Document:

Exhibit
10.10

 

Third Amendment to Credit
Agreement and Waiver

 

This Third Amendment
to Credit Agreement and Waiver (herein, this “Amendment”) is entered into as of November 4, 2013, by and
among Trade Street Operating Partnership, LP, a Delaware limited partnership (the “Borrower”), Trade Street
Residential, Inc., a Maryland corporation (“Trade Street REIT”), the other Guarantors party hereto, the Lenders
party hereto and BMO Harris Bank N.A., as Administrative Agent.

 

Preliminary Statements

 

A.    The Borrower, the Guarantors,
the Lenders and the Administrative Agent are parties to a Credit Agreement, dated as of January 31, 2013 (as amended or otherwise
modified from time to time, the “Credit Agreement”). All capitalized terms used herein without definition
shall have the same meanings herein as such terms have in the Credit Agreement.

 

B.    The Borrower
has requested that Administrative Agent and the Lenders waive compliance with certain section(s) of, and make certain amendments
to, the Credit Agreement as set forth below, and the Administrative Agent and the Lenders are willing to do so pursuant to the
terms and conditions set forth herein.

 

Now,
Therefore, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
hereto agree as follows:

 

Section 1.           Amendments
to Credit Agreement.

 

Subject to the satisfaction
of the conditions precedent set forth in Section 3 below, the Credit Agreement shall be and hereby is amended as follows:

 

1.1.         The definitions
of “Assets Under Development,” “Borrowing Base,” “Borrowing Base Requirements,” “Borrowing
Base Value,” “Capitalization Rate,” “Debt Service Coverage Amount,” “Eligible Property”
and “Total Asset Value” set forth in Section 5.1 of the Credit Agreement (Definitions) are amended
and restated in their entirety to read as follows:

 

“Assets
Under Development” means any real property under construction (excluding any completed Property under minor renovation).

 

“Borrowing
Base” means, at any date of its determination, an amount equal to the lesser of (A) 75% of the Borrowing Base Value of
all Eligible Properties on such date on or prior to December 31, 2014 and 65% of the Borrowing Base Value of all Eligible
Properties on such date after December 31, 2014 and (B) the sum of Debt Service Coverage Amount and Interest Expense Coverage
Amount of all Eligible Properties on such date.

 

    	 

    	 

    

 

“Borrowing
Base Requirements” means at all times after June 30, 2015 with respect to the calculation of the Borrowing Base, collectively
that (a) such calculation shall be based on no less than four (4) Eligible Properties; (b) the Borrowing Base Value shall
be equal to or in excess of $75,000,000; and (c) no more than 35% of the Borrowing Base Value may be comprised of any one Eligible
Property.

 

“Borrowing
Base Value” means, as at any date of its determination, an amount equal to the sum of (a) for all Eligible Properties
owned for more than twelve (12) months and included in the Borrowing Base for more than twelve (12) months, the quotient of (i)
the Borrowing Base NOI divided by (ii) the Capitalization Rate plus (b) for all Eligible Properties owned for more than
twelve (12) months but included in the Borrowing Base for less than twelve (12) months the “as-is” appraised
value set forth in a current Appraisal for Stabilized Properties and the “as-stabilized” appraisal value set
forth in a current Appraisal for Pre-stabilized Properties plus (c) for all Eligible Properties owned for twelve (12) months
or less, the lesser of (i) for Stabilized Properties, the “as-is” appraised value set forth in a current Appraisal
and for Pre-stabilized Properties, the “as-stabilized” appraised value set forth in a current Appraisal and
(ii) the book value (as defined by GAAP) of any such Eligible Property; provided that Borrowing Base Value shall be reduced
by excluding any value attributable to an Eligible Property that exceeds the concentration limit set forth in clause (c) of the
definition of Borrowing Base Requirements and clause (h) of the definition of Eligible Property. In addition, in the case of any
Eligible Property where the maximum principal liability of the applicable Guarantor owning such Eligible Property has been limited
in the applicable Mortgage due to mortgage tax, the amount of Borrowing Base Value attributable to such Eligible Property shall
not exceed such stated maximum principal liability. The determination of whether an Appraisal is current shall be made by the Administrative
Agent.

 

“Capitalization
Rate” means, on or prior to September 30, 2014, 6.5% for multifamily residential Properties and after September 30, 2014,
7.0% for multifamily residential Properties.

 

“Debt Service
Coverage Amount” means the aggregate sum of, for each of the Stabilized Properties, the principal amount of the loan
that would be serviced by the Borrowing Base NOI for such Stabilized Property for the Fiscal Quarter most recently ended for which
financial statements have been delivered pursuant to Section 8.5 hereof computed on an annualized basis at a debt service
coverage ratio of 1.25 to 1.00 for the period through December 31, 2014 and thereafter a debt service coverage ratio of 1.35 to
1.00, with interest and principal payments (in each case assuming a 30-year amortization) at the Implied Interest Rate; provided
that Borrowing Base NOI shall be reduced by excluding any Property NOI attributable to Eligible Properties that exceed the concentration
limits set forth in clause (c) of the definition of Borrowing Base Requirements.

 

    	-2-

    	 

    

 

“Eligible
Property” means any Property owned by the Borrower or a Guarantor which satisfies the following conditions which would
permit such Property’s value to be included in the Borrowing Base Value and which is pledged as Collateral pursuant to the
terms hereof:

 

(a)       Is real property one hundred
percent (100%) owned in fee simple, individually or collectively, by the Borrower or any Guarantor;

 

(b)        Is a Property located in the
contiguous United States;

 

(c)       If such Property is owned
by the Borrower, (i) neither the Borrower’s beneficial ownership interest in such Property nor the Property is subject
to any Lien (other than certain Permitted Liens or Liens in favor of the Administrative Agent) or to any negative pledge and (ii) the
Borrower has the unilateral right to sell, transfer or otherwise dispose of such Property and to create a Lien on such Property
as security for Indebtedness for Borrowed Money;

 

(d)       If such Property is owned
by a Material Subsidiary, (i) neither the Borrower’s beneficial ownership interest in such Material Subsidiary nor the
Property is subject to any Lien (other than certain Permitted Liens or Liens in favor of the Administrative Agent) or to any negative
pledge, (ii) the Material Subsidiary has the unilateral right to sell, transfer or otherwise dispose of such Property and
to create a Lien on such Property as security for Indebtedness for Borrowed Money, and (iii) the Material Subsidiary has provided
an Additional Guarantor Supplement or other Guaranty to the Administrative Agent pursuant to Section 4.2 hereof;

 

(e)       The Administrative Agent shall
have received to the extent requested historic operating statements for such Property for the previous three (3) years, if available,
and historic rent rolls for such Property for the previous one (1) year, if available;

 

    	-3-

    	 

    

 

(f)       That such Property, based
on the Borrower’s or any Material Subsidiary’s actual knowledge, is free of all material structural defects or major
architectural deficiencies, material title defects, material environmental conditions or other adverse matters which, individually
or collectively, materially impair the value of such Property;

 

(g)       For each such Property, the
Borrower, to the extent not previously provided, shall have delivered to the Administrative Agent a copy, certified as true and
correct by the Borrower, of each of the following: if the Property Owner is not the Borrower, the Property Owner’s articles
of incorporation, by-laws, partnership agreements, operating agreements, as applicable, and certificates of existence, good standing
and authority to do business from each appropriate state authority, and partnership, corporate or limited liability company, as
applicable, authorizations authorizing the execution, delivery and performance of the Additional Guarantor Supplement all certified
to be true and complete by a duly authorized officer of such Property Owner;

 

(h)       The Property is a Stabilized
Property or a Pre-stabilized Property but is not an Asset Under Development, provided that no more than two (2) Pre-stabilized
Properties shall be Eligible Properties and included in the Borrowing Base at any one time;

 

(i)        The Property is encumbered
by a Mortgage in favor of the Administrative Agent for the benefit of the Lenders and the applicable Eligible Property Operating
Account is encumbered by a Security Agreement re: Operating Account in favor of the Administrative Agent for the benefit of the
Lenders; and

 

(j)        The Administrative Agent has
received the Required Diligence for the Property.

 

“Total Asset
Value” means an amount equal to the sum of (a) for all Eligible Properties valued at their appraised value for purposes
of computing their Borrowing Base Value, the “as-is” appraised value set forth in a current Appraisal for Stabilized
Properties and the “as-stabilized” appraised value set forth in a current Appraisal for Pre-stabilized Properties,
(b) for all other Properties owned for more than twelve (12) months, the quotient of (i) the Property NOI from such Properties
divided by (ii) the Capitalization Rate plus (c) for all Properties owned for twelve (12) months or less, the book value
(as defined in GAAP) of any such property plus (d) the aggregate book value of all Land Assets, mortgage or mezzanine loans,
notes receivable and/or Assets Under Development plus (e) unrestricted cash, unrestricted cash equivalents and marketable
securities owned by the Borrower and its Subsidiaries as of the end of such fiscal quarter, provided that the amount added to Total
Asset Value for unrestricted cash, unrestricted cash equivalents and marketable securities shall not exceed 5% of Total Asset Value.

 

    	-4-

    	 

    

 

1.2.         Section 5.1
of the Credit Agreement (Definitions) is hereby amended to add the following definitions:

 

“Implied
Interest Rate” means, as of the date of determination, the greatest of (i) 5.50% per annum, (ii) the per annum interest
rate on a Eurodollar Loan with an Interest Period of one (1) month (including the Applicable Margin) and (iii) the 10-year
Treasury Rate plus 2.50%.

 

“Interest
Expense Coverage Amount” means the aggregate sum of, for each of the Pre-stabilized Properties included in the Borrowing
Base for less than twelve (12) months, the principal amount of the loan that would be serviced by the Borrowing Base NOI for such
Pre-stabilized Property for the Fiscal Quarter most recently ended for which financial statements have been delivered pursuant
to Section 8.5 hereof computed on an annualized basis at an interest expense coverage ratio of 1.25 to 1.00 for the period through
December 31, 2014 and thereafter an interest expense coverage ratio of 1.35 to 1.00, with interest payments at the Implied Interest
Rate; provided that Borrowing Base NOI shall be reduced by excluding any Property NOI attributable to Eligible Properties
that exceed the concentration limits set forth in clause (c) of the definition of Borrowing Base Requirements.

 

“Pre-stabilized
Property” means a property that has been completed for less than 12 months and has not yet reached 90% occupancy, provided,
after 12 months of completion, a property previously deemed as a Pre-Stabilized Property shall be considered a Stabilized Property
even if the property has not yet reached 90% occupancy.

 

“Stabilized
Property” means a property that has i) been completed for over 12 months or ii) been completed for less than 12 months,
but has reached 90% occupancy.

 

    	-5-

    	 

    

 

“Treasury
Rate” means the “weekly average yield” on United States Treasury Securities adjusted to a constant maturity
of ten (10) years, as published in the Federal Reserve Statistical Release (“Release”) seven (7) Business Days
prior to the date of determination, provided that, if the Release is no longer published, a reasonable equivalent substitute
therefor as may be selected by Lender in its discretion is utilized, and further provided that if the Release is not published
seven (7) Business Days prior to the date of determination, then the Release as published on the most recent date prior thereto
is utilized. 

 

1.3          Section 8.20(a)
of the Credit Agreement (Maximum Total Indebtedness to Total Asset Value Ratio) is amended and restated in its entirety
to read as follows:

 

(a)Maximum Total Indebtedness
to Total Asset Value Ratio. As of the last day of each Fiscal Quarter of the Borrower through December 31, 2014, the Borrower
shall not permit the ratio of Total Indebtedness to Total Asset Value for the applicable Fiscal Quarter then ended computed on
an annualized basis to be greater than 0.70 to 1.00 and as of the last day of each Fiscal Quarter thereafter, the Borrower shall
not permit the ratio of Total Indebtedness to Total Asset Value for the applicable Fiscal Quarter then ended computed on an annualized
basis to be greater than 0.65 to 1.00.

 

1.4.         The table set
forth in Section 8.20(b) of the Credit Agreement (Minimum Adjusted EBITDA to Fixed Charges Ratio) is amended and restated
in its entirety to read as follows:

 

	Fiscal Quarter ending	Ratio
	December 31, 2012 through and including December 31, 2014	1.15 to 1.00
	March 31, 2015 through and including September 30, 2015	1.25 to 1.00
	December 31, 2015 

and thereafter	1.50 to 1.00

 

    	-6-

    	 

    

 

1.5.         Section 8.25
of the Credit Agreement (Restricted Payments) is amended and restated in its entirety to read as follows:

 

Section 8.25.Restricted
Payments. The Borrower shall not, nor shall it permit Trade Street REIT or any Subsidiary to declare or make any Restricted
Payment; provided that (i) Trade Street REIT and the Borrower may declare or make cash distributions to its stockholders
or unit holders, respectively, (a) through December 31, 2014, in such amounts as Trade Street REIT and the Borrower may determine
in the exercise of their good faith business judgment and (b) commencing January 1, 2015 and thereafter, in an aggregate amount
for any Fiscal Quarter not to exceed the greater of (1) ninety five percent (95%) of the Borrower’s Funds from Operations
or (2) the amount equivalent to be distributed for Trade Street REIT to maintain its status as a REIT under the Code, (ii) any
Subsidiary may make Restricted Payments to the Borrower, and (iii) the Borrower and Trade Street REIT may exercise any redemption
or conversion rights with respect to the equity interests of the Borrower or Trade Street REIT in accordance with the terms of
the governing documents setting out any such rights.

 

1.6          Schedule I to
Exhibit D of the Credit Agreement (Compliance Certificate) is amended and restated in its entirety to read as set forth
on Schedule I to Compliance Certificate attached hereto and made a part hereof.

 

1.7          Exhibit H
of the Credit Agreement (Borrowing Base Certificate) is amended and restated in its entirety to read as set forth on Exhibit
H attached hereto and made a part hereof.

 

Section 2.           Waivers.

 

2.1.         The Borrower
has requested that the Administrative Agent and the Lenders not require compliance with the ninety-five percent (95%) restriction
in the exception to the Restricted Payments covenant set forth in Section 8.25 of the Credit Agreement for the reporting periods
ending December 31, 2012, March 31, 2013, June 30, 2013 and September 30, 2013 (such covenant, solely for such
periods, being referred to herein collectively as the “Specified Covenant Requirements”).

 

2.2.         Upon satisfaction
of the conditions precedent set forth in Section 3 hereof, the Lenders and the Administrative Agent hereby waive the requirement
of compliance with the Specified Covenant Requirements and any Event of Default arising solely from the Specified Covenant Requirements.
The Borrower and the Guarantors acknowledge that the waivers under this Section 2 are specifically limited to the Specified Covenant
Requirements and any Event of Default arising solely from the Specified Covenant Requirements. Except as specifically waived hereby,
all terms and conditions of the Credit Agreement shall stand and remain in full force and effect.

 

    	-7-

    	 

    

 

Section 3.           Conditions Precedent.

 

The effectiveness of
this Amendment is subject to the satisfaction of all of the following conditions precedent:

 

3.1.        The Borrower, the
Guarantors, the Administrative Agent and the Lenders shall have executed and delivered this Amendment.

 

3.2.        Legal matters incident
to the execution and delivery of this Amendment shall be satisfactory to the Administrative Agent and its counsel.

 

Section 4.           Representations.

 

In order to induce
the Lenders to execute and deliver this Amendment, the Borrower and the Guarantors hereby represent to the Administrative Agent
and the Lenders that, as of the date hereof, after giving effect to the amendments and waivers set forth in Sections 1 and
2 above, (a) the representations and warranties set forth in Section 6 of the Credit Agreement and in the other Loan
Documents are and shall be and remain true and correct, except that the representations contained in Section 6.5 shall be
deemed to refer to the most recent financial reports of the Borrower delivered to the Lenders, and (b) the Borrower and the
Guarantors are in compliance with the terms and conditions of the Credit Agreement and the other Loan Documents and no Default
or Event of Default exists or shall result after giving effect to this Amendment.

 

Section 5.           Miscellaneous.

 

5.1.         The Borrower
and the Guarantors heretofore executed and delivered to the Administrative Agent and the Lenders certain Mortgages and Security
Agreements re: Operating Accounts (collectively, the “Collateral Documents”). The Borrower and the Guarantors
hereby acknowledge and agree that the Liens created and provided for by the Collateral Documents continue to secure, among other
things, the Obligations arising under the Credit Agreement as amended hereby; and the Collateral Documents and the rights and remedies
of the Administrative Agent and the Lenders thereunder, the obligations of the Borrower and the Guarantors thereunder, and the
Liens created and provided for thereunder remain in full force and effect and shall not be affected, impaired or discharged hereby.
Nothing herein contained shall in any manner affect or impair the priority of the Liens created and provided for by the Collateral
Documents as to the indebtedness which would be secured thereby prior to giving effect to this Amendment.

 

5.2.         By executing
this Amendment in the place provided for that purpose below, each Guarantor hereby consents to the amendment to the Credit Agreement
as set forth herein and confirms that its obligations thereunder (including without limitation its obligations as a Guarantor pursuant
to Section 13 of the Credit Agreement) remain in full force and effect. Each Guarantor further agrees that the consent of
such Guarantor to any further amendments to the Credit Agreement (other than Section 13 thereof) or any other Loan Document
shall not be required as a result of this consent having been obtained.

 

    	-8-

    	 

    

 

5.3.         Except as specifically
amended or waived herein, the Credit Agreement shall continue in full force and effect in accordance with its original terms. Reference
to this specific Amendment need not be made in the Credit Agreement, the Collateral Documents, the Notes or any other instrument
or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to or with
respect to the Credit Agreement, any reference in any of such items to the Credit Agreement being sufficient to refer to the Credit
Agreement as amended hereby.

 

5.4.         The Borrower
agrees to pay on demand all reasonable costs and expenses of or incurred by the Administrative Agent in connection with the negotiation,
preparation, execution and delivery of this Amendment and the other instruments and documents to be executed and delivered in connection
herewith, including the reasonable fees and expenses of counsel for the Administrative Agent.

 

5.5.         This Amendment
may be executed in any number of counterparts, and by the different parties on different counterpart signature pages, all of which
taken together shall constitute one and the same agreement. Any of the parties hereto may execute this Amendment by signing any
such counterpart and each of such counterparts shall for all purposes be deemed to be an original. Delivery of a counterpart hereof
by facsimile transmission or by e-mail transmission of an Adobe Portable Document Format file (also known as an “PDF”
file) shall be effective as delivery of a manually executed counterpart hereof. This Amendment shall be construed and determined
in accordance with the laws of the State of New York (including Section 5-1401 and Section 5-1402 of the General Obligations
Law of the State of New York) without regard to conflicts of law principles that would require application of the laws of another
jurisdiction.

 

[Signature
Pages to Follow]

 

    	-9-

    	 

    

 

 

This Third Amendment
to Credit Agreement is entered into as of the date and year first above written.

 

	 	“Borrower”	 
	 	 	 
	 	Trade Street Operating Partnership, LP,	 
		a Delaware limited partnership	 
	 	 	 
	 	By:	Trade Street OP GP, LLC,	 
	 	 	a Delaware limited liability company,	 
	 	 	its general partner	 
	 	 	 	 	 
	 	By:	Trade Street Residential, Inc., a Maryland	 
	  	 	corporation, its sole member	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Richard Ross	 
	 	 	Name:	 Richard Ross	 
	 	 	Title:	 Chief Financial Officer	 

 

 

[Signature
Page to Third Amendment to Credit Agreement]

 

    	 

    	 

    

 

	 	“Administrative
Agent”	 
	 	 	 
	 	BMO
Harris Bank N.A., as Administrative Agent	 
	 	 	 
	 	 	 
	 	By:	/s/ Kim Liautaud	 
	 	 	Name:	Kim Liautaud	 
	 	 	Title:	Director	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 “Lender”	 
	  	 		 
	 	BMO
Harris Bank N.A., as a Lender and Swing Line Lender	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Kim Liautaud	 
	 	 	Name:	 Kim Liautaud	 
	 	 	Title:	 Director	 

 

 

[Signature
Page to Third Amendment to Credit Agreement]

 

    	 

    	 

    

 

	 	“Guarantors”
	 
	 	 	 
	 	Trade
Street Residential, Inc.,	 
	 	a Maryland corporation	 
	 	 	 
	 	 	 
	 	By:		 
	 	 	Name:		 
	 	 	Title:		 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 BSF-Arbors
River Oaks, LLC,	 
	 	a Florida limited liability company	 
	  	 		 
	 	By:	TS Manager, LLC, a Florida
limited	 
	 	 	liability company, its manager	 
	 	 	 	 
	 	 	 	 
	 	By:		 
	 	 	Name:	 	 
	 	 	Title:	 	 

 

 

[Signature
Page to Third Amendment to Credit Agreement]

 

    	 

    	 

    

 

Schedule I

to Compliance Certificate

_________________________________________________

 

Compliance Calculations

for Credit Agreement dated
as of January 31, 2013

 

Calculations
as of _____________, _______

 

 

	A.           Maximum Total Indebtedness to Total Asset Value Ratio (Section 8.20(a))	 
	1.        Total Indebtedness	$___________
	2.        Total Asset Value as calculated on Exhibit A hereto	___________
	3.        Ratio of Line A1 to A2	____:1.00
	4.        Line A3 must not exceed	
        0.70:1.00 (through December 31, 2014)

        0.65:1.00 (after December 31, 2014)

	5.        The Borrower is in compliance (circle yes or no)	yes/no
	B.           Minimum Adjusted EBITDA to Fixed Charges Ratio (Section 8.20(b))	 
	1.        Net Income	$___________
	2.        Depreciation and amortization expense	___________
	3.        Interest Expense	___________
	4.        Income tax expense	___________
	5.        Extraordinary, unrealized or non-recurring losses	___________
	6.        Extraordinary, unrealized or non-recurring gains	___________
	7.        Income tax benefits	___________
	8.        Sum of Lines B1, B2, B3, B4 and B5	___________
	9.        Sum of Lines B6 and B7	___________
	10.      Line B8 minus Line B9 (“EBITDA”)	___________
	11.      Annual Capital Expenditure Reserve	 
	12.      Line B10 minus Line B11 (“Adjusted EBITDA”)	 

 

    	 

    	 

    

 

	13.      Interest Expense	___________
	14.      Principal Amortization Payments	___________
	15.      Dividends	___________
	16.      Income Taxes Paid	___________
	17.      Sum of Lines B13, B14, B15 and B16 (“Fixed Charges”)	___________
	18.      Ratio of Line B12 to Line B17	____:1.00
	19.      Line B18 shall not be less than	
        1.15:1.00

        (December 31, 2012 through

        December 31, 2014)

        1.25:1.00

        (March 31, 2015 through September 30, 2015)

        1.50:1.00

        (December 31, 2015 and thereafter)

	20.      The Borrower is in compliance (circle yes or no)	yes/no
	C.           Tangible Net Worth
    (Section 8.20(c))	 
	1.        Tangible Net Worth	$___________
	2.        Aggregate net proceeds of Stock and Stock Equivalent offerings	___________
	3.        75% of Line C2	___________
	4.        $26,954,678.00 plus Line C3	___________
	5.        Line C1 shall not be less than Line C4	 
	6.        The Borrower is in compliance (circle yes or no)	yes/no
	D.           Investments - Joint Ventures (Section 8.8(i))	 
	1.        Cash Investments in Joint Ventures	$___________
	2.        Total Asset Value	___________
	3.        Line D1 divided by Line D2	___________
	4.        Line D3 shall not exceed 15% of Total Asset Value	 
	5.        The Borrower is in compliance (circle yes or no)	yes/no

 

    	 

    	 

    

 

	E.            Investments - Assets Under Development (Section 8.8(j))	 
	1.        Assets Under Development	$___________
	2.        Total Asset Value	___________
	3.        Line E1 divided by Line E2	___________
	4.        Line E3 shall not exceed 15% of Total Asset Value	 
	5.        The Borrower is in compliance (circle yes or no)	yes/no
	F.            Investments - Mortgage Loans, Mezzanine Loans and Notes Receivable (Section 8.8(k))	 
	1.        Mortgage Loans, Mezzanine Loans and Notes Receivable	$___________
	2.        Total Asset Value	___________
	3.        Line F1 divided by Line F2	___________
	4.        Line F3 shall not exceed 5% of Total Asset Value	 
	5.        The Borrower is in compliance (circle yes or no)	yes/no
	G.           Investments - Land Assets (Section 8.8(l))	 
	1.        Land Assets	$___________
	2.        Total Asset Value	___________
	3.        Line G1 divided by Line G2	___________
	4.        Line G3 shall not exceed 17.5% of Total Asset Value	 
	5.        The Borrower is in compliance (circle yes or no)	yes/no
	H.           Aggregate Investment Limitation to Total Asset Value (Section 8.8)	 
	1.        Sum of Lines D1, E1, F1 and G1	$___________
	2.        Total Asset Value	____________
	3.        Line H1 divided by Line H2	___________
	4.        Line H3 shall not exceed 30% of Total Asset Value	 
	5.        The Borrower is in compliance (circle yes or no)	yes/no

 

    	 

    	 

    

 

Exhibit H

 

Borrowing Base Certificate

 

		To:	BMO Harris Bank N.A., as Administrative Agent under, and the Lenders party
to, the Credit Agreement described below.

 

Pursuant to the terms
of the Credit Agreement dated as of January 31, 2013, among us (the “Credit Agreement”), we submit this Borrowing
Base Certificate to you and certify that the calculation of the Borrowing Base set forth below and on any Exhibits to this Certificate
is true, correct and complete as of the Borrowing Base Determination Date.

 

A.    Borrowing Base Determination
Date: __________________ ____, 20___.

 

B.     The Borrowing Base and Revolving
Credit Availability as of the Borrowing Base Determination Date is calculated as:

 

	  1.      Borrowing Base Value as calculated on Exhibit A hereto	$_________________
	  2.      The Product of Line 1 and 75% (or 65% after December 31, 2014)	$_________________
	  3.      Debt Service Coverage Amount of all Stabilized Properties as calculated on Exhibit B hereto	$_________________
	  4.      Interest Expense Coverage Amount of all Pre-stabilized Properties as calculated on Exhibit B hereto	$_________________
	  5.      Sum of Line 3 and Line 4	$_________________
	  6.      The lesser of Line 2 and Line 5 (the “Borrowing Base”) (Line 6 not to exceed Revolving Credit Commitment)	$_________________
	  7.      Aggregate Revolving Loans and Swing Loans	$_________________
	  8.      Line 6 minus Line 7 (the “Revolving Credit Availability”)	
         

         

        $_________________

         

 

    	 

    	 

    

 

The foregoing certifications,
together with the computations set forth in Schedule I hereto are made and delivered this ______ day of __________________
20___.

 

	 	Trade Street Operating Partnership, LP,	 
	 	 	 
	 	By:	Trade Street OP GP, LLC,	 
	 	 	its general partner	 
	 	 	 	 	 
	 	By:	Trade Street Residential, Inc., a Maryland	 
	  	 	corporation, its sole member	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:		 
	 	 	Name:	 	 
	 	 	Title:	 	 

  

    	 

    	 

    

 

Exhibit
A to Borrowing Base Certificate

of
Trade Street Operating Partnership, LP

 

This Exhibit A is attached
to the Borrowing Base Certificate of Trade Street Operating Partnership, LP for the Borrower Base Determination Date of ___________
____, 20___ and delivered to BMO Harris Bank N.A., as Administrative Agent, and the Lenders party to the Credit Agreement referred
to therein. The undersigned hereby certifies that the following is a true, correct and complete calculation of Borrowing Base Value
as of the Borrowing Base Determination Date set forth above:

 

[Attach Schedule
with exclusions for concentration limit]

 

Borrowing Base Value
of all Eligible Properties:$__________

 

Borrowing Base
Requirements:

 

	A.           Number of Properties	 
	1.      The number of Eligible Properties	___________
	2.      Line A1 shall not be less than 4 after June 30, 2015	 
	3.      The Borrower is in compliance (circle yes or no)	yes/no
	B.            Borrowing Base Value	 
	1.       Borrowing Base Value	$___________
	2.      Line B1 shall not be less than $75,000,000 after June 30, 2015	 
	3.      The Borrower is in compliance (circle yes or no)	yes/no
	C.            Individual Eligible Property Value	 
	1.      The Percentage
    of Borrowing Base Value of each Eligible Property is set forth on the attached Schedule and the Borrowing Base Value for any
    Eligible Property is set forth on the attached Schedule.	 
	2.      No Eligible Property comprises more than 35% of Borrowing Base Value after June 30, 2015	 
	3.      The Borrower is in compliance (circle yes or no)	yes/no

 

    	 

    	 

    

 

Schedule to Exhibit A

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

 

Exhibit
B to Borrowing Base Certificate

of
Trade Street Operating Partnership, LP

 

This Exhibit B is attached
to the Borrowing Base Certificate of Trade Street Operating Partnership, LP, for the Borrowing Base Determination Date of __________
___, 20__ and delivered to BMO Harris Bank N.A., as Administrative Agent, and the Lenders party to the Credit Agreement referred
to therein. The undersigned hereby certifies that the following is a true, correct and complete calculation of Debt Service Coverage
Amount of all Stabilized Properties and Interest Expense Coverage Amount of all Pre-stabilized Properties as of the Borrowing Base
Determination Date set forth above:

 

	Stabilized Properties	
        Debt Service Coverage
        Amount

        as Calculated on Annex
        I to this Exhibit B

	 	$__________
	 	$__________
	 	$__________
	 	$__________

 

 

	Pre-stabilized Properties	Interest Expense Coverage Amount as Calculated on Annex I to this Exhibit B
	 	$__________
	 	$__________
	 	$__________
	 	$__________

 

Total Debt Service
Coverage Amount and Interest Expense Coverage Amount of all Eligible Properties:$__________

 

    	 

    	 

    

 

Annex
I to Exhibit B to Borrowing Base Certificate

of
Trade Street Operating Partnership, LP

 

[Borrower to Insert Calculation of Debt
Service Coverage Amount and Interest Expense Coverage Amount for each Eligible Property with concentration limit exclusions]CONSENT AND FIRST AMENDMENT TO AMENDED
AND RESTATED CREDIT AGREEMENT

 

THIS CONSENT AND FIRST
AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this "Amendment"), with an effective date of November 8, 2013,
is by and among the Lenders party hereto, WELLS FARGO CAPITAL FINANCE, LLC, a Delaware limited liability company, as the
agent for the Lenders (in such capacity, "Agent"), MDC PARTNERS INC., a Canadian corporation ("Parent"),
Maxxcom Inc.,
a Delaware corporation ("Borrower"), and each of the Subsidiaries of Parent identified on the signature pages
hereof (together with Parent and Borrower, the "Loan Parties").

 

WHEREAS, Parent, Borrower,
the other Loan Parties, Agent, and Lenders are parties to that certain Amended and Restated Credit Agreement dated as of March
20, 2013 (as amended, modified or supplemented from time to time, the "Credit Agreement");

 

WHEREAS, Borrower has
advised Agent and Lenders that Parent desires to settle in cash all of the outstanding Stock Appreciation Rights (the "SARs")
issued pursuant to the Parent's Stock Appreciation Rights Plan adopted as of January 1, 2003, as amended, for an aggregate settlement
price in an amount not to exceed $80,000,000 (the "SAR Redemption"), and

 

WHEREAS, Borrower, Agent
and the Lenders have agreed to amend and modify the Credit Agreement as provided herein, subject to the terms and provisions hereof.

 

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

 

1.             Defined Terms. Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed to
such terms in the Credit Agreement.

 

2.             Consent.
Subject to the satisfaction of the conditions set forth in Section 5 below and in reliance upon the representations and
warranties of the Loan Parties set forth in Section 6 below, Agent and Lenders hereby consent to (a) the SAR Redemption
and (b) the payment by the Loan Parties of dividends to Parent up to an aggregate amount necessary to permit Parent to consummate
the SAR Redemption (the "SAR Dividend") so long as, in each case, (i) at the time of making each of the SAR Redemption
and the SAR Dividend, no Default or Event of Default exists or would arise therefrom, (ii) Excess Availability, after giving effect
to each of the SAR Redemption and the SAR Dividend, exceeds the Applicable Excess Availability Amount, (iii) Availability, after
giving effect to each of the SAR Redemption and the SAR Dividend, exceeds the Applicable Availability Amount and (iv) each of
the SAR Redemption and the SAR Dividend are made on or before the date that is 30 Business Days following February 12, 2014. This
is a limited consent and shall not demonstrate a course of dealing or be deemed to constitute a consent to any other departure
from the requirements of any provision of the Credit Agreement.

 

3.            Amendments
to Credit Agreement. Subject to the satisfaction of the conditions set forth in Section 5 below and in reliance upon
the representations and warranties of the Loan Parties set forth in Section 6 below, the Credit Agreement is hereby amended
as follows:

 

    	 

    	 

    

 

(a)         
Section 6.9(g) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

(g) so long as (i) no Default
or Event of Default exists or would otherwise arise as a result thereof, (ii) Excess Availability, after giving effect thereto,
exceeds the Applicable Excess Availability Amount and (iii) Availability, after giving effect thereto, exceeds the Applicable Availability
Amount (such conditions, collectively, the "Restricted Junior Payment Basket Conditions"), Parent and its Subsidiaries
may make Restricted Junior Payments in any fiscal year ending on or after December 31, 2013, not otherwise permitted pursuant to
clauses (a) through (f) above, (1) during the fiscal year ending December 31, 2013, up to an aggregate amount not to exceed, during
such fiscal year, an amount equal to (I) 75% of Excess Cash Flow for the period commencing January 1, 2012 and ending December
31, 2012, less (II) the sum of (x) the aggregate amount of Restricted Junior Payments made pursuant to clause (f) of this Section
6.9 in the fiscal year ending December 31, 2013 and (y) the aggregate amount of Investments made pursuant to clause (t) of
the definition of "Permitted Investments" in the fiscal year ending December 31, 2013 and (2) on any date after December
31, 2013, up to an aggregate amount not to exceed an amount equal to (I) 75% of Excess Cash Flow for the period commencing January
1, 2012 and ending on the last day of the then most recently ended fiscal quarter less (II) the sum of (x) the aggregate amount
of Restricted Junior Payments made pursuant to this clause (g) and clause (f) of this Section 6.9 during the
period commencing on January 1, 2013 and ending on such date and (y) the aggregate amount of Investments made pursuant to clause
(t) of the definition of "Permitted Investments" during the period commencing January 1, 2013 and ending on such date.

 

(b)         
The definition of "Excess Cash Flow" Set forth in Schedule 1.1 of the Credit Agreement is hereby amended and restated
in its entirety as follows:

 

"Excess Cash Flow"
means, for any fiscal period and with respect to Parent and its Subsidiaries determined on a consolidated basis, (a) EBITDA for
such fiscal period, minus (b) the sum of (i) the cash portion of Interest Expense paid during such fiscal period, (ii) the
cash portion of portion of Taxes paid during such fiscal period, (iii) Capital Expenditures made during such fiscal period (excluding
amounts related to Capital Leases), and (iv) all principal payments of Indebtedness made during such fiscal period (including payments
related to Capital Leases).

 

(c)         
The definition of "Permitted Investments" set forth in Schedule 1.1 of the Credit Agreement is hereby amended
(i) to delete the "and" appearing at the end of clause (r) and replace it with ",", (ii) to delete the "."
appearing at the end of clause (s) and replace it with ", and" and (iii) to add the following clause (t) following clause
(s):

 

 

(t) so long
as the Restricted Junior Payment Basket Conditions are satisfied, any Investments made (i) during the fiscal year ending December
31, 2013, up to an amount not to exceed, during such fiscal year, an amount equal to (I) 75% of Excess Cash Flow for the period
commencing January 1, 2012 and ending December 31, 2012, less (II) the sum of the aggregate amount of Restricted Junior Payments
made pursuant to clauses (f) or (g) of Section 6.9 in the fiscal year ending December 31, 2013 and (ii) on any date after
December 31, 2013, up to an aggregate amount not to exceed an amount equal to (I) 75% of Excess Cash Flow for the period commencing
January 1, 2012 and ending on the last day of the then most recently ended fiscal quarter less (II) the sum of the aggregate amount
of Restricted Junior Payments made pursuant to clauses (f) or (g) of Section 6.9 and Investments made pursuant to this clause
(t) during the period commencing January 1, 2013 and ending on such date.

 

    	-2-

    	 

    

 

(d)         
Section 5.12 of the Credit Agreement shall be amended to add the following proviso at the end of the first sentence thereof:

 

 

"; provided, further, that
in connection with any Real Property, Borrower will deliver such documents as are reasonably requested by any Lender in connection
with compliance with the National Flood Insurance Reform Act of 1994 and related legislation and regulations."

 

4.            Ratification; Other Acknowledgments. This Amendment, subject to satisfaction of the conditions provided below, shall
constitute an amendment to the Credit Agreement and all of the other Loan Documents as appropriate to express the agreements contained
herein. The Credit Agreement (other than as amended by this Amendment) and the other Loan Documents shall remain unchanged and
in full force and effect in accordance with their original terms.

 

5.           
Conditions to Effectiveness. This Amendment shall become effective as of the date hereof and upon the satisfaction
of the following conditions precedent:

 

(a)         
Agent shall have received a fully executed copy of this Amendment; and

 

(b)         
No Default or Event of Default shall have occurred and be continuing on the date hereof or as of the date of the effectiveness
of this Amendment.

 

6.           
Representations and Warranties. In order to induce Agent and Lenders to enter into this Amendment, each Loan Party
hereby represents and warrants to Agent and Lenders, after giving effect to this Amendment:

 

(a)         
All representations and warranties contained in the Credit Agreement (as amended by this Amendment) and the other Loan Documents
are true and correct on and as of the date of this Amendment, in each case as if then made, other than representations and warranties
that expressly relate solely to an earlier date (in which case such representations and warranties were true and correct on and
as of such earlier date);

 

(b)         
No Default or Event of Default has occurred and is continuing; and

 

(c)         
the execution, delivery and performance of this Amendment has been duly authorized by all requisite corporate action on
the part of such Loan Party.

 

    	-3-

    	 

    

 

7.           
Miscellaneous.

 

(a)         
Expenses. Borrower agrees to pay on demand all costs and expenses of Agent (including the reasonable fees and expenses
of outside counsel for Agent) in connection with the preparation, negotiation, execution, delivery and administration of this Amendment
and all other instruments or documents provided for herein or delivered or to be delivered hereunder or in connection herewith.
All obligations provided herein shall survive any termination of this Amendment and the Credit Agreement as amended hereby.

 

(b)         
Governing Law. This Amendment shall be a contract made under and governed by the internal laws of the State of New
York.

 

(c)         
Counterparts. This Amendment may be executed in any number of counterparts, and by the parties hereto on the same
or separate counterparts, and each such counterpart, when executed and delivered, shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same Amendment. Receipt by telecopy or electronic mail of any executed signature
page to this Amendment shall constitute effective delivery of such signature page.

 

(d)         
References. Any references in the Credit Agreement to "this Agreement", and any references to the Credit
Agreement contained in any document, instrument or agreement executed in connection with the Credit Agreement shall be deemed to
be a reference to the Credit Agreement as modified by this Amendment.

 

(e)         
Loan Document. This Amendment shall constitute a "Loan Document" as defined in the Credit Agreement.

 

(f)         
No Waiver of Rights. Except as expressly set forth herein, the terms and provisions set forth in this Amendment shall
not be deemed to be a consent to the modification or waiver of any other term or condition of the Credit Agreement, and shall not
be deemed to waive or modify any rights of Agent or the Lenders.

 

8.           
Release.

 

(a)         
In consideration of the agreements of Agent and Lenders contained herein and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, each Loan Party, on behalf of itself and its successors, assigns,
and other legal representatives, hereby absolutely, unconditionally and irrevocably releases, remises and forever discharges Agent
and Lenders, and their successors and assigns, and their present and former shareholders, affiliates, subsidiaries, divisions,
predecessors, directors, officers, attorneys, employees, agents and other representatives (Agent, each Lender and all such other
Persons being hereinafter referred to collectively as the "Releasees" and individually as a "Releasee"),
of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money,
accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities
whatsoever (individually, a "Claim" and collectively, "Claims") of every name and nature, known
or unknown, suspected or unsuspected, both at law and in equity, which such Loan Party or any of its respective successors, assigns,
or other legal representatives may now or hereafter own, hold, have or claim to have against the Releasees or any of them for,
upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any time on or prior to the day and date
of this Amendment, including, without limitation, for or on account of, or in relation to, or in any way in connection with any
of the Credit Agreement, or any of the other Loan Documents or transactions thereunder or related thereto.

 

    	-4-

    	 

    

 

(b)         
Each Loan Party understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete
defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted
or attempted in breach of the provisions of such release.

 

(c)         
Each Loan Party agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may
hereafter be discovered shall affect in any manner the final, absolute and unconditional nature of the release set forth above.

 

[Signature Page Follows]

 

 

 

 

    	-5-

    	 

    

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed and delivered as of the date first above written. 

 

 

	 	
        MDC PARTNERS INC., a federal company

        organized under the laws of Canada

        

        

        By: /s/ Mitchell Gendel                                         

        Name:Mitchell Gendel                                          

        Title: Authorized Signatory

         

	 	By:
                                                          /s/ David Ross                                                

        Name:David Ross                                                 

        Title: Authorized Signatory

         

 

 

	 	MAXXCOM
INC.,

a Delaware corporation

By: /s/ Mitchell Gendel                                          

Name: Mitchell Gendel                                            

Title:    Authorized Signatory

By: /s/ David Ross                                                   

Name: David Ross                                                     

Title:    Authorized Signatory

 

 

 

Signature Pages to Consent and First Amendment to Amended and
Restated Credit Agreement

    	 

    	 

    

 

6 DEGREES INTEGRATED COMMUNICATIONS
CORP

 

72ANDSUNNY PARTNERS, LLC

 

ACCENT MARKETING SERVICES, L.L.C.

 

ACCUMARK PARTNERS INC. (formerly
known as 6 Degrees Integrated Communications Inc.)

 

ALLISON & PARTNERS LLC

 

ANOMALY PARTNERS LLC

 

ANOMALY INC.

 

ATTENTION PARTNERS LLC

 

BOOM MARKETING INC.

 

BRUCE MAU DESIGN INC.

 

BRUCE MAU DESIGN (USA) LLC

 

BRUCE MAU HOLDINGS LTD.

 

BRYAN MILLS IRADESSO CORP.

 

CAPITAL C PARTNERS GP INC.

 

CAPITAL C PARTNERS LP

By:   Capital C Partners GP Inc.

          Its general partner

 

COLLE & MCVOY LLC

 

COMPUTER COMPOSITION OF CANADA LP

By:   MDC Canada GP Inc.

         Its general partner

 

CONCENTRIC PARTNERS LLC

 

CRISPIN PORTER & BOGUSKY EUROPE AB

 

CRISPIN PORTER & BOGUSKY LLC

 

DONER PARTNERS LLC

 

DOTGLU LLC

 

 

 

Signature Pages to Consent and First Amendment to Amended and
Restated Credit Agreement

    	 

    	 

    

 

HELLO DESIGN, LLC

 

HL GROUP PARTNERS LLC

 

INTEGRATED MEDIA SOLUTIONS
PARTNERS LLC

 

KBP HOLDINGS LLC

 

KBS+P ATLANTA LLC (formerly
known as Fletcher Martin LLC)

 

KBS+P CANADA LP KBS+P CANADA SEC

By:  MDC Canada GP Inc.

        Its general partner

 

KENNA COMMUNICATIONS GP INC.

 

KENNA COMMUNICATIONS LP

By:  Kenna Communications GP Inc.

        Its general partner

 

KIRSHENBAUM BOND SENECAL &
PARTNERS LLC (formerly known as Kirshenbaum Bond & Partners LLC)

 

KIRSHENBAUM BOND & PARTNERS
WEST LLC

 

KWITTKEN PR LLC

 

LAIRD + PARTNERS NEW YORK LLC

 

LBN PARTNERS LLC

 

MAXXCOM GLOBAL MEDIA LLC

 

MAXXCOM INC.

 

MAXXCOM (USA) FINANCE COMPANY

 

MAXXCOM (USA) HOLDINGS INC.

 

MDC ACQUISITION INC.

 

MDC CANADA GP INC.

 

MDC CORPORATE (US) INC.

 

 

 

Signature Pages to Consent and First Amendment to Amended and
Restated Credit Agreement

    	 

    	 

    

 

MDC INNOVATION PARTNERS LLC
(d/b/a Spies & Assassins)

 

MDC TRAVEL, INC.

 

MONO ADVERTISING, LLC

 

NEW TEAM LLC

 

NORTHSTAR MANAGEMENT HOLDCO INC.

 

NORTHSTAR RESEARCH GP LLC

 

NORTHSTAR RESEARCH HOLDINGS
CANADA INC.

 

NORTHSTAR RESEARCH HOLDINGS USA LP

 

NORTHSTAR RESEARCH PARTNERS INC.

 

NORTHSTAR RESEARCH PARTNERS
(USA) LLC

 

OUTERACTIVE, LLC

 

PULSE MARKETING, LLC

 

REDSCOUT LLC

 

RELEVENT PARTNERS LLC

 

RJ PALMER PARTNERS LLC

 

SKINNY NYC LLC

 

SLOANE & COMPANY LLC

 

SOURCE MARKETING LLC

 

STUDIO PICA INC.

 

TARGETCAST LLC

TARGETCOM LLC

 

TC ACQUISITION INC.

 

THE ARSENAL LLC (formerly
known as Team Holdings LLC)

 

TRACK 21 LLC

 

 

 

Signature Pages to Consent and First Amendment to Amended and
Restated Credit Agreement

    	 

    	 

    

 

TRADE X PARTNERS LLC

 

UNION ADVERTISING CANADA LP

By:  MDC Canada GP Inc.

        Its general partner

 

VARICK MEDIA MANAGEMENT LLC

 

VERITAS COMMUNICATIONS INC.

 

VITRO PARTNERS LLC

 

VITROROBERTSON LLC

 

X CONNECTIONS INC.

 

YAMAMOTO MOSS MACKENZIE, INC.

 

ZYMAN GROUP, LLC

 

	 	By: /s/ Mitchell Gendel                                           

        Name: Mitchell Gendel                                            

        Title:Authorized Signatory

         

	 	By: /s/ David Ross                                                  

        Name: David Ross                                                     

        Title:Authorized Signatory

         

 

 

 

Signature Pages to Consent and First Amendment to Amended and
Restated Credit Agreement

    	 

    	 

    

 

 

	 	WELLS
                                                                                                 FARGO CAPITAL FINANCE, LLC,

                                                                                formerly
                                                                                known as Wells Fargo Foothill, LLC, as

                                                                                Agent
                                                                                and as a Lender
 
 
 By: /s/ Jason
                                                                                Shanahan                                                 

                                                                                Name: Jason Shanahan                                                  

                                                                                Title: Vice President                                                         

 

	 	JPMorgan
    Chase Bank, N.A., as a Lender

    

    

    By: /s/ Thomas J. Cox                                                        

    Name: /s/ Thomas J. Cox                                                   

    Title: Managing Director                                                    

 

	 	Bank
    of Montreal, as a Lender

    

    

    By: /s/ Nagmeh Hashemifard                                                        

    Name: /s/ Nagmeh Hashemifard                                                   

    Title: Managing Director                                                    

 

 

 

Signature Pages to Consent and First Amendment to Amended and
Restated Credit Agreement

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