Document:

Exhibit 10.1

 Exhibit 10.1 
 Execution Version 
  

 
  

Published CUSIP Number: 3137LEAC7 
 TERM LOAN AGREEMENT 
 Dated as of November 22, 2011 

by and among 

FEDERAL REALTY INVESTMENT TRUST, 
 as Borrower, 
 THE FINANCIAL INSTITUTIONS PARTY HERETO 

AND THEIR PERMITTED ASSIGNEES UNDER SECTION 12.6., 

as Lenders, 
 PNC BANK, NATIONAL ASSOCIATION, 
 as Administrative Agent,

 CAPITAL ONE, N.A., 
 as Syndication Agent, 
 PNC CAPITAL MARKETS LLC 

and 
 CAPITAL ONE,
N.A., 
 as Joint Lead Arrangers and Joint Book 

Runners 
 and 
 each of 

REGIONS BANK 
 and

 SUNTRUST BANK, 
 as a Documentation Agent 
  

 
  

 TABLE OF CONTENTS 

 

									
	Article I. Definitions	  	 	1	  
				
		 		 	Section 1.1. Definitions.	  	 	1	  
		 		 	Section 1.2. General; References to Eastern Time.	  	 	23	  
		 		 	Section 1.3. Financial Attributes of Non-Wholly Owned Subsidiaries.	  	 	24	  
		
	Article II. Credit Facility	  	 	24	  
				
		 		 	Section 2.1. Loans.	  	 	24	  
		 		 	Section 2.2. Rates and Payment of Interest on Loans.	  	 	24	  
		 		 	Section 2.3. Number of Interest Periods.	  	 	26	  
		 		 	Section 2.4. Repayment of Loans.	  	 	26	  
		 		 	Section 2.5. Prepayments.	  	 	26	  
		 		 	Section 2.6. Continuation.	  	 	26	  
		 		 	Section 2.7. Conversion.	  	 	27	  
		 		 	Section 2.8. Notes.	  	 	27	  
		 		 	Section 2.9. Additional Loans.	  	 	28	  
		
	Article III. Payments, Fees and Other General Provisions	  	 	28	  
				
		 		 	Section 3.1. Payments.	  	 	28	  
		 		 	Section 3.2. Pro Rata Treatment.	  	 	29	  
		 		 	Section 3.3. Sharing of Payments, Etc.	  	 	29	  
		 		 	Section 3.4. Several Obligations.	  	 	30	  
		 		 	Section 3.5. Fees.	  	 	30	  
		 		 	Section 3.6. Computations.	  	 	30	  
		 		 	Section 3.7. Usury.	  	 	30	  
		 		 	Section 3.8. Statements of Account.	  	 	31	  
		 		 	Section 3.9. Defaulting Lenders.	  	 	31	  
		 		 	Section 3.10. Taxes; Foreign Lenders.	  	 	32	  
		
	Article IV. Yield Protection, Etc.	  	 	34	  
				
		 		 	Section 4.1. Additional Costs; Capital Adequacy.	  	 	34	  
		 		 	Section 4.2. Suspension of LIBOR Loans.	  	 	35	  
		 		 	Section 4.3. Illegality.	  	 	36	  
		 		 	Section 4.4. Compensation.	  	 	36	  
		 		 	Section 4.5. Treatment of Affected Loans.	  	 	36	  
		 		 	Section 4.6. Affected Lenders.	  	 	37	  
		 		 	Section 4.7. Change of Lending Office.	  	 	38	  
		 		 	Section 4.8. Assumptions Concerning Funding of LIBOR Loans.	  	 	38	  
		
	Article V. Conditions Precedent	  	 	38	  
				
		 		 	Section 5.1. Initial Conditions Precedent.	  	 	38	  
		 		 	Section 5.2. Conditions Precedent to All Loans.	  	 	40	  
		
	Article VI. Representations and Warranties	  	 	41	  
				
		 		 	Section 6.1. Representations and Warranties.	  	 	41	  
		 		 	Section 6.2. Survival of Representations and Warranties, Etc.	  	 	47	  

  
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	Article VII. Affirmative Covenants	  	 	47	  
				
		 		 	Section 7.1. Preservation of Existence and Similar Matters.	  	 	47	  
		 		 	Section 7.2. Compliance with Applicable Law and Material Contracts.	  	 	47	  
		 		 	Section 7.3. Maintenance of Property.	  	 	47	  
		 		 	Section 7.4. Conduct of Business.	  	 	48	  
		 		 	Section 7.5. Insurance.	  	 	48	  
		 		 	Section 7.6. Payment of Taxes and Claims.	  	 	48	  
		 		 	Section 7.7. Books and Records; Inspections.	  	 	48	  
		 		 	Section 7.8. Use of Proceeds.	  	 	49	  
		 		 	Section 7.9. Environmental Matters.	  	 	49	  
		 		 	Section 7.10. Further Assurances.	  	 	49	  
		 		 	Section 7.11. Reserved.	  	 	49	  
		 		 	Section 7.12. REIT Status.	  	 	49	  
		 		 	Section 7.13. Exchange Listing.	  	 	49	  
		 		 	Section 7.14. Guarantors.	  	 	50	  
		
	Article VIII. Information	  	 	50	  
				
		 		 	Section 8.1. Quarterly Financial Statements.	  	 	50	  
		 		 	Section 8.2. Year-End Statements.	  	 	51	  
		 		 	Section 8.3. Compliance Certificate.	  	 	51	  
		 		 	Section 8.4. Other Information.	  	 	52	  
		 		 	Section 8.5. Electronic Delivery of Certain Information.	  	 	54	  
		 		 	Section 8.6. Public/Private Information.	  	 	54	  
		 		 	Section 8.7. USA Patriot Act Notice; Compliance.	  	 	55	  
		
	Article IX. Negative Covenants	  	 	55	  
				
		 		 	Section 9.1. Financial Covenants.	  	 	55	  
		 		 	Section 9.2. Investments Generally.	  	 	56	  
		 		 	Section 9.3. Liens; Negative Pledges.	  	 	57	  
		 		 	Section 9.4. Restrictions on Intercompany Transfers.	  	 	57	  
		 		 	Section 9.5. Merger, Consolidation, Sales of Assets and Other Arrangements.	  	 	58	  
		 		 	Section 9.6. Plans.	  	 	59	  
		 		 	Section 9.7. Fiscal Year.	  	 	59	  
		 		 	Section 9.8. Modifications of Organizational Documents.	  	 	59	  
		 		 	Section 9.9. Transactions with Affiliates.	  	 	59	  
		 		 	Section 9.10. Environmental Matters.	  	 	59	  
		 		 	Section 9.11. Non-Controlled Properties.	  	 	60	  
		 		 	Section 9.12. Derivatives Contracts.	  	 	60	  
		 		 	Section 9.13. Anti-Terrorism Laws.	  	 	60	  
		
	Article X. Default	  	 	60	  
				
		 		 	Section 10.1. Events of Default.	  	 	60	  
		 		 	Section 10.2. Remedies Upon Event of Default.	  	 	63	  
		 		 	Section 10.3. Marshaling; Payments Set Aside.	  	 	64	  
		 		 	Section 10.4. Allocation of Proceeds.	  	 	65	  
		 		 	Section 10.5. Rescission of Acceleration by Requisite Lenders.	  	 	65	  
		 		 	Section 10.6. Performance by Administrative Agent.	  	 	65	  
		 		 	Section 10.7. Rights Cumulative.	  	 	66	  

  
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	Article XI. The Administrative Agent	  	 	66	  
				
		 		 	Section 11.1. Appointment and Authorization.	  	 	66	  
		 		 	Section 11.2. PNC Bank as Lender.	  	 	67	  
		 		 	Section 11.3. Approvals of Lenders.	  	 	67	  
		 		 	Section 11.4. Notice of Events of Default.	  	 	68	  
		 		 	Section 11.5. Administrative Agent’s Reliance.	  	 	68	  
		 		 	Section 11.6. Indemnification of Administrative Agent.	  	 	68	  
		 		 	Section 11.7. Lender Credit Decision, Etc.	  	 	69	  
		 		 	Section 11.8. Successor Administrative Agent.	  	 	70	  
		 		 	Section 11.9. Titled Agents.	  	 	70	  
		 		 	Section 11.10. No Reliance on Administrative Agent’s Customer Identification Program.	  	 	71	  
		
	Article XII. Miscellaneous	  	 	71	  
				
		 		 	Section 12.1. Notices.	  	 	71	  
		 		 	Section 12.2. Expenses.	  	 	73	  
		 		 	Section 12.3. Stamp, Intangible and Recording Taxes.	  	 	73	  
		 		 	Section 12.4. Setoff.	  	 	74	  
		 		 	Section 12.5. Litigation; Jurisdiction; Other Matters; Waivers.	  	 	74	  
		 		 	Section 12.6. Successors and Assigns.	  	 	75	  
		 		 	Section 12.7. Amendments and Waivers.	  	 	78	  
		 		 	Section 12.8. Nonliability of Administrative Agent and Lenders.	  	 	79	  
		 		 	Section 12.9. Confidentiality.	  	 	79	  
		 		 	Section 12.10. Indemnification.	  	 	80	  
		 		 	Section 12.11. Termination; Survival.	  	 	82	  
		 		 	Section 12.12. Severability of Provisions.	  	 	82	  
		 		 	Section 12.13. GOVERNING LAW.	  	 	83	  
		 		 	Section 12.14. Counterparts.	  	 	83	  
		 		 	Section 12.15. Obligations with Respect to Loan Parties.	  	 	83	  
		 		 	Section 12.16. Independence of Covenants.	  	 	83	  
		 		 	Section 12.17. Limitation of Liability.	  	 	83	  
		 		 	Section 12.18. Entire Agreement.	  	 	84	  
		 		 	Section 12.19. Construction.	  	 	84	  
		 		 	Section 12.20. Headings.	  	 	84	  
		 		 	Section 12.21. Limitation of Liability of Trustees, Etc.	  	 	84	  

					
			
	SCHEDULE I	  	Commitments	  	
	SCHEDULE 1.1.(a)	  	List of Loan Parties	  	
	SCHEDULE 6.1.(b)	  	Ownership Structure	  	
	SCHEDULE 6.1.(f)	  	Properties	  	
	SCHEDULE 6.1.(g)	  	Indebtedness and Guaranties	  	
	SCHEDULE 6.1.(i)	  	Litigation	  	
	SCHEDULE 6.1.(z)	  	Unencumbered Assets	  	
			
	EXHIBIT A	  	Form of Assignment and Assumption Agreement	  	
	EXHIBIT B	  	Form of Guaranty	  	
	EXHIBIT C	  	Form of Notice of Borrowing	  	
	EXHIBIT D	  	Form of Notice of Continuation	  	
	EXHIBIT E	  	Form of Notice of Conversion	  	
	EXHIBIT F	  	Form of Note	  	

  
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	EXHIBIT G	  	Form of Opinion of Counsel	  	
	EXHIBIT H	  	Form of Compliance Certificate	  	

  
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 THIS TERM LOAN AGREEMENT (this “Agreement”) dated as of November 22,
2011, by and among FEDERAL REALTY INVESTMENT TRUST, a real estate investment trust formed under the laws of the State of Maryland (the “Borrower”), each of the financial institutions initially a signatory hereto together with their
successors and permitted assignees under Section 12.6. (the “Lenders”), PNC BANK, NATIONAL ASSOCIATION, as Administrative Agent (together with its successors and permitted assigns, the “Administrative Agent”),
CAPITAL ONE, N.A., as Syndication Agent (the “Syndication Agent”), PNC CAPITAL MARKETS LLC and CAPITAL ONE, N.A., as Joint Lead Arrangers and Joint Book Runners (each, an “Arranger”), and each of REGIONS BANK and
SUNTRUST BANK, as a Documentation Agent (each, a “Documentation Agent”). 
 WHEREAS, the Lenders desire to make
available to the Borrower unsecured term loans in an aggregate principal amount of $275,000,000, on the terms and conditions contained herein. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto agree as follows: 

ARTICLE I. DEFINITIONS 
 Section 1.1. Definitions. 
 In addition to terms defined elsewhere
herein, the following terms shall have the following meanings for the purposes of this Agreement: 
 “Accession
Agreement” means an Accession Agreement substantially in the form of Annex I to the Guaranty. 

“Additional Costs” has the meaning given that term in Section 4.1.(b). 

“Adjusted EBITDA” means, for any given period, (a) the EBITDA of the Borrower and its Subsidiaries determined on a
consolidated basis for such period (including the Borrower’s Ownership Share of EBITDA of its Unconsolidated Affiliates as set forth in clause (b) of the definition of EBITDA), minus (b) Capital Reserves. 

“Adjusted Total Asset Value” means Total Asset Value determined exclusive of assets that are owned by Excluded
Subsidiaries, Unconsolidated Affiliates or the Specified Non-Wholly Owned Subsidiaries. 
 “Administrative
Agent” means PNC Bank, National Association as contractual representative of the Lenders under this Agreement, or any successor Administrative Agent appointed pursuant to Section 11.8. 

“Administrative Questionnaire” means the Administrative Questionnaire completed by each Lender and delivered to the
Administrative Agent in a form supplied by the Administrative Agent to the Lenders from time to time. 

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. In no event shall the Administrative Agent or any Lender be deemed to be an Affiliate of the Borrower. 

“Agreement Date” means the date as of which this Agreement is dated. 

 “Anti-Terrorism Laws” means any Applicable Law relating to terrorism or
money laundering, including Executive Order No. 13224, the USA Patriot Act, the laws comprising or implementing the Bank Secrecy Act, and the laws administered by OFAC (as any of the foregoing laws may from time to time be amended, renewed,
extended, or replaced). 
 “Applicable Law” means all applicable provisions of international, foreign, federal,
state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes, executive orders, and administrative or judicial precedents or authorities, including the interpretation, implementation or administration thereof by any
Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental
Authority. 
 “Applicable Margin” means the percentage rate set forth in the table below corresponding to the
level (each a “Level”) into which the Borrower’s Credit Rating then falls. As of the Agreement Date, the Applicable Margin is determined based on Level 2. Any change in the Borrower’s Credit Rating which would cause it to
move to a different Level shall be effective as of the first Business Day of the first calendar month immediately following receipt by the Administrative Agent of written notice delivered by the Borrower in accordance with Section 8.4.(n) that
the Borrower’s Credit Rating has changed; provided, however, if the Borrower has not delivered the notice required by such Section but the Administrative Agent becomes aware that the Borrower’s Credit Rating has changed, then the
Administrative Agent may, in its sole discretion, adjust the Level by written notice to the Borrower (provided, however, that the Administrative Agent’s failure to give such notice shall not change the effectiveness of the adjustment of the
Level) effective as of the first Business Day of the first calendar month following the date the Administrative Agent becomes aware that the Borrower’s Credit Rating has changed. During any period that the Borrower has received two Credit
Ratings that are not equivalent, the Applicable Margin shall be determined based on the Level corresponding to the higher of such two Credit Ratings unless the difference in the Credit Ratings is greater than one ratings level, in which case the
Applicable Margin shall be determined by reference to the ratings level immediately below the higher of the two Credit Ratings. During any period for which the Borrower has received a Credit Rating from only one Rating Agency, then the Applicable
Margin shall be determined based on such Credit Rating. During any period that the Borrower has not received a Credit Rating from any Rating Agency, the Applicable Margin shall be determined based on Level 5. The provisions of this definition
shall be subject to Section 2.2.(c). 
  

											
	 Level
	  	 Borrower’s Credit Rating

(S&P/Moody’s or
 equivalent)
	  	Applicable Margin 
for
LIBOR Loans	 	 	Applicable Margin for
Base Rate Loans	 
	 1
	  	A-/A3 (or equivalent) or better	  	 	1.30	% 	 	 	0.30	% 
	 2
	  	BBB+/Baa1 (or equivalent)	  	 	1.45	% 	 	 	0.45	% 
	 3
	  	BBB/Baa2 (or equivalent)	  	 	1.70	% 	 	 	0.70	% 
	 4
	  	BBB-/Baa3 (or equivalent)	  	 	2.05	% 	 	 	1.05	% 
	 5
	  	Lower than BBB-/Baa3 (or equivalent)	  	 	2.50	% 	 	 	1.50	% 

 “Approved Fund” means any Fund that is administered or managed by (a) a Lender,
(b) an Affiliate of a Lender, or (c) an entity or an Affiliate of any entity that administers or manages a Lender. 

“Arranger” has the meaning set forth in the introductory paragraph hereof and shall include each Arranger’s
successors and permitted assigns. 

  
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 “Assignment and Assumption” means an Assignment and Assumption Agreement
among a Lender, an Eligible Assignee and the Administrative Agent, substantially in the form of Exhibit A. 

“Bankruptcy Code” means the Bankruptcy Code of 1978, as amended. 

“Base Rate” means for any day, a fluctuating per annum rate of interest equal to the highest of (a) the interest
rate per annum announced from time to time by the Lender then acting as the Administrative Agent at its Principal Office as its then prime rate, which rate may not be the lowest rate then being charged commercial borrowers by such Lender,
(b) the Federal Funds Open Rate plus one-half of one percent (0.50%), or (c) the Daily LIBOR Rate plus one percent (1.0%), so long as the Daily LIBOR Rate is offered, ascertainable and not unlawful. 

“Base Rate Loan” means any portion of a Loan bearing interest at a rate based on the Base Rate. 

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

“Blocked Person” has the meaning given that term in Section 6.1.(x). 

“Borrower” has the meaning set forth in the introductory paragraph hereof and shall include the Borrower’s
successors and permitted assigns. 
 “Borrower Information” has the meaning given that term in
Section 2.2.(c). 
 “Business Day” means any day other than a Saturday or Sunday or a legal holiday on
which commercial lenders are authorized or required to be closed for business in Pittsburgh, Pennsylvania and, if the applicable Business Day relates to a LIBOR Loan, such day must also be a day on which dealings are carried on in the London
interbank market. Unless specifically referenced in this Agreement as a Business Day, all references to “days” shall be to calendar days. 
 “Capital Reserves” means, for any period and with respect to any: (i) portion of a Property developed with improvements utilized for the retail sale of goods or services, office
space or other use (other than residential apartments), an amount equal to (a) $0.15 per square foot times, (b) a fraction, the numerator of which is the number of days in such period and the denominator of which is 365; provided,
however, no capital reserves shall be required with respect to any portion of any such Property which is leased under a ground lease to a third party that owns the improvements on such portion of such Property; or (ii) Multifamily Property or
any portion of a Property developed with improvements utilized as residential apartments (other than Properties having less than 20 residential units), an amount equal to (a) $200 per apartment unit in such Multifamily Property times,
(b) a fraction, the numerator of which is the number of days in such period and the denominator of which is 365. If the term Capital Reserves is used without reference to any specific Property, then the amount shall be determined on an
aggregate basis with respect to all Office Properties, Retail Properties and Multifamily Properties of the Borrower and its Subsidiaries and a proportionate share of all Office, Retail and Multifamily Properties of all Unconsolidated Affiliates.

 “Capitalization Rate” means 7.25%. 
 “Capitalized Lease Obligation” means obligations under a lease that are required to be capitalized for financial reporting purposes in accordance with GAAP. The amount of a Capitalized

  
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Lease Obligation is the capitalized amount of such obligation as would be required to be reflected on a balance sheet of the applicable Person prepared in accordance with GAAP as of the
applicable date. 
 “Cash Equivalents” means: (a) securities issued, guaranteed or insured by the United
States of America or any of its agencies with maturities of not more than one year from the date acquired; (b) certificates of deposit with maturities of not more than one year from the date acquired issued by a United States federal or state
chartered commercial bank of recognized standing, or a commercial bank organized under the laws of any other country which is a member of the Organisation for Economic Cooperation and Development, or a political subdivision of any such country,
acting through a branch or agency, which bank has capital and unimpaired surplus in excess of $500,000,000 and which bank or its holding company has a short-term commercial paper rating of at least A-2 or the equivalent by S&P or at least P-2 or
the equivalent by Moody’s; (c) reverse repurchase agreements with terms of not more than seven days from the date acquired, for securities of the type described in clause (a) above and entered into only with commercial banks having
the qualifications described in clause (b) above; (d) commercial paper issued by any Person incorporated under the laws of the United States of America or any State thereof and rated at least A-2 or the equivalent thereof by S&P or at
least P-2 or the equivalent thereof by Moody’s, in each case with maturities of not more than one year from the date acquired; and (e) investments in money market funds registered under the Investment Company Act of 1940, as amended, which
have net assets of at least $500,000,000 and at least 85% of whose assets consist of securities and other obligations of the type described in clauses (a) through (d) above. 

“Commitment” means, as to a Lender, such Lender’s obligation to make a Loan pursuant to Section 2.1., in an
amount up to, but not exceeding, the amount set forth for such Lender on Schedule I as such Lender’s “Commitment Amount”. 
 “Compliance Certificate” has the meaning given that term in Section 8.3. 
 “Continue”, “Continuation” and “Continued” each refers to the continuation of a LIBOR Loan from one Interest Period to another Interest Period pursuant
to Section 2.6. 
 “Construction-in-Process” means cash expenditures for land and improvements (including
indirect costs internally allocated and development costs) in accordance with GAAP on all Development Properties. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Controlled Property” means a Property which is an Eligible Property that is owned in fee simple (or leased under a
Ground Lease) by a Guarantor that is not a Wholly Owned Subsidiary and with respect to which the Borrower or such Guarantor has the right to take the following actions without the need to obtain the consent of any Person (other than the Requisite
Lenders if required pursuant to the Loan Documents): (A) to create Liens on such Property as security for Indebtedness of the Borrower or such Guarantor, as applicable and (B) to sell, convey, transfer or otherwise dispose of such
Property. 
 “Convert”, “Conversion” and “Converted” each refers to the
conversion of a Loan of one Type into a Loan of another Type pursuant to Section 2.7. 
 “Credit Event”
means any of the following: (a) the making of any Loan, (b) the Conversion of a Base Rate Loan into a LIBOR Loan and (c) the Continuation of a LIBOR Loan. 

  
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 “Credit Percentage” means, as to each Lender, the ratio, expressed as a
percentage, of (a) the unpaid principal amount of such Lender’s Loan to (b) the aggregate unpaid principal amount of all Loans. 
 “Credit Rating” means the rating assigned by a Rating Agency to the senior unsecured long term Indebtedness of a Person. 

“Daily LIBOR Rate” means, for any day, the rate per annum determined by the Administrative Agent by dividing
(a) the Published Rate by (b) a number equal to 1.00 minus the LIBOR Reserve Percentage. The Daily LIBOR Rate shall be adjusted with respect to any Base Rate Loan on and as of the effective date of any change in the LIBOR Reserve
Percentage. The Administrative Agent shall give prompt notice to the Borrower of the Daily LIBOR Rate as determined or adjusted in accordance herewith, which determination shall be conclusive absent manifest error. 

“Debtor Relief Laws” means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for
the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar Applicable Laws relating to the relief of debtors in the United States of America or other applicable jurisdictions from time to time in
effect. 
 “Default” means any of the events specified in Section 10.1., whether or not there has been
satisfied any requirement for the giving of notice, the lapse of time, or both. 
 “Defaulting Lender” means,
subject to Section 3.9.(d), any Lender that (a) has failed to (i) fund all or any portion of its Loan within 2 Business Days of the date such Loan was 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 reasonable determination (such reasonableness to be confirmed by the Administrative Agent) 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 furnished to the Administrative Agent and the Borrower on or prior to the date which is one Business Day before the request for such funding
is submitted by the Borrower in order to be effective to exclude such Lender from being a “Defaulting Lender” hereunder with respect to such requested funding) has not been satisfied, or (ii) pay to the Administrative Agent or any
other Lender any other amount required to be paid by it hereunder within 2 Business Days of the date when due, (b) has notified the Borrower or the Administrative Agent 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 reasonable determination
(such reasonableness to be confirmed by the Administrative Agent) that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement furnished
to the Administrative Agent and the Borrower on or prior to the date which is one Business Day before the request for such funding is submitted by the Borrower in order to be effective to exclude such Lender from being a “Defaulting
Lender” hereunder with respect to such requested funding) cannot be satisfied), or (c) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (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; 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 of America 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 

  
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with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under clauses (a) through (c) above shall be conclusive and binding absent manifest
error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 3.9.(d)) upon delivery of written notice of such determination to the Borrower and each Lender. 

“Derivatives Contract” means any and all rate swap transactions, basis swaps, credit derivative transactions, forward
rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions,
interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar
transactions or any combination of any of the foregoing (including any commitment on the part of a Loan Party to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement. Not in
limitation of the foregoing, the term “Derivatives Contract” includes any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement
published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement, including any such obligations or liabilities under any such master agreement. 

“Derivatives Support Document” means (i) any Credit Support Annex comprising part of (and as defined in) any
Specified Derivatives Contract, and (ii) any document or agreement pursuant to which cash, deposit accounts, securities accounts or similar financial asset collateral are pledged to or made available for set-off by, a Specified Derivatives
Provider, including any banker’s lien or similar right, securing or supporting Specified Derivatives Obligation. 

“Derivatives Termination Value” means, in respect of any one or more Derivatives Contracts, after taking into account
the effect of any legally enforceable netting agreement relating to such Derivatives Contracts, (a) for any date on or after the date such Derivatives Contracts have been closed out and termination value(s) determined in accordance therewith,
such termination value(s), and (b) for any date prior to the date referenced in clause (a) the amount(s) determined as the mark-to-market value(s) for such Derivatives Contracts, as determined based upon one or more mid-market or other
readily available quotations provided by any recognized dealer in such Derivatives Contracts (which may include the Administrative Agent or any Lender). 
 “Development Property” means a Property that otherwise qualifies as an Eligible Property except it is not yet a Retail Property, an Office Property or a Multifamily Property but is being
developed, or will have development commencing within 12 months of any date of determination, to become one. A Development Property will cease to constitute a Development Property upon the earlier to occur of (a) the date that is six months
past substantial completion of such Property and (b) achieving an Occupancy Rate of 85.0%. 
 “Documentation
Agent” has the meaning set forth in the introductory paragraph hereof and shall include each Documentation Agent’s successors and permitted assigns. 
 “Dollars” or “$” means the lawful currency of the United States of America. 
 “EBITDA” means, with respect to a Person for any period: (a) net income (or loss) of such Person for such period determined on a consolidated basis, in accordance with GAAP,
exclusive of the following (but only to the extent included in determination of such net income (loss)): (i) depreciation and amortization expense; (ii) Interest Expense; (iii) income tax expense; and (iv) extraordinary or
non-recurring gains and losses; plus (b) such Person’s Ownership Share of EBITDA (as determined in a 

  
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manner consistent with the foregoing clause (a)) of its Unconsolidated Affiliates. EBITDA will be adjusted to remove all impact of straight lining of rents required under GAAP and amortization of
intangibles pursuant to FASB ASC 805. 
 “Effective Date” means the later of (a) the Agreement Date and
(b) the date on which all of the conditions precedent set forth in Section 5.1. shall have been fulfilled or waived by all of the Lenders. 
 “Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and (d) any other Person (other than a natural person) approved by the
Administrative Agent (such approval not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include the Borrower, any of the Borrower’s Affiliates or Subsidiaries or any
Defaulting Lender. 
 “Eligible Property” means a Property which satisfies all of the following requirements:
(a) such Property is a Retail Property, an Office Property or a Multifamily Property; (b) neither such Property, nor any interest of the Borrower, any Subsidiary or any Unconsolidated Affiliate therein (and if such Property is owned by a
Subsidiary or Unconsolidated Affiliate, none of the Borrower’s direct or indirect ownership interests in such Subsidiary or Unconsolidated Affiliate) is subject to any Lien other than Permitted Liens (excluding Permitted Liens of the type
described in clauses (g) and (h) of the definition thereof) or subject to any Negative Pledge; (c) such Property is free of all structural defects or major architectural deficiencies, title defects, environmental conditions or other
adverse matters except for defects, deficiencies, conditions or other matters individually or collectively which are not material to the profitable operation of such Property; and (d) if (i) such Property is leased by the Borrower, a
Subsidiary or Unconsolidated Affiliate pursuant to a Ground Lease or other lease, (ii) the lessor’s interest in such Property is subject to a mortgage and (iii) such Ground Lease or lease is subordinate to such mortgage, then the
mortgagee shall have executed a customary non-disturbance agreement with respect to the rights of the Borrower, such Subsidiary or Unconsolidated Affiliate under the Ground Lease or other lease. 

“Environmental Laws” means any Applicable Law relating to environmental protection or the manufacture, storage,
remediation, disposal or clean-up of Hazardous Materials including, without limitation, the following: Clean Air Act, 42 U.S.C. § 7401 et seq.; Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; Solid Waste Disposal Act, as
amended by the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq.; Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et seq.; National Environmental Policy Act, 42 U.S.C. § 4321
et seq.; regulations of the Environmental Protection Agency, any applicable rule of common law and any judicial interpretation thereof relating primarily to the environment or Hazardous Materials, and, to the extent constituting Applicable Law, any
analogous or comparable state or local laws, regulations or ordinances that concern Hazardous Materials or protection of the environment. 
 “Equity Interest” means, with respect to any Person, any share of capital stock of (or other ownership or profit interests in) such Person, any warrant, option or other right for the
purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit interests in) such Person whether or not certificated, any security convertible into or exchangeable for any share of capital stock of (or
other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person of such shares (or such other interests), and any other ownership or profit interest in such Person (including,
without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or other interest is authorized or otherwise existing on any date of determination. 

“Equity Issuance” means any issuance or sale by a Person of any Equity Interest in such Person and shall in any event
include the issuance of any Equity Interest upon the conversion or exchange of any 

  
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security constituting Indebtedness that is convertible or exchangeable, or is being converted or exchanged, for Equity Interests. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as in effect from time to time. 

“ERISA Event” means, with respect to the ERISA Group, (a) any “reportable event” as defined in
Section 4043 of ERISA with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the withdrawal of a member of the ERISA Group from a Plan subject to Section 4063 of ERISA during a plan year in
which it was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) the incurrence by a member of the ERISA
Group of any liability with respect to the withdrawal or partial withdrawal from any Multiemployer Plan; (d) the incurrence by any member of the ERISA Group of any liability under Title IV of ERISA with respect to the termination of any
Plan or Multiemployer Plan; (e) the ERISA group receives notice of the institution of proceedings to terminate a Plan or Multiemployer Plan by the PBGC; (f) the failure by any member of the ERISA Group to make when due required
contributions to a Multiemployer Plan or Plan unless such failure is cured within 30 days or the filing pursuant to Section 412(c) of the Internal Revenue Code or Section 302(c) of ERISA of an application for a waiver of the minimum
funding standard; (g) any other event or condition that might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or Multiemployer Plan or
the imposition of liability under Section 4069 or 4212(c) of ERISA; (h) the receipt by any member of the ERISA Group of any notice or the receipt by any Multiemployer Plan from any member of the ERISA Group of any notice, concerning the
imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent (within the meaning of Section 4245 of ERISA), in reorganization (within the meaning of Section 4241 of ERISA), or in
“critical” status (within the meaning of Section 432 of the Internal Revenue Code or Section 305 of ERISA); (i) the ERISA Group receives notice of the imposition of any liability under Title IV of ERISA, other than for
PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any member of the ERISA Group or the imposition of any Lien in favor of the PBGC under Title IV of ERISA; or (j) the ERISA Group receives notice of a determination that
a Plan is, or is reasonably expected to be, in “at risk” status (within the meaning of Section 430 of the Internal Revenue Code or Section 303 of ERISA). 
 “ERISA Group” means the Borrower, any Subsidiary and all members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under common control
which, together with the Borrower or any Subsidiary, are treated as a single employer under Section 414 of the Internal Revenue Code. 
 “Event of Default” means any of the events specified in Section 10.1., provided that any requirement for notice or lapse of time or any other condition has been satisfied.

 “Excluded Subsidiary” means any Subsidiary (a) holding title to assets that are or are to become
collateral for any Secured Indebtedness of such Subsidiary and (b) that is prohibited from Guarantying the Indebtedness of any other Person pursuant to (i) any document, instrument, or agreement evidencing such Secured Indebtedness or
(ii) a provision of such Subsidiary’s organizational documents which provision was included in such Subsidiary’s organizational documents as a condition to the extension of such Secured Indebtedness. 

“Executive Order No. 13224” means the Executive Order No. 13224 on Terrorist Financing, effective
September 24, 2001, as the same has been, or shall hereafter be, renewed, extended, amended or replaced. 

  
 - 8 -

 “Existing Credit Agreement” means that certain Credit Agreement dated as of
July 7, 2011, by and among Borrower, each of the financial institutions initially a signatory thereto together with their successors and permitted assignees pursuant to section 12.6. thereof, Wells Fargo Bank, National Association, as
administrative agent, and each of the other parties thereto, as amended, restated, supplemented, or otherwise modified from time to time. 
 “Fair Market Value” means, with respect to (a) a security listed on a national securities exchange or the NASDAQ National Market, the price of such security as reported on such
exchange or market by any widely recognized reporting method customarily relied upon by financial institutions and (b) any other property, the price which could be negotiated in an arm’s-length free market transaction, for cash, between a
willing seller and a willing buyer, neither of which is under pressure or compulsion to complete the transaction. Except as otherwise provided herein, Fair Market Value shall be determined by the Board of Trustees of the Borrower (or an authorized
committee thereof) acting in good faith conclusively evidenced by a board resolution or written consent thereof delivered to the Administrative Agent or, with respect to any asset valued at no more than $1,000,000, such determination may be made by
the chief financial officer of the Borrower evidenced by an officer’s certificate delivered to the Administrative Agent. 

“FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board. 

“Federal Funds Open Rate” means, for any day, the rate per annum (based on a year of 360 days and actual days elapsed)
which is the daily federal funds open rate as quoted by ICAP North America, Inc. (or any successor) as set forth on the Bloomberg Screen BTMM for that day opposite the caption “OPEN” (or on such other substitute Bloomberg Screen that
displays such rate), or as set forth on such other recognized electronic source used for the purpose of displaying such rate as selected by the Administrative Agent (for purposes of this definition, an “Alternate Source”) (or if
such rate for such day does not appear on the Bloomberg Screen BTMM (or any substitute screen) or on any Alternate Source, or if there shall at any time, for any reason, no longer exist a Bloomberg Screen BTMM (or any substitute screen) or any
Alternate Source, a comparable replacement rate determined by the Administrative Agent at such time (which determination shall be conclusive absent manifest error); provided however, that if such day is not a Business Day, the Federal Funds Open
Rate for such day shall be the “open” rate on the immediately preceding Business Day. The rate of interest charged shall be adjusted as of each Business Day based on changes in the Federal Funds Open Rate without notice to the Borrower.

 “Fee Letter” means that certain fee letter dated as of October 24, 2011, by and among the Borrower, PNC
Bank, the Syndication Agent and the Arrangers. 
 “Fees” means the fees and commissions provided for or
referred to in Section 3.5. and any other fees payable by the Borrower hereunder, under any other Loan Document or under the Fee Letter. 
 “Fixed Charges” means, for any period, the sum of (a) Interest Expense of the Borrower and its Subsidiaries determined on a consolidated basis and of Unconsolidated Affiliates for
such period, (b) all regularly scheduled principal payments made with respect to Indebtedness of the Borrower, its Subsidiaries and its Unconsolidated Affiliates during such period, other than any balloon, bullet or similar principal payment
which repays such Indebtedness in full, and (c) all Preferred Dividends paid by the Borrower, its Subsidiaries and Unconsolidated Affiliates during such period (other than such payments to the Borrower and any Guarantor (including any payments
ultimately made to a Guarantor which may pass through a Subsidiary which is not a Guarantor so long as such amounts are subsequently passed to a 

  
 - 9 -

 
Guarantor promptly after such initial distribution); provided, however that only the Borrower’s Ownership Share of the amounts (other than inter-company amounts) set forth in
clauses (a) through (c) above with respect to Unconsolidated Affiliates of the Borrower shall be included in determinations of Fixed Charges. 
 “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. For purposes of this definition,
the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 
 “Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of
credit in the ordinary course of its business. 
 “Funds From Operations” means, with respect to a Person and
for a given period, (a) net income (loss) of such Person, excluding gains (or losses) from debt restructuring and sales of property, plus (b) depreciation with respect to such Person’s real estate assets and amortization (other than
amortization of deferred financing costs), and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnership and joint ventures will be calculated to reflect funds from operations on the same basis.
For purposes of this Agreement, Funds From Operations shall be calculated consistent with the White Paper on Funds from Operations dated April 2002 issued by National Association of Real Estate Investment Trusts, Inc., but without giving effect to
any supplements, amendments or other modifications promulgated after the Agreement Date. 
 “GAAP” means
generally accepted accounting principles in the United States of America set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board (including Statement of Financial Accounting Standards No. 168, “The FASB Accounting Standards Codification”) or in such other statements by such other entity as may be approved by a
significant segment of the accounting profession in the United States of America, which are applicable to the circumstances as of the date of determination. 
 “Governmental Approvals” means all authorizations, consents, approvals, licenses and exemptions of, registrations and filings with, and reports to, all Governmental Authorities.

 “Governmental Authority” means any national, state or local government (whether domestic or foreign), any
political subdivision thereof or any other governmental, quasi-governmental, judicial, administrative, 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 any group or body charged
with setting financial, accounting, or regulatory capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements, or the Basel Committee on Banking Supervision or similar
authority to any of the foregoing). 
 “Ground Lease” means a ground lease or master lease containing the
following terms and conditions: (a) a remaining term (exclusive of any unexercised extension options) of thirty (30) years or more from the Agreement Date; (b) the right of the lessee to mortgage and encumber its interest in the
leased property without the consent of the lessor; (c) the obligation of the lessor to give the holder of any mortgage Lien on such leased property written notice of any defaults on the part of the lessee and agreement of such lessor that such
lease will not be terminated until such holder has had a reasonable 

  
 - 10 -

 
opportunity to cure or complete foreclosures, and fails to do so; (d) reasonable transferability of the lessee’s interest under such lease, including ability to sublease; and
(e) such other rights customarily required by mortgagees making a loan secured by the interest of the holder of the leasehold estate demised pursuant to a ground lease or master lease. 

“Guarantor” means, individually and collectively, as the context shall require: (i) all Material Subsidiaries
(other than Excluded Subsidiaries and Subsidiaries owning Non-Controlled Properties), and (ii) any Subsidiary that elects to become a Guarantor. 
 “Guaranty”, “Guaranteed”, “Guarantying” or to “Guarantee” as applied to any obligation means and includes: (a) a guaranty (other
than by endorsement of negotiable instruments for collection or deposit in the ordinary course of business), directly or indirectly, in any manner, of any part or all of such obligation, or (b) an agreement, direct or indirect, contingent or
otherwise, and whether or not constituting a guaranty, the practical effect of which is to assure the payment or performance (or payment of damages in the event of nonperformance) of any part or all of such obligation whether by: (i) the
purchase of securities or obligations, (ii) the purchase, sale or lease (as lessee or lessor) of property or the purchase or sale of services primarily for the purpose of enabling the obligor with respect to such obligation to make any payment
or performance (or payment of damages in the event of nonperformance) of or on account of any part or all of such obligation, or to assure the owner of such obligation against loss, (iii) the supplying of funds to or in any other manner
investing in the obligor with respect to such obligation, (iv) repayment of amounts drawn down by beneficiaries of letters of credit, or (v) the supplying of funds to or investing in a Person on account of all or any part of such
Person’s obligation under a Guaranty of any obligation or indemnifying or holding harmless, in any way, such Person against any part or all of such obligation. As the context requires, “Guaranty” shall also mean the guaranty executed
and delivered pursuant to Section 5.1. or 7.14. and substantially in the form of Exhibit B. 
 “Hazardous
Materials” means all or any of the following: (a) substances that are defined or listed in, or otherwise classified pursuant to, any applicable Environmental Laws as “hazardous substances”, “hazardous materials”,
“hazardous wastes”, “toxic substances” or any other formulation intended to define, list or classify substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive
toxicity, “TCLP” toxicity, or “EP toxicity”; (b) oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated with the
exploration, development or production of crude oil, natural gas or geothermal resources; (c) any flammable substances or explosives or any radioactive materials; (d) asbestos in any form; (e) toxic mold; and (f) electrical
equipment which contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in excess of fifty parts per million. 
 “Indebtedness” means, with respect to a Person, at the time of computation thereof, all of the following (without duplication): (a) all obligations of such Person in respect of money
borrowed; (b) all obligations of such Person (other than trade debt incurred in the ordinary course of business), whether or not for money borrowed (i) represented by notes payable, or drafts accepted, in each case representing extensions
of credit, (ii) evidenced by bonds, debentures, notes or similar instruments, or (iii) constituting purchase money indebtedness, conditional sales contracts, title retention debt instruments or other similar instruments, upon which
interest charges are customarily paid or that are issued or assumed as full or partial payment for property or services rendered; (c) accounts payable and dividends payable; (d) Capitalized Lease Obligations of such Person (including
ground leases to the extent required under GAAP to be reported as a liability) and any sale leaseback transactions or other transaction by which such Person shall remain liable as lessee (or the economic equivalent thereof) of any real or personal
property that it has sold or leased to another Person; (e) all reimbursement obligations of such Person under any letters of credit or acceptances (whether or not the same have been presented for payment); (f) all
Off-

  
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Balance Sheet Obligations of such Person; (g) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Mandatorily Redeemable Stock
issued by such Person or any other Person, valued at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; (h) all obligations of such Person in respect of any purchase obligation, repurchase
obligation, takeout commitment or forward equity commitment, in each case evidenced by a binding agreement (excluding any such obligation to the extent the obligation can be satisfied by the issuance of Equity Interests (other than Mandatorily
Redeemable Stock)); (i) net obligations under any Derivatives Contract not entered into as a hedge against existing Indebtedness (which shall be deemed to have an amount equal to the Derivatives Termination Value thereof at such time but in no
event shall be less than zero); (j) all Indebtedness of other Persons which such Person has guaranteed or is otherwise recourse to such Person (except for guaranties of customary exceptions for fraud, misapplication of funds, environmental
indemnities and other similar exceptions to recourse liability (but not exceptions relating to bankruptcy, insolvency, receivership or other similar events)); (k) all Indebtedness of another Person secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property or assets owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness or other payment
obligation; and (l) such Person’s Ownership Share of the Indebtedness of any Unconsolidated Affiliate of such Person. By way of example only and not in limitation of the preceding sentence, Indebtedness of any Person shall include
Indebtedness of any partnership or joint venture in which such Person is a general partner or joint venturer to the extent of such Person’s Ownership Share of such partnership or joint venture (except if such Indebtedness, or any portion
thereof, is recourse to such Person, in which case the greater of such Person’s Ownership Share of such Indebtedness or the amount of the recourse portion of the Indebtedness, shall be included as Indebtedness of such Person). All Loans shall
constitute Indebtedness of the Borrower. 
 “Intellectual Property” has the meaning given that term in
Section 6.1.(s). 
 “Interest Expense” means, for any period, without duplication, (a) total interest
expense of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP for such period, including capitalized interest not funded under a construction loan on a consolidated basis, plus (b) the Borrower’s
Ownership Share of total interest expense of Unconsolidated Affiliates determined in accordance with GAAP for such period, including capitalized interest not funded under a construction loan. 

“Interest Period” means, with respect to each LIBOR Loan, each period commencing on the date such LIBOR Loan is made, or
in the case of the Continuation of a LIBOR Loan, the last day of the preceding Interest Period for such Loan, and ending on the numerically corresponding day in the first, third or sixth calendar month thereafter, or such shorter period acceptable
to the Lenders, as the Borrower may select in a Notice of Borrowing, Notice of Continuation or Notice of Conversion, as the case may be, except that each Interest Period that commences on the last Business Day of a calendar month (or on any day for
which there is no numerically corresponding day in the appropriate subsequent calendar month) shall end on the last Business Day of the appropriate subsequent calendar month, except in the case of an Interest Period that has a duration of less than
one month. 
 Notwithstanding the foregoing: (i) if any Interest Period would otherwise end after the Maturity Date, such Interest Period
shall end on the Maturity Date; and (ii) each Interest Period that would otherwise end on a day which is not a Business Day shall end on the immediately following Business Day (or, if such immediately following Business Day falls in the next
calendar month, on the immediately preceding Business Day). 
 “Internal Revenue Code” means the Internal
Revenue Code of 1986, as amended. 

  
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 “Investment” means, (x) with respect to any Person, any acquisition or
investment (whether or not of a controlling interest) by such Person, by means of any of the following: (a) the purchase or other acquisition of any Equity Interest in another Person, (b) a loan, advance or extension of credit to, capital
contribution to, Guaranty of Indebtedness of, or purchase or other acquisition of any Indebtedness of, another Person, including any partnership or joint venture interest in such other Person, or (c) the purchase or other acquisition (in one
transaction or a series of transactions) of assets of another Person that constitute the business or a division or operating unit of another Person and (y) with respect to any Property or other asset, the acquisition thereof. Any binding
commitment to make an Investment in any other Person, as well as any option of another Person to require an Investment in such Person, shall constitute an Investment. Except as expressly provided otherwise, for purposes of determining compliance
with any covenant contained in a Loan Document, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment. 

“Investment Grade Rating” means a Credit Rating of BBB-/Baa3 (or the equivalent) or higher from a Rating Agency.

 “Lender” means each financial institution from time to time party hereto as a “Lender”, together
with its respective successors and permitted assigns; provided, however, that the term “Lender” except as otherwise expressly provided herein, shall exclude any Lender (or its Affiliates) in its capacity as a Specified Derivatives
Provider. 
 “Lending Office” means, for each Lender and for each Type of Loan, the office of such Lender
specified in such Lender’s Administrative Questionnaire or in the applicable Assignment and Assumption, or such other office of such Lender as such Lender may notify the Administrative Agent in writing from time to time. 

“Level” has the meaning given that term in the definition of the term “Applicable Margin.” 

“LIBOR” means, for the Interest Period for any LIBOR Loan, the interest rate per annum determined by the Administrative
Agent by dividing (the resulting quotient rounded upwards, if necessary, to the nearest 1/100th of 1% per annum) (a) the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg page that displays rates at
which US dollar deposits are offered by leading banks in the London interbank deposit market), or the rate which is quoted by another source selected by the Administrative Agent which has been approved by the British Bankers’ Association as an
authorized information vendor for the purpose of displaying rates at which US dollar deposits are offered by leading banks in the London interbank deposit market (for purposes of this definition, an “Alternate Source”), at
approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period as the London interbank offered rate for Dollars for an amount comparable to such LIBOR Loan and having a borrowing date and a
maturity comparable to such Interest Period (or if there shall at any time, for any reason, no longer exist a Bloomberg Page BBAM1 (or any substitute page) or any Alternate Source, a comparable replacement rate determined by the Administrative Agent
at such time (which determination shall be conclusive absent manifest error)), by (b) a number equal to 1.00 minus the LIBOR Reserve Percentage. 
 LIBOR may also be expressed by the following formula: 
  

					
		  		  	London interbank offered rates quoted by Bloomberg
	 LIBOR
	  	=	  	or appropriate successor as shown on Bloomberg Page BBAM1
		  		  	1.00 - LIBOR Reserve Percentage

  
 - 13 -

 LIBOR shall be adjusted with respect to any LIBOR Loan that is outstanding on the effective date of any
change in the LIBOR Reserve Percentage as of such effective date. The Administrative Agent shall give prompt notice to the Borrower of LIBOR as determined or adjusted in accordance herewith, which determination shall be conclusive absent manifest
error. 
 “LIBOR Loan” means a Loan (or any portion thereof) bearing interest at a rate based on LIBOR.

 “LIBOR Reserve Percentage” means, as of any day the maximum percentage in effect on such day as prescribed
by the Board of Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including, without limitation, supplemental, marginal and emergency reserve requirements) with respect to eurocurrency funding
(currently referred to as “Eurocurrency Liabilities”). 
 “Lien” as applied to the property of
any Person means: (a) any security interest, encumbrance, mortgage, deed to secure debt, deed of trust, assignment of leases and rents, pledge, lien, hypothecation, assignment, charge or lease constituting a Capitalized Lease Obligation,
conditional sale or other title retention agreement, or other security title or encumbrance of any kind in respect of any property of such Person, or upon the income, rents or profits therefrom; (b) any arrangement, express or implied, under
which any property of such Person is transferred, sequestered or otherwise identified for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to the payment of the general, unsecured
creditors of such Person; and (c) the filing of any financing statement under the UCC or its equivalent in any jurisdiction, other than any precautionary filing not otherwise constituting or giving rise to a Lien, including a financing
statement filed (i) in respect of a lease not constituting a Capitalized Lease Obligation pursuant to Section 9-505 (or a successor provision) of the Uniform Commercial Code or its equivalent as in effect in an applicable jurisdiction or
(ii) in connection with a sale or other disposition of accounts or other assets not prohibited by this Agreement in a transaction not otherwise constituting or giving rise to a Lien. 

“Loan” means a loan made by a Lender to the Borrower pursuant to Section 2.1. or Section 2.9. 

“Loan Document” means this Agreement, each Note, the Guaranty, and each other document or instrument now or hereafter
executed and delivered by a Loan Party in connection with, pursuant to or relating to this Agreement (other than the Fee Letter and any Specified Derivatives Contract). 
 “Loan Party” means each of the Borrower and each other Person who guarantees all or a portion of the Obligations. Schedule 1.1.(a) sets forth the Loan Parties in addition to the
Borrower as of the Agreement Date. 
 “Major Default” means a Default resulting from the occurrence of any of
the events described in Section 10.1.(a), Section 10.1.(e) or Section 10.1.(f). 
 “Mandatorily
Redeemable Stock” means, with respect to a Person, any Equity Interest of such Person which by the terms of such Equity Interest (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable),
upon the happening of any event or otherwise (a) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than an Equity Interest to the extent redeemable in exchange for common stock or other equivalent
common Equity Interests), (b) is convertible into or exchangeable or exercisable for Indebtedness or Mandatorily Redeemable Stock, or (c) is redeemable at the option of the holder thereof, in whole or in part (other than an Equity Interest
which is redeemable solely in exchange for common stock or other equivalent common Equity Interests); in each case, on or prior to the Maturity Date. For purposes of this definition, Equity 

  
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Interests in any of the following Subsidiaries which the Borrower is obligated to acquire pursuant to currently existing agreements (as in effect on the date hereof) with the holders of such
Equity Interest shall not be considered to be Mandatorily Redeemable Stock: Congressional Plaza Associates, LLC, NVI-Avenue, LLC, Street Retail West 7, L.P., FR Pike 7 Limited Partnership, Federal Realty Partners L.P. and FR Leesburg Plaza, LP.

 “Material Adverse Effect” means a materially adverse effect on (a) the business, assets, liabilities,
financial condition or results of operations of the Borrower and its Subsidiaries taken as a whole, (b) the ability of the Borrower or any other Loan Party to perform its obligations under any Loan Document to which it is a party, (c) the
validity or enforceability of any of the Loan Documents, (d) the rights and remedies of the Lenders and the Administrative Agent under any of the Loan Documents or (e) the timely payment of the principal of or interest on the Loans or
other amounts payable in connection therewith. 
 “Material Contract” means any contract or other arrangement
(other than Loan Documents, the Fee Letter and Specified Derivatives Contracts), whether written or oral, to which the Borrower, any Subsidiary or any other Loan Party is a party as to which the breach, nonperformance, cancellation or failure to
renew (if renewable by its terms) by any party thereto could reasonably be expected to have a Material Adverse Effect. 

“Material Indebtedness” has the meaning given that term in Section 10.1.(d). 

“Material Subsidiary” means any Subsidiary to which more than 2% of Adjusted Total Asset Value is attributable on an
individual basis. 
 “Maturity Date” means November 21, 2018. 

“Mixed-Use Project” means any mixed-use project that includes or will include a Retail Property and will also include a
Multifamily Property and/or an Office Property. 
 “Moody’s” means Moody’s Investors Service, Inc.
and its successors. 
 “Mortgage” means a mortgage, deed of trust, deed to secure debt or similar security
instrument made by a Person owning an interest in real estate granting a Lien on such interest in real estate as security for the payment of Indebtedness. 
 “Mortgage Receivable” means a promissory note or similarly structured investment secured by a Mortgage of which the Borrower, its Subsidiaries or its Unconsolidated Affiliates is the
holder and retains the rights of collection of all payments thereunder including, without limitation, mezzanine debt and preferred equity investments secured by individual or portfolio properties. 

“Multiemployer Plan” means at any time a multiemployer plan within the meaning of Section 4001(a)(3) of ERISA to
which any member of the ERISA Group is then making or accruing an obligation to make contributions or has within the preceding six plan years made contributions, including for these purposes any Person which ceased to be a member of the ERISA Group
during such six-year period. 
 “Multifamily Property” means a Property improved with, and from which at least
80% of the rental income is derived from, residential apartments, which may include a Property that is a part of a Mixed-Use Project. 

  
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 “Negative Pledge” means, with respect to a given asset, any provision of a
document, instrument or agreement (other than any Loan Document) which prohibits or purports to prohibit 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. 
 “Net
Operating Income” means, for any Property and for a given period, the sum of the following (without duplication and determined on a consistent basis with prior periods): (a) rents and other revenues received in the ordinary course from
such Property (including proceeds of rent loss insurance but excluding pre-paid rents and revenues and security deposits except to the extent applied in satisfaction of tenants’ obligations for rent) minus (b) all expenses paid
(excluding interest but including an appropriate accrual for taxes and insurance) related to the ownership, operation or maintenance of such Property, including but not limited to taxes, assessments and the like, insurance, utilities, payroll costs,
maintenance, repair and landscaping expenses, marketing expenses, and general and administrative expenses (including an appropriate allocation for legal, accounting, advertising, marketing and other expenses incurred in connection with such
Property, but specifically excluding general overhead expenses of the Borrower, its Subsidiaries or, to the extent applicable its Unconsolidated Affiliates and any property management fees) minus (c) the Capital Reserves for such
Property as of the end of such period minus (d) the greater of (i) the actual property management fee paid during such period with respect to such Property and (ii) an imputed management fee in the amount equal to 3.0% of the
gross revenues for such Property for such period. 
 “Net Proceeds” means with respect to any Equity Issuance
by a Person, the aggregate amount of all cash and the Fair Market Value of all other property (other than securities of such Person being converted or exchanged in connection with such Equity Issuance) received by such Person in respect of such
Equity Issuance net of investment banking fees, legal fees, accountants’ fees, underwriting discounts and commissions and other customary fees and expenses actually incurred by such Person in connection with such Equity Issuance. 

“Non-Controlled Property” means an Eligible Property owned in fee simple (or leased under a Ground Lease) by (a) an
Unconsolidated Affiliate or (b) a Subsidiary that is not a Wholly Owned Subsidiary but which Property does not otherwise qualify as a Controlled Property. 
 “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time. 
 “Note” has the meaning given that term in Section 2.8. 

“Notice of Borrowing” means a notice substantially in the form of Exhibit C (or such other form reasonably
acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.1.(b) evidencing the Borrower’s request for the borrowing of the Loans.

 “Notice of Continuation” means a notice substantially in the form of Exhibit D (or such other form
reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.6. evidencing the Borrower’s request for the Continuation of a
LIBOR Loan. 

  
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 “Notice of Conversion” means a notice substantially in the form of
Exhibit E (or such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.7. evidencing the Borrower’s
request for the Conversion of a Loan from one Type to another Type. 
 “Obligations” means, individually and
collectively: (a) the aggregate principal balance of, and all accrued and unpaid interest on, all Loans and (b) all other indebtedness, liabilities, obligations, covenants and duties of the Borrower and the other Loan Parties owing to the
Administrative Agent or any Lender of every kind, nature and description, under or in respect of this Agreement or any of the other Loan Documents, including, without limitation, the Fees and indemnification obligations, whether direct or indirect,
absolute or contingent, due or not due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any promissory note. For the avoidance of doubt, “Obligations” shall not include Specified Derivatives
Obligations. 
 “Occupancy Rate” means, with respect to a Property at any time, the ratio, expressed as
a percentage, of (a) the net rentable square footage of such Property for which the Borrower, a Subsidiary or, to the extent applicable, an Unconsolidated Affiliate, is collecting rent, or for which a lease has been signed but the term has not
yet commenced, to (b) the total square footage of such Property available for lease; provided, that, in the case of a Multifamily Property, “Occupancy Rate” means the ratio, expressed as a percentage, of
(a) the net rentable units of such Multifamily Property for which the Borrower, a Subsidiary or, to the extent applicable, an Unconsolidated Affiliate is collecting rent, or for which a lease has been signed but the term has not yet commenced,
to (b) the total units of such Multifamily Property available for lease. 
 “OFAC” means the U.S.
Department of the Treasury’s Office of Foreign Assets Control. 
 “Office Property” means a Property
improved with a building or buildings the substantial use of which is office space, which may include a Property that is part of a Mixed-Use Project. 
 “Off-Balance Sheet Obligations” means liabilities and obligations of the Borrower, any Subsidiary or any other Person in respect of “off-balance sheet arrangements” (as defined
in Item 303(a)(4)(ii) of Regulation S-K promulgated under the Securities Act) which the Borrower would be required to disclose in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section
of the Borrower’s report on Form 10-Q or Form 10-K (or their equivalents) which the Borrower is required to file with the Securities and Exchange Commission (or any Governmental Authority substituted therefor). 

“Ownership Share” means, with respect to any Subsidiary of a Person (other than a Wholly Owned Subsidiary) or any
Unconsolidated Affiliate of a Person, the greater of (a) such Person’s relative nominal direct and indirect ownership interest (expressed as a percentage) in such Subsidiary or Unconsolidated Affiliate and (b) subject to compliance
with Section 8.4.(p), such Person’s relative direct and indirect economic interest (calculated as a percentage) in such Subsidiary or Unconsolidated Affiliate determined in accordance with the applicable provisions of the declaration of
trust, articles or certificate of incorporation, articles of organization, partnership agreement, joint venture agreement or other applicable organizational document of such Subsidiary or Unconsolidated Affiliate. 

“Participant” has the meaning given that term in Section 12.6.(d). 

“PBGC” means the Pension Benefit Guaranty Corporation and any successor agency. 

  
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 “Permitted Liens” means, with respect to any asset or property of a Person,
(a) (i) Liens securing taxes, assessments and other charges or levies imposed by any Governmental Authority (excluding any Lien imposed pursuant to any of the provisions of ERISA or pursuant to any Environmental Laws) or (ii) the claims of
materialmen, mechanics, carriers, warehousemen or landlords for labor, materials, supplies or rentals incurred in the ordinary course of business, which, in each case, are not at the time required to be paid or discharged under Section 7.6.;
(b) Liens consisting of deposits or pledges made, in the ordinary course of business, in connection with, or to secure payment of, obligations under workmen’s compensation, unemployment insurance or similar Applicable Laws; (c) Liens
consisting of encumbrances in the nature of zoning restrictions, easements, and rights or restrictions of record on the use of real property, which do not materially detract from the value of such property or materially impair the use thereof in the
business of such Person; (d) the rights of tenants under leases or subleases not interfering with the ordinary conduct of business of such Person; (e) Liens in favor of the Administrative Agent for its benefit and the benefit of the
Lenders and each Specified Derivatives Provider; (f) Liens in favor of the Borrower or a Guarantor securing obligations owing by a Subsidiary to the Borrower or a Guarantor, which obligations have been subordinated to the obligations owing by
the Borrower and the Guarantors under the Loan Documents on terms satisfactory to the Administrative Agent; (g) Liens in existence as of the Agreement Date and set forth on Part II of Schedule 6.1.(f); and (h) Liens securing Indebtedness
permitted by the Loan Documents. 
 “Person” means any natural person, corporation, limited partnership,
general partnership, joint stock company, limited liability company, limited liability partnership, joint venture, association, company, trust, bank, trust company, land trust, business trust or other organization, whether or not a legal entity, or
any other nongovernmental entity, or any Governmental Authority. 
 “Plan” means at any time an employee
pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Internal Revenue Code and either (a) is maintained, or contributed to, by any
member of the ERISA Group for employees of any member of the ERISA Group or (b) has at any time within the preceding six years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of
any Person which was at such time a member of the ERISA Group. 
 “PNC Bank” means PNC Bank, National
Association, and its successors and permitted assigns. 
 “Post-Default Rate” means, in respect of any
principal of any Loan or any other Obligation that is not paid when due (whether at stated maturity, by acceleration, by optional or mandatory prepayment or otherwise), a rate per annum equal to the Base Rate as in effect from time to time
plus the Applicable Margin for Base Rate Loans plus four percent (4.0%). 
 “Preferred Dividends”
means, for any period and without duplication, all Restricted Payments paid during such period on Preferred Equity issued by the Borrower, a Subsidiary or an Unconsolidated Affiliate. Preferred Dividends shall not include dividends or distributions
(a) paid or payable solely in Equity Interests (other than Mandatorily Redeemable Stock) payable to holders of such class of Equity Interests; (b) paid or payable to the Borrower or a Subsidiary; or (c) constituting balloon,
bullet or similar redemptions resulting in the redemption of Preferred Equity in full. 
 “Preferred Equity”
means, with respect to any Person, Equity Interests in such Person which are entitled to preference or priority over any other Equity Interest in such Person in respect of the payment of dividends or distribution of assets upon liquidation or both.

 “Principal Office” means the main banking office of the Administrative Agent located in Pittsburgh,
Pennsylvania, or such other office designated by the Administrative Agent. 

  
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 “Property” means any parcel of real property owned or leased (in whole or
in part) or operated by the Borrower, any Subsidiary or any Unconsolidated Affiliate of the Borrower and which is located in a state of the United States of America or the District of Columbia. 

“Published Rate” means the rate of interest published each Business Day in The Wall Street Journal “Money
Rates” listing under the caption “London Interbank Offered Rates” for a one-month period (or, if no such rate is published therein for any reason, then the “Published Rate” shall be the eurodollar rate for a one month period
as published for such Business Day in another publication determined by the Administrative Agent.) 
 “Qualified
Plan” means a Benefit Arrangement that is intended to be tax-qualified under Section 401(a) of the Internal Revenue Code. 
 “Rating Agency” means S&P or Moody’s. 

“Register” has the meaning given that term in Section 12.6.(c). 

“Regulatory Change” means, with respect to any Lender, any change effective after the Agreement Date in Applicable Law
(including without limitation, Regulation D of the Board of Governors of the Federal Reserve System) or the adoption or making after such date of any interpretation, directive or request applying to a class of banks, including such Lender, of or
under any Applicable Law (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) by any Governmental Authority or monetary authority charged with the interpretation, implementation or administration
thereof or compliance by any Lender with any request or directive regarding capital adequacy. Notwithstanding anything herein to the contrary, (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,
regulations, guidelines, interpretations or directives thereunder or issued in connection therewith (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) and (b) all requests, rules,
regulations, guidelines, interpretations 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
(whether or not having the force of law and whether or not failure to comply therewith would be unlawful), in each case pursuant to Basel III, shall in each case be deemed to be a “Regulatory Change”, regardless of the date enacted,
adopted, promulgated, implemented or issued. 
 “REIT” means a Person qualifying for treatment as a “real
estate investment trust” under the Internal Revenue Code. 
 “Related Parties” means, with respect to any
Person, such Person’s Affiliates and the partners, directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates. 
 “Requisite Lenders” means, as of any date, (a) Lenders having at least 66-2/3% of the aggregate amount of the Commitments or (b) if the Commitments have been terminated or
reduced to zero, Lenders holding at least 66-2/3% of the principal amount of the aggregate outstanding Loans; provided that (i) in determining such percentage at any given time, all then existing Defaulting Lenders will be disregarded and
excluded, and (ii) if there are fewer than 3 Lenders, the term “Requisite Lenders” shall mean all Lenders that are not as of such date a Defaulting Lender. 
 “Responsible Officer” means with respect to the Borrower or any Subsidiary, the chief executive officer, the chief financial officer, the treasurer or the chief operating officer of the
Borrower or such 

  
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Subsidiary and, solely in the case of the Borrower, the vice president-chief accounting officer of the Borrower. 
 “Restricted Payment” means (a) any dividend or other distribution, direct or indirect, on account of any Equity Interest of the Borrower or any of its Subsidiaries now or hereafter
outstanding, except a dividend payable solely in shares of that class of Equity Interests to the holders of that class; (b) any redemption, conversion, exchange, retirement, sinking fund or similar payment, purchase or other acquisition for
value, direct or indirect, of any shares of any Equity Interest of the Borrower or any of its Subsidiaries now or hereafter outstanding; and (c) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or
other rights to acquire any Equity Interests of the Borrower or any of its Subsidiaries now or hereafter outstanding. 

“Retail Property” means each Property listed on Part I of Schedule 6.1.(f) hereto as a Retail Property and any other
Property, a substantial use of which is the retail sale of goods and services, which may include a Property that is part of a Mixed-Use Project. 
 “S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc. and its successors. 

“Secured Indebtedness” means, with respect to any Person, (a) all Indebtedness of such Person that is secured in
any manner by any Lien on any property plus (b) such Person’s Ownership Share of the Secured Indebtedness of any of such Person’s Unconsolidated Affiliates. 

“Securities Act” means the Securities Act of 1933, as amended from time to time, together with all rules and regulations
issued thereunder. 
 “Securities Exchange Act” means the Securities Exchange Act of 1934, as amended from time
to time, together with all rules and regulations issued thereunder. 
 “Significant Subsidiary” means any
Subsidiary to which more than $50,000,000 of Total Asset Value is attributable on an individual basis. 

“Solvent” means, when used with respect to any Person, that (a) the fair value and the fair salable value of its
assets (excluding any Indebtedness due from any Affiliate of such Person) are each in excess of the fair valuation of its total liabilities (including all contingent liabilities computed at the amount which, in light of all facts and circumstances
existing at such time, represents the amount that could reasonably be expected to become an actual and matured liability); (b) such Person is able to pay its debts or other obligations in the ordinary course as they mature; and (c) such
Person has capital not unreasonably small to carry on its business and all business in which it proposes to be engaged. 

“Specified Derivatives Contract” means any Derivatives Contract, together with any Derivatives Support Document relating
thereto, that is made or entered into at any time, or in effect at any time now or hereafter, whether as a result of an assignment or transfer or otherwise, between the Borrower or any Subsidiary of the Borrower and any Specified Derivatives
Provider. 
 “Specified Derivatives Obligations” means all indebtedness, liabilities, obligations, covenants
and duties of the Borrower or its Subsidiaries under or in respect of any Specified Derivatives Contract, whether direct or indirect, absolute or contingent, due or not due, liquidated or unliquidated, and whether or not evidenced by any written
confirmation. 

  
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 “Specified Derivatives Provider” means any Lender, or any Affiliate of a
Lender that is a party to a Derivatives Contract at the time the Derivatives Contract is entered into. 
 “Specified
Non-Wholly Owned Subsidiary” means each of Congressional Plaza Associates, LLC, FRIT Escondido Promenade, LLC, NVI-Avenue, LLC, and Street Retail West 7, L.P. 
 “Stabilized Property” means a property that is not a Development Property. 
 “Subsidiary” means, for any Person, any corporation, partnership or other entity of which at least a majority of the securities or other ownership interests having by the terms thereof
ordinary voting power to elect a majority of the board of directors or other persons performing similar functions of such corporation, partnership or other entity (without regard to the occurrence of any contingency) is at the time directly or
indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person, and shall include all Persons the accounts of which are consolidated with those of such Person
pursuant to GAAP. 
 “Syndication Agent” has the meaning set forth in the introductory paragraph hereof and
shall include the Syndication Agent’s successors and permitted assigns. 
 “Tangible Net Worth” means, as
of a given date, the shareholders’ (including common and preferred shareholders) equity of the Borrower and Subsidiaries determined on a consolidated basis plus (a) accumulated depreciation and amortization minus the
following (to the extent reflected in determining such shareholders’ equity of the Borrower and its Subsidiaries): (b) the amount of any write-up in the book value of any assets contained in any balance sheet resulting from revaluation
thereof or any write-up in excess of the cost of such assets acquired, and (c) all amounts appearing on the assets side of any such balance sheet for assets which would be classified as intangible assets under GAAP, all determined on a
consolidated basis. 
 “Taxes” has the meaning given that term in Section 3.10. 

“Total Asset Value” means the sum of all of the following of the Borrower and its Subsidiaries on a consolidated basis
determined in accordance with GAAP applied on a consistent basis: (a) cash and cash equivalents, plus (b) with respect to each Stabilized Property owned by the Borrower or any Subsidiary, (i) EBITDA attributable to such
Property for the fiscal quarter most recently ended (adjusted for acquisitions and dispositions) times (ii) 4, divided by (iii) the Capitalization Rate; plus (c) the GAAP book value of Properties acquired during the most recent
quarter, plus (d) Construction-in-Process, plus (e) the GAAP book value of accounts receivables from tenants (limited to rent, common area maintenance fees, taxes, insurance and other reimbursable expenses collected in the
normal course of business net of bad debt expense and adjusted to exclude the impact of straight lining), plus (f) the GAAP book value of Unimproved Land, Mortgage Receivables and other promissory notes. The annualized EBITDA from each
Stabilized Property cannot be less than zero. Borrower’s Ownership Share of assets held by Unconsolidated Affiliates will be included in Total Asset Value calculations consistent with the above described treatment for wholly owned assets. For
purposes of determining Total Asset Value, EBITDA from Properties acquired or disposed of by the Borrower and its Subsidiaries during the period of determination shall be excluded from clause (b) above. 

“Total Budgeted Cost” means, at any time, the aggregate amount of all costs (net of third party contributions to, or
reimbursement of, costs) budgeted to be paid, incurred or otherwise expended or accrued by the Borrower, a Subsidiary or an Unconsolidated Affiliate with respect to such Property to complete development and achieve a stabilized Occupancy Rate as
reasonably determined by the Borrower in good faith, including without limitation, all amounts budgeted with respect to all of the 

  
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following: (a) acquisition of land and any related improvements; (b) a reserve for construction interest; (c) an operating deficit reserve; (d) tenant improvements;
(e) leasing costs and commissions, (f) infrastructure costs and (g) other hard and soft costs associated with the development or redevelopment of such Property. Total Budgeted Costs shall also include the fully budgeted costs of
Properties under development, acquired or to be acquired pursuant to purchase agreements or being developed by third parties under a loan that the Borrower, its Subsidiary or an Unconsolidated Affiliate has guaranteed or otherwise has liability for
the payment thereof. If a Property is owned by an Unconsolidated Affiliate the Total Budgeted Cost shall be equal to the product of (i) the Borrower’s Ownership Share in such Unconsolidated Affiliate and (ii) the Total Budgeted Cost
of such Property as calculated in accordance with this definition. 
 “Total Indebtedness” means (a) all
Indebtedness of the Borrower and its Subsidiaries determined on a consolidated basis plus (b) such Person’s Ownership Share of the Indebtedness of the Borrower’s Unconsolidated Affiliates. Notwithstanding the use of GAAP, the
calculation of Total Indebtedness shall not include any fair value adjustments to the carrying value of liabilities to record such liabilities at fair value pursuant to electing the fair value option election under FASB ASC 825-10-25 (formerly known
as FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities) or other FASB standards allowing entities to elect fair value option for financial liabilities. 

“Type” with respect to any Loan, refers to whether such Loan or portion thereof is a LIBOR Loan or a Base Rate Loan.

 “UCC” means the Uniform Commercial Code as in effect in any applicable jurisdiction. 

“Unconsolidated Affiliate” means, with respect to any Person, any other Person in whom such Person holds, either
directly or indirectly through any of such Person’s Subsidiaries, an Investment, which Investment is accounted for in the financial statements of such Person on an equity basis of accounting and whose financial results would not be consolidated
under GAAP with the financial results of such Person on the consolidated financial statements of such Person. 

“Unencumbered Adjusted NOI” means the aggregate Net Operating Income from each (i) Wholly Owned Property;
(ii) Controlled Property; and (iii) Non-Controlled Property (limited as set forth below) all of which are Stabilized Properties and have been owned for the entire period and as adjusted for any non-recurring items during the reporting
period. The Unencumbered Adjusted NOI for each Property cannot be less than zero. For purposes of this definition, Net Operating Income from Non Controlled Properties is limited to the following properties: Congressional Plaza, Congressional Plaza
Apartments, Escondido Promenade, Galaxy Building (Hollywood) and 7001 Hollywood Blvd (Peterson). 
 “Unencumbered Asset
Value” means (a) the annualized most recent reporting period Unencumbered Adjusted NOI divided by the Capitalization Rate, plus (b) the GAAP book value of all assets acquired during the most recent quarter which assets are not
subject to any Liens other than Permitted Liens (excluding Permitted Liens of the type described in clauses (g) and (h) of the definition thereof) or subject to any Negative Pledge, plus (c) the GAAP book value of Development Property
not subject to any Lien other than Permitted Liens (excluding Permitted Liens of the type described in clauses (g) and (h) of the definition thereof) or subject to any Negative Pledge. For purposes of this definition, to the extent that
more than 20% of Unencumbered Asset Value would be attributable to Controlled Properties, Non-Controlled Properties and Development Properties such excess shall be excluded. 
 “Unimproved Land” means land on which no development (other than paving or other improvements that are not material and are temporary in nature) has occurred and for which no development
is planned in the following 12 months. 

  
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 “Unsecured Indebtedness” means Total Indebtedness which is not Secured
Indebtedness. Indebtedness that is secured solely by Equity Interests and is recourse to the Borrower or its Subsidiaries shall be considered to be Unsecured Indebtedness. 
 “USA Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56, as the same has
been, or shall hereafter be, renewed, extended, amended or replaced. 
 “Wholly Owned Property” means an
Eligible Property which is wholly owned in fee simple (or leased under a Ground Lease) by only the Borrower or a Guarantor that is a Wholly Owned Subsidiary. 
 “Wholly Owned Subsidiary” means any Subsidiary of a Person in respect of which all of the Equity Interests (other than, in the case of a corporation, directors’ qualifying shares)
are at the time directly or indirectly owned or controlled by such Person or one or more other Subsidiaries of such Person or by such Person and one or more other Subsidiaries of such Person. 

“Withdrawal Liability” means any liability as a result of a complete or partial withdrawal from a Multiemployer Plan as
such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 Section 1.2. General; References to Eastern Time.

 Unless otherwise indicated, all accounting terms, ratios and measurements shall be interpreted or determined in accordance
with GAAP from time to time; provided that, if at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Requisite Lenders shall so request, the
Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Requisite Lenders); provided
further that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial
statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.
Notwithstanding the preceding sentence, the calculation of liabilities shall not include any fair value adjustments to the carrying value of liabilities to record such liabilities at fair value pursuant to electing the fair value option election
under FASB ASC 825-10-25 (formerly known as FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities) or other FASB standards allowing entities to elect fair value option for financial liabilities. Accordingly, the amount of
liabilities shall be the historical cost basis, which generally is the contractual amount owed adjusted for amortization or accretion of any premium or discount. References in this Agreement to “Sections”, “Articles”,
“Exhibits” and “Schedules” are to sections, articles, exhibits and schedules herein and hereto unless otherwise indicated. References in this Agreement to any document, instrument or agreement (a) shall include all exhibits,
schedules and other attachments thereto, (b) shall include all documents, instruments or agreements issued or executed in replacement thereof, to the extent permitted hereby and (c) shall mean such document, instrument or agreement, or
replacement or predecessor thereto, as amended, supplemented, restated or otherwise modified from time to time to the extent not otherwise stated herein or prohibited hereby and in effect at any given time. Wherever from the context it appears
appropriate, each term stated in either the singular or plural shall include the singular and plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter. Whenever reference is
made to Borrower’s knowledge or awareness, or a similar qualification, knowledge or awareness means the actual knowledge of Borrower’s Responsible Officers after reasonable investigation and consultation with

  
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Borrower’s regional chief operating officers. Unless explicitly set forth to the contrary, a reference to “Subsidiary” means a Subsidiary of the Borrower or a Subsidiary of such
Subsidiary, a reference to an “Affiliate” means a reference to an Affiliate of the Borrower and a reference to an “Unconsolidated Affiliate” means an Unconsolidated Affiliate of the Borrower. Titles and captions of Articles,
Sections, subsections and clauses in this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement. Unless otherwise indicated, all references to time are references to Eastern time. 

Section 1.3. Financial Attributes of Non-Wholly Owned Subsidiaries. 
 Except as expressly set forth herein, when determining compliance by the Borrower with any financial covenant contained in any of the Loan Documents only the Ownership Share of the Borrower of the
financial attributes of a Subsidiary that is not a Wholly Owned Subsidiary shall be included. 
 ARTICLE II.
CREDIT FACILITY 
 Section 2.1. Loans. 

(a) Making of Loans. Subject to the terms and conditions set forth in this Agreement, on the Effective Date each Lender severally
and not jointly agrees to make a Loan to the Borrower in a principal amount equal to such Lender’s Commitment. Each LIBOR Loan made on the Effective Date and each Continuation under Section 2.6. of, and each Conversion under
Section 2.7. of Base Rate Loans into, LIBOR Loans shall be in an aggregate minimum of $1,000,000 and integral multiples of $1,000,000 in excess of that amount. Additional Loans shall be made in accordance with Section 2.9. Upon the funding
of a Lender’s Loan in an amount equal to such Lender’s Commitment, such Lender’s Commitment shall terminate. 

(b) Requests for Loans. The Borrower shall give the Administrative Agent notice pursuant to the Notice of Borrowing of the
borrowing of the Loans no later than 2:00 p.m. Eastern time at least three (3) Business Days prior to the anticipated Effective Date. Such Notice of Borrowing shall be irrevocable once given and binding on the Borrower. 

(c) Funding of Loans. Promptly after receipt of the Notice of Borrowing under the immediately preceding subsection (b), the
Administrative Agent shall notify each Lender of the proposed borrowing. Each Lender shall deposit an amount equal to the Loan to be made by such Lender to the Borrower with the Administrative Agent at the Principal Office, in immediately available
funds not later than 11:00 a.m. Eastern time on the Effective Date. Subject to fulfillment of the conditions set forth in Section 5.2., the Administrative Agent shall make available to the Borrower in the account specified in the Notice of
Borrowing, not later than 12:00 p.m. Eastern time on the Effective Date, the proceeds of such amounts received by the Administrative Agent. 

Section 2.2. Rates and Payment of Interest on Loans. 
 (a) Rates. The Borrower promises to pay to the Administrative Agent for the account of each Lender interest on the unpaid principal amount of the Loan made by such Lender for the period from and
including the date of the making of such Loan to but excluding the date such Loan shall be paid in full, at the following per annum rates: 
 (i) during such periods as such Loan is a Base Rate Loan, at the Base Rate (as in effect from time to time), plus the Applicable Margin for Base Rate Loans; and 

  
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 (ii) during such periods as such Loan is a LIBOR Loan, at LIBOR for such
Loan for the Interest Period therefor, plus the Applicable Margin for LIBOR Loans. 
 Notwithstanding the foregoing, while an Event of Default
exists, the Borrower shall pay to the Administrative Agent for the account of each Lender interest at the Post-Default Rate on the outstanding principal amount of the Loan made by such Lender and on any other amount payable by the Borrower hereunder
or under the Note held by such Lender to or for the account of such Lender (including without limitation, accrued but unpaid interest to the extent permitted under Applicable Law). 

(b) Payment of Interest. All accrued and unpaid interest on the outstanding principal amount of each Loan shall be payable
(i) monthly in arrears on the first day of each month, commencing with the first full calendar month occurring after the Effective Date and (ii) on any date on which the principal balance of such Loan is due and payable in full (whether at
maturity, due to acceleration or otherwise). Interest payable at the Post-Default Rate shall be payable from time to time on demand. Promptly after the determination of any interest rate provided for herein or any change therein, the Administrative
Agent shall give notice thereof to the Lenders to which such interest is payable and to the Borrower. All determinations by the Administrative Agent of an interest rate hereunder shall be conclusive and binding on the Lenders and the Borrower for
all purposes, absent manifest error. 
 (c) Borrower Information Used to Determine Applicable Interest Rates. 

(i) The parties understand that the applicable interest rate for the Obligations and certain fees set forth herein may be
determined and/or adjusted from time to time based upon certain financial ratios and/or other information to be provided or certified to the Lenders by the Borrower (the “Borrower Information”). If it is subsequently determined that
any such Borrower Information was incorrect (for whatever reason, including without limitation because of a subsequent restatement of earnings by the Borrower) at the time it was delivered to the Administrative Agent, and if the applicable interest
rate or fees calculated for any period were lower than they should have been had the correct information been timely provided, then, such interest rate and such fees for such period shall be automatically recalculated using correct Borrower
Information. 
 (ii) In the event the Borrower’s Credit Rating from one or more Rating Agency is downgraded
and such downgrade results in an increase in the Applicable Margin, but such higher Credit Rating is subsequently restored and the increased Applicable Margin would no longer be applicable within 90 days from the first day such downgrade was
effective, the Borrower will receive a credit for incremental borrowing costs and fees paid by the Borrower during such 90 day period solely as a result of the downgrade and increase in the Applicable Margin. Additionally, in the event the
Borrower’s Credit Rating from one or more Rating Agency is upgraded and such upgrade results in a decrease in the Applicable Margin, but such lower Credit Rating is subsequently restored and the decreased Applicable Margin would no longer be
applicable within 90 days from the first day such upgrade was effective, the Borrower will pay the incremental borrowing costs and fees which would have otherwise been payable during such 90 day period had the upgrade not occurred. 

(iii) The Administrative Agent shall promptly notify the Borrower in writing of any additional interest and fees due or of
any interest and fees credited because of such recalculation or changed Credit Rating, and, to the extent additional fees and interest are due, the Borrower shall pay such additional interest or fees due to the Administrative Agent, for the account
of each Lender, within five (5) Business Days of receipt of such written notice. Any recalculation of interest or fees required by this Section 2.2.(c) shall survive the termination of this Agreement,

  
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and this provision shall not in any way limit any of the Administrative Agent’s or any Lender’s other rights under this Agreement. 

Section 2.3. Number of Interest Periods. 
 There may be no more than three (3) different Interest Periods for Loans outstanding at the same time. 
 Section 2.4. Repayment of Loans. 
 The Borrower shall repay the entire
outstanding principal amount of, and all accrued but unpaid interest on, the Loans on the Maturity Date. 
 Section 2.5. Prepayments.

 (a) Generally. Except as otherwise provided in the immediately following subsection and subject to
Section 4.4., the Borrower may prepay any Loan in whole or part at any time without premium or penalty. The Borrower shall give the Administrative Agent at least one (1) Business Day’s prior written notice of the prepayment of any
Loan. Each such notice of prepayment shall be irrevocable. Each voluntary prepayment of Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess thereof (or, if less, the aggregate principal amount of
Loans outstanding). Once repaid, the principal amount of a Loan may not be reborrowed. 
 (b) Prepayment Premium. During
the periods set forth below, the Borrower may only prepay the Loans, in whole or in part, at the prices (expressed as percentages of the principal amount of the Loans to be prepaid) set forth below, plus accrued and unpaid interest, if any, to the
date of prepayment: 
  

					
	 Period
	  	Percentage	 
	 Effective Date to and including November 21, 2013
	  	 	102	% 
	 November 22, 2013 to and including November 21, 2014
	  	 	101	% 
	 After November 21, 2014
	  	 	100	% 

 The Borrower acknowledges and agrees that the amount payable by it in connection with the prepayment of the Loans as
provided above, is a reasonable calculation of the Lenders’ lost profits in view of the difficulties and impracticality of determining actual damages resulting from the prepayment of the Loans. 

Section 2.6. Continuation. 
 So long as no Event of Default exists, the Borrower may on any Business Day, with respect to any LIBOR Loan, elect to maintain such LIBOR Loan or any portion thereof as a LIBOR Loan by selecting a new
Interest Period for such LIBOR Loan. Each Continuation of a LIBOR Loan shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $1,000,000 in excess of that amount, and each new Interest Period selected under this Section
shall commence on the last day of the immediately preceding Interest Period. Each selection of a new Interest Period shall be made by the Borrower giving to the Administrative Agent a Notice of Continuation not later than 11:00 a.m. Eastern
time on the third Business Day prior to the date of any such Continuation. Such notice by the Borrower of a Continuation shall be by telephone (confirmed promptly in writing on the same Business Day), telecopy, electronic mail or other similar form
of communication in the form of a Notice of Continuation, specifying (a) the proposed date of such Continuation, (b) the LIBOR Loans and portions thereof subject to such Continuation and (c) the duration of the selected Interest
Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. Each Notice 

  
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of Continuation shall be irrevocable by and binding on the Borrower once given. Promptly after receipt of a Notice of Continuation, the Administrative Agent shall notify each Lender of the
proposed Continuation. If the Borrower shall fail to select in a timely manner a new Interest Period for any LIBOR Loan in accordance with this Section, such Loan will automatically, on the last day of the current Interest Period therefor, continue
as a LIBOR Loan with an Interest Period of one month; provided, however that if an Event of Default exists, such Loan will automatically, on the last day of the current Interest Period therefor, Convert into a Base Rate Loan notwithstanding the
first sentence of Section 2.7. or the Borrower’s failure to comply with any of the terms of such Section. 
 Section 2.7.
Conversion. 
 The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the
Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan may not be Converted into a LIBOR Loan if an
Event of Default exists. Each Conversion of Base Rate Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $1,000,000 in excess of that amount. Each such Notice of Conversion shall be given not later
than 11:00 a.m. Eastern time three (3) Business Days prior to the date of any proposed Conversion. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to
the restrictions specified above, each Notice of Conversion shall be by telephone, (confirmed promptly in writing on the same Business Day), telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion
specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such
Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. 
 Section 2.8. Notes. 
 (a) Notes. The Loan made by each Lender
shall, in addition to this Agreement, also be evidenced by a promissory note substantially in the form of Exhibit F (a “Note”), payable to the order of such Lender in a principal amount equal to the amount of its Commitment as
originally in effect and otherwise duly completed (or if such Lender was not a Lender on the Effective Date, in a principal amount equal to the initial principal amount of the Loan of such Lender). 

(b) Records. The date, amount, interest rate, Type and duration of Interest Periods (if applicable) of the Loan made by each
Lender to the Borrower, and each payment made on account of the principal thereof, shall be recorded by such Lender on its books and such entries shall be binding on the Borrower absent manifest error; provided, however, that (i) the failure of
a Lender to make any such record shall not affect the obligations of the Borrower under any of the Loan Documents and (ii) if there is a discrepancy between such records of a Lender and the statements of accounts maintained by the
Administrative Agent pursuant to Section 3.8., in the absence of manifest error, the statements of account maintained by the Administrative Agent pursuant to Section 3.8. shall be controlling. 

(c) Lost, Stolen, Destroyed or Mutilated Notes. Upon receipt by the Borrower of (i) written notice from a Lender that the
Note of such Lender has been lost, stolen, destroyed or mutilated, and (ii)(A) in the case of loss, theft or destruction, an unsecured agreement of indemnity from such Lender in form reasonably satisfactory to the Borrower, or (B) in the
case of mutilation, upon surrender and cancellation of such Note, the Borrower shall at its own expense execute and deliver to such Lender a new Note dated the date of such lost, stolen, destroyed or mutilated Note. 

  
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 Section 2.9. Additional Loans. 

The Borrower shall have the right at any time and from time to time during the period beginning on the Effective Date to but excluding the
Maturity Date to request additional Loans by providing written notice to the Administrative Agent, which notice shall be irrevocable once given; provided, however, that after giving effect to any such increases the aggregate amount of
the Loans shall not exceed $350,000,000. Each such increase in the Loans must be an aggregate minimum amount of $25,000,000 and integral multiples of $5,000,000 in excess thereof. The Administrative Agent, in consultation with the Borrower, shall
manage all aspects of the syndication of such increase in the Loans, including decisions as to the selection of the existing Lenders and/or other banks, financial institutions and other institutional lenders to be approached with respect to such
increase and the allocations of the increase in the Loans among such existing Lenders and/or other banks, financial institutions and other institutional lenders; provided that any such other banks, financial institutions and other institutional
lenders and the amounts of the respective increases and the allocations of such increases in the Loans or new Loans, as the case may be, shall be reasonably acceptable to the Borrower. No Lender shall be obligated in any way whatsoever to increase
the principal amount of its Loan or provide a new Loan, and any new Lender becoming a party to this Agreement in connection with any such requested increase must be an Eligible Assignee. Effecting the increase of the Loans under this Section is
subject to the following conditions precedent: (x) no Default or Event of Default shall be in existence on the effective date of such increase, (y) the representations and warranties made or deemed made by the Borrower or any other Loan
Party in any Loan Document to which such Loan Party is a party shall be true and correct in all material respects on the effective date of such increase except to the extent that such representations and warranties expressly relate solely to an
earlier date (in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date) and except for changes in factual circumstances not prohibited hereunder, and (z) the
Administrative Agent shall have received each of the following, in form and substance reasonably satisfactory to the Administrative Agent: (i) if not previously delivered to the Administrative Agent, copies certified by the Secretary or
Assistant Secretary of (A) all corporate and other necessary action taken by the Borrower to authorize such increase and (B) all corporate and other necessary action taken by each Guarantor authorizing the guaranty of such increase;
(ii) an opinion of counsel to the Borrower and the Guarantors, and addressed to the Administrative Agent and the Lenders covering such matters as reasonably requested by the Administrative Agent, and (iii) new Notes executed by the
Borrower, payable to any new Lenders and replacement Notes executed by the Borrower, payable to any existing Lenders increasing the principal amount of their Loans, in the principal amount of such Lender’s Loan at the time of the effectiveness
of the applicable increase in the aggregate principal amount of the Loans. In connection with any increase in the aggregate principal amount of the Loans pursuant to this Section 2.9. any Lender becoming a party hereto shall execute such
documents and agreements as the Administrative Agent may reasonably request. 
 ARTICLE III.
PAYMENTS, FEES AND OTHER GENERAL PROVISIONS 

Section 3.1. Payments. 
 (a) Payments by Borrower. Except to the extent otherwise provided herein, all payments of principal, interest, Fees and other amounts to be made by the Borrower under this Agreement, the Notes or
any other Loan Document shall be made in Dollars, in immediately available funds, without setoff, deduction or counterclaim, to the Administrative Agent at the Principal Office, not later than 1:00 p.m. Eastern time on the date on which such payment
shall become due (each such payment made after such time on such due date to be deemed to have been made on the next succeeding Business Day). Subject to Section 10.4., the Borrower shall, at the time of making each payment under this Agreement
or any other Loan Document, specify to the Administrative Agent the amounts payable by the Borrower hereunder to which such payment is to be applied. Each payment received by the Administrative Agent for the account

  
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of a Lender under this Agreement or any Note shall be paid to such Lender by wire transfer of immediately available funds in accordance with the wiring instructions provided by such Lender to the
Administrative Agent from time to time, for the account of such Lender at the applicable Lending Office of such Lender. In the event the Administrative Agent fails to pay such amounts to such Lender within one Business Day of receipt of such
amounts, the Administrative Agent shall pay interest on such amount until paid at a rate per annum equal to the Federal Funds Open Rate from time to time in effect. If the due date of any payment under this Agreement or any other Loan Document would
otherwise fall on a day which is not a Business Day such date shall be extended to the next succeeding Business Day and interest shall continue to accrue at the rate, if any, applicable to such payment for the period of such extension. 

(b) Presumptions Regarding Payments by Borrower. Unless the Administrative Agent shall have received notice from the Borrower
prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date
in accordance herewith and may (but shall not be obligated to), in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees
to repay to the Administrative Agent on demand that amount so distributed to such Lender, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative
Agent, at the Federal Funds Open Rate. 
 Section 3.2. Pro Rata Treatment. 

Except to the extent otherwise provided herein: (a) the making of the Loans by the Lenders under Section 2.1.(a) shall be made
by the Lenders pro rata according to the amount of their respective Commitments; (b) each payment or prepayment of principal of the Loans shall be made for the account of the Lenders pro rata in accordance with the respective unpaid principal
amounts of the Loans held by them; (c) each payment of interest on the Loans shall be made for the account of the Lenders pro rata in accordance with the amounts of interest on such Loans then due and payable to the respective Lenders; and
(d) the Conversion and Continuation of Loans of a particular Type (other than Conversions provided for by Sections 4.1.(c) and 4.5.) shall be made pro rata among the Lenders according to the amounts of their respective Loans and the then
current Interest Period for each Lender’s portion of each Loan of such Type shall be coterminous. 
 Section 3.3. Sharing of
Payments, Etc. 
 If a Lender shall obtain payment of any principal of, or interest on, the Loan made by it to the Borrower
under this Agreement or shall obtain payment on any other Obligation owing by the Borrower or any other Loan Party through the exercise of any right of set-off, banker’s lien, counterclaim or similar right or otherwise or through voluntary
prepayments directly to a Lender or other payments made by or on behalf the Borrower or any other Loan Party to a Lender (other than any payment in respect of Specified Derivatives Obligations) not in accordance with the terms of this Agreement and
such payment should be distributed to the Lenders in accordance with Section 3.2. or Section 10.4., as applicable, such Lender shall promptly purchase from the other Lenders participations in (or, if and to the extent specified by such
Lender, direct interests in) the Loans made by the other Lenders or other Obligations owed to such other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable, to the end that all the Lenders shall share
the benefit of such payment (net of any reasonable expenses which may actually be incurred by such Lender in obtaining or preserving such benefit) in accordance with the requirements of Section 3.2. or Section 10.4., as applicable. To such
end, all the Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. The Borrower agrees that any

  
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Lender so purchasing a participation (or direct interest) in the Loans or other Obligations owed to such other Lenders may exercise all rights of set-off, banker’s lien, counterclaim or
similar rights with respect to such participation as fully as if such Lender were a direct holder of Loans in the amount of such participation. Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of
any Lender to exercise and retain the benefits of exercising, any such right with respect to any other indebtedness or obligation of the Borrower. 
 Section 3.4. Several Obligations. 
 No Lender shall be responsible for
the failure of any other Lender to make a Loan or to perform any other obligation to be made or performed by such other Lender hereunder, and the failure of any Lender to make a Loan or to perform any other obligation to be made or performed by it
hereunder shall not relieve the obligation of any other Lender to make any Loan or to perform any other obligation to be made or performed by such other Lender. 
 Section 3.5. Fees. 
 (a) Closing Fee. On the Effective Date, the
Borrower agrees to pay to the Administrative Agent and each Lender all loan fees as have been agreed to in writing by the Borrower in the Fee Letter. 
 (b) Administrative and Other Fees. The Borrower agrees to pay the administrative and other fees of the Administrative Agent as provided in the Fee Letter and as may be otherwise agreed to in
writing from time to time by the Borrower, the Arrangers and the Administrative Agent. 
 Section 3.6. Computations. 

Unless otherwise expressly set forth herein, any accrued interest on any Loan, any Fees or any other Obligations due hereunder shall be
computed on the basis of a year of 360 days and the actual number of days elapsed. 
 Section 3.7. Usury. 

In no event shall the amount of interest due or payable on the Loans or other Obligations exceed the maximum rate of interest allowed by
Applicable Law and, if any such payment is paid by the Borrower or any other Loan Party or received by any Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the respective Lender in writing
that the Borrower elects to have such excess sum returned to it forthwith. It is the express intent of the parties hereto that the Borrower not pay and the Lenders not receive, directly or indirectly, in any manner whatsoever, interest in excess of
that which may be lawfully paid by the Borrower under Applicable Law. The parties hereto hereby agree and stipulate that the only charge imposed upon the Borrower for the use of money in connection with this Agreement is and shall be the interest
specifically described in Sections 2.2.(a)(i) and (ii). Notwithstanding the foregoing, the parties hereto further agree and stipulate that all agency fees, syndication fees, arrangement fees, closing fees, underwriting fees, default charges,
late charges, funding or “breakage” charges, prepayment premiums, increased cost charges, attorneys’ fees and reimbursement for costs and expenses paid by the Administrative Agent or any Lender to third parties or for damages incurred
by the Administrative Agent or any Lender, in each case, in connection with the transactions contemplated by this Agreement and the other Loan Documents, are charges made to compensate the Administrative Agent or any such Lender for underwriting or
administrative services and costs or losses performed or incurred, and to be performed or incurred, by the Administrative Agent and the Lenders in connection with this Agreement and shall under no circumstances be deemed to be charges for the use of

  
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money. All charges other than charges for the use of money shall be fully earned and nonrefundable when due. 
 Section 3.8. Statements of Account. 
 The Administrative Agent will
account to the Borrower monthly with a statement of Loans, accrued interest and Fees, charges and payments made pursuant to this Agreement and the other Loan Documents, and such account rendered by the Administrative Agent shall be deemed conclusive
upon the Borrower absent manifest error. The failure of the Administrative Agent to deliver such a statement of accounts shall not relieve or discharge the Borrower from any of its obligations hereunder. 

Section 3.9. Defaulting Lenders. 
 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: 
 (a) 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 Requisite Lenders. The rights and remedies of the Borrower, the Administrative Agent and the other Lenders against a Defaulting
Lender under this Section are in addition to any other rights and remedies such parties may have against such Defaulting Lender under this Agreement, any of the Loan Documents, Applicable Law or otherwise. 

(b) 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 X. or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 3.3. 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, 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 fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; third, to the payment
of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement;
fourth, 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 fifth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if such payment is a payment of the
principal amount of a Loan in respect of which such Defaulting Lender has not fully funded its appropriate share, such payment shall be applied solely to pay the Loans of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the
payment of a Loan of such Defaulting Lender until such time as all Loans are held by the Lenders pro rata in accordance with their respective Credit Percentages. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that
are applied (or held) to pay amounts owed by a Defaulting Lender pursuant to this subsection shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

(c) Fees. No Defaulting Lender shall be entitled to receive any Fees payable under Section 3.5. for any period during which
that Lender is a Defaulting Lender (and the Borrower shall not 

  
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be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender). 
 (d) Defaulting Lender Cure. If the Borrower and the Administrative Agent 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 to be held pro rata by the Lenders in accordance with their respective Credit Percentages, 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.

 Section 3.10. Taxes; Foreign Lenders. 
 (a) Taxes Generally. All payments by the Borrower of principal of, and interest on, the Loans and all other Obligations shall be made free and clear of and without deduction for any present or
future excise, stamp or other taxes, fees, duties, levies, imposts, charges, deductions, withholdings or other charges of any nature whatsoever imposed by any taxing authority, but excluding (i) franchise taxes, (ii) any taxes (other than
withholding taxes) with respect to the Administrative Agent or a Lender that would not be imposed but for a connection between the Administrative Agent or a Lender and the jurisdiction imposing such taxes (other than a connection arising solely by
virtue of the activities of the Administrative Agent or such Lender pursuant to or in respect of this Agreement or any other Loan Document), (iii) any taxes imposed on or measured by any Lender’s assets, net income, receipts or branch
profits, (iv) any withholding taxes or backup withholding taxes due by reason of the inaccuracy of, or failure to deliver, any of the forms as required under Section 3.10.(c), (v) any taxes arising after the Agreement Date solely as a
result of or attributable to a Lender changing its designated Lending Office after the date such Lender becomes a party hereto, and (vi) any taxes imposed by Sections 1471 through Section 1474 of the Internal Revenue Code (including any
official interpretations thereof, collectively “FATCA”) on any “withholdable payment” payable to such recipient after December 31, 2012 (such non-excluded items being collectively called “Taxes”). If
any withholding or deduction from any payment to be made by the Borrower hereunder is required in respect of any Taxes pursuant to any Applicable Law, then the Borrower will: 

(i) calculate an increased amount due to the Administrative Agent or any Lender, as applicable, such that, after payment
of the amount of Tax imposed thereon, the net amount actually received by the Administrative Agent or such Lender will equal the full amount that the Administrative Agent or such Lender would have received had no such withholding or deduction been
required; 
 (ii) pay directly to the relevant Governmental Authority the full amount required to be so withheld
or deducted out of the amount calculated in clause (i) above; and 
 (iii) promptly forward to the
Administrative Agent an official receipt or other documentation satisfactory to the Administrative Agent evidencing such payment to such Governmental Authority; and 

  
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 (iv) pay the remaining amount (the amount calculated in clause
(i) above less the amount paid in clause (ii) above) to the Administrative Agent for its account or the account of the applicable Lender. 
 (b) Tax Indemnification. If the Borrower fails to pay any Taxes when due to the appropriate Governmental Authority or fails to remit to the Administrative Agent, for its account or the account of
the respective Lender, as the case may be, the required receipts or other required documentary evidence, the Borrower shall indemnify the Administrative Agent and the Lenders for any incremental Taxes, interest or penalties that may become payable
by the Administrative Agent or any Lender as a result of any such failure. For purposes of this Section, a distribution hereunder by the Administrative Agent or any Lender to or for the account of any Lender shall be deemed a payment by the
Borrower. 
 (c) Tax Forms. Prior to the date that any Lender or Participant organized under the laws of a jurisdiction
outside the United States of America becomes a party hereto, such Person shall deliver to the Borrower and the Administrative Agent such certificates, documents or other evidence, as required by the Internal Revenue Code or Treasury Regulations
issued pursuant thereto (including Internal Revenue Service Forms W-8ECI and W-8BEN, as applicable, or appropriate successor forms), properly completed, currently effective and duly executed by such Lender or Participant establishing that
payments to it hereunder and under the Notes are (i) not subject to United States Federal backup withholding tax and (ii) not subject to United States Federal withholding tax under the Internal Revenue Code. On or prior to the date any
Lender or Participant that is a United States person (as such term is defined in Section 7701(a)(30) of the Internal Revenue Code) (any of the foregoing, a “US Lender”) becomes a party to this Agreement (or, in the case of any
Participant, on or before the date such Participant purchases the related participation), each such US Lender shall deliver to the Borrower and the Administrative Agent two accurate and complete copies of Internal Revenue Service Form W-9, or any
subsequent versions or successors to such form, currently effective and duly executed by such US Lender, establishing that payments to it hereunder and under the Notes are not subject to United States Federal backup withholding tax. Each Lender or
Participant shall, to the extent it may lawfully do so, (x) deliver further copies of such forms or other appropriate certifications required by this subsection on or before the date that any such forms expire or become obsolete and after the
occurrence of any event requiring a change in the most recent form delivered to the Borrower or the Administrative Agent and (y) obtain such extensions of the time for filing, and renew such forms and certifications thereof, as may be
reasonably requested by the Borrower or the Administrative Agent. The Borrower shall not be required to pay any amount pursuant to the last sentence of subsection (a) above (or in respect thereof, under subsection (b) above) to any Lender
Participant, if such Lender, Participant or the Administrative Agent, as applicable, fails to comply with the requirements of this subsection. If any such Lender or Participant, to the extent it may lawfully do so, fails to deliver the above forms
or other documentation, then the Administrative Agent may withhold from such payment to such Lender or Participant such amounts as are required by the Internal Revenue Code. If any Governmental Authority asserts that the Administrative Agent did not
properly withhold or backup withhold, as the case may be, any tax or other amount from payments made to or for the account of any Lender or Participant, such Lender or Participant shall indemnify the Administrative Agent therefor, including all
penalties and interest, any taxes imposed by any jurisdiction on the amounts payable to the Administrative Agent under this Section, and costs and expenses (including all reasonable fees and disbursements of any law firm or other external counsel
and the allocated cost of internal legal services and all disbursements of internal counsel) of the Administrative Agent. The obligation of the Lenders and Participants under this Section shall survive the termination of the Commitments, repayment
of all Obligations and the resignation or replacement of the Administrative Agent. If a successor Administrative Agent is organized under the laws of a jurisdiction outside the United States of America, or is a United States person (as such term is
defined in Section 7701(a)(30) of the Internal Revenue Code) that is not an “exempt recipient” as such term is defined in Treasury Regulations section 31.3406(g)-1, 

  
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then such successor Administrative Agent shall be subject to the same obligations as an applicable Lender under this Section 3.10.(c). 

(d) Certification from Lenders and Participants Regarding USA Patriot Act. In order for the Administrative Agent to comply with
the USA Patriot Act, prior to any Lender or Participant that is organized under the laws of a jurisdiction outside of the United States of America becoming a party hereto, the Administrative Agent may request, and such Lender or Participant shall
provide to the Administrative Agent, its name, address, tax identification number and/or such other identification information as shall be necessary for the Administrative Agent to comply with federal law. In addition, each Foreign Lender that is
not exempted from the certification requirement contained in Section 313 of the USA Patriot Act and the applicable regulations because it is both (i) an affiliate of a depository institution or foreign bank that maintains a physical
presence in the United states or foreign county, and (ii) subject to supervision by a banking authority regulating such affiliated depository institution or foreign bank shall deliver to the Administrative Agent the certification, or, if
applicable, recertification, certifying that such Lender is not a “shell” and certifying to other matters as required by Section 313 of the USA Patriot Act and the applicable regulations: (1) within 10 days after the Effective
Date, and (2) as such other times as are required under the USA Patriot Act. 
 ARTICLE IV.
YIELD PROTECTION, ETC. 
 Section 4.1. Additional Costs; Capital Adequacy.

 (a) Capital Adequacy. If any Lender or any Participant determines that compliance with any law or regulation or
with any guideline or request from any central bank or other Governmental Authority issued or taking effect after the Agreement Date including any Regulatory Change (whether or not having the force of law) affects or would affect the amount of
capital required or expected to be maintained by such Lender or such Participant, or any corporation controlling such Lender or such Participant, as a consequence of, or with reference to, such Lender’s making, Converting to, Continuing of, or
maintaining Loans below the rate which such Lender or such Participant or such corporation controlling such Lender or such Participant could have achieved but for such compliance (taking into account the policies of such Lender or such Participant
or such corporation with regard to capital), then the Borrower shall, from time to time, within thirty (30) days after written demand by such Lender or such Participant, pay to such Lender or such Participant additional amounts sufficient to
compensate such Lender or such Participant or such corporation controlling such Lender or such Participant to the extent that such Lender or such Participant determines such increase in capital is allocable to such Lender’s or such
Participant’s obligations hereunder. 
 (b) Additional Costs. In addition to, and not in limitation of the
immediately preceding subsection, the Borrower shall promptly pay to the Administrative Agent for the account of a Lender from time to time such amounts as such Lender may determine to be necessary to compensate such Lender for any costs incurred by
such Lender that it determines are attributable to its making, Converting to, Continuing of, or maintaining of any LIBOR Loans or its obligation to make any LIBOR Loans hereunder, any reduction in any amount receivable by such Lender under this
Agreement or any of the other Loan Documents in respect of any of such LIBOR Loans or such obligation or the maintenance by such Lender of capital in respect of its LIBOR Loans (such increases in costs and reductions in amounts receivable being
herein called “Additional Costs”), to the extent resulting from any Regulatory Change that: (i) changes the basis of taxation of any amounts payable to such Lender under this Agreement or any of the other Loan Documents in
respect of any of such LIBOR Loans (other than taxes, fees, duties, levies, imposts, charges, deductions, withholdings or other charges which are excluded from the definition of Taxes pursuant to the first sentence of Section 3.10.(a) or
payable as a result of failing to 

  
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deliver forms required by Section 3.10.(c)), or (ii) imposes or modifies any reserve, special deposit or similar requirements (other than Regulation D of the Board of Governors of
the Federal Reserve System or other similar reserve requirement applicable to any other category of liabilities or category of extensions of credit or other assets by reference to which the interest rate on LIBOR Loans is determined to the extent
utilized to determine LIBOR for such Loans) relating to any extensions of credit or other assets of, or any deposits with or other liabilities of, or other credit extended by, or any other acquisition of funds by such Lender (or its parent
corporation), or any commitment of such Lender or (iii) has or would have the effect of reducing the rate of return on capital of such Lender to a level below that which such Lender could have achieved but for such Regulatory Change (taking
into consideration such Lender’s policies with respect to capital adequacy). 
 (c) Lender’s Suspension of LIBOR
Loans. Without limiting the effect of the provisions of the immediately preceding subsections (a) and (b), if by reason of any Regulatory Change, any Lender either (i) incurs Additional Costs based on or measured by the excess above a
specified level of the amount of a category of deposits or other liabilities of such Lender that includes deposits by reference to which the interest rate on LIBOR Loans is determined as provided in this Agreement or a category of extensions of
credit or other assets of such Lender that includes LIBOR Loans or (ii) becomes subject to restrictions on the amount of such a category of liabilities or assets that it may hold, then, if such Lender so elects by notice to the Borrower (with a
copy to the Administrative Agent), the obligation of such Lender to make or Continue, or to Convert Base Rate Loans into, LIBOR Loans hereunder shall be suspended until such Regulatory Change ceases to be in effect (in which case the provisions of
Section 4.5. shall apply). 
 (d) Notification and Determination of Additional Costs. Each of the Administrative
Agent, each Lender, and each Participant, as the case may be, agrees to notify the Borrower of any event occurring after the Agreement Date entitling the Administrative Agent, such Lender or such Participant to compensation under any of the
preceding subsections of this Section as promptly as practicable; provided, however, that the failure of the Administrative Agent, any Lender or any Participant to give such notice shall not release the Borrower from any of its obligations hereunder
(and in the case of a Lender, to the Administrative Agent). The Administrative Agent, each Lender and each Participant, as the case may be, agrees to furnish to the Borrower a certificate setting forth the basis and amount of each request for
compensation under this Section. Determinations by the Administrative Agent, such Lender, or such Participant, as the case may be, of the effect of any Regulatory Change shall be conclusive and binding for all purposes, absent manifest error and
provided that such determinations are made on a reasonable basis and in good faith. Notwithstanding anything to the contrary contained in the preceding subsections of this Section 4.1., the Borrower shall not be required to compensate any
Lender or any Participant for any such increased costs or reduced return incurred by such Lender or Participant more than one-hundred-eighty (180) days prior to such Lender’s or Participant’s written request to the Borrower for such
compensation (except that if the event giving rise to the increased costs or reduced return is retroactive, then the one-hundred-eighty (180) day period referred to above shall be extended to include the period of retroactive effect thereof).

 Section 4.2. Suspension of LIBOR Loans. 
 Anything herein to the contrary notwithstanding, if, on or prior to the determination of LIBOR for any Interest Period: 

(a) the Administrative Agent reasonably determines (which determination shall be conclusive) that quotations of interest
rates for the relevant deposits referred to in the definition of LIBOR are not being provided in the relevant amounts or for the relevant maturities for purposes 

  
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of determining rates of interest for LIBOR Loans as provided herein or is otherwise unable to determine LIBOR; or 

(b) the Administrative Agent reasonably determines (which determination shall be conclusive) that the relevant rates of
interest referred to in the definition of LIBOR upon the basis of which the rate of interest for LIBOR Loans for such Interest Period is to be determined will not adequately and fairly reflect the cost to any Lender of making, Converting to,
Continuing of or maintaining LIBOR Loans for such Interest Period; 
 then the Administrative Agent shall give the Borrower and each Lender
prompt notice thereof and, so long as such condition remains in effect, (i) the Lenders shall be under no obligation to, and shall not, Continue LIBOR Loans or Convert Loans into LIBOR Loans and the Borrower shall, on the last day of each
current Interest Period for each outstanding LIBOR Loan, either prepay such Loan or Convert such Loan into a Base Rate Loan. 

Section 4.3. Illegality. 
 Notwithstanding any other provision of this Agreement, if any Lender shall reasonably determine (which determination shall be conclusive and binding) that it is unlawful for such Lender to honor its
obligation to Convert to, Continue or maintain LIBOR Loans hereunder, then such Lender shall promptly notify the Borrower thereof (with a copy of such notice to the Administrative Agent) and such Lender’s obligation to maintain or Continue, or
to Convert Loans of any other Type into, LIBOR Loans shall be suspended until such time as such Lender may again maintain LIBOR Loans (in which case the provisions of Section 4.5. shall be applicable). 

Section 4.4. Compensation. 
 In addition to any amounts payable pursuant to Section 2.5.(b), the Borrower shall pay to the Administrative Agent for the account of each Lender, upon the request of the Administrative Agent, such
amount or amounts as the Administrative Agent shall determine in its reasonable discretion shall be sufficient to compensate such Lender for any loss, cost or expense attributable to: 

(a) any payment or prepayment (whether mandatory or optional) of a LIBOR Loan, or Conversion of a LIBOR Loan, made by such
Lender for any reason (including, without limitation, acceleration) on a date other than the last day of the Interest Period for such Loan; or 
 (b) any failure by the Borrower for any reason (including, without limitation, the failure of any of the applicable conditions precedent specified in Section 5.2. to be satisfied) to borrow a LIBOR
Loan from such Lender on the date for such borrowing, or to Convert a Base Rate Loan into a LIBOR Loan or Continue a LIBOR Loan on the requested date of such Conversion or Continuation. 
 Upon the Borrower’s request, the Administrative Agent shall provide the Borrower with a statement setting forth the basis for requesting such compensation and the method for determining the amount
thereof. Any such statement shall be conclusive absent manifest error provided that such determination is made on a reasonable basis and in good faith. 
 Section 4.5. Treatment of Affected Loans. 
 (a) If the obligation of
any Lender to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 4.1.(c), Section 4.2. or Section 4.3. then such Lender’s 

  
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LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required by
Section 4.1.(c), Section 4.2., or Section 4.3. on such earlier date as such Lender may specify to the Borrower with a copy to the Administrative Agent) and, unless and until such Lender gives notice as provided below that the
circumstances specified in Section 4.1., Section 4.2. or Section 4.3. that gave rise to such Conversion no longer exist: 
 (i) to the extent that such Lender’s LIBOR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Loans shall be applied
instead to its Base Rate Loans; and 
 (ii) any portion of such Lender’s Loan that would otherwise be
Continued by such Lender as a LIBOR Loan shall be Continued instead as a Base Rate Loan, and any Base Rate Loan of such Lender that would otherwise be Converted into a LIBOR Loan shall remain as a Base Rate Loan. 

If such Lender gives notice to the Borrower (with a copy to the Administrative Agent) that the circumstances specified in Section 4.1.(c) or 4.3.
that gave rise to the Conversion of such Lender’s LIBOR Loans pursuant to this Section 4.5. no longer exist (which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders
are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving effect thereto,
all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with the respective unpaid principal amount of the Loan held by such Lender. 

Section 4.6. Affected Lenders. 
 If (a) a Lender requests compensation pursuant to Section 3.10. or 4.1., and the Requisite Lenders are not also doing the same, or (b) the obligation of any Lender to Continue, or to
Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 4.1.(b) or 4.3. but the obligation of the Requisite Lenders shall not have been suspended under such Sections, or (c) a Lender does not vote in favor of any
amendment, modification or waiver to this Agreement or any other Loan Document which, pursuant to Section 12.7., requires the vote of such Lender, and the Requisite Lenders shall have voted in favor of such amendment, modification or waiver
then, so long as there does not then exist any Event of Default, the Borrower may demand that such Lender (the “Affected Lender”), and upon such demand the Affected Lender shall promptly, assign its Loan to an Eligible Assignee
subject to and in accordance with the provisions of Section 12.6.(b) for a purchase price equal to (x) the principal balance of the Loan then owing to the Affected Lender, plus (y) any accrued but unpaid interest thereon and accrued
but unpaid fees owing to the Affected Lender, or any other amount as may be mutually agreed upon by such Affected Lender and Eligible Assignee. Each of the Administrative Agent and the Affected Lender shall reasonably cooperate in effectuating the
replacement of such Affected Lender under this Section, but at no time shall the Administrative Agent, such Affected Lender nor any other Lender nor any Titled Agent be obligated in any way whatsoever to initiate any such replacement or to assist in
finding an Eligible Assignee. The exercise by the Borrower of its rights under this Section shall be at the Borrower’s sole cost and expense and at no cost or expense to the Administrative Agent, the Affected Lender or any of the other Lenders.
The terms of this Section 4.6. shall not in any way limit the Borrower’s obligation to pay to any Affected Lender compensation owing to such Affected Lender pursuant to this Agreement (including, without limitation, pursuant to
Sections 3.10., 4.1. or 4.4.) with respect to any period up to the date of replacement. 

  
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 Section 4.7. Change of Lending Office. 

Each Lender agrees that it will use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to
designate an alternate Lending Office with respect to any of its Loans affected by the matters or circumstances described in Sections 3.10., 4.1. or 4.3. to reduce the liability of the Borrower or avoid the results provided thereunder, so long
as such designation is not disadvantageous to such Lender as determined by such Lender in its sole discretion, except that such Lender shall have no obligation to designate a Lending Office located in the United States of America. 

Section 4.8. Assumptions Concerning Funding of LIBOR Loans. 
 Calculation of all amounts payable to a Lender under this Article shall be made as though such Lender had actually funded LIBOR Loans through the purchase of deposits in the relevant market bearing
interest at the rate applicable to such LIBOR Loans in an amount equal to the amount of the LIBOR Loans and having a maturity comparable to the relevant Interest Period; provided, however, that each Lender may fund each of its LIBOR Loans in any
manner it sees fit and the foregoing assumption shall be used only for calculation of amounts payable under this Article. 

ARTICLE V. CONDITIONS PRECEDENT 

Section 5.1. Initial Conditions Precedent. 
 The obligation of the Lenders to make the Loans is subject to the satisfaction or waiver of the following conditions precedent: 
 (a) The Administrative Agent shall have received each of the following, in form and substance satisfactory to the Administrative Agent: 

(i) counterparts of this Agreement executed by each of the parties hereto; 

(ii) Notes executed by the Borrower, payable to each applicable Lender and complying with the terms of
Section 2.8.(a); 
 (iii) the Guaranty executed by each of the Guarantors initially to be a party thereto;

 (iv) an opinion of Pillsbury Winthrop Shaw Pittman LLP, counsel to the Borrower and the other Loan Parties,
addressed to the Administrative Agent and the Lenders and covering the matters set forth in Exhibit G; 
 (v) the
certificate or articles of incorporation or formation, articles of organization, certificate of limited partnership, declaration of trust or other comparable organizational instrument (if any) of each Loan Party certified as of a recent date by the
Secretary of State of the state of formation of such Loan Party, or in the case of any Loan Party (other than the Borrower) that is a party to the Existing Credit Agreement and has not altered its organizational instrument since the date such Loan
Party became a party to the Existing Credit Agreement, a certificate from the Secretary or Assistant Secretary (or other individual performing similar functions) of such Loan Party certifying that there have been no changes to the organizational
instrument delivered by such Loan Party in connection with the Existing Credit Agreement; 
 (vi) a certificate
of good standing (or certificate of similar meaning) with respect to the Borrower issued as of a recent date by the Secretary of State of its state of formation and 

  
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certificates of qualification to transact business or other comparable certificates issued as of a recent date by each Secretary of State (and any state department of taxation, as applicable) of
each state in which the Borrower is required to be so qualified and where failure to be so qualified could reasonably be expected to have a Material Adverse Effect; 

(vii) a certification from the Secretary or Assistant Secretary (or other individual performing similar functions) of each
Loan Party that each Loan Party is in good standing under the laws of its respective state of formation and is qualified to transact business in each state in which such Loan Party is required to be so qualified and where failure to be so qualified
could reasonably be expected to have a Material Adverse Effect; 
 (viii) a certificate of incumbency signed by
the Secretary or Assistant Secretary (or other individual performing similar functions) of each Loan Party with respect to each of the officers of such Loan Party authorized to execute and deliver the Loan Documents to which such Loan Party is a
party, and in the case of the Borrower, authorized to execute and deliver on behalf of the Notice of Borrowing and Notices of Conversion and Notices of Continuation; 

(ix) copies certified by the Secretary or Assistant Secretary (or other individual performing similar functions) of each
Loan Party of (A) the by-laws of such Loan Party, if a corporation, the operating agreement, if a limited liability company, the partnership agreement, if a limited or general partnership, or other comparable document in the case of any other
form of legal entity, or in the case of any Loan Party that is a party to the Existing Credit Agreement and has not altered its by-laws, operating agreement, partnership agreement or other comparable document since the date such Loan Party became a
party to the Existing Credit Agreement, a certificate from the Secretary or Assistant Secretary (or other individual performing similar functions) of such Loan Party certifying that there have been no changes to the by-laws, operating agreement,
partnership agreement or other comparable document delivered by such Loan Party in connection with the Existing Credit Agreement; and (B) all corporate, partnership, member or other necessary action taken by such Loan Party to authorize the
execution, delivery and performance of the Loan Documents to which it is a party; 
 (x) a copy of the compliance
certificate for the Borrower’s fiscal quarter ending September 30, 2011, delivered pursuant to the Existing Credit Agreement; 
 (xi) the Notice of Borrowing from the Borrower for the Loans indicating how the proceeds thereof are to be made available to the Borrower, and if any of the Loans initially are to be LIBOR Loans, the
Interest Period therefor; 
 (xii) evidence that the Fees, if any, then due and payable under Section 3.5.,
together with all other fees, expenses and reimbursement amounts due and payable to the Administrative Agent and the Arrangers, including without limitation, the reasonable fees and expenses of counsel to the Administrative Agent, have been paid;
and 
 (xiii) such other documents, agreements and instruments as the Administrative Agent, or any Lender through
the Administrative Agent, may reasonably request; and 
 (b) In the good faith judgment of the Administrative Agent: 

(i) there shall not have occurred or become known to the Administrative Agent or any of the Lenders any event, condition,
situation or status since the date of the information contained in the financial and business projections, budgets, pro forma data and forecasts 

  
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concerning the Borrower and its Subsidiaries delivered to the Administrative Agent and the Lenders prior to the Agreement Date that has had or could reasonably be expected to result in a Material
Adverse Effect; 
 (ii) no litigation, action, suit, investigation or other arbitral, administrative or judicial
proceeding shall be pending or threatened which could reasonably be expected to (A) result in a Material Adverse Effect or (B) restrain or enjoin, impose materially burdensome conditions on, or otherwise materially and adversely affect,
the ability of the Borrower or any other Loan Party to fulfill its obligations under the Loan Documents to which it is a party; 
 (iii) the Borrower and its Subsidiaries shall have received all approvals, consents and waivers, and shall have made or given all necessary filings and notices as shall be required to consummate the
transactions contemplated hereby without the occurrence of any default under, conflict with or violation of (A) any Applicable Law or (B) any agreement, document or instrument to which any Loan Party is a party or by which any of them or
their respective properties is bound, except for such approvals, consents, waivers, filings and notices the receipt, making or giving of which could not reasonably be likely to (A) have a Material Adverse Effect, or (B) restrain or enjoin
impose materially burdensome conditions on, or otherwise materially and adversely affect the ability of the Borrower or any other Loan Party to fulfill its obligations under the Loan Documents to which it is a party; 

(iv) the Borrower and each other Loan Party shall have provided all information requested by the Administrative Agent and
each Lender in order to comply with the USA Patriot Act ; and 
 (v) there shall not have occurred or exist any
circumstance, change or condition in the loan syndication, financial or capital markets generally that could reasonably be expected to materially impair the arrangement of the credit facility contemplated by this Agreement. 

Section 5.2. Conditions Precedent to All Loans. 
 The obligations of the Lenders to make the Loans are subject to the further conditions precedent that: (a) no Default or Event of Default shall exist as of the date of the making of the Loans or
would exist immediately after giving effect thereto; (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all
material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of the making of the Loans with the same
force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all
material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and except for changes in
factual circumstances not prohibited hereunder. Each Credit Event shall constitute a certification by the Borrower to the effect set forth in the preceding sentence (both as of the date of the giving of notice relating to such Credit Event and,
unless the Borrower otherwise notifies the Administrative Agent prior to the date of such Credit Event, as of the date of the occurrence of such Credit Event). In addition, the Borrower shall be deemed to have represented to the Administrative Agent
and the Lenders at the time any Loan is made that all conditions to the making of such Loan contained in this Article V. have been satisfied. Unless set forth in writing to the contrary, the making of a Loan by a Lender shall constitute a
certification by such Lender to the Administrative Agent and the other Lenders 

  
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that the conditions precedent for the Loans set forth in Section 5.1. that have not previously been waived by the Lenders in accordance with the terms of this Agreement have been satisfied.

 ARTICLE VI. REPRESENTATIONS AND WARRANTIES 

Section 6.1. Representations and Warranties. 
 In order to induce the Administrative Agent and each Lender to enter into this Agreement and to make the Loans, the Borrower represents and warrants to the Administrative Agent and each Lender as follows:

 (a) Organization; Power; Qualification. Each of the Borrower, the other Loan Parties and the other Subsidiaries is a
corporation, partnership or other legal entity, duly organized or formed, validly existing and in good standing under the jurisdiction of its incorporation or formation, has the power and authority to own or lease its respective properties and to
carry on its respective business as now being and hereafter proposed to be conducted and is duly qualified and is in good standing as a foreign corporation, partnership or other legal entity, and authorized to do business, in each jurisdiction in
which the character of its properties or the nature of its business requires such qualification or authorization and where the failure to be so qualified or authorized could reasonably be expected to have, in each instance, a Material Adverse
Effect. 
 (b) Ownership Structure. Part I of Schedule 6.1.(b) is, as of the Agreement Date, a complete and correct
list of all Subsidiaries of the Borrower setting forth for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) each Person holding any Equity Interest in such Subsidiary, (iii) the nature of the Equity
Interests held by each such Person, (iv) the percentage of ownership of such Subsidiary represented by such Equity Interests and (v) whether such Subsidiary is a Material Subsidiary and/or an Excluded Subsidiary and whether such Subsidiary
owns a Non-Controlled Property (and, if so, which one(s)). As of the Agreement Date, except as disclosed in such Schedule (A), each of the Borrower and its Subsidiaries owns, free and clear of all Liens (other than Permitted Liens), and has the
unencumbered right to vote, all outstanding Equity Interests in each Person shown to be held by it on such Schedule, (B) all of the issued and outstanding capital stock of each such Person organized as a corporation is validly issued, fully
paid and nonassessable and (C) there are no outstanding subscriptions, options, warrants, commitments, preemptive rights or agreements of any kind (including, without limitation, any stockholders’ or voting trust agreements) for the
issuance, sale, registration or voting of, or outstanding securities convertible into, any additional shares of capital stock of any class, or partnership or other ownership interests of any type in, any such Person. As of the Agreement Date,
Part II of Schedule 6.1.(b) correctly sets forth all Unconsolidated Affiliates of the Borrower, including the correct legal name of such Person, the type of legal entity which each such Person is, and all Equity Interests in such Person
held directly or indirectly by the Borrower. 
 (c) Authorization of Loan Documents and Borrowings. The Borrower has the
right and power, and has taken all necessary action to authorize it, to borrow and obtain other extensions of credit hereunder. The Borrower and each other Loan Party has the right and power, and has taken all necessary action to authorize it, to
execute, deliver and perform each of the Loan Documents and the Fee Letter to which it is a party in accordance with their respective terms and to consummate the transactions contemplated hereby and thereby. The Loan Documents and the Fee Letter to
which the Borrower or any other Loan Party is a party have been duly executed and delivered by the duly authorized officers of such Person and each is a legal, valid and binding obligation of such Person enforceable against such Person in accordance
with its respective terms, except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable remedies for

  
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the enforcement of certain obligations (other than the payment of principal) contained herein or therein and as may be limited by equitable principles generally. 

(d) Compliance of Loan Documents with Laws. The execution, delivery and performance of this Agreement, the other Loan Documents to
which any Loan Party is a party and of the Fee Letter in accordance with their respective terms and the borrowings and other extensions of credit hereunder do not: (i) require any Governmental Approval or violate any Applicable Law (including
all Environmental Laws) relating to the Borrower or any other Loan Party; (ii) conflict with, result in a breach of or constitute a default under the organizational documents of any Loan Party, or any indenture, agreement or other instrument to
which the Borrower or any other Loan Party is a party or by which it or any of its respective properties may be bound; or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or
hereafter acquired by any Loan Party other than in favor of the Administrative Agent for its benefit and the benefit of the Lenders. 
 (e) Compliance with Law; Governmental Approvals. Each of the Borrower, the other Loan Parties and the other Subsidiaries is in compliance with each Governmental Approval applicable to it and all
other Applicable Laws (including, without limitation, Environmental Laws) relating to it except for noncompliances which, and Governmental Approvals the failure to possess which, could not, individually or in the aggregate, reasonably be expected to
cause a Default or Event of Default or have a Material Adverse Effect. 
 (f) Title to Properties; Liens. Part I of
Schedule 6.1.(f) is, as of the Agreement Date, a complete and correct listing of all real estate assets of the Borrower, each other Loan Party and each other Subsidiary. Each of the Borrower, each other Loan Party and each other Subsidiary has good,
marketable and legal title to, or a valid leasehold interest in, its respective assets. As of the Agreement Date, there are no Liens against the assets of the Borrower, the Loan Parties or any Subsidiary other than Permitted Liens. 

(g) Existing Indebtedness. Schedule 6.1.(g) is, as of September 30, 2011, a complete and correct listing of all
Indebtedness (including all Guarantees but excluding dividends payable, accounts payable and Off-Balance Sheet Obligations) of each of the Borrower, the other Loan Parties and the other Subsidiaries having an outstanding principal balance in excess
of $1,000,000, and if such Indebtedness is secured by any Lien. Except as set forth on such Schedule, from September 30, 2011, through the Agreement Date, neither the Borrower nor any of its Subsidiaries has incurred any Indebtedness having an
outstanding principal balance in excess of $1,000,000 in the aggregate. 
 (h) Reserved. 

(i) Litigation. Except as set forth on Schedule 6.1.(i), there are no actions, suits or proceedings pending (nor, to the
knowledge of any Loan Party, are there any actions, suits or proceedings threatened) against or in any other way relating adversely to or affecting the Borrower, any other Loan Party, any other Subsidiary or any of their respective property in any
court or before any arbitrator of any kind or before or by any other Governmental Authority which, (i) could reasonably be expected to have a Material Adverse Effect or (ii) in any manner draws into question the validity or enforceability
of any Loan Document or the Fee Letter. There are no strikes, slow downs, work stoppages or walkouts or other labor disputes in progress or threatened relating to the Borrower, any Subsidiary or any other Loan Party which could reasonably be
expected to have a Material Adverse Effect. 
 (j) Taxes. All federal, state and other tax returns of the Borrower, each
other Loan Party and each other Subsidiary required by Applicable Law to be filed have been duly filed, and all federal, state and other taxes, assessments and other governmental charges or levies upon, each Loan Party, each other

  
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Subsidiary and their respective properties, income, profits and assets which are due and payable have been paid, except any such nonpayment or non-filing which is at the time permitted under
Section 7.6. As of the Agreement Date, none of the United States income tax returns of the Borrower, any other Loan Party or any other Subsidiary is under audit. All charges, accruals and reserves on the books of the Borrower, the other Loan
Parties and the other Subsidiaries in respect of any taxes or other governmental charges are in accordance with GAAP. 
 (k)
Financial Statements. The Borrower has furnished to each Lender copies of (i) the audited consolidated balance sheet of the Borrower and its consolidated Subsidiaries for the fiscal years ended December 31, 2009 and
December 31, 2010, and the related audited consolidated statements of operations, shareholders’ equity and cash flow for the fiscal years ended on such dates, with the opinion thereon of Grant Thorton LLP, and (ii) the unaudited
consolidated balance sheet of the Borrower and its consolidated Subsidiaries for the fiscal quarter ended September 30, 2011, and the related unaudited consolidated statements of operations, shareholders’ equity and cash flow of the
Borrower and its consolidated Subsidiaries for the three fiscal quarter period ended on such date. Such financial statements (including in each case related schedules and notes) are complete and present fairly, in accordance with GAAP consistently
applied throughout the periods involved, the consolidated financial position of the Borrower and its consolidated Subsidiaries as at their respective dates and the results of operations and the cash flow for such periods (subject, as to interim
statements, to changes resulting from normal year-end audit adjustments). Neither the Borrower nor any of its Subsidiaries has on the Agreement Date any material contingent liabilities, liabilities, liabilities for taxes, unusual or long-term
commitments or unrealized or forward anticipated losses from any unfavorable commitments that would be required to be set forth in its financial statements or notes thereto, except as referred to or reflected or provided for in said financial
statements. 
 (l) No Material Adverse Change. Since December 31, 2010, there has been no event, change,
circumstance or occurrence that could reasonably be expected to have a Material Adverse Effect. Each of the Borrower, the other Loan Parties and the other Subsidiaries is Solvent. 

(m) ERISA. 
 (i) Each Benefit Arrangement is in compliance with the applicable provisions of ERISA, the Internal Revenue Code and other Applicable Laws except for noncompliance that would not be expected to result in
the occurrence of a Material Adverse Effect. Except with respect to Multiemployer Plans, each Qualified Plan (A) has received a favorable determination from the Internal Revenue Service applicable to such Qualified Plan’s current remedial
amendment cycle (as defined in Revenue Procedure 2007-44 or “2007-44” for short), (B) has timely filed for a favorable determination letter from the Internal Revenue Service during its staggered remedial amendment cycle (as defined in
2007-44) and such application is currently being processed by the Internal Revenue Service, (C) had filed for a determination letter prior to its “GUST remedial amendment period” (as defined in 2007-44) and received such determination
letter and the staggered remedial amendment cycle first following the GUST remedial amendment period for such Qualified Plan has not yet expired, or (D) is maintained under a prototype plan and may rely upon a favorable opinion letter issued by
the Internal Revenue Service with respect to such prototype plan. To the best knowledge of the Borrower, nothing has occurred which could reasonably be expected to cause the loss of its reliance on each Qualified Plan’s favorable determination
letter or opinion letter. 
 (ii) As of the most recent valuation date, the “benefit obligation” of all
Plans does not exceed the “fair market value of plan assets” for such Plans by more than $10,000,000 all as determined by and with such terms defined in accordance with FASB ASC 715. 

  
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 (iii) Except as could not reasonably be expected, individually or in the
aggregate, to have a Material Adverse Effect: (i) no ERISA Event has occurred or is expected to occur; (ii) there are no pending, or to the best knowledge of the Borrower, threatened, claims, actions or lawsuits or other action by any
Governmental Authority, plan participant or beneficiary with respect to a Benefit Arrangement; (iii) there are no violations of the fiduciary responsibility rules with respect to any Benefit Arrangement; and (iv) no member of the ERISA
Group has engaged in a non-exempt “prohibited transaction,” as defined in Section 406 of ERISA and Section 4975 of the Internal Revenue Code, in connection with any Plan, that would subject any member of the ERISA Group to a tax
on prohibited transactions imposed by Section 502(i) of ERISA or Section 4975 of the Internal Revenue Code. 
 (n)
Absence of Default. None of the Loan Parties or any of the other Subsidiaries is in default under its certificate or articles of incorporation or formation, bylaws, partnership agreement or other similar organizational documents, and no event
has occurred, which has not been remedied, cured or waived: (i) which constitutes a Default or an Event of Default; or (ii) which constitutes, or which with the passage of time, the giving of notice, or both, would constitute, a default or
event of default by, any Loan Party or any other Subsidiary under any agreement (other than this Agreement) or judgment, decree or order to which any such Person is a party or by which any such Person or any of its respective properties may be bound
where such default or event of default could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (o) Environmental Laws. Each of the Borrower, each other Loan Party and the other Subsidiaries: (i) has obtained all Governmental Approvals which are required under Environmental Laws, and
each such Governmental Approval is in full force and effect, and (ii) is in compliance with all terms and conditions of such Governmental Approvals, where with respect to each of the immediately preceding clauses (i) and (ii) the
failure to obtain or to comply with could reasonably be expected to have a Material Adverse Effect. Except for any of the following matters that could not reasonably be expected to have a Material Adverse Effect, no Loan Party is aware of, and has
not received notice of, any past, present, or future, events, conditions, circumstances, activities, practices, incidents, occurrences, actions, or plans which, with respect to any Loan Party or any other Subsidiary, their respective businesses,
operations or with respect to the Properties, may: (x) interfere with or prevent compliance or continued compliance with Environmental Laws or (y) give rise to any common-law or legal liability or otherwise form the basis of any claim,
action, demand, suit, proceeding, hearing, study, or investigation based on or related to the manufacture, generation, processing, distribution, use, treatment, storage, disposal, transport, removal, clean up or handling, or the emission, discharge,
release or threatened release into the environmental of any pollutant, contaminant, chemical, or industrial, toxic, other Hazardous Material. There is no civil, criminal, or administrative action, suit, demand, claim, hearing, notice, or demand
letter, notice of violation, investigation, or proceeding pending or, to the Borrower’s knowledge after due inquiry, threatened, against the Borrower, any other Loan Party or any other Subsidiary relating in any way to Environmental Laws which,
reasonably could be expected to have a Material Adverse Effect. None of the Properties is listed on or proposed for listing on the National Priority List promulgated pursuant to the Comprehensive Environmental Response, Compensation and Liability
Act of 1980 and its implementing regulations, or any state or local priority list promulgated pursuant to any analogous state or local law to the extent any such listing could reasonably be expected to have a Material Adverse Effect. To the
Borrower’s knowledge, no Hazardous Materials generated at or transported from the Properties are or have been transported to, or disposed of at, any location that is listed or proposed for listing on the National Priority List or any analogous
state or local priority list, or any other location that is or has been the subject of a clean-up, removal or remedial action pursuant to any Environmental Law, except to the extent that such transportation or disposal could not reasonably be
expected to result in a Material Adverse Effect. 

  
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 (p) Investment Company. None of the Borrower, any other Loan Party or any other
Subsidiary is (i) an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended, or (ii) subject to any other Applicable Law
which purports to regulate or restrict its ability to borrow money or obtain other extensions of credit or to consummate the transactions contemplated by this Agreement or to perform its obligations under any Loan Document to which it is a party.

 (q) Margin Stock. None of the Borrower, any other Loan Party or any other Subsidiary is engaged principally, or as one
of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock” within the meaning of Regulation U of the Board of Governors of the
Federal Reserve System. 
 (r) Affiliate Transactions. Except as permitted by Section 9.9., none of the Borrower,
any other Loan Party or any other Subsidiary is a party to or bound by any agreement or arrangement with any Affiliate. 
 (s)
Intellectual Property. Each of the Borrower, each other Loan Party and each other Subsidiary 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”) necessary to the conduct of its businesses as now conducted and as contemplated by the Loan Documents, without known conflict with
any patent, license, franchise, trademark, trademark rights, trade secret, trade name, copyright, or other proprietary right of any other Person, which conflict could reasonably be expected to have a Material Adverse Effect. The Borrower, each other
Loan Party and each other Subsidiary have taken all such steps as they deem reasonably necessary to protect their respective rights under and with respect to such Intellectual Property. No material claim has been asserted by any Person with respect
to the use of any Intellectual Property by the Borrower, any other Loan Party or any other Subsidiary, or challenging or questioning the validity or effectiveness of any Intellectual Property. The use of such Intellectual Property by the Borrower,
its Subsidiaries and the other Loan Parties, does not infringe on the rights of any Person, subject to such claims and infringements as do not, in the aggregate, give rise to any liabilities on the part of the Borrower, any other Loan Party or any
other Subsidiary that could reasonably be expected to have a Material Adverse Effect. 
 (t) Business. As of the
Agreement Date, the Borrower, the other Loan Parties and the other Subsidiaries are (i) primarily engaged in the business of acquiring, owning, redeveloping, developing and managing Retail Properties and Mixed-Use Projects (including components
of such Mixed-Use Projects that are Office Properties and Multifamily Properties) together with other business activities reasonably related or incidental thereto and (ii) secondarily engaged in the business of acquiring, owning, redeveloping,
developing and managing Office Properties and Multifamily Properties, together with other business activities reasonably related or incidental thereto. 
 (u) Broker’s Fees. No broker’s or finder’s fee, commission or similar compensation will be payable with respect to the transactions contemplated hereby. No other similar fees or
commissions will be payable by any Loan Party for any other services rendered to the Borrower, any other Loan Party or any other Subsidiary ancillary to the transactions contemplated hereby. 

(v) Accuracy and Completeness of Information. None of the written information, reports or other papers or data (excluding
financial projections and other forward looking statements), taken as a whole as of the date of delivery thereof, furnished to the Administrative Agent or any Lender by, on behalf of, or at the direction of, the Borrower, any Subsidiary or any other
Loan Party in connection with 

  
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or relating in any way to this Agreement, contained any untrue statement of a fact material to the creditworthiness of the Borrower, any Subsidiary or any other Loan Party or omitted to state a
material fact necessary in order to make such statements contained therein, in light of the circumstances under which they were made, not misleading. All financial statements furnished to the Administrative Agent or any Lender by, on behalf of, or
at the direction of, the Borrower, any Subsidiary or any other Loan Party in connection with or relating in any way to this Agreement, present fairly, in accordance with GAAP consistently applied throughout the periods involved, the financial
position of the Persons involved as at the date thereof and the results of operations for such periods (subject, as to interim statements, to changes resulting from normal year end audit adjustments and absence of full footnote disclosure). All
financial projections and other forward looking statements prepared by or on behalf of the Borrower, any Subsidiary or any other Loan Party that have been or may hereafter be made available to the Administrative Agent or any Lender were or will be
prepared in good faith based on reasonable assumptions. As of the Effective Date, no fact is known to the Borrower which has had, or may in the future have (so far as the Borrower can reasonably foresee), a Material Adverse Effect which has not been
set forth in the financial statements referred to in Section 6.1.(k) or in such information, reports or other papers or data or otherwise disclosed in writing to the Administrative Agent and the Lenders. 

(w) Not Plan Assets; No Prohibited Transactions. None of the assets of the Borrower, any other Loan Party or any other Subsidiary
constitutes “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. Assuming that no Lender funds any amount payable by it hereunder with “plan assets,” as that
term is defined in 29 C.F.R. 2510.3-101, the execution, delivery and performance of this Agreement and the other Loan Documents, and the extensions of credit and repayment of amounts hereunder, do not and will not constitute “prohibited
transactions” under ERISA or the Internal Revenue Code. 
 (x) OFAC. (i) None of the Borrower, any of the other
Loan Parties, any of the other Subsidiaries, or any other Affiliate of the Borrower is a person named on the list of Specially Designated Nationals or Blocked Persons maintained by OFAC available at
http://www.treas.gov/offices/enforcement/ofac/index.shtml or as otherwise published from time to time (each such person on the Blocked Persons list, a “Blocked Person”) (ii) none of the Borrower, any of the other Loan Parties,
any of the other Subsidiaries, or any other Affiliate of the Borrower is (A) an agency of the government of a country, (B) an organization controlled by a country, or (C) a person resident in a country that is subject to a sanctions
program identified on the list maintained by OFAC and available at http://www.treas.gov/offices/enforcement/ofac/index.shtml, or as otherwise published from time to time, as such program may be applicable to such agency, organization or person; and
(iii) none of the Borrower, any of the other Loan Parties, any of the other Subsidiaries, or, to the knowledge of the Borrower, any Affiliate (other than Subsidiaries) of the Borrower, derives any of its assets or operating income from
investments in or transactions with any such country, agency, organization or person; and none of the proceeds from any Loan will be used to finance any operations, investments or activities in, or make any payments to, any such country, agency,
organization, or person. 
 (y) REIT Status. The Borrower qualifies as, and has elected to be treated as, a REIT and is
in compliance with all requirements and conditions imposed under the Internal Revenue Code to allow the Borrower to maintain its status as a REIT. 
 (z) Unencumbered Assets. As of the Agreement Date, Schedule 6.1.(z) is a correct and complete list of each Wholly Owned Property, Controlled Property and Non-Controlled Property included as of the
Agreement Date in the calculation of Unencumbered Asset Value. Except as set forth on such Schedule, each of the Properties included by the Borrower in calculations of Unencumbered Asset Value is an Eligible Property. 

  
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 Section 6.2. Survival of Representations and Warranties, Etc. 

All statements contained in any certificate, financial statement or other instrument delivered by or on behalf of any Loan Party or any
other Subsidiary 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 any Loan Party prior to the Agreement Date and delivered to the Administrative Agent or any Lender in connection with the underwriting
or closing the transactions contemplated hereby) shall constitute representations and warranties made by the Borrower under this Agreement. All representations and warranties made under this Agreement and the other Loan Documents shall be deemed to
be made at and as of the Agreement Date, the Effective Date and at and as of the date of the occurrence of each Credit Event, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case
such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in
all respects) on and as of such earlier date) and except for changes in factual circumstances not prohibited hereunder. All such representations and warranties shall survive the effectiveness of this Agreement, the execution and delivery of the Loan
Documents and the making of the Loans. 
 ARTICLE VII. AFFIRMATIVE COVENANTS

 For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to Section 12.7.,
all of the Lenders) shall otherwise consent in the manner provided for in Section 12.7., the Borrower shall comply with the following covenants: 
 Section 7.1. Preservation of Existence and Similar Matters. 
 Except as
otherwise permitted under Section 9.5., the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, preserve and maintain its respective existence, rights, franchises, licenses and privileges in the jurisdiction of
its incorporation or formation and qualify and remain qualified and authorized to do business in each jurisdiction in which the character of its properties or the nature of its business requires such qualification and authorization and where the
failure to be so authorized and qualified could reasonably be expected to have a Material Adverse Effect. 
 Section 7.2. Compliance
with Applicable Law and Material Contracts. 
 The Borrower shall, and shall cause each other Loan Party and each other
Subsidiary to, comply with (a) all Applicable Laws, including the obtaining of all Governmental Approvals, the failure with which to comply could reasonably be expected to have a Material Adverse Effect, and (b) all terms and conditions of
all contracts and other written agreements to which it is a party if any such non-compliance could reasonably be expected to have a Material Adverse Effect. 
 Section 7.3. Maintenance of Property. 
 In addition to the requirements
of any of the other Loan Documents, the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, (a) protect and preserve all of its respective material properties, including, but not limited to, all Intellectual
Property necessary to the conduct of its respective business, and maintain in good repair, working order and condition all tangible properties, ordinary wear and tear excepted, and (b) from time to time make or cause to be made all needed and

  
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appropriate repairs, renewals, replacements and additions to such properties, so that the business carried on in connection therewith may be properly and advantageously conducted at all times.

 Section 7.4. Conduct of Business. 
 The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, carry on its respective businesses as described in Section 6.1.(t). 

Section 7.5. Insurance. 
 In addition to the requirements of any of the other Loan Documents, the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, maintain insurance (on a replacement cost basis)
with financially sound and reputable insurance companies against such risks and in such amounts as is customarily maintained by Persons engaged in similar businesses or as may be required by Applicable Law. The Borrower shall from time to time
deliver to the Administrative Agent upon request a detailed list, together with copies of all policies of the insurance then in effect, stating the names of the insurance companies, the amounts and rates of the insurance, the dates of the expiration
thereof and the properties and risks covered thereby. 
 Section 7.6. Payment of Taxes and Claims. 

The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, pay and discharge when due (a) all taxes,
assessments and governmental charges or levies imposed upon it or upon its income or profits or upon any properties belonging to it, and (b) all lawful claims of materialmen, mechanics, carriers, warehousemen and landlords for labor, materials,
supplies and rentals which, if unpaid, might become a Lien on any properties of such Person; provided, however, that this Section shall not require the payment or discharge of any such tax, assessment, charge, levy or claim which is being contested
in good faith by appropriate proceedings which operate to suspend the collection thereof and for which adequate reserves have been established on the books of such Person in accordance with GAAP. 

Section 7.7. Books and Records; Inspections. 
 The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, maintain books and records pertaining to its respective business operations in such detail, form and scope as is
consistent with good business practice and in accordance with GAAP. The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, permit representatives or agents of any Lender or the Administrative Agent, from time to time
after reasonable prior notice if no Event of Default shall be in existence, as often as may be reasonably requested, but only during normal business hours and at the expense of such Lender or the Administrative Agent (unless an Event of Default
shall exist, in which case the exercise by the Administrative Agent of its rights under this Section shall be at the expense of the Borrower), as the case may be, to: (a) visit and inspect all properties of the Borrower or such Subsidiary or
other Loan Party to the extent any such right to visit or inspect is within the control of such Person; (b) inspect and make extracts from their respective books and records, including but not limited to management letters prepared by
independent accountants; and (c) discuss with its officers, and its independent accountants (in the presence of an officer of the Borrower so long as no Event of Default has occurred and is continuing), its business, properties, condition
(financial or otherwise), results of operations and performance. If requested by the Administrative Agent, the Borrower shall execute an authorization letter addressed to its accountants authorizing the Administrative Agent or any Lender to discuss
the financial affairs of the Borrower and any other Loan Party or any other Subsidiary with its accountants which, so long as no Event of Default has occurred and is continuing, shall be in the presence of an officer of the Borrower. 

  
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 Section 7.8. Use of Proceeds. 

The Borrower will use the proceeds of Loans only to (i) refinance existing indebtedness, (ii) provide for the general working
capital needs of the Borrower and its Subsidiaries and (iii) for other general corporate purposes of the Borrower and its Subsidiaries. The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, use any part
of such proceeds to purchase or carry, or to reduce or retire or refinance any credit incurred to purchase or carry, any margin stock (within the meaning of Regulation U or Regulation X of the Board of Governors of the Federal Reserve
System) or to extend credit to others for the purpose of purchasing or carrying any such margin stock. 
 Section 7.9. Environmental
Matters. 
 The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, comply with all
Environmental Laws the failure with which to comply could reasonably be expected to have a Material Adverse Effect. The Borrower shall use, and shall cause each other Loan Party and each other Subsidiary to use, commercially reasonable efforts
(which shall include, for purposes of this Section, including customary provisions in lease agreements with tenants as to such compliance) to cause all other Persons occupying, using or present on the Properties to comply, with all Environmental
Laws with which to comply could reasonably be expected to have a Material Adverse Effect. The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to take promptly all actions reasonably necessary to prevent the imposition
of any Liens on any of their respective properties arising out of or related to any Environmental Laws. Nothing in this Section shall impose any obligation or liability whatsoever on the Administrative Agent or any Lender. 

Section 7.10. Further Assurances. 
 At the Borrower’s cost and expense and upon request of the Administrative Agent, the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, duly execute and deliver or
cause to be duly 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. 

Section 7.11. Reserved. 

Section 7.12. REIT Status. 
 The Borrower shall at all times maintain its status as, and election to be treated as, a REIT under the Internal Revenue Code. 
 Section 7.13. Exchange Listing. 
 The Borrower shall maintain at least
one class of common shares of the Borrower having trading privileges on the New York Stock Exchange or the American Stock Exchange or other national exchange which is subject to price quotations on The NASDAQ Stock Market’s National Market
System (or any successor exchanges or quotation systems thereto). 

  
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 Section 7.14. Guarantors. 

(a) Within 10 Business Days of any Person becoming a Material Subsidiary (other than an Excluded Subsidiary or a Subsidiary owning a
Non-Controlled Property) after the Agreement Date, the Borrower shall deliver to the Administrative Agent each of the following in form and substance satisfactory to the Administrative Agent: (i) an Accession Agreement executed by such Material
Subsidiary and (ii) the items that would have been delivered under subsections (iv) through (viii) of Section 5.1.(a) if such Material Subsidiary had been a Material Subsidiary on the Agreement Date; provided,
however, promptly (and in any event within 10 Business Days) upon (x) any Excluded Subsidiary ceasing to be subject to the restriction which prevented it from becoming a Guarantor on the Effective Date or delivering an Accession
Agreement pursuant to this Section, as the case may be, or (y) a Subsidiary ceasing to own any Non-Controlled Properties, such Subsidiary shall comply with the provisions of this Section if then applicable. 

(b) The Borrower may, at its option, cause any Subsidiary that is not already a Guarantor to become a Guarantor by executing and
delivering to the Administrative Agent the items required to be delivered under the immediately preceding subsection (a). 
 (c)
The Borrower may request in writing that the Administrative Agent release, and upon receipt of such request the Administrative Agent shall release, a Guarantor from the Guaranty so long as: (i) such Guarantor (x) meets, or will meet
simultaneously with its release from the Guaranty, all of the provisions of the definition of the term “Excluded Subsidiary” or (y) has ceased to be, or simultaneously with its release from the Guaranty will cease to be, a Material
Subsidiary (whether pursuant to a transaction permitted under Section 9.6. or otherwise); (ii) such Guarantor is not otherwise required to be a party to the Guaranty under the immediately preceding subsection (a); (iii) no
Default or Event of Default shall then be in existence or would occur as a result of such release, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 9.1.; and
(iv) the Administrative Agent shall have received such written request at least ten (10) Business Days (or such shorter period as may be acceptable to the Administrative Agent) prior to the requested date of release. Delivery by the
Borrower to the Administrative Agent of any such request shall constitute a representation by the Borrower that the matters set forth in the preceding sentence (both as of the date of the giving of such request and as of the date of the
effectiveness of such request) are true and correct with respect to such request. 
 ARTICLE VIII.
INFORMATION 
 For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required
pursuant to Section 12.7., all of the Lenders) shall otherwise consent in the manner set forth in Section 12.7., the Borrower shall furnish to the Administrative Agent for distribution to each of the Lenders: 

Section 8.1. Quarterly Financial Statements. 
 As soon as available and in any event within five (5) days after the same is required to be filed with the Securities and Exchange Commission (but in no event later than 50 days after the end of each
of the first, second and third fiscal quarters of the Borrower commencing with the fiscal quarter of the Borrower ended September 30, 2011), the unaudited consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such
period and the related unaudited consolidated statements of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries for such period, setting forth in each case in comparative form the figures as of the end of and
for the corresponding periods of the previous fiscal year, all of which shall, to the extent applicable, be in the form required by the Securities Exchange Act and certified by the chief financial officer or chief accounting officer of the Borrower,
in 

  
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his or her opinion, to present fairly, in accordance with GAAP and in all material respects, the consolidated financial position of the Borrower and its Subsidiaries as at the date thereof and
the results of operations for such period (subject to normal year-end audit adjustments). 
 Section 8.2. Year-End Statements.

 As soon as available and in any event within five (5) days after the same is required to be filed with the Securities
and Exchange Commission (but in no event later than 95 days after the end of each fiscal year of the Borrower commencing with the fiscal year of the Borrower ending December 31, 2011), the audited consolidated balance sheet of the Borrower and
its Subsidiaries as at the end of such fiscal year and the related audited consolidated statements of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries for such fiscal year, setting forth in comparative form
the figures as at the end of and for the previous fiscal year, all of which shall, to the extent applicable, be in the form required by the Securities Exchange Act and (a) certified by the chief accounting officer or chief financial officer of
the Borrower, in his or her opinion, to present fairly, in accordance with GAAP, the consolidated financial position of the Borrower and its Subsidiaries as at the date thereof and the result of operations for such period and (b) accompanied by
the report thereon of Grant Thorton LLP or any other independent certified public accountants of recognized national standing acceptable to the Administrative Agent, whose report shall be unqualified and who shall have authorized the Borrower to
deliver such financial statements and report thereon to the Administrative Agent and the Lenders pursuant to this Agreement. 

Section 8.3. Compliance Certificate. 
 At the time the financial statements are furnished pursuant to Sections 8.1. and 8.2. and, if (i) the Requisite Lenders provide notice to the Administrative Agent and the Borrower that they
reasonably believe that an Event of Default specified in Section 10.1.(a), 10.1.(e) or 10.1.(f) or a Default under Section 10.1.(f) may occur, or if (ii) a casualty or condemnation of a Property secured by Material Indebtedness
requiring payment in excess of $25,000,000 as a result of such casualty or condemnation occurs, then within 5 Business Days of the Administrative Agent’s request with respect to any other fiscal period, a certificate substantially in the form
of Exhibit H (a “Compliance Certificate”) executed on behalf of the Borrower by the chief accounting officer or the chief financial officer of the Borrower (a) setting forth in reasonable detail as of the end of such
quarterly accounting period or fiscal year or such other fiscal period, as the case may be, the calculations required to establish whether the Borrower was in compliance with the covenants contained in Section 9.1.; and (b) stating that,
to the best of his or her knowledge, information, and belief after due inquiry, no Default or Event of Default exists, or, if such is not the case, specifying such Default or Event of Default and its nature, when it occurred and the steps being
taken by the Borrower with respect to such event, condition or failure. Together with each Compliance Certificate delivered in connection with quarterly or annual financial statements, the Borrower shall deliver a report, in form and detail
reasonably satisfactory to the Administrative Agent, setting forth (i) a statement of Funds From Operations for the fiscal period then ending; (ii) a list of each Wholly Owned Property, Controlled Property and Non-Controlled Property
included in the calculation of Unencumbered Asset Value, such list to identify any Property that has ceased to be included in the calculation of Unencumbered Asset Value since the previous such list delivered to the Administrative Agent; and
(iii) a listing of all Properties acquired by the Borrower or any Subsidiary since the delivery of the previous such list, including their Net Operating Income, the purchase price for such Property and indicating whether such Property is
collateral for any Secured Indebtedness of the owner of such Property. 

  
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 Section 8.4. Other Information. 

(a) Promptly upon receipt thereof, copies of all management reports, if any, submitted to the Borrower or its Board of Trustees by its
independent public accountants; 
 (b) Within five (5) Business Days of the filing thereof, copies of all registration
statements (excluding the exhibits thereto (unless requested by the Administrative Agent) and any registration statements on Form S-8 or its equivalent), reports on
 Forms 10-K, 10-Q and 8-K (or their equivalents) and all other periodic reports
which any Loan Party or any other Subsidiary shall file with the Securities and Exchange Commission (or any Governmental Authority substituted therefor) or any national securities exchange; 

(c) Promptly upon the mailing thereof to the shareholders of the Borrower generally, copies of all financial statements, reports and
proxy statements so mailed and promptly upon the issuance thereof copies of all press releases issued by the Borrower, any Subsidiary or any other Loan Party; 
 (d) No later than (i) the last day of February of each year, projected consolidated financial statements of Borrower and its consolidated Subsidiaries, for the next fiscal year set forth on a
quarterly basis, to include projected balance sheets, statements of income and loss and statements of cash flow, together with calculations required to establish whether or not the Borrower is projected to be in compliance with the financial
covenants set forth in Section 9.1. and (ii) 15 Business Days of Administrative Agent’s request, the Borrower shall deliver such projected consolidated financial statements for the four fiscal-quarter period commencing with the fiscal
quarter in which such request was made; provided, that the Borrower shall not be required to provide projections pursuant to this clause (ii) more than once during any fiscal quarter; further, in each case, such projected consolidated financial
statements shall be prepared on a quarterly basis, all in reasonable detail, and in form and content acceptable to the Administrative Agent, and shall be accompanied by such supporting information as the Administrative Agent may reasonably request.
Such projected consolidated financial statements shall represent the reasonable best estimate by the Borrower of the future financial performance of the Borrower and its Subsidiaries for the periods set forth therein and have been prepared on the
basis of assumptions set forth therein, which the Borrower believes are fair and reasonable as of the date of preparation in light of current and reasonably foreseeable business conditions (it being understood that actual results may differ from
those set forth in such projected financial statements); 
 (e) If any ERISA Event shall occur that individually, or together
with any other ERISA Event that has occurred, could reasonably be expected to have a Material Adverse Effect, a certificate of the chief executive officer or chief financial officer of the Borrower setting forth details as to such occurrence and the
action, if any, which the Borrower or applicable member of the ERISA Group is required or proposes to take; 
 (f) To the extent
any Loan Party or any other Subsidiary is aware of the same, prompt notice of the commencement of any proceeding or investigation by or before any Governmental Authority and any action or proceeding in any court or other tribunal or before any
arbitrator against or in any other way relating adversely to, or adversely affecting, any Loan Party or any other Subsidiary or any of their respective properties, assets or businesses which could reasonably be expected to have a Material Adverse
Effect, and prompt notice of the receipt of notice that any United States income tax returns of any Loan Party or any other Subsidiary are being audited; 
 (g) A copy of any amendment to the declaration of trust or other organizational documents of the Borrower within fifteen (15) Business Days after the effectiveness thereof; 

  
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 (h) Prompt notice of (i) any change in the chief executive officer, chief financial
officer or chief operating officer of the Borrower, any Subsidiary or any other Loan Party, or (ii) any change in the business, assets, liabilities, financial condition or results of operations of the Borrower, any Subsidiary or any other Loan
Party which has had, or could reasonably be expected to have, a Material Adverse Effect; 
 (i) Promptly upon a Responsible
Officer of the Borrower obtaining knowledge thereof, notice of the occurrence of any Default or Event of Default or any event which constitutes or which with the passage of time, the giving of notice, or otherwise, would constitute a default or
event of default by any Loan Party or any other Subsidiary under any Material Contract to which any such Person is a party or by which any such Person or any of its respective properties may be bound; 

(j) Prompt notice of any order, judgment or decree in excess of $5,000,000 having been entered against any Loan Party or any other
Subsidiary or any of their respective properties or assets; 
 (k) Prompt notice if the Borrower, any Subsidiary or any other
Loan Party shall receive any notification from any Governmental Authority alleging a violation of any Applicable Law or any inquiry which, in either case, could reasonably be expected to have a Material Adverse Effect 

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

(m) Promptly upon the request of the Administrative Agent, evidence of the Borrower’s calculation of the Ownership Share with
respect to a Subsidiary or an Unconsolidated Affiliate, such evidence to be in form and detail satisfactory to the Administrative Agent; 
 (n) Promptly upon any change in the Borrower’s Credit Rating, a certificate stating that the Borrower’s Credit Rating has changed and the new Credit Rating that is in effect; 

(o) Promptly upon each request, information identifying the Borrower as a Lender may request in order to comply with the USA Patriot Act;

 (p) Prompt notice of the sale, transfer or other disposition of any material assets of the Borrower, any Subsidiary or any
other Loan Party to any Person other than the Borrower, any Subsidiary or any other Loan Party; 
 (q) Prompt written notice,
meaning within ten (10) Business Days after the Borrower obtains knowledge thereof, of the occurrence of any of the following: (i) the Borrower, any Loan Party or any other Subsidiary shall receive written notice that any violation of
Environmental Law has or may have been committed or is about to be committed; (ii) the Borrower, any Loan Party or any other Subsidiary shall receive written notice that any administrative or judicial complaint, or order has been filed or is
about to be filed against any such Person alleging any violation of any Environmental Law or requiring the Borrower, any Loan Party or any other Subsidiary to take any action in connection with the release or threatened release of Hazardous
Materials; or (iii) the Borrower, any Loan Party or any other Subsidiary shall receive any notice from a Governmental Authority or private party alleging that any such Person may be liable or responsible for any costs associated with a response
to, or remediation or cleanup of, a release of Hazardous Materials or any damages caused thereby; and the matters covered by such notice(s) under the foregoing clauses (i) through (iii) above, whether individually or in the aggregate,
could reasonably be expected to have a Material Adverse Effect; 
 (r) Promptly upon the request of the Administrative Agent,
the Derivatives Termination Value in respect of any Specified Derivatives Contract from time to time outstanding; and 

  
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 (s) From time to time and promptly upon each request, such data, certificates, reports,
statements, opinions of counsel, documents or further information regarding the business, assets, liabilities, financial condition or results of operations of the Borrower, any of its Subsidiaries, or any other Loan Party as the Administrative Agent
or any Lender may reasonably request. 
 Section 8.5. Electronic Delivery of Certain Information. 

(a) Documents required to be delivered pursuant to the Loan Documents shall be delivered by electronic communication and delivery,
including, the Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website or a website sponsored or hosted by the Administrative Agent or the Borrower) provided
that the foregoing shall not apply to (i) notices to any Lender pursuant to Article II. and (ii) any Lender that has notified the Administrative Agent and the Borrower that it cannot or does not want to receive electronic communications.
The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic delivery pursuant to procedures approved by it for all or particular notices or communications. Documents
or notices delivered electronically shall be deemed to have been delivered on the date and time on which the Administrative Agent or the Borrower posts such documents or the documents become available on a commercial website and the Borrower
notifies the Administrative Agent of said posting by causing an e-mail notification to be sent to an e-mail address specified from time to time by the Administrative Agent and provides a link thereto; provided if such notice or other communication
is not sent or posted during the normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of 9:00 a.m. Eastern time on the next business day for the recipient. Notwithstanding anything contained
herein, in every instance the Borrower shall be required to provide paper copies of the certificate required by Section 8.3. to the Administrative Agent and shall deliver paper copies of any documents to the Administrative Agent or to any
Lender that requests such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender. Except for the certificates required by Section 8.3., the Administrative Agent shall have no
obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery. Each Lender shall be
solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents. 
 (b)
Documents required to be delivered pursuant to Article II. may be delivered electronically to a website provided for such purpose by the Administrative Agent pursuant to the procedures provided to the Borrower by the Administrative Agent.

 Section 8.6. Public/Private Information. 
 The Borrower will cooperate with the Administrative Agent in connection with the publication of certain materials and/or information provided by or on behalf of the Borrower to the Administrative Agent
and the Lenders (collectively, “Information Materials”) pursuant to this Article and the Borrower will designate Information Materials (a) that are either available to the public or not material with respect to the Borrower and
its Subsidiaries or any of their respective securities for purposes of United States federal and state securities laws, as “Public Information” and (b) that are not Public Information as “Private Information”. The
Administrative Agent and the Borrower acknowledge and agree that the Borrower is obligated to file reports under the Securities Exchange Act. All Information Materials filed with or furnished to the Securities and Exchange Commission by, or on
behalf of, the Borrower pursuant to the Securities Exchange Act or filed by, or on behalf of, the Borrower with the Securities and Exchange Commission pursuant to the Securities Act, distributed by, or on behalf of, the Borrower by press release
through a widely disseminated news or wire service, or otherwise expressly designated by the Borrower 

  
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as Public Information are hereby designated as Public Information and all other Information Materials are hereby designated as Private Information. 

Section 8.7. USA Patriot Act Notice; Compliance. 
 The USA Patriot Act and federal regulations issued with respect thereto require all financial institutions to obtain, verify and record certain information that identifies individuals or business entities
which open an “account” with such financial institution. Consequently, a Lender (for itself and/or as Administrative Agent for all Lenders hereunder) may from time-to-time request, and the Borrower shall, and shall cause the other Loan
Parties to, provide to such Lender, such Loan Party’s name, address, tax identification number and/or such other identification information as shall be necessary for such Lender to comply with federal law. An “account” for this
purpose may include, without limitation, a deposit account, cash management service, a transaction or asset account, a credit account, a loan or other extension of credit, and/or other financial services product. 

ARTICLE IX. NEGATIVE COVENANTS 

For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to Section 12.7., all of the
Lenders) shall otherwise consent in the manner set forth in Section 12.7., the Borrower shall comply with the following covenants: 

Section 9.1. Financial Covenants. 
 (a) Minimum Tangible Net Worth. The Borrower shall not at any time permit the Tangible Net Worth to be less than (i) $1,750,000,000 plus (ii) 75% of the Net Proceeds of all Equity
Issuances effected at any time after March 31, 2011 by the Borrower or any of its Subsidiaries to any Person other than the Borrower or any of its Subsidiaries. 
 (b) Maximum Leverage Ratio. The Borrower shall not permit the ratio of (i) Total Indebtedness to (ii) Total Asset Value to exceed 0.60 to 1.00 at any time. 

(c) Minimum Fixed Charge Coverage Ratio. The Borrower shall not permit the ratio of (i) Adjusted EBITDA for any fiscal
quarter ending during the term of this Agreement to (ii) Fixed Charges for such fiscal quarter, to be less than 1.50 to 1.00 as of the last day of such fiscal quarter. 
 (d) Maximum Secured Indebtedness Ratio. The Borrower shall not permit the ratio of (i) Secured Indebtedness of the Borrower and its Subsidiaries determined on a consolidated basis to
(ii) Total Asset Value to exceed 0.35 to 1.00 at any time. 
 (e) Maximum Unencumbered Leverage Ratio. The Borrower
shall not permit the ratio of (i) Unsecured Indebtedness of the Borrower and its Subsidiaries determined on a consolidated basis to (ii) Unencumbered Asset Value, to exceed 0.60 to 1.00 at any time. 

(f) Minimum Unencumbered Debt Yield. The Borrower shall not permit the ratio of (i) Unencumbered Adjusted NOI on a
consolidated basis for any fiscal quarter to (ii) Unsecured Indebtedness of the Borrower and its Subsidiaries as of the last day of such fiscal quarter to be less than 0.11 to 1.00 at any time. 

(g) Permitted Investments. The Borrower shall not, and shall not permit any Loan Party or other Subsidiary to, make an Investment
in or otherwise own the following items which would cause the 

  
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aggregate value of such holdings of such Persons to exceed the following percentages of Total Asset Value at any time: 

(i) Investments in Unconsolidated Affiliates and other Persons that are not Subsidiaries and Investments in Subsidiaries
that own Non-Controlled Properties, such that the aggregate value of such Investments determined as the Borrower’s equity in the respective entity excluding any amounts related to non-controlling interests in accordance with GAAP, exceeds
15.00% of Total Asset Value; 
 (ii) Mortgage Receivables such that the aggregate book value exceeds 5.00% of
Total Asset Value; 
 (iii) Total Budgeted Costs for all real property under construction such that the aggregate
amount of such Total Budgeted Costs exceeds 20.00% of Total Asset Value; 
 (iv) Unimproved Land such that the
aggregate value of such Unimproved Land, calculated on the basis of cost, exceeds 5.00% of Total Asset Value; and 
 (v) Investments in Persons (other than Investments in Subsidiaries and Unconsolidated Affiliates) such that the aggregate value of such Investments, calculated on the basis of cost, exceeds 5.00% of Total
Asset Value. 
 In addition to the foregoing limitations, the aggregate value of the Investments and other items subject to the limitations in
the preceding clauses (i) through (v) shall not exceed 35% of Total Asset Value. 
 (h) Total Assets of the
Borrower and the Guarantors. The Borrower shall not permit the aggregate Adjusted Total Asset Value determined with respect to the Borrower and the Guarantors to be less than 95.00% of the Adjusted Total Asset Value. 

(i) Dividends and Other Restricted Payments. The Borrower shall not, and shall not permit any of its Subsidiaries to, declare or
make any Restricted Payment if an Event of Default shall have occurred and is continuing; except that the Borrower may, subject to the immediately following sentence, declare and make cash distributions to its shareholders during any fiscal year in
an aggregate amount not to exceed the minimum amount necessary for the Borrower to remain in compliance with Section 7.12. Notwithstanding the foregoing, if an Event of Default specified in Section 10.1.(a), Section 10.1.(e) or
Section 10.1.(f) shall have occurred and is continuing, or if as a result of the occurrence of any other Event of Default any of the Obligations have been accelerated pursuant to Section 10.2.(a), the Borrower shall not, and shall not
permit any Subsidiary to, make any Restricted Payment to any Person other than to the Borrower or any Subsidiary. 
 Section 9.2.
Investments Generally. 
 The Borrower shall not, and shall not permit any Subsidiary or other Loan Party to, directly or
indirectly, acquire, make or purchase any Investment, or permit any Investment of such Person to be outstanding on and after the Agreement Date, other than the following: 
 (a) Investments in Subsidiaries in existence on the Agreement Date and disclosed on Part I of Schedule 6.1.(b); 
 (b) Investments to acquire Equity Interests of a Subsidiary or any other Person who after giving effect to such acquisition would be a Subsidiary, so long as in each case (i) as a result of such

  
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Investment, and after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default has occurred and is continuing, and
(ii) if such Subsidiary is (or after giving effect to such Investment would become) a Material Subsidiary, and is not an Excluded Subsidiary and does not own a Non-Controlled Property, the terms and conditions set forth in Section 7.14.
are satisfied; 
 (c) Investments permitted under Section 9.1.(g); 

(d) Investments in Cash Equivalents; 
 (e) intercompany Indebtedness among the Borrower and its Wholly Owned Subsidiaries provided that such Indebtedness is permitted by the terms of this Agreement; 

(f) loans and advances to officers and employees (i) to finance their exercise of options to acquire stock in the Borrower to the
extent made pursuant to arrangements in existence on the Agreement Date and only as permitted by Applicable Law and (ii) for moving, entertainment, travel and other similar expenses in the ordinary course of business consistent with past
practices; and 
 (g) any other Investments so long as a result of making such Investment, and immediately thereafter and after
giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default has occurred and is continuing. 
 Section 9.3. Liens; Negative Pledges. 
 (a) The Borrower shall not, and
shall not permit any Subsidiary (other than an Excluded Subsidiary) or other Loan Party to, create, assume, or incur any Lien (other than Permitted Liens) upon any of its properties, assets, income or profits of any character whether now owned or
hereafter acquired if as a result of the creation, assumption or incurring of such Lien, a Default or Event of Default is or would be caused thereby or any other Major Default or Event of Default has occurred and is continuing, including without
limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 9.1. 

(b) The Borrower shall not, and shall not permit any Subsidiary (other than an Excluded Subsidiary) or other Loan Party to, enter into,
assume or otherwise be bound by any Negative Pledge except for a Negative Pledge contained in any agreement (i) evidencing Indebtedness which the Borrower or such Subsidiary may create, incur, assume, or permit or suffer to exist under this
Agreement; (ii) which Indebtedness is secured by a Lien permitted to exist hereunder and (iii) which prohibits the creation of any other Lien on only the property securing such Indebtedness as of the date such agreement was entered into.

 Section 9.4. Restrictions on Intercompany Transfers. 
 The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary (other than an Excluded Subsidiary) to, create or otherwise cause or suffer to exist or become effective any
consensual encumbrance or restriction of any kind on the ability of any Subsidiary to: (a) pay dividends or make any other distribution on any of such Subsidiary’s capital stock or other equity interests owned by the Borrower or any
Subsidiary; (b) pay any Indebtedness owed to the Borrower or any Subsidiary; (c) make loans or advances to the Borrower or any Subsidiary; or (d) transfer any of its property or assets to the Borrower or any Subsidiary; other than
(i) with respect to clauses (a) through (d), those encumbrances or restrictions contained in any Loan Document, (ii) with respect to clause (d), customary provisions restricting assignment of any agreement entered into by the
Borrower, any other Loan Party or 

  
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any Subsidiary in the ordinary course of business and (iii) with respect to clauses (a) through (d), in the case of a Subsidiary that is not a Wholly Owned Subsidiary, limitations
arising after the date hereof to the effect that any such dividends, distributions, loans, advances or transfers of property must be on fair and reasonable terms and on an arm’s length basis. 

Section 9.5. Merger, Consolidation, Sales of Assets and Other Arrangements. 

The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, (a) enter into any transaction of
merger or consolidation; (b) liquidate, windup or dissolve itself (or suffer any liquidation or dissolution); or (c) convey, sell, lease, sublease, transfer or otherwise dispose of, in one transaction or a series of transactions, all or
any substantial part of its business or assets whether now owned or hereafter acquired; provided, however, that: 

(i) any of the actions described in the immediately preceding clauses (a), (b) and (c) may be taken with
respect to any Subsidiary or any other Loan Party (other than the Borrower) so long as, as a result of the taking of such action, and after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major
Default or Event of Default has occurred and is continuing; notwithstanding the foregoing, any such Loan Party may enter into a transaction of merger pursuant to which such Loan Party is not the survivor of such merger only if (i) the Borrower
shall have given the Administrative Agent and the Lenders at least 10 Business Days’ prior written notice of such merger; (ii) if the survivor entity is a Material Subsidiary (and not an Excluded Subsidiary) within five (5) Business
Days of consummation of such merger, the survivor entity (if not already a Guarantor) shall have executed and delivered an Accession Agreement; (iii) within 30 days of consummation of such merger, the survivor entity delivers to the
Administrative Agent the following: (A) items of the type referred to in Sections 5.1.(a)(iv) through (viii) with respect to the survivor entity as in effect after consummation of such merger (if not previously delivered to the
Administrative Agent and still in effect), (B) copies of all documents entered into by such Loan Party or the survivor entity to effectuate the consummation of such merger, including, but not limited to, articles of merger and the plan of
merger, (C) copies, certified by the Secretary or Assistant Secretary (or other individual performing similar functions) of such Loan Party or the survivor entity, of all corporate and shareholder action authorizing such merger and
(D) copies of any filings with the Securities and Exchange Commission in connection with such merger; and (iv) such Loan Party and the survivor entity each takes such other action and delivers such other documents, instruments, opinions
and agreements as the Administrative Agent may reasonably request; 
 (ii) the Borrower, the other Loan Parties
and the other Subsidiaries may lease and sublease their respective assets, as lessor or sublessor (as the case may be), in the ordinary course of their business; 

(iii) a Person may merge with and into the Borrower so long as (A) the Borrower is the survivor of such merger,
(B) immediately prior to such merger, and immediately thereafter and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing and (C) the Borrower shall have given the Administrative Agent and the
Lenders at least 10 Business Days’ prior written notice of such merger (except that such prior notice shall not be required in the case of a merger by a Subsidiary with and into the Borrower); 

(iv) the Borrower and each Subsidiary may sell, transfer or dispose of assets (including by merger or liquidation of
Subsidiaries) among themselves; and 

  
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 (v) the Borrower and each Subsidiary may transfer property as security for
Indebtedness to the extent permitted under Section 9.3. 
 Section 9.6. Plans. 

The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, permit any of its respective assets to
become or be deemed to be “plan assets” within the meaning of ERISA (other than as a result of contributions, in the normal course and on behalf of the Plan participants, by the Borrower, any other Loan Party, or any other Subsidiary to
Benefit Arrangements, Plans, or Multiemployer Plans not prohibited by this agreement or any other loan document), the Internal Revenue Code and the respective regulations promulgated thereunder. 

Section 9.7. Fiscal Year. 
 The Borrower shall not, and shall not permit any other Loan Party or other Subsidiary to, change its fiscal year from that in effect as of the Agreement Date. 

Section 9.8. Modifications of Organizational Documents. 
 The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, amend, supplement, restate or otherwise modify its certificate or articles of incorporation or formation,
by-laws, operating agreement, declaration of trust, partnership agreement or other applicable organizational document if such amendment, supplement, restatement or other modification could reasonably be expected to have a Material Adverse Effect.

 Section 9.9. Transactions with Affiliates. 
 The Borrower shall not permit to exist or enter into, and shall not permit any other Loan Party or any other Subsidiary to permit to exist or enter into, any transaction (including the purchase, sale,
lease or exchange of any property or the rendering of any service) with any Affiliate, except (a) compensation, bonus and benefit arrangements with employees, officers and trustees as permitted by Applicable Law, (b) transactions permitted
by Section 9.5. to the extent among the Borrower, the other Loan Parties and other Subsidiaries, or (c) transactions in the ordinary course of and pursuant to the reasonable requirements of the business of the Borrower, such other Loan
Party or such other Subsidiary and upon fair and reasonable terms which are no less favorable to the Borrower, such other Loan Party or such other Subsidiary than would be obtained in a comparable arm’s length transaction with a Person that is
not an Affiliate. 
 Section 9.10. Environmental Matters. 
 The Borrower shall not, and shall not permit any other Loan Party, or any other Subsidiary, and shall use commercially reasonable efforts (which shall include, for purposes of this Section, including
customary provisions in lease agreements with tenants restricting such activities) not to permit any other Person to, use, generate, discharge, emit, manufacture, handle, process, store, release, transport, remove, dispose of or clean up any
Hazardous Materials on, under or from the Properties in violation of any Environmental Law or in a manner that could reasonably be expected to lead to any environmental claim or pose a material risk to human health, safety or the environment, in
each case which violation, claim or risk could reasonably be expected to have a Material Adverse Effect. Nothing in this Section shall impose any obligation or liability whatsoever on the Administrative Agent or any Lender. 

  
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 Section 9.11. Non-Controlled Properties. 

The Borrower shall not permit any Subsidiary that owns a Non-Controlled Property to own any assets other than another Non-Controlled
Property and other nonmaterial assets incidental to the ownership of a Non-Controlled Property. 
 Section 9.12. Derivatives Contracts.

 The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, enter into or become
obligated in respect of Derivatives Contracts other than Derivatives Contracts entered into by the Borrower, any such Loan Party or any such Subsidiary in the ordinary course of business and which establish an effective hedge in respect of
liabilities, commitments or assets held or reasonably anticipated by the Borrower, such other Loan Party or such other Subsidiary. 

Section 9.13. Anti-Terrorism Laws. 
 None of the Loan Parties shall (a) conduct any business or engage in any transaction or dealing with any Blocked Person, including the making or receiving of any contribution of funds, goods or
services to or for the benefit of any Blocked Person; (b) engage in or conspire to engage in any transaction relating to any property or interests in property blocked pursuant to Executive Order No. 13224; or (c) engage in or conspire
to engage in any transaction that violates, evades or avoids, or has the purpose of violating, evading or avoiding, or attempts or intends to violate, evade or avoid, any of the prohibitions set forth in Executive Order No. 13224, the USA
Patriot Act or any other Anti-Terrorism Law. The Borrower shall deliver to Lenders any certification or other evidence requested from time to time by any Lender in its sole discretion, confirming Borrower’s compliance with this Section.

 ARTICLE X. DEFAULT 
 Section 10.1. Events of Default. 
 Each of the following shall
constitute an Event of Default, whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of Applicable Law or pursuant to any judgment or order of any Governmental Authority: 

(a) Default in Payment. The Borrower or any other Loan Party shall fail to pay (i) when due under this Agreement or any other
Loan Document (whether upon demand, at maturity, by reason of acceleration or otherwise) the principal of any of the Loans, or (ii) when due under this Agreement, any other Loan Document or the Fee Letter any interest on any of the Loans or any
of the other payment Obligations owing by the Borrower under this Agreement, any other Loan Document or the Fee Letter and, solely with respect to this clause (ii) such failure shall continue for a period of five (5) Business Days.

 (b) Default in Performance. 
 (i) Any Loan Party shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed and contained in Section 8.4.(i) or Article IX.; or

 (ii) Any Loan Party shall fail to perform or observe any term, covenant, condition or agreement contained in
this Agreement or any other Loan Document to which it is a party and not otherwise mentioned in this Section, and in the case of this subsection (b)(ii) only, such failure 

  
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shall continue for a period of 30 days after the earlier of (x) the date upon which a Responsible Officer of the Borrower or such other Loan Party obtains knowledge of such failure or
(y) the date upon which the Borrower has received written notice of such failure from the Administrative Agent. 
 (c)
Misrepresentations. Any written statement, representation or warranty made or deemed made by or on behalf of any Loan Party under this Agreement or under any other Loan Document, or any amendment hereto or thereto, or in any other writing or
statement at any time furnished by, or at the direction of, any Loan Party to the Administrative Agent or any Lender, shall at any time prove to have been incorrect or misleading, in light of the circumstances in which made or deemed made, in any
material respect when furnished or made or deemed made. 
 (d) Indebtedness Cross-Default. 

(i) The Borrower, any other Loan Party or any other Subsidiary shall fail to make any payment when due and payable of the
principal of, or interest on (after giving effect to the expiration of any grace period for such payment), any Indebtedness (other than the Loans but including Secured Indebtedness accelerated or required to be prepaid or repurchased prior to the
stated maturity as a result of a casualty with respect to, or condemnation of, the Property securing such Secured Indebtedness) having an aggregate outstanding principal amount (or, in the case of any Derivatives Contract, having, without regard to
the effect of any close-out netting provision, a Derivatives Termination Value), in each case individually or in the aggregate with all other Indebtedness as to which such a failure exists, of $25,000,000 or more (“Material
Indebtedness”); or 
 (ii)(x) The maturity of any Material Indebtedness shall have been accelerated
in accordance with the provisions of any indenture, contract or instrument evidencing, providing for the creation of or otherwise concerning such Material Indebtedness or (y) any Material Indebtedness shall have been required to be prepaid or
repurchased prior to the stated maturity thereof; or 
 (iii) Any other event shall have occurred and be
continuing (and any related grace period shall have expired) which would permit any holder or holders of any Material Indebtedness, any trustee or agent acting on behalf of such holder or holders or any other Person, to accelerate the maturity of
any such Material Indebtedness or require any such Material Indebtedness to be prepaid or repurchased prior to its stated maturity; or 
 (iv) Any Loan Party shall fail to pay when due and payable amounts in excess of $25,000,000 in the aggregate owing in respect of any Derivatives Contracts; or 

(v) An “Event of Default” under and as defined in the Existing Credit Agreement shall have occurred and be
continuing; provided, however, if a lender under the Existing Credit Agreement has agreed to waive such “Event of Default” under the Existing Credit Agreement and such lender is also a Lender under this Agreement, then such Lender shall
also be deemed to have waived the corresponding Event of Default under this Section 10.1.(d)(v). 
 The provisions of the
immediately preceding clauses (ii) and (iii) shall not apply to any Secured Indebtedness accelerated, or required to be prepaid or repurchased prior to the stated maturity thereof, as a result of a casualty with respect to, or condemnation
of, the Property securing such Secured Indebtedness. 

  
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 (e) Voluntary Bankruptcy Proceeding. The Borrower, any other Loan Party, or any
Significant Subsidiary, shall: (i) commence a voluntary case under the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter in effect); (ii) file a petition seeking to take advantage of any other Applicable Laws, domestic
or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; (iii) consent to, or fail to contest in a timely and appropriate manner, any petition filed against it in an involuntary case
under such bankruptcy laws or other Applicable Laws or consent to any proceeding or action described in the immediately following subsection (f); (iv) apply for or consent to, or fail to contest in a timely and appropriate manner, the
appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign; (v) admit in writing its inability to pay its debts as they become due;
(vi) make a general assignment for the benefit of creditors; (vii) make a conveyance fraudulent as to creditors under any Applicable Law; or (viii) take any corporate or partnership action for the purpose of effecting any of the
foregoing. 
 (f) Involuntary Bankruptcy Proceeding. A case or other proceeding shall be commenced against the Borrower,
any other Loan Party, or any other Significant Subsidiary, in any court of competent jurisdiction seeking: (i) relief under the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter in effect) or under any other Applicable Laws,
domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; or (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of such Person, or of all or any
substantial part of the assets, domestic or foreign, of such Person, and in the case of either clause (i) or (ii) such case or proceeding shall continue undismissed or unstayed for a period of 60 consecutive days, or an order granting the
remedy or other relief requested in such case or proceeding (including, but not limited to, an order for relief under such Bankruptcy Code or such other federal bankruptcy laws) shall be entered. 

(g) Revocation of Loan Documents. The Borrower or any other Loan Party shall disavow, revoke or terminate (or, except as expressly
permitted herein, attempt to terminate) any Loan Document or the Fee Letter to which it is a party or shall otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental Authority the validity or
enforceability of any Loan Document or the Fee Letter or any Loan Document or the Fee Letter shall cease to be in full force and effect (except as a result of the express terms thereof). 

(h) Judgment. A judgment or order for the payment of money or for an injunction or other non-monetary relief shall be entered
against the Borrower, any other Loan Party, or any other Subsidiary by any court or other tribunal and (i) such judgment or order shall continue for a period of thirty (30) days without being paid, stayed or dismissed through appropriate
appellate proceedings and (ii) either (A) the amount of such judgment or order for which insurance has not been acknowledged in writing by the applicable insurance carrier (or the amount as to which the insurer has denied liability)
exceeds, individually or together with all other such outstanding judgments or orders entered against the Loan Parties or any other Subsidiary, $25,000,000 or (B) in the case of an injunction or other non-monetary relief, such injunction or
judgment or order could reasonably be expected to have a Material Adverse Effect. 
 (i) Attachment. A warrant, writ of
attachment, execution or similar process shall be issued against any property of the Borrower, any other Loan Party or any other Subsidiary, which exceeds, individually or together with all other such warrants, writs, executions and processes,
$25,000,000 in amount and such warrant, writ, execution or process shall not be paid, discharged, vacated, stayed or bonded for a period of thirty (30) days; provided, however, that if a bond has been issued in favor of the claimant or other
Person obtaining such warrant, writ, execution or process, the issuer of such bond shall execute a waiver or subordination agreement in form and substance satisfactory to the Administrative 

  
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Agent pursuant to which the issuer of such bond subordinates its right of reimbursement, contribution or subrogation to the Obligations and waives or subordinates any Lien it may have on the
assets of the Borrower, any other Loan Party or any Subsidiary. 
 (j) ERISA. 

(i) Any ERISA Event shall have occurred that results or could reasonably be expected to result in liability to any member
of the ERISA Group aggregating in excess of $25,000,000; or 
 (ii) As of the most recent valuation date, the
“benefit obligation” of all Plans exceeds the “fair market value of plan assets” for such Plans by more than $25,000,000, all as determined, and with such terms defined, in accordance with FASB ASC 715. 

(k) Loan Documents. An Event of Default (as defined therein) shall occur under any of the other Loan Documents. 

(l) Change of Control/Change in Management. 

(i) Any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities
Exchange Act), is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person will be deemed to have “beneficial ownership” of all securities that such Person has the right
to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 35% of the total voting power of the then outstanding voting stock of the Borrower; or 

(ii) During any period of 12 consecutive months ending after the Agreement Date, individuals who at the beginning of any
such 12-month period constituted the Board of Trustees of the Borrower (together with any new trustees whose election by such Board or whose nomination for election by the shareholders of the Borrower was approved by a vote of a majority of the
trustees then still in office who were either Trustees at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute two-thirds (2/3) of the Board of Trustees of the
Borrower then in office. 
 Section 10.2. Remedies Upon Event of Default. 

Upon the occurrence of an Event of Default the following provisions shall apply: 

(a) Acceleration; Termination of Facilities. 

(i) Automatic. Upon the occurrence of an Event of Default specified in Sections 10.1.(e) or 10.1.(f),
(A) the principal of, and all accrued interest on, the Loans and the Notes at the time outstanding and (B) all of the other Obligations, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent
under this Agreement, the Notes or any of the other Loan Documents shall become immediately and automatically due and payable without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the Borrower on
behalf of itself and the other Loan Parties. 
 (ii) Optional. If any other Event of Default shall exist,
the Administrative Agent may, and at the direction of the Requisite Lenders shall, declare (A) the principal of, and accrued interest on, the Loans and the Notes at the time outstanding and (B) all of the other Obligations,

  
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including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this Agreement, the Notes or any of the other Loan Documents to be forthwith due and
payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by the Borrower on behalf of itself and the other Loan Parties. 

(b) Loan Documents. The Requisite Lenders may direct the Administrative Agent to, and the Administrative Agent if so directed
shall, exercise any and all of its rights under any and all of the other Loan Documents. 
 (c) Applicable Law. The
Requisite Lenders may direct the Administrative Agent to, and the Administrative Agent if so directed shall, exercise all other rights and remedies it may have under any Applicable Law. 

(d) Appointment of Receiver. To the extent permitted by Applicable Law, the Administrative Agent and the Lenders shall be entitled
to the appointment of a receiver for the assets and properties of the Borrower and its Subsidiaries, without notice of any kind whatsoever and without regard to the adequacy of any security for the Obligations or the solvency of any party bound for
its payment, to take possession of all or any portion of the property and/or the business operations of the Borrower and its Subsidiaries and to exercise such power as the court shall confer upon such receiver. 

(e) Specified Derivatives Contract Remedies. Notwithstanding any other provision of this Agreement or other Loan Document, each
Specified Derivatives Provider shall have the right, with prompt notice to the Administrative Agent, but without the approval or consent of or other action by the Administrative Agent or the Lenders, and without limitation of other remedies
available to such Specified Derivatives Provider under contract or Applicable Law, to undertake any of the following: (a) to declare an event of default, termination event or other similar event under any Specified Derivatives Contract and to
create an “Early Termination Date” (as defined therein) in respect thereof, (b) to determine net termination amounts in respect of any and all Specified Derivatives Contracts in accordance with the terms thereof, and to set off
amounts among such contracts, (c) to set off or proceed against deposit account balances, securities account balances and other property and amounts held by such Specified Derivatives Provider pursuant to any Derivatives Support Document,
including any “Posted Collateral” (as defined in any credit support annex included in any such Derivatives Support Document to which such Specified Derivatives Provider may be a party), and (d) to prosecute any legal action against
the Borrower, any Loan Party or other Subsidiary to enforce or collect net amounts owing to such Specified Derivatives Provider pursuant to any Specified Derivatives Contract. For the avoidance of doubt, none of the foregoing remedies instituted by
a Specified Derivatives Provider shall by itself constitute a Default or Event of Default hereunder unless otherwise specifically set forth herein. 
 Section 10.3. Marshaling; Payments Set Aside. 
 None of the
Administrative Agent, any Lender or any Specified Derivatives Provider shall be under any obligation to marshal any assets in favor of any Loan Party or any other party or against or in payment of any or all of the Obligations or the Specified
Derivatives Obligations. To the extent that any Loan Party makes a payment or payments to the Administrative Agent, any Lender or any Specified Derivatives Provider, or the Administrative Agent, any Lender or any Specified Derivatives Provider
enforces its respective security interests or exercises its respective rights of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or
preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such recovery, the Obligations or Specified
Derivatives Obligations, or part thereof originally 

  
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intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff
had not occurred. 
 Section 10.4. Allocation of Proceeds. 
 If an Event of Default exists and maturity of any of the Obligations has been accelerated, all payments received by the Administrative Agent under any of the Loan Documents (or any Lender as a result of
exercise of remedies pursuant to Section 12.4.), in respect of any principal of or interest on the Obligations or any other amounts payable by the Borrower hereunder or thereunder, shall be applied in the following order and priority:

 (a) amounts due to the Administrative Agent and the Lenders in respect of expenses due under
Section 12.2. until paid in full, and then Fees; 
 (b) payments of interest on the Loans to be applied for
the ratable benefit of the Lenders; 
 (c) payments of principal of the Loans to be applied for the ratable
benefit of the Lenders; 
 (d) amounts due to the Administrative Agent and the Lenders pursuant to
Sections 11.6. and 12.10.; 
 (e) payments of all other Obligations and other amounts due under any of the
Loan Documents to be applied for the ratable benefit of the Lenders; and 
 (f) any amount remaining after
application as provided above, shall be paid to the Borrower or whomever else may be legally entitled thereto. 
 Section 10.5.
Rescission of Acceleration by Requisite Lenders. 
 If at any time after acceleration of the maturity of the Loans and the
other Obligations, the Borrower shall pay all arrears of interest and all payments on account of principal of the Obligations which shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by
Applicable Law, on overdue interest, at the rates specified in this Agreement) and all Events of Default and Defaults (other than nonpayment of principal of and accrued interest on the Obligations due and payable solely by virtue of acceleration)
shall become remedied or waived to the satisfaction of the Requisite Lenders, then by written notice to the Borrower, the Requisite Lenders may elect, in the sole discretion of such Requisite Lenders, to rescind and annul the acceleration and its
consequences. The provisions of the preceding sentence are intended merely to bind all of the Lenders to a decision which may be made at the election of the Requisite Lenders, and are not intended to benefit the Borrower and do not give the Borrower
the right to require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are satisfied. 

Section 10.6. Performance by Administrative Agent. 
 If the Borrower or any other Loan Party shall fail to perform any covenant, duty or agreement contained in any of the Loan Documents, the Administrative Agent may, after notice to the Borrower, perform or
attempt to perform such covenant, duty or agreement on behalf of the Borrower or such other Loan Party after the expiration of any cure or grace periods set forth herein. In such event, the Borrower shall, at the request of the Administrative Agent,
promptly pay any amount reasonably expended by the 

  
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Administrative Agent in such performance or attempted performance to the Administrative Agent, together with interest thereon at the applicable Post-Default Rate from the date of such expenditure
until paid. Notwithstanding the foregoing, neither the Administrative Agent nor any Lender shall have any liability or responsibility whatsoever to perform any obligation of the Borrower under this Agreement or any other Loan Document. 

Section 10.7. Rights Cumulative. 
 The rights and remedies of the Administrative Agent, the Lenders and the Specified Derivatives Providers under this Agreement, each of the other Loan Documents, the Fee Letter and Specified Derivatives
Contracts shall be cumulative and not exclusive of any rights or remedies which any of them may otherwise have under Applicable Law. In exercising their respective rights and remedies the Administrative Agent, the Lenders and the Specified
Derivatives Providers may be selective and no failure or delay by the Administrative Agent, any of the Lenders or any of the Specified Derivatives Providers in exercising any right shall operate as a waiver of it, nor shall any single or partial
exercise of any power or right preclude its other or further exercise or the exercise of any other power or right. 

ARTICLE XI. THE ADMINISTRATIVE AGENT 

Section 11.1. Appointment and Authorization. 
 Each Lender hereby irrevocably appoints and authorizes the Administrative Agent to take such action as contractual representative on such Lender’s behalf and to exercise such powers under this
Agreement and the other Loan Documents as are specifically delegated to the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. Not in limitation of the foregoing, each Lender
authorizes and directs the Administrative Agent to enter into the Loan Documents for the benefit of the Lenders. Each Lender hereby agrees that, except as otherwise set forth herein, any action taken by the Requisite Lenders in accordance with the
provisions of this Agreement or the Loan Documents, and the exercise by the Requisite Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all
of the Lenders. Nothing herein shall be construed to deem the Administrative Agent a trustee or fiduciary for any Lender or to impose on the Administrative Agent duties or obligations other than those expressly provided for herein. Without limiting
the generality of the foregoing, the use of the terms “Agent”, “Administrative Agent”, “agent” and similar terms in the Loan Documents with reference to the Administrative Agent is not intended to connote any fiduciary
or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead, use of such terms is merely a matter of market custom, and is intended to create or reflect only an administrative relationship between
independent contracting parties. The Administrative Agent shall deliver to each Lender, promptly upon receipt thereof by the Administrative Agent, copies of each of the financial statements, certificates, notices and other documents delivered to the
Administrative Agent pursuant to Article VIII. that the Borrower is not otherwise required to deliver directly to the Lenders. The Administrative Agent will furnish to any Lender, upon the request of such Lender, a copy (or, where appropriate,
an original) of any document, instrument, agreement, certificate or notice furnished to the Administrative Agent by the Borrower, any other Loan Party or any other Affiliate of the Borrower, pursuant to this Agreement or any other Loan Document not
already delivered to such Lender pursuant to the terms of this Agreement or any such other Loan Document. As to any matters not expressly provided for by the Loan Documents (including, without limitation, enforcement or collection of any of the
Obligations), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the
instructions of the Requisite Lenders (or all of the Lenders if explicitly required under any other provision of this Agreement), and such instructions shall be binding upon all Lenders and all holders of any of the

  
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Obligations; provided, however, that, notwithstanding anything in this Agreement to the contrary, the Administrative Agent shall not be required to take any action which exposes the
Administrative Agent to personal liability or which is contrary to this Agreement or any other Loan Document or Applicable Law. Not in limitation of the foregoing, the Administrative Agent may exercise any right or remedy it or the Lenders may have
under any Loan Document upon the occurrence of a Default or an Event of Default unless the Requisite Lenders have directed the Administrative Agent otherwise. Without limiting the foregoing, no Lender shall have any right of action whatsoever
against the Administrative Agent as a result of the Administrative Agent acting or refraining from acting under this Agreement or any of the other Loan Documents in accordance with the instructions of the Requisite Lenders, or where applicable, all
the Lenders. 
 Section 11.2. PNC Bank as Lender. 
 PNC Bank, as a Lender or as a Specified Derivatives Provider, as the case may be, shall have the same rights and powers under this Agreement and any other Loan Document and under any Specified Derivatives
Contract, as the case may be, as any other Lender or Specified Derivatives Provider and may exercise the same as though it were not the Administrative Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly
indicated, include PNC Bank in each case in its individual capacity. PNC Bank and its Affiliates may each accept deposits from, maintain deposits or credit balances for, invest in, lend money to, act as trustee under indentures of, serve as
financial advisor to, and generally engage in any kind of business with the Borrower, any other Loan Party or any other Affiliate thereof as if it were any other bank and without any duty to account therefor to the other Lenders or any other
Specified Derivatives Providers. Further, the Administrative Agent and any Affiliate may accept fees and other consideration from the Borrower for services in connection with this Agreement or any Specified Derivatives Contract, or otherwise without
having to account for the same to the other Lenders or any other Specified Derivatives Providers. The Lenders acknowledge that, pursuant to such activities, PNC Bank or its Affiliates may receive information regarding the Borrower, other Loan
Parties, other Subsidiaries and other Affiliates (including information that may be subject to confidentiality obligations in favor of such Person) and acknowledge that the Administrative Agent shall be under no obligation to provide such
information to them. 
 Section 11.3. Approvals of Lenders. 
 All communications from the Administrative Agent to any Lender requesting such Lender’s determination, consent, approval or disapproval (a) shall be given in the form of a written notice to such
Lender, (b) shall be accompanied by a description of the matter or issue as to which such determination, approval, consent or disapproval is requested, or shall advise such Lender where information, if any, regarding such matter or issue may be
inspected, or shall otherwise describe the matter or issue to be resolved, (c) shall include, if reasonably requested by such Lender and to the extent not previously provided to such Lender, written materials and, as appropriate, a brief
summary of all oral information provided to the Administrative Agent by the Borrower in respect of the matter or issue to be resolved, and (d) shall include the Administrative Agent’s recommended course of action or determination in
respect thereof. Unless a Lender shall give written notice to the Administrative Agent that it specifically objects to the recommendation or determination of the Administrative Agent (together with a reasonable written explanation of the reasons
behind such objection) within ten (10) Business Days (or such lesser or greater period as may be specifically required under the express terms of the Loan Documents) of receipt of such communication, such Lender shall be deemed to have
conclusively approved of or consented to such recommendation or determination. 

  
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 Section 11.4. Notice of Events of Default. 

The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the
Administrative Agent has received notice thereof from a Lender or the Borrower referring to this Agreement, describing with reasonable specificity such Default or Event of Default and stating that such notice is a “notice of default.” If
any Lender (excluding the Lender which is also serving as the Administrative Agent) becomes aware of any Default or Event of Default, it shall promptly send to the Administrative Agent such a “notice of default”. Further, if the
Administrative Agent receives such a “notice of default,” the Administrative Agent shall give prompt notice thereof to the Lenders. 

Section 11.5. Administrative Agent’s Reliance. 
 Notwithstanding any other provisions of this Agreement or any other Loan Documents, neither the Administrative Agent nor any of its directors, officers, agents, employees or counsel shall be liable for
any action taken or not taken by it under or in connection with this Agreement or any other Loan Document, except for its or their own gross negligence or willful misconduct in connection with its duties expressly set forth herein or therein as
determined by a court of competent jurisdiction in a final non-appealable judgment. Without limiting the generality of the foregoing, the Administrative Agent may consult with legal counsel (including its own counsel or counsel for the Borrower or
any other Loan Party), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts.
Neither the Administrative Agent nor any of its directors, officers, agents, employees or counsel: (a) makes any warranty or representation to any Lender or any other Person, or shall be responsible to any Lender or any other Person for any
statement, warranty or representation made or deemed made by the Borrower, any other Loan Party or any other Person in or in connection with this Agreement or any other Loan Document; (b) shall have any duty to ascertain or to inquire as to the
performance or observance of any of the terms, covenants or conditions of this Agreement or any other Loan Document or the satisfaction of any conditions precedent under this Agreement or any Loan Document on the part of the Borrower or other
Persons, or to inspect the property, books or records of the Borrower or any other Person; (c) shall be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or
any other Loan Document, any other instrument or document furnished pursuant thereto; (d) shall have any liability in respect of any recitals, statements, certifications, representations or warranties contained in any of the Loan Documents or
any other document, instrument, agreement, certificate or statement delivered in connection therewith; and (e) shall incur any liability under or in respect of this Agreement or any other Loan Document by acting upon any notice, consent,
certificate or other instrument or writing (which may be by telephone, telecopy or electronic mail) believed by it to be genuine and signed, sent or given by the proper party or parties. The Administrative Agent may execute any of its duties under
the Loan Documents by or through agents, employees or attorneys-in-fact and shall not itself be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct as
determined by a court of competent jurisdiction in a final non-appealable judgment. 
 Section 11.6. Indemnification of Administrative
Agent. 
 Each Lender agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower and without
limiting the obligation of the Borrower to do so) pro rata in accordance with such Lender’s respective Credit Percentage (determined as of the time of such claim), from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, reasonable out-of-pocket costs and expenses of any kind or nature whatsoever which may at any time be imposed on, incurred by, or asserted against the Administrative Agent (in its capacity as Administrative
Agent but not 

  
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as a Lender) in any way relating to or arising out of the Loan Documents, any transaction contemplated hereby or thereby or any action taken or omitted by the Administrative Agent under the Loan
Documents (collectively, “Indemnifiable Amounts”); provided, however, that no Lender shall be liable for any portion of such Indemnifiable Amounts to the extent resulting from the Administrative Agent’s gross negligence or
willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment; provided, however, that no action taken in accordance with the directions of the Requisite Lenders (or all of the Lenders, if
expressly required hereunder) shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without limiting the generality of the foregoing, each Lender agrees to reimburse the Administrative Agent (to the
extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) promptly upon demand for its ratable share of any out-of-pocket expenses (including the reasonable fees and expenses of the counsel to the
Administrative Agent) incurred by the Administrative Agent in connection with the preparation, negotiation, execution, administration, or enforcement (whether through negotiations, legal proceedings, or otherwise) of, or legal advice with respect to
the rights or responsibilities of the parties under, the Loan Documents, any suit or action brought by the Administrative Agent to enforce the terms of the Loan Documents and/or collect any Obligations, any “lender liability” suit or claim
brought against the Administrative Agent and/or the Lenders, and any claim or suit brought against the Administrative Agent and/or the Lenders arising under any Environmental Laws. Such out-of-pocket expenses (including counsel fees) shall be
advanced by the Lenders on the request of the Administrative Agent notwithstanding any claim or assertion that the Administrative Agent is not entitled to indemnification hereunder upon receipt of an undertaking by the Administrative Agent that the
Administrative Agent will reimburse the Lenders if it is actually and finally determined by a court of competent jurisdiction that the Administrative Agent is not so entitled to indemnification. The agreements in this Section shall survive the
payment of the Loans and all other amounts payable hereunder or under the other Loan Documents and the termination of this Agreement. If the Borrower shall reimburse the Administrative Agent for any Indemnifiable Amount following payment by any
Lender to the Administrative Agent in respect of such Indemnifiable Amount pursuant to this Section, the Administrative Agent shall share such reimbursement on a ratable basis with each Lender making any such payment. 

Section 11.7. Lender Credit Decision, Etc. 
 Each of the Lenders expressly acknowledges and agrees that neither the Administrative Agent nor any of its officers, directors, employees, agents, counsel, attorneys-in-fact or other Affiliates has made
any representations or warranties to such Lender and that no act by the Administrative Agent hereafter taken, including any review of the affairs of the Borrower, any other Loan Party or any other Subsidiary or Affiliate, shall be deemed to
constitute any such representation or warranty by the Administrative Agent to any Lender. Each of the Lenders acknowledges that it has made its own credit and legal analysis and decision to enter into this Agreement and the transactions contemplated
hereby, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent, or any of their respective officers, directors, employees, agents or counsel, and based on the financial statements of
the Borrower, the other Loan Parties, the other Subsidiaries and other Affiliates, and inquiries of such Persons, its independent due diligence of the business and affairs of the Borrower, the other Loan Parties, the other Subsidiaries and other
Persons, its review of the Loan Documents, the legal opinions required to be delivered to it hereunder, the advice of its own counsel and such other documents and information as it has deemed appropriate. Each of the Lenders also acknowledges that
it will, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent or any of their respective officers, directors, employees and agents, and based on such review, advice, documents and
information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under the Loan Documents. The Administrative Agent shall not be required to keep itself informed as to the performance or
observance by the Borrower or any other Loan Party of the Loan Documents or any other document referred to or provided for therein or to 

  
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 inspect the properties or books of, or make any other investigation of, the Borrower, any other Loan Party
or any other Subsidiary. Except for notices, reports and other documents and information expressly required to be furnished to the Lenders by the Administrative Agent under this Agreement or any of the other Loan Documents, the Administrative Agent
shall have no duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, financial and other condition or creditworthiness of the Borrower, any other Loan Party or any other
Affiliate thereof which may come into possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or other Affiliates. Each of the Lenders acknowledges that the Administrative Agent’s legal
counsel in connection with the transactions contemplated by this Agreement is only acting as counsel to the Administrative Agent and is not acting as counsel to any Lender. 
 Section 11.8. Successor Administrative Agent. 
 The Administrative
Agent may (i) be removed as administrative agent by all of the Lenders (other than the Lender then acting as Administrative Agent) and the Borrower upon 30 days’ prior written notice if the Administrative Agent (A) is found by a court
of competent jurisdiction in a final, non-appealable judgment to have committed gross negligence or willful misconduct in the course of performing its duties hereunder or (B) has become or is insolvent or has become the subject of a bankruptcy
or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment and
(ii) resign at any time as Administrative Agent under the Loan Documents by giving written notice thereof to the Lenders and the Borrower. Upon any such removal or resignation, the Requisite Lenders shall have the right to appoint a successor
Administrative Agent which appointment shall, provided no Event of Default exists, be subject to the Borrower’s approval, which approval shall not be unreasonably withheld or delayed (except that the Borrower shall, in all events, be deemed to
have approved each Lender and any of its Affiliates as a successor Administrative Agent). If no successor Administrative Agent shall have been so appointed in accordance with the immediately preceding sentence, and shall have accepted such
appointment, within 30 days after (i) the Lenders’ giving of notice of removal or (ii) the resigning Administrative Agent’s giving of notice of resignation, then the removed or resigning Administrative Agent shall be discharged
from its duties and obligations under the Loan Documents and may, on behalf of the Lenders, appoint a successor Administrative Agent, which shall be a Lender, if any Lender shall be willing to serve, and otherwise shall be an Eligible Assignee
which, provided no Event of Default exists, shall be approved by the Borrower (such approval shall not be unreasonably withheld or delayed). If no such successor Administrative Agent has been appointed at the effective time of the resignation or
removal of the prior Administrative Agent, the Requisite Lenders shall collectively act as Administrative Agent hereunder until such time as a successor Administrative Agent has been appointed. Upon the acceptance of any appointment as
Administrative Agent hereunder by a successor Administrative Agent such successor Administrative Agent, or, if no such successor has been appointed, the Requisite Lenders, shall thereupon succeed to and become vested with all the rights, powers,
privileges and duties of the removed or resigning Administrative Agent. After any Administrative Agent’s removal or resignation hereunder as Administrative Agent, the provisions of this Article XI. shall continue to inure to its benefit as
to any actions taken or omitted to be taken by it while it was Administrative Agent under the Loan Documents. Notwithstanding anything contained herein to the contrary, subject to the Borrower’s approval, the Administrative Agent may assign its
rights and duties under the Loan Documents to any of its Affiliates reasonably acceptable to the Borrower by giving the Borrower and each Lender prior written notice. 
 Section 11.9. Titled Agents. 
 The Arrangers, the Documentation Agents
and the Syndication Agent (the “Titled Agents”) in such respective capacities, assume no responsibility or obligation hereunder, including, without 

  
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limitation, for servicing, enforcement or collection of any of the Loans, nor any duties as an agent hereunder for the Lenders. The titles given to the Titled Agents are solely honorific and
imply no fiduciary responsibility on the part of the Titled Agents to the Administrative Agent, any Lender, the Borrower or any other Loan Party and the use of such titles does not impose on the Titled Agents any duties or obligations greater than
those of any other Lender or entitle the Titled Agents to any rights other than those to which any other Lender is entitled. 

Section 11.10. No Reliance on Administrative Agent’s Customer Identification Program. 

Each Lender acknowledges and agrees that neither such Lender, nor any of its Affiliates, participants or assignees, may rely on the
Administrative Agent to carry out such Lender’s, Affiliate’s, participant’s or assignee’s customer identification program, or other obligations required or imposed under or pursuant to the USA Patriot Act or the regulations
thereunder, including the regulations contained in 31 CFR 103.121 (as hereafter amended or replaced, the “CIP Regulations”), or any other Anti-Terrorism Law, including any programs involving any of the following items relating to or
in connection with any of the Loan Parties, their Affiliates or their agents, the Loan Documents or the transactions hereunder or contemplated hereby: (1) any identity verification procedures, (2) any recordkeeping, (3) comparisons
with government lists, (4) customer notices or (5) other procedures required under the CIP Regulations or such other Laws. 
 ARTICLE XII. MISCELLANEOUS 
 Section 12.1. Notices.

 Unless otherwise provided herein (including without limitation as provided in Section 8.5.), communications provided
for hereunder shall be in writing and shall be mailed, telecopied, or delivered as follows: 
 If to the Borrower: 

Federal Realty Investment Trust 
 1626 East Jefferson Street 
 Rockville, Maryland 20852-4041 

Attn: Chief Accounting Officer 
 Telephone: (301) 998-8143 
 Telecopy: (301) 998-3701 

and for all notices (other than notices solely under Article II), with copies to: 

Federal Realty Investment Trust 
 1626 East Jefferson Street 
 Rockville, Maryland 20852-4041 

Attn: General Counsel 
 Telephone: (301) 998-8100 
 Telecopy: (301) 998-3715 

  
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 and 
 Pillsbury Winthrop Shaw Pittman LLP 
 2300 N. Street, NW 

Washington, DC 20037 
 Attn: Wendelin A. White P.C. 
 Telephone: (202) 663-8360 

Telecopy: (202) 663-8007 
 If to the Administrative Agent: 
 PNC Bank, National Association 

800 17th Street NW, 3rd Floor 
 C6-CPNC-03-04 
 Washington, DC 20006 

Attn: William R. Lynch, III 
 Telecopier: (202) 835-5982 
 Telephone: (202) 835-4513 

If to the Administrative Agent under Article II.: 
 PNC Bank, National Association 
 500 1st Avenue 

P7-PFSC-04-I 

Pittsburgh, PA 15222 
 Attn: Martin Hannak 
 Telecopier: (412) 762-8672 

Telephone: (412) 768-9182 
 If to any other Lender: 
 To such Lender’s address or telecopy number as set
forth in the applicable Administrative Questionnaire 
 or, as to each party at such other address as shall be designated by such party in a
written notice to the other parties delivered in compliance with this Section; provided, a Lender shall only be required to give notice of any such other address to the Administrative Agent and the Borrower. All such notices and other communications
shall be effective (i) if mailed, upon receipt; (ii) if telecopied, when transmitted if on a Business Day, and if not on a Business Day, on the following Business Day after the date transmitted; (iii) if hand delivered or sent by
overnight courier, when delivered; or (iv) if delivered in accordance with Section 8.5. to the extent applicable; provided, however, that, in the case of the immediately preceding clauses (i), (ii) and (iii), non-receipt of any
communication as of the result of any change of address of which the sending party was not notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication. Notwithstanding the immediately preceding sentence,
all notices or communications to the Administrative Agent or any Lender under Article II. shall be effective only when actually received. Neither the Administrative Agent nor any Lender shall incur any liability to any Loan Party (nor shall the
Administrative Agent incur any liability to the Lenders) for acting upon any telephonic notice referred to in this Agreement which the Administrative Agent or such Lender, as the case may be, believes in good faith to have been given by a Person
authorized to deliver such notice or for otherwise acting in good faith hereunder. Failure of a Person designated to get a copy of a notice to receive such copy shall not affect the validity of notice properly given to another Person. 

  
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 Section 12.2. Expenses. 
 The Borrower agrees (a) to pay or reimburse the Administrative Agent for all of its respective reasonable out-of-pocket costs and expenses incurred in connection with the preparation, syndication,
negotiation and execution of, and any amendment, supplement or modification to, any of the Loan Documents (including due diligence expenses and reasonable travel expenses related to closing), and the consummation of the transactions contemplated
hereby and thereby, including the reasonable fees and disbursements of counsel to the Administrative Agent and all costs and expenses of the Administrative Agent in connection with the use of IntraLinks, SyndTrak or other similar information
transmission systems in connection with the Loan Documents, (b) to pay or reimburse the Administrative Agent and the Lenders for all their reasonable costs and expenses incurred in connection with the “workout” or enforcement or
preservation of any rights under the Loan Documents and the Fee Letter, including the reasonable fees and disbursements of their respective counsel (including the allocated fees and expenses of in-house counsel to the extent in substitution for, and
not in duplication of, outside counsel) and any payments in indemnification or otherwise payable by the Lenders to the Administrative Agent pursuant to the Loan Documents; provided, however, that the Borrower shall not be required to pay the
expenses of more than one counsel to the Administrative Agent and one separate counsel for the Lenders (in addition to expenses for any appropriate local or special counsel) in connection with such workout or enforcement or preservation unless the
Lenders reasonably determine that joint representation is not appropriate under the circumstances, (c) to pay, and indemnify and hold harmless the Administrative Agent and the Lenders from, any and all recording and filing fees and any and all
liabilities with respect to, or resulting from any failure to pay or delay in paying, documentary, stamp, excise and other similar taxes, if any, which may be payable or determined to be payable in connection with the execution and delivery of any
of the Loan Documents, or consummation of any amendment, supplement or modification of, or any waiver or consent under or in respect of, any Loan Document and (d) to the extent not already covered by any of the preceding subsections, to pay or
reimburse the fees and disbursements of counsel to the Administrative Agent and any Lender incurred in connection with the representation of the Administrative Agent or such Lender in any matter relating to or arising out of any bankruptcy or other
proceeding of the type described in Sections 10.1.(e) or 10.1.(f), including, without limitation (i) any motion for relief from any stay or similar order, (ii) the negotiation, preparation, execution and delivery of any document
relating to the Obligations and (iii) the negotiation and preparation of any debtor-in-possession financing or any plan of reorganization of the Borrower or any other Loan Party, whether proposed by the Borrower, such Loan Party, the Lenders or
any other Person, and whether such fees and expenses are incurred prior to, during or after the commencement of such proceeding or the confirmation or conclusion of any such proceeding; provided, however, that the Borrower shall not be required to
pay the expenses of more than one counsel to the Administrative Agent and one separate counsel for the Lenders (in addition to expenses for any appropriate local or special counsel) in connection with such bankruptcy or proceeding unless the Lenders
reasonably determine that joint representation is not appropriate under the circumstances. If the Borrower shall fail to pay any amounts required to be paid by it pursuant to this Section, the Administrative Agent and/or the Lenders may pay such
amounts on behalf of the Borrower and such amounts shall be deemed to be Obligations owing hereunder. 
 Section 12.3. Stamp, Intangible
and Recording Taxes. 
 The Borrower will pay any and all stamp, excise, intangible, registration, recordation and similar
taxes, fees or charges and shall indemnify the Administrative Agent and each Lender against any and all liabilities with respect to or resulting from any delay in the payment or omission to pay any such taxes, fees or charges, which may be payable
or determined to be payable in connection with the execution, delivery, recording, performance or enforcement of this Agreement, the Notes and any of the other Loan Documents, the amendment, supplement, modification or waiver of or consent under
this Agreement, the 

  
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Notes or any of the other Loan Documents or the perfection of any rights or Liens under this Agreement, the Notes or any of the other Loan Documents. 

Section 12.4. Setoff. 
 Subject to Section 3.3. and in addition to any rights now or hereafter granted under Applicable Law and not by way of limitation of any such rights, the Borrower hereby authorizes the Administrative
Agent, each Lender and each Affiliate of the Administrative Agent or any Lender, at any time or from time to time during the continuance of an Event of Default, without prior notice to the Borrower or to any other Person, any such notice being
hereby expressly waived, but in the case of a Lender or an Affiliate of a Lender, subject to receipt of the prior written consent of the Requisite Lenders exercised in their sole discretion, to set off and to appropriate and to apply any and all
deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by the Administrative Agent, such Lender or any
Affiliate of the Administrative Agent or such Lender, to or for the credit or the account of the Borrower against and on account of any of the Obligations then due and payable, irrespective of whether or not any or all of the Loans and all other
Obligations have been declared to be, or have otherwise become, due and payable as permitted by Section 10.2. 
 Section 12.5.
Litigation; Jurisdiction; Other Matters; Waivers. 
 (a) EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY
BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE
LAW, EACH OF THE LENDERS, THE ADMINISTRATIVE AGENT AND THE BORROWER HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY
HERETO ARISING OUT OF THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE FEE LETTER OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS OF ANY KIND OR NATURE
RELATING TO ANY OF THE LOAN DOCUMENTS. 
 (b) EACH OF THE BORROWER, THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY AGREES THAT
THE FEDERAL DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND ANY STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN OF NEW YORK, NEW YORK SHALL HAVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG THE BORROWER, THE
ADMINISTRATIVE AGENT OR ANY OF THE LENDERS, ARISING OUT OF THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE FEE LETTER OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT OR ANY
OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN DOCUMENTS. THE BORROWER AND EACH OF THE LENDERS EXPRESSLY SUBMIT AND CONSENT IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS. EACH PARTY FURTHER
WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE
OF FORUM SET FORTH IN THIS SECTION 

  
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SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE ADMINISTRATIVE AGENT OR ANY LENDER OR THE ENFORCEMENT BY THE ADMINISTRATIVE AGENT OR ANY LENDER OF ANY JUDGMENT OBTAINED IN SUCH
FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 
 (c) THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE
ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS AND THE TERMINATION OF THIS AGREEMENT.

 Section 12.6. Successors and Assigns. 
 (a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted
hereby, except that neither the Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or
otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of the immediately following subsection (b), (ii) by way of participation in accordance with the
provisions of the immediately following subsection (d) or (iii) by way of pledge or assignment of a security interest subject to the restrictions of the immediately following subsection (f) (and, subject to the last sentence of the
immediately following subsection (b), any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in the immediately following subsection (d) and, to the extent expressly set forth herein, the Related Parties of the Administrative
Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) Assignments
by Lenders. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it);
provided that any such assignment shall be subject to the following conditions: 
 (i) Minimum
Amounts.
 (A) in the case of an assignment of the entire remaining amount of an assigning Lender’s
Loan at the time owing to it or, in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 
 (B) in any case not described in the immediately preceding subsection (A), the aggregate amount of the principal outstanding balance of the Loan of the assigning Lender subject to each such
assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not
be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event of Default shall exist, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed with it being agreed that the
Borrower’s withholding of consent to an assignment which would result in the Borrower having to pay amounts under Section 3.10. in an amount that the Borrower reasonably deems to be 

  
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a significant amount shall be deemed reasonable); provided, however, that if, after giving effect to such assignment, the outstanding principal balance of the Loan held by such assigning Lender
would be less than $5,000,000, then such assigning Lender shall assign the entire amount of its Loan at the time owing to it unless the Administrative Agent and Borrower agree otherwise. 

(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of
all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan. 
 (iii)
Required Consents. No consent shall be required for any assignment except to the extent required by clause (i)(B) of this subsection (b) and, in addition: 

(A) the consent of the Borrower (such consent not to be unreasonably withheld or delayed with it being agreed that the
Borrower’s withholding of consent to an assignment which would result in the Borrower having to pay amounts under Section 3.10. in an amount that the Borrower reasonably deems to be a significant amount shall be deemed reasonable) shall be
required unless (x) an Event of Default shall exist at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that the Borrower shall be deemed to have consented to any
such assignment unless it shall object thereto by written notice to the Administrative Agent within 5 Business Days after having received notice thereof; and 

(B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required
for assignments in respect of a Loan if such assignment is to a Person that is not already a Lender holding a Loan, an Affiliate of such a Lender or an Approved Fund with respect to such a Lender. 

(iv) Assignment and Assumption; Notes. The parties to each assignment (including an assigning Defaulting Lender)
shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $4,500 (or $7,500 with respect to an assignment by a Defaulting Lender) payable by the assigning Lender (unless
otherwise agreed between the assigning Lender and the assignee) for each assignment, and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. If requested by the assigning Lender or the
Assignee, upon the consummation of any assignment, the assigning Lender, the Administrative Agent and the Borrower shall make appropriate arrangements so that new Notes are issued to the Assignee and such assigning Lender, as appropriate.

 (v) No Assignment to Borrower. No such assignment shall be made to the Borrower or any of the
Borrower’s Affiliates or Subsidiaries. 
 (vi) No Assignment to Natural Persons. No such
assignment shall be made to a natural person. 
 Subject to acceptance and recording thereof by the Administrative Agent pursuant to the
immediately following subsection (c), from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and
Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment 

  
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and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the
benefits of Sections 4.4., 12.2. and 12.10. and the other provisions of this Agreement and the other Loan Documents as provided in Section 12.11. with respect to facts and circumstances having occurred prior to the effective date of such
assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights
and obligations in accordance with the immediately following subsection (d). 
 (c) Register. The Administrative
Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at the Principal Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the
principal amounts of the Loan owing to each Lender pursuant to the terms hereof from time to time (the “Register”). In the absence of manifest error, the entries in the Register shall be conclusive, and the Borrower, the
Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall
be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. Each Lender that sells a participation as described in Section 12.6.(d) shall, acting solely for this purpose
as an 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 this Agreement
(the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a
Participant’s interest in any Commitments, Loans, or its other obligations under this Agreement) 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 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. 
 (d) Participations. Any
Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a
“Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of the Loan owing to it); provided that (i) such Lender’s obligations under this Agreement
shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and the Lenders shall continue to deal solely and
directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole
right and responsibility to enforce this Agreement, including, without limitation, the right to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such
Lender will not, without the consent of the Participant, agree to (w) decrease the amount of such Lender’s Loan to the extent subject to the participation, (x) extend the date fixed for the payment of principal on the Loans or
portions thereof owing to such Lender to the extent subject to such participation, (y) reduce the rate at which interest is payable thereon or (z) release any Guarantor from its Obligations under the Guaranty (except as otherwise permitted
under Section 7.14.(c)). Subject to the immediately following subsection (e), the Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.10., 4.1., and 4.4., to the same extent as if it were a Lender and
had acquired its interest by assignment pursuant to paragraph (b) of this Section.

  
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 (e) Limitations upon Participant Rights. A Participant shall not be entitled to
receive any greater payment under Sections 3.10. and 4.1. than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is
made with the Borrower’s prior written consent. A Participant shall not be entitled to the benefits of Section 3.10. unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the
benefit of the Borrower and the Administrative Agent, to comply with Section 3.10.(c) as though it were a Lender. 
 (f)
Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a
Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

(g) No Registration. Each Lender agrees that, without the prior written consent of the Borrower and the Administrative Agent, it
will not make any assignment hereunder in any manner or under any circumstances that would require registration or qualification of, or filings in respect of, any Loan or Note under the Securities Act or any other securities laws of the United
States of America or of any other jurisdiction. 
 Section 12.7. Amendments and Waivers. 

(a) Generally. Except as otherwise expressly provided in this Agreement, (i) any consent or approval required or permitted by
this Agreement or any other Loan Document to be given by the Lenders may be given, (ii) any term of this Agreement or of any other Loan Document may be amended, (iii) the performance or observance by the Borrower, any other Loan Party or
any other Subsidiary of any terms of this Agreement or such other Loan Document may be waived, and (iv) the continuance of any Default or Event of Default may be waived (either generally or in a particular instance and either retroactively or
prospectively) with, but only with, the written consent of the Requisite Lenders (or the Administrative Agent at the written direction of the Requisite Lenders), and, in the case of an amendment to any Loan Document, the written consent of each Loan
Party which is party thereto. 
 (b) Reserved. 
 (c) Consent of Lenders Directly Affected. In addition to the foregoing requirements, no amendment, waiver or consent shall, unless in writing, and signed by each of the Lenders directly and
adversely affected thereby (or the Administrative Agent at the written direction of such Lenders), do any of the following: 
 (i) subject the Lenders to any additional obligations; 
 (ii)
reduce the principal of, or interest that has accrued or the rates of interest that will be charged on the outstanding principal amount of, any Loans or other Obligations owing to such Lenders; 

(iii) reduce the amount of any Fees payable to the Lenders; 

(iv) modify the definition of “Maturity Date”, otherwise postpone any date fixed for any payment of principal
of, or interest on, any Loans or for the payment of Fees or any other Obligations; 

  
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 (v) modify the definition of “Credit Percentage” or amend or
otherwise modify the provisions of Section 3.2. or Section 10.4.; 
 (vi) amend this Section or amend
the definitions of the terms used in this Agreement or the other Loan Documents insofar as such definitions affect the substance of this Section; 
 (vii) modify the definition of the term “Requisite Lenders” or modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights
hereunder or to modify any provision hereof; 
 (viii) release any Guarantor from its obligations under the
Guaranty except as contemplated by Section 7.14.(c); or 
 (ix) waive a Default or Event of Default under
Section 10.1.(a), except as provided in Section 10.5. 
 (d) Amendment of Administrative Agent’s Duties,
Etc. No amendment, waiver or consent unless in writing and signed by the Administrative Agent, in addition to the Lenders required hereinabove to take such action, shall affect the rights or duties of the Administrative Agent under this
Agreement or any of the other Loan Documents. Any amendment, waiver or consent with respect to any Loan Document that increases the liabilities or obligations of a Specified Derivatives Provider shall, in addition to the Lenders required hereinabove
to take such action, require the consent of the Lender that is (or having an Affiliate that is) such Specified Derivatives Provider. No waiver shall extend to or affect any obligation not expressly waived or impair any right consequent thereon and
any amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose set forth therein. No course of dealing or delay or omission on the part of the Administrative Agent or any Lender in exercising any right
shall operate as a waiver thereof or otherwise be prejudicial thereto. Except as otherwise explicitly provided for herein or in any other Loan Document, no notice to or demand upon the Borrower shall entitle the Borrower to other or further notice
or demand in similar or other circumstances. 
 Section 12.8. Nonliability of Administrative Agent and Lenders. 

The relationship between the Borrower, on the one hand, and the Lenders and the Administrative Agent, on the other hand, shall be solely
that of borrower and lender. Neither the Administrative Agent, nor any Lender shall have any fiduciary responsibilities to the Borrower and no provision in this Agreement or in any of the other Loan Documents, and no course of dealing between or
among any of the parties hereto, shall be deemed to create any fiduciary duty owing by the Administrative Agent or any Lender to any Lender, the Borrower, any Subsidiary or any other Loan Party. Neither the Administrative Agent nor any Lender
undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in connection with any phase of the Borrower’s business or operations. 
 Section 12.9. Confidentiality. 
 The Administrative Agent and each
Lender shall use reasonable efforts to maintain the confidentiality of all information about Borrower, the other Loan Parties and other Subsidiaries, and the Properties thereof and their operations, affairs and financial condition, not generally
disclosed to the public, which is furnished to the Administrative Agent or any Lender by the Borrower, any other Loan Party, any other Subsidiary or Affiliate of Borrower, any other Loan Party, or any other Subsidiary pursuant to the provisions of
this Agreement or any other Loan Document in accordance with its customary procedure for handling confidential information of this nature and in accordance with safe and sound banking practice, but in any event, the Administrative Agent and the
Lenders may make disclosure: 

  
 - 79 -

 
(a) to any of their respective Affiliates and its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and other representatives (provided they
shall agree to keep such information confidential in accordance with the terms of this Section 12.9.); (b) as reasonably requested by any bona fide prospective assignee, Participant or other transferee in connection with the contemplated
transfer of any Loan or participation therein (provided they shall agree to keep such information confidential in accordance with the terms of this Section); (c) as required or requested by any Governmental Authority or representative thereof
or pursuant to legal process or in connection with any legal proceedings or as otherwise required by Applicable Law; (d) to the Administrative Agent’s or such Lender’s independent auditors and other professional advisors (provided
they shall be notified of the confidential nature of the information); (e) after the happening and during the continuance of an Event of Default hereunder or under any other Loan Document (or Specified Derivatives Contract), to any other
Person, as necessary for the exercise by the Administrative Agent or the Lenders (or a Specified Derivatives Provider) of rights and remedies hereunder or under any of the other Loan Documents (or Specified Derivatives Contract); (f) to bank
trade publications (such information to consist of deal terms and other information customarily found in such publications), (g) upon Borrower’s prior consent (which consent shall not be unreasonably withheld), to any actual or prospective
contractual counter-parties (or its advisors) to any swap or similar hedging agreement or to any rating agency; (h) to any other party hereto; (i) upon Borrower’s prior written consent, to any other Person; and (j) to the extent
such information (i) becomes publicly available other than as a result of a breach by such party of this Section actually known by the Administrative Agent and the Lenders to be a breach of this section, or (ii) becomes available to the
Administrative Agent or any Lender or any Affiliate of the Administrative Agent or any Lender on a nonconfidential basis from a source other than the Borrower or any Affiliate of the Borrower unless the Administrative Agent or such Lender has actual
knowledge that such information became nonconfidential as a result of a breach of a confidential arrangement with the Borrower or such Loan Party. Notwithstanding the foregoing, the Administrative Agent and each Lender may disclose any such
confidential information, without notice to the Borrower or any other Loan Party, to Governmental Authorities or similar authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners) having or
purporting to have jurisdiction over it in connection with any regulatory examination of the Administrative Agent or such Lender or in accordance with the regulatory compliance policy of the Administrative Agent or such Lender. Any Person required
to maintain the confidentiality of information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as
such Person would accord its own confidential information. 
 Section 12.10. Indemnification. 

(a) The Borrower shall and hereby agrees to indemnify, defend and hold harmless the Administrative Agent, the Lenders, all of the
Affiliates of each of the Administrative Agent or any of the Lenders, and their respective directors, officers, shareholders, agents, employees and counsel (each referred to herein as an “Indemnified Party”) from and against any and
all of the following (collectively, the “Indemnified Costs”): losses, costs, claims, penalties, damages, liabilities, deficiencies, judgments or reasonable expenses of every kind and nature (including, without limitation, amounts
paid in settlement, court costs and the reasonable fees and disbursements of counsel incurred in connection with any litigation, investigation, claim or proceeding or any advice rendered in connection therewith, but excluding Indemnified Costs
indemnification in respect of which is specifically covered by Section 3.10. or 4.1. or expressly excluded from the coverage of such Sections) incurred by an Indemnified Party in connection with, arising out of, or by reason of, any suit, cause
of action, claim, arbitration, investigation or settlement, consent decree or other proceeding (the foregoing referred to herein as an “Indemnity Proceeding”) which is in any way related directly or indirectly to: (i) this
Agreement or any other Loan Document or the transactions contemplated thereby; (ii) the making of any Loans hereunder; (iii) any actual or proposed use by the Borrower of the proceeds of the Loans; (iv) the Administrative Agent’s
or 

  
 - 80 -

 
any Lender’s entering into this Agreement; (v) the fact that the Administrative Agent and the Lenders have established the credit facility evidenced hereby in favor of the Borrower;
(vi) the fact that the Administrative Agent and the Lenders are creditors of the Borrower and have or are alleged to have information regarding the financial condition, strategic plans or business operations of the Borrower and the
Subsidiaries; (vii) the fact that the Administrative Agent and the Lenders are material creditors of the Borrower and are alleged to influence directly or indirectly the business decisions or affairs of the Borrower and the Subsidiaries or
their financial condition; (viii) the exercise of any right or remedy the Administrative Agent or the Lenders may have under this Agreement or the other Loan Documents; (ix) any civil penalty or fine assessed by OFAC against, and all
reasonable costs and expenses (including counsel fees and disbursements) incurred in connection with defense thereof by, the Administrative Agent or any Lender as a result of conduct of the Borrower, any other Loan Party or any other Subsidiary that
violates a sanction administered or enforced by OFAC; or (x) any violation or non-compliance by the Borrower or any Subsidiary of any Applicable Law (including any Environmental Law) including, but not limited to, any Indemnity Proceeding
commenced by (A) the Internal Revenue Service or state taxing authority or (B) any Governmental Authority or other Person under any Environmental Law, including any Indemnity Proceeding commenced by a Governmental Authority or other Person
seeking remedial or other action to cause the Borrower or its Subsidiaries (or its respective properties) (or the Administrative Agent and/or the Lenders as successors to the Borrower) to be in compliance with such Environmental Laws; provided,
however, that the Borrower shall not be obligated to indemnify any Indemnified Party for (A) any acts or omissions of such Indemnified Party in connection with matters described in this subjection to the extent arising from the gross negligence
or willful misconduct of such Indemnified Party, as determined by a court of competent jurisdiction in a final, non-appealable judgment or (B) Indemnified Costs to the extent arising directly out of or resulting directly from claims of one or
more Indemnified Parties against another Indemnified Party (other than claims of the Indemnified Parties against the Administrative Agent). 
 (b) The Borrower’s indemnification obligations under this Section shall apply to all Indemnity Proceedings arising out of, or related to, the foregoing whether or not an Indemnified Party is a named
party in such Indemnity Proceeding. In this connection, this indemnification shall cover all Indemnified Costs of any Indemnified Party in connection with any deposition of any Indemnified Party or compliance with any subpoena (including any
subpoena requesting the production of documents). This indemnification shall, among other things, apply to any Indemnity Proceeding commenced by other creditors of the Borrower or any Subsidiary, any shareholder of the Borrower or any Subsidiary
(whether such shareholder(s) are prosecuting such Indemnity Proceeding in their individual capacity or derivatively on behalf of the Borrower), any account debtor of the Borrower or any Subsidiary or by any Governmental Authority. If indemnification
is to be sought hereunder by an Indemnified Party, then such Indemnified Party shall promptly notify the Borrower of the commencement of any Indemnity Proceeding; provided, however, that the failure to so notify the Borrower shall not otherwise
relieve the Borrower from any liability that it may have to such Indemnified Party pursuant to this Section 12.10. 
 (c)
This indemnification shall apply to any Indemnity Proceeding arising during the pendency of any bankruptcy proceeding filed by or against the Borrower and/or any Subsidiary. 
 (d) All out-of-pocket fees and expenses of, and all amounts paid to third-persons by, an Indemnified Party shall be advanced by the Borrower at the request of such Indemnified Party notwithstanding any
claim or assertion by the Borrower that such Indemnified Party is not entitled to indemnification hereunder upon receipt of an undertaking by such Indemnified Party that such Indemnified Party will reimburse the Borrower if it is actually and
finally determined by a court of competent jurisdiction that such Indemnified Party is not so entitled to indemnification hereunder. 

  
 - 81 -

 (e) An Indemnified Party may conduct its own investigation and defense of, and may formulate
its own strategy with respect to, any Indemnity Proceeding covered by this Section and, as provided above, all Indemnified Costs incurred by such Indemnified Party shall be reimbursed by the Borrower. No action taken by legal counsel chosen by an
Indemnified Party in investigating or defending against any such Indemnity Proceeding shall vitiate or in any way impair the obligations and duties of the Borrower hereunder to indemnify and hold harmless each such Indemnified Party; provided,
however, that if (i) the Borrower is required to indemnify an Indemnified Party pursuant hereto and (ii) the Borrower has provided evidence reasonably satisfactory to such Indemnified Party that the Borrower has the financial wherewithal
to reimburse such Indemnified Party for any amount paid by such Indemnified Party with respect to such Indemnity Proceeding, such Indemnified Party shall not settle or compromise any such Indemnity Proceeding without the prior written consent of the
Borrower (which consent shall not be unreasonably withheld or delayed). Notwithstanding the foregoing, an Indemnified Party may settle or compromise any such Indemnity Proceeding without the prior written consent of the Borrower where (x) no
monetary relief is sought against such Indemnified Party in such Indemnity Proceeding, (y) there is an allegation of a violation of law by such Indemnified Party, or (z) the proposed settlement or compromise would otherwise be
disadvantageous to such Indemnified Party as determined by it in its sole discretion. 
 (f) If and to the extent that the
obligations of the Borrower under this Section are unenforceable for any reason, the Borrower hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under Applicable Law. 

(g) The Borrower’s obligations under this Section shall survive any termination of this Agreement and the other Loan Documents and
the payment in full in cash of the Obligations, and are in addition to, and not in substitution of, any of the other obligations set forth in this Agreement or any other Loan Document to which it is a party. 

References in this Section 12.10. to “Lender” or “Lenders” shall be deemed to include such Persons (and their Affiliates) in
their capacity as Specified Derivatives Providers. 
 Section 12.11. Termination; Survival. 

This Agreement shall terminate at such time as all Obligations (other than obligations which survive as provided in the following
sentence) have been paid and satisfied in full. The indemnities to which the Administrative Agent and the Lenders are entitled under the provisions of Sections 3.10., 4.1., 4.4., 11.6., 12.2. and 12.10. and any other provision of this Agreement
and the other Loan Documents, and the provisions of Section 12.5., shall continue in full force and effect and shall protect the Administrative Agent and the Lenders (i) notwithstanding any termination of this Agreement, or of the other
Loan Documents, against events arising after such termination as well as before and (ii) at all times after any such party ceases to be a party to this Agreement with respect to all matters and events existing on or prior to the date such party
ceased to be a party to this Agreement. 
 Section 12.12. Severability of Provisions. 

Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
only to the extent of such prohibition or unenforceability without invalidating the remainder of such provision or the remaining provisions or affecting the validity or enforceability of such provision in any other jurisdiction. 

  
 - 82 -

 Section 12.13. GOVERNING LAW. 

THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED,
AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 12.14. Counterparts. 

To facilitate execution, this Agreement and any amendments, waivers, consents or supplements may be executed in any number of counterparts
as may be convenient or required (which may be effectively delivered by facsimile, in portable document format (“PDF”) or other similar electronic means). It shall not be necessary that the signature of, or on behalf of, each party, or
that the signature of all persons required to bind any party, appear on each counterpart. All counterparts shall collectively constitute a single document. It shall not be necessary in making proof of this document to produce or account for more
than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto. 
 Section 12.15.
Obligations with Respect to Loan Parties. 
 The obligations of the Borrower to direct or prohibit the taking of certain
actions by the other Loan Parties as specified herein shall be absolute and not subject to any defense the Borrower may have that the Borrower does not control such Loan Parties. 
 Section 12.16. Independence of Covenants. 
 If a particular action or
condition is expressly prohibited by any covenant (the “prohibiting covenant”), the fact that it would be permitted by an exception to, or be otherwise within the limitations of, another covenant shall not avoid the occurrence of a Default
or an Event of Default if such action is taken or condition exists in violation of the prohibiting covenant. 
 Section 12.17.
Limitation of Liability. 
 None of the Administrative Agent or any Lender, or any Affiliate, officer, director, employee,
attorney, or agent of the Administrative Agent or any Lender shall have any liability with respect to, and the Borrower hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or
consequential damages suffered or incurred by the Borrower in connection with, arising out of, or in any way related to, this Agreement, any of the other Loan Documents or the Fee Letter, or any of the transactions contemplated by this Agreement or
any of the other Loan Documents. The Borrower shall not have any liability with respect to any claim for any special, indirect, incidental or consequential damages suffered or incurred by the Administrative Agent or any Lender (as distinct from
special, indirect, incidental or consequential damages of a third party awarded against the Administrative Agent or any Lender for which the Borrower may be responsible to the extent covered by Section 12.10.) in connection with, arising out
of, or in any way related to, this Agreement, any of the other Loan Documents or the Fee Letter, or any of the transactions contemplated by this Agreement or any of the other Loan Documents. The parties hereto hereby waive, release, and agree not to
any other party hereto for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Agreement, any of the other Loan Documents, the Fee Letter, or any of the transactions contemplated by this
Agreement or financed hereby (other than punitive damages of a third party awarded against the Administrative Agent or any Lender for which the Borrower may be responsible to the extent covered by Section 12.10.). 

  
 - 83 -

 Section 12.18. Entire Agreement. 

This Agreement, the Notes, the other Loan Documents and the Fee Letter embody the final, entire agreement among the parties hereto and
supersede any and all prior commitments, agreements, representations, and understandings, whether written or oral, relating to the subject matter hereof and thereof and may not be contradicted or varied by evidence of prior, contemporaneous, or
subsequent oral agreements or discussions of the parties hereto. There are no oral agreements among the parties hereto. 

Section 12.19. Construction. 
 The Administrative Agent, the Borrower and each Lender acknowledge that each of them has had the benefit of legal counsel of its own choice and has been afforded an opportunity to review this Agreement
and the other Loan Documents with its legal counsel and that this Agreement and the other Loan Documents shall be construed as if jointly drafted by the Administrative Agent, the Borrower and each Lender. 

Section 12.20. Headings. 
 The paragraph and section headings in this Agreement are provided for convenience of reference only and shall not affect its construction or interpretation. 

Section 12.21. Limitation of Liability of Trustees, Etc. 
 NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, THE AGENT AND THE LENDERS SHALL LOOK SOLELY TO THE BORROWER AND THE OTHER LOAN PARTIES FOR THE ENFORCEMENT OF ANY CLAIM
AGAINST THE BORROWER AND SUCH LOAN PARTY UNDER OR IN RESPECT OF ANY OF THE LOAN DOCUMENTS AND ACCORDINGLY NEITHER THE TRUSTEES, OFFICERS, EMPLOYEES, NOR SHAREHOLDERS OF THE BORROWER SHALL HAVE ANY PERSONAL LIABILITY FOR OBLIGATIONS ENTERED INTO BY
OR ON BEHALF OF THE BORROWER OR ANY OTHER LOAN PARTY. 
 [Signatures on Following Pages] 

  
 - 84 -

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

			
	FEDERAL REALTY INVESTMENT TRUST
		
	By:	 	 /s/ Andrew P. Blocher

	Name:	 	Andrew P. Blocher
	Title:	 	Senior Vice President-Chief Financial Officer and Treasurer

 [Signatures Continued on Next Page] 

 [Signature Page to Term Loan Agreement with Federal Realty Investment Trust]

  

			
	 PNC BANK, NATIONAL ASSOCIATION, as Administrative
Agent and as a
Lender

		
	By:	 	 /s/ William R. Lynch III

	Name:	 	William R. Lynch III
	Title:	 	Senior Vice President

 [Signatures Continued on Next Page] 

 [Signature Page to Term Loan Agreement with Federal Realty Investment Trust]

  

			
	CAPITAL ONE, N.A., as Syndication Agent and as a Lender
		
	 By:
	 	 /s/ Frederick H. Denecke

	 Name:
	 	Frederick H. Denecke
	 Title:
	 	Vice President

 [Signatures Continued on Next Page] 

 [Signature Page to Term Loan Agreement with Federal Realty Investment Trust]

  

			
	REGIONS BANK, as a Documentation Agent and as a Lender
		
	 By:
	 	 /s/ Paul E. Burgan

	 Name:
	 	Paul E. Burgan
	 Title:
	 	Vice President

 [Signatures Continued on Next Page] 

 [Signature Page to Term Loan Agreement with Federal Realty Investment Trust]

  

			
	SUNTRUST BANK, as a Documentation Agent and as a Lender
		
	By:	 	 /s/ John M. Szeman

	Name:	 	John M. Szeman
	Title:	 	Vice President

 [Signatures Continued on Next Page] 

 [Signature Page to Term Loan Agreement with Federal Realty Investment Trust]

  

					
	TD BANK, N.A., as a Lender
		
	By:	 	 /s/ Brian Gormley

	Name:	 	Brian Gormley
	Title:	 	Vice President

  

 SCHEDULE I 
 Commitments 
  

			
	 Lender
	  	Commitment Amount
	PNC Bank, National Association	  	$100,000,000
	Capital One, N.A.	  	$50,000,000
	Regions Bank	  	$50,000,000
	SunTrust Bank	  	$50,000,000
	TD Bank, N.A.	  	$25,000,000
		  	  

	 Total:
	  	$275,000,000
		  	  

  

 SCHEDULE 1.1(a) 

LIST OF LOAN PARTIES 
  

	1.	FEDERAL REALTY INVESTMENT TRUST 

  

	2.	BERMAN ENTERPRISES II LIMITED PARTNERSHIP 

  

	3.	GOVERNOR PLAZA ASSOCIATES 

  

	4.	ANDORRA ASSOCIATES 

  

	5.	SHOPPING CENTER ASSOCIATES 

  

	6.	FR PIKE 7 LIMITED PARTNERSHIP 

  

	7.	STREET RETAIL, INC. 

  

	8.	FRIT SAN JOSE TOWN AND COUNTRY VILLAGE, LLC 

  

	9.	STREET RETAIL FOREST HILLS I, LLC 

  

	10.	SRI OLD TOWN, LLC 

  

	11.	FEDERAL REALTY PARTNERS L.P. 

  

	12.	STREET RETAIL WEST I, L.P. 

  

	13.	STREET RETAIL WEST II, L.P. 

  

	14.	STREET RETAIL WEST 3, L.P. 

  

	15.	STREET RETAIL WEST 4, L.P. 

  

	16.	STREET RETAIL WEST 6, L.P. 

  

	17.	STREET RETAIL WEST 10, L.P. 

  

	18.	FR ASSEMBLY SQUARE, LLC 

  

	19.	FR STURTEVANT STREET, LLC 

  

	20.	FR WESTGATE MALL, LLC 

  

	21.	STREET RETAIL SAN ANTONIO, LP 

  

	22.	FR LINDEN SQUARE, INC. 

	23.	FR CHELSEA COMMONS II, LLC 

  

	24.	FR NORTH DARTMOUTH, LLC 

  

	25.	FR WHITE MARSH, INC. 

  

	26.	CORDON FAIRFIELD BUSINESS TRUST 

  

	27.	CAMPBELL-PHILADELPHIA BUSINESS TRUST 

  

	28.	SHOPPES AT NOTTINGHAM SQUARE BUSINESS TRUST 

  

	29.	RETAIL PROPERTIES BUSINESS TRUST 

  

	30.	NOTTINGHAM SQUARE BUSINESS TRUST 

  

	31.	BYRON STATION LIMITED PARTNERSHIP, LLLP 

  

	32.	FR MERCER MALL, LLC 

  

	33.	FR DEL MAR VILLAGE, LLC 

  

	34.	FR DEL MAR VILLAGE II, LLC 

  

	35.	FR CHELSEA COMMONS III, LLC 

  

	36.	FR FEDERAL PLAZA, INC. 

  

	37.	SRI ASSEMBLY ROW B2, LLC 

  

	38.	SRI ASSEMBLY ROW B3, LLC 

  

	39.	SRI ASSEMBLY ROW B5, LLC 

  

	40.	SRI ASSEMBLY ROW B6, LLC 

  

	41.	SRI ASSEMBLY ROW B7, LLC 

  

	42.	SRI ASSEMBLY ROW B8, LLC 

  

	43.	SRI ASSEMBLY ROW B9, LLC 

  

	44.	FR HUNTINGTON SQUARE, LLC 

  

	45.	FR TOWER SHOPS, LLC 

 SCHEDULE 6.1(b) 

OWNERSHIP STRUCTURE 
 PART I 
  

													
	 ENTITY NAME/Jurisdiction of

Formation
	  	 Equity Holders
	  	 Nature of

Equity

Interest
	  	% Ownership	 	 	 Material and/or

Excluded Subsidiary,
 Non-Controlled
 Property
	  	
Liens, Options,
Registration Rights, etc.

	 FEDERAL REALTY INVESTMENT TRUST, a Maryland real estate investment trust
	  		  		  				 	Borrower	  	 •    Permitted Liens on properties identified in Schedule
6.1(f);
  

•    Stock options in favor of Trustees, employees and certain vendors;

 
 •    Dividend
reinvestment plan;
  

•    Active shelf registration statement;

 
 •    Active
registration statements for certain shares issued as unregistered shares and for shares that may be issued on conversion of Series 1 Preferred Shares and downreit units in NVI-Avenue, LLC;

 
 •    See Federal
Realty Partners L.P., FR Leesburg Plaza, LP, FR Pike 7 Limited Partnership and Street Retail West 7, L.P. for registration rights agreements
  

•    2007 Employee Share Purchase Plan

						
	 FR ASSOCIATES LIMITED PARTNERSHIP, a Maryland limited partnership
	  	Federal Realty Investment Trust	  	General partner	  	 	1	% 	 		  	None
	  	Federal Realty Investment Trust	  	Limited partner	  	 	97.97	% 	 	  
	  	Street Retail, Inc.	  	Limited partner	  	 	1.03	% 	 	  
						
	 BERMAN ENTERPRISES II LIMITED PARTNERSHIP, a Maryland limited partnership
	  	Federal Realty Investment Trust	  	General partner	  	 	2	% 	 	 Guarantor
 Material
Subsidiary (in conjunction with Federal Realty Investment Trust)
	  	None
	  	Federal Realty Investment Trust	  	Limited partner	  	 	97	% 	 	  
	  	FR Associates Limited Partnership	  	Limited partner	  	 	1	% 	 	  

  
 Page 1

 SCHEDULE 6.1(b) 

OWNERSHIP STRUCTURE 
  

													
	 ENTITY NAME/Jurisdiction of

Formation
	  	 Equity Holders
	  	 Nature of

Equity

Interest
	  	% Ownership	 	 	 Material and/or

Excluded Subsidiary,
 Non-Controlled
 Property
	  	
Liens, Options,
Registration Rights, etc.

	 GOVERNOR PLAZA ASSOCIATES, a Pennsylvania general partnership
	  	Federal Realty Investment Trust	  	General partner	  	 	99	% 	 	Guarantor	  	None
	  	FR Associates Limited Partnership	  	General partner	  	 	1	% 	 	  
						
	 ANDORRA ASSOCIATES, a Pennsylvania limited partnership
	  	Federal Realty Investment Trust	  	General partner	  	 	2	% 	 	Guarantor	  	None
	  	Federal Realty Investment Trust	  	Limited partner	  	 	97	% 	 	  
	  	FR Associates Limited Partnership	  	Limited partner	  	 	1	% 	 	  
						
	 SHOPPING CENTER ASSOCIATES, a Pennsylvania limited partnership
	  	Federal Realty Investment Trust	  	General partner	  	 	1	% 	 	Guarantor	  	None
	  	Federal Realty Investment Trust	  	Limited partner	  	 	98	% 	 	  
	  	FR Associates Limited Partnership	  	Limited partner	  	 	1	% 	 	  
						
	 FR PIKE 7 LIMITED PARTNERSHIP, a Delaware limited partnership (DownREIT)
	  	Federal Realty Investment Trust	  	General partner	  	 	1	% 	 	 Guarantor
 Material
Subsidiary
	  	 •    Right to exchange 12,393.71 partnership units for
Federal Realty shares or cash (at Federal Realty’s option); and
  
 •    Registration rights for shares issued on redemption of partnership units.

	  	Federal Realty Investment Trust	  	Limited partner	  	 	98.3143	% 	 	  
	  	M&R Associates Limited Partnership, Pike 7 Plaza	  	Limited partner	  	 	.6857	% 	 	  
						
	 FRIT ESCONDIDO PROMENADE, LLC, a California limited liability company
	  	Federal Realty Investment Trust	  	Manager	  	 	70	% 	 	 Owner of Non-Controlled Property
  

•    Escondido Promenade Shopping Center, Escondido, CA
	  	None
	  	Spark Development Partners, LLC	  	Member	  	 	30	% 	 	  

  
 Page 2

 SCHEDULE 6.1(b) 

OWNERSHIP STRUCTURE 
  

													
	 ENTITY NAME/Jurisdiction of
Formation
	  	 Equity Holders
	  	 Nature of

Equity

Interest
	  	% Ownership	 	 	 Material and/or

Excluded Subsidiary,
Non-Controlled
 Property
	  	
Liens, Options,
Registration Rights, etc.

	 FR FEDERAL PLAZA, INC., a Delaware corporation
	  	Federal Realty Investment Trust	  	Sole stockholder	  	 	100	% 	 	 Guarantor
 Material
subsidiary
	  	None
						
	 FR LEESBURG PLAZA, LLC, a Delaware corporation
	  	Federal Realty Investment Trust	  	Sole member	  	 	100	% 	 		  	None
						
	 FR LEESBURG PLAZA, LP, a Delaware limited partnership (DownREIT)
	  	FR Leesburg Plaza, LLC	  	General partner	  	 	319,233 units	  	 	Excluded subsidiary	  	 •    Right to exchange partnership units for Federal
Realty shares or cash (at Federal Realty’s option); and
  
 •    Registration rights for shares issued on redemption of partnership units.

	  	Paulson Brothers, L.L.C.	  	Limited partner	  	 	33,267 units	  	 	  
						
	 CONGRESSIONAL PLAZA ASSOCIATES, LLC, a Maryland limited liability company
	  	Federal Realty Investment Trust	  	Managing member	  	 	65.4376	% 	 	 Owner of Non-Controlled Property
  

•    Congressional Plaza Shopping Center, Rockville, MD

 
 •    The Crest at
Congressional Plaza, Rockville, MD
	  	 •    Patrick M. O’Donnell, Silberberg Family Partnership and JSR Family LLC permitted
transferees of Rockville Plaza Company (“Permitted Transferees”) have right to require other partners to buy 18.75% or greater of all of the Permitted Transferees’ ownership interests.

	  	Patrick M. O’Donnell	  	Member	  	 	5.7668	% 	 	  
	  	Silberberg Family Partnership	  	Member	  	 	19.8847	% 	 	  
	  	JSR Family LLC	  	Member	  	 	3.8158	% 	 	  
	  	Congressional Plaza One, LLC	  	Member	  	 	5.0951	% 	 	  
						
	 FEDERAL REALTY MANAGEMENT SERVICES, INC., a Delaware corporation
	  	Federal Realty Investment Trust	  	Sole stockholder	  	 	100	% 	 		  	None
						
	 FRIT SOLAR, INC., a Delaware corporation
	  	Federal Realty Management Services, Inc.	  	Sole stockholder	  	 	100	% 	 		  	None
						
	 SANTANA ROW ROF, INC., a Delaware corporation
	  	Federal Realty Management Services, Inc.	  	Sole stockholder	  	 	100	% 	 		  	None

  
 Page 3

 SCHEDULE 6.1(b) 

OWNERSHIP STRUCTURE 
  

													
	 ENTITY NAME/Jurisdiction of

Formation
	  	 Equity Holders
	  	 Nature of

Equity

Interest
	  	% Ownership	 	 	 Material and/or

Excluded Subsidiary,
 Non-Controlled
 Property
	  	
Liens, Options,
Registration Rights, etc.

	 FRIT LEASING & DEVELOPMENT SERVICES, INC., a Delaware corporation
	  	Federal Realty Investment Trust	  	Sole stockholder	  	 	100	% 	 		  	None
						
	 FRIT SANTANA ROW TRS, INC., a Delaware corporation
	  	FRIT Leasing & Development Services, Inc.	  	Sole stockholder	  	 	100	% 	 		  	None
						
	 FEDERAL REALTY PARTNERS, INC., a Delaware corporation
	  	Federal Realty Investment Trust	  	Sole stockholder	  	 	100	% 	 		  	None
						
	 FEDERAL REALTY PARTNERS L.P., a Delaware limited partnership (Master DownREIT)
	  	Federal Realty Partners, Inc.	  	General partner	  	 	722,795 units	  	 	 Guarantor
 Material
Subsidiary
	  	 •    Right to exchange partnership units for Federal
Realty shares or cash (at Federal Realty’s option); and
  
 •    Holders of 100,259 units have registration rights for shares issued on redemption of partnership units.

	  	FRLP, Inc.	  	Limited partner	  	 	40 units	  	 	  
	  	8 separate limited partners	  	Limited partner	  	 	138,793 units	  	 	  
						
	 FRLP, INC., a Delaware corporation
	  	Federal Realty Investment Trust	  	Sole stockholder	  	 	100	% 	 		  	None
						
	 FR CROW CANYON, INC. F/K/A JS&DB, INC., a Delaware corporation
	  	Federal Realty Investment Trust	  	Sole stockholder	  	 	100	% 	 		  	None
						
	 FR CROW CANYON, LLC, a Delaware limited liability company
	  	FR Crow Canyon, Inc.	  	Sole member	  	 	100	% 	 	Excluded subsidiary	  	None
						
	 FR MERCER MALL, INC., a Delaware corporation
	  	Federal Realty Investment Trust	  	Sole stockholder	  	 	100	% 	 		  	None
						
	 FR MERCER MALL, LLC, a Delaware limited liability company
	  	FR Mercer Mall, Inc.	  	Sole member	  	 	100	% 	 	 Guarantor
 Material Subsidiary
(in conjunction with Federal Realty Investment Trust)
	  	None

  
 Page 4

 SCHEDULE 6.1(b) 

OWNERSHIP STRUCTURE 
  

													
	 ENTITY NAME/Jurisdiction of

Formation
	  	 Equity Holders
	  	 Nature of

Equity

Interest
	  	% Ownership	 	 	 Material and/or

Excluded Subsidiary,
 Non-Controlled
 Property
	  	
Liens, Options,
Registration Rights, etc.

	 FR ASSEMBLY SQUARE, LLC, a Delaware limited liability company
	  	Federal Realty Investment Trust.	  	Sole member	  	 	100	% 	 	Guarantor	  	None
						
	 FR WESTGATE MALL, INC., a Delaware corporation
	  	Federal Realty Investment Trust	  	Sole stockholder	  	 	100	% 	 		  	None
						
	 FR WESTGATE MALL, LLC, a Delaware limited liability company
	  	FR Westgate Mall, Inc.	  	Sole member	  	 	100	% 	 	 Guarantor
 Material
Subsidiary
	  	None
						
	 FEDERAL/LPF GP, INC., a Delaware corporation
	  	Federal Realty Investment Trust	  	Sole stockholder	  	 	100	% 	 	Excluded Subsidiary	  	None
						
	 FR CHELSEA COMMONS I, INC., a Delaware corporation
	  	Federal Realty Investment Trust	  	Sole stockholder	  	 	100	% 	 		  	None
						
	 FR CHELSEA COMMONS I, LLC, a Delaware limited liability company
	  	FR Chelsea Commons I, Inc.	  	Sole member	  	 	100	% 	 	Excluded subsidiary	  	None
						
	 FR CHELSEA COMMONS II, INC., a Delaware corporation
	  	Federal Realty Investment Trust	  	Sole stockholder	  	 	100	% 	 		  	None
						
	 FR CHELSEA COMMONS II, LLC, a Delaware limited liability company
	  	FR Chelsea Commons II, Inc.	  	Sole member	  	 	100	% 	 	Guarantor	  	None
						
	 FR NORTH DARTMOUTH, INC., a Delaware corporation
	  	Federal Realty Investment Trust	  	Sole stockholder	  	 	100	% 	 		  	None
						
	 FR NORTH DARTMOUTH, LLC, a Delaware limited liability company
	  	FR North Dartmouth, Inc.	  	Sole member	  	 	100	% 	 	Guarantor	  	None

  
 Page 5

 SCHEDULE 6.1(b) 

OWNERSHIP STRUCTURE 
  

													
	 ENTITY NAME/Jurisdiction of

Formation
	  	 Equity Holders
	  	 Nature of

Equity

Interest
	  	% Ownership	 	 	 Material and/or

Excluded Subsidiary,
 Non-Controlled
 Property
	  	
Liens, Options,
Registration Rights, etc.

	 FR LINDEN SQUARE, INC., a Delaware corporation
	  	Federal Realty Investment Trust	  	Sole stockholder	  	 	100	% 	 	 Guarantor
 Material
Subsidiary
	  	None
						
	 FR KEY ROAD, INC., a Delaware corporation (TO BE DISSOLVED)
	  		  		  				 		  	
						
	 FR RIVERSIDE, INC., a Delaware corporation (TO BE DISSOLVED)
	  		  		  				 		  	
						
	 FR SHOPPERS WORLD, INC. a Delaware corporation
	  	Federal Realty Investment Trust	  	Sole stockholder	  	 	100	% 	 		  	None
						
	 FR SHOPPERS WORLD, LLC, a Delaware limited liability company
	  	FR Shoppers World, Inc.	  	Sole member	  	 	100	% 	 	Excluded Subsidiary	  	None
						
	 FR WHITE MARSH, INC., a Maryland corporation
	  	Federal Realty Investment Trust	  	Sole Stockholder	  	 	100	% 	 	Guarantor	  	None
						
	 WHITE MARSH PLAZA, LLC, a Maryland limited liability company
	  	FR White Marsh, Inc.	  	Sole member	  	 	100	% 	 		  	None
						
	 WHITE MARSH PLAZA LIMITED

PARTNERSHIP, a Maryland limited partnership
	  	White Marsh Plaza, LLC	  	General partner	  	 	1	% 	 		  	None
	  	FR White Marsh, Inc.	  	Limited partner	  	 	99	% 	 		  	
						
	 WHITE MARSH PLAZA BUSINESS TRUST, a Maryland business trust
	  	White Marsh Plaza Limited Partnership	  	Sole shareholder	  	 	100	% 	 	Excluded Subsidiary	  	None
						
	 BYRON STATION, LLC, a Maryland limited liability company
	  	FR White Marsh, Inc.	  	Sole member	  	 	100	% 	 		  	None

  
 Page 6

 SCHEDULE 6.1(b) 

OWNERSHIP STRUCTURE 
  

													
	 ENTITY NAME/Jurisdiction of

Formation
	  	 Equity Holders
	  	 Nature of

Equity

Interest
	  	% Ownership	 	 	 Material and/or

Excluded Subsidiary,
 Non-Controlled
 Property
	  	
Liens, Options,
Registration Rights, etc.

	 BYRON STATION LIMITED PARTNERSHIP, LLLP, a Maryland limited liability limited partnership
	  	Byron Station, LLC	  	General partner	  	 	1	% 	 	Guarantor	  	None
	  	FR White Marsh, Inc.	  	Limited partner	  	 	99	% 	 	  
						
	 CORDON FAIRFIELD BUSINESS TRUST, a Maryland business trust
	  	FR White Marsh, Inc.	  	Sole shareholder	  	 	100	% 	 	Guarantor	  	None
						
	 CAMPBELL-PHILADELPHIA BUSINESS TRUST, a Maryland business trust
	  	FR White Marsh, Inc.	  	Sole shareholder	  	 	100	% 	 	Guarantor	  	None
						
	 SHOPPES AT NOTTINGHAM SQUARE BUSINESS TRUST, a Maryland business trust
	  	FR White Marsh, Inc.	  	Sole shareholder	  	 	100	% 	 	Guarantor	  	None
						
	 RETAIL PROPERTIES BUSINESS TRUST, a Maryland business trust
	  	FR White Marsh, Inc.	  	Sole shareholder	  	 	100	% 	 	Guarantor	  	None
						
	 NOTTINGHAM SQUARE BUSINESS TRUST, a Maryland business trust
	  	FR White Marsh, Inc.	  	Sole shareholder	  	 	100	% 	 	Guarantor	  	None
						
	 THE AVENUE AT WHITE MARSH BUSINESS TRUST, a Maryland business trust
	  	FR White Marsh, Inc.	  	Sole shareholder	  	 	100	% 	 	Excluded Subsidiary	  	None
						
	 NVI-AVENUE, LLC, a Maryland limited liability company (DownREIT)
	  	FR White Marsh, Inc.	  	Managing member	  	 	9,644 units	  	 	Excluded Subsidiary	  	 •    Right to exchange membership units for Federal Realty shares or cash (at Federal
Realty’s option)

	  	54 separate investor members	  	Members	  	 	175,860 units	  	 	  
						
	 RETAIL FUNDING AFFILIATES, LLC, a Maryland
	  	FR White Marsh, Inc.	  	Managing member	  	 	20	% 	 		  	None

  
 Page 7

 SCHEDULE 6.1(b) 

OWNERSHIP STRUCTURE 
  

													
	 ENTITY NAME/Jurisdiction of

Formation
	  	 Equity Holders
	  	 Nature of

Equity

Interest
	  	% Ownership	 	 	 Material and/or

Excluded Subsidiary,
 Non-Controlled
 Property
	  	
Liens, Options,
Registration Rights, etc.

	 limited liability company
	  	NVI-Avenue, LLC	  	Member	  	 	50	% 	 		  	
	  	The Avenue at White Marsh Business Trust	  	Member	  	 	30	% 	 	  
						
	 FR FLORIDA, INC. (F/K/A FR CHELSEA COMMONS III, INC.), a Delaware corporation
	  	Federal Realty Investment Trust	  	Sole Stockholder	  	 	100	% 	 		  	None
						
	 FR DEL MAR VILLAGE, LLC, a Delaware limited liability company
	  	FR Florida, Inc.	  	Sole member	  	 	100	% 	 	Guarantor	  	None
						
	 FR DEL MAR VILLAGE II, LLC, a Delaware limited liability company
	  	FR Florida, Inc.	  	Sole member	  	 	100	% 	 	Guarantor	  	None
						
	 FR COURTYARD SHOPS, LLC, a Delaware limited liability company
	  	FR Florida, Inc.	  	Sole member	  	 	100	% 	 	Excluded Subsidiary	  	None
						
	 FR CHELSEA COMMONS III, LLC, a Delaware limited liability company
	  	Federal Realty Investment Trust	  	Sole member	  	 	100	% 	 	Guarantor	  	None
						
	 FR ROLLINGWOOD, LLC, a Delaware limited liability company
	  	Federal Realty Investment Trust	  	Sole member	  	 	100	% 	 		  	None
						
	 FR ROLLINGWOOD, INC., a Delaware corporation
	  	FR Rollingwood, LLC	  	Sole stockholder	  	 	100	% 	 	Excluded Subsidiary	  	None
						
	 FR HUNTINGTON SQUARE, LLC, a Delaware limited liability company
	  	Federal Realty Investment Trust	  	Sole member	  	 	100	% 	 	Guarantor	  	None
						
	 FR TOWER SHOPS, LLC, a
	  	FR Florida, Inc.	  	Sole member	  	 	100	% 	 	Guarantor	  	None

  
 Page 8

 SCHEDULE 6.1(b) 

OWNERSHIP STRUCTURE 

															
	 ENTITY NAME/Jurisdiction of
Formation
	  	 Equity Holders
	  	 Nature of

Equity

Interest
	  	% Ownership	 	 	 Material and/or

Excluded Subsidiary,
 Non-Controlled
 Property
	  	
Liens, Options,
Registration Rights, etc.

	 Delaware limited liability company
	  		  		  				 		  	
						
	 FEDERAL REALTY BOSTON, INC., a Delaware corporation
	  	Federal Realty Investment Trust	  	Sole stockholder	  	 	100	% 	 		  	None
						
	 FEDERAL REALTY WEST COAST, INC., a Delaware corporation
	  	Federal Realty Investment Trust	  	Sole stockholder	  	 	100	% 	 		  	None
						
	 STREET RETAIL, INC., a Maryland corporation
	  	Federal Realty Investment Trust	  	Sole stockholder	  	 	100	% 	 	 Guarantor
 Material
Subsidiary
	  	None
						
	 SRI/CONTINENTAL, LLC (a Delaware limited liability company)
	  	 Street Retail, Inc.
	  	Sole member	  	 	100	% 	 		  	None
						
	 FR STURTEVANT STREET, INC., a Delaware corporation
	  	Street Retail, Inc.	  	Sole stockholder	  	 	100	% 	 		  	None
						
	 FR STURTEVANT STREET, LLC, a Delaware limited liability company
	  	FR Sturtevant Street, Inc.	  	Sole member	  	 	100	% 	 	 Guarantor
 Material
Subsidiary
	  	None
						
	 SRI ASSEMBLY ROW B2, LLC, a Delaware limited liability company
	  	Street Retail, Inc.	  	Sole member	  	 	100	% 	 	 Guarantor
 Material
Subsidiary
	  	None
						
	 SRI ASSEMBLY ROW B3, LLC, a Delaware limited liability company
	  	Street Retail, Inc.	  	Sole member	  	 	100	% 	 	 Guarantor
 Material
Subsidiary
	  	None
						
	 SRI ASSEMBLY ROW B5, LLC, a Delaware limited liability company
	  	Street Retail, Inc.	  	Sole member	  	 	100	% 	 	 Guarantor
 Material
Subsidiary
	  	None

  
 Page 9

 SCHEDULE 6.1(b) 

OWNERSHIP STRUCTURE 
  

													
	 ENTITY NAME/Jurisdiction of

Formation
	  	 Equity Holders
	  	 Nature of

Equity

Interest
	  	% Ownership	 	 	 Material and/or

Excluded Subsidiary,
 Non-Controlled
 Property
	  	
Liens, Options,
Registration Rights, etc.

	 SRI ASSEMBLY ROW B6, LLC, a Delaware limited liability company
	  	Street Retail, Inc.	  	Sole member	  	 	100	% 	 	 Guarantor
 Material
Subsidiary
	  	None
						
	 SRI ASSEMBLY ROW B7, LLC, a Delaware limited liability company
	  	Street Retail, Inc.	  	Sole member	  	 	100	% 	 	Guarantor Material Subsidiary	  	None
						
	 SRI ASSEMBLY ROW B8, LLC, a Delaware limited liability company
	  	Street Retail, Inc.	  	Sole member	  	 	100	% 	 	 Guarantor
 Material
Subsidiary
	  	None
						
	 SRI ASSEMBLY ROW B9, LLC, a Delaware limited liability company
	  	Street Retail, Inc.	  	Sole member	  	 	100	% 	 	 Guarantor
 Material
Subsidiary
	  	None
						
	 FRIT SAN JOSE TOWN AND COUNTRY VILLAGE, LLC, a California limited liability company
	  	Street Retail, Inc.	  	Sole member	  	 	100	% 	 	 Guarantor
 Material
Subsidiary
	  	None
						
	 SAN JOSE RESIDENTIAL, INC., a Maryland corporation
	  	Federal Realty Investment Trust	  	Class A Voting Common Stockholder	  	 	50	% 	 		  	None
	  	Jeanne T. Connor	  	Class A Voting Common Stockholder	  	 	50	% 	 	  
	  	FRIT San Jose Town & Country Village, LLC	  	Class B Non-Voting Common Stockholder	  	 	100	% 	 	  
						
	 STREET RETAIL FOREST HILLS I, LLC, a Delaware limited liability company
	  	Street Retail, Inc.	  	Sole member	  	 	100	% 	 	Guarantor	  	None

  
 Page 10

 SCHEDULE 6.1(b) 

OWNERSHIP STRUCTURE 
  

													
	 ENTITY NAME/Jurisdiction of

Formation
	  	 Equity Holders
	  	 Nature of

Equity

Interest
	  	% Ownership	 	 	 Material and/or

Excluded Subsidiary,
 Non-Controlled
 Property
	  	
Liens, Options,
Registration Rights, etc.

	 SRI OLD TOWN, LLC, a California limited liability company
	  	Street Retail, Inc.	  	Sole member	  	 	100	% 	 	Guarantor	  	None
						
	 STREET RETAIL WEST GP, INC., a Maryland corporation
	  	Street Retail, Inc.	  	Sole stockholder	  	 	100	% 	 		  	None
						
	 STREET RETAIL WEST I, L.P., a Delaware limited partnership
	  	Street Retail West GP, Inc.	  	General partner	  	 	90	% 	 	 Guarantor
 Material
Subsidiary
	  	None
	  	Street Retail, Inc.	  	General partner	  	 	9	% 	 	  
	  	Street Retail, Inc.	  	Limited partner	  	 	1	% 	 	  
						
	 STREET RETAIL WEST II, L.P., a Delaware limited partnership
	  	Street Retail West GP, Inc.	  	General partner	  	 	90	% 	 	Guarantor	  	None
	  	Street Retail, Inc.,	  	General partner	  	 	9	% 	 	  
	  	Street Retail, Inc.	  	Limited partner	  	 	1	% 	 	  
						
	 STREET RETAIL WEST 3, L.P., a Delaware limited partnership
	  	Street Retail West GP, Inc.	  	General partner	  	 	90	% 	 	Guarantor	  	None
	  	Street Retail, Inc.	  	General partner	  	 	9	% 	 	  
	  	Street Retail, Inc	  	Limited partner	  	 	1	% 	 	  
						
	 STREET RETAIL WEST 4, L.P., a Delaware limited partnership
	  	Street Retail West GP, Inc.	  	Class C general partner	  	 	90	% 	 	Guarantor	  	None
	  	Street Retail, Inc.	  	General partner	  	 	9	% 	 	  
	  	Street Retail, Inc.	  	Limited partner	  	 	1	% 	 	  
						
	 STREET RETAIL WEST 6, L.P., a Delaware limited partnership
	  	Street Retail West GP, Inc.	  	General partner	  	 	90	% 	 	Guarantor	  	None
	  	Street Retail, Inc.	  	General partner	  	 	9	% 	 	  
	  	Street Retail, Inc.	  	Limited partner	  	 	1	% 	 	  
						
	 STREET RETAIL WEST 7, L.P., a Delaware limited partnership
	  	Street Retail West GP, Inc.	  	Class C general partner	  	 	90	% 	 	Owner of Non-Controlled Property	  	 •    Right to merge entities into a
Federal

  
 Page 11

 SCHEDULE 6.1(b) 

OWNERSHIP STRUCTURE 
  

													
	 ENTITY NAME/Jurisdiction of

Formation
	  	 Equity Holders
	  	 Nature of

Equity

Interest
	  	% Ownership	 	 	 Material and/or

Excluded Subsidiary,
 Non-Controlled
 Property
	  	
Liens, Options,
Registration Rights, etc.

		  	Delaware GPO 7 Inc.	  	Class A general partner	  	 	0	% 	 	 •    7001 Hollywood Boulevard, Hollywood, CA

 
	  	 Realty entity in exchange for Federal Realty shares or cash (at option of non-Federal Realty partners, subject to certain
conditions); and
  

•    Registration rights for Federal Realty shares issued in connection with transfer of
partnership interests through merger.

	  	Delaware GPO 7 Inc.	  	Class B general partner	  	 	.9	% 	 	 •    7021 Hollywood Boulevard, Hollywood, CA
	  
	  	Delaware GPM 7 Inc.	  	Class B general partner	  	 	8.1	% 	 	  
	  	Delaware GPO 7 Inc.	  	Class B limited partner	  	 	.1	% 	 		  
	  	Delaware GPM 7 Inc.	  	Class B limited partner	  	 	.9	% 	 		  
						
	 STREET RETAIL WEST 10, L.P., a Delaware limited partnership
	  	Street Retail West GP, Inc.	  	General partner	  	 	90	% 	 	Guarantor	  	None
	  	Street Retail, Inc.	  	General partner	  	 	9	% 	 	  
	  	Street Retail, Inc.	  	Limited partner	  	 	1	% 	 	  
						
	 SRI SAN ANTONIO, INC. (F/K/A DIM SUM, INC.), a Maryland corporation
	  	Street Retail, Inc.	  	Sole stockholder	  	 	100	% 	 		  	None
						
	 STREET RETAIL SAN ANTONIO, LP, a Delaware limited partnership
	  	SRI San Antonio, Inc.	  	General partner	  	 	.1	% 	 	Guarantor	  	None
	  	SRI Texas, Inc.	  	Limited partner	  	 	99.9	% 	 	  
						
	 SRI TEXAS, INC., a Delaware corporation
	  	Street Retail, Inc.,	  	Sole stockholder	  	 	100	% 	 		  	None
						
	 SRI ARLINGTON ROAD WEST, INC., a Delaware corporation
	  	Street Retail, Inc.,	  	Sole stockholder	  	 	100	% 	 		  	None
						
	 SRI ARLINGTON ROAD WEST, LLC, a Delaware limited liability company
	  	SRI Arlington Road West, Inc.	  	Sole member	  	 	100	% 	 	Excluded Subsidiary	  	None

  
 Page 12

 SCHEDULE 6.1(b) 

OWNERSHIP STRUCTURE 
  

													
	 ENTITY NAME/Jurisdiction of

Formation
	  	 Equity Holders
	  	 Nature of

Equity

Interest
	  	% Ownership	 	 	 Material and/or

Excluded Subsidiary,
 Non-Controlled
 Property
	  	
Liens, Options,
Registration Rights, etc.

	 SRI BETHESDA AVENUE NORTH, INC., a Delaware corporation
	  	Street Retail, Inc.,	  	Sole stockholder	  	 	100	% 	 		  	None
						
	 SRI BETHESDA AVENUE NORTH, LLC, a Delaware limited liability company
	  	SRI Bethesda Avenue North, Inc.	  	Sole member	  	 	100	% 	 	Excluded Subsidiary	  	None
						
	 SANTANA ROW SERVICES, INC., a Delaware corporation
	  	Street Retail, Inc.	  	Sole stockholder	  	 	100	% 	 		  	None

  
 Page 13

 SCHEDULE 6.1(b) 

OWNERSHIP STRUCTURE 

Part II – Unconsolidated Affiliates 
  

											
	 ENTITY NAME/Jurisdiction of
Formation
	  	 Equity Holders
	  	 Nature of Equity

Interest
	  	% Ownership	 	 	 Material and/or Excluded

Subsidiary

	 LA RIVE GAUCHE SAN JOSE, LLC, a California limited liability company
	  	Santana Row ROF, Inc.	  	Member	  	 	37.5	% 	 	Unconsolidated affiliate
	  	Vine Dining Enterprises, Inc.	  	Manager/member	  	 	62.5	% 	 
					
	 STRAITS SANTANA ROW, LLC, a California limited liability company
	  	Santana Row ROF, Inc.	  	Member	  	 	90	% 	 	Unconsolidated affiliate
	  	Christopher Yeo	  	Manager/member	  	 	10	% 	 
					
	 VILLAGE CAFÉ SANTANA ROW, LLC, a California limited liability company
	  	Santana Row ROF, Inc.	  	Member	  	 	49	% 	 	Unconsolidated affiliate
	  	San Francisco Coffee Roasting Company, Inc.	  	Manager/member	  	 	51	% 	 
					
	 BLOWFISH SR, LLC, a California limited liability company
	  	Santana Row ROF, Inc.	  	Member	  	 	30	% 	 	Unconsolidated affiliate
	  	Fugu Management, LLC	  	Manager/member	  	 	70	% 	 
					
	 YANKEE PIER SANTANA ROW, LLC, a California limited liability company
	  	Santana Row ROF, Inc.	  	Member	  	 	75	% 	 	Unconsolidated affiliate
	  	Lark Creek Café, Inc.	  	Manager/member	  	 	25	% 	 
					
	 PIZZA ANTICA, LLC, a California limited liability company
	  	Santana Row ROF, Inc.	  	Member	  	 	20	% 	 	Unconsolidated affiliate
	  	Tim Stannard	  	Manager/member	  	 	80	% 	 
					
	 SINO, LLC F/K/A RED LANTERN RESTAURANT, LLC, a California limited liability company
	  	Santana Row ROF, Inc.	  	Member	  	 	90	% 	 	Unconsolidated affiliate
	  	Christopher Yeo	  	Manager/member	  	 	10	% 	 
					
	 SANTANA GRILL PARTNERS, LP, a California limited partnership
	  	VDAE, LLC	  	General partner	  	 	65.000	% 	 	Unconsolidated affiliate
	  	Santana Row ROF, Inc.	  	Limited partner	  	 	29.167	% 	 
	  	VDAE, LLC	  	Limited partner	  	 	1.250	% 	 
	  	VDAE, Inc.	  	Limited partner	  	 	4.583	% 	 
					
	 FEDERAL/LION VENTURE LP, a Delaware limited partnership
	  	Federal/LPF GP, Inc.	  	General partner	  	 	.1	% 	 	Unconsolidated affiliate
	  	CLPF-Federal GP, LLC	  	General partner	  	 	.1	% 	 
	  	Federal Realty Investment Trust	  	Limited partner	  	 	29.9	% 	 
	  	CLPF-Federal, L.P.	  	Limited partner	  	 	69.9	% 	 

  
 Page 14

 SCHEDULE 6.1(b) 

OWNERSHIP STRUCTURE 
  

											
	 ENTITY NAME/Jurisdiction of
Formation
	  	 Equity Holders
	  	 Nature of Equity

Interest
	  	% Ownership	 	 	 Material and/or Excluded

Subsidiary

	 FLV ATLANTIC PLAZA GP, LLC, a Delaware limited liability company
	  	Federal/Lion Venture LP	  	Sole member	  	 	100	% 	 	Unconsolidated affiliate
					
	 FLV ATLANTIC PLAZA LIMITED PARTNERSHIP, a Delaware limited partnership
	  	FLV Atlantic Plaza GP, LLC	  	General partner	  	 	.1	% 	 	Unconsolidated affiliate
	  	Federal/Lion Venture LP	  	Limited partner	  	 	99.9	% 	 
					
	 FLV PLEASANT SHOPS GP, LLC, a Delaware limited liability company
	  	Federal/Lion Venture LP	  	Sole member	  	 	100	% 	 	Unconsolidated affiliate
					
	 FLV PLEASANT SHOPS LIMITED PARTNERSHIP, a Delaware limited partnership
	  	FLV Pleasant Shops GP, LLC	  	General partner	  	 	.1	% 	 	Unconsolidated affiliate
	  	Federal/Lion Venture LP	  	Limited partner	  	 	99.9	% 	 
					
	 FLV CAMPUS PLAZA GP, LLC, a Delaware limited liability company
	  	Federal/Lion Venture LP	  	Sole member	  	 	100	% 	 	Unconsolidated affiliate
					
	 FLV CAMPUS PLAZA LIMITED PARTNERSHIP, a Delaware limited partnership
	  	FLV Campus Plaza GP, LLC	  	General partner	  	 	.1	% 	 	Unconsolidated affiliate
	  	Federal/Lion Venture LP	  	Limited partner	  	 	99.9	% 	 
					
	 FLV PLAZA DEL MERCADO, LLC, a Delaware limited liability company
	  	Federal/Lion Venture LP	  	Sole member	  	 	100	% 	 	Unconsolidated affiliate
					
	 FLV PLAZA DEL MERCADO, LP, a Delaware limited partnership
	  	FLV Plaza del Mercado, LLC	  	General partner	  	 	.1	% 	 	Unconsolidated affiliate
	  	Federal/Lion Venture LP	  	Limited partner	  	 	99.9	% 	 
					
	 FLV GREENLAWN PLAZA GP, LLC, a Delaware limited liability company
	  	Federal/Lion Venture LP	  	Sole member	  	 	100	% 	 	Unconsolidated affiliate
					
	 FLV GREENLAWN PLAZA, LP, a Delaware limited partnership
	  	FLV Greenlawn Plaza GP, LLC	  	General partner	  	 	.1	% 	 	Unconsolidated affiliate
	  	Federal/Lion Venture LP	  	Limited partner	  	 	99.9	% 	 
					
	 FLV BARCROFT PLAZA GP, LLC, a Delaware limited liability company
	  	Federal/Lion Venture LP	  	Sole member	  	 	100	% 	 	Unconsolidated affiliate
					
	 FLV BARCROFT PLAZA, LP, a Delaware limited partnership
	  	FLV Barcroft Plaza GP, LLC	  	General partner	  	 	.1	% 	 	Unconsolidated affiliate
	  	Federal/Lion Venture LP	  	Limited partner	  	 	99.9	% 	 

  
 Page 15

 SCHEDULE 6.1(b) 

OWNERSHIP STRUCTURE 
  

											
	 ENTITY NAME/Jurisdiction of
Formation
	  	 Equity Holders
	  	 Nature of Equity

Interest
	  	% Ownership	 	 	 Material and/or Excluded

Subsidiary

	 FLV FREE STATE GP, LLC, a Delaware limited liability company
	  	Federal/Lion Venture LP	  	Sole member	  	 	100	% 	 	Unconsolidated affiliate
					
	 FLV FREE STATE LIMITED PARTNERSHIP, a Delaware limited partnership
	  	FLV Free State GP, LLC	  	General partner	  	 	.1	% 	 	Unconsolidated affiliate
	  	Federal/Lion Venture LP	  	Limited partner	  	 	99.9	% 	 
					
	 TAURUS NEWBURY STREET JV II LIMITED PARTNERSHIP, a Delaware limited partnership (TO BE DISSOLVED)
	  		  		  				 	
					
	 TNL 127-129 NEWBURY LIMITED PARTNERSHIP, a Delaware limited partnership (TO BE DISSOLVED)
	  		  		  				 	
					
	 TNL 111-115 NEWBURY LIMITED PARTNERSHIP, a Delaware limited partnership (TO BE DISSOLVED)
	  		  		  				 	
					
	 TNL 328 NEWBURY LIMITED PARTNERSHIP, a Delaware limited partnership (TO BE DISSOLVED)
	  		  		  				 	

 Santana Row Association, a California non-profit mutual benefit corporation 

The Deforest Building Condominium Owners Association, a California non-profit mutual benefit corporation 

The Margo Building and Villa Cornet Building Condominium Owners Association, a California non-profit mutual benefit corporation 

  
 Page 16

 SCHEDULE 6.1(f) 
 Ownership of Properties 
 November 14, 2011 

 

											
	 Property
 Number
	 	  	 Property
	  	 City
	  	 State

	 Part 1
	   
	  		  		  	
		 				  	Wholly Owned Properties	  		  	
		 	 	010-1002	  	  	Andorra Shopping Center	  	Philadelphia	  	PA
		 	 	040-1240	  	  	Governor Plaza	  	Glen Burnie	  	MD
		 	 	080-1600	  	  	Perring Plaza	  	Baltimore	  	MD
		 	 	100-1630	  	  	Santana Row Bld 1-Retail	  	San Jose	  	CA
		 	 	100-1632	  	  	Santana Row Bld 1B-Retail	  	San Jose	  	CA
		 	 	100-1634	  	  	Santana Row Bld 1C-Retail	  	San Jose	  	CA
		 	 	100-1636	  	  	Santana Row Bld 2-Retail/Off	  	San Jose	  	CA
		 	 	100-1638	  	  	Santana Row Bld 3-Retail	  	San Jose	  	CA
		 	 	100-1642	  	  	Santana Row Bld 4-Retail	  	San Jose	  	CA
		 	 	100-1644	  	  	Santana Row Bld 5-Retail	  	San Jose	  	CA
		 	 	100-1645	  	  	Santana Row Bld 5-Hotel	  	San Jose	  	CA
		 	 	100-1646	  	  	Santana Row Bld 6A-Retail	  	San Jose	  	CA
		 	 	100-1650	  	  	Santana Row Bld 7-Retail	  	San Jose	  	CA
		 	 	100-1652	  	  	Santana Row Bld 8A-Retail	  	San Jose	  	CA
		 	 	100-1662	  	  	Santana Row Bld 11A-Retail	  	San Jose	  	CA
		 	 	100-1668	  	  	Santana Row Bld 13/15 Retail	  	San Jose	  	CA
		 	 	100-1674	  	  	Santana Row Bld K-Retail	  	San Jose	  	CA
		 	 	100-1648	  	  	Santana Row Bld 6B-Residential	  	San Jose	  	CA
		 	 	100-1651	  	  	Santana Row Bld 7-Residential	  	San Jose	  	CA
		 	 	100-1653	  	  	Santana Row Bld 8A-Residential	  	San Jose	  	CA
		 	 	100-1654	  	  	Santana Row Bld 8B-Residential	  	San Jose	  	CA
		 	 	100-1663	  	  	Santana Row Bld 11A-Res/Office	  	San Jose	  	CA
		 	 	100-1669	  	  	Santana Row Bld 13/15 Res/Off	  	San Jose	  	CA
		 	 	130-1215	  	  	Federal Plaza	  	Rockville	  	MD
		 	 	150-1477	  	  	Mercer Mall - H&H BBQ	  	Lawrenceville	  	NJ
		 	 	151-1478	  	  	FR Mercer Mall, LLC (H&H BBQ)	  	Lawrenceville	  	NJ
		 	 	160-1800	  	  	Westgate Mall	  	San Jose	  	CA
		 	 	170-1730	  	  	Assembly Sq Dev (Foley, Sturtevant, Amerigas Land)	  	Somerville	  	MA
		 	 	180-1008	  	  	Assembly Square	  	Somerville	  	MA
		 	 	194-1940	  	  	Del Mar Village	  	Boca Raton	  	FL
		 	 	195-1950	  	  	7015 Beracasa Way (Office)	  	Boca Raton	  	FL
		 	 	195-1953	  	  	7045 Beracasa Way (Blockbuster)	  	Boca Raton	  	FL
		 	 	197-1970	  	  	Huntington Square	  	East Northport	  	NY
		 	 	198-1980	  	  	Tower Shops	  	Davie	  	FL
		 	 	209-2090	  	  	Chelsea Commons III	  	Chelsea	  	MA
		 	 	210-2100	  	  	Linden Square	  	Wellesley	  	MA
		 	 	211-2111	  	  	Chelsea - 1020 Revere Beach Parkway	  	Chelsea	  	MA
		 	 	213-2130	  	  	North Dartmouth	  	North Dartmouth	  	MA
		 	 	220-2200	  	  	White Marsh Ground Leases	  	White Marsh	  	MD
		 	 	222-2220	  	  	Byron Station (White Marsh Other)	  	White Marsh	  	MD
		 	 	223-2230	  	  	Fairfield Inn (Hotel Ground Lease)	  	White Marsh	  	MD
		 	 	224-2240	  	  	Shoppes at Nottingham Sq II	  	White Marsh	  	MD
		 	 	228-2280	  	  	Shoppes at Nottingham Sq I	  	White Marsh	  	MD
		 	 	229-2290	  	  	RPBT Ground Leases - Nottingham	  	White Marsh	  	MD
		 	 	229-2291	  	  	The Avenue - Parking	  	White Marsh	  	MD
		 	 	230-2300	  	  	Panera Bread - Nottingham	  	White Marsh	  	MD
		 	 	400-1019	  	  	Beth Ave Shops WW1-Arl East (residential)	  	Bethesda	  	MD
		 	 	400-1020	  	  	Beth Ave Shops W W 1-Arl East (retail)	  	Bethesda	  	MD
		 	 	400-1021	  	  	Bethesda Ave Shops W W 2	  	Bethesda	  	MD
		 	 	400-1022	  	  	Bethesda Ave Offices W W 2	  	Bethesda	  	MD

  
 Page 1 of 4

 SCHEDULE 6.1(f) 
 Ownership of Properties 
 November 14, 2011 

 

											
	 Property
 Number
	 	  	 Property
	  	 City
	  	 State

		 	 	400-1023	  	  	Bethesda Ave Shops W W 3	  	Bethesda	  	MD
		 	 	400-1024	  	  	Bethesda Ave Shops W W 4	  	Bethesda	  	MD
		 	 	400-1025	  	  	Bethesda Ave Offices W W 4	  	Bethesda	  	MD
		 	 	400-1026	  	  	Bethesda Ave Shops W W 5	  	Bethesda	  	MD
		 	 	400-1027	  	  	Bethesda Ave Offices W W 5	  	Bethesda	  	MD
		 	 	400-1028	  	  	Bethesda Ave Shops II	  	Bethesda	  	MD
		 	 	400-1029	  	  	Bethesda Ave Shops III	  	Bethesda	  	MD
		 	 	400-1030	  	  	Bethesda Ave Shops Ravengard	  	Bethesda	  	MD
		 	 	400-1031	  	  	Bethesda Ave Shops Parking Lot	  	Bethesda	  	MD
		 	 	400-1032	  	  	4900 Hampden Lane	  	Bethesda	  	MD
		 	 	400-1033	  	  	Bethesda Ave Office Ravengard	  	Bethesda	  	MD
		 	 	400-3031	  	  	Elm St - Retail (Bethesda)	  	Bethesda	  	MD
		 	 	400-3032	  	  	Kilbane/Jaffe Parcels	  	Bethesda	  	MD
		 	 	400-3033	  	  	Elm Street - Office (Bethesda)	  	Bethesda	  	MD
		 	 	400-3034	  	  	Woodmont East - Retail	  	Bethesda	  	MD
		 	 	400-3035	  	  	Woodmont East - Offices	  	Bethesda	  	MD
		 	 	400-1910	  	  	Rockville Town Square	  	Rockville	  	MD
		 	 	400-3101	  	  	205 Greenwich Ave (Saks)	  	Greenwich	  	CT
		 	 	400-3400	  	  	Fresh Meadows (Kohls Center)	  	Queens	  	NY
		 	 	400-3401	  	  	Fresh Meadows (Filene’s Ctr)	  	Queens	  	NY
		 	 	400-3402	  	  	Fresh Meadows (73rd Ave Strip)	  	Queens	  	NY
		 	 	400-3403	  	  	Fresh Meadows (69th Ave Strip)	  	Queens	  	NY
		 	 	400-3500	  	  	150 Post Street (SF)	  	San Francisco	  	CA
		 	 	400-3525	  	  	1344 3rd Street (Santa Monica)	  	Santa Monica	  	CA
		 	 	400-3600	  	  	Sam’s Park & Shop	  	Washington, D.C.	  	DC
		 	 	400-3601	  	  	Village at Shirlington-Retail	  	Arlington	  	VA
		 	 	400-3602	  	  	Village at Shirlington-Office	  	Arlington	  	VA
		 	 	400-3604	  	  	Friendship Center	  	Washington, D.C.	  	DC
		 	 	420-4300	  	  	14 N.Fair Oaks Ave (Pasadena)	  	Pasadena	  	CA
		 	 	420-4500	  	  	643-653 5th Ave. (S D)	  	San Diego	  	CA
		 	 	420-4502	  	  	665 5th Ave. (S D)	  	San Diego	  	CA
		 	 	420-4503	  	  	825-831 5th Ave. (S D)	  	San Diego	  	CA
		 	 	420-4700	  	  	301 Arizona/1251-1253 3rd St.	  	Santa Monica	  	CA
		 	 	420-4702	  	  	1225 3rd St. (Santa Monica)	  	Santa Monica	  	CA
		 	 	420-4704	  	  	1337 3rd St. (Santa Monica)	  	Santa Monica	  	CA
		 	 	420-4705	  	  	1343-1349 3rd St(Santa Monica)	  	Santa Monica	  	CA
		 	 	421-4701	  	  	1202 3rd St. (Santa Monica)	  	Santa Monica	  	CA
		 	 	422-4706	  	  	1222 3rd St. (Santa Monica)	  	Santa Monica	  	CA
		 	 	423-4200	  	  	1221-1227 Hermosa Ave(Hermosa)	  	Hermosa Beach	  	CA
		 	 	423-4707	  	  	1232-1240 3rd St(Santa Monica)	  	Santa Monica	  	CA
		 	 	424-4301	  	  	140-168 W Colorado(Tanner Mkt)	  	Pasadena	  	CA
		 	 	428-4708	  	  	214 Wilshire Blvd (SM)	  	Santa Monica	  	CA
		 	 	440-5002	  	  	108-22 Queens Blvd (Midway Th)	  	Forest Hills	  	NY
		 	 	450-5500	  	  	Old Town Center (Los Gatos)	  	Los Gatos	  	CA
		 	 	451-5601	  	  	301-303 E Houston St (Vogue)	  	San Antonio	  	TX
		 	 	451-5602	  	  	225-233 E Houston St (Schaum)	  	San Antonio	  	TX
		 	 	451-5603	  	  	St Mary’s & E Houston(W Hotel)	  	San Antonio	  	TX
		 	 	451-5606	  	  	111 Jefferson St (Pkg Lot)	  	San Antonio	  	TX
		 	 	451-5607	  	  	300-302 E Houston St(Walgreen)	  	San Antonio	  	TX
		 	 	451-5608	  	  	221-223 E Houston St(Court Bl)	  	San Antonio	  	TX
		 	 	451-5609	  	  	219 E Houston St (Carl)	  	San Antonio	  	TX
		 	 	451-5610	  	  	311-315 E Houston St (Kress)	  	San Antonio	  	TX

  
 Page 2 of 4

 SCHEDULE 6.1(f) 
 Ownership of Properties 
 November 14, 2011 

 

											
	 Property
 Number
	 	  	 Property
	  	 City
	  	 State

		 	 	451-5611	  	  	306-308 E Houston St (Stuart)	  	San Antonio	  	TX
		 	 	500-1010	  	  	Bala Cynwyd Shopping Center	  	Bala Cynwyd	  	PA
		 	 	500-1050	  	  	Bristol Plaza	  	Bristol	  	CT
		 	 	500-1090	  	  	Crossroads Shopping Center	  	Highland Park	  	IL
		 	 	500-1097	  	  	Crow Canyon Crest	  	San Ramon	  	CA
		 	 	500-1125	  	  	Dedham Plaza	  	Dedham	  	MA
		 	 	500-1160	  	  	Eastgate Shopping Center	  	Chapel Hill	  	NC
		 	 	500-1180	  	  	Ellisburg Circle Shopping Ctr	  	Cherry Hill	  	NJ
		 	 	500-1200	  	  	Falls Plaza Shopping Center	  	Falls Church	  	VA
		 	 	500-1202	  	  	Flourtown Shopping Center	  	Flourtown	  	PA
		 	 	500-1217	  	  	Finley Square Shopping Center	  	Downers Grove	  	IL
		 	 	500-1220	  	  	Gratiot Plaza	  	Rosevile	  	MI
		 	 	500-1235	  	  	Gaithersburg Square Shopping Center	  	Gaithersburg	  	MD
		 	 	500-1236	  	  	Gaithersburg Square Office Bld	  	Gaithersburg	  	MD
		 	 	500-1245	  	  	Garden Market Shopping Center	  	Western Springs	  	IL
		 	 	500-1326	  	  	Huntington Shopping Center	  	Huntington	  	NY
		 	 	500-1440	  	  	Lancaster Shopping Center	  	Lancaster	  	PA
		 	 	500-1441	  	  	Langhorne Square S C	  	Levitttown	  	PA
		 	 	500-1443	  	  	Laurel Shopping Center	  	Laurel	  	MD
		 	 	500-1475	  	  	Mercer Mall	  	Lawrenceville	  	NJ
		 	 	500-1476	  	  	Mercer Mall-Loupinski/Moore	  	Lawrenceville	  	NJ
		 	 	500-1480	  	  	Mid-Pike Plaza	  	Rockville	  	MD
		 	 	500-1500	  	  	Town Center of New Britain	  	New Britain	  	PA
		 	 	500-1520	  	  	Northeast Shopping Center	  	Philadelphia	  	PA
		 	 	500-1525	  	  	North Lake Commons	  	Lake Zurich	  	IL
		 	 	500-1560	  	  	Old Keene Mill Shopping Center	  	Springfield	  	VA
		 	 	500-1580	  	  	Pan Am Shopping Center	  	Fairfax	  	VA
		 	 	500-1610	  	  	Queen Anne Plaza	  	Norwell	  	MA
		 	 	500-1625	  	  	Quince Orchard Shopping Center	  	Gaithersburg	  	MD
		 	 	500-1626	  	  	Quince Orchard Office Building	  	Gaithersburg	  	MD
		 	 	500-1627	  	  	7770 Richmond Highway	  	Alexandria	  	VA
		 	 	500-1700	  	  	Saugus Plaza	  	Saugus	  	MA
		 	 	500-1750	  	  	Tower Shopping Center	  	Springfield	  	VA
		 	 	500-1761	  	  	Troy Shopping Center	  	Parsippany-Troy	  	NJ
		 	 	500-1763	  	  	Tysons Station Shopping Center	  	Falls Church	  	VA
		 	 	500-1880	  	  	Falls Plaza - East	  	Falls Church	  	VA
		 	 	500-1883	  	  	The Shops at Willow Lawn	  	Richmond	  	VA
		 	 	500-1889	  	  	Willow Grove Shopping Center	  	Willow Grove	  	PA
					
		 				  	Controlled Properties	  		  	
		 	 	110-1605	  	  	Pike 7	  	Vienna	  	VA
		 	 	490-1085	  	  	Courthouse Center	  	Rockville	  	MD
		 	 	490-1400	  	  	Kings Court	  	Los Gatos	  	CA
		 	 	490-1720	  	  	South Valley Shopping Center	  	Alexandria	  	VA
					
		 				  	Non-Controlled Properties	  		  	
		 	 	030-1080	  	  	Congressional Plaza	  	Rockville	  	MD
		 	 	030-1081	  	  	Congressional Plaza Apartments	  	Rockville	  	MD
		 	 	090-1190	  	  	Escondido Promenade	  	Escondido	  	CA
		 	 	425-4225	  	  	Galaxy Bldg (Hollywood)	  	Hollywood	  	CA
		 	 	425-4226	  	  	7001 Hollywood Blvd (Peterson)	  	Hollywood	  	CA

  
 Page 3 of 4

 SCHEDULE 6.1(f) 
 Ownership of Properties 
 November 14, 2011 

 

											
	 Property
 Number
	 	  	 Property
	  	 City
	  	 State

	
	 Part 2 - Permitted Liens in Existence as of Date of Agreement

	
	The following properties are currently subject to liens:
					
		 				  	Encumbered Properties	  		  	
		 	 	120-1450	  	  	Leesburg Plaza	  	Leesburg	  	VA
		 	 	196-1960	  	  	Courtyard Shops @ Wellington	  	Wellington	  	FL
		 	 	260-2060	  	  	Rollingwood Apartments	  	Silver Spring	  	MD
		 	 	227-2270	  	  	White Marsh Plaza	  	White Marsh	  	MD
		 	 	233-2202	  	  	The AVENUE at White Marsh	  	White Marsh	  	MD
		 	 	400-3603	  	  	Pentagon Row	  	Arlington	  	VA
		 	 	490-1490	  	  	Mount Vernon Shopping Center	  	Alexandria	  	VA
		 	 	500-1047	  	  	Brick Plaza	  	Brick	  	NJ
		 	 	500-1313	  	  	Hauppauge Shopping Center	  	Hauppauge	  	NY
		 	 	500-1315	  	  	Idylwood Plaza	  	Falls Church	  	VA
		 	 	500-1442	  	  	Lawrence Park Shopping Center	  	Broomall	  	PA
		 	 	500-1444	  	  	Loehmann’s-Link Office Bld	  	Fairfax	  	VA
		 	 	500-1445	  	  	Loehmann’s Link Shopping Ctr	  	Fairfax	  	VA
		 	 	500-1446	  	  	Loehmann’s Redstone Office Bld	  	Fairfax	  	VA
		 	 	500-1447	  	  	Loehmann’s Redstone Shop Ctr	  	Fairfax	  	VA
		 	 	500-1470	  	  	Melville Mall	  	Huntington	  	NY
		 	 	500-1881	  	  	Wildwood Shopping Center	  	Bethesda	  	MD
		 	 	500-1900	  	  	Wynnewood Shopping Center	  	Wynnewood	  	PA
		 	 	500-2070	  	  	Barracks Road	  	Charlottesville	  	VA
		 	 	191-1096	  	  	Crow Canyon	  	San Ramon	  	CA
		 	 	211-2110	  	  	Chelsea Commons (Condominium Unit 1 only)	  	Chelsea	  	MA
		 	 	192-1722	  	  	Shoppers’ World	  	Charlottesville	  	VA
					
		 				  	Unconsolidated JV Properties	  		  	
		 	 	801-8010	  	  	Plaza del Mercado	  	Silver Spring	  	MD
		 	 	802-8020	  	  	Campus Plaza	  	Bridgewater	  	MA
		 	 	803-8030	  	  	Pleasant Shops	  	Weymouth	  	MA
		 	 	804-8040	  	  	Atlantic Plaza	  	North Reading	  	MA
		 	 	805-8050	  	  	Greenlawn Plaza	  	Huntington	  	NY
		 	 	806-8060	  	  	Barcroft Plaza	  	Falls Church	  	VA
		 	 	806-8061	  	  	Lake Barcroft	  	Falls Church	  	VA
		 	 	807-8070	  	  	Free State	  	Bowie	  	MD

  
 Page 4 of 4

 Federal Realty Investment Trust 
 Summary of Outstanding Debt and Capital Lease Obligations 
 Schedule 6.1(g)

 September 30, 2011 
  

											
	  	  	Stated
maturity date	  	Stated
interest rate as of
Sept.
30, 2011	 	Balance as of
Sept. 30, 2011	 	  	 CounterParty

	 	  	 	  	 	 	(in thousands)	 	  	 
	 Mortgages Payable (a)
	  		  		 				  	
	 Secured fixed rate
	  		  		 				  	
	 Courtyard Shops
	  	07/01/12	  	6.87%	 	$	7,108	  	  	 Prudential Ins. Co. of America

	 Bethesda Row
	  	01/01/13	  	5.37%	 	 	19,993	  	  	 ING USA Annuity and Life Ins. Co.

	 Bethesda Row
	  	02/01/13	  	5.05%	 	 	4,053	  	  	 Genworth Life and Annuity Ins. Co.

	 White Marsh Plaza (b)
	  	04/01/13	  	6.04%	 	 	9,360	  	  	 Nationwide Life Ins. Co.

	 Crow Canyon
	  	08/11/13	  	5.40%	 	 	20,065	  	  	 Credit Suisse First Boston

	 Idylwood Plaza
	  	06/05/14	  	7.50%	 	 	16,345	  	  	 Prudential Ins. Co. of America

	 Leesburg Plaza
	  	06/05/14	  	7.50%	 	 	28,440	  	  	 Prudential Ins. Co. of America

	 Loehmann’s Plaza
	  	06/05/14	  	7.50%	 	 	36,776	  	  	 Prudential Ins. Co. of America

	 Pentagon Row
	  	06/05/14	  	7.50%	 	 	52,794	  	  	 Prudential Ins. Co. of America

	 Melville Mall (c)
	  	09/01/14	  	5.25%	 	 	22,515	  	  	 TransAmerica Life Ins. Co.

	 THE AVENUE at White Marsh
	  	01/01/15	  	5.46%	 	 	56,909	  	  	 Teachers Insurance and Annuity Assoc.

	 Barracks Road
	  	11/01/15	  	7.95%	 	 	39,215	  	  	 MetLife

	 Hauppauge
	  	11/01/15	  	7.95%	 	 	14,783	  	  	 MetLife

	 Lawrence Park
	  	11/01/15	  	7.95%	 	 	27,796	  	  	 MetLife

	 Wildwood
	  	11/01/15	  	7.95%	 	 	24,432	  	  	 MetLife

	 Wynnewood
	  	11/01/15	  	7.95%	 	 	28,327	  	  	 MetLife

	 Brick Plaza
	  	11/01/15	  	7.42%	 	 	28,929	  	  	 MetLife

	 Rollingwood Apartments
	  	05/01/19	  	5.54%	 	 	23,322	  	  	 FannieMae

	 Shoppers’ World
	  	01/31/21	  	5.91%	 	 	5,482	  	  	 Genworth Life Ins. Co. of NY

	 Mount Vernon (d)
	  	04/15/28	  	5.66%	 	 	10,652	  	  	 Thrivent

	 Chelsea
	  	01/15/31	  	5.36%	 	 	7,670	  	  	 Wells Fargo Bank Northwest, NA

		  		  		 	  
	  
	 	  	
		  		  		 	$	484,966	  	  	
		  		  		 	  
	  
	 	  	
	 Notes payable
	  		  		 				  	
	 Unsecured fixed rate
	  		  		 				  	
	 Various (e)
	  	Various through 2013	  	3.32%	 	 	10,832	  	  	
	 Unsecured variable rate
	  		  		 				  	
	 Revolving credit facility (f)
	  	07/06/15	  	LIBOR + 1.15%	 	 	158,000	  	  	
	 Escondido (Municipal bonds) (g)
	  	10/01/16	  	0.16%	 	 	9,400	  	  	
		  		  		 	  
	  
	 	  	
		  		  		 	$	178,232	  	  	
		  		  		 	  
	  
	 	  	
	 Senior notes and debentures
	  		  		 				  	
	 Unsecured fixed rate
	  		  		 				  	
	 6.00% notes
	  	07/15/12	  	6.00%	 	 	175,000	  	  	
	 5.40% notes
	  	12/01/13	  	5.40%	 	 	135,000	  	  	
	 5.95% notes
	  	08/15/14	  	5.95%	 	 	150,000	  	  	
	 5.65% notes
	  	06/01/16	  	5.65%	 	 	125,000	  	  	
	 6.20% notes
	  	01/15/17	  	6.20%	 	 	200,000	  	  	
	 5.90% notes
	  	04/01/20	  	5.90%	 	 	150,000	  	  	
	 7.48% debentures
	  	08/15/26	  	7.48%	 	 	29,200	  	  	
	 6.82% medium term notes
	  	08/01/27	  	6.82%	 	 	40,000	  	  	
		  		  		 	  
	  
	 	  	
		  		  		 	$	1,004,200	  	  	
		  		  		 	  
	  
	 	  	
	 Letter of Credit
	  		  		 				  	
	 Beneficiary
	  		  		 				  	
	 City of Sommerville, Massachusetts
	  		  		 	 	2,728	  	  	Wachovia
	 City of Escondido Promenade Project
	  		  		 	 	9,740	  	  	Wachovia
	 Commonwealth of Massachusetts
	  		  		 	 	1,400	  	  	Wachovia
		  		  		 	  
	  
	 	  	
		  		  		 	$	13,868	  	  	
		  		  		 	  
	  
	 	  	
	 Capital lease obligations
	  		  		 				  	
	 Rockville Town Square
	  	9/1/2061	  	6.300%	 	 	4,555	  	  	 The Mayor and Council of Rockville, MD

	 Lancaster
	  	4/1/2077	  	6.500%	 	 	4,907	  	  	 Manheim Associates

	 Mercer Mall
	  	9/30/2028	  	7.000%	 	 	47,638	  	  	 Mercer Mall Property Group, LP

	 Village at Shirlington
	  	8/1/2106	  	6.500%	 	 	6,355	  	  	 United Dominion Realty, L.P.

		  		  		 	  
	  
	 	  	
		  		  		 	$	63,455	  	  	
		  		  		 	  
	  
	 	  	

 Notes: 
  

	(a)	Mortgage loans do not include our 30% share ($17.2 million) of the $57.4 million debt of the partnership with a discretionary fund created and advised by ING Clarion
Partners. It also excludes the $11.8 million mortgage loans on our Newbury Street Partnership for which we are the lender. 

	(b)	The interest rate of 6.04% represents the weighted average interest rate for two mortgage loans secured by this property. The loan balance represents an interest-only
loan of $4.4 million at a stated rate of 6.18% and the remaining balance at a stated rate of 5.96%. 

	(c)	We acquired control of Melville Mall through a 20-year master lease and secondary financing. Because we control the activities that most significantly impact this
property and retain substantially all of the economic benefit and risk associated with it, this property is consolidated and the mortgage loan is reflected on the balance sheet though it is not our legal obligation. 

	(d)	The interest rate is fixed at 5.66% for the first ten years and then will be reset to a market rate in 2013. The lender has the option to call the loan on
April 15, 2013 or anytime thereafter. 

	(e)	The interest rate of 3.32% represents the weighted average interest rate for three unsecured fixed rate notes payable. These notes mature between April 1, 2012 and
January 31, 2013. 

	(f)	The maximum amount drawn under our revolving credit facility for the three and nine months ended September 30, 2011 was $219.0 million and $265.0 million,
respectively. The weighted average effective interest rate on borrowings under our revolving credit facility, before amortization of debt fees, was 1.31% and 0.89% for the three and nine months ended September 30, 2011, respectively.

	(g)	The bonds require monthly interest only payments through maturity. The bonds bear interest at a variable rate determined weekly which would enable the bonds to be
remarketed at 100% of their principal amount. The property is not encumbered by a lien. 

 Contingent Obligations:

 1. Redevelopment Bonds - in connection with current redevelopment projects, local governmental authorities typcially require deposting a bond
to secure performance on work on public infrastructure. If we fail to perform the work or perform faulty work, we may be obligated to pay on these bonds. The amount outstanding under these bonds as of August 31, 2011 is $2,014,592. 

 SCHEDULE 6.1(i) 

LITIGATION 
 None.

 SCHEDULE 6.1(z) 
 Unencumbered Assets 
 November 14, 2011 

 

															
	 Property
Number
	 	  	 Property
	  	 City
	  	 ST
	  	 Property

Type
	  	
Retail/Office/
Multifamily/
Development [1]
	  	
Eligible Property Exceptions

	 	010-1002	  	  	 Andorra Shopping Center
	  	Philadelphia	  	PA	  	Wholly Owned	  	Retail	  	None
	 	030-1080	  	  	 Congressional Plaza
	  	Rockville	  	MD	  	Non-Controlled	  	Retail	  	None
	 	030-1081	  	  	 Congressional Plaza Apartments
	  	Rockville	  	MD	  	Non-Controlled	  	Multifamily	  	None
	 	040-1240	  	  	 Governor Plaza
	  	Glen Burnie	  	MD	  	Wholly Owned	  	Retail	  	None
	 	080-1600	  	  	 Perring Plaza
	  	Baltimore	  	MD	  	Wholly Owned	  	Retail	  	None
	 	090-1190	  	  	 Escondido Promenade
	  	Escondido	  	CA	  	Non-Controlled	  	Retail	  	None
	 	100-1630	  	  	 Santana Row Bld 1-Retail [2]
	  	San Jose	  	CA	  	Wholly Owned	  	Retail	  	None
	 	100-1632	  	  	 Santana Row Bld 1B-Retail [2]
	  	San Jose	  	CA	  	Wholly Owned	  	Retail	  	None
	 	100-1634	  	  	 Santana Row Bld 1C-Retail [2]
	  	San Jose	  	CA	  	Wholly Owned	  	Retail	  	None
	 	100-1636	  	  	 Santana Row Bld 2-Retail/Off [2]
	  	San Jose	  	CA	  	Wholly Owned	  	Office	  	None
	 	100-1638	  	  	 Santana Row Bld 3-Retail [2]
	  	San Jose	  	CA	  	Wholly Owned	  	Retail	  	None
	 	100-1642	  	  	 Santana Row Bld 4-Retail [2]
	  	San Jose	  	CA	  	Wholly Owned	  	Retail	  	None
	 	100-1644	  	  	 Santana Row Bld 5-Retail [2]
	  	San Jose	  	CA	  	Wholly Owned	  	Retail	  	None
	 	100-1645	  	  	 Santana Row Bld 5-Hotel [2]
	  	San Jose	  	CA	  	Wholly Owned	  	Retail	  	None
	 	100-1646	  	  	 Santana Row Bld 6A-Retail [2]
	  	San Jose	  	CA	  	Wholly Owned	  	Retail	  	None
	 	100-1650	  	  	 Santana Row Bld 7-Retail [2]
	  	San Jose	  	CA	  	Wholly Owned	  	Retail	  	None
	 	100-1652	  	  	 Santana Row Bld 8A-Retail [2]
	  	San Jose	  	CA	  	Wholly Owned	  	Retail	  	None
	 	100-1662	  	  	 Santana Row Bld 11A-Retail [2]
	  	San Jose	  	CA	  	Wholly Owned	  	Retail	  	None
	 	100-1668	  	  	 Santana Row Bld 13/15 Retail [2]
	  	San Jose	  	CA	  	Wholly Owned	  	Retail	  	None
	 	100-1674	  	  	 Santana Row Bld K-Retail [2]
	  	San Jose	  	CA	  	Wholly Owned	  	Retail	  	None
	 	100-1648	  	  	 Santana Row Bld 6B-Residential [2]
	  	San Jose	  	CA	  	Wholly Owned	  	Multifamily	  	None
	 	100-1651	  	  	 Santana Row Bld 7-Residential [2]
	  	San Jose	  	CA	  	Wholly Owned	  	Multifamily	  	None
	 	100-1653	  	  	 Santana Row Bld 8A-Residential [2]
	  	San Jose	  	CA	  	Wholly Owned	  	Multifamily	  	None
	 	100-1654	  	  	 Santana Row Bld 8B-Residential [2]
	  	San Jose	  	CA	  	Wholly Owned	  	Development	  	None
	 	100-1663	  	  	 Santana Row Bld 11A-Res/Office [2]
	  	San Jose	  	CA	  	Wholly Owned	  	Retail	  	None
	 	100-1669	  	  	 Santana Row Bld 13/15 Res/Off [2]
	  	San Jose	  	CA	  	Wholly Owned	  	Retail	  	None
	 	100-1692	  	  	 Santana Row Bld 6B Residential [2]
	  	San Jose	  	CA	  	Wholly Owned	  	Multifamily	  	None
	 	110-1605	  	  	 Pike 7
	  	Tysons Corner	  	VA	  	Controlled	  	Retail	  	None
	 	130-1215	  	  	 Federal Plaza
	  	Rockville	  	MD	  	Wholly Owned	  	Retail	  	None

 SCHEDULE 6.1(z) 
 Unencumbered Assets 
 November 14, 2011 

 

															
	 Property
Number
	 	  	 Property
	  	 City
	  	 ST
	  	 Property

Type
	  	
Retail/Office/
Multifamily/
Development [1]
	  	
Eligible Property Exceptions

	 	150-1477	  	  	 Mercer Mall - H&H BBQ
	  	Lawrenceville	  	NJ	  	Wholly Owned	  	Retail	  	None
	 	151-1478	  	  	 FR Mercer Mall, LLC (H&H BBQ)
	  	Lawrenceville	  	NJ	  	Wholly Owned	  	Retail	  	None
	 	160-1800	  	  	 Westgate Mall
	  	San Jose	  	CA	  	Wholly Owned	  	Retail	  	None
	 	170-1730	  	  	 Assembly Sq Dev(Foley, Sturtevant, Amerigas Land)
	  	Somerville	  	MA	  	Wholly Owned	  	Development	  	None
	 	180-1008	  	  	 Assembly Square
	  	Somerville	  	MA	  	Wholly Owned	  	Retail	  	None
	 	194-1940	  	  	 Del Mar Village
	  	Boca Raton	  	FL	  	Wholly Owned	  	Retail	  	None
	 	195-1950	  	  	 7015 Beracasa Way (Office)
	  	Boca Raton	  	FL	  	Wholly Owned	  	Office	  	None
	 	195-1953	  	  	 7045 Beracasa Way (Blockbuster)
	  	Boca Raton	  	FL	  	Wholly Owned	  	Retail	  	None
	 	197-1970	  	  	 Huntington Square
	  	East Northport	  	NY	  	Wholly Owned	  	Retail	  	Owned pursuant to a ground lease that expires May 11, 2079.
	 	198-1980	  	  	 Tower Shops
	  	Davie	  	FL	  	Wholly Owned	  	Retail	  	None
	 	209-2090	  	  	 Chelsea Commons III
	  	Chelsea	  	MA	  	Wholly Owned	  	Retail	  	None
	 	210-2100	  	  	 Linden Square
	  	Wellesley	  	MA	  	Wholly Owned	  	Retail	  	None
	 	211-2111	  	  	 Chelsea - 1020 Revere Beach Parkway
	  	Chelsea	  	MA	  	Wholly Owned	  	Retail	  	None
	 	213-2130	  	  	 North Dartmouth
	  	North Dartmouth	  	MA	  	Wholly Owned	  	Retail	  	None
	 	220-2200	  	  	 White Marsh Ground Leases
	  	White Marsh	  	MD	  	Wholly Owned	  	Retail	  	None
	 	222-2220	  	  	 Byron Station (White Marsh Other)
	  	White Marsh	  	MD	  	Wholly Owned	  	Retail	  	None
	 	223-2230	  	  	 Fairfield Inn (Hotel Ground Lease)
	  	White Marsh	  	MD	  	Wholly Owned	  	Retail	  	None
	 	224-2240	  	  	 Shoppes at Nottingham Sq II
	  	White Marsh	  	MD	  	Wholly Owned	  	Retail	  	None
	 	228-2280	  	  	 Shopes at Nottingham Sq I
	  	White Marsh	  	MD	  	Wholly Owned	  	Retail	  	None
	 	229-2290	  	  	 RPBT Ground Leases - Nottingham
	  	White Marsh	  	MD	  	Wholly Owned	  	Retail	  	None
	 	229-2291	  	  	 The Avenue - Parking
	  	White Marsh	  	MD	  	Wholly Owned	  	Retail	  	None
	 	230-2300	  	  	 Panera Bread - Nottingham
	  	White Marsh	  	MD	  	Wholly Owned	  	Retail	  	None
	 	400-1019	  	  	 Bethesda Ave Shops W W 1-Arl East (residential) [3]
	  	Bethesda	  	MD	  	Wholly Owned	  	Multifamily	  	None
	 	400-1020	  	  	 Bethesda Ave Shops W W 1-Arl East (retail) [3]
	  	Bethesda	  	MD	  	Wholly Owned	  	Retail	  	None
	 	400-1021	  	  	 Bethesda Ave Shops W W 2 [3]
	  	Bethesda	  	MD	  	Wholly Owned	  	Retail	  	None
	 	400-1022	  	  	 Bethesda Ave Offices W W 2 [3]
	  	Bethesda	  	MD	  	Wholly Owned	  	Office	  	None
	 	400-1023	  	  	 Bethesda Ave Shops W W 3 [3]
	  	Bethesda	  	MD	  	Wholly Owned	  	Retail	  	None
	 	400-1024	  	  	 Bethesda Ave Shops W W 4 [3]
	  	Bethesda	  	MD	  	Wholly Owned	  	Retail	  	None

 SCHEDULE 6.1(z) 
 Unencumbered Assets 
 November 14, 2011 

 

															
	 Property
Number
	 	  	 Property
	  	 City
	  	 ST
	  	 Property

Type
	  	
Retail/Office/
Multifamily/
Development [1]
	  	
Eligible Property Exceptions

	 	400-1025	  	  	 Bethesda Ave Offices W W 4 [3]
	  	Bethesda	  	MD	  	Wholly Owned	  	Office	  	None
	 	400-1026	  	  	 Bethesda Ave Shops W W 5 [3]
	  	Bethesda	  	MD	  	Wholly Owned	  	Retail	  	None
	 	400-1027	  	  	 Bethesda Ave Offices W W 5 [3]
	  	Bethesda	  	MD	  	Wholly Owned	  	Office	  	None
	 	400-1028	  	  	 Bethesda Ave Shops II [3]
	  	Bethesda	  	MD	  	Wholly Owned	  	Retail	  	Leasehold for a small portion of the property terminates 12/31/25 with obligation of FRIT, as tenant, to purchase the property on that date.
	 	400-1029	  	  	 Bethesda Ave Shops III [3]
	  	Bethesda	  	MD	  	Wholly Owned	  	Retail	  	None
	 	400-1030	  	  	 Bethesda Ave Shops Ravengard [3]
	  	Bethesda	  	MD	  	Wholly Owned	  	Retail	  	None
	 	400-1031	  	  	 Bethesda Ave Shops Parking Lot [3]
	  	Bethesda	  	MD	  	Wholly Owned	  	Retail	  	None
	 	400-1032	  	  	 4900 Hampden Lane [3]
	  	Bethesda	  	MD	  	Wholly Owned	  	Retail	  	None
	 	400-1033	  	  	 Bethesda Ave. Office Ravengard [3]
	  	Bethesda	  	MD	  	Wholly Owned	  	Office	  	None
	 	400-3031	  	  	 Elm Street-Retail (Bethesda) [3]
	  	Bethesda	  	MD	  	Wholly Owned	  	Retail	  	None
	 	400-3032	  	  	 Kilbane/Jaffe Parcels [3]
	  	Bethesda	  	MD	  	Wholly Owned	  	Retail	  	None
	 	400-3033	  	  	 Elm Street - Office (Bethesda) [3]
	  	Bethesda	  	MD	  	Wholly Owned	  	Office	  	None
	 	400-3034	  	  	 Woodmont East-Retail [3]
	  	Bethesda	  	MD	  	Wholly Owned	  	Retail	  	None
	 	400-3035	  	  	 Woodmont East - Offices [3]
	  	Bethesda	  	MD	  	Wholly Owned	  	Office	  	None
	 	400-1910	  	  	 Rockville Town Square
	  	Rockville	  	MD	  	Wholly Owned	  	Retail	  	None
	 	400-3101	  	  	 205 Greenwich Ave (Saks)
	  	Greenwich	  	CT	  	Wholly Owned	  	Retail	  	None
	 	400-3400	  	  	 Fresh Meadows (Kohls Center)
	  	Queens	  	NY	  	Wholly Owned	  	Retail	  	None
	 	400-3401	  	  	 Fresh Meadows (Filene’s Ctr)
	  	Queens	  	NY	  	Wholly Owned	  	Retail	  	None
	 	400-3402	  	  	 Fresh Meadows (73rd Ave Strip)
	  	Queens	  	NY	  	Wholly Owned	  	Retail	  	None
	 	400-3403	  	  	 Fresh Meadows (69th Ave Strip)
	  	Queens	  	NY	  	Wholly Owned	  	Retail	  	None
	 	400-3500	  	  	 150 Post Street (SF)
	  	San Francisco	  	CA	  	Wholly Owned	  	Office	  	None
	 	400-3525	  	  	 1344 3rd Street (Santa Monica)
	  	Santa Monica	  	CA	  	Wholly Owned	  	Retail	  	None
	 	400-3600	  	  	 Sam’s Park & Shop
	  	Washington	  	DC	  	Wholly Owned	  	Retail	  	None
	 	400-3601	  	  	 Village at Shirlington-Retail
	  	Arlington	  	VA	  	Wholly Owned	  	Retail	  	None
	 	400-3602	  	  	 Village at Shirlington-Office
	  	Arlington	  	VA	  	Wholly Owned	  	Office	  	None
	 	400-3604	  	  	 Friendship Center
	  	Washington	  	DC	  	Wholly Owned	  	Retail	  	None

 SCHEDULE 6.1(z) 
 Unencumbered Assets 
 November 14, 2011 

 

															
	 Property
Number
	 	  	 Property
	  	 City
	  	 ST
	  	 Property

Type
	  	
Retail/Office/
Multifamily/
Development [1]
	  	
Eligible Property Exceptions

	 	420-4300	  	  	 14 N Fair Oaks (Pasadena)
	  	Pasadena	  	CA	  	Wholly Owned	  	Retail	  	None
	 	420-4500	  	  	 643-653 5th Ave (S D)
	  	San Diego	  	CA	  	Wholly Owned	  	Retail	  	None
	 	420-4502	  	  	 665 5th Ave (S D)
	  	San Diego	  	CA	  	Wholly Owned	  	Retail	  	None
	 	420-4503	  	  	 825-831 5th Ave (S D)
	  	San Diego	  	CA	  	Wholly Owned	  	Retail	  	None
	 	420-4700	  	  	 301 Arizona/1251-1253 3rd Street
	  	Santa Monica	  	CA	  	Wholly Owned	  	Retail	  	None
	 	420-4702	  	  	 1225 3rd Street (Santa Monica)
	  	Santa Monica	  	CA	  	Wholly Owned	  	Retail	  	None
	 	420-4704	  	  	 1337 3rd Street (Santa Monica)
	  	Santa Monica	  	CA	  	Wholly Owned	  	Retail	  	None
	 	420-4705	  	  	 1343-1349 3rd Street (Santa Monica)
	  	Santa Monica	  	CA	  	Wholly Owned	  	Retail	  	None
	 	421-4701	  	  	 1202 3rd Street (Santa Monica)
	  	Santa Monica	  	CA	  	Wholly Owned	  	Retail	  	None
	 	422-4706	  	  	 1222 3rd Street (Santa Monica)
	  	Santa Monica	  	CA	  	Wholly Owned	  	Retail	  	None
	 	423-4200	  	  	 1221-1227 Hermosa Ave (Hermosa)
	  	Hermosa Beach	  	CA	  	Wholly Owned	  	Retail	  	None
	 	423-4707	  	  	 1232-1240 3rd Street (Santa Monica)
	  	Santa Monica	  	CA	  	Wholly Owned	  	Retail	  	None
	 	424-4301	  	  	 140-168 W Colorado
(Tanner Mkt)
	  	Pasadena	  	CA	  	Wholly Owned	  	Retail	  	Ground lease expires 10/31/2016 (including option) and parking ground lease expires 12/15/2014 (no option).
	 	425-4225	  	  	 Galaxy Bldg - Hollywood
	  	Hollywood	  	CA	  	Non-Controlled	  	Retail	  	None
	 	425-4226	  	  	 7001 Hollywood Blvd (Peterson)
	  	Hollywood	  	CA	  	Non-Controlled	  	Retail	  	None
	 	428-4708	  	  	 214 Wilshire (SM)
	  	Santa Monica	  	CA	  	Wholly Owned	  	Retail	  	None
	 	440-5002	  	  	 108-22 Queens Blvd
(Midway Th)
	  	Forest Hills	  	NY	  	Wholly Owned	  	Retail	  	None
	 	450-5500	  	  	 Old Town Center (Los Gatos)
	  	Los Gatos	  	CA	  	Wholly Owned	  	Retail	  	None
	 	451-5601	  	  	 301-303 E Houston St (Vogue)
	  	San Antonio	  	TX	  	Wholly Owned	  	Retail	  	None
	 	451-5602	  	  	 225-233 E Houston St (Schaum)
	  	San Antonio	  	TX	  	Wholly Owned	  	Retail	  	None
	 	451-5603	  	  	 St. Mary’s & E. Houston
(W Hotel)
	  	San Antonio	  	TX	  	Wholly Owned	  	Retail	  	None
	 	451-5606	  	  	 111 Jefferson St (Pkg Lot)
	  	San Antonio	  	TX	  	Wholly Owned	  	Retail	  	None
	 	451-5607	  	  	 300-302 E Houston St (Walgreen)
	  	San Antonio	  	TX	  	Wholly Owned	  	Retail	  	None
	 	451-5608	  	  	 221-223 E Houston St (Court Bl)
	  	San Antonio	  	TX	  	Wholly Owned	  	Retail	  	None
	 	451-5609	  	  	 219 E Houston St (Carl)
	  	San Antonio	  	TX	  	Wholly Owned	  	Retail	  	None
	 	451-5610	  	  	 311-315 E Houston St (Kress)
	  	San Antonio	  	TX	  	Wholly Owned	  	Retail	  	None
	 	451-5611	  	  	 306-308 E Houston St (Stuart)
	  	San Antonio	  	TX	  	Wholly Owned	  	Retail	  	None

 SCHEDULE 6.1(z) 
 Unencumbered Assets 
 November 14, 2011 

 

															
	 Property
Number
	 	  	 Property
	  	 City
	  	 ST
	  	 Property

Type
	  	
Retail/Office/
Multifamily/
Development [1]
	  	
Eligible Property Exceptions

	 	490-1085	  	  	 Courthouse Center
	  	Rockville	  	MD	  	Controlled	  	Retail	  	None
	 	490-1400	  	  	 Kings Court
	  	Los Gatos	  	CA	  	Controlled	  	Retail	  	Owned pursuant to ground lease that expires 7/31/2024.
	 	490-1720	  	  	 South Valley
	  	Alexandria	  	VA	  	Controlled	  	Retail	  	None
	 	500-1010	  	  	 Bala Cynwyd Shopping Center
	  	Bala Cynwyd	  	PA	  	Wholly Owned	  	Retail	  	None
	 	500-1050	  	  	 Bristol Plaza
	  	Bristol	  	CT	  	Wholly Owned	  	Retail	  	None
	 	500-1090	  	  	 Crossroads Shopping Center
	  	Highland Park	  	IL	  	Wholly Owned	  	Retail	  	None
	 	500-1097	  	  	 Crow Canyon Crest
	  	San Ramon	  	CA	  	Wholly Owned	  	Retail	  	None
	 	500-1125	  	  	 Dedham Plaza
	  	Dedham	  	MA	  	Wholly Owned	  	Retail	  	None
	 	500-1160	  	  	 Eastgate Shopping Center
	  	Chapel Hill	  	NC	  	Wholly Owned	  	Retail	  	None
	 	500-1180	  	  	 Ellisburg Circle Shopping Center
	  	Cherry Hill	  	NJ	  	Wholly Owned	  	Retail	  	None
	 	500-1200	  	  	 Falls Plaza Shopping Center
	  	Falls Church	  	VA	  	Wholly Owned	  	Retail	  	None
	 	500-1202	  	  	 Flourtown Shopping Center
	  	Flourtown	  	PA	  	Wholly Owned	  	Retail	  	None
	 	500-1217	  	  	 Finley Square Shopping Center
	  	Downers Grove	  	IL	  	Wholly Owned	  	Retail	  	None
	 	500-1220	  	  	 Gratiot Plaza
	  	Roseville	  	MI	  	Wholly Owned	  	Retail	  	None
	 	500-1235	  	  	 Gaithersburg Square Shopping Center
	  	Gaithersburg	  	MD	  	Wholly Owned	  	Retail	  	None
	 	500-1236	  	  	 Gaithersburg Square Office Bld
	  	Gaithersburg	  	MD	  	Wholly Owned	  	Office	  	None
	 	500-1245	  	  	 Garden Market Shopping Center
	  	Western Springs	  	IL	  	Wholly Owned	  	Retail	  	None
	 	500-1326	  	  	 Huntington Shopping Center
	  	Huntington	  	NY	  	Wholly Owned	  	Retail	  	None
	 	500-1440	  	  	 Lancaster Shopping Center
	  	Lancaster	  	PA	  	Wholly Owned	  	Retail	  	Shopping center lease expires 3/27/17 but has 12 remaining 5-year extension options.
	 	500-1441	  	  	 Langhorne Square S C
	  	Levittown	  	PA	  	Wholly Owned	  	Retail	  	None
	 	500-1443	  	  	 Laurel Shopping Center
	  	Laurel	  	MD	  	Wholly Owned	  	Retail	  	None
	 	500-1475	  	  	 Mercer Mall
	  	Lawrenceville	  	NJ	  	Wholly Owned	  	Retail	  	Owned pursuant to ground lease that expires 9/30/2028 with an option for the tenant to purchase the property at a fixed price.
	 	500-1476	  	  	 Mercer Mall - Loupinski/Moore
	  	Lawrenceville	  	NJ	  	Wholly Owned	  	Retail	  	None

 SCHEDULE 6.1(z) 
 Unencumbered Assets 
 November 14, 2011 

 

															
	 Property
Number
	 	  	 Property
	  	 City
	  	 ST
	  	 Property

Type
	  	
Retail/Office/
Multifamily/
Development [1]
	  	
Eligible Property Exceptions

	 	500-1480	  	  	 Mid-Pike Plaza
	  	Rockville	  	MD	  	Wholly Owned	  	Retail	  	None
	 	500-1500	  	  	 Town Center of New Britain
	  	New Britain	  	PA	  	Wholly Owned	  	Retail	  	None
	 	500-1520	  	  	 Northeast Shopping Center
	  	Philadelphia	  	PA	  	Wholly Owned	  	Retail	  	None
	 	500-1525	  	  	 North Lake Commons
	  	Lake Zurich	  	IL	  	Wholly Owned	  	Retail	  	None
	 	500-1560	  	  	 Old Keene Mill Shopping Center
	  	Springfield	  	VA	  	Wholly Owned	  	Retail	  	None
	 	500-1580	  	  	 Pan Am Shopping Center
	  	Fairfax	  	VA	  	Wholly Owned	  	Retail	  	None
	 	500-1610	  	  	 Queen Anne Plaza
	  	Norwell	  	MA	  	Wholly Owned	  	Retail	  	None
	 	500-1625	  	  	 Quince Orchard Shopping Center
	  	Gaithersburg	  	MD	  	Wholly Owned	  	Retail	  	None
	 	500-1626	  	  	 Quince Orchard Office Building
	  	Gaithersburg	  	MD	  	Wholly Owned	  	Office	  	None
	 	500-1627	  	  	 7700 Richmond Highway
	  	Alexandria	  	VA	  	Wholly Owned	  	Retail	  	None
	 	500-1700	  	  	 Saugus Plaza
	  	Saugus	  	MA	  	Wholly Owned	  	Retail	  	None
	 	500-1750	  	  	 Tower Shopping Center
	  	Springfield	  	VA	  	Wholly Owned	  	Retail	  	None
	 	500-1761	  	  	 Troy Shopping Center
	  	Parsippany-Troy	  	NJ	  	Wholly Owned	  	Retail	  	None
	 	500-1763	  	  	 Tysons Station Shopping Center
	  	Falls Church	  	VA	  	Wholly Owned	  	Retail	  	None
	 	500-1880	  	  	 Falls Plaza - East
	  	Falls Church	  	VA	  	Wholly Owned	  	Retail	  	None
	 	500-1883	  	  	 The Shops at Willow Lawn
	  	Richmond	  	VA	  	Wholly Owned	  	Retail	  	None
	 	500-1889	  	  	 Willow Grove Shopping Center
	  	Willow Grove	  	PA	  	Wholly Owned	  	Retail	  	None

  

	[1]	Use shown is predominant use. 

	[2]	Santana Row also constitutes a mixed-use property. 

	[3]	Bethesda Row also constitutes a mixed-use property. 

 EXHIBIT A 
 FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT 
 This Assignment
and Assumption Agreement (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [the][each] Assignor identified in item 1 below ([the][each, an]
“Assignor”) and [the][each]1 Assignee
identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the Assignees]2 hereunder are several and not joint.]3 Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified
below (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by [the][each] Assignee. The Standard Terms and Conditions set forth in
Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 
 For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes from
[the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of [the
Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the respective Assignors] under the respective facilities identified below (including without limitation any
Guarantees included in such facilities), and (ii) to the extent permitted to be assigned under Applicable Law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in
their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby
or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and
assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an]
“Assigned Interest”). Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor.

  

					
	1.	  	Assignor[s]:	  	                             
           
		  		  	                             
           

  
  

	1 	 For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first
bracketed language. If the assignment is to multiple Assignees, choose the second bracketed language. 

	2 	 Select as appropriate. 

	3 	 Include bracketed language if there are either multiple Assignors or multiple Assignees. 

  
 A-1

					
	 	  	 	  	[Assignor [is] [is not] a Defaulting Lender]
			
	2.	  	Assignee[s]:	  	                             
           
		  		  	                             
           
		  		  	[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]
			
	3.	  	Borrower:	  	Federal Realty Investment Trust
			
	4.	  	Administrative Agent:	  	PNC Bank, National Association, as the Administrative Agent under the Credit Agreement
			
	5.	  	Credit Agreement:	  	That certain Term Loan Agreement dated as of November 22, 2011, by and among Federal Realty Investment Trust, the financial institutions party thereto and their permitted assignees
under Section 12.6 thereof, PNC Bank, National Association, as Administrative Agent, Capital One, N.A., as Syndication Agent, PNC Capital Markets LLC and Capital One, N.A., as Joint Lead Arrangers and Joint Book Runners and each of Regions Bank
and SunTrust Bank, as a Documentation Agent
			
	6.	  	Assigned Interest[s]:	  	

  

																	
	 Assignor[s]
	  	Assignee[s]	  	 Facility
Assigned4
	  	Aggregate Amount of
Commitment/Loans
for all Lenders	 	  	Amount of
Commitment/
Loans 
Assigned	 	  	Percentage
Assigned of
Commitment/
Loans	 
		  		  		  	$	 	  	  	$	 	  	  	 	 	% 
		  		  		  	$	 	  	  	$	 	  	  	 	 	% 
		  		  		  	$	 	  	  	$	 	  	  	 	 	% 

  

					
	[7.	  	 Trade Date:
	  	             ]5

 [Page break] 
  

 

	4 	 Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment.

	5 	 To be completed if the Assignor(s) and the Assignee(s) intend that the minimum assignment amount is to be determined as of the Trade Date.

  
 A-2

 Effective Date:             ,
20    [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The terms set forth in this Assignment and Assumption are hereby agreed to: 
  

			
	ASSIGNOR[S]
	[NAME OF ASSIGNOR]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	ASSIGNEE[S]
	[NAME OF ASSIGNEE]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-3

			
	[Consented to and]6
Accepted:
	
	PNC BANK, NATIONAL ASSOCIATION, as
	Administrative Agent
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[Consented to:]7
	
	[FEDERAL REALTY INVESTMENT TRUST]
		
	By:	 	  

	Name:	 	
	Title:	 	

  
  

	6 	 To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 

	7 	 To be added only if the consent of the Borrower is required by the terms of the Credit Agreement. 

  
 A-4

 ANNEX 1 
 STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ASSUMPTION 

1. Representations and Warranties. 
 1.1 Assignor[s]. [The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][the relevant] Assigned Interest, (ii) [the][such] Assigned
Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions
contemplated hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan
Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or
any other Person obligated in respect of any Loan Document, or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document.

 1.2. Assignee[s]. [The][Each] Assignee (a) represents and warrants that (i) it has full power and authority,
and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an
Eligible Assignee as defined in the Credit Agreement (subject to such consents, if any, as may be required under Section 12.6(b) of the Credit Agreement), (iii) from and after the Effective Date specified for this Assignment and
Assumption, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect
to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it
has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 8.1 or 8.2 thereof, as applicable, and such
other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance
upon the Administrative Agent, the Assignor or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase
[the][such] Assigned Interest; and (vii) if it is a Foreign Lender, attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by
[the][such] Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the
time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) 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. 

  
 A-5

 2. Payments. From and after the Effective Date, the Administrative Agent shall make
all payments in respect of [the][each] Assigned Interest (including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignee whether such amounts have accrued prior to, on or after the Effective Date. The Assignor[s]
and the Assignee[s] shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to such Effective Date or with respect to the making of this assignment directly between themselves. 

3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and
their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and
Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with the law of the State of New York.

  
 A-6

 EXHIBIT B 
 FORM OF GUARANTY 
 THIS GUARANTY dated as of November     ,
2011, is executed and delivered by each of the undersigned and the other Persons from time to time party hereto pursuant to the execution and delivery of an Accession Agreement in the form of Annex I hereto (all of the undersigned, together with
such other Persons each a “Guarantor” and collectively, the “Guarantors”) in favor of PNC BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent (together with its successors and permitted assigns, the
“Administrative Agent”) for the Lenders (as defined herein) under that certain Term Loan Agreement dated as of November 22, 2011 (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit
Agreement”), by and among Federal Realty Investment Trust, a real estate investment trust formed under the laws of the State of Maryland (the “Borrower”), the financial institutions party thereto and their permitted assignees under
Section 12.6. thereof (collectively, the “Lenders”), the Administrative Agent, Capital One, N.A., as Syndication Agent, PNC Capital Markets LLC and Capital One, N.A., as Joint Lead Arrangers and Joint Book Runners, and each of Regions
Bank and SunTrust Bank, as a Documentation Agent, for the benefit of itself and the Lenders (the Administrative Agent and the Lenders, each individually a “Guarantied Party” and collectively, the “Guarantied Parties”).

 WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to make available to the Borrower certain financial
accommodations on the terms and conditions set forth in the Credit Agreement; 
 WHEREAS, the Borrower and each of the
Guarantors, though separate legal entities, are mutually dependent on each other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financing from the
Lenders through their collective efforts; 
 WHEREAS, each Guarantor acknowledges that it will receive direct and indirect
benefits from the Administrative Agent and the Lenders making such financial accommodations available to the Borrower under the Credit Agreement and, accordingly, each Guarantor is willing to guarantee the Borrower’s obligations to the
Administrative Agent and the Lenders on the terms and conditions contained herein; and 
 WHEREAS, each Guarantor’s
execution and delivery of this Guaranty is a condition to the Lenders making such financial accommodations to the Borrower. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each Guarantor, each
Guarantor agrees as follows: 
 Section 1. Guaranty. Each Guarantor hereby absolutely, irrevocably and
unconditionally guaranties the due and punctual payment and performance when due, whether at stated maturity, by acceleration or otherwise, of all of the following (collectively referred to as the “Guarantied Obligations”): (a) all
indebtedness, liabilities, obligations, covenants and duties owing by the Borrower to the Administrative Agent or any other Guarantied Party under or in connection with the Credit Agreement and any other Loan Document, including without limitation,
the repayment of all principal of the Loans and the payment of all interest, Fees, charges, reasonable attorneys’ fees and 

  
 B-1

 
other amounts payable to the Administrative Agent or any other Guarantied Party thereunder or in connection therewith (including, to the extent permitted by Applicable Law, interest, Fees and
other amounts that would accrue and become due after the filing of a case or other proceeding under the Bankruptcy Code (as defined below) or other similar Applicable Law but for the commencement of such case or proceeding, whether or not such
amounts are allowed or allowable in whole or in part in such case or proceeding); (b) any and all extensions, renewals, modifications, amendments or substitutions of the foregoing; (c) all other Obligations; and (d) all reasonable
out-of-pocket costs and expenses, including, without limitation, reasonable attorneys’ fees and disbursements for which the Borrower is responsible under Section 12.2. of the Credit Agreement. 

Section 2. Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of payment, and not of collection, and a
debt of each Guarantor for its own account. Accordingly, none of the Administrative Agent or the other Guarantied Parties shall be obligated or required before enforcing this Guaranty against any Guarantor: (a) to pursue any right or remedy any
of them may have against the Borrower, any other Guarantor or any other Person or commence any suit or other proceeding against the Borrower, any other Guarantor or any other Person in any court or other tribunal; (b) to make any claim in a
liquidation or bankruptcy of the Borrower, any other Guarantor or any other Person; or (c) to make demand of the Borrower, any other Guarantor or any other Person or to enforce or seek to enforce or realize upon any collateral security, if any,
held by the Administrative Agent or any other Guarantied Party which may secure any of the Guarantied Obligations. 

Section 3. Guaranty Absolute. Each Guarantor guarantees that the Guarantied Obligations will be paid strictly in accordance
with the terms of the documents evidencing the same, regardless of any Applicable Law now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Administrative Agent or the other Guarantied Parties with respect
thereto. The liability of each Guarantor under this Guaranty shall be absolute, irrevocable and unconditional in accordance with its terms and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged,
terminated or otherwise affected by, any circumstance or occurrence whatsoever, including without limitation, the following (whether or not such Guarantor consents thereto or has notice thereof): 

(a)(i) any change in the amount, interest rate or due date or other term of any of the Guarantied Obligations, (ii) any change
in the time, place or manner of payment of all or any portion of the Guarantied Obligations, (iii) any amendment or waiver of, or consent to the departure from or other indulgence with respect to, the Credit Agreement, any other Loan Document,
or any other document or instrument evidencing or relating to any Guarantied Obligations, or (iv) any waiver, renewal, extension, addition, or supplement to, or deletion from, or any other action or inaction under or in respect of, the Credit
Agreement, any of the other Loan Documents, or any other documents, instruments or agreements relating to the Guarantied Obligations or any other instrument or agreement referred to therein or evidencing any Guarantied Obligations or any assignment
or transfer of any of the foregoing; 
 (b) any lack of validity or enforceability of the Credit Agreement, any of the other
Loan Documents, or any other document, instrument or agreement referred to therein or evidencing any Guarantied Obligations or any assignment or transfer of any of the foregoing; 

  
 B-2

 (c) any furnishing to the Administrative Agent or the other Guarantied Parties of any
security for the Guarantied Obligations, or any sale, exchange, release or surrender of, or realization on, any collateral securing any of the Obligations; 
 (d) any settlement or compromise of any of the Guarantied Obligations, any security therefor, or any liability of any other party with respect to the Guarantied Obligations, or any subordination of the
payment of the Guarantied Obligations to the payment of any other liability of the Borrower or any other Loan Party; 
 (e) any
bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to such Guarantor, the Borrower, any other Loan Party or any other Person, or any action taken with respect to this Guaranty
by any trustee or receiver, or by any court, in any such proceeding; 
 (f) any act or failure to act by the Borrower, any other
Loan Party or any other Person which may adversely affect such Guarantor’s subrogation rights, if any, against the Borrower to recover payments made under this Guaranty; 
 (g) any nonperfection or impairment of any security interest, if any, or other Lien on any collateral, if any, securing in any way any of the Guarantied Obligations; 

(h) any application of sums paid by the Borrower, any other Guarantor or any other Person with respect to the liabilities of the Borrower
to the Administrative Agent or the other Guarantied Parties, regardless of what liabilities of the Borrower remain unpaid; 

(i) any defect, limitation or insufficiency in the borrowing powers of the Borrower or in the exercise thereof; 

(j) any change in the corporate existence, structure or ownership of the Borrower or any other Loan Party; 

(k) any statement, representation or warranty made or deemed made by or on behalf of the Borrower, any Guarantor or any other Loan Party
under any Loan Document, or any amendment hereto or thereto, proves to have been incorrect or misleading in any respect; or 

(l) any other circumstance which might otherwise constitute a defense available to, or a discharge of, a Guarantor hereunder (other than
indefeasible payment and performance in full in cash or release or termination of the obligations of any Guarantor hereunder pursuant to the terms of the Credit Agreement). 
 Section 4. Action with Respect to Guarantied Obligations. The Administrative Agent and the other Guarantied Parties may, at any time and from time to time, without the consent of, or notice
to, any Guarantor, and without discharging any Guarantor from its obligations hereunder, take any and all actions described in Section 3 and may otherwise: (a) amend, modify, alter or supplement the terms of any of the Guarantied
Obligations, including, but not limited to, extending or shortening the time of payment of any of the Guarantied Obligations or changing the interest rate that may accrue on any of the Guarantied Obligations; (b) amend, modify, alter or
supplement the Credit Agreement or any other Loan Document; (c) sell, exchange, release or otherwise deal with all, or any part, of any 

  
 B-3

 
collateral securing any of the Guarantied Obligations; (d) release any other Loan Party or other Person liable in any manner for the payment or collection of the Guarantied Obligations;
(e) exercise, or refrain from exercising, any rights against the Borrower, any other Guarantor or any other Person; and (f) apply any sum, by whomsoever paid or however realized, to the Guarantied Obligations in such order as the
Administrative Agent and the other Guarantied Parties shall elect. 
 Section 5. Representations and Warranties.
Each Guarantor hereby makes to the Administrative Agent and the other Guarantied Parties all of the representations and warranties made by the Borrower with respect to or in any way relating to such Guarantor in the Credit Agreement and the other
Loan Documents, as if the same were set forth herein in full. 
 Section 6. Covenants. Each Guarantor will comply
with all covenants which the Borrower is to cause such Guarantor to comply with under the terms of the Credit Agreement or any of the other Loan Documents. 
 Section 7. Waiver. Each Guarantor, to the fullest extent permitted by Applicable Law, hereby waives notice of acceptance hereof or any presentment, demand, protest or notice of any kind, and
any other act or thing, or omission or delay to do any other act or thing, which in any manner or to any extent might vary the risk of such Guarantor or which otherwise might operate to discharge such Guarantor from its obligations hereunder.

 Section 8. Inability to Accelerate Loan. If the Administrative Agent and/or the other Guarantied Parties are
prevented under Applicable Law or otherwise from demanding or accelerating payment of any of the Guarantied Obligations by reason of any automatic stay or otherwise, the Administrative Agent and/or the other Guarantied Parties shall be entitled to
receive from each Guarantor, upon demand therefor, the sums which otherwise would have been due had such demand or acceleration occurred. 
 Section 9. Reinstatement of Guarantied Obligations. If a claim is ever made on the Administrative Agent or any of the other Guarantied Parties for repayment or recovery of any amount or
amounts received in payment or on account of any of the Guarantied Obligations, and the Administrative Agent or such other Guarantied Party repays all or part of said amount by reason of (a) any judgment, decree or order of any court or
administrative body of competent jurisdiction, or (b) any settlement or compromise of any such claim effected by the Administrative Agent or such other Guarantied Party with any such claimant (including the Borrower or a trustee in bankruptcy
for the Borrower), then and in such event each Guarantor agrees that any such judgment, decree, order, settlement or compromise shall be binding on it, notwithstanding any revocation hereof or the cancellation of the Credit Agreement, any of the
other Loan Documents, or any other instrument evidencing any liability of the Borrower, and such Guarantor shall be and remain liable to the Administrative Agent or such other Guarantied Party for the amounts so repaid or recovered to the same
extent as if such amount had never originally been paid to the Administrative Agent or such other Guarantied Party. 

Section 10. Subrogation. Upon the making by any Guarantor of any payment hereunder for the account of the Borrower, such
Guarantor shall be subrogated to the rights of the payee against the Borrower; provided, however, that such Guarantor shall not enforce any right or receive any payment by way of subrogation or otherwise take any action in respect of any other claim
or cause of action such Guarantor may have against the Borrower arising by reason of any payment or performance by 

  
 B-4

 
such Guarantor pursuant to this Guaranty, unless and until all of the Guarantied Obligations have been indefeasibly paid and performed in full. If any amount shall be paid to such Guarantor on
account of or in respect of such subrogation rights or other claims or causes of action, such Guarantor shall hold such amount in trust for the benefit of the Administrative Agent and the other Guarantied Parties and shall forthwith pay such amount
to the Administrative Agent to be credited and applied against the Guarantied Obligations, whether matured or unmatured, in accordance with the terms of the Credit Agreement or to be held by the Administrative Agent as collateral security for any
Guarantied Obligations existing. 
 Section 11. Payments Free and Clear. All sums payable by each Guarantor
hereunder, whether of principal, interest, Fees, expenses, premiums or otherwise, shall be paid in full, without set-off or counterclaim or any deduction or withholding whatsoever (including any Taxes, subject to Section 3.10. of the Credit
Agreement) and if any Guarantor is required by Applicable Law or by a Governmental Authority to make any such deduction or withholding, such Guarantor shall pay to the Administrative Agent and the other Guarantied Parties such additional amount as
will result in the receipt by the Administrative Agent and the other Guarantied Parties of the full amount payable hereunder had such deduction or withholding not occurred or been required. 

Section 12. Set-off. In addition to any rights now or hereafter granted under any of the other Loan Documents or Applicable
Law and not by way of limitation of any such rights, each Guarantor hereby authorizes the Administrative Agent, each Lender and any of their respective Affiliates, at any time while an Event of Default exists, without any prior notice to such
Guarantor or to any other Person, any such notice being hereby expressly waived, but in the case of a Lender or an Affiliate of a Lender subject to receipt of the prior written consent of the Administrative Agent exercised in its sole discretion, to
set off and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by
the Administrative Agent, such Lender, or any of their respective Affiliates, to or for the credit or the account of such Guarantor against and on account of any of the Guarantied Obligations, although such obligations shall be contingent or
unmatured. 
 Section 13. Subordination. Each Guarantor hereby expressly covenants and agrees for the benefit of the
Administrative Agent and the other Guarantied Parties that all obligations and liabilities of the Borrower to such Guarantor of whatever description, including without limitation, all intercompany receivables of such Guarantor from the Borrower
(collectively, the “Junior Claims”) shall be subordinate and junior in right of payment to all Guarantied Obligations. If an Event of Default shall exist, then no Guarantor shall accept any direct or indirect payment (in cash, property or
securities, by setoff or otherwise) from the Borrower on account of or in any manner in respect of any Junior Claim until all of the Guarantied Obligations have been paid in full in cash. 

Section 14. Avoidance Provisions. It is the intent of each Guarantor, the Administrative Agent and the other Guarantied
Parties that in any Proceeding, such Guarantor’s maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the obligations of such Guarantor hereunder (or any other obligations of such
Guarantor to the Administrative Agent and the other Guarantied Parties) to be avoidable or unenforceable against such Guarantor in such Proceeding as a result of Applicable Law, including without limitation, (a) Section 548 of the
Bankruptcy Code and (b) any state fraudulent transfer or fraudulent conveyance act or statute applied in such Proceeding, whether by virtue of Section 544 of the 

  
 B-5

 
Bankruptcy Code or otherwise. The Applicable Laws under which the possible avoidance or unenforceability of the obligations of such Guarantor hereunder (or any other obligations of such Guarantor
to the Administrative Agent and the other Guarantied Parties) shall be determined in any such Proceeding are referred to as the “Avoidance Provisions”. Accordingly, to the extent that the obligations of any Guarantor hereunder would
otherwise be subject to avoidance under the Avoidance Provisions, the maximum Guarantied Obligations for which such Guarantor shall be liable hereunder shall be reduced to that amount which, as of the time any of the Guarantied Obligations are
deemed to have been incurred under the Avoidance Provisions, would not cause the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Administrative Agent and the other Guarantied Parties), to be subject to
avoidance under the Avoidance Provisions. This Section is intended solely to preserve the rights of the Administrative Agent and the other Guarantied Parties hereunder to the maximum extent that would not cause the obligations of any Guarantor
hereunder to be subject to avoidance under the Avoidance Provisions, and no Guarantor or any other Person shall have any right or claim under this Section as against the Administrative Agent and the other Guarantied Parties that would not otherwise
be available to such Person under the Avoidance Provisions. 
 Section 15. Information. Each Guarantor assumes all
responsibility for being and keeping itself informed of the financial condition of the Borrower and the other Guarantors, and of all other circumstances bearing upon the risk of nonpayment of any of the Guarantied Obligations and the nature, scope
and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that neither the Administrative Agent nor any of the other Guarantied Parties shall have any duty whatsoever to advise any Guarantor of information regarding such
circumstances or risks. 
 Section 16. Governing Law. THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

SECTION 17. WAIVER OF JURY TRIAL. 
 (a) EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG ANY GUARANTOR, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND
FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE LENDERS, THE ADMINISTRATIVE AGENT AND EACH GUARANTOR HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR
PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE
WHATSOEVER BETWEEN OR AMONG ANY GUARANTOR, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN DOCUMENTS. 
 (b) EACH OF THE GUARANTORS, THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY AGREES THE FEDERAL DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK AND ANY STATE COURT LOCATED IN THE BOROUGH OF

  
 B-6

 
MANHATTAN, NEW YORK, NEW YORK SHALL HAVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG ANY GUARANTOR, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS, PERTAINING
DIRECTLY OR INDIRECTLY TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR TO ANY MATTER ARISING HEREFROM OR THEREFROM. EACH GUARANTOR AND EACH OF THE GUARANTIED PARTIES EXPRESSLY SUBMIT AND CONSENT IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR
PROCEEDING COMMENCED IN SUCH COURTS WITH RESPECT TO SUCH CLAIMS OR DISPUTES. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING
WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY ANY PARTY OR THE ENFORCEMENT BY ANY PARTY OF ANY
JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 
 (c) THE PROVISIONS OF THIS SECTION HAVE BEEN
CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS AND THE
TERMINATION OF THIS GUARANTY. 
 Section 18. Loan Accounts. The Administrative Agent and each Lender may maintain
books and accounts setting forth the amounts of principal, interest and other sums paid and payable with respect to the Guarantied Obligations, and in the case of any dispute relating to any of the outstanding amount, payment or receipt of any of
the Guarantied Obligations or otherwise, the entries in such books and accounts shall be deemed conclusive evidence of the amounts and other matters set forth herein, absent manifest error. The failure of the Administrative Agent or any Lender to
maintain such books and accounts shall not in any way relieve or discharge any Guarantor of any of its obligations hereunder. 

Section 19. Waiver of Remedies. No delay or failure on the part of the Administrative Agent or any of the other Guarantied
Parties in the exercise of any right or remedy it may have against any Guarantor hereunder or otherwise shall operate as a waiver thereof, and no single or partial exercise by the Administrative Agent or any of the other Guarantied Parties of any
such right or remedy shall preclude any other or further exercise thereof or the exercise of any other such right or remedy. 

Section 20. Termination. This Guaranty shall remain in full force and effect with respect to each Guarantor until payment in
full in cash of the Guarantied Obligations and the other Obligations, the termination or expiration of all of the Lenders’ and the Administrative Agent’s obligations to make loans or other financial accommodations or extensions of credit
to the Borrower, and the termination or cancellation of the Credit Agreement in accordance with its terms. 
 Section 21.
Successors and Assigns. Each reference herein to the Administrative Agent or the other Guarantied Parties shall be deemed to include such Person’s respective successors and assigns (including, but not limited to, any holder of the
Guarantied Obligations) in whose favor the provisions of this Guaranty also shall inure, and each reference herein to each Guarantor shall be 

  
 B-7

 
deemed to include such Guarantor’s successors and assigns, upon whom this Guaranty also shall be binding. The Lenders may, in accordance with the applicable provisions of the Credit
Agreement, assign, transfer or sell any Guarantied Obligation, or grant or sell participations in any Guarantied Obligations, to any Person without the consent of, or notice to, any Guarantor and without releasing, discharging or modifying any
Guarantor’s obligations hereunder. Subject to Section 12.9. of the Credit Agreement, each Guarantor hereby consents to the delivery by the Administrative Agent or any Lender to any Eligible Assignee or Participant (or any prospective
Eligible Assignee or Participant) of any financial or other information regarding the Borrower or any Guarantor. No Guarantor may assign or transfer its rights or obligations hereunder to any Person without the prior written consent of the
Administrative Agent and all other Guarantied Parties and any such assignment or other transfer to which the Administrative Agent and all of the other Guarantied Parties have not so consented shall be null and void. 

Section 22. JOINT AND SEVERAL OBLIGATIONS. THE OBLIGATIONS OF THE GUARANTORS HEREUNDER SHALL BE JOINT AND SEVERAL, AND
ACCORDINGLY, EACH GUARANTOR CONFIRMS THAT IT IS LIABLE FOR THE FULL AMOUNT OF THE “GUARANTIED OBLIGATIONS” AND ALL OF THE OBLIGATIONS AND LIABILITIES OF EACH OF THE OTHER GUARANTORS HEREUNDER. 

Section 23. Amendments. This Guaranty may not be amended except in a writing signed by the Requisite Lenders (or all of the
Lenders if required under the terms of the Credit Agreement), the Administrative Agent and each Guarantor. 
 Section 24.
Payments. All payments to be made by any Guarantor pursuant to this Guaranty shall be made in Dollars, in immediately available funds to the Administrative Agent at the Principal Office, not later than 1:00 p.m. Eastern time on the date of
demand therefor. 
 Section 25. Notices. All notices, requests and other communications hereunder shall be in
writing (including facsimile transmission or similar writing) and shall be given (a) to each Guarantor at its address set forth below its signature hereto, (b) to the Administrative Agent or any Lender at its respective address for notices
provided for in the Credit Agreement, or (c) as to each such party at such other address as such party shall designate in a written notice to the other parties. Each such notice, request or other communication shall be effective (i) if
mailed, when received; (ii) if telecopied, when transmitted; or (iii) if hand delivered, when delivered; provided, however, that any notice of a change of address for notices shall not be effective until received. 

Section 26. Severability. In case any provision of this Guaranty shall be invalid, illegal or unenforceable in any
jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 27. Headings. Section headings used in this Guaranty are for convenience only and shall not affect the construction of this Guaranty. 

Section 28. Limitation of Liability. Neither the Administrative Agent nor any of the other Guarantied Parties, nor any
Affiliate, officer, director, employee, attorney, or agent of the Administrative Agent or any of the other Guarantied Parties, shall have any liability with respect to, and each Guarantor hereby waives, releases, and agrees not to sue any of them
upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by a Guarantor in 

  
 B-8

 
connection with, arising out of, or in any way related to, this Guaranty or any of the other Loan Documents, or any of the transactions contemplated by this Guaranty, the Credit Agreement or any
of the other Loan Documents. Each Guarantor hereby waives, releases, and agrees not to sue the Administrative Agent or any of the other Guarantied Parties or any of the Administrative Agent’s or of any other Guarantied Parties’, officers,
directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Guaranty, the Credit Agreement or any of the other Loan Documents, or any of the transactions
contemplated by the Credit Agreement or financed thereby. 
 Section 29. Electronic Delivery of Certain Information.
Each Guarantor acknowledges and agrees that information regarding the Guarantor may be delivered electronically pursuant to Section 8.5. of the Credit Agreement. 
 Section 30. Definitions. (a) For the purposes of this Guaranty: 

“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy”, as amended from time to
time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable foreign laws relating to bankruptcy, insolvency or creditors’ rights. 

“Proceeding” means any of the following: (i) a voluntary or involuntary case concerning any Guarantor shall be
commenced under the Bankruptcy Code; (ii) a custodian (as defined in such Bankruptcy Code or any other applicable bankruptcy laws) is appointed for, or takes charge of, all or any substantial part of the property of any Guarantor;
(iii) any other proceeding under any Applicable Law, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up or composition for adjustment of debts, whether now or hereafter in effect, is commenced relating to any
Guarantor; (iv) any Guarantor is adjudicated insolvent or bankrupt; (v) any order of relief or other order approving any such case or proceeding is entered by a court of competent jurisdiction; (vi) any Guarantor makes a general
assignment for the benefit of creditors; (vii) any Guarantor shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; (viii) any Guarantor shall call a meeting of its
creditors with a view to arranging a composition or adjustment of its debts; (ix) any Guarantor shall by any act or failure to act indicate its consent to, approval of or acquiescence in any of the foregoing; or (x) any corporate action
shall be taken by any Guarantor for the purpose of effecting any of the foregoing. 
 (b) Terms not otherwise defined herein are
used herein with the respective meanings given them in the Credit Agreement. 
 [Signature on Next Page] 

  
 B-9

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

			
	[GUARANTORS]
		
	By:	 	     

	Name:	 	
	Title:	 	
	
	 Address for Notices:

	
	 c/o Federal Realty Investment Trust

	 1626 East Jefferson Street

	 Rockville, Maryland 20852-4041

	 Attn: General Counsel

	 Telecopy Number: (301) 998-3715

	 Telephone Number: (301) 998-8100

  
 B-10

 ANNEX I 
 FORM OF ACCESSION AGREEMENT 
 THIS ACCESSION AGREEMENT dated as of
            , 20    , executed and delivered by                     ,
a                     (the “New Guarantor”), in favor of (a) PNC BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent
(together with its successors and permitted assigns, the “Administrative Agent”) for the Lenders (as defined herein) under that certain Term Loan Agreement dated as of November 22, 2011 (as amended, restated, supplemented, or
otherwise modified from time to time, the “Credit Agreement”), by and among Federal Realty Investment Trust, a real estate investment trust formed under the laws of the State of Maryland (the “Borrower”), the financial
institutions party thereto and their permitted assignees under Section 12.6. thereof (collectively, the “Lenders”), the Administrative Agent, Capital One, N.A., as Syndication Agent, PNC Capital Markets LLC and Capital One, N.A., as
Joint Lead Arrangers and Joint Book Runners, and each of Regions Bank and SunTrust Bank, as a Documentation Agent, and (b) the Lenders (the Administrative Agent and the Lenders, collectively, the “Guarantied Parties”). 

WHEREAS, pursuant to the Credit Agreement, the Administrative Agent and the Lenders have agreed to make available to the Borrower certain
financial accommodations on the terms and conditions set forth in the Credit Agreement; 
 WHEREAS, the Borrower, the New
Guarantor, and the existing Guarantors, though separate legal entities, are mutually dependent on each other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to
obtain financing from the Administrative Agent and the Lenders through their collective efforts; 
 WHEREAS, the New Guarantor
acknowledges that it will receive direct and indirect benefits from the Administrative Agent and the Lenders making such financial accommodations available to the Borrower under the Credit Agreement and, accordingly, the New Guarantor is willing to
guarantee the Borrower’s obligations to the Administrative Agent and the Lenders on the terms and conditions contained herein; and 
 WHEREAS, the New Guarantor’s execution and delivery of this Agreement is a condition to the Administrative Agent and the Lenders continuing to make such financial accommodations to the Borrower.

 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the New
Guarantor, the New Guarantor agrees as follows: 
 Section 1. Accession to Guaranty. The New Guarantor hereby agrees
that it is a “Guarantor” under that certain Guaranty dated as of November     , 2011 (as amended, restated, supplemented, or otherwise modified from time to time, the “Guaranty”), made by each of the
Guarantors party thereto in favor of the Administrative Agent and the other Guarantied Parties and assumes all obligations of a “Guarantor” thereunder and agrees to be bound thereby, all as if the New Guarantor had been an original
signatory to the Guaranty. Without limiting the generality of the foregoing, the New Guarantor hereby: 

  
 B-11

 (a) irrevocably and unconditionally guarantees the due and punctual payment and performance
when due, whether at stated maturity, by acceleration or otherwise, of all Guarantied Obligations (as defined in the Guaranty); 

(b) makes to the Administrative Agent and the other Guarantied Parties as of the date hereof each of the representations and warranties
contained in Section 5 of the Guaranty and agrees to be bound by each of the covenants contained in Section 6 of the Guaranty; and 
 (c) consents and agrees to each provision set forth in the Guaranty. 

SECTION 2. GOVERNING LAW. THIS ACCESSION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 3.
Definitions. Capitalized terms used herein and not otherwise defined herein shall have their respective defined meanings given them in the Credit Agreement. 
 [Signatures on Next Page] 

  
 B-12

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

			
	[NEW GUARANTOR]
		
	By:	 	     

	Name:	 	
	Title:	 	
	
	Address for Notices:
	
	c/o Federal Realty Investment Trust
	1626 East Jefferson Street
	Rockville, Maryland 20852-4041
	Attn: General Counsel
	Telecopy Number: (301) 998-3715
	Telephone Number: (301) 998-8100

  

			
	Accepted:
	
	 PNC BANK, NATIONAL

ASSOCIATION, as Administrative Agent

		
	 By:
	 	     

	 Name:
	 	
	 Title:
	 	

  
 B-13

 EXHIBIT C 
 FORM OF NOTICE OF BORROWING 
 November     , 2011 

PNC Bank, National Association 
 500 1st
Avenue 
 P7-PFSC-04-I 
 Pittsburgh, PA
15222 
 Attn: Martin Hannak 

Telecopier: (412) 762-8672 
 Ladies and
Gentlemen: 
 Reference is made to that certain Term Loan Agreement dated as of November 22, 2011 (as amended, restated,
supplemented, or otherwise modified from time to time, the “Credit Agreement”), by and among Federal Realty Investment Trust, a real estate investment trust formed under the laws of the State of Maryland (the “Borrower”), the
financial institutions party thereto and their permitted assignees under Section 12.6. thereof, PNC Bank, National Association (together with its successors and permitted assigns, the “Administrative Agent”), Capital One, N.A., as
Syndication Agent, PNC Capital Markets LLC and Capital One, N.A., as Joint Lead Arrangers and Joint Book Runners, and each of Regions Bank and SunTrust Bank, as a Documentation Agent. Capitalized terms used herein, and not otherwise defined herein,
have their respective meanings given them in the Credit Agreement. 
  

	 	1.	Pursuant to Section 2.1.(b) of the Credit Agreement, the Borrower hereby requests that the Lenders make Loans to the Borrower in an aggregate principal amount
equal to $        . 

  

	 	2.	The Borrower requests that such Loans be made available to the Borrower on November     , 2011. 

 

	 	3.	The Borrower hereby requests that such Loans be of the following Type: 

  [Check one box only] 
  

											
	 ̈ ̈	 	Base Rate Loans	  	 	  	 	  	 	  	 
						
	 ̈ ̈	 	LIBOR Loans, with an initial Interest Period for a duration of:	  		  		  		  	
		 	[Check one box only]	  		  		  		  	

									
					
		  		  		  	 ̈ ̈	 	one month
					
		  		  		  	 ̈	 	three months
					
		  		  		  	 ̈ ̈	 	six months
					
		  		  		  	 ̈ ̈	 	other                     

  
 C-1

	 	4.	 The Borrower requests that the proceeds of such Loans be made available to the Borrower by
                                
..1 

The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the date hereof, as of the date of the making of the
requested Loans, and after making such Loans, (a) no Default or Event of Default exists or shall exist; and (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which
any of them is a party, are and shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty is and shall be true and correct in all
respects) with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been
true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and
except for changes in factual circumstances not prohibited under the Credit Agreement. In addition, the Borrower certifies to the Administrative Agent and the Lenders that all conditions to the making of the requested Loans contained in
Article V. of the Credit Agreement will have been satisfied (or waived in accordance with the terms of the Credit Agreement) at the time such Loans are made. 

 

			
	FEDERAL REALTY INVESTMENT TRUST
		
	By:	 	     

	 Name:
	 	
	 Title:
	 	

  
  

	1 	 Indicate how the proceeds of the Loan are to be made available to the Borrower. 

  
 C-2

 EXHIBIT D 
 FORM OF NOTICE OF CONTINUATION 

            , 20     

PNC Bank, National Association 
 500 1st
Avenue 
 P7-PFSC-04-I 
 Pittsburgh, PA
15222 
 Attn: Martin Hannak 

Telecopier: (412) 762-8672 
 Ladies and
Gentlemen: 
 Reference is made to that certain Term Loan Agreement dated as of November 22, 2011 (as amended, restated,
supplemented, or otherwise modified from time to time, the “Credit Agreement”), by and among Federal Realty Investment Trust, a real estate investment trust formed under the laws of the State of Maryland (the “Borrower”), the
financial institutions party thereto and their permitted assignees under Section 12.6. thereof, PNC Bank, National Association (together with its successors and permitted assigns, the “Administrative Agent”), Capital One, N.A., as
Syndication Agent, PNC Capital Markets LLC and Capital One, N.A., as Joint Lead Arrangers and Joint Book Runners, and each of Regions Bank and SunTrust Bank, as a Documentation Agent. Capitalized terms used herein, and not otherwise defined herein,
have their respective meanings given them in the Credit Agreement. 
 Pursuant to Section 2.6. of the Credit Agreement, the
Borrower hereby requests a Continuation of Loans under the Credit Agreement, and in that connection sets forth below the information relating to such Continuation as required by such Section of the Credit Agreement: 

 

	 	1.	The requested date of such Continuation is             , 20    .

  

	 	2.	The aggregate principal amount of the Loans subject to the requested Continuation is $        and the portion of such principal
amount subject to such Continuation is $        . 

  

	 	3.	The current Interest Period of the Loans subject to such Continuation ends on             ,
20    . 

  

	 	4.	The duration of the Interest Period for the Loans or portion thereof subject to such Continuation is: 

[Check one box only] 

			
		
	 ̈ ̈ ̈	  	one month
		
	 ̈  ̈	  	three months
		
	 ̈  ̈	  	six months
		
	 ̈  ̈	  	other                     

 [Continued on next page] 

  
 D-1

 The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the
date hereof, as of the proposed date of the requested Continuation, and after giving effect to such Continuation, (a) no Default or Event of Default exists or shall exist; and (b) the representations and warranties made or deemed made by
the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, are and shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such
representation or warranty is and shall be true and correct in all respects) with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date
(in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true
and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances not prohibited under the Credit Agreement. 
 If notice of the requested Continuation was given previously by telephone, this notice shall be considered the written confirmation of such telephone notice required by Section 2.6. of the Credit
Agreement. 
  

			
	FEDERAL REALTY INVESTMENT TRUST
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 D-2

 EXHIBIT E 
 FORM OF NOTICE OF CONVERSION 

            , 20     

PNC Bank, National Association 
 500 1st
Avenue 
 P7-PFSC-04-I 
 Pittsburgh, PA
15222 
 Attn: Martin Hannak 

Telecopier: (412) 762-8672 
 Ladies and
Gentlemen: 
 Reference is made to that certain Term Loan Agreement dated as of November 22, 2011 (as amended, restated,
supplemented, or otherwise modified from time to time, the “Credit Agreement”), by and among Federal Realty Investment Trust, a real estate investment trust formed under the laws of the State of Maryland (the “Borrower”), the
financial institutions party thereto and their permitted assignees under Section 12.6. thereof, PNC Bank, National Association (together with its successors and permitted assigns, the “Administrative Agent”), Capital One, N.A., as
Syndication Agent, PNC Capital Markets LLC and Capital One, N.A., as Joint Lead Arrangers and Joint Book Runners, and each of Regions Bank and SunTrust Bank, as a Documentation Agent. Capitalized terms used herein, and not otherwise defined herein,
have their respective meanings given them in the Credit Agreement. 
 Pursuant to Section 2.7. of the Credit Agreement, the
Borrower hereby requests a Conversion of Loans of one Type into Loans of another Type under the Credit Agreement, and in that connection sets forth below the information relating to such Conversion as required by such Section of the Credit
Agreement: 
  

	 	1.	The requested date of such Conversion is             , 20    . 

 

	 	2.	The Type of Loans to be Converted pursuant hereto is currently: 

 [Check one box only] 
  

	 	 ̈ ̈	Base Rate Loan 

  

	 	 ̈ ̈	LIBOR Loan 

  

	 	3.	The aggregate principal amount of the Loans subject to the requested Conversion is $        and the portion of such principal
amount subject to such Conversion is $        . 

  
 E-1

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

[Check one box only] 
  

	 	 ̈ ̈	Base Rate Loan 

  

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

 [Check one box only] 
  

	 	 ̈ ̈	one month 

  

	 	 ̈ ̈	three months 

  

	 	 ̈ ̈	six months 

  

	 	 ̈	other                      

The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the date hereof, as of the
proposed date of the requested Conversion, and after giving effect to such Conversion, (a) no Default or Event of Default exists or shall exist9; and (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the
Loan Documents to which any of them is a party, are and shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty is and shall be
true and correct in all respects) with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and
warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of
such earlier date) and except for changes in factual circumstances not prohibited under the Credit Agreement. 
 If notice of
the requested Continuation was given previously by telephone, this notice shall be considered the written confirmation of such telephone notice required by Section 2.7. of the Credit Agreement. 

 

			
	FEDERAL REALTY INVESTMENT TRUST
		
	By:	 	  

	Name:	 	
	Title:	 	

  

	9 	 Note: A Base Rate Loan may not be converted into a LIBOR Loan if an Event of Default exists. 

  
 E-2

 EXHIBIT F 
 FORM OF NOTE 
  

			
	$        	  	            , 20    

 FOR VALUE RECEIVED, the undersigned, FEDERAL REALTY INVESTMENT TRUST, a real estate
investment trust formed under the laws of the State of Maryland (the “Borrower”), hereby unconditionally promises to pay to the order of
                    (the “Lender”), in care of PNC Bank, National Association (together with its successors and permitted assigns, the
“Administrative Agent”), at its office located at 500 1st Avenue, Pittsburgh, Pennsylvania 15222, or at such other address as may be specified by the Administrative Agent to the Borrower, the principal sum of
                    AND     /100 DOLLARS ($        ), or such lesser amount as may be the
then outstanding and unpaid balance of the Loan made by the Lender to the Borrower pursuant to, and in accordance with the terms of, the Credit Agreement. 
 The Borrower further agrees to pay interest at said office, in like money, on the unpaid principal amount owing hereunder from time to time on the dates and at the rates and at the times specified in the
Credit Agreement. 
 This Note (this “Note”) is one of the “Notes” referred to in that certain Term Loan
Agreement dated as of November 22, 2011 (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”), by and among Federal Realty Investment Trust, a real estate investment trust formed under
the laws of the State of Maryland (the “Borrower”), the financial institutions party thereto and their permitted assignees under Section 12.6. thereof, the Administrative Agent, Capital One, N.A., as Syndication Agent, PNC Capital
Markets LLC and Capital One, N.A., as Joint Lead Arrangers and Joint Book Runners, and each of Regions Bank and SunTrust Bank, as a Documentation Agent, and is subject to, and entitled to, all provisions and benefits thereof. Capitalized terms used
herein and not defined herein shall have the respective meanings given to such terms in the Credit Agreement. The Credit Agreement, among other things, (a) provides for the making of the Loan by the Lender to the Borrower in the principal
amount first mentioned above, (b) permits the prepayment of the Loans by the Borrower subject to certain terms and conditions and (c) provides for the acceleration of the Loans upon the occurrence of certain specified events. 

The Borrower hereby waives presentment, demand, protest and notice of any kind. No failure to exercise, and no delay in exercising any
rights hereunder on the part of the holder hereof shall operate as a waiver of such rights. 
 Time is of the essence for this
Note. 
 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

  
 F-1

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

			
	FEDERAL REALTY INVESTMENT TRUST
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 F-2

 EXHIBIT G 
 FORM OF OPINION OF COUNSEL TO THE BORROWER AND GUARANTORS 
 [ATTACHED] 

  
 G-1

 EXHIBIT H 
 FORM OF COMPLIANCE CERTIFICATE 
 Reference is made to that certain Term Loan
Agreement dated as of November 22, 2011 (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”), by and among Federal Realty Investment Trust, a real estate investment trust formed under
the laws of the State of Maryland (“Borrower”), the financial institutions party thereto and their permitted assignees under Section 12.6. thereof, PNC Bank, National Association (together with its successors and permitted assigns,
the “Administrative Agent”), Capital One, N.A., as Syndication Agent, PNC Capital Markets LLC and Capital One, N.A., as Joint Lead Arrangers and Joint Book Runners, and each of Regions Bank and SunTrust Bank, as a Documentation Agent.
Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given to them in the Credit Agreement. 
 Pursuant to Section 8.3 of the Credit Agreement, the undersigned hereby certifies to the Administrative Agent and the Lenders, in his or her capacity as the [Chief Accounting Officer] [Chief
Financial Officer] that: 
 1. The undersigned examined the books and records of the Borrower and has conducted such other
examinations and investigations as are reasonably necessary to provide this Compliance Certificate. 
 2. Schedule 1
attached hereto accurately and completely sets forth the calculations required to establish compliance with Section 9.1 of the Credit Agreement on the date of the financial statements for the accounting period set forth above. 

3. To the best of the undersigned’s knowledge, information and belief after due inquiry, no Default or Event of Default exists
[if such is not the case, specify such Default or Event of Default on Exhibit A, attached hereto, and its nature, when it occurred and whether it is continuing and the steps being taken by the Borrower with respect to such event, condition or
failure].  
 4. The representations and warranties made or deemed made by the Borrower and each other Loan Party in the
Loan Documents to which any of them is a party, are and shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty is and shall be
true and correct in all respects) with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and
warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of
such earlier date) and except for changes in factual circumstances not prohibited under the Credit Agreement [if such is not the case, specify which representation or warranty is not true or correct on Exhibit A, attached hereto, and describe why
that is the case]. 
 [Signature on next page] 

  
 H-1

 IN WITNESS WHEREOF, the undersigned has signed this Compliance Certificate on and as of the
date first written above. 
  

			
	FEDERAL REALTY INVESTMENT TRUST
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 H-2

 EXHIBIT A 

  
 H-3Amended and Restated Managing Broker-Dealer Agreement

 Exhibit 10.8 
 GWG HOLDINGS, INC. 
 220 South Sixth Street 

Suite 1200 

Minneapolis, Minnesota 55402 

November 16, 2011 
 ARQUE CAPITAL, LTD.

 7501 East McCormick Parkway 
 Suite
111 North Court 
 Scottsdale, Arizona 85258 
  

	 	RE:	Second Amended and Restated Managing Broker-Dealer Agreement 

 Ladies and Gentlemen: 
 This letter confirms and comprises the agreement (the
“Agreement”) between GWG Holdings, Inc., a Delaware corporation (the “Company”), and Arque Capital, Ltd., a California corporation (the “Managing Broker-Dealer”), regarding (i) the offering and sale (the
“Offering”) of up to $250,000,000 of secured debentures (the “Debentures”) of the Company to be sold pursuant to that certain Registration Statement on Form S-1 of the Company, initially filed with the United States Securities
and Exchange Commission (the “SEC”) on June 14, 2011 (File No. 333-174887), as the same is later declared effective by the SEC and as it may be amended and supplemented from time to time after its initial effectiveness (the
“Registration Statement”). The prospectus that forms a part of the Registration Statement is hereinafter referred to as the “Prospectus.” References to the Registration Statement include all exhibits to the Registration
Statements and any documents incorporated into the Registration Statement by reference. 
 Capitalized terms used herein and not
otherwise defined herein shall have the same meaning as described in the Registration Statement. 
  

	1.	Appointment of Managing Broker-Dealer. 

 1.1 On the basis of the representations and warranties and covenants herein contained, and subject to the terms and conditions set forth herein and in the Prospectus, the Company hereby appoints the
Managing Broker-Dealer as its agent for purposes of offering and selling the Debentures upon the terms and conditions set forth herein, including without limitation compliance and conformity with Accepted Debenture Practices; and the Managing
Broker-Dealer hereby accepts such appointment and agrees to use its best efforts as such agent to offer and sell the Debentures to Investors until the later of the termination of the Offering or the sale of all of the Debentures, or until the
termination of this Agreement, if earlier. In connection with the offer and sale of Debentures under this Agreement, the Managing Broker-Dealer will carry out the duties provided for herein and as described in the Prospectus as being carried out by
the Managing Broker-Dealer. The Managing Broker-Dealer is exclusively authorized to enlist other members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and other authorized agents appointed by the Managing Broker-Dealer
(collectively, the “Selling Group Members”) to offer and sell Debentures, subject to Section 4.1. 
 1.2 It is
understood that no sale of a Debenture shall be regarded as effective unless and until the Company shall have accepted a subscription for such Debenture in the manner prescribed under the Indenture. The Company reserves the right in its sole
discretion to accept or reject any subscription for Debentures as described in the Indenture. Debentures will be offered during a period commencing on the effectiveness of the Registration Statement, and continuing thereafter until the earlier of
(i) the date that $250,000,000 in Debentures shall have been sold or (ii) the date on which the Company, in its sole and absolute discretion, terminates the Offering (the “Offering Termination Date”). 

 1.3 During the term of this Agreement, neither the Managing Broker-Dealer nor any of its
affiliates, officers, directors or owners shall directly or indirectly act as a managing broker-dealer with respect to any securities whose primary business are secured by structured life insurance settlements anywhere in the United States without
the prior and express written consent of the Company. 
 1.4 The following capitalized terms shall have the meanings set forth
below: 
 (a) “Accepted Debenture Practices” means, as applicable to the context in which this term is used, those
procedures and practices with respect to the offering, marketing and selling the Debentures that: (i) meet at least the same demonstrable standards that the Managing Broker-Dealer or any Selling Group Member would follow in exercising
reasonable care in offering, marketing and selling similar programs for publicly offered securities; (ii) comply with all Governmental Rules; and (iii) comply with the provisions of this Agreement. 

(b) “Governmental Rules” means any law, rule, regulation, ordinance, order, code, interpretation, judgment, decree, policy,
decision or guideline of any governmental agency, court or authority. 
 (c) “Indenture” means that certain Indenture
by and between the Company and the Bank of Utah, as trustee, with respect to the Debentures. 
  

	2.	Representations and Warranties of the Company. The Company hereby represents and warrants to the Managing Broker-Dealer that: 

2.1 The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of
Delaware, with corporate power and authority to own, lease and operate its properties and conduct its business as described in the Registration Statement. The Company is duly qualified to do business and is in good standing in each jurisdiction in
which the ownership or lease of its properties or the conduct of its business requires such qualification and in which the failure to be qualified or in good standing would be expected to have a material adverse effect on the condition (financial or
otherwise), earnings, operations or business of the Company and its subsidiaries taken as a whole (a “Material Adverse Effect”), and has all requisite authority to enter into this Agreement. 

2.2 The Debentures will have been registered with the SEC upon the effectiveness of the Registration Statement. So far as is under the
control of the Company, the Debentures will be offered and sold consistent with the description contained in the Prospectus. 

2.3 The Company shall provide to the Managing Broker-Dealer and to Selling Group Members for delivery to offerees and purchasers and
their representatives the information and documents that Company deems appropriate to comply with all laws, rules, regulations and judicial and administrative interpretations in all jurisdictions in which the Debentures are offered and sold.

 2.4 Except as disclosed in the Prospectus no defaults exist in the due performance and observance of any material obligation,
term, covenant or condition of any agreement or instrument to which the Company is a party or by which it is bound. 
 2.5
Subject to the performance of the Company’s obligations hereunder, the holders of the Debentures (the “Holders”) will have the rights set forth in the Debentures. 

2.6 This Agreement has been duly authorized, executed and delivered by the Company and is a valid and binding agreement on the part of
the Company, enforceable against the Company in accordance with its terms subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights
and to general principles of equity. The performance of this Agreement and the consummation of the transactions herein contemplated will not result in a breach or violation of any of the terms and provisions of, or constitute a default under:
(i) any material agreement to which the Company or any subsidiary is a party or by which the Company or any subsidiary or 

  
 2 

 
their respective properties may be bound; (ii) the certificate of incorporation or bylaws of the Company; or (iii) any applicable law, order or Governmental Rule, except in any case for
any breach, violation or default that would not have a Material Adverse Effect. 
 2.7 The Registration Statement, in the form
in which it becomes effective and also in such form as it may be when any post-effective amendment thereto shall become effective, and the Prospectus, and any supplement or amendment thereto when filed with the SEC under Rule 424 under the
Securities Act of 1933 (the “Securities Act”), complied or will comply with the provisions of the Securities Act and the Trust Indenture Act of 1939, and did not or will not at any such times contain an untrue statement of material fact or
omit to state a material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances in which they were made, not misleading, except that this representation and warranty does not apply to any
statements in, or omissions from the Managing Broker-Dealer Disclosure Statements (as defined in Section 5.6 below) in the Registration Statement or the Prospectus, or any amendment thereof or supplement thereto. 

2.8 The Debentures have been duly authorized for issuance and sale pursuant to the Indenture and this Agreement and, when issued and
delivered against payment therefor in accordance with the terms of the Indenture and this Agreement, will constitute valid and legally binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general principles of equity. 

 

	3.	Covenants of the Company. The Company hereby agrees that: 

 3.1 The Company will notify the Managing Broker-Dealer promptly of the time when the Registration Statement or any post-effective amendment to the Registration Statement has become effective or any
supplement to the Prospectus has been filed, and of any request by the SEC for any post-effective amendment or supplement to the Registration Statement or Prospectus. In addition, the Company will prepare and file with the SEC, promptly upon the
Managing Broker-Dealer’s reasonable request, any amendments or supplements to the Registration Statement or Prospectus that, in the Managing Broker-Dealer’s opinion may be reasonably necessary or advisable in connection with the Offering
of the Debentures. 
 3.2 The Company will advise the Managing Broker-Dealer, promptly after it shall receive notice or obtain
knowledge thereof, of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement, of the suspension of the qualification of the Debentures for offering or sale in any jurisdiction, or of the initiation or
receipt of any specific threat of any proceeding for any such purpose. 
 3.3 Within the time during which a Prospectus relating
to the Debentures is required to be delivered under the Securities Act, the Company will use commercially reasonable efforts to comply with all requirements imposed upon it by the Securities Act, so far as necessary to permit the continuance of
sales of or dealings in the Debentures as contemplated by the provisions hereof and the Prospectus. If, during the longer of such period or the term of this Agreement, any event or change occurs that is material to the Offering or that causes any of
the representations and warranties of the Company contained herein to be untrue in any material respect, or as a result of which the Prospectus would include an untrue statement of a material fact or omit to state a material fact necessary to make
the statements therein, in the light of the circumstances then existing, not misleading, or if, during such period, it is necessary to amend the Registration Statement or supplement the Prospectus to comply with the Securities Act, then the Company
will promptly notify the Managing Broker-Dealer, and, if necessary, will amend the Registration Statement or supplement the Prospectus (at the expense of the Company) so as to correct such statement or omission or effect such compliance. 

3.4 The Company will furnish to the Managing Broker-Dealer copies of the Registration Statement, the Prospectus, and all amendments and
supplements to such documents, in each case as soon as available and in such quantities as the Managing Broker-Dealer may from time to time reasonably request. 

  
 3 

 3.5 If at any time any event occurs as a result of which the Registration Statement would
include an untrue statement of a material fact or, in view of the circumstances under which they were made, omit to state any material fact necessary to make the statements therein not misleading, the Company will promptly in writing notify Managing
Broker-Dealer thereof, promptly prepare an amendment to the Registration Statement correcting such statement or omission, and promptly deliver to Managing Broker-Dealer as many copies of such amended Registration Statement as Managing Broker-Dealer
may reasonably request. 
 3.6 The Company will deliver to the Managing Broker-Dealer one copy of each report furnished to the
Holders at the time that such reports are furnished to the Holders, and such other information concerning Debentures as may reasonably be requested. 
 3.7 The Company shall use reasonable efforts in taking all necessary action and filing all necessary forms and documents deemed reasonable by it in order to qualify or register Debentures for offer and
sale under the securities laws of the jurisdictions in which the Managing Broker-Dealer is intending to offer. Notwithstanding the foregoing, the Company may in its sole discretion elect not to qualify or register Debentures in any jurisdiction in
which it deems the qualification or registration unwarranted for any reason. The Company or its counsel shall inform the Managing Broker-Dealer as to the jurisdictions in which the Debentures have been qualified for sale or are exempt under the
respective laws of those jurisdictions. 
  

	4.	Covenants of the Managing Broker-Dealer. The Managing Broker-Dealer hereby agrees that: 

4.1 The Managing Broker-Dealer will use “best efforts” in the offering, sale and distribution of Debentures. The Managing
Broker-Dealer may offer Debentures as an agent, but all sales shall be made by the Company acting through the Managing Broker-Dealer as an agent, and not by Managing Broker-Dealer as a principal. The Managing Broker-Dealer shall have no authority to
appoint any person or other entity as an agent or sub-agent of the Managing Broker-Dealer or the Company, except to appoint Selling Group Members not objectionable to the Company in its sole and absolute discretion. 

4.2 Within the shorter of the time during which a Prospectus relating to the Debentures is required to be delivered under the Securities
Act or during the term of this Agreement, the Managing Broker-Dealer will comply with all requirements imposed upon it by the Securities Act, so far as necessary to permit the continuance of sales of or dealings in the Debentures as contemplated by
the provisions hereof and the Prospectus. If, during the shorter of such period or the term of this Agreement, to the Managing Broker-Dealer’s knowledge, any event or change occurs that could reasonably be considered material to the Offering or
that causes any of the representations and warranties of the Managing Broker-Dealer contained herein to be untrue in any material respect, or as a result of which the Prospectus would include an untrue statement of a material fact or omit to state a
material fact necessary to make the statements therein, in light of the circumstances then existing, not misleading, or if, during such period, to the Managing Broker-Dealer’s knowledge, it is necessary to amend the Registration Statement or
supplement the Prospectus to comply with the Securities Act, then the Managing Broker-Dealer will promptly notify the Company, and, if necessary, use reasonable efforts to assist the Company in amending the Registration Statement or supplementing
the Prospectus (at the expense of the Company) so as to correct such statement or omission or effect such compliance. 
 4.3 The
Managing Broker-Dealer shall make no representations to any prospective investor or purchaser other than those contained in the Registration Statement, and will not allow any other written materials to be used to describe the potential investment to
prospective purchasers or investors other than the Registration Statement. 
 4.4 The Managing Broker-Dealer will limit the
Offering to persons whom the Managing Broker-Dealer has reasonable grounds to believe meet the financial suitability and other investor or purchaser requirements set forth in the Prospectus. 

4.5 The Managing Broker-Dealer, in coordination with the Company, will request and arrange for the Company to send to Selling Group
Members all necessary due diligence materials as well as 

  
 4 

 
Registration Statements and Prospectuses, supplements thereto, marketing materials, and support Selling Group Members regarding the Company and the Offering. 

4.6 The Managing Broker-Dealer, directly or indirectly through participating Selling Group Members, will provide each prospective
investor or purchaser with a copy of the Prospectus and supplements thereto during the course of the Offering, and before a related sale, advise each such prospective purchaser at the time of the initial offering to him or her that the Company
and/or its agents and consultants will, during the course of the Offering and prior to any sale, afford said purchaser and his or her purchaser representative, if any, the opportunity to ask questions of and to receive answers from the Company
and/or its agents and consultants concerning the terms and conditions of the Offering and to obtain any additional information, which information is possessed by the Company or may be obtained by it without unreasonable effort or expense and which
is necessary to verify the accuracy of the information contained in the Prospectus. 
 4.7 The Managing Broker-Dealer and
indirectly through participating Selling Group Members, shall maintain in its files, for a period of six years following the Offering Termination Date, documents disclosing the basis upon which the above determination of suitability was reached as
to each purchaser. 
 4.8 The Managing Broker-Dealer and indirectly through participating Selling Group Members, will comply in
all respects with the subscription procedures and plan of distribution set forth in the Prospectus. 
 4.9 In the event the
Managing Broker-Dealer receives any customer funds for the purchase of Debentures, the Managing Broker-Dealer will transmit such customer funds, not later than noon of the next business day following receipt of such funds, to such account as
determined by the Company pursuant to the Subscription Agreement of each potential purchaser of a Debenture. 
 4.10 The
Managing Broker-Dealer will furnish to the Company upon request a complete list of all persons who have been offered Debentures, whether directly or through any other Selling Group Members, and such persons’ places of residence upon the
Company’s request. 
 4.11 When any Selling Group Members are utilized in the Offering, the Managing Broker-Dealer agrees
to cause such Selling Group Members to comply with all of the obligations of the Managing Broker-Dealer set forth in this Agreement (including the obligations set forth in this Article 4), as if such Selling Group Members were a party to this
Agreement. In this regard, the Managing Broker-Dealer will provide each Selling Group Member with a true, correct and complete copy of this Agreement and will obtain the written acknowledgment and agreement of each participating Selling Group Member
to abide by the obligations contained herein. 
 4.12 In the event the Company has paid the Managing Broker-Dealer any
compensation or expense reimbursements under this Agreement, the Managing Broker-Dealer shall be obligated to pay all Selling Group Members from such funds on the next business day following the receipt of such funds from the Company. 

4.13 The Managing Broker-Dealer agrees to allow Company wholesalers to maintain necessary licensing with the Managing Broker-Dealer and
to receive sales compensation related to the Offering. Notwithstanding the foregoing, the Managing Broker-Dealer shall have the right to refuse any wholesaler in its sole discretion. 

 

	5.	Representations and Warranties of the Managing Broker-Dealer. The Managing Broker-Dealer hereby represents and warrants to the Company as follows:

 5.1 The Managing Broker-Dealer (i) has been duly organized, is validly existing and in good standing in
the State of California, (ii) has qualified to do business as a foreign corporation and is in good standing in each jurisdiction where the character of its properties or the nature of its activities makes such qualification necessary, and
(iii) has full power, authority and legal right to own its property, to carry on its 

  
 5 

 
business as presently conducted, and to enter into and perform its obligations under this Agreement. The Managing Broker-Dealer is a member in good standing of FINRA. 

5.2 The Managing Broker-Dealer has full power and authority to enter into this Agreement and perform the transactions contemplated
hereby. This Agreement has been duly authorized, executed and delivered by the Managing Broker-Dealer and is a valid and binding agreement on the part of the Managing Broker-Dealer, enforceable against it in accordance with its terms subject to
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general principles of equity. The performance of this Agreement and the
consummation of the transactions herein contemplated will not result in a breach or violation of any of the terms and provisions of, or constitute a default under (i) any material agreement to which the Managing Broker-Dealer is a party or by
which it or its properties may be bound; (ii) the articles or certificate of incorporation or bylaws of the Managing Broker-Dealer; or (iii) any applicable law, order or Governmental Rules. 

5.3 The Managing Broker-Dealer has obtained all governmental consents, licenses, approvals and authorizations, registrations and
declarations which are necessary for the execution, delivery, performance, validity and enforceability of the Managing Broker-Dealer’s obligations under this Agreement. The Managing Broker-Dealer is a registered broker-dealer in good standing
under the appropriate laws and regulations of each of the states in which offers or solicitations of offers to subscribe for the Debentures will be made by the Managing Broker-Dealer (or is exempt from such registration). 

5.4 There are no actions, suits or proceedings pending or, to the knowledge of the Managing Broker-Dealer, threatened against or
affecting the Managing Broker-Dealer, before or by any court, administrative agency, arbitrator or governmental body with respect to any of the transactions contemplated by this Agreement, or which will, if determined adversely to the Managing
Broker-Dealer, materially and adversely affect it or its business, assets, operations or condition, financial or otherwise, or adversely affect the Managing Broker-Dealer’s ability to perform its obligations under this Agreement. The Managing
Broker-Dealer is not in default with respect to any order of any court, administrative agency, arbitrator or governmental body so as to materially and adversely affect the transactions contemplated by this Agreement. 

5.5 The Managing Broker-Dealer has obtained all necessary consents, approvals, waivers and notifications of creditors, lessors and other
nongovernmental persons in connection with the execution and delivery of this Agreement, and the consummation of all the transactions herein contemplated. 
 5.6 The Managing Broker-Dealer Disclosure Statements in the Prospectus (as amended or supplemented, if the Company shall have filed with the SEC any amendment thereof or supplement thereto) will not or
did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances in which they were made, not misleading. For
purposes of this Agreement, the “Managing Broker-Dealer Disclosure Statements” means any statements or disclosures included within or the subject of the Registration Statement or the Prospectus, which, when the Prospectus supplement is or
was filed with the SEC and at all times subsequent thereto, are either (i) included within the disclosure under the heading “Plan of Distribution” in the Prospectus, or (ii) based upon and conform to written information relating
to the Managing Broker-Dealer furnished in writing to the Company by the Managing Broker-Dealer specifically for use in the preparation of the Prospectus, or any supplement to the Prospectus. 

5.7 The Managing Broker-Dealer has operated and is operating in material compliance with all authorizations, licenses, certificates,
consents, permits, approvals and orders of and from all state, federal and other governmental regulatory officials and bodies necessary to conduct its business as contemplated by and described in this Agreement, all of which are, to the Managing
Broker-Dealer’s knowledge, valid and in full force and effect. The Managing Broker-Dealer is conducting its business in substantial compliance with all applicable laws and Governmental Rules of the jurisdictions in which it is conducting
business, and the Managing Broker-Dealer is not in material violation of any applicable laws or Governmental Rules. 

  
 6 

 5.8 The Managing Broker-Dealer has not distributed, and will not distribute prior to the
completion of the Offering, any offering material in connection with the Offering, other than the Prospectus, the Registration Statement, the incorporated documents, and other materials, if any, permitted by and in compliance with the Securities
Act. 
  

	6.	Conditions. 

 6.1 The
obligation of the Managing Broker-Dealer to sell the Debentures on a best-efforts basis as provided herein shall be subject to the accuracy of the representations and warranties of the Company, to the performance by the Company of its obligations
hereunder, and to the satisfaction of the following additional conditions: 
 (a) The Registration Statement shall be effective,
and no stop order suspending the effectiveness thereof shall have been issued and no proceedings for that purpose shall have been initiated or, to the knowledge of the Company or the Managing Broker-Dealer, threatened by the SEC or any state
securities commission or similar regulatory body. Any request by the SEC for additional information (to be included in the Registration Statement or the Prospectus or otherwise) shall have been complied with to the satisfaction of the Managing
Broker-Dealer. 
 (b) The Indenture shall have been duly authorized, executed and delivered by the Company and the trustee, and
duly qualified under the Trust Indenture Act of 1939. 
 (c) The Managing Broker-Dealer shall have received from the Company a
certificate, dated as of the Initial Closing Date, of an executive officer of the Company, as to (i) the accuracy of the representations and warranties of the Company in this Agreement, compliance by the Company with all the agreements and
satisfaction of all the conditions to be performed or satisfied by the Company under this Agreement; (ii) the absence of any stop order or similar order or related proceedings; and (iii) the absence of any material adverse change in the
condition (financial or otherwise), earnings, operations or business of the Company and its subsidiaries taken as a whole or might materially and adversely affect its properties, assets or rights, except as contemplated in the Prospectus or related
documents. 
 (d) The Managing Broker-Dealer shall have received a certificate of Secretary of the Company, dated as of the
Initial Closing Date, certifying as to (i) the certificate of incorporation and bylaws of the Company, and (ii) resolutions of the Board of Directors of the Company relating to the preparation and signing of the Registration Statement and
this Agreement, the issuance and sale of the Debentures and other related matters. 
 The Managing Broker-Dealer may waive in
writing the performance of any one or more of the conditions specified in this Section or extend the time for their performance. If any of the conditions specified in this Section shall not have been fulfilled when and as required by this Agreement
to be fulfilled, and if the fulfillment of said condition has not been waived by the Managing Broker-Dealer, then this Agreement and all obligations of the Managing Broker-Dealer hereunder may be canceled at, or at any time prior to, the Initial
Closing Date by the Managing Broker-Dealer. 
  

	7.	Compensation. Subject to Section 11, as compensation for services rendered by the Managing Broker-Dealer hereunder, the Managing Broker-Dealer will be
entitled to receive from the Company the following: 

 7.1 A “Dealer Manager Fee” and “Selling
Commission” based upon the principal amount of a sold Debenture, in accordance with the following table: 
  

					
	 Term of Debenture
	  	Dealer Manager Fee (%)	 	Selling Commission (%)
	 Six-Month Debenture
	  	0.50%	 	0.50%
	 One-Year Debenture
	  	1.00%	 	1.00%
	 Two-Year Debenture
	  	1.00%	 	3.25%
	 Three-Year Debenture
	  	1.00%	 	4.25%
	 Four-Year Debenture
	  	1.00%	 	4.75%
	 Five-Year Debenture
	  	1.00%	 	4.90%
	 Seven-Year Debenture
	  	1.00%	 	5.00%

  
 7 

 7.2 A “Wholesale Commission” that the Company may agree to pay certain specified
wholesalers, in its sole and absolute discretion, in amounts not to exceed 0.30% of the principal amount of the Debentures sold. 
 7.3 Any and all Dealer-Manager Fees, Selling Commissions and Wholesale Commissions (collectively, the “Fees”), together with any expenses reimbursable pursuant to Sections 8 and 9 below, shall
be payable regularly once every two weeks. Under no circumstance will the aggregate fees paid to the Managing Broker-Dealer and Selling Group Members exceed an average of Eight Percent (8%) over the life of the Offering. The Company shall
prepare comprehensive sales data and e-mail such data to the Managing Broker-Dealer every two weeks, five days before each payment date for any Fees. The Managing Broker-Dealer shall use such data to constantly calculate and insure that the
aggregate fees paid to the Managing Broker-Dealer and Selling Group Members do not exceed an average of Eight Percent (8%) over the life of the Offering and to calculate and create an invoice for Fees and Non-Accountable Expenses, which shall
be presented to the Company at least two days before each payment date for Fees. The Company and the Managing Broker-Dealer will, in good faith and in a timely manner, negotiate any dispute relating to any Fees. Disputes that cannot be resolved by
discussion will be resolved through FINRA binding arbitration. 
 7.4 The Company shall pay all Fees as directed on any invoice
provided by the Managing Broker-Dealer, and the Managing Broker-Dealer shall hold the Company harmless for any Fees or Expenses (as defined in Section 8 below) disputes arising among or between the Managing Broker-Dealer and any Selling Group
Members or any wholesalers. Managing Broker Dealer shall have the right to actively advise Company as to how to remedy the Offering variables if the aggregate fees paid at any given time averages over Eight Percent (8%) and Company agrees to
work in cooperation with Managing Broker Dealer until such time the remedy begins to work. 
  

	8.	Non-Accountable Expense Allowance. 

 8.1 Subject to Section 11, and in addition to the Fees described in Section 7, the Company will reimburse the Managing Broker-Dealer and Selling Group Members for their expenses, on a
non-accountable basis, based upon the principal amount of a sold Debenture, in amounts not to exceed the following table: 
  

			
	 Term of Sold Debenture
	  	Non-Accountable Expense Reimbursement (%)
	 Six-Month Debenture
	  	0.50%
	 One-Year Debenture
	  	1.00%
	 Two-Year Debenture
	  	1.00%
	 Three-Year Debenture
	  	1.00%
	 Four-Year Debenture
	  	1.00%
	 Five-Year Debenture
	  	1.00%
	 Seven-Year Debenture
	  	1.00%

 8.2 The expenses reimbursable under this Section 8 are referred to as “Non-Accountable
Expenses.” Non-Accountable Expenses shall be payable in the same manner and on the same terms as Fees are payable under Section 7. 
  

	9.	Accountable Expense Allowance. 

 Subject to Section 11, and in addition to the Non-Accountable Expenses described in Section 8, the Company will reimburse the Managing Broker-Dealer and Selling Group Members for their actual

  
 8 

 
expenses “Accountable Expenses” in amounts not to exceed 0.70% of the principal amount of the Debentures sold. 
 9.1 The expenses reimbursable under this Section 9 are referred to as “Accountable Expenses.” Accountable Expenses shall be payable in the same manner and on the same terms as Fees and
Non-Accountable Expenses are payable under Section 7 upon the Company’s receipt of proper accounting back-up for such Accountable Expenses. Company and Managing Broker-Dealer shall work proactively with each other to insure that each are
timely informed of all Accountable Expenses and commitments to pay such expenses as they are made. 
  

	10.	Offering. The Offering of Debentures shall be at and upon the terms and conditions set forth in the Registration Statement and the exhibits and appendices
thereto and any amendments or supplements thereto. 

  

	11.	Conditions to Payment of Fees, Non-Accountable Expenses and Accountable Due Diligence Expense. 

11.1 No selling commissions, allowances or other compensation (or expenses) will be payable with respect to any subscriptions for
Debentures that are rejected by the Company, or if the Company terminates the Offering for any reason whatsoever or for no reason. No selling commissions, allowances or other compensation will be payable by the Company with respect to any sale of
Debentures unless and until such time as the Company has received the total proceeds of any such sale. 
 11.2 With the
exception of the Non-Accountable Expenses” and “Accountable Due Diligence Expenses” described in Section 8 and Section 9, all attorneys’ fees and all other costs and expenses incurred by the Managing Broker-Dealer in
the performance of any obligations hereunder, including but not limited to expenses otherwise related to the Offering, shall be the sole and exclusive responsibility of the Managing Broker-Dealer unless otherwise approved by the Company as an
Accountable Due Diligence Expense, and the foregoing shall apply notwithstanding the fact that the Offering is not consummated for any reason. 
 11.3 No Fees or Non-Accountable Expenses will be payable with respect to any subscriptions for Debentures that are sold to non-U.S. investors unless otherwise agreed in writing by the Company. 

11.4 Dealer Manager Fees (but no other Fees) will be payable during the term of this Agreement with respect to Debentures that are
renewed as follows: 
  

	 	11.4.1	50% of original Dealer Manager Fee as stated in 7.1 until outstanding Debentures total $40,000,000; 

 

	 	11.4.2	60% of original Dealer Manager Fee as stated in 7.1 until outstanding Debentures exceed $40,000,000 and through $90,000,000 

 

	 	11.4.3	70% of original Dealer Manager Fee as stated in 7.1 until outstanding Debentures exceed $90,000,000 and through $140,000,000. 

 

	 	11.4.4	80% of original Dealer Manager Fee as stated in 7.1 until outstanding Debentures exceed $140,000,000 and through $190,000,000. 

 

	 	11.4.5	90% of original Dealer Manager Fee as stated in 7.1 until outstanding Debentures exceed $190,000,000 and through $240,000,000; and 

 

	 	11.4.6	100% of original Dealer Manager Fee as stated in 7.1 after the total outstanding Debentures exceed $240,000,000. 

 

	12.	Indemnification of the Managing Broker-Dealer. 

 12.1 Subject to the conditions set forth below, the Company agrees to indemnify and hold harmless (i) the Managing Broker-Dealer and Selling Group Member, and (ii) each person, if any, who
controls the Managing Broker-Dealer and Selling Group Member and its officers, directors, owners, employees, agents, and each of their respective attorneys and accountants (all of the foregoing persons

  
 9 

 
described in clauses (i) and (ii) being collectively referred to as the “Selling Parties”), against any and all loss, liability, claim, damage and expense whatsoever
(“loss”) arising out of or based upon: 
 (a) Any untrue statement or alleged untrue statement of a material fact
contained in the Registration Statement, or in any application or other document filed in any jurisdiction in order to qualify or register the Debentures in connection with the Offering; 

(b) The omission or alleged omission from the Registration Statement of a material fact required to be stated therein or necessary to
make the statements therein not misleading; 
 (c) Any unauthorized verbal or written representations in connection with the
Offering made by the Company or its agents (other than by the Managing Broker-Dealer, the Selling Group Members, or any of their respective employees or affiliates), employees or affiliates in violation of the Securities Act, or any other applicable
federal or state securities laws and regulations; or 
 (d) The material breach by the Company of any term, condition,
representation, warranty or covenant of this Agreement. 
 12.2 If any action (including any third party action) is brought
against the Managing Broker-Dealer or Selling Group Member in respect of which indemnity may be sought hereunder, the Managing Broker-Dealer shall promptly notify the Company in writing of the institution of such action. 

12.3 Upon proper notice from an indemnified Selling Party, the Company will be entitled to participate therein and, to the extent that it
may wish, to assume the defense thereof, with counsel who shall be reasonably satisfactory to the indemnified party. After notice from the Company of its election to assume the defense thereof, the Company will not be liable to the Selling Party
under Section 11.1 for any legal or other expenses subsequently incurred by such Selling Party in connection with the defense thereof; provided, however, that if the defendants in any such action include both a Selling Party and the Company,
and the Selling Party shall have reasonably concluded that there may be legal defenses available to it or other indemnified parties which are different from or additional to those available to the Company, then the Selling Party or Parties shall
have the right to select one separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on their behalf, in which event the fees and expenses of such separate counsel shall be borne by the Company. In
no event shall the Company be liable for fees and expenses of more than one counsel for each Selling Party separate from the Company’s own legal counsel. The Company shall not be liable to any Selling Party on account of any settlement of any
claim or action effected without the consent of such Selling Party. 
 12.4 The Company agrees to promptly notify the Managing
Broker-Dealer of the commencement of any litigation or proceedings against the Company, or any of its officers, directors, employees or agents in connection with the issuance and sale of Debentures, or in connection with the Registration Statement.

 12.5 The indemnity provided to the Selling Parties pursuant to this Section 12 shall not apply to any such person or
entity to the extent that any loss arises out of or is based upon any untrue statement or alleged untrue statement of material fact made by the Selling Parities or any of their respective agents. 

 

	13.	Indemnification of the Company. 

 13.1 Subject to the conditions set forth below, the Managing Broker-Dealer agrees to indemnify and hold harmless (i) the Company, (ii) its directors, officers, employees and agents, and its
attorneys and accountants, and (iii) each person, if any, who controls the Company and its own directors, officers, owners, employees, agents, and each of their respective attorneys and accountants (all of the foregoing persons described in
clauses (i) through (iii) being collectively referred to as the “Company Parties”), against any and all loss, liability, claim, damage and expense whatsoever (“loss”) arising out of or based upon: 

  
 10 

 (a) Any unauthorized verbal or written representations in connection with the Offering made
by the Managing Broker-Dealer (other than by the Company or its employees or agents), or its employees or agents (including any Selling Group Members) in violation of the Securities Act, or any other applicable federal or state securities laws and
regulations; 
 (b) The breach by the Managing Broker-Dealer of any term, condition, representation, warranty, or covenant of
this Agreement; or 
 (d) Any untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement and comprising a Managing Broker-Dealer Disclosure Statement. 
 13.2 If any action (including any third-party action)
is brought against a Company Party in respect of which indemnity may be sought hereunder, the Company shall promptly notify the Managing Broker-Dealer in writing of the institution of such action. 

13.3 Upon proper notice from an indemnified Company Party, the Managing Broker-Dealer will be entitled to participate therein and, to the
extent that it may wish, to assume the defense thereof, with counsel who shall be reasonably satisfactory to the indemnified party. After notice from the Managing Broker-Dealer of its election to assume the defense thereof, the Managing
Broker-Dealer will not be liable to the Company Party under Section 12.1 for any legal or other expenses subsequently incurred by such Company Party in connection with the defense thereof; provided, however, that if the defendants in any such
action include both a Company Party and the Managing Broker-Dealer, and the Company Party shall have reasonably concluded that there may be legal defenses available to it or other indemnified parties which are different from or additional to those
available to the Managing Broker-Dealer, then the Company Party or Parties shall have the right to select one separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on their behalf, in which event
the fees and expenses of such separate counsel shall be borne by the Managing Broker-Dealer. In no event shall the Managing Broker-Dealer be liable for fees and expenses of more than one counsel for each Company Party separate from the Managing
Broker-Dealer’s own legal counsel. The Managing Broker-Dealer shall not be liable to any Company Party on account of any settlement of any claim or action effected without the consent of such Company Party. 

13.4 The Managing Broker-Dealer agrees to promptly notify the Company of the commencement of any litigation or proceedings against the
Managing Broker-Dealer or any of the Managing Broker-Dealer’s officers, directors, partners, affiliates, or agents in connection with the issuance and sale of Debentures or in connection with the Registration Statement. 

13.5 The indemnity provided to the Company Parties shall not apply to any such person or entity to the extent that any loss arises out of
or is based upon any untrue statement or alleged untrue statement of material fact made by the Company or any of its agents (or a Company Party). 
 13.6 The Managing Broker-Dealer agrees to require that each Selling Group Member enter into an agreement providing indemnity to the Company consistent with the indemnity provided by the Managing
Broker-Dealer pursuant to the provisions of this Section 13. 
  

	14.	 Contribution. In order to provide for just and equitable contribution in circumstances in which the indemnification provided pursuant to
Sections 12 and 13 is for any reason held to be unavailable from the Company, the Managing Broker-Dealer or a Selling Group Member, as the case may be, the Company, the Managing Broker-Dealer and the Selling Group Member, shall contribute to the
aggregate losses, liabilities, claims, damages and expenses (including any amount paid in settlement of any action, suit, or proceeding or any claims asserted) in such amounts as a court of competent jurisdiction may determine (or in the case of
settlement, in such amounts as may be agreed upon by the parties) in such proportion to reflect the relative fault of the Company, the Managing Broker-Dealer or such Selling Group Member, in connection with the events described in Sections 12 and
13, as the case may be, which resulted in such losses, liabilities, claims damages or expenses, as well as any other equitable considerations. The relative fault of the parties shall be determined by reference to, among other things, whether any
untrue or 

  
 11 

	 	
alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company, the Managing Broker-Dealer or a Selling
Group Member, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such omission or statement. Any persons entitled to indemnification hereunder shall be entitled to receive, from a party
obligated to indemnify under Section 12 or 13, contribution hereunder. 

  

	15.	Compliance. The Managing Broker-Dealer covenants to the Company that the actions, direct or indirect, by the Managing Broker-Dealer shall conform to the
requirements applicable to broker-dealers under federal and applicable state securities laws, rules and regulations, and (ii) that the Selling Group Members shall be in good standing under applicable requirements and rules of FINRA to offer the
Debentures. 

  

	16.	Representations and Agreements to Survive Sale and Payment. Except as the context otherwise requires, all representations, warranties and agreements contained in
this Agreement shall be deemed to be representations, warranties and agreements at and as of the Offering Termination Date, and such representations, warranties and agreements by the Managing Broker-Dealer or the Company, including the
indemnification and contribution covenants contained herein, shall remain operative and in full force and effect regardless of any investigation made by the Managing Broker-Dealer or the Company and/or any controlling person, and shall survive the
sale of and payment for Debentures. 

  

	17.	Costs of Offering. Except for the compensation payable to the Managing Broker-Dealer described in Section 7 and the expense reimbursements described in
Section 8, which are the sole obligations of the Company, the Managing Broker-Dealer will pay all of its own costs and expenses, including but not limited to all expenses necessary for the Managing Broker-Dealer to remain in compliance with any
applicable federal, state or FINRA laws, rules or regulations in order to participate in the Offering as a broker-dealer, and the fees and costs of the Managing Broker-Dealer’s legal counsel. The Company agrees to pay all other expenses
incident to the performance of its respective obligations hereunder, including all expenses incident to filings with federal and state regulatory authorities and to the exemption of Debentures under federal and applicable state securities laws,
including fees and disbursements of the Company’s counsel, all costs of reproduction and distribution of the Prospectus and any amendment or supplement thereto, and all costs of attorneys’ fees and other expenses. 

 

	18.	Termination. This Agreement is terminable by any party for any reason whatsoever or for no reason at any time upon written notice to the other party after the
end of the 15th month following effectiveness of the Registration Statement. The Company may terminate the Managing Broker-Dealer only “for cause” before the end of the 15th month following effectiveness of the Registration Statement.
Cause shall be defined as: 

 (a) The failure of the Managing Broker-Dealer to provide the services set forth in
this Agreement, or any breach by the Managing Broker-Dealer of any of its representations or warranties set forth in this Agreement; 

  
 12 

 (b) The failure to meet the following sales minimums, regardless of the underlying reasons
for any such failure: 
  

									
	 Period
	  	Principal Amount Sold
through Arque Capital	 	  	Aggregate Principal Amount
Sold through Selling Group	 
	 Three Months following effective date
	  	$	2,500,000	  	  	$	10,000,000	  
	 Nine Months following effective date
	  	+$	7,000,000	  	  	+$	50,000,000	  
	 Fifteen Months following effective date
	  	+$	7,000,000	  	  	+$	100,000,000	  

 (c) The receipt by the Managing Broker-Dealer or the Company of a regulatory notice from FINRA or the SEC
that makes either party incapable of fulfilling their respective duties hereunder without harming the reputation of the other party. For any quarter that includes one or both of November and December, an additional three weeks shall be added to such
quarter to reflect the down time during the third week in November and the last two weeks in December. 
 (d) The sale by the
Company of all or substantially all of its assets, or the sale of capital stock of the Company comprising at least 51% of the outstanding capital stock in the Company, or the consummation of a merger involving the Company and after which Jon R.
Sabes and Steve Sabes or their affiliates no longer own at least 51% of the outstanding capital stock in the Company. 
 Any
termination under this Section shall not affect the indemnification agreements set forth in Sections 11 and 12, or the contribution obligations under Section 13. In the event that the Company terminates the Managing Broker-Dealer pursuant to
paragraph (d) above, the Company shall pay the Managing Broker-Dealer additional compensation of $200,000 for any and all work performed previous to the termination. 

 

	19.	Confidentiality. The Managing Broker-Dealer agrees that all non-public information pertaining to the Company, including but not limited to the Selling Group
Members, compensation, wholesalers, business plans, employee lists, financial statements of the Company and its subsidiaries and affiliates (collectively, the “Confidential Information”) will be held by the Managing Broker-Dealer in
confidence and solely for use of the Managing Broker-Dealer’s personnel, clients and advisors of clients, in the course of performing the obligations of the Manager Broker-Dealer hereunder, and will not be provided to any other persons or
entities without the prior written approval of the Company. Any parties receiving Confidential Information from the Managing Broker-Dealer, including any Selling Group Members, must expressly agree to be bound by the restrictions set forth in this
Section; provided, however, that Confidential Information shall not include information that (i) is or becomes publicly available other than as a result of acts by the Managing Broker-Dealer in breach of this Agreement, (ii) is in the
Managing Broker-Dealer’s possession prior to disclosure by the Company or is independently derived by the Managing Broker-Dealer without the aid, application or use of the Confidential Information, (iii) is disclosed to the Managing
Broker-Dealer by a third party on a non-confidential basis (provided that the third party did not receive such information in violation of or is bound by a confidentiality agreement), or (iv) the Managing Broker-Dealer determines or may be
required to be disclosed by Governmental Rules. 

  

	20.	Governing Law. This Agreement shall be governed by, subject to and construed in accordance with, the laws of the State of Delaware without regard to
conflicts-of-law provisions. 

  

	21.	Severability. If any portion of this Agreement shall be held invalid or inoperative, then so far as is reasonable and possible (a) the remainder of this
Agreement shall be considered valid and operative and (b) effect shall be given to the intent manifested by the portion held invalid or inoperative. 

  
 13 

	22.	Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, and which together shall constitute one and the
same instrument. 

  

	23.	Modifications or Amendment. This Agreement may not be modified or amended except by written agreement executed by the parties hereto. 

 

	24.	Notices. All communications hereunder, except as herein otherwise specifically provided, shall be in writing and, if sent to the Managing Broker-Dealer, shall be
mailed or delivered to Arque Capital, Ltd., 7501 East McCormick Parkway, Suite 111 North Court, Scottsdale, AZ 85258; and if sent to the Company shall be mailed or delivered to 220 South Sixth Street, Suite 1200, Minneapolis, MN 55402. The notice
shall be deemed to be received on the date of its actual receipt by the party entitled thereto or, if mailed, on the third day after mailing by both first-class U.S. mail and certified U.S. mail with return receipt requested.

  

	25.	Parties. This Agreement shall be binding upon and inure solely to the benefit of the parties hereto, and their respective successors, legal representatives,
heirs and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under, in respect of, or by virtue of, this Agreement or any provision herein contained; provided, however, that the provisions
of Section 11, 12 and 13 are also intended for the benefit of the Selling Parties and Company Parties, as applicable, although the provisions of any such Section may be amended without the consent of any such Persons. Neither party may assign
any of its hereunder, or delegate any of its duties hereunder, without the prior and express written consent of the other party. 

  

	26.	Delay. Neither the failure nor any delay on the part of any party to this Agreement to exercise any right, remedy, power, or privilege under this Agreement shall
operate as a waiver thereof, nor shall a waiver of any right, remedy, power, or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power, or privilege with respect to any subsequent occurrence.

  

	27.	Attorneys Fees. If any legal action or other proceeding is brought for the enforcement of this Agreement, or because of an alleged dispute, breach, default or
misrepresentation in connection with any of the provisions of this Agreement, each party shall be responsible for paying its own attorneys fees. 

  

	28.	Entire Agreement. This Agreement contains the entire understanding between the parties hereto and supersedes any prior understandings or written or oral
agreements between them respecting the subject matter hereof. 

 (Signature Page Follows) 

  
 14 

 If the foregoing correctly sets forth the understanding between the Company and the Managing
Broker-Dealer, please so indicate in the space provided below for that purpose, and return one of the signed copies of this letter agreement to the Company in the envelope provided for this purposes, whereupon this letter agreement shall constitute
a binding agreement between us. 
  

			
	 Very truly yours,
  

GWG HOLDINGS, INC.
 a Delaware
corporation

		
	By:	 	/s/ Jon R. Sabes
		 	Jon R. Sabes, CEO

  

			
	 AGREED AND ACCEPTED:
  

ARQUE CAPITAL, LTD.
 a California
Corporation

		
	By:	 	/s/ Michael C. Ning
		 	Michael C. Ning, President & CEO

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