Document:

Exhibit 4.2
AMENDED AND RESTATED WARRANT AGREEMENT
THIS AMENDED AND RESTATED WARRANT AGREEMENT (as amended, supplemented, or otherwise modified from time to time, this “Agreement”), dated as of June 24, 2022, is by and between Monterey Capital Acquisition Corporation, a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”, also referred to herein, it its capacity as the Company’s transfer agent, as the “Transfer Agent”).  The Company, the Warrant Agent and the Transfer Agent shall individually be referred to as a “Party” and collectively, as the “Parties”.
WHEREAS, the Company and the Warrant Agent entered into that certain warrant agreement, dated as of May 10, 2022 (the “Existing Warrant Agreement”); and
WHEREAS, in connection with its initial public offering (the “Offering”) of units of the Company’s equity securities (the “Units”), the Company issued  9,200,000 Units (including 1,200,000 Units issued pursuant to the underwriters’ full exercise of their over-allotment option), each such Unit comprised of one share of Class A common stock of the Company, par value $0.0001 per share (“Common Stock”), one redeemable Public Warrant (as defined below) and one right to receive one-tenth of one share of Common Stock upon the consummation of a Business Combination (as defined below) (the “Right”), and, in connection therewith, the Company issued and delivered (i) 9,200,000 warrants (including 1,200,000 warrants issued pursuant to the underwriters’ full exercise of their over-allotment option) to public investors in the Offering (the “Public Warrants”) and (ii) 9,200,000 Rights (including 1,200,000 Rights issued pursuant to the underwriters’ full exercise of their over-allotment option) to public investors in the Offering; and
WHEREAS, the Company issued 138,000 shares of Class A Common Stock (including 18,000 shares of Class A Common Stock issued pursuant to the underwriters’ full exercise of their over-allotment option) to the representative or its designee, for nominal consideration (“Representative Shares”); and
WHEREAS, on May 10, 2022 the Company entered into that certain Private Placement Warrants Purchase Agreement with Monterrey Acquisition Sponsor, LLC, a Delaware limited liability company (the “Sponsor”), pursuant to which the Sponsor agreed to purchase an aggregate of 3,040,000 warrants (including 240,000 warrants issued pursuant to the underwriters’ full exercise of their over-allotment option) simultaneously with the closing of the Offering bearing the legend set forth in Exhibit B hereto (the “Private Placement Warrants”) at a purchase price of $1.00 per Private Placement Warrant; and
WHEREAS, in order to finance the Company’s transaction costs in connection with an intended initial Business Combination (as defined below), the Sponsor or an affiliate of the Sponsor or certain of the Company’s executive officers and directors may, but are not obligated to, loan to the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible into up to an additional 1,500,000 warrants at a price of $1.00 per warrant (the “Working Capital Warrants”); and
WHEREAS, following consummation of the Offering, the Company may issue additional warrants (“Post IPO Warrants”; together with the Private Placement Warrants, the Working
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Capital Warrants and the Public Warrants, the “Warrants”) in connection with, or following the consummation by the Company of, a Business Combination (defined below); and
WHEREAS, the Company has filed with the Securities and Exchange Commission (the “Commission”) a registration statement on Form S-1, File No. 333-264460 (the “Registration Statement”) and prospectus (the “Prospectus”), for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Units, the Public Warrants, the Rights, the Representative Shares and the Common Stock included in the Units; and
WHEREAS, each Warrant entitles the holder thereof to purchase one share of Common Stock, for $11.50 per share, subject to adjustment as described herein; and
WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and
WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and
WHEREAS, in connection with the Offering and pursuant to Section 9.9 of the Existing Warrant Agreement, the Company and the Warrant Agent now desire to amend and restate the Existing Warrant Agreement in its entirety in order to conform the provisions of the Existing Warrant Agreement to the description of the terms of the Private Placement Warrants set forth in the Prospectus; and
WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant Agent (if a physical certificate is issued), as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement.
NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:
1.Appointment of Warrant Agent.  The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.
2.Warrants.
2.1Form of Warrant.  Each Warrant shall be issued in registered form only, and, if a physical certificate is issued, shall be in substantially the form of Exhibit A hereto, the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board, President, Chief Executive Officer, Chief Financial Officer, Secretary or other principal officer of the Company.  In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which
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such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.
2.2Effect of Countersignature.  If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant certificate shall be invalid and of no effect and may not be exercised by the holder thereof.
2.3Registration.
2.3.1Warrant Register.  The Warrant Agent shall maintain books (the “Warrant Register”) for the registration of original issuance and the registration of transfer of the Warrants.  Upon the initial issuance of the Warrants in book entry from, the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company.  All of the Public Warrants shall initially be represented by one or more book-entry certificates (each, a “Book-Entry Warrant Certificate”) deposited with The Depository Trust Company (the “Depositary”) and registered in the name of Cede & Co., a nominee of the Depositary.  Ownership of beneficial interests in the Public Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) the Depositary or its nominee for each Book-Entry Warrant Certificate, or (ii) institutions that have accounts with the Depositary (each such institution, with respect to a Warrant in its account, a “Participant”).
If the Depositary subsequently ceases to make its book-entry settlement system available for the Public Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for book-entry settlement.  In the event that the Public Warrants are not eligible for, or it is no longer necessary to have the Public Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each Book-Entry Warrant Certificate, and the Company shall instruct the Warrant Agent to deliver to the Depositary definitive certificates in physical form evidencing such Warrants (“Definitive Warrant Certificate”).  Such Definitive Warrant Certificate shall be in the form annexed hereto as Exhibit A, with appropriate insertions, modifications and omissions, as provided above.
2.3.2Registered Holder.  Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on a Definitive Warrant Certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.
2.4Detachability of Warrants.  The Common Stock and Public Warrants comprising the Units shall begin separate trading on the 52nd day following the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks in New York City are generally open for normal business (a “Business Day”), then on the immediately succeeding Business Day following such date, or earlier (the
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“Detachment Date”) with the consent of EF Hutton, division of Benchmark Investments, LLC, as representative of the several underwriters (the “Representative”), but in no event shall the Common Stock and the Public Warrants comprising the Units be separately traded until (A) the Company has filed a current report on Form 8-K with the Commission containing an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Offering, including the proceeds received by the Company from the exercise by the underwriters of their right to purchase additional Units in the Offering (the “Over-Allotment Option”), if the Over-Allotment Option is exercised prior to the filing of the current report on Form 8-K, and (B) the Company issues a press release and files with the Commission a current report on Form 8-K announcing when such separate trading shall begin.
2.5No Fractional Warrants Other Than as Part of Units.  The Company shall not issue fractional Warrants other than as part of the Units, each of which is comprised of one share of Common Stock and one-half of one Public Warrant. If, upon the detachment of Public Warrants from Units or otherwise, a holder of Warrants would be entitled to receive a fractional Warrant, the Company shall round down to the nearest whole number the number of Warrants to be issued to such holder.
2.6Private Placement Warrants and Working Capital Warrants.  The Private Placement Warrants and the Working Capital Warrants shall be identical to the Public Warrants, except that so long as they are held by the Sponsor or any Permitted Transferees (as defined below), as applicable, the Private Placement Warrants and the Working Capital Warrants: may not be transferred, assigned or sold until after the completion by the Company of an initial Business Combination (as defined below); provided, however, during such period the Private Placement Warrants and the Working Capital Warrants and any shares of Common Stock held by the Sponsor or any of its Permitted Transferees, as applicable, and issued upon exercise of the Private Placement Warrants and the Working Capital Warrants may be transferred, assigned or sold by the holders thereof:
(a)to the Company’s officers or directors, any affiliate or family member of any of the Company’s officers or directors, any affiliate of the Sponsor or to any member(s) of the Sponsor or any of their affiliates, officers, directors and direct and indirect equityholders;
(b)in the case of an individual, by gift to a member such individual’s immediate family or to a trust, the beneficiary of which is a member of such individual’s immediate family, an affiliate of such individual or to a charitable organization;
(c)in the case of an individual, by virtue of the laws of descent and distribution upon death of such person;
(d)in the case of an individual, pursuant to a qualified domestic relations order;
(e)by private sales or transfers made in connection with the consummation of an initial Business Combination at prices no greater than the price at which the Warrants were originally purchased;
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(f)in the event of the Company’s liquidation prior to consummation of the Company’s Business Combination; or
(g)by virtue of the laws of the State of Delaware or the Sponsor’s limited liability company agreement upon dissolution of the Sponsor;
(h)in the event of the Company’s liquidation, merger, capital stock exchange, reorganization or other similar transaction which results in all of its stockholders having the right to exchange their shares of common stock for cash, securities or other property subsequent to the completion of the Company’s initial Business Combination (as defined below);
provided, however, that, in each case these permitted transferees (the “Permitted Transferees”) must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement.
2.7Working Capital Warrants.  The Working Capital Warrants shall be identical to the Private Placement Warrants.
2.8Post-IPO Warrants.  The Post-IPO Warrants, when and if issued, shall have the same terms and be in the same form as the Public Warrants.
3.Terms and Exercise of Warrants.
3.1Warrant Price.  Each Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1.  The term “Warrant Price” as used in this Agreement shall mean the price per share at which shares of Common Stock may be purchased at the time a Warrant is exercised.  The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business Days, provided, that the Company shall provide at least twenty (20) days prior written notice of such reduction to Registered Holders of the Warrants and, provided further that any such reduction shall be identical among all of the Warrants.
3.2Duration of Warrants.  A Warrant may be exercised only during the period (the “Exercise Period”) commencing on the later of: (i) the date that the Company completes a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving the Company and one or more businesses (a “Business Combination”), or (ii) the date that is twelve (12) months from the date of the closing of the Offering, and terminating at 5:00 p.m., New York City time on the earlier to occur of: (x) the date that is five (5) years after the date on which the Company completes its initial Business Combination, (y) the liquidation of the Company if the Company fails to complete a Business Combination, or (z) 5:00 p.m., New York City time on the Redemption Date (as defined below) as provided in Section 6.2 hereof (the “Expiration Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below with respect to an effective registration statement or a valid exemption therefrom being available.  Except with respect to the right to receive the Redemption Price (as
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defined below) in the event of a redemption (as set forth in Section 6 hereof), each outstanding Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date.  The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, that the Company shall provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants and, provided further that any such extension shall be identical in duration among all the Warrants.
3.3Exercise of Warrants.
3.3.1Payment.  Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the Registered Holder thereof by delivering to the Warrant Agent at its corporate trust department (i) the Definitive Warrant Certificate evidencing the Warrants to be exercised, or, in the case of a Book-Entry Warrant Certificate, the Warrants to be exercised (the “Book-Entry Warrants”) on the records of the Depositary to an account of the Warrant Agent at the Depositary designated for such purposes in writing by the Warrant Agent to the Depositary from time to time, (ii) an election to purchase (“Election to Purchase”) shares of Common Stock pursuant to the exercise of a Warrant, properly completed and executed by the Registered Holder on the reverse of the Definitive Warrant Certificate or, in the case of a Book-Entry Warrant Certificate, properly delivered by the Participant in accordance with the Depositary’s procedures, and (iii) payment in full of the Warrant Price for each full share of Common Stock as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the shares of Common Stock and the issuance of such shares of Common Stock, as follows:
(a)in lawful money of the United States, by good certified check or wire payable to the Warrant Agent;
(b)in the event of a redemption pursuant to Section 6 hereof in which the Company’s board of directors (the “Board”) has elected to require all holders of the Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the difference between the Warrant Price and the “Fair Market Value”, as defined in this subsection 3.3.1(b) by (y) the Fair Market Value.  Solely for purposes of this subsection 3.3.1(b) and Section 6.3, the “Fair Market Value” shall mean the average last reported sale price of the Common Stock for the ten (10) trading days ending on the third day prior to the date on which the notice of redemption is sent to the holders of the Warrants, pursuant to Section 6 hereof;
(c)Intentionally Omitted; or
(d)on a cashless basis, as provided in Section 7.4 hereof.
3.3.2Issuance of Shares of Common Stock on Exercise.  As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder of such Warrant a book-entry position or certificate, as applicable, for the
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number of full shares of Common Stock to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new book-entry position or countersigned Warrant, as applicable, for the number of shares of Common Stock as to which such Warrant shall not have been exercised.  If fewer than all the Warrants evidenced by a Book-Entry Warrant Certificate are exercised, a notation shall be made to the records maintained by the Depositary, its nominee for each Book-Entry Warrant Certificate, or a Participant, as appropriate, evidencing the balance of the Warrants remaining after such exercise.  Notwithstanding the foregoing, the Company shall not be obligated to deliver any shares of Common Stock pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under the Securities Act with respect to the shares of Common Stock underlying the Warrants is then effective and a prospectus relating thereto is current, subject to the Company’s satisfying its obligations under Section 7.4 or a valid exemption from registration is available.  No Warrant shall be exercisable and the Company shall not be obligated to issue shares of Common Stock upon exercise of a Warrant unless the Common Stock issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt from registration or qualification under the securities laws of the state of residence of the Registered Holder of the Warrants, except pursuant to Section 7.4.  In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant and such Warrant may have no value and expire worthless, in which case the purchaser of a Unit containing such Warrants shall have paid the full purchase price for the Unit solely for the shares of Common Stock underlying such Unit.  In no event will the Company be required to net cash settle the Warrant exercise.  The Company may require holders of Warrants to settle the Warrant on a “cashless basis” pursuant to subsection 3.3.1(b) and Section 7.4.  If, by reason of any exercise of Warrants on a “cashless basis”, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share of Common Stock, the Company shall round down to the nearest whole number, the number of shares of Common Stock to be issued to such holder.
3.3.3Valid Issuance.  All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully paid and non-assessable.
3.3.4Date of Issuance.  Each person in whose name any book-entry position or certificate, as applicable, for shares of Common Stock is issued shall for all purposes be deemed to have become the holder of record of such shares of Common Stock on the date on which the Warrant, or book-entry position representing such Warrant, was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate in the case of a certificated Warrant, except that, if the date of such surrender and payment is a date when the share transfer books of the Company or book-entry system of the Warrant Agent are closed, such person shall be deemed to have become the holder of such shares of Common Stock at the close of business on the next succeeding date on which the share transfer books or book-entry system are open.
3.3.5Maximum Percentage.  A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election.  If the election is made by a holder, the Warrant Agent shall not effect the
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exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder may specify)(the “Maximum Percentage”) of the shares of Common Stock outstanding immediately after giving effect to such exercise.  For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by such person and its affiliates shall include the number of shares of Common Stock issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein.  Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  For purposes of the Warrant, in determining the number of outstanding shares of Common Stock, the holder may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing with the Commission as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  For any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of equity securities of the Company by the holder and its affiliates since the date as of which such number of outstanding shares of Common Stock was reported.  By written notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other percentage specified in such notice; provided, however, that any such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company.
4.Adjustments.
4.1Stock Dividends.
4.1.1Split-Ups.  If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in the outstanding shares of Common Stock.  A rights offering to holders of the Common Stock entitling holders to purchase shares of Common Stock at a price less than the “Fair Market Value” (as defined below) shall be deemed a stock dividend of a number of shares of Common Stock equal to the product of (i) the number of shares of Common Stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for the Common Stock) and (ii) one (1)
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minus the quotient of (x) the price per share of Common Stock paid in such rights offering divided by (y) the Fair Market Value.  For purposes of this subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Common Stock, in determining the price payable for Common Stock, there shall be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Fair Market Value” means the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.
4.1.2Extraordinary Dividends.  If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities or other assets to the holders of the Common Stock on account of such shares of Common Stock (or other shares of the Company’s capital stock into which the Warrants are convertible), other than (a) as described in subsection 4.1.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of the Common Stock in connection with a proposed initial Business Combination, (d) as a result of the repurchase of shares of Common Stock by the Company if a proposed Business Combination is presented to the stockholders of the Company for approval, (e) to satisfy the redemption rights of the holders of Common Stock in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of the public shares of Common Stock if the Company does not complete the Business Combination within the period set forth in the Company’s amended and restated certificate of incorporation or (f) in connection with the redemption of public shares of Common Stock upon the failure of the Company to complete its initial Business Combination and any subsequent distribution of its assets upon its liquidation (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Board, in good faith) of any securities or other assets paid on each share of Common Stock in respect of such Extraordinary Dividend.  For purposes of this subsection 4.1.2, “Ordinary Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis, with the per share amounts of all other cash dividends and cash distributions paid on the Common Stock during the 365-day period ending on the date of declaration of such dividend or distribution (as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of shares of Common Stock issuable on exercise of each Warrant) does not exceed $0.50 (being 5% of the offering price of the Units in the Offering).
4.2Aggregation of Shares.  If after the date hereof, and subject to the provisions of Section 4.6 hereof, the number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock.
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4.3Adjustments in Exercise Price.
4.3.1Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in subsection 4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter.
4.3.2If (i) the Company issues additional shares of Common Stock or securities convertible into or exercisable or exchangeable for shares of Common Stock for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Common Stock, with such issue price or effective issue price to be determined in good faith by the Board (and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any founder shares held by such holder or affiliates, as applicable, prior to such issuance) (the “New Issuance Price”), (ii) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation thereof (net of redemptions) and (iii) the volume weighted average trading price of the Common Stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the New Issuance Price and the Redemption Trigger Price (as defined below) shall be adjusted to equal to 180% of the higher of the Market Value and the Newly Issued Price.
4.4Replacement of Securities upon Reorganization, etc.  In case of any reclassification or reorganization of the issued and outstanding shares of Common Stock (other than a change under subsections 4.1.1 or 4.1.2 or Section 4.2 hereof or that solely affects the par value of such shares of Common Stock), or in the case of any merger or consolidation of the Company with or into another entity or conversion of the Company as another entity (other than a consolidation or merger in which the Company is the continuing corporation and is not a subsidiary of any entity whose shareholders did not own all or substantially all of the Common Stock in substantially the same proportions immediately prior to such transaction and that does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is liquidated or dissolved, the holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior to such event.  If any reclassification or reorganization also results in a change in shares of Common Stock covered by Section 4.1 or 4.2, then such adjustment shall be made pursuant to
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Section 4.1, Section 4.2, Section 4.3, and this Section 4.4.  The provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.  In no event will the Warrant Price be reduced to less than the par value per share issuable upon exercise of the Warrant.
4.5Notices of Changes in Warrant.  Upon every adjustment of the Warrant Price or the number of shares of Common Stock issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number of shares of Common Stock purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based.  Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4, the Company shall give written notice of the occurrence of such event to each holder of a Warrant, at the last address set forth for such holder in the Warrant Register, of the record date or the effective date of the event.  Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.
4.6No Fractional Shares.  Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional shares of Common Stock upon the exercise of Warrants.  If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round down to the nearest whole number the number of shares of Common Stock to be issued to such holder.
4.7Form of Warrant.  The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares of Common Stock as is stated in the Warrants initially issued pursuant to this Agreement; provided, however, that the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.
4.8Other Events.  In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment, provided, however, that under no circumstances shall the Warrants be adjusted pursuant to this Section 4.8 as a result of any issuance of securities in connection with the Business Combination.  The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.  For the avoidance of doubt, all adjustments made pursuant to this Section 4.8 shall be made equally to all outstanding Warrants.
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4.9No Adjustment.  For the avoidance of doubt, no adjustment shall be made to the terms of the Warrants solely as a result of an adjustment to the conversion ratio of the Company’s Class B common stock (the “Class B Common Stock”) into shares of Common Stock or the conversion of the shares of Class B Common Stock into shares of Common Stock, in each case, pursuant to the Company’s Charter, as amended from time to time.
5.Transfer and Exchange of Warrants.
5.1Registration of Transfer.  The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register, upon surrender of such Warrant for transfer, in the case of certificated Warrants, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer.  Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent.  In the case of certificated Warrants, the Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request.
5.2Procedure for Surrender of Warrants.  Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that except as otherwise provided herein or in any Book-Entry Warrant Certificate or Definitive Warrant Certificate, each Book-Entry Warrant Certificate and Definitive Warrant Certificate may be transferred only in whole and only to the Depositary, to another nominee of the Depositary, to a successor depository, or to a nominee of a successor depository; provided further, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Private Placement Warrants and the Working Capital Warrants), the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.
5.3Fractional Warrants.  The Warrant Agent shall not be required to effect any registration of transfer or exchange which shall result in the issuance of a warrant certificate or book-entry position for a fraction of a warrant.
5.4Service Charges.  No service charge shall be made for any exchange or registration of transfer of Warrants.
5.5Warrant Execution and Countersignature.  The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.
5.6Transfer of Warrants.  Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the Unit in which such Warrant is included,
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and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit.  Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants included in such Unit.  Notwithstanding the foregoing, the provisions of this Section 5.6 shall have no effect on any transfer of Warrants on and after the Detachment Date.
6.Redemption.
6.1Redemption.  Not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.2 below, at the price of $0.01 per Warrant (the “Redemption Price”), provided that the last sales price of the Common Stock reported has been at least $18.00 per share (subject to adjustment in compliance with Section 4 hereof) (the “Redemption Trigger Price”), on each of twenty (20) trading days within the thirty (30) trading-day period ending on the third day prior to the date on which notice of the redemption is given and provided that there is an effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day Redemption Period (as defined in Section 6.2 below) unless the Company has elected to require the exercise of the Warrants on a “cashless basis” pursuant to subsection 3.3.1; provided, however, that if and when the Warrants become redeemable by the Company, the Company may not exercise such redemption right if the issuance of shares of Common Stock upon exercise of the Warrants is not exempt from registration or qualification under applicable state blue sky laws or the Company is unable to effect such registration or qualification.
6.2Date Fixed for, and Notice of, Redemption.  In the event that the Company elects to redeem all of the Warrants, the Company shall fix a date for the redemption (the “Redemption Date”).  Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date (the “30-day Redemption Period”) to the Registered Holders of the Warrants to be redeemed at their last addresses as they shall appear on the registration books.  Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Registered Holder received such notice.
6.3Exercise After Notice of Redemption.  The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with subsection 3.3.1(b) of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior to the Redemption Date.  In the event that the Company determines to require all holders of Warrants to exercise their Warrants on a “cashless basis” pursuant to subsection 3.3.1, the notice of redemption shall contain the information necessary to calculate the number of shares of Common Stock to be received upon exercise of the Warrants, including the “Fair Market Value” (as such term is defined in subsection 3.3.1(b) hereof) in such case.  On and after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price.
7.Other Provisions Relating to Rights of Holders of Warrants.
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7.1No Rights as Stockholder.  A Warrant does not entitle the Registered Holder thereof to any of the rights of a stockholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors of the Company or any other matter.
7.2Lost, Stolen, Mutilated, or Destroyed Warrants.  If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed.  Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.
7.3Reservation of Common Stock.  The Company shall at all times reserve and keep available a number of its authorized but unissued shares of Common Stock that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.
7.4Registration of Common Stock; Cashless Exercise at Company’s Option.
7.4.1Registration of the Common Stock.  The Company agrees that as soon as practicable, but in no event later than fifteen (15) Business Days after the closing of its initial Business Combination, it shall use its best efforts to file with the Commission a registration statement for the registration, under the Securities Act, of the shares of Common Stock issuable upon exercise of the Warrants.  The Company shall use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the Warrants in accordance with the provisions of this Agreement.  If any such registration statement has not been declared effective by the 60th Business Day following the closing of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the 61st Business Day after the closing of the Business Combination and ending upon such registration statement being declared effective by the Commission, and during any other period when the Company shall fail to have maintained an effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,” by exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities Act (or any successor rule) or another exemption) for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the difference between the Warrant Price and the “Fair Market Value” (as defined below) by (y) the Fair Market Value.  Solely for purposes of this subsection 7.4.1, “Fair Market Value” shall mean the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the third day prior to the date that notice of exercise is received by the Warrant Agent from the holder of such Warrants or its securities broker or intermediary.  The date that notice of cashless exercise is received by the Warrant Agent shall be conclusively determined by the Warrant Agent.  In connection with the “cashless exercise” of a Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience) stating that (i) the exercise of the
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Warrants on a cashless basis in accordance with this subsection 7.4.1 is not required to be registered under the Securities Act and (ii) the shares of Common Stock issued upon such exercise shall be freely tradable under United States federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act (or any successor statute)) of the Company and, accordingly, shall not be required to bear a restrictive legend.  Except as provided in subsection 7.4.2, for the avoidance of any doubt, unless and until all of the Warrants have been exercised or have expired, the Company shall continue to be obligated to comply with its registration obligations under the first three sentences of this subsection 7.4.1.
7.4.2Cashless Exercise at Company’s Option.  If the Common Stock is at the time of any exercise of a Warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act (or any successor statute), the Company may, at its option, (i) require holders of Warrants who exercise Warrants to exercise such Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act (or any successor statute) as described in subsection 7.4.1 and (ii) in the event the Company so elects, the Company shall not be required to file or maintain in effect a registration statement for the registration, under the Securities Act, of the Common Stock issuable upon exercise of the Warrants, notwithstanding anything in this Agreement to the contrary.  If the Company does not elect at the time of exercise to require a holder of Warrants who exercises Warrants to exercise such Warrants on a “cashless basis,” it agrees to use its best efforts to register or qualify for sale the Common Stock issuable upon exercise of the Warrant under the blue sky laws of the state of residence of the exercising Warrant holder to the extent an exemption is not available.
8.Concerning the Warrant Agent and Other Matters.
8.1Payment of Taxes.  The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of the Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares of Common Stock.
8.2Resignation, Consolidation, or Merger of Warrant Agent.
8.2.1Appointment of Successor Warrant Agent.  The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company.  If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent.  If the Company shall fail to make such appointment within a period of thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of a Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost.  Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and
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authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority.  After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.
8.2.2Notice of Successor Warrant Agent.  In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and the Transfer Agent for the Common Stock not later than the effective date of any such appointment.
8.2.3Merger or Consolidation of Warrant Agent.  Any corporation into which the Warrant Agent may be merged or with which it may be consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement without any further act.
8.3Fees and Expenses of Warrant Agent.
8.3.1Remuneration.  The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and shall, pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all reasonable and documented third party expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.
8.3.2Further Assurances.  The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Agreement.
8.4Liability of Warrant Agent.
8.4.1Reliance on Company Statement.  Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement signed by the Chief Executive Officer, Chief Financial Officer, President, Secretary, Assistant Secretary, Executive Vice President, Vice President, Secretary or Chairman of the Board of the Company and delivered to the Warrant Agent.  The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.
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8.4.2Indemnity.  The Warrant Agent shall be liable hereunder only for its own fraud, gross negligence, willful misconduct, bad faith, or breach of this Agreement.  The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except for any amounts arising out of, in connection with or resulting from the Warrant Agent’s fraud, gross negligence, willful misconduct, bad faith, or breach of this Agreement.
8.4.3Exclusions.  The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution of any Warrant (except its countersignature thereof).  The Warrant Agent shall not be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant.  The Warrant Agent shall not be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant or as to whether any shares of Common Stock shall, when issued, be valid and fully paid and non-assessable.
8.5Acceptance of Agency.  The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of shares of Common Stock through the exercise of the Warrants.
8.6Waiver.  The Warrant Agent has no right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between the Company and the Warrant Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.  The Warrant Agent hereby irrevocably waives any and all Claims against the Trust Account, including any monies therein or any distribution therefrom and any and all rights to seek access to the Trust Account.
9.Miscellaneous Provisions.
9.1Successors.  All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns.
9.2Notices.  Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery, one business day after delivery to an overnight courier servicer, or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, in each case addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows:
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Monterey Capital Acquisition Corporation
419 Webster Street
Monterey, California 93940
Attention:  Bala Padmakumar
With copy to:
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
One Financial Center
Boston, MA 02111
Attention:  Thomas R. Burton, III, Esq.
Any notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery, one business day after delivery to an overnight courier servicer, or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, in each case addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows:
Continental Stock Transfer & Trust Company
1 State Street, 30th Floor
New York, NY 10004
Attention:  Compliance Department
9.3Applicable Law and Exclusive Forum.  The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.  The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive forum for any such action, proceeding or claim.  The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.  Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum.
Any person or entity purchasing or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have consented to the forum provisions in this Section 9.3.  If any action, the subject matter of which is within the scope the forum provisions above, is filed in a court other than a court located within the State of New York or the United States District Court for the Southern District of New York (a “foreign action”) in the name of any warrant holder, such warrant holder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located within the State of New York or the United States District Court for the Southern District of New York in connection with any action brought in any such court to enforce the forum provisions (an “enforcement action”), and (y) having service of process made upon
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such warrant holder in any such enforcement action by service upon such warrant holder’s counsel in the foreign action as agent for such warrant holder.
9.4Persons Having Rights under this Agreement.  Nothing in this Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto and the Registered Holders of the Warrants and, for purposes of Sections 7.4, 9.4 and 9.9, the Representatives, any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof.  All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and, for purposes of Sections 7.4, 9.4 and 9.9, the Representatives, and their successors and assigns and of the Registered Holders of the Warrants.
9.5Examination of the Warrant Agreement.  A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant.  The Warrant Agent may require any such holder to submit such holder’s Warrant for inspection by the Warrant Agent.
9.6No Waiver of Rights, Powers and Remedies.  No failure or delay by a party hereto in exercising any right, power or remedy under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party.  No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the exercise of any other right, power or remedy hereunder.  The election of any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies.  No notice to or demand on a party not expressly required under this Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in any circumstances without such notice or demand.
9.7Counterparts.  This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.  In the event that any signature is delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.
9.8Effect of Headings.  The section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof.
9.9Amendments.  This Agreement may be amended by the parties hereto without the consent of any Registered Holder (i) for the purpose of curing any ambiguity, or curing, correcting or supplementing any mistake including to conform the provisions of this Agreement to the description of the terms of the Warrants and this Agreement set forth in the Prospectus or any defective provision contained herein or (ii) for the purpose of adding or changing any other
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provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the Registered Holders.  All other modifications or amendments, including, for the avoidance of doubt, any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the vote or written consent of the Registered Holders of a majority of the then outstanding Warrants.  Notwithstanding anything to the contrary herein, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered Holders.
9.10Severability.  This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof.  Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.
[Signature Page Follows]
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.
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	MONTEREY CAPITAL ACQUISITION CORPORATION

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	By:
	/s/ Bala Padmakumar

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	Name:
	Bala Padmakumar

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	Title:
	Chief Executive Officer

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	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent

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	By:
	/s/ Steven Vacante

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	Name:
	Steven Vacante

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	Title:
	Vice President

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[Signature Page to Warrant Agreement]

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EXHIBIT A
[Form of Warrant Certificate]
[FACE]
Number
Warrants
THIS WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO
THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR
IN THE WARRANT AGREEMENT DESCRIBED BELOW
MONTEREY CAPITAL ACQUISITION CORPORATION
Incorporated Under the Laws of the State of Delaware
CUSIP [        ]
Warrant Certificate
This Warrant Certificate certifies that              , or registered assigns, is the registered holder of warrant(s) evidenced hereby (the “Warrants” and each, a “Warrant”) to purchase shares of Class A common stock, $0.0001 par value per share (“Common Stock”), of Monterey Capital Acquisition Corporation, a Delaware corporation (the “Company”).  Each Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from the Company that number of fully paid and non-assessable shares of Common Stock as set forth below, at the exercise price (the “Exercise Price”) as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise” as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement.  Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.
Each Warrant is initially exercisable for one fully paid and non-assessable share of Common Stock.  No fractional shares will be issued upon exercise of any Warrant.  If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in a share of Common Stock, the Company will, upon exercise, round down to the nearest whole number the number of shares of Common Stock to be issued to the Warrant holder.  The number of shares of Common Stock issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement.
The initial Exercise Price per share of Common Stock for any Warrant is equal to $11.50 per whole share.  The Exercise Price is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement.
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Exhibit A-1

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Subject to the conditions set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the end of such Exercise Period, such Warrants shall become void.
Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have the same effect as though fully set forth at this place.
This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.
This Warrant Certificate shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to conflicts of laws principles thereof.
[Signature Page Follows]
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Exhibit A-2

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	MONTEREY CAPITAL ACQUISITION CORPORATION

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	By:
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	Name:
	Bala Padmakumar

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	Title:
	Chief Executive Officer

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	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent

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	By:
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	Name:
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	Title:
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Exhibit A-3

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[Form of Warrant Certificate]
[Reverse]
The Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive shares of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of ___________, 2022 (the “Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder” meaning the Registered Holders or Registered Holder, respectively) of the Warrants.  A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company.  Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.
Warrants may be exercised at any time during the Exercise Period set forth in the Warrant Agreement.  The holder of Warrants evidenced by this Warrant Certificate may exercise them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon properly completed and executed, together with payment of the Exercise Price as specified in the Warrant Agreement (or through “cashless exercise” as provided for in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent.  In the event that upon any exercise of Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number of Warrants not exercised.
Notwithstanding anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration statement covering the shares of Common Stock to be issued upon exercise is effective under the Securities Act and (ii) a prospectus thereunder relating to the shares of Common Stock is current, except through “cashless exercise” as provided for in the Warrant Agreement.
The Warrant Agreement provides that upon the occurrence of certain events the number of shares of Common Stock issuable upon exercise of the Warrants set forth on the face hereof may, subject to certain conditions, be adjusted.  If, upon exercise of a Warrant, the holder thereof would be entitled to receive a fractional interest in a share of Common Stock, the Company shall, upon exercise, round down to the nearest whole number of shares of Common Stock to be issued to the holder of the Warrant.
Warrant Certificates, when surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing in the aggregate a like number of Warrants.
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Exhibit A-4

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Upon due presentation for registration of transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed in connection therewith.
The Company and the Warrant Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.  Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder of the Company.
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Exhibit A-5

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Election to Purchase
(To Be Executed Upon Exercise of Warrant)
The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive ______________ shares of Common Stock and herewith tenders payment for such shares of Common Stock to the order of Monterey Capital Acquisition Corporation (the “Company”) in the amount of $______________ in accordance with the terms hereof.  The undersigned requests that a certificate for such shares of Common Stock be registered in the name of ______________, whose address is______________ and that such shares of Common Stock be delivered to ______________ whose address is ______________.  If said number of shares of Common Stock is less than all of the shares of Common Stock purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares of Common Stock be registered in the name of ______________, whose address is ______________ and that such Warrant Certificate be delivered to ______________, whose address is ______________.
In the event that the Warrant has been called for redemption by the Company pursuant to Section 6 of the Warrant Agreement and the Company has required cashless exercise pursuant to Section 6.3 of the Warrant Agreement, the number of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(b) and Section 6.3 of the Warrant Agreement.
In the event that the Warrant is to be exercised on a “cashless” basis pursuant to Section 7.4 of the Warrant Agreement, the number of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the Warrant Agreement.
In the event that the Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of shares of Common Stock that this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement which allows for such cashless exercise and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive shares of Common Stock.  If said number of shares of Common Stock is less than all of the shares of Common Stock purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares of Common Stock be registered in the name of ______________, whose address is ______________and that such Warrant Certificate be delivered to ______________, whose address is ______________.
[Signature Page Follows]
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Exhibit A-6

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	Date:
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	, 2022
	    
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	(Signature)

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	(Address)

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	(Tax Identification Number)

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	Signature Guaranteed:
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THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 (OR ANY SUCCESSOR RULE)).
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Exhibit A-7

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EXHIBIT B
LEGEND
“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE.  IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG MONTEREY CAPITAL ACQUISITION CORPORATION (THE “COMPANY”), MONTERREY ACQUISITION SPONSOR, LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.
SECURITIES EVIDENCED BY THIS CERTIFICATE AND SHARES OF CLASS A COMMON STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.”

Exhibit B-1Exhibit 10.1

 

EXECUTION VERSION

 

Published CUSIP Number: 42250UAC6

Term A-1 Facility CUSIP Number: 42250UAD4

Term A-2 Facility CUSIP Number: 42250UAE2

 

 

TERM LOAN AGREEMENT

 

Dated as of August 22, 2022

 

among

 

HEALTHPEAK PROPERTIES, INC.,

as Borrower,

 

THE LENDERS PARTY HERETO FROM TIME TO TIME,

 

BANK OF AMERICA, N.A.,

as Administrative Agent,

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

PNC BANK, NATIONAL ASSOCIATION,

THE BANK OF NOVA SCOTIA, and

TRUIST BANK,

as Co-Syndication Agents,

 

and

 

MIZUHO BANK, LTD,

REGIONS BANK, and

TORONTO-DOMINION BANK,

as Co-Documentation Agents

 

 

BOFA SECURITIES, INC., and

WELLS FARGO SECURITIES, LLC,

as Joint Bookrunners,

 

and

 

BOFA SECURITIES, INC.,

WELLS FARGO SECURITIES, LLC,

PNC CAPITAL MARKETS LLC,

THE BANK OF NOVA SCOTIA, and

TRUIST SECURITIES, INC.,

as Joint Lead Arrangers

 

Sidley Austin LLP

One South Dearborn

Chicago, Illinois 60603

 

    

     

    

 

TABLE OF CONTENTS

 	Section	Page
	 	 
	ARTICLE I DEFINITIONS AND ACCOUNTING
    TERMS	1
	 	1.01	Defined Terms	1
	 	1.02	Other Interpretive Provisions	32
	 	1.03	Accounting Terms	33
	 	1.04	Rounding	33
	 	1.05	[Reserved]	33
	 	1.06	[Reserved]	33
	 	1.07	Interest Rates	33
	 	1.08	Times of Day	34
	 	 	 	 
	ARTICLE II THE COMMITMENTS AND
    CREDIT EXTENSIONS	34
	 	2.01	Committed Loans	34
	 	2.02	Committed Borrowings and Conversions and Continuations
    of Loans	34
	 	2.03	[Reserved]	36
	 	2.04	[Reserved]	36
	 	2.05	[Reserved]	36
	 	2.06	Prepayments	36
	 	2.07	Termination or Reduction of Commitments	36
	 	2.08	Repayment	37
	 	2.09	Interest	37
	 	2.10	Fees	38
	 	2.11	Computation of Interest and Fees	39
	 	2.12	Evidence of Debt	39
	 	2.13	Payments Generally; Administrative Agent’s
    Clawback	39
	 	2.14	Sharing of Payments by Lenders	41
	 	2.15	Extension of Term A-2 Maturity Date	41
	 	2.16	Incremental Term Loans	42
	 	2.17	[Reserved]	45
	 	2.18	Defaulting Lenders	45
	 	 	 	 
	ARTICLE III TAXES, YIELD PROTECTION
    AND ILLEGALITY	46
	 	3.01	Taxes	46
	 	3.02	Illegality	50
	 	3.03	Inability to Determine Rates	50
	 	3.04	Increased Costs	52
	 	3.05	Compensation for Losses	54
	 	3.06	Mitigation Obligations; Replacement of Lenders	54
	 	3.07	Survival	55
	 	 	 	 
	ARTICLE IV CONDITIONS PRECEDENT
    TO CREDIT EXTENSIONS	55
	 	4.01	Conditions to Effectiveness of this Agreement	55
	 	4.02	Conditions to All Credit Extensions after the Closing
    Date	57
	 	 	 	 
	ARTICLE V REPRESENTATIONS AND WARRANTIES	58
	 	5.01	Existence, Qualification and Power	58
	 	5.02	Authorization; No Contravention	58
	 	5.03	Governmental Authorization; Other Consents	58
	 	5.04	Binding Effect	58
	 	5.05	Financial Statements; No Material Adverse Effect	59

 

    i

     

    

 

	 	5.06	Litigation	59
	 	5.07	No Default	59
	 	5.08	Ownership of Property and Valid Leasehold Interests;
    Liens	59
	 	5.09	Environmental Compliance	60
	 	5.10	Insurance	60
	 	5.11	Taxes	60
	 	5.12	ERISA Compliance	60
	 	5.13	Margin Regulations; Investment Company Act; REIT
    Status	61
	 	5.14	Disclosure	61
	 	5.15	Compliance with Laws	62
	 	5.16	Intellectual Property; Licenses, Etc.	62
	 	5.17	Use of Proceeds	62
	 	5.18	Taxpayer Identification Number	62
	 	5.19	Sanctions	62
	 	5.20	Affected Financial Institution	62
	 	5.21	Anti-Corruption Laws	63
	 	5.22	Solvency	63
	 	 	 	 
	ARTICLE VI AFFIRMATIVE COVENANTS	63
	 	6.01	Financial Statements	63
	 	6.02	Certificates; Other Information	64
	 	6.03	Notices	66
	 	6.04	Payment of Taxes	66
	 	6.05	Preservation of Existence, Etc.	66
	 	6.06	Maintenance of Properties	67
	 	6.07	Maintenance of Insurance	67
	 	6.08	Compliance with Laws	67
	 	6.09	Books and Records	67
	 	6.10	Inspection Rights	67
	 	6.11	Use of Proceeds	68
	 	6.12	REIT Status	68
	 	6.13	Employee Benefits	68
	 	6.14	Anti-Corruption Laws	68
	 	 	 	 
	ARTICLE VII NEGATIVE COVENANTS	68
	 	7.01	Liens	68
	 	7.02	Investments	70
	 	7.03	Indebtedness	70
	 	7.04	Fundamental Changes	70
	 	7.05	Dispositions	71
	 	7.06	Restricted Payments	71
	 	7.07	Change in Nature of Business	71
	 	7.08	Transactions with Affiliates	71
	 	7.09	Burdensome Agreements	72
	 	7.10	Financial Covenants	72
	 	7.11	Sanctions	73
	 	7.12	Anti-Corruption Laws	73
	 	 	 	 
	ARTICLE VIII EVENTS OF DEFAULT
    AND REMEDIES	73
	 	8.01	Events of Default	73
	 	8.02	Remedies Upon Event of Default	76
	 	8.03	Application of Funds	76

 

    ii

     

    

 

	ARTICLE IX ADMINISTRATIVE AGENT	77
	 	9.01	Appointment and Authority	77
	 	9.02	Rights as a Lender	77
	 	9.03	Exculpatory Provisions	77
	 	9.04	Reliance by Administrative Agent	78
	 	9.05	Delegation of Duties	78
	 	9.06	Resignation of Administrative Agent	79
	 	9.07	Non-Reliance on Administrative Agent and Other Lenders	79
	 	9.08	No Other Duties, Etc.	79
	 	9.09	Administrative Agent May File Proofs of Claim	80
	 	9.10	Recovery of Erroneous Payments	80
	 	 	 	 
	ARTICLE X MISCELLANEOUS	81
	 	10.01	Amendments, Etc.	81
	 	10.02	Notices; Effectiveness; Electronic Communication	84
	 	10.03	No Waiver; Cumulative Remedies	85
	 	10.04	Expenses; Indemnity; Damage Waiver	86
	 	10.05	Payments Set Aside	88
	 	10.06	Successors and Assigns	88
	 	10.07	Treatment of Certain Information; Confidentiality	92
	 	10.08	Right of Setoff	93
	 	10.09	Interest Rate Limitation	93
	 	10.10	Counterparts; Integration; Effectiveness	94
	 	10.11	Survival of Representations and Warranties	94
	 	10.12	Severability	94
	 	10.13	Replacement of Lenders	95
	 	10.14	Governing Law; Jurisdiction; Etc.	95
	 	10.15	Waiver of Jury Trial	96
	 	10.16	No Advisory or Fiduciary Responsibility	96
	 	10.17	USA Patriot Act and Beneficial Ownership Regulation
    Notice	97
	 	10.18	Delivery of Signature Page	97
	 	10.19	Judgment Currency	97
	 	10.20	Acknowledgement and Consent to Bail-In of Affected
    Financial Institutions	98
	 	10.21	Electronic Execution of Assignments and Certain
    Other Documents	98
	 	10.22	[Reserved]	98
	 	10.23	Lender Representations	99
	 	10.24	Acknowledgement Regarding Any Supported QFCs	100
	 	10.25	Cashless Settlement	100

 

    iii

     

    

 

	SCHEDULES
	 
	2.01	Commitments and
    Applicable Percentages
	7.09	Burdensome Agreements
	10.02	Administrative Agent’s Office; Certain Addresses for Notices
	 
	EXHIBITS
	 
	 	Form of
	 
	A	Committed Loan Notice
	B	[Reserved]
	C	[Reserved]
	D-1	Term A-1 Note
	D-2	Term A-2 Note
	E	Compliance Certificate
	F	Assignment and Assumption
	G	Sustainability Metric Annual Certificate

 

    iv

     

    

 

TERM LOAN AGREEMENT

 

This TERM LOAN AGREEMENT,
dated as of August 22, 2022 (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”),
among HEALTHPEAK PROPERTIES, INC., a Maryland corporation (the “Borrower”), the lending institutions party hereto
from time to time (each, a “Lender” and collectively, the “Lenders”), BANK OF AMERICA, N.A., as
Administrative Agent, WELLS FARGO BANK, NATIONAL ASSOCIATION, PNC BANK, NATIONAL ASSOCIATION, THE BANK OF NOVA SCOTIA, and TRUIST BANK,
as Co-Syndication Agents, and MIZUHO BANK, LTD, REGIONS BANK AND TORONTO-DOMINION BANK, as Co-Documentation Agents.

 

WHEREAS, the Borrower has
requested that the Lenders provide two delayed-draw term loan facilities pursuant to the terms of this Agreement, and the Lenders are
willing to do so on the terms and conditions set forth herein.

 

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

 

ARTICLE I

 

DEFINITIONS AND ACCOUNTING TERMS

 

1.01        Defined
Terms.

 

As used in this Agreement, the following terms
shall have the meanings set forth below:

 

“2021 Credit Agreement”
means that certain Second Amended and Restated Credit Agreement, dated as of September 20, 2021, among the Borrower, Bank of America,
N.A., as administrative agent, L/C issuer and alternative currency fronting lender, and the lenders and other agents party thereto.

 

“Administrative
Agent” means Bank of America in its capacity as administrative agent under any of the Loan Documents, or any successor administrative
agent.

 

“Administrative
Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 10.02,
or such other address or account as the Administrative Agent may from time to time notify to the Borrower and the Lenders.

 

“Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 

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

 

“Affiliate”
means, with respect to any 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.

 

“Agent Parties”
has the meaning specified in Section 10.02(c).

 

    

     

    

 

“Agents”
means the Administrative Agent, the Arrangers, the Co-Syndication Agents and the Co-Documentation Agents.

 

“Aggregate Commitments”
means, at any date of determination, the sum of the Aggregate Term A-1 Commitments and the Aggregate Term A-2 Commitments on such date.

 

“Aggregate Term
A-1 Commitments” means the Term A-1 Commitments of all Term A-1 Lenders, which as of the Closing Date are $250,000,000, which
may be increased pursuant to Section 2.16 or decreased pursuant to Section 2.07.

 

“Aggregate Term
A-2 Commitments” means the Term A-2 Commitments of all Term A-2 Lenders, which as of the Closing Date are $250,000,000, which
may be increased pursuant to Section 2.16 or decreased pursuant to Section 2.07.

 

“Agreement”
has the meaning specified in the introductory paragraph hereto.

 

“Agreement Currency”
has the meaning specified in Section 10.19.

 

“Anti-Corruption
Laws” has the meaning specified in Section 5.21.

 

“Applicable Percentage”
means (a) with respect to the Term A-1 Facility for each Term A-1 Lender at any time, subject to adjustment as provided in Section 2.18,
a fraction (expressed as a percentage, carried out to the ninth decimal place) of the Term A-1 Facility represented by (i) at any
time during the Availability Period in respect of such Term A-1 Facility, the aggregate amount of such Term A-1 Lender’s unused
Term A-1 Commitment at such time plus the aggregate outstanding principal amount of such Term A-1 Lender’s Term A-1 Loans
at such time, and (ii) thereafter, the aggregate outstanding principal amount of such Term A-1 Lender’s Term A-1 Loans at
such time; (b) with respect to the Term A-2 Facility for each Term A-2 Lender at any time, subject to adjustment as provided in
Section 2.18, a fraction (expressed as a percentage, carried out to the ninth decimal place) of the Term A-2 Facility represented
by (i) at any time during the Availability Period in respect of such Term A-2 Facility, the aggregate amount of such Term A-2 Lender’s
unused Term A-2 Commitment at such time plus the aggregate outstanding principal amount of such Term A-2 Lender’s Term A-2
Loans at such time, and (ii) thereafter, the aggregate outstanding principal amount of such Term A-2 Lender’s Term A-2 Loans
at such time; and (c) with respect to any Incremental Term Loan Facility for each Lender thereunder at any time, subject to adjustment
as provided in Section 2.18, a fraction (expressed as a percentage, carried out to the ninth decimal place) of such Incremental
Term Loan Facility represented by (i) on or prior to the applicable Increase Effective Date, such Lender’s allocated portion
of such Incremental Term Loan Facility, and (ii) thereafter, the aggregate outstanding principal amount of such Lender’s Incremental
Term Loans under such Incremental Term Loan Facility at such time. The Applicable Percentages of each Lender under the applicable Term
Facility or Term Facilities as of the Closing Date are set forth opposite the name of such Lender on Schedule 2.01 or in
the Assignment and Assumption or the New Lender Joinder Agreement pursuant to which such Lender becomes a party hereto, as applicable.

 

    2

     

    

 

“Applicable Rate”
means, for any Term Loan, from time to time, the number of basis points per annum set forth in the relevant columns of the following
table based upon the Debt Rating as set forth immediately below:

 

	Pricing

    Level	 	Debt Ratings
 (S&P/Moody’s/Fitch)	 	Applicable 

    Rate for Term 

    SOFR Loans	 	Applicable

    Rate for

    Base Rate 

    Loans
	1	 	≥A / ≥A2 / ≥A	 	75.0 bps	 	0 bps
	 	 	 	 	 	 	 
	2	 	A- / A3 / A-	 	80.0 bps	 	0 bps
	 	 	 	 	 	 	 
	3	 	BBB+ / Baa1 / BBB+	 	85.0 bps	 	0 bps
	 	 	 	 	 	 	 
	4	 	BBB / Baa2 / BBB	 	95.0 bps	 	0 bps
	 	 	 	 	 	 	 
	5	 	BBB- / Baa3 / BBB-	 	120.0 bps	 	20.0 bps
	 	 	 	 	 	 	 
	6	 	<BBB- / <Baa3 / <BBB- or non-rated	 	160.0 bps	 	60.0 bps

 

For purposes hereof,
the term “Debt Rating” means, as of any date of determination, the rating by S&P, Moody’s or Fitch of the
Borrower’s non-credit enhanced, senior unsecured long-term debt; provided that, if at any time when the Borrower has only
two (2) Debt Ratings, and such Debt Ratings are split, then: (A) if the difference between such Debt Ratings is one ratings
category (e.g., Baa2 by Moody’s and BBB- by S&P or Fitch), the Applicable Rate shall be the rate per annum that would be applicable
if the higher of the Debt Ratings were used, and (B) if the difference between such Debt Ratings is two or more ratings categories
(e.g., Baa1 by Moody’s and BBB- by S&P or Fitch), the Applicable Rate shall be the rate per annum that would be applicable
if the median of the applicable Debt Ratings were used. If at any time when the Borrower has three (3) Debt Ratings, and such Debt
Ratings are split, then: (A) if the difference between the highest and the lowest such Debt Ratings is one ratings category (e.g.,
Baa2 by Moody’s and BBB- by S&P or Fitch), the Applicable Rate shall be the rate per annum that would be applicable if the
highest of the Debt Ratings were used, and (B) if the difference between such Debt Ratings is two or more ratings categories (e.g.,
Baa1 by Moody’s and BBB- by S&P or Fitch), the Applicable Rate shall be the rate per annum that would be applicable if the
average of the two (2) highest Debt Ratings were used; provided that, if such average is not a recognized rating category,
then the Applicable Rate shall be the rate per annum that would be applicable if the second highest Debt Rating of the three were used.

 

Initially, the Applicable
Rate shall be determined based upon the Debt Rating specified in the certificate delivered pursuant to Section 4.01(a)(vi).
Thereafter, each change in the Applicable Rate shall occur on the first Business Day following the effective change in the Debt Rating.

 

    3

     

    

 

Notwithstanding the foregoing,
with respect to any calendar year ending on or after December 31, 2022, if the Borrower delivers a Sustainability Metric Annual
Certificate to the Administrative Agent, certifying that the Sustainability Metric as of December 31 of the most recently ended
calendar year (the “Specified Test Year”) satisfies the Sustainability Metric Election Threshold for such Specified
Test Year, and electing that the Applicable Rate instead be based on the table set forth below (the “Sustainability Metric Pricing
Grid”), then the Applicable Rate with respect to each Facility shall be determined based on the relevant columns of the Sustainability
Metric Pricing Grid for the period commencing on the fifth (5th) Business Day following the date such Sustainability Metric Annual Certificate
is delivered to the Administrative Agent by the Borrower until the earlier to occur of (i) the date that is one (1) year after
the date the Sustainability Metric Pricing Grid became effective for such period in connection with the delivery of such Sustainability
Metric Annual Certificate and (ii) the date that is the fifth (5th) Business Day following the date of delivery by the Borrower
of the Sustainability Metric Annual Certificate for the calendar year ending immediately after such Specified Test Year, which subsequent
Sustainability Metric Annual Certificate indicates that (A) the Sustainability Metric for the calendar year ending immediately after
such Specified Test Year did not satisfy the Sustainability Metric Election Threshold or (B) the Borrower does not elect to apply
the Sustainability Metric Pricing Grid for the calendar year ending immediately after such Specified Test Year; provided that
it is understood and agreed that (x) if the Sustainability Metric for any calendar year does not satisfy the Sustainability Metric
Election Threshold, the Borrower shall not be restricted from making any subsequent election to apply the Sustainability Metric Pricing
Grid pursuant to this paragraph if the Sustainability Metric for the calendar year most recently ended prior to such election satisfies
the Sustainability Metric Election Threshold, and (y) a Sustainability Metric Annual Certificate electing to apply the Sustainability
Metric Pricing Grid pursuant to this paragraph may be delivered at any time by the Borrower so long as the Sustainability Metric for
the calendar year most recently ended prior to such election satisfies the Sustainability Metric Election Threshold.

 

If, as a result of (A) the
agreement by the Borrower, the Administrative Agent and the Lenders that the Sustainability Metric for any calendar year as reported
on any Sustainability Metric Annual Certificate was inaccurate or (B) the Borrower, the Administrative Agent or the Lenders becoming
aware of any material inaccuracy in the Sustainability Metric for any calendar year as reported on any Sustainability Metric Annual Certificate
(and, in the case of the Administrative Agent or the Lenders becoming aware thereof, written notice thereof has been delivered to the
Borrower setting forth in reasonable detail the basis for such determination) (any such event referred to in clause (A) or
(B) above, a “Sustainability Metric Annual Certificate Inaccuracy”) and, in each case, the Borrower made
an election to apply the Sustainability Metric Pricing Grid pursuant to such Sustainability Metric Annual Certificate and a proper calculation
of the Sustainability Metric for such calendar year would not have resulted in any adjustment, or would have resulted in a smaller adjustment,
to the Applicable Rate pursuant to the Sustainability Metric Pricing Grid for the relevant period covered by such election, then the
Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders
promptly (and in any event, within five (5) Business Days) following written demand by the Administrative Agent (or, after the occurrence
of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code, immediately, automatically
and without further action by the Administrative Agent or any Lender), an amount equal to the excess of the amount of interest that should
have been paid for such period (or relevant portion thereof then elapsed in respect of which payments of interest were previously made)
over the amount of interest actually paid for such period (or relevant portion thereof). Notwithstanding anything to the contrary herein,
unless such amounts shall be due upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower
under the Bankruptcy Code, (i) any additional amounts required to be paid pursuant to the immediately preceding sentence shall not
be due and payable until a written demand is made for such payment by the Administrative Agent, (ii) any nonpayment of such additional
amounts prior to or upon such demand for payment by Administrative Agent shall not, whether retroactively or otherwise, (x) constitute
a Default or Event of Default or (y) otherwise result in the failure to satisfy any condition precedent to any Credit Extension,
a Maturity Date extension pursuant to Section 2.15, or an Increase Effective Date pursuant to Section 2.16, and
(iii) none of such additional amounts shall be deemed overdue prior to such a demand or shall accrue interest at the Default Rate
prior to such a demand. It is understood and agreed that no Sustainability Metric Annual Certificate Inaccuracy shall, whether retroactively
or otherwise, (x) constitute a Default or Event of Default or (y) otherwise result in the failure to satisfy any condition
precedent to any Credit Extension, a Maturity Date extension pursuant to Section 2.15, or an Increase Effective Date pursuant
to Section 2.16; provided that the Borrower complies with the terms of this paragraph with respect to such Sustainability
Metric Annual Certificate Inaccuracy.

 

    4

     

    

 

Sustainability Metric
Pricing Grid

 

	Pricing

    Level	 	Debt Ratings
 (S&P/Moody’s/Fitch)	 	Applicable 

    Rate for Term

    SOFR Loans	 	Applicable

    Rate for 

    Base Rate

    Loans
	1	 	≥A / ≥A2 / ≥A	 	74.0 bps	 	0 bps
	 	 	 	 	 	 	 
	2	 	A- / A3 / A-	 	79.0 bps	 	0 bps
	 	 	 	 	 	 	 
	3	 	BBB+ / Baa1 / BBB+	 	84.0 bps	 	0 bps
	 	 	 	 	 	 	 
	4	 	BBB / Baa2 / BBB	 	94.0 bps	 	0 bps
	 	 	 	 	 	 	 
	5	 	BBB- / Baa3 / BBB-	 	119.0 bps	 	19.0 bps
	 	 	 	 	 	 	 
	6	 	<BBB- / <Baa3 / <BBB- or non-rated	 	159.0 bps	 	59.0 bps

 

“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 an entity that administers or manages a Lender.

 

“Arrangers”
means BofA Securities, Inc., Wells Fargo Securities, LLC, PNC Capital Markets LLC, The Bank of Nova Scotia and Truist Securities, Inc.,
each in its capacity as a joint lead arranger.

 

“Assignee Group”
means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed by the same investment
advisor.

 

“Assignment and
Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party
whose consent is required by Section 10.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit F
or any other form (including electronic documentation generated by use of an electronic platform) approved by the Administrative
Agent.

 

“Attributable Indebtedness”
means, on any date, (a) in respect of any Financing Lease of any Person, the capitalized amount thereof that would appear on a balance
sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease Obligation, the
capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared
as of such date in accordance with GAAP if such lease were accounted for as a Financing Lease.

 

“Audited Financial
Statements” means the audited consolidated balance sheet of the Borrower and its Subsidiaries for the fiscal year ended December 31,
2021, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year
of the Borrower and its Subsidiaries, including the notes thereto.

 

“Availability Period”
means (a) in respect of the Term A-1 Facility, the period from and including the Closing Date to and including the earlier of (i) February 17,
2023, and (ii) the date of termination of the Aggregate Commitments pursuant to Section 8.02 and (b) in respect
of the Term A-2 Facility, the period from and including the Closing Date to and including the earlier of (i) February 17, 2023,
and (ii) the date of termination of the Aggregate Commitments pursuant to Section 8.02.

 

    5

     

    

 

“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected
Financial Institution.

 

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

 

“Bank of America”
means Bank of America, N.A. and its successors.

 

“Bankruptcy Code”
means the Bankruptcy Reform Act of 1978, as heretofore and hereafter amended, as codified at 11 U.S.C. § 101 et seq., and the rules and
regulations promulgated thereunder, or any successor provision thereto.

 

“Base Rate”
means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1⁄2 of 1%, (b) the
rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate” and
(c)  Term SOFR plus 1%. The “prime rate” is a rate set by Bank of America based upon various factors including Bank
of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing
some loans, which may be priced at, above, or below such announced rate. Any change in such prime rate announced by Bank of America shall
take effect at the opening of business on the day specified in the public announcement of such change. If at any time of determination
the Base Rate is being used as an alternate rate of interest pursuant to Section 3.03 hereof, then the Base Rate at such
time shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause
(c) above. If the Base Rate determined in accordance with the above is below 1.0%, such rate shall be deemed to be 1.0% for
purposes of this Agreement.

 

“Base Rate Loan”
means a Loan that bears interest based on the Base Rate. All Base Rate Loans shall be denominated in Dollars.

 

“Beneficial Ownership
Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.

 

“Beneficial Ownership
Regulation” means 31 C.F.R. § 1010.230.

 

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

 

“Borrower”
has the meaning specified in the introductory paragraph hereto.

 

“Borrower Materials”
has the meaning specified in Section 6.02.

 

“Borrowing”
means (a) a Committed Borrowing or (b) a borrowing consisting of simultaneous Incremental Term Loans of a specific tranche
of the same Type, of the same Class, and, in the case of Term SOFR Loans, having the same Interest Period made by each of the Lenders
of such Class pursuant to Section 2.16, as the context may require.

 

    6

     

    

 

“Borrowing Date”
means, with respect to any Term Loan, any date on or after the Closing Date on which the applicable conditions set forth in Article IV
are satisfied or waived and any Term Loans are made to the Borrower pursuant to Section 2.01, which day shall be a Business
Day occurring during the Availability Period for the applicable Term Facility.

 

“Boundary Property”
means any building that is part of the Borrower’s portfolio of assets under management and that the Borrower identifies internally
as under the Borrower’s operational control. For purposes of this definition, such operational control shall mean that the Borrower
or any of its Controlled Subsidiaries maintains, provides service to, and/or has the authority to implement operating policies with respect
to energy usage, water usage and/or waste disposal, in any such case, for all or any portion of such building. Any reference herein to
the square footage of a Boundary Property shall be a reference to the proportional percentage of total square footage of such Boundary
Property that is under the Borrower’s operational control with respect to such Boundary Property.

 

“Business Day”
means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are
in fact closed in, the State of California or the State of New York or the state where the Administrative Agent’s Office is located.

 

“Change in Law”
means the occurrence, after the Closing Date, and with respect to any Person in particular, after the date such Person becomes a party
to this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any
change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any
Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force
of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank
Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith
or in the implementation thereof and (y) all requests, rules, guidelines or directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory
authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law,” regardless of the
date enacted, adopted, issued or implemented.

 

“Change of Control”
means an event or series of events by which:

 

(a)            any
 “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity
as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3
and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership”
of all securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after the
passage of time (such right, an “option right”)), directly or indirectly, of 35% or more of the equity securities
of the Borrower having ordinary voting powers to elect a majority of the members of the board of directors or equivalent governing body
of the Borrower (irrespective of whether at such time stock of any other class or classes shall have or might have voting power by reason
of the happening of any contingency) on a fully-diluted basis (and taking into account all such securities that such person or group
has the right to acquire pursuant to any option right) and the Borrower shall not have repaid all of the outstanding Obligations in full
in cash (other than contingent Obligations that are not then due and payable) and terminated the Aggregate Commitments within forty-five
(45) days after such “person” or “group” shall have become the “beneficial owner” of such percentage
of such stock; or

 

    7

     

    

 

(b)           during
any period of twelve (12) consecutive months, a majority of the members of the board of directors or other equivalent governing body
of the Borrower cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first
day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved or recommended by
individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority
of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body
was approved or recommended by individuals referred to in clauses (i) and (ii) above constituting at the
time of such election or nomination at least a majority of that board or equivalent governing body.

 

“Class” (a) when
used with respect to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Committed Term A-1
Loans, Committed Term A-2 Loans or a specific tranche of Incremental Term Loans, (b) when used with respect to any Lender, refers
to whether such Lender has any (i) Term A-1 Commitment or Term A-1 Loan, (ii) Term A-2 Commitment or Term A-2 Loan, or (iii) Incremental
Term Loan of a specific tranche or commitment to make an Incremental Term Loan of a specific tranche, and (c) when used with respect
to any Commitment, refers to whether such Commitment is a Term A-1 Commitment, a Term A-2 Commitment or a commitment to make an Incremental
Term Loan of a specific tranche.

 

“Closing Date”
means the first date all the conditions precedent in Section 4.01 are satisfied or waived in accordance with Section 10.01.

 

“CME”
means CME Group Benchmark Administration Limited.

 

“Co-Documentation
Agent” means each of Mizuho Bank, Ltd., Regions Bank and Toronto-Dominion Bank, in their capacities as Co-Documentation
Agents.

 

“Co-Syndication
Agent” means each of Wells Fargo, PNC Bank, National Association, The Bank of Nova Scotia, and Truist Bank, in their capacities
as Co-Syndication Agents.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Commitment”
means a Term A-1 Commitment or a Term A-2 Commitment, as the context may require.

 

“Committed Borrowing”
means a borrowing consisting of simultaneous Committed Loans of the same Type, of the same Class, and, in the case of Term SOFR Loans,
having the same Interest Period made by each of the Lenders of such Class pursuant to Section 2.01.

 

“Committed Loan”
means a Committed Term A-1 Loan or a Committed Term A-2 Loan, as the context may require.

 

“Committed Loan
Notice” means a notice from the Borrower to the Administrative Agent of (a) a Borrowing, (b) a conversion of Loans
of the same Class from one Type to another Type, or (c) a continuation of Term SOFR Loans, pursuant to Section 2.02(a),
which, if in writing, shall be substantially in the form of Exhibit A or such other form as may be approved by the Administrative
Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent),
appropriately completed and signed by a Responsible Officer of the Borrower.

 

    8

     

    

 

“Committed Term
A-1 Loan” has the meaning specified in Section 2.01(a).

 

“Committed Term
A-2 Loan” has the meaning specified in Section 2.01(b).

 

“Compliance Certificate”
means a certificate substantially in the form of Exhibit E.

 

“Conforming Changes”
means, with respect to the use, administration of or any conventions associated with SOFR or any proposed Successor Rate or Term SOFR,
as applicable, any conforming changes to the definitions of “Base Rate,” “Daily Simple SOFR,” “SOFR,”
 “Term SOFR,” “Term SOFR Screen Rate,” and “Interest Period,” timing and frequency of determining
rates and making payments of interest and other technical, administrative or operational matters (including, for the avoidance of doubt,
the definitions of “Business Day” and “U.S. Government Securities Business Day,” timing of borrowing requests
or prepayment, conversion or continuation notices, and the applicability and length of lookback periods) as may be appropriate, in the
discretion of the Administrative Agent (after consultation in good faith with the Borrower), to reflect the adoption and implementation
of such applicable rate(s) and to permit the use and administration thereof by the Administrative Agent in a manner substantially
consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is not
administratively feasible or that no market practice for the administration of such rate exists, in such other manner of administration
as the Administrative Agent determines is reasonably necessary in connection with the administration of this Agreement and any other
Loan Document).

 

“Consolidated Intangible
Assets” means, as of any date of determination, an amount equal to the Intangible Assets of the Borrower and its Subsidiaries
on a consolidated basis.

 

“Consolidated Shareholders’
Equity” means, as of any date of determination, consolidated shareholders’ equity of the Borrower and its Subsidiaries,
as determined in accordance with GAAP.

 

“Consolidated Tangible
Net Worth” means, as of any date of determination, for the Borrower and its Subsidiaries on a consolidated basis, an amount
equal to (a) Consolidated Shareholders’ Equity on such date plus (b) accumulated depreciation and amortization,
determined on a consolidated basis in accordance with GAAP, on such date, minus (c) Consolidated Intangible Assets on such
date.

 

“Contractual Obligation”
means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to
which such Person is a party or by which it or any of its property is bound.

 

“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.

 

“Covered Party”
has the meaning specified in Section 10.24.

 

“Credit Extension”
means a Borrowing.

 

“Daily Simple SOFR”
means, with respect to any applicable determination date, the SOFR published on such date on the Federal Reserve Bank of New York’s
website (or any successor source).

 

“Debt Rating”
has the meaning specified in the definition of “Applicable Rate.”

 

    9

     

    

 

“Debtor Relief Laws”
means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of
creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or
other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

 

“Default”
means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both,
would be an Event of Default.

 

“Default Rate”
means an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate, if any, applicable to Base Rate Loans
plus (iii) 2% per annum; provided, however, that, with respect to a Term SOFR Loan, the Default Rate shall be an interest
rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum.

 

“Defaulting Lender”
means, subject to Section 2.18(b), any Lender that, as reasonably determined by the Administrative Agent, (a) has failed
to (i) perform any of its funding obligations hereunder, including in respect of its Loans, within two (2) Business Days of
the date required to be funded by it hereunder, unless such Lender notifies the Administrative Agent and the Borrower in writing that
such failure is the result of such Lender’s good faith determination that a condition precedent to funding (each of which conditions
precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied or (ii) pay
to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two (2) Business Days
of the date when due, (b) has notified the Borrower or the Administrative Agent that it does not intend to comply with its funding
obligations or has made a public statement to that effect with respect to its funding obligations hereunder (unless such notice or public
statement states that such position is based on such Lender’s good faith determination that a condition precedent (each of which
conditions precedent, together with any applicable default, shall be specifically identified in such notice or public statement) to funding
a Loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has
failed, within three (3) Business Days after request by the Administrative Agent or the Borrower, to confirm in writing in a manner
satisfactory to the Administrative Agent and the Borrower that it will comply with its funding obligations hereunder, or (d) has,
or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had
a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization
or liquidation of its business or assets or a custodian appointed for it, (iii) taken any action in furtherance of, or indicated
its consent to, approval of or acquiescence in any such proceeding or appointment or (iv) become the subject of a Bail-In Action;
provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest
in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not
result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments
or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm
any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender
under one or more of clauses (a) through (d) above, and of the effective date of such status, shall be conclusive
and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.18(b))
as of the date established therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by
the Administrative Agent to the Borrower and each other Lender promptly following such determination.

 

“Delaware Divided
LLC” means any Delaware LLC which has been formed upon consummation of a Delaware LLC Division.

 

    10

     

    

 

“Delaware LLC”
means any limited liability company organized or formed under the laws of the State of Delaware.

 

“Delaware LLC Division”
means the statutory division of any Delaware LLC into two or more Delaware LLCs pursuant to Section 18-217 of the Delaware Limited
Liability Company Act.

 

“Designated Jurisdiction”
means any country, region or territory to the extent that such country, region or territory itself is the subject of comprehensive Sanctions.

 

“Development Property”
means any real property in which the development and construction with respect thereto are not complete.

 

“Disclosed Matters”
means any event, circumstance, condition or other matter expressly disclosed in the reports and other documents furnished to or filed
with the SEC by the Borrower and that are publicly available prior to the Closing Date.

 

“Disposition”
or “Dispose” means the sale, transfer or assignment (including any sale and leaseback transaction) of any property
by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable
or any rights and claims associated therewith and including any disposition of property to a Delaware Divided LLC pursuant to a Delaware
LLC Division, in any case other than sales or other dispositions of assets in the ordinary course of business.

 

“Dollar”
and “$” mean lawful money of the United States.

 

“EBITDA”
means, for any period, for a Person and its Subsidiaries on a consolidated basis, an amount equal to, without duplication, the Net Income
of such Person and its Subsidiaries for such period plus (a) the following to the extent deducted in calculating such Net
Income: (i) Interest Expense of such Person and its Subsidiaries for such period, (ii) the provision for Federal, state, local
and foreign taxes on or measured by income of such Person and its Subsidiaries for such period (whether or not payable during that period),
(iii) depreciation and amortization expense for such period and (iv) expenses of such Person and its Subsidiaries reducing
such Net Income during such period which do not represent a cash expenditure in such period or any prior or future period and minus
(b) (i) all items of such Person and its Subsidiaries increasing Net Income for such period which do not represent a cash
receipt in such period or any prior or future period and (ii) any addition to EBITDA pursuant to clause (a)(ii) above
taken or payable during such period to the extent added to EBITDA in any prior or future period.

 

“EEA Financial Institution”
means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of
an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in
clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a Subsidiary
of an institution described in clause (a) or (b) of this definition and is subject to consolidated supervision
with its parent.

 

“EEA Member Country”
means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

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

 

    11

     

    

 

“Eligible Assignee”
means any Person that meets the requirements to be an assignee under Sections 10.06(b)(iii), (v), (vi) and
(vii) (subject to such consents, if any, as may be required under Section 10.06(b)(iii)).

 

“Enterprise EBITDA”
means, for any period, the sum of (a) EBITDA of the Borrower and its Subsidiaries on a consolidated basis for such period plus
(b) without duplication, the Borrower’s Pro Rata Share of EBITDA of each Material Joint Venture for such period.

 

“Enterprise Fixed
Charges” means, for any period, with respect to the Borrower and its Subsidiaries on a consolidated basis, the sum of, without
duplication, (a) Enterprise Interest Expense paid in cash during such period plus (b) Scheduled Principal Payments during
such period plus (c) cash dividends and distributions in respect of preferred stock of the Borrower and its Subsidiaries
during such period (but excluding (i) redemption payments or charges in connection with the redemption of preferred stock and (ii) amounts
paid to the Borrower or any of its Subsidiaries); provided that Enterprise Fixed Charges shall not include (i) any amounts
with respect to any Intercompany Indebtedness, (ii) gains and losses from unwinding or break-funding of Swap Contracts, (iii) write-offs
of unamortized deferred financing fees, (iv) prepayment fees, premiums and penalties, and (v) other unusual or non-recurring
items as are reasonably acceptable to the Administrative Agent and the Required Lenders.

 

“Enterprise Gross
Asset Value” means, as of any date of determination, the sum of (a) Gross Asset Value of the Borrower and its Subsidiaries
on a consolidated basis plus (b) without duplication, the Borrower’s Pro Rata Share of Gross Asset Value of each Material
Joint Venture; provided that, without duplication, for purposes of calculating the Leverage Ratio, Enterprise Gross Asset Value
shall not include the aggregate amount of unrestricted cash and cash equivalents deducted in the calculation of Enterprise Total Indebtedness
pursuant to the first proviso of the definition of “Enterprise Total Indebtedness.”

 

“Enterprise Interest
Expense” means, for any period, the sum of (a) Interest Expense of the Borrower and its Subsidiaries on a consolidated
basis for such period plus (b) without duplication, the Borrower’s Pro Rata Share of Interest Expense of each Material
Joint Venture for such period.

 

“Enterprise Secured
Debt” means, as of any date of determination, that portion of Enterprise Total Indebtedness that is subject to a Lien (other
than Permitted Specified Liens).

 

“Enterprise Total
Indebtedness” means, as of any date of determination, an amount equal to, without duplication, (a) Indebtedness of the
Borrower and its Subsidiaries on a consolidated basis outstanding on such date, plus (b) without duplication, the Borrower’s
Pro Rata Share of Indebtedness of each Material Joint Venture outstanding on such date; provided that for purposes of calculating
the Leverage Ratio, (x) clause (a) shall be reduced by the aggregate amount of (i) all unrestricted cash and cash
equivalents of the Borrower and its Subsidiaries and (ii) escrow and other deposits to the extent available on such date for the
repayment of any of the Indebtedness included in the calculation of clause (a) above up to an amount in the aggregate for
this clause (x) not to exceed the aggregate amount of Indebtedness reflected in clause (a) above maturing in
the immediately succeeding 24 months and (y) clause (b) shall be reduced by the aggregate amount of (i) all unrestricted
cash and cash equivalents of each such applicable Material Joint Venture and (ii) escrow and other deposits to the extent available
on such date for the repayment of any of the Indebtedness included in the calculation of clause (b) above up to an amount
in the aggregate for this clause (y) not to exceed the aggregate amount of Indebtedness reflected in clause (b) above
maturing in the immediately succeeding 24 months; provided, further, that Enterprise Total Indebtedness shall not
include accounts payable, intracompany debt, dividends and distributions declared but not payable, security deposits, accrued liabilities
or prepaid rent, each as defined in accordance with GAAP.

 

    12

     

    

 

“Enterprise Unencumbered
Asset Value” means, as of any date of determination, the sum of (a) Unencumbered Asset Value of the Borrower and its Subsidiaries
on a consolidated basis plus (b) without duplication, the Borrower’s Pro Rata Share of Unencumbered Asset Value of
each Material Joint Venture.

 

“Enterprise Unsecured
Debt” means, as of any date of determination, that portion of Enterprise Total Indebtedness that is not Enterprise Secured
Debt or a Guarantee of Enterprise Secured Debt.

 

“Environmental Laws”
means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits,
concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment
or the release of any materials into the environment, including those related to hazardous substances or wastes, air emissions and discharges
to waste or public systems.

 

“Environmental Liability”
means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties
or indemnities), of the Borrower or any of its Subsidiaries directly or indirectly resulting from or based upon (a) violation of
any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials,
(c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment
or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to
any of the foregoing.

 

“Equity Interests”
means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person and
all of the warrants or options for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or
profit interests in) such Person (but excluding any debt security that is convertible into or exchangeable for capital stock).

 

“ERISA”
means the Employee Retirement Income Security Act of 1974.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) under common control with the Borrower within the meaning of Section 414(b) or
(c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412
of the Code).

 

“ERISA Event”
means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by the Borrower or any ERISA Affiliate from a
Pension 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) a
complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer
Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Plan amendment as a termination
under Section 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer
Plan; (e) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment
of a trustee to administer, any Pension Plan or Multiemployer Plan; or (f) 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 the Borrower or any ERISA Affiliate
in excess of the Threshold Amount.

 

“ESG Report”
means the annual non-financial disclosure substantially similar to the GRI Standards as publicly reported by the Borrower and published
on an Internet or intranet website to which each Lender and the Administrative Agent has or has been granted access free of charge.

 

“EU Bail-In Legislation
Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as
in effect from time to time.

 

    13

     

    

 

“Event of Default”
has the meaning specified in Section 8.01.

 

“Excluded Taxes”
means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any
obligation of the Borrower hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and franchise
taxes in each case (i) imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under
the Laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its
applicable Lending Office is located or (ii) that are Other Connection Taxes, (b) any branch profits taxes imposed by the United
States or any similar tax imposed by any other jurisdiction in which the Borrower is located, (c) any backup withholding tax that
is required to be withheld from amounts payable to a Lender that has failed to comply with clause (A) of Section 3.01(e)(ii),
(d) in the case of a Lender (other than an assignee pursuant to a request by the Borrower under Section 10.13), any
U.S. withholding tax that is imposed on amounts payable to such Lender at the time such Lender becomes a party hereto (or designates
a new Lending Office) or is attributable to such Lender’s failure or inability (other than as a result of a Change in Law) to comply
with Section 3.01(e), except to the extent that such Lender (or its assignor, if any) was entitled, at the time of designation
of a new Lending Office (or assignment), to receive additional amounts from the Borrower with respect to such withholding tax pursuant
to Section 3.01(a) and (e) United States federal withholding Taxes imposed under FATCA.

 

“Facility”
means the Term A-1 Facility, the Term A-2 Facility, or an Incremental Term Loan Facility, as the context may require.

 

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

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the Closing Date (or any amended or successor version that is substantively comparable
and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements
entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted
pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection with the
implementation of the foregoing.

 

“Federal Funds Rate”
means, for any day, the rate per annum calculated by the Federal Reserve Bank of New York based on such day’s federal funds transactions
by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website
from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds effective
rate; provided that, if the Federal Funds Rate as so determined would be less than zero, such rate shall be deemed to be zero
for purposes of this Agreement.

 

“Financing Lease”
means, as applied to any Person, any lease of any property by that Person as lessee which, in accordance with GAAP, is required to be
accounted for as a financing lease on the balance sheet of that Person.

 

“Fitch”
means Fitch Ratings, Inc. and any successor thereto.

 

“Fixed Charge Coverage
Ratio” means, on the last day of any fiscal quarter, the ratio of (a) Enterprise EBITDA for the twelve-month period ending
on such date to (b) Enterprise Fixed Charges for the twelve-month period ending on such date.

 

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“Foreign Lender”
means any Lender that is organized under the Laws of a jurisdiction other than that in which the Borrower is a resident for tax purposes.
For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single
jurisdiction.

 

“FRB”
means the Board of Governors of the Federal Reserve System of the United States.

 

“Fund”
means any Person (other than a natural person or a holding company, investment vehicle or trust for, or owned and operated for the primary
benefit of, a natural person) 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 activities.

 

“GAAP”
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles
Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are
applicable to the circumstances as of the date of determination, consistently applied.

 

“Governmental Authority”
means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any
agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to government (including any supranational bodies such as the
European Union or the European Central Bank).

 

“GRI Standards”
means the Global Reporting Initiative Sustainability Reporting Standards (2016) (or successor standards) published by the Global Reporting
Initiative.

 

“Gross Asset Value”
means, as of any date of determination, an amount equal to (a) all assets of a Person and its Subsidiaries as determined in accordance
with GAAP plus (b) all accumulated depreciation and accumulated amortization associated with such assets minus (c) Intangible
Assets of such Person and its Subsidiaries.

 

“Guarantee”
means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect
of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in
any manner, whether directly or indirectly, and including any payment obligation of such Person, direct or indirect, (i) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase
or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation
of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any
other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor
to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in
respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect
thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any
other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise,
of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount equal to the
stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if
not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person
in good faith. The term “Guarantee” as a verb has a corresponding meaning.

 

    15

     

    

 

“Hazardous Materials”
means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including
petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical
wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.

 

“HMT”
has the meaning specified in the definition of “Sanction(s).”

 

“Increase Effective
Date” has the meaning specified in Section 2.16(d).

 

“Incremental Term
Loan” has the meaning specified in Section 2.16(a).

 

“Incremental Term
Loan Amendment” has the meaning specified in Section 2.16(e)(iii).

 

“Incremental Term
Loan Facility” means, at any time, any new tranche of term loans established pursuant to Section 2.16 and the aggregate
Outstanding Amount of the Incremental Term Loans under such tranche of all Lenders at such time.

 

“Indebtedness”
means, at any time and with respect to any Person, without duplication, all of the following, whether or not included as indebtedness
or liabilities in accordance with GAAP:

 

(a)           all
obligations of such Person for borrowed money, whether secured or unsecured, and all obligations of such Person evidenced by bonds, debentures,
notes, loan agreements or other similar instruments, including, without limitation, recourse and non-recourse mortgage debt;

 

(b)           all
direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers’ acceptances,
bank guaranties, surety bonds and similar instruments;

 

(c)           aggregate
net obligations of such Person under Swap Contracts;

 

(d)           all
obligations of such Person to pay the deferred purchase price of property or services (other than (i) trade accounts payable and
other accrued obligations in the ordinary course of business and (ii) liabilities with respect to earnouts, reimbursements, true-ups
and other similar obligations incurred in connection with the purchase or sale of assets except to the extent such liabilities are required
to appear on the balance sheet of such Person prepared in accordance with GAAP);

 

(e)            indebtedness
(excluding prepaid interest thereon) secured by a Lien on property owned or purchased by such Person (including indebtedness arising
under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person
or is limited in recourse, to the extent of the value of the property encumbered by such Lien;

 

(f)            Financing
Leases and Synthetic Lease Obligations;

 

(g)           all
obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interest in such
Person at any time prior to the date that is six (6) months after the latest Maturity Date then in effect (other than obligations
that can solely be satisfied by delivery of Equity Interests of such Person), valued, in the case of a redeemable preferred interest,
at the liquidation preference thereof; and

 

(h)           all
Guarantees of such Person in respect of any of the foregoing.

 

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For all purposes hereof,
(i) the amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof
as of such date (which shall be a positive number if such amount would be owed by the Borrower or any Subsidiary and a negative number
if such amount would be owed to the Borrower or any Subsidiary) and the net obligations under Swap Contracts shall not be less than zero
and (ii) the amount of any Financing Lease or Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable
Indebtedness in respect thereof as of such date. Any liability will be excluded so long as it is (1) secured by a letter of credit
issued for the benefit of the Borrower or any Subsidiary in form and substance and from a financial institution reasonably acceptable
to the Administrative Agent, but only to the extent neither the Borrower nor any Subsidiary has liability therefor, (2) any obligation
(including obligations under so called “sandwich leases”) against which a third party indemnifies the Borrower or any Subsidiary,
or guarantees all loss suffered by the Borrower or any Subsidiary on account thereof, to the extent the indemnitor or guarantor has the
financial wherewithal to satisfy its obligation, or (3) otherwise acceptable as a “Covered Liability” in the reasonable
discretion of the Administrative Agent and the Required Lenders.

 

“Indemnified Taxes”
means Taxes other than Excluded Taxes.

 

“Indemnitee”
has the meaning specified in Section 10.04(b).

 

“Initial Term A-2
Maturity Date” has the meaning specified in Section 2.15(a).

 

“Intangible Assets”
means, as of any date of determination, assets of a Person and its Subsidiaries that are classified as intangible assets under GAAP,
but excluding interests in real estate that are classified as intangible assets in accordance with GAAP.

 

“Intercompany Indebtedness”
means, as of any date, Indebtedness to which the only parties are the Borrower and/or any of its Subsidiaries as of such date and
which, if the Borrower is the borrower with respect to such Indebtedness, is subordinated to the obligations under this Agreement and
the other Loan Documents.

 

“Interest Expense”
means, for any period, for a Person and its Subsidiaries on a consolidated basis, the sum, without duplication, of all (a) interest
expense for such period determined in accordance with GAAP (but excluding, to the extent included in Interest Expense, (i) any charges
resulting from settlement of options to repurchase remarketable bonds, (ii) remaining unamortized fees paid pursuant to the 2021
Credit Agreement, and (iii) amortization of deferred financing fees, amortization of debt discounts and swap breakage costs) and
(b) interest that is capitalized in such period in accordance with GAAP.

 

“Interest Payment
Date” means, (a) as to any Term SOFR Loan, the last day of each Interest Period applicable to such Loan and the applicable
Maturity Date; provided, however, that, if any Interest Period for a Term SOFR Loan exceeds three (3) months, then
the respective dates that fall every three (3) months after the beginning of such Interest Period shall also be Interest Payment
Dates; and (b) as to any Base Rate Loan, the last Business Day of each calendar quarter and the applicable Maturity Date.

 

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“Interest Period”
means, as to each Term SOFR Loan, the period commencing on the date such Term SOFR Loan is disbursed or converted to or continued as
a Term SOFR Loan and ending on the numerically corresponding day in the calendar month that is one, three or six months thereafter (in
each case, subject to availability), as selected by the Borrower in its Committed Loan Notice; provided that:

 

(a)           any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless
such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;

 

(b)           any
Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of
such Interest Period; and

 

(c)           no
Interest Period shall extend beyond the applicable Maturity Date.

 

“Investment”
means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or
other acquisition of capital stock or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee
or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person,
including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor Guarantees
Indebtedness of 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 a business unit. For purposes of covenant compliance, the amount of any Investment shall be
the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.

 

“IP Rights”
has the meaning specified in Section 5.16.

 

“IRS”
means the United States Internal Revenue Service.

 

“Joint Venture”
means any Person in which the Borrower, directly or indirectly, has an ownership interest but does not consolidate the assets or income
of such Person in preparing its consolidated financial statements.

 

“Judgment Currency”
has the meaning specified in Section 10.19.

 

“Laws”
means, collectively, all 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 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, in each
case whether or not having the force of law.

 

“Lender”
has the meaning specified in the introductory paragraph hereto. The term “Lender” may also be used to refer to a Term A-1
Lender, a Term A-2 Lender, or a Lender of an Incremental Term Loan, as the context may require.

 

“Lending Office”
means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire,
or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent.

 

“Leverage Ratio”
means, on the last day of any fiscal quarter, the ratio of (a) Enterprise Total Indebtedness outstanding on such date to (b) Enterprise
Gross Asset Value as of such date.

 

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“Lien”
means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference,
priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever
(including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real
property, and any financing lease having substantially the same economic effect as any of the foregoing).

 

“Loan”
means an extension of credit by a Lender to the Borrower under Article II in the form of a Committed Loan or an Incremental
Term Loan of any tranche.

 

“Loan Documents”
means this Agreement, each Note and any Sustainability Metric Annual Certificate.

 

“Master Agreement”
has the meaning specified in the definition of “Swap Contract.”

 

“Material Adverse
Effect” means a material adverse effect on (a) the business, operations, properties or financial condition of the Borrower
and its Subsidiaries, taken as a whole, (b) the ability of the Borrower to perform any of its material obligations under the Loan
Documents, or (c) the rights of or remedies available to the Administrative Agent and the Lenders under the Loan Documents.

 

“Material Group”
has the meaning specified in the definition of “Material Subsidiary.”

 

“Material Joint
Venture” means a Joint Venture in which the Borrower has made a net equity investment of $15,000,000 or greater. For purposes
of this definition, the Borrower’s aggregate Investment in a Joint Venture will be valued at book value as shown on the consolidated
balance sheet of the Borrower, as determined in accordance with GAAP.

 

“Material Recourse
Indebtedness” means any Indebtedness of the Borrower and/or any Subsidiary (other than Indebtedness under the Loan Documents
and Indebtedness under Swap Contracts) that (a) does not constitute Non-Recourse Indebtedness, and (b) individually or in the
aggregate, has a principal amount (including, without duplication, undrawn committed or available amounts and amounts owing to all creditors
under any combined or syndicated credit arrangement) of more than the Threshold Amount.

 

“Material Subsidiary”
means each Subsidiary or any group of Subsidiaries (i) which, as of the most recent fiscal quarter of the Borrower, for the period
of four consecutive fiscal quarters then ended, for which financial statements have been delivered pursuant to Section 6.01
(or, prior to the delivery of such financial statements for the fiscal quarter ending September 30, 2022, for the period of four
consecutive fiscal quarters ended June 30, 2022), contributed greater than $100,000,000 of Enterprise EBITDA for such period or
(ii) which contributed greater than $300,000,000 of Enterprise Gross Asset Value as of such date. A group of Subsidiaries (a “Material
Group”) each of which is not otherwise a Material Subsidiary (defined in the foregoing sentence) shall constitute a Material
Subsidiary if the group taken as a single entity satisfies the requirements of the foregoing sentence.

 

“Maturity Date”
means (a) with respect to the Term A-1 Facility, the Term A-1 Maturity Date, (b) with respect to the Term A-2 Facility, the
Term A-2 Maturity Date, and/or (c) with respect to any tranche of Incremental Term Loans, subject to Section 2.16(e)(iii),
the date set forth in the applicable Incremental Term Loan Amendment as the “Maturity Date” for such tranche of Incremental
Term Loans, in each case, as the context may require.

 

“Maximum Rate”
has the meaning specified in Section 10.09.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto.

 

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“Mortgage Lien”
means any Lien that encumbers a real property owned by a Person other than Permitted Specified Liens.

 

“Multiemployer Plan”
means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate
makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions.

 

“Negative Pledge”
means any provision of a document, instrument or agreement (other than this Agreement or any other Loan Document) that is binding on
the Borrower or any Wholly-Owned Subsidiary and prohibits the creation or assumption of any Lien on any assets of such Person to secure
the Obligations; provided, however, that a provision conditioning a Person’s ability to encumber its assets upon
the maintenance of one or more specified ratios shall not constitute a Negative Pledge so long as such provision does not generally prohibit
the encumbrance of such Person’s assets or the encumbrance of specific assets.

 

“Net Income”
means, for any period, for a Person and its Subsidiaries on a consolidated basis, the net income of such Person and its Subsidiaries
for such period as determined in accordance with GAAP (without giving effect to (i) any net after tax gains or losses attributable
to sales of non-current assets out of the ordinary course of business and write-downs of non-current assets in anticipation of losses
to the extent they have decreased net income, and (ii) gains and losses from dispositions of depreciable real estate investments,
impairment charges, the early extinguishment of debt and transaction costs of acquisitions not permitted to be capitalized pursuant to
GAAP and other non-recurring items, including, without limitation, charges resulting from settlement of options to repurchase remarketable
bonds and other similar charges).

 

“New Lender Joinder
Agreement” has the meaning specified in Section 2.16(c).

 

“Non-Recourse Indebtedness”
of a Person means any Indebtedness of such Person, the recourse for which is limited to the asset or assets securing such Indebtedness
(and, if applicable, in the event such Person owns no assets other than real estate that secures such Indebtedness and assets incident
to ownership of such real estate (e.g., personal property) and has no other Indebtedness, to such Person and/or such Person’s Equity
Interests), other than in respect of environmental liabilities, fraud, misrepresentation and other similar matters.

 

“Notes”
means, collectively, the Term Notes and any promissory notes made by the Borrower evidencing any Incremental Term Loans in a form agreed
between the Borrower and the Administrative Agent, as the context may require, and “Note” means any of them individually.

 

“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties of the Borrower arising under any Loan Document or otherwise
with respect to any Loan, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become
due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against the Borrower
or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless
of whether such interest and fees are allowed claims in such proceeding.

 

“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

“Organization Documents”
means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable
constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate
or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust
or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement,
instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental
Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization
of such entity.

 

    20

     

    

 

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

 

“Other Taxes”
means all present or future stamp, court, documentary intangible, recording, filing or similar taxes or any other excise or property
taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery
or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document except any such taxes that are Other Connection
Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 3.06 or Section 10.13).

 

“Outstanding Amount”
means, with respect to Loans of one or more Class(es) on any date, the aggregate outstanding principal amount thereof after giving effect
to any borrowings and prepayments or repayments of Loans of such Class(es) occurring on such date.

 

“Overnight Rate”
means, for any day, the greater of (i) the Federal Funds Rate and (ii) an overnight rate determined by the Administrative Agent
in accordance with banking industry rules on interbank compensation.

 

“Participant”
has the meaning specified in Section 10.06(d).

 

“Participant Register”
has the meaning specified in Section 10.06(d).

 

“Patriot Act”
has the meaning specified in Section 10.17.

 

“PBGC”
means the Pension Benefit Guaranty Corporation.

 

“Pension Plan”
means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer
Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Borrower or any ERISA Affiliate or to which the
Borrower or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described
in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years.

 

“Permitted Specified
Liens” means Liens permitted under Section 7.01(c) – (m) and (o) – (q).

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

“Plan”
means any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) established by the Borrower
or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate.

 

    21

     

    

 

“Platform”
has the meaning specified in Section 6.02.

 

“Pro Forma Basis”
means, for purposes of determining any financial covenant hereunder, that the subject transaction shall be deemed to have occurred as
of the first day of the period of four (4) consecutive fiscal quarters ending as of the end of the most recent fiscal quarter for
which annual or quarterly financial statements shall have been delivered in accordance with the provisions of this Agreement. Further,
for purposes of making calculations on a “Pro Forma Basis” hereunder, (a) in the case of a Disposition, (i) income
statement items (whether positive or negative) attributable to the property, entities or business units that are the subject of such
Disposition shall be excluded to the extent relating to any period prior to the date of the subject transaction, and (ii) Indebtedness
paid or retired in connection with the subject transaction shall be deemed to have been paid and retired as of the first day of the applicable
period; (b) in the case of an acquisition, development or redevelopment, (i) income statement items (whether positive or negative)
attributable to the property, entities or business units that are the subject of such acquisition, development or redevelopment shall
be included to the extent relating to any period prior to the date of the subject transaction, and (ii) Indebtedness incurred in
connection with the subject transaction shall be deemed to have been incurred as of the first day of the applicable period (and interest
expense shall be imputed for the applicable period utilizing the actual interest rates thereunder or, if actual rates are not ascertainable,
assuming prevailing interest rates hereunder) and (c) in the case of the issuance or exercise of Equity Interests, Indebtedness
paid or retired in connection therewith shall be deemed to have been paid and retired as of the first day of the applicable period.

 

“Pro Rata Share”
means (a) with respect to the EBITDA, Net Income, Interest Expense, Gross Asset Value and Unencumbered Asset Value of each
Joint Venture, the Borrower’s direct or indirect percentage ownership interest in such Joint Venture and (b) with respect
to the Indebtedness of each Joint Venture (i) if the Indebtedness is recourse to the Borrower or any of its Subsidiaries, the amount
of such Indebtedness that is recourse to the Borrower or such Subsidiary and (ii) if the Indebtedness is not recourse to the Borrower
or any of its Subsidiaries, the Borrower’s percentage ownership interest in such Joint Venture.

 

“PTE”
means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time
to time.

 

“Public Lender”
has the meaning specified in Section 6.02.

 

“QFC Credit Support”
has the meaning specified in Section 10.24.

 

“Recipient”
means the Administrative Agent and any Lender, as applicable.

 

“Register”
has the meaning specified in Section 10.06(c).

 

“REIT”
means a real estate investment trust as defined in Sections 856-860 of the Code.

 

“Related Indemnified
Party” of an Indemnitee means (a) any trustees, members, administrators, managers, partners, Controlling Person or Controlled
Affiliate of such Indemnitee, (b) the respective directors, officers or employees of such Indemnitee or any of its Controlling Persons
or Controlled Affiliates and (c) the respective advisors, attorneys, accountants, agents and representatives of such Indemnitee
or any of its Controlling Persons or Controlled Affiliates, in the case of this clause (c), acting on behalf of, or at the express
instructions of, such Indemnitee, Controlling Person or such Controlled Affiliate.

 

    22

     

    

 

“Related Parties”
means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees,
administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.

 

“Reportable Event”
means any of the events set forth in Section 4043(c) of ERISA, other than events for which the thirty (30) day notice period
has been waived.

 

“Request for Credit
Extension” means, with respect to a Borrowing or a conversion or continuation of any Loan, a Committed Loan Notice.

 

“Required Class Lenders”
means, at any time with respect to any Class of Loans (or any Class of commitments to make Loans), Lenders having Total Loan
Exposures with respect to such Class representing more than 50% of the Total Loan Exposures of all Lenders of such Class.  The
Total Loan Exposure of any Defaulting Lender with respect to such Class shall be disregarded in determining Required Class Lenders
at any time.

 

“Required Lenders”
means, as of any date of determination, Lenders having Total Loan Exposures representing more than 50% of the Total Loan Exposures of
all Lenders. The Total Loan Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any time.

 

“Required Term A-1
Lenders” means, as of any date of determination, Term A-1 Lenders having Total Term A-1 Loan Exposures representing more than
50% of the Total Term A-1 Loan Exposures of all Term A-1 Lenders. The Total Term A-1 Loan Exposure of any Defaulting Lender shall be
disregarded in determining Required Term A-1 Lenders at any time.

 

“Required Term A-2
Lenders” means, as of any date of determination, Term A-2 Lenders having Total Term A-2 Loan Exposures representing more than
50% of the Total Term A-2 Loan Exposures of all Term A-2 Lenders. The Total Term A-2 Loan Exposure of any Defaulting Lender shall be
disregarded in determining Required Term A-2 Lenders at any time.

 

“Rescindable Amount”
has the meaning specified in Section 2.13(b)(ii).

 

“Resolution Authority”
means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Responsible Officer”
means the chief executive officer, president, chief financial officer, each executive vice president and senior vice president, and the
treasurer of the Borrower, and solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01, the
secretary or any assistant secretary of the Borrower or any entity authorized to act on behalf of the Borrower, and, solely for purposes
of notices given pursuant to Article II, any other officer or employee of the Borrower so designated by any of the foregoing
officers in a notice to the Administrative Agent or any other officer or employee of the Borrower designated in or pursuant to an agreement
between the Borrower and the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer shall be
conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of the Borrower
and such Responsible Officer shall be conclusively presumed to have acted on behalf of the Borrower.

 

“Restricted Payment”
means any payment (whether in cash, securities or other property) by the Borrower or any of its Subsidiaries, including any sinking fund
or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any of the Borrower’s
capital stock or other Equity Interest, or on account of any return of capital to the Borrower’s stockholders, partners or members
(or the equivalent Person thereof); provided that dividends to the extent in the form of Equity Interests shall not constitute
Restricted Payments.

 

    23

     

    

 

“Rolling Base Year
Methodology” has the meaning specified in the definition of “Sustainability Metric.”

 

“Rolling Base Year
Percentage” has the meaning specified in the definition of “Sustainability Metric.”

 

“S&P”
means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. and any successor thereto.

 

“Same Day Funds”
means immediately available funds.

 

“Sanction(s)”
means any international economic sanction administered or enforced by the United States federal government (including, without limitation,
OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury of the United Kingdom (“HMT”)
or other relevant sanctions authority.

 

“Scheduled Principal
Payment” means, for any period, (a) all regularly scheduled principal payments during such period by the Borrower and
its Subsidiaries with respect to Indebtedness of the Borrower and its Subsidiaries (other than payments due at final maturity of any
tranche of Indebtedness) and (b) without duplication, the Borrower’s Pro Rata Share of all regularly scheduled principal payments
during such period with respect to the Indebtedness (other than payments due at final maturity of any tranche of Indebtedness) of each
Material Joint Venture. For purposes of determining Scheduled Principal Payments, Indebtedness shall not include accounts payable,
intracompany debt, dividends and distributions declared but not payable, security deposits, accrued liabilities or prepaid rent, each
as defined in accordance with GAAP.

 

“Scheduled Unavailability
Date” has the meaning specified in Section 3.03(b).

 

“Scope 1”
means direct greenhouse gas emissions relating to natural gas, transport fuel and refrigerants (or other similar categories) as disclosed
in the applicable annual Sustainability Metric Report.

 

“Scope 2”
means indirect greenhouse gas emissions relating to purchased electricity and purchased chilled water refrigerants (or other similar
categories) as disclosed in the applicable annual Sustainability Metric Report.

 

“SEC”
means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Secured Debt Ratio”
means, on the last day of any fiscal quarter, the ratio of (a) Enterprise Secured Debt outstanding on such date to (b) Enterprise
Gross Asset Value as of such date. Notwithstanding anything to the contrary contained herein, for the purposes of this ratio, the aggregate
amount of all unrestricted cash and cash equivalents on such date deducted from Enterprise Secured Debt pursuant to the definition of
 “Enterprise Total Indebtedness” shall exclude the aggregate amount of all unrestricted cash and cash equivalents deducted
from Enterprise Unsecured Debt pursuant to the definition of “Enterprise Total Indebtedness” for the purpose of determining
the Unsecured Leverage Ratio as of such date.

 

“Significant Acquisition”
means the acquisition (in one or a series of related transactions) of all or substantially all of the assets or Equity Interests of a
Person or any division, line of business or business unit of a Person for an aggregate consideration in excess of $450,000,000.

 

    24

     

    

 

“SOFR”
means the Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York (or a successor administrator of such
rate).

 

“SOFR Adjustment”
with respect to Daily Simple SOFR means 0.10% (10 basis points); and with respect to Term SOFR means 0.10% (10 basis points).

 

“Specified Arrangers”
means BofA Securities, Inc. and Wells Fargo Securities, LLC, each in its capacity as a joint lead arranger.

 

“Specified Default”
means an Event of Default arising under Section 8.01(a) or 8.01(f).

 

“Specified Representations”
means the representations and warranties set forth in the Loan Documents (or otherwise mutually agreed between the Borrower and the applicable
Lenders providing any applicable Incremental Term Loans) relating to: corporate existence of the Borrower and good standing of the Borrower
in its jurisdiction of organization; power and authority, due authorization, execution and delivery and enforceability, in each case,
relating to the Borrower entering into and performance of the Loan Documents; no conflicts with or consents under the Borrower’s
Organization Documents, applicable Law or material contractual obligations (in each case, as they relate to the entering into and performance
of the Loan Documents); use of proceeds of the Incremental Term Loans on the relevant Increase Effective Date; solvency of the Borrower
and its Subsidiaries on a consolidated basis; Federal Reserve margin regulations; the Investment Company Act of 1940; the Patriot Act;
OFAC; and Sanctions and Anti-Corruption Laws.

 

“Specified Test
Year” has the meaning specified in the definition of “Applicable Rate.”

 

“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability company or other business entity the accounts of which
are consolidated with the accounts of such Person in such Person’s consolidated financial statements prepared in accordance with
GAAP. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries”
shall refer to a Subsidiary or Subsidiaries of the Borrower.

 

“Successor Rate”
has the meaning specified in Section 3.03(b).

 

“Supported QFC”
has the meaning specified in Section 10.24.

 

“Sustainability
Assurance Provider” means Cventure LLC, or any replacement sustainability assurance provider thereof as designated from time
to time by the Borrower; provided that any such replacement Sustainability Assurance Provider (a) shall be (i) a qualified
external reviewer, independent of the Borrower and its Subsidiaries, believed in good faith by the Borrower to have relevant expertise,
such as an auditor, environmental consultant and/or independent ratings agency or (ii) another firm designated by the Borrower and
identified in writing to the Administrative Agent and the Lenders, so long as Lenders constituting the Required Lenders do not object
to such designation pursuant to this clause (a)(ii) within five (5) Business Days after notice thereof (setting forth
in reasonable detail the basis for such objection), and (b) to the extent relevant to the Sustainability Metric Components, shall
apply auditing standards and methodology that are the same as or substantially consistent with the auditing standards and methodology
used in the Borrower’s ESG Report for the calendar year ended December 31, 2020, except for any changes to such standards
and/or methodology that (x) are not material, (y) are consistent with then generally accepted industry standards or (z) if
not so consistent, are proposed by the Borrower and notified in writing to the Administrative Agent and the Lenders, so long as, in the
case of this subclause (z), Lenders constituting Required Lenders do not object to such changes within five (5) Business
Days after notice thereof (setting forth in reasonable detail the basis for such objection).

 

    25

     

    

 

“Sustainability
Metric” means, for any given calendar year (for purposes of this definition, the “subject year”), the percentage
change of the Sustainability Metric Components relative to the Sustainability Metric Baseline, which percentage change for any subject
year shall be determined and calculated based on the following methodology: (a) the Sustainability Metric Components for such subject
year shall be compared year-over-year to the Sustainability Metric Components for the immediately preceding calendar year using a like-for-like
rolling baseline year reflecting the Boundary Properties that the Borrower has owned and that were in service for the period of two (2) full
consecutive calendar years ending on the last day of such subject year (such methodology described in this clause (a), the “Rolling
Base Year Methodology,” and the percentage change of such Sustainability Metric Components for a subject year relative to such
Sustainability Metric Components for the immediately preceding calendar year being referred to as the “Rolling Base Year Percentage”,
which, for the avoidance of doubt, shall be expressed as a negative percentage in the event such Sustainability Metric Components for
such subject year are less than such Sustainability Metric Components for the immediately preceding calendar year); (b) in the case
of the Specified Test Year ending December 31, 2022, the Sustainability Metric for such Specified Test Year shall be the percentage
equal to the sum of (i) the Rolling Base Year Percentage for such Specified Test Year and (ii) the Rolling Base Year Percentage
for the calendar year ended December 31, 2021; and (c) in the case of a Specified Test Year ending after December 31,
2022, the Sustainability Metric for such Specified Test Year shall be the percentage equal to the sum of (i) the Rolling Base Year
Percentage for such Specified Test Year and (ii) the Rolling Base Year Percentage for each preceding calendar year ended on or after
December 31, 2021.

 

“Sustainability
Metric Annual Certificate” means a certificate substantially in the form of Exhibit G (or such other form as may
be approved by the Administrative Agent), signed by a Responsible Officer, and attaching a copy of the Sustainability Metric Report for
the most recently ended calendar year (provided that such a copy shall not be required to be so attached if such Sustainability
Metric Report has been published on an Internet or intranet website to which each Lender and the Administrative Agent has or has been
granted access free of charge); provided that the Borrower may, but shall not be required to, include a certification regarding
whether or not the Sustainability Metric Election Threshold has been satisfied as of December 31 of the then most recently ended
calendar year (commencing with the calendar year ending December 31, 2022) in any Compliance Certificate delivered by the Borrower
from time to time pursuant to Section 6.02(a), and any Compliance Certificate containing such a certification (and attaching
a copy of the applicable Sustainability Metric Report, except to the extent such attachment is not required as described above) shall
be deemed to be the Sustainability Metric Annual Certificate for the calendar year most recently ended prior to the delivery of such
Compliance Certificate.

 

“Sustainability
Metric Annual Certificate Inaccuracy” has the meaning specified in the definition of “Applicable Rate.”

 

“Sustainability
Metric Baseline” means the Borrower’s Sustainability Metric Components for the calendar year ended December 31,
2020, as set forth in the applicable Sustainability Metric Report (for the avoidance of doubt, subject to the Rolling Base Year Methodology).

 

“Sustainability
Metric Components” means, for any calendar year of the Borrower, the combined Scope 1 and Scope 2 greenhouse gas emissions
of the Borrower and its Controlled Subsidiaries for such calendar year (determined in all material respects in conformity with the GRI
Standards), less any qualified emissions offsets (including, but not limited to, renewable energy certificates) of the Borrower and its
Controlled Subsidiaries during such calendar year, in each case, with respect to the Boundary Properties (subject to the Rolling Base
Year Methodology). Qualified emissions offsets include any offsets used to calculate Scope 1 and Scope 2 emissions for reporting emissions
in the applicable annual Sustainability Metric Report, including any offsets in which Borrower and/or any of its Controlled Subsidiaries
has an interest as a result of purchasing environmental attributes of projects other than those owned directly by the Borrower and/or
any Controlled Subsidiary.

 

    26

     

    

 

“Sustainability
Metric Election Threshold” means, with respect to any Specified Test Year of the Borrower listed in the first column of the
table set forth below, the percentage change specified opposite such Specified Test Year in the second column of the table below (such
change specified in such column, the “Sustainability Metric Election Threshold”).

 

	Specified Test Year ending December 31
    of	 	Required
    Sustainability

    Metric Reduction	 
	2022	 	 	-2.00	%
	2023	 	 	-3.00	%
	2024	 	 	-4.00	%
	2025 and thereafter	 	 	-5.00	%

 

For purposes hereof, the
Sustainability Metric Election Threshold for any Specified Test Year shall be satisfied if the Sustainability Metric for such Specified
Test Year is a negative number the absolute value of which is equal to or greater than the absolute value of such Sustainability Metric
Election Threshold.

 

“Sustainability
Metric Pricing Grid” has the meaning specified in the definition of “Applicable Rate.”

 

“Sustainability
Metric Report” means an annual report by the Borrower (it being understood that such annual report for any year may take the
form of the annual ESG Report) that sets forth the Sustainability Metric Components for a specific calendar year and with respect to
which a verification review of the Scope 1 and Scope 2 emissions reported therein for such calendar year has been conducted by the Sustainability
Assurance Provider; provided that, to the extent relevant to such Sustainability Metric Components, the qualified or limited statement
of assurance from the Sustainability Assurance Provider that is set forth in, or attached to, such report shall be the same as or substantially
similar in all material respects to the statement of the Sustainability Assurance Provider set forth on page 54 of the ESG Report
for the calendar year ended December 31, 2020, except for any changes that (x) are with respect to any additional or increased
level of assurance or any expanded scope of review, (y) are with respect to accounting standards or methodology, so long as, in
the case of this subclause (y), such changes are consistent with the requirements of clause (b) of the definition of “Sustainability
Assurance Provider” (without regard to whether such Sustainability Assurance Provider is a replacement Sustainability Assurance
Provider) or (z) are proposed by the Borrower and notified in writing to the Administrative Agent and the Lenders, so long as, in
the case of this subclause (z), Lenders constituting Required Lenders do not object to such changes within five (5) Business
Days after notice thereof (setting forth in reasonable detail the basis for such objection).

 

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

 

    27

     

    

 

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

 

“Synthetic Lease
Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention
lease or (b) any similar off-balance sheet financing product that is considered borrowed money indebtedness for tax purposes but
classified as an operating lease under GAAP.

 

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

 

“Term A-1 Borrowing”
means a borrowing consisting of simultaneous Term A-1 Loans of the same Type and, in the case of Term SOFR Loans, having the same Interest
Period made by each of the Term A-1 Lenders pursuant to Section 2.01(a).

 

“Term A-1 Commitment”
means, as to each Term A-1 Lender, its obligation to make Committed Term A-1 Loans to the Borrower pursuant to Section 2.01(a),
in an aggregate principal amount which does not exceed the Dollar amount set forth opposite such Lender’s name in the column entitled
 “Term A-1 Commitment” on Schedule 2.01 or in the Assignment and Assumption or the New Lender Joinder Agreement
pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with
this Agreement.

 

“Term A-1 Facility”
means, at any time, (a) during the Availability Period in respect of such Facility, the sum of (i) the aggregate amount of
the unused Term A-1 Commitments of all Term A-1 Lenders at such time and (ii) the aggregate Outstanding Amount of the Term A-1 Loans
of all Term A-1 Lenders at such time and (b) thereafter, the aggregate Outstanding Amount of the Term A-1 Loans of all Term A-1
Lenders at such time.

 

“Term A-1 Lender”
means a Lender with a Term A-1 Commitment or an outstanding Committed Term A-1 Loan.

 

“Term A-1 Loan”
means any extension of credit under the Term A-1 Facility in the form of a loan by a Term A-1 Lender to the Borrower under Article II.

 

“Term A-1 Loan Exposure”
means, as to any Lender at any time, the aggregate Outstanding Amount at such time of its Term A-1 Loans; provided that at any
time prior to the end of the Availability Period with respect to the Term A-1 Facility, the Term A-1 Loan Exposure of any Lender shall
also include such Lender’s unused Term A-1 Commitment at such time.

 

    28

     

    

 

“Term A-1 Maturity
Date” means August 22, 2027 (or, if such date is not a Business Day, the immediately preceding Business Day).

 

“Term A-1 Note”
means a promissory note made by the Borrower in favor of a Term A-1 Lender evidencing Term A-1 Loans made by such Lender, substantially
in the form of Exhibit D-1.

 

“Term A-2 Borrowing”
means a borrowing consisting of simultaneous Term A-2 Loans of the same Type and, in the case of Term SOFR Loans, having the same Interest
Period made by each of the Term A-2 Lenders pursuant to Section 2.01(b).

 

“Term A-2 Commitment”
means, as to each Term A-2 Lender, its obligation to make Committed Term A-2 Loans to the Borrower pursuant to Section 2.01(b),
in an aggregate principal amount which does not exceed the Dollar amount set forth opposite such Lender’s name in the column entitled
 “Term A-2 Commitment” on Schedule 2.01 or in the Assignment and Assumption or the New Lender Joinder Agreement
pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with
this Agreement.

 

“Term A-2 Facility”
means, at any time, (a) during the Availability Period in respect of such Facility, the sum of (i) the aggregate amount of
the unused Term A-2 Commitments of all Term A-2 Lenders at such time and (ii) the aggregate Outstanding Amount of the Term A-2 Loans
of all Term A-2 Lenders at such time and (b) thereafter, the aggregate Outstanding Amount of the Term A-2 Loans of all Term A-2
Lenders at such time.

 

“Term A-2 Lender”
means a Lender with a Term A-2 Commitment or an outstanding Committed Term A-2 Loan.

 

“Term A-2 Loan”
means any extension of credit under the Term A-2 Facility in the form of a loan by a Term A-2 Lender to the Borrower under Article II.

 

“Term A-2 Loan Exposure”
means, as to any Lender at any time, the aggregate Outstanding Amount at such time of its Term A-2 Loans; provided that at any
time prior to the end of the Availability Period with respect to the Term A-2 Facility, the Term A-2 Loan Exposure of any Lender shall
also include such Lender’s unused Term A-2 Commitment at such time.

 

“Term A-2 Maturity
Date” means February 22, 2027 (or, if such date is not a Business Day, the immediately preceding Business Day), subject
to extension in accordance with Section 2.15.

 

“Term A-2 Note”
means a promissory note made by the Borrower in favor of a Term A-2 Lender evidencing Term A-2 Loans made by such Lender, substantially
in the form of Exhibit D-2.

 

“Term Facility”
means the Term A-1 Facility or the Term A-2 Facility, as the context may require.

 

“Term Loan”
means a Term A-1 Loan or a Term A-2 Loan, as the context may require.

 

“Term Note”
means a Term A-1 Note or a Term A-2 Note, as the context may require.

 

    29

     

    

 

“Term SOFR”
means:

 

(a)           for
any Interest Period with respect to a Term SOFR Loan, the rate per annum equal to the Term SOFR Screen Rate two U.S. Government Securities
Business Days prior to the commencement of such Interest Period with a term equivalent to such Interest Period; provided that,
if the rate is not published prior to 11:00 a.m. on such determination date then Term SOFR means the Term SOFR Screen Rate on the
first U.S. Government Securities Business Day immediately prior thereto for which such rate was published, in each case, plus
the SOFR Adjustment; and

 

(b)           for
any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to the Term SOFR Screen Rate with a term
of one month commencing that day; provided that, if the rate is not published prior to 11:00 a.m. on such determination date
then Term SOFR means the Term SOFR Screen Rate on the first U.S. Government Securities Business Day immediately prior thereto for which
such rate was published;

 

provided that, if Term SOFR determined
in accordance with the provisions of either clause (a) or (b) above would otherwise be less than 0.00%, then
Term SOFR shall be deemed 0.00% for purposes of this Agreement.

 

“Term SOFR Loan”
means a Loan that bears interest at a rate based on clause (a) of the definition of "Term SOFR."

 

“Term SOFR Screen
Rate” means the forward-looking SOFR term rate administered by CME (or any successor administrator satisfactory to the Administrative
Agent) and published on the applicable Reuters screen page (or such other commercially available source providing such quotations
as may be designated by the Administrative Agent from time to time).

 

“Threshold Amount”
means $150,000,000.

 

“Ticking Fee”
has the meaning specified in Section 2.10(c).

 

“Total Loan Exposure”
means, as to any Lender at any time, (a) in respect of the Term A-1 Facility, the Term A-1 Loan Exposure of such Lender at such
time, (b) in respect of the Term A-2 Facility, the Term A-2 Loan Exposure of such Lender at such time, and (c) in respect of
any Incremental Term Loan Facility, the aggregate Outstanding Amount at such time of its Incremental Term Loans under such Incremental
Term Loan Facility; provided that at any time prior to the termination of all commitments to make Incremental Term Loans under
such Incremental Term Loan Facility, the Total Loan Exposure in respect of such Incremental Term Loan Facility of any Lender shall also
include such Lender’s unused commitment, if any, at such time to make Incremental Term Loans under such Incremental Term Loan Facility.

 

“Treasury Management
Agreement” means any treasury, depository or cash management arrangements, services or products, including, without limitation,
overdraft services and automated clearinghouse transfers of funds.

 

“Treasury Management
Lender” means any Person that, at the time it enters into a Treasury Management Agreement, is a Lender or an Affiliate of a
Lender, in its capacity as a party to such Treasury Management Agreement.

 

“Type”
means, with respect to a Loan, its character as a Base Rate Loan or a Term SOFR Loan.

 

    30

     

    

 

“UK Financial Institution”
means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom
Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by
the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates
of such credit institutions or investment firms.

 

“UK Resolution Authority”
means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

 

“Unencumbered Asset
Value” means, for a Person and its Subsidiaries on a consolidated basis, as of any date of determination, the sum of (a) the
aggregate net book value, as determined in accordance with GAAP, of all real property of a Person that is not subject to a Mortgage Lien
plus (b) all accumulated depreciation and amortization with respect to such real properties plus (c) unrestricted
cash and cash equivalents of such Person plus (d) the sum of (i) unencumbered mezzanine and mortgage loan receivables
(at the value reflected in the consolidated financial statements of the Borrower, in accordance with GAAP, as of such date, including
the effect of any impairment charges) and (ii) unencumbered marketable securities (at the value reflected in the consolidated financial
statements of the Borrower, in accordance with GAAP, as of such date, including the effect of any impairment charges); provided
that the items described in this clause (ii) and in the preceding clause (i) shall not be taken into account
to the extent that the amounts of such items exceed, in the aggregate, 20% of Unencumbered Asset Value. For purposes of this definition,
(1) “Mortgage Lien” shall not include any lien securing Intercompany Indebtedness and (2) for the avoidance of
doubt, the value of any asset or property subject to Liens on assets of the Borrower or any Subsidiary securing obligations under Swap
Contracts shall not be included in the calculation of Unencumbered Asset Value.

 

“Unfunded Pension
Liability” means the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the
current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant
to Section 412 of the Code for the applicable plan year.

 

“United States”
and “U.S.” mean the United States of America.

 

“Unsecured Leverage
Ratio” means, on the last day of any fiscal quarter, the ratio of (a) Enterprise Unsecured Debt outstanding on such date
to (b) Enterprise Unencumbered Asset Value as of such date. Notwithstanding anything to the contrary contained herein, for the purposes
of this ratio, the aggregate amount of all unrestricted cash and cash equivalents on such date deducted from Enterprise Unsecured Debt
pursuant to the definition of “Enterprise Total Indebtedness” shall exclude the aggregate amount of all unrestricted cash
and cash equivalents deducted from Enterprise Secured Debt pursuant to the definition of “Enterprise Total Indebtedness”
for the purpose of determining the Secured Debt Ratio as of such date.

 

“U.S. Government
Securities Business Day” means any Business Day, except any Business Day on which any of the Securities Industry and Financial
Markets Association, the New York Stock Exchange or the Federal Reserve Bank of New York is not open for business because such day is
a legal holiday under the federal laws of the United States or the laws of the State of New York, as applicable.

 

“U.S. Special Resolution
Regimes” has the meaning specified in Section 10.24.

 

“Wells Fargo”
means Wells Fargo Bank, National Association and its successors.

 

“Wholly-Owned Subsidiary”
means any wholly-owned Subsidiary of the Borrower that is not a special purpose entity.

 

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

 

1.02       
Other Interpretive Provisions.

 

With reference to this Agreement
and each other Loan Document, unless otherwise specified herein or in such other Loan Document:

 

(a)           The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require,
any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will”
shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any
definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed as
referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified
(subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein or in any other Loan Document),
(ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the
words “hereto,” “herein,” “hereof” and “hereunder,” and words of similar import when
used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof,
(iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and
Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall
include all statutory and regulatory provisions consolidating, amending replacing or interpreting such law and any reference to any law,
rule or regulation shall, unless otherwise specified, refer to such law, rule or regulation as amended, modified or supplemented
from time to time, and (vi) the words “asset” and “property” shall be construed to have the same
meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and
contract rights.

 

(b)           In
the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including”; the words “to” and “until” each mean “to but excluding”; and the
word “through” means “to and including.”

 

(c)           Section headings
herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this
Agreement or any other Loan Document.

 

(d)           Any
reference herein to a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, shall
be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited liability
company (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation, amalgamation, assignment,
sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability
company shall constitute a separate Person hereunder (and each division of any limited liability company that is a Subsidiary, joint
venture or any other like term shall also constitute such a Person or entity).

 

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(e)           For
the avoidance of doubt, the parties intend that the term “Enterprise” refer to financial calculations that cover (i) the
Borrower and its consolidated Subsidiaries and (ii) the Borrower’s Pro Rata Share of Material Joint Ventures.

 

1.03        Accounting
Terms.

 

(a)           Generally.
All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including
financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity
with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing
the Audited Financial Statements, except as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes
of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness
of the Borrower and its Subsidiaries shall be deemed to be carried in accordance with GAAP, excluding the effects of FASB ASC 825 on
financial liabilities.

 

(b)           Changes
in GAAP. 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 Required 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 Required Lenders and the Borrower); provided 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 financial statements and other documents required under this Agreement or as reasonably requested in writing hereunder by the Administrative
Agent setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change
in GAAP.

 

1.04        Rounding.

 

Any financial ratios required
to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component,
carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or
down to the nearest number (with a rounding-up if there is no nearest number).

 

1.05        [Reserved].

 

1.06        [Reserved].

 

1.07        Interest
Rates. The Administrative Agent does not warrant, nor accept responsibility, nor shall the
Administrative Agent have any liability with respect to the administration, submission or any other matter related to any reference rate
referred to herein or with respect to any rate (including, for the avoidance of doubt, the selection of such rate and any related spread
or other adjustment) that is an alternative or replacement for or successor to any such rate (including, without limitation, any Successor
Rate) (or any component of any of the foregoing) or the effect of any of the foregoing, or of any Conforming Changes. The Administrative
Agent and its affiliates or other related entities may engage in transactions or other activities that affect any reference rate referred
to herein, or any alternative, successor or replacement rate (including, without limitation, any Successor Rate) (or any component of
any of the foregoing) or any related spread or other adjustments thereto, in each case, in a manner adverse to the Borrower. The
Administrative Agent may select information sources or services in its reasonable discretion to ascertain any reference rate referred
to herein or any alternative, successor or replacement rate (including, without limitation, any Successor Rate) (or any component of
any of the foregoing), in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender
or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages,
costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or other action or
omission related to or affecting the selection, determination, or calculation of any such rate (or component thereof) provided by any
such information source or service.

 

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1.08        Times
of Day.

 

Unless otherwise specified,
all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).

 

ARTICLE II

 

THE COMMITMENTS AND CREDIT EXTENSIONS

 

2.01        Committed
Loans.

 

(a)           Term A-1
Borrowings. Subject to the terms and conditions set forth herein, each Term A-1 Lender severally agrees to make term loans (each
such loan, a “Committed Term A-1 Loan”) to the Borrower in Dollars from time to time, on any Business Day during the
Availability Period for the Term A-1 Facility, in an aggregate amount not to exceed such Term A-1 Lender’s Applicable Percentage
of the Term A-1 Facility; provided that, there shall be no more than five (5) separate Borrowing Dates on which any Term
Loans made pursuant to Section 2.01(a) and/or Section 2.01(b) during the Availability Period. Each
Term A-1 Borrowing shall consist of Term A-1 Loans made simultaneously by the Term A-1 Lenders in accordance with their respective Applicable
Percentage of the Term A-1 Facility. Amounts borrowed under this Section 2.01(a) and repaid or prepaid may not be reborrowed.
Term A-1 Loans may be Base Rate Loans or Term SOFR Loans, as further provided herein.

 

(b)           Term A-2
Borrowings. Subject to the terms and conditions set forth herein, each Term A-2 Lender severally agrees to make term loans (each
such loan, a “Committed Term A-2 Loan”) to the Borrower in Dollars from time to time, on any Business Day during the
Availability Period for the Term A-2 Facility, in an aggregate amount not to exceed such Term A-2 Lender’s Applicable Percentage
of the Term A-2 Facility; provided that, there shall be no more than five (5) separate Borrowing Dates on which any Term
Loans made pursuant to Section 2.01(a) and/or Section 2.01(b) during the Availability Period. Each
Term A-2 Borrowing shall consist of Term A-2 Loans made simultaneously by the Term A-2 Lenders in accordance with their respective Applicable
Percentage of the Term A-2 Facility. Amounts borrowed under this Section 2.01(b) and repaid or prepaid may not be reborrowed.
Term A-2 Loans may be Base Rate Loans or Term SOFR Loans, as further provided herein.

 

2.02        Borrowings
and Conversions and Continuations of Loans.

 

(a)           Each
Borrowing, each conversion of Loans from one Type to another Type, and each continuation of Term SOFR Loans shall be made upon the Borrower’s
irrevocable notice to the Administrative Agent, which may be given by (A) telephone, or (B) a Committed Loan Notice; provided
that any telephonic notice must be confirmed immediately by delivery to the Administrative Agent of a Committed Loan Notice. Each
such Committed Loan Notice must be received by the Administrative Agent not later than 12:00 Noon (i) three (3) Business Days
prior to the requested date of any Borrowing of, conversion to or continuation of Term SOFR Loans or of any conversion of Term SOFR Loans
to Base Rate Loans (or, with respect to such a Borrowing of any Incremental Term Loan, such other notice period as may be agreed to in
the relevant Incremental Term Loan Amendment), (ii) [reserved], and (iii) on the requested date of any Borrowing of Base Rate
Loans. Each Borrowing of or conversion to Term SOFR Loans, or continuation of Term SOFR Loans, shall be in a principal amount equal to
$1,000,000 or a whole multiple of $100,000 in excess thereof. Each Borrowing of or conversion to Base Rate Loans shall be in a principal
amount equal to $500,000 or a whole multiple of $100,000 in excess thereof.

 

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Each Committed Loan Notice
(whether telephonic or written) shall specify (i) whether the Borrower is requesting a Borrowing of Committed Term A-1 Loans, a
Borrowing of Committed Term A-2 Loans, a Borrowing of Incremental Term Loans of a specific tranche, a conversion of Loans from one Type
to another Type, or a continuation of Term SOFR Loans, (ii) the requested date of the Borrowing, conversion or continuation, as
the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the
Type and Class of Loans to be borrowed or to which existing Loans are to be converted, and (v) if applicable, the duration
of the Interest Period with respect thereto. If the Borrower fails to specify a Type of Loan in a Committed Loan Notice or if the Borrower
fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted to, Base
Rate Loans; provided, however, that, in the case of a failure to timely request a continuation of Term SOFR Loans, such
Loans shall be continued as Term SOFR Loans with an Interest Period of one month (unless an Event of Default exists at such time and
the Administrative Agent has notified the Borrower that the Required Lenders have determined that such a continuation as Term SOFR Loans
is not appropriate in accordance with Section 2.02(c)). Any such automatic conversion to Base Rate Loans shall be effective
as of the last day of the Interest Period then in effect with respect to the applicable Term SOFR Loans. If the Borrower requests a Borrowing
of, conversion to, or continuation of Term SOFR Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it
will be deemed to have specified an Interest Period of one month.

 

(b)           Following
receipt of a Committed Loan Notice requesting a Committed Borrowing, the Administrative Agent shall promptly notify each applicable Lender
of the amount of its Applicable Percentage of the Committed Loans under the applicable Facility.

 

In the case of a Borrowing,
each applicable Lender shall make the amount of its Loan available to the Administrative Agent in Same Day Funds at the Administrative
Agent’s Office not later than 1:00 p.m. on the Business Day specified in the applicable Committed Loan Notice. In any event,
a Lender may cause any domestic branch or Affiliate to fund or make the amount of its Loan available in accordance with the foregoing
provisions. Upon satisfaction or waiver of the applicable conditions set forth in Section 4.02 (or in the case of (x) a
Borrowing requested by the Borrower to be made on the Closing Date, the conditions set forth in Section 4.01, or (y) a
Borrowing of Incremental Term Loans, the applicable conditions set forth in Section 2.16(e)), the Administrative Agent shall
make all funds so received available to the Borrower in like funds as received by the Administrative Agent either by (i) crediting
the account of the Borrower on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in
each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower.

 

(c)           Except
as otherwise provided herein, a Term SOFR Loan may be continued or converted only on the last day of an Interest Period for such Term
SOFR Loan. During the existence of an Event of Default, no Loans may be requested as, converted to or continued as Term SOFR Loans
if the Administrative Agent has notified the Borrower that the Required Lenders have determined that such a continuation or conversion
is not appropriate.

 

(d)           The
Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period for Term
SOFR Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent shall
notify the Borrower and the Lenders of any change in Bank of America’s prime rate used in determining the Base Rate promptly following
the public announcement of such change.

 

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(e)           After
giving effect to all Committed Borrowings, all conversions of Committed Loans from one Type to another Type, and all continuations of
Committed Loans as the same Type, there shall not be more than (i) six (6) Interest Periods in effect with respect to
all Committed Term A-1 Loans and (ii) six (6) Interest Periods in effect with respect to all Committed Term A-2 Loans.

 

(f)           With
respect to SOFR or Term SOFR, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding
anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective
without any further action or consent of any other party to this Agreement or any other Loan Document; provided that, with respect
to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming Changes to the Borrower
and the Lenders reasonably promptly after such amendment becomes effective.

 

2.03        [Reserved].

 

2.04        [Reserved].

 

2.05        [Reserved].

 

2.06        Prepayments.
The Borrower may, upon notice to the Administrative Agent, at any time or from time to time, voluntarily prepay any Loans of any Class in
whole or in part without premium or penalty pursuant to this Section 2.06; provided that (i) such notice must
be received by the Administrative Agent not later than 11:00 a.m. (A) three (3) Business Days (or such shorter period
as the Administrative Agent shall agree) prior to any date of prepayment of Term SOFR Loans and (B) on the date of prepayment of
Base Rate Loans; (ii) any prepayment of Term SOFR Loans shall be in a principal amount of $1,000,000 or a whole multiple of $100,000
in excess thereof; and (iii) any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of
$100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify
the date and amount of such prepayment and the Type(s) and Class(es) of Loans to be prepaid and, if Term SOFR Loans are to be prepaid,
the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each applicable Lender of its receipt of each
such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment of the applicable Class(es) of Loans.
If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall
be due and payable on the date specified therein; provided, however, that a notice of voluntary prepayment may state that
such notice is conditioned upon an event, such as the effectiveness of other credit facilities, the receipt of the proceeds from the
issuance of Equity Interests or other Indebtedness or the receipt of the proceeds from a Disposition, in which case such notice of prepayment
may be revoked by the Borrower if such condition is not satisfied. Any prepayment of a Term SOFR Loan shall be accompanied by all accrued
interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Subject to Section 2.18,
each prepayment of Loans of any Class made pursuant to this Section 2.06 shall be made ratably among the Lenders of
such Class in accordance with their respective Applicable Percentages of such Class of Loans.

 

2.07        Termination
or Reduction of Commitments.

 

(a)           Concurrently
with the Borrowing of any Term A-1 Loans on any Borrowing Date, the Term A-1 Commitment of each Term A-1 Lender will be permanently reduced
on a dollar-for-dollar basis by the principal amount of Term A-1 Loans made by such Term A-1 Lender on such Borrowing Date. Concurrently
with the Borrowing of any Term A-2 Loans on any Borrowing Date, the Term A-2 Commitment of each Term A-2 Lender will be permanently reduced
on a dollar-for-dollar basis by the principal amount of Term A-2 Loans made by such Term A-2 Lender on such Borrowing Date.

 

    36

     

    

 

(b)           Unless
previously terminated, (i) the Aggregate Term A-1 Commitments will terminate in full at 5:00 p.m. on the last day of the Availability
Period with respect to the Term A-1 Facility and (ii) the Aggregate Term A-2 Commitments will terminate in full at 5:00 p.m. on
the last day of the Availability Period with respect to the Term A-2 Facility.

 

(c)           The
Borrower may, upon notice to the Administrative Agent, terminate the Aggregate Term A-1 Commitments or the Aggregate Term A-2 Commitments,
or from time to time permanently reduce the Aggregate Term A-1 Commitments or the Aggregate Term A-2 Commitments; provided that
(i) any such notice shall be received by the Administrative Agent not later than 12:00 Noon five (5) Business Days prior to
the date of termination or reduction, and (ii) any such partial reduction shall be in an aggregate amount of $5,000,000 or any whole
multiple of $1,000,000 in excess thereof. Each such notice of termination shall specify such election to terminate, the relevant Class(es)
of Commitments to be terminated, and the effective date thereof. The Administrative Agent will promptly notify the Lenders of the relevant
Class(es) of any such notice of termination or reduction of Commitments of such Class(es). A notice delivered by the Borrower pursuant
to this Section 2.07(c) may state that such notice is conditioned upon an event, such as the effectiveness of other
credit facilities, the receipt of the proceeds from the issuance of Equity Interests or other Indebtedness or the receipt of the proceeds
from a Disposition, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the
specified effective date) if such condition is not satisfied.

 

(d)           Any
reduction of the Aggregate Term A-1 Commitments pursuant to Section 2.07(b) or (c) shall be applied to the
Term A-1 Commitment of each Lender according to its Applicable Percentage of the Term A-1 Facility. Any reduction of the Aggregate Term
A-2 Commitments pursuant to Section 2.07(b) or (c) shall be applied to the Term A-2 Commitment of each Lender
according to its Applicable Percentage of the Term A-2 Facility.

 

2.08        Repayment.

 

(a)           The
Borrower shall repay to the Term A-1 Lenders on the Term A-1 Maturity Date, unless accelerated sooner pursuant to Section 8.02,
the entire outstanding principal balance of all Committed Term A-1 Loans, together with accrued but unpaid interest, fees and all other
sums with respect thereto.

 

(b)           The
Borrower shall repay to the Term A-2 Lenders on the Term A-2 Maturity Date, unless accelerated sooner pursuant to Section 8.02,
the entire outstanding principal balance of all Committed Term A-2 Loans, together with accrued but unpaid interest, fees and all other
sums with respect thereto.

 

2.09        Interest.

 

(a)           Applicable
Interest. Subject to the provisions of Section 2.09(b), (i) each Term SOFR Loan shall bear interest on the outstanding
principal amount thereof for each Interest Period applicable thereto at a rate per annum equal to Term SOFR for such Interest Period
plus the Applicable Rate; and (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from
the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate.

 

    37

     

    

 

(b)           Default
Interest.

 

(i)            If
any amount of principal of any Loan is not paid when due, whether at stated maturity, by acceleration or otherwise, then upon the request
of the Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the
Default Rate to the fullest extent permitted by applicable Laws.

 

(ii)           If
any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (without regard to
any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders,
such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest
extent permitted by applicable Laws.

 

(iii)          Upon
the request of the Required Lenders, while any Event of Default exists, (x) the Borrower shall pay interest on the principal amount
of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest
extent permitted by applicable Laws and (y) any adjustment to the Applicable Rate pursuant to the Sustainability Metric Pricing
Grid shall cease to apply.

 

(iv)          Accrued
and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.

 

(c)           Interest
Payment Date. Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such
other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after
judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

 

2.10        Fees.

 

(a)           The
Borrower shall pay to the Arrangers and the Administrative Agent for their own respective accounts, in Dollars, fees in the amounts and
at the times as separately agreed upon in writing between the Borrower, the applicable Arrangers and the Administrative Agent, as applicable.
Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever, absent manifest error.

 

(b)           The
Borrower shall pay to the Lenders, in Dollars, such fees as shall have been separately agreed upon in writing in the amounts and at the
times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever, absent manifest
error.

 

(c)           Ticking
Fee. The Borrower agrees to pay to the Administrative Agent for the account of each Lender with respect to each Term Facility a ticking
fee (the “Ticking Fee”) in Dollars, which, subject to adjustment as provided in Section 2.18, shall accrue
at a rate of 0.15% (15.0 basis points) per annum on the actual daily amount of the undrawn Commitments of such Lender under such Term
Facility during the period commencing on October 21, 2022 to but not including the earlier of (x) the final day of the Availability
Period with respect to such Term Facility and (y) the date on which all Commitments under such Term Facility shall have been terminated.
Accrued and unpaid Ticking Fees with respect to a Term Facility shall be due and payable in arrears upon the earliest of (i) the
date that is the final day of the Availability Period with respect to such Term Facility, (ii) the date on which any Committed Borrowing
under such Term Facility occurs and (iii) the date on which any Commitments under such Term Facility are terminated. All Ticking
Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first
day but excluding the last day).

 

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2.11        Computation
of Interest and Fees.

 

All computations of interest
for Base Rate Loans (including Base Rate Loans determined by reference to Term SOFR) shall be made on the basis of a year of 365 or 366
days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day
year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day
year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof,
for the day on which the Loan or such portion is paid; provided that any Loan that is repaid on the same day on which it is made
shall, subject to Section 2.13(a), bear interest for one day. Each determination by the Administrative Agent of an interest
rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

 

2.12        Evidence
of Debt. The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender
and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and
each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrower and
the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the
obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the
accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the
accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made
through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note with
respect to the applicable Facility, which shall evidence such Lender’s Loans in addition to such accounts or records. Each Lender
may attach schedules to its Note(s) and endorse thereon the date, Type (if applicable), amount, and maturity of its Loans and payments
with respect thereto.

 

2.13        Payments
Generally; Administrative Agent’s Clawback.

 

(a)           General.
All payments to be made by the Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff.
Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for
the account of the respective Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in Same
Day Funds not later than 2:00 p.m. on the date specified herein. Without limiting the generality of the foregoing, the Administrative
Agent may require that any payments due under this Agreement be made in the United States. The Administrative Agent will promptly distribute
to each Lender its Applicable Percentage in respect of the relevant Facility (or other applicable share as provided herein) of such payment
in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative Agent after
2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to
accrue. If any payment to be made by the Borrower shall come due on a day other than a Business Day, such due date shall be extended
to the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.

 

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(b)           (i)            Funding
by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to
the proposed date of any Borrowing of Term SOFR Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon on the
date of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing,
the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02
(or, in the case of a Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the
time required by Section 2.02) and may, in reliance upon such assumption, make available to the Borrower a corresponding
amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent,
then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand (without duplication)
such corresponding amount in Same Day Funds with interest thereon, for each day from and including the date such amount is made available
to the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by
such Lender, the Overnight Rate plus any administrative, processing or similar fees customarily charged by the Administrative Agent in
connection with the foregoing, and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to the
Loans constituting such Borrowing. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or
an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower
for such period. In the event the Borrower pays such amount to the Administrative Agent, then such amount shall reduce the principal
amount of such Borrowing (subject to the last sentence of this paragraph and any applicable provisions of Section 2.18).
If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such
Lender’s Loan included in such Borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may
have against a Lender that shall have failed to make such payment to the Administrative Agent.

 

(ii)           Payments
by the Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from the Borrower
prior to the time at which any payment is due to the Administrative Agent for the account of the Lenders of any Class 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, in reliance upon such assumption, distribute to the Lenders of such Class the amount due. With respect
to any payment that the Administrative Agent makes for the account of any of the Lenders hereunder as to which the Administrative Agent
determines (which determination shall be conclusive absent manifest error) that any of the following applies (such payment referred to
as the “Rescindable Amount”): (1) the Borrower has not in fact made such payment; (2) the Administrative
Agent has made a payment in excess of the amount so paid by Borrower (whether or not then owed); or (3) the Administrative Agent
has for any reason otherwise erroneously made such payment, then each of the Lenders severally agrees to repay to the Administrative
Agent forthwith on demand the Rescindable Amount so distributed to such Lender, in Same Day Funds 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
Overnight Rate.

 

A notice of the Administrative
Agent to any Lender or the Borrower with respect to any amount owing under this Section 2.13(b) shall be conclusive,
absent manifest error.

 

(c)           Failure
to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any Loan to be made by such
Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower
by the Administrative Agent because the conditions to the applicable Credit Extension set forth in Section 4.02 (or in the
case of (x) a Borrowing requested by the Borrower to be made on the Closing Date, the conditions set forth in Section 4.01,
or (y) a Borrowing of Incremental Term Loans, the applicable conditions set forth in Section 2.16(e)) are not satisfied
or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such
Lender) to such Lender, without interest.

 

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(d)           Obligations
of Lenders Several. The obligations of the Lenders hereunder to make Committed Term A-1 Loans and Committed Term A-2 Loans and to
make payments pursuant to Section 10.04(c) are several and not joint. The failure of any Lender to make any Loan or
to make any payment under Section 10.04(c) on any date required hereunder shall not relieve any other Lender of its
corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its
Loan or to make its payment under Section 10.04(c).

 

(e)           Funding
Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner
or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or
manner.

 

2.14        Sharing
of Payments by Lenders.

 

If any Lender shall, by exercising
any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the Loans of any
Class made by it resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Loans of such
Class and accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving
such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations
in the Loans of the relevant Class(es), or make such other adjustments as shall be equitable, so that the benefit of all such payments
shall be shared by the relevant Lenders of the relevant Class(es) ratably in accordance with the aggregate amount of principal of and
accrued interest on their respective Loans of the relevant Class(es) or such other amounts owing them under the relevant Facilities,
as applicable; provided that:

 

(i)            if
any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall
be rescinded and the purchase price restored to the extent of such recovery, without interest; and

 

(ii)           the
provisions of this Section 2.14 shall not be construed to apply to (x) any payment made by or on behalf of the
Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the
existence of a Defaulting Lender), (y) [reserved] or (z) any payment obtained by a Lender as consideration for the assignment
of or sale of a participation in any of its Commitments or Loans to any assignee or participant, other than an assignment to the Borrower
or any Subsidiary thereof (as to which the provisions of this Section 2.14 shall apply).

 

The Borrower consents to
the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant
to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

 

2.15        Extension
of Term A-2 Maturity Date.

 

(a)           Requests
for Extension. The Borrower may, by written notice to the Administrative Agent (who shall promptly notify the Term A-2 Lenders) not
earlier than ninety (90) days and not later than thirty (30) days prior to the Term A-2 Maturity Date then in effect (such date, the
 “Initial Term A-2 Maturity Date”), elect that the Term A-2 Lenders extend the Term A-2 Maturity Date for an additional
twelve (12) months after such Initial Term A-2 Maturity Date; provided that the Borrower may not make more than one (1) such
election pursuant to this Section 2.15 during the term of this Agreement.

 

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(b)           Confirmation
by Administrative Agent. The Administrative Agent shall confirm receipt of the Borrower’s notice delivered pursuant to Section 2.15(a) no
later than the date that is fifteen (15) days prior to the Initial Term A-2 Maturity Date (or, if such date is not a Business Day, on
the next preceding Business Day).

 

(c)           Extension
of Term A-2 Maturity Date. If (and only if) the conditions precedent set forth in Section 2.15(d) have been met,
then, effective as of the Initial Term A-2 Maturity Date, the Term A-2 Maturity Date shall be extended to the date falling twelve (12)
months after the Initial Term A-2 Maturity Date (except that, if such date is not a Business Day, such Term A-2 Maturity Date as so extended
shall be the next preceding Business Day). Upon satisfaction of the conditions precedent set forth in Section 2.15(d), as
certified by the Borrower to the Administrative Agent in writing, the Administrative Agent shall deliver a copy of such certification
to each Term A-2 Lender.

 

(d)           Conditions
to Effectiveness of Extensions. As a condition precedent to such extension, (i) the Borrower shall deliver to the Administrative
Agent a certificate of the Borrower dated as of the Initial Term A-2 Maturity Date signed by a Responsible Officer (x) certifying
and attaching the resolutions adopted by the Borrower approving or consenting to such extension and (y) certifying that (1) the
representations and warranties contained in Article V and in the other Loan Documents are true and correct in all material
respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect or similar language,
in which case such representation or warranty shall be true and correct in all respects) on and as of the Initial Term A-2 Maturity Date
(other than the representations and warranties in Section 5.05(c) and Section 5.22, which shall be made
only as of the Closing Date), except to the extent that any such representation or warranty specifically refers to an earlier date, in
which case such representation or warranty was true and correct in all material respects (except in the case of a representation or warranty
qualified by materiality or Material Adverse Effect or similar language, in which case such representation or warranty shall have been
true and correct in all respects) as of such earlier date, and except that for purposes of this Section 2.15, the representations
and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer
to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01
and (2) as of the Initial Term A-2 Maturity Date, and immediately after giving effect to such extension, no Default exists and
(ii) the Borrower shall pay to the Term A-2 Lenders on or prior to the Initial Term A-2 Maturity Date a fee (to be shared among
the Term A-2 Lenders based upon their Applicable Percentages of the Outstanding Amount of the Term A-2 Loans) equal to the product of
(x) 0.125% multiplied by (y) the then Outstanding Amount of the Term A-2 Loans.

 

(e)           Conflicting
Provisions. This Section 2.15 shall supersede any provisions in Section 2.02(b), 2.14 or 10.01
to the contrary.

 

2.16        Incremental
Term Loans.

 

(a)           Request
for Incremental Term Loans. From time to time, the Borrower shall have the right to enter into one or more new tranches (or increase
an existing tranche) of term loans under this Agreement (each, an “Incremental Term Loan”); provided that (i) subject
to the last proviso to clause (e)(i) below, no Default has occurred and is continuing, (ii) each increase or tranche
of Incremental Term Loans must be in a minimum amount of $10,000,000 and in integral multiples of $5,000,000 in excess thereof (or such
other amounts as are agreed to by the Borrower and the Administrative Agent), and (iii) after giving effect to all such Incremental
Term Loans, the sum, without duplication, of the aggregate principal amounts of the Term A-1 Loans, the Term A-2 Loans and all such Incremental
Term Loans shall not exceed $1,000,000,000. At the time of sending such notice to the Administrative Agent of the exercise of such right,
the Borrower (in consultation with the Administrative Agent) shall specify the Lenders to be approached to provide all or a portion of
such Incremental Term Loan (subject in each case to any requisite consents required under Section 10.06) and the time period
within which each such Lender is requested to respond (which time period shall be as mutually agreed between the Borrower and the Administrative
Agent).

 

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(b)           Lender
Elections to Participate. Each Lender shall notify the Administrative Agent within such time period whether or not it agrees to participate
in such new tranche or increase, as the case may be, and, if so, the maximum aggregate principal amount of the proposed Incremental Term
Loans that such Lender is offering to provide. Any Lender not responding within such time period shall be deemed to have declined to
participate in such new tranche or increase, as the case may be. Any such new tranche or increase shall be syndicated on a best efforts
basis and no Lender shall be required to participate in any tranche of Incremental Term Loans to facilitate such tranche or increase.

 

(c)           Notification
by Administrative Agent; Additional Lenders. The Administrative Agent shall notify the Borrower and each Lender of the Lenders’
responses to each request made hereunder. Subject to the approval of the Administrative Agent (which approval shall not be unreasonably
withheld), the Borrower may also invite additional Eligible Assignees to become Lenders pursuant to a joinder agreement in form and substance
reasonably satisfactory to the Administrative Agent and its counsel (a “New Lender Joinder Agreement”).

 

(d)           Effective
Date and Allocations. If any Incremental Term Loan is extended in accordance with this Section 2.16, the Administrative
Agent and the Borrower shall determine the effective date (the “Increase Effective Date”) and the final allocation
thereof. The Administrative Agent shall promptly notify the Borrower and the Lenders of the final allocation of such Incremental Term
Loan and the Increase Effective Date.

 

(e)           Conditions
to Effectiveness of Incremental Term Loans. As a condition precedent to any Incremental Term Loan:

 

(i)            the
Borrower shall deliver to the Administrative Agent a certificate of the Borrower dated as of the Increase Effective Date signed by a
Responsible Officer (A) certifying and attaching the resolutions adopted by the Borrower approving or consenting to such Incremental
Term Loan, and (B) certifying that (1) the representations and warranties contained in Article V and in the other
Loan Documents are true and correct in all material respects (except in the case of a representation or warranty qualified by materiality
or Material Adverse Effect or similar language, in which case such representation or warranty shall be true and correct in all respects)
on and as of the Increase Effective Date (other than the representations and warranties in Section 5.05(c) and Section 5.22,
which shall be made only as of the Closing Date), except to the extent that any such representation or warranty specifically refers to
an earlier date, in which case such representation or warranty was true and correct in all material respects (except in the case of a
representation or warranty qualified by materiality or Material Adverse Effect or similar language, in which case such representation
or warranty shall have been true and correct in all respects) as of such earlier date, and except that for purposes of this Section 2.16,
the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall
be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of
Section 6.01; provided that, in the case of any Incremental Term Loan the proceeds of which are to be used to finance
an acquisition (including by means of a merger, amalgamation or consolidation) or other Investment not prohibited by this Agreement (and
related transaction costs) the consummation of which is not conditioned on the availability of, or on obtaining, third-party financing
or that is otherwise subject to customary “funds certain provisions,” to the extent agreed by the applicable Lenders providing
such Incremental Term Loan, the representations and warranties the accuracy of which in all material respects (except in the case of
a representation or warranty qualified by materiality or Material Adverse Effect or similar language, in which case such representation
or warranty shall be accurate in all respects) are a condition to the funding of such Incremental Term Loan shall be limited to (x) the
Specified Representations (or such other formulation thereof as may be agreed by the applicable Lenders providing such Incremental Term
Loan) and (y) those representations of the acquired company in the applicable acquisition agreement that are material to the interests
of the applicable Lenders providing such Incremental Term Loan and which, if breached or inaccurate, would give the Borrower or any Subsidiary
the right to terminate or refuse to close under the applicable acquisition agreement, and (2) as of the Increase Effective Date,
and immediately after giving effect to such Incremental Term Loan, no Default or Event of Default exists; provided that, in the
case of any Incremental Term Loan the proceeds of which are to be used to finance an acquisition or other Investment not prohibited by
this Agreement (and related transaction costs) the consummation of which is not conditioned on the availability of, or on obtaining,
third-party financing or that is otherwise subject to customary “funds certain provisions,” to the extent agreed by the applicable
Lenders providing such Incremental Term Loan, this condition shall be limited to (x) at the time of the execution and delivery of
the applicable acquisition agreement related to such acquisition, no Default shall have occurred and be continuing or shall occur as
a result thereof and (y) upon the effectiveness and making of any Incremental Term Loan on the applicable Increase Effective Date,
no Specified Default shall have occurred and be continuing or shall occur as a result thereof;

 

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(ii)           (A) upon
the reasonable request of any Lender made at least five (5) days prior to the applicable Increase Effective Date, the Borrower shall
have provided to such Lender the documentation and other information so requested by such Lender that satisfies all requirements of regulatory
authorities applicable to such Lender and such Lender’s internal policies and procedures in connection with applicable “know
your customer” and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act and (B) if
the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation it shall have delivered, to
each Lender that so requests at least five (5) days prior to the applicable Increase Effective Date, a Beneficial Ownership Certification
in relation to the Borrower;

 

(iii)          in
the case of any tranche of Incremental Term Loans, such Incremental Term Loans (A) shall rank pari passu in right of payment with
the Term Loans and any other outstanding Incremental Term Loans, (B) shall not mature earlier than the latest Maturity Date then
in effect (but may have amortization prior to such date so long as the weighted average life to maturity of any Incremental Term Loans
shall be no shorter than the remaining weighted average life to maturity of any previously funded and then outstanding Incremental Term
Loans (if any) at such time); provided that, notwithstanding the foregoing, any increase pursuant to this Section 2.16 to a then
existing tranche of Loans under this Agreement shall have the same Maturity Date as such then existing tranche that is being so increased,
and (C) shall be treated substantially the same as (and in any event no more favorably than) the Term Loans and any other outstanding
Incremental Term Loans; provided that (1) the terms and conditions applicable to any tranche of Incremental Term Loans maturing
after the latest Maturity Date then in effect may provide for material additional or different financial or other covenants or requirements
applicable only during periods after such Maturity Date then in effect, (2) the Incremental Term Loans may be priced differently
than the Term Loans and any other outstanding Incremental Term Loans and (3) other terms and conditions applicable to Incremental
Term Loans may be materially different from those of the Term Loans and any other outstanding Incremental Term Loans to the extent such
differences are solely administrative in nature or are terms and conditions reasonably acceptable to the Administrative Agent or that
customarily apply to syndicated term loan facilities (as determined in good faith by the board of directors of the Borrower). Incremental
Term Loans may be made hereunder pursuant to an amendment or restatement (an “Incremental Term Loan Amendment”) of
this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, each Lender participating in such tranche or
increase and the Administrative Agent. The Incremental Term Loan Amendment may, without the consent of any other Lenders, effect such
amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative
Agent, to effect the provisions of this Section 2.16;

 

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(iv)          the
Administrative Agent shall have received a Request for Credit Extension in accordance with the terms hereof; and

 

(v)           the
Borrower shall provide a Note to any Lender joining on the Increase Effective Date, if requested.

 

(f)            Conflicting
Provisions. This Section 2.16 shall supersede any provisions in Sections 2.14 or 10.01 to the contrary.

 

(g)           Fees.
In connection with any Incremental Term Loans pursuant to this Section 2.16, the Borrower shall pay such fees to the Administrative
Agent, for its own account and for the benefit of the Lenders participating in such Incremental Term Loans, determined at the time of
such funding of such Incremental Term Loans (or such other time specified in the relevant Incremental Term Loan Amendment) and agreed
to by the Borrower in writing.

 

(h)           Lenders.
In connection with any Incremental Term Loans pursuant to this Section 2.16, any new Lender party hereto shall (i) execute
such documents and agreements as the Administrative Agent may reasonably request and (ii) in the case of any new Lender that is
organized under the laws of a jurisdiction outside of the United States of America, provide to the Administrative Agent, its name, address,
tax identification number and/or such other information as shall be necessary for the Administrative Agent to comply with “know
your customer” and anti-money laundering rules and regulations, including, without limitation, the Patriot Act.

 

2.17        [Reserved].

 

2.18        Defaulting
Lenders.

 

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

 

(i)            Waivers
and Amendments. That 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 Section 10.01 and in the definitions of “Required Class Lenders,”
 “Required Lenders,” “Required Term A-1 Lenders” and “Required Term A-2 Lenders.”

 

(ii)           Reallocation
of Payments. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of that
Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise, and including any
amounts made available to the Administrative Agent by that Defaulting Lender pursuant to Section 10.08), shall be applied
at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing
by that Defaulting Lender to the Administrative Agent hereunder; second, as the Borrower may request (so long as no 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, if so determined by the Administrative Agent and the Borrower,
to be held in a non-interest bearing deposit account and released in order to satisfy obligations of such Defaulting Lender to fund Loans
under this Agreement; fourth, to the payment of any amounts owing to the other 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 that Defaulting Lender’s breach
of its obligations under this Agreement; fifth, so long as no 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 sixth, to such Defaulting Lender
or as otherwise directed by a court of competent jurisdiction; provided that, with respect to this clause sixth, if (x) such
payment is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate
share and (y) such Loans were to be made at a time when the conditions set forth in Section 4.02 (or in the case of
(A) Loans requested by the Borrower to be made on the Closing Date, the conditions set forth in Section 4.01, or (B) Incremental
Term Loans, the applicable conditions set forth in Section 2.16(e)) were satisfied or waived, 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 any Loans of such
Defaulting Lender. 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 Section 2.18(a)(ii) shall be deemed paid to and redirected by that
Defaulting Lender, and each Lender irrevocably consents hereto.

 

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(iii)          Certain
Fees. Such Defaulting Lender shall not be entitled to receive any Ticking Fee on unfunded amounts pursuant to Section 2.10(c) for
any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any Ticking Fee on any unfunded
amounts pursuant to Section 2.10(c) that otherwise would have been required to have been paid to such Defaulting Lender
during such period).

 

(b)           Defaulting
Lender Cure. If the Borrower and the Administrative Agent agree in writing in their sole discretion that a Defaulting Lender should
no longer be deemed to be 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, such Lender will, to the extent applicable, take such
actions as the Administrative Agent may determine to be necessary to cause the Loans under each applicable Facility to be held on a pro
rata basis by the Lenders of such Facility in accordance with their respective Applicable Percentages of such Facility, 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 such Lender was a Defaulting Lender; and provided, further, that
subject to Section 10.20 and 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 such Lender’s
having been a Defaulting Lender.

 

ARTICLE III

 

TAXES, YIELD PROTECTION AND ILLEGALITY

 

3.01        Taxes.

 

(a)           Payments
Free of Taxes. Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document
shall be made free and clear of and without reduction or withholding for any Taxes; provided that, if the Borrower or the Administrative
Agent shall be required by applicable Law to withhold or deduct any Taxes, including both United States federal backup withholding and
withholding taxes, from any payment, then (A) the Administrative Agent shall withhold or make such deductions as are determined
by the Administrative Agent to be required based upon the information and documentation it has received pursuant to Section 3.01(e),
(B) the Administrative Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance
with the Code and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the
sum payable by the Borrower shall be increased as necessary so that after any required withholding or the making of all required deductions
(including deductions applicable to additional sums payable under this Section 3.01) the Administrative Agent or the applicable
Lender, as the case may be, receives an amount equal to the sum it would have received had no such withholding or deduction been made.

 

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(b)           Payment
of Other Taxes by the Borrower. Without limiting the provisions of Section 3.01(a), the Borrower shall timely pay any
Other Taxes to the relevant Governmental Authority in accordance with applicable Law.

 

(c)           Tax
Indemnification. (i) Without limiting the provisions of Section 3.01(a) or 3.01(b), the Borrower shall,
and does hereby, indemnify the Administrative Agent and each Lender, and shall make payment in respect thereof, within ten (10) Business
Days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed
or asserted on or attributable to amounts payable under this Section 3.01) payable or paid by the Administrative Agent or
such Lender, as the case may be, or required to be withheld or deducted from a payment to the Administrative Agent or such Lender as
the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, to the extent such Indemnified
Taxes or Other Taxes are payable in respect of any payments by or on account of any obligation of the Borrower hereunder or under any
other Loan Document or otherwise with respect to any Loan Document or activities related thereto, whether or not such Indemnified Taxes
or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of
any such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative
Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

(ii)           Without
limiting the provisions of Section 3.01(a) or 3.01(b), each Lender shall, and do hereby, indemnify the Borrower
and the Administrative Agent, and shall make payment in respect thereof, within ten (10) days after demand therefor, against any
and all Taxes and any and all related losses, claims, liabilities, penalties, interest and expenses (including the fees, charges and
disbursements of any counsel for the Borrower and the Administrative Agent) incurred by or asserted against the Administrative Agent
by any Governmental Authority as a result of the failure by such Lender to deliver, or as a result of the inaccuracy, inadequacy or deficiency
of, any documentation required to be delivered by such Lender to the Borrower or the Administrative Agent pursuant to Section 3.01(e).
Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under
this Agreement or any other Loan Document against any amount due to the Administrative Agent under this clause (ii). The agreements
in this clause (ii) shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights
by, or the replacement of, a Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all
other Obligations.

 

(d)           Evidence
of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority,
the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority
evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the
Administrative Agent.

 

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(e)           Status
of Lenders. (i) Each Lender shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed
by applicable Law or reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation
prescribed by applicable Law or by the taxing authorities of any jurisdiction and such other reasonably requested information as will
permit the Borrower or the Administrative Agent, as the case may be, to determine (A) whether or not payments made by the Borrower
hereunder or under any other Loan Document are subject to Taxes, (B) if applicable, the required rate of withholding or deduction,
and (C) such Lender’s entitlement to any available exemption from, or reduction of, applicable Taxes in respect of all payments
to be made to such Lender by the Borrower pursuant to this Agreement or otherwise to establish such Lender’s status for withholding
tax purposes in the applicable jurisdictions. Notwithstanding anything to the contrary in the preceding sentence, the completion, execution
and submission of such documentation (other than such documentation set forth in Section 3.01(e)(ii)(A), Section 3.01(e)(ii)(B) and
Section 3.01(e)(ii)(C)) shall not be required if in the Lender’s reasonable judgment such completion, execution or
submission would materially prejudice the legal or commercial position of such Lender.

 

(ii)           Without
limiting the generality of the foregoing, in the event that the Borrower is resident for tax purposes in the United States:

 

(A)          any
Lender that is a “United States person” within the meaning of Section 7701(a)(30) of the Code shall deliver to the Borrower
and the Administrative Agent executed copies of IRS Form W-9 or such other documentation or information prescribed by applicable
Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent, as the
case may be, to determine that such Lender is not subject to backup withholding or information reporting requirements; and

 

(B)           each
Foreign Lender that is entitled under the Code or any applicable treaty to an exemption from or reduction of withholding tax with respect
to payments hereunder or under any other Loan Document shall deliver to the Borrower and the Administrative Agent (in such number of
copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the request of Borrower or the Administrative Agent, but only if such Foreign Lender is legally
entitled to do so), whichever of the following is applicable:

 

(i)            duly
completed executed copies of IRS Form W-8BEN or W-8BEN-E, as applicable, claiming eligibility for benefits of an income tax treaty
to which the United States is a party,

 

(ii)           duly
completed executed copies of IRS Form W-8ECI,

 

(iii)          duly
completed executed copies of IRS Form W-8IMY and all required supporting documentation,

 

(iv)          in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code,
(x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of Section 881(c)(3)(A) of
the Code, (B) a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the
Code, or (C) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code and (y) duly
completed copies of IRS Form W-8BEN or W-8BEN-E, as applicable, or

 

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(v)           any
other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in United States Federal withholding tax
duly completed together with such supplementary documentation as may be prescribed by applicable Law to permit the Borrower or the Administrative
Agent to determine the withholding or deduction required to be made; and

 

(C)           if
a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if such Lender were
to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of
the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law
and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable
law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested
by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations
under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount
to deduct and withhold from such payment.  Solely for purposes of this clause (C), “FATCA” shall include any
amendments made to FATCA after the Closing Date.

 

(iii)           Each
Lender shall promptly (A) notify the Borrower and the Administrative Agent of any change in circumstances which would modify or
render invalid any claimed exemption or reduction, and (B) take such steps as shall not be materially disadvantageous to it, in
the reasonable judgment of such Lender, and as may be reasonably necessary (including the re-designation of its Lending Office) to avoid
any requirement of applicable Law of any jurisdiction that any Borrower or the Administrative Agent make any withholding or deduction
for taxes from amounts payable to such Lender.

 

(iv)          Each
Lender agrees that, if any form or certification it previously delivered pursuant to this Section 3.01 expires or becomes
obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative
Agent in writing of its legal inability to do so.

 

(f)            Treatment
of Certain Refunds. Unless required by applicable Law, at no time shall the Administrative Agent have any obligation to file for
or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from
funds paid for the account of such Lender. If the Administrative Agent or any Lender determines, in its sole discretion, that it has
received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower
has paid additional amounts pursuant to this Section 3.01, it shall pay to the Borrower an amount equal to such refund (but
only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section 3.01 with
respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) and net of any loss
or gain realized in the conversion of such funds from or to another currency incurred by the Administrative Agent or such Lender, as
the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund);
provided that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over
to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative
Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority.
This Section 3.01(f) shall not be construed to require the Administrative Agent or any Lender to make available its
tax returns (or any other information relating to its taxes that it deems confidential) to the Borrower or any other Person. Notwithstanding
anything to the contrary in this Section 3.02(f), in no event will the indemnified party be required to pay any amount to
an indemnifying party pursuant to this Section 3.02(f) if the payment of which would place the indemnified party in
a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving
rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with
respect to such Tax had never been paid.

 

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3.02        Illegality.

 

If any Lender determines
that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable
Lending Office to make, maintain or fund Loans whose interest is determined by reference to SOFR or Term SOFR, or to determine or charge
interest rates based upon SOFR or Term SOFR, then, upon notice thereof by such Lender to the Borrower (through the Administrative Agent),
(a) any obligation of such Lender to make or continue Term SOFR Loans or to convert Base Rate Loans to Term SOFR Loans shall be
suspended, and (b) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate
on which is determined by reference to the Term SOFR component of the Base Rate, the interest rate on which Base Rate Loans of such Lender
shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Term SOFR component
of the Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise
to such determination no longer exist. Upon receipt of such notice, (i) the Borrower shall, if necessary to avoid such illegality,
upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Term SOFR Loans of such
Lender to Base Rate Loans (the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be
determined by the Administrative Agent without reference to the Term SOFR component of the Base Rate), either on the last day of the
Interest Period therefor, if such Lender may lawfully continue to maintain such Term SOFR Loan to such day, or immediately, if such Lender
may not lawfully continue to maintain such Term SOFR Loan to such day and (ii) if such notice asserts the illegality of such Lender
determining or charging interest rates based upon SOFR, the Administrative Agent shall during the period of such suspension compute the
Base Rate applicable to such Lender without reference to the Term SOFR component thereof until the Administrative Agent is advised in
writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon SOFR. Upon any such
prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted, together with any additional
amounts required pursuant to Section 3.05.

 

3.03        Inability
to Determine Rates.

 

(a)           Subject
to Section 3.03(b), if in connection with any request for a Term SOFR Loan or a conversion of Base Rate Loans to Term SOFR Loans
or a continuation of any of such Loans, as applicable, (i) the Administrative Agent determines (which determination shall be conclusive
absent manifest error) that (A) no Successor Rate has been determined in accordance with Section 3.03(b), and the circumstances
under clause (i) of Section 3.03(b) or the Scheduled Unavailability Date has occurred, or (B) adequate
and reasonable means do not otherwise exist for determining Term SOFR for any requested Interest Period with respect to a proposed Term
SOFR Loan or in connection with an existing or proposed Base Rate Loan, or (ii) the Administrative Agent or the Required Lenders
determine that for any reason that Term SOFR for any requested Interest Period with respect to a proposed Loan does not adequately and
fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Borrower and each
Lender.

 

Thereafter, (x) the obligation
of the Lenders to make or maintain Term SOFR Loans, or to convert Base Rate Loans to Term SOFR Loans, shall be suspended (to the extent
of the affected Term SOFR Loans or Interest Periods), and (y) in the event of a determination described in the preceding sentence
with respect to the Term SOFR component of the Base Rate, the utilization of the Term SOFR component in determining the Base Rate shall
be suspended, in each case until the Administrative Agent (or, in the case of a determination by the Required Lenders described in clause
(ii) of this Section 3.03(a), until the Administrative Agent upon instruction of the Required Lenders) revokes such
notice.

 

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Upon receipt of such notice,
(i) the Borrower may revoke any pending request for a Borrowing of, or conversion to, or continuation of Term SOFR Loans (to the
extent of the affected Term SOFR Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request
for a Borrowing of or conversion to, as applicable, Base Rate Loans in the amount specified therein and (ii) any outstanding affected
Term SOFR Loans shall be deemed to have been converted to Base Rate Loans immediately at the end of their respective applicable Interest
Period.

 

(b)           Replacement
of Term SOFR or Successor Rate. Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the Administrative
Agent determines (which determination shall be conclusive absent manifest error), or the Borrower or Required Lenders notify the Administrative
Agent (with, in the case of the Required Lenders, a copy to the Borrower) that the Borrower or Required Lenders (as applicable) have
determined, that:

 

(i)            adequate
and reasonable means do not exist for ascertaining one month, three month and six month interest periods of Term SOFR, including, without
limitation, because the Term SOFR Screen Rate is not available or published on a current basis and such circumstances are unlikely to
be temporary; or

 

(ii)           CME
or any successor administrator of the Term SOFR Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent
or such administrator with respect to its publication of Term SOFR, in each case acting in such capacity, has made a public statement
identifying a specific date after which one month, three month and six month interest periods of Term SOFR or the Term SOFR Screen Rate
shall or will no longer be made available, or permitted to be used for determining the interest rate of U.S. dollar denominated syndicated
loans, or shall or will otherwise cease; provided that, at the time of such statement, there is no successor administrator that
is reasonably satisfactory to the Administrative Agent, that will continue to provide such interest periods of Term SOFR after such specific
date (the latest date on which one month, three month and six month interest periods of Term SOFR or the Term SOFR Screen Rate are no
longer available permanently or indefinitely, the “Scheduled Unavailability Date”);

 

then, on a date and time determined by the Administrative
Agent (any such date, the “Term SOFR Replacement Date”), which date shall be at the end of an Interest Period or on
the relevant interest payment date, as applicable, for interest calculated and, solely with respect to clause (ii) above, no later
than the Scheduled Unavailability Date, Term SOFR will be replaced hereunder and under any Loan Document with Daily Simple SOFR plus
the SOFR Adjustment for any payment period for interest calculated that can be determined by the Administrative Agent, in each case,
without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document (the “Successor
Rate”).

 

If the Successor Rate is Daily Simple SOFR plus
the SOFR Adjustment, all interest payments will be payable on a monthly basis.

 

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Notwithstanding anything to
the contrary herein, (i) if the Administrative Agent determines that Daily Simple SOFR is not available on or prior to the Term
SOFR Replacement Date, or (ii) if the events or circumstances of the type described in Section 3.03(b)(i) or (ii) have
occurred with respect to the Successor Rate then in effect, then in each case, the Administrative Agent and the Borrower may amend this
Agreement solely for the purpose of replacing Term SOFR or any then current Successor Rate in accordance with this Section 3.03
at the end of any Interest Period, relevant interest payment date or payment period for interest calculated, as applicable, with
an alternative benchmark rate giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated
credit facilities syndicated and agented in the United States for such alternative benchmark, and, in each case, including any mathematical
or other adjustments to such benchmark giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated
credit facilities syndicated and agented in the United States for such benchmark, which adjustment or method for calculating such adjustment
shall be published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion and
may be periodically updated. For the avoidance of doubt, any such proposed rate and adjustments shall constitute a “Successor
Rate”. Any such amendment executed by the Administrative Agent and the Borrower shall become effective at 5:00 p.m. on
the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrower unless,
prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required
Lenders object to such amendment.

 

The Administrative Agent will promptly (in one
or more notices) notify the Borrower and each Lender of the implementation of any Successor Rate.

 

Any Successor Rate shall be applied in a manner
consistent with market practice; provided that to the extent such market practice is not administratively feasible for the Administrative
Agent, such Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent.

 

Notwithstanding anything else herein, if at any
time any Successor Rate as so determined would otherwise be less than 0.00%, the Successor Rate will be deemed to be 0.00% for the purposes
of this Agreement and the other Loan Documents.

 

In connection with the implementation of a Successor
Rate, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the
contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any
further action or consent of any other party to this Agreement; provided that, with respect to any such amendment effected, the
Administrative Agent shall post each such amendment implementing such Conforming Changes to the Borrower and the Lenders reasonably promptly
after such amendment becomes effective.

 

This Section 3.03 shall
supersede any provisions in Section 10.01 to the contrary.

 

3.04        Increased
Costs.

 

(a)           Increased
Costs Generally. If any Change in Law shall:

 

(i)            impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits
with or for the account of, or credit extended or participated in by, the Administrative Agent or any Lender;

 

(ii)           subject
the Administrative Agent or any Lender to any Tax of any kind whatsoever with respect to this Agreement or any Term SOFR Loan made by
it, or change the basis of taxation of payments to the Administrative Agent or such Lender in respect thereof (except for Indemnified
Taxes or Other Taxes covered by Section 3.01 and the imposition of, or any change in the rate of, any Excluded Tax payable
by the Administrative Agent or such Lender); or

 

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(iii)           impose
on the Administrative Agent or any Lender any other condition, cost or expense (other than Taxes) affecting this Agreement or Term SOFR
Loans made by such Lender;

 

and the result of any of the foregoing
shall be to increase the cost to the Administrative Agent or such Lender of making, maintaining, converting to or continuing any Loan
(or of maintaining its obligation to make any such Loan), or to reduce the amount of any sum received or receivable by the Administrative
Agent or such Lender hereunder (whether of principal, interest or any other amount) then, upon request of the Administrative Agent or
such Lender, the Borrower will pay to the Administrative Agent or such Lender, as the case may be, such additional amount or amounts
as will compensate the Administrative Agent or such Lender, as the case may be, for such additional costs incurred or reduction suffered.

 

(b)           Capital
Requirements. If any Lender determines that any Change in Law affecting such Lender or any Lending Office of such Lender or such
Lender’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate
of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement,
the Commitments of such Lender or the Loans made by such Lender to a level below that which such Lender or such Lender’s holding
company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such
Lender’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrower will pay to such
Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction
suffered. The Borrower shall not be required to pay such additional amounts unless such amounts are the result of requirements imposed
generally on lenders similar to such Lender and not the result of some specific reserve or similar requirement imposed on such Lender
as a result of such Lender’s special circumstances.

 

(c)           Certificates
for Reimbursement. A certificate of the Administrative Agent or a Lender setting forth in reasonable detail the basis for and calculation
of the amount or amounts necessary to compensate the Administrative Agent or such Lender or its holding company, as the case may be,
as specified in Section 3.04(a) or 3.04(b) and delivered to the Borrower, in detail sufficient to enable
the Borrower to verify the computation thereof, shall be conclusive absent manifest error. The Borrower shall pay the Administrative
Agent or such Lender, as the case may be, the amount shown as due on any such certificate within ten (10) Business Days after receipt
thereof. Any amounts requested to be payable pursuant to this Section 3.04 shall be requested in good faith (and not on an
arbitrary and capricious basis) and consistent with similarly situated customers of the Administrative Agent or the applicable Lender
after consideration of factors as the Administrative Agent or such Lender, as the case may be, then reasonably determines to be relevant.

 

(d)           Delay
in Requests. Failure or delay on the part of the Administrative Agent or any Lender to demand compensation pursuant to the foregoing
provisions of this Section 3.04 shall not constitute a waiver of the Administrative Agent or such Lender’s right
to demand such compensation; provided that the Borrower shall not be required to compensate the Administrative Agent or a Lender
pursuant to the foregoing provisions of this Section 3.04 for any increased costs incurred or reductions suffered more
than six (6) months prior to the date that the Administrative Agent or such Lender, as the case may be, notifies the Borrower of
the Change in Law giving rise to such increased costs or reductions and of the Administrative Agent’s or such Lender’s intention
to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then
the six (6) month period referred to above shall be extended to include the period of retroactive effect thereof).

 

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(e)           [Reserved].

 

(f)            The
provisions set forth in Sections 3.04(a) and (b) above shall not apply to the extent any increased cost
is already compensated for by payment made by or on behalf of the Borrower pursuant to Section 3.01.

 

3.05        Compensation
for Losses.

 

Upon demand of any Lender
(with a copy to the Administrative Agent) from time to time, the Borrower shall promptly compensate such Lender for and hold such Lender
harmless from any loss, cost or expense (other than loss of anticipated profits) incurred by it as a result of:

 

(a)           any
continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the Interest
Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

 

(b)           any
failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any
Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower;

 

(c)           [reserved];
or

 

(d)           any
assignment of a Term SOFR Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Borrower
pursuant to Section 10.13.

 

The Borrower shall also pay
any customary administrative fees charged by such Lender in connection with the foregoing.

 

3.06        Mitigation
Obligations; Replacement of Lenders.

 

(a)           Designation
of a Different Lending Office. If any Lender requests compensation under Section 3.04, or the Borrower is required to
pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01,
or if any Lender gives a notice pursuant to Section 3.02, then such Lender shall, as applicable, use reasonable efforts to
designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to
another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate
or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need
for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender to any
unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable
costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

(b)           Replacement
of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrower is required to pay any additional
amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, the Borrower may
replace such Lender in accordance with Section 10.13.

 

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3.07        Survival.

 

All of the Borrower’s
obligations under this Article III shall survive termination of the Aggregate Commitments, repayment of all other Obligations
hereunder and resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender.

 

ARTICLE IV

 

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

 

4.01        Conditions
to Effectiveness of this Agreement.

 

The effectiveness of this
Agreement and, if the Borrower shall have requested any Credit Extension be made on the Closing Date, the obligation of each Lender to
make its initial Credit Extension hereunder on the Closing Date, if any, are subject to satisfaction or waiver of the following conditions
precedent:

 

(a)           The
Administrative Agent’s receipt of the following, each of which shall be originals or facsimile or electronic copies (followed promptly
by originals) unless otherwise specified, each properly executed by a Responsible Officer, each dated the Closing Date (or, in the case
of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance reasonably satisfactory
to the Administrative Agent:

 

(i)            executed
counterparts of this Agreement, executed and delivered by the Administrative Agent, the Borrower and each Lender listed on Schedule
2.01;

 

(ii)           a
Term Note executed by the Borrower in favor of each Lender requesting a Term Note;

 

(iii)           such
certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers as the Administrative
Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer authorized to act as a Responsible
Officer in connection with this Agreement and the other Loan Documents;

 

(iv)          such
documents and certifications as the Administrative Agent may reasonably require to evidence that the Borrower is duly organized or formed,
and that the Borrower is validly existing, in good standing and qualified to engage in business in its state of organization and in each
jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except
to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect;

 

(v)           favorable
opinions of Skadden, Arps, Slate Meagher & Flom LLP and Ballard Spahr LLP, counsels to the Borrower, addressed to the Administrative
Agent and each Lender; and

 

(vi)          a
certificate signed by a Responsible Officer certifying (A) that the conditions specified in Sections 4.01(e) and
(f) have been satisfied; (B) the current Debt Ratings; and (C) that, as of the date of the last financial statements
of the Borrower delivered pursuant to the 2021 Credit Agreement, the Borrower was in pro forma compliance (giving pro forma effect to
the Term Loans, if any, made on the Closing Date) with the financial covenants contained in Section 7.10.

 

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(b)           Any
fees required to be paid by the Borrower on or prior to the Closing Date pursuant to the Loan Documents and all expenses required to
be reimbursed by the Borrower on or prior to the Closing Date pursuant to the Loan Documents shall have been paid; provided that
invoices for such expenses have been presented to the Borrower a reasonable period of time (and in any event not less than one (1) Business
Day) prior to the Closing Date (including, unless waived by the Administrative Agent, all reasonable, documented, out-of-pocket fees,
charges and disbursements of counsel to the Administrative Agent, plus such additional amounts of such fees, charges and disbursements
as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing
proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the
Administrative Agent)).

 

(c)           (i) Upon
the reasonable request of any Lender made in writing at least ten (10) Business Days prior to the Closing Date, the Borrower shall
have provided to such Lender the documentation and other information so requested by such Lender that satisfies all requirements of regulatory
authorities applicable to such Lender and such Lender’s internal policies and procedures in connection with applicable “know
your customer” and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act, in each case
at least five (5) Business Days prior to the Closing Date and (ii) at least five (5) Business Days prior to the Closing
Date, if the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation it shall have delivered,
to each Lender that so requests at least ten (10) Business Days prior to the Closing Date, a Beneficial Ownership Certification
in relation to the Borrower.

 

(d)           The
Administrative Agent’s receipt of an executed copy of a certificate signed by a Responsible Officer certifying the Borrower’s
Sustainability Metric Components for the calendar year ended December 31, 2020 (solely for purposes of this Section 4.01(d),
reflecting the Boundary Properties that the Borrower has owned and that were in service for the period of two (2) full consecutive
calendar years ended December 31, 2020).

 

(e)           The
representations and warranties of the Borrower contained in Article V shall be true and correct in all material respects
(except in the case of a representation or warranty qualified by materiality or Material Adverse Effect or similar language, in which
case such representation or warranty shall be true and correct in all respects) on and as of the Closing Date, except to the extent that
any such representation or warranty specifically refers to an earlier date, in which case such representation or warranty shall be true
and correct in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse
Effect or similar language, in which case such representation or warranty shall be true and correct in all respects) as of such earlier
date.

 

(f)            No
Default shall exist on the Closing Date, and, if the Borrower shall have requested any Credit Extension be made on such date, no Default
would result from such proposed Credit Extension or from the application of the proceeds thereof.

 

(g)           If
any Credit Extension is to be made on the Closing Date, the Administrative Agent shall have received a Request for Credit Extension in
accordance with the requirements hereof.

 

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Without limiting the generality
of the provisions of the last paragraph of Section 9.03, for purposes of determining compliance with the conditions specified
in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted
or to be satisfied with, (i) this Agreement and each other document to which it is a party or which it has reviewed and (ii) any
other matter required hereunder or thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the
Administrative Agent shall have received a written notice from such Lender prior to the proposed Closing Date specifying its objection
thereto.

 

4.02        Conditions
to All Credit Extensions after the Closing Date.

 

The obligation of each Lender
to honor any Request for Credit Extension (other than (x) the extensions of credit, if any, requested by the Borrower to be made
on the Closing Date, (y) a Committed Loan Notice requesting only a conversion of Loans to another Type, or a continuation of Term
SOFR Loans, and (z) a Borrowing of Incremental Term Loans on the relevant Increase Effective Date) is subject to the following conditions
precedent:

 

(a)           The
representations and warranties of the Borrower contained in Article V or any other Loan Document shall be true and correct
in all material respects (except in the case of a representation or warranty qualified by materiality or Material Adverse Effect or similar
language, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of such Credit
Extension (other than the representations and warranties in Section 5.05(c) and Section 5.22, which shall
be made only as of the Closing Date), except to the extent that any such representation or warranty specifically refers to an earlier
date, in which case such representation or warranty shall be true and correct in all material respects (except in the case of a representation
or warranty qualified by materiality or Material Adverse Effect or similar language, in which case such representation or warranty shall
be true and correct in all respects) as of such earlier date, and except that for purposes of this Section 4.02, the representations
and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer
to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01.

 

(b)           No
Default shall exist on the date of such Credit Extension, or would result from such proposed Credit Extension or from the application
of the proceeds thereof.

 

(c)           The
Administrative Agent shall have received a Request for Credit Extension in accordance with the requirements hereof.

 

Each such Request for Credit
Extension (other than (x) the extensions of credit, if any, requested by the Borrower to be made on the Closing Date, (y) a
Committed Loan Notice requesting only a conversion of Loans to another Type, or a continuation of Term SOFR Loans, and (z) a Borrowing
of Incremental Term Loans on the relevant Increase Effective Date) submitted by the Borrower shall be deemed to be a representation and
warranty that the conditions specified in Sections 4.02(a) and (b) have been satisfied on and as of the
date of the applicable Credit Extension.

 

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ARTICLE V

 

REPRESENTATIONS AND WARRANTIES

 

The Borrower represents and warrants to the Administrative
Agent and the Lenders that:

 

5.01        Existence,
Qualification and Power.

 

Each of the Borrower and
its Subsidiaries (a) is duly organized or formed, validly existing and, where applicable, in good standing under the Laws of the
jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses,
authorizations, consents and approvals to (i) own its assets and carry on its business and (ii) execute, deliver and perform
its obligations under the Loan Documents to which it is a party and (c) is duly qualified to do business and, where applicable,
in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business
requires such qualification or license; except in each case referred to in clause (a) (other than with respect to the Borrower
or any Material Subsidiary), clause (b)(i) or clause (c), to the extent that failure to do so could not reasonably
be expected to have a Material Adverse Effect.

 

5.02        Authorization;
No Contravention.

 

The execution, delivery and
performance by the Borrower of each Loan Document has been duly authorized by all necessary corporate or other organizational action,
and do not and will not (a) contravene the terms of any of the Borrower’s Organization Documents; (b) conflict with or
result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any Contractual
Obligation to which the Borrower is party or affecting the Borrower or the properties of the Borrower or any of its Subsidiaries or (ii) any
order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Borrower or its property is subject;
or (c) violate any Law; except in each case referred to in clause (b) or (c), to the extent such conflict, breach,
contravention or violation, or creation of any such Lien or required payment, could not reasonably be expected to have a Material Adverse
Effect.

 

5.03        Governmental
Authorization; Other Consents.

 

No approval, consent, exemption,
authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required
in connection with the execution, delivery or performance by, or enforcement against, the Borrower of this Agreement or any other Loan
Document, except for such approvals, consents, exemptions, authorizations or other actions or notices or filings which have already been
completed or obtained.

 

5.04        Binding
Effect.

 

This Agreement has been,
and each other Loan Document, when delivered hereunder, will have been, duly executed and delivered by the Borrower. This Agreement constitutes,
and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of the Borrower, enforceable against
the Borrower in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, or other similar laws, now or hereafter in effect, relating to or affecting the enforcement of creditors’ rights generally
and except that the remedy of specific performance and other equitable remedies are subject to judicial discretion.

 

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5.05        Financial
Statements; No Material Adverse Effect.

 

(a)           The
Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby,
except as otherwise expressly noted therein; (ii) fairly present the consolidated financial condition of the Borrower and its Subsidiaries
as of the date thereof and their results of operations for the period covered thereby in accordance with GAAP consistently applied throughout
the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other material
liabilities, direct or contingent, of the Borrower and its Subsidiaries as of the date thereof, including liabilities for taxes, material
commitments and material Indebtedness, in each case, to the extent required by GAAP.

 

(b)           The
unaudited consolidated balance sheet of the Borrower and its Subsidiaries for the fiscal quarter ended June 30, 2022, and the related
unaudited consolidated statements of income or operations, shareholders’ equity and cash flows for the fiscal quarter ended on
such date, (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise
expressly noted therein or as otherwise permitted pursuant to Section 1.03, (ii) fairly present the consolidated financial
condition of the Borrower and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby,
subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments
and (iii) show all material indebtedness and other material liabilities, direct or contingent, of the Borrower and its Subsidiaries
as of the date thereof, including liabilities for taxes, material commitments and material Indebtedness, in each case, to the extent
required by GAAP.

 

(c)           Since
the date of the Audited Financial Statements, there has been no event or condition, either individually or in the aggregate, that has
had or would reasonably be expected to have a Material Adverse Effect.

 

5.06        Litigation.

 

There are no actions, suits,
proceedings, claims, investigations or disputes pending or, to the knowledge of the Borrower, threatened or contemplated, at law, in
equity, in arbitration or before any Governmental Authority, by or against the Borrower or any of its Subsidiaries or against any of
their properties or revenues that (a)  affect or pertain to this Agreement or any other Loan Document, or any of the transactions
contemplated hereby, or (b) either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

5.07        No
Default.

 

No Default has occurred and
is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.

 

5.08        Ownership
of Property and Valid Leasehold Interests; Liens.

 

(a)           Each
of the Borrower and each Subsidiary has good record and marketable title in fee simple to, or valid leasehold interests in, all real
property necessary or used in the ordinary conduct of its business, except for such defects in title or valid leasehold interests as
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(b)           The
property of the Borrower and its Subsidiaries is subject to no Liens, other than Liens permitted by Section 7.01.

 

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5.09        Environmental
Compliance.

 

There are no existing violations
of Environmental Laws by the Borrower or any Subsidiary or claims against the Borrower or any Subsidiary alleging potential liability
under, or responsibility for the violation of, any Environmental Law that could, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

 

5.10        Insurance.

 

The Borrower and its Subsidiaries
maintain or require the tenants or managers of their owned properties to maintain insurance that complies with the requirements set forth
in Section 6.07.

 

5.11        Taxes.

 

The Borrower and its Subsidiaries
have filed all Federal, state and other material tax returns and reports required to be filed, and have paid all Federal, state and other
material taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise
due and payable, except (a) those which are being contested in good faith by appropriate proceedings diligently conducted and for
which adequate reserves with respect thereto, to the extent required by GAAP, are maintained on the books of the applicable Person, or
(b) where the failure to take any of the foregoing actions could not reasonably be expected to cause, individually or in the aggregate,
a Material Adverse Effect. To the knowledge of the Borrower, there is no proposed tax assessment against the Borrower or any Subsidiary
that would, if made, have a Material Adverse Effect. As of the Closing Date, neither the Borrower nor any Subsidiary thereof is party
to any tax sharing agreement.

 

5.12        ERISA
Compliance.

 

(a)           Each
Plan is in compliance with the applicable provisions of ERISA, the Code and other Federal or state Laws, except for any such failures
to comply as, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. Each Plan that
is intended to qualify under Section 401(a) of the Code has received a favorable determination or opinion letter from the IRS
or an application for such a letter is currently being processed by the IRS with respect thereto and, to the knowledge of the Borrower,
nothing has occurred that could reasonably be expected to prevent, or cause the loss of, such qualification. The Borrower and each ERISA
Affiliate have made all required contributions to each Plan subject to Section 412 of the Code, and no application for a funding
waiver or an extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any Plan.

 

(b)           There
are no pending or, to the knowledge of the Borrower, threatened claims, actions or lawsuits, or action by any Governmental Authority,
with respect to any Plan that could reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction
or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably be expected to
result in a Material Adverse Effect.

 

(c)           (i) No
ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension Plan has any Unfunded Pension Liability; (iii) neither
the Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect
to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA); (iv) neither the Borrower nor
any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of
notice under Section 4219 of ERISA, would result in such liability) under Sections 4201 or 4243 of ERISA with respect to a
Multiemployer Plan; and (v) neither the Borrower nor any ERISA Affiliate has engaged in a transaction that could be subject to Sections 4069
or 4212(c) of ERISA; except in each case referred to in clauses (i) through (v), to the extent that any such
event, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

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(d)           As
of the Closing Date, the Borrower is not and will not be (i) an employee benefit plan subject to Title I of ERISA, (ii) a plan
or account subject to Section 4975 of the Code, (iii) using “plan assets” (within the meaning of 29 CFR §
2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans or the Commitments
or (iv) a “governmental plan” within the meaning of ERISA.

 

5.13        Margin
Regulations; Investment Company Act; REIT Status.

 

(a)           The
Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of purchasing or carrying
margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying
margin stock.

 

(b)           The
Borrower is not, and is not required to be, registered as an “investment company” under the Investment Company Act of 1940.

 

(c)           The
Borrower meets all requirements to qualify as a REIT.

 

5.14        Disclosure.

 

(a)           No
report, financial statement, certificate or other information furnished in writing by or on behalf of the Borrower or any of its Subsidiaries
to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement
or delivered hereunder or under any other Loan Document (in each case, as and when furnished and as modified or supplemented by other
information so furnished), together with all such information previously provided and when taken as a whole, contains any untrue statement
of a material fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under
which they were made (together with all such information previously provided and when taken as a whole), not materially misleading; provided,
however, that it is understood that the Borrower makes no representation or warranty with respect to any general economic or specific
industry information, any projections, pro forma financial information, financial estimates, forecasts and forward-looking information,
except that, with respect to projected financial information concerning the Borrower and its Subsidiaries furnished in writing by or
on behalf of the Borrower to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation
of this Agreement or delivered hereunder or under any other Loan Document, the Borrower represents only that such information was prepared
in good faith based upon assumptions believed to be reasonable at the time such information was prepared. It is further understood that
(i) any projected financial information furnished to the Administrative Agent or any Lender is not to be viewed as facts, is not
a guarantee of future performance and is subject to significant uncertainties and contingencies, many of which are beyond the Borrower’s
control, (ii) no assurance is given by the Borrower that such projections will be realized and (iii) the actual results may
differ from such projections and such differences may be material.

 

(b)           As
of the Closing Date, the information included in the Beneficial Ownership Certification delivered to the Administrative Agent and/or
any Lender pursuant to Section 4.01(c), if applicable, is true and correct in all respects.

 

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5.15        Compliance
with Laws.

 

Each of the Borrower and
each Subsidiary is in compliance in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees
applicable to it or to its properties, except in such instances in which (a) such requirement of Law or order, writ, injunction
or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith,
either individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

 

5.16        Intellectual
Property; Licenses, Etc.

 

The Borrower and its Subsidiaries
own, or possess the right to use, all of the trademarks, service marks, trade names, copyrights, patents, patent rights, franchises,
licenses and other intellectual property rights (collectively, “IP Rights”) that are reasonably necessary for the
operation of their respective businesses, without conflict with the rights of any other Person, except to the extent failure to do so
could not reasonably be expected to have a Material Adverse Effect; provided that the foregoing is not a representation or warranty
with respect to infringement or other violation of the IP Rights of any other Person (which is addressed in the following sentence of
this Section 5.16). To the knowledge of the Borrower, no slogan or other advertising device, product, process, method, substance,
part or other material now employed, or now contemplated to be employed, by the Borrower or any Subsidiary infringes upon any rights
held by any other Person to an extent that such infringement could reasonably be expected to result in a Material Adverse Effect. No
claim or litigation regarding any of the foregoing is pending against the Borrower or any of its Subsidiaries or, to the knowledge of
the Borrower, threatened against the Borrower or any of its Subsidiaries, which, either individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect.

 

5.17        Use
of Proceeds.

 

The proceeds of the Loans
hereunder will be used solely for the purposes specified in Section 6.11. No proceeds of the Loans hereunder will be used
for the acquisition of another Person unless the board of directors (or other comparable governing body) or stockholders (or other equity
owners), as appropriate, of such other Person has approved such acquisition.

 

5.18        Taxpayer
Identification Number.

 

The Borrower’s true
and correct U.S. taxpayer identification number is set forth on Schedule 10.02.

 

5.19        Sanctions.

 

None of the Borrower, any
Subsidiary of the Borrower or, to the knowledge of the chief executive officer, chief financial officer or general counsel of the Borrower,
any director, officer or employee thereof is an individual or entity that is currently (i) the subject of any Sanctions or
in violation of any Sanctions or (ii) located, organized or resident in a Designated Jurisdiction.

 

5.20        Affected
Financial Institution.

 

The Borrower is not an Affected
Financial Institution.

 

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5.21        Anti-Corruption
Laws.

 

The Borrower and its Subsidiaries
(a) have conducted their businesses for the past two years and, to the knowledge of the chief executive officer, chief financial
officer, chief operating officer (if any) or general counsel of the Borrower, their respective directors, officers, agents and employees
are, in each case, in compliance in all material respects with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery
Act 2010, and other similar applicable anti-money-laundering and anti-corruption legislation in other applicable jurisdictions, in any
such case of the foregoing, to the extent applicable to, and binding on, the Borrower and its Subsidiaries (collectively, “Anti-Corruption
Laws”), and (b) have instituted and maintain policies and procedures reasonably designed to promote and achieve compliance
by the Borrower, its Subsidiaries and, to the knowledge of the chief executive officer, chief financial officer, chief operating officer
(if any) or general counsel of the Borrower, their respective directors, officers, agents and employees with applicable Anti-Corruption
Laws and applicable Sanctions.

 

5.22        Solvency.

 

As of the Closing Date, immediately
after giving effect to the initial Credit Extensions (if any) made on the Closing Date, (a) the fair value of the assets of the
Borrower and its Subsidiaries, taken as a whole, will exceed their debts and liabilities, subordinated, contingent or otherwise; (b) the
present fair saleable value of the property of the Borrower and its Subsidiaries, taken as a whole, will be greater than the amount that
will be required to pay the probable liability of their debts and other liabilities, subordinated, contingent or otherwise, as such debts
and other liabilities become absolute and mature; and (c) the Borrower will not have unreasonably small capital with which to conduct
the business in which it is engaged as such business is now conducted and is proposed to be conducted following the Closing Date.

 

ARTICLE VI

 

AFFIRMATIVE COVENANTS

 

So long as any Lender shall
have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied (other than contingent Obligations
that are not then due and payable), the Borrower shall, and shall (except in the case of the covenants set forth in Sections 6.01,
6.02, 6.03 and 6.12) cause each Subsidiary to:

 

6.01        Financial
Statements.

 

Deliver to the Administrative
Agent (for distribution to each Lender):

 

(a)           as
soon as available, but in any event within five (5) Business Days following the date the Borrower is required to file its Form 10-K
with the SEC (without giving effect to any extension of such due date, whether obtained by filing the notification permitted by Rule 12b-25
or any successor provision thereto or otherwise) (commencing with the fiscal year ending December 31, 2022), a consolidated balance
sheet of the Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations,
shareholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous
fiscal year, all in reasonable detail and prepared in accordance with GAAP, such consolidated statements to be audited and accompanied
by a report and opinion of an independent certified public accountant of nationally recognized standing, which report and opinion shall
be prepared in accordance with generally accepted auditing standards and applicable securities laws and shall not be subject to any “going
concern” or like qualification or exception or any qualification or exception as to the scope of such audit (provided that,
to the extent the components of such consolidated financial statements relating to a prior fiscal period are separately audited by different
independent public accounting firms, the audit report of any such accounting firm may contain a qualification or exception as to scope
of such consolidated financial statements as they relate to such components); and

 

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(b)           as
soon as available, but in any event within five (5) Business Days following the date the Borrower is required to file its Form 10-Q
with the SEC (without giving effect to any extension of such due date, whether obtained by filing the notification permitted by Rule 12b-25
or any successor provision thereto or otherwise) (commencing with the fiscal quarter ending September 30, 2022), an unaudited consolidated
balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter, and the related unaudited consolidated statements
of income or operations for such fiscal quarter and for the portion of the Borrower’s fiscal year then ended, and an unaudited
statement of cash flow for the portion of the Borrower’s fiscal year then ended setting forth in each case in comparative form
the figures for the corresponding date of the previous fiscal year or the corresponding portion of the previous fiscal year, as applicable,
all in reasonable detail, such consolidated statements to be certified by a Responsible Officer as fairly presenting the consolidated
financial condition of the Borrower and its Subsidiaries as of the date thereof and their results of operations for the period covered
thereby in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes.

 

As to any information contained
in materials furnished pursuant to Section 6.02(d), the Borrower shall not be separately required to furnish such information
under clause (a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Borrower
to furnish the information and materials described in clauses (a) and (b) above at the times specified therein.

 

6.02        Certificates;
Other Information.

 

Deliver to the Administrative
Agent (for distribution to each Lender):

 

(a)           concurrently
with the delivery of the financial statements referred to in Sections 6.01(a) and (b) (commencing with the
delivery of the financial statements for the fiscal quarter ending September 30, 2022), a duly completed Compliance Certificate
signed by a Responsible Officer;

 

(b)           promptly
after any request by the Administrative Agent, copies of any management letters submitted to the board of directors (or the audit committee
of the board of directors) of the Borrower by independent accountants in connection with an audit of the accounts of the Borrower;

 

(c)           [reserved];

 

(d)           promptly
after the same are available, copies of each annual report, proxy or financial statement or other report or communication sent to the
stockholders of the Borrower, and copies of all annual, regular, periodic and special reports and registration statements which the Borrower
may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, and not otherwise
required to be delivered to the Administrative Agent pursuant hereto;

 

(e)           promptly,
and in any event within five (5) Business Days after receipt thereof by the Borrower or any Subsidiary thereof, copies of each notice
or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation
by such agency regarding financial or other operational results of the Borrower or any Subsidiary thereof, other than ordinary course
or routine notices, correspondence, inquiries, examinations or audits;

 

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(f)            promptly
following any written request therefor, information and documentation reasonably requested by the Administrative Agent or any Lender
for purposes of compliance with applicable “know your customer” and anti-money-laundering rules and regulations, including,
without limitation, the Patriot Act and the Beneficial Ownership Regulation (to the extent the Borrower qualifies as a “legal entity
customer” under the Beneficial Ownership Regulation and has provided a Beneficial Ownership Certification to any Lender or the
Administrative Agent in connection with this Agreement as required by the Beneficial Ownership Regulation); and

 

(g)           promptly,
such additional information regarding the business, financial or corporate affairs of the Borrower or any Subsidiary, or compliance with
the terms of the Loan Documents, as the Administrative Agent may from time to time reasonably request.

 

Documents required to be
delivered pursuant to Section 6.01(a) or (b) or Section 6.02(d) (to the extent any such
documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be
deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s
website on the Internet at the website address listed on Schedule 10.02; or (ii) on which such documents are posted
on the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access
(whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that: (i) the Borrower
shall deliver paper copies of such documents to the Administrative Agent or any Lender that requests the Borrower to deliver such paper
copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (ii) the
Borrower shall notify the Administrative Agent (by facsimile or electronic mail), which shall notify each Lender, of the posting of any
such documents and, upon request, provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such
documents. The Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred
to above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery, and
each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

 

The Borrower hereby acknowledges
that (a) the Administrative Agent and/or the Specified Arrangers will make available to the Lenders materials and/or information
provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials
on IntraLinks or another similar electronic transmission system (the “Platform”) and (b) certain of the Lenders
(each, a “Public Lender”) may have personnel that do not wish to receive material non-public information with respect
to the Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other
market-related activities with respect to such Persons’ securities. The Borrower hereby agrees that so long as the Borrower is
the issuer of any outstanding debt or equity securities that are registered or issued pursuant to a private offering or is actively contemplating
issuing any such securities (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously
marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first
page thereof, (x) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative
Agent, the Arrangers and the Lenders to treat such Borrower Materials as not containing any material non-public information (although
it may be sensitive and proprietary) with respect to the Borrower or its securities for purposes of United States Federal and state securities
laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set
forth in Section 10.07) (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through
a portion of the Platform designated “Public Investor”; and (z) the Administrative Agent and the Arrangers shall treat
any Borrower Materials that are not marked “PUBLIC” or that are marked “PRIVATE” as being suitable only for posting
on a portion of the Platform not designated “Public Investor.” Notwithstanding the foregoing, the Borrower shall be under
no obligation to mark any Borrower Materials “PUBLIC.”

 

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6.03        Notices.

 

Promptly following knowledge
thereof by a Responsible Officer, notify the Administrative Agent (which shall notify each Lender) of:

 

(a)           the
occurrence of any Default or Event of Default;

 

(b)           any
matter that has resulted or could reasonably be expected to result in a Material Adverse Effect;

 

(c)           the
information set forth in Section 6.13 at the times required therein;

 

(d)           any
material change in accounting policies or financial reporting practices by the Borrower or any Subsidiary; and

 

(e)           any
announcement by Moody’s, S&P or Fitch of any change or possible adverse change in a Debt Rating.

 

Each notice pursuant to this
Section 6.03 (other than Section 6.03(e)) shall be accompanied by a statement of a Responsible Officer setting
forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect
thereto. Each notice pursuant to Section 6.03(a) shall describe with particularity any and all provisions of this Agreement
and any other Loan Document that have been breached.

 

6.04        Payment
of Taxes.

 

Pay and discharge as the
same shall become due and payable, all of its tax liabilities, assessments and governmental charges or levies upon it or its properties
or assets, unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves with
respect thereto, to the extent required by GAAP, are maintained on the books of the applicable Person, in each case in this Section 6.04,
except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

6.05        Preservation
of Existence, Etc.

 

(a) Preserve, renew
and maintain in full force and effect its legal existence and, where applicable, good standing under the Laws of the jurisdiction of
its organization except in a transaction not prohibited by Section 7.04 or 7.05, or to the extent that failure to
do so could not reasonably be expected to have a Material Adverse Effect; (b) take all reasonable action to maintain all rights,
privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that
failure to do so could not reasonably be expected to have a Material Adverse Effect; and (c) preserve or renew all of its registered
patents, trademarks, trade names and service marks, the non-preservation of which could reasonably be expected to have a Material Adverse
Effect.

 

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6.06        Maintenance
of Properties.

 

(a) Maintain, preserve
and protect, or make contractual or other provisions to cause to maintain, preserve or protect, all of its properties and equipment necessary
in the operation of its business in good working order and condition, ordinary wear and tear excepted, in each case except where the
failure to do so could not reasonably be expected to have a Material Adverse Effect; and (b) make, or make contractual or other
provisions to cause to be made, all necessary repairs thereto and renewals and replacements thereof except where the failure to do so
could not reasonably be expected to have a Material Adverse Effect.

 

6.07        Maintenance
of Insurance.

 

Maintain, or use reasonable
efforts to cause the tenants under all leases to which it is a party as landlord or the manager of its facilities to maintain, insurance
with respect to its owned properties and business against loss or damage of the kinds customarily insured against by Persons engaged
in the same or similar business and owning similar properties in localities where the Borrower or the applicable Subsidiary operates,
of such types and in such amounts as are customarily carried under similar circumstances by such other Persons (including with respect
to any captive insurance subsidiary or self-insurance, a system or systems of self-insurance and reinsurance which accords with the practices
of similar businesses).

 

6.08        Compliance
with Laws.

 

Comply in all material respects
with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except
in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by
appropriate proceedings diligently conducted; or (b) the failure to comply therewith could not reasonably be expected to have a
Material Adverse Effect.

 

6.09        Books
and Records.

 

Maintain proper books of
record and account, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial
transactions and matters involving the assets and business of the Borrower or such Subsidiary, as the case may be.

 

6.10        Inspection
Rights.

 

Subject to (x) rights
of tenants, (y) applicable health and safety laws, and (z) except to the extent disclosure could reasonably be expected to
contravene attorney client privilege or similar protection or violate any confidentiality or privacy obligation or otherwise contravene
applicable law, permit representatives and independent contractors of the Administrative Agent and each Lender (in each case of a Lender,
coordinated through the Administrative Agent) to visit and inspect any of its properties, to examine its corporate, financial and operating
records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers,
and independent public accountants (provided that the Borrower shall have the right to participate in any such discussions), all
at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the
Borrower; provided, however, that, excluding any such visits and inspections during the continuation of an Event of Default,
only one (1) such visit and inspection by the Administrative Agent during any calendar year shall be at the reasonable expense of
the Borrower; provided, further, however, that when an Event of Default exists the Administrative Agent or any Lender
(or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at
any time during normal business hours and without advance notice.

 

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6.11        Use
of Proceeds.

 

Use proceeds from the Committed
Loans for working capital and general corporate purposes, including Investments not prohibited by Section 7.02, dividends
and distributions, and acquisitions and developments and, in each case, not in contravention of any applicable Law in any material respect
or of any Loan Document.

 

6.12        REIT
Status.

 

Maintain the Borrower’s
qualification as a real estate investment trust under Sections 856 through 860 of the Code.

 

6.13        Employee
Benefits.

 

(a) Comply with the
applicable provisions of ERISA and the Code with respect to each Plan, except where the failure to do so could not reasonably be expected
to have a Material Adverse Effect and (b) furnish to the Administrative Agent (x) within five (5) Business Days after
any Responsible Officer or any ERISA Affiliate knows or has reason to know that, any ERISA Event has occurred that, alone or together
with any other ERISA Event could reasonably be expected to result in liability of the Borrower or any of its ERISA Affiliates in an aggregate
amount exceeding the Threshold Amount or the imposition of a Lien, a statement setting forth details as to such ERISA Event and the action,
if any, that the Borrower or ERISA Affiliate proposes to take with respect thereto, and (y) upon request by the Administrative Agent,
copies of (i) each Schedule B (Actuarial Information) to the annual report (Form 5500 Series) filed by the Borrower or
any ERISA Affiliate with the Internal Revenue Service with respect to each Pension Plan; (ii) the most recent actuarial valuation
report for each Pension Plan; (iii) all notices received by the Borrower or any ERISA Affiliate from a Multiemployer Plan sponsor
or any governmental agency concerning an ERISA Event; and (iv) such other documents or governmental reports or filings relating
to any Plan as the Administrative Agent shall reasonably request.

 

6.14        Anti-Corruption
Laws.

 

Conduct its businesses in
compliance in all material respects with applicable Anti-Corruption Laws and maintain policies and procedures reasonably designed to
promote and achieve compliance by the Borrower, its Subsidiaries and, to the knowledge of the chief executive officer, chief financial
officer, chief operating officer (if any) or general counsel of the Borrower, their respective directors, officers, agents and employees
with applicable Anti-Corruption Laws.

 

ARTICLE VII

 

NEGATIVE COVENANTS

 

So long as any Lender shall
have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied (other than contingent Obligations
that are not then due and payable), the Borrower shall not, nor shall it permit any Subsidiary (except Section 7.09 shall
apply only to Wholly-Owned Subsidiaries) to, directly or indirectly:

 

7.01        Liens.

 

Create, incur, assume or
suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than the following:

 

(a)           Liens
pursuant to any Loan Document;

 

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(b)           Liens
securing Indebtedness permitted under Section 7.03;

 

(c)           Liens
for Taxes not yet due or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves
with respect thereto, to the extent required by GAAP, are maintained on the books of the applicable Person;

 

(d)           carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of
business which are not overdue for a period of more than thirty (30) days or which are being contested in good faith and by appropriate
proceedings diligently conducted, if adequate reserves with respect thereto, to the extent required by GAAP, are maintained on the books
of the applicable Person;

 

(e)           pledges
or deposits or other Liens arising in the ordinary course of business in connection with workers’ compensation, unemployment insurance
and other social security legislation, or to secure statutory obligations, other than any Lien imposed by ERISA;

 

(f)            Liens
and rights of setoff of banks and securities intermediaries in respect of deposit accounts and securities accounts maintained in the
ordinary course of business;

 

(g)           the
interests of lessees and lessors under leases or subleases of, and the interest of managers or operators with respect to, real or personal
property made in the ordinary course of business;

 

(h)           Liens
on property where the Borrower or any Subsidiary is insured against such Liens by title insurance;

 

(i)            Liens
on property acquired by the Borrower or any Subsidiary after the date hereof and which are in place at the time such properties are so
acquired and not created in contemplation of such acquisition;

 

(j)            Liens
securing assessments or charges payable to a property owner association or similar entity, which assessments are not yet due and payable
or that are being contested in good faith by appropriate proceedings diligently conducted, and for which adequate reserves with respect
thereto, to the extent required by GAAP, are maintained on the books of the applicable Person;

 

(k)           Liens
securing assessment bonds, so long as the Borrower is not in default under the terms thereof;

 

(l)            deposits
to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety bonds (other than
bonds related to judgments or litigation), performance bonds and other obligations of a like nature incurred in the ordinary course of
business;

 

(m)          easements,
rights-of-way, restrictions and other similar encumbrances affecting real property which, in the aggregate, are not substantial in amount,
and which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary
conduct of the business of the applicable Person;

 

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(n)           Liens
securing judgments for the payment of money not constituting an Event of Default under Section 8.01(h) or securing appeal
or other surety bonds related to such judgments;

 

(o)           Liens
solely on any cash earnest money deposits made by the Borrower or any of its Subsidiaries in connection with any letter of intent or
purchase agreement;

 

(p)           assignments
to a reverse Section 1031 exchange trust;

 

(q)           licenses
of intellectual property granted in the ordinary course of business;

 

(r)            Liens
on assets of the Borrower or any Subsidiary securing obligations under Swap Contracts; and

 

(s)           precautionary
UCC filings in respect of operating leases.

 

7.02        Investments.

 

(a)           Make
or allow Investments in Development Property to exceed, in the aggregate at any one time outstanding, 35% of Enterprise Gross Asset Value.

 

(b)           Make
or allow Investments in Joint Ventures to exceed, in the aggregate at any one time outstanding, 25% of Enterprise Gross Asset Value.
For purposes of this Section 7.02(b), the Borrower’s aggregate Investment in Joint Ventures will be valued at book
value as shown on the consolidated balance sheet of the Borrower, as determined in accordance with GAAP.

 

7.03        Indebtedness.

 

Create, incur, assume or
suffer to exist any Indebtedness of the Borrower or any of its Subsidiaries, except:

 

(a)           Indebtedness
under the Loan Documents; and

 

(b)           other
Indebtedness; provided that (i) at the time of the incurrence of such Indebtedness and immediately after giving effect thereto
(including any Liens associated therewith) no Event of Default has occurred and is continuing or would result therefrom and (ii) with
respect to obligations of the Borrower in respect of Swap Contracts, such Swap Contracts shall be entered into in order to manage existing
or anticipated risk and not for speculative purposes.

 

7.04        Fundamental
Changes.

 

Merge, dissolve, liquidate,
consolidate with or into another Person, except that, so long as no Default exists or would result therefrom, (i) any Person may
merge with or into, consolidate with or amalgamate with the Borrower in a transaction in which the Borrower shall be the continuing or
surviving Person, (ii) any Person may merge with or into, consolidate with or amalgamate with any Subsidiary (other than the Borrower)
in a transaction in which the continuing or surviving Person shall be a Subsidiary, (iii) any Subsidiary may merge with or into,
consolidate with or amalgamate with any Person in order to consummate an Investment permitted by Section 7.02 or a Disposition
permitted by Section 7.05; (iv) any Subsidiary may merge into the Borrower or any other Subsidiary; and (v) any
Subsidiary may liquidate or dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the best interests
of the Borrower and is not materially disadvantageous to the Lenders.

 

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7.05        Dispositions.

 

Make any Disposition (other
than any Disposition to the Borrower or any Subsidiary) of all or substantially all of the assets (whether now owned or hereafter acquired,
including pursuant to a Delaware LLC Division) of the Borrower and its Subsidiaries, taken as a whole.

 

7.06        Restricted
Payments.

 

Declare or make, directly
or indirectly, any Restricted Payment; provided that, (i) the Borrower and each Subsidiary may declare or make, directly
or indirectly, any Restricted Payment required to qualify and maintain the Borrower’s qualification as a real estate investment
trust under Sections 856 through 860 of the Code, (ii) the Borrower and each Subsidiary may declare or make, directly or indirectly,
any Restricted Payment required to avoid the payment of federal or state income or excise tax, (iii) so long as no Default shall
have occurred and be continuing or would result therefrom, the Borrower and each Subsidiary may purchase, redeem, retire, acquire, cancel
or terminate Equity Interests issued by the Borrower or such Subsidiary so long as immediately after giving effect thereto the Borrower
is in compliance on a Pro Forma Basis with the requirements of Section 7.10(e), (iv) so long as no Default shall have
occurred and be continuing or would result therefrom, the Borrower and each Subsidiary may make any payment on account of any return
of capital to the Borrower’s stockholders, partners or members (or the equivalent Person thereof), (v) the Borrower and each
Subsidiary may declare and make dividend payments, other distributions or other Restricted Payments payable solely in the common stock
or other common Equity Interests in such Person, (vi) any Subsidiary may at any time make Restricted Payments to the Borrower, any
other Subsidiary and, solely to the extent such Restricted Payments to other holders of its Equity Interests are required by its Organization
Documents, to such other holders of Equity Interests, and (vii) the Borrower and each Subsidiary may declare or make, directly or
indirectly, any Restricted Payment within sixty (60) days after the date of declaration thereof, if on the date of declaration of such
payment, such payment would have been permitted pursuant to another clause of this Section 7.06 and, on the date of such
payment, no Default under Section 8.01(a), (f) or (g) shall have occurred and be continuing.

 

7.07        Change
in Nature of Business.

 

Engage in any material line
of business substantially different from those lines of business conducted by the Borrower and its Subsidiaries on the date hereof or
any business substantially related or incidental thereto.

 

7.08        Transactions
with Affiliates.

 

Enter into any transaction
of any kind with any Affiliate of the Borrower (other than transactions between or among the Borrower and a Subsidiary (including any
entity that becomes a Subsidiary as a result of such transaction) (or any combination thereof)), whether or not in the ordinary course
of business, except (i) transactions on fair and reasonable terms substantially as favorable to the Borrower or such Subsidiary
as would be obtainable by the Borrower or such Subsidiary at the time in a comparable arm’s-length transaction with a Person other
than an Affiliate, (ii) payments of compensation, perquisites and fringe benefits arising out of any employment or consulting relationship
in the ordinary course of business, (iii) making Restricted Payments permitted by this Agreement, (iv) payments (whether in
cash, securities or other property) by any non-Wholly-Owned Subsidiary, including any sinking fund or similar deposit, on account of
the purchase, redemption, retirement, acquisition, cancellation or termination of any Equity Interests of such Subsidiary, or on account
of any return of capital to such Subsidiary’s stockholders, partners or members (or the equivalent Person thereof), in any such
case, made to holders of Equity Interests in such Subsidiary (x) to the extent required pursuant to such Subsidiary’s Organization
Documents or (y) to the extent such payment would have been permitted by Section 7.06 had it constituted a Restricted
Payment, (v) other transactions expressly permitted by this Agreement, (vi) transactions with Affiliates that are Disclosed
Matters (together with any amendments, restatements, extensions, replacements or other modifications thereto that are not adverse to
the interests of the Lenders in their capacities as such) and (vii) transactions in the ordinary course of business that comply
with the requirements of the North American Securities Administrators Association’s Statement of Policy of Real Estate Investment
Trusts.

 

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7.09        Burdensome
Agreements.

 

Enter into, assume or otherwise
be bound, or permit any Wholly-Owned Subsidiary to enter into, assume or otherwise be bound, by any Negative Pledge other than (i) any
Negative Pledge contained in an agreement entered into in connection with any Indebtedness that is permitted pursuant to Section 7.03,
which Indebtedness is of a type that customarily includes a Negative Pledge or with respect to which such Negative Pledge is no more
restrictive on the Borrower or such Wholly-Owned Subsidiary in any material respect, when taken as a whole, than this Section 7.09
(as determined in good faith by the Borrower); (ii) any Negative Pledge required or imposed by, or arising under or as a result
of, any Law; (iii) Negative Pledges contained in (x) the 2021 Credit Agreement, the agreements set forth on Schedule 7.09
or that are Disclosed Matters; (y) any agreement relating to the Disposition of any Subsidiary or any assets pending such Disposition;
provided that, in any such case, the Negative Pledge applies only to the Subsidiary or the assets that are the subject of such
Disposition; or (z) any agreement in effect at the time any Person becomes a Wholly-Owned Subsidiary so long as such agreement was
not entered into in contemplation of such Person becoming a Wholly-Owned Subsidiary and such restriction only applies to such Person
and/or its assets, (iv) customary restrictions in leases, licenses and other contracts restricting the assignment thereof, (v) other
customary restrictions set forth in agreements relating to assets specified in such agreements and entered into in the ordinary course
of business to the extent such restrictions shall solely apply to such specified assets; and (vi) restrictions that apply only to
the Equity Interests in, or assets of, any Person other than the Borrower or a Wholly-Owned Subsidiary, in each case as such agreements,
leases or other contracts may be amended from time to time and including any renewal, extension, refinancing or replacement thereof;
provided that, with respect to any agreement described in clause (iii), such amendment, renewal, extension, refinancing
or replacement does not contain restrictions of the type prohibited by this Section 7.09 that are, in the aggregate, more
onerous in any material respect on the Borrower or any Wholly-Owned Subsidiary than the restrictions, in the aggregate, in the original
agreement.

 

7.10        Financial
Covenants. Commencing with the fiscal quarter of the Borrower ending September 30, 2022:

 

(a)           Leverage
Ratio. Permit the Leverage Ratio to be greater than 0.60 to 1.00 as of the end of any fiscal quarter. Notwithstanding the foregoing,
in connection with the consummation of a Significant Acquisition, the Borrower shall be permitted to increase the maximum Leverage Ratio
to 0.65 to 1.00 for any fiscal quarter in which a Significant Acquisition occurs and for the three (3) consecutive full fiscal quarters
immediately thereafter; provided that, solely in the case of any increase pursuant to this sentence, in no event shall the Leverage
Ratio exceed 0.65 to 1.00 as of the end of any fiscal quarter or exceed 0.60 to 1.00 for more than four (4) consecutive fiscal quarters
in any consecutive five (5) fiscal quarter period.

 

(b)           Secured
Debt Ratio. Permit the Secured Debt Ratio to be greater than 0.40 to 1.00 as of the end of any fiscal quarter.

 

(c)           Fixed
Charge Coverage Ratio. Permit the Fixed Charge Coverage Ratio to be less than 1.50 to 1.00 as of the end of any fiscal quarter.

 

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(d)           Unsecured
Leverage Ratio. Permit the Unsecured Leverage Ratio to be greater than 0.60 to 1.00 as of the end of any fiscal quarter. Notwithstanding
the foregoing, in connection with the consummation of a Significant Acquisition, the Borrower shall be permitted to increase the maximum
Unsecured Leverage Ratio to 0.65 to 1.00 for any fiscal quarter in which a Significant Acquisition occurs and for the three (3) consecutive
full fiscal quarters immediately thereafter; provided that, solely in the case of any increase pursuant to this sentence, in no
event shall the Unsecured Leverage Ratio exceed 0.65 to 1.00 as of the end of any fiscal quarter or exceed 0.60 to 1.00 for more than
four (4) consecutive fiscal quarters in any consecutive five (5) fiscal quarter period.

 

 

(e)           Consolidated
Tangible Net Worth. Permit the Consolidated Tangible Net Worth to be less than $7,700,000,000 as of the end of any fiscal quarter.

 

7.11        Sanctions.

 

Directly or, to its knowledge,
indirectly, use any part of the proceeds of any Credit Extension or lend, contribute or otherwise make available such Credit Extension
or the proceeds of any Credit Extension to any Person, to fund any activities of or business with any Person, or in any Designated Jurisdiction,
that, at the time of such funding, is the subject of Sanctions (except to the extent permitted for a Person required to comply with such
Sanctions), or in any other manner that will result in a violation by any Person of Sanctions.

 

7.12        Anti-Corruption
Laws.

 

Directly or, to its knowledge,
indirectly use the proceeds of any Credit Extension for any purpose which would violate in any material respect any applicable Anti-Corruption
Laws.

 

ARTICLE VIII

 

EVENTS OF DEFAULT AND REMEDIES

 

8.01        Events
of Default.

 

Any of the following shall constitute an Event
of Default:

 

(a)           Non-Payment.
The Borrower fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan, or (ii) within five
(5) Business Days after the same becomes due, any interest on any Loan, or any fee due hereunder, or (iii) within five (5) Business
Days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or

 

(b)           Specific
Covenants. The Borrower or any of its Subsidiaries fails to perform or observe any term, covenant or agreement contained in any of
(i) Section 6.03(b), 6.05 (solely with respect to the legal existence of the Borrower) or 6.11 or Article VII
and such failure continues for five (5) consecutive Business Days, or (ii) Section 6.03(a) or Section 6.03(d) and
such failure continues for fifteen (15) consecutive Business Days; or

 

(c)           Other
Defaults. The Borrower or any of its Subsidiaries fails to perform or observe any other covenant or agreement (not specified in Section 8.01(a) or
8.01(b)) contained in any Loan Document on its part to be performed or observed and such failure continues for thirty (30) consecutive
days after the receipt by the Borrower of written notice of such failure from the Administrative Agent; provided that, if such
failure is of such a nature that can be cured but cannot with reasonable effort be completely cured within thirty (30) days, then such
thirty (30) day period shall be extended for such additional period of time (not exceeding ninety (90) additional days) as may be reasonably
necessary to cure such failure so long as the Borrower or its Subsidiaries, as applicable, commence such cure within such thirty (30)
day period and diligently prosecute same until completion; or

 

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(d)           Representations
and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Borrower
herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be incorrect in any material
respect when made or deemed made (or, in the case of the representations and warranties in Section 5.14(b) or any representation
and warranty that is qualified by materiality, shall be incorrect in any respect when made or deemed made) and, with respect to any representation,
warranty, certification or statement (other than the representations and warranties in Section 5.14(b)) not known by the
Borrower at the time made or deemed made to be incorrect, the defect causing such representation or warranty to be incorrect when made
or deemed made is not removed within thirty (30) days after the first to occur of (i) the date upon which a Responsible Officer
of the Borrower obtains knowledge thereof or (ii) receipt by the Borrower of written notice thereof from the Administrative Agent;
or

 

(e)           Cross-Default.
(i) The Borrower or any of its Subsidiaries (x) fails (after giving effect to any notice or grace periods applicable thereto)
to make any required payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect
of any Material Recourse Indebtedness or (y) fails to observe or perform any other agreement or condition relating to any such Material
Recourse Indebtedness contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the
effect of which default or other event is to cause, with the giving of notice if required, such Material Recourse Indebtedness pursuant
to the terms thereof to be demanded or to become due or to require the Borrower or such Subsidiary to repurchase, prepay, defease or
redeem (automatically or otherwise) or make an offer to repurchase, prepay, defease or redeem such Material Recourse Indebtedness pursuant
to the terms thereof, prior to its stated maturity; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined
in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which the Borrower or any Subsidiary
is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract
as to which the Borrower or any Subsidiary is an Affected Party (as so defined) and, in either event, the Swap Termination Value
owed by the Borrower or such Subsidiary as a result thereof is greater than the Threshold Amount; provided that this clause
(e) shall not apply to (1) secured Indebtedness that becomes due and payable (or as to which an offer to repurchase, prepay,
defease or redeem is required to be made) as a result of the voluntary Disposition of the property or assets securing such Indebtedness,
if such Disposition is permitted hereunder and under the documents providing for such Indebtedness and such Indebtedness that has become
so due and payable (including as a result of such offer to repurchase, prepay, defease or redeem such Indebtedness) is assumed or repaid
in full when and to the extent required under the document providing for such Indebtedness (after giving effect to any notice or grace
periods applicable thereto), (2) any redemption, repurchase, conversion or settlement with respect to any convertible debt security
which is consummated in accordance with the terms of such convertible debt security, unless such redemption, repurchase, conversion or
settlement results from a default thereunder or an event of the type that constitutes an Event of Default or (3) any early payment
requirement or unwinding or termination with respect to any Swap Contract (A) not arising out of a default by the Borrower or any
Subsidiary and (B) to the extent that such Swap Termination Value owed has been paid in full by the Borrower or any of its Subsidiaries
when due; or

 

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(f)            Insolvency
Proceedings, Etc. The Borrower or any of its Material Subsidiaries institutes or consents to the institution of any proceeding under
any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver,
trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property;
or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or
consent of such Person and the appointment continues undischarged, undismissed or unstayed for sixty (60) calendar days; or any proceeding
under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent
of such Person and continues undischarged, undismissed or unstayed for sixty (60) calendar days, or an order for relief is entered in
any such proceeding; or

 

(g)           Inability
to Pay Debts; Attachment. (i) The Borrower or any of its Material Subsidiaries becomes unable or admits in writing its inability
or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process
is issued or levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded
within thirty (30) days after its issue or levy; or

 

(h)           Judgments.
There is entered against the Borrower or any of its Material Subsidiaries (i) a final non-appealable judgment or order that has
not been discharged, satisfied, dismissed or vacated for the payment of money in an aggregate amount exceeding the Threshold Amount (to
the extent (x) not paid, fully bonded or covered by independent third-party insurance as to which the insurer has not denied coverage
or (y) for which the Borrower or applicable Material Subsidiary has not been indemnified), or (ii) any one or more non-monetary
final non-appealable judgments that have not been discharged, dismissed or vacated and that have, or could reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect and, in either case of clause (i) or (ii), (A) enforcement
proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of thirty (30) consecutive days
during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or

 

(i)            ERISA.
An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result
in liability of the Borrower under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount
in excess of the Threshold Amount; or

 

(j)            Invalidity
of Loan Documents. Any material provision of any Loan Document, at any time after its execution and delivery and for any reason other
than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations arising under the Loan Documents,
ceases to be in full force and effect; or the Borrower or any of its Subsidiaries contests in writing in any manner the validity or enforceability
of any material provision of any Loan Document; or the Borrower denies in writing that it has any or further liability or obligation
under any Loan Document, or purports in writing to revoke, terminate or rescind any material provision of any Loan Document; or

 

(k)           Change
of Control. There occurs any Change of Control.

 

For purposes of clauses (f), (g),
and (h) above, no Event of Default shall be deemed to have occurred with respect to a Material Group unless the type of event
specified therein has occurred with respect to each Subsidiary that is a member of such Material Group.

 

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8.02        Remedies
Upon Event of Default.

 

If any Event of Default occurs
and is continuing, the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any or
all of the following actions:

 

(a)           declare
the Commitments of each Lender to make Loans to be terminated, whereupon such Commitments shall be terminated;

 

(b)           declare
the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable
hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of
any kind, all of which are hereby expressly waived by the Borrower;

 

(c)           [reserved];
and

 

(d)           exercise
on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents;

 

provided, however, that upon the
occurrence of an Event of Default with respect to the Borrower pursuant to Section 8.01(f) or (g) or the
occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code, the obligation
of each Lender to make Loans shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and
other amounts as aforesaid shall automatically become due and payable, in each case without further act of the Administrative Agent or
any Lender.

 

8.03        Application
of Funds.

 

After the exercise of remedies
provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable as set forth in the
proviso to Section 8.02), any amounts received on account of the Obligations shall, subject to the provisions of Section 2.18,
be applied by the Administrative Agent in the following order:

 

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

 

Second,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (other than principal and interest)
payable to the Lenders (including fees, charges and disbursements of counsel to the respective Lenders and amounts payable under Article III),
ratably among them in proportion to the amounts described in this clause Second payable to them;

 

Third, to
payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans and fees, premiums and scheduled periodic
payments, and any interest accrued thereon, due under any Swap Contract between the Borrower and any Lender, or any Affiliate of a Lender,
ratably among the Lenders (and, in the case of such Swap Contracts, Affiliates of Lenders) in proportion to the respective amounts described
in this clause Third payable to them;

 

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Fourth,
to payment of that portion of the Obligations constituting unpaid principal of the Loans, payment of breakage, termination or other payments,
and any interest accrued thereon, due under any Swap Contract between the Borrower and any Lender, or any Affiliate of a Lender and amounts
owing under Treasury Management Agreements, ratably among the Lenders (and, in the case of such Swap Contracts, Affiliates of Lenders)
and the Treasury Management Lenders in proportion to the respective amounts described in this clause Fourth held by them; and

 

Last, the
balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Law.

 

ARTICLE IX

 

ADMINISTRATIVE AGENT

 

9.01        Appointment
and Authority.

 

Each of the Lenders hereby
irrevocably appoints Bank of America to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and
authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative
Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. Except as otherwise
expressly set forth herein and except with respect to Section 9.06, the provisions of this Article IX are solely
for the benefit of the Administrative Agent and the Lenders, and the Borrower shall not have rights as a third-party beneficiary of any
of such provisions.

 

9.02        Rights
as a Lender.

 

The Person serving as the
Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise
the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise
expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its
individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other
advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as
if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

 

9.03        Exculpatory
Provisions.

 

The Administrative Agent
shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the
generality of the foregoing, the Administrative Agent:

 

(a)           shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(b)           shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly
contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the
Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents);
provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel,
may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable law; and

 

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(c)           shall
not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the
failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person
serving as the Administrative Agent or any of its Affiliates in any capacity.

 

The Administrative Agent
shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such
other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Sections 10.01 and 8.02) or (ii) in the absence of its own
gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable judgment. The
Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to
the Administrative Agent by the Borrower or a Lender.

 

The Administrative Agent
shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in
or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document
delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants,
agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability,
effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the
satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly
required to be delivered to the Administrative Agent.

 

9.04        Reliance
by Administrative Agent.

 

The Administrative Agent
shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement,
instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution)
believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent
also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall
not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan that by its
terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to
such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan.
The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts
selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants
or experts.

 

9.05        Delegation
of Duties.

 

The Administrative Agent
may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any
one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all
of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article IX
shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply
to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities
as Administrative Agent.

 

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9.06        Resignation
of Administrative Agent.

 

The Administrative Agent
may at any time resign as Administrative Agent upon thirty (30) days’ notice to the Lenders and the Borrower. Upon receipt of any
such notice of resignation, the Required Lenders shall have the right, subject to the approval (not to be unreasonably withheld or delayed)
of the Borrower (unless an Event of Default has occurred and is continuing), to appoint a successor, which shall be a bank with an office
in the United States, or an Affiliate of any such bank with an office in the United States; provided that, if any such potential
successor is not classified as a “U.S. person” and a “financial institution” within the meaning of Treasury Regulation
Section 1.1441-1, then the Borrower shall have the right to prohibit such potential successor from becoming the Administrative Agent
in its reasonable discretion. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such
appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative
Agent may on behalf of the Lenders (and subject to the approval (not to be unreasonably withheld or delayed) of the Borrower (unless
an Event of Default has occurred and is continuing)), appoint a successor Administrative Agent meeting the qualifications set forth above;
provided that, if any such potential successor is not classified as a “U.S. person” and a “financial institution”
within the meaning of Treasury Regulation Section 1.1441-1, then the Borrower shall have the right to prohibit such potential successor
from becoming the Administrative Agent in its reasonable discretion; provided, further, that, if the retiring Administrative
Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall
nonetheless become effective in accordance with such notice and (1) the retiring Administrative Agent shall be discharged from its
duties and obligations hereunder and under the other Loan Documents and (2) all payments, communications and determinations provided
to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time as the Required
Lenders appoint a successor Administrative Agent as provided for above in this Section 9.06. Upon the acceptance of a successor’s
appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges
and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its
duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section 9.06).
The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise
agreed between the Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other
Loan Documents, the provisions of this Article IX and Section 10.04 shall continue in effect for the benefit
of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted
to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent.

 

9.07        Non-Reliance
on Administrative Agent and Other Lenders.

 

Each Lender acknowledges
that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and
based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.
Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any
of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make
its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement
or any document furnished hereunder or thereunder.

 

9.08        No
Other Duties, Etc.

 

Anything herein to the contrary
notwithstanding, none of the Arrangers, Co-Syndication Agents, or Co-Documentation Agents listed on the cover page hereof shall
have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable,
as the Administrative Agent or a Lender hereunder.

 

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9.09        Administrative
Agent May File Proofs of Claim.

 

In case of the pendency of
any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding
under any Debtor Relief Law relative to the Borrower, the Administrative Agent (irrespective of whether the principal of any Loan shall
then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall
have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

(a)           to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations
that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders
and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders
and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent
under Sections 2.10 and 10.04) allowed in such judicial proceeding; and

 

(b)           to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments
to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to
the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances
of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.10
and 10.04.

 

Nothing contained herein
shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan
of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative
Agent to vote in respect of the claim of any Lender in any such proceeding.

 

9.10        Recovery
of Erroneous Payments.

 

Without limitation of any
other provision in this Agreement, if at any time the Administrative Agent makes a payment hereunder in error to any Lender, whether
or not in respect of an Obligation due and owing by Borrower at such time, where such payment is a Rescindable Amount, then in any such
event, each Lender receiving a Rescindable Amount severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable
Amount received by such Lender in Same Day Funds in the currency so received, with interest thereon, for each day from and including
the date such Rescindable Amount is received by it to but excluding the date of payment to the Administrative Agent, at the greater of
the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation. Each Lender irrevocably waives any and all defenses, including any “discharge for value” (under which a creditor
might otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense
to its obligation to return any Rescindable Amount.  The Administrative Agent shall inform each Lender promptly upon determining
that any payment made to such Lender comprised, in whole or in part, a Rescindable Amount.

 

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ARTICLE X

 

MISCELLANEOUS

 

10.01      Amendments,
Etc.

 

Except as set forth in Section 2.02(f) in
respect of Conforming Changes made pursuant to such section, Section 2.15 in respect of an extension of a Maturity Date,
Section 2.16 in respect of an Incremental Term Loan Amendment, or Section 3.03 in respect of the replacement
of Term SOFR and/or Conforming Changes or other amendments or modifications made pursuant to such section, no amendment or waiver of
any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower therefrom, shall be effective
unless in writing signed by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for
herein or in the other Loan Documents) and the Borrower, and acknowledged by the Administrative Agent, and each such waiver or consent
shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that
no such amendment, waiver or consent shall:

 

(a)           extend
the expiration date or increase the amount of any Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 2.07
or Section 8.02) without the written consent of such Lender (it being understood and agreed that a waiver of any condition
precedent in Section 4.02 or of any Default or Event of Default is not considered an extension or increase in the Commitments
of any Lender);

 

(b)           postpone
any date fixed by this Agreement or any other Loan Document for any payment (other than mandatory prepayments (if any) with respect to
any Loan) of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document
without the written consent of each Lender directly and adversely affected thereby;

 

(c)           reduce
the principal of, or the rate of interest specified herein on, any Loan, or (subject to clause (iv) of the second proviso
to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document without the written consent
of each Lender directly and adversely affected thereby; provided, however, that only the consent of the Required Class Lenders
shall be necessary to amend the definition of “Default Rate” with respect to such Class or to waive any obligation of
the Borrower to pay interest at the Default Rate with respect to such Class;

 

(d)           change
Section 2.14 or Section 8.03 in a manner that would alter the pro rata sharing of payments required thereby without
the written consent of each Lender directly and adversely affected thereby;

 

(e)           change
any provision of this Section 10.01 or the definition of “Required Lenders” or “Required Class Lenders”
or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights
hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender (but any change to the
definition of “Required Term A-1 Lenders” or “Required Term A-2 Lenders” shall only require the written consent
of each Lender under the applicable Term Facility);

 

(f)            [reserved];
or

 

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(g)           directly
and materially adversely affect the rights of Lenders holding Commitments or Loans of one Class differently from the rights of Lenders
holding Commitments or Loans of any other Class without the written consent of the applicable Required Class Lenders;

 

and provided, further, that (i) only
the written consent of the Borrower and the Required Term A-1 Lenders shall be required to the extent such amendment, waiver or consent
shall (x) amend, waive or otherwise modify any of the conditions precedent set forth in Section 4.02 with respect to
any Credit Extension under the Term A-1 Facility or (y) impose any greater restriction on the ability of any Term A-1 Lender to
assign any of its rights or obligations hereunder with respect to the Term A-1 Facility (and, for the avoidance of doubt, no other Lenders
shall have any right to approve or disapprove any such amendment, waiver or consent described in this clause (i)); (ii) only
the written consent of the Borrower and the Required Term A-2 Lenders shall be required to the extent such amendment, waiver or consent
shall (x) amend, waive or otherwise modify any of the conditions precedent set forth in Section 4.02 with respect to
any Credit Extension under the Term A-2 Facility or (y) impose any greater restriction on the ability of any Term A-2 Lender to
assign any of its rights or obligations hereunder with respect to the Term A-2 Facility (and, for the avoidance of doubt, no other Lenders
shall have any right to approve or disapprove any such amendment, waiver or consent described in this clause (ii)); (iii) no
amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above,
affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; and (iv) any fee letter
may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto (and, for the avoidance
of doubt, no other parties shall have any right to approve or disapprove any such amendment, waiver or consent). Notwithstanding anything
to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder
(and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender (or all Lenders
of a Class or each affected Lender of a Class) may be effected with the consent of the applicable Lenders other than Defaulting
Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Defaulting
Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms
affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender.

 

Notwithstanding anything
to the contrary herein, (A) the Administrative Agent and the Borrower may, with the consent of the other (but without the consent
of any other Person), amend, modify or supplement any Loan Document to correct, amend or cure any ambiguity, inconsistency, omission,
mistake or defect or correct any obvious error or any error or omission of an administrative or technical nature so long as such amendment,
modification or supplement does not impose additional obligations on any Lender; provided that the Administrative Agent shall
promptly give the Lenders notice of, and provide to the Lenders a copy of, any such amendment, modification or supplement, and (B) this
Agreement may be amended and restated without the consent of any Lender (but with the consent of the Borrower and the Administrative
Agent) if, upon giving effect to such amendment and restatement, such Lender shall no longer be a party to this Agreement (as so amended
and restated), the Commitments of such Lender shall have terminated, and such Lender shall have no other commitment or other obligation
hereunder and shall have been paid in full all principal, interest and other amounts owing to it or accrued for its account under this
Agreement.

 

Notwithstanding the fact
that the consent of all the Lenders is required in certain circumstances as set forth above, (x) each Lender is entitled to vote
as such Lender sees fit on any reorganization plan that affects the Loans and each Lender acknowledges that the provisions of Section 1126(c) of
the Bankruptcy Code supersede the unanimous consent provisions set forth herein and (y) the Required Lenders may consent to allow
the Borrower to use cash collateral in the context of a bankruptcy or insolvency proceeding and such determination shall be binding on
all of the Lenders.

 

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Notwithstanding any provision
herein to the contrary, this Agreement may be amended with the written consent of the Required Lenders, the Administrative Agent and
the Borrower (i) to add one or more additional term loan facilities to this Agreement and to permit the extensions of credit and
all related obligations and liabilities arising in connection therewith from time to time outstanding to share ratably (or on a basis
subordinated to the existing facilities hereunder) in the benefits of this Agreement and the other Loan Documents with the obligations
and liabilities from time to time outstanding in respect of the existing facilities hereunder, and (ii) in connection with the foregoing,
to permit, as deemed appropriate by the Administrative Agent and approved by the Required Lenders, the Lenders providing such additional
credit facilities to participate in any required vote or action required to be approved by the Required Lenders or by any other number,
percentage or class of Lenders hereunder.

 

In addition, notwithstanding
the foregoing, the Borrower may, by written notice to the Administrative Agent from time to time, make one or more offers (each, a “Loan
Modification Offer”) to all the Lenders of one or more Classes to make one or more amendments or modifications to (A) allow
the maturity of the Accepting Lenders’ (as defined below) Commitments or Loans of such Class(es) to be extended, (B) modify
the Applicable Rate and/or fees payable with respect to the Accepting Lenders’ Loans and/or Commitments of such Class(es), (C) modify
any covenants or other provisions or add new covenants or provisions with respect to such Class(es) that are agreed between the Borrower,
the Administrative Agent and the Accepting Lenders; provided that such modified or new covenants and provisions are applicable
only during periods after the applicable Maturity Date that is in effect on the effective date of such Permitted Amendment, and (D) any
other amendment to a Loan Document required to give effect to the Permitted Amendments described in clauses (A), (B) and
(C) of this paragraph (“Permitted Amendments,” and any amendment to this Agreement to implement Permitted
Amendments, a “Loan Modification Agreement”) pursuant to procedures reasonably specified by the Administrative Agent
and reasonably acceptable to the Borrower. Such notice shall set forth (i) the relevant Class(es) of Lenders to which the Borrower
is making the Loan Modification Offer described in such notice, (ii) the terms and conditions of the requested Permitted Amendments
and (iii) the date on which such Permitted Amendments are requested to become effective. Permitted Amendments shall become effective
only with respect to the Commitments and/or Loans of the relevant Class(es) of the Lenders that accept the applicable Loan Modification
Offer (such Lenders, the “Accepting Lenders”) and, in the case of any Accepting Lender, only with respect to such
Lender’s Commitments and/or Loans of the relevant Class(es) as to which such Lender’s acceptance has been made. The Borrower
and each Accepting Lender shall execute and deliver to the Administrative Agent a Loan Modification Agreement and such other documentation
as the Administrative Agent shall reasonably specify to evidence the acceptance of the Permitted Amendments and the terms and conditions
thereof, and the Borrower shall also deliver such resolutions, opinions and other documents as reasonably requested by the Administrative
Agent. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Loan Modification Agreement. Each of
the parties hereto hereby agrees that (1) upon the effectiveness of any Loan Modification Agreement, this Agreement shall be deemed
amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Permitted Amendments evidenced thereby
and only with respect to each Accepting Lender’s Commitments and Loans of the relevant Class(es) as to which such Lender’s
acceptance has been made, (2) any applicable Lender who is not an Accepting Lender may be replaced by the Borrower in accordance
with Section 10.13, and (3) the Administrative Agent and the Borrower shall be permitted to make any amendments or modifications
to any Loan Documents necessary to allow any borrowings, prepayments and commitment reductions to be ratable across any relevant Class of
commitments to make Loans of such Class, the mechanics for which may be implemented through the applicable Loan Modification Agreement
and may include technical changes related to the borrowing and repayment procedures of the Lenders; provided that with the consent
of the Accepting Lenders such prepayments and commitment reductions may be applied on a non-ratable basis to the non-Accepting Lenders
of the relevant Class(es).

 

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Notwithstanding anything
herein to the contrary, this Agreement may be amended in connection with Incremental Term Loans, as set forth in Section 2.16(e)(iii).

 

10.02      Notices;
Effectiveness; Electronic Communication.

 

(a)           Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided
in Section 10.02(b) below), all notices and other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows, and all notices
and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as
follows:

 

(i)            if
to the Borrower or the Administrative Agent, to the address, facsimile number, electronic mail address or telephone number specified
for such Person on Schedule 10.02; and

 

(ii)           if
to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire
(including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in
effect for the delivery of notices that may contain material non-public information relating to the Borrower).

 

Notices and other communications
sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received;
notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal
business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient).
Notices and other communications delivered through electronic communications to the extent provided in Section 10.02(b) below,
shall be effective as provided in such Section 10.02(b).

 

(b)           Electronic
Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication
(including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that
the foregoing shall not apply to notices to any Lender provided pursuant to Article II if such Lender has notified the Administrative
Agent that it is incapable of receiving notices under such Article II by electronic communication. The Administrative Agent
or the Borrower may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.

 

Unless the Administrative
Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s
receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall
be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of
notification that such notice or communication is available and identifying the website address therefor; provided that, for both
clauses (i) and (ii), if such notice, e-mail or other communication is not sent during the normal business hours of
the recipient, such notice, e-mail or communication shall be deemed to have been sent at the opening of business on the next business
day for the recipient.

 

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(c)           The
Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW)
DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY
FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY
WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD-PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER
CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative
Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender
or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising
out of the Borrower’s or the Administrative Agent’s transmission of Borrower Materials through the Internet, except to the
extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and
non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided, however,
that in no event shall any Agent Party have any liability to the Borrower, any Lender or any other Person for indirect, special, incidental,
consequential or punitive damages (as opposed to direct or actual damages).

 

(d)           Change
of Address, Etc. Each of the Borrower and the Administrative Agent may change its address, facsimile number, telephone number or
e-mail address for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its
address, facsimile number, telephone number or e-mail address for notices and other communications hereunder by notice to the Borrower
and the Administrative Agent. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the
Administrative Agent has on record (i) an effective address, contact name, telephone number, facsimile number and electronic mail
address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore,
each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private
Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender
or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law, including United States Federal
and state securities Laws, to make reference to Borrower Materials that are not made available through the “Public Side Information”
portion of the Platform and that may contain material non-public information with respect to the Borrower or its securities for purposes
of United States Federal or state securities Laws.

 

(e)           Reliance
by Administrative Agent and Lenders. The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices
(including telephonic Committed Loan Notices) purportedly given by or on behalf of the Borrower even if (i) such notices were not
made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or
(ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower shall indemnify the Administrative
Agent, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance
by such Person on each notice purportedly given by or on behalf of the Borrower in accordance with Section 10.02. All telephonic
notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of
the parties hereto hereby consents to such recording.

 

10.03      No
Waiver; Cumulative Remedies.

 

No failure by any Lender
or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder
shall operate as a waiver thereof nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude
any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and
privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

 

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Notwithstanding anything
to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the
other Loan Documents against the Borrower and its Subsidiaries or any of them shall be vested exclusively in, and all actions and proceedings
at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in accordance
with Section 8.02 for the benefit of all the Lenders; provided, however, that the foregoing shall not prohibit
(a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its
capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) [reserved], (c) any Lender from enforcing
payments of amounts payable to such Lender pursuant to Sections 3.01, 3.04, 3.05 and 10.04 or from exercising
setoff rights in accordance with Section 10.08 (subject to the terms of Section 2.14), or (d) any Lender
from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to the Borrower
or any Subsidiary under any Debtor Relief Law; and provided, further, that, if at any time there is no Person acting as
Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise
ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in clauses
(b), (c) and (d) of the preceding proviso and subject to Section 2.14, any Lender may, with the
consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

 

10.04      Expenses;
Indemnity; Damage Waiver.

 

(a)           Costs
and Expenses. The Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative
Agent and the Arrangers (limited, in the case of legal fees, to the reasonable and documented fees, charges and disbursements of one
primary counsel, and, if applicable, one local counsel in each material jurisdiction, for the Administrative Agent), in connection with
the syndication of the credit facilities provided for herein, due diligence, the preparation, negotiation, execution, delivery and administration
of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether
or not the transactions contemplated hereby or thereby shall be consummated), (ii) [reserved] and (iii) all documented out-of-pocket
expenses incurred by the Administrative Agent or any Lender (limited, in the case of legal fees, to the reasonable and documented fees,
charges and disbursements of (x) one primary counsel for the Administrative Agent (and, if reasonably required, one counsel for
the Administrative Agent per specialty area and one local counsel for the Administrative Agent per applicable jurisdiction) and (y) one
additional counsel for all the Lenders (and, if reasonably required, one additional counsel per specialty area and one local counsel
per applicable jurisdiction), plus additional counsel for the Lenders as necessary in the event of an actual or potential conflict of
interest among the Lenders), in connection with the enforcement or protection of its rights (A) in connection with this Agreement
and the other Loan Documents, including its rights under this Section 10.04, or (B) in connection with the Loans made
hereunder, including all such reasonable and documented out-of-pocket expenses (subject to the limitations set forth above with respect
to legal fees) incurred during any workout, restructuring or negotiations in respect of such Loans.

 

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(b)           Indemnification
by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender, the Agents and their
Affiliates and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages, penalties, liabilities and related reasonable and
documented out-of-pocket expenses (including the reasonable and documented out-of-pocket fees, charges and disbursements of one primary
counsel for the Indemnitees; provided that reimbursement for reasonable and documented out-of-pocket fees, charges and disbursements
of additional counsel of the Indemnitees will be limited to such specialist counsel as may reasonably be required by the Indemnitees,
a single firm of local counsel for the Indemnitees in each material jurisdiction and, in the event of an actual or potential conflict
of interest (as reasonably determined by the applicable Indemnitee), one additional firm of counsel to each group of similarly affected
Indemnitees), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrower arising out of, in
connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or
instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder,
the consummation of the transactions contemplated hereby or thereby (including, without limitation, each Lender’s agreement to
make Loans or the use or intended use of the proceeds thereof) or, in the case of the Administrative Agent (and any sub-agent thereof)
and its Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters
addressed in Section 3.01), (ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual
or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries,
or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective
claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory,
whether brought by a third party or by the Borrower, and regardless of whether any Indemnitee is a party thereto; provided that
such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, penalties, liabilities
or related expenses (A)(x) are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted
from the gross negligence or willful misconduct of such Indemnitee or any of its Related Indemnified Parties or (y) result from
a claim brought by the Borrower against an Indemnitee for breach in bad faith or a material breach of the obligations of such Indemnitee
or any of its Related Indemnified Parties hereunder or under any other Loan Document, if the Borrower has obtained a final and non-appealable
judgment in its favor on such claim as determined by a court of competent jurisdiction or (B) arise out of a dispute solely among
Indemnitees and not resulting from any act or omission by the Borrower or any of its Affiliates (other than any such losses, claims,
damages, penalties, liabilities or related reasonable and documented out-of-pocket expenses against an Indemnitee in its capacity or
in fulfilling its role as an Agent). Notwithstanding the foregoing, Section 3.01 shall be the sole remedy for any indemnification
claim in respect of Taxes. The Borrower shall not, except as a result of its indemnification obligations hereunder, and nor shall any
of its Related Parties have any liability for any special, indirect, consequential or punitive damages (as opposed to direct or actual
damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument
contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof.

 

(c)           Reimbursement
by Lenders. To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under Section 10.04(a) or
10.04(b) to be paid by it to the Administrative Agent (or any sub-agent thereof) or any Related Party of any of the foregoing
and without relieving the Borrower of its obligations with respect thereto, each Lender severally agrees to pay to the Administrative
Agent (or any such sub-agent) or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time
that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s Applicable Percentage at such time)
of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense,
as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) in its capacity as such, or
against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) in connection with such
capacity. The obligations of the Lenders under this Section 10.04(c) are subject to the provisions of Section 2.13(d).

 

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(d)           Waiver
of Consequential Damages, Etc. To the fullest extent permitted by applicable law, the Borrower shall not assert, and hereby waives,
any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to
direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement
or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof. No Indemnitee
or Related Indemnified Party referred to in Section 10.04(b) above shall be liable for any damages arising from the
use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other
information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby
or thereby, except to the extent of such Indemnitee’s gross negligence or willful misconduct as determined by a court of competent
jurisdiction in a final, non-appealable judgment.

 

(e)           Payments.
All amounts due under this Section 10.04 shall be payable not later than ten (10) Business Days after demand therefor
(accompanied by backup documentation to the extent available).

 

(f)            Survival.
The agreements in this Section 10.04 shall survive the resignation of the Administrative Agent, the replacement of any Lender,
the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.

 

10.05      Payments
Set Aside.

 

To the extent that any payment
by or on behalf of the Borrower is made to the Administrative Agent or any Lender, or the Administrative Agent or any Lender exercises
its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be
fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent or such
Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor
Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied
shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each
Lender severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered
from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a
rate per annum equal to the applicable Overnight Rate from time to time in effect. The obligations of the Lenders under clause (b) of
the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.

 

10.06      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 the Borrower may not 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 assignee in accordance with the provisions of subsection (b) of
this Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section,
or (iii) by way of pledge or assignment or grant of a security interest subject to the restrictions of subsection (f) of
this Section (and 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 subsection (d) of this Section and, to the extent expressly
contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or
claim under or by reason of this Agreement.

 

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(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(s) and the Loans with respect to any Facility at the time owing to
it); provided that, in each case with respect to any Facility, 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 the assigning Lender’s applicable Commitment(s) and/or the applicable
Loans at the time owing to it, in each case with respect to such Facility, 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 subsection (b)(i)(A) of this Section, the aggregate principal amount of the Commitment and/or
outstanding Loans of the assigning Lender subject to each such assignment, in each case with respect to such Facility, 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 in the case of any
assignment in respect of such Facility unless each of the Administrative Agent and, so long as no Event of Default has occurred and is
continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however,
that concurrent assignments with respect to such Facility to members of an Assignee Group and concurrent assignments with respect to
such Facility from members of an Assignee Group to a single assignee (or to an assignee and members of its Assignee Group) will be treated
as a single assignment for purposes of determining whether such minimum amount has been met with respect to such Facility.

 

(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 applicable Loans or the applicable Commitments assigned. Without limiting the
generality of the foregoing, to the extent that any unused Commitments remain under a Facility at a time when any Loans are also outstanding
under such Facility, any assignment by a Lender with respect to such Facility shall be a ratable assignment by such Lender of its unused
Commitments and outstanding Loans under such Facility.

 

(iii)          Required
Consents. No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B) of
this Section and, in addition:

 

(A)          the
consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default
has occurred and is continuing at the time of such assignment or (2) such assignment is to a Person that is a Lender, an Affiliate
of any Lender or an Approved Fund with respect to any Lender; 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 ten (10) 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 unless such assignment
is to a Person that is a Lender, an Affiliate of any Lender or an Approved Fund with respect to any Lender.

 

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(iv)          Assignment
and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative Agent
may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is
not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

(v)           No
Assignment to the 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 (or a holding company, investment vehicle or
trust for, or owned and operated for the primary benefit of, a natural person).

 

(vii)         No
Assignment to Defaulting Lenders. No such assignment shall be made to a Defaulting Lender or any of its Subsidiaries, or any Person
who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (vii).

 

(viii)        Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment
shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall
make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate
(which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including
funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but
not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay
and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and
interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans in accordance with its
relevant Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting
Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee
of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

Subject to acceptance and recording thereof by
the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective date specified in
each Assignment and Assumption, the Eligible 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 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 3.01,
3.04, 3.05, and 10.04 with respect to facts and circumstances occurring prior to the effective date of such assignment;
provided that, except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will
constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.
Upon request, the Borrower (at its expense) shall execute and deliver Note(s) with respect to the applicable Facility or Facilities
to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with
this subsection 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 subsection (d) of this Section.

 

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(c)           Register.
The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower (and such agency being solely for tax
purposes), shall maintain at the Administrative Agent’s 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 Commitments of, and principal amounts (and stated interest) of
the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the
Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall 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. In addition, the Administrative Agent shall maintain on the Register information regarding the designation, and
revocation of designation, of any Lender as a Defaulting Lender. The Register shall be available for inspection by the Borrower and any
Lender (with respect to its own interest only), at any reasonable time and from time to time upon reasonable prior notice.

 

(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 a holding company, investment vehicle or trust for, or owned and operated for the primary benefit
of, a natural person), a Defaulting Lender (or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute
a Defaulting Lender or any of its Subsidiaries) 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 its Commitments
and/or the Loans 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 to enforce this Agreement
and 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 any amendment, waiver or other modification described
in clauses (a) through (e) of the first proviso to Section 10.01 that affects such Participant. Subject
to subsection (e) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01,
3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of
this Section (it being understood that the documentation required under Section 3.01(e) shall be delivered to the
Lender who sells the participation) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to
Section 10.06(b); provided that such Participant agrees to be subject to the provisions of Sections 3.01,
3.04, 3.05, 3.06 and 10.13 and any requirements or limitations contained therein as if it were an assignee
under subsection (b) of this Section. Each Lender that sells a participation agrees, at the Borrower’s request and
expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Sections 3.06 and 10.13
with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08
as though it were a Lender; provided such Participant agrees to be subject to Section 2.14 as though it were a
Lender.

 

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

 

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(e)           Limitations
upon Participant Rights. A Participant shall not be entitled to receive any greater payment under Section 3.01 or 3.04
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 that would be
a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 unless the Borrower is notified
of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 3.01(e) as
though it were a Lender.

 

(f)            Certain
Pledges. Any Lender may at any time pledge, assign or grant a security interest in, all or any portion of its rights under this Agreement
(including under its Note(s), if any) to secure obligations of such Lender, including any pledge or assignment or grant of a security
interest to secure obligations to a Federal Reserve Bank or other central banking authority; provided that no such pledge or assignment
or grant of a security interest shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee
or grantee for such Lender as a party hereto.

 

10.07      Treatment
of Certain Information; Confidentiality.

 

Each of the Administrative
Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed
(a) on a need-to-know basis to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees,
agents, advisors, consultants, service providers and representatives (it being understood that the Persons to whom such disclosure is
made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to
the extent requested by any governmental agency or regulatory authority purporting to have jurisdiction over it or its Affiliates (including
any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable
laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the
exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other
Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially
the same as (or no less restrictive than) those of this Section 10.07, to (i) any assignee of or Participant in, or
any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or any Eligible Assignee invited
to be a Lender pursuant to Section 2.16(c) or (ii) any actual or prospective counterparty (or its advisors) to
any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower, (h) to
the extent such Information (x) becomes publicly available other than as a result of a breach of this Section 10.07
or (y) becomes available to the Administrative Agent or any Lender or any of their respective Affiliates on a nonconfidential basis
from a source other than the Borrower that the Administrative Agent or any such Lender reasonably believes is not bound by a duty of
confidentiality to the Borrower, (i) to any rating agency in connection with rating the Borrower or its Subsidiaries or the credit
facilities provided hereunder (provided such rating agencies are advised of the confidential nature of such information and agree
to keep such information confidential) or (j) to any Person that would qualify as an Eligible Assignee hereunder (without giving
effect to the consent required under Section 10.06(b)(iii)) providing financing to the disclosing Lender, to the extent reasonably
required by such Person (provided such other Persons are advised of the confidential nature of such information and agree to keep
such information confidential). In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and
customary information about this Agreement to market data collectors, similar service providers to the lending industry and service providers
to the Agents and the Lenders in connection with the administration of this Agreement, the other Loan Documents, and the Commitments.

 

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For purposes of this Section 10.07,
 “Information” means all information received from or on behalf of the Borrower or any Subsidiary relating to the Borrower
or any Subsidiary or any of their respective businesses, other than any such information that is available to the Administrative Agent
or any Lender on a nonconfidential basis prior to disclosure by the Borrower or any Subsidiary; provided that, in the case of
information received from the Borrower or any Subsidiary after the date hereof, such information is clearly identified at the time of
delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section 10.07
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 to its own or its other similarly situated customers’ confidential
information.

 

Each of the Administrative
Agent and the Lenders acknowledges that (a) the Information may include material non-public information concerning the Borrower
or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information
and (c) it will handle such material non-public information in accordance with applicable Law, including United States Federal and
state securities Laws.

 

10.08      Right
of Setoff.

 

If an Event of Default shall
have occurred and be continuing, each Lender and each of their respective Affiliates is hereby authorized at any time and from time to
time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender
or any such Affiliate to or for the credit or the account of the Borrower against any and all of the Obligations of the Borrower now
or hereafter existing under this Agreement or any other Loan Document to such Lender, irrespective of whether or not such Lender shall
have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower may be contingent
or unmatured or are owed to a branch or office of such Lender different from the branch or office holding such deposit or obligated on
such indebtedness; provided that, in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all
amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions
of Section 2.18 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed
held in trust for the benefit of the Administrative Agent and the Lenders, and (y) such Defaulting Lender shall provide promptly
to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it
exercised such right of setoff. The rights of each Lender and its Affiliates under this Section 10.08 are in addition to
other rights and remedies (including other rights of setoff) that such Lender or its Affiliates may have. Each Lender agrees to notify
the Borrower and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such
notice shall not affect the validity of such setoff and application.

 

10.09      Interest
Rate Limitation.

 

Notwithstanding anything
to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the
maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the Administrative Agent
or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal
of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged,
or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable
Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary
prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount
of interest throughout the contemplated term of the Obligations hereunder.

 

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10.10      Counterparts;
Integration; Effectiveness.

 

This Agreement may be executed
in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which
when taken together shall constitute a single contract. This Agreement and the other Loan Documents constitute the entire contract among
the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written,
relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it
shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that,
when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of
this Agreement by facsimile or other electronic imaging means (e.g., “pdf” or “tif”) shall be effective as delivery
of a manually executed counterpart of this Agreement.

 

10.11      Survival
of Representations and Warranties.

 

All representations and warranties
made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith
shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by
the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their
behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of
any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain
unpaid or unsatisfied.

 

10.12      Severability.

 

If any provision of this
Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability
of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the
parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the
economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a
provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without
limiting the foregoing provisions of this Section 10.12, if and to the extent that the enforceability of any provisions in
this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative
Agent, then such provisions shall be deemed to be in effect only to the extent not so limited.

 

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10.13      Replacement
of Lenders.

 

If any Lender requests compensation
under Section 3.04, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority
for the account of any Lender pursuant to Section 3.01, or if any Lender is a Defaulting Lender, or if any Lender does not
consent to any amendment or waiver of any provision hereof or of any other Loan Document for which its consent is required under Section 10.01
after Required Lenders or applicable Required Class Lenders have consented thereto, then the Borrower may, at its sole expense
and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in, and consents required by, Section 10.06), all of its interests,
rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee
may be another Lender, if a Lender accepts such assignment); provided that:

 

(a)           the
assignment fee specified in Section 10.06(b) shall have been paid to or waived by the Administrative Agent;

 

(b)           such
Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees
and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05)
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other
amounts);

 

(c)            in
the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made
pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; and

 

(d)           such
assignment does not conflict with applicable Laws.

 

A Lender shall not be required
to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling
the Borrower to require such assignment and delegation cease to apply.

 

Each party hereto agrees
that (i) an assignment required pursuant to this Section 10.13 may be effected pursuant to an Assignment and Assumption
executed by the Borrower, the Administrative Agent and the assignee and (ii) the Lender required to make such assignment need not
be a party thereto in order for such assignment to be effective and shall be deemed to have consented to and be bound by the terms thereof;
provided that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver
such documents necessary to evidence such assignment as reasonably requested by the applicable Lender; provided, further,
that any such documents shall be without recourse to or warranty by the parties thereto.

 

10.14      Governing
Law; Jurisdiction; Etc.

 

(a)           GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS
OF LAWS PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

 

(b)           SUBMISSION
TO JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION
OF THE COURTS OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT
OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES
HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED
IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO
AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY
SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY
RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

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(c)           WAIVER
OF VENUE. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION
THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN SECTION 10.14(b). EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING
IN ANY SUCH COURT.

 

(d)           SERVICE
OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02.
NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

10.15      Waiver
of Jury Trial.

 

EACH PARTY HERETO HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY
OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT
OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.15.

 

10.16      No
Advisory or Fiduciary Responsibility.

 

In connection with all aspects
of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other
Loan Document), the Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that: (i) (A) the
arranging and other services regarding this Agreement provided by the Administrative Agent, the Lenders and the Arrangers are arm’s-length
commercial transactions between the Borrower, on the one hand, and the Administrative Agent, the Lenders and the Arrangers, on the other
hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate,
and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions
contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative Agent, each Lender and each Arranger each
is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not,
and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and (B) neither
the Administrative Agent, any Lender nor any Arranger has any obligation to the Borrower or any of its Affiliates with respect to the
transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the
Administrative Agent, the Lenders and the Arrangers and their respective Affiliates may be engaged in a broad range of transactions that
involve interests that differ from those of the Borrower and its Affiliates, and neither the Administrative Agent, any Lender nor any
Arranger has any obligation to disclose any of such interests to the Borrower or its Affiliates. To the fullest extent permitted by law,
the Borrower hereby waives and releases any claims that it may have against the Administrative Agent, the Lenders and the Arrangers with
respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

 

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10.17      USA
Patriot Act and Beneficial Ownership Regulation Notice.

 

Each Lender that is subject
to the Patriot Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies
the Borrower that, pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26,
2001)) (the “Patriot Act”) and the Beneficial Ownership Regulation, as applicable, it is required to obtain, verify
and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information
that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower in accordance with the Patriot Act and
the Beneficial Ownership Regulation, as applicable.

 

10.18      Delivery
of Signature Page.

 

Each Lender to become a party
to this Agreement on the date hereof shall do so by delivering to the Administrative Agent a counterpart of this Agreement duly executed
by such Lender.

 

10.19      Judgment
Currency.

 

If, for the purposes of obtaining
judgment in any court, it is necessary to convert a sum due hereunder or under any other Loan Document in one currency into another currency,
the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase
the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of the
Borrower in respect of any such sum due from it to the Administrative Agent or any Lender hereunder or under the other Loan Documents
shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated
in accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only to the
extent that on the Business Day following receipt by the Administrative Agent or such Lender, as the case may be, of any sum adjudged
to be so due in the Judgment Currency, the Administrative Agent or such Lender, as the case may be, may in accordance with normal banking
procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than
the sum originally due to the Administrative Agent or any Lender from the Borrower in the Agreement Currency, the Borrower agrees, as
a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or such Lender, as the case may be,
against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative
Agent or any Lender in such currency, the Administrative Agent or such Lender, as the case may be, agrees to return the amount of any
excess to the Borrower (or to any other Person who may be entitled thereto under applicable law). All of the Borrower’s obligations
under this Section 10.19 shall survive termination of the Aggregate Commitments and repayment of all other Obligations hereunder.

 

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10.20      Acknowledgement
and Consent to Bail-In of Affected Financial Institutions.

 

Solely to the extent any
Lender that is an Affected Financial Institution is a party to this Agreement and notwithstanding anything to the contrary in any Loan
Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability
of any Lender that is an Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may
be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges
and agrees to be bound by:

 

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

 

(b)           the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)            a
reduction in full or in part or cancellation of any such liability;

 

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

 

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

 

10.21      Electronic
Execution of Assignments and Certain Other Documents.

 

The words “execute,”
 “execution,” “signed,” “signature,” and words of like import in or related to any document to be
signed in connection with this Agreement and the transactions contemplated hereby (including Assignment and Assumptions, amendments or
other modifications, Committed Loan Notices, and waivers and consents) shall be deemed to include electronic signatures, the electronic
matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of
records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature
or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including
the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any
other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein
to the contrary, the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or in any format
unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it.

 

10.22      [Reserved].

 

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10.23      Lender
Representations.

 

(a)           Each
Lender (x) represents and warrants, as of the Closing Date or such later date such Person became a Lender party hereto, to, and
(y) covenants, from the Closing Date or such later date such Person became a Lender party hereto to the date such Person ceases
being a Lender party hereto, for the benefit of, the Administrative Agent and the Arrangers and their respective Affiliates and not,
for the avoidance of doubt, to or for the benefit of the Borrower, that at least one of the following is and will be true:

 

(i)            such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit
Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments
or this Agreement,

 

(ii)           the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent
qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption
for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined
by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and
performance of the Loans, the Commitments and this Agreement,

 

(iii)          (A) such
Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE
84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate
in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration
of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of subsections (b) through (g) of
Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of
PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the
Loans, the Commitments and this Agreement, or

 

(iv)          such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and
such Lender.

 

(b)           In
addition, unless either (1) subclause (i) in the immediately preceding clause (a) is true with respect to
a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with subclause (iv) in
the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the Closing Date or such later
date such Person became a Lender party hereto, to, and (y) covenants, from the Closing Date or such later date such Person became
a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and the
Arrangers and their respective Affiliates and not, for the avoidance of doubt, to or for the benefit of the Borrower, that none of the
Administrative Agent or the Arrangers or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender
involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and
this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent or the Arrangers under
this Agreement, any Loan Document or any documents related hereto or thereto).

 

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

 

(a)           In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest
and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or
such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S.
Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property)
were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of
a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that
might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted
to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported
QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the
foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event
affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

(b)           As
used in this Section 10.24, the following terms have the following meanings:

 

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

 

“Covered
Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in
accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted
in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted
in accordance with, 12 C.F.R. § 382.2(b).

 

“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81,
47.2 or 382.1, as applicable.

 

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

 

10.25      Cashless
Settlement. Notwithstanding anything to the contrary contained in this Agreement, any Lender may exchange, continue or rollover
all or a portion of its Loans of any Class in connection with any refinancing, extension, loan modification or similar transaction
with respect to such Class of Loans that is permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism
approved by the Borrower, the Administrative Agent and such Lender.

 

[Remainder of Page Intentionally Left
Blank]

 

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Each of the parties hereto
have caused a counterpart of this Agreement to be duly executed as of the date first above written.

 

	 	HEALTHPEAK PROPERTIES, INC.,
	 	as Borrower
	 	 
	 	 
	 	By:	/s/
    Peter A. Scott
	 	Name:	Peter A. Scott
	 	Title:	Chief Financial Officer

 

Signature Page to

Healthpeak Term Loan Agreement

 

    

     

    

 

	 	BANK OF AMERICA,
    N.A.,
	 	as Administrative
    Agent
	 	 
	 	 
	 	By:	/s/
    Liliana Claar
	 	Name:	Liliana Claar
	 	Title:	Vice President

 

Signature Page to

Healthpeak Term Loan Agreement

 

    

     

    

 

	 	BANK OF AMERICA,
    N.A.,
	 	as a Lender
	 	 
	 	 
	 	By:	/s/ Darren Merten
	 	Name:	Darren Merten
	 	Title:	Director

 

Signature Page to

Healthpeak Term Loan Agreement

 

    

     

    

 

	 	WELLS FARGO BANK,
    NATIONAL ASSOCIATION,
	 	as a Lender
	 	 
	 	 
	 	By:	/s/
    Andrea S. Chen
	 	Name:	Andrea S. Chen
	 	Title:	Managing Director

 

Signature Page to

Healthpeak Term Loan Agreement

 

    

     

    

 

	 	THE
    Bank of Nova Scotia,
	 	as a Joint Lead
    Arranger, Co-Syndication Agent and a Lender
	 	 
	 	 
	 	By:	/s/ Robb Gass
	 	Name:	Robb Gass
	 	Title:	Managing Director

 

Signature Page to

Healthpeak Term Loan Agreement

 

    

     

    

 

	 	PNC
    Bank, National Association,

    as a Lender
	 	 
	 	 
	 	By:	/s/ James A. Harmann
	 	Name:	James
    A. Harmann
	 	Title:	Senior Vice President

 

Signature Page to

Healthpeak Term Loan Agreement

 

    

     

    

 

	 	Truist
    Bank,
	 	as a Lender
	 	 
	 	 
	 	By:	/s/
    Tim Conway
	 	Name:	Tim Conway
	 	Title:	Vice President

 

Signature Page to

Healthpeak Term Loan Agreement

 

    

     

    

 

	 	Mizuho
    Bank, Ltd.,
	 	as a Lender
	 	 
	 	 
	 	By:	/s/
    Donna DeMagistris
	 	Name:	Donna DeMagistris
	 	Title:	Executive Director

 

Signature Page to

Healthpeak Term Loan Agreement

 

    

     

    

 

	 	Regions Bank,
	 	as a Lender
	 	 
	 	 
	 	By:	/s/
    Mark Hardison
	 	Name:	Mark Hardison
	 	Title:	Managing Director

 

Signature Page to

Healthpeak Term Loan Agreement

 

    

     

    

 

	 	THE
    Toronto-Dominion Bank, NEW YORK BRANCH,
	 	as a Lender
	 	 
	 	 
	 	By:	/s/
    Maria Macchiaroli
	 	Name:	Maria Macchiaroli
	 	Title:	Authorized Signatory

 

Signature Page to

Healthpeak Term Loan Agreement

 

    

     

    

 

	 	Barclays
    Bank PLC,

    as a Lender
	 	 
	 	 
	 	By:	/s/
    Charlene Saldanha
	 	Name:	Charlene Saldanha
	 	Title:	Vice President

 

Signature Page to

Healthpeak Term Loan Agreement

 

    

     

    

 

	 	Credit Agricole
    Corporate and Investment Bank, 

    as a Lender
	 	 
	 	 
	 	By:	/s/
    Gordon Yip
	 	Name:	Gordon Yip
	 	Title:	Director
	 	 
	 	By:	/s/
    Jill Wong
	 	Name:	Jill Wong
	 	Title:	Director

 

Signature Page to

Healthpeak Term Loan Agreement

 

    

     

    

 

	 	Credit
    Suisse AG, NEW YORK BRANCH, 

    as a Lender
	 	 
	 	 
	 	By:	/s/
    Doreen Barr
	 	Name:	Doreen Barr
	 	Title:	Authorized Signatory
	 	 
	 	By:	/s/
    Michael Dieffenbacher
	 	Name:	Michael Dieffenbacher
	 	Title:	Authorized Signatory

 

Signature Page to

Healthpeak Term Loan Agreement

 

    

     

    

 

	 	Goldman
    Sachs Bank USA,

    as a Lender
	 	 
	 	 
	 	By:	/s/
    Jonathan Dworkin
	 	Name:	Jonathan Dworkin
	 	Title:	Authorized Signatory

 

Signature Page to

Healthpeak Term Loan Agreement

 

    

     

    

 

	 	Huntington National
    Bank,

    as a Lender
	 	 
	 	 
	 	By:	/s/
    Michael L. Kinnick
	 	Name:	Michael L. Kinnick
	 	Title:	Managing Director

 

Signature Page to

Healthpeak Term Loan Agreement

 

    

     

    

 

	 	M&T Bank, Successor
    by Merger to People’s United Bank, N.A.,

    as a Lender
	 	 
	 	 
	 	By:	/s/
    David Jablonowski
	 	Name:	David Jablonowski
	 	Title:	Senior Vice President

 

Signature Page to

Healthpeak Term Loan Agreement

 

    

     

    

 

	 	Royal
    Bank of Canada,

    as a Lender
	 	 
	 	 
	 	By:	/s/
    William Behuniak
	 	Name:	William Behuniak
	 	Title:	Authorized Signatory

 

Signature Page to

Healthpeak Term Loan Agreement

 

    

     

    

 

	 	Sumitomo Mitsui
    Banking Corporation,

    as a Lender
	 	 
	 	 
	 	By:	/s/
    Cindy Hwee
	 	Name:	Cindy Hwee
	 	Title:	Director

 

Signature Page to

Healthpeak Term Loan Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}]]