and Indemnification
	  	 	87	 
	 10.9.
	 	 Rights as a Lender
	  	 	88	 
	 10.10.
	 	 Lender Credit Decision
	  	 	88	 
	 10.11.
	 	 Successor Administrative Agent
	  	 	88	 

  
 - iii - 

							
	 10.12.
	 	 Notice of Defaults
	  	 	89	 
	 10.13.
	 	 Requests for Approval
	  	 	89	 
	 10.14.
	 	 Defaulting Lenders
	  	 	89	 
	 10.15.
	 	 Certain ERISA Matters
	  	 	91	 
	 ARTICLE XI. SETOFF; RATABLE PAYMENTS
	  	 	92	 
	 11.1.
	 	 Setoff
	  	 	92	 
	 11.2.
	 	 Ratable Payments
	  	 	92	 
	 ARTICLE XII. BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS
	  	 	93	 
	 12.1.
	 	 Successors and Assigns
	  	 	93	 
	 12.2.
	 	 Participations
	  	 	93	 
	 12.3.
	 	 Assignments
	  	 	94	 
	 12.4.
	 	 Dissemination of Information
	  	 	95	 
	 12.5.
	 	 Tax Treatment
	  	 	96	 
	 ARTICLE XIII. NOTICES
	  	 	96	 
	 13.1.
	 	 Giving Notice
	  	 	96	 
	 13.2.
	 	 Change of Address
	  	 	96	 
	 ARTICLE XIV. COUNTERPARTS
	  	 	96	 

 EXHIBITS AND SCHEDULES 
  

	
	EXHIBIT A – AMENDMENT REGARDING INCREASE
	EXHIBIT B – FORM OF [REVOLVING][TERM] NOTE
	EXHIBIT C – COMPLIANCE CERTIFICATE
	EXHIBIT D – ASSIGNMENT AGREEMENT
	EXHIBIT E – LOAN/CREDIT RELATED MONEY TRANSFER INSTRUCTION
	EXHIBIT F – BORROWING NOTICE
	EXHIBIT G-1 – FORM OF U.S. TAX COMPLIANCE CERTIFICATE
	EXHIBIT G-2 – FORM OF U.S. TAX COMPLIANCE CERTIFICATE
	EXHIBIT G-3 – FORM OF U.S. TAX COMPLIANCE CERTIFICATE
	EXHIBIT G-4 – FORM OF U.S. TAX COMPLIANCE CERTIFICATE
	SCHEDULE 1 – SCHEDULE OF COMMITMENTS
	SCHEDULE 2 – SUBSIDIARIES OF PARENT GUARANTOR
	SCHEDULE 3 – LITIGATION
	SCHEDULE 4 – ENVIRONMENTAL MATTERS
	SCHEDULE 5 – LIST OF SUBSIDIARY GUARANTORS
	SCHEDULE 6 – LIST OF INVESTMENT AFFILIATES
	SCHEDULE 7 – LIST OF UNENCUMBERED PROPERTIES
	SCHEDULE 8 – OUTSTANDING FACILITY LETTERS OF CREDIT

  
 - iv - 

 SIXTH AMENDED AND RESTATED SENIOR CREDIT AGREEMENT 

This Sixth Amended and Restated Senior Credit Agreement (“Agreement”), dated as of August 20, 2021, is among Terreno
Realty LLC, a limited liability company organized under the laws of the State of Delaware (the “Borrower”), KeyBank National Association, a national banking association, both individually as a “Lender” and as
“Administrative Agent”, KeyBanc Capital Markets as “Joint Lead Arranger,” MUFG Union Bank, N.A., as Co-Syndication Agent and Joint Lead Arranger, PNC Bank, National
Association, as Co-Syndication Agent, PNC Capital Markets LLC, as Joint Lead Arranger, Regions Bank, as Co-Syndication Agent, Regions Capital Markets as Joint Lead
Arranger and the several banks, financial institutions and other entities which may from time to time become parties to this Agreement as additional “Lenders”. 

RECITALS 

A.    Borrower is primarily engaged in the business of purchasing, owning, operating, leasing and managing industrial
properties. 
 B.    Borrower’s sole member, Terreno Realty Corporation, a Maryland corporation (“Parent
Guarantor”) is qualified as a real estate investment trust under Section 856 of the Code. 
 C.    This
Agreement amends and restates in its entirety that certain Fifth Amended and Restated Senior Revolving Credit Agreement dated as of October 19, 2018, by and among the Administrative Agent, KeyBank National Association, certain of the Lenders
and the Borrower (the “Original Credit Agreement”). 
 D.    Borrower desires to amend and restate the
Original Credit Agreement to (i) remove the $50,000,000.00 term loan tranche, leaving one term loan tranche, (ii) to increase the accordion by $50,000,000.00, (iii) to extend the term loan maturity date of the remaining term loan tranche,
and (iii) to make certain other changes to the terms and conditions thereof and the Administrative Agent and the Lenders are willing to do so on the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto agree as follows: 

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

DEFINITIONS 
 As
used in this Agreement: 
 “Adjusted EBITDA” means, as of any date, an annualized amount determined by multiplying two
(2) times the Consolidated EBITDA for the two (2) most recent full fiscal quarters of Borrower for which financial results have been reported and deducting from such annualized amount an annual amount for capital expenditures equal to
$0.15 per square foot times the weighted daily average 

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

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

“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution. 

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

“Aggregate Commitment” means, as of any date, the aggregate of the then-current Revolving Commitments and Term Loan Commitments of
all the Lenders, which is $350,000,000 as of the Agreement Execution Date, as such amount may be further increased pursuant to Section 2.2 hereof. 

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

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

  
 - 2 - 

 “Applicable Law” means all applicable provisions of constitutions, statutes,
rules, regulations, guidelines and orders of all Governmental Authorities and all orders and decrees of all courts, tribunals and arbitrators. 

“Applicable Margin” means, as applicable, the Base Rate Applicable Margin or the LIBOR Applicable Margin which are used in
calculating the interest rate applicable to the various Types of Advances. 
 “Article” means an article of this Agreement unless
another document is specifically referenced. 
 “Authorized Officer” means any of the Chief Executive Officer, President, Chief
Financial Officer or Chief Accounting Officer of Borrower, acting singly. 
 “Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 

“Bail-In Legislation” means (a) with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time that is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the
United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). 

“Bankruptcy Code” means the Bankruptcy Code of the United States of America, as amended from time to time. 

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

 “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of
ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of
the Code) the assets of any such “employee benefit plan” or “plan”. 

  
 - 3 - 

 “Borrower” means Terreno Realty LLC, a limited liability company organized under
the laws of the State of Delaware, and its successors and assigns. 
 “Borrowing Date” means a date on which an Advance is made
hereunder. 
 “Borrowing Notice” is defined in Section 2.9. 

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

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

“Capitalization Rate” means six percent (5.75%). 

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

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

“Change of Control” means (i) any transfer of ownership resulting in Parent Guarantor owning less than 100% of the equity
interests in Borrower or (ii) any change in the membership of Parent Guarantor’s Board of Directors which results in (x) those board members having served for such Board of Directors throughout the preceding twelve (12) month
period (or since the date of Parent Guarantor’s organization in the case of the first twelve (12) months after Parent Guarantor’s organization) (“Existing Directors”) and (y) directors approved by Existing Directors as
of any date constituting less than 50% of the total board members at such time. 
 “Code” means the Internal Revenue Code of 1986,
as amended, reformed or otherwise modified from time to time. 

  
 - 4 - 

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

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

  
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most recent consecutive full fiscal quarters by an Investment Affiliate, plus (v) the cost value basis of all Development Projects of Borrower or any other member of the Consolidated Group,
as of the last day of such most recent fiscal quarter, plus (vi) the cost value basis of any Unimproved Land owned by Borrower or any other member of the Consolidated Group as of the last day of such most recent fiscal quarter. Notwithstanding
the foregoing, for purposes of calculating the amount of Net Operating Income to be used in clauses (i) and (iii) of the preceding sentence of this definition, (A) no Project shall be deemed to have Net Operating Income of less than zero
for any period and (B) if any Project is subject to a Lease which has commenced but provides for an initial period of rent abatement or reduction that falls in whole or in part within the period on which Net Operating Income is being
calculated, the Net Operating Income attributable to such Project for such initial abatement or reduction period shall be determined as if the rental income for such Project included rents paid at the rental rate that will be payable under such
Lease during the first full calendar month immediately following such period. 
 “Consolidated Group” means Parent Guarantor,
Borrower and all Subsidiaries which are consolidated with it for financial reporting purposes under GAAP. 
 “Consolidated Group Pro
Rata Share” means, with respect to any Investment Affiliate, the percentage interest held by the Consolidated Group in the aggregate, in such Investment Affiliate determined by calculating the greater of (i) the percentage of the issued
and outstanding Capital Stock in such Investment Affiliate held by the Consolidated Group in the aggregate and (ii) the percentage of the total book value of such Investment Affiliate that would be received by the Consolidated Group in the
aggregate, upon liquidation of such Investment Affiliate, after repayment in full of all Indebtedness of such Investment Affiliate. 

“Consolidated Interest Expense” means, for any period, without duplication, the sum of (a) the aggregate amount of interest
required to be paid, accrued, expensed or, to the extent it could be expensed, capitalized in accordance with GAAP of the Consolidated Group for such period attributable to Consolidated Outstanding Indebtedness during such period (including the
Loans, obligations under Capitalized Leases (to the extent Consolidated EBITDA has not been reduced by such Capitalized Lease obligations in the applicable period), any Subordinated Indebtedness, original issue discount and amortization of prepaid
interest, if any, but excluding any Preferred Distributions) plus (b) the aggregate amount of interest, if any, attributable to all amounts available for borrowing, or for drawing under letters of credit (including the Facility Letters
of Credit), if any, issued for the account of any member of the Consolidated Group, but only if such interest was or is required to be reflected as an item of expense, calculated and determined for such period in accordance with GAAP, plus
(c) all commitment fees, agency fees, facility fees, balance deficiency fees and similar fees and expenses in connection with the borrowing of money plus (d) the Consolidated Group Pro Rata Share of any such interest items, as
similarly calculated and determined in accordance with GAAP, of any Investment Affiliate, for such period, whether recourse or non-recourse. 

“Consolidated Net Income” means, for any period, the sum of (i) consolidated net income (or loss) of the Consolidated Group for
such period determined on a consolidated basis in accordance with GAAP plus (ii) without duplication, the applicable Consolidated Group Pro Rata Share of the net income (or loss) of each Investment Affiliate for such period determined in
accordance with GAAP. 
 “Consolidated Total Indebtedness” means, as of any date of determination, without duplication, the sum of
(a) all Indebtedness of the Consolidated Group at such date, determined on a consolidated basis in accordance with GAAP, plus (b) the applicable Consolidated Group Pro Rata 

  
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Share of any Indebtedness of each Investment Affiliate other than Indebtedness of such Investment Affiliate to a member of the Consolidated Group, provided that (x) to the extent that any
member of the Consolidated Group is providing a completion guaranty in connection with a construction loan entered into by an Investment Affiliate, Consolidated Total Indebtedness shall include such member’s pro rata liability under the
Indebtedness relating to such completion guaranty (or, if greater, such member’s potential liability under such completion guaranty) and (y) in connection with the liabilities described in clauses (a) and (d) of the definition of
“Indebtedness” (other than completion guarantees) Consolidated Total Indebtedness shall include the portion of the liabilities of such Investment Affiliate which is attributable to the Consolidated Group’s Pro Rata Share of such
Investment Affiliate or such greater amount of such liabilities for which any member of the Consolidated Group is or has agreed to be, liable by way of guaranty, indemnity for borrowed money, stop-loss agreement or the like, it being agreed that, in
any case, Indebtedness of an Investment Affiliate shall not be excluded from Consolidated Total Indebtedness by virtue of the liability of such Investment Affiliate being Non-Recourse Indebtedness. 

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

“Covered Party” is defined in Section 9.18. 

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

“Credit Rating” means, as of any date, with respect to any one of Moody’s, S&P and Fitch, the most recent credit rating of
Borrower issued by such rating agency prior to such date. 
 “Debtor Relief Laws” means the Bankruptcy Code of the United States
of America, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable
jurisdictions from time to time in effect. 
 “Default” means an event described in Article VII. 

“Default Rate” means the interest rate which may apply during the continuance of a Default pursuant to
Section 2.12. 
 “Defaulting Lender” means, subject to Section 10.14(b), any
Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing
that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not
been satisfied, or (ii) pay to the Administrative Agent, any Issuing Bank, any Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Facility Letters of Credit or
Swingline Loans) within two Business Days of the date when due, (b) has notified the 

  
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Borrower, the Administrative Agent or the Issuing Bank or the Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement
to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which
condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or
the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause
(c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law,
(ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit
Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become, or is reasonably expected to become, subject to a Bail-in Action; provided that a
Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not
result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject,
repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and
binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 10.14(b)) upon delivery of written notice of such determination to the Borrower, the Issuing Bank, the Swingline
Lender and each Lender. 
 “Delaware LLC” means any limited liability company organized or formed under the laws of the State of
Delaware. 
 “Delaware Divided LLC” means any Delaware LLC which has been formed upon consummation of a Delaware LLC Division.

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

  
 - 8 - 

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

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

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

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

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

  
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 (b)    Such Project must be an industrial property
consisting of one of the following property types: warehouse, distribution, flex (light manufacturing or research and development), Drop Lot or trans-shipment. 

(c)    Such Project must be located in one of the following markets: Los Angeles Area, San Francisco Bay
Area, Seattle, Northern New Jersey/New York City, Washington D.C./Baltimore, or Miami Area (the “Borrower’s Target Geographic Markets”). 

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

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

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any rule or regulation issued
thereunder. 
 “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Excluded Swap Obligation” means, with respect to any Subsidiary Guarantor, any Swap Obligation if, and to the extent that, all or a
portion of the guarantee by such Subsidiary Guarantor of such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the
application or official interpretation of any thereof) (a) by virtue of such Subsidiary Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the
regulations thereunder at the time the guarantee of such Subsidiary Guarantor becomes or would become effective with respect to such Swap Obligation or (b) in the case of a Swap Obligation subject to a clearing requirement pursuant to
Section 2(h) of the Commodity 

  
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Exchange Act (or any successor provision thereto), because such Subsidiary Guarantor is a “financial entity,” as defined in Section 2(h)(7)(C)(i) the Commodity Exchange Act (or any
successor provision thereto), at the time the guarantee of such Subsidiary Guarantor becomes or would become effective with respect to such related Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap,
such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such guarantee is or becomes illegal. 

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

 “Executive Order” is defined in Section 5.28. 

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

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

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

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

“Facility Obligations” means all Obligations other than the Related Swap Obligations. 

  
 - 11 - 

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

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

“Fitch” means Fitch Ratings and its successors. 

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

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

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

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

  
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 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or
with respect to any payment made by or on account of any obligation of the Borrower, Parent Guarantor or any Subsidiary Guarantor under any Loan Document and (b) to the extent not otherwise described in the immediately preceding clause (a),
Other Taxes. 
 “Intellectual Property” is defined in Section 5.21. 

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

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

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

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

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

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

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

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

  
 - 14 - 

 “Lending Installation” means, with respect to a Lender, any office, branch,
subsidiary or affiliate of such Lender. 
 “Letter of Credit” of a Person means a letter of credit or similar instrument which is
issued upon the application of such Person or upon which such Person is an account party or for which such Person is in any way liable. 

“Letter of Credit Collateral Account” is defined in Section 2A.9. 

“Letter of Credit Request” is defined in Section 2A.4(a). 

“Leverage Based Pricing Grid” is defined in Section 2.3. 

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

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

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

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

  
 - 15 - 

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

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

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

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

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

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

“Negative Pledge” means, with respect to a given asset, any provision of a document, instrument or agreement (other than any Loan
Document) which prohibits the creation or assumption of any Lien on such asset as security for Indebtedness of the Person owning such asset or any other Person; provided, however, that an agreement that conditions a Person’s ability to encumber
its assets upon the maintenance of one or more specified ratios that limit such Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, shall not
constitute a Negative Pledge. 

  
 - 16 - 

 “Net Operating Income” means, with respect to any Project for any period, property
rental and other income attributable to such Project accruing for such period minus all expenses and other proper charges incurred in connection with the operation of such Project (including, without limitation, real estate taxes, Management
Fees, payments under ground leases and bad debt expenses) during such period; but, in any case, before payment of or provision for debt service charges for such period, income taxes for such period, capital expenses for such period, and
depreciation, amortization, and other non-cash expenses for such period, all as determined in accordance with GAAP (except that (a) any rent leveling adjustments and (b) any SFAS 141 amortization
shall be excluded from rental income). 
 “Non-Recourse Exclusions” means with respect to
any Non-Recourse Indebtedness of any Person, any usual and customary exclusions from the non-recourse limitations governing such Indebtedness, including, without
limitation, exclusions for claims that (a) are based on fraud, intentional or material misrepresentation, misapplication of funds, gross negligence or willful misconduct, (b) result from intentional mismanagement of or waste at the
Property securing such Non-Recourse Indebtedness, (c) arise from the presence of Hazardous Substances on the Property securing such Non-Recourse Indebtedness,
(d) are the result of any unpaid real estate taxes and assessments (whether contained in a loan agreement, promissory note, indemnity agreement or other document) or (e) result from the borrowing Subsidiary and/or its assets becoming the
subject of a voluntary or involuntary bankruptcy, insolvency or similar proceeding. 

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

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

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

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

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

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

  
 - 17 - 

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

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

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

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

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

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

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

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

“Percentage” means for each Lender the ratio that such Lender’s combined Revolving Commitment and Term Commitment bears to the
Aggregate Commitment, expressed as a percentage. 
 “Permitted Acquisitions” are defined in
Section 6.15. 
 “Permitted Liens” are defined in Section 6.16. 

  
 - 18 - 

 “Person” means any natural person, corporation, firm, joint venture, partnership,
association, enterprise, trust or other entity or organization, or any government or political subdivision or any agency, department or instrumentality thereof. 

“Plan” means an employee pension benefit plan which is covered by Title IV of ERISA or subject to the minimum funding standards
under Section 412 of the Code as to which Borrower or any member of the Controlled Group may have any liability. 
 “Preferred
Dividends” means, for any period, with respect to any entity, dividends or other distributions which are payable to holders of any ownership interests in such entity which entitle the holders of such ownership interests to be paid on a
preferred basis prior to dividends or other distributions to the holders of other types of ownership interests in such entity. 

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

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

“Prohibited Person” is defined in Section 5.28. 

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

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

  
 - 19 - 

 
if consent of such ground lessor is required, such consent is subject to either an express reasonableness standard or an objective financial standard for the transferee that is reasonably
satisfactory to the Administrative Agent); and (v) that the tenant under the ground lease is entitled to all insurance proceeds and condemnation awards (other than the amount attributable to landlord’s fee interest in the land if an
adjustment in rent is provided for in connection therewith). 
 “Qualifying Unencumbered Property” means any Eligible Unencumbered
Property which, as of any date of determination, has been approved by the Administrative Agent for inclusion in the Unencumbered Property Pool as provided in Section 2.22(i) and (ii), provided that such Eligible
Unencumbered Property: (a) is not, nor is any of Borrower’s direct or indirect ownership interests in the Subsidiary Guarantor owning such Project, subject to any Negative Pledge or any Lien other than Permitted Liens set forth in
Sections 6.16(i) through 6.16(iv); (b) unless an Unencumbered Development Project, had an Occupancy Percentage of at least 65% at the time it was added to the Unencumbered Property Pool, and (c) is then in compliance with all of
the representations and warranties made by Borrower under Section 5.20 with respect to such Eligible Unencumbered Property. 

“QFC Credit Support” is defined in Section 9.18. 

“Ratings Based Pricing Grid” is defined in Section 2.3. 

“Recipient” means the Administrative Agent and any Lender. 

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

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

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

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

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

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

  
 - 20 - 

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

“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution
Authority. 
 “Revolving Advance” means any Advance comprised only of Revolving Loans. 

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

“Revolving Facility Termination Date” means August 20, 2025, as such date may be extended pursuant to
Section 2.23. 
 “Revolving Lender” means, as of any date, a Lender holding a Revolving Commitment. 

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

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

“Revolving Percentage” means, as of any date for each Revolving Lender, the ratio that such Revolving Lender’s then-current
Revolving Commitment bears to the then-current total amount of all Revolving Commitments, expressed as a percentage. 
 “Sanctions Laws
and Regulations” means any applicable sanctions, prohibitions or requirements imposed by any applicable executive order or by any applicable sanctions program administered by OFAC, the United Nations Security Council, the European Union or Her
Majesty’s Treasury. 
 “Section” means a numbered section of this Agreement, unless another document is specifically
referenced. 

  
 - 21 - 

 “Secured Indebtedness” means any Indebtedness of Borrower or any other member of
the Consolidated Group which is secured by a Lien on a Project, any ownership interests in any Person or any other assets which had, in the aggregate, a value in excess of the amount of such Indebtedness at the time such Indebtedness was incurred.

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

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

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

“Subsidiary Guaranty” means the guaranty executed and delivered as of the Agreement Execution Date by those Subsidiaries of Borrower
listed on Schedule 5 and such other Wholly-Owned Subsidiaries as may hereafter be obligated to join in such guaranty as provided in Section 6.13, as the same may be amended,
supplemented or otherwise modified from time to time. 
 “Substantial Portion” means, with respect to the Property of Borrower and
its Subsidiaries, Property which represents more than 10% of then-current Consolidated Gross Asset Value. 
 “Supported QFC” is
defined in Section 9.18. 
 “Swap Contract” means (a) any and all rate swap transactions, basis
swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward
bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions,
cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing),
whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of
master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a
“Master Agreement”), including any such obligations or liabilities under any Master Agreement. 

  
 - 22 - 

 “Swap Obligation” means, with respect to any Subsidiary Guarantor, any obligation
to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act. 

“Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally
enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and
(b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined
based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender). 

“Swingline Advances” means, as of any date, collectively, all Swingline Loans then outstanding under this Facility. 

“Swingline Commitment” means the obligation of the Swingline Lender to make Swingline Loans not exceeding $15,000,000, which is
included in, and is not in addition to, the Swingline Lender’s total Commitment hereunder. 
 “Swingline Lender” shall mean
KeyBank National Association, in its capacity as a Lender, and at the option of a new Administrative Agent, any successor Administrative Agent. 

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

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

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

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

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

“Term Loan Facility” means the term facility with an aggregate commitment of up to $100,000,000 maturing on the Term Loan Facility
Termination Date. 
 “Term Loan Facility Termination Date” shall mean January 15, 2027. 

“Term Lender” means as of any date, a Lender holding either a Term Loan Commitment. 

“Transferee” is defined in Section 12.4. 

  
 - 23 - 

 “Type” means, with respect to any Advance, its nature as a Base Rate Advance or
LIBOR Advance and as either a Revolving Advance, or a Term Advance. 
 “UK Financial Institution” means any BRRD Undertaking (as
such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by
the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 

“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the
resolution of any UK Financial Institution. 
 “Unfunded Liabilities” means the amount (if any) by which the present value of all
vested nonforfeitable benefits under all Single Employer Plans exceeds the fair market value of all such Plan assets allocable to such benefits, all determined as of the then most recent valuation date for such Plans. 

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

“Unencumbered Development Project” means a Project that (i) previously was the subject of a major redevelopment or renovation,
involving extensive capital expenditures beyond those normally incurred in connection with the installation of tenant improvements for a new tenant, to upgrade and reposition such Project to meet prevailing market standards and requiring such
Project to be vacated during such redevelopment or renovation, and (ii) meets the criteria of an Eligible Unencumbered Property, provided that any such Project will no longer be considered an Unencumbered Development Project following the date
that is twelve (12) months after the first date on which a certificate of occupancy has been issued or reissued for such Unencumbered Development Project or the date such Unencumbered Development Project was otherwise lawfully occupied for its
intended use. 
 “Unencumbered Property” means, as of any date, any Qualifying Unencumbered Property which has not been released
from the Unencumbered Property Pool in accordance with Section 2.22(iii) hereof. 
 “Unencumbered Property
Addition Transaction” is defined in Section 2.22(ii). 
 “Unencumbered Property Pool” means, as of
any date, all Qualifying Unencumbered Properties as of such date. 
 “Unencumbered Property Pool Leverage Ratio” means the
Unsecured Indebtedness divided by Unencumbered Property Pool Value, expressed as a percentage. 
 “Unencumbered Property Pool NOI”
means the Net Operating Income of Borrower attributable to all Unencumbered Properties owned by a Wholly-Owned Subsidiary of Borrower as of such date, but excluding any portion of such Net Operating Income attributable to a tenant who is an Excluded
Tenant as of such date. 

  
 - 24 - 

 “Unencumbered Property Pool Value” means, as of any date, the sum of (x) the
most recent two (2) full fiscal quarters of Unencumbered Property Pool NOI attributable to all Unencumbered Properties (other than Unencumbered Development Projects) owned by a Wholly Owned Subsidiary of Borrower as of such date of
determination which have been owned by such Subsidiary for the most recent four (4) full fiscal quarters for which financial results of Borrower have been reported, multiplied by two (2), with the product thereof divided by the Capitalization
Rate, plus (y) the aggregate cost value basis of all Unencumbered Properties (other than Unencumbered Development Projects) owned by a Wholly-Owned Subsidiary of Borrower as of such date of determination which were not so owned for such period
of four (4) consecutive full fiscal quarters, plus (z) the aggregate cost basis of all Unencumbered Development Projects of Borrower as of the last day of the most recent fiscal quarter. Notwithstanding the foregoing, for purposes of
calculating the amount of Unencumbered Property Pool NOI to be used in clause (x) of the preceding sentence of this definition, (A) no Unencumbered Property shall be deemed to have Net Operating Income of less than zero for any period and
(B) if any Unencumbered Property is subject to a Lease which has commenced but provides for an initial period of rent abatement or reduction that falls in whole or in part within the period on which Unencumbered Property Pool NOI is being
calculated, the Net Operating Income attributable to such Unencumbered Property for such initial abatement or reduction period shall be determined as if the rental income for such Unencumbered Property included rents paid at the rental rate that
will be payable under such Lease during the first full calendar month immediately following such period. 
 “Unencumbered Property
Release Transaction” is defined in Section 2.22(iii). 
 “Unmatured Default” means an event which
but for the lapse of time or the giving of notice, or both, would constitute a Default. 
 “Unrestricted Cash and Cash
Equivalents” means, in the aggregate, all cash and Cash Equivalents which are not pledged or otherwise restricted for the benefit of any creditor and which are owned by the Borrower or another member of the Consolidated Group, to be valued for
purposes of this Agreement at 100% of its then-current book value, as determined under GAAP. 
 “Unsecured Debt Service Coverage”
means, as of any date, the then-current Adjusted Unencumbered Property Pool NOI divided by the then-current Unsecured Interest Expense. 

“Unsecured Indebtedness” means, as of any date of determination, the aggregate principal amount of Consolidated Total Indebtedness
outstanding at such date that is not secured by a Lien evidenced by a mortgage, deed of trust, assignment of partnership interests or other security interest. Notwithstanding the foregoing, Unsecured Indebtedness shall include Recourse Indebtedness
that is secured solely by partnership or other ownership interests in any Subsidiary or Investment Affiliate that owns a Project that is encumbered by a mortgage securing Indebtedness. 

“Unsecured Interest Expense” means, as of any date, an annualized amount determined by multiplying two (2) times the
Consolidated Interest Expense attributable to the Unsecured Indebtedness of Borrower, Parent Guarantor and the Subsidiary Guarantors for the two (2) most recent full fiscal quarters of Borrower for which financial results have been reported.

 “U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

  
 - 25 - 

 “U.S. Tax Compliance Certificate” shall have the meaning given to such term in
Section 3.5(g)(ii)(B)(iii). 
 “Wholly-Owned Subsidiary” of a Person means (i) any Subsidiary all of the outstanding
voting securities of which shall at the time be owned or controlled, directly or indirectly, by such Person or one or more Wholly-Owned Subsidiaries of such Person, or by such Person and one or more Wholly-Owned Subsidiaries of such Person, or
(ii) any partnership, association, joint venture or similar business organization 100% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. 

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

“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion
powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel,
reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any
other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that
Bail-In Legislation that are related to or ancillary to any of those powers. 
 The foregoing
definitions shall be equally applicable to both the singular and plural forms of the defined terms. 
 ARTICLE II. 

THE CREDIT 

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

(ii)    cause the then-current Outstanding Revolving Amount to exceed the
then-current Aggregate Revolving Commitment; or 

(iii)    [reserved]; or 

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

  
 - 26 - 

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

(vi)    cause the then-current outstanding Swingline Advances to exceed the Swingline Commitment; or 

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

2.2.    Termination or Increase in Aggregate Commitment. Borrower shall have the right, upon at least three
(3) business days’ notice, to terminate or cancel, in whole or in part, the unused portion of the Aggregate Revolving Commitment in excess of the Outstanding Revolving Facility Amount, provided that each partial reduction shall be in a
minimum amount of $1,000,000 or any whole multiple of $250,000 in excess thereof. Any such reduction in the Aggregate Revolving Commitment shall be applied to reduce the Revolving Commitment of each Lender then holding a Revolving Commitment on a
pro rata basis in accordance with their respective Revolving Commitments. Once terminated or reduced, the Revolving Commitments may not be reinstated or increased thereafter. Provided Borrower has not exercised any right to terminate or reduce the
Revolving Commitments, Borrower shall also have the right from time to time, provided no Default or Unmatured Default has occurred and is then continuing, to increase the Aggregate Commitment up to a maximum of $650,000,000 by either adding new
lenders as Lenders (subject to the Administrative Agent’s prior written approval of the identity of such new lenders) or obtaining the agreement, which shall be at such Lender’s or Lenders’ sole discretion, of one or more of the then
current Lenders to increase its or their Commitments. Each such increase may apply to the Revolving Commitments or Term Loan Commitments, as may be determined by Borrower and the Lenders providing such increase. On the effective date of any such
increase, Borrower shall pay to the Administrative Agent any amounts due to it under the Fee Letter and to each new lender or then-current Lender providing such additional Commitment the up-front fee agreed to
between Borrower and such party. Such increases shall be evidenced by the execution and delivery of an Amendment Regarding Increase in the form of Exhibit A attached to this Agreement by Borrower, the Administrative Agent and the new lender
or existing Lender providing such additional Commitment, a copy of which shall be forwarded to each Lender by the Administrative Agent promptly after execution thereof. On the effective date of each such increase in the Aggregate Commitment,
Borrower and the Administrative Agent shall cause the new or existing Lenders providing such increase to hold its or their Percentage of all applicable Advances outstanding at the close of business on such day, including, in the case of increases in
the Aggregate Revolving Commitment, by funding more than its or their Percentage of new Revolving Advances made on such date or by purchasing 

  
 - 27 - 

 
shares of outstanding Revolving Loans held by the other Lenders or by a combination thereof, provided that all conditions to such funding under this Agreement are satisfied, including without
limitation the certificate referenced in Section 4.2(iii) hereof. The Lenders agree to cooperate in any required sale and purchase of outstanding Revolving Loans to achieve such result. In no event shall the Aggregate
Commitment exceed $650,000,000 without the approval of all of the Lenders. 
 2.3.    Applicable Margins and Facility
Fee. Prior to the Investment Grade Rating Date, the interest due hereunder with respect to the Advances shall vary from time to time and shall be determined by reference to the Type of Advance and the then-current Leverage Ratio. In addition,
the Facility Fee shall vary from time to time by reference to the then-current Leverage Ratio. Any such change in the Applicable Margin or Facility Fee shall be made on the fifth (5th) day
subsequent to the date on which the Administrative Agent receives a compliance certificate pursuant to Section 6.1(iv) with respect to the preceding fiscal quarter of Borrower, provided that the Administrative Agent does
not object to the information provided in such certificate and provided further that if any such compliance certificate has not been delivered by the date required under Section 6.1(iv) and remains undelivered for five
(5) business days after written notice thereof from the Administrative Agent, the Applicable Margins and Facility Fee shall accrue as if the Leverage Ratio were in excess of 55% until such delivery occurs. Subject to the following sentence,
such changes shall be given prospective effect only, and no recalculation shall be done with respect to interest or Letter of Credit Fees accrued prior to the date of such change in the Applicable Margin and Facility Fee. If any such compliance
certificate shall later be determined to be incorrect and as a result a higher Applicable Margin or Facility Fee should have been in effect for any period, Borrower shall pay to the Administrative Agent for the benefit of the Lenders all additional
interest and fees which would have accrued if the original compliance certificate had been correct, as shown on an invoice to be prepared by the Administrative Agent and delivered to Borrower, on the next Payment Date following delivery of such
invoice. The per annum Applicable Margins that will be either added to the Floor Base Rate to determine the Base Rate or added to LIBOR Base Rate (as adjusted for any Reserve Requirement) to determine the LIBOR Rate for any LIBOR Interest Period and
the per annum Facility Fee Percentage (the “Leverage Based Pricing Grid”) shall both be determined as follows: 
 Revolving
Credit Facility: 
  

							
	
             
   Leverage Ratio                
	  	LIBOR Applicable
Margin	 	Base Rate
Applicable Margin	 	Facility Fee
Percentage
	 > 55%
	  	1.45%	 	0.45%	 	0.30%
	 > 50% but < 55%
	  	1.25%	 	0.25%	 	0.30%
	 > 45% but < 50%
	  	1.20%	 	0.20%	 	0.20%
	 > 40% but < 45%
	  	1.10%	 	0.10%	 	0.20%
	 > 35% but < 40%
	  	1.05%	 	0.05%	 	0.15%
	 < 35%
	  	1.00%	 	0.00%	 	0.15%

 Term Loan Facility: 
  

					
	
             
   Leverage Ratio                
	  	LIBOR Applicable Margin	 	Base Rate
Applicable Margin
	 > 55%
	  	1.65%	 	0.65%
	 > 50% but < 55%
	  	1.45%	 	0.45%
	 > 45% but < 50%
	  	1.35%	 	0.35%
	 > 40% but < 45%
	  	1.30%	 	0.30%
	 > 35% but < 40%
	  	1.20%	 	0.20%
	 < 35%
	  	1.15%	 	0.15%

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

 Revolving Credit Facility 
  

													
	 Credit Rating

(S&P/Fitch or Moody’s)
	  	LIBOR
Applicable
Margin	 	 	Base Rate
Applicable
Margin	 	 	Facility Fee
Percentage	 
	 At least A- or A3
	  	 	0.725	% 	 	 	0.00	% 	 	 	0.125	% 
	 At least BBB+ or Baa1
	  	 	0.775	% 	 	 	0.00	% 	 	 	0.15	% 
	 At least BBB or Baa2
	  	 	0.85	% 	 	 	0.00	% 	 	 	0.20	% 
	 At least BBB- or Baa3
	  	 	1.05	% 	 	 	0.05	% 	 	 	0.25	% 
	 Below BBB- and Baa3
	  	 	1.40	% 	 	 	0.40	% 	 	 	0.30	% 

 Ratings Based Pricing Grid 

Term Loan Facility 
  

									
	 Credit Rating

(S&P/Fitch or Moody’s)
	  	LIBOR
Applicable
Margin	 	 	Base Rate
Applicable
Margin	 
	 At least A- or A3
	  	 	0.80	% 	 	 	0.00	% 
	 At least BBB+ or Baa1
	  	 	0.85	% 	 	 	0.00	% 
	 At least BBB or Baa2
	  	 	0.95	% 	 	 	0.00	% 
	 At least BBB- or Baa3
	  	 	1.20	% 	 	 	0.20	% 
	 Below BBB- and Baa3
	  	 	1.60	% 	 	 	0.60	% 

 During any period for which the rating agencies assign Credit Ratings which correspond to three different levels in the
Ratings Based Pricing Grid, the Applicable Margins and Facility Fee 

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

2.5.    Facility Fee. A facility fee (the “Facility Fee”) shall accrue and be payable by Borrower
to the Administrative Agent for the account of each Lender and shall be computed on a daily basis by multiplying (i) the Facility Fee Percentage applicable to such day, expressed as a per diem rate, times (ii) the Aggregate Revolving
Commitment in effect on such day. The Facility Fee shall be payable quarterly in arrears on the first Business Day of each calendar quarter (for the prior calendar quarter) and upon any termination of the Aggregate Revolving Commitment in its
entirety. Following its receipt of any such Facility Fee, Administrative Agent shall promptly pay to each Lender holding a Revolving Commitment an amount equal to such Lender’s applicable Revolving Percentage of the daily amount of such
Facility Fee, based on such Lender’s Revolving Commitment on such day. The Facility Fee shall be computed on a 360 day year, and actual days elapsed. 

2.6.    Other Fees. Borrower agrees to pay all fees payable to the Administrative Agent in connection with this
Agreement. 
 2.7.    Minimum Amount of Each Advance. Each Advance shall be in the minimum amount of $1,000,000;
provided, however, that any Base Rate Advance may be in the amount of the unused Revolving Commitments or Term Loan Commitments, as applicable. 

2.8.    Principal Payments. 

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

  
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occurred and is continuing shall first be applied to repay all outstanding Revolving Advances and then to repay the Term Advances. If a Default has occurred and is continuing such principal
payment shall be applied on a pro rata basis to all outstanding Advances. 
 (b)    Mandatory.
Borrower shall make mandatory partial principal payments from time to time if, due to any reduction in the Unencumbered Property Pool Value or in the Unsecured Debt Service Coverage, whether by an Unencumbered Property failing to continue to satisfy
the requirement for qualification as an Unencumbered Property or by a reduction in the Unencumbered Property Pool Value or the Adjusted Unencumbered Property Pool NOI attributable to any Qualifying Unencumbered Property, a violation of the covenants
set forth in clauses (i) and (ii) of Section 6.21 shall occur. Such principal payments shall be in the amount needed to eliminate such violation. Such mandatory principal payments shall be due and payable (i) in
the case of any reduction due to (a) reduction in the Unencumbered Property Pool NOI attributable to an Unencumbered Property or a violation of one of the limitations set forth in Section 2.22(i), ten
(10) Business Days after delivery of the quarterly financial statements and Compliance Certificate under Section 6.1 evidencing such reduction or (ii) in all other cases, ten (10) Business Days after
Borrower’s receipt of notice from the Administrative Agent of such failure to satisfy a requirement for qualification as an Unencumbered Property. 

2.9.    Method of Selecting Types and Interest Periods for New Advances. Each Advance hereunder shall consist of
Loans made from the several Lenders ratably in proportion to the ratio their respective Revolving Commitment or Term Loan Commitment bears to the Aggregate Revolving Commitment or total Term Loan Commitments, as the case may be, except for Swingline
Loans which shall be made by the Swingline Lender in accordance with Section 2.16. Borrower shall select the Type of Advance and, in the case of each LIBOR Advance, the LIBOR Interest Period applicable thereto from time to time. Borrower
shall give the Administrative Agent irrevocable notice (a “Borrowing Notice”) in the form attached as Exhibit F (i) not later than 3:00 p.m. Cleveland, Ohio time on the Business Day immediately preceding the Borrowing Date of
each Base Rate Advance (other than Swingline Advances), (ii) not later than 10:00 a.m. Cleveland, Ohio time, at least three (3) Business Days before the Borrowing Date for each LIBOR Advance, and (iii) not later than noon Cleveland, Ohio time on the
same day as the Borrowing Date for each Swingline Advance, which shall specify: 
 (i)    the Borrowing
Date, which shall be a Business Day, of such Advance; 
 (ii)    the aggregate amount of such Advance;

 (iii)    the Type of Advance selected; and 

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

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

  
 - 31 - 

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

2.11.    Changes in Interest Rate, Etc. Each Base Rate Advance shall bear interest on the outstanding principal
amount thereof, for each day from and including the date such Advance is made or is converted from a LIBOR Advance into a Base Rate Advance pursuant to Section 2.10 to but excluding the date it becomes due or is converted
into a LIBOR Advance pursuant to Section 2.10 hereof, at a rate per annum equal to the Base Rate for such day. Changes in the rate of interest on that portion of any Advance maintained as a Base Rate Advance will take
effect simultaneously with each change in the Base Rate. Each LIBOR Advance shall bear interest from and including the first day of the LIBOR Interest Period applicable thereto to (but not including) the last day of such LIBOR Interest Period at the
interest rate determined as applicable to such LIBOR Advance. 
 2.12.    Rates Applicable After Default.
Notwithstanding anything to the contrary contained in Section 2.9 or 2.10, during the continuance of a Default the Required Lenders may, at their option, by notice to Borrower (which notice may be revoked at the
option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes 

  
 - 32 - 

 
in interest rates), declare that no Advance may be made as, converted into or continued as a LIBOR Rate Advance. During the continuance of a Default the Required Lenders may, at their option, by
notice to Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that
(i) each LIBOR Advance shall bear interest for the remainder of the applicable LIBOR Interest Period at the rate otherwise applicable to such LIBOR Interest Period plus 3% per annum and (ii) each Base Rate Advance shall bear interest at a
rate per annum equal to the Base Rate otherwise applicable to the Base Rate Advance plus 3% per annum; provided, however, that the Default Rate shall become applicable automatically if a Default occurs under Section 7.1 or
7.2, unless waived by the Required Lenders. 
 2.13.    Method of Payment. All payments of the Obligations
hereunder shall be made, without setoff, deduction, or counterclaim, in immediately available funds to the Administrative Agent at the Administrative Agent’s address specified pursuant to Article XIII, or at any other
Lending Installation of the Administrative Agent specified in writing by the Administrative Agent to Borrower, by noon (local time) on the date when due and shall be applied ratably by the Administrative Agent among the Lenders. As provided
elsewhere herein, all Lenders’ interests in the Advances and the Loan Documents shall be ratable undivided interests and none of such Lenders’ interests shall have priority over the others. Each payment delivered to the Administrative
Agent for the account of any Lender or amount to be applied or paid by the Administrative Agent to any Lender shall be paid promptly (on the same day as received by the Administrative Agent if received prior to noon (local time) on such day and
otherwise on the next Business Day) by the Administrative Agent to such Lender in the same type of funds that the Administrative Agent received at its address specified pursuant to Article XIII or at any Lending Installation specified in a
notice received by the Administrative Agent from such Lender. Payments received by the Administrative Agent but not timely funded to the Lenders shall bear interest payable by the Administrative Agent at the Federal Funds Effective Rate from the
date due until the date paid. The Administrative Agent is hereby authorized to charge the account of Borrower maintained with KeyBank for each payment of principal, interest and fees as it becomes due hereunder. Notwithstanding the foregoing,
amounts received from Borrower, Parent Guarantor, or any Subsidiary Guarantor that is not a Qualified ECP Guarantor shall not be applied to Obligations that are Excluded Swap Obligations, but appropriate adjustments shall be made with respect to
payments from the other Loan Parties to preserve the allocation to the Obligations set forth above. 

2.14.    Notes; Telephonic Notices. Each Lender is hereby authorized to record the principal amount of each of its
Loans and each repayment on the schedule attached to its Note, provided, however, that the failure to so record shall not affect Borrower’s obligations under such Note. Borrower hereby authorizes the Lenders and the Administrative Agent to
extend, convert or continue Advances, effect selections of Types of Advances and to transfer funds based on telephonic notices made by any Authorized Officer. Borrower agrees to deliver promptly to the Administrative Agent a written confirmation, if
such confirmation is requested by the Administrative Agent or any Lender, of each telephonic notice signed by an Authorized Officer. If the written confirmation differs in any material respect from the action taken by the Administrative Agent and
the Lenders, the records of the Administrative Agent and the Lenders shall govern absent manifest error. Upon a Lender’s furnishing to Borrower an affidavit to such effect, if a Note is mutilated, destroyed, lost or stolen, Borrower shall
deliver to such Lender, in substitution therefore, a new note containing the same terms and conditions as such Note being replaced. 

2.15.    Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Advance shall be payable on each
Payment Date, commencing with the first such date to occur after the date 

  
 - 33 - 

 
hereof, at maturity, whether by acceleration or otherwise, and upon any termination of the Revolving Commitments in their entirety under Section 2.2 hereof. Interest,
Facility Fees, Facility Letter of Credit Fees and all other fees shall be calculated for actual days elapsed on the basis of a 360-day year. Interest shall be payable for the day an Advance is made but not for
the day of any payment on the amount paid if payment is received prior to noon (local time) at the place of payment. If any payment of principal of or interest on an Advance shall become due on a day which is not a Business Day, such payment shall
be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest in connection with such payment. 

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

  
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required to be returned to Borrower, each Revolving Lender will return to the Swingline Lender any portion thereof previously distributed by the Swingline Lender to it. If any Revolving Lender
fails to so purchase its Revolving Percentage of any Swingline Advance, such Revolving Lender shall be deemed to be a Defaulting Lender hereunder. Notwithstanding anything to the contrary contained in this Section 2.16, the
Swingline Lender shall not be obligated to make any Swingline Loan at a time when any other Lender is a Defaulting Lender, unless the Swingline Lender is satisfied that the participation therein will otherwise be fully allocated to the Lenders that
are Non-Defaulting Lenders consistent with Section 10.14 and the Defaulting Lender shall not participate therein, except to the extent the Swingline Lender has entered into
arrangements with the Borrower or such Defaulting Lender that are satisfactory to the Swingline Lender in its good faith determination to eliminate the Swingline Lender’s Fronting Exposure with respect to any such Defaulting Lender, including
the delivery of cash collateral. 
 2.17.    Notification of Advances, Interest Rates and Prepayments. The
Administrative Agent will notify each Lender of the contents of each Borrowing Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder not later than the close of business on the Business Day such notice is received by
the Administrative Agent. The Administrative Agent will notify each Lender of the interest rate applicable to each LIBOR Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Floor
Base Rate. 
 2.18.    Lending Installations. Each Lender may book its Loans at any Lending Installation selected
by such Lender and may change its Lending Installation from time to time. All terms of this Agreement shall apply to any such Lending Installation and the Notes shall be deemed held by each Lender for the benefit of such Lending Installation. Each
Lender may, by written or telex notice to Administrative Agent and Borrower, designate a Lending Installation through which Loans will be made by it and for whose account Loan payments are to be made. 

2.19.    Non-Receipt of Funds by the Administrative Agent. Unless Borrower
or a Lender, as the case may be, notifies the Administrative Agent prior to the time at which it is scheduled to make payment to the Administrative Agent of (i) in the case of a Lender, the proceeds of a Loan or (ii) in the case of
Borrower, a payment of principal, interest or fees to the Administrative Agent for the account of the Lenders, that it does not intend to make such payment, the Administrative Agent may assume that such payment has been made. The Administrative
Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption. If such Lender or Borrower, as the case may be, has not in fact made such payment to the Administrative
Agent, the recipient of such payment shall, on demand by the Administrative Agent, repay to the Administrative Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such
amount was so made available by the Administrative Agent until the date the Administrative Agent recovers such amount at a rate per annum equal to (i) in the case of payment by a Lender, the Federal Funds Effective Rate for such day or
(ii) in the case of payment by Borrower, the interest rate applicable to the relevant Loan. If such Lender so repays such amount and interest thereon to the Administrative Agent within one Business Day after such demand, all interest accruing
on the Loan not funded by such Lender during such period shall be payable to such Lender when received from Borrower. 

2.20.    Replacement of Lenders under Certain Circumstances. Borrower shall be permitted to replace any Lender
which (a) is not capable of receiving payments without any deduction or withholding of United States federal income tax pursuant to Section 3.5, or (b) cannot maintain its LIBOR Loans at a suitable Lending
Installation pursuant to Section 3.3, with a replacement bank or 

  
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other financial institution; provided that (i) such replacement does not conflict with any applicable legal or regulatory requirements affecting the Lenders, (ii) no Default
shall have occurred and be continuing at the time of such replacement, (iii) Borrower shall repay (or the replacement bank or institution shall purchase), at par all Loans and other amounts owing to such replaced Lender prior to the date of
replacement, (iv) Borrower shall be liable to such replaced Lender under Sections 3.4 and 3.6 if any LIBOR Loan owing to such replaced Lender shall be prepaid (or purchased) other than on the last day of the
LIBOR Interest Period relating thereto, (v) the replacement bank or institution, if not already a Lender, and the terms and conditions of such replacement, shall be reasonably satisfactory to the Administrative Agent, (vi) the replaced
Lender shall be obligated to make such replacement in accordance with the provisions of Section 12.3 (provided that Borrower shall be obligated to pay the processing fee referred to therein), (vii) until such time as
such replacement shall be consummated, Borrower shall pay all additional amounts (if any) required pursuant to Section 3.5 and (viii) any such replacement shall not be deemed to be a waiver of any rights which
Borrower, the Administrative Agent or any other Lender shall have against the replaced Lender. 
 2.21.    Usury.
This Agreement and each Note are subject to the express condition that at no time shall Borrower be obligated or required to pay interest on the principal balance of the Loan at a rate which could subject any Lender to either civil or criminal
liability as a result of being in excess of the Maximum Legal Rate. If by the terms of this Agreement or the Loan Documents, Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of
the Maximum Legal Rate, the interest rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been
payments in reduction of principal and not on account of the interest due hereunder. All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the sums due under the Loan, shall, to the extent permitted by applicable
law, be amortized, prorated, allocated, and spread throughout the full stated term of the Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate of interest from time to time
in effect and applicable to the Loan for so long as the Loan is outstanding. 
 2.22.    Unencumbered
Properties. The Qualifying Unencumbered Properties which have been approved by the Lenders and the Administrative Agent as of the Agreement Execution Date and are listed on Schedule 7 attached hereto and made a part hereof. 

(i)    Additional Requirements for Inclusion in Unencumbered Property Pool Value. The following
additional requirements shall apply to all Qualifying Unencumbered Properties (except as noted to the contrary): 

(a)    Restriction on Unencumbered Development Projects. Not more than ten percent (10%) of the
Unencumbered Property Pool Value may at any time be attributable to Qualifying Unencumbered Properties that are Unencumbered Development Projects. To the extent that such percentage limitation is exceeded, such Qualifying Unencumbered Properties
shall still be included in the calculations of Unencumbered Property Pool Value, but the amounts so contributed to Unencumbered Property Pool Value shall be reduced to the extent necessary to comply with such percentage limitation. 

(b)    Restriction on Ground Leased Projects. Not more than ten percent (10%) of the Unencumbered
Property Pool Value and not more than ten percent (10%) of the Adjusted Unencumbered Property Pool NOI may at any time be 

  
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attributable to Qualifying Unencumbered Properties that are not owned in fee simple, but are instead leased under a Qualifying Ground Lease. To the extent that such percentage limitation is
exceeded, such Qualifying Unencumbered Properties shall still be included in the calculations of Unencumbered Property Pool Value and of Adjusted Unencumbered Property Pool NOI, but the amounts so contributed to Unencumbered Property Pool Value and
Adjusted Unencumbered Property Pool NOI shall be reduced to the extent necessary to comply with such percentage limitation. 

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

(iii)    Unencumbered Property Release Transaction. Provided no Default or Unmatured Default shall
have occurred hereunder or under the other Loan Documents and be continuing (or would exist immediately after giving effect to the transactions contemplated by this Section 2.22(iii), including the covenants set forth in
clauses (i) and (ii) of Section 6.21, Subsidiary may (i) sell an Unencumbered Property (or Borrower may sell its ownership 

  
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interest in such Subsidiary Guarantor), (ii) contribute an Unencumbered Property (or Borrower may contribute its ownership interest in such Subsidiary Guarantor) to an existing or newly formed
Investment Affiliate, (iii) create a Lien securing Indebtedness on an Unencumbered Property or (iv) request that a particular Project no longer constitutes an Unencumbered Property (for purposes of this Section, such a sale or contribution
of an Unencumbered Property or the creation of such a Lien or recharacterization of such Project shall be referred to as a “Unencumbered Property Release Transaction”) upon the following terms and conditions: 

(a)    Borrower shall deliver to the Administrative Agent written notice of the desire to consummate such
Unencumbered Property Release Transaction on or before the date that is ten (10) Business Days prior to the date on which the Unencumbered Property Release Transaction is to be effected; 

(b)    On or before the date that is five (5) Business Days prior to the date of the Unencumbered
Property Release Transaction is to be effected, Borrower shall submit to the Administrative Agent a certificate, which shall be subject to the Administrative Agent’s review and reasonable approval, on behalf of the Lenders, setting forth the
Unencumbered Property Pool Leverage Ratio and Unsecured Debt Service Coverage on a pro forma basis as of the date of the proposed Unencumbered Property Release Transaction giving effect to: (A) the Unencumbered Property Release Transaction and
(B) any contemplated paydown of the Outstanding Facility Amount in connection with such Unencumbered Property Release Transaction (the “Pro Forma Calculations”); 

(c)    If the Pro Forma Calculations show that Borrower will be out of compliance with the covenants
contained in clauses (i) and (ii) of Section 6.21 or with any of the limitations set forth in the definition of Qualifying Unencumbered Property or in this Section 2.22, Borrower shall, before
the closing of the Unencumbered Property Release Transaction, either add to the Unencumbered Property Pool an additional Qualifying Unencumbered Property that causes Borrower to be in compliance with such covenants and conditions or pay down the
Outstanding Facility Amount sufficiently to permit Borrower to be in compliance with those covenants and conditions; 

(d)    To the extent that any such sale, disposition or financing of all or a portion of a Qualifying
Unencumbered Property (or of any ownership interest in a Subsidiary Guarantor owning such Qualifying Unencumbered Property) occurs as permitted by this Section 2.22, Borrower shall make a principal payment on the Notes as
and to the extent required by Section 2.8(b) of this Agreement. 
 (e)    With
respect to any Subsidiary Guarantor which owns a Qualifying Unencumbered Property, if Borrower gives the Administrative Agent written notice prior to the last day of a fiscal quarter of the Consolidated Group that Borrower in good faith expects that
such Qualifying Unencumbered Property will be released from the Unencumbered Property Pool during the immediately following fiscal quarter on account of an Unencumbered Property Release Transaction, Administrative Agent is hereby authorized by the
Lenders to execute and deliver a release of such Subsidiary Guarantor from the Subsidiary Guaranty, effective as of the last day of such current fiscal quarter. Notwithstanding the foregoing, (i) in no

  
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event shall any such Subsidiary Guarantor be so released from the Subsidiary Guaranty in advance of the release of its Qualifying Unencumbered Property from the Unencumbered Property Pool if, as
a result of such release, the aggregate amount of Unencumbered Property Pool Value attributable (A) to Qualifying Unencumbered Properties owned by all Subsidiary Guarantors so released in advance from the Subsidiary Guaranty and (B) to
Qualifying Unencumbered Properties with respect to which the owners have not yet delivered Joinders joining in the Subsidiary Guaranty, would represent more than 10% of the total Unencumbered Property Pool Value as of the date of such proposed
release from the Subsidiary Guaranty and (ii) if any Event of Default shall occur prior to the effective date of any such expected Unencumbered Property Release Transaction, Borrower agrees to cause the Wholly-Owned Subsidiary which owns the
applicable Unencumbered Property to again join the Subsidiary Guaranty by executing and delivering to the Administrative Agent a Joinder to the Subsidiary Guaranty within five (5) Business Days after the occurrence of such Event of Default.
Even though a Subsidiary Guarantor may be so released from the Subsidiary Guaranty, the Qualifying Unencumbered Property owned by such Subsidiary Guaranty will remain in the Unencumbered Property Pool until the satisfaction of all conditions to the
release of such Qualifying Unencumbered Property from the Unencumbered Property Pool, including without limitation payment of any portion of the Outstanding Facility Amount which may be due under Section 2.22(iii)(c) in
connection with the applicable sale, disposition or financing. If the satisfaction of all conditions to the release of such a Qualifying Unencumbered Property from the Unencumbered Property Pool does not occur within the applicable fiscal quarter as
planned, Borrower hereby agrees to cause the Wholly-Owned Subsidiary which owns such unreleased Qualifying Unencumbered Property to again join in the Subsidiary Guaranty by executing and delivering to Administrative Agent a Joinder to the Subsidiary
Guaranty within five (5) Business Days after the last day of such fiscal quarter. 
 (f)    Upon the
occurrence of the Unencumbered Property Release Transaction, the underlying Project shall no longer be an Unencumbered Property. 

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

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

(ii)    As of the date of Borrower’s delivery of notice of its intent to exercise such option, and as
of the initial Revolving Facility Termination Date, all representations and warranties of Borrower are true and correct in all material respects except to the extent of changes resulting from transactions permitted by the Loan Documents and except
as 

  
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previously disclosed in writing by the Borrower to Administrative Agent and approved by Administrative Agent in writing, which disclosures shall be deemed to amend the schedules and other
disclosures delivered as contemplated in this Agreement (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct only as of such specified date)and
Borrower shall so certify in writing; 
 (iii)    Borrower shall provide Administrative Agent with
written notice of the Borrower’s intent to exercise such option at least forty-five (45) days prior to the initial Revolving Facility Termination Date; and 

(iv)    Borrower shall pay to the Administrative Agent for the account of the Revolving Lenders, along with
Borrower’s notice of exercise of such option, an extension fee equal to 0.0625% of the then-current Outstanding Revolving Facility Amount. 

2.24.    Benchmark Replacement Setting.    Notwithstanding anything to the contrary
herein or in any other Loan Document: 
 (a)    Replacing USD LIBOR. On March 5, 2021, the Financial Conduct
Authority (“FCA”), the regulatory supervisor of USD LIBOR’s administrator (“IBA”), announced in a public statement the future cessation or loss of representativeness of overnight/Spot Next,
1-month and 3-month USD LIBOR tenor settings. On the earliest of (i) July 1, 2023, (ii) the date that all Available Tenors of USD LIBOR have either permanently
or indefinitely ceased to be provided by IBA or have been announced by the FCA pursuant to public statement or publication of information to be no longer representative and (iii) the Early Opt-in
Effective Date, if the then-current Benchmark is USD LIBOR, the Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any setting of such Benchmark on such day and all subsequent
settings without any amendment to, or further action by or consent of any other party to, this Agreement or any other Loan Document. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a monthly basis. 

(b)    Replacing Future Benchmarks. If any Benchmark Transition Event occurs after the date hereof (other than as
described above with respect to USD LIBOR), the then-current Benchmark will be replaced with the Benchmark Replacement for all purposes hereunder and under any Loan Document in respect of any Benchmark setting on the later of (i) as of 5:00
p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders and the Borrower or (ii) such other date as may be determined by the Administrative Agent, in each case,
without any further action or consent of any other party to this Agreement or any other Loan Document, so long as the Administrative Agent has not received, by such time (or, in the case of clause (ii) above, such time as may be specified by
the Administrative Agent as a deadline to receive objections, but in any case, no less than five (5) Business Days after the date such notice is provided to the Lenders and the Borrower), written notice of objection to such Benchmark
Replacement from Lenders comprising the Required Lenders. At any time that the administrator of the then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark or such Benchmark has been announced by the regulatory
supervisor for the administrator of such Benchmark pursuant to public statement or publication of information to be no longer representative of the underlying market and economic reality that such Benchmark is intended to measure and that
representativeness will not be restored, the Borrower may revoke Borrowing Notice or Conversion/Continuation Notice that would bear interest by reference to such Benchmark until the Borrower’s receipt of notice from the Administrative Agent
that a Benchmark Replacement 

  
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has replaced such Benchmark, and, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing Notice or Conversion/Continuation Notice to Base Rate
Loans. During the period referenced in the foregoing sentence, the component of Floor Base Rate based upon the Benchmark will not be used in any determination of Base Rate. 

(c)    Benchmark Replacement Conforming Changes. In connection with the implementation and administration of a
Benchmark Replacement (whether in connection with the replacement of USD LIBOR or any future Benchmark), the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to
the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.

 (d)    Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the
Borrower and the Lenders of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by the Administrative
Agent pursuant to this Section including, without limitation, any determination with respect to a tenor, rate or adjustment, or implementation of any Benchmark Replacement Conforming Changes, the timing of implementation of any Benchmark Replacement
or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding on all parties hereto absent manifest error
and may be made in its sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section, and shall not be a basis of any claim of liability of
any kind or nature by any party hereto, all such claims being hereby waived individually by each party hereto. 

(e)    Unavailability of Tenor of Benchmark. At any time (including in connection with the implementation of a
Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or USD LIBOR), then the Administrative Agent may remove any tenor of such Benchmark that is unavailable or
non-representative for such Benchmark (including any Benchmark Replacement) settings and (ii) if such tenor becomes available or representative, the Administrative Agent may reinstate any previously
removed tenor for such Benchmark (including any Benchmark Replacement) settings. 
 (f)    Certain Defined Terms.
As used in this Section: 
 “Available Tenor” means, as of
any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then-current Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period or
(y) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this Agreement as of such date. 

“Benchmark” means, initially, USD LIBOR; provided that if a replacement for the Benchmark has occurred pursuant
to this Section, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate. Any reference to “Benchmark” shall include, as applicable, the
published component used in the calculation thereof. 

  
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 “Benchmark Replacement” means, for any
Available Tenor: 
  

	 	(1)	 for purposes of clause (a) of this Section, the first alternative set forth below that can be determined
by the Administrative Agent 

 (a) the sum of: (i) Term SOFR and (ii) 0.11448% (11.448 basis points)
for an Available Tenor of one-month’s duration, 0.26161% (26.161 basis points) and for an Available Tenor of three-months’ duration; or 

(b) the sum of: (i) Daily Simple SOFR and (ii) the spread adjustment for an Available Tenor of one-month’s duration (0.11448% (11.448 basis points)); and 
  

	 	(2)	 for purposes of clause (b) of this Section, the sum of: (a) the alternate benchmark rate and
(b) an adjustment (which may be a positive or negative value, or zero), in each case, that has been selected pursuant to this clause (2) by the Administrative Agent and the Borrower as the replacement for such Available Tenor of such
Benchmark giving due consideration to any evolving or then-prevailing market convention, including any applicable recommendations made by the Relevant Governmental Body, for U.S. dollar-denominated syndicated credit facilities at such time;

 provided that, if the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less than the Floor,
the Benchmark Replacement will be deemed to be the Floor for all purposes of this Agreement and the other Loan Documents. 

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark
Replacement, any technical, administrative or operational changes (including changes to the definition of “Floor Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of
determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical,
administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner
substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the
administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents). 

“Benchmark Transition Event” means, with respect to any then-current Benchmark (other than USD LIBOR), the occurrence
of a public statement or publication of information by or on behalf of the administrator of the then-current Benchmark, the regulatory supervisor for the administrator of such Benchmark, the Board of Governors of the Federal Reserve System, the
Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark, a resolution authority with jurisdiction over the administrator for such Benchmark or a court or an entity with similar insolvency
or resolution authority over the administrator for such Benchmark, announcing or stating that (a) such administrator has ceased or will cease on a specified date to provide all Available Tenors of such Benchmark, permanently or indefinitely,
provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark or (b) all Available Tenors of such Benchmark are or will no longer be
representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored. 

  
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 “Daily Simple SOFR” means, for any day, SOFR, with the conventions
for this rate (which will include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for syndicated
business loans; provided, that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable
discretion. 
 “Early Opt-in Effective Date” means, with respect to any
Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided
to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the
Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Required Lenders. 

“Early Opt-in Election” means the occurrence of: 

 

	 	(1)	 a notification by the Administrative Agent to each of the other parties hereto that at least five currently
outstanding U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and
such syndicated credit facilities are identified in such notice and are publicly available for review), and 

  

	 	(2)	 the joint election by the Administrative Agent and the Borrower to trigger a fallback from USD LIBOR and the
provision by the Administrative Agent of written notice of such election to the Lenders. 

“Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this
Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to USD LIBOR. As of the date hereof, the Floor is zero (0%). 

“Relevant Governmental Body” means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of
New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto. 

“SOFR” means, for any Business Day, a rate per annum equal to the secured overnight financing rate for such Business
Day published by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate) on the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org. (or any successor source for
the secured overnight financing rate identified as such by the administrator of the secured overnight financing rate from time to time), on the immediately succeeding Business Day. 

“Term SOFR” means, for the applicable corresponding tenor, the forward-looking term rate based on SOFR that has been
selected or recommended by the Relevant Governmental Body. 
 “USD LIBOR” means the London interbank offered rate
for U.S. dollars. 

  
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 The Administrative Agent does not warrant or accept any responsibility for, and shall not
have any liability with respect to, the administration, submission or any other matter related to USD LIBOR or with respect to any alternative or successor benchmark thereto, or replacement rate therefor or thereof, including, without limitation,
whether the composition or characteristics of any such alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant to Section 2.24, will be similar to, or produce the same value or economic equivalence of,
USD LIBOR or any other benchmark or have the same volume or liquidity as did USD LIBOR or any other benchmark rate prior to its discontinuance or unavailability. 

ARTICLE IIA 

LETTER OF CREDIT SUBFACILITY 

2A.1    Obligation to Issue. Subject to the terms and conditions of this Agreement and in reliance upon the
representations and warranties of Borrower herein set forth, the Issuing Bank hereby agrees to issue for the account of Borrower, one or more Facility Letters of Credit in accordance with this Article IIA, from time to time during the period
commencing on the Agreement Execution Date and ending on a date sixty (60) days prior to the Revolving Facility Termination Date. 

2A.2    Types and Amounts. The Issuing Bank shall not: 

(i)    issue any Facility Letter of Credit if the aggregate maximum amount then available for drawing under
Letters of Credit issued by such Issuing Bank, after giving effect to the Facility Letter of Credit requested hereunder, shall exceed any limit imposed by law or regulation upon such Issuing Bank; 

(ii)    issue any Facility Letter of Credit if, after giving effect thereto, (1) the then applicable
Outstanding Facility Amount would exceed the then current Aggregate Commitment or (2) the then-applicable Outstanding Revolving Facility Amount would exceed the then-current aggregate Revolving Commitments or (3) the Facility Letter of
Credit Obligations would exceed the Facility Letter of Credit Sublimit; or 
 (iii)    issue any Facility
Letter of Credit having an expiration date, or containing automatic extension provisions to extend such date, to a date beyond the Revolving Facility Termination Date. 

2A.3    Conditions. In addition to being subject to the satisfaction of the conditions contained in
Article IV hereof and in the balance of this Article IIA, the obligation of the Issuing Bank to issue any Facility Letter of Credit is subject to the satisfaction in full of the following conditions: 

(i)    Borrower shall have delivered to the Issuing Bank at such times and in such manner as the Issuing
Bank may reasonably prescribe such documents and materials as may be reasonably required pursuant to the terms of the proposed Facility Letter of Credit (it being understood that if any inconsistency exists between such documents and the Loan
Documents, the terms of the Loan Documents shall control) and the proposed Facility Letter of Credit shall be reasonably satisfactory to the Issuing Bank as to form and content; 

  
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 (ii)    as of the date of issuance, no order, judgment
or decree of any court, arbitrator or governmental authority shall purport by its terms to enjoin or restrain the Issuing Bank from issuing the requested Facility Letter of Credit and no law, rule or regulation applicable to the Issuing Bank and no
request or directive (whether or not having the force of law) from any governmental authority with jurisdiction over the Issuing Bank shall prohibit or request that the Issuing Bank refrain from the issuance of Letters of Credit generally or the
issuance of the requested Facility Letter or Credit in particular; and 
 (iii)    there shall not exist
any Default. 
 2A.4    Procedure for Issuance of Facility Letters of Credit. 

(a)    Borrower shall give the Issuing Bank and the Administrative Agent at least three (3) Business Days’ prior
written notice of any requested issuance of a Facility Letter of Credit under this Agreement (a “Letter of Credit Request”), such notice shall be irrevocable, except as provided in Section 2A.4(b)(i) below,
and shall specify: 
 (1)    the stated amount of the Facility Letter of Credit requested (which stated
amount shall not be less than $50,000); 
 (2)    the effective date (which day shall be a Business Day)
of issuance of such requested Facility Letter of Credit (the “Issuance Date”); 

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

(4)    the purpose for which such Facility Letter of Credit is to be issued; 

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

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

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

(b)    Subject to the terms and conditions of this Article IIA and provided that the applicable conditions set
forth in Article IV hereof have been satisfied, the Issuing Bank shall, on the Issuance Date, issue a Facility Letter of Credit on behalf of Borrower in accordance with the Letter of Credit Request and the Issuing
Bank’s usual and customary business practices unless the Issuing Bank has actually received (i) written notice from Borrower specifically revoking the Letter of Credit Request with respect to such Facility Letter of Credit given not later
than the Business Day immediately preceding the Issuance Date, or (ii) written or telephonic notice from the Administrative Agent stating that the issuance of such Facility Letter of Credit would violate Section 2A.2.
Notwithstanding anything to the contrary contained in this Section 2A.4, the Issuing Bank shall not be obligated to issue, amend, extend, renew or increase any Facility Letter of Credit at a time when any other Lender is a
Defaulting Lender, unless the Issuing Bank is satisfied that the participation 

  
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therein will otherwise be fully allocated to the Lenders that are Non-Defaulting Lenders consistent with Section 10.14 and the
Defaulting Lender shall have no participation therein, except to the extent the Issuing Bank has entered into arrangements with the Borrower or such Defaulting Lender which are satisfactory to the Issuing Bank in its good faith determination to
eliminate the Issuing Bank’s Fronting Exposure with respect to any such Defaulting Lender, including the delivery of cash collateral. 

(c)    The Issuing Bank shall give the Administrative Agent (who shall promptly notify Lenders) and Borrower written or
telex notice, or telephonic notice confirmed promptly thereafter in writing, of the issuance of a Facility Letter of Credit (the “Issuance Notice”). 

(d)    The Issuing Bank shall not extend or amend any Facility Letter of Credit unless the requirements of this
Section 2A.4 are met as though a new Facility Letter of Credit was being requested and issued. 

2A.5    Reimbursement Obligations; Duties of Issuing Bank. 

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

2A.6    Participation. 

(a)    Immediately upon issuance by the Issuing Bank of any Facility Letter of Credit in accordance with the procedures set
forth in this Article IIA, each Revolving Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing Bank, without recourse, representation or warranty, an undivided interest and participation equal
to such Revolving Lender’s Revolving Percentage in such Facility Letter of Credit (including, without limitation, all obligations of Borrower with respect thereto) and all related rights hereunder. Each Revolving Lender’s obligation to
make further Revolving Loans to Borrower (other than any payments such Revolving Lender is required to make under subparagraph (b) below) or to purchase an interest from the Issuing Bank in any subsequent Facility Letters of Credit issued by
the Issuing Bank on behalf of Borrower shall be reduced by such Revolving Lender’s Revolving Percentage of the undrawn portion of each Facility Letter of Credit outstanding. 

  
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 (b)    In the event that the Issuing Bank makes any payment under any
Facility Letter of Credit and Borrower shall not have repaid such amount to the Issuing Bank pursuant to Section 2A.7 hereof, the Issuing Bank shall promptly notify the Administrative Agent, which shall promptly notify each
Revolving Lender of such failure, and each Revolving Lender shall promptly and unconditionally pay to the Administrative Agent for the account of the Issuing Bank the amount of such Revolving Lender’s Revolving Percentage of the unreimbursed
amount of such payment, and the Administrative Agent shall promptly pay such amount to the Issuing Bank. A Revolving Lender’s payments of its Revolving Percentage of such Reimbursement Obligation as aforesaid shall be deemed to be a Revolving
Loan by such Revolving Lender and shall constitute outstanding principal under such Revolving Lender’s Revolving Note. The failure of any Revolving Lender to make available to the Administrative Agent for the account of the Issuing Bank its
Revolving Percentage of the unreimbursed amount of any such payment shall not relieve any other Revolving Lender of its obligation hereunder to make available to the Administrative Agent for the account of such Issuing Bank its Revolving Percentage
of the unreimbursed amount of any payment on the date such payment is to be made, but no Revolving Lender shall be responsible for the failure of any other Revolving Lender to make available to the Administrative Agent its Revolving Percentage of
the unreimbursed amount of any payment on the date such payment is to be made. Any Revolving Lender which fails to make any payment required pursuant to this Section 2A.6(b) shall be deemed to be a Defaulting Lender
hereunder. 
 (c)    Whenever the Issuing Bank receives a payment on account of a Reimbursement Obligation, including
any interest thereon, the Issuing Bank shall promptly pay to the Administrative Agent and the Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and
otherwise on the next Business Day) pay to each Revolving Lender which has funded its participating interest therein, in immediately available funds, an amount equal to such Revolving Lender’s Revolving Percentage thereof. 

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

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

2A.7    Payment of Reimbursement Obligations. 

(a)    Borrower agrees to pay to the Administrative Agent for the account of the Issuing Bank the amount of all Revolving
Advances for Reimbursement Obligations, interest and other amounts payable to the Issuing Bank under or in connection with any Facility Letter of Credit when due, 

  
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irrespective of any claim, set-off, defense or other right which Borrower may have at any time against any Issuing Bank or any other Person, under all
circumstances, including without limitation any of the following circumstances: 
 (i)    any lack of
validity or enforceability of this Agreement or any of the other Loan Documents; 
 (ii)    the existence
of any claim, setoff, defense or other right which Borrower may have at any time against a beneficiary named in a Facility Letter of Credit or any transferee of any Facility Letter of Credit (or any Person for whom any such transferee may be
acting), the Administrative Agent, the Issuing Bank, any Lender, or any other Person, whether in connection with this Agreement, any Facility Letter of Credit, the transactions contemplated herein or any unrelated transactions (including any
underlying transactions between Borrower and the beneficiary named in any Facility Letter of Credit); 

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

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

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

2A.8    Compensation for Facility Letters of Credit. 

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

  
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 (b)    The Issuing Bank also shall have the right to receive solely for
its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated
duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by Borrower on the Issuance Date for each such Facility Letter of Credit and on the date
of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard
charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder. 

2A.9    Letter of Credit Collateral Account. Borrower hereby agrees that it will immediately upon the request of
the Administrative Agent, establish a special collateral account (the “Letter of Credit Collateral Account”) at the Administrative Agent’s office at the address specified pursuant to Article XIII, in
the name of Borrower but under the sole dominion and control of the Administrative Agent, for the benefit of the Revolving Lenders, and in which Borrower shall have no interest other than as set forth in Section 8.1. The
Letter of Credit Collateral Account shall hold the deposits Borrower is required to make after a Default on account of any outstanding Facility Letters of Credit as described in Section 8.1. In addition to the foregoing,
Borrower hereby grants to the Administrative Agent, for the benefit of the Revolving Lenders, a security interest in and to the Letter of Credit Collateral Account and any funds that may hereafter be on deposit in such account, including income
earned thereon. The Revolving Lenders acknowledge and agree that Borrower has no obligation to fund the Letter of Credit Collateral Account unless and until so required under Section 8.1 hereof. 

ARTICLE III. 

CHANGE IN CIRCUMSTANCES 

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

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

  
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and the result of any of the foregoing is to increase the cost to such Lender or applicable Lending Installation, as the case may be, of making or maintaining its LIBOR Loans or Commitment or to
reduce the return received by such Lender or applicable Lending Installation in connection with such LIBOR Loans or Commitment, then, subject to the provisions of Section 3.6, Borrower shall pay such Lender such additional amount or amounts as
will compensate such Lender for such increased cost or reduction in amount received. 
 3.2.    Changes in Capital
Adequacy Regulations. If a Lender in good faith determines the amount of capital or liquidity required or expected to be maintained by such Lender, any Lending Installation of such Lender or any corporation controlling such Lender is increased
as a result of a Change (as hereinafter defined), then, within 15 days of demand by such Lender, Borrower shall pay such Lender the amount necessary to compensate for any shortfall in the rate of return on the portion of such Lender’s capital
which such Lender in good faith determines is attributable to this Agreement, its outstanding credit exposure hereunder or its obligation to make Loans hereunder (after taking into account such Lender’s policies as to capital adequacy).
“Change” means (i) any change after the date of this Agreement in the Risk-Based Capital Guidelines (as hereinafter defined) or (ii) any adoption of or change in any other law,
governmental or quasi-governmental rule, regulation, policy, guideline, interpretation, or directive (whether or not having the force of law) after the date of this Agreement which affects the amount of
capital or liquidity required or expected to be maintained by any Lender or any Lending Installation or any corporation controlling any Lender. Notwithstanding anything herein to the contrary, the Dodd-Frank Wall Street Reform and Consumer
Protection Act and all requests, rules, guidelines and directives promulgated thereunder shall be deemed to be a “Change”, regardless of the date enacted or adopted. “Risk-Based
Capital Guidelines” means (i) the risk-based capital guidelines in effect in the United States on the date of this Agreement, including transition rules, and (ii) all requests, rules,
guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel
III, regardless of the date enacted, adopted or issued. 
 3.3.    Availability of Types of Advances. If any
Lender in good faith determines that maintenance of any of its LIBOR Loans at a suitable Lending Installation would violate any applicable law, rule, regulation or directive, whether or not having the force of law, the Administrative Agent shall,
with written notice to Borrower, suspend the availability of the affected Type of Advance and require any LIBOR Advances of the affected Type to be repaid; or if the Required Lenders in good faith determine that (i) deposits of a type or
maturity appropriate to match fund LIBOR Advances are not available, the Administrative Agent shall, with written notice to Borrower, suspend the availability of the affected Type of Advance with respect to any LIBOR Advances made after the date of
any such determination, or (ii) an interest rate applicable to a Type of Advance does not accurately reflect the cost of making a LIBOR Advance of such Type, then, if for any reason whatsoever the provisions of
Section 3.1 are inapplicable, the Administrative Agent shall, with written notice to Borrower, suspend the availability of the affected Type of Advance with respect to any LIBOR Advances made after the date of any such
determination. If Borrower is required to so repay a LIBOR Advance, Borrower may concurrently with such repayment borrow from the Lenders, in the amount of such repayment, a Base Rate Advance. 

3.4.    Funding Indemnification. If any payment of a LIBOR Advance occurs on a date which is not the last day of
the applicable LIBOR Interest Period, whether because of acceleration, prepayment or otherwise, or a ratable LIBOR Advance is not made on the date specified by Borrower for any reason other than default by the Lenders or as a result of
unavailability pursuant to Section 3.3, Borrower will indemnify each Lender for any loss or cost incurred by it resulting 

  
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therefrom, including, without limitation, any loss or cost (incurred or expected to be incurred) in liquidating or employing deposits acquired to fund or maintain the LIBOR Advance and shall pay
all such losses or costs within fifteen (15) days after written demand therefor. 
 3.5.    Taxes. 

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

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

(d)    Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor,
for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that Borrower, Parent Guarantor or a Subsidiary Guarantor has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the
obligation of Borrower, Parent Guarantor and each Subsidiary Guarantor to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.2 relating to the maintenance of a Participant Register
and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or
not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source
against any amount due to the Administrative Agent under this subsection. 
 (e)    As soon as practicable after any
payment of Taxes by the Borrower, Parent Guarantor or any Subsidiary Guarantor to a Governmental Authority pursuant to this Section 3.5, Borrower or such Guarantor shall deliver to the Administrative Agent the original or a certified copy of a
receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

  
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 (f)     

(i)    Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made
under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the
Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such
other documentation prescribed by Applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or
information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in the immediately following clauses
(ii)(A), (ii)(B) and (ii)(D)) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal
or commercial position of such Lender. 
 (ii)    Without limiting the generality of the foregoing, in the event that
the Borrower is a U.S. Person: 
 (A)    any Lender that is a U.S. Person shall deliver to the Borrower and the
Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), an electronic copy (or an original if
requested by the Borrower or the Administrative Agent) of an executed IRS Form W-9 (or any successor form) certifying that such Lender is exempt from U.S. federal backup withholding tax; 

(B)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the
Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the
Borrower or the Administrative Agent), whichever of the following is applicable: 
 (I)    in the case of a Foreign
Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, an electronic copy (or an original if requested by the Borrower or the Administrative
Agent) of an executed IRS Form W-8BEN, or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal
withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN, or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income”
article of such tax treaty; 
 (II)    an electronic copy (or an original if requested by the Borrower or the
Administrative Agent) of an executed IRS Form W-8ECI; 
 (III)    in the case
of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit G-1 to the effect
that such Foreign Lender is not a “bank” within the meaning of Section 

  
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881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation”
described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN, or W-8BEN-E, as applicable; or 
 (IV)    to the extent a Foreign Lender is not
the beneficial owner, an electronic copy (or an original if requested by the Borrower or the Administrative Agent) of an executed IRS Form W-8IMY, accompanied by IRS Form
W-8ECI, IRS Form W-8BEN, or W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate
substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9, and/or other certification documents from
each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax
Compliance Certificate substantially in the form of Exhibit G-4 on behalf of each such direct and indirect partner; 

(C)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the
Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the
Borrower or the Administrative Agent), an electronic copy (or an original if requested by the Borrower or the Administrative Agent) of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal
withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D)    if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by
FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the
Administrative Agent at the time or times prescribed by Applicable Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by Applicable Law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any
amendments made to FATCA after the date of this Agreement. 
 Each Lender agrees that if any form or certification it previously delivered expires or
becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(g)    If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes
as to which it has been indemnified pursuant to this Section 3.5 (including by the payment of additional amounts pursuant to this Section 3.5), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent
of indemnity payments made under this Section 3.5 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such
indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the
amount paid over pursuant to this subsection (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.

  
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Notwithstanding anything to the contrary in this subsection, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this subsection the payment
of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund has not
been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This subsection shall not be construed to require any indemnified party to make available its Tax
returns (or any other information relating to its Taxes that it reasonably deems confidential) to the indemnifying party or any other Person. 

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

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

3.6.    Lender Statements; Survival of Indemnity. If any Lender becomes entitled to claim any additional amounts
pursuant to Sections 3.1, 3.2 or 3.5, Borrower shall not be required to pay the same unless they are the result of requirements imposed generally on lenders similar to such Lender and not the result of some specific reserve or
similar requirement imposed on such Lender as a result of such Lender’s special circumstances. If any Lender becomes entitled to claim any additional amounts pursuant to Sections 3.1, 3.2 or 3.5, such Lender shall provide
Borrower with not less than thirty (30) days written notice (with a copy to the Administrative Agent) specifying in reasonable 

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

ARTICLE IV. 

CONDITIONS PRECEDENT 

4.1.    Initial Advance. The Lenders shall not be required to make an Advance hereunder or issue a Facility Letter
of Credit hereunder after the Agreement Execution Date, unless (a) Borrower shall, prior to or concurrently with such Advance or issuance, have paid all fees due and payable to the Lenders and the Administrative Agent hereunder, and
(b) Borrower shall have furnished to the Administrative Agent, with sufficient copies for the Lenders, the following: 

(i)    The duly executed originals of the Loan Documents, including the Notes, payable to each of the
Lenders, this Agreement, the Subsidiary Guaranty, and the Parent Guaranty; 

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

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

  
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 (iv)    Incumbency certificates, executed by officers of
Borrower, Parent Guarantor and the Subsidiary Guarantors, which shall identify by name and title and bear the signature of the Persons authorized to sign the Loan Documents and to make borrowings hereunder on behalf of Borrower, upon which
certificate the Administrative Agent and the Lenders shall be entitled to rely until informed of any change in writing by Borrower, Parent Guarantor or any such Subsidiary Guarantor and provided further that a certificate of no change from Borrower
may be delivered if no changes have occurred in such certificates since their delivery under the Original Credit Agreement; 

(v)    Copies, certified by a Secretary or an Assistant Secretary of Borrower, Parent Guarantor and each
Subsidiary Guarantor, of the Board of Directors’ resolutions (and resolutions of other bodies, if any are reasonably deemed necessary by counsel for any Lender) authorizing the Advances provided for herein, with respect to Borrower, and the
execution, delivery and performance of the Loan Documents to be executed and delivered by Borrower, Parent Guarantor and each Subsidiary Guarantor hereunder; 

(vi)    A written opinion of Borrower’s, Parent Guarantor’s and Subsidiary Guarantors’
counsel, addressed to the Lenders in form and substance as the Administrative Agent may reasonably approve; 

(vii)    A certificate, signed by an officer of Borrower, stating that on the initial Borrowing Date no
Default or Unmatured Default has occurred and is continuing and that all representations and warranties of Borrower are true and correct as of the initial Borrowing Date provided that such certificate is in fact true and correct; 

(viii)    The most recent financial statements of Borrower; 

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

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

(xi)    Delivery of such documents as the Administrative Agent may reasonably require to evidence
compliance with the criteria for being an Eligible Unencumbered Property and the satisfaction of all requirements set forth in Section 2.22(i) with respect to any Unencumbered Properties which are first being included in
the Unencumbered Property Pool as of the Agreement Execution Date; 
 (xii)    Delivery of a pro forma
compliance certificate in the form of Exhibit C reflecting any covenant changes and any changes to the Unencumbered Property Pool effected by this Agreement; and 

(xiii)    Such other documents as any Lender or its counsel may have reasonably requested, the form and
substance of which documents shall be reasonably acceptable to the parties and their respective counsel. 

  
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 4.2.    Each Advance and Issuance. The Lenders shall not be
required to make any Advance or issue any Facility Letter of Credit unless on the applicable Borrowing Date: 

(i)    There exists no Default or Unmatured Default; 

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

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

ARTICLE V. 

REPRESENTATIONS AND WARRANTIES 

Borrower represents and warrants to the Lenders that: 

5.1.    Existence. Borrower is a limited liability company duly organized and validly existing under the laws of
the State of Delaware and is duly qualified, properly licensed (if required), in good standing and has all requisite authority to conduct its business in each jurisdiction in which its business is conducted, except where the failure to be so
qualified, licensed and in good standing and to have the requisite authority would not have a Material Adverse Effect. Each of Parent Guarantor and Borrower’s Subsidiaries is duly organized, validly existing and in good standing under the laws
of its jurisdiction of organization and has all requisite authority to conduct its business in each jurisdiction in which its business is conducted. 

5.2.    Authorization and Validity. Borrower has the corporate power and authority and legal right to execute and
deliver the Loan Documents and to perform its obligations thereunder. The execution and delivery by Borrower of the Loan Documents and the performance of its obligations thereunder have been duly authorized by proper proceedings, and the Loan
Documents constitute legal, valid and binding obligations of Borrower enforceable against Borrower in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of
creditors’ rights generally. 
 5.3.    No Conflict; Government Consent. Neither the execution and delivery
by Borrower of the Loan Documents, nor the consummation of the transactions therein contemplated, nor compliance with the provisions thereof will violate any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on
Borrower or any of its Subsidiaries or Borrower’s or any Subsidiary’s limited liability company agreements, or the provisions of any indenture, instrument or agreement to which Borrower or any of its Subsidiaries is a party or is subject,
or by which it, or its Property, is bound, or conflict with or constitute a default thereunder, except where such violation, 

  
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conflict or default is not reasonably expected to have a Material Adverse Effect, or result in the creation or imposition of any Lien in, of or on the Property of Borrower or a Subsidiary
pursuant to the terms of any such indenture, instrument or agreement. No order, consent, approval, license, authorization, or validation of, or filing, recording or registration with, or exemption by, any governmental or public body or authority, or
any subdivision thereof, is required to authorize, or is required in connection with the execution, delivery and performance of, or the legality, validity, binding effect or enforceability of, any of the Loan Documents other than the filing of a
copy of this Agreement. 
 5.4.    Financial Statements; Material Adverse Effect. All consolidated financial
statements of Parent Guarantor, Borrower and Borrower’s Subsidiaries heretofore or hereafter delivered to the Lenders were prepared in accordance with GAAP in effect on the preparation date of such statements and fairly present in all material
respects the consolidated financial condition and operations of Borrower and its Subsidiaries at such date and the consolidated results of their operations for the period then ended, subject, in the case of interim financial statements, to normal
and customary year-end adjustments. From the preparation date of the most recent financial statements delivered to the Lenders through the Agreement Execution Date, there was no change in the business,
properties, or condition (financial or otherwise) of Parent Guarantor, Borrower and Borrower’s Subsidiaries which could reasonably be expected to have a Material Adverse Effect. 

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

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

5.7.    Direct Subsidiaries; Investment Affiliates. Schedule 2 hereto contains, an accurate list of all
direct Subsidiaries of Parent Guarantor, setting forth their respective jurisdictions of incorporation or formation and the percentage of their respective capital stock or partnership or membership interest owned by Parent Guarantor. All of the
issued and outstanding shares of capital stock of such direct Subsidiaries that are corporations have been duly authorized and issued and are fully paid and non-assessable. There are no outstanding
subscriptions, options, warrants, commitments, preemptive rights or agreements of any kind (including, without limitation, any stockholders’ or voting trust agreements) for the issuance, sale, registration or voting of, or outstanding
securities convertible into, any additional shares of capital stock of any class, or partnership or other ownership interests of any type in, any such direct Subsidiary. Schedule 6 hereto contains an accurate list of all Investment Affiliates of the
Consolidated Group, including the correct legal name of such Investment Affiliate, the type of legal entity which each such Investment Affiliate is, and the type and amount of all equity interests in such Investment Affiliate held directly or
indirectly by members of the Consolidated Group. 

  
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 5.8.    ERISA. The Unfunded Liabilities of all Single Employer
Plans do not in the aggregate exceed $1,000,000. Neither Parent Guarantor, Borrower nor any other member of the Controlled Group has incurred, or is reasonably expected to incur, any withdrawal liability to Multiemployer Plans in excess of $250,000
in the aggregate. Each Plan complies in all material respects with all applicable requirements of law and regulations, no Reportable Event has occurred with respect to any Plan, neither Borrower nor any other members of the Controlled Group has
withdrawn from any Plan or initiated steps to do so, and no steps have been taken to reorganize or terminate any Plan. 

5.9.    Accuracy of Information. No information, exhibit or report furnished by Parent Guarantor, Borrower or any
of Borrower’s Subsidiaries to the Administrative Agent or to any Lender in connection with the negotiation of, or compliance with, the Loan Documents contained any material misstatement of fact or omitted to state a material fact or any fact
necessary to make the statements contained therein not misleading. 
 5.10.    Regulation U. Borrower has not
used the proceeds of any Advance to buy or carry any margin stock (as defined in Regulation U) in violation of the terms of this Agreement. 

5.11.    Material Agreements. Neither Parent Guarantor, Borrower nor any Subsidiary of Borrower is a party to any
agreement or instrument or subject to any charter or other corporate restriction which is reasonably expected to have a Material Adverse Effect. Neither Parent Guarantor, Borrower nor any Subsidiary of Borrower is in default in the performance,
observance or fulfillment of any of the obligations, covenants or conditions contained in (i) any agreement to which it is a party, which default is reasonably expected to have a Material Adverse Effect, or (ii) any agreement or instrument
evidencing or governing Indebtedness, which default would constitute a Default hereunder. 
 5.12.    Compliance
With Laws. Borrower and its Subsidiaries have complied with all applicable statutes, rules, regulations, orders and restrictions of any domestic or foreign government or any instrumentality or agency thereof, having jurisdiction
over the conduct of their respective businesses or the ownership of their respective Property, except for any non-compliance which would not have a Material Adverse Effect. Neither Borrower nor any Subsidiary
of Borrower has received any notice to the effect that its operations are not in material compliance with any of the requirements of applicable federal, state and local environmental, health and safety statutes and regulations or the subject of any
federal or state investigation evaluating whether any remedial action is needed to respond to a release of any toxic or hazardous waste or substance into the environment, which non-compliance or remedial
action could have a Material Adverse Effect. 
 5.13.    Ownership of Properties. Except as set forth on
Schedule 2 hereto, on the date of this Agreement, Borrower and Borrower’s Subsidiaries will have good and marketable title, free of all Liens other than those permitted by Section 6.16, to all of the Property
and assets reflected in the financial statements as owned by it. 
 5.14.    Investment Company Act. Neither
Parent Guarantor, nor Borrower nor any Subsidiary of Borrower or Parent Guarantor is an “investment company” or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of
1940, as amended. 
 5.15.    Affiliate Transactions. Except as permitted by
Section 6.17, neither Parent Guarantor, Borrower, nor any of Borrower’s Subsidiaries is a party to or bound by any agreement or arrangement (whether oral or written) to which any Affiliate of Borrower or any of
Borrower’s Subsidiaries is a party. 

  
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 5.16.    Solvency. 

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

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

(a)    To the best knowledge of Borrower, the Projects of Borrower and its Subsidiaries do not contain any
Materials of Environmental Concern in amounts or concentrations which constitute a violation of, or could reasonably give rise to liability of Borrower or any such Subsidiary under, Environmental Laws. 

(b)    To the best knowledge of Borrower, (i) the Projects of Borrower and its Subsidiaries and all
operations at such Projects are in compliance with all 

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

(c)    Neither Borrower nor any of its Subsidiaries has received any notice of violation, alleged
violation, non-compliance, liability or potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Projects, nor does Borrower have knowledge or reason
to believe that any such notice will be received or is being threatened. 
 (d)    To the best knowledge
of Borrower, Materials of Environmental Concern have not been transported or disposed of from the Projects of Borrower and its Subsidiaries in violation of, or in a manner or to a location which could reasonably give rise to liability of Borrower or
any such Subsidiary under, Environmental Laws, nor have any Materials of Environmental Concern been generated, treated, stored or disposed of at, on or under any of the Projects of Borrower and its Subsidiaries in violation of, or in a manner that
could give rise to liability of Borrower or any such Subsidiary under, any applicable Environmental Laws. 

(e)    No judicial proceedings or governmental or administrative action is pending, or, to the knowledge of
Borrower, threatened, under any Environmental Law to which Borrower or any of its Subsidiaries is or, to Borrower’s knowledge, will be named as a party with respect to the Projects of Borrower and its Subsidiaries, nor are there any consent
decrees or other decrees, consent orders, administrative order or other orders, or other administrative of judicial requirements outstanding under any Environmental Law with respect to the Projects of Borrower and its Subsidiaries. 

(f)    To the best knowledge of Borrower, there has been no release or threat of release of Materials of
Environmental Concern at or from the Projects of Borrower and its Subsidiaries, or arising from or related to the operations of Borrower and its Subsidiaries in connection with such Projects in violation of or in amounts or in a manner that could
give rise to liability under Environmental Laws. 
 5.20.    Unencumbered Properties. As of the Agreement
Execution Date, Schedule 7 is a correct and complete list of the Unencumbered Properties, including all applicable ownership information and: 

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

  
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zoning ordinances (without reliance upon adjoining or other properties), health, fire and building codes, land use laws (including those regulating parking) and Environmental Laws (except as
disclosed on the environmental assessments delivered to the Administrative Agent pursuant to this Agreement) and other similar laws (“Applicable Laws”). 

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

(e)    Except as disclosed in any property condition reports delivered by the Administrative Agent,
Borrower is not aware of any material latent or patent structural or other significant deficiency of the Unencumbered Properties. Each of the Unencumbered Properties is free of damage and waste that would materially and adversely affect the value of
such Unencumbered Property, is in good condition and repair and to Borrower’s knowledge there is no deferred maintenance other than ordinary wear and tear. Each of the Unencumbered Properties is free from damage caused by fire or other
casualty. 
 (f)    To Borrower’s knowledge, all liquid and solid waste disposal, septic and sewer
systems located on the Unencumbered Properties are in a good and safe condition and repair and to Borrower’s knowledge, in material compliance with all Applicable Laws with respect to such systems. 

(g)    To Borrower’s knowledge, all improvements on each Unencumbered Property lie within the
boundaries and building restrictions of the legal description of record of such Unencumbered Property, no improvements encroach upon easements benefiting the Unencumbered Properties other than encroachments that do not materially adversely affect
the use or occupancy of the Unencumbered Properties and no improvements on adjoining properties encroach upon the Unencumbered Properties or upon easements benefiting the Unencumbered Properties other than encroachments that do not materially
adversely affect the use or occupancy of the Unencumbered Properties. 
 (h)    To Borrower’s
knowledge, all Leases are in full force and effect. Borrower is not in default under any Lease and Borrower has disclosed to Lenders in writing any material default, of which Borrower has knowledge, under any Lease which demises any material portion
of the related Unencumbered Property. 
 (i)    There are no material delinquent taxes, ground rents,
water charges, sewer rents, assessments, insurance premiums, leasehold payments, or other outstanding charges affecting the Unencumbered Properties except to the extent such items are being contested in good faith by appropriate proceedings and as
to which adequate reserves have been provided and there is no risk of loss, forfeiture, or sale of any interest in the Unencumbered Properties during such proceedings. Each of the Unencumbered Properties is taxed separately without regard to any
other property not included in the Unencumbered Properties. 

  
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 (j)    No condemnation proceeding or eminent domain
action is pending or threatened against any of the Unencumbered Properties which would impair the use, value, sale or occupancy of such Unencumbered Property (or any portion thereof) in any material manner. 

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

5.21.    Intellectual Property. 

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

 (ii)    Parent Guarantor, Borrower and each of Borrower’s Subsidiaries have taken all such steps
as they deem reasonably necessary to protect their respective rights under and with respect to such Intellectual Property. 

(iii)    No claim has been asserted by any Person with respect to the use of any Intellectual Property by
Parent Guarantor, Borrower or any of Borrower’s Subsidiaries, or challenging or questioning the validity or effectiveness of any Intellectual Property. 

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

5.23.    No Bankruptcy Filing. Neither Parent Guarantor, Borrower nor any of Borrower’s Subsidiaries is
contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency laws or the liquidation of its assets or property, and Borrower has no knowledge of any Person contemplating the filing of any such petition
against any of such Persons. 
 5.24.    No Fraudulent Intent. Neither the execution and delivery of this
Agreement or any of the other Loan Documents nor the performance of any actions required hereunder or thereunder is being undertaken by Parent Guarantor, Borrower or the Subsidiary Guarantors with or as a result of any actual intent by any of such
Persons to hinder, delay or defraud any entity to which any of such Persons is now or will hereafter become indebted. 

  
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 5.25.    Transaction in Best Interests of Borrower and Subsidiary
Guarantors; Consideration. The transaction evidenced by this Agreement and the other Loan Documents is in the best interests of Parent Guarantor, Borrower and the Subsidiary Guarantors. The direct and indirect benefits to inure to Borrower and
the Subsidiary Guarantors pursuant to this Agreement and the other Loan Documents constitute substantially more than “reasonably equivalent value” (as such term is used in §548 of the Bankruptcy Code) and “valuable
consideration,” “fair value,” and “fair consideration” (as such terms are used in any applicable state fraudulent conveyance law), in exchange for the benefits to be provided by Borrower and the Subsidiary Guarantors
pursuant to this Agreement and the other Loan Documents, and but for the willingness of each Subsidiary Guarantor to guaranty the Obligations, Borrower would be unable to obtain the financing contemplated hereunder which financing will enable
Borrower and its Subsidiaries to have available financing to conduct and expand their business. Borrower and its Subsidiaries constitute a single integrated financial enterprise and receive a benefit from the availability of credit under this
Agreement. 
 5.26.    Subordination. Borrower is not a party to or bound by any agreement, instrument or
indenture that may require the subordination in right or time of payment of any of the Obligations to any other indebtedness or obligation of any such Persons. 

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

5.28.    Anti-Terrorism Laws. 

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

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

(1)    a person or entity that is listed in the Annex to, or is otherwise subject to the provisions of,
the Executive Order; 
 (2)    a person or entity owned or controlled by, or acting for or on behalf of,
any person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order; 

  
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 (3)    a person or entity with whom any Lender is
prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; 
 (4)    a
person or entity who commits, threatens or conspires to commit or supports “terrorism” as defined in the Executive Order; or 

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

(iii)    None of Parent Guarantor, Borrower and Borrower’s Subsidiaries (1) conducts any business
or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Prohibited Person, (2) deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked
pursuant to the Executive Order, or (iii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism
Law. 
 None of Parent Guarantor, Borrower and Borrower’s Subsidiaries shall (1) conduct any business or engage in making or
receiving any contribution of funds, goods or services to or for the benefit of any Prohibited Person, (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to the Executive
Order or any other Anti-Terrorism Law, or (iii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the
prohibitions set forth in any Anti-Terrorism Law (and Borrower shall deliver to Administrative Agent any certification or other evidence requested from time to time by Administrative Agent in its reasonable discretion, confirming Borrower’s
compliance herewith). Borrower shall not request any Loan or Facility Letter of Credit, and Borrower shall not use, and Borrower shall ensure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use,
the proceeds of any Loan or Facility Letter of Credit (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws
or (ii) in any manner that would result in the violation of any applicable Sanctions Laws and Regulations 

5.29.    Survival. All statements contained in any certificate, financial statement or other instrument delivered
by or on behalf of Parent Guarantor, Borrower or any of Borrower’s Subsidiaries to the Administrative Agent or any Lender pursuant to or in connection with this Agreement or any of the other Loan Documents (including, but not limited to, any
such statement made in or in connection with any amendment thereto or any statement contained in any certificate, financial statement or other instrument delivered by or on behalf of Parent Guarantor, Borrower or any of Borrower’s Subsidiaries
prior to the Agreement Execution Date and delivered to the Administrative Agent or any Lender in connection with closing the transactions contemplated hereby) shall constitute representations and warranties made by Borrower under this Agreement. All
such representations and warranties shall survive the effectiveness of this Agreement, the execution and delivery of the Loan Documents and the making of the Loans and the issuance of the Letters of Credit. 

  
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 5.30.    Beneficial Ownership Certification. As of the Agreement
Execution Date, the information included in the Beneficial Ownership Certification, if applicable, is true and correct in all respects. 

ARTICLE VI. 

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

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

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

 (iii)    As soon as available, but in any event not later than 90 days after the close of each fiscal
year, for the Consolidated Group audited financial statements, including a consolidated balance sheet as at the end of such year and the related consolidated statements of income and retained earnings and of cash flows for such year, setting forth
in each case in comparative form the figures for the previous year, without a “going concern” or like qualification or exception, or qualification arising out of the scope of the audit, prepared by independent certified public accountants
of nationally recognized standing reasonably acceptable to Administrative Agent; 
 (iv)    Together with
the quarterly and annual financial statements required hereunder, a compliance certificate in substantially the form of Exhibit C hereto signed by an Authorized Officer showing the calculations and computations necessary to
determine compliance with this Agreement and stating that, to such officer’s knowledge, no Default or Unmatured Default exists, or if, to such officer’s knowledge, any Default or Unmatured Default exists, stating the nature and status
thereof; notwithstanding anything to the contrary, the first such compliance certificate due after the date hereof shall be based on the terms and conditions (including covenants) set forth in this Agreement, even though the calculations are based,
in part, on a time period that pre-dates this Agreement; 

  
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 (v)    As soon as possible and in any event within 10
days after receipt by an Authorized Officer of Borrower, a copy of (a) any notice or claim to the effect that Borrower or any of its Subsidiaries is or may be liable to any Person as a result of the release by Borrower, any of its Subsidiaries,
or any other Person of any toxic or hazardous waste or substance into the environment, and (b) any notice alleging any violation of any federal, state or local environmental, health or safety law or regulation by Borrower or any of its
Subsidiaries, which, in either case, is reasonably expected to have a Material Adverse Effect; 

(vi)    Promptly upon becoming aware of the same and to the extent Parent Guarantor, Borrower, or any of
its Subsidiaries, are aware of the same, notice of the commencement of any proceeding or investigation by or before any Governmental Authority and any action or proceeding in any court or other tribunal or before any arbitrator against or in any
other way relating adversely to, or adversely affecting, Parent Guarantor, Borrower, any of its Subsidiaries or any of their respective properties, assets or businesses which involve claims individually or in the aggregate in excess of $5,000,000,
and notice of the receipt of notice that any United States income tax returns of Parent Guarantor, Borrower or any of its Subsidiaries are being audited; 

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

 (viii)    Promptly upon becoming aware of the same, notice of any change in the senior management of
Parent Guarantor, Borrower, or any of its Subsidiaries, any change in the business, assets, liabilities, financial condition, results of operations or business prospects of Borrower, or any of its Subsidiaries which has had or is reasonably expected
to have a Material Adverse Effect, or any other event or circumstance which has had or is reasonably expected to have a Material Adverse Effect; 

(ix)    Promptly upon becoming aware of entry of the same, notice of any order, judgment or decree in
excess of $5,000,000 having been entered against Parent Guarantor, Borrower, or any of its Subsidiaries or any of their respective properties or assets; 

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

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

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

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

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

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

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

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

6.9.    Inspection. Borrower will, and will cause each of its Subsidiaries to, permit the Lenders upon reasonable
advance notice, by their respective representatives and agents, to inspect during regular business hours any of the Projects, corporate books and financial records of Borrower and each of their respective Subsidiaries, to examine and make copies of
the books of accounts and 

  
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other financial records of Parent Guarantor, Borrower and each of their respective Subsidiaries, and to discuss the affairs, finances and accounts of Parent Guarantor, Borrower and each of its
Subsidiaries with officers thereof, and to be advised as to the same by, their respective officers at such reasonable times and intervals as the Lenders may designate. 

6.10.    Maintenance of Status; Modification of Formation Documents. Parent Guarantor shall at all times maintain
its status as a self-directed, self-administered real estate investment trust in compliance with all applicable provisions of the Code relating to such status. Neither Parent Guarantor nor Borrower shall amend any of its articles of incorporation,
limited liability company agreements, or by-laws, as applicable, without the prior written consent of the Administrative Agent in a manner that is reasonably expected to have a Material Adverse Effect. Parent
Guarantor and Borrower shall not, and shall not permit any Subsidiary of Borrower to, enter into any amendment or modification of any formation documents of Borrower or such Subsidiary which would have a Material Adverse Effect. 

6.11.    Dividends. Provided there is no then-existing Default hereunder, Parent Guarantor shall be permitted to
declare and pay dividends on its Capital Stock, and to pay such Preferred Dividends as Parent Guarantor may be contractually required to make, from time to time in amounts determined by Parent Guarantor, provided, however, that if a
Default hereunder exists, Parent Guarantor may only declare or pay cash dividends on its Capital Stock or make cash distributions with respect thereto (including cash dividends paid and cash distributions actually made with respect to gains on
property sales but excluding for purposes of such calculations any Preferred Dividends) in an aggregate amount not to exceed the minimum amount required for Parent Guarantor to declare and pay cash dividends to maintain its status as a real estate
investment trust; provided, however, if a Default from nonpayment of regularly scheduled payments of interest or principal hereunder, or failure to make a mandatory prepayment due pursuant to Section 2.8(b),
or bankruptcy or insolvency (including pursuant to Section 7.7 or Section 7.8) exists, or if the Facility Obligations have been accelerated, neither Parent Guarantor nor Borrower may thereafter pay
any dividends or make any distributions of any type. 
 6.12.    Merger; Sale of Assets. Borrower will not, nor
will it permit any of its Subsidiaries to, without prior notice to the Administrative Agent and without providing a certification of compliance with the Loan Documents enter into any merger, including pursuant to a Delaware LLC Division, (other than
mergers in which such entity is the survivor and mergers of Subsidiaries (but not Borrower) as part of transactions that are Permitted Acquisitions provided that following such merger the target entity becomes a Wholly-Owned Subsidiary of Borrower
organized under the laws of the United States of America), consolidation, reorganization or liquidation or transfer or otherwise dispose of all or a Substantial Portion of their Properties, including, in each case, pursuant to a Delaware LLC
Division, except for (a) such transactions that occur between Wholly-Owned Subsidiaries or between Borrower and a Wholly-Owned Subsidiary, provided that following such transaction Borrower remains an
entity organized under the laws of the United States of America, and (b) mergers solely to change the jurisdiction of organization of a Subsidiary Guarantor, provided that, in any event, approval in advance by the Required Lenders shall be
required for transfer or disposition in any quarter of assets with an aggregate value greater than 15% of Consolidated Gross Asset Value, or any merger of the Parent Guarantor, Company or Subsidiary into another operating entity which would result
in an increase to the Consolidated Gross Asset Value of more than 50%. 
 6.13.    Subsidiary Guarantors.
Borrower shall cause each of its existing Wholly-Owned Subsidiaries which owns an Unencumbered Property as of the Agreement Execution Date, as identified on Schedule 5 attached hereto and made a part hereof, to execute and deliver to the

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

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

  
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 (ii)    Investments in existing Subsidiaries of
Borrower, Investments in Subsidiaries of Borrower formed for the purpose of developing or acquiring industrial properties, or Investments in existing or newly formed joint ventures and partnerships engaged solely in the business of purchasing,
developing, owning, operating, leasing and managing industrial properties; 
 (iii)    transactions
permitted pursuant to Section 6.12; 
 (iv)    Investments permitted pursuant
to Section 6.23; and 
 (v)    Entity Acquisitions of Persons whose primary
operations consist of the ownership, development, operation and management of industrial properties; 
 provided that, after giving effect to such Entity
Acquisitions and Investments, Borrower continues to comply with all its covenants herein. Entity Acquisitions permitted pursuant to this Section 6.15 shall be deemed to be “Permitted Acquisitions”. 

6.16.    Liens. Borrower will not, nor will it permit any of its Subsidiaries to, create, incur, or suffer to exist
any Lien in, of or on the Property of Borrower or any of its Subsidiaries, except: 
 (i)    Liens for
taxes, assessments or governmental charges or levies on its Property if the same shall not at the time be delinquent or thereafter can be paid without penalty, or are being contested in good faith and by appropriate proceedings and for which
adequate reserves shall have been set aside on its books; 
 (ii)    Liens imposed by law, such as
carriers’, warehousemen’s and mechanics’ liens and other similar liens arising in the ordinary course of business which secure payment of obligations not more than 60 days past due or which are being contested in good faith by
appropriate proceedings and for which adequate reserves shall have been set aside on its books; 

(iii)    Liens arising out of pledges or deposits under workers’ compensation laws, unemployment
insurance, old age pensions, or other social security or retirement benefits, or similar legislation; 

(iv)    Easements, restrictions and such other encumbrances or charges against real property as are of a
nature generally existing with respect to properties of a similar character and which do not in any material way affect the marketability of the same or interfere with the use thereof in the business of Borrower or its Subsidiaries; and 

(v)    Liens other than Liens described in subsections (i) through (iv) above arising in connection
with any Indebtedness permitted hereunder to the extent such Liens will not result in a Default in any of Borrower’s covenants herein. 
 Liens
permitted pursuant to this Section 6.16 shall be deemed to be “Permitted Liens”. 

6.17.    Affiliates. Borrower will not, nor will it permit any of its Subsidiaries to, enter into any transaction
(including, without limitation, the purchase or sale of any Property or service) with, or make any payment or transfer to, any Affiliate except in the ordinary course of business and 

  
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pursuant to the reasonable requirements of Borrower’s or such Subsidiary’s business and upon fair and reasonable terms no less favorable to Borrower or such Subsidiary than Borrower or
such Subsidiary would obtain in a comparable arms-length transaction. 
 6.18.    Swap Contracts. Borrower will
not enter into or remain liable upon, nor will it permit any Subsidiary to enter into or remain liable upon, any Swap Contract, except to the extent required to protect Borrower and its Subsidiaries against increases in interest payable by them
under variable interest Indebtedness. 
 6.19.    [Reserved]. 

6.20.    [Reserved]. 

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

(ii)    the Unsecured Debt Service Coverage to be less than 1.75 to 1.00, at any time, unless Borrower
cures such event as described and within the time period permitted under Section 2.8(b); 

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

(iv)    Adjusted EBITDA to be less than 1.50 times Consolidated Fixed Charges at any time; 

(v)    Secured Recourse Indebtedness, in the aggregate at any time, to be more than ten percent (10%) of
Consolidated Gross Asset Value; or 
 (vi)    Secured Indebtedness to, in the aggregate at any time, to
be more than forty percent (40%) of Consolidated Gross Asset Value. 
 6.22.    Environmental Matters. Borrower
and its Subsidiaries shall: 
 (a)    Comply with, and use all reasonable efforts to ensure compliance by all tenants and
subtenants, if any, with, all applicable Environmental Laws and obtain and comply with 

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

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

(d)    Prior to the acquisition of a new Project after the Agreement Execution Date, perform or cause to be performed an
environmental investigation which investigation shall include preparation of a “Phase I” report and, if appropriate in Borrower’s reasonable discretion, a “Phase II” report, in each case prepared by a recognized
environmental engineer in accordance with customary standards which discloses that the such Project is not in violation of the representations and covenants set forth in this Agreement, unless such violation has been disclosed in writing to the
Administrative Agent and remediation actions satisfactory to the Administrative Agent are being taken. 

6.23.    Permitted Investments. 

(a)    The Consolidated Group’s aggregate Investment in Investment Affiliates (valued at the greater of the cash
investment in that entity by the Consolidated Group or the portion of Consolidated Gross Asset Value attributable to such entity or its assets, as the case may be) shall not at any time exceed fifteen percent (15%) of Consolidated Gross Asset
Value. 

  
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 (b)    The Consolidated Group’s aggregate Investment in
Construction in Progress (with each asset valued at its cost basis) shall not at any time exceed ten percent (10%) of Consolidated Gross Asset Value. 

(c)    The Consolidated Group’s aggregate Investment in Unimproved Land (with each asset valued at its cost basis)
shall not at any time exceed five percent (5%) of Consolidated Gross Asset Value. 
 (d)    The Consolidated
Group’s aggregate Investment in Unimproved Land and Drop Lots (with each asset valued at its cost basis), in the aggregate, shall not at any time exceed fifteen percent (15%) of Consolidated Gross Asset Value. 

(e)    Notwithstanding the foregoing individual limitations by type of asset, the Consolidated Group’s Investment in
the above items (a)-(d) in the aggregate shall not at any time exceed twenty percent (20%) of Consolidated Gross Asset Value. 

6.24.    Lease Approvals. Provided no Default shall have occurred and be continuing hereunder, Borrower may permit
any Subsidiary of Borrower to enter into, modify or amend any Lease without the prior written consent of any Lender, provided such proposed Lease (a) provides for rental rates and terms comparable to existing local market rates and terms
(taking into account the type and quality of the tenant, the length of term and the location and the amount of space rented) as of the date of such Lease is executed by the applicable Subsidiary and (b) is an arm’s length transaction with
a bona fide independent third-party tenant whose identity and creditworthiness are appropriate for a property comparable to the applicable Project. Borrower may also permit any Subsidiary of Borrower to modify, amend or terminate any Lease without
the prior approval of any Lender, provided, however, in the event that any such Subsidiary terminates a Lease, any termination fee shall be reserved by such Subsidiary and used for future leasing commission and tenant inducement costs in connection
with reletting such space. 
 6.25.    Prohibited Encumbrances. Borrower agrees that neither Borrower nor any
other member of the Consolidated Group shall (i) create a Lien against any Project other than a single first-priority mortgage or deed of trust, (ii) create a Lien on any Capital Stock or other ownership interests in any member of the
Consolidated Group or any Investment Affiliate (other than Liens against the Capital Stock or other ownership interests in any Subsidiary which owns only one or more Projects encumbered by a Lien permitted under clause (i) of this
Section 6.25 in favor of the holder of the Lien against such Project), or (iii) enter into or be subject to any agreement governing any Indebtedness which constitutes a Negative Pledge (other than restrictions on
further subordinate Liens on Projects or ownership interests therein permitted to be encumbered under clauses (i) or (ii) of this Section 6.25). 

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

6.27.    Distribution of Income to Borrower. Borrower shall cause all of its Subsidiaries to promptly
distribute to Borrower (but not less frequently than once each fiscal quarter of Borrower unless otherwise approved by the Administrative Agent), whether in the form of dividends, distributions or otherwise, all profits, proceeds or other income
relating to or arising from such 

  
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Subsidiaries’ use, operation, financing, refinancing, sale or other disposition of their respective assets and properties after (a) the payment by each such Subsidiary of its debt
service and operating expenses for such quarter and (b) the establishment of reasonable reserves for the payment of operating expenses not paid on at least a quarterly basis and capital improvements to be made to such Subsidiary’s assets
and properties approved by such Subsidiary in the ordinary course of business consistent with its past practices or (c) funding of reserves required by the terms of any deed of trust, mortgage or similar lien encumbering any Projects of such
Subsidiary. 
 ARTICLE VII. 

DEFAULTS 
 The
occurrence of any one or more of the following events shall constitute a Default: 
 7.1    Nonpayment of any principal
payment on any Note (including without limitation any Advance made to fund a Reimbursement Obligation) when due. 

7.2    Nonpayment of interest upon any Note, or of any Facility Fee, or other payment Obligations under any of the Loan
Documents within five (5) Business Days after the same becomes due. 
 7.3.    The breach of any of the terms or
provisions of Article VI. 
 7.4    Any representation or warranty made or deemed made by or on behalf of Parent
Guarantor, Borrower or any of Borrower’s Subsidiaries to the Lenders or the Administrative Agent under or in connection with this Agreement, any Loan, or any material certificate or information delivered in connection with this Agreement or any
other Loan Document shall be false on the date as of which made the result of which is reasonably expected to have a Material Adverse Effect; provided, however, if such untrue representation and warranty is susceptible of being cured, upon the same
not being cured within thirty (30) days of receipt of notice from the Administrative Agent. 
 7.5    The breach by
Borrower (other than a breach which constitutes a Default under Section 7.1, 7.2, 7.3 or 7.4) of any of the terms or provisions of this Agreement which is not remedied within fifteen (15) days
after written notice from the Administrative Agent, or if such breach is not susceptible of being so remedied using commercially reasonable efforts within such fifteen (15) day period and so long as Borrower shall have commenced and shall
thereafter diligently pursue cure of the same, such fifteen (15) day period shall be extended for such time as is reasonably necessary for Borrower to remedy such breach, such additional period not to exceed ninety (90) days. 

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

  
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Parent Guarantor, Borrower or any Subsidiary of Borrower is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by Parent Guarantor, Borrower or such
Subsidiary of Borrower as a result thereof is greater than $1,000,000. 
 7.7    Parent Guarantor, Borrower, or any
Subsidiary of Borrower shall (i) have an order for relief entered with respect to it under the Federal bankruptcy laws as now or hereafter in effect, (ii) make an assignment for the benefit of creditors, (iii) apply for, seek, consent
to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any Substantial Portion of its Property, (iv) institute any proceeding seeking an order for relief under the Federal
bankruptcy laws as now or hereafter in effect or seeking to adjudicate it as a bankrupt or insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating
to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an answer or other pleading denying the material allegations of any such proceeding filed against it, (v) take any corporate action to authorize or effect any of
the foregoing actions set forth in this Section 7.7, (vi) fail to contest in good faith any appointment or proceeding described in Section 7.8 or (vii) admit in writing its inability to pay
its debts generally as they become due. 
 7.8    A receiver, trustee, examiner, liquidator or similar official shall be
appointed for Parent Guarantor, Borrower or any Subsidiary of Borrower or for any Substantial Portion of the Property of Parent Guarantor, Borrower or such Subsidiary, or a proceeding described in Section 7.7(iv) shall be
instituted against Parent Guarantor, Borrower or any such Subsidiary and such appointment continues undischarged or such proceeding continues undismissed or unstayed for a period of ninety (90) consecutive days. 

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

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

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

7.12    Failure to remediate within the time period permitted by law or governmental order, after all administrative
hearings and appeals have been concluded (or within a reasonable time in 

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

7.15    [Reserved]. 

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

ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES 

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

In addition to the foregoing, following the occurrence of a Default and so long as any Facility Letter of Credit has not been fully drawn and
has not been cancelled or expired by its terms, upon demand by the Required Lenders Borrower shall deposit in the Letter of Credit Collateral Account cash in an amount equal to the aggregate undrawn face amount of all outstanding Facility Letters of
Credit and all fees and other amounts due or which may become due with respect thereto. Borrower shall have no control over funds in the Letter of Credit Collateral Account and shall not be entitled to receive any interest thereon. Such funds shall
be promptly applied by the Administrative Agent to reimburse the Issuing Bank for drafts drawn from time to time under the Facility Letters of Credit and associated issuance costs and fees. Such funds, if any, remaining in the Letter of Credit
Collateral Account following the payment of all Facility Obligations in full shall, unless the Administrative Agent is otherwise directed by a court of competent jurisdiction, be promptly paid over to Borrower. 

  
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 If, within 10 days after acceleration of the maturity of the Facility Obligations or
termination of the obligations of the Lenders to make Loans hereunder as a result of any Default (other than any Default as described in Sections 7.7 or 7.8 with respect to Borrower) and before any judgment or decree for the payment of
the Facility Obligations due shall have been obtained or entered, all of the Lenders (in their sole discretion) shall so direct, the Administrative Agent shall, by notice to Borrower, rescind and annul such acceleration and/or termination. 

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

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

(ii)    Release the Parent Guarantor from the Parent Guaranty or release any Subsidiary Guarantor from the
Subsidiary Guaranty, except as permitted in Section 2.22(iii) and Section 6.13. 

(iii)    Reduce the percentage specified in the definition of Required Lenders. 

(iv)    Increase the Aggregate Commitment beyond $650,000,000. 

(v)    Permit Borrower to assign its rights under this Agreement. 

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

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

8.3.    Preservation of Rights. No delay or omission of the Lenders or the Administrative Agent to exercise any
right under the Loan Documents shall impair such right or be construed to be a waiver of any Default or an acquiescence therein, and the making of a Loan notwithstanding the 

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

8.4.    Application of Funds. After the acceleration of the Facility Obligations as provided for in
Section 8.1 (or after the Facility Obligations have automatically become immediately due and payable and Borrower has been required to make a deposit in the Letter of Credit Collateral Account as set forth in
Section 8.1), any amounts received on account of the Obligations shall be applied by the Administrative Agent in the following order: 

(i)    to payment of that portion of the Obligations constituting fees, indemnities, expenses and other
amounts (including attorney costs and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; 

(ii)    to payment of that portion of the Obligations constituting fees, indemnities and other amounts
(other than principal and interest) payable to the Lenders (including fees, charges and disbursements of counsel to the respective Lenders and the Issuing Bank and amounts payable under Article III), ratably among them in
proportion to the amounts described in this clause (ii) payable to them; 
 (iii)    to payment of
that portion of the Obligations constituting accrued and unpaid interest on the Loans, Facility Letter of Credit Reimbursement Obligations and other Obligations, ratably among the Lenders and the Issuing Bank in proportion to the respective amounts
described in this clause (iii) payable to them; 
 (iv)    to (A) payment of that portion of
the Obligations constituting unpaid principal of the Loans and Facility Letter of Credit Reimbursement Obligations, (B) payment of that portion of the Obligations constituting unpaid Related Swap Obligations and (C) the deposit into the
Letter of Credit Collateral Account of the undrawn amounts of Letters of Credit, ratably among such three categories of Obligations in proportion to their respective amounts and then within each such category ratably among those Lenders and
Affiliates of Lenders holding the Obligations included in such category in proportion to the respective amounts held by them; and 

(v)    the balance, if any, after all of such Obligations have been indefeasibly paid in full or, in the
case of the undrawn amounts of Letters of Credit, fully collateralized, to Borrower or as otherwise required by Law. 
 ARTICLE IX.

 GENERAL PROVISIONS 

9.1.    Survival of Representations. All representations and warranties of Borrower contained in this Agreement
shall survive delivery of the Notes and the making of the Loans herein contemplated. 

  
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 9.2.    Governmental Regulation. Anything contained in this
Agreement to the contrary notwithstanding, no Lender shall be obligated to extend credit to Borrower in violation of any limitation or prohibition provided by any applicable statute or regulation. 

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

9.4.    Headings. Section headings in the Loan Documents are for convenience of reference only, and shall not
govern the interpretation of any of the provisions of the Loan Documents. 
 9.5.    Entire Agreement. The Loan
Documents embody the entire agreement and understanding among Borrower, the Administrative Agent and the Lenders and supersede all prior commitments, agreements and understandings among Borrower, the Administrative Agent and the Lenders relating to
the subject matter thereof. 
 9.6.    Several Obligations; Benefits of this Agreement. The respective
obligations of the Lenders hereunder are several and not joint and no Lender shall be the partner or agent of any other (except to the extent to which the Administrative Agent is authorized to act as such). The failure of any Lender to perform any
of its obligations hereunder shall not relieve any other Lender from any of its obligations hereunder. This Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their
respective successors and assigns. 
 9.7.    Expenses; Indemnification. Borrower shall reimburse the
Administrative Agent for any costs, internal charges and out-of-pocket expenses (including, without limitation, all reasonable fees for consultants and fees and
reasonable expenses for attorneys for the Administrative Agent, which attorneys may be employees of the Administrative Agent) paid or incurred by the Administrative Agent in connection with the amendment, modification, and enforcement of the Loan
Documents. Borrower also agrees to reimburse the Administrative Agent and the Lenders for any reasonable costs, internal charges and out-of-pocket expenses (including,
without limitation, all fees and reasonable expenses for attorneys for the Administrative Agent and the Lenders, which attorneys may be employees of the Administrative Agent or the Lenders) paid or incurred by the Administrative Agent or any Lender
in connection with the collection and enforcement of the Loan Documents (including, without limitation, any workout). Borrower further agrees to indemnify the Administrative Agent, each Lender and their Affiliates, and their respective directors,
officers, employees and agents against all losses, claims, damages, penalties, judgments, liabilities and expenses (including, without limitation, all fees and reasonable expenses for attorneys of the indemnified parties, all expenses of litigation
or preparation therefor whether or not the Administrative Agent, or any Lender is a party thereto) which any of them may pay or incur arising out of or relating to this Agreement, the other Loan Documents, the Projects, the transactions contemplated
hereby or the direct or indirect application or proposed application of the proceeds of any Loan hereunder, except to the extent that any of the foregoing arise out of the gross negligence or willful misconduct (as determined by a court of competent
jurisdiction in a final, non-appealable judgment) of the party seeking indemnification therefor. The obligations of Borrower under this Section shall survive the termination of this Agreement. This
Section 9.7 shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc., arising from any non-Tax claim. 

  
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 9.8.    Numbers of Documents. All statements, notices, closing
documents, and requests hereunder shall be furnished to the Administrative Agent with sufficient counterparts so that the Administrative Agent may furnish one to each of the Lenders. 

9.9.    Accounting. Except as provided to the contrary herein, all accounting terms used herein shall be
interpreted and all accounting determinations hereunder shall be made in accordance with GAAP. 

9.10.    Severability of Provisions. Any provision in any Loan Document that is held to be inoperative,
unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision
in any other jurisdiction, and to this end the provisions of all Loan Documents are declared to be severable. 

9.11.    Nonliability of Lenders. The relationship between Borrower, on the one hand, and the Lenders and the
Administrative Agent, on the other, shall be solely that of borrower and lender. Neither the Administrative Agent nor any Lender shall have any fiduciary responsibilities to Borrower. Neither the Administrative Agent nor any Lender undertakes any
responsibility to Borrower to review or inform Borrower of any matter in connection with any phase of Borrower’s business or operations. Neither the Administrative Agent nor any Lender shall have any liability with respect to, and Borrower
hereby waives, releases and agrees not to sue for, any special, indirect, consequential or punitive damages suffered by Borrower in connection with, arising out of, or in any way related to the Loan Documents or the transactions contemplated
thereby. Similarly, Borrower shall have no liability with respect to, and the Administrative Agent and each Lender hereby waives, releases and agrees not to sue for, any special, indirect, consequential or punitive damages suffered by any of them in
connection with, arising out of, or in any way related to the Loan Documents or the transactions contemplated thereby, provided however that Borrower shall remain liable to Administrative Agent and Lenders for consequential damages to the extent
Administrative Agent and/or any of the Lenders actually is required to pay sums to third parties in respect of any consequential damages. Administrative Agent, the Issuing Bank, the Swingline Lender, each Lender and their Affiliates, may have
economic interests that conflict with those of the Loan Parties, their stockholders and/or their Affiliates. The Loan Parties agree that nothing in the Loan Documents or otherwise will be deemed to create an advisory, fiduciary or agency
relationship or other implied duty between any Lender, on the one hand, and the Loan Parties, their equity holders or their affiliates, on the other hand. 

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

9.13.    CONSENT TO JURISDICTION. BORROWER HEREBY IRREVOCABLY SUBMITS TO THE
NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK CITY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND BORROWER HEREBY
IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT
IN 

  
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SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY LENDER TO BRING PROCEEDINGS AGAINST BORROWER IN THE COURTS OF ANY
OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY BORROWER AGAINST THE ADMINISTRATIVE AGENT OR ANY LENDER OR ANY AFFILIATE OF THE ADMINISTRATIVE AGENT OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR
CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK. 
 9.14.    WAIVER OF JURY
TRIAL. BORROWER, THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED
TO, OR CONNECTED WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER 
 9.15.    USA PATRIOT ACT.
Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower and each Parent Guarantor and Subsidiary Guarantor that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Borrower and each Parent Guarantor and Subsidiary Guarantor, which
information includes the name and address of the Borrower and each Parent Guarantor and Subsidiary Guarantor and other information that will allow such Lender to identify the Borrower and each Parent Guarantor and Subsidiary Guarantor in accordance
with the Act. 
 9.16.    Other Agents. The Co-Syndication Agents
shall not have any additional rights or obligations under the Loan Documents, except for those rights, if any, as a Lender. 

9.17.    Acknowledgement and Consent to Bail In of Affected Financial Institutions. Notwithstanding anything to the
contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such
liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a)    the application of any Write-Down and Conversion Powers by an Affected Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and 

(b)    the effects of any Bail-In Action on any such liability, including, if
applicable: 
 (i)    a reduction in full or in part or cancellation of any such liability; 

(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership
in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with
respect to any such liability under this Agreement or any other Loan Document; or 

  
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 (iii)    the variation of the terms of such liability in
connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority. 

9.18.    Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support,
through a guarantee or otherwise, for Swap Contracts or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as
follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations
promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be
stated to be governed by the laws of the State of New York or of the United States or any other state of the United States): 

(a)    In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes
subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights
in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit
Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding
under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. 

(b)    As used in this Section 9.18, the following terms have the following meanings: 

“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party. 
 “Covered Entity” means any of the following: 

(i)    a “covered entity” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 252.82(b) 
 (ii)    a “covered bank” as that term is defined in, and interpreted
in accordance with, 12 C.F.R. § 47.3(b); or 
 (iii)    a “covered FSI” as that term is
defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). 
 “Default Right” has the meaning assigned to
that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 

“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in
accordance with, 12 U.S.C. 5390(c)(8)(D). 

  
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 9.19.    Erroneous Payments. 

(a)    If the Administrative Agent notifies a Lender, Issuing Bank, or any Person who has received funds on behalf of a
Lender or Issuing Bank such Lender or Issuing Bank (any such Lender, Issuing Bank, or other recipient, a “Payment Recipient”) that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any
notice under immediately succeeding clause (b)) that any funds received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such
Payment Recipient (whether or not known to such Lender, Issuing Bank, Secured Party or other Payment Recipient on its behalf) (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or
otherwise, individually and collectively, an “Erroneous Payment”) and demands the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent and
shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and such Lender or Issuing Bank shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such
Payment Recipient to) promptly, but in no event later than two Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the
currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent
in same day funds at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative
Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error. 
 (b)    Without
limiting immediately preceding clause (a), each Lender, Issuing Bank, or any Person who has received funds on behalf of a Lender or Issuing Bank such Lender or Issuing Bank, hereby further agrees that if it receives a payment, prepayment or
repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date
from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of
payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates), or (z) that such Lender, Issuing Bank or Secured Party, or other such recipient, otherwise becomes aware was transmitted, or received, in error or by
mistake (in whole or in part) in each case: 
 (i)     (A) in the case of immediately preceding clauses (x) or (y),
an error shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (B) an error has been made (in the case of immediately preceding clause (z)), in each case, with respect to such
payment, prepayment or repayment; and 
 (ii)    such Lender, Issuing Bank or Secured Party shall (and shall cause any
other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one Business Day of its knowledge of such error) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the
details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this Section 9.19(b). 

(c)    Each Lender, Issuing Bank or Secured Party hereby authorizes the Administrative Agent to set off, net and apply any
and all amounts at any time owing to such Lender or Issuing Bank under any Loan Document, or otherwise payable or distributable by the Administrative Agent to such Lender or Issuing Bank from any source, against any amount due to the Administrative
Agent under immediately preceding clause (a) or under the indemnification provisions of this Agreement. 

  
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 (d)    In the event that an Erroneous Payment (or portion thereof) is
not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding clause (a), from any Lender or Issuing Bank that has received such Erroneous Payment (or portion
thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an “Erroneous Payment Return Deficiency”), upon the Administrative Agent’s notice
to such Lender or Issuing Lender at any time, (i) such Lender or Issuing Bank shall be deemed to have assigned its Loans (but not its Commitments) of the relevant class (i.e., Revolving Loan or Term Loan) with respect to which such Erroneous
Payment was made (the “Erroneous Payment Impacted Class”) in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not Commitments) of
the Erroneous Payment Impacted Class, the “Erroneous Payment Deficiency Assignment”) at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance), and is hereby (together
with the Borrower) deemed to execute and deliver an Assignment and Assumption with respect to such Erroneous Payment Deficiency Assignment, and such Lender or Issuing Bank shall deliver any Notes evidencing such Loans to the Borrower or the
Administrative Agent, (ii) the Administrative Agent as the assignee Lender shall be deemed to acquire the Erroneous Payment Deficiency Assignment, (iii) upon such deemed acquisition, the Administrative Agent as the assignee Lender shall
become a Lender or Issuing Bank, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender or assigning Issuing Bank shall cease to be a Lender or Issuing Bank, as applicable, hereunder with
respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender or
assigning Issuing Bank and (iv) the Administrative Agent may reflect in the Register its ownership interest in the Loans subject to the Erroneous Payment Deficiency Assignment. The Administrative Agent may, in its discretion, sell any Loans
acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender or Issuing Bank shall be reduced by the net proceeds of the sale of
such Loan (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Lender or Issuing Bank (and/or against any recipient that receives funds on its respective behalf). For the avoidance of
doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender or Issuing Bank and such Commitments shall remain available in accordance with the terms of this Agreement. In addition, each party hereto agrees that,
except to the extent that the Administrative Agent has sold a Loan (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment, and irrespective of whether the Administrative Agent may be equitably subrogated, the
Administrative Agent shall be contractually subrogated to all the rights and interests of the applicable Lender or Issuing Bank under the Loan Documents with respect to each Erroneous Payment Return Deficiency (the “Erroneous Payment
Subrogation Rights”). 
 (e)    The parties hereto agree that an Erroneous Payment shall not pay, prepay,
repay, discharge or otherwise satisfy any Obligations owed by the Borrower, Parent Guarantor, or any Subsidiary Guarantor, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment
that is, comprised of funds received by the Administrative Agent from the Borrower, Parent Guarantor, or any Subsidiary Guarantor for the purpose of making such Erroneous Payment. 

  
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 (f)    To the extent permitted by applicable law, no Payment Recipient
shall assert any right or claim to an Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or
counterclaim by the Administrative Agent for the return of any Erroneous Payment received, including without limitation waiver of any defense based on “discharge for value” or any similar doctrine 

(g)    Each party’s obligations, agreements and waivers under this Section 9.19 shall survive the resignation or
replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender or Issuing Bank, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion
thereof) under any Loan Document. 
 ARTICLE X. 

THE ADMINISTRATIVE AGENT 

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

10.2.    Powers. The Administrative Agent shall have and may exercise such powers under the Loan Documents as are
specifically delegated to the Administrative Agent by the terms of each thereof, together with such powers as are reasonably incidental thereto. The Administrative Agent shall have no implied duties to the Lenders, or any obligation to the Lenders
to take any action thereunder except any action specifically provided by the Loan Documents to be taken by the Administrative Agent. 

10.3.    General Immunity. Neither the Administrative Agent nor any of its directors, officers, agents or employees
shall be liable to Borrower, the Lenders or any Lender for (i) any action taken or omitted to be taken by it or them hereunder or under any other Loan Document or in connection herewith or therewith except for its or their own gross negligence
or willful misconduct; or (ii) any determination by the Administrative Agent that compliance with any law or any governmental or quasi-governmental rule, regulation, order, policy, guideline or directive (whether or not having the force of law)
requires the Advances and Commitments hereunder to be classified as being part of a “highly leveraged transaction”. 

  
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 10.4.    No Responsibility for Loans, Recitals, etc. Neither the
Administrative Agent nor any of its directors, officers, agents or employees shall be responsible for or have any duty to ascertain, inquire into, or verify (i) any statement, warranty or representation made in connection with any Loan Document
or any borrowing hereunder; (ii) the performance or observance of any of the covenants or agreements of any obligor under any Loan Document, including, without limitation, any agreement by an obligor to furnish information directly to each
Lender; (iii) the satisfaction of any condition specified in Article IV, except receipt of items required to be delivered to the Administrative Agent; (iv) the validity, effectiveness or genuineness of any Loan
Document or any other instrument or writing furnished in connection therewith; (v) the value, sufficiency, creation, perfection, or priority of any interest in any collateral security; or (vi) the financial condition of Borrower or any
Subsidiary Guarantor. Except as otherwise specifically provided herein, the Administrative Agent shall have no duty to disclose to the Lenders information that is not required to be furnished by Borrower to the Administrative Agent at such time, but
is voluntarily furnished by Borrower to the Administrative Agent (either in its capacity as Administrative Agent or in its individual capacity). 

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

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

10.7.    Reliance on Documents; Counsel. The Administrative Agent shall be entitled to rely upon any Note, notice,
consent, certificate, affidavit, letter, telegram, statement, paper or document believed by it to be genuine and correct and to have been signed or sent by the proper person or persons, and, in respect to legal matters, upon the opinion of counsel
selected by the Administrative Agent, which counsel may be employees of the Administrative Agent. 

10.8.    Administrative Agent’s Reimbursement and Indemnification. The Lenders agree to
reimburse and indemnify the Administrative Agent ratably in proportion to their respective Commitments (i) for any amounts not reimbursed by Borrower for which the Administrative Agent is entitled to reimbursement by Borrower under the Loan
Documents, (ii) for any other expenses incurred by the Administrative Agent on behalf of the Lenders, in connection with the preparation, execution, delivery, administration and enforcement of the Loan Documents, if not paid by Borrower and
(iii) for any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by

  
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or asserted against the Administrative Agent in any way relating to or arising out of the Loan Documents or any other document delivered in connection therewith or the transactions contemplated
thereby (including without limitation, for any such amounts incurred by or asserted against the Administrative Agent in connection with any dispute between the Administrative Agent and any Lender or between two or more of the Lenders), or the
enforcement of any of the terms thereof or of any such other documents, provided that no Lender shall be liable for any of the foregoing to the extent they arise from the gross negligence or willful misconduct or a breach of the Administrative
Agent’s express obligations and undertakings to the Lenders which is not cured after written notice and within the period described in Section 10.3, The obligations of the Lenders and the Administrative Agent under
this Section 10.8 shall survive payment of the Obligations and termination of this Agreement. 

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

10.11.    Successor Administrative Agent. Except as otherwise provided below, KeyBank National Association shall at
all times serve as the Administrative Agent during the term of this Facility. The Administrative Agent may resign at any time by giving written notice thereof to the Lenders and Borrower, such resignation to be effective upon the appointment of a
successor Administrative Agent or, if no successor Administrative Agent has been appointed, forty-five days after the retiring Administrative Agent gives notice of its intention to resign. If the Administrative Agent shall be grossly negligent in
the performance of its obligations hereunder, the Administrative Agent may be removed by written notice received by the Administrative Agent from all Lenders holding 66 2/3% of that portion of the Aggregate Commitment not held by the Administrative
Agent, such removal to be effective on the date specified by the other Lenders. Upon any such resignation or removal, the Required Lenders shall have the right to appoint, on behalf of Borrower and the Lenders, a successor Administrative Agent. If
no successor Administrative Agent shall have been so appointed by the Required Lenders within thirty days after the resigning Administrative Agent’s giving notice of its intention to resign, then the resigning Administrative Agent may appoint,
on behalf of Borrower and the Lenders, a successor Administrative Agent. Notwithstanding the previous sentence, the Administrative Agent may at any time without the consent of Borrower or any Lender, appoint any of its Affiliates which is a
commercial bank as a successor Administrative Agent hereunder. If the Administrative Agent has resigned or been removed and no successor 

  
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Administrative Agent has been appointed, the Lenders may perform all the duties of the Administrative Agent hereunder and Borrower shall make all payments in respect of the Obligations to the
applicable Lender and for all other purposes shall deal directly with the Lenders. No successor Administrative Agent shall be deemed to be appointed hereunder until such successor Administrative Agent has accepted the appointment. Any such successor
Administrative Agent shall be a commercial bank having capital and retained earnings of at least $500,000,000. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor
Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the resigning or removed Administrative Agent. Upon the effectiveness of the resignation or removal of the Administrative Agent,
the resigning or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the Loan Documents. After the effectiveness of the resignation or removal of an Administrative Agent, the provisions of this
Article X shall continue in effect for the benefit of such Administrative Agent in respect of any actions taken or omitted to be taken by it while it was acting as the Administrative Agent hereunder and under the other Loan Documents. 

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

10.14.    Defaulting Lenders. 

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

(i)    Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any
amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders. 

(ii)    Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts
received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) shall be applied at such time or times as may be determined by the Administrative
Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Issuing Bank or the
Swingline Lender hereunder; third, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to 

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

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

(B)    Each Defaulting Lender shall be entitled to receive Facility Letter of Credit Fees for any period
during which that Lender is a Defaulting Lender only to the extent allocable to its applicable Percentage of the stated amount of Facility Letters of Credit for which amounts are being held by the Administrative Agent pursuant to
Section 10.14(a)(ii) for application to the obligations of such Defaulting Lender. 

(C)    With respect to any Facility Fee or Facility Letter of Credit Fee not required to be paid to any
Defaulting Lender pursuant to clause (A) or (B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect
to such Defaulting Lender’s participation in Reimbursement Obligations or Swingline Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to the Issuing
Bank and the Swingline Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to the Issuing Bank’s or Swingline Lender’s exposure to such Defaulting Lender, and (z) not
be required to pay the remaining amount of any such fee. 

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

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

10.15.    Certain ERISA Matters. 

(a)    Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and
(y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the
Borrower, that at least one of the following is and will be true: 
 (i)    such Lender is not using
“plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of
Credit, the Commitments or this Agreement, 
 (ii)    the transaction exemption set forth in one or more
PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for
certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

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

(b)    In addition, unless either (1) sub-clause (i) in the immediately
preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding
clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a
Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such
Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative
Agent under this Agreement, any Loan Document or any documents related hereto or thereto). 
 ARTICLE XI. 

SETOFF; RATABLE PAYMENTS 

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

  
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promptly upon demand, to take such action necessary such that all Lenders share in the benefits of such collateral ratably in proportion to their Loans. In case any such payment is disturbed by
legal process, or otherwise, appropriate further adjustments shall be made. 
 ARTICLE XII. 

BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS 

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

12.2.    Participations. 

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

  
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 (iii)    Participant Register. Each Lender that
sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts
(and stated interest) of each participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of
the Participant Register (including the identity of any participant or any information relating to a participant’s interest in any Commitments, Loans, or its other obligations under any Loan Document) to any Person except to the extent that
such disclosure is necessary to establish that such Commitment, Loan, or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the
Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any
notice to the contrary. The Participant Register shall be available for inspection by Borrower and Administrative Agent, at any reasonable time and upon reasonable prior notice. For the avoidance of doubt, the Administrative Agent (in its capacity
as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

(iv)    Benefit of Setoff. Borrower agrees that each Participant which has previously advised
Borrower in writing of its purchase of a participation in a Lender’s interest in its Loans shall be deemed to have the right of setoff provided in Section 11.1 in respect of its participating interest in amounts owing
under the Loan Documents to the same extent as if the amount of its participating interest were owing directly to it as a Lender under the Loan Documents. Each Lender shall retain the right of setoff provided in
Section 11.1 with respect to the amount of participating interests sold to each Participant, provided that such Lender and Participant may not each setoff amounts against the same portion of the Obligations, so as to
collect the same amount from Borrower twice. The Lenders agree to share with each Participant, and each Participant, by exercising the right of setoff provided in Section 11.1, agrees to share with each Lender, any amount
received pursuant to the exercise of its right of setoff, such amounts to be shared in accordance with Section 11.2 as if each Participant were a Lender. 

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

(i)    Permitted Assignments. Any Lender may, in the ordinary course of its business and in
accordance with applicable law, at any time assign to any Eligible Assignee all or any portion (greater than or equal to $5,000,000 for each assignee, so long as the hold 

  
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position of the assigning Lender is not less than $5,000,000) of its rights and obligations under the Loan Documents. Such assignment shall be substantially in the form of Exhibit D hereto
or in such other form as may be agreed to by the parties thereto. The consent of the Administrative Agent shall be required prior to an assignment becoming effective with respect to an Eligible Assignee which is not a Lender or an Affiliate thereof.
Such consent shall not be unreasonably withheld or delayed. 
 (ii)    Effect; Effective Date.
Upon (i) delivery to the Administrative Agent of a notice of assignment, substantially in the form attached as Exhibit “I” to Exhibit D hereto (a “Notice of Assignment”), together with any consents required by
Section 12.3(i), and (ii) payment of a $3,500 fee by the assignor or assignee to the Administrative Agent for processing such assignment, such assignment shall become effective on the effective date specified in such
Notice of Assignment. The Notice of Assignment shall contain a representation by the Eligible Assignee to the effect that none of the consideration used to make the purchase of the Commitment and Loans under the applicable assignment agreement are
“plan assets” as defined under ERISA and that the rights and interests of the Eligible Assignee in and under the Loan Documents will not be “plan assets” under ERISA. On and after the effective date of such assignment, subject to
acceptance and recording thereof by the Administrative Agent pursuant to Section 12.3(iii), from and after the effective date specified in such Notice of Assignment, such Eligible Assignee shall for all purposes be a Lender
party to this Agreement and any other Loan Document executed by the Lenders and shall have all the rights and obligations of a Lender under the Loan Documents, to the same extent as if it were an original party hereto, and no further consent or
action by Borrower, the Lenders or the Administrative Agent shall be required to release the transferor Lender, and the transferor Lender shall automatically be released on the effective date of such assignment, with respect to the percentage of the
Aggregate Commitment and Loans assigned to such Eligible Assignee. Upon the consummation of any assignment to a Eligible Assignee pursuant to this Section 12.3(ii), the transferor Lender, the Administrative Agent and
Borrower shall make appropriate arrangements so that replacement Notes are issued to such transferor Lender and new Notes or, as appropriate, replacement Notes, are issued to such Eligible Assignee, in each case in principal amounts reflecting their
Commitment, as adjusted pursuant to such assignment. 
 (iii)    Administrative Agent, acting solely for
this purpose as a non-fiduciary agent of Borrower, shall maintain at one of its U.S. offices a copy of each Notice of Assignment delivered to it and shall record in its records the names and addresses of such
Eligible Assignees as Lenders hereunder and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, such Eligible Assignee as a Lender pursuant to the terms hereof (the “Register”). The Register shall
be conclusive absent manifest error, and Borrower, Administrative Agent and Lenders shall treat each Eligible Assignee whose name is so recorded as a Lender hereunder for all purposes of this Agreement. This Section 12.3(iii) shall be construed
so that the Obligations are at all times maintained in “registered form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code and any related regulations (and any other relevant or successor provisions of the Code or
the regulations promulgated thereunder). The Register shall be available for inspection by Borrower and any Lender, at any reasonable time and upon reasonable prior notice. 

12.4.    Dissemination of Information. Borrower authorizes each Lender to disclose to any Participant or Eligible
Assignee or any other Person acquiring an interest in the Loan Documents by operation of law (each a “Transferee”) and any prospective Transferee any and all information in such Lender’s possession concerning the
creditworthiness of Borrower and its Subsidiaries, subject to Section 9.11 of this Agreement. 

  
 - 95 - 

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

NOTICES 

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

ARTICLE XIV. 

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

(Remainder of page intentionally left blank.) 

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

					
	TERRENO REALTY LLC, a Delaware limited liability company
		
	By:	 	TERRENO REALTY CORPORATION, a
		 	Maryland corporation, its sole member
			
		 	By:	 	 /s/ Jaime J. Cannon

		 	Print Name:	 	Jaime J. Cannon
		 	Title:	 	Chief Financial Officer
	
	 Address for Notices:
 101 Montgomery
Street
 Suite 200
 San Francisco CA 94104

  
 S-1 

 
			
	KEYBANK NATIONAL ASSOCIATION,
	Individually and as Administrative Agent
		
	By:	 	 /s/ Jonathan
Bond                    

	Print Name:	 	Jonathan Bond
	Title:	 	Vice President
	
	127 Public Square, 8th Floor
	OH-01-27-0844
	Cleveland, OH 44114
	Attention: Jason Weaver
	Phone: 216.689.7984
	 Facsimile: 216.689.5819
 Email:
Jason_Weaver@KeyBank.com

	
	With a copy to:
	
	KeyBank Real Estate Capital
	 4910 Tiedeman Rd
 OH-01-51-1311

Brooklyn, OH 44144
 Phone: 216-813-4787

Facsimile: 216-370-6206
 Attention: Rosemarie Borrelli

Email: rosemarie_borrelli@keybank.com

  
 S-2 

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

	Print Name:	 	David C. Drouillard
	Title:	 	Senior Vice President
	
	 755 W. Big Beaver
 Suite
2400
 Troy, MI 48084
 Phone: 248-729-8458
 Facsimile:
248-729-8812
 Email: david.drouillard@pnc.com

  
 S-3 

 
			
	MUFG UNION BANK, N.A., formerly known as Union Bank, N.A.
		
	By:	 	 /s/ Katherine
Davidson                    

	Print Name:	 	Katherine Davidson
	Title:	 	Director
	
	 350 California Street

Suite 1900
 San Francisco, CA 94104

Phone: 415-705-5037

Email: katherine.davidson@unionbank.com

  
 S-4 

 
			
	REGIONS BANK
		
	By:	 	 /s/ Nicholas R.
Frerman                    

	Print Name:	 	Nicholas R. Frerman
	Title:	 	Vice President
	
	 1900 5th Ave. N
 14th
Floor
 Birmingham, AL 35203
 Phone: 205-264-4983
 Email: nicholas.frerman@regions.com

  
 S-5 

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

	Print Name:	 	Michael F. Diemer
	Title:	 	Senior Vice President
	
	 345 California Street

6th Floor
 San Francisco, CA 94104

Phone : 415-774-2251

Facsimile : 415-744-2209

Email : michael.diemer@usbank.com

  
 S-6 

 
			
	GOLDMAN SACHS BANK USA
		
	By:	 	 /s/ Kevin Raisch

	Print Name:	 	Kevin Raisch
	Title:	 	Authorized Signatory
	
	 c/o Goldman, Sachs & Co.

2001 Ross Ave.
 29th Floor

Dallas, TX 75201

  
 S-7 

 EXHIBIT A 

AMENDMENT REGARDING INCREASE 

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

A.    Borrower, Administrative Agent and certain other Lenders have entered into a Sixth Amended and Restated Senior
Credit Agreement dated as of August 20, 2021 (as amended, the “Credit Agreement”). All capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Credit Agreement. 

B.    Pursuant to the terms of the Credit Agreement, the Lenders have agreed to provide Borrower with a revolving credit
facility in an aggregate principal amount of up to $250,000,000 and a term loan in the amount of up to $100,000,000. Borrower and the Administrative Agent on behalf of the Lenders now desire to amend the Credit Agreement in order to, among other
things (i) increase the Aggregate Commitment to $        ; and (ii) admit [name of new banks] as “Lenders” under the Credit Agreement. 

NOW, THEREFORE, in consideration of the foregoing Recitals and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows: 
 AGREEMENTS 

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

2.    From and after             ,     
(the “Effective Date”) (i) [name of new banks] shall be considered as “Lenders” under the Credit Agreement and the Loan Documents, and (ii) [name of existing Lenders] shall each be deemed to have increased its Revolving
Commitment or Term Commitment, as applicable, to the amount shown on the revised Schedule I to the Credit Agreement attached to this Amendment, each having a Revolving Commitment and Term Commitment in the amount shown thereon. Borrower shall, on or
before the Effective Date, execute and deliver to each new Lender a Note to evidence the Loans to be made by such Lender. 

3.    From and after the Effective Date, the Aggregate Commitment shall equal
                     Million Dollars ($        ,000,000), the Aggregate Revolving Commitment shall equal
                     Million Dollars ($        ) and the total Term Commitments shall equal
                     Million Dollars ($        ). 

4.    For purposes of Section 13.1 of the Credit Agreement (Giving Notice), the address(es) and facsimile number(s)
for [name of new banks] shall be as specified below their respective signature(s) on the signature pages of this Amendment. 

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

  
 A-1 

 6.    As expressly modified as provided herein, the Credit Agreement
shall continue in full force and effect. 
 7.    This Amendment may be executed in any number of counterparts, all of
which taken together shall constitute one agreement, and any of the parties hereto may execute this Amendment by signing any such counterpart. 

  
 A-2 

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

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

	Print Name:	 	  

	Title:	 	  

	
	KEYBANK NATIONAL ASSOCIATION,
	as Administrative Agent
		
	By:	 	  

	Print Name:	 	  

	Title:	 	  

	
	[NAME OF NEW LENDER]
		
	By:	 	  

	Print Name:	 	  

	Title:	 	  

	
	[Address of New Lender]
		
	Phone:	 	  

	Facsimile:	 	  

	Attention:	 	  

	Amount of Revolving Commitment:                            
             
	Amount of Term Commitment:                             
                    

  
 A-3 

 EXHIBIT B 

FORM OF [REVOLVING][TERM] NOTE 

[            , 2021] 

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

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

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

Borrower and all endorsers severally waive presentment, protest and demand, notice of protest, demand and of dishonor and nonpayment of this
Note, and any and all lack of diligence or delays in collection or enforcement of this Note, and expressly agree that this Note, or any payment hereunder, may be extended from time to time, and expressly consent to the release of any party liable
for the obligation secured by this Note, the release of any of the security for this Note, the acceptance of any other security therefor, or any other indulgence or forbearance whatsoever, all without notice to any party and without affecting the
liability of Borrower and any endorsers hereof. 
 This Note shall be governed and construed under the internal laws of the State of New
York. 
 BORROWER AND LENDER, BY ITS ACCEPTANCE HEREOF, EACH HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO

  
 B-1 

 
ENFORCE OR DEFEND ANY RIGHT UNDER THIS NOTE OR ANY OTHER LOAN DOCUMENT OR RELATING THERETO OR ARISING FROM THE LENDING RELATIONSHIP WHICH IS THE SUBJECT OF THIS NOTE AND AGREE THAT ANY SUCH
ACTION OR PROCEEDING SHALL BE TRIED BEFORE A JUDGE AND NOT BEFORE A JURY. 
  

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

		 	Name:	 	Jaime J. Cannon
		 	Title:	 	Chief Financial Officer

  
 B-2 

 EXHIBIT C 

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

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

 

	 	Re:	 Sixth Amended and Restated Senior Credit Agreement dated as of August 20, 2021 (as amended, modified,
supplemented, restated, or renewed, from time to time, the “Agreement”) between TERRENO REALTY LLC (the “Borrower”), and KEYBANK NATIONAL ASSOCIATION, as Administrative Agent for itself and the other lenders parties thereto from
time to time (“Lenders”). 

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

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

The undersigned hereby further certifies to the Lenders that: 

1.    Compliance with Financial Covenants. Schedule A attached hereto sets forth financial data and computations
evidencing Borrower’s compliance with certain covenants of the Agreement, all of which data and computations are true, complete and correct. 

2.    Review of Condition. The undersigned has reviewed the terms of the Agreement, including, but not limited to,
the representations and warranties of Borrower set forth in the Agreement and the covenants of Borrower set forth in the Agreement, and has made, or caused to be made under his or her supervision, a review in reasonable detail of the transactions
and condition of Borrower through the reporting periods. 
 3.    Representations and Warranties. To the
undersigned’s actual knowledge, the representations and warranties of Borrower contained in the Loan Documents, including those contained in the Agreement, are true and accurate in all material respects as of the date hereof and were true and
accurate in all material respects at all times during the reporting period (other than those representations made as of a specific date which Borrower certifies were true as of such date) except as expressly noted on Schedule B hereto. 

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

  
 C-1 

 5.    No Default. To the undersigned’s actual knowledge, no
Default exists as of the date hereof or existed at any time during the reporting period, except as expressly noted on Schedule B hereto. 

IN WITNESS WHEREOF, this Certificate is executed by the undersigned this      day of
            , 20    . 
  

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

		 	Name:	 	  

		 	Title:	 	  

  
 C-2 

 SCHEDULE A 

COMPLIANCE CALCULATIONS 

  
 C-3 

 SCHEDULE B 

EXCEPTIONS, IF ANY 

  
 C-4 

 EXHIBIT D 

ASSIGNMENT AGREEMENT 

This Assignment Agreement (this “Assignment Agreement”) between
                 (the “Assignor”) and                     
(the “Assignee”) is dated as of                     . The parties hereto agree as follows: 

1.    PRELIMINARY STATEMENT. The Assignor is a party to a Credit Agreement (which, as it may be amended, modified,
renewed or extended from time to time is herein called the “Credit Agreement”) described in Item 1 of Schedule 1 attached hereto (“Schedule 1”). Capitalized terms used herein and not otherwise defined herein shall have the
meanings attributed to them in the Credit Agreement. 
 2.    ASSIGNMENT AND ASSUMPTION. The Assignor hereby
sells and assigns to the Assignee, and the Assignee hereby purchases and assumes from the Assignor, an interest in and to the Assignor’s rights and obligations under the Credit Agreement such that after giving effect to such assignment the
Assignee shall have purchased pursuant to this Assignment Agreement the percentage interest specified in Item 3 of Schedule 1 of all outstanding rights and obligations under the Credit Agreement and the other Loan Documents. The Revolving Commitment
and Term Commitment (or Loans, if the applicable Commitment has been terminated) purchased by the Assignee hereunder is set forth in Item 4 of Schedule 1. 

3.    EFFECTIVE DATE. The effective date of this Assignment Agreement (the “Effective Date”) shall be the
later of the date specified in Item 5 of Schedule 1 or two (2) Business Days (or such shorter period agreed to by the Administrative Agent) after a Notice of Assignment substantially in the form of Exhibit “I” attached hereto has been
delivered to the Administrative Agent. Such Notice of Assignment must include the consent of the Administrative Agent required by Section 12.3.1 of the Credit Agreement. In no event will the Effective Date occur if the
payments required to be made by the Assignee to the Assignor on the Effective Date under Sections 4 and 5 hereof are not made on the proposed Effective Date. The Assignor will notify the Assignee of the proposed Effective Date no later than
the Business Day prior to the proposed Effective Date. As of the Effective Date, (i) the Assignee shall have the rights and obligations of a Lender under the Loan Documents with respect to the rights and obligations assigned to the Assignee
hereunder and (ii) the Assignor shall relinquish its rights and be released from its corresponding obligations under the Loan Documents with respect to the rights and obligations assigned to the Assignee hereunder. 

4.    PAYMENTS OBLIGATIONS. On and after the Effective Date, the Assignee shall be entitled to receive from the
Administrative Agent all payments of principal, interest and fees with respect to the interest assigned hereby. The Assignee shall advance funds directly to the Administrative Agent with respect to all Loans and reimbursement payments made on or
after the Effective Date with respect to the interest assigned hereby. [In consideration for the sale and assignment of Loans hereunder, (i) the Assignee shall pay the Assignor, on the Effective Date, an amount equal to the principal amount of
the portion of all Base Rate Loans assigned to the Assignee hereunder and (ii) with respect to each LIBOR Loan made by the Assignor and assigned to the Assignee hereunder which is outstanding on the Effective Date, (a) on the last day of
the LIBOR Interest Period therefor or (b) on such earlier date agreed to by the Assignor and the Assignee or (c) on the date on which any such LIBOR Loan either becomes due (by acceleration or otherwise) or is prepaid (the date as
described in the foregoing clauses (a), (b) or (c) being hereinafter referred to as the “LIBOR Rate Due Date”), the Assignee shall pay the Assignor an amount equal to the principal 

  
 D-1 

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

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

 5.    FEES PAYABLE BY THE ASSIGNEE. The Assignee shall pay to the Assignor a
fee on each day on which a payment of interest or facility fees is made under the Credit Agreement with respect to the amounts assigned to the Assignee hereunder (other than a payment of interest or facility fees attributable to the period prior to
the Effective Date or, in the case of LIBOR Loans, the Payment Date, which the Assignee is obligated to deliver to the Assignor pursuant to Section 4 hereof). The amount of such fee shall be the difference between
(i) the interest or fee, as applicable, paid with respect to the amounts assigned to the Assignee hereunder and (ii) the interest or fee, as applicable, which would have been paid with respect to the amounts assigned to the Assignee
hereunder if each interest rate was calculated at the rate of     % rather than the actual percentage used to calculate the interest rate paid by Borrower or if the Facility Fee was calculated at the rate of
    % rather than the actual percentage used to calculate the Facility Fee paid by Borrower, as applicable. In addition, the Assignee agrees to pay     % of the fee required to be paid to the Administrative
Agent in connection with this Assignment Agreement. 
 6.    REPRESENTATIONS OF THE ASSIGNOR; LIMITATIONS ON THE
ASSIGNOR’S LIABILITY. The Assignor represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder, that such interest is free and clear of any adverse claim created by the Assignor and that
it has all necessary right and authority to enter into this Assignment. It is understood and agreed that the assignment and assumption hereunder are made 

  
 D-2 

 
without recourse to the Assignor and that the Assignor makes no other representation or warranty of any kind to the Assignee. Neither the Assignor nor any of its officers, directors, employees,
agents or attorneys shall be responsible for (i) the due execution, legality, validity, enforceability, genuineness, sufficiency or collectability of any Loan Document, including without limitation, documents granting the Assignor and the other
Lenders a security interest in assets of Borrower or any guarantor, (ii) any representation, warranty or statement made in or in connection with any of the Loan Documents, (iii) the financial condition or creditworthiness of Borrower or
any guarantor, (iv) the performance of or compliance with any of the terms or provisions of any of the Loan Documents, (v) inspecting any of the Property, books or records of Borrower, (vi) the validity, enforceability, perfection,
priority, condition, value or sufficiency of any collateral securing or purporting to secure the Loans or (vii) any mistake, error of judgment, or action taken or omitted to be taken in connection with the Loans or the Loan Documents. 

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

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

 8.    INDEMNITY. The Assignee agrees to indemnify and hold the Assignor harmless against
any and all losses, costs and expenses (including, without limitation, reasonable attorneys’ fees) and liabilities incurred by the Assignor in connection with or arising in any manner from the Assignee’s
non-performance of the obligations assumed under this Assignment Agreement. 

9.    SUBSEQUENT ASSIGNMENTS. After the Effective Date, the Assignee shall have the right pursuant to
Section 12.3.1 of the Credit Agreement to assign the rights which are assigned to the Assignee hereunder to any entity or person, provided that (i) any such subsequent assignment does not violate any of the terms and
conditions of the Loan Documents or any law, rule, regulation, order, writ, judgment, injunction or decree and that any consent required under the terms of the Loan Documents has been obtained and (ii) unless the prior written consent of the
Assignor is obtained, the Assignee is not thereby released from its obligations to the Assignor hereunder, if any remain unsatisfied, including, without limitation, its obligations under Sections 4, 5 and 8 hereof. 

  
 D-3 

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

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

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

			
	[NAME OF ASSIGNOR]
		
	By:	 	  

	Title:	 	
                     
                   

	
	[NAME OF ASSIGNEE]
		
	By:	 	  

	Title:	 	  

  
 D-4 

 SCHEDULE 1 

to Assignment Agreement 
  

									
	1.	  	Description and Date of Credit Agreement:	  				  	
				
	2.	  	Date of Assignment Agreement:	  	 	                 ,     	 	  	
				
	3.	  	Amounts (As of Date of Item 2 above):	  				  	
				
		  	 a.   Aggregate Commitment
	  				  	
		  	 (Loans)* under
	  				  	                                     
   
		  	 Credit Agreement
	  	 	$	 	  	                    
				
		  	 b.  Assignee’s Percentage
	  				  	
		  	 of the Aggregate Commitment
	  				  	
		  	 purchased under this
	  				  	
		  	 Assignment Agreement**
	  	 	                        %	 	  	
				
	4.	  	Amount of Assignee’s (Loan Amount)**	  				  	
		  	Commitment Purchased under this	  				  	
		  	Assignment Agreement:	  	 	$	 	  	
				
	5.	  	Proposed Effective Date:	  				  	

  

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

  

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

	**	 Percentage taken to 10 decimal places 

  
 D-5 

 Attachment to SCHEDULE 1 to ASSIGNMENT AGREEMENT 

Attach Assignor’s Administrative Information Sheet, which must 

include notice address for the Assignor and the Assignee 

  
 D-6 

 EXHIBIT “I” 

to Assignment Agreement 
 NOTICE
OF ASSIGNMENT 
                  ,
20     
  

	To:	 KeyBank Real Estate Capital 

1200 Abernathy Road, NE 
 Suite
1550 
 GA-03-40-0900

 Atlanta, GA 30328 
 Phone: 770-510-2136 
 Facsimile: 216-370-6206 
 Attention: Wolsley Grannum 

Email: Wolsley_E_Grannum@keybank.com 
  

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

[NAME OF ASSIGNEE] (the “Assignee”) 

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

2.    This Notice of Assignment (this “Notice”) is given and delivered to the Administrative Agent pursuant to
Section 12.3.2 of the Credit Agreement. 
 3.    The Assignor and the Assignee have entered
into an Assignment Agreement, dated as of              , 20    , (the “Assignment”), pursuant to which, among other things, the Assignor has sold, assigned,
delegated and transferred to the Assignee, and the Assignee has purchased, accepted and assumed from the Assignor the percentage interest specified in Item 3 of Schedule 1 of all outstandings, rights and obligations under the Credit Agreement. The
Effective Date of the Assignment shall be the later of the date specified in Item 5 of Schedule 1 or two (2) Business Days (or such shorter period as agreed to by the Administrative Agent) after this Notice of Assignment and any fee required by
Section 12.3.2 of the Credit Agreement have been delivered to the Administrative Agent, provided that the Effective Date shall not occur if any condition precedent agreed to by the Assignor and the Assignee has not been
satisfied. 
 4.    The Assignor and the Assignee hereby give to the Administrative Agent notice of the assignment and
delegation referred to herein. The Assignor will confer with the Administrative Agent before the date specified in Item 5 of Schedule 1 to determine if the Assignment Agreement will become effective on such date pursuant to
Section 3 hereof, and will confer with the Administrative Agent to determine the Effective Date pursuant to Section 3 hereof if it occurs thereafter. The Assignor shall notify the Administrative
Agent if the Assignment Agreement does not become effective on any proposed Effective Date as a result of the failure to satisfy the conditions precedent agreed to by the Assignor and the Assignee. At the request of the Administrative Agent, the
Assignor will give the Administrative Agent written confirmation of the satisfaction of the conditions precedent. 

  
 D-7 

 5.    The Assignor or the Assignee shall pay to the Administrative Agent
on or before the Effective Date the processing fee of $3,500 required by Section 12.3.2 of the Credit Agreement. 

6.    If Notes are outstanding on the Effective Date, the Assignor and the Assignee request and direct that the
Administrative Agent prepare and cause Borrower to execute and deliver new Notes or, as appropriate, replacements notes, to the Assignor and the Assignee. The Assignor and, if applicable, the Assignee each agree to deliver to the Administrative
Agent the original Note received by it from Borrower upon its receipt of a new Note in the appropriate amount. 

7.    The Assignee advises the Administrative Agent that notice and payment instructions are set forth in the attachment
to Schedule 1. 
 8.    The Assignee hereby represents and warrants that none of the funds, monies, assets or other
consideration being used to make the purchase pursuant to the Assignment are “plan assets” as defined under ERISA and that its rights, benefits, and interests in and under the Loan Documents will not be “plan assets” under ERISA.

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

  

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

  

									
	NAME OF ASSIGNOR	 		 	NAME OF ASSIGNEE
					
	By:	 	
                     
                   
	 	            	 	By:	 	
                     
                   

	Title:	 	  
	 		 	Title:	 	  

  
 D-8 

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

	Title:	 	  

 [Attach photocopy of Schedule 1 to Assignment] 

  
 D-9 

 EXHIBIT E 

LOAN/CREDIT RELATED MONEY TRANSFER INSTRUCTION 
  

	To:	 KeyBank National Association 

as Administrative Agent (the “Administrative Agent”) 

under the Credit Agreement Described Below 
  

	Re:	 Sixth Amended and Restated Senior Credit Agreement, dated as of August 20, 2021 (as the same may be
amended or modified, the “Credit Agreement”), among Terreno Realty LLC, a limited liability company organized under the laws of the State of Delaware (the “Borrower”), the Administrative Agent, and the Lenders named therein.
Terms used herein and not otherwise defined shall have the meanings assigned thereto in the Credit Agreement. 

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

Facility Identification Number(s):
                                         
                        

Customer/Account Name:
                                         
                                     

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

					
	Authorized Officer (Customer Representative)	 		  	Date:             , 20  
			
	  
	 		  	  

	Name (Please Print)	 		  	Signature
			
	Bank Officer	 		  	Date:             , 20  
			
	  
	 		  	  

	Name (Please Print)	 		  	Signature

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

  
 E-1 

 EXHIBIT F 

BORROWING NOTICE 

            , 202   

KeyBank Real Estate Capital 
 1200 Abernathy Road, NE 

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

Phone: 770-510-2136 

Facsimile: 216-370-6206 

Attention: Wolsley Grannum 
 Email: Wolsley_E_Grannum@keybank.com

 Borrowing Notice 
 Terreno Realty LLC
(“Borrower”) hereby requests a Loan Advance pursuant to Section 2.9 of the Sixth Amended and Restated Senior Credit Agreement, dated as of August 20, 2021 (as amended or modified from time to time, the “Credit
Agreement”), among Terreno Realty LLC, the Lenders referenced therein, and KeyBank National Association, as agent for the Lenders. 
 An Advance is
requested to be made in the amount of $        , to be made on                     . Such Advance shall be a
[Revolving][Term] Advance and shall be a [LIBOR] [Base Rate] Advance. [The applicable LIBOR Interest Period shall be                     .] 

The proceeds of the requested loan shall be directed to the following account: 

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

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

  
 F-1 

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

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

		 		 	Name:	 	
                     
                                         
                   

		 		 	Its:	 	
                     
                                         
                   

  
 F-2 

 EXHIBIT G-1 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

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

Reference is made to that certain Sixth Amended and Restated Senior Revolving Credit Agreement dated as of August 20, 2021 (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among Terreno Realty LLC (the “Borrower”), the financial institutions party thereto and their assignees thereunder (the
“Lenders”), KeyBank National Association, as Agent (the “Agent”) and the other parties thereto. 
 Pursuant to the
provisions of Section 3.5 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing
this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is
not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has
furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN, or W-8BEN-E, as applicable. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and
the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to
be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms
defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	  
 [NAME OF
LENDER]

		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	Date:	 	             , 20    

  
 G-1 

 EXHIBIT G-2 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

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

Reference is made to that certain Sixth Amended and Restated Senior Revolving Credit Agreement dated as of August 20, 2021 (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among Terreno Realty LLC (the “Borrower”), the financial institutions party thereto and their assignees thereunder (the
“Lenders”), KeyBank National Association, as Agent (the “Agent”) and the other parties thereto. 
 Pursuant to the
provisions of Section 3.5 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank
within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related
to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its participating Lender with a
certificate of its non-U.S. Person status on IRS Form W-8BEN, or W-8BEN-E, as applicable.
By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times
furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

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

			
	[NAME OF PARTICIPANT]
		
	By:	 	
                     
                                         
           

	Name:	 	
                     
                                         
                   

	Title:	 	
                     
                                         
                   

	
	Date:              , 20    

  
 G-2 

 EXHIBIT G-3 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

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

Reference is made to that certain Sixth Amended and Restated Senior Revolving Credit Agreement dated as of August 20, 2021 (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among Terreno Realty LLC (the “Borrower”), the financial institutions party thereto and their assignees thereunder (the
“Lenders”), KeyBank National Association, as Agent (the “Agent”) and the other parties thereto. 
 Pursuant to the
provisions of Section 3.5 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect
partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement
entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of
Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

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

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

			
	  
 [NAME OF
PARTICIPANT]

		
	By:	 	
                     
                                         
       

	Name:	 	
                     
                                         
       

	Title:	 	
                     
                                         
       

	
	Date:              , 20    

  
 G-3 

 EXHIBIT G-4 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

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

Reference is made to that certain Sixth Amended and Restated Senior Revolving Credit Agreement dated as of August 20, 2021 (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among Terreno Realty LLC (the “Borrower”), the financial institutions party thereto and their assignees thereunder (the
“Lenders”), KeyBank National Association, as Agent (the “Agent”) and the other parties thereto. 
 Pursuant to the
provisions of Section 3.5 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate,
(ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan
Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A)
of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a
controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has
furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption:
(i) an IRS Form W-8BEN, or W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY
accompanied by an IRS Form W-8BEN, or W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners
that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the
Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be
made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	  
 [NAME OF
LENDER]

		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	Date:	 	             , 20    

  
 G-4 

 SCHEDULE 1 

SCHEDULE OF COMMITMENTS 
  

													
	 Lender
	  	Revolving
Commitment	 	  	Term Loan
Commitment	 	  	Total
Commitments	 
	 KeyBank National Association
	  	$	50,000,000.00	 	  	$	20,000,000.00	 	  	$	70,000,000.00	 
	 PNC Bank National Association
	  	$	48,000,000.00	 	  	$	19,000,000.00	 	  	$	67,000,000.00	 
	 MUFG Union Bank, N.A.
	  	$	48,000,000.00	 	  	$	19,000,000.00	 	  	$	67,000,000.00	 
	 Regions Bank
	  	$	48,000,000.00	 	  	$	19,000,000.00	 	  	$	67,000,000.00	 
	 U.S. Bank National Association
	  	$	34,000,000.00	 	  	$	14,000,000.00	 	  	$	48,000,000.00	 
	 Goldman Sachs Bank USA
	  	$	22,000,000.00	 	  	$	9,000,000.00	 	  	$	31,000,000.00	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
	  	$	250,000,000.00	 	  	$	100,000,000.00	 	  	$	350,000,000.00	 

  
 Schedule 1-1 

 SCHEDULE 2 

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

  
 Schedule 2-1 

 SCHEDULE 3 

LITIGATION 
 (See
Section 5.6) 
 None 

  
 Schedule 3-1 

 SCHEDULE 4 

ENVIRONMENTAL MATTERS 

(See Section 5.19) 
 None

  
 Schedule 4-1 

 SCHEDULE 5 

LIST OF SUBSIDIARY GUARANTORS 
  

					
	 Entity Name
	  	 State of

Formation
	  	 State of

Operation

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

  
 Schedule 5-1 

					
	 Entity Name
	  	 State of

Formation
	  	 State of

Operation

	 Terreno 75th Ave LLC
	  	Delaware	  	Maryland
	 Terreno 7777 West Side LLC
	  	Delaware	  	New Jersey
	 Terreno 78th Avenue LLC
	  	Delaware	  	Florida
	 Terreno 79th Ave South LLC
	  	Delaware	  	Washington
	 Terreno 85 Doremus LLC
	  	Delaware	  	New Jersey
	 Terreno 900 Hart LLC
	  	Delaware	  	New Jersey
	 Terreno 9070 Junction LLC
	  	Delaware	  	Maryland
	 Terreno Acacia LLC
	  	Delaware	  	California
	 Terreno Ahern II LLC
	  	Delaware	  	California
	 Terreno Airgate LLC
	  	Delaware	  	New York
	 Terreno America’s Gateway LLC
	  	Delaware	  	Florida
	 Terreno Auburn 1307 LLC
	  	Delaware	  	Washington
	 Terreno Burroughs LLC
	  	Delaware	  	California
	 Terreno Business Parkway LLC
	  	Delaware	  	Maryland
	 Terreno Caribbean LLC
	  	Delaware	  	California
	 Terreno Carlton Court LLC
	  	Delaware	  	California
	 Terreno Dawson LLC
	  	Delaware	  	Washington
	 Terreno Dell LLC
	  	Delaware	  	New Jersey
	 Terreno Denver Ave LLC
	  	Delaware	  	Washington
	 Terreno Dominguez LLC
	  	Delaware	  	California
	 Terreno Dorsey LLC
	  	Delaware	  	California
	 Terreno East Valley LLC
	  	Delaware	  	Washington
	 Terreno Global Plaza LLC
	  	Delaware	  	New Jersey
	 Terreno Hampton Overlook LLC
	  	Delaware	  	Maryland
	 Terreno Hanford LLC
	  	Delaware	  	Washington
	 Terreno Hawthorne LLC
	  	Delaware	  	California
	 Terreno Interstate LLC
	  	Delaware	  	New Jersey
	 Terreno Kent 190th LLC
	  	Delaware	  	Washington
	 Terreno Kent 216th LLC
	  	Delaware	  	Washington
	 Terreno Kent Corporate Park LLC
	  	Delaware	  	Washington
	 Terreno Las Hermanas LLC
	  	Delaware	  	California
	 Terreno Lucile LLC
	  	Delaware	  	Washington
	 Terreno Lund LLC
	  	Delaware	  	Washington
	 Terreno Lynwood LLC
	  	Delaware	  	California
	 Terreno Melanie II LLC
	  	Delaware	  	New Jersey
	 Terreno Melanie LLC
	  	Delaware	  	New Jersey
	 Terreno Merced LLC
	  	Delaware	  	California
	 Terreno Middlebrook LLC
	  	Delaware	  	New Jersey
	 Terreno MITC LLC
	  	Delaware	  	Florida
	 Terreno New Dutch LLC
	  	Delaware	  	New Jersey
	 Terreno New Ridge LLC
	  	Delaware	  	Maryland
	 Terreno NW 131st Street LLC
	  	Delaware	  	Florida
	 Terreno NW 70th Avenue II LLC
	  	Delaware	  	Florida
	 Terreno NW 70th Ave III LLC
	  	Delaware	  	Florida

  
 Schedule 5-2 

					
	 Entity Name
	  	 State of

Formation
	  	 State of

Operation

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

  
 Schedule 5-2 

 SCHEDULE 6 

LIST OF INVESTMENT AFFILIATES 

(See Section 5.7) 
 None 

  
 Schedule 6-1 

 SCHEDULE 7 

LIST OF UNENCUMBERED PROPERTIES 
  

					
	 Entity Name
	  	 Project Name
	  	 Address

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

  
 Schedule 7-1-1 

					
	 Entity Name
	  	 Project Name
	  	 Address

	Terreno 445 Wilson LLC	  	Wilson	  	445 Wilson Avenue, Newark, NJ 07105
	Terreno 465 Meadow LLC	  	Meadow	  	465 Meadow Lane, Carlstadt, NJ 07072
	Terreno 48th Ave LLC	  	48th Ave	  	16001 NW 48th Avenue, Miami Gardens, FL 33014
	Terreno 4930 3rd Avenue South LLC	  	4930 3rd Avenue	  	4930 3rd Avenue South, Seattle, WA 98134
	Terreno 50 Kero LLC	  	Kero	  	50-100 Kero Rd., Newark, NJ 07072
	Terreno 550 Delancy LLC	  	Delancy	  	550 Delancy Street, Newark, NJ 07105
	Terreno 60 Ethel LLC	  	Ethel	  	60 & 70 Ethel Road, Piscataway, NJ 08854
	Terreno 60th Avenue LLC	  	60th Avenue	  	14100 NW 60th Avenue, Miami Lakes, FL 33014
	Terreno 631 Brennan LLC	  	Brennan	  	631 Brennan, San Jose, CA 95131
	Terreno 709 Hindry LLC	  	Hindry	  	709 Hindry Ave, Inglewood, CA 90301
	Terreno 70th Avenue LLC	  	70th III	  	1855 NW 70th Avenue, Miami, FL 33126
	Terreno 7120 NW 74th Ave LLC	  	70th Ave	  	1601 NW 70th Avenue, Miami, FL 33126
	Terreno 747 Glasgow LLC	  	74th Ave	  	7120 NW 74th Avenue, Medley, FL 33166
	Terreno 74th North Bergen LLC	  	Glasgow	  	747 S Glasgow Avenue, Inglewood, CA 90301
	Terreno 75th Ave LLC	  	74th Bergen	  	2240 74th Street, North Bergen, NJ, 07047
	Terreno 7777 West Side LLC	  	Ardmore	  	3301-3381 75th Avenue, Landover, MD 20785
	Terreno 78th Avenue LLC	  	West Side	  	7777 West Side Avenue, Carlstadt, NJ, 07072
	Terreno 79th Ave South LLC	  	78th Avenue	  	1401 NW 78th Avenue, Doral, Florida 33126
	Terreno 8215 Dorsey LLC	  	79th	  	26601-26609 79th Avenue South, Kent, WA 98032
	Terreno 900 Hart LLC	  	Hart	  	900 Hart Road, Piscataway, NJ 07065
	Terreno 9070 Junction LLC	  	9070 Junction	  	9070 Junction Drive, Annapolis Junction, MD 20701
	Terreno Acacia LLC	  	Acacia	  	1920 South Acacia Ave., Compton, CA, 90220
	Terreno Ahern II LLC	  	Ahern II	  	30069-30083 Ahern Avenue, Union City, CA 94587-1234
	Terreno Airgate LLC	  	Airgate	  	150-10, 151-02 132nd Ave, 152-01 133rd Ave, 152-02 Baisley Blvd,
Queens, NY 11434
	Terreno America’s Gateway LLC	  	Americas Gateway	  	8901 NW 20th Street, 2011 BW 89th Place, 8940 NW 24th Terrace, 8933 NW 23rd Street, 1400 NW 88th Avenue, 1401 NW 89th Court, Doral, FL 33172
	Terreno Auburn 1307 LLC	  	Auburn 1307	  	1307 W Valley Highway N, Auburn, WA 98001

  
 Schedule 7-1-2 

					
	 Entity Name
	  	 Project Name
	  	 Address

	Terreno Burroughs LLC	  	Burroughs	  	2054-2070 Burroughs Avenue, San Leandro, CA 94577
	Terreno Business Parkway LLC	  	Business Pkwy	  	9951 Business Parkway, Lanham, MD 20706
	Terreno Caribbean LLC	  	Caribbean	  	904, 914-918 Caribbean Drive & 1339 Moffet Park Drive, Sunnyvale, CA 94089
	Terreno Carlton Court LLC	  	Carlton	  	490-500 Carlton Court, South San Francisco, CA 94080
	Terreno Dawson LLC	  	Dawson	  	53 South Dawson, Seattle, WA, 98134
	Terreno Dell LLC	  	Dell	  	700 Dell Road, Carlstadt, NJ 07072
	Terreno Denver Ave LLC	  	Denver	  	5300 Denver Avenue South, Seattle, WA, 98134
	Terreno Dominguez LLC	  	Dominguez	  	2315 East Dominguez Street, Carson, CA 90810
	Terreno Dorsey LLC	  	Vermont	  	19801 South Vermont Avenue, Torrance, CA 90502
	Terreno East Valley LLC	  	East Valley	  	2701 East Valley Road, Renton, WA 98055
	Terreno Global Plaza LLC	  	901 North	  	901 North Avenue E, Elizabeth, NJ 07201
	Terreno Hampton Overlook LLC	  	Overlook	  	9150-9156,9200-9216,9240-9250 Hampton Overlook, Capital Heights, MD 20743
	Terreno Hanford LLC	  	Hanford	  	25-29 Hanford Rd., Seattle, WA, 98134
	Terreno Hawthorne LLC	  	Hawthorne	  	3355-3437 W El Segundo Blvd., Hawthorne, CA 90250
	Terreno Interstate LLC	  	130 Interstate	  	130 Interstate Boulevard, South Brunswick, NJ 08831
	Terreno Kent 190th LLC	  	South 190th	  	8420 S 190th Street, Kent, WA 98031
	Terreno Kent 216th LLC	  	Kent 216	  	8030 S 216th Street, Kent, WA 98032
	Terreno Kent Corporate Park LLC	  	KCP	  	22402-22422 72nd Ave South, Kent, WA 98032
	Terreno Las Hermanas LLC	  	Hermanas	  	2934 E Las Hermanas Street, Compton, CA 90221
	Terreno Lucile LLC	  	Lucile	  	637 South Lucile St., Seattle, WA 98108
	Terreno Lund LLC	  	Lund	  	902 4th Street SW, Auburn, WA 98801
	Terreno Lynwood LLC	  	Lynwood	  	2800 Lynwood Rd., 11840 Alameda St., 11852 Alameda St., Lynwood, CA 90262
	Terreno Melanie II LLC	  	Melanie II	  	11 & 15 Melanie Lane, East Hanover, NJ 07936
	Terreno Melanie LLC	  	Melanie	  	9 Melanie Lane, East Hanover, NJ 07936
	Terreno Merced LLC	  	Merced	  	2700-2800 Merced Street, San Leandro, CA 94577

  
 Schedule 7-1-2 

					
	 Entity Name
	  	 Project Name
	  	 Address

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

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

  
 Schedule 7-1-2 

					
	 Entity Name
	  	 Project Name
	  	 Address

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

  
 Schedule 7-1-2 

 SCHEDULE 8 

OUTSTANDING FACILITY LETTERS OF CREDIT 

None 

  
 Schedule 8-1​

Exhibit 10.90
CERTAIN INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED.  
[***] INDICATES THAT INFORMATION HAS BEEN REDACTED.
 DISTRIBUTION AGREEMENT 
THIS DISTRIBUTION AGREEMENT (this “Agreement”) is made this 26th day of  September, 2019 (the “Effective Date”), by and between Respirent Pharmaceuticals Co. Ltd., a Chinese company having an address of 5-190, Yunham Drive, High-Tech Industrial Park, Shuitu, Beibei District, Chongqing 400714 China (“Supplier”), and LANNETT COMPANY, INC., a Delaware corporation having an address of 9000 State Road, Philadelphia, PA  19136 and its Affiliates (“Lannett”).  Lannett and Supplier are separately referred to as “Party” or jointly as “Parties.”
BACKGROUND 
WHEREAS, Supplier is engaged in the business of developing, manufacturing and supplying various pharmaceutical Products; and 
WHEREAS, Lannett desires to purchase certain of those Products from Supplier for purposes of marketing and distributing those Products, on the terms and conditions set forth in this Agreement.  
NOW, THEREFORE, in consideration of the promises and the mutual covenants set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
1.DEFINITIONS. 

1.1.“Additional Distribution Fee” has the meaning set forth in Section 3.7.
1.2.“Adverse Event” means any untoward medical occurrence in a patient or clinical investigation subject who is administered a Product, but which does not necessarily have a causal relationship with the treatment for which a Product is used. An “Adverse Event” can include any unfavorable and unintended sign (including an abnormal laboratory finding), symptom or disease temporally associated with the use of a Product, whether or not related to a Product. A pre-existing condition that worsened in severity after administration of a Product would be considered an “Adverse Event”.
1.3.“Affiliate(s)” of a Party means any other person or legal entity directly or indirectly controlling or controlled by or under direct or indirect common control with such Party. For the purpose of this definition, “control” when used with respect to a specified person or legal entity means the power to direct the management and policies of such person or legal entity directly or indirectly, whether through the ownership of voting securities, by contract or otherwise.

​
1
Lannett Company, Inc. Distribution Agreement‌​

 ​

1.4.“Agreement” has the meaning set forth in the Preamble of this Agreement.
1.5.“ANDA” means an Abbreviated New Drug Application (including any amendments, submissions and supplements thereto) as defined in Section 505(j) of the FD&C Act.

1.6.“Applicable Laws” means all applicable statutes, ordinances, regulations, codes, rules, or orders of any kind whatsoever of any governmental authority in the Territory, including the FD&C Act, the Generic Drug Enforcement Act of 1992 (21 U.S.C. § 335a et seq.), the Prescription Drug Marketing Act, the Anti-Kickback Statute (42 U.S.C. § 1320a-7b et seq.), the Health Insurance Portability and Accountability Act of 1996, the Federal False Claims Act (31 U.S.C. §3729-3733), the Code, the Department of Health and Human Services Office of Inspector General Compliance Program Guidance for Pharmaceutical Manufacturers, released April 2003, the Antifraud and Abuse Amendment to the Social Security Act, the AMA guidelines on gifts to physicians, as well as any state laws impacting the promotion of pharmaceutical products, including any state anti-kickback/fraud and abuse related laws, all as amended from time to time.
1.7.“Business Day” means any day other than a Saturday, a Sunday, or a day on which banks in the State of Delaware or China are required or authorized to close.
1.8.“Commercial Launch” means with respect to each dosage strength of the Product, the first sale of such dosage strength of the Product by Lannett, or a Lannett Affiliate, to an unaffiliated third party for end use or consumption after the FDA has approved the ANDA for such dosage strength of the Product.
1.9.“Competitor(s)”means any third party selling a generic, authorized generic or brand at generic price levels of the same molecule, strength and dosage form. 
1.10.“Confidential Information” means all Intellectual Property Rights and confidential facts relating to the business and affairs of a Party or any of its Affiliates, including financial information, business opportunities, information relating to pharmaceutical products of any nature whatsoever, know-how, and compilations of information in any form whatsoever; provided, however, that “Confidential Information” shall not include any information that (a) was already in the public domain at the time of disclosure; (b) becomes part of the public domain through no action or omission of the receiving Party after disclosure to the receiving Party; (c) was already lawfully known to the receiving Party, other than under an obligation of confidentiality to the disclosing Party, at the time of the disclosure by the other Party, as shown by documentary evidence; (d) was independently discovered or developed by the receiving Party without the use of Confidential Information belonging to the disclosing Party as shown by pre-existing proof; or (e) was disclosed to the receiving Party, other than under an obligation of confidentiality to which a third party was subject, by a third party who had no obligation to the disclosing Party not to disclose such information to others, as shown by independent proof.
1.11.“Cost of Goods Sold” means the fully burdened cost of manufacturing a Product, which consists of the direct and indirect costs associated with acquiring the materials, the manufacturing, testing and analysis of the finished dosage of a Product, quality control, 

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quality assurance, idle and stability costs, warehousing costs before shipment,  labeling, and packaging, labor (including benefits), depreciation and overhead, shipping to port of US entry under CIP, all determined in accordance with GAAP. 
1.12. “Distribution Fee” has the meaning set forth in Section 3.7.
1.13.“FDA”  means the United States Food and Drug Administration or any successor agency which issues a Regulatory Approval for the marketing of a Product in the United States.
1.14.“FD&C Act” has the meaning set forth in Section 11.1.
1.15.“Forecast” has the meaning set forth in Section 5.1.
1.16.“Gross Profits” means an amount equal to (i) the Net Sales of a Product, minus the sum of (ii) the Cost of Goods Sold, and (iii) shipping costs from port of US entry to Lannett’s Place of Delivery.
1.17.“Initial Distribution Fee” has the meaning set forth in Section 3.7.
1.18.“Intellectual Property Rights” means all patents, copyrights, trademarks, service marks, service names, trade names, internet domain names, e-mail addresses, applications or registrations for any of the foregoing, or extensions, renewals, continuations or re-issues thereof, or amendments or modifications thereto, brandmarks, brand names, trade dress, labels, logos, know-how, show-how, technical and non-technical information, trade secrets, formulae, techniques, sketches, drawings, models, inventions, designs, specifications, processes, apparatus, equipment, databases, research, experimental work, development, pharmacology and clinical data, software programs and applications, software source documents, Third-Party licenses, and any similar type of proprietary Intellectual Property Right vesting in the owner and/or licensee thereof pursuant to the Applicable Laws of any relevant jurisdiction or under any applicable license or contract, whether now existing or hereafter created, together with all modifications, enhancements and improvements thereto.
1.19.“Loss(es)” means any and all losses, costs, damages, interests, fees or expenses, including but not limited to all reasonable attorneys’ fees, experts’ or consultants’ fees, expenses and costs.
1.20.“Minimum Safety Stock Level” has the meaning set forth in Section 5.8.
1.21.“Net Profit” means an amount equal to the Gross Profit of a Product, minus the Sales, Marketing and Distribution Allowance.
1.22.“Net Profit Split” has the meaning set forth in Section 3.8.
1.23. “Net Sales” means the aggregate gross sales proceeds billed for a Product by Lannett minus: 

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		(a)	Any service and administrative fees charged to Lannett by third parties related to the Product, such as contract administration fees, analytic fees, and redistribution fees; 

		(b)	Any and all promotional allowances, including, but not limited to, credits, chargebacks, rebates to government agencies or retailers, and quantity and cash discounts, and other usual and customary discounts to customers; 

		(c)	Amounts refunded, repaid or credited to wholesalers and retailers for rejections, returns, recall of goods, shelf stock adjustments or retroactive price reductions;

		(d)	Customary cash prompt pay discounts all calculated in accordance with GAAP; and

		(e)	Any sales, excise, turnover, inventory, value-added, and similar taxes and duties assessed on applicable sales.

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1.24.“Place of Delivery” means delivery at Lannett’s warehouse located at 1101 “C” Avenue West, Seymour, IN 47274.
1.25.“Product” has the meaning set forth in Section 2.1. 
1.26.“Purchase Order” has the meaning set forth in Section 5.2.
1.27.“Quality Agreement” means the agreement related to quality assurance and control, by and between Supplier and Lannett, as further detailed in Section 7.4 hereof.
1.28.“Regulatory Approval” means all approvals or authorizations granted by the FDA for the marketing of a Product in the Territory.
1.29. “Regulatory Requirements” means all applicable Regulatory Approvals, licenses, registrations, GMPs, and authorizations and all other requirements of the FDA in relation to Product, including each of the foregoing which is necessary for, or otherwise governs, the manufacture, marketing, packaging and testing of Product in the Territory.
1.30.“Safety Data Exchange Agreement (SDEA)” means the agreement related to safety reporting, by and between Supplier and Lannett, as further detained in Section 7.3 hereof.
1.31.Sales, Marketing and Distribution Allowance” has the meaning set forth in Section 9.1. 
1.32.“Territory” means the United States of America, and its territories and possessions.
1.33.“Upfront Payment” has the meaning set forth in Section 3.7.  

2.APPOINTMENT; COMMITMENT BY SUPPLIER.  

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2.1.Appointment.  Supplier hereby appoints Lannett as the authorized exclusive distributor of record in the Territory for the products set forth on Exhibit A (“Product”).  Exhibit A may be amended by Supplier from time to time, upon mutual agreement of Lannett, and upon the terms set forth herein. Lannett may exercise its rights and obligations hereunder itself or through its Affiliates, local companies and wholesalers.  

During the Term of this Agreement, neither Party will develop or commercialize any other Fluticasone Propionate – Salmeterol Xinafoate Powder Inhaler formulations which would be an AB rated product to Advair Diskus in the Territory.
If requested, during the Term of the Agreement Lannett shall provide long term office space to Supplier within Lannett’s offices for two (2) or three (3) people at no cost.  Additional office space, as needed, can be negotiated as a pass through cost.
2.2.Sales to Lannett.  Supplier will sell and supply Product to Lannett for distribution in the Territory during the Term (as defined in Section 16.1), on the terms and conditions set forth in this Agreement, as it may be amended as provided herein.  Supplier shall be responsible for the purchase of adequate supplies of all materials, including, without limitation, raw materials, in accordance with the ANDA for the Product, and other filings with FDA for the Product, as necessary to supply finished Product to Lannett in accordance with Applicable Laws. 
2.3.Scope of Agreement.  This Agreement will serve as the master agreement between the Parties and, as such, sets forth all of the terms and conditions concerning, and will apply to all purchases by Lannett of Product during the Term.  The terms and conditions of this Agreement will apply to all purchase orders issued hereunder.  In no event will any terms or conditions included on any purchase order, invoice or acknowledgement thereof or any other document, whether paper, electronic or otherwise, relating thereto, apply to the relationship between the Parties under this Agreement, unless such terms are expressly agreed to by the Parties in writing.  If there is a conflict between the terms of any purchase order or other document and this Agreement, the terms of such purchase order or other document will control, but only if it has been signed by both Parties and solely to the extent of the conflict.  Otherwise, this Agreement will control.  The Parties further agree that no course of dealing between the Parties will in any way modify, change or supersede the terms and conditions of this Agreement.

3.PRODUCT PRICES; PAYMENTS.  
3.1.Prices.  Prices payable by Lannett for Product during the Term of this Agreement (“Pricing”) will be set forth on Exhibit A, as agreed upon by Lannett and based upon [***]. All sums will be expressed in and payable in U.S. Dollars and all prices are exclusive of VAT or other taxes.  Failure to comply with the provisions of this Section 3.1 will be a material breach of this Agreement.  
3.2.Pricing Modifications. Supplier shall use commercially reasonable efforts to reduce its manufacturing expenses for the Product. At either Party’s written request, the Parties will discuss in good faith the revision of the Pricing (and any subsequently agreed prices) to take into account adverse market conditions resulting in unsatisfactory returns for 

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Lannett or changes in the manufacturing costs for the Products. The revised Pricing shall be laid down in writing and inserted as an amended Exhibit A to this Agreement. Confirmed orders are excluded from Pricing negotiations. [***] 
3.3.Date of Price.  Supplier agrees to accept Purchase Orders at the prices in effect on the day the order is confirmed in writting.  Under no circumstances will a Purchase Order be cancelled by Supplier or Lannett without mutual agreement.  
3.4.Last Buy.  Upon early termination, Lannett shall be entitled to buy up to six (6) months’ supply to address failure to supply provisions. 
3.5.Modification of Orders.  Purchase Orders may be modified upon mutual agreement up to four (4) weeks prior to the earliest delivery date applicable to such Purchase Order.  
3.6.Payment Terms.  Unless otherwise set forth in this Agreement, Supplier will offer Lannett payment terms of net [***] days; provided, however, that Lannett will not be obligated to pay any disputed amounts until such dispute has been resolved.  Payment terms for new Product introductions will be [***] on the first two Purchase Orders submitted by Lannett within [***] days after the date on which the new Product is available to be ordered by Lannett. 

3.7.Distribution Fee.  

(a)  Within five (5) business days after Lannett’s receipt of a fully executed copy of this Agreement, Lannett shall pay to Supplier the sum of [***] (the “Upfront Payment”). 
(b)  Within five (5) business days after Lannett’s receipt of the next successful BE study report, Lannett shall pay to Supplier the sum of [***].
(b)  Upon FDA filing acceptance of the Product, Lannett shall pay to Supplier the sum of [***] (the “Initial Distribution Fee”).
(c)  Upon FDA approval of the Product, Lannett shall pay to Supplier the sum of [***] (the “Additional Distribution Fee” and together with the Upfront Payment and the Initial Distribution Fee, the “Distribution Fee”).
3.8.Net Profit Split.

(a)During the Term, Lannett shall pay to Supplier an amount equal to either (i) [***] OR (ii) [***] (“Net Profit Split”).  In no case shall the Net Profit Split for any calendar quarter be negative; provided, however in the event of a loss in any calendar quarter, the amount of that loss shall be carried forward to subsequent calendar quarters until the amount of such loss has been fully absorbed. In the event that Net Profits for calendar quarter are negative, Lannett shall carry over the Net Profit Split multiplied by the value by which the Net Profits are negative in such calendar quarter and deduct this amount from the calculation of Net Sales for the following calendar quarter. If Net Profits are negative in [***] or more consecutive calendar quarters, Lannett shall invoice Supplier the Net Profit Split multiplied by the value by which the 

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Net Profits are negative for the previous calendar quarter and carry over the Net Profit Split multiplied by the value by which Net Profits are negative for the current calendar quarter.  For the avoidance of doubt, if Net Profits are negative in subsequent calendar quarters, the amounts will be similarly carried over or reimbursed as per the terms set forth in this Section 3.8 until Net Profits are positive. Reimbursement of negative Net Profits owed by Supplier in this Section 3.8 shall be payable to Lannett within forty-five (45) days after receipt of an invoice from Lannett. [***].
(b)An example of the calculation of the sharing of Net Profits pursuant to this Section 3.8, for illustration purposes only, follows:
[***]  
(c)An example of the calculation of Negative Net Profits pursuant to this Section 3.8, for illustration purposes only is:
[***]
3.9.Reporting and Payment. Not later than thirty (30) days after the end of each calendar quarter, through and including the calendar quarter in which all rebate and chargeback amounts on Product sold during the Term are finally reconciled, Lannett shall deliver to Supplier a written report that specifies the Cost of Goods Sold, shipping costs from Supplier to Lannett’s Place of Delivery, the Net Sales and the Sales, Marketing and Distribution Allowance that were used to calculate the Net Profit with respect to such calendar quarter, as well as the Net Profit calculation pay to Supplier the amount owed with respect to such calendar quarter. 

4.SUPPLIER OBLIGATIONS.  
4.1.Government Reporting. Supplier shall provide Lannett with necessary  information to the extent of supporting Lannett’s government reporting obligations.
4.2.Supplier Code of Conduct.  Supplier will at all times comply with, and cause all of its subcontractors and suppliers to comply with, the Supplier Code of Conduct on Lannett’s website at https://www.lannett.com/supplier-code-of-conduct, as the same may be amended from time to time at Lannett’s discretion.  
4.3.Authorized Distributor Status.  Within ten (10) business days after the execution of this Agreement, Supplier will deliver to Lannett a letter designating Lannett as an Authorized Distributor of Record.

5.FORECASTS AND ORDERS; DELIVERY.
5.1.Forecast. Lannett shall provide Supplier with a quarterly rolling forecast of its estimated purchase requirements for the next twelve (12) months with the first six (6) months of such forecast being binding on Lannett. It is understood that the remaining six (6) months of said forecasts shall not be binding on Lannett and shall be provided to Supplier for planning purposes only.  Supplier shall use commercially reasonable efforts to fully meet 

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Lannett’s sales request above Lannett’s requirement forecast of Product for the applicable period.  Lannett’s minimum purchase requirement shall be [***] (the “Minimum Purchase Requirement”).  If in any twenty-four (24) month period, Lannett does not meet the Minimum Purchase Requirement, or over any twelve (12) month period does not meet fifty percent (50%) of the Minimum Purchase Requirement, Supplier may terminate with six (6) months’ written notice.
5.2.Purchase Orders. Lannett will order Product by placing a firm purchase order with Supplier at least four (4) months in advance of the proposed shipping date (“Purchase Order”).  Lannett will have the right to place orders for Product up through the last day of the Term of this Agreement.  Supplier will fill all orders even though Product may be shipped and paid for after this Agreement has expired or terminated.  Purchase Orders shall include the shipping instructions in accordance with Exhibit B hereto. All Purchase Orders shall be in writing and shall include:

		-	the proposed quantity of the Products to be purchased; 

		-	the proposed shipping date;

		-	any other information dictated by this Agreement or the circumstances of the order; and 

		-	a description of the Products being ordered 

5.3. Confirmation of Purchase Order. Supplier shall, within five (5) Business Days of receipt of a Purchase Order, confirm in writing whether a given Purchase Order has been accepted. If such notification is not received by Lannett within five (5) Business Days of receipt of such Purchase Order, the Purchase Order shall be deemed accepted.   Supplier shall be required to accept all Purchase Orders which are provided to Supplier in accordance with the terms and conditions of this Agreement.  All accepted Purchase Orders are construed as Firm Orders. 
5.4. Shelf-Life.  Unless otherwise agreed in writing by the Parties, shelf-life of the Product at the shipping date shall be no more than [***] from the manufacture date of the Product in the Territory, excluding initial launch batches.
5.5. Packaging of Product.  Supplier shall package the Product in a manner that will protect the Product against damage or deterioration under normal conditions and shall advise Lannett as to any special conditions which may be required during transit and storage thereof.
5.6.Title; Delivery. Title to, all rights in and all risk of loss to the Product shall remain with Supplier until the Product has been delivered to the carrier in accordance with the agreed delivery terms.  Supplier shall preserve and package all Product in a manner that will afford adequate protection against corrosion, deterioration and physical damage during shipment, and must conform to common carrier rules and regulations and Lannett’s directions for shipment.  Furthermore, all costs, risks of loss, and damages due to (i) holds or enforcement actions by the U.S. Department of Agriculture or the FDA, and (ii) taxes and duties imposed upon the delivery of the Product, shall be the responsibility of Supplier until receipt of the Product by Lannett.  Supplier agrees that Lannett may (but is not required to) accept delivery of fewer than all of the items ordered hereunder.  In the event Lannett accepts 

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one or more partial deliveries, Supplier agrees to present for payment a separate invoice for each delivery. 
5.7.Serialization. All Product delivered by Supplier to Lannett shall meet serialization requirements, as outlined in the Drug Supply Chain Security Act (Title II of the Drug Quality and Security Act) signed into law on November 27, 2013. Requirements include, but are not limited to, the addition of Product identifiers imprinted on each sellable unit, on each homogeneous case and on each pallet intended to be introduced in the United States market. Unique product identifiers will include a national drug code, serial identifier (provided by Lannett), lot number, and expiration date.  Serial numbers must be aggregated from item to case and case to pallet.
5.8.Safety Stock.  Lannett shall use good faith efforts to maintain not less than three (3) months of inventory of the Product based upon the forecast provided under Section 5.1 (the “Minimum Safety Stock Level”).  If Supplier is unable to meet its obligations to supply a Product, Lannett shall draw upon its Minimum Safety Stock Level in an amount equal to Supplier’s inability to supply a Product and, upon Lannett’s drawing upon its Minimum Safety Stock Level, Lannett’s obligation to maintain the Minimum Safety Stock Level shall be reduced by the amount of Product drawn down until Supplier has replenished the Minimum Safety Stock Level to the agreed amount set forth above.  At such time as Supplier is able to resume supply of a Product pursuant to new Purchase Orders, the Parties shall enter into good faith discussions to determine the timetable on which Supplier will replenish the Minimum Safety Stock Level. Lannett shall place Purchase Orders pursuant to such schedule until Supplier has replenished such Minimum Safety Stock Level.  
5.9.Shipment.  All orders will be shipped by Supplier to Lannett at the location indicated on Lannett’s Purchase Order and in accordance with the shipping instructions set forth on Exhibit B.  Unless Lannett and Supplier agree otherwise in writing, all Product will be shipped CIP Point of US Entry (Incoterms 2010) destination, freight prepaid.  Title to and risk of loss of Product sold to Lannett will pass to Lannett upon delivery of Product to the carrier, free and clear of all third party liens, security interests, claims and/or encumbrances of any kind or nature.  

6.DELAY IN DELIVERY; FAILURE TO SUPPLY. 
6.1.Delay in Delivery.  Supplier shall deliver the Product in accordance with Section 5.9 on the date stated in the confirmation of the Purchase Order. Supplier will notify Lannett immediately if Supplier cannot deliver the Product on or before the stated delivery date or if Supplier anticipates any failure to meet Lannett’s binding forecasted supply of the Product (“Failure to Supply”), and Supplier shall provide Lannett, as soon as reasonably possible, with a new date of delivery.
6.2.Failure to Supply.  If a Failure to Supply event occurs based on binding forecast set forth in Section 5.1, then Supplier shall be liable, upon reasonable proof by Lannett (redacted to preserve confidentiality), for any and all costs, fees, penalties, charges or amounts, if any, otherwise incurred by Lannett, resulting directly or indirectly from such Failure to Supply. Lannett may, in its sole discretion, invoice Supplier for the amount of such 

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Failure to Supply or offset such amount against the amounts otherwise payable to Supplier pursuant to this Agreement. 

7.REGULATORY MATTERS. 
7.1.Regulatory Responsibilities. Supplier will, at its own cost and expense, continue to own and maintain the applicable Regulatory Approvals necessary to market the Product in the Territory.  Supplier shall be responsible for all regulatory and safety reporting requirements associated with ownership of the Regulatory Approvals, including, without limitation, Periodic Adverse Drug Experience Reports and Annual Reports mandated by the Applicable Laws in the Territory.  Additionally, Supplier shall be responsible for complying with Applicable Laws to appropriately categorize and report changes to the FDA, including without limitation, amendments, supplements, and Annual Reports. All communications by Supplier with the FDA relating to the Product as marketed in the Territory shall be promptly provided in writing to Lannett, and Supplier shall promptly provide Lannett copies of all documents sent to or received from the FDA regarding the Product. 

At Supplier’s request, Lannett will advise Supplier on all regulatory matters at no direct charge.  Also at Supplier’s request, Lannett will act as Supplier’s agent for the purpose of coordinating with the FDA and the electronic publishing of submissions and FDA correspondence as needed.  Lannett shall be entitled to attend all meetings and participate in conference calls with the FDA under Respirent’s supervision.
7.2.Labeling.  Supplier shall be responsible for the creation, content, and printing of the labeling for the Product under Lannett’s guidance for Lannett’s labeling specifications.  Supplier shall send Lannett all labeling materials for the Product (e.g., package insert, container label, carton label, medication guide, patient labeling, etc.) in final format for Lannett’s review and final written approval. Supplier is responsible for ensuring the most current labeling content, consistent with the reference listed drug (“RLD”) labeling content and all requested FDA updates, is used on Product supplied to Lannett.  Supplier is responsible for notifying Lannett within three (3) business days of any FDA communication requesting changes to labeling materials, including Safety Change Notifications and changes requested per section 505(o)(4) of the FD&C Act.  Supplier will provide Lannett with a copy of all FDA communications related to labeling.  All changes to labeling materials for the Product require Lannett’s review and final written approval. Labeling materials that have not been subject to Lannett’s review and written approval are prohibited to be used on Product supplied to Lannett.  Supplier is responsible for submitting the content of labeling in Structured Product Labeling (“SPL”) format to the FDA for Lannett’s NDC numbers within fourteen (14) days of ANDA approval to ensure proper drug listing.  Supplier is also responsible for submitting updated SPL files within fourteen (14) days when labeling changes are made and approved and as required by Applicable Laws.
7.3.Monitoring Adverse Events.  Supplier shall be responsible for all safety reporting requirements associated with ownership of the Regulatory Approvals mandated by the Laws in the Territory. All activities associated with pharmacovigilance and safety monitoring will be handled by Lannett outside of any regulatory filings which will be handled by Supplier.  All costs associated with those activities will be deducted from Supplier’s Net 

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Profits.  The Parties shall enter into a separate Safety Data Exchange Agreement (“SDEA”) substantially in the form set forth in Exhibit C to this Agreement. The SDEA shall be executed as early as possible but no later than the date of first commercial marketing of the Products covered by the present Agreement.  To the extent there are any inconsistencies or conflicts between this Agreement and the SDEA, the terms and conditions of this Agreement shall control unless specifically otherwise agreed to in writing by the Parties.  Notwithstanding the foregoing, in matters regarding safety reporting, the terms of the SDEA shall supersede those in this Agreement. Supplier, as the owner of the ANDA for the Product, shall be solely responsible for FDA reporting in relation to the Product.  
7.4.Quality Agreement and Quality Complaints. The Parties shall negotiate in good faith and use commercially reasonable efforts to enter into a Quality Agreement, substantially in the form set forth in Exhibit D to this Agreement, within ninety (90) days after the Effective Date, which Quality Agreement will set out the policies, procedures and standards by which the Parties will coordinate and implement the operation and quality assurance activities and regulatory compliance objectives contemplated under this Agreement with respect to the Product.  To the extent there are any inconsistencies or conflicts between this Agreement and the Quality Agreement, the terms and conditions of this Agreement shall control unless specifically otherwise agreed to in writing by the Parties.  Notwithstanding the foregoing, in matters regarding quality, the terms of the Quality Agreement shall supersede those in this Agreement.
7.5.Cooperation.  Without limiting the foregoing, each of Supplier and Lannett shall provide to each other in a timely manner with all information which the other Party reasonably requests regarding the Product in order to enable the other Party to comply with all Applicable Laws applicable to the Product in the Territory.  Each of Supplier and Lannett shall provide to the other or, if applicable, directly to the FDA, any assistance and all documents reasonably necessary to enable the other to carry out its obligations under this Section 7.  In general, requests for cooperation should be responded to by the other Party within three (3) Business Days and both should make responsible efforts to ensure that cooperation is maintained to ensure completion of the given project.

8.PRODUCT QUALITY AND PRODUCT RECALLS.
8.1.Product Testing. Supplier shall be responsible for Product test procedures for quality assurance before any Product is delivered to Lannett.  Supplier shall provide a certificate of analysis and other documents (collectively, the “COA”) as set forth in the Quality Agreement, in such forms as the Parties shall agree upon, for any Product batch delivered to Lannett hereunder, certifying that such Product has been manufactured and packaged in compliance with its specifications, GMPs and all other applicable Regulatory Requirements. 
8.2.Damage.  Lannett shall inspect all shipments of Product promptly after receipt. If Lannett receives Product with visible damage, Lannett will reject the non-conforming Product within thirty (30) days, note the damage on the delivery slip and promptly report the damage to Supplier’s customer service department, requesting that Supplier accept prompt return of the damaged Product (“Rejection Notice”).  Supplier will promptly provide Lannett with 

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disposition instructions in writing (including by email).  Unless otherwise instructed by Supplier, Lannett will hold damaged Product for inspection for fifteen (15) days after receipt.  Supplier will bear all freight and incidental costs incurred by Lannett in connection with damaged Product. If Lannett does not issue the Rejection Notice to Supplier within thirty (30) days, then all Product will be deemed accepted by Lannett.
(a)If Supplier agrees with or is deemed to agree with the basis for Lannett’s Rejection Notice, then Supplier shall promptly replace, at no cost to Lannett, such rejected Product.
(b)If Supplier disagrees with the basis for Lannett’s rejection specified in the Rejection Notice, Supplier shall promptly replace such rejected Product.  No payment shall be due with respect to the replacement Product until it is determined which Party shall bear the burden of such cost hereunder.  The Parties shall submit samples of the rejected Product for testing and/or resolution to a mutually acceptable third party laboratory approved by the FDA or a quality consultant (if not a laboratory analysis issue) within convenient proximity to Supplier. The third party laboratory or quality consultant shall determine whether such Product conforms to the confirmed Purchase Order or in which way the Products are defective.  The Parties agree that the determination of the third party laboratory or quality consultant shall be final and determinative.  If the third party laboratory or quality consultant determines that the rejection by Lannett was unjustified, then Lannett shall promptly pay Supplier for any replacement Product.  If the third party laboratory or quality consultant determines that the relevant shipment of Product does not conform to the Purchase Order or other regulatory requirements, then Supplier shall not invoice Lannett for the replacement Product.  The Party against whom the third party laboratory or quality consultant rules shall also bear all cost and fees charged by the third party laboratory or quality consultant in connection with resolution of the disagreement, including all out-of-pocket costs.
8.3.Incorrect shipment.  In the event of an incomplete shipment, a shortage in shipment, the misdirection of any delivery, or any overshipment, Supplier, upon written notification from Lannett, will immediately contact Lannett’s purchasing department and will comply with any reasonable directions provided with respect to the delivered and undelivered portions of the affected order(s).  Supplier will be responsible for any related freight or incidental charges caused by the incorrect shipment.  Lannett will not have any obligation to accept overshipments. 
8.4.Latent Defects and Recall.  The Parties acknowledge that it is possible for Product to have manufacturing defects that are not discoverable through industry standard physical inspection or testing (“Latent Defects”).  Latent Defects may include, by way of illustration and not definition or limitation, loss of potency/stability, discoloration, contamination with foreign matter or substances or other manufacturing defects.  Supplier will remain responsible for all Latent Defects except to the extent due to Lannett’s negligence or willful misconduct. Lannett will maintain such traceability records as are necessary to permit a recall, market withdrawal or field correction of a Product, including inventory withdrawal in connection with any of the foregoing (each a “Recall”). If either Party discovers or becomes aware of a Latent Defect, or any safety or regulatory concerns, or any order, request or directive of a court or the FDA requesting or requiring a Recall, it will notify the other Party in writing in 

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accordance with Section 8.5 below. Supplier will be responsible for any related freight or incidental charges related to Latent Defects.   
8.5.Notification of Recall.  If any regulatory authority or other governmental agency issues or requests a Recall or takes similar action in connection with a Product in the Territory, or if Lannett reasonably determines after consultation with Supplier that an event has occurred which may result in the need for a Recall, or if Supplier reasonably believes that a recall is warranted, the Party notified of or wishing to implement such Recall shall, within forty-eight (48) hours (regardless of weekday, weekend or holiday), advise the other Party thereof by telephone, facsimile or e-mail, after which the Parties shall promptly discuss and work together to effect an appropriate course of action.  Supplier shall be responsible for notifying the Regulatory Authorities in the Territory of any voluntary Recall and implementing any Recalls.  Supplier shall be responsible for coordinating all the necessary activities in connection with such Recall; provided, however, if a Recall is implemented as a result of Lannett’s negligence, gross negligence, or willful misconduct, Supplier shall either request Lannett to coordinate such Recall or Supplier shall coordinate the Recall and seek reimbursement from Lannett for costs directly related to such Recall. The Parties shall fully cooperate with one another to fully implement any Recall.  Supplier agrees to forward to Lannett a copy of any field communication associated with the Products that it plans to issue before such communication is issued or sent to any governmental agency.  Supplier will maintain complete and accurate records of any activities conducted with respect to any Recall for such period as may be required by Applicable Laws.  Following any Recall, Supplier will review all of its procedures as impacted by the identified root cause in the associated investigation, and will revise such procedures, as necessary, to correct the cause of such Recall subject to the change control requirements set forth in the Quality Agreement.  Supplier will provide Lannett with such information regarding such review and revisions as Lannett may request and Supplier shall provide Lannett the right to approve, reject or request modifications to the proposed changes. For clarity, Supplier shall have the final decision making authority with respect to determining the necessity and nature of the action to be taken.
8.6.Recall Expenses.  Supplier shall pay all out-of-pocket expenses in connection with a Recall, except that Lannett shall bear such direct out-of-pocket expenses to the extent that such Recall is implemented as a result of Lannett’s negligence or willful misconduct under this Agreement. For such purposes, recalled Product units shall include both units held by Lannett in inventory and units shipped by Lannett to its customers, as applicable. Lannett shall utilize a batch tracking and recall system which will enable Lannett to identify, on a reasonable prompt basis, customers within the Territory who have been supplied with Product of any particular batch, and to recall such Product from such customers. If a Recall is partially caused by the actions or omissions of both Parties, then each Party shall be responsible for its proportionate share of the Recall expenses based on its proportionate share of causation.  Recall expenses include the expenses of notification, shipping, return, replacement (if possible), customer fees and penalties, and destruction of recalled Products (including Products which cannot be shipped due to the condition causing the Recall).  The Parties shall discuss in good faith and agree on the scope and costs of Recall, if practicable, prior to enforcement of the Recall.

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8.7.Notice of Failure to Meet Specifications.  If Supplier discovers that there is a potential that any batch or lot of the Products already delivered to Lannett may fail to conform to the Specifications, then Supplier shall notify Lannett within one (1) business day, of such determination of failure to meet the Specifications and of the nature thereof in detail, including, but not limited to, supplying Lannett with all investigatory reports, data and communications, out-of-specification reports and data and the results of all outside laboratory testing and conclusions, if any.  Supplier shall investigate all such failures promptly, and at its sole expense, cooperate with Lannett in determining the cause for the failure and a corrective action to prevent future failures.
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9.SALES, MARKETING AND DISTRIBUTION ALLOWANCE; WEBSITE
9.1.Sales, Marketing and Distribution Allowance.  During each year of the Term of this Agreement, Supplier will provide Lannett with a Sales, Marketing and Distribution Allowance (“Sales, Marketing and Distribution Allowance”) in the amount of [***], to compensate Lannett for its direct costs associated with selling, marketing, and distributing the Product.  Such Sales, Marketing and Distribution Allowance will be deducted by Lannett from Gross Profits on a quarterly basis.  
9.2.Website.  Supplier will list Lannett on a publicly-accessible portion of its website as an authorized distributor of Supplier’s Product.  

10.RETURNS.  If this Agreement expires without being renewed or is subject to early termination, Lannett may sell through the Product in its inventory or, if Supplier and Lannett agree, return its Product to Supplier for full credit and without any restocking fee or other administrative charge of any kind. 
11.CONTINUING GUARANTY; WARRANTIES; COVENANTS.  
11.1.Continuing Guarantee.  Supplier hereby guarantees to Lannett that:  (a) each shipment or other delivery of Product under this Agreement now or hereafter made by Supplier, its subsidiaries, divisions or affiliated companies, to or on the order of Lannett will not be, at the time of such shipment or delivery, adulterated, misbranded, or otherwise prohibited within the meaning of the Federal Food, Drug and Cosmetic Act, 21 U.S.C.A. 301 et seq., as amended, and in effect at the time of such shipment or delivery (the “FD&C Act”), or within the meaning of any applicable state or local law in which the definition of adulteration or misbranding are substantially the same as those contained in the FD&C Act; (b) such Product is not, at the time of such shipment or delivery, merchandise which may not be introduced or delivered for introduction into interstate commerce under the provisions of Sections 301, 404, or 505 of the FD&C Act (21 U.S.C.A. 331, 334, and 355, respectively); and (c) such Product constitutes merchandise that may be legally transported and sold under the provisions of applicable federal, state and local laws in the Territory. 
11.2.Additional Warranties.  Supplier represents and warrants to Lannett that: 
(a)It has full right and power to enter into this Agreement and perform its obligations hereunder in accordance with its terms; 

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(b)All Product and all components and ingredients thereof will be manufactured and delivered in strict compliance with:  (i) the specifications therefor; (ii) the terms of this Agreement and the Quality Agreement; (iii) all Applicable Laws, including, but not limited to, the provisions of the FD&C Act, and current Good Manufacturing Practices (“cGMPs”); and (iv) all of Supplier’s quality control procedures and associated test methods for such Product; 
(c)No Product will include any components or ingredients that would cause such Product to degrade prior to the expiration of such Product’s designated shelf-life;   
(d)Supplier will not deviate from manufacturing any Product in accordance with the terms of this Agreement without the prior written consent of a duly authorized representative of Lannett; 
(e)All manufacturing, packaging and testing procedures utilized with respect to Product have been or will be validated under the FD&C Act; 
(f)Neither the manufacture nor the sale of any Product will infringe or violate any patents, trademarks, copyrights, trade secrets or other Intellectual Property Rights of any third party; and   
(g)Neither Supplier, nor any of its Affiliates, nor, to the best of Supplier’s knowledge, any of their respective employees, have been “debarred” or suspended by the FDA, or subject to a similar sanction from any regulatory authority in the Territory or any jurisdiction outside the Territory, nor have debarment proceedings against Supplier, any of its Affiliates, or any of their respective employees been commenced. Supplier shall not, in the performance of its obligations, under this Agreement use the services of any person so “debarred” or suspended.

11.3.Mutual Warranties.  Each Party represents and warrants to the other Party that it holds all necessary and required permits and authorizations, including, but not limited to, those required by the FD&C Act, and will undertake throughout the Term of this Agreement to maintain the same in full force and effect.  Each Party further covenants that it will use commercially reasonable efforts to obtain all such other permits and authorizations as may be reasonably required from time to time in either case to operate their respective facilities and/or businesses in order to manufacture, provide, distribute and/or sell Product hereunder.  
11.4.Generic Drug Enforcement Act of 1992.  Each party will comply at all times with the provisions of the United States Generic Drug Enforcement Act of 1992, as amended, and will upon request certify in writing to the other parties that none of its employees nor any person providing services in connection with this Agreement and/or involved in the manufacture, shipment, distribution or sale of any Product has been debarred under the provisions of such Act.  

12.CONFIDENTIALITY; PUBLIC ANNOUNCEMENTS.  
12.1.Confidentiality.  This Agreement and all documents and other information provided to Supplier by Lannett pursuant to this Agreement, or any order placed hereunder, including, but not limited to, any information concerning prices and quantities purchased by 

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Lannett, will be held by Supplier in strict confidence and not disclosed either directly or indirectly to any third party during the Term of this Agreement and for seven (7) years thereafter.  Supplier acknowledges that, should it breach any of its covenants in this Section 12, Lannett will be irreparably harmed thereby and will be entitled to an injunction preventing Supplier from further breaching such covenant without any further or more particularized showing of irreparable injury and without the need to post bond or other security.  Such an injunction may be applied for before any court having jurisdiction thereof.  In any such proceeding, Lannett will be entitled to recover any damages it suffers as a result of Supplier’s breach, including the recovery of any costs and reasonable attorneys’ fees incurred in enforcing its rights hereunder.  The confidentiality of disclosed proprietary and confidential information and the obligation of confidentiality hereunder will survive any expiration or termination of this Agreement until such time as the information in question ceases to be confidential.  The Parties specifically agree that all terms of this Agreement, all sales and Product requirements, all costs, and all purchase orders will be deemed to be confidential; provided, however, that this sentence will not apply to any person or entity that desires to acquire or merge with or into either Party, so long as such person or entity enters into a confidentiality agreement or non-disclosure agreement on terms comparable to those set forth herein.  
12.2.Exceptions.  Disclosed information will not be deemed confidential hereunder if:  (a) it is now or later becomes publicly known, other than through the fault of the receiving Party; (b) it is rightfully known to the receiving Party at the time of disclosure; (c) it is rightfully obtained by the receiving Party from a third party without restriction and without breach of this Agreement or any similar agreement; (d) it is independently developed by the receiving Party without use of or access to the disclosing Party’s information; and/or (e) it is required to be disclosed by order of a court of competent jurisdiction, administrative agency or governmental body, or by subpoena, summons or other legal process, or by law, rule or regulation, or by applicable regulatory or professional standards, provided that, prior to such disclosure, the disclosing Party is given reasonable advance notice of such order or obligation and an opportunity to object to such disclosure.  
12.3.Separate Confidentiality Agreement.  The Parties have entered into one or more separate confidentiality agreements or non-disclosure agreements, including a Confidential Disclosure Agreement dated October 24, 2018 (each, a “Confidentiality Agreement”).  Such Confidentiality Agreement(s) will be and remain in full force and effect as provided therein.  In the event of any conflict between the terms of this Agreement and the terms of any such Confidentiality Agreement, the terms of such Confidentiality Agreement will control.  
12.4.Public Announcements.  During the Term of this Agreement, neither Party hereto will issue or release, directly or indirectly, any press release, marketing material or other communication to or for the media or the public that pertains to this Agreement, any Product, or the transactions contemplated hereby (collectively, a “Press Release”) unless the content of such Press Release has been approved by the other Party hereto, such approval not to be unreasonably withheld or delayed; provided, however, that nothing contained in this Agreement will prevent or preclude either Party from making such disclosures as may be 

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required by Applicable Laws, including, but not limited to, any disclosures required by applicable securities laws.   

13.INDEMNIFICATION.  
13.1.Supplier’s Indemnity.  Supplier will indemnify, defend and hold harmless Lannett, its Affiliates, its and their successors and assigns, and its and their officers, directors, employees, agents and contractors (individually and collectively, the “Lannett Indemnitees”) from and against any and all Losses resulting from third-party claims against any Lannett Indemnitee, including, but not limited to, any prosecution or action whatsoever by any governmental body or agency or by any private party, and will, at Supplier’s sole cost and expense, including reasonable attorneys’ fees and court costs, defend each Lannett Indemnitee against claims for Losses that may be asserted against any Lannett Indemnitee by any such third party, relating to or arising out of, directly or indirectly from:  (a) Supplier’s breach of any of its representations, warranties, covenants or other obligations set forth in this Agreement; (b) the negligence, gross negligence or willful misconduct of Supplier or any of its officers, directors, employees, agents, contractors or Affiliates; (c) the condition of any Product sold, supplied or delivered to Lannett under this Agreement, including any defect in material, workmanship, design, manufacturing or formulary; (d) any warnings and instructions, or lack thereof, for any Product; (e) the possession, distribution, sale and/or use of, or by reason of the seizure of, any Product; (f) any actual or asserted violation(s) of the FD&C Act or any other federal, state or local law, rule or regulation by virtue of which any Product sold, supplied or delivered to Lannett under this Agreement is alleged or determined to be adulterated, misbranded, mislabeled or otherwise not in full compliance with, or in contravention of, any federal, state or local law, rule or regulation; (g) any actual or alleged infringement of the Product, the use of the Product, the manufacture, processing and/or sale of the Product infringes upon any proprietary or Intellectual Property Rights of any third party, including the infringement of any trademarks, service marks, trade names, trade secrets, patents, or copyrights; and/or (h) any actual or asserted violations of product liability with respect to the Product.  
13.2.Lannett’s Indemnity. Lannett will indemnify, defend and hold harmless Supplier, its Affiliates, its and their successors and assigns, and its and their officers, directors, employees, agents and contractors (individually and collectively, the “Supplier Indemnitees”) from and against any and all Losses resulting from third-party claims against any Supplier Indemnitee, including, but not limited to, any prosecution or action whatsoever by any governmental body or agency or by any private party, and will, at Lannett’s cost and expense, including reasonable attorneys’ fees and court costs, defend each Supplier Indemnitee against claims for Losses that may be asserted against any Supplier Indemnitee by any such third party, relating to or arising directly from: (a) the breach of any representation, warranty, covenant or obligation by Lannett hereunder; (b) sale or use of a pharmaceutical product which is not supplied by or on behalf of Supplier or any of its Affiliates or agents pursuant to this Agreement and which is sold or combined by Lannett with Product; (c) improper handling, storage or transport of Product by Lannett; and/or (d) the unauthorized alteration, modification, or adulteration of Product by Lannett. Notwithstanding the above, in no event will Lannett be liable under subsections (a) through (d) above to the extent that any 

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such Loss results from the willful, grossly negligent or negligent act or omission of Supplier or any Supplier Indemnitee.  
13.3.Procedure.  Each Party will promptly notify the other Party of any actual or threatened judicial or other proceedings which could involve a claim under this Section 13 and shall include sufficient information to enable the other Party to assess the facts.  The Parties will cooperate with each other to the extent reasonably necessary in the defense of all actual or potential liability claims and in any other litigation relating to any Product supplied under this Agreement.  
13.4.Indemnification Not Sole Remedy​ ​. Each Party hereby acknowledges that the indemnification provided under this Section 13 shall in no manner limit, restrict or prohibit (unless liability is otherwise expressly limited by the terms of this Agreement) either Party from seeking any recovery or remedy provided at law or in equity from the other Party in connection with any breach or default by such other Party of any representation, warranty or covenant hereunder, including injunctive relief.

14.INSURANCE. Supplier will maintain and keep in full force and effect during the Term of this Agreement and for five (5) years after full performance by Supplier under this Agreement and any orders for Product by Lannett hereunder, primary and noncontributing Product Liability Insurance in amounts not less than $10,000,000.00 per occurrence and $10,000,000 in the aggregate, Combined Single Limit (Bodily Injury and Property Damage), including naming Lannett as an additional insured thereon, including an ISO Broad Form Vendors Endorsement or its equivalent, a waiver of subrogation rights against Lannett, include coverage for cross suits liability, and a provision for at least thirty (30) days’ prior written notice in the event of any cancellation or material reduction of coverage by Supplier’s insurer.  Upon request by Lannett, Supplier will promptly submit to Lannett satisfactory evidence of such insurance.  All insurance coverage must be with a carrier reasonably acceptable to Lannett.  The provisions set forth in this Section 14 are in addition to, and not in lieu of, any terms set forth in any other agreement between Supplier and Lannett.  In the event of any conflict between the provisions relating to insurance in any such agreement and this Section 14, this Agreement will prevail and be controlling; except if and to the extent that such other agreement provides greater insurance protection for Lannett.  Failure to comply with all insurance requirements set forth herein will be deemed a material breach under this Agreement. 
15.CREDIT MATTERS.  
15.1.Discrepancies.  Supplier will bring to Lannett’s attention in writing all discrepancies affecting monies owed by either Supplier or Lannett to the other, including, but not limited to, discrepancies with respect to accounting, invoicing, debit memos, and credit memos, within six (6) months of the date of the invoice.
15.2.Disputes; Audit Rights.  Neither the acceptance of any fee nor the deposit of any check will preclude Lannett from questioning the correctness of any payment at any time.  If Lannett disputes any charges or fees on any invoice, then Lannett and Supplier will diligently proceed to work together in good faith to resolve the disputed amount.  Each Party will keep accurate and complete books and records of all transactions related to this 

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Agreement for twelve (12) months following each year during the Term of this Agreement.  On reasonable notice and during business hours, each Party and its representatives will have the right to audit the books and records of the other Party and its Affiliates for compliance with applicable Regulatory Requirements and to determine the accuracy of the amounts paid to Supplier under this Agreement with respect to the period of time covered by the audit.  
15.3.Inspection of Facilities. Lannett shall have the right to inspect, at all reasonable times, during normal business hours, upon ten (10) days’ advance notice or on less notice if reasonably required in order to timely respond to or comply with inquiries from or requirements imposed by any applicable regulatory authority, the operations and facilities wherein any Product is manufactured, packaged, tested, labeled and/or stored for shipping.  All Products manufactured by Supplier shall be subject to approval by Lannett’s quality assurance group or such other technical representatives as Lannett may select, with respect to whether or not the Product complies with all warranties contained in this Agreement.  Supplier warrants that the plant(s) for manufacture of the Product is and shall be in compliance with all applicable cGMPs and that such plant(s) is and shall continue to be available for FDA inspection if and when the FDA so requests.

16.TERM AND TERMINATION.  
16.1.Term.  This Agreement will commence as of the Effective Date and will continue in effect until the tenth (10th) anniversary of the date of the first Commercial Launch of the Product in the Territory, unless earlier terminated as provided herein or renewed in accordance with the provisions of this Section 16.1.  If neither Party is in default, in any material respect, of any of its obligations under this Agreement, then the Term of this Agreement may be extended, upon mutual written agreement of the Parties, for renewal terms of two (2) years (or such other period of time as the Parties may mutually agree) at the expiration of the initial term or any renewal term unless and until this Agreement is terminated by either Party in accordance with the terms hereof.  Any reference to the Term of this Agreement will include any renewal or extension of the Term hereof.  
16.2.Grounds for Termination.  
(a)Either Party will have the right to terminate this Agreement upon the occurrence of any of the following events:  (i) the failure of the other Party to comply with any of the terms of this Agreement or otherwise discharge its duties hereunder in any material respect, or the breach by the other Party of any of its representations or warranties herein in any material respect, if such failure or breach is not cured within thirty (30) days of such breaching Party’s receipt of written notice specifying the nature of such failure or breach with particularity; or (ii) the admission by the other Party in writing of its inability to pay its debts generally as they become due, the making by the other Party of an assignment for the benefit of its creditors, or the filing by or against such other Party of any petition under any federal, state or local bankruptcy, insolvency or similar laws, if such filing has not been stayed or dismissed within sixty (60) days after the date thereof.  
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previously delivered Product, if:  (i) Supplier loses any approval(s) from the FDA required to perform its obligations under this Agreement; (ii) Supplier or its principals are involved in felonious or fraudulent activities; or (iii) Supplier is unable to successfully address material deficiencies identified by the FDA as a result of an inspection of Supplier’s facility within sixty (60) days after Supplier’s receipt of a deficiency notice from the FDA; or (iv) more than three (3) late shipments of the Products occur during any 12-month period during the Term. In any such event, Lannett may terminate this Agreement immediately by written notice to Supplier. For purposes of this Section, a late shipment shall mean failure by Supplier to ship to Lannett one hundred percent (100%) of the Products ordered by Lannett for delivery within forty-five (45) days of the date specified for such delivery in the applicable Purchase Order.
(c)[***]. 

16.3.Effect of Termination on Orders.  Upon the expiration or earlier termination of this Agreement, Supplier will fill all outstanding Purchase Orders in accordance with their terms within four (4) months after the date of such expiration or termination.
16.4.Continuing Obligations; Survival.  In no event will any expiration or termination of this Agreement excuse either Party from any breach or violation of this Agreement and full legal and equitable remedies will remain available therefor, nor will it excuse either Party from making any payment due under this Agreement with respect to any period prior to the date of expiration or termination.  Notwithstanding any provision of this Agreement to the contrary, Sections 3.4, 3.5, 4, 5, 6, 7, 8, 9.2, 10, 11 and 12 hereof will survive any termination or expiration of this Agreement.  

17.AGREEMENT TO CONSUMMATE; FURTHER ASSURANCES.  Subject to the terms and conditions of this Agreement, each of the Parties hereto agrees to use commercially reasonable efforts to do all things necessary, proper or advisable under this Agreement, Applicable Laws and regulations to consummate and make effective the transactions contemplated hereby.  If, at any time after the date hereof, any further action is necessary, proper or advisable to carry out the purposes of this Agreement, then, as soon as is reasonably practicable, each Party to this Agreement will take, or cause its proper officers to take, such action.  
18.FORCE MAJEURE.  Any delay in the performance of any of the duties or obligations of either Party hereto (except for the payment of money) caused by an event outside the affected Party’s reasonable control will not be considered a breach of this Agreement and the time required for performance will be extended for a period equal to the period of such delay.  Such events will include, but will not be limited to, acts of God, acts of a public enemy, acts of terrorism, war, insurrections, riots, injunctions, embargoes, fires, explosions, floods, or any other unforeseeable causes beyond the reasonable control and without the fault or negligence of the Party so affected.  The Party so affected will give prompt written notice to the other Party of such event, and will take whatever reasonable steps are appropriate in that Party’s reasonable discretion to relieve the effect of such event as rapidly as possible.  

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19.ANNUAL GDUFA FEES. GDUFA establishes certain provisions with respect to self-identification of facilities and payment of annual facility and program fees. GDUFA fees for the manufacturing facilities of the Product supplied hereunder and program fees for the application are the responsibility of Supplier. Supplier acknowledges that it is a violation of U.S. federal law to ship Product in interstate commerce or to import Product into the United States if manufactured in a facility that has not met its obligations to self-identity or to pay fees when they are due.  Supplier will indemnify and hold harmless Lannett for any and all costs, fees, fines or penalties paid by Lannett associated with Supplier’s failure to self-identify or to pay GDUFA fees when due.
20.GENERAL PROVISIONS.  
20.1.Assignment.  Neither this Agreement nor any interest herein may be assigned, in whole or in part, by either Party without the prior written consent of the other, which consent will not be unreasonably withheld or delayed, except that either Party may assign its rights and obligations under this Agreement:  (a) to an affiliate, division or subsidiary of such Party; and/or (b) to any third party that acquires all or substantially all of the stock or assets of such Party, whether by asset sale, stock sale, merger or otherwise, and, in any such event such assignee will assume the transferring Party’s obligations hereunder.  However, notwithstanding any such assignment, the transferring Party will remain liable under this Agreement (in addition to the transferee) unless such liability is specifically waived in writing by the other Party hereto.  Subject to the foregoing, this Agreement will be binding upon and inure to the benefit of the Parties hereto, and their respective successors and permitted assigns.  
20.2.Notice.  Any notice or request required or permitted to be given under or in connection with this Agreement will be deemed to have been sufficiently given if in writing and sent by:  (a) personal delivery against a signed receipt therefor, (b) certified mail, return receipt requested, first class postage prepaid, (c) nationally recognized overnight delivery service (signature required), (d) confirmed facsimile transmission, or (e) confirmed electronic mail (with any notices sent by facsimile transmission or electronic mail to also be sent by one of the other methods set forth in this Section), addressed as follows:   

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	If to Supplier, then to:
	Respirent Pharmaceuticals Co.,Ltd. _
 5 - 190, Yunhan Drive, 
High-Tech Industrial Park, Shuitu, 
Beibei District, 400714, Chongqing, China.
​
Attn: Legal 
Facsimile:   (___) ___-____ 
Email:Qichao.Wang@respirent.cn

	with a copy, sent as provided herein, to: 
	Respirent Pharmaceuticals Co.,Ltd. 
5 - 190, Yunhan Drive, 
High-Tech Industrial Park, Shuitu, 
Beibei District, 400714, Chongqing, China.
​
Attn: CEO
Facsimile:   (___) ___-____ 
Email:robert.cao@respirent.cn

	If to Lannett, then to: 
	Lannett Company, Inc.  
9000 State Road 
Philadelphia, PA  19136 
Attn:  Legal Department
Facsimile:  215-464-1861
E-Mail: Samuel.Israel@lannett.com

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Either Party may alter the address to which communications are to be sent by giving notice of such change of address in conformity with the provisions of this Section providing for the giving of notice.  Notice will be deemed to be effective, if personally delivered, when delivered; if mailed, at midnight on the third business day after being sent by certified mail; if sent by nationally recognized overnight delivery service, on the next business day following delivery to such delivery service; and if sent by confirmed facsimile transmission or confirmed electronic mail, upon receipt (so long as any notices sent by facsimile transmission or electronic mail are also sent by one of the other methods set forth in this Section).  
20.3.Entire Agreement.  This Agreement sets forth the entire agreement and understanding between the Parties as to the subject matter hereof and merges all prior discussions and negotiations between them, and neither Party will be bound by any conditions, definitions, warranties, understandings or representations with respect to such subject matter other than as expressly provided herein or as duly set forth on or subsequent to the date hereof in writing and signed by a proper and duly authorized officer or representative of the Parties to be bound thereby, except that this Agreement will not supersede any separate confidentiality or non-disclosure agreement that may have been, or that may be, entered into by the Parties.  

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20.4.Amendment and Modification.  This Agreement may be amended, modified and supplemented only by written agreement duly executed and delivered by each of the Parties hereto.  
20.5.Waiver.  The failure of either Party to exercise any right or to demand the performance by the other Party of duties required hereunder will not constitute a waiver of any rights or obligations of the Parties under this Agreement.  A waiver by either Party of a breach of any of the terms of this Agreement by any other Party will not be deemed a waiver of any subsequent breach of the terms of this Agreement.
20.6.Dispute Resolution.  In the event that a dispute, difference, claim, action, demand, request, investigation, controversy, threat, or other question arises pertaining to any matters which arise under, out of, in connection with, or in relation to this Agreement (a “Dispute”) and either Party so requests in writing, prior to the initiation of any formal legal action, the Dispute will be submitted to the designated senior management representatives.  For all Disputes referred to the designated senior management representatives, such designated senior management representatives shall use their good faith efforts to meet in person and to resolve the Dispute within ten (10) Business Days after such referral. The Parties hereby agree that in the event the designated senior management representatives are unable to resolve a Dispute within thirty (30) days of referral to such designated senior management representatives, either Party may, at its sole discretion, seek resolution of such matter in accordance with Section 20.7.    Notwithstanding anything to the contrary in this Agreement, either Party will have the right to seek temporary injunctive relief in any court of competent jurisdiction as may be available to such Party under the Applicable Laws and rules applicable in such jurisdiction with respect to any matters arising out of the other Party’s performance of its obligations under this Agreement.
20.7.Submission to Arbitration for Resolution.  Subject to Section 20.6, any Dispute arising out of or relating to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof shall be referred to and finally resolved by arbitration adminstrered by the Hong Kong International Arbitration Centre (“HKIAC”) under the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted.  The law of this arbitration clause shall be Hong Kong law.  The seat of arbitration shall be Hong Kong.  The number of arbitrators shall be three (3).  The arbitration proceedings shall be conducted in the English language.  

20.8.Governing Law; Venue.  This Agreement is to be governed by and construed in accordance with the laws of Hong Kong, notwithstanding any conflict of law principles to the contrary.    
20.9.Severability.  Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under Applicable Laws, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any Applicable Laws or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision of this Agreement or any action in any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had not been contained herein.  

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20.10.Construction.  The Parties have participated jointly in the negotiation and drafting of this Agreement.  In the event of any ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the Parties and no presumption or burden of proof will arise favoring or disfavoring either Party by virtue of the authorship of any of the provisions of this Agreement.  As used in this Agreement, the singular will include the plural and vice versa, and the terms “include” and “including” will be deemed to be immediately followed by the phrase “but not limited to.”  The terms “herein” and “hereunder” and similar terms will be interpreted to refer to this entire Agreement, including any schedules attached hereto.  Unless otherwise specified herein, the term “affiliate” will include affiliates that currently exist and those that may be created, formed or acquired in the future.  
20.11.Relationship of the Parties.  Neither Party will hold itself out to third parties as possessing any power or authority to enter into any contract or commitment on behalf of any other Party.  This Agreement is not intended to, and will not, create any agency, partnership or joint venture relationship between or among the Parties.  Each Party is an independent contractor with respect to the other.  Neither Party is granted any right or authority to assume or create any obligation or responsibility, express or implied, on behalf of, or in the name of the other Party hereto, or to bind the other Party hereto in any manner or with respect to anything, whatsoever.  
20.12.Captions.  The captions and headings in this Agreement are inserted for convenience and reference only and in no way define or limit the scope or content of this Agreement and will not affect the interpretation of its provisions.  
20.13.Counterparts.  This Agreement may be executed in multiple counterparts, each of which will be deemed an original and all of which together will constitute one and the same instrument.    
20.14.Subcontractors.  Any work that is to be done by either Party under this Agreement may be subcontracted to a third party, with the prior written consent of the other Party, which consent will not be unreasonably withheld or delayed,  in accordance with the approved ANDA, cGMPs and any applicable FDA guidelines which relate to the work to be performed under the direction and supervision of such Party, as the case may be; provided, however, that, as between the Parties hereto, the subcontracting Party will be and remain responsible for all acts and omissions of any such subcontractor.  
20.15.Schedules and Exhibits.  All Schedules and Exhibits referenced in this Agreement, if any, are hereby incorporated by reference into, and made a part of, this Agreement.  
20.16.Currency.  All sums set forth in this Agreement and any appendices, exhibits or schedules hereto are, and are intended to be, expressed in United States dollars.  

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Lannett Company, Inc. Distribution Agreement‌​

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[SIGNATURE PAGE FOLLOWS]

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Lannett Company, Inc. Distribution Agreement‌​

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.
RESPIRENT PHARMACEUTICALS CO. LTD.
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By:  ​ ​/s/ Cao Yuan​ ​​ ​​ ​​ ​
Name:Cao Yuan
Title:CEO
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lannett company, Inc.
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By:  ​ ​/s/ Timothy C. Crew​ ​​ ​
Name: Timothy C. Crew
Title: CEO
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Lannett Company, Inc. Distribution Agreement‌​

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LIST OF EXHIBITS
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Exhibit A+Product and Price List
Exhibit B+Shipping Instructions
Exhibit C+Safety Data Exchange Agreement
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_________________________________________
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	*
	This Exhibit have been redacted to preserve confidentiality.  The registrant hereby undertakes to provide further information regarding such redacted information to the Commission upon request.

	+
	This Exhibit has been omitted pursuant to Item 601(a)(5) of Regulation S-K.  The registrant undertakes to provide further information regarding such omitted materials to the Commission upon request.

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Lannett Company, Inc. Distribution Agreement‌​

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EXHIBIT A 
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Product and Price List 
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[***]

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Lannett Company, Inc. Distribution Agreement‌​

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