Document:

EX-10.4

 Exhibit 10.4 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 CROSS TIMBERS ENERGY, LLC

 A DELAWARE LIMITED LIABILITY COMPANY 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I
	 	 DEFINITIONS
	  	 	1	 
			
	 ARTICLE II
	 	 ORGANIZATIONAL MATTERS
	  	 	13	 
			
	 2.1.
	 	Formation of the Company; Authorization	  	 	13	 
	 2.2.
	 	Purpose of the Company	  	 	13	 
	 2.3.
	 	Name of the Company	  	 	13	 
	 2.4.
	 	Place of Business of the Company	  	 	14	 
	 2.5.
	 	Registered Office, Registered Agent	  	 	14	 
	 2.6.
	 	Term	  	 	14	 
	 2.7.
	 	Qualification to do Business	  	 	14	 
	 2.8.
	 	Default Rules Under the Act	  	 	14	 
	 2.9.
	 	Title to Property	  	 	14	 
	 2.10.
	 	Payments of Individual Obligations	  	 	15	 
	 2.11.
	 	Tax Classification; No State-Law Partnership	  	 	15	 
	 2.12.
	 	Uncertificated Interests	  	 	15	 
			
	 ARTICLE III
	 	 MEMBERS AND MEMBERSHIP INTERESTS
	  	 	15	 
			
	 3.1.
	 	Classes of Membership Interests	  	 	15	 
	 3.2.
	 	Limited Liability of Members	  	 	15	 
	 3.3.
	 	Remuneration to Members	  	 	15	 
	 3.4.
	 	Members Are Not Agents	  	 	15	 
	 3.5.
	 	No Appraisal Rights	  	 	16	 
			
	 ARTICLE IV
	 	 CAPITAL COMMITMENTS AND CAPITAL ACCOUNTS
	  	 	16	 
			
	 4.1.
	 	Initial Capital Commitments	  	 	16	 
	 4.2.
	 	Additional Capital Contributions	  	 	17	 
	 4.3.
	 	Failure to Make Capital Contributions	  	 	17	 
	 4.4.
	 	Valuation of Non-Cash Capital Contributions	  	 	18	 
	 4.5.
	 	No Right to Withdraw Capital Contributions	  	 	18	 
	 4.6.
	 	Maintenance of Capital Accounts	  	 	18	 
	 4.7.
	 	Financial Accounts	  	 	20	 
			
	 ARTICLE V
	 	 ALLOCATIONS AND DISTRIBUTIONS
	  	 	21	 
			
	 5.1.
	 	Right to Distributions of Net Cash Flow	  	 	21	 
	 5.2.
	 	Limitations	  	 	21	 
	 5.3.
	 	Withholding	  	 	21	 
	 5.4.
	 	Allocation of Profits and Losses	  	 	21	 
	 5.5.
	 	Tax Allocations	  	 	25	 
	 5.6.
	 	Other Allocation Rules	  	 	26	 
	 5.7.
	 	Members’ Varying Interests	  	 	27	 

  
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 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE VI
	 	 MANAGEMENT AND OPERATION OF THE COMPANY BUSINESS
	  	 	27	 
			
	 6.1.
	 	Officers	  	 	27	 
	 6.2.
	 	Members’ Management Committee	  	 	28	 
	 6.3.
	 	Vote Required for Taking Actions	  	 	30	 
	 6.4.
	 	Authorities granted to Company Management	  	 	31	 
	 6.5.
	 	Approvals by MMC	  	 	32	 
	 6.6.
	 	Annual Work Program & Budget	  	 	33	 
	 6.7.
	 	Operating and Services Agreement	  	 	34	 
			
	 ARTICLE VII
	 	 TRANSFER OF MEMBERSHIP INTERESTS
	  	 	34	 
			
	 7.1.
	 	Restriction on Transfers	  	 	34	 
	 7.2.
	 	Permitted Transfers	  	 	34	 
	 7.3.
	 	Conditions to Transfer	  	 	35	 
	 7.4.
	 	Unauthorized Transfers Void	  	 	37	 
	 7.5.
	 	Distributions and Allocations in Respect to Transferred Membership Interest	  	 	37	 
			
	 ARTICLE VIII
	 	WITHDRAWAL	  	 	37	 
			
	 ARTICLE IX
	 	 DEFAULT; REMOVAL OF MEMBERS
	  	 	37	 
			
	 9.1.
	 	Default	  	 	37	 
	 9.2.
	 	Effect of Being a Defaulting Member	  	 	38	 
	 9.3.
	 	Removal of Members	  	 	38	 
			
	 ARTICLE X
	 	 DISSOLUTION OF COMPANY; DISTRIBUTION UPON DISSOLUTION
	  	 	39	 
			
	 10.1.
	 	Dissolution of the Company	  	 	39	 
	 10.2.
	 	Appointment of Liquidating Person	  	 	39	 
	 10.3.
	 	Certificate of Cancellation	  	 	39	 
	 10.4.
	 	Distributions	  	 	40	 
	 10.5.
	 	Statements Upon Dissolution	  	 	40	 
			
	 ARTICLE XI
	 	 BOOKS, RECORDS ACCOUNTING AND REPORTS
	  	 	40	 
			
	 11.1.
	 	Books and Records of the Company	  	 	40	 
	 11.2.
	 	Rights of Examination and Inspection	  	 	41	 
	 11.3.
	 	Annual Reports	  	 	41	 
	 11.4.
	 	Quarterly Reports	  	 	41	 
	 11.5.
	 	Monthly Reports	  	 	41	 

  
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 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE XII
	 	 TAX MATTERS
	  	 	42	 
			
	 12.1.
	 	Tax Returns and Information Reports	  	 	42	 
	 12.2.
	 	Information to Members	  	 	43	 
	 12.3.
	 	Information to MCC	  	 	43	 
	 12.4.
	 	Tax Matters Member	  	 	44	 
	 12.5.
	 	Consistent Reporting	  	 	44	 
	 12.6.
	 	Statute of Limitations	  	 	44	 
	 12.7.
	 	Tax Elections	  	 	45	 
			
	 ARTICLE XIII
	 	 INSURANCE
	  	 	45	 
			
	 ARTICLE XIV
	 	 GOVERNING LAW; DISPUTE RESOLUTION
	  	 	45	 
			
	 14.1.
	 	Governing Law	  	 	45	 
	 14.2.
	 	Dispute Resolution	  	 	45	 
	 14.3.
	 	Survival	  	 	47	 
	 14.4.
	 	Valuation Process	  	 	47	 
			
	 ARTICLE XV
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	48	 
			
	 15.1.
	 	Organization	  	 	48	 
	 15.2.
	 	Authorization; Binding Effect	  	 	48	 
	 15.3.
	 	Non-Contravention	  	 	48	 
	 15.4.
	 	Litigation	  	 	48	 
	 15.5.
	 	Conduct of Such Member	  	 	48	 
			
	 ARTICLE XVI
	 	 MISCELLANEOUS
	  	 	49	 
			
	 16.1.
	 	Confidentiality	  	 	49	 
	 16.2.
	 	Notices	  	 	50	 
	 16.3.
	 	Additional Documents and Acts	  	 	50	 
	 16.4.
	 	Cumulative Remedies	  	 	50	 
	 16.5
	 	Relationship	  	 	50	 
	 16.6.
	 	Binding Effect; No Third Party Beneficiaries	  	 	50	 
	 16.7.
	 	Assignment	  	 	50	 
	 16.8.
	 	Interpretation	  	 	50	 
	 16.9.
	 	Severability	  	 	51	 
	 16.10.
	 	Expenses	  	 	51	 
	 16.11.
	 	Amendments	  	 	51	 
	 16.12.
	 	Counterparts	  	 	51	 
	 16.13.
	 	Entire Agreement	  	 	51	 

  
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 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 Exhibit A
	 	 Members, Initial Capital Commitments and Capital Contributions
	  	 	53	 
			
	 Exhibit B
	 	 Description of Contributed Assets
	  	 	54	 

  
 -iv- 

 LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 CROSS TIMBERS
ENERGY, LLC 
 This LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) of Cross Timbers Energy, LLC, a
Delaware limited liability company (the “Company”), is entered into and effective as of June 13 , 2012 (Effective Date”), by XTO Energy Inc., a Delaware corporation (“XTO Energy”), XH LLC,
a Delaware limited liability Company (“XH”) and HHE Energy Company, a Delaware corporation (“HHE”), and MorningStar Partners, L.P., a Delaware limited partnership (“Morningstar”), (each a
“Member” and collectively the “Members”). 
 RECITALS 

WHEREAS, XTO Energy, XH and HHE (each an “XTO Party” and collectively the “XTO Parties”) and their
respective Affiliates (as defined below) own the Contributed Assets (as defined below) which are located in the United States and which are currently producing or are capable of producing hydrocarbons; 

WHEREAS, some of the Contributed Assets currently are operated by the XTO Parties and/or their Affiliates and other of the Contributed
Assets currently are operated by Third Parties; 
 WHEREAS, Morningstar wishes to invest in the Contributed Assets and the XTO Parties
wish to facilitate such investment in the context of an overall transaction; 
 WHEREAS, the Members wish to form an entity to,
inter alia, operate and manage the Contributed Assets; and 
 WHEREAS, the Members have formed the Company to be operated and
governed in accordance with this Agreement in furtherance of the Company Business (as defined below). 
 NOW, THEREFORE, in
consideration of the premises and the mutual promises hereinafter set forth, the Members hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 When used in
this Agreement, the following terms shall have the meanings set forth below: 
 1.1. “AAA” has the meaning set forth in
Section 14.2. 
 1.2. “Act” means the Delaware Limited Liability Company Act, as amended from time to time. 

  
 1 

 1.3. “Additional Capital Contributions” means the contributions to the
capital of the Company agreed to and approved by all Members and made by the Members in accordance with Section 4.2 in excess of their respective Initial Capital Commitments. 

1.4. “Adjusted Capital Account Balance” means a Member’s Capital Account balance as of the end of the relevant Fiscal
Year (a) increased by any amount that such Member is deemed obligated to restore under Treas. Reg. § 1.704-1(b)(2)(ii)(c) (including any addition thereto pursuant to the next to last sentences of
Treas. Reg.§ l.704-2(g)(l) and (i)(5) after taking into account thereunder any changes during such Fiscal Year in Company Minimum Gain and in Member Nonrecourse Debt Minimum Gain) and (b) decreased
by any adjustments, allocations, and distributions specified in Treas. Reg.§ l.704-l(b)(2)(ii)(d)(4), (5), and (6) as are reasonably expected to be made to such Member. A distribution or allocation
will result in a Member having a deficit Adjusted Capital Account Balance to the extent such distribution or allocation either will create or increase a deficit balance in such Member’s Capital Account after making the adjustments described in
the preceding sentence. 
 1.5. “Affiliate” means, with respect to a specified Person, any Person that directly or
indirectly controls, is controlled by, or is under common control with, the specified Person. As used in this definition, the term “control” (including with correlative meanings “controls,” “controlled by” and
“under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise.

 1.6. “Agreed Interest Rate” means interest compounded on a monthly basis, at the rate per annum equal to the one-month term, London Interbank Offered Rate for U.S. dollar deposits, as published in London by the Financial Times or if not published, then by The Wall Street Journal, plus five percentage points,
applicable on the first Business Day prior to the due date of payment and thereafter on the first Business Day of each succeeding calendar month. If the aforesaid rate is contrary to any applicable usury law, the rate of interest to be charged shall
be the maximum rate permitted by such applicable law. 
 1.7. “Agreed Value” means (a) the fair market value of any
Property or liability valued in accordance with Sections 4.6(b)(ii), 4.6(c)(i) or 4.6(e) as of the relevant date of determination, as determined by the MMC in good faith and by reasonable methods, including the Valuation Process; provided that
(b) the Agreed Value, as of the date of the contribution of a Contributed Asset to the Company, that is credited to a Member’s Capital Account under Section 4.6(b)(ii) for any Contributed Asset included on Exhibit B shall be the
amount set forth for such asset on Exhibit B. 
 1.8. “Agreement” has the meaning set forth in the preamble. 

1.9. “Annual Work Program & Budget” has the meaning set forth in Section 6.6(a). 

1.10. “Business Day” means any day other than a Saturday, a Sunday or a day on which national banking associations in Fort
Worth, Texas are required or authorized by law to be closed. 

  
 2 

 1.11. “Capital Account” means the capital account to be maintained by the
Company for each Member in accordance with Section 4.6. 
 1.12. “Capital Contribution” means, with respect to any
Member, the total amount of cash and the Agreed Value of any non-cash property (net of any liabilities secured by such contributed property that the Company is considered to assume or take subject to) actually
contributed to the capital of the Company by such Member. 
 1.13. “Carrying Value” means, with respect to Property
contributed to the Company by its Members, the Agreed Value of such Property as of the date of its contribution, and with respect to any other Property acquired by the Company, the adjusted tax basis at the time of acquisition as determined for
federal income tax purposes, in each case reduced by any Depreciation determined with respect to such Property since the date of its contribution or acquisition by the Company, whichever the case may be; provided, however, if the Carrying Value of
any Property is adjusted pursuant to Section 4.6(e), the Carrying Value of such Property following such adjustment shall be such adjusted Carrying Value reduced by any Simulated Depletion Deductions or Depreciation determined with respect to
such Property under the proviso in the last sentence of the definition of “Simulated Depletion Deductions” and the last sentence of the definition of “Depreciation”, as appropriate, since the date of such adjustment under
Section 4.6(e). “Carrying Value” means with respect to any liability incurred by the Company, as of any date of determination, the face amount of such liability at the time of its original incurrence by the Company, as adjusted
pursuant to Section 4.6(e). 
 1.14. “Cause” means any one or more of the following events: (i) a person has been
willfully dishonest, committed an act of embezzlement, fraud or theft, or made an intentional misrepresentation, in each case, with respect to the Company or its Affiliates, (ii) a person has refused or failed to carry out the legitimate
directives or instructions of the MMC (or such other person to whom such person reports as may be designated from time to time by the MMC); (iii) a person continues to violate any reasonable, lawful policy adopted by the MMC after being notified in
writing of such violation, (iv) a person has breached his or her fiduciary duties, if any, to the Company or any of its Affiliates, (v) a person has been found guilty of or have plead guilty or nolo contendere to the commission of a
felony or any other crime that results in injury, damage or harm to the Company, or (vi) a person has materially breached this Agreement; provided, however, that in the case of clause (ii) or (vi) above, only if such breach, refusal or
failure has not been cured within 30 days after such person’s receipt of written notice from the Company describing such refusal, breach or failure in reasonable detail. 

1.15. “Certificate” means the Company’s Certificate of Formation as filed with the Secretary of State of the State of
Delaware, as the same may be amended. 
 1.16. “CEO” has the meaning set forth in Section 6.l(a). 

1.17. “CFO” has the meaning set forth in Section 6.l(a). 

1.18. “Chair” has the meaning set forth in Section 6.2(c)(i). 

1.19. “Chairman” has the meaning set forth in Section 6.l(a). 

  
 3 

 1.20. “Code” means the Internal Revenue Code of 1986, as amended (or any
corresponding provision or provisions of succeeding law). 
 1.21. “Company” has the meaning set forth in the preamble. 

1.22. “Company Business” means the business in which the Company shall engage from time to time in accordance with
Section 2.2. 
 1.23. “Company Minimum Gain” means the amount of Company minimum gain, computed in the manner set forth
in Treas. Reg. § l.704-2(d). 
 1.24. “Company Nonrecourse Deduction” means the
amount of nonrecourse deductions computed in the manner set forth in Treas. Reg. § l.704-2(c). 

1.25. “Company Tax Items” has the meaning set forth in Section 5.5. 

1.26. “Confidential Information” means all non-public information, materials or
documents (regardless of the media in which maintained): (a) concerning the business or affairs of the Company or any of its Affiliates, or (b) concerning the business or affairs of a Member or its Affiliates (other than the Company). For
purposes of this definition, Confidential Information shall not include, with respect to a particular Member receiving the information, materials or documents or the Company, any information, materials or documents that are: (i) known to or in
the possession of such recipient as of the date of disclosure to such recipient; (ii) disclosed in published literature or otherwise generally known to the public or available within the Company’s or the recipient’s industry;
(iii) obtained by the recipient from a Person other than the Company or the Member to which such information, material or document relates (or any of such Member’s Affiliates) (provided that the recipient knows of no obligation of
confidentiality owed by any such Third Party to the Company, any of its Affiliates, or the disclosing Member, as the case may be, relating to the Confidential Information); or (iv) independently developed by the recipient without reference to
any Confidential Information. 
 1.27. “Contributed Assets” means the aggregate
non-cash assets constituting the XTO Parties’ Tranche I Contributed Assets and Tranche 2 Contributed Assets, as more particularly described in Exhibit “B”. 

1.28. “COO” has the meaning set forth in Section 6.l(a). 

1.29. “Cure Period” has the meaning set forth in Section 4.3(a). 

1.30. “Default Contribution Amount” has the meaning set forth in Section 4.3(a). 

1.31. “Default Rule” means a provision of the Act that would apply to the Company unless otherwise provided in, or modified
by, this Agreement. 
 1.32. “Defaulting Member” has the meaning set forth in Section 9.1. 

  
 4 

 1.33. “Depreciation” means for each Fiscal Year, (i) an amount equal
to the depreciation, amortization, or other cost recovery deduction allowable with respect to a depreciable or amortizable Property for such Fiscal Year for federal income tax purposes, except (ii) with respect to any depreciable or amortizable
Property whose Agreed Value differed from its adjusted tax basis at the time of its contribution to the Company and which difference is being eliminated by use of the “traditional method” defined by Treasury Regulation section l.704-3(b), Depreciation for any Fiscal Year shall be an amount that bears the same ratio to the beginning Carrying Value of such Property at the beginning of such Fiscal Year as the federal income tax depreciation,
amortization or cost recovery deduction for such Fiscal year bears to such Property’s adjusted tax basis at the beginning of such Fiscal Year; provided, however, that if the adjusted basis for federal income tax purposes of a depreciable or
amortizable Property at the beginning of such Fiscal Year is zero, Depreciation shall be determined with reference to such beginning Carrying Value using any reasonable method selected by the MMC. If the Carrying Value of a depreciable or
amortizable Property is adjusted pursuant to Section 4.6(e) during a Fiscal Year, following such adjustment Depreciation shall thereafter be determined under clause (ii) immediately above, based upon the Carrying Value of such Property, as so
adjusted. 
 1.34. “Dispute” means any dispute, controversy or claim (of any and every kind or type, whether based on
contract, tort, statute, regulation, or otherwise) between or among the Members and/or the Company arising out of, relating to, or in connection with this Agreement or the activities or operations carried out under this Agreement, including any
dispute as to the construction, validity, interpretation, enforceability or breach of this Agreement. 
 1.35. “DOAG” means
delegation of authority guidelines as established by the Company. 
 1.36. “Effective Date” has the meaning set forth in the
preamble. 
 1.37. “Electronic Transmission” has the meaning set forth in
Section 18-302(d) of the Act and shall be deemed to be written, signed and dated for purposes of this Agreement to the extent that such Electronic Transmission sets forth or is delivered with information
from which the Company can reasonably determine: (a) that the Electronic Transmission was transmitted by the Member Representative so acting by written consent, or by another Person or Persons authorized to act for such Member; (b) the
date on which such Member Representative or other authorized Person or Persons transmitted such Electronic Transmission; and (c) that the Member Representative or other authorized Person or Persons intended the Electronic Transmission to
constitute a Member Representative vote or consent hereunder. The date on which such Electronic Transmission is transmitted shall be deemed to be the date on which such consent was signed. 

1.38. “Financial Accounts” has the meaning set forth in Section 4.7. 

1.39. “Financial Accounts Assets” means the assets related to the Financial Accounts, as described in Section 4.7. 

1.40. “FAM” has the meaning set forth in Section 6.1(a). 

1.41. “Financial Accounts Profit” or “Financial Accounts Loss” means, for any Fiscal Year, the positive
amount (in the case of Financial Accounts Profit) or the negative amount (in the case of Financial Accounts Loss) arrived at by adding together all items taken into account in computing Profit or Loss that are directly attributable to Financial
Accounts Assets and activities (as determined for such Fiscal Year). Financial Accounts Profits and Financial Accounts Loss shall not include any allocations of salaries, accounting and systems costs, overhead or indirect expenses. 

  
 5 

 1.42. “Financial Accounts Sharing Percentage” means, with respect to
Morningstar, 5% and with respect to the XTO Parties, 95% in aggregate, allocated amongst each XTO Party pursuant to the following calculations: 

(a) for the period up to and including the Tranche 2 Closing Date: (i) ***; (ii) multiplied by the Agreed Value of such XTO
Party’s Tranche I Contributed Assets; and (iii) divided by the aggregate Agreed Value of the XTO Parties’ Tranche 1 Contributed Assets; and 

(b) for any period after the Tranche 2 Closing Date: (i) ***; (ii) multiplied by such XTO Party’s Capital Account
immediately following the Tranche 2 Closing Date; and (iii) divided by the aggregate of the XTO Parties’ Capital Accounts immediately following the Tranche 2 Closing Date. 

1.43. “Fiscal Year” means (i) the period commencing on the Effective Date and ending on December 31, 2012, (ii) any
subsequent twelve (12) month period commencing on January I and ending on December 3 I, or (iii) any portion of the period described in clauses (i) or (ii) for which the Company is required to allocate Profit, Loss and other
items of Company income, gain, loss or deduction pursuant to Section 5. 
 1.44. “GAAP” means United States generally
accepted accounting principles, consistently applied. 
 1.45. “HHE” has the meaning set forth in the preamble. 

1.46. “IDCs” means “intangible drilling and development costs” described in Section 263(c) of the Code. 

1.47. “Initial Capital Commitment” means, with respect to any Member, the initial amount of cash and the Agreed Value of the
Contributed Assets which such Member has agreed to contribute to the Company in accordance with Section 4.l(a) and as specified in Exhibit A, which consists of the Tranche I Initial Capital Commitment and the Tranche 2 Initial Capital
Commitment. 
 1.48. “Lock-up Period” means the period commencing on the Effective
Date and expiring on the third anniversary of such date. 
 1.49. “Member” has the meaning set forth in the preamble. 

1.50. “Member Nonrecourse Debt” means any Company liability to the extent the liability is nonrecourse for purposes of Treas.
Reg. § 1.1001-2, and a Member (or related person (within the meaning of Treas. Reg.§ l.752-4(b))) bears the economic risk of loss under Treas. Reg. § 1.752-2 because, for example, the Member (or related person) is the creditor or a guarantor. The determination of whether a Company liability constitutes a Member Nonrecourse Debt shall be made in accordance with
Treas. Reg.§ l.704-2(b)(4). 

  
 6 

 1.51. “Member Nonrecourse Debt Minimum Gain” means the amount of partner
nonrecourse debt minimum gain, computed in the manner set forth in Treas. Reg. § 1.704- 2(i)(3), with respect to each Member Nonrecourse Debt. 

1.52. “Member Nonrecourse Deduction” means the amount of partner nonrecourse deductions as computed under Treas. Reg. § l.704-2(i)(2). 
 1.53. “Member Representative” means an individual designated by a Member
in accordance with Section 6.2(b)(i). 
 1.54. “Members’ Management Committee” or “MMC” has the
meaning set forth in Section 6.2(a). 
 1.55. “Membership Interest” means, with respect to any Person, such
Person’s “limited liability company interest” (within the meaning of Section 18-701 of the Act) in the Company. 

1.56. “Membership Percentage” means with respect to Morningstar, 50% and with respect to the XTO Parties, 50% in aggregate,
allocated amongst each XTO Party pursuant to the following calculations: 
 (a) for the period up to and including the
Tranche 2 Closing Date: (i) ***; (ii) multiplied by the Agreed Value of such XTO Party’s Tranche 1 Contributed Assets; and (iii) divided by the aggregate Agreed Value of the XTO Parties’ Tranche 1 Contributed Assets; and 

(b) for any period after the Tranche 2 Closing Date: (i) ***; (ii) multiplied by such XTO Party’s Capital Account
immediately following the Tranche 2 Closing Date; and (iii) divided by the aggregate of the XTO Parties’ Capital Accounts immediately following the Tranche 2 Closing Date. 

1.57. “Morningstar” has the meaning set forth in the preamble. 

1.58. “Morningstar Change of Control” means the transfer (other than a transfer upon the death or incapacity of the individual
involved) of a direct or indirect interest in Morningstar which results in Bob R. Simpson, Vaughn 0. Vennerberg, II, Keith Hutton and Timothy L. Petrus, collectively or individually, ceasing to possess, directly or indirectly, the power to direct or
cause the direction of the management and policies of Morningstar, whether through ownership of voting securities, by contract or otherwise. 

1.59. “Net Cash Flow” means, for any period or as of a specified date, the sum of cash from (a) operations of the Company
Business, (b) the net proceeds of any loan made to or obtained by the Company, (c) the net proceeds of any sale or disposition of Property of the Company or (d) any other source for such period after deducting, without duplication,
the following amounts for such period: (i) amounts required to pay the Company’s operating expenses and current liabilities (including expenses under the Annual Work Program & Budget),

  
 7 

 (ii) amounts required to discharge any Company debt or obligation, including loans or advances from Members,
(iii) the amount of any additions to Reserves and (iv) amounts to pay any capital expenditures of the Company. Net Cash Flow shall not be reduced by depreciation, amortization, cost recovery deductions or similar allowances, but shall be
increased by any reductions of Reserves. Net Cash Flow shall not include any amounts related to or derived from Financial Accounts. 
 1.60.
“Offered Membership Interest” has the meaning set forth in Section 7.3(a). 
 1.61. “Offeror” has the
meaning set forth in Section 7.3(a)(i)(l). 
 1.62. “Operating and Services Agreement” has the meaning set forth in
Section 6.7. 
 1.63. “Party” means, individually, either Morningstar or XTO Energy and “Parties”
means, collectively, Morningstar and XTO Energy. 
 1.64. “Permitted Investments” means any of the following U.S. dollar
denominated debt instruments: (i) obligations issued or guaranteed by the U.S. government; (ii) obligations issued by a U.S. governmental agency having a rating (as most recently published) on its outstanding senior long-term unsecured,
unguaranteed indebtedness of AA or higher from Standard & Poor’s Rating Services (“S&P”) or Aa or higher from Moody’s Investor Service (“Moody’s”); (iii) demand deposits, time deposits, certificates of
deposit or other obligations which are issued, accepted or guaranteed by a bank having a rating (as most recently published) on its outstanding senior long-term unsecured, unguaranteed indebtedness of AA- or higher from S&P or Aa3 or higher from
Moody’s; (iv) commercial paper, corporate promissory notes or other obligations which (x) have (or similar instruments by the same issuer have) senior short-term unsecured, unguaranteed indebtedness of
A-1 or higher from S&P or P-1 from Moody’s or (y) are obligations which are supported by an unconditional guarantee or letter of credit from any bank
referred to in clause (iii); (v) loans to Affiliates of XTO Energy which (x) have a rating (as most recently published) on its outstanding senior long-term unsecured, unguaranteed indebtedness of AA- or higher from S&P or Aa3 or higher from
Moody’s or (y) are guaranteed by Affiliates of XTO Energy which have a rating (as most recently published) on its outstanding senior long-term unsecured, unguaranteed indebtedness of AA- or higher from S&P or Aa3 or higher from
Moody’s, or which is supported by equity (including the equity of any guarantor) that is equal to at least 5 times the deposited amount; (vi) any other debt obligation approved by the MMC. Provided, however, that unless otherwise agreed by
the MMC (i) not more than 50% of Financial Accounts Assets may be invested in instruments having a maturity of greater than one year, and (ii) the Company will have the right to call any instrument with a maturity greater than one year after
one year. 
 1.65. “Permitted Transfer” has the meaning set forth in Section 7.2. 

1.66. “Permitted Transferee” means: (a) in the case of a transferor who is an individual to (i) any spouse, lineal
descendent or ancestor of such transferor, (ii) a trust for the benefit of the transferor or the spouse, lineal descendent or ancestor of such transferor, or (iii) to any corporation or partnership owned at least fifty percent (50%) by the
transferor or the spouse, lineal descendent or ancestor of such transferor, and controlled by the transferor; (b) in the case 

  
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 of a transferor that is a trustee of a trust referred to in subsection (a)(ii) above, to any beneficiary of
the trust administered by the trustee upon the termination or partial termination of such trust in accordance with the provisions of that trust’s governing instrument; or (c) a transfer pursuant to a last will and testament or the laws or
intestacy. 
 1.67. “Person” means any human being, organization, general partnership, limited partnership, corporation,
limited liability company, joint venture, trust, business trust, association, governmental entity or other legal entity. 
 1.68. “Pre-Emption Member” has the meaning set forth in Section 7.3(a). 
 1.69. “Pre-Emption Notice” has the meaning set forth in 7.3(a)(ii). 
 1.70.
“President” has the meaning set forth in Section 6.l(a). 
 1.71. “Profits” or “Loss”
means, for each Fiscal Year, an amount equal to the Company’s taxable income or taxable loss for such Fiscal Year, as determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss, or deduction
required to be separately stated pursuant to Section 703(a)(l) of the Code shall be included in taxable income or loss), but with the following adjustments: 

(a) Any tax exempt income and gain, as described in Section 705(a)(l)(B) of the Code not otherwise taken into account in
computing Profits or Losses pursuant hereto shall be added to such taxable income or taxable loss and any related expenses not allowed as a deduction pursuant to Section 265 of the Code shall be subtracted from such taxable income or taxable
loss. 
 (b) Any expenditures of the Company described in Sections 705(a)(2)(B) of the Code (or treated as Code
Section 705(a)(2)(B) expenditures pursuant to Treas. Reg. § 1.704-l(b) and not otherwise taken into account under this Section) and 709 of the Code (except for amounts with respect to which an
election is properly made under Section 709(b)) for such Fiscal Year shall be subtracted from such taxable income or taxable loss. 

(c) To the extent an adjustment to the adjusted tax basis of any item of Property pursuant to Section 734(b) of the Code
is required, pursuant to Treasury Regulations Section l.704-(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a Member
Interest, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the item of Property) or loss (if the adjustment decreases such basis) from the disposition of such item of Property and shall be
taken into account for purposes of computing Profit or Loss. 
 (d) In the event the Carrying Value of any Property (other
than an oil or gas property giving rise to Simulated Gain or Simulated Loss upon sale) is adjusted pursuant to Section 4.6(e), the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Carrying Value of
the Property) or an item of loss (if the adjustment decreases the Carrying Value of the Property) from the disposition of such Property and shall be taken into account for purposes of computing Profit or Loss. 

  
 9 

 (e) In the event the Carrying Value of any Company liability is adjusted
pursuant to Section 4.6(e), the amount of such adjustment shall be treated as an item of gain (if the adjustment decreases the Carrying Value of such liability) or loss (if the adjustment increases the Carrying Value of such liability) and
shall be taken into account in computing Profit or Loss. 
 (f) Gain or loss resulting from any disposition of Property
(other than an oil or gas property giving rise to Simulated Gain or Simulated Loss upon sale) with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Carrying Value of the Property
disposed of, notwithstanding that the adjusted tax basis of such Property differs from its Carrying Value, and shall be taken into account for purposes of computing Profit or Loss. 

(g) In lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable
income or loss, there shall be taken into account Depreciation for such Fiscal Year, computed in accordance with the definition of “Depreciation”. 

(h) Notwithstanding any other provision of this definition, any items of income, gain, deduction or loss that are specially
allocated pursuant to Sections 5.4(e) through 5.4(h) shall not be taken into account in computing Profit or Loss. 
 (i) The
amount of each item of Company income, gain, deduction or loss available to be specially allocated pursuant to Sections 5.4(e) through 5.4(h) shall be determined by applying rules analogous to those set forth in subparagraphs (a) through (g)
above. 
 1.72. “Property” means all of the Company’s right, title and interest in and to any real or personal property
interests (tangible and intangible) owned by the Company. 
 1.73. “Regulatory Allocations” means the allocations described
in Sections 5.4(f) (Company Minimum Gain Chargeback, Member Nonrecourse Debt Minimum Gain Chargeback, Qualified Income Offset, Gross Income Allocation, Company Nonrecourse Deductions, and Member Nonrecourse Deductions, respectively). 

1.74. “Reserves” means funds set aside or amounts allocated to reserves that shall be maintained in amounts deemed sufficient
by the MMC for working capital, to pay taxes, insurance, debt service and other costs or expenses incident to the conduct of the Company Business. 

1.75. “Residual Profit” or “Residual Loss” means Profits or Loss minus Financial Accounts Profits or Loss.

 1.76. “Simulated Basis” means the Carrying Value of any oil and gas property (as defined in Code Section 614). 

  
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 1.77. “Simulated Depletion Deductions” means, for each Fiscal Year, an
amount equal to the simulated depletion allowable with respect to an oil and gas asset for such Fiscal Year pursuant to Treasury Regulations Section 1.704-l(b)(2)(iv)(k)(2), applying the simulated cost
depletion method. With respect to any oil and gas asset whose Carrying Value differs from its adjusted tax basis for federal income tax purposes at the beginning of a Fiscal Year, Simulated Depletion Deductions shall be that amount determined by
applying the principles of Treasury Regulations Section l.611-2(a)(l) as if such Carrying Value was the adjusted basis upon which simulated cost depletion is computed under Treasury Regulations Section 1.704-1(b)(2)(iv)(k)(2); provided, however, if the Carrying Value of an oil and gas asset is adjusted pursuant to Section 4.6(e) during a Fiscal Year, following such adjustment Simulated Depletion Deductions
shall thereafter be calculated under the preceding clause based upon such adjusted Carrying Value, as so adjusted. 
 1.78.
“Simulated Gain” or “Simulated Loss” means the simulated gain or simulated loss computed by the Company with respect to its oil and gas properties pursuant to Treasury Regulations Section 1.704-l(b)(2)(iv)(k)(2). In the event the Carrying Value of an oil or gas property is adjusted pursuant to Section 4.6(e), the amount of such adjustment shall be treated as an item of Simulated Gain (if the
adjustment increases the Carrying Value of the property) or an item of Simulated Loss (if the adjustment decreases the Carrying Value of the property) from the disposition of such property. 

1.79. “Tax” means any tax, levy, royalty, rate, duty, fee, or other charge imposed by any governmental, semi-governmental or
other body authorized by law to impose such items. Without limiting the generality of the foregoing, Tax includes tax measured by income, tax measured by capital, franchise tax, goods and services taxes, sales tax, use tax, property tax, excise tax,
severance tax, value-added tax, petroleum revenue tax, any tax respecting environmental effects of exploring for, producing, processing, transporting, storing, supplying, selling, or consuming hydrocarbons, including carbon taxes, and any other tax
imposed on or required to be paid by the Company in respect of the Company’s existence or operations. 
 1.80. “Tax Matters
Member” means initially, XTO Energy, and thereafter, such other person designated as the Tax Matters Member pursuant to Section 12.4. 

1.81. “Third Party” means a Person other than a Member, an Affiliate of a Member or a Person which has any direct or indirect
ownership interest in a Member or an Affiliate of a Member. 
 1.82. “Total Amount in Default” means, with respect to a
Defaulting Member under Section 4.3(a), the sum of the following amounts: 
 (a) the amount of the outstanding capital
contributions of such Defaulting Member (with any non-cash assets valued at their Agreed Value), 

(b) Third-Party costs incurred by the Company to enforce such Defaulting Member’s obligation to make such capital
contribution, and 
 (c) interest at the Agreed Interest Rate on the amounts set forth in the preceding clauses (a) and
(b) accruing from (i) with respect to the amounts in the preceding clause (a), the date or dates on which the Defaulting Member’s outstanding capital contributions were due and payable, and (ii) with respect to the amounts in the
preceding clause (b), the date on which the Company incurred such Third Party costs, in each case, until (and including) the day prior to the day all such amounts are paid in full (or any agreed-upon non-cash
contributions made) by the Defaulting Member. 

  
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 1.83. “Tranche 1 Closing Date” means the later of (a) August 1, 2012 and
(b) the date five Business Days after the date that the XTO Parties are in a reasonable position to transfer the Tranche 1 Contributed Assets and the Company is in a reasonable position to accept the transfer of the Tranche 1 Contributed
Assets. 
 1.84. “Tranche 2 Closing Date” means the later of (a) January 1, 2013 and (b) the date five Business
Days after the date that the XTO Parties are in a reasonable position to transfer the Tranche 2 Contributed Assets and the Company is in a reasonable position to accept the transfer of the Tranche 2 Contributed Assets. 

1.85. “Tranche 1 Contributed Assets” has the meaning set forth in Exhibit B. 

1.86. “Tranche 2 Contributed Assets” has the meaning set forth in Exhibit B. 

1.87. “Tranche 1 Initial Capital Commitment” has the meaning set forth in Section 4.l(a). 

1.88. “Tranche 2 Initial Capital Commitment” has the meaning set forth in Section 4.l(a). 

1.89. “Transfer” means any sale, transfer, exchange, assignment, pledge, hypothecation or gift, in each case, whether direct
or indirect, or the entry into any contract for the foregoing or any voting trust or other agreement or arrangement respecting voting rights associated with or any beneficial interest in a Member’s Membership Interests. 

1.90. “Transfer Notice” has the meaning set forth in Section 7.3(a)(i). 

1.91. “Transferring Member” has the meaning set forth in Section 7.3(a). 

1.92. “Treasury Regulations” or “Treas. Reg.” means the income tax regulations, including temporary
regulations, promulgated under the Code, as such regulations are amended from time to time. 
 1.93. “Unrealized Gain”
means, (a) with respect to any Property, as of any date of determination, the excess, if any, of (i) the Agreed Value of such Property as of such date, over (ii) the Carrying Value of such Property as of such date, and (b) with
respect to any liability, as of any date of determination, the excess, if any, of(i) the Carrying Value of such liability as of such date, over (ii) the fair market value of such liability as of such date. 

1.94. “Unrealized Loss” means, (a) with respect to any Property, as of any date of determination, the excess, if any, of
(i) the Carrying Value of such Property as of such date, over (ii) the Agreed Value of such Property as of such date, and (b) with respect to any liability, as of any date of determination, the excess, if any, of (i) the fair market
value of such liability as of such date, over (ii) the Carrying Value of such liability as of such date. 

  
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 1.95. “Valuation Process” means the valuation process conducted from time
to time in accordance with Section 14.4. 
 1.96. “Voting Representative” means a Member Representative designated by a
Member as such in accordance with Section 6.2(b)(i). 
 1.97. “XH” has the meaning set forth in the preamble. 

1.98. “XTO Energy” has the meaning set forth in the preamble. 

1.99. “XTO Party(ies)” has the meaning set forth in the preamble. 

ARTICLE II 

ORGANIZATIONAL MATTERS 

2.1. Formation of the Company; Authorization. 

(a) The initial Members caused the Company to be formed as a limited liability company under the laws of the State of Delaware
by filing the Certificate with the Secretary of State of the State of Delaware. The initial Members hereby approve, confirm and ratify in all respects all actions of Vaughn 0. Vennerberg, II, an “authorized person” (as that term is used in
Section 18-204 of the Act), taken in connection with the filing of such Certificate with the Secretary of State of the State of Delaware. 

(b) Notwithstanding any other provision of this Agreement to the contrary, the Members hereby appoint Vaughn 0. Vennerberg, II
as a duly authorized representative of the Company, and authorize, empower and direct such representative, in the name and on behalf of the Company, to execute and deliver any and all other documents, instruments and agreements referenced therein or
appurtenant thereto, such appointment and authorization to be effective until the Chairman, President or CEO shall have been duly appointed pursuant to Section 6.1. 

2.2. Purpose of the Company. The purpose and business of the Company shall be to (a) operate hydrocarbon resources located in the United
States; (b) manage hydrocarbon resources located in the United States and operated by third parties; (c) explore for, evaluate and acquire additional hydrocarbon resources located in the United States; (d) invest and earn returns on
Financial Accounts Assets and (e) engage in such other activities as may be appurtenant or incidental to such purposes. In connection with the foregoing purposes and subject to the terms and conditions set forth herein, the Company shall have,
and may exercise, all of the rights and powers now or hereafter conferred by the laws of the State of Delaware on limited liability companies formed thereunder. 

2.3. Name of the Company. For so long as XTO Energy and/or its Affiliates is a Member, the name of the Company shall be “Cross
Timbers Energy, LLC”. The Company Business may be conducted under the Company’s name or any other name or names deemed advisable by the MMC. Subject to the right of the Company to use the name “Cross Timbers Energy, LLC” as
provided above, XTO Energy and/or its Affiliates retain all intellectual property rights they may have in the name “Cross Timbers Energy, LLC.” 

  
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 2.4. Place of Business of the Company. The principal place of business of the Company
shall be at Fort Worth, Texas or such other place as the MMC may from time to time determine. The Company may have such offices as the MMC may from time to time deem necessary or advisable. 

2.5. Registered Office, Registered Agent. The name and business address of the registered agent for service of process on the Company
and its registered office in the State of Delaware are Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801, or such other qualified Person as the Company may designate from time to time. The Company
may select any Person permitted by applicable law to act as registered agent for the Company in each jurisdiction in which it is necessary to appoint a registered agent. 

2.6. Term. The term of the Company commenced upon the filing of the Certificate in accordance with the Act and shall continue in
perpetuity unless the Company is dissolved in accordance with this Agreement. 
 2.7. Qualification to do Business. The Chairman,
President or CEO shall have the power to cause the Company to be qualified, formed or registered under assumed or fictitious name statutes or similar laws in any jurisdiction in which Company Business is transacted and such qualification, formation
or registration is necessary or appropriate for the transaction of Company Business. The President and each other Company officer designated by the MMC shall have the power to execute, deliver and file any certificates (and any amendments or
restatements thereof) necessary for the Company to qualify to do business in a jurisdiction in which the Company may wish to conduct Company Business. 

2.8. Default Rules Under the Act. Regardless of whether this Agreement specifically refers to a particular Default Rule: 

(a) if any provision of this Agreement conflicts with a Default Rule, the provision of this Agreement controls and such Default
Rule is hereby modified or negated accordingly, and 
 (b) if it is necessary to construe a Default Rule as modified or
negated in order to effectuate any provision of this Agreement, such Default Rule is hereby modified or negated accordingly. 
 2.9. Title
to Property. The Company shall be the owner of all capital and property (whether real or personal, tangible or intangible) and rights conveyed to or otherwise acquired by it. By virtue of this Agreement, no Member has any interest in specific
capital or property of the Company, including capital or property sold, transferred or otherwise conveyed by a Member to the Company. The Company shall hold all of its real and personal Property in the name of the Company and not in the name of any
Member. 

  
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 2.10. Payments of Individual Obligations. The Company’s credit and assets shall
be used solely for the benefit of the Company and, no asset of the Company shall be transferred or encumbered for or in payment of any individual obligation of any Member. 

2.11. Tax Classification; No State-Law Partnership. It is the intent of the Members that the
Company shall be classified as a partnership for United States Federal income tax purposes and, to the extent possible, applicable state and local tax purposes. Neither the Company nor any Member shall file (and each Member hereby represents that it
has not filed and covenants that it will not file) any income tax election or other document that is inconsistent with the Company’s position regarding its classification as a “partnership” for applicable Federal, state and local
income tax purposes. It is also the intent of the Members that the Company not be operated or treated as a “partnership” for purposes of Section 303 of the Federal Bankruptcy Code (11 U.S.C. §101 et seq.), or for any
purpose other than tax purposes. 
 2.12. Uncertificated Interests. All Membership Interests shall be recorded in book-entry form and
no Member shall have the right to demand that the Company produce or deliver certificates representing any Membership Interest. Without limiting the foregoing, the MMC may, in its discretion, cause the Company to produce and deliver certificates
representing the Membership Interests. 
 ARTICLE III 

MEMBERS AND MEMBERSHIP INTERESTS 

3.1. Classes of Membership Interests. The Company shall have one authorized class of Membership Interests. 

3.2. Limited Liability of Members. No Member shall be obligated individually for any debt, obligation or liability of the Company,
whether arising in contract, tort or otherwise, by reason of being a Member. The failure of the Company to observe any formalities or requirements relating to the exercise of its powers or management of its business or affairs under this Agreement
or the Act shall not be grounds for imposing individual liability on the Members for liabilities of the Company. 
 3.3. Remuneration to
Members. Except as otherwise specifically contemplated by this Agreement or in a separate agreement approved by the MMC, no Member is entitled to remuneration for acting in the support of Company Business. 

3.4. Members Are Not Agents. Subject to Section 6.1 and the delegations of rights and powers herein, the Members shall oversee and
supervise the management of the business and affairs of the Company and, subject to the terms of this Agreement and the Act, shall have all powers and rights necessary, appropriate or advisable to effectuate and carry out the Company Business.
Notwithstanding the foregoing, no Member, acting solely in the capacity of a Member, is an agent of the Company nor does any Member, acting solely in the capacity of a Member, unless expressly and duly authorized in writing to do so by the Members,
have any power or authority to bind or act on behalf of the Company in any way, to pledge its credit, to execute any instrument on its behalf or to render it liable for any purpose. 

  
 15 

 3.5. No Appraisal Rights. No Membership Interests or Members shall be entitled to
appraisal rights in connection with or as a result of any amendment to this Agreement, any merger or consolidation of the Company, any conversion of the Company to another business form, any transfer to or domestication in any jurisdiction by the
Company or the sale of all or substantially all of the Company’s assets. 
 ARTICLE IV 

CAPITAL COMMITMENTS AND CAPITAL ACCOUNTS 

4.1. Initial Capital Commitments. 

(a) The Initial Capital Commitment of each Member admitted on the date hereof shall be divided into two tranches (the
“Tranche 1 Initial Capital Commitment” and the “Tranche 2 Initial Capital Commitment”), as reflected on Exhibit A. The value of the Contributed Assets as set forth in Exhibit B for the Tranche I
Contributed Assets and the Tranche 2 Contributed Assets to be contributed by the XTO Parties in fulfillment of their respective Tranche 1 Initial Capital Commitments and their respective Tranche 2 Initial Capital Commitments is the Agreed Value of
those assets. 
 (b) Each Member irrevocably and unconditionally promises to pay (or, in the case of non-cash assets, transfer) to the Company the full amount of its Tranche 1 Initial Capital Commitment and Tranche 2 Initial Capital Commitment as follows: 

(i) the Tranche 1 Initial Capital Commitments from Morningstar and the XTO Parties shall be fulfilled no later than the Tranche
1 Closing Date; and 
 (ii) the Tranche 2 Initial Capital Commitments from Morningstar and the XTO Parties shall be fulfilled
no later than the Tranche 2 Closing Date. 
 (c) Notwithstanding Section 4.l(b)(i), in the event that the Members have
taken all reasonable steps to fulfill their respective Tranche 1 Initial Capital Commitments by July 1, 2012 (or such later date if extended by the MMC) but any Party is unable to fulfill its respective Tranche 1 Initial Capital Commitments by such
date, either Party upon written notice to the other Party has the right to terminate this Agreement without further obligation to the other Members. 

(d) Notwithstanding Section 4.l(b)(ii), in the event that the Members have taken all reasonable steps to fulfill their
respective Tranche 2 Initial Capital Commitments by January 1, 2013 (or such later date if extended by the MMC) but any Party is unable to fulfill its respective Tranche 2 Initial Capital Commitments by such date, either Party upon written notice to
the other Party has the right to withdraw its Tranche 2 Initial Capital Commitment without further obligation to the other Members with respect to its Tranche 2 Initial Capital Commitment. The withdrawal by one Party of its Tranche 2 Initial Capital
Commitment under this Section 4.l(d) shall result in the automatic cancellation of the Tranche 2 Initial Capital Commitment of the other Members. Notwithstanding anything herein to the contrary, in the event that Morningstar is not able to
fulfill its Tranche 2 Initial Capital Commitment, even as a result of its 

  
 16 

 inability to secure external financing in amounts and on terms reasonably satisfactory to
Morningstar, Morningstar shall be obligated to pay directly to XTO Energy an amount equal to ten percent (10%) of the amount of Morningstar’ s Tranche 2 Initial Capital Commitment, such payment to be made within thirty (30) days after the
date a Party provides its written notice to withdraw its Tranche 2 Initial Capital Commitment pursuant to this section. 

(e) The amount contributed by each Member in respect to its Tranche 1 Initial Capital Commitment on or prior to the date hereof
shall be reflected on Exhibit A (and treated for all purposes of this Agreement) as a Capital Contribution. The Company shall update Exhibit A as necessary to reflect the Members’ Tranche I Initial Capital Commitment and Tranche 2 Initial
Capital Commitment fulfilled after the date hereof. Further, the Company shall update Exhibit A to reflect any Additional Capital Contributions made by the Members. 

(f) In addition to Morningstar’s Initial Capital Commitment, Morningstar shall contribute an additional $*** of cash to
the Company on the Tranche 1 Closing Date. The amount contributed pursuant to this Section 4.l(f) plus the $*** reduction of Financial Account Assets provided for under Section 4.7(a) shall be for the Company’s working capital and
shall not be considered Financial Accounts Assets. 
 4.2. Additional Capital Contributions. The Members may agree to make Additional
Capital Contributions at such times and in such amounts as they unanimously agree through the MMC. The Members shall agree on any adjustments, if any, to the Financial Accounts Sharing Percentage and the Membership Percentage necessary as a result
of such Additional Capital Contributions. Unless otherwise agreed by the Members, the Members shall not be responsible for funding any Additional Capital Contributions after the Members’ aggregate Initial Capital Commitments have been
fulfilled. It is understood that the XTO Parties are under no obligation to offer to contribute or contribute any non-cash assets as an Additional Capital Contribution beyond the Contributed Assets. 

4.3. Failure to Make Capital Contributions. 

(a) To the extent not inconsistent with Sections 4.l(c) and 4.l(d), in the event that any Member fails to make any Capital
Contribution (whether in the form of cash or non-cash assets) in respect of its Initial Capital Commitment or fails to make any Additional Capital Contribution on or prior to the due date established by the
MMC (the “Default Contribution Amount”), the CFO shall notify all Members and the MMC of such failure. The notice provided to the non-paying Member shall require that such Member pay its Total
Amount in Default within 30 days (the “Cure Period”) of the date of such notice. The CFO shall notify the Members and the MMC whether such non-paying Member pays its Total Amount in Default within the Cure Period. 

(b) In the event the non-paying Member fails to pay its Total Amount in Default within
the Cure Period, (A) such Member shall be a “Defaulting Member” for all purposes hereunder until such Member pays to the Company its Total Amount in Default (including by making any outstanding
non-cash capital contributions). 

  
 17 

 (c) Notwithstanding anything herein to the contrary, the Company shall be
entitled to specifically enforce, by court action, a Member’s obligations to fulfill its Initial Capital Commitment (or, as the case may be) and make Additional Capital Contributions. 

4.4. Valuation of Non-Cash Capital Contributions. The Agreed Value of all contributions of non-cash assets to the capital of the Company shall be valued at the amount agreed by the Members at the time of contribution, it being understood that the Agreed Value of the Tranche 1 Contributed Assets and the
Tranche 2 Contributed Assets is as is set forth in Exhibit B. 
 4.5. No Right to Withdraw Capital Contributions. Except for
distributions provided in Section 5.1 or otherwise approved by the MMC, no Member shall have the right to withdraw its Capital Contribution or to receive a return of its Capital Contribution. 

4.6. Maintenance of Capital Accounts. 

(a) The Company shall maintain a separate capital account for each Member (“Capital Account”) in accordance
with this Section 4.6. 
 (b) A Member’s Capital Account shall be credited with (i) the amount of any cash
contributed to the Company by or on behalf of such Member, (ii) the Agreed Value of any Property other than cash contributed to the Company by or on behalf of such Member, (iii) allocations to such Member of Company Profits, income or gain
pursuant to Section 5.4 (including Simulated Gains), (iv) the amount of any Company liabilities expressly assumed by such Member or which are secured by any Property distributed to such Member, and (v) any other item required to be
credited for proper maintenance of capital accounts by the Treasury Regulations under Section 704(b) of the Code. 
 (c)
A Member’s Capital Account shall be debited with (i) the amount of any cash and the Agreed Value of Property other than cash that is distributed to such Member, all as may be determined in accordance with this Agreement,
(ii) allocations to such Member of Losses, Company Nonrecourse Deductions, or Member Nonrecourse Deductions and other items of deduction and loss (including Simulated Depletion Deductions and Simulated Losses) pursuant to Section 5.4,
(iii) the amount of any liabilities of such Member expressly assumed by the Company or which are secured by any Property contributed by such Member to the Company, and (iv) any other item required to be debited for proper maintenance of capital
accounts by the Treasury Regulations under Section 704(b) of the Code. 
 (d) If any Property other than cash is
distributed to a Member (whether or not subject to, or in connection with the assumption of a liability), the Capital Accounts of the Members shall be adjusted to reflect the manner in which Unrealized Gain or Unrealized Loss inherent in such
distributed Property or liability, if any, would have been allocated among the Members under Section 5.4 if the Company had sold such distributed Property and transferred such liability, if any, for their respective Agreed Values, recognized
such Unrealized Gain or Unrealized Loss, and allocated such items of gain or loss under Section 5.4 (either separately or as included in the computation of Profit and Loss, as the case may be). 

  
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 (e) If the MMC reasonably determines that an adjustment provided for in this
Section 4.6 is necessary or appropriate to reflect the relative economic interests of the Members, the Company shall, upon the occurrence of one of the events described in Section 4.6(e)(iii), increase or decrease the Capital Accounts of
the Members in accordance with Section 4.6(e)(ii) to reflect a revaluation of Company Property. 
 (i) Upon the
occurrence of an event described in Section 4.6(e)(iii), the Carrying Value of all Company Property shall be increased or decreased, as the case may be, to an amount equal the Agreed Value of such Property as of the relevant date of such
Section 4.6(e)(iii) event (any such increasing adjustment reflecting the Unrealized Gain inherent in such Property and any such decreasing adjustment reflecting the Unrealized Loss inherent in such Property). In addition, Company liabilities
will also be revalued to their Agreed Values at any such time that the Company revalues Company Property to reflect the Unrealized Gain or Unrealized Loss inherent in such liability at such time. 

(ii) Adjustments shall be made to the Capital Accounts of the Members under this Section 4.6(e), which shall reflect the
amount and manner in which the Unrealized Gain or Unrealized Loss inherent in Company Property or Company liability would have been allocated among the Members under Section 5.4 (either separately or as included in the computation of Profit and
Loss, as the case may be) if the Company had sold all of its Property and transferred all of its liabilities for its Agreed Value on the date of adjustment. 

(iii) The Company shall make the Capital Account adjustments described in this Section 4.6(e) upon the occurrence of the
following events: (A) a contribution of money or other Property (other than a de minimis amount) to the Company by a new or existing Member as consideration for Membership Interest in the Company; (B) a distribution of money or
other Property (other than a de minimis amount) by the Company to a withdrawing or continuing Member as consideration for an interest in the Company; (C) the liquidation of the Company or (D) the occurrence of any other event with
respect to which a revaluation of Company Property is permitted under Treas. Reg. §1. 704-1(b)(2)(iv)(f). 

(iv) If any Property is reclassified to a Financial Account Asset pursuant to the last sentence of Section 4.7(b), the
Capital Accounts of the Members shall be adjusted to reflect the manner in which any Unrealized Gain or Unrealized Loss inherent in such reclassified Property would have been allocated among the Members under Section 5.4 if the Company had sold
such reclassified Property for its Agreed Value, recognized such Unrealized Gain or Unrealized Loss, and allocated such items of gain or loss under Section 5.4 (either separately or as included in the computation of Profit and Loss, as the case
may be). 

  
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 (v) The adjustments described in this Section 4.6(e) are intended to
comply with Treas. Reg.§ l.704-l(b)(2)(iv)(f) and shall be interpreted consistently with such regulation to effectuate such intent. See the definition of “Profits or Loss” for special rules for
the computation of Profits and Losses in the case of an adjustment under this Section 4.6(e). 
 (f) In the event of a
Permitted Transfer, the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the transferred Membership Interest. 

(g) For purposes of computing the Members’ Capital Accounts, the Simulated Basis of each oil and gas Property of the
Company will be allocated to each Member in accordance with its Membership Percentage. 
 4.7. Financial Accounts. 

(a) The Company shall separately maintain financial accounts (“Financial Accounts”) to track and account for
the cash contributed with respect to Morningstar’ s Initial Capital Commitment. The Financial Accounts shall reflect (i) the cash received with respect to Morningstar’s Initial Capital Commitment less $*** for the Company’s
working capital needs; (ii) investment, reinvestment and distribution of Financial Accounts Assets; (iii) any Financial Accounts Profits and Financial Accounts Losses; (iv) liabilities directly related to Financial Accounts
activities; and (v) reduced by any use of Financial Accounts Assets as provided in Section 4.7(c). 
 (b) Except as
provided in Section 4.7(c), the Company shall not use any Financial Accounts Assets for any purpose other than to (i) invest in Permitted Investments, (ii) pay Financial Accounts expenses included in Financial Accounts Profits or
Financial Accounts Losses, (iii) pay liabilities described in Section 4.7(a)(iv), or (iv) distribute funds to the Members in accordance with Section 5.1. The Company shall not create or allow the creation of any liens or other
security interests against any Financial Accounts Assets. Should Financial Accounts Assets be used to satisfy any Company liability (other than liabilities reflected in the Financial Accounts) or pay any expenditure of the Company (other than
payments permitted by this Section 4.7(b) or as provided in Section 4.7(c)), additional Company assets with an Agreed Value equal to the amount of Financial Accounts Assets so used shall be reclassified and added to the Financial Accounts.

 (c) Upon approval by the MMC, Financial Accounts Assets may be used to fund a portion of any additional capital needs
approved by the Members that would have required an Additional Capital Contribution or for any other purpose approved by the MMC, provided that Morningstar agrees to and makes a corresponding Additional Capital Contribution (in cash or non-cash assets approved by the MMC) equal to 90% of the Financial Accounts Assets used. 

  
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 ARTICLE V 

ALLOCATIONS AND DISTRIBUTIONS 

5.1. Right to Distributions of Net Cash Flow. Except as provided in Section 10.4 or as otherwise determined by the MMC (but in all
cases subject to Sections 5.2 and 5.3), the Members shall be entitled to quarterly distributions of (i) Net Cash Flow not reasonably required for the conduct of reasonable and prudent operations and (ii) Financial Accounts Profits (net of
Financial Accounts Losses). Any distributions of Financial Accounts Profits provided for in this Section 5.1 and other distributions of Financial Accounts Assets approved by the MMC shall be made in accordance with the Members’ respective
Financial Accounts Sharing Percentage. Any distributions of Net Cash Flow provided for in this Section 5.1 and other distributions approved by the MMC shall be made in accordance with the Members’ respective Membership Percentage. 

5.2. Limitations. Notwithstanding any other provision of this Agreement, in no event shall the Company make (and the Members shall
prevent the Company from making) a distribution to any Member to the extent that at the time of the distribution, after giving effect to the distribution, all liabilities of the Company, other than liabilities to Members on account of their
Membership Interests and liabilities for which the recourse of creditors is limited to specified property of the Company, exceed the fair value of the Company Property. For purposes of such calculation, the fair value of Company Property that is
subject to a liability for which the recourse of creditors is limited shall be included in the assets only to extent that the fair value of that Property exceeds that liability. 

5.3. Withholding. The Company is authorized to withhold from distributions to a Member (if any), or with respect to allocations to a
Member, and to pay over to a Federal, state or local government, any amounts required to be withheld pursuant to the Code, or any provisions of any other Federal, state or local law. Any amounts so withheld shall be treated as having been
distributed to such Member pursuant to this Article V for all purposes of this Agreement, and shall be offset against the amounts otherwise distributable to such Member. 

5.4. Allocation of Profits and Losses. 

(a) Allocation of Financial Accounts Profits. After giving effect to the special allocations set forth in Sections
5.4(e) through (h), Financial Accounts Profits of the Company shall be determined as of the end of each Fiscal Year and shall be allocated to the Members as follows: 

(i) First, Financial Accounts Profits shall be allocated to the Members in proportion to, and to the extent of, an amount equal
to the excess, if any, of (A) the cumulative Financial Accounts Losses allocated to each such Member pursuant to Section 5.4(b)(ii) for all prior Fiscal Years, over (B) the cumulative Financial Accounts Profits allocated to each such
Member pursuant to this Section 5.4(a)(i) for all prior Fiscal Years. 

  
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 (ii) Second, any remaining Financial Accounts Profits shall be allocated to
the Members in accordance with their respective Financial Accounts Sharing Percentages. 
 (b) Allocation of Financial
Accounts Losses. After giving effect to the special allocations set forth in Section 5.4(e) through (h), Financial Accounts Losses of the Company shall be determined as of the end of each Fiscal Year and shall be allocated to the Members as
follows: 
 (i) Except as provided in Section 5.4(b)(ii), Financial Accounts Losses shall be allocated to the Members in
accordance with their respective Financial Accounts Sharing Percentages. 
 (ii) The Financial Accounts Losses allocated
pursuant to Section 5.4(b)(i) shall not exceed the maximum amount of Financial Accounts Losses that can be so allocated without causing any Member to have a deficit Adjusted Capital Account Balance at the end of any Fiscal Year. In the event
some but not all of the Members would have deficit Adjusted Capital Account Balances as a consequence of an allocation of Financial Accounts Losses pursuant to Section 5.4(b)(i), the limitation set forth in this Section 5.4(b)(ii) shall be
applied on a Member by Member basis so as to allocate the maximum permissible Financial Accounts Losses to each Member under Treas. Reg.§ l.704-l(b)(2)(ii)(d). 

(c) Allocation of Residual Profits. After giving effect to the special allocations set forth in Sections 5.4(e) through
(h), Residual Profits of the Company shall be determined as of the end of each Fiscal Year and shall be allocated to the Members as follows: 

(i) First, Residual Profits shall be allocated to the Members in proportion to, and to the extent of, an amount equal to the
excess, if any, of (A) the cumulative Residual Losses allocated to each such Member pursuant to Section 5.4(d)(ii) for all prior Fiscal Years, over (B) the cumulative Residual Profits allocated to each such Member pursuant to this
Section 5.4(c)(i) for all prior Fiscal Years. 
 (ii) Second, any remaining Residual Profits, shall be allocated to the
Members in accordance with their respective Membership Percentages. 
 (d) Allocation of Residual Losses. After giving
effect to the special allocations set forth in Sections 5.4(e) through (h), Residual Losses of the Company shall be determined as of the end of each Fiscal Year and shall be allocated to the Members as follows: 

(i) Except as provided in Section 5.4(d)(ii), Residual Losses shall be allocated to the Members in accordance with their
respective Membership Percentages. 

  
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 (ii) The Residual Losses allocated pursuant to Section 5.4(d)(i) shall
not exceed the maximum amount of Residual Losses that can be so allocated without causing any Member to have a deficit Adjusted Capital Account Balance at the end of any Fiscal Year. In the event some but not all of the Members would have deficit
Adjusted Capital Account Balances as a consequence of an allocation of Residual Losses pursuant to Section 5.4(d)(i), the limitation set forth in this Section 5.4(d)(ii) shall be applied on a Member by Member basis so as to allocate the
maximum permissible Residual Losses to each Member under Treas. Reg. § 1.704-l(b)(2)(ii)(d). 
 (e) Simulated
Amounts. 
 (i) Simulated Depletion, Simulated Loss, and IDCs with respect to each oil and gas property of the Company
will be allocated in proportion to the same manner as the Simulated Basis of such property is allocated among the Members pursuant to Section 4.6(g). 

(ii) Simulated Gains. Simulated Gain with respect to any Company oil and gas property will be allocated to Members in
accordance with their respective Membership Percentages. 
 (iii) Amount Realized. For purposes of Treasury Regulations
Sections 1.704-l(b)(2)(iv)(k)(2) and 1.704-l(b)(4)(iii), the amount realized on the disposition of any oil and gas property of the Company shall be allocated
(i) first to the Members in an amount equal to the remaining Simulated Basis of such Property in the same proportions as the Simulated Basis of such Property was allocated to the Members pursuant to Section 4.6(g), and (ii) any
remaining amount realized shall be allocated to the Members in the same ratio as Simulated Gain is allocated pursuant to Section 5.4(e)(ii). 

(t) Regulatory Allocations. The following special allocations shall be made in the following order: 

(i) Company Minimum Gain Chargeback. If there is a net decrease during a Company Fiscal Year in Company Minimum Gain then, to
the extent required by Treas. Reg. § l .704-2(f), each Member shall be allocated items of Company income and gain entering into the computation of Profits and Losses for such Fiscal Year (and, as
necessary, for subsequent Fiscal Years) equal to that Member’s share of the net decrease in the Company Minimum Gain (within the meaning of Treas. Reg.§ 1.704-2(g)(2)). It is the intent of the
Members that this Section 5.4(f)(i) constitute a Company Minimum Gain chargeback provision under Treas. Reg. § 1.704-2(f) and be interpreted consistently with such regulation to effectuate such
intent. 

  
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 (ii) Member Nonrecourse Debt Minimum Gain Chargeback. If there is a net
decrease during a Fiscal Year in Member Nonrecourse Debt Minimum Gain then, to the extent required by Treas. Reg.§ 1.704-2(i)(4), any Member with a share of Member Nonrecourse Debt Minimum Gain at the
beginning of such Fiscal Year shall be allocated items of Company income and gain entering into the computation of Profits and Losses for such Fiscal Year (and, if necessary, for subsequent Fiscal Years) equal to that Member’s share of the net
decrease in Member Nonrecourse Debt Minimum Gain (within the meaning of Treas. Reg. § l.704-2(i)(4)). It is the intent of the Members that this Section 5.4(f)(ii) constitute a Member Nonrecourse Debt
Minimum Gain chargeback provision under Treas. Reg. § l.704-2(i)(4) and be interpreted consistently with such regulation to effectuate such intent. 

(iii) Qualified Income Offset. If any Member unexpectedly receives an adjustment, allocation, or distribution of the type
contemplated by Treas. Reg. § l.704-l(b)(2)(ii)(d)(4), (5), or (6) that causes or increases a deficit in such Member’s Adjusted Capital Account Balance, items of Company income and gain entering
into the computation of Profits and Losses shall be allocated to all such Members in an amount and manner sufficient to eliminate, to the extent required by Treas. Reg. § 1. 704-1(b), the deficit Adjusted
Capital Account Balance of such Member as quickly as possible, provided that an allocation pursuant to this Section 5.4(f)(iii) shall be made only if and to the extent that such Member would have a deficit Adjusted Capital Account Balance after
all other allocations provided for in this Section 5.4 have been tentatively made as if this Section 5.4(f)(iii) were not in this Agreement. It is the intent of the Members that this Section 5.4(f)(iii) constitute a qualified income
offset provision under Treas. Reg. § l.704-l(b)(2)(ii)(d) and be interpreted consistently with such regulation to effectuate such intent. 

(iv) Gross Income Allocation. In the event that any Member has a deficit Capital Account balance at the end of any Fiscal Year
which is in excess of the sum of (1) the amount such Member is obligated to restore pursuant to any provision of this Agreement, and (2) the amount such Member is deemed to be obligated to restore pursuant to the next to last sentences of
Treas. Reg. §§ l .704- 2(g)(l) and l.704-2(i)(5), each such Member shall be specially allocated items of Company income and gain in the amount of such excess
as quickly as possible, provided that an allocation pursuant to this Section 5.4(f)(iv) shall be made only if and to the extent that such Member would have a deficit Capital Account balance in excess of such sum after all other allocations
provided for in this Section 5.4 have been made as if Section 5.4(f)(iii) and this Section 5.4(f)(iv) were not in this Agreement. It is the intent of the Members that this Section 5.4(f)(iv) constitutes a gross income allocation
and be interpreted to effectuate such intent. 
 (v) Company Nonrecourse Deductions. Company Nonrecourse Deductions shall be
allocated to each Member in accordance with its relative Membership Percentage. 
 (vi) Member Nonrecourse Deductions. Member
Nonrecourse Deductions attributable to a Member Nonrecourse Debt shall be allocated to the Member (or Members) that bear the economic risk of loss for such Member Nonrecourse Debt in accordance with Treas. Reg. §
l.704-2(i)(l). 

  
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 (g) Curative Allocations. The Regulatory Allocations are intended to
comply with certain requirements of the Treasury Regulations under Code Section 704(b). It is the intent of the Members that, to the extent possible, all Regulatory Allocations shall be offset either with other Regulatory Allocations or with
special allocations of other items of Company income, gain, loss or deduction pursuant to this Section 5.4(g). Therefore, notwithstanding any other provision of this Section 5.4 (other than the Regulatory Allocations), the MMC shall make
such offsetting special allocations of Company income, gain, loss or deduction in whatever manner the MMC determines appropriate so that, after such offsetting allocations are made, each Member’s Capital Account balance is, to the extent
possible, equal to the Capital Account balance such Member would have had if the Regulatory Allocations were not part of this Agreement and all items of Company income, gain, loss or deduction were allocated pursuant to Sections 5.4(a) through 5.4
(d). In exercising its discretion under this Section 5.4(g), the MMC shall take into account future Regulatory Allocations under Sections 5.4(J)(i) and 5.4(J)(ii) that, although not yet made, are likely to offset other Regulatory Allocations
previously made under Sections 5.4(J)(v) and 5.4(J)(vi). This Section 5.4(g) is intended to minimize to the extent possible and to the extent necessary any economic distortions which may result from application of the Regulatory Allocations and
shall be interpreted in a manner consistent therewith. 
 (h) Special Allocations in Connection with Liquidation. In
the case of the Fiscal Year in which the Company is liquidated (and, to the extent necessary, for any prior Fiscal Years for which tax returns have not been filed) items of income, gain, deduction and loss shall be allocated to the extent possible
and in such a manner, as determined by the MMC, as is necessary to provide a Capital Account balance for each Member equal to the amount that such Member would receive if all of the proceeds of liquidation of the Company were distributed among the
Members in accordance with Section 5.1 (determined as if the Company were not liquidating). 
 5.5. Tax Allocations. All items of
income, gain, loss, and deduction, and all tax preferences, depreciation, accelerated cost recovery system deductions and investment interest and other tax items of the Company for each Fiscal Year (collectively referred to as “Company Tax
Items”) shall be allocated for tax purposes to the Members in accordance with this Section 5.5. 
 (a) Except
as provided in Sections 5.5(b) and 5.5(c), Company Tax Items shall be allocated for tax purposes in accordance with the allocations of items of income, gain, loss, deduction, Company Nonrecourse Deductions, Member Nonrecourse Deductions, Profits,
and Losses under Section 5.4. For purposes of the preceding sentence, an allocation to a Member of a share of Profits or Losses shall be treated as an allocation to such Member of the same share of each Company Tax Item that is taken into
account in computing such Profits or Losses. 

  
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 (b) Gain or loss upon sale or other disposition of any Property contributed
to the Company or any depreciation, amortization, or other cost recovery deduction allowable with respect to the basis of Property contributed to the Company shall be allocated for tax purposes among the contributing and non-contributing Members so as to take into account the difference between the adjusted tax basis and the fair market value of the Property on the date of its contribution in accordance with Section 704(c) of
the Code. In making allocations pursuant to the preceding sentence, the Company shall use the “traditional method” as set forth in Treas. Reg. §1.704-3(b). 

(c) Except as provided in Section 5.5(b), if there has been an adjustment to the Members’ Capital Accounts pursuant
to Section 4.6(e) to reflect the unrealized income, gain, loss, or deduction inherent in Company Property, Company Tax Items with respect to such Property shall be allocated to the Members for tax purposes so as to take into account the
difference between the adjusted tax basis of such Property and the value at which it is reflected in the Members’ Capital Accounts in any permissible manner as determined by the Tax Matters Member. The allocations under this Section 5.5(c)
are intended to comply with paragraphs (b)(2)(iv)(f)(4) and (b)(4)(i) of Treas. Reg.§ 1.704-1 and shall be interpreted consistently with such regulation to effectuate such intent. 

(d) To the extent consistent with the intent of the Members, accounting matters relating to allocations of Profits and Losses,
Capital Accounts, and allocations of items of Federal income tax significance shall be handled in such a way that the allocations of items of Federal income tax significance will have substantial economic effect or will otherwise be respected for
Federal income tax purposes. 
 5.6. Other Allocation Rules. 

(a) The following rules shall apply with respect to those allocations of Profit, Loss and other items of income, gain,
deduction and loss provided under Section 5.4: 
 (i) Profits, Losses and any other items of income, gain, deduction and
loss will be allocated to the members pursuant to Section 5.4 as of the last day of each Fiscal Year; provided, however, that Profits, Losses and any such other items shall also be allocated at such times as the Carrying Values of Property are
adjusted pursuant to Section 4.6(e). 
 (ii) For purposes of determining the Profits, Losses, or any other items
allocable to any period, Profits, Losses, and any such other items shall be determined on a daily, monthly or other basis, as determined by the MMC using any permissible method under Section 706 of the Code and the Treasury Regulations
thereunder. 
 (b) The following rules shall apply with respect to those allocations of Company Tax Items provided under
Section 5.5 and Section 5.6(b)(i) hereof: 
 (i) All Company Tax Items not otherwise allocated to the Members under
Section 5.5 must be allocated to the Members in the same manner as any allocation of Profits and Losses relating to such item as allocated under Section 5.4. 

  
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 (ii) Solely for purposes of determining a Member’s proportionate share
of the “excess nonrecourse liabilities” of the Company within the meaning of Treasury Regulation Section l.752-3(a)(3), the Members’ interests in Company profits are in proportion to their
Membership Percentages. 
 (iii) To the extent permitted by Treasury Regulation Section
l.704- 2(h)(3), the MMC shall endeavor not to treat distributions of Net Cash Flow as having been made from the proceeds of a Company nonrecourse liability or a Company nonrecourse debt. 

5.7. Members’ Varying Interests. In the event of any changes in any Member’s Membership Percentage during the Fiscal Year,
then for purposes of this Article V, the MMC shall take into account the requirements of Code Section 706(d) and shall have the right to select any method of determining the varying interests of the Members during the Fiscal Year which
satisfies Code Section 706(d). Distributions and allocations in respect of any Transferred Membership Interest shall be subject to the provisions of Section 7.5. 

ARTICLE VI 
 MANAGEMENT
AND OPERATION OF THE COMPANY BUSINESS 
 6.1. Officers. 

(a) General. Except as expressly limited by this Agreement or the Act, the day-to-day operations and affairs of the Company shall be managed by a management team consisting of a chairman (“Chairman”), chief executive officer (“CEO”), president
(“President”), chief operating officer (“COO”) and chief financial officer (“CFO”). The Company also shall have a Secretary and a Financial Accounts Manager (“FAM”). The Chairman,
CEO, President, CFO, COO and Secretary shall perform all duties which are commonly incident to such offices of a Delaware corporation, except as expressly limited herein, and such other duties as may be assigned to them by the Members. The FAM shall
direct the Company’s management of Financial Accounts Assets and activities as required by Sections 4.7 and 6.1. Subject to any limitations set forth in this Agreement or the Act, the Chairman, CEO, President, CFO and COO may from time to time
delegate their respective powers and duties to the other officers of the Company. Subject to any limitations set forth in this Agreement or the Act, the FAM may from time to time delegate his/her respective powers and duties to persons approved by
the MMC. 
 (b) Appointment. The Chairman, CEO, President, CFO and COO shall be nominated by Morningstar and approved
by the MMC. The Financial Accounts Manager shall be nominated by XTO Energy and approved by the MMC. The Secretary shall be appointed by the MMC. Each of the Chairman, CEO, President, CFO, COO, Secretary and FAM shall serve two year terms, each of
which will be extended by the MMC for successive two year terms unless a different Chairman, CEO, President, CFO or COO is nominated by Morningstar or a different FAM is nominated by XTO Energy. In the event that a different Chairman, CEO,
President, CFO, COO or FAM is nominated, such nomination is subject to approval by the MMC. 

  
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 (c) Removal. (i) The Chairman, CEO, President, CFO and COO may
be removed at any time for Cause by XTO Energy’s MMC Representative or at any time for any reason by Morningstar’ s MMC Representative. The FAM may be removed at any time for Cause by Morningstar’s MMC Representative or at any time
for any reason by XTO Energy’s MMC Representative. In the case of any removal under this Section, the MMC Representative seeking such removal shall provide the MMC with 30 day’s advance written notice specifying the grounds for removal.
(ii) Any officer may be removed at any time by unanimous vote of the MMC. 
 (d) Replacement. Upon the death,
resignation or removal of the Chairman, CEO, President, CFO, COO, Secretary or the FAM, the Company shall appoint a successor officer using the procedure set forth in Section 6.1(b). 

6.2. Members’ Management Committee. 

(a) General. Subject to Section 6.1 and the specific approval rights of Members set forth herein, the Members shall
oversee and supervise the management of the Company by and through a committee composed of three representatives for each of Morningstar and XTO Energy (the “Members’ Management Committee” or “MMC”) and having
such authority as is granted under this Agreement or by the Members. The MMC may adopt policies and procedures governing the conduct of its meetings; provided that such policies and procedures are consistent with the terms of the Act and this
Agreement. 
 (b) Member’s Management Committee Representatives. 

(i) Morningstar and XTO Energy shall notify the Secretary of the Company of the identity of three individuals who may serve as
that Member’s representatives (the “Member Representatives”) on the MMC. The three Member Representatives identified by XTO Energy shall collectively represent all of the XTO Parties and shall be considered a Member
Representative appointed by each of the XTO Parties. Morningstar or XTO Energy may change the persons eligible to serve as Member Representatives by notice to the Secretary of the Company. Each Member shall be entitled to be represented at meetings
of the Member’s Management Committee by any or all of its Member Representatives; provided, however, that if Morningstar or the XTO Parties are represented by multiple Member Representatives, Morningstar and XTO Energy shall designate a single
Member Representative (the “Voting Representative”) to exercise voting rights of such Member (or, in the case of XTO Energy, all of the XTO Parties) during the meeting. 

  
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 (ii) The Member Representatives shall constitute agents of the Members
appointing them and shall not constitute “managers” within the meaning of the Act. Members and Member Representatives shall not have any fiduciary duties to the Company or any other Member. Except to the extent expressly otherwise provided
herein, each Member, when exercising any voting right hereunder or under the Act or determining to grant or withhold its consent to any matter involving the Company, may exercise such rights or make such determinations as it in its sole discretion
deems appropriate, and each Member Representative shall have the right to act in the interests and at the direction of the Member (exercised by such Member in its sole discretion) that appointed or elected such Member Representative. 

(iii) Any Member Representative serving on the MMC shall be removed upon its Member’s removal from the Company or the
Transfer of such Member’s Membership Interests. 
 (c) Meetings. 

(i) The MMC shall hold regular meetings no less frequently than once every fiscal quarter to receive reports from the Company
and to consider any matters requiring approval of the MMC. Special meetings of the MMC may be called by the Chairman or by any Member. The Chairman (or his/her delegee) shall serve as the chairperson of the MMC (“Chair”) and shall
establish meeting times, dates and places and adopt rules or procedures consistent with the terms of this Agreement. Unless otherwise approved by the MMC, each meeting of the MMC will be held at the Company’s principal executive office. The
Chair shall prepare or direct the preparation of the agenda for, and preside over, meetings of the MMC. 
 (d) Notice of
Meetings. Written notice of each meeting of the MMC shall state the place, date and time of such meeting and an agenda setting forth the matters and proposals to be considered or voted on at the meeting and shall include copies of all proposals
to be considered at the meeting (including all appropriate supporting information not previously distributed to the applicable Member Representatives). Notice of any meeting of the Members shall be given not less than 5 Business Days prior to such
meeting. A Member Representative, by notice to the other Member Representative and the Chair given not more than three Business Days following the notice of a meeting, may add additional matters to the agenda for a meeting. Notice of a meeting need
not be given to a Member Representative who signs a waiver of notice whether before or after the meeting. Receipt of notice may be waived, in writing, by any Member Representative either before, at or after such meeting, and shall be deemed to have
been waived by any Member Representative who participates in such meeting, without protesting prior to the conclusion of such meeting the lack of notice of such meeting; provided, that such Member Representative has been given an adequate
opportunity at the meeting to protest such lack of notice. 

  
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 (e) Quorum. The presence of one Member Representative representing
each Member shall be necessary to constitute a quorum for the transaction of business at any meeting of the MMC. In the absence of a quorum, the Chair may adjourn a meeting from time to time without further notice until a quorum is present. When a
meeting is adjourned to another time or place, notice need not be given to the Member Representatives in attendance at the time the meeting is so adjourned if the time and place thereof are announced at the meeting at which the adjournment is taken.
Notice of such time and place shall be provided to any Member Representative not in attendance at the original meeting at the time so adjourned. At the reconvened meeting, the Member Representatives may transact any business which might have been
transacted at the original meeting. 
 (f) Telephonic Participation. A Member Representative may participate in a
meeting of the MMC by any means of communication through which all Member Representatives participating in the meeting, whether physically present or communicating through other means, may simultaneously hear each other during the meeting. A Member
Representative participating in a meeting by this means is deemed to be present at the meeting and the minutes may reflect such. 

(g) Actions by Written Consent. Any action required or permitted to be taken at any meeting of the MMC may be taken
without a meeting or advance notice if Members holding the requisite number of votes needed to take such action at a duly constituted meeting consent thereto in writing (including by Electronic Transmission) through their respective Member
Representatives. Written consent by the Member pursuant to this paragraph (g) shall have the same force and effect as a vote of such Members taken at a duly held meeting of the MMC and may be stated as such in any document. Such writing or
writings (including Electronic Transmissions) shall be filed with the minutes of the proceedings of the Members or of the relevant committee. 

(h) Minutes. The Secretary of the Company, or such other Person as is appointed by the MMC, as applicable, shall
maintain or cause to be maintained written minutes of the meetings of the MMC which, at minimum, shall record all of the actions taken at each meeting of the MMC. The Chair shall cause written minutes of all actions taken by it to be distributed to
all Members Representatives for review and comment promptly after the meeting. The Chair shall present the minutes of each meeting for approval by the MMC at the next meeting thereof, and shall distribute a copy of the approved minutes to all Member
Representatives within a reasonable time after the approval thereof. Each Member, through its Member Representatives, shall be entitled to inspect such records during normal business hours at the Company’s principal executive offices. 

6.3. Vote Required for Taking Actions. Morningstar and the XTO Parties, collectively, shall each have one vote on all matters presented
to the MMC for action. Except as otherwise expressly set forth herein, an affirmative vote of all Members through their respective Voting Representative(s) serving on the MMC shall be required for the MMC to take action. 

  
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 6.4. Authorities granted to Company Management. Subject to applicable DOAG
requirements established by the Company and Section 6.4(i), the Chairman, President or CEO, and in the cases of Section 6.40) and 6.4(k), the FAM, and CFO, respectively, have the authority to approve the followings actions by the Company:

 (a) the timing and location of all wells to be drilled or worked over and any change in the use or status of a well; 

(b) the entry into any contract, agreement or other arrangement binding on the Company with a Third Party in an amount or with
a value of $250,000 or less; 
 (c) the commencement or settling of any litigation, arbitration or mediation which does not
present a major precedent to the Company or to any of its Members to which the Company is, or is to be, a party for amounts equal to $50,000.00 or less (exclusive of legal fees and other costs of litigation, arbitration, mediation or settlement);

 (d) the issuance of any press release or making any other public statement or announcement regarding the Company provided
such statement or announcement is made in accordance with the protocol for approval of public statements established by the MMC; 

(e) the acquisition or sale of any oil, natural gas or related hydrocarbon assets for amounts equal to $250,000 or less; 

(f) the entry into any trade of well or other data with a Third Party; 

(g) subject to a required banking resolution approved by the MMC, the opening, managing, and closing of bank accounts; 

(h) the hiring of personnel; 

(i) in any Fiscal Year, exceed the amount budgeted for any line item in an approved Annual Work Program & Budget by no
more than I0% of the authorized amount for such line item or exceed the total amount budgeted for the Company’s operations during such fiscal year by no more than 5%; 

(j) except as expressly limited by this Agreement or the Act, the investment of any Financial Accounts Assets in any Permitted
Investment as directed by the FAM; and 
 (k) except as expressly limited by this Agreement or the Act, the investment of any
financial assets other than Financial Accounts Assets in any Permitted Investment as directed by the CFO or the FAM pursuant to guidelines approved by the MMC. 

  
 31 

 6.5. Approvals by MMC. The MMC shall have the authority to take such actions as are
specified in this Section 6.5 and elsewhere in this Agreement. Without the prior approval of the MMC, the Company shall not, and no officer or any Member shall cause the Company to: 

(a) acquire or create any subsidiary of the Company; 

(b) take any action under Sections 6.4 (b), (c), (e) and (i) where the amount at issue is in excess of the financial
limitations set forth in such sections ; 
 (c) approve, adopt, amend or terminate any salary, health, welfare or other
employee benefit or compensation plan or program or other general administrative policy of the Company, including the Company’s DOAG; 

(d) admit any additional Members to the Company; 

(e) approve the contribution of any non-cash assets to the Company and establish the
Agreed Value of any such contributed non-cash assets; 
 (f) enter into any
transaction between the Company and any Person which is not a Third Party or any material amendment, modification, consent, waiver or acquiescence with respect to any agreement between the Company and a Person which is not a Third Party; 

(g) make any distribution to the Members, except for the quarterly distributions as provided in Section 5.1; 

(h) take any action or engage in any activity that the MMC previously has informed the Chairman, President or CEO in writing is
subject to the prior approval of the MMC; 
 (i) appoint, remove or replace the Chairman, CEO, President, CFO, COO, Secretary
or FAM; 
 G) enter into any new business (requiring the amendment of Section 2.2) or exit the then existing Company
Business; 
 (k) take any action in contravention of, amend, or terminate this Agreement or amend or cancel the Certificate;

 (l) adopt or approve the Annual Work Program & Budget or any material modifications thereto; 

(m) issue or incur indebtedness in amounts not provided for in or on terms not generally contemplated by the Annual Work
Program & Budget; 
 (n) change the classification of the Company for United States Federal income tax purposes to
other than a partnership; 
 (o) enter into or effect any transaction that would result in (A) a merger or consolidation
or similar transaction of the Company with or into another Person; (B) the sale, license or transfer of all or substantially all of the Property of the Company; or (C) any other change of control of the outstanding voting power of the Company,
in each case ((A) through (C) above) in a single transaction or a series of related transactions; 

  
 32 

 (p) cause or effect the reorganization of the Company, including conversion
of the Company into another form of entity; 
 (q) file a petition seeking the voluntary bankruptcy of the Company; 

(r) unitize Company’s leases or release Company’s leases; 

(s) approve Permitted Investments; 

(t) enter into or effect any transaction to liquidate or dissolve the Company; 

(u) appoint an independent certified public accountant to provided audited financial statements; 

(v) approve the format and detail of the operating and financial supplemental information the Company will provide Members
pursuant to Section 11.5; and 
 (w) approve the accounting procedures described in Section 11.8. 

6.6. Annual Work Program & Budget. 

(a) The Company shall have an annual work program and budget (the “Annual Work Program & Budget”)
that includes a description of the planned work activities and the funding for all operations of the Company. The CFO shall provide a copy of each approved Annual Work Program & Budget to each Member. 

(b) The initial Annual Work Program & Budget shall cover operations through December 31, 2012 and shall be
prepared by the Company’s CFO and presented to the MMC no later than 60 days following the Effective Date. No later than 90 days prior to the beginning of each Fiscal Year, beginning with the 2013 Fiscal Year, the Company’s CFO shall
prepare and present to the MMC for approval an Annual Work Program & Budget covering the succeeding two Fiscal Years. 

(c) The Annual Work Program & Budget shall include detailed line items and projections for the first Fiscal Year
covered by such budget, which shall be binding on the Company and the Members, and summary line items and projections for the second Fiscal Year covered by such budget, which shall be for informational purposes only. The Annual Work
Program & Budget shall provide the development plan and address funding for operations, maintenance, capital expenditures, Reserves and other expenditures expenses approved by the MMC and such other items as are requested by one or more of
the Members. 
 (d) If the MMC does not approve an Annual Work Program & Budget or amendments thereto requested by
the CFO for any Fiscal Year, the Company’s management shall operate the Company and incur expenditures at the minimum level necessary to maintain oil and gas leases owned or controlled by the Company or to fulfill obligations under existing
contracts that had been entered into in accordance with the terms and conditions of this Agreement. 

  
 33 

 6.7 Operating and Services Agreement. The Company desires to engage Morningstar to
conduct operations and provide administrative Services in furtherance of the business and activities of the Company and, to that end, has contemporaneously with this Agreement, entered into an operating and services agreement (the “Operating
and Services Agreement”) with Morningstar. By their execution of this Agreement, the Members approve and ratify the Operating and Services Agreement. 

ARTICLE VII 
 TRANSFER
OF MEMBERSHIP INTERESTS 
 7.1. Restriction on Transfers. No Member may Transfer all or any portion of its Membership Interest
except in strict compliance with this Article VIL 
 7.2. Permitted Transfers. Subject to full compliance with
Section 7.3, any Member shall be permitted to Transfer its Membership Interest (each such Transfer being a “Permitted Transfer”) as follows: 

(a) After the Lock-up Period, Morningstar may Transfer all, but not less than all, of
its Membership Interest to one or more Affiliate(s) or to a Third Party; provided that such Transfer to a Third Party is approved by the MMC (and for purposes of such approval, Morningstar shall not be entitled to vote); and provided further that a
Transfer to an Affiliate will not relieve Morningstar of its obligations under this Agreement (and Morningstar may be required to execute appropriate guarantees in respect thereof); 

(b) at any time, any XTO Party may Transfer all or part of its Membership Interest to one or more of its Affiliate(s) or to a
Third Party; provided that such Transfer to a Third Party is approved by the MMC (and for purposes of such approval, the XTO Parties shall not be entitled to vote); and provided further that a Transfer to an Affiliate will not relieve the XTO Party
of its obligations under this Agreement (and the XTO Party may be required to execute appropriate guarantees in respect thereof); 

(c) at any time a security interest in Morningstar’s Membership Interest; provided that the security instruments and/or
loan agreements related to such security interest provide that in the event of a default by Morningstar that results in the security interest holder foreclosing on such security interest: (1) XTO Energy has the sole right to nominate the Chairman,
CEO, President, CFO and COO and those offices will continue to have all authorities granted under this Agreement; (2) XTO Energy has the sole right to cause the Company to terminate the Operating and Services Agreement; (3) XTO Energy has
the sole right to cause the Company to enter into an operating and services agreement with another party (including XTO Energy) chosen by XTO Energy; (4) any other operational control that Morningstar or its Affiliates have in the Company will
be transferred to XTO Energy; and (5) XTO Energy has the unilateral right, but not the obligation, to pay off the security interest holder in exchange for a conveyance of Morningstar’ s Membership Interest; or 

  
 34 

 (d) at any time, a direct or indirect transfer of an equity interest in
Morningstar to: (i) a Permitted Transferee; or (ii) a Person where such transfer does not result in a Morningstar Change of Control. 

7.3. Conditions to Transfer. Without limiting any other provisions or restrictions or conditions of this Article VII and in addition
thereto, no Transfer of Membership Interests (other than a Permitted Transfer pursuant to Sections 7.2(c) or (d)) may be made under any circumstances unless each and all of the following requirements and conditions precedent are satisfied: 

(a) Pre-emption right. If a Member (the “Transferring Member”)
wishes to Transfer its Membership Interest (the “Offered Membership Interest”) to any Person other than an Affiliate of such Member, the other Member (the “Pre-Emption
Member”) shall have a pre-emption right as set forth below: 
 (i) Notice
of lntent to Transfer. Before the Transferring Member makes any Transfer of the Offered Membership Interest, the Transferring Member must first give to the Pre-Emption Member a notice in writing (the
“Transfer Notice”) containing the following information: 
 (1) the full name and other details necessary to identify the
Person which has offered to be Transferred the Offered Membership Interest (the “Offeror”). Should the Offeror be a Person other than a physical person, the Transfer Notice shall also state the full name and other details necessary
to identify the Person (either physical person or otherwise) who ultimately controls the Offeror (with the concept of “control” being the same as included in the definition of “Affiliate”). 

(2) A description of the transaction under which the Transfer is proposed; and 

(3) the price and/or other consideration for the Offered Membership Interest and any applicable payment terms. 

(ii) Upon receipt of a valid Transfer Notice, the Pre-Emption Member may exercise its pre-emption right and purchase the Offered Membership Interest by giving the Transferring Member written notice (the “Pre-emption Notice”) containing an
express, unconditional and irrevocable declaration of the Pre-Emption Member’s willingness to purchase the Membership Interest at the price and on payment terms as set forth in the Transfer Notice, such
Pre-Emption Notice to be given no later than thirty (30) days after the date of receipt of the Transfer Notice. 

  
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 (iii) If the Transferring Member proposes to transfer the Offered Membership
Interest for consideration in whole or in part other than cash, the Parties shall attempt to agree on a cash equivalent value for the non-cash consideration being offered by the Offeror. Should the Parties be
unable to agree such cash equivalent value, the Parties shall use the Valuation Process to determine such cash equivalent value. Should the Transferring Member be dissatisfied with the cash equivalent value determined under the Valuation Process, it
can withdraw from the proposed Transfer in its entirety, but will not be allowed to make a Transfer to either the Offeror or the Pre-Emption Member. Should the
Pre-Emption Member be dissatisfied with the cash equivalent value determined under the Valuation Process, it can withdraw its Pre-Emption Notice without penalty, in
which case the Transferring Member may proceed with the proposed Transfer to the Offeror on the same terms and conditions as set forth in the Transfer Notice. 

(iv) Any transfer of Membership Interests to a Person other than an Affiliate or the other Member shall be completed within 120
days after the issuance of the Transfer Notice, unless such time is extended by agreement of the Parties. 
 (b) Required
Documents. An instrument pursuant to which the proposed transferee agrees to all of the terms and conditions of, and to be bound by, this Agreement and each other agreement between the Company and the Transferring Member, and to assume all of
the obligations of the Transferring Member and to be subject to all the restrictions and obligations to which the Transferring Member is subject under the terms of this Agreement and each other such agreement shall be delivered to the Company and,
if the proposed transferee is not a Member, to the other Member. 
 (c) Restrictions. Such Transfer shall not be
permitted if it would: 
 (i) result in a violation of the Securities Act of 1933, as amended, or any regulation issued
pursuant thereto, or any state securities laws or regulations, or any other applicable Federal or state laws or order of any court having jurisdiction over the Company; or 

(ii) cause a material risk, in the opinion of independent reputable tax counsel (whose fees and disbursements shall be paid by
the transferring Member or the transferee) selected by the MMC, that the classification of the Company as a partnership for purposes of the Code could be adversely affected. 

(d) Costs. The Transferring Member or transferee shall pay to the Company all direct costs incurred and to be incurred
by the Company in connection with or as a result of such Transfer, to the extent such costs would not have been incurred by the Company if such Transfer had not been proposed or made. 

  
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 7.4. Unauthorized Transfers Void. Any Transfer or purported Transfer of a Membership
Interest that is not a Permitted Transfer shall be null and void ab initio and of no force or effect whatever; provided, however, that if the Company is required to recognize a Transfer that is not a Permitted Transfer (or if the Members
elect to recognize a Transfer that is not a Permitted Transfer), the interest transferred shall be strictly limited to the transferor’s rights to allocations and distributions as provided by this Agreement with respect to the transferred
Membership Interest, which allocations and distributions may be applied (without limiting any other legal or equitable rights of the Company) to satisfy any debts, obligations or liabilities for damages that the transferor or transferee of such
Membership Interest may have to the Company. Notwithstanding anything in this Agreement to the contrary, neither such transferor nor such transferee shall have any right to vote on any matter presented for approval of the Members or the MMC, in each
case as applicable, or to nominate any Member (or be nominated) to serve on the MMC. 
 7.5. Distributions and Allocations in Respect to
Transferred Membership Interest. 
 (a) If any Membership Interest is Transferred during any Fiscal Year in compliance
with the provisions of this Article VII, Profits, Losses, each item thereof, and all other items attributable to the Transferred Membership Interest for such Fiscal Year shall be divided and allocated between the transferor and the transferee by
taking into account their varying Membership Interests during such Fiscal Year in accordance with Section 5.6. All distributions on or before the date of such Transfer shall be made to the transferor, and all distributions thereafter shall be
made to the transferee. 
 (b) The transferee of a Membership Interest validly transferred under this Agreement shall succeed
to: 
 (i) the Membership Percentage; 

(ii) the Financial Accounts Percentage; and 

(iii) any other percentage as may be applicable, 

to the same extent it relates to the Transferred Membership Interest. 

ARTICLE VIII 

WITHDRAWAL 
 Members shall
not have the right to withdraw from the Company at any time, and shall not withdraw from the Company unless approved in advance by the other Member, such approval to be at the sole discretion of the other Member. 

ARTICLE IX 
 DEFAULT;
REMOVAL OF MEMBERS 
 9.1. Default. The occurrence of any of the following events in respect of a Member shall result in such
Member being a “Defaulting Member” hereunder: 

  
 37 

 (a) such Member becomes a Defaulting Member in accordance with Section 4.3;

 (b) any material breach by such Member of any of its representations and warranties or of its financial obligations
hereunder (other than its obligation to make capital contributions in accordance with Article IV), which breach, if susceptible of cure, is not cured within 30 days following such Member’s receipt of notice of, and a demand to cure, such breach
from the Company or any other Member; 
 (c) such Member becomes insolvent or bankrupt, or makes an assignment for the
benefit of creditors; an order is made by a court or an effective resolution is passed by the board of directors (or similar governing body) of such Member for the reorganization under any bankruptcy law, dissolution, liquidation or winding up of
such Member; or a receiver is appointed for all or a substantial part of such Member’s assets; provided, however, that in the event that a security interest in Morningstar’s Membership Interest is foreclosed on by a creditor or a creditor
seeks any other remedy in connection with its security interest not inconsistent with the rights of the XTO Parties as described under Section 7.2(c), neither Morningstar nor the creditor shall be a Defaulting Member solely as a result of such
action; or 
 (d) such Member dissolves, liquidates, is wound up or otherwise terminates its existence, except to the extent
that dissolution, liquidation, winding-up or termination results in Permitted Transfer. 
 9.2.
Effect of Being a Defaulting Member. A Defaulting Member, including a Defaulting Member under Section 4.3, shall continue as such until the earliest of (a) such Member’s cure of the applicable default and, if applicable,
payment of the Total Amount in Default, and (b) such Member’s removal from the Company. For as long as a Member is a Defaulting Member, such Member (and any transferee of such Member’s Membership Interests) shall forfeit (i) all
rights to vote on any matter presented for approval of the Members or the MMC (in each case to the extent applicable to such Defaulting Member) and (ii) all rights it has to receive any distribution from the Company (it being understood that
this provision shall not operate to prevent distributions to the other Member), and shall be subject to removal in accordance with Section 9.3. A Defaulting Member shall defend, indemnify and hold the Company and each other Member harmless from
and against any and all claims, damages, losses, penalties, costs and expenses (including incremental tax liability and attorneys’ fees and expenses) incurred by any of them arising from or related to, the occurrence of any event under
Section 9.1 that led to such Member being a Defaulting Member, any subsequent default by such Defaulting Member under Section 9.1 or the enforcement of this indemnity obligation. Such indemnity obligation shall survive termination or
expiration of this Agreement, the withdrawal or removal of the Defaulting Member from the Company or the Transfer of such Defaulting Member’s Membership Interests. 

9.3. Removal of Members. 

(a) Any Member may be removed by vote of the MMC (i) if such Member is a Defaulting Member or (ii) upon a
determination by counsel of the Company that the continued membership of such Member will cause the Company to violate applicable law; provided, that the Member whose removal is the subject of such vote shall not be entitled to vote on such matter.

  
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 (b) A Defaulting Member removed pursuant to this Section shall within 10
Business Days following its removal pay to the Company all outstanding amounts then owed by such Member to the Company, including amounts owed in respect of such Member’s Initial Capital Commitment and then Additional Capital Contributions.

 (c) Following the removal of a Member, the Membership Percentage and other relevant percentages of each Member existing
immediately after such removal shall be adjusted proportionately to account for the removal of such Member, and the Company shall update Exhibit A to reflect the same. 

ARTICLE X 

DISSOLUTION OF COMPANY; DISTRIBUTION UPON DISSOLUTION 

10.1. Dissolution of the Company. The Company shall be dissolved upon the occurrence of any of the following events: 

(a) the consent of all the Members to dissolve the Company; 

(b) the consummation of any sale, lease, exchange, or other transfer in one transaction or a series of related transactions of
all or substantially all of the Company’s assets (for this purpose, excluding Financial Accounts Assets); or 
 (c) the
entry of an order of judicial dissolution of the Company under the Act. 
 10.2. Appointment of Liquidating Person. Upon the
occurrence of an event set forth in Section 10.1, the MMC shall promptly appoint a Member or other Person to wind-up the affairs of the Company. Such Person shall (a) be responsible for overseeing the
winding up and liquidation of Company, (b) take full account of the liabilities and assets of Company, (c) determine which assets shall be distributed in kind and which assets shall be liquidated, (d) cause the Company’s assets
to be either sold or distributed, and if sold, shall cause the proceeds therefrom, to the extent sufficient therefor, to be applied and distributed as provided in Section 10.5 and (e) give written notice of the commencement of winding up by
mail to all known creditors and claimants whose addresses appear on the records of the Company. During the period of winding up, the Members or the Member or other Person appointed under this Section I 0.3 may make distributions of cash and other
assets to the Members in accordance with the provisions of Article V hereof. 
 10.3. Certificate of Cancellation. As soon as possible
following the occurrence of any of the events specified in Section 10.1, but following the complete liquidation of the Company’s assets in accordance with this Article X, the MMC (or the Member or other Person appointed under Section 10.3)
shall cause a certificate of cancellation in such form as shall be prescribed by the Secretary of State of the State of Delaware to be executed and filed as required by the Act. 

  
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 10.4. Distributions. 

(a) After determining that all known debts and liabilities of the Company, including debts and liabilities to Members that are
creditors of the Company, and expenses of liquidation, have been paid or adequately provided for, the remaining assets of the Company, if any, shall be distributed to the Members as follows: (i) Financial Accounts Assets shall be distributed to
each Member in accordance with such Member’s respective Financial Accounts Sharing Percentage, but only to the extent of such Member’s positive Capital Account balance, as determined after taking into account allocations of Profits or
Losses and any other items of income, gain, loss or deduction required to be allocated to the Members’ Capital Accounts for the Fiscal Year during which such liquidation occurs and any unrealized gains or losses inherent in any asset(s) to be
distributed to the Members in kind upon the liquidation of the Company, and (ii) other remaining assets (including Financial Accounts Assets not distributed under Section 10.4(a)(i) shall be distributed to the Members in accordance with their
positive Capital Account balances, as determined under Section 10.4(a)(i), after subtracting any distributions under Section 10.4(a)(i). Such liquidating distributions shall be made as promptly as possible following dissolution. 

(b) If any Member has a deficit balance in its Capital Account (after giving effect to all contributions, distributions and
allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Member shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not
be considered a debt owed to the Company or to any other Person for any purpose whatsoever. 
 (c) Except as otherwise
specifically provided in this Agreement, each Member shall only be entitled to look solely to the assets of the Company for the return of its positive Capital Account balance and shall have no recourse for its Capital Contribution or share of any
income or profits of the Company (upon dissolution or otherwise) against any other Member. 
 10.5. Statements Upon Dissolution. By no
later than 90 days after the dissolution, termination and complete liquidation of the Company, each of the Members shall be furnished with statements similar, so far as may be practicable, to those described in Section 11.3 hereof prepared by
the registered independent public accounting firm retained by the Company as of and for the period ending on the date of complete liquidation. 

ARTICLE XI 
 BOOKS,
RECORDS ACCOUNTING AND REPORTS 
 11.1. Books and Records of the Company. The CFO shall cause to be maintained proper and
complete records and books of account of the Company affairs at the Company’s principal place of business. The Company’s books and records shall be prepared in accordance with GAAP and agreed accounting procedures, reflect all the
Company’s transactions and be appropriate and adequate for the Company’s business. The Company shall maintain its books and records for at least the longer of ten years from the end of the Fiscal Year to which such books and records relate
and the minimum period required by applicable law. 

  
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 11.2. Rights of Examination and Inspection. Each Member shall have the right at all
reasonable times during business hours to access the Company’s worksites, offices and personnel and to examine and make copies of the books or accounts of the Company, for any purpose reasonable related to the Member’s interest as a Member
subject, in each case, to such reasonable standards as the MMC may establish, which shall include any restrictions necessary to prevent disclosure of confidential or proprietary information of the Company or the Members. Such right may be exercised
through any agent or employee of each Member or by independent certified public accountants or counsel designated by such Member subject to an appropriate confidentiality agreement. Each Member shall bear all expenses incurred in any examination
made for such Member’s account. The Members shall use reasonable efforts to coordinate their respective examinations or inspections of the Company’s facilities, records and books of account in order to minimize disruption of the Company
Business. 
 11.3. Annual Reports. Within 75 days after the end of each Fiscal Year, the Company shall cause to be prepared at its own
expense, and furnish each Member, audited financial statements accompanied by a report thereon from an independent registered public accounting firm approved by the MMC stating that such statements are prepared and fairly stated in all material
respects in conformity with GAAP, and, to the extent inconsistent therewith, in accordance with this Agreement, including the following: 

(a) a copy of the balance sheet of the Company as of the last day of such Fiscal Year; 

(b) a statement of income or loss for the Company for such Fiscal Year; 

(c) a statement of cash flows for the Company for such Fiscal Year; and 

(d) a statement of the Members’ Capital Accounts, changes thereto for such Fiscal Year and Membership Percentages at the
end of such Fiscal Year. 
 11.4. Quarterly Reports. Within 30 days after the end of each quarter, the Company shall cause each Member
to be furnished with quarterly financial statements and quarterly production reports prepared in accordance with the Company’s methods of accounting, of the type described in Section 11.3(a) through (c) as of and for the period ended
on the last day of such quarter, provided that such quarterly reports need not include such footnotes as may be required by GAAP. 
 11.5.
Monthly Reports. Within 20 days after the end of each month, the Company shall cause each Member to be furnished with monthly financials statements and monthly production reports prepared in accordance with the Company’s methods of
accounting, of the type described in Section 11.3(a) through (c) as of and for the period ended on the last day of such month, provided that such monthly reports need not include such footnotes as may be required by GAAP. The Company will
also provide necessary operating and financial supplemental information adequate to meet each Member’s respective reporting requirements; the format and detail of such information shall be submitted to the MMC for approval within 120 days after
the Effective Date. 

  
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 11.6. Additional Information Upon request of Member. During the first three years of
Company operations, the Company, at the request of any Member, shall provide to each Member, (i) financial statements for the Property of the Company of the type described in Section 11.3 as of, and for, each of the three years ended
December 31, 2011 and (ii) a reserve report of the Property of the Company of the type described in Section 11.7 as of December. 31, 2011. The Member making such request shall bear all costs incurred by the Company in the provision of
the reserve report. 
 11.7. Reserve Reports. Upon the request of any Member, the Company will cooperate in the preparation of a
reserve report prepared by an independent petroleum engineer designated by the requesting Member, provided, that such reserve report is paid for by such Member; provided, further, that such requesting Member shall have no obligation to provide such
reserve report to the Company or any other Member. Such reserve report prepared pursuant to this Section 11.7 is separate and independent from the reserve reports that Morningstar will prepare and submit to the Company pursuant to
Section 3.2.21 of the Operating & Services Agreement. 
 11.8. Accounting Procedures. The Company shall maintain its accounts
in accordance with agreed upon accounting procedures approved by the MMC. The accounting procedures shall be submitted to the MMC for approval within 120 days after the Effective Date. 

ARTICLE XII 
 TAX
MATTERS 
 12.1. Tax Returns and Information Reports. 

(a) The Company shall cause all required Tax returns and information reports (including income and other required Federal,
state and local tax returns and Forms 1099) for the Company to be prepared and to be timely filed with the appropriate authorities. The Company shall cause the timely remittance or payment of any Tax ( including withholding taxes and back-up withholding taxes arising from payments to Members or third parties) due or payable by the Company. The Company’s Federal Form 1065, and any amendments thereto, shall be agreed to and approved by the
MMC prior to filing. 
 (b) The Company shall maintain all books and records appropriate or necessary to comply with any Tax
or filing requirement. The Company shall maintain these books and records for at least the longer often years from the end of the Fiscal Year to which such books and records relate and the minimum period required by applicable law. Each Member shall
have the right to examine these books and records under the terms and conditions specified in Section 11.2. 
 (c) The
Company shall timely respond to all reasonable inquiries from the MMC or any Member regarding the tax affairs of the Company and the implications to the Members. 

  
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 (d) No later than 10 days before any estimated payment due date, the Company
shall provide to each Member estimates of such Member’s share of taxable income for the Fiscal Year through the end of the month preceding the due date of the estimated payment. 

12.2. Information to Members. 

(a) Within six months after the end of each Fiscal Year of the Company, the Company shall send to each Person who was a Member
at any time during such Fiscal Year such tax information, including Federal tax Schedule K-1, as shall be reasonably necessary for the preparation of such Member’s Federal, state and local income tax
returns. 
 (b) Within 75 days of the end of each Fiscal Year of the Company, the Company shall provide each Person who was a
Member at any time during such Fiscal Year such information with respect to the Company as may be necessary for the calculation of such Member’s Federal tax obligation for such Fiscal Year. This period shall be automatically extended by the
period of any delay beyond the control of the Company, such as a delay resulting from the failure of a Third Party to provide required tax information to the Company in a timely manner. 

(c) Within six months after the end of each Fiscal Year of the Company, the Company shall provide to each Person who was a
Member at the end of such Fiscal Year, calculations of each Member’s Capital Account and Federal tax basis in the Company. 
 12.3.
Information to MMC. 
 (a) Within five months after the end of each Fiscal year, the Company shall provide the MMC
with sufficient information to review and approve the Company’s Federal Form 1065, calculation of each Member’s Capital Accounts and calculation of each Member’s Tax Basis. The information provided shall include a detailed
reconciliation of (i) significant differences between financial reporting and taxable income, and (ii) tax return results to each Member’s tax basis and (iii) each Member’s tax basis to each Member’s Capital Account.

 (b) The Company shall promptly provide the MMC (i) notice of the commencement of any audit or controversy related to
any Tax, and (ii) descriptions of developments related to any Tax, including significant tax exposures, significant events affecting the Company’s tax position and the status of any Tax audits or controversies. 

(c) The Company shall notify the MMC of any material reports, analyses, opinions or similar information related to tax planning
or the Company’s tax affairs prepared by the Company, any outside counsel engaged by the Company or any service provider for the Company (including Morningstar). The Company shall make all such reports, analyses, opinions or similar information
available to the MMC. 

  
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 12.4 Tax Matters Member. 

(a) XTO Energy shall be designated as the Tax Matters Member, which Member shall be authorized and required to represent the
Company in connection with all examinations of the Company’s Federal income tax affairs, including any resulting administrative and judicial proceedings, and to expend Company funds for reasonable and customary costs associated therewith.
Morningstar shall represent the Company in connection with all other examinations of the Company’s tax affairs by tax authorities, and to expend Company funds for reasonable and customary costs associated therewith. Neither XTO Energy nor
Morningstar shall (i) be entitled to compensation for performing these duties, or (ii) cause the Company to incur any expenses for professional services related to these matters in excess of $100,000 per year, without the consent of the
MMC. If XTO Energy notifies the Company in writing that it declines to be the Tax Matters Member for any Taxable Year, then the MMC shall select the Tax Matters Member for that particular taxable year. 

(b) XTO Energy or Morningstar shall obtain approval from the MMC before agreeing to any settlement of a Tax audit, controversy,
judicial or other proceeding that would result in (i) a material adverse adjustment to the taxable income of any Member or (ii) a tax liability to the Company or its Members in excess of$10,000. 

(c) XTO Energy shall have the exclusive authority, without approval of the MMC, to pursue any audit, controversy, judicial or
other proceeding related to the tax treatment of the XTO Parties’ Capital Contributions pursuant to their Initial Capital Commitments; provided, however, that XTO Energy shall not agree to the settlement of any such audit, controversy, judicial
or other proceeding that would result in (i) a material adverse adjustment to the taxable income of any Member or (ii) a tax liability to the Company or its Members in excess of$10,000 without MMC approval. 

12.5 Consistent Reporting. 

(a) The Company and each Member agree to consistently treat properties contributed in fulfillment of the XTO Parties’
Initial Capital Commitments as a contribution to the Company’s capital under IRC sections 721 through 723. 
 (b) Each
Member shall timely notify the MMC and the other Member of its intention to take any position inconsistent with the Company’s treatment of any item on the Company’s tax returns or information reports. Each Member shall timely provide the
Company and the other Member with any Form 8082, or similar form or disclosure, the Member plans to file or disclose for any Fiscal Year. 

12.6. Statute of Limitations. 
 Neither
the Company nor any Member may extend any of the Company’s statute of limitations for assessment of any Tax without consent from the MMC. Neither the Company nor any Member may extend the statute of limitations for assessment of tax
deficiencies against Members with respect to adjustments to the Member’s federal, state, local, or foreign tax returns without consent from the MMC. 

  
 44 

 12.7 Tax Elections. 

(a) Upon written request of any member, the Company shall elect, pursuant to Section 754 of the Code, to adjust the basis
of the Company’s Property as described in Sections 734 and 743 of the Code. Each Member shall, at its own expense, within 30 days of request from the Company, furnish to the Company such information as is reasonably necessary to accomplish the
adjustments in basis provided for under the Section 754 election. 
 (b) For both income tax return and Capital Account
purposes, unless otherwise approved by the MMC, the Company shall elect (i) to deduct when incurred intangible drilling and development costs (“IDC”), (ii) the accrual method of accounting, (iii) to report income on a calendar year
basis, and (iv) to use the maximum allowable accelerated tax method and the shortest permissible tax life for depreciation. 

(c) Unless otherwise directed by the MMC, for any applicable Fiscal Year for which such election may be made, the Company shall
make the election described in Section 6231(a)(l)(B)(ii); and 
 (d) All other material tax elections shall be subject
to approval by the MMC. 
 ARTICLE XIII 

INSURANCE 
 The Company may purchase and
maintain insurance, to the extent, in such amounts, with such insurers (including captive insurers that are Affiliates of Members) and on behalf of such Persons as the MMC shall deem reasonable; this insurance may cover any liability that may be
asserted against (or expenses that may be incurred by) any such Persons in connection with the activities of the Company. 
 ARTICLE XIV

 GOVERNING LAW; DISPUTE RESOLUTION 

14.1. Governing Law. This Agreement, including Article XIV hereof, and the rights and obligations of the Members hereunder shall be
governed in accordance with the laws of the State of Delaware without regard to the conflict of laws principles of such state that would refer any issue in a Dispute to the substantive laws of another jurisdiction. 

14.2. Dispute Resolution. Except as otherwise provided herein, the parties to any Dispute hereunder shall attempt to resolve such
Dispute through good faith negotiations between senior executive officers of such parties with the authority to settle such Dispute. If such Dispute cannot be resolved through negotiations within 30 Business Days following receipt of the written
notice of the Dispute to each of the Members and the Company, any party to such Dispute wishing to initiate mediation shall do so within 30 days thereafter or within such other time period as the parties to the Dispute may agree. Any such mediation
shall be conducted in accordance with the Commercial Mediation Procedures of the American Arbitration Association 

  
 45 

 (“AAA”) as in effect on the date of this Agreement. If no party to the Dispute issues a notice of
mediation within such 30-day (or other agreed upon) period, or if the parties fail to settle such Dispute within 30 days following a notice of mediation, any such party shall have the right to submit the
Dispute to resolution by final and binding arbitration. For the avoidance of doubt, except as otherwise expressly provided herein, no party may seek a binding determination of a Dispute except through arbitration as provided for in this Article XIV.
The following provisions shall apply to arbitration proceedings pursuant to this Section 14.2: 
 (a) The place of
arbitration will be Fort Worth, Texas. The arbitration will be conducted in the English language. 
 (b) The arbitral
proceedings shall be carried out in accordance with the Commercial Arbitration Rules of the American Arbitration Association. The arbitral tribunal shall be composed of a sole arbitrator if the monetary value of the Dispute is $5,000,000 (or its
currency equivalent) or less, and three arbitrators if the monetary value of the Dispute is greater than $5,000,000 (or its currency equivalent) or if the relief sought includes any which is not monetary in nature. In the case of a sole arbitrator,
the parties to the Dispute shall endeavor to mutually agree upon the identity of said arbitrator within 30 days after the date on which the respondent(s)’ answer is filed in the arbitration. If there are to be three arbitrators, the claimant(s)
and respondent(s) shall each simultaneously nominate one arbitrator within 30 days after the date on which the respondent(s)’ answer is filed and the two arbitrators will endeavor within the following 30 days to agree upon the third arbitrator
who shall be the chairman of the arbitral tribunal. If any arbitrator is not nominated pursuant to the foregoing sentence, the AAA shall appoint such arbitrator. Any monetary counterclaim of a party must be included in such party’s answer,
failing which, such claim cannot be made or considered by the arbitral tribunal. 
 (c) The parties to the Dispute shall
submit true copies of all documents considered relevant with their respective statement of claim or defense and any counterclaim or reply. Further, the arbitral tribunal, at its own initiative or upon the request of a party to the Dispute may decide
to require the submission of additional specific documents or specific, narrow and well-defined classes of documents that the arbitral tribunal considers relevant to the case and material to the outcome of an issue in the Dispute. The arbitral
tribunal shall not have the power to award, nor shall the arbitral tribunal award, any punitive, indirect, incidental or consequential damages or awards for diminution in value or lost profits (however any such award is denominated). The arbitral
tribunal is authorized to take any interim measures as it considers necessary, including the making of interim orders or awards or partial final awards. An interim order or award may be enforced in the same manner as a final award using the
procedures specified below. Further, the arbitral tribunal is authorized to make pre- or post-award interest at applicable statutory interest rates during the relevant period. 

(d) The written award of the arbitral tribunal shall be final and binding. Except to the extent set forth in the following
sentence, each Member hereby waives irrevocably (and the Members shall cause the Company to waive irrevocably) any right to appeal such arbitration award and its rights to any form of review or recourse to any court

  
 46 

 or other judicial authority, in each case to the extent such rights may be waived.
Notwithstanding anything to the contrary herein, each party retains the right to seek judicial assistance (i) to compel arbitration; (ii) to obtain interim measures of protection pending or during arbitration, including injunctive relief
and declarations of specific performance; (iii) to enforce any decision of the arbitral tribunal, including the final award; and (iv) to seek dissolution of the Company in accordance with
Section 18-802 of the Act. Judgment upon the award rendered by the arbitral tribunal may be entered by any court having jurisdiction thereof. 

(e) All arbitration fees and costs shall be borne equally by the parties to a Dispute; provided, however, that the arbitral
tribunal shall have the power to award costs against any party that calls witnesses whose testimony the tribunal considers to be irrelevant or duplicative. Each party shall bear its own costs of legal representation and, subject to the immediately
preceding sentence, witness expenses. 
 (f) Each Dispute shall be resolved as quickly as reasonably possible. Any
arbitration award must be issued within three months from completion of the hearing, or as soon as possible thereafter. 

(g) Any Dispute and any negotiations, mediation and arbitration proceedings between the parties thereto regarding such Dispute
shall be confidential and shall be subject to Section 16.1. 
 14.3. Survival. This Article XIV shall survive the termination or
expiration of this Agreement, any withdrawal or removal of a Member or any Transfer of a Member’s Membership Interests, and shall remain binding upon a Member following its withdrawal or the Transfer of its Membership Interests. 

14.4. Valuation Process. In the event that the MMC or Members cannot agree on the Agreed Value of any
non-cash asset where agreement is required, the Agreed Value shall be determined according to the valuation process (“Valuation Process”) as described in this Section 14.4. XTO Energy and
Morningstar shall each timely designate an appraiser to determine the price at which a willing seller would sell and a willing buyer would buy the asset, free and clear of all liens or other liabilities, substantially as an entirety (and as
applicable, as part of a going concern) in a single arm’s-length transaction for cash, without time constraints and without being under any compulsion to buy or sell. If the two appraisers’ value
determinations vary by less than ten percent (10%) of the higher determination, the Agreed Value shall be the average of the two determinations. If such determinations vary by ten percent (10%) or more of the higher determination, the two appraisers
shall promptly designate a third appraiser. The Agreed Value shall be equal to the middle of the three determinations. Each appraiser selected pursuant to this Agreement shall be an independent investment banking firm or other independent qualified
Person with prior experience in appraising the relevant assets and that is not an Affiliate of, employed by or otherwise related to any Member or owner of any Member. 

  
 47 

 ARTICLE XV 

REPRESENTATIONS AND WARRANTIES 

Each of the Members represents and warrants to each other Member and to the Company, as of the date such Member is admitted as a Member, as
follows: 
 15.1. Organization. Such Member is corporation or other legal entity duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization. 
 15.2. Authorization; Binding Effect. Such Member has all requisite power
and authority to carry on its business as it is now being conducted and to execute and deliver this Agreement and to perform its obligations hereunder. The execution and delivery by such Member of this Agreement and the performance by such Member of
its obligations hereunder have been duly authorized by all requisite action of such Member. This Agreement has been duly and validly executed and delivered by such Member and constitutes the valid and binding obligation of such Member, enforceable
against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally or by general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at law). 
 15.3. Non-Contravention. The
execution, delivery and performance by such Member of this Agreement and the consummation of the transactions contemplated hereby do not and will not (a) violate any provision of the certificate of incorporation, bylaws or other organizational
documents of such Member or (b) violate or result in a breach of or constitute a default under any law or other restriction of any governmental authority to which the Company or such Member is subject. 

15.4. Litigation. There is not pending or, to the best knowledge of such Member, threatened, against such Member any claim, suit, action
or governmental proceeding, that would, if adversely determined, materially impair the ability of such Member to perform its obligations hereunder. 

15.5. Conduct of Such Member. Neither such Member nor any of its Affiliates has made, offered, or authorized and none of them will not
make, offer, or authorize with respect to the matters which are the subject of this Agreement, any payment, gift, promise or other advantage, whether directly or through any other person or entity, to or for the use or benefit of any public official
(i.e., any person holding a legislative, administrative or judicial office, including any person employed by or acting on behalf of a public agency, a public enterprise or a public organization) or any political party or political party
official or candidate for office, where such payment, gift, promise or advantage would violate (i) the applicable laws of the United States; (ii) the laws of the country of organization of such Member or such Member’s ultimate parent
company and of the principal place of business of such ultimate parent company; or (iii) the principles described in the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, signed in Paris on
December 17, 1997, which entered into force on February 15, 1999, and the Convention’s Commentaries. Each Member shall in good time (x) respond in reasonable detail to any notice from any other Member reasonably connected with
the representations and warranties set forth in this Section 15.6 and (y) furnish applicable documentary support for such response upon request from such other Member. 

  
 48 

 ARTICLE XVI 

MISCELLANEOUS 
 16.1.
Confidentiality. 
 (a) Subject to paragraph (b) below, each Member agrees that it shall at all times keep
confidential, and not disclose or make accessible to anyone, any Confidential Information of any other Member or the Company, except (i) with respect to Confidential Information of the Company, to the extent that such disclosure is approved in
advance by the MMC, (ii) with respect to Confidential Information of any other Member, to the extent such disclosure is approved in advance by such other Member, or (iii) as may be required by applicable law, court process or other
obligations pursuant to any governmental or regulatory authority requirement. In addition, subject to paragraph (b) below, no Member shall use any Confidential Information of the Company or any other Member (and the Members shall cause the
Company not to use any Confidential Information of any Member) other than in connection with the performance of its obligations under this Agreement or in the operation of such Member’s business or the Company Business. 

(b) Any Member may disclose Confidential Information (i) to its Affiliates,
co-venturers, directors, members, officers or employees, or its accountants, lawyers, banks, lenders, investors and financial advisors who are directed to maintain the confidentiality of the disclosed
Confidential Information and not use such Confidential Information for any purpose other than in connection with the business of such Member or its Affiliates, the Company Business, the operation of the Company or providing advice to such Member in
the ordinary course of its professional duties; (ii) to its financing sources, provided that the proceeds of such financing are used by the Member to fund its obligations to the Company; or (iii) where required by law, court process or
regulation; provided, however, that in the case of disclosure required by law, court process or regulation, the disclosing Person promptly shall notify the Person whose information is sought to be disclosed of such request for disclosure, and
reasonably cooperate with such Person, to enable such Person to seek an appropriate order or other appropriate remedy to prevent or restrict the disclosure of such Confidential Information. Prior to disclosure of Confidential Information to any
Person other than a director, officer, or employee of a Member or Affiliate of a Member or a Member’s accountants or lawyers, the disclosing party shall enter into a confidentiality agreement with the intended recipient which shall provide that
the recipient will comply with the confidentiality restrictions and obligations set forth in this Agreement. 
 (c) The
obligations set forth in this Section 16.1 shall be continuing and survive the termination of this Agreement and the dissolution of the Company, in each case for a period of five years, and shall be continuing and as to a Member shall survive
the withdrawal or removal of such Member from the Company for a period lasting until the second anniversary of the termination of the Company’s existence. 

  
 49 

 16.2. Notices. All notices, demands and other communications required under this
Agreement shall be in writing (in English) and delivered in person, by U.S. Mail, by courier service or by any electronic means of transmitting written communications which provides written confirmation of complete transmission. A notice, demand or
other communication given under any provision of this Agreement shall be deemed delivered only when received by the Person to whom such communication is directed. All notices, demands and other communications required under this Agreement shall be
addressed, (a) if given to the Company, at its principal place of business as provided in Section 2.4 hereof, and (b) if given to any Member, at the address set forth under such Member’s name on Exhibit A, or at such other
address as such Member may hereafter designate by written notice to the Company, with such change to be effective 10 days after such notice is given. 

16.3. Additional Documents and Acts. Each Member agrees to execute and deliver such additional documents and instruments and to perform
such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of the terms, provisions, and conditions of this Agreement and the transactions contemplated hereby. 

16.4. Cumulative Remedies. The rights and remedies provided by this Agreement are cumulative and the use of any one right or remedy by
any Member shall not preclude or waive its right to use any or all other remedies provided hereunder. 
 16.5. Relationship. No Member
has any authorization to enter into any contracts or assume any obligations for any other Member or make any warranties or representations on behalf of another Member other than as expressly authorized herein. 

16.6. Binding Effect: No Third Party Beneficiaries. Subject to the provisions of this Agreement relating to transferability, this
Agreement will be binding upon and inure to the benefit of the Members, and their respective successors and permitted assigns. Nothing in this Agreement is intended to confer, nor shall anything herein confer, on any Person other than the Members
and their respective successors or permitted assigns, any rights, remedies, obligations or liabilities. 
 16.7. Assignment. Except as
expressly set forth herein, no Member hereto may assign its rights or delegate its obligations under this Agreement, whether by operation of law or otherwise, in whole or in part without the prior written consent of each other Members hereto. Any
attempted assignment or delegation in violation of this Section 16.7 shall be void ab initio. 
 16.8. Interpretation.

 (a) The table of contents and the descriptive headings are for convenience only and shall not control or affect the
meaning or construction of any provision of this Agreement. 
 (b) Except as otherwise expressly provided in this Agreement
or as the context otherwise requires, the following rules of interpretation apply to this Agreement: (i) the singular includes the plural and the plural includes the singular; (ii) “or” is used in the inclusive sense (and/or) and the words
“include” and “including,” and variations thereof, shall not be deemed to be terms of limitation, but rather shall be deemed to be 

  
 50 

 followed by the words “without limitation”; (iii) a reference to a law or
regulation, including references to the Code and Treasury Regulations, includes any amendment or modification to such law or regulation; (iv) a reference to a Person includes its permitted successors and permitted assigns; (v) a reference
in this Agreement to an Article, Section or Exhibit is to the referenced Article, Section or Exhibit of this Agreement; and (vi) “hereunder,” “hereof,” and words of similar import shall be deemed references to this Agreement as a
whole and not to any particular Article, Section or other provision. 
 16.9. Severability. If any covenant or provision hereof is
determined by a court or other tribunal of competent jurisdiction to be void or unenforceable in whole or in part, it shall not be deemed to affect or impair the validity of any other covenant or provision, each of which is hereby declared to be
separate and distinct. If any provision of this Agreement is so broad as to be unenforceable, such provision shall be interpreted to be only so broad as is enforceable. If any provision of this Agreement is declared invalid or unenforceable for any
reason other than over breadth, the offending provision will be modified so as to maintain the essential benefits of the bargain between the parties hereto to the maximum extent possible, consistent with law and public policy. 

16.10. Expenses. Except as otherwise provided herein or agreed by the Members, each Member hereto shall bear its own costs and expenses
incurred in connection with the negotiation, execution and delivery of this Agreement and each other document executed in connection with the formation of the Company. 

16.11. Amendments. This Agreement may be amended only with the consent of the Members in accordance with Section 6.5(k).
Notwithstanding the foregoing, the Company may update Exhibit A without the consent of any Member in order to reflect the addition or withdrawal of any Member or any other modifications required to be made thereto as a result of actions taken
in accordance with this Agreement. 
 16.12. Counterparts. This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic delivery shall be effective as delivery of a
manually executed counterpart of this Agreement. 
 16.13. Entire Agreement. This Agreement, together with the Exhibits hereto, the
Certificate, the Conditions Precedent Side Letter Agreement and any other documents delivered pursuant to this Agreement, constitute the complete and exclusive statement of agreement among the Members with respect to the subject matter herein and
therein and replace and supersede all prior written and oral agreements or statements by and among the Members or any of them. To the extent that any provision of the Certificate conflicts with any provision of this Agreement, the Certificate shall
control. 
 [Remainder of page intentionally blank) 

  
 51 

 IN WITNESS WHEREOF, the Members have executed this Agreement to be effective on the
date first above stated. 
  

							
	                        	  	XTO ENERGY INC.	  	
				
		  	By:	  	  
	  	
			
		  	XHLLC	  	
				
		  	By:	  	  
	  	
		  		  	Jack P. Williams, Jr.	  	
		  		  	President	  	
			
		  	HHE ENERGY COMPANY	  	
				
		  	By:	  	  
	  	
		  		  	Jack P. Williams, Jr.	  	
		  		  	President	  	
		
		  	MORNINGSTAR PARTNERS, L.P. (BY MORNINGSTAR OIL & GAS, LLC, ITS GENERAL PARTNER)
				
		  	By:	  		  	

  
 52EX-10.1

 Exhibit 10.1 
  

 
  

TERM LOAN AGREEMENT 
 Dated as of
November 17, 2022 
 among 

SPIRIT REALTY, L.P., 
 a Delaware
limited partnership, 
 as Borrower, 

VARIOUS FINANCIAL INSTITUTIONS 
 as
Lenders, 
 and 
 JPMORGAN CHASE
BANK, N.A., 
 as Administrative Agent 

JPMORGAN CHASE BANK, N.A., 
 BOFA
SECURITIES, INC., CAPITAL ONE, NATIONAL ASSOCIATION, FIFTH THIRD 
 BANK, NATIONAL ASSOCIATION, MIZUHO BANK, LTD., ROYAL BANK OF 

CANADA, TD BANK, N.A.., THE BANK OF NOVA SCOTIA, 

TRUIST SECURITIES, INC., and WELLS FARGO SECURITIES, LLC 

as Joint Lead Arrangers and Joint Bookrunners 

BANK OF AMERICA, N.A., CAPITAL ONE, NATIONAL ASSOCIATION, FIFTH THIRD 

BANK, NATIONAL ASSOCIATION, MIZUHO BANK, LTD., ROYAL BANK OF 

CANADA, TD BANK, N.A., THE BANK OF NOVA SCOTIA, 

TRUIST BANK, and WELLS FARGO BANK, N.A., 

as Syndication Agents 
 GOLDMAN
SACHS BANK USA, MORGAN STANLEY SENIOR FUNDING, INC. 
 and THE HUNTINGTON NATIONAL BANK, 

as Managing Agents 
  

 
  

 TABLE OF CONTENTS 

 

							
	Page	  

		
	ARTICLE I     Definitions	  	 	1	 
			
	 Section 1.1
	 	Definitions	  	 	1	 
	 Section 1.2
	 	Accounting Matters	  	 	39	 
	 Section 1.3
	 	Interpretation	  	 	39	 
	 Section 1.4
	 	Financial Attributes of Non-Wholly Owned Subsidiaries	  	 	40	 
	 Section 1.5
	 	Interest Rates; Benchmark Notification	  	 	40	 
	 Section 1.6
	 	[Reserved]	  	 	41	 
	 Section 1.7
	 	Divisions	  	 	41	 
	 Section 1.8
	 	Certain Calculations and Tests	  	 	41	 
		
	ARTICLE II     Credit Facility	  	 	42	 
			
	 Section 2.1
	 	Loans	  	 	42	 
	 Section 2.2
	 	[Reserved]	  	 	44	 
	 Section 2.3
	 	[Reserved]	  	 	44	 
	 Section 2.4
	 	Rates and Payment of Interest on Loans	  	 	44	 
	 Section 2.5
	 	Number of Interest Periods	  	 	45	 
	 Section 2.6
	 	Repayment of Loans	  	 	45	 
	 Section 2.7
	 	Prepayments; Reborrowings	  	 	45	 
	 Section 2.8
	 	Continuation	  	 	45	 
	 Section 2.9
	 	Conversion	  	 	46	 
	 Section 2.10
	 	Notes	  	 	46	 
	 Section 2.11
	 	[Reserved]	  	 	47	 
	 Section 2.12
	 	[Reserved]	  	 	47	 
	 Section 2.13
	 	[Reserved]	  	 	47	 
	 Section 2.14
	 	Amount Limitations	  	 	47	 
	 Section 2.15
	 	Increase in Term Loan Commitments	  	 	47	 
	 Section 2.16
	 	Funds Transfer Disbursements	  	 	49	 
		
	ARTICLE III     Payments, Fees and Other General Provisions	  	 	49	 
			
	 Section 3.1
	 	Payments	  	 	49	 
	 Section 3.2
	 	Pro Rata Treatment	  	 	50	 
	 Section 3.3
	 	Sharing of Payments, Etc.	  	 	50	 
	 Section 3.4
	 	Several Obligations	  	 	51	 
	 Section 3.5
	 	Fees	  	 	51	 
	 Section 3.6
	 	Computations	  	 	52	 
	 Section 3.7
	 	Usury	  	 	52	 
	 Section 3.8
	 	Statements of Account	  	 	53	 
	 Section 3.9
	 	Defaulting Lenders	  	 	53	 
	 Section 3.10
	 	Taxes	  	 	54	 
		
	ARTICLE IV     Intentionally Omitted	  	 	58	 
		
	ARTICLE V     Yield Protection, Etc.	  	 	58	 
			
	 Section 5.1
	 	Additional Costs; Capital Adequacy	  	 	58	 
	 Section 5.2
	 	Alternate Rate of Interest	  	 	60	 
	 Section 5.3
	 	Illegality	  	 	62	 
	 Section 5.4
	 	Compensation	  	 	62	 

  
 i 

 TABLE OF CONTENTS 

 

							
	Page	  

			
	 Section 5.5
	 	Treatment of Affected Loans	  	 	63	 
	 Section 5.6
	 	Affected Lenders	  	 	64	 
	 Section 5.7
	 	Change of Lending Office	  	 	65	 
		
	ARTICLE VI     Conditions Precedent	  	 	65	 
			
	 Section 6.1
	 	Initial Conditions Precedent	  	 	65	 
	 Section 6.2
	 	Conditions Precedent to All Loans	  	 	67	 
		
	ARTICLE VII     Representations and Warranties	  	 	68	 
			
	 Section 7.1
	 	Representations and Warranties	  	 	68	 
	 Section 7.2
	 	Survival of Representations and Warranties, Etc.	  	 	74	 
		
	ARTICLE VIII     Affirmative Covenants	  	 	75	 
			
	 Section 8.1
	 	Preservation of Existence and Similar Matters	  	 	75	 
	 Section 8.2
	 	Compliance with Applicable Law	  	 	75	 
	 Section 8.3
	 	Maintenance of Property	  	 	75	 
	 Section 8.4
	 	Conduct of Business	  	 	75	 
	 Section 8.5
	 	Insurance	  	 	75	 
	 Section 8.6
	 	Payment of Taxes and Claims	  	 	76	 
	 Section 8.7
	 	Books and Records; Inspections	  	 	76	 
	 Section 8.8
	 	Use of Proceeds	  	 	76	 
	 Section 8.9
	 	Environmental Matters	  	 	77	 
	 Section 8.10
	 	Further Assurances	  	 	77	 
	 Section 8.11
	 	Material Contracts	  	 	77	 
	 Section 8.12
	 	REIT Status	  	 	78	 
	 Section 8.13
	 	Exchange Listing	  	 	78	 
	 Section 8.14
	 	Guarantors	  	 	78	 
		
	ARTICLE IX     Information	  	 	79	 
			
	 Section 9.1
	 	Quarterly Financial Statements	  	 	79	 
	 Section 9.2
	 	Year-End Statements	  	 	79	 
	 Section 9.3
	 	Compliance Certificate	  	 	80	 
	 Section 9.4
	 	Other Information	  	 	80	 
	 Section 9.5
	 	Electronic Delivery of Certain Information	  	 	82	 
	 Section 9.6
	 	Public/Private Information	  	 	84	 
	 Section 9.7
	 	USA Patriot Act Notice; Compliance	  	 	84	 
		
	ARTICLE X     Negative Covenants	  	 	84	 
			
	 Section 10.1
	 	Financial Covenants	  	 	84	 
	 Section 10.2
	 	Negative Pledge	  	 	86	 
	 Section 10.3
	 	Restrictions on Intercompany Transfers	  	 	86	 
	 Section 10.4
	 	Merger, Consolidation, Sales of Assets and Other Arrangements	  	 	87	 
	 Section 10.5
	 	Plans	  	 	88	 
	 Section 10.6
	 	Fiscal Year	  	 	88	 
	 Section 10.7
	 	Modifications of Organizational Documents and Material Contracts	  	 	88	 
	 Section 10.8
	 	Subordinated Debt Prepayments; Amendments	  	 	88	 

  
 ii 

 TABLE OF CONTENTS 

 

							
	Page	  

			
	 Section 10.9
	 	Transactions with Affiliates	  	 	89	 
	 Section 10.10
	 	Environmental Matters	  	 	89	 
	 Section 10.11
	 	Derivatives Contracts	  	 	90	 
	 Section 10.12
	 	Sanctions, Anti-Corruption	  	 	90	 
		
	ARTICLE XI     Default	  	 	90	 
			
	 Section 11.1
	 	Events of Default	  	 	90	 
	 Section 11.2
	 	Remedies Upon Event of Default	  	 	94	 
	 Section 11.3
	 	Marshaling; Payments Set Aside	  	 	95	 
	 Section 11.4
	 	Allocation of Proceeds	  	 	95	 
	 Section 11.5
	 	[Reserved]	  	 	96	 
	 Section 11.6
	 	Rescission of Acceleration by Requisite Lenders	  	 	96	 
	 Section 11.7
	 	Performance by Administrative Agent	  	 	96	 
	 Section 11.8
	 	Rights Cumulative	  	 	96	 
		
	ARTICLE XII     The Administrative Agent	  	 	97	 
			
	 Section 12.1
	 	Appointment and Authorization	  	 	97	 
	 Section 12.2
	 	Administrative Agent as Lender	  	 	99	 
	 Section 12.3
	 	Approvals of Lenders	  	 	99	 
	 Section 12.4
	 	Notice of Events of Default	  	 	100	 
	 Section 12.5
	 	Administrative Agent’s Reliance	  	 	100	 
	 Section 12.6
	 	Indemnification of Administrative Agent	  	 	101	 
	 Section 12.7
	 	Lender Credit Decision, Etc.	  	 	102	 
	 Section 12.8
	 	Successor Administrative Agent	  	 	104	 
	 Section 12.9
	 	Titled Agents	  	 	105	 
	 Section 12.10
	 	Specified Derivatives Contracts	  	 	105	 
	 Section 12.11
	 	Certain ERISA Matters	  	 	105	 
		
	ARTICLE XIII     Miscellaneous	  	 	107	 
			
	 Section 13.1
	 	Notices	  	 	107	 
	 Section 13.2
	 	Expenses	  	 	109	 
	 Section 13.3
	 	Setoff	  	 	110	 
	 Section 13.4
	 	Litigation; Jurisdiction; Other Matters; Waivers	  	 	110	 
	 Section 13.5
	 	Successors and Assigns	  	 	112	 
	 Section 13.6
	 	Amendments and Waivers	  	 	116	 
	 Section 13.7
	 	No Fiduciary Duty, Etc.	  	 	118	 
	 Section 13.8
	 	Confidentiality	  	 	119	 
	 Section 13.9
	 	Indemnification	  	 	120	 
	 Section 13.10
	 	Termination; Survival	  	 	122	 
	 Section 13.11
	 	Severability of Provisions	  	 	122	 
	 Section 13.12
	 	GOVERNING LAW	  	 	122	 
	 Section 13.13
	 	Counterparts	  	 	122	 
	 Section 13.14
	 	Obligations with Respect to Loan Parties and Subsidiaries	  	 	123	 
	 Section 13.15
	 	Independence of Covenants	  	 	124	 
	 Section 13.16
	 	Limitation of Liability	  	 	124	 
	 Section 13.17
	 	Entire Agreement	  	 	124	 
	 Section 13.18
	 	Construction	  	 	124	 

  
 iii 

 TABLE OF CONTENTS 

 

  

							
		 		  	 	Page	 
			
	 Section 13.19
	 	Headings	  	 	125	 
	 Section 13.20
	 	Time	  	 	125	 
	 Section 13.21
	 	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	  	 	125	 
	 Section 13.22
	 	Acknowledgement Regarding Any Supported QFCs	  	 	125	 

  
 iv 

			
	 SCHEDULE 1.1(a)
	 	Commitment Amounts and Commitment Percentages
	 SCHEDULE 1.1(b)
	 	List of Loan Parties
	 SCHEDULE 1.1(c)
	 	Permitted Liens
	 SCHEDULE 7.1(b)
	 	Ownership Structure
	 SCHEDULE 7.1(f)(i)
	 	List of Properties
	 SCHEDULE 7.1(f)(ii)
	 	List of Eligible Assets
	 SCHEDULE 7.1(g)
	 	Indebtedness and Guaranties
	 SCHEDULE 7.1(h)
	 	Material Contracts
	 SCHEDULE 7.1(i)
	 	Litigation
	 SCHEDULE 7.1(r)
	 	Affiliate Transactions
	 EXHIBIT A
	 	Form of Assignment and Assumption Agreement
	 EXHIBIT B
	 	Form of Guaranty
	 EXHIBIT C
	 	Form of Notice of Borrowing
	 EXHIBIT D
	 	Form of Notice of Continuation
	 EXHIBIT E
	 	Form of Notice of Conversion
	 EXHIBIT F
	 	Form of Note
	 EXHIBIT G-1
	 	Form of U.S. Tax Compliance Certificate
	 EXHIBIT G-2
	 	Form of U.S. Tax Compliance Certificate
	 EXHIBIT G-3
	 	Form of U.S. Tax Compliance Certificate
	 EXHIBIT G-4
	 	Form of U.S. Tax Compliance Certificate
	 EXHIBIT H
	 	Form of Compliance Certificate

  

  
 v 

 TERM LOAN AGREEMENT 

THIS TERM LOAN AGREEMENT (this “Agreement”), dated as of November 17, 2022, is by and among SPIRIT REALTY, L.P.,
a Delaware limited partnership (the “Borrower”), each of the financial institutions initially a signatory hereto together with their successors and assignees under Section 13.5 (the
“Lenders”), and JPMORGAN CHASE BANK, N.A., as Administrative Agent (together with its successors or permitted assigns, the “Administrative Agent”), with the Joint Bookrunners and/or Joint Lead
Arrangers listed on the cover page hereto (collectively, the “Arrangers”), the Syndication Agents listed on the cover page hereto (collectively, the “Syndication Agents”), the Documentation Agents
listed on the cover page hereto (collectively, the “Documentation Agents”) and the Managing Agents listed on the cover page hereto. 

WHEREAS, the Borrower has requested that the lenders make term loans to the Borrower in the initial aggregate amount of $500,000,000, and the
Lenders are willing to make such term loans, on the terms and conditions contained herein. 
 NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Definitions. 

In addition to terms defined elsewhere herein, the following terms shall have the following meanings for the purposes of this Agreement: 

“Accession Agreement” means an Accession Agreement substantially in the form of Annex I to the Guaranty. 

“Additional Costs” has the meaning given to such term in Section 5.1(b). 

“Adjusted EBITDA” means, for any given period, (a) the EBITDA of Spirit REIT and its Subsidiaries determined on a
consolidated basis for such period minus (b) the Reserve for Replacements. Spirit REIT’s Ownership Share of the Adjusted EBITDA of its Unconsolidated Affiliates will be included when determining the Adjusted EBITDA of Spirit
REIT. 
 “Adjusted Term SOFR Rate” means, with respect to any Term Benchmark Borrowing for any Interest Period, an interest
rate per annum equal to (a) the Term SOFR Rate for such Interest Period, plus (b) 0.10%; provided that if the Adjusted Term SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the
Floor for the purposes of this Agreement. 
 “Administrative Agent” means JPMorgan Chase Bank, N.A. (or any of its
designated branch offices or affiliates), as contractual representative of the Lenders under this Agreement, or any successor Administrative Agent appointed pursuant to Section 12.8. 

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

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

“Affected Lender” has the meaning given such term in Section 5.6. 

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Agreement” has the
meaning set forth in the introductory paragraph hereof. 
 “Agreement Date” means the date as of which this Agreement is
dated. 
 “Ancillary Document” has the meaning assigned to it in Section 13.13(b). 

“Anti-Corruption Laws” means all laws, rules and regulations of any jurisdiction applicable to the Borrower or any of its
Affiliates from time to time concerning or relating to bribery, money-laundering or corruption. 
 “Applicable Law” means
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. 
 “Applicable Margin” shall be determined
based upon the Pricing Grid below. 
 The Applicable Margin shall be determined based upon the Credit Ratings given to the Borrower by
S&P, Moody’s and Fitch, as follows: If the Borrower has at least two of such Credit Ratings, then the Applicable Margin and the Applicable Ticking Fee Rate will be based on the highest such Credit Rating unless the difference between the
highest Credit Rating and the lowest Credit Rating is two or more rating levels, in which case the Applicable Margin and the Applicable Ticking Fee Rate will be based on the Credit Rating level that is one level below the highest Credit Rating. If
at any time the Borrower has three (3) Credit Ratings, and such Credit Ratings are split, then: (A) if the difference between the highest and the lowest such Credit Ratings is one ratings category (e.g. Baa2 by Moody’s and BBB- by S&P or Fitch), the Applicable Margin and the Applicable Ticking Fee Rate shall be the rate per annum that would be applicable if the highest of the Credit Ratings were used; and (B) if the
difference between such Credit Ratings is two ratings categories (e.g. Baa1 by Moody’s and BBB- by S&P or Fitch) or more, the Applicable Margin and the Applicable Ticking Fee Rate shall be the rate
per annum that would be applicable if the average of the two (2) highest Credit Ratings were used, provided that if such average is not a recognized rating category, then the Applicable Margin and the Applicable Ticking Fee Rate shall be the
rate 

  
 2 

 
per annum that would be applicable if the second highest Credit Rating of the three were used. If the Borrower has only one of such Credit Ratings (and such Credit Rating is from Moody’s or
S&P), then such Credit Rating shall apply. If the Borrower has neither a Credit Rating from Moody’s nor S&P, then the highest pricing will apply. 

Pricing Grid 
  

											
	 Level
	  	 Credit Ratings

(S&P/ Moody’s/ Fitch)
	  	Applicable
Margin (Term
Benchmark
Loans)	 	 	Applicable
Margin (Base
Rate Loans)	 
	1	  	 ≥A- / A3 / A-
	  	 	0.80	% 	 	 	0.00	% 
	2	  	 BBB+ / Baa1 / BBB+
	  	 	0.85	% 	 	 	0.00	% 
	3	  	 BBB / Baa2 / BBB
	  	 	0.95	% 	 	 	0.00	% 
	4	  	 BBB- / Baa3 / BBB-
	  	 	1.20	% 	 	 	0.20	% 
	5	  	 < BBB- / Baa3 /
BBB- or unrated
	  	 	1.60	% 	 	 	0.60	% 

 Each change in the Applicable Margin and the Applicable Ticking Fee Rate shall be effective commencing on the
next Business Day following the earlier to occur of (A) the Administrative Agent’s receipt of notice from the Borrower of an applicable change in the Credit Rating levels and (B) the Administrative Agent’s actual knowledge of an
applicable change in the Credit Rating levels. 
 “Applicable Ticking Fee Rate” means the percentage set forth in the table
below corresponding to the Level at which “Applicable Margin” is then determined. Any change in the applicable Level at which the Applicable Margin is determined shall result in a corresponding and simultaneous change in the Applicable
Ticking Fee Rate. The provisions of this definition shall be subject to Section 2.4(c). 
 Applicable Ticking Fee
Rate 
  

							
	 Level
	  	 Credit Ratings

(S&P/ Moody’s/ Fitch)
	  	Ticking Fee
Rate	 
	1	  	≥A- / A3 / A-	  	 	0.125	% 
	2	  	BBB+ / Baa1 / BBB+	  	 	0.15	% 
	3	  	BBB / Baa2 / BBB	  	 	0.20	% 
	4	  	BBB- / Baa3 / BBB-	  	 	0.25	% 
	5	  	< BBB- / Baa3 / BBB- or unrated	  	 	0.30	% 

 “Approved Electronic Platform” has the meaning set forth in
Section 9.5(c). 

  
 3 

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

“Arrangers” has the meaning set forth in the introductory paragraph hereof. 

“Assignment and Assumption” means an Assignment and Assumption Agreement entered into by a Lender and an Eligible Assignee
(with the consent of any party whose consent is required by Section 13.5), and accepted by the Administrative Agent, in substantially the form of Exhibit A or any other form (including electronic records generated by
use of an electronic platform) approved by the Administrative Agent. 
 “Availability End Date” is defined in the
definition of “Availability Period”. 
 “Availability Period” means, if the Effective Date has occurred, the
period from January 2, 2023 to the earliest of (the “Availability End Date”) (a) 5:00 p.m., New York time, on July 2, 2023, (b) the funding of the Loans in an amount equal to the aggregate Term Loan
Commitment pursuant to Section 2.1, and (c) the date of termination of the Term Loan Commitment of each Lender pursuant to Section 11.2. 

“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any
tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining the length of an Interest Period for any term
rate or otherwise, for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the
definition of “Interest Period” pursuant to clause (e) of Section 5.2. 

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

“Bail-In Legislation” means (a) with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time 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). 

“Bankruptcy Code” means the Bankruptcy Code of 1978. 

“Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day,
(b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted Term SOFR Rate for a one month Interest Period as published two U.S.
Government Securities Business Days prior to such day (or if such day is not a U.S. Government Securities Business Day, the immediately preceding U.S. Government Securities Business Day) plus 1%; 

  
 4 

 
provided that for the purpose of this definition, the Adjusted Term SOFR Rate for any day shall be based on the Term SOFR Reference Rate at approximately 5:00 a.m. Chicago time on such day (or
any amended publication time for the Term SOFR Reference Rate, as specified by the CME Term SOFR Administrator in the Term SOFR Reference Rate methodology). Any change in the Base Rate due to a change in the Prime Rate, the NYFRB Rate or the
Adjusted Term SOFR Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR Rate, respectively. If the Base Rate is being used as an alternate rate of interest pursuant
to Section 5.2 (for the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to Section 5.2(b)), then the Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without
reference to clause (c) above. For the avoidance of doubt, if the Base Rate as determined pursuant to the foregoing would be less than 1.00%, such rate shall be deemed to be 1.00% for purposes of this Agreement. 

“Base Rate Loan” means a Loan (or any portion thereof) bearing interest at a rate based on the Base Rate. 

“Benchmark” means, initially, with respect to any Term Benchmark Loan, the Term SOFR Rate; provided that if a Benchmark
Transition Event, and the related Benchmark Replacement Date have occurred with respect to the Term SOFR Rate or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark
Replacement has replaced such prior benchmark rate pursuant to clause (b) of Section 5.2. 
 “Benchmark
Replacement” means, for any Available Tenor the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable
Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing
market convention for determining a benchmark rate as a replacement for the then-current Benchmark for syndicated credit facilities denominated in Dollars at such time in the United States and (b) the related Benchmark Replacement Adjustment.
If the Benchmark Replacement as determined pursuant to the above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents. 

“Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted
Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive
or negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for
calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any
evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for
syndicated credit facilities denominated in Dollars at such time. 

  
 5 

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

“Benchmark Replacement Date” means, with respect to any Benchmark, the earliest to occur of the following events with respect
to such then-current Benchmark: 
 (1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the
later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or
indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or 
 (2) in the case of clause
(3) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the
administrator of such Benchmark (or such component thereof) to be no longer representative; provided, that such non-representativeness will be determined by reference to the most recent statement or
publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date. 

For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than,
the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have
occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used
in the calculation thereof). 

  
 6 

 “Benchmark Transition Event” means, with respect to any Benchmark, the
occurrence of one or more of the following events with respect to such then-current Benchmark: 
 (1) a public statement or publication of
information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such
component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); 

(2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the Federal Reserve Board, the NYFRB, the CME Term SOFR Administrator, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with
jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case, which states that the
administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or 

(3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative. 

For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public
statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof). 

“Benchmark Unavailability Period” means, with respect to any Benchmark, the period (if any) (x) beginning at the time
that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in
accordance with Section 5.2 and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 5.2. 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership or control as required by the
Beneficial Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

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

  
 7 

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

“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. 
 “Borrower” has the meaning set forth in the introductory paragraph hereof and
shall include the Borrower’s successors and permitted assigns. 
 “Borrower Administrative Questionnaire” means a
Borrower Administrative Questionnaire in such form as may be approved in writing by the Administrative Agent (such approval not to be unreasonably withheld, delayed or conditioned) to be executed and delivered by the Borrower pursuant to
Section 6.1(a). 
 “Borrower Information” has the meaning given to such term in
Section 2.4(c). 
 “Borrowing” means Loans of the same Type, made, converted or continued on the
same date and, in the case of Term Benchmark Loans, as to which a single Interest Period is in effect. 
 “Business Day”
means, any day (other than a Saturday or a Sunday) on which banks are open for business in New York City; provided that, in relation to any Loans referencing the Adjusted Term SOFR Rate and any interest rate settings, fundings, disbursements,
settlements or payments of any such Loans referencing the Adjusted Term SOFR Rate, or any other dealings of such Loans referencing the Adjusted Term SOFR Rate, any such day that is only a U.S. Government Securities Business Day. 

“Capitalization Rate” means six and one-quarter percent (6.25%) for industrial
Properties and six and three-quarters percent (6.75%) for all other Properties. 
 “Capitalized Lease Obligations” means
obligations under a lease (or other arrangement conveying the right to use property) to pay rent or other amounts that are required to be capitalized for financial reporting purposes in accordance with GAAP. The amount of a Capitalized Lease
Obligation is the capitalized amount of such obligation as would be required to be reflected on a balance sheet of the applicable Person prepared in accordance with GAAP as of the applicable date. 

“Cash Equivalents” means: (a) securities issued, guaranteed or insured by the United States of America or any of its
agencies with maturities of not more than one (1) year from the date acquired; (b) certificates of deposit with maturities of not more than one (1) year from the date acquired issued by a United States federal or state chartered
commercial bank of recognized standing, or a commercial bank organized under the laws of any other country which is a member of the Organisation for Economic Cooperation and Development, or a political subdivision of any such country, acting through
a branch or agency, which bank has capital and unimpaired surplus in excess of $500,000,000 and which bank or its holding company has a short-term commercial paper rating of at least A-2 or the equivalent by S&P or Fitch or at least P-2 or the equivalent by Moody’s; (c) reverse repurchase agreements with terms of not more than seven
(7) days from the date acquired, for securities of the type described in clause (a) above and entered into only with 

  
 8 

 
commercial banks having the qualifications described in clause (b) above; (d) commercial paper issued by any Person incorporated under the laws of the United States of America or any
State thereof and rated at least A-2 or the equivalent thereof by S&P or Fitch or at least P-2 or the equivalent thereof by Moody’s, in each case with
maturities of not more than one (1) year from the date acquired; and (e) investments in money market funds registered under the Investment Company Act of 1940 that have net assets of at least $500,000,000 and at least eighty-five percent
(85%) of whose assets consist of securities and other obligations of the type described in clauses (a) through (d) above. 

“CME Term SOFR Administrator” means CME Group Benchmark Administration Limited as administrator of the forward-looking term
Secured Overnight Financing Rate (SOFR) (or a successor administrator). 
 “Commodity Exchange Act” means the Commodity
Exchange Act (7 U.S.C. §1 et seq.). 
 “Communications” has the meaning given to such term in
Section 9.5(e). 
 “Compliance Certificate” has the meaning given to such term in
Section 9.3. 
 “Connection Income Taxes” means Other Connection Taxes that are imposed on or
measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Continue”,
“Continuation” and “Continued” each refers to the continuation of a Term Benchmark Loan from one (1) Interest Period to another Interest Period pursuant to Section 2.8. 

“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. 

“Convert”, “Conversion” and “Converted” each refers to the conversion of a Loan of one Type
into a Loan of another Type pursuant to Section 2.9. 
 “Corresponding Tenor” with respect to any
Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor. 

“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). 

  
 9 

 “Covered Party” has the meaning assigned to it in
Section 13.22. 
 “Credit Event” means the making (or deemed making) of any Loan. 

“Credit Rating” means the rating assigned by a Rating Agency to the senior unsecured long-term Indebtedness of a Person. 

“Debt Leverage Ratios” means, collectively, the Total Leverage Ratio, the Secured Leverage Ratio and the Unsecured Leverage
Ratio. 
 “Debtor Relief Laws” means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar Applicable Laws relating to the relief of debtors in the United States of America or other applicable jurisdictions from time to
time in effect. 
 “Default” means any of the events specified in Section 11.1, whether or not
there has been satisfied any requirement for the giving of notice, the lapse of time, or both. 
 “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. 

“Defaulting Lender” means, subject to Section 3.9(c), any Lender that (a) has failed to
(i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the
result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or
(ii) pay to the Administrative Agent 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 in writing that
it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such
position is based on such Lender’s good faith determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be
satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding
obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct
or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law or the subject of a Bail-In Action, or (ii) had appointed for it a receiver, custodian,
conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal
regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by
a Governmental Authority so long as such ownership interest does not result in or provide such 

  
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Lender with immunity from the jurisdiction of courts within the United States of America or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such
Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses
(a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 3.9(f)) upon delivery of written notice of such determination
to the Borrower and each Lender. 
 “Derivatives Contract” means a “swap agreement” as defined in
Section 101 of the Bankruptcy Code. 
 “Derivatives Termination Value” means, in respect of any one or more
Derivatives Contracts, after taking into account the effect of any legally enforceable netting agreement or provision relating thereto, (a) for any date on or after the date such Derivatives Contracts have been terminated or closed out, the
termination amount or value determined in accordance therewith, and (b) for any date prior to the date such Derivatives Contracts have been terminated or closed out, the then-current mark-to-market value for such Derivatives Contracts, determined based upon one (1) or more mid-market quotations or estimates provided by Chatham Financial Corp.
or any other recognized dealer or advisory services firm specializing in debt and Derivatives Contracts and markets (which may include the Administrative Agent, any Lender, any Specified Derivatives Provider or any Affiliate of any of them). 

“Development Asset” means a Property currently under development that has not achieved an Occupancy Rate of eighty-five
percent (85%) or more or, subject to the last sentence of this definition, on which the on-site improvements (other than tenant improvements on unoccupied space) related to the Property have not been
substantially completed. With respect to Properties, the term “Development Asset” shall include, in addition to Properties that are owned or ground-leased, real property of the type described in the immediately preceding sentence that
satisfies both of the following conditions: (i) such property is to be (but has not yet been) acquired by Spirit REIT, the Borrower, any Subsidiary or any Unconsolidated Affiliate upon completion of construction pursuant to a contract in which
the seller of such real property is required to develop or renovate prior to, and as a condition precedent to, such acquisition, and (ii) a third party is developing such property using the proceeds of a loan that is Guaranteed by, or is
otherwise recourse to, Spirit REIT, the Borrower, any Subsidiary or any Unconsolidated Affiliate. A Development Asset on which all on-site improvements (other than tenant improvements on unoccupied space) of
such Development Asset have been completed for at least twelve (12) months shall cease to constitute a Development Asset notwithstanding the fact that such Development Asset has not achieved an Occupancy Rate of at least eighty-five percent
(85%). For the avoidance of doubt, any Property (a) that is being repositioned or redeveloped for a period of not more than nine (9) months or (b) on which the underlying tenant or borrower is paying rent or debt service to Spirit
REIT or a Subsidiary, is an Eligible Asset and not a Development Asset. 
 “Documentation Agents” has the meaning set forth
in the introductory paragraph hereof. 
 “Dollars” or “$” means the lawful currency of the United States
of America. 

  
 11 

 “EEA Financial Institution” means (a) any institution 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
institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

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

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

“EBITDA” means, with respect to a Person for any period and without duplication: (a) net income (loss) of such
Person for such period determined on a consolidated basis excluding the following (but only to the extent included in determining net income (loss) for such period): (i) depreciation and amortization; (ii) interest expense;
(iii) income tax expense; (iv) extraordinary or nonrecurring items, including gains and losses from the sale of Properties; (v) arrangement fees, upfront fees, underwriting fees, amendment fees and similar fees, costs and expenses
incurred in connection with (without duplication) (A) the negotiation, documentation and/or closing of this Agreement or any other debt financing and any amendment, supplement or other modification hereto or thereto, (B) any business
combination, acquisition, merger, disposition or recapitalization and (C) any capital markets transaction, including any redemption or exchange of indebtedness, defeasance, consent solicitation or similar transaction; and (vi) equity in
net income (loss) of its Unconsolidated Affiliates; plus (b) such Person’s Ownership Share of EBITDA of its Unconsolidated Affiliates. EBITDA shall be adjusted to remove any impact from amortization of intangibles
pursuant to FASB ASC 805. For purposes of this definition, nonrecurring items shall be deemed to include (v) gains and losses on early extinguishment of Indebtedness, (w) severance and other restructuring charges (whether cash or non-cash), (x) transaction costs of acquisitions not permitted to be capitalized pursuant to GAAP, (y) impairment losses, and (z) equity based, non-cash
compensation. Spirit REIT’s Ownership Share of the EBITDA of its Unconsolidated Affiliates will be included when determining the EBITDA of Spirit REIT. 

“Effective Date” means the later of (a) the Agreement Date and (b) the date on which all of the conditions
precedent set forth in Section 6.1 shall have been fulfilled or waived. 
 “Eligible Asset” means
a Property which satisfies all of the following requirements: (a) such Property is fully developed as a retail, office, medical or industrial Property (including, without limitation, any such Property fully developed as a data center, storage
center, distribution center, call center, daycare, education center, hotel, gaming, golf course, gym, fitness center, country club or marina) (provided that Properties being repositioned or redeveloped for a period of not more than nine
months shall be considered fully developed); (b) such Property is wholly owned (directly or indirectly) in fee simple, or leased under a Ground Lease, by the Borrower or a Wholly Owned Subsidiary; (c) such Property is located in (1) a
State of the United States of America or in the District of Columbia or (2) in the countries of Canada, United Kingdom, Ireland, Germany, France, Spain, Italy, Netherlands, Belgium, Switzerland or Luxembourg; provided that

  
 12 

 
the Properties qualifying as Eligible Assets pursuant to this clause (c)(2) shall not exceed 25% of Unencumbered Asset Value; (d) solely with respect to such Property that is owned by the
Borrower or a Subsidiary, the Borrower has the right directly, or indirectly through a Subsidiary, to take the following actions without the need to obtain the consent of any Person: (i) to create Liens on such Property as security for
Indebtedness of the Borrower or such Subsidiary, as applicable, and (ii) to sell, transfer or otherwise dispose of such Property; (e) neither such Property nor if such Property is owned by a Subsidiary, any of the Borrower’s direct or
indirect ownership interest in such Subsidiary, is subject to (i) any Lien other than Permitted Liens (but not Permitted Liens described in clause (g) of the definition of that term except to the extent agreed to by the parties to this
Agreement prior to the effectiveness hereof) or (ii) any Negative Pledge (other than as permitted by Section 10.2); (f) if such Property is owned or leased by a Subsidiary, then such Subsidiary shall not have incurred
or be liable for any recourse Indebtedness unless such Subsidiary has guaranteed all obligations of the Borrower hereunder, provided that a Property may be an Eligible Asset notwithstanding this clause (f) so long as the aggregate
amount of recourse Indebtedness of Subsidiaries that have not guaranteed the obligations of the Borrower hereunder either (i) does not exceed, in the aggregate for all such Subsidiaries, $35,000,000 or (ii) relates solely to contingent
recourse obligations under a typical environmental indemnity or “bad-boy” carve-out guaranty; and (g) to the knowledge of the Borrower after due inquiry,
such Property is free of all structural defects or major architectural deficiencies, title defects, environmental conditions or other adverse matters except for defects, deficiencies, conditions or other matters that, individually or collectively,
are not material to the profitable operation of such Property. 
 “Eligible Assignee” means (a) a Lender, (b) an
Affiliate of a Lender, (c) an Approved Fund and (d) any other Person (other than a natural person) approved by the Administrative Agent (such approval not to be unreasonably withheld or delayed). 

“Environmental Claims” means any and all administrative, regulatory or judicial actions, suits, demands, demand letters,
claims, liens, accusations, allegations, notices of noncompliance or violation, investigations (other than internal reports prepared by any Person in the ordinary course of business and not in response to any third party action or request of any
kind) or proceedings relating in any way to any actual or alleged violation of or liability under any Environmental Law or relating to any permit issued, or any approval given, under any such Environmental Law, including any and all claims by
Governmental Authorities for enforcement, cleanup, removal, response, remedial or other actions or damages, contribution, indemnification cost recovery, compensation or injunctive relief resulting from Hazardous Materials or arising from alleged
injury or threat of injury to human health or the environment. 
 “Environmental Laws” means any Applicable Law relating to
environmental protection or the manufacture, storage, remediation, disposal or clean-up of Hazardous Materials including the following: Clean Air Act, 42 U.S.C. § 7401 et seq.; Federal Water Pollution
Control Act, 33 U.S.C. § 1251 et seq.; Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq.; Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C.
§ 9601 et seq.; National Environmental Policy Act, 42 U.S.C. § 4321 et seq.; regulations of the Environmental Protection Agency, any applicable rule of common law and any judicial interpretation thereof relating primarily to
environmental protection or Hazardous Materials, and any analogous or comparable state or local laws, regulations or ordinances that concern Hazardous Materials or protection of the environment. 

  
 13 

 “Equity Interest” means, with respect to any Person, any share of capital
stock of (or other ownership or profit interests in) such Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit interests in) such Person,
whether or not certificated, any security convertible into or exchangeable for any share of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person
of such shares (or such other interests), and any other ownership or profit interest in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or
other interest is authorized or otherwise existing on any date of determination, excluding any debt instrument convertible into equity securities of Spirit REIT or any of its Subsidiaries. 

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

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

  
 14 

 “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. 

“Event of Default” means any of the events specified in Section 11.1, provided that any
requirement for notice or lapse of time or any other condition has been satisfied. 
 “Excluded Subsidiary” means
(1) any Subsidiary (a) holding title to assets that are or are to become collateral for any Secured Indebtedness of such Subsidiary and (b) that is prohibited from Guarantying the Indebtedness of any other Person pursuant to
(i) any document, instrument or agreement evidencing such Secured Indebtedness or (ii) a provision of such Subsidiary’s organizational documents which provision was included in such Subsidiary’s organizational documents as a
condition to the extension of such Secured Indebtedness, or (2) any Warehouse Entity so long as at all times prior to securitization the assets of such Warehouse Entity shall satisfy the requirements of clauses (d) and (e) of the
definition of “Eligible Asset”. 
 “Excluded Swap Obligation” means, with respect to any Loan Party, any Swap
Obligation if, and to the extent that, all or a portion of the liability of such Loan Party for or the Guarantee of such Loan Party of, or the grant by such Loan Party of a Lien to secure, such Swap Obligation (or any liability or guarantee thereof)
is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Loan Party’s failure for any
reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the liability for or the Guarantee of such Loan Party or the grant of such Lien becomes effective
with respect to such Swap Obligation (such determination being made after giving effect to any applicable keepwell, support or other agreement for the benefit of the applicable Loan Party, including under Section 31 of the Guaranty). If a Swap
Obligation arises under a master agreement governing more than one (1) swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or Lien is or becomes illegal for the
reasons identified in the immediately preceding sentence of this definition. 
 “Excluded Taxes” means any of the following
Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case,
(i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable Lending Office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or
Term Loan Commitment pursuant to an Applicable Law in effect on the date on which (i) such Lender acquires such interest in the Loan or Term Loan Commitment (other than pursuant to an assignment request by the Borrower under
Section 5.6) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to Section 3.10, amounts with respect to such Taxes were payable either to such
Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with
Section 3.10(g) and (d) any Taxes imposed under FATCA. 

  
 15 

 “Facility” means the Term Loan Facility. 

“Fair Market Value” means, (a) with respect to a security listed on a national securities exchange or the NASDAQ
National Market, the price of such security as reported on such exchange or market by any widely recognized reporting method customarily relied upon by financial institutions and (b) with respect to any other property, the price which could be
negotiated in an arm’s-length free market transaction, for cash, between a willing seller and a willing buyer, neither of which is under pressure or compulsion to complete the transaction. 

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

“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (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
Internal Revenue Code and any intergovernmental agreement entered into in connection with the implementation of such Sections of the Internal Revenue Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to such
intergovernmental agreement. 
 “FCA” has the meaning assigned to such term in Section 1.5. 

“Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds
transactions by depositary institutions, as determined in such manner as shall be set forth on the NYFRB’s Website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate; provided
that if the Federal Funds Effective Rate as so determined would be less than 0%, such rate shall be deemed to be 0% for the purposes of this Agreement. 

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

“Fee Letter” means collectively, those certain fee letters entered into on or prior to the Agreement Date, by and among the
Borrower and one or more of the Administrative Agent and/or the Arrangers. 
 “Fees” means the fees and commissions
provided for or referred to in Section 3.5 and any other fees payable by the Borrower hereunder or under any other Loan Document. 

“FIRREA” means the Financial Institution Recovery, Reform and Enforcement Act of 1989. 

“Fitch” means Fitch, Inc. and its successors. 

  
 16 

 “Fixed Charges” means, with respect to any Person and for a fiscal quarter:
(a) the Interest Expense of such Person payable in cash and accrued for such quarter (excluding, to the extent included therein, amortization of (i) fees previously paid in cash and (ii) discounts and premiums on debt),
plus (b) the aggregate amount of all regularly scheduled principal payments on Indebtedness payable by such Person during such quarter (excluding balloon, bullet or similar payments of principal due upon the stated maturity of
Indebtedness), plus (c) the aggregate amount of all Preferred Dividends payable in cash by such Person during such quarter, all determined on a consolidated basis in accordance with GAAP. Spirit REIT’s Ownership Share of the
Fixed Charges of its Unconsolidated Affiliates will be included when determining the Fixed Charges of Spirit REIT. 

“Floor” means the benchmark rate floor, if any, provided in this Agreement initially with respect to the Adjusted Term SOFR
Rate. For the avoidance of doubt the initial Floor for the Adjusted Term SOFR Rate shall be 0%. 
 “Foreign Lender” means
(a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is
resident for tax purposes. 
 “Fund” means any Person (other than a natural person) that is (or will be) engaged in making,
purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

“Funding Date” is defined in Section 2.1(c). 

“GAAP” means generally accepted accounting principles in the United States of America set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (including Statement of Financial Accounting Standards
No. 168, “The FASB Accounting Standards Codification”) or in such other statements by such other entity as may be approved by a significant segment of the accounting profession in the United States of America, which are applicable to
the circumstances as of the date of determination. 
 “Governmental Approvals” means all authorizations, consents,
approvals, licenses and exemptions of, registrations and filings with, and reports to, all Governmental Authorities. 

“Governmental Authority” means any national, state or local government (whether domestic or foreign), any political
subdivision thereof or any other governmental, quasi-governmental, judicial, administrative, public or statutory instrumentality, authority, body, agency, bureau, commission, board, department or other entity
(including the Federal Deposit Insurance Corporation, the Comptroller of the Currency or the Federal Reserve Board, any central bank or any comparable authority) or any arbitrator with authority to bind a party at law. 

“Ground Lease” means a ground lease containing terms and conditions customarily required by mortgagees making a loan secured
by the interest of the holder of the leasehold estate demised pursuant to a ground lease, including the following: (a) a remaining term (including any unexercised extension options exercisable at the ground lessee’s sole election with no
veto or approval rights by ground lessor or any lender to such ground lessor other than customary requirements regarding no event of default) of twenty-five (25) years or more from the Agreement Date (provided that Properties with an aggregate
Unencumbered Asset Value of not more than $25,000,000 may have ground leases with a term of less than twenty-five (25) years so long as the term extends beyond the Term Loan Maturity Date; (b) the right of the lessee to mortgage and

  
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encumber its interest in the leased property, and to amend the terms of any such mortgage or encumbrance, in each case, without the consent of the lessor, or if the consent of lessor is required,
such consent cannot be unreasonably withheld, conditioned or delayed, whether by contract or applicable law, or is subject to satisfaction of objective criteria not constituting a discretionary approval; (c) the obligation of the lessor to give
the holder of any mortgage Lien on such leased property written notice of any defaults on the part of the lessee and agreement of such lessor that such lease will not be terminated until such holder has had a reasonable opportunity to cure or
complete foreclosures, and fails to do so; (d) acceptable transferability of the lessee’s interest under such lease, including ability to sublease; (e) acceptable limitations on the use of the leased property; and (f) clearly
determinable rental payment terms which in no event contain profit participation rights. 
 “Guaranteed Obligations” means,
collectively, (a) the Obligations and (b) all existing or future payment and other obligations owing by any Loan Party under any Specified Derivatives Contract (other than any Excluded Swap Obligation). 

“Guarantor” means any Person that is party to the Guaranty as a “Guarantor” and shall in any event include Spirit
REIT and each Material Subsidiary that is required to be a Guarantor pursuant to Section 8.14. 

“Guaranty”, “Guaranteed”, “Guarantying” or to “Guarantee” as applied to
any obligation means and includes: (a) a guaranty (other than by endorsement of negotiable instruments for collection in the ordinary course of business), directly or indirectly, in any manner, of any part or all of such obligation, or
(b) an agreement, direct or indirect, contingent or otherwise, and whether or not constituting a guaranty, the practical effect of which is to assure the payment or performance (or payment of damages in the event of nonperformance) of any part
or all of such obligation whether by: (i) the purchase of securities or obligations, (ii) the purchase, sale or lease (as lessee or lessor) of property or the purchase or sale of services primarily for the purpose of enabling the obligor
with respect to such obligation to make any payment or performance (or payment of damages in the event of nonperformance) of or on account of any part or all of such obligation, or to assure the owner of such obligation against loss, (iii) the
supplying of funds to or in any other manner investing in the obligor with respect to such obligation, (iv) repayment of amounts drawn down by beneficiaries of letters of credit, or (v) the supplying of funds to or investing in a Person on
account of all or any part of such Person’s obligation under a Guaranty of any obligation or indemnifying or holding harmless, in any way, such Person against any part or all of such obligation. Obligations under guaranties of customary
exceptions constituting Nonrecourse Indebtedness shall not be deemed to give rise to Indebtedness or otherwise constitute a Guaranty except as otherwise provided in the definition of “Nonrecourse Indebtedness”. As the context requires,
“Guaranty” shall also mean the guaranty executed and delivered pursuant to Section 6.1 or 8.14 and substantially in the form of Exhibit B. 

“Hazardous Materials” means all or any of the following: (a) substances that are defined or listed in, or otherwise
classified pursuant to, any applicable Environmental Laws as “hazardous substances”, “hazardous materials”, “hazardous wastes”, “toxic substances” or any other formulation intended to define, list or classify
substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, “TCLP” toxicity, or “EP toxicity”; (b) oil, petroleum or petroleum derived substances,
natural gas, natural gas liquids 

  
 18 

 
or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or production of crude oil, natural gas or geothermal resources; (c) any
flammable substances or explosives or any radioactive materials; (d) asbestos in any form; (e) toxic mold; and (f) electrical equipment which contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in
excess of fifty parts per million. 
 “Indebtedness” means, with respect to a Person, at the time of computation thereof,
all of the following (without duplication): all monetary obligations of such Person (i) for borrowed money, (ii) represented by notes payable, or drafts accepted, in each case representing extensions of credit, (iii) evidenced by
bonds, debentures, notes or similar instruments, (iv) constituting purchase money indebtedness, conditional sales contracts, title retention debt instruments or other similar instruments, upon which interest charges are customarily paid or that
are issued or assumed as full or partial payment for property or for services rendered; (v) in respect of Capitalized Lease Obligations; (vi) in respect of reimbursement obligations under letters of credit or acceptances, in each case to
the extent drawn upon; (vii) in respect of Off-Balance Sheet Obligations that constitute Indebtedness; (viii) to purchase, redeem, retire, defease or otherwise make any payment in respect of any
Mandatorily Redeemable Stock, valued at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; (ix) in respect of net obligations under any Derivatives Contract not entered into as a hedge against
interest rate risk in respect of existing Indebtedness, in an amount equal to the Derivatives Termination Value thereof (but in no event less than zero); (x) in respect of Indebtedness of other Persons that such Person has guaranteed or that is
otherwise recourse to such Person (except for guaranties of customary exceptions for fraud, misapplication of funds, environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy and other similar customary exceptions to non-recourse liability and contingent guarantees the conditions for which have not accrued); and (xi) in respect of Indebtedness of another Person secured by (or for which the holder of such Indebtedness has an
existing right, contingent or otherwise, to be secured by) any Lien on property or assets owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness or other payment obligation. Indebtedness
of a Person shall include Indebtedness of any other Person to the extent such Indebtedness is recourse to such first Person. For the avoidance of doubt, Indebtedness shall not include (i) regular quarterly dividends or year-end dividends to maintain REIT status, (ii) trade payables and accrued expenses (including deferred tax liabilities) incurred in the ordinary course of business or for which reserves in accordance with
GAAP or otherwise reasonably acceptable to the Administrative Agent have been provided or (iii) any agreement, commitment or arrangement for the sale of Equity Interests issued by Spirit REIT at a future date that could be discharged solely by
(x) delivery of Spirit REIT’s Equity Interests, or, (y) solely at Spirit REIT’s option made at any time, payment of the cash value of such Equity Interests at the time, irrespective of the form or duration of such agreement,
commitment or arrangement; provided, however, that during the period of time, if any, following an election by Spirit REIT to pay the cash value of such Equity Interest and prior to payment of such cash value, the obligation to pay such cash value
shall be included as “Indebtedness” hereunder (it being understood and agreed that the amount of such Indebtedness shall be calculated based on the closing price of Spirit REIT’s Equity Interests on the date of such election,
irrespective of the market price of Spirit REIT’s Equity Interests at any time following such election, including at the time of payment). 

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

  
 19 

 “Interest Expense” means, with respect to a Person and for any period,
without duplication, total interest expense of such Person, including capitalized interest not funded under a construction loan interest reserve account, determined on a consolidated basis in accordance with GAAP for such period. Spirit REIT’s
Ownership Share of the Interest Expense of its Unconsolidated Affiliates will be included when determining the Interest Expense of Spirit REIT. 

“Interest Payment Date” means (a) with respect to any Base Rate Loan, the last day of each March, June, September and
December and the applicable Term Loan Maturity Date and (b) with respect to any Term Benchmark Loan, the last day of each Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Term Benchmark Borrowing
with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period, and the applicable Term
Loan Maturity Date. 
 “Interest Period” means with respect to any Term Benchmark Borrowing, the period commencing on the
date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, three or six months thereafter (in each case, subject to the availability for the Benchmark applicable to the relevant Loan or Term Loan
Commitment), as the Borrower may elect; provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding
Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which
there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period and (iii) no tenor that has been removed from this definition
pursuant to Section 5.2 shall be available for specification in such Borrowing Request or Interest Election Request. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall
be the effective date of the most recent conversion or continuation of such Borrowing. 
 “Internal Revenue Code” means the
Internal Revenue Code of 1986. 
 “Investment” means, with respect to any Person, any acquisition or investment (whether or
not of a controlling interest) by such Person, by means of any of the following: (a) the purchase or other acquisition of any Equity Interest in another Person, (b) a loan, advance or extension of credit to, capital contribution to,
Guaranty of Indebtedness of, or purchase or other acquisition of any Indebtedness of, another Person, including any partnership or joint venture interest in such other Person, or (c) the purchase or other acquisition (in one transaction or a
series of transactions) of assets of another Person that constitute the business or a division or operating unit of another Person. Any commitment to make an Investment in any other Person, as well as any option of another Person to require an
Investment in such Person, shall constitute an Investment. Except as expressly provided otherwise, for purposes of determining compliance with any covenant contained in a Loan Document, the amount of any Investment shall be the amount actually
invested minus the amount received from such investment, without adjustment for subsequent increases or decreases in the value of such Investment. 

  
 20 

 “LCT Election” has the meaning set forth in
Section 1.8. 
 “LCT Test Date” has the meaning set forth in
Section 1.8. 
 “Lender” means each financial institution from time to time party hereto as a
“Lender”, together with its respective successors and permitted assigns (including each Term Loan Lender); provided that the term “Lender”, except as otherwise expressly provided herein, shall exclude any Lender (or its
Affiliates) in its capacity as a Specified Derivatives Provider. 
 “Lender Parties” means, collectively, the
Administrative Agent, the Lenders, the Specified Derivatives Providers, each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to
Section 11.4, any other holder from time to time of any of the Obligations and, in each case, their respective successors and permitted assigns. 

“Lender-Related Person” has the meaning given to such term in Section 13.16. 

“Lending Office” means, for each Lender and for each Type of Loan, the office of such Lender specified in such Lender’s
Administrative Questionnaire or in the applicable Assignment and Assumption, or such other office of such Lender as such Lender may notify the Administrative Agent in writing from time to time. 

“Liabilities” means any losses, claims (including intraparty claims), demands, damages or liabilities of any kind. 

“Lien” as applied to the property of any Person means: (a) any security interest, encumbrance, mortgage, deed to secure
debt, deed of trust, assignment of leases and rents, pledge, lien, hypothecation, assignment, charge or lease constituting a Capitalized Lease Obligation, conditional sale or other title retention agreement, or other security title or encumbrance of
any kind in respect of any property of such Person, or upon the income, rents or profits therefrom; (b) any arrangement, express or implied, under which any property of such Person is transferred, sequestered or otherwise identified for the
purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to the payment of the general, unsecured creditors of such Person; and (c) the filing of any financing statement under the UCC or
its equivalent in any jurisdiction, other than any precautionary filing not otherwise constituting or giving rise to a Lien, including a financing statement filed (i) in respect of a lease not constituting a Capitalized Lease Obligation
pursuant to Section 9-505 (or a successor provision) of the UCC or its equivalent as in effect in an applicable jurisdiction or (ii) in connection with a sale or other disposition of accounts or
other assets not prohibited by this Agreement in a transaction not otherwise constituting or giving rise to a Lien. 
 “Limited
Condition Transaction” means any (a) Investment in or acquisition of the Equity Interests in, or the assets of (or the assets constituting a business unit, division, product line or line of business of), any Person (whether by
merger, amalgamation, consolidation or other business combination) that the Borrower or any Subsidiary is contractually committed to consummate (it being understood such commitment may be subject to conditions precedent, which

  
 21 

 
conditions precedent may be amended, satisfied or waived in accordance with the terms of the applicable agreement) and the consummation of which is not conditioned on the availability of, or on
obtaining, third party financing or (b) redemption, repurchase, defeasance, satisfaction and discharge or prepayment of Indebtedness requiring irrevocable notice in advance of such redemption, repurchase, defeasance, satisfaction and discharge
or prepayment. 
 “LLC” means any Person that is a limited liability company under the laws of its jurisdiction of
formation. 
 “Loan” means a Term Loan. 

“Loan Document” means this Agreement, each Note, the Guaranty, the Fee Letter and each other document or instrument specified
by the Borrower and the Administrative Agent as a “Loan Document” (other than any Specified Derivatives Contract). 

“Loan Party” means each of the Borrower and each other Person who guarantees all or a portion of the Obligations.
Schedule 1.1(b) sets forth the Loan Parties as of the Agreement Date. 
 “Managing Agents” means
the “Managing Agents” listed on the cover page hereto. 
 “Mandatorily Redeemable Stock” means, with respect to
any Person, any Equity Interest of such Person which by the terms of such Equity Interest (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise,
(a) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than an Equity Interest to the extent redeemable in exchange for common stock or other equivalent common Equity Interests at the option of the
issuer of such Equity Interest), (b) is convertible into or exchangeable or exercisable for Indebtedness or Mandatorily Redeemable Stock, or (c) is redeemable at the option of the holder thereof, in whole or in part (other than an Equity
Interest which is redeemable solely in exchange for common stock or other equivalent common Equity Interests), in the case of each of clauses (a) through (c), on or prior to the Term Loan Maturity Date. 

“Marketable Securities” means (a) common or preferred Equity Interests of Persons located in, and formed under the laws
of, any State of the United States of America or the District of Columbia, which Equity Interests are subject to price quotations (quoted at least daily) on The NASDAQ Stock Market’s National Market System or have trading privileges on the New
York Stock Exchange, the American Stock Exchange or another recognized national United States securities exchange and (b) securities evidencing Indebtedness issued by Persons located in, and formed under the laws of, any State of the United
States or America or the District of Columbia, which Persons have a Credit Rating of BBB- or higher from S&P or Fitch, Baa3 or higher from Moody’s, or an equivalent or higher rating from another
Rating Agency. 
 “Material Acquisition” means the acquisition by Spirit REIT and its Subsidiaries of real property assets
or portfolios of such assets or operating businesses if, after giving effect thereto, the aggregate amount of all such acquisitions during the 12-month period ending on the date of such acquisition is equal to
or greater than 7.5% of Total Asset Value. 

  
 22 

 “Material Adverse Effect” means a materially adverse effect on (a) the
business, assets, liabilities, condition (financial or otherwise) or results of operations of the Borrower and its Subsidiaries taken as a whole, (b) the ability of the Loan Parties (taken as a whole) to perform their obligations under the Loan
Documents (taken as a whole) to which they are party, (c) the validity or enforceability of the Loan Documents (taken as a whole) or (d) the rights and remedies of the Lenders and the Administrative Agent under any of the Loan Documents.

 “Material Contract” means any contract or other arrangement (other than Loan Documents and Specified Derivatives
Contracts), whether written or verbal, to which the Borrower, any Subsidiary or any other Loan Party is a party as to which the breach, nonperformance, cancellation or failure to renew by any party thereto could reasonably be expected to have a
Material Adverse Effect. 
 “Material Subsidiary” means any Subsidiary to which more than ten percent (10%) of Total Asset
Value is attributable on an individual basis, provided that any entity that is jointly owned by a third party unaffiliated with Spirit REIT, the Borrower or their respective Subsidiaries as part of a joint venture shall not be a Material
Subsidiary. 
 “Moody’s” means Moody’s Investors Service, Inc. and its successors. 

“Multiemployer Plan” means at any time a multiemployer plan within the meaning of Section 4001(a)(3) of ERISA to which
any member of the ERISA Group is then making or accruing an obligation to make contributions or has within the preceding six plan years made contributions, including for these purposes any Person which ceased to be a member of the ERISA Group during
such six-year period. 
 “Negative Pledge” means, with respect to a given asset,
any provision of a document, instrument or agreement (other than any Loan Document) which prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security for Indebtedness of the Person owning such asset or any
other Person; provided that an agreement that conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios that limit such Person’s ability to encumber its assets but that do not
generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, shall not constitute a Negative Pledge. 

“Net Operating Income” means for any period and any Property, the difference (if positive) between: (i) total revenues
(as determined in accordance with GAAP) attributable to such Property during such period, including rents, additional rents (including tenant reimbursement income for expenses not excluded from the description in clause (ii) below) and all
other revenues (including minimum lease payments from direct financing leases) from such Property, as well as proceeds from rent/payment loss or business interruption insurance, condemnation awards to the extent relating to lost usage compensation,
lease termination fees and legal settlements or awards related to lease or loan payments (but not in excess of the actual rent/payments otherwise payable), but excluding pre-paid rents and revenues and
security deposits except to the extent applied in satisfaction of tenants’ obligations for rent/payments, minus (ii) all expenses paid (excluding interest but including an appropriate accrual for property taxes and insurance)
related to the ownership, operation or maintenance of such Property, including property taxes, assessments and the like, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses,

  
 23 

 
marketing expenses, and general and administrative expenses (including an appropriate allocation for legal, accounting, advertising, marketing and other expenses incurred in connection with such
Property, but specifically excluding (x) any of the foregoing to the extent included in imputed management fee referred to in clause (iv) below as reasonably determined by the Borrower, (y) any general overhead expenses of Spirit REIT
and its Subsidiaries and (z) any property management fees), in each case to the extent not covered by the tenant as required in the lease agreement, minus (iii) the Reserve for Replacements for such Property as of the end of
such period, minus (iv) an imputed management fee in an amount equal to the greater of actual management fees incurred or 1% of the gross revenues for such Property for such period, minus (v) all rents received from
tenants or licensees or guarantors of any of the foregoing (A) that are in default of payment or other material monetary obligations under their lease for sixty (60) days or more or (B) that are subject to any bankruptcy,
reorganization, arrangement, insolvency, readjustment of debt, dissolution, liquidation or similar debtor relief proceeding and, with respect to tenants or licensees or any guarantor thereof in bankruptcy or similar proceedings, have filed a motion
to reject their lease or license respectively in such proceeding. 
 For purposes of determining Net Operating Income, to the extent that
greater than five percent (5%) of Net Operating Income is attributable to leases where the mortgagee, tenant or licensee or any guarantor thereunder is subject to any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt,
dissolution, liquidation or similar debtor relief proceeding, such excess shall be excluded. Additionally, Net Operating Income shall be adjusted to remove any impact from amortization of above and below market rent intangibles pursuant to FASB ASC
805. 
 “Non-Defaulting Lender” means, at any time, each Lender that is not a
Defaulting Lender at such time. 
 “Nonrecourse Indebtedness” means, with respect to a Person, Indebtedness for borrowed
money in respect of which recourse for payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy and other customary exceptions to nonrecourse
liability) is contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness. 

“Note” means a Term Loan Note. 

“Notice of Borrowing” means a notice substantially in the form of Exhibit C (or such other form
reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.1(c) evidencing the Borrower’s request for a
borrowing of Loans. 
 “Notice of Continuation” means a notice substantially in the form of
Exhibit D (or such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to
Section 2.8 evidencing the Borrower’s request for the Continuation of a Term Benchmark Loan. 

“Notice of Conversion” means a notice substantially in the form of Exhibit E (or such other form
reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.9 evidencing the Borrower’s request for the
Conversion of a Loan from one Type to another Type. 

  
 24 

 “NYFRB” means the Federal Reserve Bank of New York. 

“NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and
(b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the
term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m., New York City time on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided,
further, that if any of the aforesaid rates as so determined be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“NYFRB’s Website” means the website of the NYFRB at http://www.newyorkfed.org, or any successor source. 

“Obligations” means, individually and collectively: (a) the aggregate principal balance of, and all accrued and unpaid
interest on, all Loans; and (b) all other indebtedness, liabilities, obligations, covenants and duties of the Borrower and the other Loan Parties owing to the Administrative Agent or any Lender of every kind, nature and description, under or in
respect of this Agreement or any of the other Loan Documents, including the Fees and indemnification obligations, whether direct or indirect, absolute or contingent, due or not due, contractual or tortious, liquidated or unliquidated, and whether or
not evidenced by any promissory note. For the avoidance of doubt, “Obligations” shall not include any indebtedness, liabilities, obligations, covenants or duties in respect of Specified Derivatives Contracts. 

“Occupancy Rate” means, with respect to a Property at any time, the ratio, expressed as a percentage, of (a) the net
rentable square footage of such Property occupied by tenants that are not Affiliates of the Borrower pursuant to binding leases as to which no monetary default has occurred and has continued unremedied for thirty (30) or more days to
(b) the aggregate net rentable square footage of such Property. 
 “Off-Balance Sheet
Obligations” means, with respect to a Person: (a) obligations of such Person in respect of any financing transaction or series of financing transactions (including factoring arrangements) pursuant to which such Person or any Subsidiary
of such Person has sold, conveyed or otherwise transferred, or granted a security interest in, accounts, payments, receivables, rights to future lease payments or residuals or similar rights to payment to a special purpose Subsidiary or Affiliate of
such Person; (b) obligations of such Person under a sale and leaseback transaction that does not create a liability on the balance sheet of such Person; (c) obligations of such Person under any
so-called “synthetic” lease transaction; (d) obligations of such Person under any other transaction which is the functional equivalent of, or takes the place of, a borrowing but which does not
constitute a liability on the balance sheet of such Person; and (e) in the case of Spirit REIT, liabilities and obligations of Spirit REIT, any Subsidiary or any other Person in respect of
“off-balance sheet arrangements” (as defined in Item 303(a)(4)(ii) of Regulation S-K promulgated under the Securities Act) which Spirit REIT would be required
to disclose in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of Spirit REIT’s report on Form 10-Q or Form 10-K (or their equivalents) which Spirit REIT is required to file with the SEC. 

  
 25 

 “OFAC” has the meaning given to such term in
Section 7.1(v). 
 “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 solely from such Recipient having executed, delivered, become a party to, performed its obligations under,
received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 5.6). 

“Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight eurodollar
transactions denominated in Dollars by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the NYFRB’s Website from time to time, and published on the next succeeding
Business Day by the NYFRB as an overnight bank funding rate. 
 “Ownership Share” means, with respect to any Subsidiary of
a Person (other than a Wholly Owned Subsidiary) or any Unconsolidated Affiliate of a Person, the greater of (a) such Person’s relative nominal direct and indirect ownership interest (expressed as a percentage) in such Subsidiary or
Unconsolidated Affiliate or (b) such Person’s relative direct and indirect economic interest (calculated as a percentage) in such Subsidiary or Unconsolidated Affiliate determined in accordance with the applicable provisions of the
declaration of trust, articles or certificate of incorporation, articles of organization, partnership agreement, joint venture agreement or other applicable organizational document of such Subsidiary or Unconsolidated Affiliate. 

“Participant” has the meaning given to such term in Section 13.5(d). 

“Participant Register” has the meaning given to such term in Section 13.5(d). 

“Patriot Act” means The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)). 

“Payment” has the meaning assigned to it in Section 12.7(c). 

“Payment Notice” has the meaning assigned to it Section 12.7(c). 

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

  
 26 

 “Permitted Liens” means, with respect to any asset or property of a Person,
(a) Liens securing taxes, assessments and other charges or levies imposed by any Governmental Authority (excluding any Lien imposed pursuant to any of the provisions of ERISA) which are not at the time required to be paid or discharged under
Section 8.6, (b) the claims of materialmen, mechanics, carriers, warehousemen or landlords for labor, materials, supplies or rentals incurred in the ordinary course of business, which, in each case, are not at the time
required to be paid or discharged under Section 8.6; (c) Liens consisting of deposits or pledges made, in the ordinary course of business, in connection with, or to secure payment of, obligations under workers’
compensation, unemployment insurance or similar Applicable Laws; (d) assessment liens and periodic changes imposed under recorded covenants, conditions and restrictions, in each case not yet delinquent, and Liens consisting of encumbrances
in the nature of zoning restrictions, easements, and rights or restrictions of record on the use of real property, which do not materially detract from the value of such property or impair the intended use thereof in the business of such Person;
(e) the rights of tenants under leases or subleases not interfering with the ordinary conduct of business of such Person; (f) Liens in favor of the Administrative Agent for its benefit and the benefit of the other Lender Parties; and
(g) Liens in existence on the Agreement Date and set forth on Schedule 1.1(c). 
 “Person”
means any natural person, corporation, limited partnership, general partnership, joint stock company, limited liability company, limited liability partnership, joint venture, association, company, trust, bank, trust company, land trust, business
trust or other organization, whether or not a legal entity, or any other nongovernmental entity, or any Governmental Authority. 

“Plan” means at any time an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of
ERISA or subject to the minimum funding standards under Section 412 of the Internal Revenue Code and either (a) is maintained, or contributed to, by any member of the ERISA Group for employees of any member of the ERISA Group or
(b) has at any time within the preceding six years been maintained, or contributed to, by any Person that was at such time a member of the ERISA Group for employees of any Person that was at such time a member of the ERISA Group. 

“Plan Asset Regulations” means 29 CFR § 2510.3-101 et seq., as modified by
Section 3(42) of ERISA, as amended from time to time. 
 “Post-Default Rate” means, in respect of any principal of any
Loan, the rate otherwise applicable plus an additional two percent (2.0)% per annum and with respect to any other Obligation, a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable
Margin for Base Rate Loans plus two percent (2.0%). 
 “Preferred Dividends” means, for any period and
without duplication, all Restricted Payments paid during such period on Preferred Equity Interests issued by Spirit REIT or a Subsidiary. Preferred Dividends shall not include dividends or distributions (a) paid or payable solely in Equity
Interests (other than Mandatorily Redeemable Stock) payable to holders of such class of Equity Interests, (b) paid or payable to Spirit REIT or a Subsidiary, or (c) constituting or resulting in the redemption of Preferred Equity Interests,
other than scheduled redemptions not constituting balloon, bullet or similar redemptions in full. 

  
 27 

 “Preferred Equity Interests” means, with respect to any Person, Equity
Interests in such Person that are entitled to preference or priority over any other Equity Interest in such Person in respect of the payment of dividends or distribution of assets upon liquidation or both. 

“Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or,
if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or,
if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate
shall be effective from and including the date such change is publicly announced or quoted as being effective. 
 “Principal
Office” means the office of the Administrative Agent located at 10 South Dearborn, 7th Floor, Chicago, Illinois 60603-2003, or any other subsequent office that the Administrative Agent shall have specified as the Principal Office by written
notice to the Borrower and the Lenders. 
 “Pro Rata Share” means, as to each Lender, the ratio, expressed as a percentage
of (a) the sum of (i) the unused Term Loan Commitments of such Lender plus (ii) the unpaid principal amount of all outstanding Loans owing to such Lender as of such date to (b) the sum of (i) the aggregate unused Term Loan
Commitments of all Lenders plus (ii) the aggregate unpaid principal amount of all outstanding Loans of all Lenders as of such date. If at the time of determination, the Term Loan Commitments have terminated and there are no outstanding Loans,
then the Pro Rata Shares of the Lenders shall be determined as of the most recent date on which Term Loan Commitments were in effect or Loans were outstanding. 

“Property” means a parcel (or group of related parcels) of real property owned or developed (or to be developed) by Spirit
REIT, the Borrower, any Subsidiary or any Unconsolidated Affiliate. 
 “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. 
 “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). 

“QFC Credit Support” has the meaning assigned to it in Section 13.22. 

“Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding
$10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract participant” under the Commodity
Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange
Act. 

  
 28 

 “Qualified Plan” means a Benefit Arrangement that is intended to be tax-qualified under Section 401(a) of the Internal Revenue Code. 
 “Rating Agency”
means S&P, Fitch, Moody’s or any other nationally recognized securities rating agency selected by the Borrower and approved of by the Administrative Agent in writing (which approval shall not be unreasonably withheld, conditioned or
delayed). 
 “Recipient” means (a) the Administrative Agent and (b) any Lender, as applicable. 

“Reference Time” with respect to any setting of the then-current Benchmark means, if such Benchmark is the Term SOFR Rate,
5:00 a.m. (Chicago time) on the day that is two U.S. Government Securities Business Days preceding the date of such setting. 

“Register” has the meaning given to such term in Section 13.5(c). 

“Regulatory Change” means, with respect to any Lender, any change effective after the Agreement Date in Applicable Law
(including Regulation D of the Board of Governors of the Federal Reserve System) or in the administration, interpretation, implementation or application thereof or the adoption or making after such date of any interpretation, directive or request
applying to a class of banks, including such Lender, of or under any Applicable Law (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) by any Governmental Authority or monetary authority charged
with the interpretation or administration thereof or compliance by any Lender with any request or directive regarding capital adequacy or liquidity. Notwithstanding anything herein to the contrary, (a) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (b) 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 “Regulatory Change”, regardless of
the date enacted, adopted, issued or implemented. 
 “REIT” means a Person qualifying for treatment as a “real estate
investment trust” under Section 856 of the Internal Revenue Code. 
 “Related Parties” means, with respect to any
Person, such Person’s Affiliates and the partners, shareholders, directors, officers, employees, agents, counsel, other advisors and representatives of such Person and of such Person’s Affiliates. 

“Relevant Governmental Body” means the Federal Reserve Board and/or the NYFRB, the CME Term SOFR Administrator, as
applicable, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto. 

“Relevant Rate” means, with respect to any Term Benchmark Borrowing, the Adjusted Term SOFR Rate. 

“Requisite Lenders” means, as of any date, (a) Lenders having more than fifty percent (50%) of the aggregate amount of
the Term Loan Commitments, or (b) if the Term Loan Commitments have been terminated or reduced to zero, Lenders holding more than fifty percent 

  
 29 

 
(50%) of the aggregate outstanding principal amount of the Loans; provided that (i) in determining such percentage at any given time, all then existing Defaulting Lenders will be
disregarded and excluded, and (ii) at all times when two (2) or more Lenders (excluding Defaulting Lenders) are party to this Agreement, the term “Requisite Lenders” shall in no event mean less than two (2) unaffiliated
Lenders. 
 “Reserve for Replacements” means, for any period and with respect to any Property, an amount equal to (i)
(a) the aggregate square footage of all completed space of such Property that is not subject to “triple net” leases, multiplied by (b) $0.10, multiplied
by (c) the number of days in such period divided by (ii) three hundred sixty-five (365). If the term Reserve for Replacements is used without reference to any specific Property, then it
shall be determined on an aggregate basis with respect to all Properties and the applicable Ownership Shares of all Properties of all Unconsolidated Affiliates. 

“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution
Authority. 
 “Responsible Officer” means with respect to the Borrower or any Subsidiary, the chief executive officer,
chief financial officer, treasurer or controller or any other financial officer of the Borrower or such Subsidiary, and, solely for purposes of notices given pursuant to Article II, any other officer or employee of such Person so designated
by any of the foregoing officers in a notice to the Administrative Agent (and with respect to which the Administrative Agent has received a certificate of incumbency) or any other officer or employee of the applicable Loan Party designated in or
pursuant to an agreement between the applicable Loan Party and the Administrative Agent. 
 “Restricted Payment” means
(a) any dividend or other distribution, direct or indirect, on account of any Equity Interest of Spirit REIT or any of its Subsidiaries now or hereafter outstanding, except a dividend payable solely in shares of that class of Equity Interests
to the holders of that class; (b) any redemption, conversion, exchange, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any Equity Interests of Spirit REIT or any of its Subsidiaries
now or hereafter outstanding; and (c) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire any Equity Interests of Spirit REIT or any of its Subsidiaries now or hereafter
outstanding. 
 “Sanctioned Jurisdiction” means, at any time, a country, region or territory which is itself the subject or
target of any Sanctions (at the time of this Agreement, the so-called Donetsk People’s Republic, the so-called Luhansk People’s Republic, the Crimea Region of
Ukraine, Cuba, Iran, North Korea and Syria). 
 “Sanctions” has the meaning given to such term in
Section 7.1(v). 
 “SEC” means the Securities and Exchange Commission, or any Governmental
Authority succeeding to any of its principal functions. 
 “Secured Indebtedness” means, with respect to a Person as of a
given date, the aggregate principal amount of all Indebtedness of such Person outstanding on such date that is secured in any manner by any Lien on any property and, in the case of Spirit REIT, shall include (without duplication) Spirit REIT’s
Ownership Share of the Secured Indebtedness of its Unconsolidated 

  
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Affiliates, net of cash and Cash Equivalents held in any cash collateral and/or lender reserve account (which shall not include reserves and impounds for property operating expenses), which
account is subject to a Lien or a Negative Pledge in relation to such Indebtedness or the disposition of which account is restricted in any way in relation to such Indebtedness. 

“Secured Leverage Ratio” has the meaning given to such term in Section 10.1(c). 

“Securities Act” means the Securities Act of 1933. 

“SOFR” means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator. 

“SOFR Administrator” means the NYFRB (or a successor administrator of the secured overnight financing rate). 

“SOFR Administrator’s Website” means the NYFRB’s website, currently at http://www.newyorkfed.org, or any successor
source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. 

“Solvent” means, when used with respect to any Person (or group of Persons), that (a) the fair value and the fair
salable value of its (or their) assets (excluding any Indebtedness due from any Affiliate of such Person (or group of Persons)) are each in excess of the fair valuation of its (or their) total liabilities (including all contingent liabilities
computed at the amount which, in light of all facts and circumstances existing at such time, represents the amount that could reasonably be expected to become an actual and matured liability); (b) such Person is (or group of Persons are) able to pay
its (or their) debts or other obligations in the ordinary course as they mature; and (c) such Person (or group of Persons) has capital not unreasonably small to carry on its (or their) business and all business in which it proposes (or they
propose) to be engaged. 
 “Specified Derivatives Contract” means any Derivatives Contract that is made or entered into at
any time, or in effect at any time now or hereafter, whether as a result of an assignment or transfer or otherwise, between or among any Loan Party and any Specified Derivatives Provider, and which was not prohibited by any of the Loan Documents
when made or entered into. 
 “Specified Derivatives Provider” means any Person that (a) at the time it enters into a
Specified Derivatives Contract with a Loan Party, is a Lender or an Affiliate of a Lender or (b) at the time it (or its Affiliate) becomes a Lender (including on the Effective Date), is a party to a Specified Derivatives Contract with a Loan
Party, in each case in its capacity as a party to such Specified Derivatives Contract. 
 “Specified Representations” means
(a) the representations set forth in Section 7.1(a) (relating to organizational existence of the Loan Parties), Section 7.1(c), Section 7.1(d)(ii)(A) (relating to the
Loan Parties), Section 7.1(l), Section 7.1(p), Section 7.1(q), Section 7.1(v), Section 7.1(y) and
Section 7.1(z) and (b) if the relevant Limited Condition Transaction is an acquisition, such representations and warranties, if applicable, made by or with respect to the acquired business and its subsidiaries in the
acquisition agreement as are material to the interests of the Lenders, but only to the extent that the Borrower or any of its affiliates has the right to terminate its obligations under the acquisition agreement, or to decline to consummate the
acquisition pursuant to the acquisition agreement, as a result of a breach of such representations and warranties in the acquisition agreement, if applicable. 

  
 31 

 “Spirit REIT” means Spirit Realty Capital, Inc., a Maryland corporation.

 “S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services
LLC business, or any successor. 
 “Subordinated Debt” means Indebtedness for money borrowed of the Borrower or any of its
Subsidiaries that is subordinated in right of payment and otherwise to the Loans and the other Guaranteed Obligations in a manner reasonably satisfactory to the Administrative Agent. 

“Subsidiary” means, for any Person, any corporation, partnership, limited liability company or other entity of which at least
a majority of the Equity Interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other individuals performing similar functions of such corporation, partnership, limited liability company or other
entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person, and shall
include all Persons the accounts of which are consolidated with those of such Person pursuant to GAAP. Unless otherwise specified, all references to Subsidiaries herein shall refer to Subsidiaries of Spirit REIT. 

“Substantial Amount” means, at the time of determination thereof, an amount in excess of ten percent (10.00%) of total
consolidated assets (exclusive of depreciation) at such time of the Borrower and its Subsidiaries determined on a consolidated basis. 

“Supported QFC” has the meaning assigned to it in Section 13.22. 

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

“Syndication Agents” has the meaning set forth in the introductory paragraph hereof. 

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

“Term Benchmark” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are bearing interest at a rate determined by reference to the Adjusted Term SOFR Rate. 
 “Term Loan” means a
loan made by a Term Loan Lender to the Borrower pursuant to Section 2.1(a). 

  
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 “Term Loan Commitment” means, as to each Lender, such Lender’s
obligation to make Term Loans pursuant to Section 2.1(a) in an amount up to, but not exceeding the amount set forth for such Lender on Schedule 1.1(a) as such Lender’s “Term Loan Commitment Amount” or
as set forth in any applicable Assignment and Assumption, or agreement executed by a Person becoming a Lender in accordance with Section 2.15, as the same may be increased or reduced as appropriate to reflect any
assignments to or by such Lender effected in accordance with Section 13.5 or increased as appropriate to reflect any increase effected in accordance with Section 2.15. The aggregate amount of the
Term Loan Commitments on the Effective Date is $500,000,000. 
 “Term Loan Commitment Percentage” means, as to each Lender
with a Term Loan Commitment, the ratio, expressed as a percentage, of (a) the amount of such Lender’s Term Loan Commitment to (b) the aggregate amount of the Term Loan Commitments of all Lenders; provided that if at the time of
determination the Term Loan Commitments have been terminated or been reduced to zero (0), the “Term Loan Commitment Percentage” of each Lender with a Term Loan Commitment shall be the “Term Loan Commitment Percentage” of such
Lender in effect immediately prior to such termination or reduction (after giving effect to any assignments made by or to such Lender). 

“Term Loan Credit Exposure” means, as to any Term Loan Lender at any time, the aggregate principal amount of its outstanding
Term Loans at such time. 
 “Term Loan Facility” means the Term Loan Commitments and Term Loans. 

“Term Loan Lender” means a Lender having a Term Loan Commitment, or if the Term Loan Commitments have terminated,
holding any Term Loans. 
 “Term Loan Maturity Date” means June 16, 2025, or if the Term Loans are accelerated
pursuant to Section 11.2, such earlier maturity date. 
 “Term Loan Note” means a promissory note
made by the Borrower, substantially in the form of Exhibit F, payable to a Term Loan Lender in a principal amount equal to the amount of such Lender’s Term Loan Commitment. 

“Term Loan Unused Fee” has the meaning set forth in Section 3.5(b). 

“Term SOFR Determination Day” has the meaning assigned to it under the definition of Term SOFR Reference Rate. 

“Term SOFR Rate” means, with respect to any Term Benchmark Borrowing denominated in Dollars and for any tenor comparable to
the applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement of such tenor comparable to the applicable Interest Period, as such rate is
published by the CME Term SOFR Administrator. 
 “Term SOFR Reference Rate” means, for any day and time (such day, the
“Term SOFR Determination Day”), with respect to any Term Benchmark Borrowing denominated in Dollars and for any tenor comparable to the applicable Interest Period, the rate per annum published by the CME Term SOFR
Administrator and identified by the Administrative Agent as the forward-looking term rate based on SOFR. If by 5:00 pm (New York City time) on such Term SOFR Determination Day, the “Term SOFR Reference Rate” for the applicable tenor has
not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with 

  
 33 

 
respect to the Term SOFR Rate has not occurred, then the Term SOFR Reference Rate for such Term SOFR Determination Day will be the Term SOFR Reference Rate as published in respect of the first
preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding U.S. Government Securities Business Day is not more than five (5) U.S.
Government Securities Business Days prior to such Term SOFR Determination Day. 
 “Titled Agent” has the meaning given to
such term in Section 12.9. 
 “Total Asset Value” means, at a given time, the sum (without
duplication) of all of the following of Spirit REIT and its Subsidiaries determined on a consolidated basis in accordance with GAAP applied on a consistent basis: 

(a) cash, Cash Equivalents (other than tenant deposits and other cash and Cash Equivalents that are subject to a Lien other than a Permitted
Lien (but not any Permitted Lien described in clause (g) of such definition) or a Negative Pledge (except for those permitted under Section 10.2) or the disposition of which is restricted in any way), cash contained in
any account established by or for the benefit of the Borrower or its Subsidiaries to effectuate a tax-deferred exchange in connection with the purchase and/or sale of Property and Marketable Securities;
plus 
 (b) (i) Net Operating Income for the most recent fiscal quarter ended for all Properties (other than Properties
described in clauses (d), (e) and (f) below) owned for the full fiscal quarter most recently ended multiplied by four (4), divided by (ii) the Capitalization Rate; plus 

(c) the GAAP book value for any Property acquired by the Borrower or such Subsidiary during the fiscal quarter most recently ended and owned
as of the end of such fiscal quarter; plus 
 (d) for any Property owned as of the end of the fiscal quarter most recently
ended that is below 85% Occupancy, but that has been less than 85% Occupancy for no more than 12 months, the greater of (i) 75% of the unimpaired GAAP book value of such Property, or (ii) the most recent fiscal quarter’s Net
Operating Income from such Property multiplied by four and divided by the Capitalization Rate; plus 
 (e) the GAAP book value
of all Development Assets owned as of the end of the fiscal quarter most recently ended; plus 
 (f) the GAAP book value of
Unimproved Land owned as of the end of the fiscal quarter most recently ended; plus 
 (g) the GAAP book value of Traditional
Mortgage Receivables or notes receivable owned as of the end of the fiscal quarter most recently ended. 
 Spirit REIT’s Ownership Share of assets held
by Unconsolidated Affiliates (excluding assets of the type described in the immediately preceding clause (a)) shall be included in the calculation of Total Asset Value consistent with the above described treatment for assets owned by the Borrower or
a consolidated Subsidiary. For purposes of determining Total Asset Value: Net Operating Income from Development Assets, and Properties disposed of by the Borrower, any Subsidiary or any Unconsolidated Affiliate, as applicable, during the fiscal
quarter most recently ended and from Properties acquired by the Borrower, any Subsidiary or any Unconsolidated Affiliate, as applicable, during the fiscal quarter most recently ended shall, in each such case, be excluded from the immediately
preceding clause (b). 

  
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 The calculation of Total Asset Value shall be adjusted to eliminate the portion of each of the following
types of assets that exceeds the limitation specified for such assets: 
  

					
	 Type of Asset
	  	Maximum
Percentage of Total
Asset Value	 
	1. Unimproved Land and Development Assets	  	 	15	% 
	2. The aggregate of (a) Properties leased to Spirit REIT or any of its Subsidiaries under a ground lease, (b) Unimproved Land, (c) Marketable Securities (other than Cash Equivalents), Common Stock, Preferred Equity
Interests and similar equity interests, (d) Traditional Mortgage Receivables and Notes Receivable, (e) Development Assets, and (f) Unconsolidated Affiliates	  	 	35	% 

 “Total Indebtedness” means, as to any Person as of a given date and without duplication:
(a) all Indebtedness of such Person and its Subsidiaries determined on a consolidated basis, and (b) such Person’s Ownership Share of the Indebtedness of any Unconsolidated Affiliate of such Person, net of cash and Cash Equivalents
held in any cash collateral account and/or lender reserve account (which shall not include reserves and impounds for property operating expenses), subject to a Lien or a Negative Pledge or the disposition of which is restricted in any way. 

“Total Leverage Ratio” has the meaning given to such term in Section 10.1(a). 

“Traditional Mortgage Receivable” means any Indebtedness owing to the Borrower or its Subsidiaries which is secured by a
first-priority mortgage or deed of trust on commercial real estate having a value in excess of the amount of such Indebtedness and which has been designated by the Borrower as a “Traditional Mortgage Receivable” in its most recent
Compliance Certificate; provided that any such Indebtedness owed by an Unconsolidated Affiliate shall be reduced by the Borrower’s or such Subsidiary’s, as applicable, Ownership Share of such Indebtedness. 

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

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

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

  
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 “UK Resolution Authority” means the Bank of England or any other public
administrative authority having responsibility for the resolution of any UK Financial Institution. 
 “Unadjusted Benchmark
Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment. 

“Unconsolidated Affiliate” means, with respect to any Person, any other Person in whom such Person holds an Investment, which
Investment is accounted for in the financial statements of such Person on an equity basis of accounting and whose financial results would not be consolidated under GAAP with the financial results of such Person on the consolidated financial
statements of such Person. Unless otherwise specified, all references to Unconsolidated Affiliates herein shall refer to Unconsolidated Affiliates of Spirit REIT. 

“Unencumbered Asset Value” means, as of the last day of any fiscal quarter, the sum (without duplication) of all of the
following of Spirit REIT and its Subsidiaries determined on a consolidated basis in accordance with GAAP applied on a consistent basis: 

(a) Unencumbered NOI for such fiscal quarter multiplied by four divided by the
Capitalization Rate, plus 
 (b) cash, Cash Equivalents (other than tenant deposits and other cash and cash equivalents that
are subject to a Lien other than a Permitted Lien (but not any Permitted Lien described in clause (g) of such definition) or a Negative Pledge (except for those permitted under Section 10.2) or the disposition of which
is restricted in any way), and cash contained in any accounts established by or for the benefit of the Borrower or its Subsidiaries to effectuate a tax-deferred exchange in connection with the purchase and/or
sale of Property; plus 
 (c) the GAAP book value of all Unencumbered Pool Assets that are Eligible Assets acquired during
such fiscal quarter, plus 
 (d) for any Property that is an Eligible Asset owned as of the end of the fiscal quarter most
recently ended that is below 85% Occupancy, but that has been less than 85% Occupancy for no more than 12 months, the greater of (i) 75% of the unimpaired GAAP book value of such Property, or (ii) the most recent fiscal quarter’s Net
Operating Income from such Property multiplied by four and divided by the Capitalization Rate; plus 
 (e) the GAAP book value
of Traditional Mortgage Receivables or notes receivable owned as of the end of such fiscal quarter (in each case, not subject to a Lien other than a Permitted Lien (but not any Permitted Lien described in clause (g) of such definition) or a
Negative Pledge (except for those permitted under Section 10.2) or the disposition of which is restricted in any way); plus 

(f) the GAAP book value of all Unencumbered Pool Assets that are Development Assets owned as of the end of the fiscal quarter most recently
ended, plus 

  
 36 

 (g) the GAAP book value of all Unencumbered Pool Assets that are Unimproved Land owned as of
the end of the fiscal quarter most recently ended. 
 For purposes of determining Unencumbered Asset Value: (i) Unencumbered NOI from
Unencumbered Pool Assets disposed of by Spirit REIT or any Subsidiary during the relevant fiscal quarter and from Unencumbered Pool Assets acquired by Spirit REIT or any Subsidiary during such fiscal quarter shall, in each case, be excluded from
clause (a) above; (ii) to the extent the amount of Unencumbered Asset Value attributable to Unencumbered Pool Assets subject to Ground Leases would exceed 15% of Unencumbered Asset Value, such excess shall be excluded; (iii) to the extent
the amount of Unencumbered Asset Value attributable to the sum of Traditional Mortgage Receivables and notes receivable would exceed 15% of Unencumbered Asset Value, such excess shall be excluded; and (iv) to the extent the aggregate amount of
Unencumbered Asset Value attributable to Development Assets and Unimproved Land would exceed 15% of Unencumbered Asset Value, such excess shall be excluded. Marketable Securities (other than Cash Equivalents), Common Stock, Preferred Equity
Interests and similar equity interests shall not be included when determining the Unencumbered Asset Value. 
 “Unencumbered
NOI” means, for any fiscal quarter: 
 (a) Net Operating Income for such fiscal quarter from all Properties that are Eligible Assets
(provided that with respect to Properties not owned for the full quarter, only the Net Operating Income for the period during which such Properties are owned by the Borrower or a Subsidiary shall be included); plus 

(b) solely when calculating the Unencumbered Interest Coverage Ratio, income from Traditional Mortgage Receivables and interest from notes
receivable for such fiscal quarter. 
 For purposes of determining Unencumbered NOI when calculating the Unencumbered Interest Coverage
Ratio, to the extent the amount of Unencumbered NOI attributable to clause (b) above would exceed 10% of Unencumbered NOI, such excess shall be excluded. 

“Unencumbered Pool” means, collectively, all of the Unencumbered Pool Assets. 

“Unencumbered Pool Asset” means any Property that is (a) owned directly or indirectly by Spirit REIT, the Borrower or a
wholly owned Subsidiary of Spirit REIT, (b) not subject to a lien that secures Indebtedness of any person or entity, other than the Permitted Liens (but not Permitted Liens described in clause (g) of such definition) and (c) not
subject to any Negative Pledge, except for those permitted under Section 10.2. 
 “Unimproved
Land” means land on which no development (other than improvements that are not material and are temporary in nature) has occurred. 

“Unsecured Indebtedness” means, with respect to a Person, Total Indebtedness of such Person minus Secured
Indebtedness of such Person; provided that any recourse Indebtedness that is secured only by a pledge of Equity Interests shall be deemed to be Unsecured Indebtedness. 

  
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 “Unsecured Interest Expense” means, with respect to a Person and for any
period, the cash portion of all Interest Expense of such Person for such period attributable to Unsecured Indebtedness of such Person. 

“Unsecured Leverage Ratio” has the meaning given to such term in Section 10.1(e). 

“U.S. Government Securities Business Day” means any day except for (i) a Saturday, (ii) a Sunday or (iii) a
day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities. 

“U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of the
Internal Revenue Code. 
 “U.S. Tax Compliance Certificate” has the meaning given to such term in
Section 3.10(g)(ii)(B)(III). 
 “Warehouse Entity” means a wholly-owned (directly or indirectly)
Subsidiary that the Borrower has identified as an intended future issuer under the Master Funding securitization programs sponsored by Spirit REIT. 

“Wholly Owned Subsidiary” means any Subsidiary of a Person in respect of which all of the Equity Interests (other than, in
the case of a corporation, directors’ qualifying shares) are at the time directly or indirectly owned or controlled by such Person or one or more other Subsidiaries of such Person or by such Person and one or more other Subsidiaries of such
Person. 
 “Withdrawal Liability” means any liability as a result of a complete or partial withdrawal from a Multiemployer
Plan as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “Withholding Agent” means
(a) the Borrower, (b) any other Loan Party, and (c) the Administrative Agent, as applicable. 
 “Write-Down and
Conversion Powers” means (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation
for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, any powers of the applicable
Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises,
to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any
obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers. 

  
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 Section 1.2 Accounting Matters. 

(a) Unless otherwise indicated, all accounting terms, ratios and measurements shall be interpreted or determined in accordance with GAAP from
time to time; provided that, if at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Requisite Lenders shall so request, the
Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the appropriate Lenders pursuant
to Section 13.6); provided further that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall
provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made
before and after giving effect to such change in GAAP. Notwithstanding the preceding sentence, the calculation of liabilities shall not include any fair value adjustments to the carrying value of liabilities to record such liabilities at fair value
pursuant to electing the fair value option election under FASB ASC 825-10-25 (formerly known as FAS 159, The Fair Value Option for Financial Assets and Financial
Liabilities) or other FASB standards allowing entities to elect fair value option for financial liabilities. 
 (b) Notwithstanding anything
to the contrary contained in Section 1.2(a) or in the definition of “Capitalized Lease Obligations,” in the event of an accounting change requiring all leases to be capitalized, only those leases (assuming for
purposes hereof that such leases were in existence on the date hereof) that would constitute capital leases in conformity with GAAP as of January 14, 2019 shall be considered capital leases, and all calculations and deliverables under this
Agreement or any other Loan Document shall be made or delivered, as applicable, in accordance therewith. 
 Section 1.3 Interpretation. 

For purposes of this Agreement and each other Loan Document, unless otherwise specified or the context otherwise requires, (a) any
reference to a “Section”, an “Article”, an “Exhibit” or a “Schedule” is to a section, article, exhibit or schedule of the document in which such reference appears; (b) any reference to any document,
instrument or agreement (including this Agreement) (i) includes all exhibits, schedules and other attachments hereto or thereto, (ii) includes all documents, instruments or agreements issued or executed in replacement hereof or thereof, to
the extent permitted hereby or thereby and (iii) means such document, instrument or agreement, or replacement or predecessor hereto or thereto, as amended, supplemented, restated or otherwise modified from time to time (except to the extent
prohibited hereby or thereby); (c) any reference to any law or regulation includes all statutory and regulatory provisions consolidating, amending, supplementing, replacing or interpreting such law or regulation; (d) each term stated in either
the singular or plural includes the singular and plural; (e) a pronoun stated in the masculine, feminine or neuter gender includes the masculine, the feminine and the neuter; (f) any reference to an “Affiliate” means an Affiliate
of Spirit REIT; (g) titles and captions of Articles, Sections, subsections and clauses in this Agreement are for convenience only and neither limit nor amplify the provisions of this Agreement; (h) the words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”; (i) 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;” and
(k) all references to time are references to Central time daylight or standard, as applicable. Any reference herein to a merger, transfer, consolidation, amalgamation, assignment, 

  
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sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, limited partnership or trust, or an allocation of assets to a series
of a limited liability company, limited partnership or trust (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation, amalgamation, assignment, sale or transfer, or similar term, as applicable, to, of or
with a separate Person. Any division of a limited liability company, limited partnership or trust shall constitute a separate Person hereunder (and each division of any limited liability company, limited partnership or trust that is a Subsidiary,
joint venture or any other like term shall also constitute such a Person or entity). 
 Section 1.4 Financial Attributes of Non-Wholly Owned Subsidiaries. 
 When determining the Applicable Margin and compliance by the Borrower
with any financial covenant contained in any of the Loan Documents (a) only the Ownership Share of Spirit REIT of the financial attributes of a Subsidiary that is not a Wholly Owned Subsidiary shall be included and (b) Spirit REIT’s
Ownership Share of the Borrower shall be deemed to be one hundred percent (100%). 
 Section 1.5 Interest Rates; Benchmark Notification. 

The interest rate on a Loan denominated in Dollars may be derived from an interest rate benchmark that may be discontinued or is, or may in the
future become, the subject of regulatory reform. Upon the occurrence of a Benchmark Transition Event, Section 5.2(b) provides a mechanism for determining an alternative rate of interest. The Administrative Agent does not warrant or accept any
responsibility for, and shall not have any liability with respect to, the administration, submission, performance or any other matter related to any interest rate used in this Agreement, or with respect to any alternative or successor rate thereto,
or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the
existing interest rate being replaced or have the same volume or liquidity as did any existing interest rate prior to its discontinuance or unavailability. The Administrative Agent and its affiliates and/or other related entities may engage in
transactions that affect the calculation of any interest rate used in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant 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 interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, 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 calculation of any such rate (or component thereof) provided by any such information source or service. 

  
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 Section 1.6 [Reserved]. 

Section 1.7 Divisions. 
 For all
purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes
the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed
to have been organized on the first date of its existence by the holders of its Equity Interests at such time. 
 Section 1.8 Certain Calculations
and Tests. 
 (a) In connection with any action being taken in connection with a Limited Condition Transaction, solely for purposes of
determining compliance with any provision of this Agreement that requires that no Default, Event of Default or specified Event of Default, as applicable, has occurred, is continuing or would result from any such action, as applicable, such condition
shall, at the option of the Borrower, be deemed satisfied, so long as no Default, Event of Default or specified Event of Default, as applicable, exists on the LCT Test Date. For the avoidance of doubt, if the Borrower has exercised its option under
the first sentence of this clause (a), and any Default, Event of Default or specified Event of Default occurs following the relevant LCT Test Date and prior to or on the date of the consummation of such Limited Condition Transaction, any such
Default, Event of Default or specified Event of Default shall be deemed to not have occurred or be continuing for purposes of determining whether any action being taken in connection with such Limited Condition Transaction is permitted hereunder.

 (b) In connection with any action being taken in connection with a Limited Condition Transaction, solely for the purposes of determining
compliance with any provision of this Agreement which requires the calculation of the Debt Leverage Ratios (but, for the avoidance of doubt, not for purposes of determining whether the Borrower has actually complied with any financial covenant in
Section 10.1), at the option of the Borrower (the Borrower’s election to exercise such option in connection with any Limited Condition Transaction, an “LCT Election”), the date of determination of
compliance with such provision hereunder shall be deemed to be the date on which the definitive agreements for such Limited Condition Transaction are entered into (the “LCT Test Date”), and if, after giving pro forma effect to the
Limited Condition Transaction and the other transactions to be entered into in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) as if they had occurred at the beginning of the Test Period most recently
ended on or prior to the applicable LCT Test Date for which financial statements have been delivered pursuant to Section 9.1 or Section 9.2 (or, prior to the delivery of any such financial
statements, the most recent period of four consecutive fiscal quarters of the Borrower included in the latest financial statements provided to the Administrative Agent), the Borrower could have taken such action on the relevant LCT Test Date in
compliance with such provision, such provision shall be deemed to have been complied with. For the avoidance of doubt, if the Borrower has made an LCT Election and any of the ratios for which compliance was determined or tested as of the LCT Test
Date are exceeded as a result of fluctuations in any such ratio, including due to fluctuations in Adjusted EBITDA or Total Asset Value of the Borrower or 

  
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the Person subject to such Limited Condition Transaction, on or prior to the date of consummation of the relevant transaction or action, such ratios will not be deemed to have been exceeded as a
result of such fluctuations solely for purposes of determining whether such ratio has been satisfied in connection with such Limited Condition Transaction. If the Borrower has made an LCT Election for any Limited Condition Transaction, then
(i) in connection with any subsequent calculation of any ratio or test with respect to the incurrence of Indebtedness or Liens, or the making of distributions or Restricted Payments, Investments, mergers or dispositions on or following the
relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the definitive agreement for such Limited Condition Transaction is terminated or expires without consummation of such Limited
Condition Transaction, any such ratio or test shall be calculated on a pro forma basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds
thereof) have been consummated and (ii) such ratio or test shall not be tested at the time of consummation of such Limited Condition Transaction. For the avoidance of doubt, this Section 1.8 shall not, except to the
extent expressly set forth in Section 2.15 with respect to increases of the Term Loan Commitments, apply to Section 6.2. 

ARTICLE II 
 CREDIT
FACILITY 
 Section 2.1 Loans. 

(a) Making of Term Loans. Subject to the terms and conditions set forth in this Agreement, including
Section 2.14, each Term Loan Lender severally and not jointly agrees to make Loans in Dollars to the Borrower from time to time in up to three (3) Borrowings during the Availability Period in a principal amount
requested by the Borrower in the Notice of Borrowing not to exceed such Lender’s Term Loan Commitment; provided that (i) all Borrowings of Term Loans shall be made no later than the last day of the Availability Period, (ii) the
aggregate principal amount of any such Borrowing of Term Loans shall not exceed the amount of the unused total Term Loan Commitments on the date of such Borrowing of Term Loans, and (iii) the principal amount of Term Loans made by any Term Loan
Lender to the Borrower shall not exceed such Term Loan Lender’s Term Loan Commitment. The Term Loan Commitments of the Term Loan Lenders to make the Term Loans shall expire on the last day of the Availability Period (regardless of whether the
Borrower has fully utilized the Term Loan Commitments). Each Borrowing under this Section 2.1(a) shall be in an aggregate principal amount of at least $25,000,000 or an integral multiple of $1,000,000 in excess thereof and shall be made from
the several Term Loan Lenders ratably in proportion to their respective Term Loan Commitments. Subject to Section 5.2, each Borrowing shall be comprised entirely of Base Rate Loans or Term Benchmark Loans as the Borrower
may request in accordance herewith. No amount repaid or prepaid on any Term Loan may be borrowed again. 
 (b) [Reserved]. 

(c) Request for Loans. Not later than 11:00 a.m., New York City time (x) on the Business Day of a borrowing of Loans that are to
be Base Rate Loans and (y) at least three (3) Business Days prior to a borrowing of Loans that are to be Term Benchmark Loans, the Borrower shall deliver to the Administrative Agent a Notice of Borrowing. The Notice of Borrowing shall

  
 42 

 
specify the aggregate principal amount of the Loans to be borrowed, the date during the Availability Period on which such Loans are to be borrowed (which must be a Business Day) (the
“Funding Date”), the Type of the requested Loans and, if such Loans are to be Term Benchmark Loans, the initial Interest Period for such Loans. If no election as to the Type of Borrowing is specified, then the requested
Borrowing shall be a Base Rate Loan Borrowing. If no Interest Period is specified with respect to any Term Benchmark Loan Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. The Notice of
Borrowing shall be irrevocable once given and binding on the Borrower. Prior to delivering the Notice of Borrowing, the Borrower may (without specifying whether a Loan will be a Base Rate Loan or a Term Benchmark Loan) request that the
Administrative Agent provide the Borrower with the most recent Adjusted Term SOFR Rate available to the Administrative Agent. The Administrative Agent shall provide such quoted rate to the Borrower on the date of such request or as soon as possible
thereafter. 
 (d) Funding of Loans. Promptly after receipt of the Notice of Borrowing under the immediately preceding subsection
(b), the Administrative Agent shall notify each Lender of the proposed borrowing. Each Lender shall deposit an amount equal to the Loan to be made by such Lender to the Borrower with the Administrative Agent at the Principal Office, in immediately
available funds not later than 11:00 a.m., New York City time on the date of such proposed Loans (or 2:00 p.m., New York City time, in the case of a Base Rate Loan requested on such date). Subject to fulfillment of all applicable conditions set
forth herein, the Administrative Agent shall promptly make available to the Borrower in the account specified in such Notice of Borrowing, the proceeds of such amounts so received by the Administrative Agent. 

(e) Assumptions Regarding Funding by Lenders. Unless the Administrative Agent shall have been notified by any Lender that such Lender
will not make available to the Administrative Agent a Loan to be made by such Lender in connection with any borrowing, the Administrative Agent may assume that such Lender will make the proceeds of such Loan available to the Administrative Agent in
accordance with this Section, and the Administrative Agent may (but shall not be obligated to), in reliance upon such assumption, make available to the Borrower the amount of such Loan to be provided by such Lender. In such event, if such Lender
does not make available to the Administrative Agent the proceeds of such Loan, then such Lender and the Borrower severally agree to pay to the Administrative Agent on demand the amount of such Loan with interest thereon, for each day from the date
such Loan is made available to the Borrower to the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation and (ii) in the case of a payment to be made by the Borrower, the interest rate applicable to such Loan. If the Borrower and such Lender shall pay the
amount of such interest to the Administrative Agent for the same or overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays to the
Administrative Agent the amount of such Loan, the amount so paid shall constitute such Lender’s Loan included in the 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 available the proceeds of a Loan to be made by such Lender. 

  
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 (f) Termination of Commitments. The Term Loan Commitments shall automatically
terminate on the Availability End Date. 
 Section 2.2 [Reserved]. 

Section 2.3 [Reserved]. 
 Section 2.4 Rates
and Payment of Interest on Loans. 
 (a) Rates. The Borrower promises to pay to the Administrative Agent for the account of each
applicable Lender interest on the unpaid principal amount of each Loan made by such Lender for the period from the date of the making of such Loan to the date such Loan shall be paid in full, at the following per annum rates: 

(i) during such periods as such Loan is a Base Rate Loan, at the Base Rate (as in effect from time to time), plus
the Applicable Margin for Base Rate Loans; and 
 (ii) during such periods as such Loan is a Term Benchmark Loan, at the
Adjusted Term SOFR Rate for such Loan for the Interest Period therefor, plus the Applicable Margin for Term Benchmark Loans. 

Notwithstanding the foregoing, while an Event of Default exists and is continuing under Section 11.1(a), 11.1(e) or
11.1(f), or in the case of any other Event of Default that exists and is continuing, at the direction of the Requisite Lenders, the Borrower shall pay to the Administrative Agent for the account of each Lender, interest at the Post-Default
Rate on the outstanding principal amount of any Loan made by such Lender, and on any other amount payable by the Borrower hereunder or under the Notes held by such Lender to or for the account of such Lender (including accrued but unpaid interest to
the extent permitted under Applicable Law). 
 (b) Payment of Interest. All accrued and unpaid interest on the outstanding principal
amount of each Loan shall be payable in arrears (i) on each Interest Payment Date for such Loan and (ii) on any date on which the principal balance of such Loan is due and payable in full (whether at maturity, due to acceleration or
otherwise). Interest payable at the Post-Default Rate in accordance with Section 2.4(a) above shall be payable from time to time on demand by Administrative Agent. In the event of any repayment or prepayment of any Loan,
accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, and in the event of any conversion of any Term Benchmark Loan prior to the end of the current Interest Period therefor, accrued
interest on such Loan shall be payable on the effective date of such conversion. All determinations by the Administrative Agent of an interest rate hereunder shall be conclusive and binding on the Lenders and the Borrower for all purposes, absent
manifest error. 
 (c) Borrower Information Used to Determine Applicable Interest Rates. The parties understand that the applicable
interest rate for the Obligations and certain fees set forth herein may be determined and/or adjusted from time to time based upon certain financial ratios and/or other information to be provided or certified to the Lenders by the Borrower (the
“Borrower Information”). If it is subsequently determined that any such Borrower Information was incorrect (for whatever reason, including because of a subsequent restatement of earnings by the Borrower)

  
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at the time it was delivered to the Administrative Agent, and if the applicable interest rate or fees calculated for any period were lower than they should have been had the correct information
been timely provided, then, such interest rate and such fees for such period shall be automatically recalculated using correct Borrower Information. The Administrative Agent shall promptly notify the Borrower in writing of any additional
interest and fees due because of such recalculation, and the Borrower shall pay such additional interest or fees due to the Administrative Agent, for the account of each Lender, within five (5) Business Days of receipt of such written notice.
Any recalculation of interest or fees required by this provision shall survive the termination of this Agreement for one (1) year, and this provision shall not in any way limit any of the Administrative Agent’s or any Lender’s
other rights under this Agreement. 
 Section 2.5 Number of Interest Periods. 

There may be no more than six (6) different Term Benchmark Borrowings outstanding at the same time. 

Section 2.6 Repayment of Loans. 
 The
Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Term Loans on the Term Loan Maturity Date. 

Section 2.7 Prepayments; Reborrowings. 

(a) Optional. Subject to Section 5.4, the Borrower may prepay any Loan at any time without premium or penalty.
The Borrower shall give the Administrative Agent prior written notice of the prepayment of any Loan by 11:00 a.m. New York City time (x) at least three (3) Business Days before the date of any prepayment of Term Benchmark Loans or
(y) at least one (1) Business Day before the date of any prepayment of Base Rate Loans. Each voluntary prepayment of Loans shall be in an aggregate minimum principal amount of $1,000,000 and integral multiples of $100,000 in excess
thereof. Any Loans that are prepaid may not be reborrowed. 
 (b) All Prepayments. Any prepayment of Loans shall be accompanied by
(i) accrued interest on the amount prepaid and (ii) any amount payable pursuant to Section 5.4. 
 (c)
No Effect on Derivatives Contracts. No repayment or prepayment of the Loans pursuant to this Section shall affect any of the Borrower’s obligations under any Derivatives Contracts entered into with respect to the Loans. 

Section 2.8 Continuation. 
 So long
as no Default or Event of Default exists and is continuing, the Borrower may on any Business Day, with respect to any Term Benchmark Loan, elect to maintain such Term Benchmark Loan or any portion thereof as a Term Benchmark Loan by selecting a new
Interest Period for such Term Benchmark Loan. Each Continuation of a Term Benchmark Loan shall be in an aggregate minimum principal amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and each new Interest Period
selected under this Section shall commence on the last day of the immediately preceding Interest Period. Each selection of a new Interest 

  
 45 

 
Period shall be made by the Borrower giving to the Administrative Agent a Notice of Continuation not later than 11:00 a.m., New York City time three (3) Business Days prior to the date
of any such Continuation. Such notice by the Borrower of a Continuation shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Continuation, specifying (a) the proposed date of such Continuation,
(b) the Term Benchmark Loans and portions thereof subject to such Continuation and (c) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans
outstanding hereunder. Each Notice of Continuation shall be irrevocable by and binding on the Borrower once given. Promptly after receipt of a Notice of Continuation, the Administrative Agent shall notify each Lender of the proposed Continuation. If
the Borrower fails to deliver a timely and complete Notice of Continuation or Notice of Conversion with respect to a Term Benchmark Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as
provided herein, at the end of such Interest Period such Borrowing shall be deemed to have an Interest Period that is one month. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the
Administrative Agent, at the request of the Requisite Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing no outstanding Borrowing may be converted to or continued as a Term Benchmark Borrowing and unless repaid,
each Term Benchmark Borrowing shall be converted to a Base Rate Borrowing at the end of the Interest Period applicable thereto. 
 Section 2.9
Conversion. 
 The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative
Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan may not be Converted into a Term Benchmark Loan
if the circumstances set forth in the last sentence of Section 2.8 are applicable. Each Conversion of Base Rate Loans into Term Benchmark Loans shall be in an aggregate minimum principal amount of $1,000,000 and integral multiples of $100,000
in excess of that amount. Each such Notice of Conversion shall be given not later than 11:00 a.m., New York City time three (3) Business Days prior to the date of any proposed Conversion. Promptly after receipt of a Notice of Conversion,
the Administrative Agent shall notify each Lender holding Loans being Converted of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of
communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan
is to be Converted into and (e) if such Conversion is into a Term Benchmark Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. 

Section 2.10 Notes. 
 (a)
Notes. Upon the request of any Term Loan Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Term Loan Note, which shall evidence such Lender’s Term
Loans in addition to the accounts or records referred to below. 

  
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 (b) Records. Subject to Section 13.5(c), which shall
control in the event of any inconsistency with this Section 2.10(b), the date, amount, interest rate, Type and duration of Interest Periods (if applicable) of each Loan made by each Lender to the Borrower, and each payment
made on account of the principal thereof, shall be recorded by such Lender on its books and such entries shall be binding on the Borrower absent manifest error; provided that (i) the failure of a Lender to make any such record shall not
affect the obligations of the Borrower under any of the Loan Documents and (ii) if there is a discrepancy between such records of a Lender and the statements of accounts maintained by the Administrative Agent pursuant to
Section 3.8, in the absence of manifest error, the statements of account maintained by the Administrative Agent pursuant to Section 3.8 shall be controlling. 

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

Section 2.11 [Reserved]. 
 Section 2.12
[Reserved]. 
 Section 2.13 [Reserved]. 

Section 2.14 Amount Limitations. 

Notwithstanding any other term of this Agreement or any other Loan Document, no Term Loan Lender shall be required to make a Term Loan, if
immediately after the making of such Loan, the aggregate principal amount of all outstanding Term Loans would exceed the aggregate amount of the Term Loan Commitments at such time. 

Section 2.15 Increase in Term Loan Commitments. 

The Borrower shall have the right to request increases in the aggregate amount of the Term Loan Commitments in the aggregate amount of
$100,000,000 by providing written notice to the Administrative Agent, which notice shall be irrevocable once given; provided that after giving effect to any and all such increases the aggregate amount of the Term Loan Commitments shall not
exceed Six Hundred Million Dollars ($600,000,000). Each such increase in the Term Loan Commitments must be an aggregate minimum amount of $25,000,000 (or such lesser amount as the Borrower and the Administrative Agent may agree in writing) and
integral multiples of $5,000,000 in excess thereof. The Administrative Agent, in consultation with the Borrower, shall manage all aspects of the syndication of such increase in the Term Loan Commitments, including decisions as to the selection of
the existing Lenders and/or other banks, financial institutions and other institutional lenders to be approached with respect to such increase and the allocations of the increase in the Term Loan Commitments among such existing Lenders and/or other
banks, financial institutions and other institutional lenders and the Fees to be paid for such increased Term Loan Commitments; provided, that, the consent of the Borrower (not to be unreasonably withheld, conditioned or delayed) shall be
required for all banks, financial institutions and institutional 

  
 47 

 
lenders that agree to provide any such increase in the event the consent of the Borrower would be required if such bank, financial institution or institutional lender were to become a Lender
pursuant to Section 13.5(b)(iii)(A). No Lender shall be obligated in any way whatsoever to increase its Term Loan Commitment or provide a new Term Loan Commitment, and any new Lender becoming a party to this Agreement in
connection with any such requested increase must be an Eligible Assignee subject to and in accordance with the provisions of Section 13.5(b). 

If a new Term Loan Lender becomes a party to this Agreement, or if any existing Term Loan Lender is increasing its Term Loan Commitment, such
Lender shall on the date it becomes a Term Loan Lender hereunder (or in the case of an existing Term Loan Lender, increases its Term Loan Commitment) (and as a condition thereto) purchase from the other Term Loan Lenders its Term Loan Commitment
Percentage (determined with respect to the Term Loan Lenders’ respective Term Loan Commitments and after giving effect to the increase of Term Loan Commitments) of any outstanding Term Loans, by making available to the Administrative Agent for
the account of such other Term Loan Lenders, in same day funds, an amount equal to (A) the portion of the outstanding principal amount of such Term Loans to be purchased by such Lender, plus (B) interest accrued and unpaid to
and as of such date on such portion of the outstanding principal amount of such Term Loans. The Borrower shall pay to the Term Loan Lenders amounts payable, if any, to such Term Loan Lenders under Section 5.4 as a result of
the prepayment of any such Term Loans. 
 The effectiveness of the increase of the Term Loan Commitments under this Section is subject to
the following conditions precedent (subject, in the case of an increase of the Term Loan Commitments incurred to finance a Limited Condition Transaction, to Section 1.8; provided, that any such request for increase
in Term Loan Commitments by the Borrower shall specify that such condition is to apply): (w) no Default or Event of Default (or in the case of an increase of the Term Loan Commitments incurred to finance a Limited Condition Transaction, no Event of
Default described in clause (a), (e) or (f) of Section 11.1) shall exist and be continuing on the effective date of such increase, (x) the representations and warranties made or deemed made by the Borrower and any
other Loan Party in any Loan Document to which such Loan Party is a party shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty
shall be true and correct in all respects) on the effective date of such increase except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have
been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and
except for changes in factual circumstances specifically and expressly permitted hereunder; provided, that in the case of an increase of the Term Loan Commitments incurred to finance a Limited Condition Transaction, such representations and
warranties shall be limited to the Specified Representations, (y) payment of any and all Fees required in connection with such increased Term Loan Commitments, and (z) the Administrative Agent shall have received each of the following, in
form and substance reasonably satisfactory to the Administrative Agent: (i) if not previously delivered to the Administrative Agent, copies certified by the Secretary or Assistant Secretary of (A) all partnership or other necessary action
taken by the Borrower to authorize such increase and (B) all partnership or other necessary action taken by each Guarantor authorizing the guaranty of such increase; (ii) an opinion of counsel to the Borrower and the Guarantors, and
addressed to the 

  
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Administrative Agent and the Lenders covering such matters as reasonably requested by the Administrative Agent; and (iii) to the extent requested by the applicable Lender, a new Term Loan
Note executed by the Borrower, payable to such new Term Loan Lenders and replacement Term Loan Notes executed by the Borrower, payable to any existing Term Loan Lenders increasing their Term Loan Commitments, in the amount of such Term Loan
Lender’s Term Loan Commitment at the time of the effectiveness of the applicable increase in the aggregate amount of the Term Loan Commitments and a Beneficial Ownership Certification. 

In connection with any increase in the aggregate amount of the Term Loan Commitments pursuant to this Section 2.15,
any Term Loan Lender becoming a party hereto shall (1) execute such documents and agreements as the Administrative Agent may reasonably request and (2) in the case of any 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 the Patriot Act. 
 Section 2.16 Funds Transfer Disbursements. 

The Borrower hereby authorizes the Administrative Agent to disburse the proceeds of any Loan made by the Lenders or any of their Affiliates
pursuant to the Loan Documents as requested by an authorized representative of the Borrower to any of the accounts designated in the Borrower Administrative Questionnaire. 

ARTICLE III 
 PAYMENTS,
FEES AND OTHER GENERAL PROVISIONS 
 Section 3.1 Payments. 

(a) Payments by Borrower. Except to the extent otherwise provided herein, all payments of principal, interest, Fees and other amounts to
be made by the Borrower under this Agreement, the Notes or any other Loan Document shall be made in Dollars, to the Administrative Agent at the Principal Office, not later than 1:00 p.m., New York City time on the date on which such payment shall
become due in immediately available funds, without setoff, recoupment or counterclaim (excluding Taxes to be withheld pursuant to Section 3.10). Any amounts received after such time on any date may, in the discretion of the
Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. Subject to Section 11.4, the Borrower shall, at the time of making each payment under
this Agreement or any other Loan Document, specify to the Administrative Agent the amounts payable by the Borrower hereunder to which such payment is to be applied. Each payment received by the Administrative Agent for the account of a Lender under
this Agreement or any Note shall be paid to such Lender by wire transfer of immediately available funds in accordance with the wiring instructions provided by such Lender to the Administrative Agent from time to time, for the account of such Lender
at the applicable Lending Office of such Lender. If the due date of any payment under this Agreement or any other Loan Document would otherwise fall on a day that is not a Business Day such date shall be extended to the next succeeding Business Day
(unless, in the case of payment of interest on a Term Benchmark Loan, such next succeeding Business Day is the first Business Day of a calendar month, in which case such payment shall be made on the next preceding Business Day) and interest shall
continue to accrue at the rate, if any, applicable to such payment for the period of such extension. 

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

Except to the extent otherwise provided herein: (a) each borrowing from the Lenders under Section 2.1(a) shall
be made by the Lenders and each payment of the fees under Section 3.5(a) shall be made for the account of the Lenders shall be applied to the respective applicable Term Loan Commitments of the Lenders, pro rata according to
the amounts of their respective applicable Term Loan Commitments; (b) each payment or prepayment of principal of Loans shall be made for the account of the Lenders pro rata in accordance with the respective unpaid principal amounts of the
applicable Term Loans held by them, provided that, subject to Section 3.9, if immediately prior to giving effect to any such payment in respect of any Loans the outstanding principal amount of the Loans shall not be
held by the Term Loan Lenders pro rata in accordance with their respective applicable Term Loan Commitments in effect at the time such Loans were made, then such payment shall be applied to the Loans in such manner as shall result, as nearly as is
practicable, in the outstanding principal amount of the Loans being held by the Lenders pro rata in accordance with such respective applicable Term Loan Commitments; (c) each payment of interest on Loans (excluding additional interest pursuant
to Section 5.1(b)) shall be made for the account of the Lenders pro rata in accordance with the amounts of interest on such Loans then due and payable to the respective applicable Lenders; and (d) the Conversion and
Continuation of Loans of a particular Type (other than Conversions provided for by Section 5.5) shall be made pro rata among the Lenders according to the amounts of their respective applicable Loans and the then current Interest
Period for each Lender’s portion of each such Loan of such Type shall be coterminous. 
 Section 3.3 Sharing of Payments, Etc. 

If a Lender shall obtain payment of any principal of, or interest on, any Loan made by it to the Borrower under this Agreement or shall obtain
payment on any other Obligation owing by the Borrower or any other Loan Party through the exercise of any right of set-off, banker’s lien, counterclaim or similar right or otherwise or through voluntary
prepayments directly to a Lender or other payments made by or on behalf of the Borrower or any other Loan Party to a Lender not in accordance with the terms of this Agreement and such payment should be distributed to the Lenders in accordance with
Section 3.2 or Section 11.4, as applicable, such Lender shall promptly purchase from the other Lenders participations in (or, if and to the extent specified by such Lender,

  
 50 

 
direct interests in) the Loans made by the other Lenders or other Obligations owed to such other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable,
to the end that all the Lenders shall share the benefit of such payment (net of any reasonable expenses which may actually be incurred by such Lender in obtaining or preserving such benefit) in accordance with the requirements of
Section 3.2 or Section 11.4, 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 paragraph shall not be construed to apply to any payment made by the Borrower pursuant to
and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant. To such end, all the Lenders shall
make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. The Borrower agrees that any Lender so purchasing a participation (or direct interest) in
the Loans or other Obligations owed to such other Lenders may exercise all rights of set-off, banker’s lien, counterclaim or similar rights with respect to such participation as fully as if such Lender
were a direct holder of Loans in the amount of such participation. Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise and retain the benefits of exercising, any such right
with respect to any other indebtedness or obligation of the Borrower. 
 Section 3.4 Several Obligations. 

No Lender shall be responsible for the failure of any other Lender to make a Loan or to perform any other obligation to be made or performed by
such other Lender hereunder, and the failure of any Lender to make a Loan or to perform any other obligation to be made or performed by it hereunder shall not relieve the obligation of any other Lender to make any Loan or to perform any other
obligation to be made or performed by such other Lender. 
 Section 3.5 Fees. 

(a) Closing Fee. On the Effective Date, the Borrower agrees to pay to the Administrative Agent and each Lender all loan fees as have
been agreed to in writing by the Borrower and the Administrative Agent. 
 (b) Term Loan Commitment Fee. The Borrower shall pay to
the Administrative Agent for the account of each Term Loan Lender (in accordance with its Term Loan Commitment Percentage), an unused fee (the “Term Loan Unused Fee”) which shall accrue and be payable on the daily amount of
the unused Term Loan Commitments for the period beginning on November 14, 2022, and continuing through the last day of the Availability Period, at the Applicable Ticking Fee Rate on the sum of the average daily unused portion of the Term Loan
Commitment. All Term Loan Unused Fees shall be fully earned when paid and nonrefundable under any circumstances. Term Loan Unused Fees accrued through and including the last day of each March, June, September and December of each year shall be
payable in arrears on the fifteenth day following such last day and on the last day of the Availability Period, commencing on the first such date to occur after the Effective Date. All Term Loan Unused 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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 (c) Administrative and Other Fees. The Borrower agrees to pay the administrative and
other fees of the Administrative Agent as provided in the Fee Letter and as may be otherwise agreed to in writing from time to time by the Borrower and the Administrative Agent. 

Section 3.6 Computations. 
 All
computations of interest for Base Rate Loans determined by reference to the Prime Rate 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 interest and Fees shall be made on
the basis of a 360-day year and actual days elapsed (which results in more interest being paid than if computed on the basis of a 365-day year). All interest hereunder
on any Loan shall be computed on a daily basis based upon the outstanding principal amount of such Loan as of the applicable date of determination. Interest shall accrue on each Loan for the day on which such Loan is made, and shall not accrue on a
Loan, or any portion thereof, for the day on which such Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall bear interest for one day. Each determination by Administrative Agent of an
interest rate or fee hereunder shall be conclusive and binding for all purposes, absent demonstrable error. 
 Section 3.7 Usury. 

In no event shall the amount of interest due or payable on the Loans or other Obligations exceed the maximum rate of interest allowed by
Applicable Law and, if any such payment is paid by the Borrower or any other Loan Party or received by any Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the respective Lender in writing
that the Borrower elects to have such excess sum returned to it forthwith. It is the express intent of the parties hereto that the Borrower not pay and the Lenders not receive, directly or indirectly, in any manner whatsoever, interest in excess of
that which may be lawfully paid by the Borrower under Applicable Law. The parties hereto hereby agree and stipulate that the only charge imposed upon the Borrower for the use of money in connection with this Agreement is and shall be the interest
specifically described in Section 2.4(a)(i) through (ii). Notwithstanding the foregoing, the parties hereto further agree and stipulate that all agency fees, syndication fees, facility fees, closing fees,
underwriting fees, default charges, late charges, funding or “breakage” charges, increased cost charges, attorneys’ fees and reimbursement for costs and expenses paid by the Administrative Agent or any Lender to third parties or for
damages incurred by the Administrative Agent or any Lender, in each case, in connection with the transactions contemplated by this Agreement and the other Loan Documents, are charges made to compensate the Administrative Agent or any such Lender for
underwriting or administrative services and costs or losses performed or incurred, and to be performed or incurred, by the Administrative Agent and the Lenders in connection with this Agreement and shall under no circumstances be deemed to be
charges for the use of money. All charges other than charges for the use of money shall be fully earned and nonrefundable when due. 

  
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 Section 3.8 Statements of Account. 

The Administrative Agent will account to the Borrower monthly with a statement of Loans, accrued interest and Fees, charges and payments made
pursuant to this Agreement and the other Loan Documents, and such account rendered by the Administrative Agent shall be deemed conclusive upon the Borrower absent manifest error. The failure of the Administrative Agent to deliver such a statement of
accounts shall not relieve or discharge the Borrower from any of its obligations hereunder. 
 Section 3.9 Defaulting Lenders. 

Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such
Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law: 
 (a) Waivers and Amendments. Such Defaulting
Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Requisite Lenders and in Section 13.6. 

(b) Defaulting Lender Waterfall. Any payment of principal, interest, Fees or other amounts received by the Administrative Agent for the
account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article XI or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 13.3 shall be
applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, as the Borrower may request
(so long as no Default or Event of Default exists and is continuing), 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 deposit account and released pro rata in order to satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans
under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement; fifth, so long as no Default or Event of Default exists and is continuing, 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 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 made at a
time when the conditions set forth in Article VI 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 until such time as all Loans are held by the Lenders pro rata in accordance with their respective applicable Term Loan Commitment Percentages. Any payments, prepayments or other amounts paid or
payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender pursuant to this subsection shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

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

(d) Purchase of Defaulting Lender’s Commitment. During any period that a Lender is a Defaulting Lender, the Borrower may, by the
Borrower giving written notice thereof to the Administrative Agent, such Defaulting Lender and the other Lenders, demand that such Defaulting Lender assign its Term Loan Commitments and Loans to an Eligible Assignee subject to and in accordance with
the provisions of Section 13.5(b). No party hereto shall have any obligation whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. In addition, any Lender who is not a Defaulting Lender
may, but shall not be obligated, in its sole discretion, to acquire the face amount of all or a portion of such Defaulting Lender’s Term Loan Commitment and Loans via an assignment subject to and in accordance with the provisions of
Section 13.5(b). In connection with any such assignment, such Defaulting Lender shall promptly execute all documents reasonably requested to effect such assignment, including an appropriate Assignment and Assumption and,
notwithstanding Section 13.5(b), shall pay to the Administrative Agent an assignment fee in the amount of Seven Thousand Five Hundred Dollars ($7,500). The exercise by the Borrower of its rights under this Section shall be
at the Borrower’s sole cost and expense and at no cost or expense to the Administrative Agent or any of the Non-Defaulting Lenders. 

Section 3.10 Taxes. 
 (a)
Applicable Law. For purposes of this Section, the term “Applicable Law” includes FATCA. 
 (b) Payments Free of
Taxes. Any and all payments by or on account of any obligation of the Borrower or any other Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable
Law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such
deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower or other
applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives
an amount equal to the sum it would have received had no such deduction or withholding been made. 

  
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 (c) Payment of Other Taxes by the Borrower. The Borrower and the other Loan Parties
shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 

(d) Indemnification by the Borrower. The Borrower and the other Loan Parties shall jointly and severally indemnify each Recipient,
within ten (10) Business Days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or
required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be
conclusive absent manifest error. 
 (e) Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative
Agent, within ten (10) Business Days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower or another Loan Party has not already indemnified the Administrative Agent for
such Indemnified Taxes and without limiting the obligation of the Borrower and the other Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 13.5
relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses
arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the
Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any amount at any time owing to such Lender under any Loan Document or otherwise payable by the
Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this subsection. The provisions of this subsection shall continue to inure to the benefit of an Administrative Agent following its
resignation as Administrative Agent. 
 (f) Evidence of Payments. As soon as practicable after any payment of Taxes by the Borrower
or any other Loan Party to a Governmental Authority pursuant to this Section, the Borrower or such other Loan Party 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. 

(g) Status of Lenders. 

(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower
or the Administrative Agent as will 

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

 (B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the
Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the
Borrower or the Administrative Agent), whichever of the following is applicable: 
 (I) in the case of a Foreign Lender
claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, an electronic copy (or an original if requested by the Borrower or the Administrative Agent)
of an executed IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal
withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income”
article of such tax treaty; 
 (II) an electronic copy (or an original if requested by the Borrower or the Administrative
Agent) of an executed IRS Form W-8ECI; 

  
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 (III) in the case of a Foreign Lender claiming the benefits of the
exemption for portfolio interest under Section 881(c) of the Internal Revenue Code, (x) a certificate substantially in the form of Exhibit G-1 to the effect that such Foreign Lender is not a
“bank” within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, a “10-percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the
Internal Revenue Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax Compliance Certificate”) and (y) an electronic copy (or an original
if requested by the Borrower or the Administrative Agent) of an executed IRS Form W-8BEN or W-8BEN-E, as applicable; or 

(IV) to the extent a Foreign Lender is not the beneficial owner, an electronic copy (or an original if requested by the
Borrower or the Administrative Agent) of an executed IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or
more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-4 on behalf of each such direct and indirect partner; 
 (C) any Foreign Lender
shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under
this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), an electronic copy (or an original if requested by the Borrower or the Administrative Agent) of any other form prescribed by
Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrower or the Administrative
Agent to determine the withholding or deduction required to be made; and 
 (D) if a payment made to a Lender under any Loan
Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal
Revenue Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by Applicable Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such
documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue 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 

  
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their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.
Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 
 Each Lender
agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its
legal inability to do so. 
 (h) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good
faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this Section), it shall pay to the indemnifying party an amount equal to such
refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses
(including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to
such indemnified party the amount paid over pursuant to this subsection (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such
Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this subsection the payment of which would place the
indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld
or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This subsection shall not be construed to require any indemnified party to make available its Tax returns (or any other
information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 
 (i) Survival. Each
party’s obligations under this Section shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Term Loan Commitments and the repayment,
satisfaction or discharge of all obligations under any Loan Document. 
 ARTICLE IV 

INTENTIONALLY OMITTED 

ARTICLE V 
 YIELD
PROTECTION, ETC. 
 Section 5.1 Additional Costs; Capital Adequacy. 

(a) Capital Adequacy. If any Lender determines that any Regulatory Change affecting such Lender or any Lending Office of such Lender or
such Lender’s holding company, if any, regarding capital or liquidity ratios or 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, 

  
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as a consequence of this Agreement, the Term Loan 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 Regulatory Change (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), 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. 

(b) Additional Costs. In addition to, and not in limitation of the immediately preceding subsection, if any Regulatory Change shall:

 (i) impose, modify or deem applicable any reserve, special deposit, liquidity, compulsory loan, insurance charge or
similar requirements (other than any reserve requirement reflected in the Adjusted Term SOFR Rate) relating to any extensions of credit or other assets of, or any deposits with or for the account of, or other credit extended by, any Lender; or 

(ii) impose on any Lender or the applicable offshore interbank market any other condition, cost or expense (other than Taxes)
affecting this Agreement or Loans made by such Lender; or 
 (iii) subject any Recipient to any Taxes (other than
(A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, commitments, or other obligations, or its deposits,
reserves, other liabilities or capital attributable thereto; 
 and the result of any of the foregoing shall be to increase the cost to such Lender or such
other Recipient of making, continuing, converting or maintaining any Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender, or such other Recipient hereunder (whether
of principal, interest or otherwise), then the Borrower will pay to such Lender or such other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender or such other Recipient, as the case may be, for such
additional costs incurred or reduction suffered (such increases in costs and reductions in amounts receivable being herein called “Additional Costs”). 

(c) Lender’s Suspension of Term Benchmark Loans. Without limiting the effect of the provisions of the immediately preceding
subsections (a) and (b), if by reason of any Regulatory Change, any Lender either (i) incurs Additional Costs based on or measured by the excess above a specified level of the amount of a category of deposits or other liabilities of such
Lender that includes deposits by reference to which the interest rate on Term Benchmark Loans is determined as provided in this Agreement or a category of extensions of credit or other assets of such Lender that includes Term Benchmark Loans or
(ii) becomes subject to restrictions on the amount of such a category of liabilities or assets that it may hold, then, unless the Borrower is timely paying all such Additional Costs, if such Lender so elects by notice to the Borrower (with a
copy to the Administrative Agent) the obligation of such Lender to make or Continue, or to Convert Base Rate Loans into, Term Benchmark Loans hereunder shall be suspended until such Regulatory Change ceases to be in effect (in which case the
provisions of Section 5.5 shall apply). 

  
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 (d) Notification and Determination of Additional Costs. Each of the Administrative
Agent and each Lender, as the case may be, agrees to notify the Borrower (and in the case of a Lender, to notify the Administrative Agent) of any event occurring after the Agreement Date entitling the Administrative Agent or such Lender to
compensation under any of the preceding subsections of this Section as promptly as practicable; provided that the failure of the Administrative Agent or any Lender to give such notice shall not release the Borrower from any of its obligations
hereunder, except that, the Borrower shall not be responsible for such compensation or requirement to make any other payments if the Borrower is not notified within one hundred eighty (180) days following the date of the effectiveness or
implementation (which may be retroactive, in which case such 180-day period shall still, for the avoidance of doubt, be measured from the applicable date of the effectiveness or implementation thereof) by the
applicable Governmental Authority of the Regulatory Change giving rise thereto. The Administrative Agent and each Lender, as the case may be, agrees to furnish to the Borrower (and in the case of a Lender to the Administrative Agent as well) a
certificate setting forth the basis and amount of each request for compensation under this Section. Determinations by the Administrative Agent or a Lender, as the case may be, of the effect of any Regulatory Change shall be conclusive and binding
for all purposes, absent manifest error. The Borrower shall pay the Administrative Agent or the applicable Lender, as the case may be, the amount shown as due on any such certificate within ten (10) Business Days after receipt thereof. 

Section 5.2 Alternate Rate of Interest. 

(a) Subject to clauses (b), (c), (d), (e) and (f) of this Section 5.2, if: 

(i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) prior to the
commencement of any Interest Period for a Term Benchmark Borrowing, that adequate and reasonable means do not exist for ascertaining the Adjusted Term SOFR Rate or the Term SOFR Rate (including because the Term SOFR Reference Rate is not available
or published on a current basis) for such Interest Period; or 
 (ii) the Administrative Agent is advised by the Requisite
Lenders that prior to the commencement of any Interest Period for a Term Benchmark Borrowing, the Adjusted Term SOFR Rate for the Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining
their Loans (or its Loan) included in such Borrowing for such Interest Period; 
 then the Administrative Agent shall give notice thereof to the Borrower
and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and, until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with
respect to the relevant Benchmark and (y) the Borrower delivers a new Notice of Continuation or Notice of Conversion in accordance with the terms of Section 2.8 or Section 2.9 or a new Notice of Borrowing in accordance with the terms
of Section 2.1(c), (1) any Notice of Continuation or Notice of Conversion that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Term Benchmark Borrowing and any Notice of Borrowing that requests a Term
Benchmark Borrowing shall instead be deemed to be a Notice of Continuation, Notice of Conversion or Notice of Borrowing, as applicable, for a Base Rate 

  
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Borrowing; provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then all other Types of Borrowings shall be permitted. Furthermore, if any Term
Benchmark Loan is outstanding on the date of the Borrower’s receipt of the notice from the Administrative Agent referred to in this Section 5.2(a) with respect to a Relevant Rate applicable to such Term Benchmark Loan, then until
(x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new Notice of Continuation or
Notice of Conversion in accordance with the terms of Section 2.8 or Section 2.9 or a new Notice of Borrowing in accordance with the terms of Section 2.1(c), any Term Benchmark Loan shall on the last day of the Interest Period
applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), be converted by the Administrative Agent to, and shall constitute, a Base Rate Borrowing. 

(b) Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any
Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to,
this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Requisite Lenders. 

(c) Notwithstanding anything to the contrary herein or in any other Loan Document, the Administrative Agent will have the right to make
Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without
any further action or consent of any other party to this Agreement or any other Loan Document. 
 (d) The Administrative Agent will promptly
notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the
removal or reinstatement of any tenor of a Benchmark pursuant to clause (f) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative
Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 5.2, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an
event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to
this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 5.2. 

  
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 (e) Notwithstanding anything to the contrary herein or in any other Loan Document, at any
time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other
information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or
publication of information announcing that any tenor for such Benchmark is not, or will no longer be, representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such
time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information
service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the
Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor. 

(f) Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request
for a Term Benchmark Borrowing of, conversion to or continuation of Term Benchmark Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any request for a
Term Benchmark Borrowing into a request for a Borrowing of or conversion to a Base Rate Borrowing. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Base
Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate. Furthermore, if any Term Benchmark Loan is outstanding on the date of the Borrower’s receipt of
notice of the commencement of a Benchmark Unavailability Period with respect to a Relevant Rate applicable to such Term Benchmark Loan, then until such time as a Benchmark Replacement is implemented pursuant to this Section 5.2, any Term
Benchmark Loan shall on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), be converted by the Administrative Agent to, and shall constitute a Base Rate Borrowing.

 Section 5.3 Illegality. 

Notwithstanding any other provision of this Agreement, if any Lender shall determine (which determination shall be conclusive and binding) that
it is unlawful for such Lender to honor its obligation to make or maintain Term Benchmark Loans hereunder, then such Lender shall promptly notify the Borrower thereof (with a copy of such notice to the Administrative Agent) and such Lender’s
obligation to make or Continue, or to Convert Loans of any other Type into, Term Benchmark Loans shall be suspended until such time as such Lender may again make and maintain Term Benchmark Loans (in which case the provisions of
Section 5.5 shall be applicable). 
 Section 5.4 Compensation. 

The Borrower shall pay to the Administrative Agent for the account of each Lender, upon the request of the Administrative Agent, such amount or
amounts as the Administrative Agent shall determine in its sole discretion shall be sufficient to compensate such Lender for any loss, cost or expense attributable to: 

(i) any payment or prepayment (whether mandatory or optional) of a Term Benchmark Loan, or Conversion of a Term Benchmark Loan,
made by such Lender for any reason (including acceleration) on a date other than the last day of the Interest Period for such Loan; or 

  
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 (ii) any failure by the Borrower for any reason (including the failure of
any of the applicable conditions precedent specified in Section 6.2 to be satisfied but excluding any suspension of Term Benchmark Loans under Section 5.2) to borrow a Term Benchmark Loan from such
Lender on the date for such borrowing, or to Convert a Base Rate Loan into a Term Benchmark Loan or Continue a Term Benchmark Loan on the requested date of such Conversion or Continuation; or 

(iii) the assignment of any Term Benchmark Loan other than on the last day of the Interest Period for such Loan as a result of
a request by the Borrower pursuant to Section 5.6 or pursuant to the operation of Section 2.15; or 
 (iv) the
failure by the Borrower to make any payment of any Loan (or interest due thereof) on its scheduled due date. 
 Upon the Borrower’s request, the
Administrative Agent shall provide the Borrower with a statement setting forth the basis for requesting such compensation and the method for determining the amount thereof (it being agreed that a Lender shall not be required to disclose any
confidential or proprietary information in connection with such determination). Any such statement shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 Business Days
after receipt thereof. 
 Notwithstanding anything to the contrary in Section 2.8, Section 2.9 or this Section 5.4, the
Borrower may Convert each of the initial Term Benchmark Loans made on or about the Effective Date prior to the end of its Interest Period into a Term Benchmark Loan with a new Interest Period, and each of the Lenders agrees to waive any amounts that
would have otherwise been payable to this Section 5.4 as a result of such Conversions. 
 Section 5.5 Treatment of Affected Loans. 

If the obligation of any Lender to make Term Benchmark Loans or to Continue, or to Convert Base Rate Loans into, Term Benchmark Loans shall be
suspended pursuant to Section 5.3 then any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day, or, in the case of
a Conversion required by Section 5.3 on such earlier date as such Lender may specify to the Borrower with a copy to the Administrative Agent, as applicable), be converted by the Administrative Agent to, and shall
constitute, a Base Rate Borrowing; and, unless and until such Lender gives notice as provided below that the circumstances specified in Section 5.3 that gave rise to such Conversion no longer exist: 

(a) to the extent that such Lender’s Term Benchmark Loans have been so Converted, all payments and prepayments of principal that would
otherwise be applied to such Lender’s Term Benchmark Loans shall be applied instead to its Base Rate Loans, as set forth above; and 

  
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 (b) all Loans that would otherwise be made or Continued by such Lender as Term Benchmark
Loans shall be made or Continued instead as Base Rate Loans, as set forth above, and all Base Rate Loans of such Lender that would otherwise be Converted into Term Benchmark Loans or shall remain as Base Rate Loans. 

If such Lender gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the circumstances specified in Section 5.3 that
gave rise to the Conversion of such Lender’s Term Benchmark Loans pursuant to this Section no longer exist (which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when Term Benchmark Loans made by other
Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for Term Benchmark Loans for such outstanding Term Benchmark Loans to the extent
necessary so that, after giving effect thereto, all Loans held by the Lenders holding Term Benchmark Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective applicable Term
Loan Commitments. 
 Section 5.6 Affected Lenders. 

If (a) a Lender requests compensation pursuant to Section 3.10 or 5.1, and the Requisite Lenders are not
also doing the same, or (b) the obligation of any Lender to make Term Benchmark Loans or to Continue, or to Convert Base Rate Loans into, Term Benchmark Loans shall be suspended pursuant to Section 5.3 but the
obligation of the Requisite Lenders shall not have been suspended under such Section or (c) any Lender refuses to consent to any amendment, waiver or other modification of any Loan Document requested by the Borrower that requires the consent of
a greater percentage of the Lenders than the Requisite Lenders or the consent of each affected Lender, or all Lenders, and such amendment, waiver or other modification is consented to by the Requisite Lenders, all other affected Lenders or all other
Lenders (as applicable), then, so long as there does not then exist any Default, the Borrower may demand that such Lender (the “Affected Lender”), and upon such demand the Affected Lender shall promptly, assign its Term Loan
Commitment and Loans to an Eligible Assignee subject to and in accordance with the provisions of Section 13.5(b) for a purchase price equal to (x) the aggregate principal balance of all Loans then owing to the Affected
Lender, plus (y) any accrued but unpaid interest thereon and accrued but unpaid fees owing to the Affected Lender, or any other amount as may be mutually agreed upon by such Affected Lender and Eligible Assignee subject to
and in accordance with the provisions of Section 13.5(b); provided, that the Borrower shall only demand the Affected Lender to assign its Term Loan Commitment pursuant to subsection (a) above if such assignment
will result in lower costs for the Borrower at the time of the assignment. Each of the Administrative Agent and the Affected Lender shall reasonably cooperate in effectuating the replacement of such Affected Lender under this Section, but at no time
shall the Administrative Agent, such Affected Lender, any other Lender or any Titled Agent be obligated in any way whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. The exercise by the Borrower of its rights
under this Section shall be at the Borrower’s sole cost and expense and at no cost or expense to the Administrative Agent, the Affected Lender or any of the other Lenders. The terms of this Section shall not in any way limit the Borrower’s
obligation to pay to any Affected Lender compensation owing to such Affected Lender pursuant to this Agreement (including pursuant to Sections 3.10, 5.1 or 5.4) with respect to any period up to the date of
replacement. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver 

  
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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 paragraph may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by
reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and such parties are participants), 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. 
 Section 5.7 Change of Lending Office. 

Each Lender agrees that it will use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate
an alternate Lending Office with respect to any of its Loans affected by the matters or circumstances described in Sections 3.10, 5.1 or 5.3 to reduce the liability of the Borrower or any other Loan Party or
avoid the results provided thereunder, so long as such designation is not disadvantageous to such Lender as determined by such Lender in its sole discretion, except that such Lender shall have no obligation to designate a Lending Office located in
the United States of America. 
 ARTICLE VI 

CONDITIONS PRECEDENT 
 Section 6.1
Initial Conditions Precedent. 
 The obligation of the Lenders to effect or permit the occurrence of the first Credit Event hereunder, is
subject to the reasonable satisfaction or waiver of the following conditions precedent: 
 (a) The Administrative Agent shall have received
each of the following, in form and substance reasonably satisfactory to the Administrative Agent: 
 (i) counterparts of this
Agreement executed by each of the parties hereto (which, subject to Section 13.13(b), may include any Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed
signature page that such party has signed a counterpart of this Agreement or such Loan Document); 
 (ii) to the extent
requested by the Lenders, Notes made by the Borrower, payable to each applicable Lender and complying with the terms of Section 2.10(a); 

(iii) the Guaranty executed by each of the Guarantors initially to be a party thereto; 

(iv) an opinion of each of (A) Latham & Watkins LLP, counsel to the Borrower and the other Loan Parties and
(B) Ballard Spahr LLP, Maryland counsel to Spirit REIT, addressed to the Administrative Agent and the Lenders and covering the matters reasonably required by the Administrative Agent; 

  
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 (v) the certificate or articles of incorporation or formation, articles of
organization, certificate of limited partnership, declaration of trust or other comparable organizational instrument (if any) of each Loan Party certified as of a recent date by the Secretary of State of the state of formation of such Loan Party;

 (vi) a certificate of good standing (or certificate of similar meaning) with respect to each Loan Party by the Secretary
of State (or equivalent Governmental Authority) of the state of formation of each such Loan Party issued as of a recent date; 

(vii) a certificate of incumbency signed by the Secretary or Assistant Secretary (or other individual performing similar
functions) of each Loan Party with respect to each of the officers of such Loan Party authorized to execute and deliver the Loan Documents to which such Loan Party is a party, and in the case of the Borrower, authorized to execute and deliver on
behalf of the Borrower Notices of Borrowing, Notices of Conversion and Notices of Continuation; 
 (viii) copies certified by
the Secretary or Assistant Secretary (or other individual performing similar functions) of each Loan Party of (A) the by-laws of such Loan Party, if a corporation, the operating agreement, if a limited
liability company, the partnership agreement, if a limited or general partnership, or other comparable document in the case of any other form of legal entity and (B) all corporate, partnership, member or other necessary action taken by such
Loan Party to authorize the execution, delivery and performance of the Loan Documents to which it is a party; 
 (ix) a
Compliance Certificate calculated on a pro forma basis for the Borrower’s fiscal quarter ending September 30, 2022; 

(x) a completed Borrower Administrative Questionnaire effective as of the Agreement Date; 

(xi) [reserved]; 

(xii) copies of all Material Contracts and confirmations relating to Specified Derivatives Contracts in existence on the
Agreement Date; 
 (xiii) the Fee Letter; 

(xiv) evidence that the Fees, if any, then due and payable under Section 3.5, together with all other
fees, expenses and reimbursement amounts due and payable to the Administrative Agent and any of the Lenders, including the fees and expenses of counsel to the Administrative Agent, have been paid; and 

(xv) UCC, tax, judgment and lien search reports with respect to each Loan Party in its jurisdiction of organization indicating
that there are no liens of record other than Permitted Liens. 

  
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 (b) there shall not have occurred any material adverse change in the Borrower’s
financial condition since the date of the most recent quarterly financial statement filed with the SEC on Form 10-K prior to the date of this Agreement; 

(c) no litigation, action, suit, investigation or other arbitral, administrative or judicial proceeding shall be pending or threatened which
could reasonably be expected to (A) result in a Material Adverse Effect or (B) restrain or enjoin, impose materially burdensome conditions on, or otherwise materially and adversely affect, the ability of the Borrower or any other Loan
Party to fulfill its obligations under the Loan Documents to which it is a party; 
 (d) the Borrower, the other Loan Parties and the other
Subsidiaries shall have received all approvals, consents and waivers, and shall have made or given all necessary filings and notices as shall be required to consummate the transactions contemplated hereby without the occurrence of any default under,
conflict with or violation of (A) any Applicable Law or (B) any agreement, document or instrument to which any Loan Party is a party or by which any of them or their respective properties is bound; and 

(e) (i) the Borrower and each other Loan Party shall have provided all information requested by the Administrative Agent and each Lender in
order to comply with applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act and (ii) to the extent the Borrower qualifies as a “legal entity customer” under the Beneficial
Ownership Regulation, at least five days prior to the Effective Date, any Lender that has requested, in a written notice to the Borrower at least 10 days prior to the Effective Date, a Beneficial Ownership Certification in relation to the Borrower
shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature page to this Agreement, the condition set forth in this clause (ii) shall be deemed to be satisfied).

 Section 6.2 Conditions Precedent to All Loans. 

Except as otherwise expressly provided in Section 2.15, with respect to an increase of the Term Loan Commitments
incurred to finance a Limited Condition Transaction, in addition to satisfaction or waiver of the conditions precedent contained in Section 6.1, the obligations of Lenders to make any Loans are subject to the further
conditions precedent that: (a) no Default shall exist and be continuing as of the date of the making of such Loan or would exist immediately after giving effect thereto, and no violation of the limits described in
Section 2.14 would occur after giving effect thereto; (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be
true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of the making of
such Loan with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been
true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and
except for changes in factual circumstances specifically and expressly permitted hereunder and (c) the Administrative Agent shall have received a timely Notice of Borrowing. Each Credit Event shall constitute a certification by the Borrower to
the 

  
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effect set forth in the preceding sentence (both as of the date of the giving of notice relating to such Credit Event and, unless the Borrower otherwise notifies the Administrative Agent prior to
the date of such Credit Event, as of the date of the occurrence of such Credit Event). In addition, the Borrower shall be deemed to have represented to the Administrative Agent and the Lenders at the time any Loan is made that all conditions to the
making of such Loan contained in this Article VI have been satisfied. Unless set forth in writing to the contrary, the making of its initial Loan by a Lender shall constitute a certification by such Lender to the
Administrative Agent for the benefit of the Administrative Agent and the Lenders that the conditions precedent for initial Loans set forth in Sections 6.1 and 6.2 that have not previously been waived by the Lenders
in accordance with the terms of this Agreement have been satisfied. 
 ARTICLE VII 

REPRESENTATIONS AND WARRANTIES 

Section 7.1 Representations and Warranties. 

In order to induce the Administrative Agent and each Lender to enter into this Agreement and to make Loans, the Borrower represents and
warrants to the Administrative Agent and each Lender as follows: 
 (a) Organization; Power; Qualification. Each of the Borrower, the
other Loan Parties and the other Subsidiaries is a corporation, partnership or other legal entity, duly organized or formed, validly existing and in good standing under the jurisdiction of its incorporation or formation, has the power and authority
to own or lease its respective properties and to carry on its respective business as now being and hereafter proposed to be conducted and is duly qualified and is in good standing as a foreign corporation, partnership or other legal entity, and
authorized to do business, in each jurisdiction in which the character of its properties or the nature of its business requires such qualification or authorization and where the failure to be so qualified or authorized could reasonably be expected
to have, in each instance, a Material Adverse Effect. 
 (b) Ownership Structure. Schedule 7.1(b) is, as of
the Agreement Date, a complete and correct list of all Subsidiaries and Unconsolidated Affiliates of Spirit REIT and Borrower setting forth (i) the jurisdiction of organization of such Subsidiary or such Unconsolidated Affiliate, (ii) each
Person holding any Equity Interest in such Subsidiary or such Unconsolidated Affiliate, and (iii) the percentage of ownership of such Subsidiary or such Unconsolidated Affiliate represented by such Equity Interests. As of the Agreement Date,
except as disclosed in such Schedule, (A) each of the Spirit REIT and Borrower and their Subsidiaries owns, free and clear of all Liens (other than Permitted Liens), and has the unencumbered right to vote, all outstanding Equity Interests in
each Person shown to be held by it on such Schedule, (B) all of the issued and outstanding capital stock of each such Person organized as a corporation is validly issued, fully paid and non-assessable and
(C) there are no outstanding subscriptions, options, warrants, commitments, preemptive rights or agreements of any kind (including any stockholders’ or voting trust agreements) for the issuance, sale, registration or voting of, or
outstanding securities convertible into, any additional shares of capital stock of any class, or partnership or other ownership interests of any type in, any such Person, except for transactions relating to any at-the-market offering, any follow-on equity offerings, any outstanding forward equity contracts and any equity awards and grants of stock to employees and directors of
such Person. 

  
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 (c) Authorization of Loan Documents and Borrowings. The Borrower has the right and
power, and has taken, and has caused Spirit REIT to take, all necessary action to authorize it, to borrow and obtain other extensions of credit hereunder. The Borrower and each other Loan Party has the right and power, and has taken all necessary
action to authorize it, to execute, deliver and perform its obligations under each of the Loan Documents to which it is a party in accordance with its terms and to consummate the transactions contemplated thereby. The Loan Documents to which the
Borrower or any other Loan Party is a party have been duly executed and delivered by the duly authorized officers of such Person and each is a legal, valid and binding obligation of such Person enforceable against such Person in accordance with its
terms, except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable remedies for the enforcement of certain obligations contained herein or therein
and as may be limited by equitable principles generally. 
 (d) Compliance of Loan Documents with Laws. The execution, delivery and
performance of this Agreement and the other Loan Documents to which any Loan Party is a party in accordance with their respective terms and the borrowings and other extensions of credit hereunder do not and will not, by the passage of time, the
giving of notice, or both: (i) require any Governmental Approval or violate any Applicable Law (including all Environmental Laws) relating to the Borrower or any other Loan Party; (ii) conflict with, result in a breach of or constitute a
default under (A) the organizational documents of any Loan Party or (B) any indenture, agreement or other instrument to which the Borrower or any other Loan Party is a party or by which it or any of its respective properties may be bound,
except under this clause (B) as could not reasonably be expected to have a Material Adverse Effect; or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired
by any Loan Party other than in favor of the Administrative Agent for its benefit and the benefit of the other Lender Parties. 
 (e)
Compliance with Law; Governmental Approvals. Each of the Borrower, the other Loan Parties and the other Subsidiaries is in compliance with each Governmental Approval and all other Applicable Laws relating to it except for non-compliances which, and Governmental Approvals the failure to possess which, could not, individually or in the aggregate, reasonably be expected to cause a Default or Event of Default or have a Material Adverse
Effect. 
 (f) Title to Properties; Liens. Schedule 7.1(f)(i) is, as of the Agreement Date, a complete and correct listing of
all Properties of the Borrower, each other Loan Party and each other Subsidiary, setting forth, for each such Property the current occupancy status of such Property and whether such Property is a Development Asset and, if such Property is a
Development Asset, the status of completion of such Property. Schedule 7.1(f)(ii) is, as of date specified thereon, a complete and correct listing of all Eligible Assets. 

(g) Existing Indebtedness; Total Indebtedness. Part I of Schedule 7.1(g) is, as of the Agreement Date, a
complete and correct listing of all Indebtedness under clause (i) of the definition of “Indebtedness” (including all Guarantees in respect of such Indebtedness) of each of the Borrower, the other Loan Parties and the other
Subsidiaries, and if such Indebtedness is secured by any Lien, a description of all of the property subject to such Lien. As of the Agreement Date, the Borrower, the other Loan Parties and the other Subsidiaries have performed and are in compliance
with all of the terms of such Indebtedness and all instruments and agreements relating 

  
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thereto, and no default or event of default, or event or condition which with the giving of notice, the passage of time, or both, would constitute a default or event of default, exists with
respect to any such Indebtedness, except any such defaults or events of default, which individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. Part II of Schedule 7.1(g) is, as
of the Agreement Date, a complete and correct listing of all Total Indebtedness of the Borrower, the other Loan Parties and the other Subsidiaries (excluding any Indebtedness set forth on Part I of such Schedule). 

(h) Material Contracts. Schedule 7.1(h) is, as of the Agreement Date, a true, correct and complete listing of
all Material Contracts. Each of the Borrower, the other Loan Parties and the other Subsidiaries that are parties to any Material Contract has performed and is in compliance with all of the terms of such Material Contract, and no material default or
material event of default, or event or condition which with the giving of notice, the lapse of time, or both, would constitute such a default or event of default, exists with respect to any such Material Contract. 

(i) Litigation. Except as set forth on Schedule 7.1(i), there are no actions, suits or proceedings pending
(nor, to the knowledge of any Loan Party, are there any actions, suits or proceedings threatened in writing, nor is there any basis therefor known to any Loan Party) against or in any other way relating adversely to or affecting the Borrower, any
other Loan Party, any other Subsidiary or any of their respective property in any court or before any arbitrator of any kind or before or by any other Governmental Authority which, (i) could reasonably be expected to have a Material Adverse
Effect or (ii) in any manner draws into question the validity or enforceability of the Loan Documents taken as a whole. There are no strikes, slow downs, work stoppages or walkouts or other labor disputes in progress or threatened relating to
any Loan Party or any other Subsidiary, that individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

(j) Taxes. All federal and state income tax returns and other material tax returns of the Borrower, each other Loan Party and each
other Subsidiary required by Applicable Law to be filed have been duly filed (except for any such returns the non-filing of which would not result in any material fine or penalty or would not otherwise
reasonably be expected to have a Material Adverse Effect); and all federal and state income taxes and other material taxes, assessments and other governmental charges or levies imposed upon each Loan Party, each other Subsidiary and their respective
properties, income, profits and assets which are due and payable have been paid, except any such nonpayment which is at the time permitted under Section 8.6. As of the Agreement Date, none of the United States federal
income tax returns of the Borrower, any other Loan Party or any other Subsidiary is under audit, other than ordinary course audits. All charges, accruals and reserves on the books of the Borrower, the other Loan Parties and the other Subsidiaries in
respect of any material taxes or other governmental charges are in accordance with GAAP. 
 (k) Financial Statements. The Borrower
has furnished to each Lender copies of (a) the audited consolidated balance sheet of Spirit REIT and its consolidated Subsidiaries for the fiscal year ended December 31, 2021, and the related audited consolidated statements of operations,
shareholders’ equity and cash flow for the fiscal year ended on such date, with the opinion thereon of Ernst & Young LLP and (b) the unaudited consolidated balance sheet of Spirit REIT and its consolidated Subsidiaries for the
fiscal quarter ended September 30, 2022, and the related unaudited consolidated statements of operations, shareholders’ equity and cash flow for the fiscal 

  
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quarters ended on such date. Such financial statements (including in each case related schedules and notes) are complete and correct in all material respects and present fairly, in accordance
with GAAP consistently applied throughout the period involved, the consolidated financial position of Spirit REIT and its consolidated Subsidiaries as at its date and the results of operations and the cash flow for such period. Neither Spirit REIT
nor any of its Subsidiaries has on the Agreement Date any material contingent liabilities, liabilities, liabilities for taxes, unusual or long-term commitments or unrealized or forward anticipated losses from any unfavorable commitments that would
be required to be set forth in its financial statements or notes thereto, except as referred to or reflected or provided for in said financial statements. 

(l) No Material Adverse Change. Since September 30, 2022, there has been no event, change, circumstance or occurrence that could
reasonably be expected to have a Material Adverse Effect. As of the Agreement Date, the Borrower, the other Loan Parties and the other Subsidiaries, on a consolidated basis, are Solvent. 

(m) Affected Financial Institution. No Loan Party is an Affected Financial Institution. 

(n) ERISA. 

(i) Except as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect, each
Benefit Arrangement is in compliance with the applicable provisions of ERISA, the Internal Revenue Code and other Applicable Laws in all material respects. Except with respect to Multiemployer Plans, each Qualified Plan (A) has received a
favorable determination from the Internal Revenue Service applicable to such Qualified Plan’s current remedial amendment cycle (as defined in Revenue Procedure 2007-44 or
“2007-44” for short), (B) has timely filed for a favorable determination letter from the Internal Revenue Service during its staggered remedial amendment cycle (as defined in 2007-44) and such application is currently being processed by the Internal Revenue Service, (C) had filed for a determination letter prior to its “GUST remedial amendment period” (as defined in 2007-44) and received such determination letter and the staggered remedial amendment cycle first following the GUST remedial amendment period for such Qualified Plan has not yet expired, or (D) is maintained
under a prototype plan and may rely upon a favorable opinion letter issued by the Internal Revenue Service with respect to such prototype plan. To the best knowledge of the Borrower, nothing has occurred which would cause the loss of its reliance on
each Qualified Plan’s favorable determination letter or opinion letter. 
 (ii) With respect to any retiree welfare
benefit arrangement, all amounts have been accrued on Spirit REIT’s financial statements in accordance with FASB ASC 715. The “benefit obligation” of all Plans does not exceed the “fair market value of plan assets” for such
Plans by more than $50,000,000 all as determined by and with such terms defined in accordance with FASB ASC 715. 
 (iii)
Except as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect: (i) no ERISA Event has occurred or is expected to occur; (ii) there are no pending, or to the best knowledge of the Borrower,
threatened, claims, actions or lawsuits or other action by any Governmental Authority, plan 

  
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participant or beneficiary with respect to a Benefit Arrangement or Plan; (iii) there are no violations of the fiduciary responsibility rules with respect to any Benefit Arrangement or Plan;
and (iv) no member of the ERISA Group has engaged in a non-exempt “prohibited transaction,” as defined in Section 406 of ERISA and Section 4975 of the Internal Revenue Code, in
connection with any Plan, that would subject Spirit REIT or the Borrower to a tax on prohibited transactions imposed by Section 502(i) of ERISA or Section 4975 of the Internal Revenue Code. 

(o) Absence of Default. None of the Loan Parties or any of the other Subsidiaries is in default under its certificate or articles of
incorporation or formation, bylaws, partnership agreement or other similar organizational documents, and no event has occurred and is continuing, which has not been remedied, cured or waived: (i) which constitutes a Default or an Event of
Default; or (ii) which constitutes a default or event of default by, any Loan Party or any other Subsidiary under any agreement (other than any Loan Document) or judgment, decree or order to which any such Person is a party or by which any such
Person or any of its respective properties may be bound where such default or event of default could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

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

(q) Margin Stock. None of the Borrower, any other Loan Party or any other Subsidiary is engaged principally, or as one of its important
activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve
System. 
 (r) Affiliate Transactions. Except as permitted by Section 10.9 or as otherwise set forth on
Schedule 7.1(r), none of the Borrower, any other Loan Party or any other Subsidiary is a party to or bound by any agreement or arrangement with any Affiliate. 

(s) Business. As of the Agreement Date, the Borrower, the other Loan Parties and the other Subsidiaries are engaged in the business of
acquiring, owning, redeveloping, leasing, developing, financing and managing various types of Properties, together with other business activities incidental thereto. 

(t) Accuracy and Completeness of Information. All written information, reports and other papers and data (other than financial
projections and other forward looking statements) furnished to the Administrative Agent or any Lender by, on behalf of, or at the direction of, the Borrower, any other Loan Party or any other Subsidiary were, at the time the same were so furnished,
complete and correct in all material respects, to the extent necessary to give the recipient a true and accurate knowledge of the subject matter, or, in the case of financial statements, present fairly, in accordance with GAAP consistently applied
throughout the periods involved, the financial position of the Persons involved as at the date thereof and the results of operations for 

  
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such periods (subject, as to interim statements, to changes resulting from normal year-end and audit adjustments and absence of full footnote disclosure).
All financial projections and other forward looking statements prepared by or on behalf of the Borrower, any other Loan Party or any other Subsidiary that have been or may hereafter be made available to the Administrative Agent or any Lender were or
will be prepared in good faith based on reasonable assumptions. No document furnished or written statement made to the Administrative Agent or any Lender in connection with the negotiation, preparation or execution of, or pursuant to, this Agreement
or any of the other Loan Documents contains or will contain any untrue statement of a material fact, or omits or will omit to state a material fact necessary in order to make the statements contained therein not materially misleading. As of the
Effective Date, to the best knowledge of the Borrower, the information included in any Beneficial Ownership Certification provided on or prior to the Effective Date (if any) to any Lender in connection with this Agreement is true and correct in all
respects. 
 (u) Not Plan Assets; No Prohibited Transactions. None of the assets of the Borrower, any other Loan Party or any other
Subsidiary constitutes “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. Assuming that no Lender funds any amount payable by it hereunder with “plan
assets,” as that term is defined in 29 C.F.R. 2510.3-101, the execution, delivery and performance of this Agreement and the other Loan Documents, and the extensions of credit and repayment of amounts
hereunder, do not and will not constitute “prohibited transactions” under ERISA or the Internal Revenue Code. 
 (v)
Sanctions. None of the Borrower, any of the other Loan Parties, any of the other Subsidiaries or, to the Borrower’s actual knowledge, any director, officer, employee thereof or any other Affiliate of the Borrower: (i) is a person
named on the list of Specially Designated Nationals or Blocked Persons maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) or with whom dealings are otherwise prohibited pursuant
to economic and financial sanctions or trade embargoes imposed, enforced or administered by the U.S. government (including OFAC and the U.S. Department of State), the United Nations Security Council, the European Union (and its member states), or
Her Majesty’s Treasury of the United Kingdom or any other jurisdiction in which the Borrower has material operations (collectively, “Sanctions”); (ii) is (A) a person located, operating, organized, or resident in a
Sanctioned Jurisdiction or (B) a person owned or controlled by a person or persons described in the foregoing clauses (i) and (ii)(A); (iii) is itself an agency of or controlled by a Sanctioned Jurisdiction; or (iv) derives any of its
assets or operating income from investments in or transactions with a Sanctioned Jurisdiction, or is an agency, organization or person that is the subject of Sanctions; and none of the proceeds from any Loan will be used to finance any operations,
investments or activities in, or make any payments to, any such country, agency, organization, or person or in violation of Anti-Corruption Laws and applicable Sanctions. 

(w) REIT Status. Spirit REIT qualifies as, and has elected to be treated as, a REIT and is in compliance with all requirements and
conditions imposed under the Internal Revenue Code to allow Spirit REIT to maintain its status as a REIT. 
 (x) Unencumbered Pool
Assets. Each Unencumbered Pool Asset included in any calculation of the Unencumbered Asset Value satisfies all of the requirements set forth in definition of “Eligible Assets”. 

  
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 (y) Money Laundering Laws. The operations of Spirit REIT and its Subsidiaries are and
have been conducted at all times in compliance in all material respects with applicable financial record keeping and reporting requirements of the U.S. Currency and Foreign Transactions Reporting Act of 1977, as amended by the Patriot Act, and any
related or similar rules, regulations or guidelines issued, administered or enforced by any governmental or regulatory authorities having jurisdiction over Spirit REIT or any of its Subsidiaries (collectively, the “Money
Laundering Laws”), and no action, suit or proceeding by or before any court or governmental or regulatory authorities or any arbitrator involving the Spirit REIT or any of its Subsidiaries with respect to the Money Laundering
Laws is pending or, to the actual knowledge of the Borrower, threatened in writing which would reasonably be expected to result in a Material Adverse Effect. 

(z) Anti-Corruption Laws. Spirit REIT and its Subsidiaries have conducted their businesses in compliance in all material respects with
Anti-Corruption Laws and have instituted and maintained, and will continue to comply with, and to maintain and enforce, reasonable policies and procedures designed to promote and achieve compliance in all material respects with, such laws. 

Section 7.2 Survival of Representations and Warranties, Etc. 

All statements contained in any certificate, financial statement or other instrument delivered by or on behalf of any Loan Party or any other
Subsidiary to the Administrative Agent or any Lender pursuant to or in connection with this Agreement or any of the other Loan Documents (including any such statement made in or in connection with any amendment thereto or any statement contained in
any certificate, financial statement or other instrument delivered by or on behalf of any Loan Party prior to the Agreement Date and delivered to the Administrative Agent or any Lender in connection with the underwriting or closing the transactions
contemplated hereby) shall constitute representations and warranties made by the Borrower under this Agreement. All representations and warranties made under this Agreement and the other Loan Documents shall be deemed to be made at and as of the
Agreement Date, the Effective Date, the date on which any increase of the Term Loan Commitments is effectuated pursuant to Section 2.15 and at and as of the date of the occurrence of each Credit Event, except to the extent
that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty
qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted hereunder. All
such representations and warranties shall survive the effectiveness of this Agreement, the execution and delivery of the Loan Documents and the making of the Loans. 

  
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 ARTICLE VIII 

AFFIRMATIVE COVENANTS 

Until the Term Loan Commitments have expired or been terminated and all Obligations (other than Obligations in respect of (i) Specified
Derivatives Contracts and (ii) contingent indemnification and reimbursement obligations that are not yet due and payable and for which no claim has been asserted) are paid in full, the Borrower shall comply with the following covenants: 

Section 8.1 Preservation of Existence and Similar Matters. 

Except as otherwise permitted under Section 10.4, the Borrower shall, and shall cause each other Loan Party and each other
Subsidiary to, preserve and maintain its respective existence, rights, franchises, licenses and privileges in the jurisdiction of its incorporation or formation and qualify and remain qualified and authorized to do business in each jurisdiction in
which the character of its properties or the nature of its business requires such qualification and authorization and where the failure to maintain or to be so authorized and qualified could reasonably be expected to have a Material Adverse Effect.

 Section 8.2 Compliance with Applicable Law. 

The Borrower shall comply, and shall cause each other Loan Party and each other Subsidiary to comply, and the Borrower shall use, and shall
cause each other Loan Party and each other Subsidiary to use, commercially reasonable efforts to cause all other Persons occupying, using or present on the Properties to comply, with all Applicable Law, including the obtaining of all
Governmental Approvals, the failure with which to comply could reasonably be expected to have a Material Adverse Effect. 
 Section 8.3 Maintenance
of Property. 
 In addition to the requirements of any of the other Loan Documents, the Borrower shall, and shall cause each other Loan
Party and each other Subsidiary to, protect and preserve all of its respective material properties in all material respects, including all intellectual property necessary to the conduct of its respective business, and maintain in good repair,
working order and condition all tangible properties, ordinary wear and tear excepted. 
 Section 8.4 Conduct of Business. 

The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, carry on its respective businesses as described in
Section 7.1(s) and not enter into any line of business not engaged in by Spirit REIT and its Subsidiaries as of the Agreement Date except for business reasonably related, complementary, synergistic or ancillary to the business engaged in
by Spirit REIT and its Subsidiaries. 
 Section 8.5 Insurance. 

In addition to the requirements of any of the other Loan Documents, the Borrower and each other Loan Party and each other Subsidiary shall
maintain, or cause their respective tenants or borrowers to maintain (provided that the applicable Loan Party or Subsidiary is named as a loss payee and additional insured thereunder), insurance (on a replacement cost basis) with financially
sound and reputable insurance companies against such risks and in such amounts as is customarily maintained by Persons engaged in similar businesses or as may be required by Applicable Law. 

  
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 Section 8.6 Payment of Taxes and Claims. 

The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, pay and discharge when due (a) all federal and
state income taxes and other material taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or upon any properties belonging to it, and (b) all material lawful claims of materialmen, mechanics,
carriers, warehousemen and landlords for labor, materials, supplies and rentals which, if unpaid, might become a Lien on any properties of such Person; provided that this Section shall not require the payment or discharge of any such tax,
assessment, charge, levy or claim that (i) is being contested in good faith by appropriate proceedings which operate to suspend the collection thereof and for which adequate reserves have been established on the books of such Person in
accordance with GAAP or (ii) in the aggregate with all other such taxes, assessments, charges, levies and claims (excluding those referred to in the foregoing clause (i)) does not exceed $5,000,000. 

Section 8.7 Books and Records; Inspections. 

The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, keep proper books of record and account in which full,
true and correct in all material respects entries shall be made of all dealings and transactions in relation to its business and activities. The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, permit
representatives of the Administrative Agent (on behalf of any Lender) to visit and inspect any of their respective properties, to examine and make abstracts from any of their respective books and records and to discuss their respective affairs,
finances and accounts with their respective officers, employees and independent public accountants (in the presence of an officer of the Borrower), all at such reasonable times during business hours and as often as may reasonably be requested and so
long as no Event of Default exists and is continuing, with reasonable prior written notice to the Borrower; provided that notwithstanding the foregoing, if no Event of Default exists and is continuing, there shall be no more than one
(1) such inspection in any fiscal year of the Borrower. The Borrower shall be obligated to reimburse the Administrative Agent and the Lenders for their costs and expenses incurred in connection with the exercise of its rights under this Section
only if such exercise occurs while an Event of Default exists and is continuing. The Borrower hereby authorizes and instructs its accountants to discuss the financial affairs of the Borrower, any other Loan Party or any other Subsidiary with the
Administrative Agent or any Lender so long as an officer of the Borrower has the opportunity to be present for such discussions. 
 Section 8.8 Use
of Proceeds. 
 The Borrower will use the proceeds of Loans only (a) for the payment of
pre-development and development costs incurred in connection with Properties owned by the Borrower or any Subsidiary; (b) to finance acquisitions otherwise permitted under this Agreement; (c) to
finance capital expenditures, equity investments and the repayment of Indebtedness of Spirit REIT and its Subsidiaries; and (d) to provide for the general working capital needs of Spirit REIT and its Subsidiaries and for other general corporate
purposes of Spirit REIT, the Borrower and its 

  
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Subsidiaries. The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, use any part of such proceeds to purchase or carry, or to reduce or retire or refinance
any credit incurred to purchase or carry, any margin stock (within the meaning of Regulation U or Regulation X of the Board of Governors of the Federal Reserve System) or to extend credit to others for the purpose of purchasing or carrying
any such margin stock. The Borrower and the other Loan Parties shall comply with Regulations T, U and X of the Board of Governors of the Federal Reserve System. 

Section 8.9 Environmental Matters. 

Except as could not reasonably be expected to result in a Material Adverse Effect: (i) the Borrower shall, and shall cause each other Loan
Party and each other Subsidiary to, comply with all Environmental Laws; (ii) the Borrower shall comply, and shall cause each other Loan Party and each other Subsidiary to comply, and the Borrower shall use, and shall cause each other Loan Party
and each other Subsidiary to use, commercially reasonable efforts to cause all other Persons occupying, using or present on the Properties to comply, with all Environmental Laws; (iii) the Borrower shall, and shall cause each other Loan Party
and each other Subsidiary to, enter into agreements requiring each of their respective tenants or borrowers to promptly take all actions and pay or arrange to pay all costs necessary for it and for the Properties to comply with all Environmental
Laws and all Governmental Approvals, including, to the extent required to comply with all Environmental Laws, actions to remove and dispose of all Hazardous Materials and to clean up the Properties as required under Environmental Laws, or in the
case of vacant properties, the Borrower and each other Loan Party and each other Subsidiary to take such action itself; and (iv) the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, enter into agreements
requiring each of their respective tenants or borrowers to promptly take all actions necessary to prevent the imposition of any Liens (other than Permitted Liens) on any of their respective properties arising out of or related to any Environmental
Laws, or in the case of vacant properties, the Borrower and each other Loan Party and each other Subsidiary to take such action itself. Nothing in this Section shall impose any obligation or liability whatsoever on the Administrative Agent or any
Lender. 
 Section 8.10 Further Assurances. 

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

Section 8.11 Material Contracts. 

The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, duly and punctually perform and comply with any and all
material representations, warranties, covenants and agreements expressed as binding upon any such Person under any Material Contract, except for any non-performance or
non-compliance that, individually or in the aggregate, 

  
 77 

 
could not reasonably be expected to have a Material Adverse Effect. The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, do or knowingly permit to be done
anything to impair materially the value of any of the Material Contracts. 
 Section 8.12 REIT Status. 

The Borrower shall cause Spirit REIT to maintain its status as, and continue to qualify as, a REIT. 

Section 8.13 Exchange Listing. 
 The
Borrower shall cause Spirit REIT to maintain at least one (1) class of common shares of Spirit REIT having trading privileges on the New York Stock Exchange or NYSE Amex Equities or which is subject to price quotations on The NASDAQ Stock
Market’s National Market System. 
 Section 8.14 Guarantors. 

(a) The Borrower shall (within the time period specified in the following subsection (b), if applicable) cause Spirit REIT and each
Material Subsidiary (other than an Excluded Subsidiary) that meets the following conditions to be a party to the Guaranty: (i) such Material Subsidiary becomes obligated in respect of any Indebtedness for borrowed money or Capitalized Lease
Obligations of Spirit REIT or the Borrower or (ii) (A) such Material Subsidiary owns an Unencumbered Pool Asset and (B) such Material Subsidiary, or any Subsidiary that directly or indirectly owns any Equity Interest in such Material
Subsidiary, has incurred, acquired or suffered to exist any Indebtedness for borrowed money or Capitalized Lease Obligations other than Nonrecourse Indebtedness; provided that one or more Subsidiaries that have, or have a parent company that
has, Indebtedness described above in this clause (B) shall not be required to be a party to the Guaranty so long as the aggregate amount of all such Indebtedness of all such Subsidiaries does not exceed $35,000,000. 

(b) Within five (5) Business Days after any Person becomes a Subsidiary that is required to be a party to the Guaranty pursuant to the
foregoing subsection (a) (whether as a result of the acquisition or creation thereof, such Person ceasing to be an Excluded Subsidiary, the addition of a Property to the Unencumbered Pool that is owned by such Person or otherwise), the Borrower
shall deliver to the Administrative Agent each of the following in form and substance reasonably satisfactory to the Administrative Agent: (i) an Accession Agreement executed by such Person and (ii) the items that would have been delivered
under subsections (iv) through (viii) and (xvii) of Section 6.1(a) and under Section 6.1(e) if such Person had been a Material Subsidiary on the Agreement Date. 

(c) If any Person that is a party to the Guaranty (other than Spirit REIT) ceases to be required to be a Guarantor in accordance with
subsection (a) above, the Borrower may request that such Person be released from the Guaranty. Such release shall be granted so long as (i) no Default or Event of Default exists and is continuing and (ii) all representations and
warranties continue to be accurate in all material respects, except to extent such representations and warranties are qualified by materiality, in which case such representations and warranties shall continue to be accurate in all respects. 

  
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 ARTICLE IX 

INFORMATION 
 Until the
Term Loan Commitments have expired or been terminated and all Obligations (other than Obligations in respect of (i) Specified Derivatives Contracts and (ii) contingent indemnification and reimbursement obligations that are not yet due and
payable and for which no claim has been asserted) are paid in full, the Borrower shall furnish to the Administrative Agent for distribution to each of the Lenders: 

Section 9.1 Quarterly Financial Statements. 

As soon as available and in any event within five (5) days after the filing of Spirit REIT’s
10-Q with the SEC (but in no event later than forty-five (45) days after the end of each of the first, second and third fiscal quarters of Spirit REIT) (as such deadline may be extended by any additional
period of time (not to exceed 5 days) as permitted by the Securities and Exchange Commission for delivery of financial statements for a non-accelerated filer, including pursuant to Rule 12b-25 under the Securities Exchange Act of 1934, as amended), the unaudited consolidated financial statements of Spirit REIT and its Subsidiaries (including a consolidated balance sheet, income statement and
statement of cash flows) as at the end of such period and setting forth in each case in comparative form the figures as of the end of and for the corresponding periods of the previous fiscal year, all of which shall be certified by a Responsible
Officer of Spirit REIT, in his or her opinion, to present fairly, in accordance with GAAP and in all material respects (except, for the lack of footnotes and subject to normal year-end and audit adjustments),
the consolidated financial position of Spirit REIT and its Subsidiaries as at the date thereof and the results of operations for such period. 

Section 9.2 Year-End Statements. 

As soon as available and in any event within five (5) days after the filing of Spirit REIT’s
10-K with the SEC (but in no event later than ninety (90) days after the end of each fiscal year of Spirit REIT) (as such deadline may be extended by any additional period of time (not to exceed 15 days)
as permitted by the Securities and Exchange Commission for delivery of financial statements for a non-accelerated filer, including pursuant to Rule 12b-25 under the
Securities Exchange Act of 1934, as amended), the audited consolidated financial statements of Spirit REIT and its Subsidiaries (including a consolidated balance sheet, income statement and statement of cash flows) as at the end of such fiscal year
setting forth in comparative form the figures as at the end of and for the previous fiscal year, all of which shall be (a) certified by the chief executive officer or chief financial officer of Spirit REIT, in his or her opinion, to present
fairly, in accordance with GAAP and in all material respects, the financial position of Spirit REIT and its Subsidiaries as at the date thereof and the result of operations for such period, and (b) accompanied by the report thereon of
Ernst & Young LLP or any other independent certified public accountants of recognized national standing reasonably acceptable to the Administrative Agent, whose report shall not be subject to (i) any “going concern” or like
qualification or exception or (ii) any qualification or exception as to the scope of such audit. 

  
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 Section 9.3 Compliance Certificate. 

At the time the financial statements are furnished pursuant to Sections 9.1 and 9.2, a certificate substantially in the form of
Exhibit H (a “Compliance Certificate”) executed on behalf of the Borrower by a Responsible Officer of Spirit REIT (a) setting forth in reasonable detail as of the end of such fiscal quarter or fiscal year, as the
case may be, (i) the calculations required to establish whether Spirit REIT was in compliance with the covenants contained in Section 10.1 and (ii) a list of all assets included in calculations of Unencumbered
Asset Value of the Unencumbered Pool Assets and whether any such assets have been added or removed from such calculation since the previous list delivered to Administrative Agent; (b) stating that, to his or her knowledge, no Default or Event
of Default exists and is continuing, or, if such is not the case, specifying such Default or Event of Default and its nature, when it occurred and the steps being taken by the Borrower with respect to such event, condition or failure; and
(c) setting forth a statement of newly acquired Properties, including the Net Operating Income, cost and mortgage debt, if any, of each such Property. 

Section 9.4 Other Information. 
 (a)
If any ERISA Event shall occur that individually, or together with any other ERISA Event that has occurred, could reasonably be expected to have a Material Adverse Effect, a certificate of the chief executive officer or chief financial officer of
the Borrower setting forth details as to such occurrence and the action, if any, which the Borrower or applicable member of the ERISA Group is required or proposes to take; 

(b) To the extent any Loan Party or any other Subsidiary is aware of the same, prompt notice of the commencement of any proceeding or
investigation by or before any Governmental Authority and any action or proceeding in any court or other tribunal or before any arbitrator against or in any other way relating to, or affecting, any Loan Party or any other Subsidiary or any of their
respective properties, assets or businesses which could reasonably be expected to have a Material Adverse Effect, and prompt notice of the receipt of notice that any United States federal income tax returns of any Loan Party or any other Subsidiary
are being audited, other than ordinary course audits; 
 (c) Promptly following the Administrative Agent’s request, a copy of any
amendment to the certificate or articles of incorporation or formation, bylaws, partnership agreement or other similar organizational documents of the Borrower, any other Loan Party or any other Subsidiary; 

(d) Prompt notice of (i) any change in the senior management of Spirit REIT, the Borrower, any other Loan Party or any other Subsidiary,
(ii) any change in the business, assets, liabilities, financial condition, results of operations or business prospects of any Loan Party or any other Subsidiary or (iii) the occurrence of any other event which, in the case of any of the
immediately preceding clauses (i) through (iii), has had, or could reasonably be expected to have, a Material Adverse Effect; 
 (e)
Prompt notice of the occurrence of (i) any Default under any of the Loan Documents, or (ii) any event which constitutes or which with the passage of time, the giving of notice, or otherwise, would constitute a default or event of default
by any Loan Party or any other Subsidiary under any Material Contract to which any such Person is a party or by which any such Person or any of its respective properties may be bound; 

  
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 (f) Prompt notice of any order, judgment or decree in excess of $5,000,000 having
been entered against any Loan Party or any other Subsidiary or any of their respective properties or assets; 
 (g) Together with delivery
of each Compliance Certificate, notice of the acquisition, incorporation or other creation of any Subsidiary, the purpose for such Subsidiary, the nature of the assets and liabilities thereof and whether such Subsidiary is a Wholly Owned Subsidiary
of the Borrower and/or Spirit REIT, in each case, in respect of any such Subsidiary acquired, incorporated or created during the fiscal period to which such Compliance Certificate relates; 

(h) Promptly, upon any change in Spirit REIT’s Credit Rating, a certificate stating that Spirit REIT’s Credit Rating has changed and
the new Credit Rating that is in effect; 
 (i) Promptly upon occurrence written notice of any of the following if the occurrence could
reasonably be expected to have a Material Adverse Effect: (i) receipt by the Borrower, any Loan Party or any other Subsidiary of notice that any violation of or noncompliance with any Environmental Law has or may have been committed or is
threatened and that the notice recipient may be liable; (ii) receipt by the Borrower, any Loan Party or any other Subsidiary of notice that any administrative or judicial complaint, order or petition has been filed or other proceeding has been
initiated, or is about to be filed or initiated against any such Person alleging any violation of or noncompliance with any Environmental Law or requiring any such Person to take any action in connection with the release or threatened release of
Hazardous Materials; (iii) receipt by the Borrower, any Loan Party or any other Subsidiary of notice from a Governmental Authority or private party alleging that any such Person may be liable or responsible for any costs associated with a
response to, or remediation or cleanup of, a release or threatened release of Hazardous Materials or any damages caused thereby; or (iv) receipt by the Borrower, any Loan Party or any other Subsidiary of notice of any other fact, circumstance
or condition that could reasonably be expected to form the basis of an Environmental Claim; 
 (j) Prompt notice of any change in the
information provided in the Beneficial Ownership Certification (if any) delivered to any Lender that would result in a change to the list of beneficial owners identified in such certification; and 

(k) From time to time and promptly upon each request, (i) such data, certificates, reports, statements, opinions of counsel, documents or
further information regarding any Property or the business, assets, liabilities, financial condition, results of operations or business prospects of the Borrower, any of its Subsidiaries, or any other Loan Party as the Administrative Agent or any
Lender may reasonably request, which information may upon the Borrower’s written request be subject to a customary agreement regarding confidential treatment to the extent not publicly made available by Spirit REIT or its Subsidiaries and
(ii) such other 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
the Patriot Act and the Beneficial Ownership Regulation, if applicable. 

  
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 Section 9.5 Electronic Delivery of Certain Information. 

(a) Documents required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery, including, the
Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website or a website sponsored or hosted by the Administrative Agent or
the Borrower); provided that the foregoing shall not apply to (i) notices to any Lender pursuant to Article II and (ii) any Lender that has notified the Administrative Agent and the Borrower that it cannot or does not want to
receive electronic communications; provided, further, that notwithstanding anything to the contrary herein, information required to be delivered pursuant to Sections 9.1 and 9.2 shall be deemed to have been delivered on the date
on which (i) such information is actually available for review by the Lenders and (ii) is posted by the Borrower on the Borrower’s website and Administrative Agent is provided notice of same or on the SEC’s website at
http://www.sec.gov. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic delivery pursuant to procedures approved by it for all or particular notices or
communications. Documents or notices delivered electronically shall be deemed to have been delivered twenty-four (24) hours after the date and time on which the Administrative Agent or the Borrower posts such documents or the documents become
available on a commercial website and the Administrative Agent or the Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or posted during the normal business hours of
the recipient, said posting date and time shall be deemed to have commenced as of 11:00 a.m., New York City time on the opening of business on the next business day for the recipient. Notwithstanding anything contained herein, the Borrower shall
deliver paper copies of any documents to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender. The Administrative Agent
shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery. Each
Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents. 
 (b)
Documents required to be delivered pursuant to Article II may be delivered electronically to a website provided for such purpose by the Administrative Agent pursuant to the procedures provided to the Borrower by the Administrative Agent. 

(c) The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make any Communications available to the Lenders by
posting the Communications on IntraLinksTM, DebtDomain, SyndTrak, ClearPar or any other electronic platform chosen by the Administrative Agent to be its electronic transmission system (the
“Approved Electronic Platform”). 
 (d) Although the Approved Electronic Platform and its primary web portal are
secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user ID/password authorization system) and the Approved Electronic
Platform is secured through a per-deal authorization method whereby each user may access the Approved Electronic Platform only on a
deal-by-deal basis, each of the Lenders and the Borrower acknowledges and agrees that the 

  
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distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of any
Lender that are added to the Approved Electronic Platform, and that there may be confidentiality and other risks associated with such distribution. Each of the Lenders and the Borrower hereby approves distribution of the Communications through the
Approved Electronic Platform and understands and assumes the risks of such distribution. 
 (e) THE APPROVED ELECTRONIC PLATFORM AND THE
COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”. THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM AND
EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS. 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 THE APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL
THE ADMINISTRATIVE AGENT, ANY ARRANGER, ANY TITLED AGENT OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE PARTIES”) HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER OR ANY OTHER PERSON OR ENTITY FOR
DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF
COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM. 
 “Communications” means, collectively, any notice,
demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender by means of
electronic communications pursuant to this Section, including through an Approved Electronic Platform. 
 (f) Each Lender agrees that notice
to it (as provided in the next sentence) specifying that Communications have been posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents. Each Lender
agrees (i) to notify the Administrative Agent in writing (which could be in the form of electronic communication) from time to time of such Lender’s email address to which the foregoing notice may be sent by electronic transmission and
(ii) that the foregoing notice may be sent to such email address. 
 (g) Each of the Lenders and the Borrower agrees that the
Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative Agent’s generally applicable document
retention procedures and policies. 

  
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 (h) Nothing herein shall prejudice the right of the Administrative Agent or any Lender to
give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document. 
 Section 9.6
Public/Private Information. 
 The Borrower shall cooperate with the Administrative Agent in connection with the publication of certain
materials and/or information provided by or on behalf of the Borrower. Documents required to be delivered pursuant to the Loan Documents shall be delivered by or on behalf of the Borrower to the Administrative Agent and the Lenders (collectively,
“Information Materials”) pursuant to this Article and the Borrower shall designate Information Materials (a) that are either available to the public or not material with respect to the Borrower and its Subsidiaries or
any of their respective securities for purposes of United States federal and state securities laws, as “Public Information” and (b) that are not Public Information as “Private Information”; provided that any Information
Materials that are not designated as Public Information or Private Information shall be considered Private Information. 
 Section 9.7 USA Patriot
Act Notice; Compliance. 
 The Patriot Act and federal regulations issued with respect thereto require all financial institutions to
obtain, verify and record certain information that identifies individuals or business entities that open an “account” with such financial institution. Consequently, a Lender (for itself and/or as agent for all Lenders hereunder) may from time-to-time request, and the Borrower shall, and shall cause the other Loan Parties to, provide promptly upon any such request to such Lender, such Loan Party’s name,
address, tax identification number and/or such other identification information as shall be necessary for such Lender to comply with federal law. An “account” for this purpose may include a deposit account, cash management service, a
transaction or asset account, a credit account, a loan or other extension of credit, and/or other financial services product. 
 ARTICLE X

 NEGATIVE COVENANTS 

Until the Term Loan Commitments have expired or been terminated and all Obligations (other than Obligations in respect of (i) Specified
Derivatives Contracts and (ii) contingent indemnification and reimbursement obligations that are not yet due and payable and for which no claim has been asserted) are paid in full, the Borrower shall comply, or cause Spirit REIT to comply, with
the following covenants: 
 Section 10.1 Financial Covenants. 

(a) Ratio of Total Indebtedness to Total Asset Value. The Borrower shall not permit the ratio of (i) Total Indebtedness of Spirit
REIT and its Subsidiaries to (ii) Total Asset Value (the “Total Leverage Ratio”) to exceed 0.60 to 1.00 as of the last day of any fiscal quarter. Notwithstanding the foregoing, the Borrower shall have the option,
exercisable two times during the term of this Agreement, to elect that the Total Leverage Ratio may exceed 0.60 to 1.00 for any fiscal quarter in which the Borrower or one of its Subsidiaries completes a Material Acquisition and the immediately
subsequent three fiscal quarters so long as (1) the Borrower has delivered a written notice to the Administrative Agent that the Borrower is exercising its option under this subsection (a) and (2) such ratio does not exceed 0.65 to 1.00 at
the end of the fiscal quarter for which such election has been made and the immediately subsequent three fiscal quarters. 

  
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 (b) Ratio of Adjusted EBITDA to Fixed Charges. The Borrower shall not permit the
ratio of (i) Adjusted EBITDA of Spirit REIT and its Subsidiaries for any fiscal quarter to (ii) Fixed Charges of Spirit REIT and its Subsidiaries for such fiscal quarter to be less than 1.50:1.00 as of the last day of such fiscal quarter.

 (c) Ratio of Secured Indebtedness to Total Asset Value. The Borrower shall not permit the ratio of (i) Secured Indebtedness
of Spirit REIT and its Subsidiaries to (ii) Total Asset Value (the “Secured Leverage Ratio”) to exceed 0.40:1.00 at any time. 

(d) Ratio of Unencumbered NOI to Unsecured Interest Expense. The Borrower shall not permit the ratio of (i) Unencumbered NOI for
any fiscal quarter to (ii) Unsecured Interest Expense of Spirit REIT and its Subsidiaries for such fiscal quarter to be less than 1.75:1.00 as of the last day of such fiscal quarter. 

(e) Ratio of Unsecured Indebtedness to Unencumbered Asset Value. The Borrower shall not permit the ratio of (i) Unsecured
Indebtedness of Spirit REIT and its Subsidiaries to (ii) Unencumbered Asset Value (the “Unsecured Leverage Ratio”) to exceed 0.60:1.00 as of the last day of any fiscal quarter. Notwithstanding the foregoing, the Borrower
shall have the option, exercisable two times during the term of this Agreement, to elect that the Unsecured Leverage Ratio may exceed 0.60 to 1.00 for any fiscal quarter in which the Borrower or one of its Subsidiaries completes a Material
Acquisition and the immediately subsequent three fiscal quarters so long as (1) the Borrower has delivered a written notice to the Administrative Agent that the Borrower is exercising its option under this subsection (e) and (2) such ratio
does not exceed 0.65 to 1.00 at the end of the fiscal quarter for which such election has been made and the immediately subsequent three fiscal quarters. 

(f) Dividends and Other Restricted Payments. During the existence of any Event of Default that is continuing, Spirit REIT and the
Borrower shall not, and shall not permit any of their respective Subsidiaries to, declare or make any Restricted Payment other than: (i) cash distributions by the Borrower and Subsidiaries of Spirit REIT to the respective equity owners thereof
and (ii) cash distributions by Spirit REIT to its shareholders necessary to remain in compliance with Section 8.12 and to avoid the imposition of excise taxes under Section 4981 of the Internal Revenue Code,
provided that the chief financial officer or treasurer of Spirit REIT delivers to Administrative Agent, prior to any such distribution, a detailed certificate evidencing such necessary minimum amount. If a Default or Event of Default
specified in Section 11.1.(a), Section 11.1.(e) or Section 11.1.(f) shall exist and be continuing, or if as a result of the occurrence and continuation of any other Event
of Default any of the Obligations have been accelerated pursuant to Section 11.2.(a), Spirit REIT and the Borrower shall not, and shall not permit any of their respective Subsidiaries to, make any Restricted Payments to any
Person other than cash distributions by the Borrower and Subsidiaries of Spirit REIT to the respective equity owners thereof, provided such equity owners are Loan Parties. 

  
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 Section 10.2 Negative Pledge. 

The Borrower shall not, and shall not permit any other Loan Party or Subsidiary to, (a) create, assume, incur, permit or suffer to exist
any Lien on any Unencumbered Pool Asset or any direct or indirect ownership interest of the Borrower or Spirit REIT in any Person owning any Unencumbered Pool Asset, now owned or hereafter acquired, except for Permitted Liens (but not Permitted
Liens described in clause (g) of such definition) or (b) permit any Unencumbered Pool Asset or any direct or indirect ownership interest of the Borrower or Spirit REIT in any Person owning an Unencumbered Pool Asset, to be subject to a
Negative Pledge, except for any Negative Pledge contained in any agreement (or provision thereof) in favor of the holders of Indebtedness that is pari passu with the Obligations on terms no more onerous in any material respect than those set
forth in this Agreement. Prior to securitization, the Borrower shall not, and shall not permit any Warehouse Entity to, (a) create, assume, incur, permit or suffer to exist any Lien on any asset of such Warehouse Entity or any direct or
indirect ownership interest of the Borrower or Spirit REIT in any Person owning such asset, now owned or hereafter acquired, except for Permitted Liens (but not Permitted Liens described in clause (g) of such definition) or (b) permit any
asset of such Warehouse Entity or any direct or indirect ownership interest of the Borrower or Spirit REIT or in any Person owning such asset, to be subject to a Negative Pledge, except for any Negative Pledge contained in any agreement (or
provision thereof) in favor of the holders of Indebtedness that is pari passu with the Obligations on terms no more onerous in any material respect than those set forth in this Agreement. 

Section 10.3 Restrictions on Intercompany Transfers. 

The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary (other than (i) a Warehouse Entity following
securitization pursuant to the terms of the securitization documents or (ii) an Excluded Subsidiary holding title assets subject to Secured Indebtedness pursuant to the terms of the Secured Indebtedness documents), to create or otherwise cause
or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Subsidiary to: (a) pay dividends or make any other distribution on any of such Subsidiary’s capital stock or other equity
interests owned by the Borrower or any Subsidiary; (b) pay any Indebtedness owed to the Borrower or any Subsidiary; (c) make loans or advances to the Borrower or any Subsidiary; or (d) transfer any of its property or assets to the
Borrower or any Subsidiary; other than (i) with respect to clauses (a) through (d) those encumbrances or restrictions (x) contained in any Loan Document or (y) contained in any other agreement that evidences Unsecured
Indebtedness containing encumbrances or restrictions on the actions described above that are substantially similar to or less restrictive than those contained in the Loan Documents or, (ii) with respect to clause (d), (x) restrictions contained
in any agreement relating to the sale of a Subsidiary (other than the Borrower) or the assets of a Subsidiary pending sale, or relating to Secured Indebtedness secured by a Lien on assets that Spirit REIT, the Borrower, any other Loan Party or any
other Subsidiary may create, incur, assume, or permit or suffer to exist and as permitted by the Loan Documents; provided that in any such case, the restrictions apply only to the Subsidiary or the assets that are the subject of such sale or
Lien, as the case may be or (y) customary provisions restricting assignment of any agreement entered into by Spirit REIT, the Borrower, any other Loan Party or any other Subsidiary in the ordinary course of business. 

  
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 Section 10.4 Merger, Consolidation, Sales of Assets and Other Arrangements. 

The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, (a) merge or consolidate with another
Person; (b) liquidate, windup or dissolve itself (or suffer any liquidation or dissolution); (c) convey, sell, lease, sublease, transfer or otherwise dispose of, in one transaction or a series of transactions, all or any substantial part
of its business or assets, or the capital stock of or other Equity Interests in any of its Subsidiaries, whether now owned or hereafter acquired; or (d) acquire a Substantial Amount of the assets of, or make an Investment of a Substantial
Amount in, any other Person; provided that: 
 (i) any Subsidiary (A) may merge with a Loan Party so long as the
survivor is or becomes a Loan Party, (B) that is not a Loan Party may merge with another Subsidiary that is not a Loan Party and (C) that is not a Loan Party or a Material Subsidiary may liquidate, windup or dissolve itself; 

(ii) any Subsidiary (A) may sell, transfer or dispose of its assets to a Loan Party or (B) that is not a Loan Party
may sell, transfer or dispose of its assets to another Subsidiary; 
 (iii) a Loan Party (other than the Borrower or any Loan
Party that owns an Unencumbered Pool Asset) and any Subsidiary that is not (and is not required to be) a Loan Party may convey, sell, transfer or otherwise dispose of, in one transaction or a series of transactions, all or any substantial part of
its business or assets, or the capital stock of or other Equity Interests in any of its Subsidiaries, and immediately thereafter liquidate, provided that immediately prior to any such conveyance, sale, transfer, disposition or liquidation and
immediately thereafter and after giving effect thereto, no Default or Event of Default is or would exist; 
 (iv) any Loan
Party and any other Subsidiary may, directly or indirectly, (A) acquire (whether by purchase, acquisition of Equity Interests of a Person, or as a result of a merger or consolidation) a Substantial Amount of the assets of, or make an Investment
of a Substantial Amount in, any other Person and (B) sell, lease or otherwise transfer, whether by one or a series of transactions, a Substantial Amount of assets (including capital stock or other securities of Subsidiaries) to any other
Person, so long as, in each case, (1) the Borrower shall have given the Administrative Agent and the Lenders at least five (5) Business Days prior written notice of such consolidation, merger, acquisition, Investment, sale, lease or other
transfer; (2) immediately prior thereto, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence and continuing, including a Default or Event of Default resulting from a breach of
Section 10.1; (3) in the case of a consolidation or merger involving the Borrower, the Borrower shall be the survivor thereof; (4) in the case of a consolidation or merger involving a Loan Party (other than the
Borrower) that owns an Unencumbered Pool Asset, such Loan Party shall be the survivor thereof or the survivor thereof shall immediately become a Loan Party, and (4) at the time the Borrower gives notice pursuant to clause (1) of this
subsection, the Borrower shall have delivered to the Administrative Agent for distribution to each of the Lenders a Compliance Certificate, calculated on a pro forma basis, evidencing the continued compliance by the Loan Parties with the terms and
conditions of this Agreement and the other Loan Documents, including the financial covenants contained in Section 10.1, after giving effect to such consolidation, merger, acquisition, Investment, sale, lease or other
transfer; and 

  
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 (v) the Borrower, the other Loan Parties and the other Subsidiaries may
lease and sublease their respective assets, as lessor or sublessor (as the case may be), in the ordinary course of their business. 
 Further, no Loan Party
nor any Subsidiary, shall enter into any sale-leaseback transactions or other transaction by which such Person shall remain liable as lessee (or the economic equivalent thereof) of any real or personal
property that it has sold or leased to another Person. 
 Section 10.5 Plans. 

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

Section 10.6 Fiscal Year. 
 The
Borrower shall not, and shall not permit any other Loan Party or other Subsidiary to, change its fiscal year from that in effect as of the Agreement Date. 

Section 10.7 Modifications of Organizational Documents and Material Contracts. 

The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, amend, supplement, restate or otherwise modify or
waive the application of any provision of its certificate or articles of incorporation or formation, by-laws, operating agreement, declaration of trust, partnership agreement or other applicable organizational
document if such amendment, supplement, restatement or other modification (a) is adverse to the interest of the Administrative Agent or the Lenders or (b) could reasonably be expected to have a Material Adverse Effect. The Borrower shall
not enter into, and shall not permit any Subsidiary or other Loan Party to enter into, any amendment or modification to any Material Contract which could reasonably be expected to have a Material Adverse Effect or default in the performance of any
obligations of any Loan Party or other Subsidiary in any Material Contract that could reasonably be expected to have a Material Adverse Effect or permit any Material Contract to be canceled or terminated prior to its stated maturity if doing so
could reasonably be expected to have a Material Adverse Effect. For the avoidance of doubt, any Material Contract that constitutes Indebtedness may be refinanced, replaced, repaid or otherwise modified prior to its stated maturity. 

Section 10.8 Subordinated Debt Prepayments; Amendments. 

The Borrower shall not, and shall not permit any other Loan Party or other Subsidiary to, prepay any principal of, or accrued interest on, any
Subordinated Debt or otherwise make any voluntary or optional payment with respect to any principal of, or accrued interest on, any Subordinated Debt prior to the originally scheduled maturity date thereof or otherwise redeem or acquire for value
any Subordinated Debt, in each case, other than as expressly permitted pursuant 

  
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to the applicable subordination provisions. Further, except as expressly permitted pursuant to the applicable subordination provisions, the Borrower shall not, and shall not permit any other Loan
Party or other Subsidiary to, amend or modify, or permit the amendment or modification of, any agreement or instrument evidencing any Subordinated Debt where such amendment or modification provides for the following or which has any of the following
effects: 
 (a) increases the rate of interest accruing on such Subordinated Debt; 

(b) increases the amount of any scheduled installment of interest, or shortens the date on which any such installment of interest becomes due;

 (c) shortens the weighted average life to maturity of such Subordinated Debt; 

(d) increases the principal amount of such Subordinated Debt, unless after giving effect to such increase in principal amount, no Event of
Default shall exist; 
 (e) amends any financial or other covenant contained in any document or instrument evidencing any Subordinated Debt
in a manner which is more onerous to the Borrower or such Subsidiary than the provisions of the Loan Documents; 
 (f) provides for the
payment of additional fees or the increase in existing fees; and/or 
 (g) otherwise could reasonably be expected to be materially adverse
to the interests of the Administrative Agent or the Lenders. 
 Section 10.9 Transactions with Affiliates. 

The Borrower shall not permit to exist or enter into, and shall not permit any other Loan Party or any other Subsidiary to, permit to exist or
enter into any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate, except (a) as set forth on Schedule 7.1(r) or (b) pursuant to the
reasonable requirements of the business of the Borrower, such other Loan Party or such other Subsidiary and upon fair and reasonable terms which are no less favorable to the Borrower, such other Loan Party or such other Subsidiary than would be
obtained in a comparable arm’s length transaction with a Person that is not an Affiliate. Notwithstanding the foregoing, no payments may be made with respect to any items set forth on such Schedule 7.1(r) if a Default or Event of Default
exists and is continuing or would result therefrom. 
 Section 10.10 Environmental Matters. 

Except as could not reasonably be expected to result in a Material Adverse Effect, the Borrower shall not, and shall not permit any other Loan
Party, any other Subsidiary or any other Person to, use, generate, discharge, emit, manufacture, handle, process, store, release, transport, remove, dispose of or clean up any Hazardous Materials on, under or from any of the Properties in violation
of any Environmental Law or in a manner that could reasonably be expected to lead to any environmental claim or pose a risk to human health, safety or the environment. Nothing in this Section shall impose any obligation or liability whatsoever on
the Administrative Agent or any Lender. 

  
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 Section 10.11 Derivatives Contracts. 

The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, enter into or become obligated in respect of
Derivatives Contracts other than (i) Derivatives Contracts entered into by the Borrower, any such Loan Party or any such Subsidiary in the ordinary course of business and which establish an effective hedge in respect of liabilities, commitments
or assets held or reasonably anticipated by the Borrower, such other Loan Party or such other Subsidiary and (ii) any agreement, commitment or arrangement for the sale of Equity Interests issued by Spirit REIT at a future date that could be
discharged solely by (x) delivery of Spirit REIT’s Equity Interests, or, (y) solely at Spirit REIT’s option made at any time, payment of the cash value of such Equity Interests at the time, irrespective of the form or duration of
such agreement, commitment or arrangement. 
 Section 10.12 Sanctions, Anti-Corruption. 

Spirit REIT and its Subsidiaries shall not, directly or knowingly indirectly, use the proceeds of any borrowing or proceeds of any other
extension of credit hereunder or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) for any purpose that to the actual knowledge of the Borrower would violate
Anti-Corruption Laws; (ii) to the actual knowledge of the Borrower, would fund any activities of or business with any individual or entity that, at the time of such funding, is (A) the subject of Sanctions or (B) in any Sanctioned
Jurisdiction, in each case except to the extent permissible for a Person required to comply with Sanctions; or (C) in any other manner that to the actual knowledge of the Borrower will result in a material violation by any individual or entity
(including any individual or entity participating in the financing transaction contemplated by this Agreement, whether as a Lender, Titled Agent, Administrative Agent or otherwise) of any Sanctions. 

ARTICLE XI 
 DEFAULT

 Section 11.1 Events of Default. 

Each of the following shall constitute an Event of Default, whatever the reason for such event and whether it shall be voluntary or involuntary
or be effected by operation of Applicable Law or pursuant to any judgment or order of any Governmental Authority: 
 (a) Default in
Payment. The Borrower or any Loan Party shall fail to pay (i) any amount due on the applicable Term Loan Maturity Date, (ii) any principal of any of the Loans when due (whether upon demand, at maturity, by reason of acceleration or
otherwise) under this Agreement or any of the other Loan Documents, or (iii) any interest or any other amount due (whether upon demand, at maturity, by reason of acceleration or otherwise) under this Agreement, any other Loan Document within
five (5) Business Days of the same being due. 
 (b) Default in Performance. 

(i) Any Loan Party shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or
observed and contained in Article IX or Article X (other than Section 10.5, Section 10.9, Section 10.10 or
10.12); or 

  
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 (ii) Any Loan Party shall fail to perform or observe any term, covenant,
condition or agreement contained in this Agreement or any other Loan Document (including in Section 10.5, Section 10.9, Section 10.10 or 10.12) to which it is a
party and not otherwise mentioned in this Section, and in the case of this subsection (b)(ii) only, such failure shall continue for a period of thirty (30) days after the earlier of (x) the date upon which a Responsible Officer of the
Borrower or such other Loan Party obtains knowledge of such failure or (y) the date upon which the Borrower has received written notice of such failure from the Administrative Agent. 

(c) Misrepresentations. Any written statement, representation or warranty made or deemed made by or on behalf of any Loan Party under
this Agreement or under any other Loan Document, or any amendment hereto or thereto, or in any other writing or statement at any time furnished by, or at the direction of, any Loan Party to the Administrative Agent or any Lender, shall at any time
prove to have been incorrect or misleading in any material respect when furnished or made or deemed made. 
 (d) Indebtedness Cross
Default. 
 (i) Spirit REIT, the Borrower, any other Loan Party or any other Subsidiary shall fail to make any payment
when due and payable in respect of any Indebtedness (other than the Loans) having an aggregate outstanding principal amount (or, in the case of any Derivatives Contract, having, without regard to the effect of any
close-out netting provision, a Derivatives Termination Value), in each case individually or in the aggregate with all other Indebtedness as to which such a failure exists, of (1) $100,000,000 or more with
respect to recourse Indebtedness, and/or (2) $250,000,000 or more with respect to Nonrecourse Indebtedness (“Material Indebtedness”); provided, that notice from the Borrower of the intent to execute a deed-in-lieu of foreclosure (or otherwise deliver the collateral securing the facility to lender), judicial foreclosure or other similar satisfaction of such Nonrecourse
Indebtedness shall be a cure to such Event of Default; or 
 (ii) Subject to the proviso at the end of clause (d)(i) above,
(x) the maturity of any Material Indebtedness shall have been accelerated in accordance with the provisions of any indenture, contract or instrument evidencing, providing for the creation of or otherwise concerning such Material Indebtedness or
(y) any Material Indebtedness shall have been required to be prepaid, repurchased, redeemed or defeased prior to the stated maturity thereof; or 

(iii) Subject to the proviso at the end of clause (d)(i) above, any other event shall have occurred and be continuing which,
with or without the passage of time, the giving of notice, or otherwise, would permit any holder or holders of any Material Indebtedness, any trustee or agent acting on behalf of such holder or holders or any other Person, to accelerate the maturity
of any such Material Indebtedness or require any such Material Indebtedness to be prepaid, repurchased, redeemed or defeased prior to its stated maturity. 

  
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 (e) Voluntary Bankruptcy Proceeding. Spirit REIT, the Borrower or any Material
Subsidiary (other than an Excluded Subsidiary) shall: (i) commence a voluntary case under the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter in effect); (ii) file a petition seeking to take advantage of any other
Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding up, or composition or adjustment of debts; (iii) consent to, or fail to contest in a timely and appropriate manner, any petition filed against it
in an involuntary case under such bankruptcy laws or other Applicable Laws or consent to any proceeding or action described in the immediately following subsection (f); (iv) apply for or consent to, or fail to contest in a timely and
appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign; (v) admit in writing its inability to pay its debts
as they become due; (vi) make a general assignment for the benefit of creditors; (vii) make a conveyance fraudulent as to creditors under any Applicable Law; or (viii) take any corporate or partnership action for the purpose of
effecting any of the foregoing. 
 (f) Involuntary Bankruptcy Proceeding. A case or other proceeding shall be commenced against
Spirit REIT, the Borrower or any Material Subsidiary (other than an Excluded Subsidiary) in any court of competent jurisdiction seeking: (i) relief under the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter in effect) or
under any other Applicable Laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; or (ii) the appointment of a trustee, receiver,
custodian, liquidator or the like of such Person, or of all or any substantial part of the assets, domestic or foreign, of such Person, and in the case of either clause (i) or (ii) such case or proceeding shall continue undismissed or unstayed
for a period of sixty (60) consecutive days, or an order granting the remedy or other relief requested in such case or proceeding (including an order for relief under such Bankruptcy Code or such other federal bankruptcy laws) shall be entered.

 (g) Revocation of Loan Documents. Any Loan Party shall (or shall attempt to) disavow, revoke or terminate any Loan Document to
which it is a party or shall otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental Authority the validity or enforceability of any Loan Document or any Loan Document shall cease to be in full force
and effect (except as a result of the express terms thereof). 
 (h) Judgment. A judgment or order for the payment of money or for an
injunction or other non-monetary relief (other than those related to actions contemplated by the proviso to clause (d)(i) above) shall be entered against the Borrower, any other Loan Party, or any other
Subsidiary by any court or other tribunal and (i) such judgment or order shall continue for a period of sixty (60) days without being paid, stayed or dismissed through appropriate appellate proceedings and (ii) either (A) the
amount of such judgment or order for which insurance has not been acknowledged in writing by the applicable insurance carrier (or the amount as to which the insurer has denied liability) exceeds, individually or together with all other such
judgments or orders entered against the Borrower, any other Loan Party or any other Subsidiary, $100,000,000, or (B) in the case of an injunction or other non-monetary relief, such injunction or judgment
or order could reasonably be expected to have a Material Adverse Effect. 
 (i) Attachment. A warrant, writ of attachment, execution
or similar process shall be issued against any property of the Borrower, any other Loan Party or any other Subsidiary, which exceeds, individually or together with all other such warrants, writs, executions and processes, $100,000,000 in amount and
such warrant, writ, execution or process shall not be paid, discharged, vacated, stayed or bonded for a period of twenty (20) days. 

  
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 (j) ERISA. Any ERISA Event shall have occurred that results or could reasonably be
expected to result in liability to Spirit REIT or the Borrower aggregating in excess of $75,000,000; or (ii) the “benefit obligation” of all Plans exceeds the “fair market value of plan assets” for such Plans by more than
$100,000,000, all as determined, and with such terms defined, in accordance with FASB ASC 715. 
 (k) Change of Control/Change in
Management. 
 (i) Any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of
the Securities Exchange Act of 1934 (the “Exchange Act”)), is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5
under the Exchange Act, except that a Person will be deemed to have “beneficial ownership” of all securities that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time),
directly or indirectly, of more than thirty-five (35%) of the total voting power of the then outstanding voting stock of Spirit REIT (other than (A) those mutual funds or other similar entities permitted by Spirit REIT to do so under
pass-through interpretation of their equity ownership or (B) those which do not receive the contractual rights to appoint directors of Spirit REIT in connection with the acquisition of voting stock (including for this purpose stock convertible
to voting stock or any combination thereof), unless such right is obtained in connection with a merger or acquisition resulting in such person or group receiving the right (directly or indirectly) to appoint a majority of the board of directors of
Spirit REIT); 
 (ii) During any period of twelve (12) consecutive months ending after the Agreement Date, individuals
who at the beginning of any such twelve (12) month period constituted the Board of Directors of Spirit REIT (together with any new directors whose election by such Board or whose nomination for election by the shareholders of Spirit REIT was
approved by a vote of a majority of the directors then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority
of the Board of Directors of Spirit REIT then in office; 
 (iii) Spirit REIT ceases to own and control, directly or
indirectly, at least fifty-one percent (51%) of the outstanding Equity Interests of the Borrower; or 

(iv) Spirit REIT or a Wholly Owned Subsidiary of Spirit REIT ceases to be the sole general partner of the Borrower or ceases to
have the sole and exclusive power to exercise all management and control over the Borrower. 

  
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 Section 11.2 Remedies Upon Event of Default. 

Upon the occurrence and (except as provided in clause (a)(i) below) during the continuance of an Event of Default the following provisions
shall apply: 
 (a) Acceleration; Termination of Facilities. 

(i) Automatic. Upon the occurrence of an Event of Default specified in Sections 11.1(e) or
11.1(f), (1)(A) the principal of, and all accrued interest on, the Loans and the Notes at the time outstanding, and (B) all of the other Obligations, including the other amounts owed to the Lenders and the Administrative Agent under this
Agreement, the Notes or any of the other Loan Documents shall become immediately and automatically due and payable without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the Borrower on behalf of
itself and the other Loan Parties, and (2) the Term Loan Commitments (if not previously terminated) shall all immediately and automatically terminate. 

(ii) Optional. If any other Event of Default shall exist and at any time thereafter during the continuance of such Event
of Default, the Administrative Agent may, and at the direction of the Requisite Lenders shall: (1) declare (A) the principal of, and accrued interest on, the Loans and the Notes at the time outstanding, and (B) all of the other
Obligations, including the other amounts owed to the Lenders and the Administrative Agent under this Agreement, the Notes or any of the other Loan Documents to be forthwith due and payable, whereupon the same shall immediately become due and payable
without presentment, demand, protest or other notice of any kind, all of which are expressly waived by the Borrower on behalf of itself and the other Loan Parties, and (2) terminate the Term Loan Commitments (if not previously terminated). 

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

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

(e) Remedies in Respect of Specified Derivatives Contracts. Notwithstanding any other provision of this Agreement or other Loan
Document, each Specified Derivatives Provider shall have the right, with prompt notice to the Administrative Agent, but without the approval or consent of or other action by the Administrative Agent or the Lenders, and without limitation of other
remedies available to such Specified Derivatives Provider under contract or Applicable Law, to undertake any of the following: (a) in the case of a Specified Derivatives Provider, to declare an event of default, termination event or other
similar event under any Specified Derivatives Contract and to create an “Early Termination Date” (as defined therein) in respect thereof, (b) in the case of a Specified Derivatives Provider, to determine net termination amounts in
respect of any and all Specified Derivatives Contracts in accordance with the terms thereof, and to set off amounts among such contracts, (c) in the case of a Specified Derivatives Provider, to set off or proceed against deposit account
balances, securities account balances and other property and amounts held by such Specified Derivatives Provider and (d) to prosecute any legal action against the Borrower, any Loan Party or other Subsidiary to enforce or collect net amounts
owing to such Specified Derivatives Provider pursuant to any Specified Derivatives Contract. 

  
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 Section 11.3 Marshaling; Payments Set Aside. 

No Lender Party shall be under any obligation to marshal any assets in favor of any Loan Party or any other party or against or in payment of
any or all of the Guaranteed Obligations. To the extent that any Loan Party makes a payment or payments to a Lender Party, or a Lender Party enforces its security interest or exercises its right of setoff, and such payment or payments or the
proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or
federal law, common law or equitable cause, then to the extent of such recovery, the Guaranteed Obligations, or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and continued in full
force and effect as if such payment had not been made or such enforcement or setoff had not occurred. 
 Section 11.4 Allocation of Proceeds.

 If an Event of Default exists and is continuing, all payments received by the Administrative Agent (or any Lender as a result of its
exercise of remedies permitted under Section 13.3) under any of the Loan Documents in respect of any Guaranteed Obligations shall be applied in the following order and priority: 

(a) to the payment of that portion of the Guaranteed Obligations constituting fees, indemnities, expenses and other amounts, including attorney
fees, payable to the Administrative Agent in its capacity as such; 
 (b) to the payment of that portion of the Guaranteed Obligations
constituting fees, indemnities and other amounts (other than principal and interest) payable to the Lenders under the Loan Documents, including attorney fees, ratably among the Lenders in proportion to the respective amounts described in this
clause (b) payable to them; 
 (c) to the payment of that portion of the Guaranteed Obligations constituting accrued and unpaid
interest on the Loans, ratably among the Lenders in proportion to the respective amounts described in this clause (c) payable to them; 

(d) to the payment of that portion of the Guaranteed Obligations constituting unpaid principal of the Loans and payment obligations then owing
under Specified Derivatives Contracts, ratably among the Lenders and the Specified Derivatives Providers in proportion to the respective amounts described in this clause (d) payable to them; and 

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

  
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 Notwithstanding the foregoing, Guaranteed Obligations arising under Specified Derivatives Contracts shall be
excluded from the application described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the applicable Specified Derivatives
Provider. Each Specified Derivatives Provider not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative
Agent pursuant to the terms of Article XII for itself and its Affiliates as if a “Lender” party hereto. 

Section 11.5 [Reserved]. 
 Section 11.6
Rescission of Acceleration by Requisite Lenders. 
 If at any time after acceleration of the maturity of the Loans and the other
Obligations, the Borrower shall pay all arrears of interest and all payments on account of principal of the Obligations which shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by Applicable
Law, on overdue interest, at the rates specified in this Agreement) and all Events of Default and Defaults (other than nonpayment of principal of and accrued interest on the Obligations due and payable solely by virtue of acceleration) shall become
remedied or waived to the satisfaction of the Requisite Lenders, then by written notice to the Borrower, the Requisite Lenders may elect, in the sole discretion of such Requisite Lenders, to rescind and annul the acceleration and its consequences.
The provisions of the preceding sentence are intended merely to bind all of the Lenders to a decision which may be made at the election of the Requisite Lenders, and are not intended to benefit the Borrower and do not give the Borrower the right to
require the Lenders to rescind or annul any acceleration hereunder, even if the conditions set forth herein are satisfied. 
 Section 11.7
Performance by Administrative Agent. 
 If the Borrower or any other Loan Party shall fail to perform any covenant, duty or agreement
contained in any of the Loan Documents, the Administrative Agent may, after notice to the Borrower, perform or attempt to perform such covenant, duty or agreement on behalf of the Borrower or such other Loan Party after the expiration of any cure or
grace periods set forth herein. In such event, the Borrower shall, at the request of the Administrative Agent, promptly pay any amount reasonably expended by the Administrative Agent in such performance or attempted performance to the Administrative
Agent, together with interest thereon at the applicable Post-Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, neither the Administrative Agent nor any Lender shall have any liability or responsibility
whatsoever for the performance of any obligation of the Borrower under this Agreement or any other Loan Document. 
 Section 11.8 Rights Cumulative.

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

  
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 (b) Enforcement by Administrative Agent. 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 Loan Parties 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 Article XI for the benefit of all the Lenders; provided that the foregoing shall not
prohibit (i) 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, (ii) any Specified
Derivatives Provider from exercising the rights and remedies that inure to its benefit under any Specified Derivatives Contract, (iii) any Lender from exercising setoff rights in accordance with Section 13.3 (subject
to the terms of Section 3.3), or (iv) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party 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 (x) the Requisite Lenders shall have the rights otherwise ascribed to the
Administrative Agent pursuant to Article XI and (y) in addition to the matters set forth in clauses (ii), (iii) and (iv) of the preceding proviso and subject to Section 3.3, any Lender
may, with the consent of the Requisite Lenders, enforce any rights and remedies available to it and as authorized by the Requisite Lenders. 

ARTICLE XII 
 THE
ADMINISTRATIVE AGENT 
 Section 12.1 Appointment and Authorization. 

Each Lender hereby irrevocably appoints and authorizes the Administrative Agent to take such action as contractual representative on such
Lender’s behalf and to exercise such powers under this Agreement and the other Loan Documents as are specifically delegated to the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental
thereto. Not in limitation of the foregoing, each Lender authorizes and directs the Administrative Agent to enter into the Loan Documents for the benefit of the Lenders. Each Lender hereby agrees that, except as otherwise set forth herein, any
action taken by the Requisite Lenders in accordance with the provisions of this Agreement or the Loan Documents, and the exercise by the Requisite Lenders of the powers set forth herein or therein, together with such other powers as are reasonably
incidental thereto, shall be authorized and binding upon all of the Lenders. Nothing herein shall be construed to deem the Administrative Agent a trustee or fiduciary for any Lender or to impose on the Administrative Agent duties or obligations
other than those expressly provided for herein. Without limiting the generality of the foregoing, the use of the terms “Agent”, “Administrative Agent”, “agent” and similar terms in the Loan Documents with reference to
the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead, use of such terms is merely a matter of market custom, and is intended to
create or reflect only an administrative relationship between independent contracting parties. The Administrative Agent shall deliver or otherwise make available to each Lender, promptly upon receipt thereof by the

  
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Administrative Agent, copies of each of the financial statements, certificates, notices and other documents delivered to the Administrative Agent pursuant to Article IX
that the Borrower is not otherwise required to deliver directly to the Lenders. The Administrative Agent will furnish to any Lender, upon the request of such Lender, a copy (or, where appropriate, an original) of any document, instrument, agreement,
certificate or notice furnished to the Administrative Agent by the Borrower, any other Loan Party or any other Affiliate of the Borrower, pursuant to this Agreement or any other Loan Document not already delivered or otherwise made available to such
Lender pursuant to the terms of this Agreement or any such other Loan Document. 
 As to any matters not expressly provided for by the Loan
Documents (including enforcement or collection of any of the Obligations), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully
protected in so acting or refraining from acting) upon the instructions of the Requisite Lenders (or all of the Lenders if explicitly required under any other provision of this Agreement), and such instructions shall be binding upon all Lenders and
all holders of any of the Obligations; provided that, notwithstanding anything in this Agreement to the contrary, the Administrative Agent shall not be required to take any action which exposes the Administrative Agent to personal liability
or which is contrary to this Agreement or any other Loan Document or Applicable Law, including any action that may be in violation of the automatic stay under any requirement of law relating to bankruptcy, insolvency or reorganization or relief of
debtors or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors; provided,
further, that the Administrative Agent may seek clarification or direction from the Requisite Lenders prior to the exercise of any such instructed action and may refrain from acting until such clarification or direction has been provided.
Except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower, any Subsidiary or any Affiliate of any
of the foregoing that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity. Nothing in this Agreement shall require the Administrative Agent to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured to it. Not in limitation of the foregoing, the Administrative Agent may exercise any right or remedy it or the Lenders may have under any Loan Document upon the occurrence of a Default or an Event of
Default that is continuing unless the Requisite Lenders have directed the Administrative Agent otherwise. Without limiting the foregoing, no Lender shall have any right of action whatsoever against the Administrative Agent as a result of the
Administrative Agent acting or refraining from acting under this Agreement or any of the other Loan Documents in accordance with the instructions of the Requisite Lenders, or where applicable, all the Lenders. 

The provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders, and, except solely to the extent of the
Borrower’s rights to consent pursuant to and subject to the conditions set forth in this Article, none of the Borrower or any Subsidiary, or any of their respective Affiliates, shall have any rights as a third party beneficiary under any such
provisions. 

  
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 Section 12.2 Administrative Agent as Lender. 

The Lender acting as Administrative Agent shall have the same rights and powers as a Lender and/or a Specified Derivatives Provider, as the
case may be, under this Agreement, any other Loan Document and/or any Specified Derivatives Contract, as the case may be, as any other Lender and/or Specified Derivatives Provider and may exercise the same as though it were not the Administrative
Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include JPMorgan Chase Bank, N.A. in each case in its individual capacity. JPMorgan Chase Bank, N.A. and its Affiliates may each accept
deposits from, maintain deposits or credit balances for, invest in, lend money to, act as trustee under indentures of, serve as financial advisor to, and generally engage in any kind of business with the Borrower, any other Loan Party or any other
Affiliate thereof as if it were any other bank and without any duty to account therefor to the other Lenders or any Specified Derivatives Providers. Further, the Administrative Agent and any Affiliate may accept fees and other consideration from the
Borrower, any other Loan Party or any other Subsidiary for services in connection with this Agreement, any Specified Derivatives Contract, or otherwise without having to account for the same to the other Lenders or any Specified Derivatives
Providers. The Lenders acknowledge that, pursuant to such activities, JPMorgan Chase Bank, N.A. or its Affiliates may receive information regarding the Borrower, other Loan Parties, other Subsidiaries and other Affiliates (including information that
may be subject to confidentiality obligations in favor of such Person) and acknowledge that the Administrative Agent shall be under no obligation to provide such information to them. 

Section 12.3 Approvals of Lenders. 

All communications from the Administrative Agent to any Lender requesting such Lender’s determination, consent or approval (a) shall
be given in the form of a written notice to such Lender, (b) shall be accompanied by a description of the matter or issue as to which such determination, consent or approval is requested, or shall advise such Lender where information, if any,
regarding such matter or issue may be inspected, or shall otherwise describe the matter or issue to be resolved and (c) shall include, if reasonably requested by such Lender and to the extent not previously provided to such Lender, written
materials provided to the Administrative Agent by the Borrower in respect of the matter or issue to be resolved. Unless a Lender shall give written notice to the Administrative Agent that it specifically objects to the requested determination,
consent or approval within ten (10) Business Days (or such lesser or greater period as may be specifically required under the express terms of the Loan Documents) of receipt of such communication, such Lender shall be deemed to have
conclusively approved of or consented to such requested determination, consent or approval; provided that, any such deemed approval or consent: (i) shall be effective against a Lender only if the written notice to such Lender was sent to
no fewer than two (2) persons at such Lender in an envelope marked “PRIORITY” and contained a bold-faced, conspicuous (in a font size that is not less than fourteen (14)) legend at the top of the first page thereof stating
“NOTICE: THIS IS A REQUEST FOR CONSENT UNDER THE SPIRIT REALTY, L.P. CREDIT AGREEMENT FAILURE TO RESPOND TO THIS REQUEST WITHIN TEN (10) BUSINESS DAYS MAY RESULT IN THE REQUEST BEING DEEMED GRANTED” and (ii) shall not apply to
any matter requiring such Lender’s consent under Section 13.6(b) hereof; it being expressly agreed that such matters shall in no event be the subject of deemed approval or consent. 

  
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 Section 12.4 Notice of Events of Default. 

The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has
received notice from a Lender or the Borrower referring to this Agreement, describing with reasonable specificity such Default and stating that such notice is a “notice of default.” If any Lender (excluding the Lender which is also serving
as the Administrative Agent) becomes aware of any Default, it shall promptly send to the Administrative Agent such a “notice of default”; provided, a Lender’s failure to provide such a “notice of default” to the
Administrative Agent shall not result in any liability of such Lender to any other party to any of the Loan Documents. Further, if the Administrative Agent receives such a “notice of default,” the Administrative Agent shall give prompt
notice thereof to the Lenders. 
 Section 12.5 Administrative Agent’s Reliance. 

Notwithstanding any other provisions of this Agreement or any other Loan Documents, neither the Administrative Agent nor any of its Related
Parties shall be liable for any action taken or not taken by it under or in connection with this Agreement or any other Loan Document, except for its or their own gross negligence or willful misconduct in connection with its duties expressly set
forth herein or therein as determined by a court of competent jurisdiction in a final non-appealable judgment. Without limiting the generality of the foregoing, the Administrative Agent may consult with legal
counsel (including its own counsel or counsel for the Borrower or any other Loan Party), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in
accordance with the advice of such counsel, accountants or experts. Neither the Administrative Agent nor any of its Related Parties: (a) makes any warranty or representation to any Lender or any other Person, or shall be responsible to any
Lender or any other Person for any statement, warranty or representation made or deemed made by the Borrower, any other Loan Party or any other Person in or in connection with this Agreement or any other Loan Document; (b) shall have any duty
to ascertain or to inquire as to, or be responsible for, the performance or observance of any of the terms, covenants or conditions of this Agreement or any other Loan Document or the satisfaction of any conditions precedent under this Agreement or
any Loan Document on the part of the Borrower or other Persons, or to inspect the property, books or records of the Borrower or any other Person; (c) shall have any duty to ascertain or inquire into, or shall be responsible to any Lender for,
the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other Loan Document, any other instrument or document furnished pursuant thereto (including, for the avoidance of doubt, in connection
with the Administrative Agent’s reliance on any Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page) or any collateral covered thereby or the
perfection or priority of any Lien in favor of the Administrative Agent on behalf of the Lenders Parties in any such collateral; (d) shall have any duty to ascertain or inquire into, or shall have any liability in respect of, any recitals,
statements, certifications, representations or warranties contained in any of the Loan Documents or any other document, instrument, agreement, certificate or statement delivered in connection therewith; and (e) shall incur any liability under
or in respect of this Agreement or any other Loan Document by acting upon any notice, consent, certificate or other instrument or writing (which may be by telephone, telecopy or electronic mail) believed by it to be genuine and signed, sent or given
by the proper party or parties. The Administrative Agent may execute any of its duties under the Loan Documents by or through agents, employees or attorneys-in-fact and shall not be responsible for the
negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct in the selection of such agent or attorney-in-fact as determined by a court of competent jurisdiction in a final non-appealable judgment. 

  
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 Without limiting the foregoing, the Administrative Agent (i) may treat the payee of any
promissory note as its holder until such promissory note has been assigned in accordance with Section 13.5, (ii) may rely on the Register to the extent set forth in Section 13.5(c), (iii) may
consult with legal counsel (including counsel to the Borrower), independent public accountants and other experts selected by it, and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of
such counsel, accountants or experts, (iv) makes no warranty or representation to any Lender and shall not be responsible to any Lender for any statements, warranties or representations made by or on behalf of any Loan Party in connection with
this Agreement or any other Loan Document, (v) 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, may presume that such condition is satisfactory
to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender sufficiently in advance of the making of such Loan and (vi) shall be entitled to rely on, and shall incur no liability under or in
respect of this Agreement or any other Loan Document by acting upon, any notice, consent, certificate or other instrument or writing (which writing may be a fax, any electronic message, Internet or intranet website posting or other distribution) or
any statement made to it orally or by telephone and believed by it to be genuine and signed or sent or otherwise authenticated by the proper party or parties (whether or not such Person in fact meets the requirements set forth in the Loan Documents
for being the maker thereof). 
 Section 12.6 Indemnification of Administrative Agent. 

Each Lender agrees to indemnify the Administrative Agent and its Related Parties (to the extent not reimbursed by the Borrower and without
limiting the obligation of the Borrower to do so) pro rata in accordance with such Lender’s respective Pro Rata Share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought), and to hold harmless the
Administrative Agent and its Related Parties, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, reasonable
out-of-pocket costs and expenses of any kind or nature whatsoever which may at any time be imposed on, incurred by, or asserted against the Administrative Agent (in its
capacity as Administrative Agent but not as a Lender) in any way relating to or arising out of the Loan Documents, any transaction contemplated hereby or thereby or any action taken or omitted by the Administrative Agent under the Loan Documents
(collectively, “Indemnifiable Amounts”); provided that no Lender shall be liable for any portion of such Indemnifiable Amounts to the extent resulting from the Administrative Agent’s gross negligence or willful
misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment; provided, further, that no action taken in accordance with the directions of the Requisite
Lenders (or all of the Lenders, if expressly required hereunder) shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without limiting the generality of the foregoing, each Lender agrees to reimburse the
Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) promptly upon demand for its Pro Rata Share (determined as of the time that the applicable reimbursement is sought) of
any out-of-pocket expenses (including the reasonable fees 

  
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and expenses of the counsel to the Administrative Agent) incurred by the Administrative Agent in connection with the preparation, negotiation, execution, administration, or enforcement (whether
through negotiations, legal proceedings, or otherwise) of, or legal advice with respect to the rights or responsibilities of the parties under, the Loan Documents, any suit or action brought by the Administrative Agent to enforce the terms of the
Loan Documents and/or collect any Obligations, any “lender liability” suit or claim brought against the Administrative Agent and/or the Lenders, and any claim or suit brought against the Administrative Agent and/or the Lenders arising
under any Environmental Laws, including, without duplication, any amount required to be paid by the Borrower under Sections 13.2 or 13.9. Such
out-of-pocket expenses (including counsel fees) shall be advanced by the Lenders on the request of the Administrative Agent notwithstanding any claim or assertion that
the Administrative Agent is not entitled to indemnification hereunder upon receipt of an undertaking by the Administrative Agent that the Administrative Agent will reimburse the Lenders if it is actually and finally determined by a court of
competent jurisdiction that the Administrative Agent is not so entitled to indemnification. The agreements in this Section shall survive the payment of the Loans and all other Obligations and the termination of this Agreement. If the Borrower shall
reimburse the Administrative Agent for any Indemnifiable Amount following payment by any Lender to the Administrative Agent in respect of such Indemnifiable Amount pursuant to this Section, the Administrative Agent shall share such reimbursement on
a ratable basis with each Lender making any such payment. 
 Section 12.7 Lender Credit Decision, Etc. 

(a) Each of the Lenders expressly acknowledges and agrees that none of the Administrative Agent, any Arranger, nor any of their Related Parties
has made any representations or warranties to such Lender and that no act by the Administrative Agent or any Arranger hereafter taken, including any review of the affairs of the Borrower, any other Loan Party or any other Subsidiary or Affiliate,
shall be deemed to constitute any such representation or warranty by the Administrative Agent or any Arranger to any Lender. Each of the Lenders acknowledges that it has made its own credit and legal analysis and decision to enter into this
Agreement and the transactions contemplated hereby, independently and without reliance upon the Administrative Agent, any Arranger, any other Lender or counsel to the Administrative Agent, any Arranger, or any of their respective Related Parties,
and based on the financial statements of the Borrower, the other Loan Parties, the other Subsidiaries and other Affiliates, and inquiries of such Persons, its independent due diligence of the business and affairs of the Borrower, the other Loan
Parties, the other Subsidiaries and other Persons, its review of the Loan Documents, the legal opinions required to be delivered to it hereunder, the advice of its own counsel and such other documents and information as it has deemed appropriate.
Each of the Lenders also acknowledges that it will, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent or any of their respective Related Parties, and based on such review,
advice, documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under the Loan Documents. The Administrative Agent shall not be required to keep itself informed as to the
performance or observance by the Borrower or any other Loan Party of the Loan Documents or any other document referred to or provided for therein or to inspect the properties or books of, or make any other investigation of, the Borrower, any other
Loan Party or any other Subsidiary. Except for notices, reports and other documents and information expressly required to be furnished to the Lenders by the Administrative Agent under this Agreement or any of the other Loan Documents, the
Administrative Agent shall have 

  
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no duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, financial and other condition or creditworthiness of the
Borrower, any other Loan Party or any other Affiliate thereof which may come into possession of the Administrative Agent or any of its Related Parties. Each of the Lenders acknowledges that the Administrative Agent’s legal counsel in connection
with the transactions contemplated by this Agreement is only acting as counsel to the Administrative Agent and is not acting as counsel to any Lender. 

(b) Each Lender, by delivering its signature page to this Agreement on the Effective Date, or delivering its signature page to an Assignment
and Assumption or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to,
or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Effective Date. 
 (c) Each Lender hereby agrees that
(x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment,
prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”) were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such
Payment (or a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day
funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and
a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives,
as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments
received, including without limitation any defense based on “discharge for value” or any similar doctrine. A notice of the Administrative Agent to any Lender under this Section 12.7(c) shall be conclusive, absent manifest error. 

(i) Each Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates
(x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a “Payment Notice”) or
(y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. Each Lender agrees that, in each such case, or if it otherwise becomes aware a
Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one Business Day
thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment
(or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation from time to time in effect. 

  
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 (ii) The Borrower and each other Loan Party hereby agrees that (x) in
the event an erroneous Payment (or portion thereof) are not recovered from any Lender that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender with respect to
such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Loan Party except, in each case, to the extent such erroneous Payment is, and solely with
respect to the amount of such erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Loan Party (“Loan Party Funds”) for the purpose of making such erroneous Payment.

 (iii) Each party’s obligations under this Section 12.7(c) shall survive the resignation or replacement of the
Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Term Loan Commitments or the repayment, satisfaction or discharge of all Obligations under any Loan Document. 

Section 12.8 Successor Administrative Agent. 

The Administrative Agent may resign at any time as Administrative Agent under the Loan Documents by giving at least thirty (30) days’
prior written notice thereof to the Lenders and the Borrower, unless applicable law requires a shorter notice period or that there be no notice period, in which instance such applicable law shall control. Upon any such resignation, the Requisite
Lenders shall have the right to appoint a successor Administrative Agent which appointment shall, provided no Default exists, be subject to the Borrower’s approval, which approval shall not be unreasonably withheld or delayed (except that the
Borrower shall, in all events, be deemed to have approved each Lender and any of its Affiliates as a successor Administrative Agent). If no successor Administrative Agent shall have been so appointed in accordance with the immediately preceding
sentence, and shall have accepted such appointment, within thirty (30) days after the current Administrative Agent’s giving of notice of resignation, then the current Administrative Agent may, on behalf of the Lenders, appoint a successor
Administrative Agent, which shall be a Lender, if any Lender shall be willing to serve, and otherwise shall be an Eligible Assignee; provided that if the Administrative Agent shall notify the Borrower and the Lenders that no Lender has
accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the 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 to each Lender directly, until such time as a successor Administrative Agent has been appointed as
provided for above in this Section; provided, further, that such Lenders so acting directly shall be and be deemed to be protected by all indemnities and other provisions herein for the benefit and protection of the Administrative
Agent as if each such Lender were itself the Administrative Agent. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall

  
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thereupon succeed to and become vested with all the rights, powers, privileges and duties of the current Administrative Agent, and the current Administrative Agent shall be discharged from its
duties and obligations under the Loan Documents. After any Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this Article XII shall continue to inure to its benefit as to any actions taken or omitted
to be taken by it while it was Administrative Agent under the Loan Documents. Notwithstanding anything contained herein to the contrary, the Administrative Agent may assign its rights and duties under the Loan Documents to any of its Affiliates by
giving the Borrower and each Lender prior written notice. Following the effectiveness of the Administrative Agent’s resignation from its capacity as such, the provisions of this Article and Section 13.9, as well as any
other applicable exculpatory, reimbursement and indemnification provisions set forth in any other Loan Document, 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. 

Section 12.9 Titled Agents. 
 Each of
the Arrangers, Syndication Agents, Documentation Agents and Managing Agents (each a “Titled Agent”) in each such respective capacity, assumes no responsibility or obligation hereunder, including for servicing, enforcement or
collection of any of the Loans, nor any duties as an agent hereunder for the Lenders. The titles given to the Titled Agents are solely honorific and imply no fiduciary responsibility on the part of the Titled Agents to the Administrative Agent, any
Lender, the Borrower or any other Loan Party and the use of such titles does not impose on the Titled Agents any duties or obligations greater than those of any other Lender or entitle the Titled Agents to any rights other than those to which any
other Lender is entitled. 
 Section 12.10 Specified Derivatives Contracts. 

No Specified Derivatives Provider that obtains the benefits of Section 11.4 by virtue of the provisions hereof or of
any Loan Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of any Loan Document other than in its capacity as a Lender and, in
such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory
arrangements have been made with respect to, Specified Derivatives Contracts unless the Administrative Agent has received written notice of such Specified Derivatives Contracts, together with such supporting documentation as the Administrative Agent
may request, from the applicable Specified Derivatives Provider. 
 Section 12.11 Certain ERISA Matters. 

(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for
the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true: 
 (i) such
Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans in connection with the Loans or the Term Loan Commitments, 

  
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 (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 Term Loan 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 Term Loan
Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Term Loan Commitments and this Agreement satisfies the requirements of
sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE
84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Term Loan Commitments and this Agreement, or 

(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole
discretion, and such Lender. 
 (b) In addition, unless either (1) sub-clause (i) in the
immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately
preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases
being a Lender party hereto, for the benefit of, the Administrative Agent, and each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that none of the
Administrative Agent, any Arranger or any other Titled Agent 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 Term Loan Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or
thereto). 
 (c) The Administrative Agent, each Arranger and each other Titled Agent hereby informs the Lenders that each such Person is not
undertaking to provide investment advice or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or
an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the 

  
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Term Loan Commitments, this Agreement and any other Loan Documents (ii) may recognize a gain if it extended the Loans, or the Term Loan Commitments for an amount less than the amount being
paid for an interest in the Loans or the Term Loan Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees,
commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, deal-away or alternate transaction fees, amendment
fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing. 

ARTICLE XIII 

MISCELLANEOUS 
 Section 13.1
Notices. 
 Unless otherwise provided herein (including as provided in Section 9.5), communications provided
for hereunder shall be in writing and shall be mailed, telecopied, or delivered as follows: 
 If to the Borrower: 

Spirit Realty, L.P. 
 2727 North
Harwood Street, Suite 300 
 Dallas, Texas 75201 

Attention: Carl Wade 
 with copies
to: 
 Spirit Realty, L.P. 

2727 North Harwood Street, Suite 300 

Dallas, Texas 75201 
 Attention:
Rochelle Thomas 
 and 

Latham & Watkins LLP 

555 Eleventh Street NW, Suite 1000 

Washington, DC 20004 
 Attention:
Manu Gayatrinath; Katie Putnam 
 Telephone Number: (202) 637-2342; (202) 637-1048 
 If to the Administrative Agent: 

JPMorgan Chase Bank, N.A. 
 10
South Dearborn, L2 
 Chicago, IL 60603-2003 

Attention: Kevin M. Barry 

Telecopy Number: (312) 385-7101 

Telephone Number: (312) 732-4836 

  
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 with a copy to: 

JPMorgan Chase Bank, N.A. 
 8181
Communications Pkwy 
 Plano, TX 75024 

Attention: Jordan Santora 

Telephone Number: (610) 715-7933 

If to the Administrative Agent under Article II: 

JPMorgan Chase Bank, N.A. 
 10
South Dearborn, L2 
 Chicago, IL 60603-2003 

Attention: Kevin M. Barry 

Telecopy Number: (312) 385-7101 

Telephone Number: (312) 732-4836 

If to any other Lender: 
 To such
Lender’s address or telecopy number as set forth in the applicable Administrative Questionnaire 
 or, as to each party at such other address as shall
be designated by such party in a written notice to the other parties delivered in compliance with this Section; provided, a Lender shall only be required to give notice of any such other address to the Administrative Agent and the Borrower.
All such notices and other communications shall be effective (i) if mailed, upon the first to occur of receipt or the expiration of three (3) Business Days after the deposit in the United States Postal Service mail, postage prepaid and
addressed to the address of the Borrower or the Administrative Agent and Lenders at the addresses specified; (ii) if telecopied, when transmitted; (iii) if hand delivered or sent by overnight courier, when delivered; or (iv) if
delivered in accordance with Section 9.5 to the extent applicable; provided that, in the case of the immediately preceding clauses (i), (ii) and (iii), non-receipt of any
communication as of the result of any change of address of which the sending party was not notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication. Notwithstanding the immediately preceding sentence,
all notices or communications to the Administrative Agent or any Lender under Article II shall be effective only when actually received. None of the Administrative Agent or any Lender shall incur any liability to any Loan Party (nor shall the
Administrative Agent incur any liability to the Lenders) for acting upon any telephonic notice referred to in this Agreement which the Administrative Agent or such Lender, as the case may be, believes in good faith to have been given by a Person
authorized to deliver such notice or for otherwise acting in good faith hereunder. Failure of a Person designated to get a copy of a notice to receive such copy shall not affect the validity of notice properly given to another Person. 

The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices (including telephonic notices, Notices of Borrowing, Notices of
Continuation, and Notices of Conversion) 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

  
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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. 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. 

Section 13.2 Expenses. 
 The Borrower
agrees (a) to pay or reimburse the Administrative Agent for all of its reasonable, documented (i.e., invoiced to Borrower by Administrative Agent), out-of-pocket
costs and expenses incurred in connection with the preparation, negotiation and execution of, and any amendment, supplement or modification to, any of the Loan Documents (including due diligence expenses and reasonable travel expenses related to
closing), and the consummation of the transactions contemplated hereby and thereby, including the reasonable and documented (i.e., invoiced to the Borrower by Administrative Agent) fees and disbursements of counsel to the Administrative Agent and
all costs and expenses of the Administrative Agent in connection with the use of IntraLinks, SyndTrak or other similar information transmission systems in connection with the Loan Documents and of the Administrative Agent in connection with the
review of Properties for inclusion in calculations of the Unencumbered Pool and the Administrative Agent’s other activities under Article IV and the reasonable and documented (i.e., invoiced to the Borrower by the
applicable party) fees and disbursements of counsel to the Administrative Agent relating to all such activities, (b) to pay or reimburse the Administrative Agent and the Lenders for all their documented (i.e., invoiced to the Borrower by the
applicable party) costs and expenses reasonably incurred in connection with the enforcement, “workout” or preservation of any rights under the Loan Documents, including the reasonable fees and disbursements of their respective counsel
(including the reasonable allocated fees and expenses of in-house counsel) and any payments in indemnification or otherwise payable by the Lenders to the Administrative Agent pursuant to the Loan Documents,
(c) without duplication of amounts payable under Sections 3.10(c) and 3.10(d), to pay, and indemnify and hold harmless the Administrative Agent and the Lenders from, any and all recording and filing fees and any and all
liabilities with respect to, or resulting from any failure to pay or delay in paying, documentary, stamp, excise and other similar taxes, if any, which may be payable or determined to be payable in connection with the execution and delivery of any
of the Loan Documents, or consummation of any amendment, supplement or modification of, or any waiver or consent under or in respect of, any Loan Document (except any such taxes that are Other Connection Taxes imposed with respect to an assignment
(other than any assignment made pursuant to Section 5.6)) and (d) to the extent not already covered by any of the preceding subsections, to pay or reimburse the fees and disbursements of counsel to the Administrative
Agent and any Lender incurred in connection with the representation of the Administrative Agent or such Lender in any matter relating to or arising out of any bankruptcy or other proceeding of the type described in
Sections 11.1(e) or 11.1(f), including (i) any motion for relief from any stay or similar order, (ii) the negotiation, preparation, execution and delivery of any document relating to the Obligations and
(iii) the negotiation and preparation of any debtor-in-possession financing or any plan of reorganization of the Borrower or any other Loan Party, whether proposed
by the Borrower, such Loan Party, the Lenders or any other Person, and whether such fees and expenses are incurred prior to, during or after the commencement of such proceeding or the confirmation or conclusion

  
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of any such proceeding. If the Borrower shall fail to pay any amounts required to be paid by it pursuant to this Section, the Administrative Agent and/or the Lenders may pay such amounts on
behalf of the Borrower and such amounts shall be deemed to be Obligations owing hereunder. Notwithstanding the foregoing, in the case of legal fees and expenses, the Borrower’s reimbursement obligations under this Section shall be limited to
the fees, disbursements and other charges of one counsel to the Indemnified Parties (other than in connection with a dispute among any Indemnified Parties resulting from claims against any Titled Agent in its capacity or in fulfilling its role such
or any similar role hereunder or in connection herewith) and, if reasonably necessary, one additional local counsel for the Indemnified Parties in each relevant jurisdiction and one additional special counsel for the Indemnified Parties in each
relevant specialty, and in the case of an actual or perceived conflict of interest, one additional counsel (and, if applicable, one additional local counsel in each relevant jurisdiction and one additional special counsel in each relevant specialty)
to the affected Indemnified Parties similarly situated and taken as a whole. 
 Section 13.3 Setoff. 

Subject to Section 3.3 and in addition to any rights now or hereafter granted under Applicable Law and not by way of
limitation of any such rights, the Borrower hereby authorizes the Administrative Agent, each Lender, each Affiliate of the Administrative Agent or any Lender, and each Participant, at any time or from time to time while an Event of Default exists
and is continuing, without notice to the Borrower or to any other Person, any such notice being hereby expressly waived, but in the case of a Lender, an Affiliate a Lender, or a Participant, subject to receipt of the prior written consent of the
Requisite Lenders exercised in their sole discretion, to set off and to appropriate and to apply any and all deposits (general or special, including indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other
indebtedness at any time held or owing by the Administrative Agent, such Lender, any Affiliate of the Administrative Agent or such Lender, or such Participant, to or for the credit or the account of the Borrower against and on account of any of the
Obligations, irrespective of whether or not any or all of the Loans and all other Obligations have been declared to be, or have otherwise become, due and payable as permitted by Section 11.2, and although such Obligations
shall be contingent or unmatured. Notwithstanding anything to the contrary in this Section, if 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 3.9 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. 
 Section 13.4 Litigation; Jurisdiction; Other Matters; Waivers. 

(a) EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT OR ANY OF THE
LENDERS WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE LENDERS, THE ADMINISTRATIVE AGENT AND THE BORROWER

  
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HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING
OUT OF THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE FEE LETTER OR IN CONNECTION WITH OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS OF ANY KIND OR
NATURE RELATING TO ANY OF THE LOAN DOCUMENTS. 
 (b) EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF
AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN (OR IF SUCH COURT LACKS SUBJECT MATTER JURISDICTION, THE SUPREME COURT OF THE STATE OF
NEW YORK SITTING IN THE BOROUGH OF MANHATTAN), AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION, LITIGATION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR
THERETO, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY (AND ANY SUCH CLAIMS, CROSS-CLAIMS
OR THIRD PARTY CLAIMS BROUGHT AGAINST THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES MAY ONLY) BE HEARD AND DETERMINED IN SUCH FEDERAL (TO THE EXTENT PERMITTED BY LAW) OR NEW YORK STATE COURT. EACH OF THE PARTIES HERETO AGREES THAT A
FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION 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 ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF
ANY JURISDICTION. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO
PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE ADMINISTRATIVE AGENT OR ANY LENDER OR THE ENFORCEMENT BY THE ADMINISTRATIVE AGENT OR ANY LENDER OF ANY JUDGMENT
OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 

  
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 (c) EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER
PROVIDED FOR NOTICES IN SECTION 13.1. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 

(d) THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL
CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS AND THE TERMINATION OF THIS AGREEMENT. 

Section 13.5 Successors and Assigns. 

(a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, except that neither the Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder or under any other Loan Document without the
prior written consent of the Administrative Agent and each Lender (provided, that the foregoing shall not impair the express rights of the Loan Parties under Section 10.4), and no Lender may assign or otherwise transfer any
of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of the immediately following subsection (b), (ii) by way of participation in accordance with the provisions of the immediately
following subsection (d) or (iii) by way of pledge or assignment of a security interest subject to the restrictions of the immediately following subsection (e) (and, subject to the last sentence of the immediately following
subsection (b), any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their
respective successors and assigns permitted hereby, Participants to the extent provided in the immediately following subsection (d) and, to the extent expressly contemplated hereby, the Related Parties of the Administrative Agent and the
Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) Assignments by Lenders. Any
Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Term Loan Commitment and the Loans at the time owing to it); provided that
any such assignment shall be subject to the following conditions: 
 (i) Minimum Amounts. 

(A) in the case of an assignment of the entire remaining amount of an assigning Lender’s Term Loan Commitment and/or the
Loans at the time owing to it, or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

(B) in any case not described in the immediately preceding subsection (A), the aggregate amount of the applicable Term
Loan Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Term Loan Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment
(in each case, 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 of such Term Loan Commitment, unless 

  
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each of the Administrative Agent and, so long as no Event of Default shall exist and be continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed);
provided that if, after giving effect to such assignment, the amount of the applicable Term Loan Commitment held by such assigning Lender or the outstanding principal balance of the Loans of such assigning Lender, as applicable, would be less
than $5,000,000, then such assigning Lender shall assign the entire amount of its applicable Term Loan Commitment and the Loans at the time owing to it. 

(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the
assigning Lender’s rights and obligations under this Agreement with respect to the Loan or Term Loan Commitment assigned. 

(iii) Required Consents. No consent shall be required for any assignment except to the extent required by
clause (i)(B) of this subsection (b) and, in addition: 
 (A) the consent of the Borrower (such consent not to be
unreasonably withheld or delayed) shall be required unless (x) an Event of Default shall exist and be continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund;
provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within 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 for
assignments in respect of a Term Loan Commitment if such assignment is to a Person that is not already a Lender with a Term Loan Commitment, an Affiliate of such a Lender or an Approved Fund with respect to such a Lender. 

(iv) Assignment and Acceptance; Notes. The parties to each assignment shall execute and deliver to the Administrative
Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500, and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; provided that the Administrative
Agent, in its sole discretion, may elect to waive such processing and recording fee in the case of any assignment. If requested by the transferor Lender or the Assignee, upon the consummation of any assignment, the transferor Lender, the
Administrative Agent and the Borrower shall make appropriate arrangements so that new Notes are issued to the Assignee and such transferor Lender, as appropriate. 

(v) No Assignment to Certain Persons. No such assignment shall be made to (A) the Borrower or any of the
Borrower’s Affiliates or Subsidiaries or (B) any Defaulting Lender or any of its Subsidiaries, or to any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B). 

  
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 (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) Amendments to Schedule 1.1(a). The Administrative Agent may unilaterally amend Schedule 1.1(a) attached hereto to
reflect any assignment effected hereunder. 
 (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 and each other 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 applicable Term Loan Commitment 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 the immediately following subsection (c), after the effective date
specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement,
and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment 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 5.4, 13.2 and 13.9 and the other
provisions of this Agreement and the other Loan Documents as provided in Section 13.10. 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 having been a Defaulting Lender. Any assignment or
transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with
the immediately following subsection (d). 

  
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 (c) Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at the Principal Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and
the Term Loan 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. The Register
shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(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) 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 Term Loan 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 (w) increase such Lender’s Term Loan Commitment, (x) extend the date fixed for the payment of principal on the Loans or portions
thereof owing to such Lender, (y) reduce the rate at which interest is payable thereon or (z) release any Guarantor from its Obligations under the Guaranty except as contemplated by Section 8.14, in each case, as
applicable to that portion of such Lender’s rights and/or obligations that are subject to the participation. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.10, 5.1,
5.4 (subject to the requirements and limitations therein, including the requirements under Section 3.10(g) (it being understood that the documentation required under Section 3.10(g)
shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section; provided that such Participant (A) agrees to be
subject to the provisions of Section 5.6 as if it were an assignee under subsection (b) of this Section; and (B) shall not be entitled to receive any greater payment under Sections 5.1
or 3.10, with respect to any participation, than its participating Lender would have been entitled to receive. 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 Section 5.6 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of
Section 13.3 as though it were a Lender; provided that such Participant agrees to be subject to Section 3.3 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 

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

(f) No Registration. Each Lender agrees that, without the prior written consent of the Borrower and the Administrative Agent, it will
not make any assignment hereunder in any manner or under any circumstances that would require registration or qualification of, or filings in respect of, any Loan or Note under the Securities Act or any other securities laws of the United States of
America or of any other jurisdiction. 
 (g) USA Patriot Act Notice; Compliance. In order for the Administrative Agent to comply with
“know your customer” and anti-money laundering rules and regulations, including the Patriot Act, prior to any Lender that is organized under the laws of a jurisdiction outside of the United States of America becoming a party hereto, the
Administrative Agent may request, and such Lender shall provide to the Administrative Agent, its name, address, tax identification number and/or such other identification information as shall be necessary for the Administrative Agent to comply with
federal law. 
 Section 13.6 Amendments and Waivers. 

(a) Generally. Except as otherwise expressly provided in this Agreement (including Sections 2.15, 5.2(b), 5.2(c)
and 13.6(d) hereof), (i) any consent or approval required or permitted by this Agreement or any other Loan Document to be given by the Lenders may be given, (ii) any term of this Agreement or of any other Loan Document may be amended,
(iii) the performance or observance by the Borrower, any other Loan Party or any other Subsidiary of any terms of this Agreement or such other Loan Document may be waived, and (iv) the existence and/or continuance of any Default may be
waived (either generally or in a particular instance and either retroactively or prospectively) with, but only with, the written consent of the Requisite Lenders (or the Administrative Agent at the written direction of the Requisite Lenders), and,
in the case of an amendment to any Loan Document, the written consent of each Loan Party which is party thereto. Notwithstanding anything to the contrary contained in this Section, the Fee Letter may only be amended, and the performance or
observance by any Loan Party thereunder may only be waived, in a writing executed by the parties to such Fee Letter. 

  
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 (b) Additional Lender Consents. In addition to the foregoing requirements, no
amendment, waiver or consent shall: 
 (i) increase (or reinstate) or extend the Term Loan Commitments of a Lender or subject
a Lender to any additional obligations without the written consent of such Lender (it being understood that a waiver of any condition precedent or the waiver of any Default, Event of Default or mandatory prepayment shall not constitute an increase
of any Term Loan Commitment); 
 (ii) reduce the principal of, or interest that has accrued or the rates of interest that
will be charged on the outstanding principal amount of, any Loans or other Obligations without the written consent of each Lender directly affected thereby; provided, however, only the written consent of the Requisite Lenders shall be
required for the waiver of interest payable at the Post-Default Rate, retraction of the imposition of interest at the Post-Default Rate and amendment of the definition of “Post-Default Rate”; 

(iii) reduce the amount of any Fees payable to a Lender without the written consent of such Lender directly and adversely
affected thereby; 
 (iv) modify the definitions of “Term Loan Maturity Date” or “Term Loan Commitment
Percentage”, otherwise postpone any date fixed for, or forgive, any payment of principal of, or interest on, any Term Loans or for the payment of Fees or any other Obligations owing to the Term Loan Lenders, in each case, without the written
consent of each Term Loan Lender; 
 (v) amend this Section or amend the definitions of the terms used in this Agreement or
the other Loan Documents insofar as such definitions affect the substance of this Section without the written consent of each Lender; provided that, with the consent of the Requisite Lenders, the provisions of this Section and the definition
of the term “Requisite Lenders” may be amended to include references to any new class of loans created under this Agreement pursuant to Section 2.15 (or to lenders extending such loans) on substantially the same basis as the
corresponding references relating to the existing classes of Loans or Lenders; 
 (vi) modify the definition of the term
“Requisite Lenders” or modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof without the written consent of each Lender; 

(vii) modify Sections 3.2 or 3.3, without the written consent of each Lender; 

(viii) release Spirit REIT from its obligations under the Guaranty or release all or substantially all of the other Guarantors
from their obligations under the Guaranty, other than as expressly permitted under this Agreement or the other Loan Documents without the written consent of each Lender; or 

(ix) amend, or waive the Borrower’s compliance with, Section 2.14 without the written consent of
each Lender affected thereby. 

  
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 (c) Amendment of Administrative Agent’s Duties, Etc. No amendment, waiver or
consent unless in writing and signed by the Administrative Agent, in addition to the Lenders required hereinabove to take such action, shall affect the rights or duties of the Administrative Agent under this Agreement or any of the other Loan
Documents. Any amendment, waiver or consent with respect to any Loan Document that (i) diminishes the rights of a Specified Derivatives Provider in a manner or to an extent dissimilar to that affecting the Lenders or (ii) increases the
liabilities or obligations of a Specified Derivatives Provider shall, in addition to the Lenders required hereinabove to take such action, require the consent of the Lender that is (or having an Affiliate that is) such Specified Derivatives
Provider. 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 may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Term Loan Commitments of any Defaulting Lender may not be increased, reinstated or extended
without the written 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 written consent of such Defaulting Lender. No waiver shall extend to or affect any obligation not expressly waived or impair any right consequent thereon and any amendment, waiver or consent shall be effective only in the
specific instance and for the specific purpose set forth therein. No course of dealing or delay or omission on the part of the Administrative Agent or any Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial
thereto. Any Event of Default occurring hereunder shall continue and shall continue to exist until such time as such Event of Default is waived in writing in accordance with the terms of this Section, notwithstanding any attempted cure or other
action by the Borrower, any other Loan Party or any other Person subsequent to the occurrence of such Event of Default. Except as otherwise explicitly provided for herein or in any other Loan Document, no notice to or demand upon the Borrower shall
entitle the Borrower to other or further notice or demand in similar or other circumstances. 
 (d) Technical Amendments.
Notwithstanding anything to the contrary in this Section 13.6, if the Administrative Agent and the Borrower have jointly identified an ambiguity, omission, mistake or defect in any provision of this Agreement or an
inconsistency between provisions of this Agreement, the Administrative Agent and the Borrower shall be permitted to amend such provision or provisions to cure such ambiguity, omission, mistake, defect or inconsistency so long as to do so would not
adversely affect the interests of the Lenders and the Administrative Agent provides notice to Lenders of such amendment. Any such amendment shall become effective without any further action or consent of any of other party to this Agreement. 

Section 13.7 No Fiduciary Duty, Etc. 

(a) The Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that no Lender Party will have any obligations
except those obligations expressly set forth herein and in the other Loan Documents and each Lender Party is acting solely in the capacity of an arm’s length contractual counterparty to the Borrower with respect to the Loan Documents and the
transactions contemplated herein and therein and not as a financial advisor or a fiduciary to, or an agent of, the Borrower or any other person. The Borrower agrees that it will not assert any claim against any Lender Party based on an alleged
breach of fiduciary duty by such Lender Party in connection with this Agreement and the transactions contemplated hereby. Additionally, the Borrower acknowledges and agrees that no Lender Party is advising the

  
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Borrower as to any legal, tax, investment, accounting, regulatory or any other matters in any jurisdiction. The Borrower shall consult with its own advisors concerning such matters and shall be
responsible for making its own independent investigation and appraisal of the transactions contemplated herein or in the other Loan Documents, and the Credit Parties shall have no responsibility or liability to the Borrower with respect thereto.

 (b) The Borrower further acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Lender Party, together
with its Affiliates, is a full service securities or banking firm engaged in securities trading and brokerage activities as well as providing investment banking and other financial services. In the ordinary course of business, any Lender Party may
provide investment banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations)
of, the Borrower and other companies with which the Borrower may have commercial or other relationships. With respect to any securities and/or financial instruments so held by any Lender Party or any of its customers, all rights in respect of such
securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion. 

(c) In addition, the Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Lender Party and its
affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which the Borrower may have conflicting interests regarding the transactions described herein and
otherwise. No Lender Party will use confidential information obtained from the Borrower by virtue of the transactions contemplated by the Loan Documents or its other relationships with the Borrower in connection with the performance by such Lender
Party of services for other companies, and no Lender Party will furnish any such information to other companies. The Borrower also acknowledges that no Lender Party has any obligation to use in connection with the transactions contemplated by the
Loan Documents, or to furnish to the Borrower, confidential information obtained from other companies. 
 Section 13.8 Confidentiality. 

The Administrative Agent and each Lender shall maintain the confidentiality of all Information (as defined below) but in any event may make
disclosure: (a) to its Affiliates and to its and its Affiliates’ other respective Related Parties (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) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any actual or proposed assignee, Participant or other transferee in connection
with a potential transfer of any Term Loan Commitment or participation therein as permitted hereunder, or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its
obligations; (c) as required or requested by any Governmental Authority (including any self-regulatory authority) or representative thereof or pursuant to legal process or in connection with any legal proceedings, or as otherwise required by
Applicable Law; (d) to the Administrative Agent’s or such Lender’s independent auditors and other professional advisors (provided they shall be notified of the confidential nature of the information); (e) in connection with the
exercise of any remedies under any Loan Document (or any Specified Derivatives Contract) or any action or 

  
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proceeding relating to any Loan Document (or any Specified Derivatives Contract) or the enforcement of rights hereunder or thereunder; (f) to the extent such Information (i) becomes
publicly available other than as a result of a breach of this Section actually known by the Administrative Agent or such Lender to be a breach of this Section or (ii) becomes available to the Administrative Agent, any Lender or any Affiliate of
the Administrative Agent or any Lender on a non-confidential basis from a source other than the Borrower or any Affiliate of the Borrower; (g) to the extent requested by, or required to be disclosed to,
any nationally recognized rating agency or regulatory or similar authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners) having or purporting to have jurisdiction over it; (h) [reserved]; (i)
to any other party hereto; and (j) with the prior written consent of the Borrower. Notwithstanding the foregoing, the Administrative Agent and each Lender may disclose any such confidential information, without notice to the Borrower or any
other Loan Party, to Governmental Authorities in connection with any regulatory examination of the Administrative Agent or such Lender or in accordance with the regulatory compliance policy of the Administrative Agent or such Lender. As used in this
Section, the term “Information” means all information received from the Borrower, any other Loan Party, any other Subsidiary or Affiliate relating to any Loan Party or any of their respective businesses, other than any such information
that is available to the Administrative Agent or any Lender on a non-confidential basis prior to disclosure by the Borrower, any other Loan Party, any other Subsidiary or any Affiliate and other than
information pertaining to this Agreement routinely provided by arrangers or data service providers, including league table providers, that serve the lending industry. Any Person required to maintain the confidentiality of Information as provided in
this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 Section 13.9 Indemnification. 

(a) The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and
each Related Party of any of the foregoing Persons (each such Person being called an “Indemnified Party”) against, and hold each Indemnified Party harmless from, and shall pay or reimburse any such Indemnified Party for, any
and all losses, claims (including Environmental Claims), damages, liabilities and related expenses (including the documented (i.e., invoiced) fees, charges and disbursements of any counsel for any Indemnified Party (which counsel may be employees of
any Indemnified Party)), incurred by any Indemnified Party or asserted against any Indemnified Party by any Person (including the Borrower, any other Loan Party or any other Subsidiary but other than such Indemnified Party and its Related Parties),
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 other agreement, letter or instrument delivered in connection with the transactions contemplated hereby or by
the other Loan Documents, the performance by the parties hereto or thereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (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, any other Loan Party or any other Subsidiary, or any Environmental Claim related in any
way to the Borrower, any other Loan Party or any other Subsidiary, (iv) any actual or prospective claim, litigation, investigation or proceeding (an “Indemnity Proceeding”) relating to any of the foregoing, whether based
on 

  
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contract, tort or any other theory, whether brought by a third party or by the Borrower, any other Loan Party or any other Subsidiary, and regardless of whether any Indemnified Party is a party
thereto, or (v) any claim (including any Environmental Claims), investigation, litigation or other proceeding (whether or not the Administrative Agent or any Lender is a party thereto) and the prosecution and defense thereof, arising out of or
in any way connected with the Loans, this Agreement, any other Loan Document, or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby, including documented (i.e., invoiced) attorneys and
consultant’s fees, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; provided that such indemnity shall not, as to any Indemnified Party, be
available to the extent that such losses, claims, damages, liabilities or related expenses (i) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful
misconduct of such Indemnified Party, (ii) result from a claim brought by the Borrower against an Indemnified Party for breach in bad faith of such Indemnified Party’s obligations hereunder or under any other Loan Document, if the Borrower
has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction or (iii) result from a claim not involving an act or omission of the Borrower and that is brought by an Indemnified
Party against another Indemnified Party (other than against the Arrangers or the Administrative Agent in their capacities as such). Notwithstanding the foregoing, in the case of legal fees and expenses, reimbursement obligations hereunder shall be
limited to the documented (i.e., invoiced) fees, disbursements and other charges of one counsel to the Indemnified Parties (other than in connection with a dispute among Indemnified Parties resulting from claims against any Titled Agent in its
capacity or in fulfilling its role as an administrative agent or arranger or any similar role hereunder or in connection herewith) and, if reasonably necessary, one local counsel for the Indemnified Parties in each relevant jurisdiction and one
special counsel with respect to each relevant specialty, and in the case of an actual or perceived conflict of interest, one additional counsel (and, if applicable, one additional local counsel in each relevant jurisdiction and one additional
special counsel in each relevant specialty) to the affected Indemnified Parties similarly situated and taken as a whole. This Section shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages etc. arising from
any non-Tax claim. 
 (b) If and to the extent that the obligations of the Borrower under this
Section are unenforceable for any reason, the Borrower hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under Applicable Law. 

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

References in this Section 13.9 to “Lender” or “Lenders” shall be deemed to include such Persons (and their
Affiliates) in their capacity as Specified Derivatives Providers. 

  
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 Section 13.10 Termination; Survival. 

This Agreement shall terminate at such time as (a) all of the Term Loan Commitments have been terminated, (b) none of the Lenders is
obligated any longer under this Agreement to make any Loans and (c) all Obligations (other than obligations which survive as provided in the following sentence) have been paid and satisfied in full. The indemnities to which the Administrative
Agent and the Lenders are entitled under the provisions of Sections 3.10, 5.1, 5.4, 12.6, 13.2 and 13.9 and any other provision of this Agreement and the other Loan Documents, and the provisions of
Section 13.4, shall continue in full force and effect and shall protect the Administrative Agent and the Lenders (i) notwithstanding any termination of this Agreement, or of the other Loan Documents, against events
arising after such termination as well as before and (ii) at all times after any such party ceases to be a party to this Agreement with respect to all matters and events existing on or prior to the date such party ceased to be a party to this
Agreement. 
 Section 13.11 Severability of Provisions. 

If any provision of this Agreement or the other Loan Documents shall be determined by a court of competent jurisdiction to be invalid or
unenforceable, that provision shall be deemed severed from the Loan Documents, and the validity, legality and enforceability of the remaining provisions shall remain in full force as though the invalid, illegal, or unenforceable provision had never
been part of the Loan Documents. 
 Section 13.12 GOVERNING LAW. 

THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND
TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 13.13 Counterparts. 

(a) This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent 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 6.1, 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 which, when taken together, bear the signatures of each of the other parties hereto, and thereafter
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
 (b) Delivery of an
executed counterpart of a signature page of (x) this Agreement, (y) any other Loan Document and/or (z) any document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered
pursuant to Section 13.1), certificate, request, statement, disclosure or authorization related to this Agreement, any other Loan Document and/or the transactions contemplated hereby and/or thereby (each an “Ancillary
Document”) that is an Electronic Signature transmitted by telecopy, emailed pdf. or any other 

  
 122 

 
electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement, such other Loan Document or
such Ancillary Document, as applicable. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement, any other Loan Document and/or any Ancillary
Document shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed
signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; provided that nothing
herein shall require the Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; provided, further, without limiting the foregoing, (i) to the
extent the Administrative Agent has agreed to accept any Electronic Signature, the Administrative Agent, each of the Lenders, and each Loan Party shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of any party
without further verification thereof and without any obligation to review the appearance or form of any such Electronic signature and (ii) upon the request of the Administrative Agent, any Lender, or any Loan Party, any Electronic Signature
shall be promptly followed by a manually executed counterpart. Without limiting the generality of the foregoing, the Borrower hereby (i) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring,
enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders, the Borrower and the Loan Parties, Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that reproduces
an image of an actual executed signature page and/or any electronic images of this Agreement, any other Loan Document and/or any Ancillary Document shall have the same legal effect, validity and enforceability as any paper original, (ii) the
Administrative Agent and each of the Lenders may, at its option, create one or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic record in any format, which shall be deemed
created in the ordinary course of such Person’s business, and destroy the original paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and
enforceability as a paper record), (iii) waives any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of paper
original copies of this Agreement, such other Loan Document and/or such Ancillary Document, respectively, including with respect to any signature pages thereto and (iv) waives any claim against any Lender-Related Person for any Liabilities
arising solely from the Administrative Agent’s and/or any Lender’s reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed
signature page, including any Liabilities arising as a result of the failure of the Borrower and/or any Loan Party to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature. 

Section 13.14 Obligations with Respect to Loan Parties and Subsidiaries. 

The obligations of the Borrower to direct or prohibit the taking of certain actions by the other Loan Parties and Subsidiaries as specified
herein shall be absolute and not subject to any defense the Borrower may have that the Borrower does not control such Loan Parties or Subsidiaries. 

  
 123 

 Section 13.15 Independence of Covenants. 

All covenants hereunder shall be given in any jurisdiction independent effect so that if a particular action or condition is not permitted by
any of such covenants, the fact that it would be permitted by an exception to, or be otherwise within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition
exists. 
 Section 13.16 Limitation of Liability. 

To the extent permitted by Applicable Law (i) the Borrower shall not assert, and the Borrower hereby waives, any claim against the
Administrative Agent, any Arranger, any Syndication Agent, any Documentation Agent, any Managing Agent, any Lender, and any Related Party of any of the foregoing Persons (each such Person being called a “Lender-Related
Person”) for any Liabilities arising from the use by others of information or other materials (including, without limitation, any personal data) obtained through telecommunications, electronic or other information transmission systems
(including the Internet), except to the extent that such Liabilities have resulted from the gross negligence or willful misconduct of such Lender-Related Person, as determined by a court of competent jurisdiction by final and nonappealable judgment;
and (ii) no party hereto shall assert, and each such party hereby waives, any Liabilities against any other party hereto, 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 transaction, agreement or instrument contemplated hereby or thereby, any Loan or the use of the proceeds thereof; provided that,
nothing in this Section 13.16 shall relieve the Borrower of any obligation it may have to indemnify an Indemnified Party, as provided in Section 13.9, against any special, indirect, consequential
or punitive damages asserted against such Indemnitee by a third party. 
 Section 13.17 Entire Agreement. 

This Agreement and the other Loan Documents embody the final, entire agreement among the parties hereto and supersede any and all prior
commitments, agreements, representations, and understandings, whether written or oral, relating to the subject matter hereof and thereof and may not be contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or
discussions of the parties hereto. There are no verbal agreements among the parties hereto. To the extent any term of this Agreement is inconsistent with a term of any other Loan Document to which the parties of this Agreement are party, the term of
this Agreement shall control to the extent of such inconsistency. 
 Section 13.18 Construction. 

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

  
 124 

 Section 13.19 Headings. 

The paragraph and section headings in this Agreement are provided for convenience of reference only and shall not affect its construction or
interpretation. 
 Section 13.20 Time. 

Time is of the essence with respect to each provision of this Agreement and the other Loan Documents. THIS AGREEMENT AND THE OTHER LOAN
DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

Section 13.21 Acknowledgement and Consent to Bail-In of Affected Financial
Institutions. 
 Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding
among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document 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 party hereto that is an Affected Financial Institution; and 

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

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

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected
Financial Institution, its parent entity, 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. 
 Section 13.22 Acknowledgement
Regarding Any Supported QFCs. 
 To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Derivatives
Contracts or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the
resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the
“U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be
governed by the laws of the State of New York and/or of the United States or any other state of the United States): 

  
 125 

 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. 
 [Signatures on Following Pages] 

  
 126 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed
and delivered by their respective officers thereunto duly authorized as of the date first written above. 
  

							
	BORROWER:	 	SPIRIT REALTY, L.P., a Delaware limited partnership
			
		 	By:	 	Spirit General OP Holdings, LLC, a Delaware limited liability company, its general partner
			
		 	By:	 	 /s/ Michael Hughes

		 		 	Name:	 	Michael Hughes
		 		 	Title:	 	Executive Vice President and Chief Financial Officer

  
 [Signature Page to Term
Loan Agreement] 

							
	LENDERS:	 	JPMORGAN CHASE BANK, N.A.,
		 	as Administrative Agent and as Lender
			
		 	By:	 	 /s/ Jordan Santora

		 		 	Name:	 	Jordan Santora
		 		 	Title:	 	Vice President

  
 [Signature Page to Spirit
Term Loan Agreement] 

							
		 	BANK OF AMERICA, N.A
			
		 	By:	 	 /s/ Helen Chan

		 		 	Name:	 	Helen Chan
		 		 	Title:	 	Vice President

  
 [Signature Page to Spirit
Term Loan Agreement] 

							
		 	TRUIST BANK
			
		 	By:	 	 /s/ Ryan Almond

		 		 	Name:	 	Ryan Almond
		 		 	Title:	 	Director

  
 [Signature Page to Spirit
Term Loan Agreement] 

							
		 	THE BANK OF NOVA SCOTIA
			
		 	By:	 	 /s/ Chelsea McCune

		 		 	Name:	 	Chelsea McCune
		 		 	Title:	 	Director

  
 [Signature Page to Spirit
Term Loan Agreement] 

							
		 	WELLS FARGO BANK, NATIONAL ASSOCIATION
			
		 	By:	 	 /s/ Matthew Kuhn

		 		 	Name:	 	Matthew Kuhn
		 		 	Title:	 	Director

  
 [Signature Page to Spirit
Term Loan Agreement] 

							
		 	GOLDMAN SACHS BANK USA
			
		 	By:	 	 /s/ Jonathan Dworkin

		 		 	Name:	 	Jonathan Dworkin
		 		 	Title:	 	Authorized Signatory

  
 [Signature Page to Spirit
Term Loan Agreement] 

							
		 	ROYAL BANK OF CANADA
			
		 	By:	 	 /s/ William Behuniak

		 		 	Name:	 	William Behuniak
		 		 	Title:	 	Authorized Signatory

  
 [Signature Page to Spirit
Term Loan Agreement] 

							
		 	FIFTH THIRD BANK, NATIONAL ASSOCIATION
			
		 	By:	 	 /s/ Casey Ciccone

		 		 	Name:	 	Casey Ciccone
		 		 	Title:	 	Senior Vice President

  
 [Signature Page to Spirit
Term Loan Agreement] 

							
		 	MIZUHO BANK, LTD.
			
		 	By:	 	 /s/ Donna DeMagistris

		 		 	Name:	 	Donna DeMagistris
		 		 	Title:	 	Executive Director

  
 [Signature Page to Spirit
Term Loan Agreement] 

							
		 	CAPITAL ONE, NATIONAL ASSOCIATION
			
		 	By:	 	 /s/ Peter Ilovic

		 		 	Name:	 	Peter Ilovic
		 		 	Title:	 	Authorized Signatory

  
 [Signature Page to Spirit
Term Loan Agreement] 

							
		 	THE HUNTINGTON NATIONAL BANK
			
		 	By:	 	 /s/ Erin L. Mahon

		 		 	Name:	 	Erin L. Mahon
		 		 	Title:	 	Assistant Vice President

  
 [Signature Page to Spirit
Term Loan Agreement] 

							
		 	TD BANK, N.A.
			
		 	By:	 	 /s/ Brian DelGreco

		 		 	Name:	 	Brian DelGreco
		 		 	Title:	 	Vice President

  
 [Signature Page to Spirit
Term Loan Agreement] 

							
		 	MORGAN STANLEY BANK, N.A.
			
		 	By:	 	 /s/ Michael King

		 		 	Name:	 	Michael King
		 		 	Title:	 	Authorized Signatory

  
 [Signature Page to Spirit
Term Loan Agreement]

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