Document:

Exhibit 10.1

 

Execution Copy

 

FIRST
AMENDMENT TO Second AMENDED AND RESTATED CREDIT AGREEMENT

 

This
FIRST AMENDMENT TO Second AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”),
dated as of December 22, 2021, is entered into by and among REALTY INCOME CORPORATION, a Maryland corporation (the “Borrower”)
and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”).

 

WHEREAS, the Borrower, the
Lenders and the Administrative Agent have entered into that certain Second Amended and Restated Credit Agreement, dated as of August 7,
2019 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among
the Borrower, each of the financial institutions initially a signatory thereto together with their successors and assignees under Section
13.5 of the Credit Agreement and the Administrative Agent;

 

WHEREAS, pursuant to Section
5.2(c) of the Credit Agreement, the Administrative Agent and the Borrower seek to modify certain terms and provisions of the Credit Agreement
as set forth 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:

 

Section 1. Specific
Amendments to Credit Agreement. Upon the effectiveness of this Amendment, the parties hereto agree as follows:

 

(a)               
The Credit Agreement is amended to delete the stricken text (indicated textually in the same manner as the following example: stricken
text) and to add the underlined text (indicated textually in the same manner as the following example: underlined
text) as set forth in Annex A attached hereto.

 

(b)               
 Notwithstanding anything to the contrary in the Loan Documents, from and after the date hereof until the date the SORA Adjustment
has been agreed to in writing by the Borrower, the Administrative Agent and the Tranche 2 Lenders, (i) Singapore Dollars shall not be
available as a Foreign Currency under the Credit Agreement, and no Lender shall be obligated to participate in any Loan under the Credit
Agreement in Singapore Dollars, (ii) any and all outstanding Loans in Singapore Dollars shall have been repaid or prepaid by the Borrower
on or before December 31, 2021 and (iii) if a notice or instruction is given under the Credit Agreement after the date hereof that selects
Singapore Dollars as the currency of a Revolving Loan, such notice or instruction shall be deemed to be amended to select USD as the currency
of that Loan and agrees that only such amended notice or instruction will have effect under the Credit Agreement.

 

Section 2. Conditions
Precedent. The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent:

 

(a)        The
Administrative Agent shall have received a counterpart of this Amendment duly executed by the Borrower and the Administrative Agent;

 

(b)       pursuant
to the requirements of Section 5.2(c) of the Credit Agreement, on or prior to the date hereof, the Administrative Agent shall not have
received notice from Lenders constituting Requisite Lenders specifying their objection hereto; and

 

(c)       evidence
that all reasonable and invoiced out-of-pocket fees and expenses payable to the Administrative Agent, in connection with this Amendment
have been paid.

 

     

     

    

 

Section 3.
Representations. The Borrower represents and warrants to the Administrative Agent and the Lenders that:

 

(a)       Authorization.
The Borrower has the right and power, and has taken all necessary action to authorize, execute and deliver this Amendment and to perform
its obligations hereunder, and under the Credit Agreement, as amended by this Amendment, in accordance with their respective terms. This
Amendment has been duly executed and delivered by a duly authorized officer of the Borrower and each of this Amendment and the Credit
Agreement, as amended by this Amendment, is a legal, valid and binding obligation of the Borrower enforceable against it in accordance
with its respective terms except as (i) the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting
creditors’ rights generally and (ii) the availability of equitable remedies may be limited by equitable principles of general applicability
(whether in a proceeding at law or in equity).

 

(b)       Compliance
with Laws, etc. The execution and delivery by the Borrower of this Amendment and the performance by the Borrower of this Amendment
and the Credit Agreement, as amended by this Amendment, in accordance with their respective terms, do not and will not, by the passage
of time, the giving of notice or otherwise: (i) require any Government Approvals or violate any Applicable Laws (including Environmental
Laws) relating to any Borrower in any material respect relating to the Borrower; (ii) conflict with, result in a breach of or constitute
a default under the organizational documents of any Borrower, or any material indenture, agreement or other instrument to which the Borrower
is a party or by which it or any of its respective properties may be bound; or (iii) result in or require the creation or imposition
of any Lien upon or with respect to any property now owned or hereafter acquired by the Borrower other than in favor of the Administrative
Agent for its benefit and the benefit of the other Lender Parties.

 

(c)       No
Default. No Default or Event of Default has occurred and is continuing as of the date hereof or will exist immediately after giving
effect to this Amendment.

 

Section 4. Reaffirmation
of Representations by the Borrower. The Borrower hereby repeats and reaffirms all representations and warranties made by such Borrower
to the Administrative Agent and the Lenders in the Credit Agreement and the other Loan Documents to which it is a party on and as of the
date hereof with the same force and effect as if such representations and warranties were set forth in this Amendment in full.

 

Section 5. Certain
References. Each reference to the Credit Agreement in any of the Loan Documents shall be deemed to be a reference to the Credit Agreement
as amended by this Amendment.

 

Section 6. Expenses.
The Borrower shall reimburse the Administrative Agent upon demand for all reasonable and invoiced out-of-pocket costs and expenses
(including reasonable and invoiced fees and disbursements of counsel) incurred by the Administrative Agent in connection with the preparation,
negotiation and execution of this Amendment and the other agreements and documents executed and delivered in connection herewith.

 

Section 7. Benefits.
This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.

 

Section 8. GOVERNING
LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF CALIFORNIA APPLICABLE TO CONTRACTS
EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

 

    - 2 - 

     

    

 

Section 9.
Effect. Except as expressly herein amended, the terms and conditions of the Credit Agreement and the other Loan Documents remain
in full force and effect. The amendments contained herein shall be deemed to have prospective application only. The
execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right,
power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of
any of the Loan Documents, nor constitute a course of conduct or dealing among the parties. The Administrative Agent and the Lenders reserve
all rights, privileges and remedies under the Loan Documents. Nothing in this Amendment is intended, or shall be construed, to constitute
a novation or an accord and satisfaction of any of the Obligations.  On and after the effectiveness of this Amendment, this Amendment
shall constitute a Loan Document.

 

Section 10. Entire Agreement.
This Amendment constitutes the entire agreement and understanding among the parties hereto with respect to the subject matter hereof and
supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof.

 

Section 11. Counterparts.
This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding upon
all parties, their successors and assigns. This Amendment may be executed by any electronic means, including “pdf”.

 

Section 12. Definitions.
All capitalized terms not otherwise defined herein are used herein with the respective definitions given them in the Credit Agreement,
as amended by this Amendment.

 

[Signatures on Next Page]

 

    - 3 - 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this First Amendment to Second Amended and Restated Credit Agreement to be executed as
of the date first above written.

 

	 	REALTY INCOME CORPORATION
	 	 
	 	By:	/s/ Christie B. Kelly
	 	 	Name:	Christie B. Kelly
	 	 	Title:	EVP, Chief Financial Officer and Treasurer

  

[Signatures Continued on Next Page]

 

     

     

    

 

[Signature Page to First Amendment to Second
Amended and Restated Credit Agreement with Realty

 Income Corporation]

 

	 	Wells
Fargo Bank, National Association, as Administrative Agent
	 	 
	 	By:	/s/ Dale Northup
	 	 	Name:	Dale Northup
	 	 	Title:	Managing Director

 

[Signatures Continued on Next Page]

 

     

     

    

 

ANNEX A

 

Revised Credit Agreement

 

 

See attached

 

     

     

    

 

 

Loan Number: 1003352

 

Execution VersionConformed
through First Amendment dated December 22, 2021

 

 

 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

Dated as of August 7, 2019

 

by and among

 

REALTY INCOME CORPORATION, 

as Borrower,

 

THE FINANCIAL INSTITUTIONS
PARTY HERETO 

AND THEIR ASSIGNEES UNDER SECTION 13.5., 

as Lenders,

 

and

 

WELLS FARGO BANK, NATIONAL
ASSOCIATION, 

as Administrative
Agent 

 

 

 

	
    WELLS FARGO SECURITIES, LLC,

    MERRILL LYNCH, PIERCE, FENNER &

    SMITH, INCORPORATED,

    RBC CAPITAL MARKETS,

    REGIONS CAPITAL MARKETS,

    and

    JPMORGAN CHASE BANK, N.A,

    as Joint Lead

    Arrangers

    and

    Joint Bookrunners

    for the Revolving

    Loans,

     

    BANK OF AMERICA, N.A.,

    ROYAL BANK OF CANADA,

    JPMORGAN CHASE BANK, N.A,

    and

    REGIONS BANK,

    as Syndication

    Agents   for the

    Revolving Loans,

     

    BARCLAYS BANK PLC,

    MORGAN STANLEY SENIOR

    FUNDING, INC.,

    GOLDMAN SACHS BANK USA,

    MIZUHO BANK, LTD.,

    and

    U.S. BANK NATIONAL ASSOCIATION

    as Documentation

    Agents   for the

    Revolving Loans,
	
    WELLS FARGO SECURITIES, LLC,

    MERRILL LYNCH, PIERCE, FENNER &

    SMITH, INCORPORATED

    and

    RBC CAPITAL MARKETS,

    as Joint Lead Arrangers

    and

    Joint Bookrunners for the

    Tranche A Term Loan,

     

     

     

     

     

    BANK OF AMERICA, N.A.,

    ROYAL BANK OF CANADA,

    and

    REGIONS BANK,

    as Syndication Agents for

    the   Tranche   A   Term

    Loan,

     

     

    JPMORGAN CHASE BANK, N.A.,

    and

    U.S. BANK NATIONAL ASSOCIATION,

    as Documentation Agents

    for the Tranche A Term

    Loan,

     

     

     
	
    WELLS FARGO SECURITIES,

    LLC,

    REGIONS CAPITAL MARKETS,

    U.S. BANK NATIONAL

    ASSOCIATION,

    PNC CAPITAL MARKETS LLC,

    BRANCH BANKING AND

    TRUST COMPANY,

    and

    THE BANK OF NEW YORK

    MELLON

    as Joint Lead

    Arrangers for

    the Tranche

    B Term

    Loan,

     

    REGIONS BANK,

    U.S. BANK NATIONAL

    ASSOCIATION,

    PNC BANK, NATIONAL

    ASSOCIATION,

    BRANCH BANKING AND

    TRUST COMPANY,

    and

    THE BANK OF NEW YORK

    MELLON,

    as

    Syndication

    Agents   for

    the Tranche

    B Term Loan

 

 

     

     

    

 

	TABLE OF CONTENTS
	Article I. Definitions	2
	 	 
	Section 1.1. Definitions	2
	Section 1.2. General; References to Pacific
    Time	4050
	Section 1.3. Rates	4151
	Section 1.4. Exchange Rates; Currency Equivalents	4152
	Section 1.5. Change of Currency	4152
	 	 
	Article II. Credit Facility	4253
	 	 
	Section 2.1. Revolving Loans	4253
	Section 2.2. Term Loans	4455
	Section 2.3. Bid Rate Loans	4455
	Section 2.4. Letters of Credit	4859
	Section 2.5. Swingline Loans	5364
	Section 2.6. Rates and Payment of Interest
    on Loans	5566
	Section 2.7. Number of Interest Periods	5768
	Section 2.8. Repayment of Loans	5768
	Section 2.9. Prepayments	5769
	Section 2.10.  Continuation	5970
	Section 2.11.  Conversion	5971
	Section 2.12.  Notes	5971
	Section 2.13.  Voluntary Reductions
    of the Revolving Commitments	6072
	Section 2.14.  Extension of Revolving
    Termination Date	6172
	Section 2.15.  Expiration Date
    of Letters of Credit Past Revolving Commitment Termination	6173
	Section 2.16.  Amount Limitations	6173
	Section 2.17.  Increase in Tranche
    1 Revolving Commitments	6274
	Section 2.18.  Funds Transfer
    Disbursements	6375
	 	 
	Article III. Payments, Fees and Other General Provisions	6375
	 	 
	Section 3.1. Payments	6375
	Section 3.2. Pro Rata Treatment	6476
	Section 3.3. Sharing of Payments, Etc	6577
	Section 3.4. Several Obligations	6577
	Section 3.5. Fees	6577
	Section 3.6. Computations	6778
	Section 3.7. Usury	6779
	Section 3.8. Statements of Account; Bill
    Lead Date Request	6779
	Section 3.9. Defaulting Lenders	6880
	Section 3.10.  Taxes	7283
	 	 
	Article IV. Eligibility of Properties	7687
	 	 
	Section 4.1. Eligibility of Properties	7687
	Section 4.2. Termination of Designation
    as Unencumbered Asset	7688
	 	 
	Article V. Yield Protection, Etc.	7688
	 	 
	Section 5.1. Additional Costs; Capital Adequacy	7688
	Section 5.2. Changed Circumstances	7890
	Section 5.3. Illegality	8095
	Section 5.4. Compensation	8096

 

    - i -

     

    

 

	Section 5.5. Treatment of Affected
    Loans	8197
	Section 5.6. Affected Lenders	8298
	Section 5.7. Change of Lending Office	8398
	Section
    5.8. Assumptions Concerning Funding of LIBOR Loans, Foreign CurrencyEurocurrency
    Rate Loans,
    RFR Loans and LIBOR Margin Loans	8399
	 	 
	Article VI. Conditions Precedent	8399
	 	 
	Section 6.1. Initial Conditions Precedent	8399
	Section 6.2. Conditions Precedent to All
    Loans and Letters of Credit	85101
	 	 
	Article VII. Representations and Warranties	86102
	 	 
	Section 7.1. Representations and Warranties	86102
	Section 7.2. Survival of Representations
    and Warranties, Etc.	93108
	 	 
	Article VIII. Affirmative Covenants	93109
	 	 
	Section 8.1. Preservation of Existence and
    Similar Matters	93109
	Section 8.2. Compliance with Applicable
    Law	93109
	Section 8.3. Maintenance of Property	93109
	Section 8.4. Conduct of Business	94109
	Section 8.5. Insurance	94109
	Section 8.6. Payment of Taxes and Claims	94109
	Section 8.7. Books and Records; Inspections	94110
	Section 8.8. Use of Proceeds	94110
	Section 8.9. Environmental Matters	95111
	Section 8.10.  Further Assurances	95111
	Section 8.11.  [Reserved]	96111
	Section 8.12.  REIT Status	96111
	Section 8.13.  Exchange Listing	96111
	Section 8.14.  Guarantors	96111
	 	 
	Article IX. Information	97112
	 	 
	Section 9.1. Quarterly Financial Statements	97113
	Section 9.2. Year-End Statements	97113
	Section 9.3. Compliance Certificate	98113
	Section 9.4. Other Information	98113
	Section 9.5. Electronic Delivery of Certain
    Information	99115
	Section 9.6. Public/Private Information	100116
	Section 9.7. USA Patriot Act Notice; Compliance	101116
	Section 9.8. Compliance
    with Anti-Corruption Laws; Beneficial Ownership Regulation, Anti-Money Laundering Laws and Sanctions	101116
	 	 
	Article X. Negative Covenants	101117
	 	 
	Section 10.1. Financial Covenants	101117
	Section 10.2. Negative Pledge	103118
	Section 10.3. Restrictions on Intercompany
    Transfers	103119
	Section 10.4. Merger, Consolidation, Sales
    of Assets and Other Arrangements	104119
	Section 10.5. Plans	105121
	Section 10.6. Fiscal Year	105121
	Section 10.7. Modifications of Organizational
    Documents and Material Contracts	105121

 

    - ii -

     

    

 

	Section 10.8. Transactions with
    Affiliates	106121
	Section 10.9. Derivatives Contracts	106122
	 	 
	Article XI. Default	106122
	 	 
	Section 11.1. Events of Default	106122
	Section 11.2. Remedies Upon Event of Default	109125
	Section 11.3. [Reserved]	111126
	Section 11.4. Marshaling; Payments Set Aside	111126
	Section 11.5. Allocation of Proceeds	111126
	Section 11.6. Letter of Credit Collateral
    Account	112127
	Section 11.7. Performance by Administrative
    Agent	113129
	Section 11.8. Rights Cumulative	113129
	 	 
	Article XII. The Administrative Agent	114130
	 	 
	Section 12.1. Appointment and Authorization	114130
	Section 12.2. Administrative Agent’s
    Reliance	115130
	Section 12.3. Notice of Events of Default	116131
	Section 12.4. Administrative Agent as Lender	116131
	Section 12.5. Approvals of Lenders	116132
	Section 12.6. Indemnification of Administrative
    Agent	117132
	Section 12.7. Lender Credit Decision, Etc.	117133
	Section 12.8. Successor Administrative Agent	118134
	Section 12.9. Titled Agents.	119135
	 	 
	Article XIII. Miscellaneous	119135
	 	 
	Section 13.1. Notices	119135
	Section 13.2. Expenses	122138
	Section 13.3. Setoff	123139
	Section 13.4. Litigation; Jurisdiction;
    Other Matters; Waivers	124139
	Section 13.5. Successors and Assigns	125140
	Section 13.6. Amendments and Waivers	130146
	Section 13.7. Nonliability of Administrative
    Agent and Lenders	133148
	Section 13.8. Confidentiality	133148
	Section 13.9. Indemnification	134149
	Section 13.10.  Termination; Survival	135150
	Section 13.11.  Severability of
    Provisions	135151
	Section 13.12.  GOVERNING LAW	135151
	Section 13.13.  Counterparts	135151
	Section 13.14.  Obligations with
    Respect to Loan Parties and Subsidiaries	136151
	Section 13.15.  Independence of
    Covenants	136151
	Section 13.16.  Limitation of
    Liability	136151
	Section 13.17.  Entire Agreement	136152
	Section 13.18.  Construction	136152
	Section 13.19.  Headings	137152
	Section 13.20.  Acknowledgement
    and Consent to Bail-in of EEA Financial Institutions	137152
	Section 13.21.  Acknowledgement
    Regarding Any Supported QFCs	137153
	Section 13.22.  Effect of Amendment
    and Restatement	138153

 

    - iii -

     

    

 

	SCHEDULE
    I	Commitments
    and Outstanding Loans
	SCHEDULE
    1.1.(A)	Existing
    Letters of Credit
	SCHEDULE
    1.1.(B)	List
    of Loan Parties
	SCHEDULE
    4.1.	Initial
    Unencumbered Assets
	SCHEDULE
    7.1.(b)	Ownership
    Structure
	SCHEDULE
    7.1.(f)	Properties
	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 Bid Rate Note
	EXHIBIT
    C	Form
    of Designation Agreement
	EXHIBIT
    D	Form
    of Disbursement Instruction Agreement
	EXHIBIT
    E	Form
    of Guaranty
	EXHIBIT
    F	Form
    of Notice of Continuation
	EXHIBIT
    G	Form
    of Notice of Conversion
	EXHIBIT
    H	Form
    of Notice of Revolving Borrowing
	EXHIBIT
    I	Form
    of Notice of Swingline Borrowing
	EXHIBIT
    J	Form
    of Tranche 1 Revolving Note
	EXHIBIT
    K	Form
    of Tranche 2 Revolving Note
	EXHIBIT
    L	Form
    of Swingline Note
	EXHIBIT
    M	Form
    of Tranche A Term Loan Note
	EXHIBIT
    N	Form
    of Tranche B Term Loan Note
	EXHIBIT
    O	Form
    of Unencumbered Asset Certificate
	EXHIBIT
    P	Form
    of Bid Rate Quote Request
	EXHIBIT
    Q	Form
    of Bid Rate Quote
	EXHIBIT
    R	Form
    of Bid Rate Quote Acceptance
	EXHIBIT
    S	Forms
    of U.S. Tax Compliance Certificates
	EXHIBIT
    T	Form
    of Compliance Certificate
	EXHIBIT
    U	Form
    of Closing Certificate

 

    - iv -

     

    

 

THIS SECOND AMENDED AND RESTATED
CREDIT AGREEMENT (this “Agreement”) dated as of August 7, 2019 by and among REALTY INCOME CORPORATION, a corporation formed
under the laws of the State of Maryland (the “Borrower”), each of the financial institutions initially a signatory hereto
together with their successors and assignees under Section 13.5. (the “Lenders”), and WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent (the “Administrative Agent”), with WELLS FARGO SECURITIES, LLC, MERRILL LYNCH, PIERCE, FENNER &
SMITH, INCORPORATED (or any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially
all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related
businesses may be transferred following the date of this Agreement), RBC CAPITAL MARKETS, REGIONS CAPITAL MARKETS and JPMORGAN CHASE
BANK, N.A, as Joint Lead Arrangers and Joint Bookrunners for the Revolving Loans (in such capacities, the “Revolving Loan Lead
Arrangers”), BANK OF AMERICA, N.A., ROYAL BANK OF CANADA, REGIONS BANK and JPMORGAN CHASE BANK, N.A, as Syndication Agents for
the Revolving Loans (in such capacities, the “Revolving Loan Syndication Agents”), BARCLAYS BANK PLC, MORGAN STANLEY SENIOR
FUNDING, INC., GOLDMAN SACHS BANK USA, MIZUHO BANK, LTD., and U.S. BANK NATIONAL ASSOCIATION as Documentation Agents for the Revolving
Loans (in such capacity, the “Revolving Loan Documentation Agents”), WELLS FARGO SECURITIES, LLC, MERRILL LYNCH, PIERCE,
FENNER & SMITH, INCORPORATED, and RBC CAPITAL MARKETS, as Joint Lead Arrangers and Joint Bookrunners for the Tranche A Term Loan
(in such capacities, the “Tranche A Term Loan Lead Arrangers”), BANK OF AMERICA, N.A., ROYAL BANK OF CANADA, and REGIONS
BANK, as Syndication Agents for the Tranche A Term Loan (in such capacity, the “Tranche A Term Loan Syndication Agents”),
JPMORGAN CHASE BANK, N.A. and U.S. BANK NATIONAL ASSOCIATION, as Documentation Agents for the Tranche A Term Loan (in such capacity,
the “Tranche A Term Loan Documentation Agents”; and together with the Revolving Loan Documentation Agents, the “Documentation
Agents”), WELLS FARGO SECURITIES, LLC, REGIONS CAPITAL MARKETS, U.S. BANK NATIONAL ASSOCIATION, PNC CAPITAL MARKETS LLC, BRANCH
BANKING AND TRUST COMPANY and THE BANK OF NEW YORK MELLON as Joint Lead Arrangers and Joint Bookrunners for the Tranche B Term Loan (in
in such capacities, the “Tranche B Term Loan Lead Arrangers”; and together with the Revolving Loan Lead Arrangers and the
Tranche A Term Loan Lead Arrangers, the “Lead Arrangers”), REGIONS BANK, U.S. BANK NATIONAL ASSOCIATION, PNC BANK, NATIONAL
ASSOCIATION, BRANCH BANKING AND TRUST COMPANY and THE BANK OF NEW YORK MELLON as Syndication Agents for the Tranche B Term Loan (in such
capacity, the “Tranche B Term Loan Syndication Agents”; and together with the Revolving Loan Syndication Agents and the Tranche
A Term Loan Syndication Agents, the “Syndication Agents”).

 

WHEREAS, the Borrower,
certain of the Lenders and other lenders party thereto (collectively, the “Existing Lenders”), the Administrative Agent and
certain other parties have entered into that certain Amended and Restated Credit Agreement dated as of October 24, 2018 (the “Existing
Agreement Date”) (as amended, restated, supplemented or otherwise modified and as in effect immediately prior to the date hereof,
the “Existing Credit Agreement”); and

 

WHEREAS, the
Administrative Agent, the Issuing Banks, the Swingline Lender and the Lenders desire to amend and restate the Existing Credit
Agreement to, among other things, make available to the Borrower (a) a multicurrency revolving credit facility in the initial amount
of $2,700,000,000, which will include a $300,000,000 swingline subfacility, a $60,000,000 letter of credit subfacility, and a
competitive bid loan subfacility, (b) a multicurrency revolving credit facility in the initial amount of $300,000,000, (c) an
existing $250,000,000 term loan facility and (d) an additional existing $250,000,000 term loan facility, in each case, 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:

 

“Absolute Rate” has the meaning given
that term in Section 2.3.(c)(ii)(C).

 

“Absolute Rate Auction”
means a solicitation of Bid Rate Quotes setting forth Absolute Rates pursuant to Section 2.3.

 

“Absolute Rate Loan”
means a Bid Rate Loan, the interest rate on which is determined on the basis of an Absolute Rate pursuant to an Absolute Rate Auction.

 

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

 

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

 

“Adjusted Daily Simple
RFR” means, for any RFR Rate Day, a rate per annum equal to, for any Obligations, interest, fees, commissions or other amounts
denominated in, or calculated with respect to:

 

(a)               
Dollars, on and after the USD LIBOR Transition Date, the greater of (i) the sum of (A) SOFR for the day (such day, a “Dollar
RFR Determination Day”) that is five (5) RFR Business Days prior to (I) if such RFR Rate Day is an RFR Business Day, such RFR Rate
Day or (II) if such RFR Rate Day is not an RFR Business Day, the RFR Business Day immediately preceding such RFR Rate Day, in each case,
as such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website; provided that if by 5:00 p.m. (New York
time) on the second (2nd) RFR Business Day immediately following any Dollar RFR Determination
Day, SOFR in respect of such Dollar RFR Determination Day has not been published on the SOFR Administrator’s Website and a Benchmark
Replacement Date with respect to SOFR has not occurred, then SOFR for such Dollar RFR Determination Day will be SOFR as published in
respect of the first preceding RFR Business Day for which such SOFR was published on the SOFR Administrator’s Website; provided
further that SOFR as determined pursuant to this proviso shall be utilized for purposes of calculation of Adjusted Daily Simple RFR for
Dollars for no more than three (3)  consecutive RFR Rate Days and (B) the SOFR Adjustment and
(ii) the Floor;

 

(b)               
Sterling, the greater of (i) the sum of (A) SONIA for the day (such day, a “Sterling RFR Determination Day”) that
is five (5) RFR Business Days prior to (I) if such RFR Rate Day is an RFR Business Day, such RFR Rate Day or (II) if such RFR Rate Day
is not an RFR Business Day, the RFR Business Day immediately preceding such RFR Rate Day, in each case, as such SONIA is published by
the SONIA Administrator on the SONIA Administrator’s Website; provided that if by 5:00 p.m. (London time) on the second (2nd) RFR
Business Day immediately following any Sterling RFR Determination Day, SONIA in respect of such Sterling RFR Determination Day has not
been published on the SONIA Administrator’s Website and a Benchmark Replacement Date with respect to SONIA has not occurred, then
SONIA for such Sterling RFR Determination Day will be SONIA as published in respect of the first preceding RFR Business Day for which
such SONIA was published on the SONIA Administrator’s Website; provided further that SONIA as determined pursuant to this proviso
shall be utilized for purposes of calculation of Adjusted Daily Simple RFR for Sterling for no more than three (3) consecutive RFR Rate
Days and (B) the SONIA Adjustment and (ii) the Floor;

 

    - 2 -

     

    

 

(c)               
Swiss Francs, the greater of (i) the sum of (A) SARON for the day (such day, a “Swiss Francs RFR Determination Day”)
that is five (5) RFR Business Days prior to (I) if such RFR Rate Day is an RFR Business Day, such RFR Rate Day or (II) if such RFR Rate
Day is not an RFR Business Day, the RFR Business Day immediately preceding such RFR Rate Day, in each case, as such SARON is published
by the SARON Administrator on the SARON Administrator’s Website; provided that if by 5:00 p.m. (Zurich time) on the second (2nd)
RFR Business Day immediately following any Swiss Francs RFR Determination Day, SARON in respect of such Swiss Francs RFR Determination
Day has not been published on the SARON Administrator’s Website and a Benchmark Replacement Date with respect to SARON has not
occurred, then SARON for such Swiss Francs RFR Determination Day will be SARON as published in respect of the first preceding RFR Business
Day for which such SARON was published on the SARON Administrator’s Website; provided further that SARON as determined pursuant
to this proviso shall be utilized for purposes of calculation of Adjusted Daily Simple RFR for Swiss Francs for no more than three (3)
consecutive RFR Rate Days and (B) the SARON Adjustment and (ii) the Floor; and 

 

(d)               
Singapore Dollars, the greater of (i) the sum of (A) SORA for the day (such day, a “Singapore Dollar RFR Determination
Day”) that is five (5) RFR Business Days prior to (I) if such RFR Rate Day is an RFR Business Day, such RFR Rate Day or (II) if
such RFR Rate Day is not an RFR Business Day, the RFR Business Day immediately preceding such RFR Rate Day, in each case, as such SORA
is published by the SORA Administrator on the SORA Administrator’s Website; provided that if by 5:00 p.m. (Singapore time) on the
second (2nd) RFR Business Day immediately following any Singapore Dollar RFR Determination Day, SORA in respect of such Singapore Dollar
RFR Determination Day has not been published on the SORA Administrator’s Website and a Benchmark Replacement Date with respect
to SORA has not occurred, then SORA for such Singapore Dollar RFR Determination Day will be SORA as published in respect of the first
preceding RFR Business Day for which such SORA was published on the SORA Administrator’s Website; provided further that SORA as
determined pursuant to this proviso shall be utilized for purposes of calculation of Adjusted Daily Simple RFR for Singapore Dollars
for no more than three (3) consecutive RFR Rate Days and (B) the SORA Adjustment and (ii) the Floor. 

 

Any change in Adjusted Daily
Simple RFR for any Currency due to a change in the applicable RFR for such Currency shall be effective from and including the effective
date of such change in the RFR for such Currency without notice to the Borrower.

 

“Adjusted
Eurocurrency Rate” means, as to any Loan denominated in any applicable Currency not bearing interest based on an RFR (which,
as of the First Amendment Date, shall mean Dollars and each Foreign Currency, other than Sterling, Swiss Francs and Singapore Dollars),
for any Interest Period, a rate per annum determined by the Administrative Agent pursuant to the following formula:

 

 

“Adjusted
Funds From Operations” means, with respect to a Person for any period, (a) Funds From Operations of such Person for such
period, plus (b) non-cash deferred note financing costs and stock compensation costs of such Person for such period, plus (c) loss
(or minus gain) on the mark-to-market of derivatives instruments, minus (d) capital expenditures paid in cash by such Person during
such period. Adjusted Funds From Operations shall exclude straight-line rent and market rent leveling adjustments required by
GAAP.

 

    - 3 -

     

    

 

“Adjusted
Term SOFR” means, for purposes of any calculation, the rate per annum equal to (a) Term SOFR for such calculation plus (b)
the Term SOFR Adjustment; provided that if Adjusted Term SOFR as so determined shall ever be less than the Floor, then Adjusted Term
SOFR shall be deemed to be the Floor.

 

“Administrative
Agent” means Wells Fargo Bank, National Association 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 Lender” has the meaning given
that 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. In no event shall the Administrative Agent or any Lender be deemed
to be an Affiliate of the Borrower.

 

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

 

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

 

“Announcements” has the
meaning given that term in Section 1.3.

 

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or its Subsidiaries from time to
time concerning or relating to bribery or corruption, including, without limitation, the United States Foreign Corrupt Practices Act
of 1977 and the rules and regulations thereunder and the U.K. Bribery Act 2010 and the rules and regulations thereunder.

 

“Anti-Money Laundering
Laws” means all laws, statutes, regulations or obligatory government orders, decrees, ordinances or rules applicable to the
Borrower, its Subsidiaries or Affiliates related to terrorism financing or money laundering, including any applicable provision of the
Patriot Act and The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act,” 31 U.S.C. §§
5311-5330 and 12U.S.C. §§ 1818(s), 1820(b) and 1951-1959).

 

“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.

 

    - 4 -

     

    

 

“Applicable
Margin” means the percentage rates set forth in the tabletables below
corresponding to the level (each a “Level”) into which the Credit Rating then falls. As of the Agreement Date, the
Applicable Margins are determined based on Level 2. Any change in the Borrower’s Credit Rating which would cause the
Applicable Margins to be determined based on a different Level shall be effective as of the first day of the first calendar month
immediately following receipt by the Administrative Agent of written notice delivered by the Borrower in accordance with Section
9.4.(p) that the Borrower’s Credit Rating has changed; provided, however, that if the Borrower has not delivered
the notice required by such Section but the Administrative Agent becomes aware that the Borrower’s Credit Rating has changed,
then the Administrative Agent shall give the Borrower notice of its awareness of such change (provided that failure to give
such notice shall not limit the effectiveness of any adjustment of the applicable Level by the Administrative Agent in accordance
with this definition) and may, in its sole discretion, adjust the Level effective as of the first day of the first calendar month
following the date the Administrative Agent becomes aware that the Credit Rating has changed. During any period for which the
Borrower has received three Credit Ratings which are not equivalent, the Applicable Margins shall be determined by (a) the highest
Credit Rating if they differ by only one Level and (b) the average of the two highest Credit Ratings if they differ by two or more
Levels (unless the average is not a recognized Level, in which case the Applicable Margins will be based on the Level corresponding
to the second highest Credit Rating). During any period for which the Borrower has received only two Credit Ratings and such Credit
Ratings are not equivalent, the Applicable Margins shall be determined by (i) the highest Credit Rating if they differ by only one
Level and (ii) the average of the two Credit Ratings if they differ by two or more Levels (unless the average is not a recognized
Level, in which case the Applicable Margins shall be based on the Credit Rating one Level below the Level corresponding to the
higher Credit Rating). During any period for which the Borrower has received a Credit Rating from only one Rating Agency, the
Applicable Margins shall be determined based on such Credit Rating so long as such Credit Rating is from either S&P or
Moody’s. During any period that the Borrower has (x) not received a Credit Rating from any Rating Agency or (x) received a
Credit Rating from only one Rating Agency that is neither S&P or Moody’s, the Applicable Margins shall be determined based
on Level 6.

 

The provisions of this definition shall be subject to Section 2.6.(c).

 	
     Level 
	
    Credit

    Rating 
	
    Applicable

    Margin for

    Revolving Loans

    that are LIBOR

    Loans and

    Foreign

    CurrencyEurocurrency
Rate

    Loans 
	
    Applicable

    Margin for

    Revolving

    Loans that are

    Base Rate

    Loans 
	
     

    Applicable

    Margin for

    Tranche A

    TermRevolving
Loans that

    are

    LIBORRFR

    Loans 
	
    Applicabl

    e Margin

    for

    Tranche

    A Term

    Loans

    that are

    Base Rate

    Loans 
	
     

     

    Applicable

    Margin for

    Tranche B

    Term

    Loans that

    are LIBOR

    Loans 
	
     

     

     

    Applicable

    Margin for

    Tranche B

    Term Loans

    that are Base

    Rate Loans

	1	A/A2 (or higher)	0.750%	0.000%	0.9000.750%	0.000%	0.800%	0.000%
	 	 	 	 	 	 	 	 
	2	A-/A3	0.775%	0.000%	0.775%
	 	 	 	 	 	 	 	 
	3	BBB+/Baa1	0.825%	0.000%	0.825%
	 	 	 	 	 	 	 	 
	4	BBB/Baa2	0.900%	0.000%	0.900%
	 	 	 	 	 	 	 	 
	5	BBB-/Baa3	1.100%	0.100%	1.100%
	 	 	 	 	 	 	 	 

 

    - 5 -

     

    

 

 	 	 	Applicable	 	 	Applicabl	 	 
	 	 	Margin
    for	 	Applicable	e
    Margin	 	 
	 	 	Revolving
    Loans	 	Margin
    for	for	Applicable	 
	 	 	that
    are LIBOR	Applicable	Tranche
    A	Tranche	Margin
    for	Applicable
	 	 	Loans
    and	Margin
    for	TermRevolvin	A
    Term	Tranche
    B	Margin
    for
	 	 	Foreign	Revolving	g
    Loans that	Loans	Term	Tranche
    B
	 	 	CurrencyEurocu	Loans
    that are	are	that
    are	Loans
    that	Term
    Loans
	 	Credit	rrency
    Rate	Base
    Rate	LIBORRFR	Base
    Rate	are
    LIBOR	that
    are Base
	Level	Rating	Loans	Loans	Loans	Loans	Loans	Rate
    Loans
	6	BB+/Ba1 (or lower or unrated)	1.450%	0.450%	1.450%

 

	 	 	Applicable	Applicable	 	 	 	 
	 	 	Margin
    for	Margin
    for	 	 	 	 
	 	 	Tranche
    A Term	Tranche
    A	 	 	 	 
	 	 	Loans
    that are	Term
    Loans	 	 	 	 
	 	Credit	Eurocurrency	that
    are Base	Applicable
    Margin for Tranche A Term Loans that
	Level	Rating	Rate
    Loans	Rate
    Loans	are
    RFR Loans
	1	A/A2
    (or higher)	0.900%	0.000%	 	0.900%	 
	 	 	 	 	 	 	 	 
	2	A-/A3	0.7750.900%	0.000%	0.900%	0.000%	0.850%	0.000%
	 	 	 	 	 	 	 	 
	3	BBB+/Baa1	0.8250.950%	0.000%	0.950%	0.000%	0.900%	0.000%
	 	 	 	 	 	 	 	 
	4	BBB/Baa2	0.9001.100%	0.0000.100%	1.100%	0.100%	1.000%	0.000%
	 	 	 	 	 	 	 	 
	5	BBB-/Baa3	1.350%	0.350%	 	1.350%	 
	 	 	 	 	 	 	 
	6	BB+/Ba1 (or lower or unrated)	1.750%	0.750%	 	1.750%	 
	 	 	 	 	 	 	 	 

 

    - 6 -

     

    

 

	 	 	Applicable	Applicable	 	 	 	 
	 	 	Margin
    for	Margin
    for	 	 	 	 
	 	 	Tranche
    B Term	Tranche
    B	 	 	 	 
	 	 	Loans
    that are	Term
    Loans	 	 	 	 
	Leve	Credit	Eurocurrency	that
    are Base	Applicable
    Margin for Tranche B Term Loans that
	l	Rating	Rate
    Loans	Rate
    Loans	are
    RFR Loans
	1	A/A2
    (or higher)	0.800%	0.000%	 	0.800%	 
	 	 	 	 	 	 	 
	2	A-/A3	0.850%	0.000%	 	0.850%	 
	 	 	 	 	 	 	 
	3	BBB+/Baa1	0.900%	0.000%	 	0.900%	 
	 	 	 	 	 	 	 
	4	BBB/Baa2	1.000%	0.000%	 	1.000%	 
	 	 	 	 	 	 	 	 
	5	BBB-/Baa3	1.1001.250%	0.1000.250%	1.3501.250%	0.350%	1.250%	0.250%
	 	 	 	 	 	 	 	 
	6	BB+/Ba1
    (or lower or unrated)	1.4501.650%	0.4500.650%	1.7501.650%	0.750%	1.650%	0.650%
	 	 	 	 	 	 	 	 

 

“Applicable
Revolving Facility Fee” means the percentage rate set forth in the table below corresponding to the Level at which the “Applicable
Margin” is determined in accordance with the definition thereof:

 

	 	Applicable
	Level	Revolving
	 	Facility
    Fee
	1	0.100%
	2	0.125%
	3	0.150%
	4	0.200%
	5	0.250%
	6	0.300%

 

Any change in the applicable Level at
which the Applicable Margin is determined shall result in a corresponding and simultaneous change in the Applicable Revolving Facility
Fee. The provisions of this definition shall be subject to Section 2.6.(c).

 

“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.

 

    - 7 -

     

    

 

“Assignment
and Assumption” means an Assignment and Assumption entered into by a Lender and an Eligible Assignee (with the consent of any
party whose consent is required by Section 13.5.), and accepted by the Administrative Agent, in substantially the form of Exhibit A or
any other form approved by the Administrative Agent.

 

“AUD”, “Australian Dollars”
or “A$” means the lawful currency of Australia.

 

“Available
Tenor” means, as of any date of determination and with respect to any then-current Benchmark for any Currency, as applicable,
(a) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the
length of an Interest Period pursuant to this Agreement or (b) otherwise, any payment period for interest calculated with reference to
such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated
with reference to such Benchmark, in each case, 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 Section 5.2(c)(iv).

 

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

 

“Bail-In
Legislation” means, 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 for such EEA Member Country from time to time which is described
in the EU Bail-In Legislation Schedule.

 

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

 

“Base Rate”
means, at any time, the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and (c)(i)
prior to the USD LIBOR Transition Date, the LIBOR Market Index Rate plus
1.0%. Eachfor
Dollars for a one-month tenor in effect on such day plus 1.00% and (ii) on and after the USD LIBOR Transition Date, the sum of (A) either
(1) Adjusted Term SOFR (if a Benchmark Replacement is determined in accordance with clause (b)(1) of the definition of “Benchmark
Replacement” for the USD LIBOR Transition Date) for a one-month tenor in effect on such day or (2) Adjusted Daily Simple RFR for
Dollars (if a Benchmark Replacement is determined in accordance with clause (b)(2) of the definition of “Benchmark Replacement”
for the USD LIBOR Transition Date) in effect on such day plus (B)1.00%; each change in the Base Rate shall take effect simultaneously
with the corresponding change or changes in the Prime Rate, the Federal Funds Rate or,
the LIBOR Market Index Rate for
Dollars, Adjusted Term SOFR or Adjusted Daily Simple RFR for Dollars, as the case may be (provided that clause (c)
shall not be applicable during any period in which the
LIBOR Market
Index Rate, Adjusted Term SOFR or Adjusted Daily Simple RFR, as applicable, is unavailable or unascertainable). Notwithstanding
the foregoing, in no event shall the Base Rate be less than 1.00%.

 

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

 

“BBRBR”
has the meaning assigned thereto in the definition of “Eurocurrency Rate”.

 

“BBSY”
has the meaning assigned thereto in the definition of “Eurocurrency Rate”.

 

“BBSY
Rate” has the meaning assigned thereto in the definition of “Eurocurrency Rate”.

 

    - 8 -

     

    

 

“Benchmark”
means, initially, with respect to any (a) Obligations, interest, fees, commissions or other amounts denominated in, or calculated with
respect to, Dollars, USD LIBOR; provided that if (i) the USD LIBOR Transition Date has occurred or (ii) a Benchmark Transition Event,
a Term RFR Transition Event or an Other Benchmark Rate Election, as applicable, has occurred with respect to the then-current Benchmark
for Dollars, then “Benchmark” means, with respect to such Obligations, interest, fees, commissions or other amounts, the
applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section
5.8(c), (b) Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, Sterling, Swiss
Francs or Singapore Dollars, the Adjusted Daily Simple RFR applicable for such Currency; provided that if a Benchmark Transition Event
or a Term RFR Transition Event, as applicable, has occurred with respect to such Adjusted Daily Simple RFR or the then-current Benchmark
for such Currency, then “Benchmark” means, with respect to such Obligations, interest, fees, commissions or other amounts,
the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to
Section 5.2(c) and (c) Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, Euros,
Yen, Australian Dollars, Canadian Dollars, Pesos, Hong Kong Dollars, Swedish Krona, Norwegian Krone, Danish Kroner or New Zealand Dollar,
EURIBOR, TIBOR, BBSY, CDOR, TIIE Rate, HKIOR, SIOR, NIOR, CIOR or BBRB respectively; provided that if a Benchmark Transition Event or
a Term RFR Transition Event, as applicable, has occurred with respect to EURIBOR, TIBOR, BBSY, CDOR, TIIE Rate, HKIOR, SIOR, NIOR, CIOR
or BBRB, as applicable, or the then-current Benchmark for such Currency, then “Benchmark” means, with respect to such Obligations,
interest, fees, commissions or other amounts, the applicable Benchmark Replacement to the extent that such Benchmark Replacement has
replaced such prior benchmark rate pursuant to Section 5.2(c).

 

“Benchmark
Replacement” means,

 

(a)  
with respect to any Benchmark Transition Event for any then-current Benchmark for any Currency, the sum of: (i) the alternate
benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for such Benchmark for such Currency
giving due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such
a rate for such Currency by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a
benchmark rate as a replacement for such Benchmark for syndicated credit facilities denominated in the applicable Currency at such time
and (ii) the related Benchmark Replacement Adjustment; provided that, if such Benchmark Replacement as so determined would be less than
the Floor, such Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents;

 

(b)  with
respect to the USD LIBOR Transition Date, for any Available Tenor of the Adjusted Eurocurrency Rate for Dollars, the first alternative
set forth in the order below that can be determined by the Administrative Agent for the USD LIBOR Transition Date: 

 

(1)    Adjusted
Term SOFR; provided, that, if the Borrower has provided a notification to the Administrative Agent in writing on or prior to the USD
LIBOR Transition Date that the Borrower has a Derivatives Contract in place with respect to any of the Loans as of the date of such notice
(which such notification the Administrative Agent shall be entitled to rely upon and shall have no duty or obligation to ascertain the
correctness or completeness of), then the Administrative Agent, in its sole discretion, may decide not to determine the Benchmark Replacement
pursuant to this clause (b)(1) for the USD LIBOR Transition Date; 

 

(2)    
Adjusted Daily Simple RFR for
Dollars; or 

 

    - 9 -

     

    

 

		(3)	the
                                            sum of: (A) the alternate benchmark rate that has been selected by the Administrative Agent
                                            and the Borrower as the replacement for the Adjusted Eurocurrency Rate for Dollars 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 Adjusted Eurocurrency Rate for Dollars for syndicated credit facilities denominated
                                            in Dollars at such time and (B) the related Benchmark Replacement Adjustment; provided that,
                                            if such Benchmark Replacement as so determined would be less than the Floor, such Benchmark
                                            Replacement will be deemed to be the Floor for the purposes of this Agreement and the other
                                            Loan Documents; 

 

(c)  
with respect to any Term RFR Transition Event for any Currency, the Term RFR for such Currency; or 

 

(d) 
with respect to any Other Benchmark Rate Election, the sum of: (A) the alternate benchmark rate that has been selected by the Administrative
Agent and the Borrower as the replacement for the Adjusted Eurocurrency Rate for Dollars giving due consideration to any evolving or
then-prevailing market convention for determining a benchmark rate as a replacement for such Benchmark for Dollar-denominated syndicated
credit facilities at such time and (B) the related Benchmark Replacement Adjustment; provided that, if such Benchmark Replacement as
so determined would be less than the Floor, such Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement
and the other Loan Documents; 

 

provided
that, in the case of clause (b)(1), if the Administrative Agent decides that Adjusted Term SOFR is not administratively feasible for
the Administrative Agent, then Adjusted Term SOFR will be deemed unable to be determined for purposes of this definition.

 

“Benchmark
Replacement Adjustment” means, for purposes of:

 

(a)  
clauses (a) and (b)(3) of the definition of “Benchmark Replacement”, with respect to any replacement of any then-current
Benchmark for any Currency with an Unadjusted Benchmark Replacement for any applicable Available Tenor, 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 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 for such Currency with the applicable
Unadjusted Benchmark Replacement by the Relevant Governmental Body 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 the applicable Currency; and 

 

(b) 
clause (d) of the definition
of “Benchmark Replacement”, with respect to any replacement of the Adjusted Eurocurrency Rate for Dollars with an Unadjusted
Benchmark Replacement for any applicable Available Tenor, 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 giving
due consideration to 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 the Adjusted Eurocurrency Rate for Dollars with the applicable Unadjusted
Benchmark Replacement for Dollar-denominated syndicated credit facilities. 

 

    - 10 -

     

    

 

“Benchmark
Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark for any Currency:

 

(a)               
in the case of clause (a) or (b)
of the definition of “Benchmark Transition Event”, the later of (i) the date of the public statement or publication of information
referenced therein and (ii) 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); 

 

(b)               
in the case of clause (c) 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 non-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; 

 

(c)               
in the case of a Term RFR Transition
Event for such Currency, the Term RFR Transition Date applicable thereto; or 

 

(d)               
in the case of an Other Benchmark
Rate Election, the sixth (6th) Business Day after the date notice of such Other Benchmark Rate Election is provided to the Lenders, so
long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice
of such Other Benchmark Rate Election is provided to the Lenders, written notice of objection to such Other Benchmark Rate Election from
Lenders comprising the Requisite Lenders. 

 

For
the avoidance of doubt, (A)
if the Reference Time for the applicable Benchmark refers to a specific time of day and the event giving rise to the Benchmark Replacement
Date for any Benchmark 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 Benchmark and for such determination and (B) the
 “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (a) or (b) 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).

 

“Benchmark
Transition Event” means, with respect to the then-current Benchmark for any Currency (other than Adjusted Eurocurrency Rate
for Dollars), the occurrence of one or more of the following events with respect to such Benchmark:

 

(a)               
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); 

 

(b)               
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 FRB, the Federal Reserve Bank of New York, the central bank for the Currency
applicable to such Benchmark, 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), 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

 

    - 11 -

     

    

 

(c)
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 not,
or as of a specified future date will not be, representative.

 

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

 

“Benchmark
Transition Start Date” means, with respect to any Benchmark for any Currency, (a) in the case of a Benchmark Transition Event,
the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication
of information of a prospective event, the 90th day prior to the expected date of such
event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days
after such statement or publication, the date of such statement or publication) or (b) in the case of an Other Benchmark Rate Election,
the applicable Benchmark Replacement Date.

 

“Benchmark
Unavailability Period” means, with respect to (a) the Adjusted Eurocurrency Rate for Dollars, the period (if any) (i) beginning
at the time that the USD LIBOR Transition Date has occurred pursuant to clause (a) of that definition if, at such time, no Benchmark
Replacement has replaced the Adjusted Eurocurrency Rate for Dollars for all purposes hereunder and under any Loan Document in accordance
with Section 5.2(e)(i) and (ii) ending at the time that a Benchmark Replacement has replaced the Adjusted Eurocurrency Rate for Dollars
for all purposes hereunder and under any Loan Document in accordance with Section 5.2(e)(i) and (b) any then-current Benchmark for any
Currency other than the Adjusted Eurocurrency Rate for Dollars, the period (if any) (i) beginning at the time that a Benchmark Replacement
Date with respect to such Benchmark pursuant to clauses (a) or (b) of that definition has occurred if, at such time, no Benchmark Replacement
has replaced such Benchmark for such Currency for all purposes hereunder and under any Loan Document in accordance with Section 5.2(e)(i)
and (ii) ending at the time that a Benchmark Replacement has replaced such Benchmark for such Currency for all purposes hereunder and
under any Loan Document in accordance with Section 5.2(e)(i).

 

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

 

“Beneficial Ownership Regulation” means
31 CFR § 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 Multiemployer
Plan and which is maintained or otherwise contributed to by the Borrower or any Subsidiary.

 

“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.

 

“Bid Rate Borrowing” has the meaning
given that term in Section 2.3.(b).

 

“Bid Rate Loan” means a loan made by
a Lender under Section 2.3.(f).

 

    - 12 -

     

    

 

“Bid Rate Note” means
a promissory note of the Borrower substantially in the form of Exhibit B, payable to a Lender.

 

“Bid Rate Quote” means
an offer in accordance with Section 2.3.(c) by a Lender to make a Bid Rate Loan with one single specified interest rate.

 

“Bid Rate Quote Request” has the meaning
given that term in Section 2.3.(b).

 

“Bill Lead Date” has the meaning given
that term in Section 3.8.(b).

 

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

 

“Borrower Information” has the meaning
given that term in Section 2.6.(c).

 

“Business Day”
means (a) for all purposes other than as set forth in clause (b) below, any day (other than a Saturday, Sunday or legal holiday) on which
banks in San Francisco, California and New York, New York, are open for the conduct of their commercial banking business; (b) with respect
to all notices and determinations in connection with, and payments of principal and interest on, any LIBOREurocurrency
Rate Loan or any Base Rate Loan as to which the interest rate is determined by reference to USD
LIBOR, any day that is a Business Day described in clause (a) and that is also a day for trading by and between banks in Dollar
deposits in the London interbank market; (c) if such day relates to any interest rate settings as to any Obligation denominated in Euros,
any fundings, disbursements, settlements and payments in Euros in respect of any such Obligation, or any other dealings in Euros to be
carried out pursuant to this Agreement in respect of any such Obligation, a day on which the Trans-European Automated Real-Time Gross
Settlement Express Transfer (TARGET) System is open (or if such payment system ceases to be operative, such other payment system (if
any) reasonably determined by the Administrative Agent to be a suitable replacement); (d) if such day relates to any interest rate settings
as to an Obligation denominated in a Currency other than Dollars or Euros, any such day on which dealings in deposits in the relevant
currency are conducted by and between banks in the principal financial center of the country of such Currency or other applicable offshore
interbank market for such Currency; and (e) if such day relates to any fundings, disbursements, settlements and payments in a Currency
other than Dollars or Euros in respect of a Foreign Currency Rate Loan denominated in a Currency other
than Dollars or Euros, or any other dealings in any Currency other than Dollars or Euros to be carried out pursuant to
this Agreement in respect of any such Foreign Currency Rate Loan (other than any interest rate settings), any such day on which banks
are open for foreign exchange business in the principal financial center of the country of such Currency. Unless specifically referenced
in this Agreement as a Business Day, all references to “days” shall be to calendar days.

 

“CAD”, “Canadian Dollar”
or Cdn$” means the lawful currency of Canada.

 

“Capitalization Rate” means 6.90%.

 

“Capitalized
Lease Obligations” means obligations under a financing lease (or other similar arrangement conveying the right to use property)
to pay rent or other similar 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.

 

    - 13 -

     

    

 

“Cash Collateralize”
means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the applicable Issuing Bank or the Tranche
1 Revolving Lenders, as collateral for Letter of Credit Liabilities or obligations of Tranche 1 Revolving Lenders to fund participations
in respect of Letter of Credit Liabilities, cash or deposit account balances or, if the Administrative Agent and the applicable Issuing
Bank shall agree in their reasonable discretion, other credit support, in each case pursuant to documentation in form and substance reasonably
satisfactory to the Administrative Agent and the applicable Issuing Bank. “Cash Collateral” shall have a meaning correlative
to the foregoing and shall include the proceeds of such cash collateral and other credit support.

 

“Cash Equivalents”
means (a) securities issued, guaranteed or insured by the United States of America or any of its agencies with maturities of not more
than one year from the date acquired; (b) time deposits, certificates of deposit or bankers’ acceptances with maturities of not
more than one year from the date acquired issued by any Lender (or bank holding company owning any Lender) or any other United States
federal or state chartered commercial bank, or a commercial bank organized under the laws of any other country which is a member of the
Organisation for Economic Cooperation and Development, or a political subdivision of any such country, acting through a branch or agency,
which bank has capital and unimpaired surplus in excess of $500,000,000 and which bank or its holding company has a short-term commercial
paper rating of at least A-2 or the equivalent by S&P or at least P-2 or the equivalent by Moody’s; (c) reverse repurchase
agreements with terms of not more than seven days from the date acquired, for securities of the type described in clause (a) above and
entered into only with commercial banks having the qualifications described in clause (b) above; (d) commercial paper issued by any Lender
(or bank holding company owning any Lender) or any other Person incorporated under the laws of the United States of America or any State
thereof and rated at least A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody’s, in each
case with maturities of not more than one year from the date acquired; and (e) investments in money market funds which have net assets
of at least $500,000,000 and whose assets consist primarily of securities and other obligations of the type described in clauses (a)
through (d) above.

 

“CDOR
Rate” means, for any Interest Period with respect to a Foreign Currency Rate Loan denominated in Canadian Dollars, the rate
per annum equal to the average of the annual yield rates applicable to Canadian Dollar banker’s acceptances at or about 10:00 a.m.
(Toronto time) 2 Business Days prior to the commencement of such Interest Period as reported on the “CDOR page” (or any display
substituted therefor) of Reuters Monitor Money Rates Service (or such other page or commercially available source displaying Canadian
interbank bid rates for Canadian Dollar bankers’ acceptances as may be designated by the Administrative Agent and reasonably acceptable
to Borrower) for a term equivalent to such Interest Period (or if such Interest Period is not equal to a number of months, for a term
equivalent to the number of months closest to such Interest Period); provided that if such rate
is not available at such time for any reason, then the “CDOR Rate” for such Interest Period shall be the per annum cost of
funds quoted by the Administrative Agent to raise Canadian Dollars for such Interest Period as of 10:00 a.m., Toronto time, on the first
day of such Interest Period for commercial loans or other extensions of credit to businesses of comparable credit risk. If the CDOR Rate
for any Interest Period shall be less than zero, such rate shall be deemed to be zero for such Interest Period for all purposes of this
Agreement.

 

“CDOR” has the meaning
given that term in the definition of “Eurocurrency Rate”.

 

“CDOR Rate” has the meaning
given that term in the definition of “Eurocurrency Rate”.

 

“CHF” or “Swiss Franc”
means the lawful currency of Switzerland.

 

“CIOR” has the meaning
assigned thereto in the definition of “Eurocurrency Rate”.

 

    - 14 -

     

    

 

“Class”
(a) when used with respect to a Revolving Commitment, refers to whether such Revolving Commitment is a Tranche 1 Revolving Commitment
or Tranche 2 Revolving Commitment, (b) when used with respect to a Loan, refers to whether such Loan is a Tranche 1 Revolving Loan, a
Tranche 2 Revolving Loan, a Tranche A Term Loan or a Tranche B Term Loan and (c) when used with respect to a Lender, refers to whether
such Lender has a Loan or Commitment with respect to a particular Class of Loans or Commitments.

 

“Commodity Exchange Act”
means the Commodity Exchange Act (7 U.S.C. § 1 et seq.) as amended from time to time, and any successor statute.

 

“Compliance Certificate” has the meaning
given that term in Section 9.3.

 

“Conforming
Changes” means, with respect to the use, administration, adoption or implementation of any Benchmark Replacement, any technical,
administrative or operational changes (including changes to the definition of “Base Rate”, the definition of “Business
Day,” the definition of “RFR Business Day”, the definition of “Interest Period” or any similar or analogous
definition (or the addition of a concept of “interest period”), timing and frequency of determining rates and making
payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length
of lookback periods, the applicability of Section 5.4 and other technical, administrative or operational matters) that the Administrative
Agent reasonably determines in consultation with the Borrower may be appropriate to reflect the adoption and implementation of any
such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent
with market practice (or, if the Administrative Agent reasonably decides that adoption of any portion of such market practice is
not administratively feasible or if the Administrative Agent reasonably determines in consultation with the Borrower that no market
practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent reasonably
determines in consultation with the Borrower is reasonably necessary in connection with the administration of this Agreement and the
other Loan Documents).

 

“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 LIBOR
Loan or Foreign Currency Rate Loan from one Interest Period to another Interest Period pursuant to Section 2.10.

 

“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 2.11.

 

“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).

 

“Covered Party” has the meaning given
that term in Section 13.21.

 

“Currency” means, with respect to any
Revolving Loan, Dollars or a Foreign Currency.

 

    - 15 -

     

    

 

“Credit Event” means any of the
following: (a) the making (or deemed making) of any Loan and (b) the issuance of a Letter of Credit or the amendment of a Letter of
Credit that extends the maturity, or increases the Stated Amount, of such Letter of Credit.

 

“Credit Rating” means
the rating assigned by a Rating Agency to each series of rated senior unsecured long term indebtedness of the Borrower.

 

“Crest Net Subsidiaries”
means Subsidiaries of Crest Net Lease, Inc. that are Deemed Taxable REIT Subsidiaries.

 

“Daily Simple
RFR Loan” means any Loan that bears interest at a rate based on Adjusted Daily Simple RFR other than pursuant to clause (c)
of the definition of “Base Rate”.

 

“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.

 

“Deemed
Taxable REIT Subsidiary” has the meaning given that term in the definition of the term “Taxable REIT Subsidiary”.

 

“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 given 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.(f), any Lender that (a) has failed to (i) fund all or any portion of its Loans
within 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, any Issuing Bank, the Swingline Lender or any other
Lender any other amount required to be paid by it hereunder (including, with respect to a Tranche 1 Revolving Lender, in respect of
its participation in Letters of Credit or Swingline Loans) within 2 Business Days of the date when due, (b) has notified the
Borrower, the Administrative Agent, any Issuing Bank or the Swingline Lender in writing that it does not intend to comply with its
funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to
such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination
that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically
identified in such writing or public statement) cannot be satisfied), (c) has failed, within 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, (ii) had appointed for it a
receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with
reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or
federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-In Action; provided that a
Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or
any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or
provide such Lender with immunity from the jurisdiction of courts within the United States 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, the Issuing Banks, the Swingline Lender and each Lender.

 

    - 16 -

     

    

 

“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 or more mid-market quotations or estimates provided by any recognized dealer in Derivatives Contracts (which
may include the Administrative Agent, any Lender, any Specified Derivatives Provider or any Affiliate of any of them).

 

“Designated
Lender” means a special purpose corporation which is an Affiliate of, or sponsored by, a Tranche 1 Revolving Lender, that is
engaged in making, purchasing or otherwise investing in commercial loans in the ordinary course of its business and that issues (or the
parent of which issues) commercial paper rated at least P-1 (or the then equivalent grade) by Moody’s or A-1 (or the then equivalent
grade) by S&P that, in either case, (a) is organized under the laws of the United States of America or any state thereof, (b) shall
have become a party to this Agreement pursuant to Section 13.5.(g) and (c) is not otherwise a Lender.

 

“Designating Lender” has the meaning
given that term in Section 13.5.(g).

 

“Designation
Agreement” means a Designation Agreement between a Tranche 1 Revolving Lender and a Designated Lender and accepted by the Administrative
Agent, substantially in the form of Exhibit C or such other form as may be agreed to by such Lender, such Designated Lender and the Administrative
Agent.

 

“Development
Property” means a Property currently under development (i) upon which a certificate of occupancy has not been obtained in accordance
with Applicable Law and local building and zoning ordinances and (ii) on which the improvements (other than tenant improvements on unoccupied
space) related to the development have not been substantially completed. The term “Development Property” shall include real
property of the type described in the immediately preceding sentence to be (but not yet) acquired by 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.

 

“Disbursement Instruction Agreement”
means an agreement substantially in the form of Exhibit D to be executed and delivered by the Borrower pursuant to Section 6.1.(a), as
the same may be amended, restated or modified from time to time with the prior written approval of the Administrative Agent.

 

    - 17 -

     

    

 

“DKK” or “Danish Krone”
means the lawful currency of Denmark.

 

“Dollar
RFR Determination Day” has the meaning given that term in the definition of “Adjusted Daily Simple RFR”.

 

“Dollar
Equivalent” means, atfor
any amount,
at the time (a), with respect to an amount denominatedof
determination thereof, (a) if such amount is expressed in Dollars, such amount and,
(b) with respect to any amount denominated in a Foreign Currencyif
such amount is expressed in a currency other than Dollars, the equivalent of
such amount thereof in
Dollars as determined
by the Administrative Agent at such time on the basis of the Spot Rate (as of the date of borrowing
or thefor
such currency determined in respect of the most recent Revaluation Date applicable to such
amount, as applicable) for the purchase of Dollars with such Foreign Currencycurrency.

 

“Dollars” or “$” means
the lawful currency of the United States of America.

 

“EBITDA” means, with respect to a
Person for any period and without duplication, the sum of (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, unusual or nonrecurring items,
including without limitation, gains and losses from the sale of Properties (but not from the sale of Properties by any Taxable REIT
Subsidiary); (v) gains and losses resulting from currency exchange effects and hedging arrangements; (vi) non-cash stock
compensation costs of such Person for such period, and (vii) 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 above and below market rent intangibles pursuant to FASB ASC 805. For purposes of this definition, nonrecurring
items shall be deemed to include, but shall not be limited to, (w) gains and losses on early extinguishment of Indebtedness, (x)
severance and other restructuring charges, (y) transaction costs of acquisitions, dispositions, capital markets offerings, debt
financings and amendments thereto not permitted to be capitalized pursuant to GAAP and (z) non-cash impairment charges.

 

“Early
Opt-in Effective Date” means, with respect to any Early Opt-in Election, the sixth (6th)
Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has
not received, by 5:00 p.m. on the fifth (5th) Business Day after the date notice of such
Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the
Requisite Lenders.

 

“Early
Opt-in Election” means the occurrence of: (a) a notification by the Administrative Agent to (or the request by the Borrower
to the Administrative Agent to notify) each of the other parties hereto that at least five currently outstanding Dollar-denominated
syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including
SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified
in such notice and are publicly available for review), and (b) the joint election by the Administrative Agent and the Borrower
to trigger a fallback from the Adjusted Eurocurrency Rate for Dollars and the provision by the Administrative Agent of written notice
of such election to the Lenders.

 

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

 

    - 18 -

     

    

 

“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.

 

“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 by all of the Lenders.

 

“Eligible
Assignee” means any Person that meets the requirements to be an assignee under Section 13.5.(b)(iii), (v) and (vi) (subject
to such consents, if any, as may be required under Section 13.5.(b)(iii)).

 

“Eligible 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 without limitation, the following: (a) a
remaining term (including any unexercised extension options exercisable at the sole option of the ground lessee) of 30 years or more
from the Existing Agreement Date; (b) the right of the lessee to mortgage and 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; (c) a customary 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) reasonably acceptable transferability of the lessee’s interest under such lease, including ability to sublease
(provided that a provision that if a consent of such ground lessor is required, such consent is subject to either an express reasonableness
standard or an objective financial standard for the transferee that is reasonably satisfactory to the Administrative Agent shall be deemed
acceptable); and (e) clearly determinable rental payment terms.

 

“EMU Legislation”
means the legislative measures of the European Council for the introduction of, changeover to or operation of a single or unified European
currency.

 

“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, without limitation, 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, without limitation, the following: Clean Air Act, 42 U.S.C. § 7401 et seq.; Federal
Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; Solid Waste Disposal Act, as amended by the Resource Conservation and
Recovery Act, 42 U.S.C. § 6901 et seq.; Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. §
9601 et seq.; National Environmental Policy Act, 42 U.S.C. § 4321 et seq.; regulations of the Environmental Protection Agency,
any applicable rule of common law and any judicial interpretation thereof relating primarily to the environment or Hazardous
Materials, and any analogous or comparable state or local laws, regulations or ordinances that concern Hazardous Materials or
protection of the environment.

 

    - 19 -

     

    

 

“Equity
Interest” means, with respect to any Person, any share of capital stock of (or other ownership or profit interests in) such
Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or
other ownership or profit interests in) such Person, whether or not certificated, any security convertible into or exchangeable for any
share of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other
acquisition from such Person of such shares (or such other interests), and any other ownership or profit interest in such Person (including,
without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant,
option, right or other interest is authorized or otherwise existing on any date of determination.

 

“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 that results in the imposition of liability under Section 4063 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 by the PBGC to terminate a Plan or Multiemployer Plan; (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 on any member of the ERISA Group 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 reasonably expected to be, insolvent (within the
meaning of Section 4245 of ERISA), in reorganization (within the meaning of Section 4241 of ERISA), or in “critical”
status (within the meaning of Section 432 of the Internal Revenue Code or Section 305 of ERISA); (i) the 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 upon any member of the ERISA Group 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.

 

    - 20 -

     

    

 

“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.

 

“EURIBOR” has the meaning
assigned thereto in the definition of “Eurocurrency Rate”.

 

“EURIBOR Rate” has the
meaning assigned thereto in the definition of “Eurocurrency Rate”.

 

“EUR”, “Euros”
or “€” means the lawful currency of Participating Member States introduced in accordance with the EMU Legislation.

 

“Eurocurrency Rate” means,

 

(a)           
for any Eurocurrency Rate Loan for any Interest Period: 

 

(i)              
denominated in Dollars, the greater of (A) the rate of interest per annum equal to the London interbank offered rate for deposits
in Dollars (“USD LIBOR”) as administered by the IBA, or a comparable or successor administrator approved by the Administrative
Agent, for a period comparable to the applicable Interest Period (in each case, the “USD LIBOR Rate”), at approximately 11:00
a.m. (London time) on the applicable Rate Determination Date; and (B) the Floor; 

 

(ii)             
denominated in Euros, the greater of (A) the rate of interest per annum equal to the Euro Interbank Offered Rate (“EURIBOR”)
as administered by the European Money Markets Institute, or a comparable or successor administrator approved by the Administrative Agent,
for a period comparable to the applicable Interest Period (in each case, the “EURIBOR Rate”), at approximately 11:00 a.m.
(Brussels time) on the applicable Rate Determination Date and (B) the Floor; 

 

(iii)            
denominated in Yen, the greater of (A) the rate per annum equal to the Tokyo Interbank Offered Rate (“TIBOR”) as
administered by the Ippan Shadan Hojin JBA TIBOR Administration, or a comparable or successor administrator approved by the Administrative
Agent, for a period comparable to the applicable Interest Period (in each case, the “TIBOR Rate”), at approximately 11:00
a.m. (Tokyo time) on the applicable Rate Determination Date and

(B) 
the Floor; 

 

(iv)            
denominated in Australian Dollars, the greater of (A) the rate per annum equal to the Bank Bill Swap Reference Bid Rate (“BBSY”)
as published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated
by the Administrative Agent from time to time), for a period comparable to the applicable Interest Period (in each case, the “BBSY
Rate”), at approximately 10:30 a.m. (Melbourne time) on the applicable Rate Determination Date and (B) the Floor;

 

(v)              denominated
in Canadian Dollars, the greater of (A) the rate per annum equal to the rate determined by the Administrative Agent on the basis of
the rate applicable to Canadian Dollar bankers’ acceptances (“CDOR”) as administered by Refinitiv Benchmarks
Services (UK) Limited, or a comparable or successor administrator approved by the Administrative Agent, for a period comparable to
the applicable Interest Period (in each case, the “CDOR Rate”), at approximately 10:00 a.m. (Toronto time) on the
applicable Rate Determination Date and (B) the Floor;

 

    - 21 -

     

    

 

(vi)             
denominated in Pesos, the greater of (A) TIIE Rate and (B) the Floor; 

 

(vii)           
denominated in Hong Kong Dollars, the greater of (A) the rate per annum equal to the Hong Kong Interbank Offered Rate (“HKIOR”)
or a comparable or successor rate for deposits in Hong Kong Dollars which is approved by the Administrative Agent, as published on the
applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Administrative
Agent from time to time) at or about 11:00 a.m., Hong Kong time, on the applicable Rate Determination Date and (B) the Floor; 

 

(viii)           denominated
in Swedish Krona, the greater of (A) the rate per annum equal to the Stockholm Interbank Offered Rate (“SIOR”) or the successor
thereto as approved by the Administrative Agent as published by NASDAQ OMX (or on any successor or substitute service providing rate
quotations comparable to those currently provided by such service, as determined by the Administrative Agent from time to time) at approximately
11:00 a.m., London time, on the applicable Rate Determination Date, as the rate for deposits in Swedish Krona with a maturity comparable
to such Interest Period and (B) the Floor; 

 

(ix)             
denominated in Norwegian Krone, the greater of (A) the rate per annum equal to the Norwegian Interbank Offered Rate (“NIOR”)
or the successor thereto as approved by the Administrative Agent as published by Oslo Børs (or on any successor or substitute
service providing rate quotations comparable to those currently provided by such service, as determined by the Administrative Agent from
time to time) at approximately 11:00 a.m., London time, on the applicable Rate Determination Date, as the rate for deposits in Norwegian
Krone with a maturity comparable to such Interest Period and (B) the Floor; 

 

(x)               denominated
in Danish Kroner, the greater of (A) the rate per annum equal to the Copenhagen Interbank Offered Rate (“CIOR”) administered
by NASDAQ OMX (or any other Person which takes over the administration of that rate, as determined by the Administrative Agent from time
to time) for Danish Kroner displayed on the appropriate page of the Reuters screen (or on the appropriate page of such other information
service which publishes that rate from time to time in place of Reuters) at approximately 11:00 a.m., London time, on the applicable
Rate Determination Date and (B) the Floor; 

 

(xi)             
denominated in New Zealand Dollars, the greater of (A) the rate per annum equal to the Bank Bill Reference Bid Rate (“BBRBR”)
or the successor thereto as approved by the Administrative Agent, as published on the applicable Reuters screen page (or such other commercially
available source providing such quotations as may be designated by the Administrative Agent from time to time) at or about 10:45 a.m.
(Auckland, New Zealand time) on the applicable Rate Determination Date with a term equivalent to such Interest Period and (B) the Floor.

 

(b)           for any rate calculation with respect to a Base Rate Loan on any date, the rate of interest per annum equal to USD LIBOR as
administered by the IBA, or a comparable or successor administrator approved by the Administrative Agent, for a period comparable to
one month, at approximately 11:00 a.m. (London time) two (2) Business Days prior to the date of such calculation. 

 

    - 22 -

     

    

 

“Eurocurrency
Rate Loan” means any Loan bearing interest at a rate based on the Adjusted Eurocurrency Rate other than pursuant to clause
(c) of the definition of “Base Rate”.

 

“EurodollarEurocurrency
Reserve Percentage” means, for any day, the percentage which is in effect for such day as prescribed by the
Board of Governors of the Federal Reserve System (or any successor)FRB
for determining the maximum reserve requirement (including, without limitation,
any basic, supplemental or emergency reserves) in respect of eurocurrency liabilities or any similar category of liabilities for a member
bank of the Federal Reserve System in New York City. The
Adjusted Eurocurrency Rate for each outstanding Loan shall be adjusted automatically as of the effective date of any change in the Eurocurrency
Reserve Percentage.

 

“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 any Subsidiary (a) that either (i) holds title to assets that are or are to become collateral for any Secured Indebtedness of such
Subsidiary or (ii) owns Equity Interests of one or more Excluded Subsidiaries but has no assets other than such Equity Interests and
other assets of nominal value (including cash) incidental thereto, 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 (or pursuant to the terms of) such Secured Indebtedness. In no event shall the Borrower be considered to be an Excluded
Subsidiary.

 

“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 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 Recipient, 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 Revolving Commitment
pursuant to an Applicable Law in effect on the date on which (i) such Recipient acquires such interest in the Loan or Revolving
Commitment (other than pursuant to an assignment request by the Borrower under Section 5.6.) or (ii) such Recipient (if such
Recipient is a 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 Recipient’s assignor immediately before such Recipient became a party hereto
or to such Recipient 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.

 

    - 23 -

     

    

 

“Existing Agreement Date” has the meaning
set forth in the first recital hereof.

 

“Existing Credit Agreement” has the meaning
set forth in the first recital hereof.

 

“Existing Lenders” has the meaning given
that term in the first recital hereof.

 

“Existing Letters of Credit” means each
of the letters of credit identified on Schedule 1.1.(A), if any.

 

“Extended Letter of Credit” has the meaning
given that term in Section 2.4.(b).

 

“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) and any current or future regulations or official interpretations
thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code and any intergovernmental agreement
between a non-U.S. jurisdiction and the United States of America with respect to the foregoing and any law, regulation or practice adopted
pursuant to any such intergovernmental agreement.

 

“FCA” has the meaning
assigned thereto in Section 1.3.

 

“Federal Funds Rate”
means, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the rates
on overnight Federal funds transactions with members of the Federal Reserve System, as published for such day (or, if such day is not
a Business Day, for the immediately preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published
for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent
from three Federal Funds brokers of recognized standing selected by the Administrative Agent. If the Federal Funds Rate determined as
provided above would be less than zero, the Federal Funds Rate shall be deemed to be zero.

 

“Federal Reserve
Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or
any successor source.

 

“Fee Letter”
means that certain fee letter dated June 24, 2019, by and among the Borrower, Wells Fargo and Wells Fargo Securities, LLC.

 

“Fees”
means the fees and commissions provided for or referred to in Section 3.5. and any other fees payable by the Borrower hereunder, under
the Fee Letter or under any other Loan Document.

 

“First Amendment Date”
means December 22, 2021.

 

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

 

    - 24 -

     

    

 

“Fixed Charges”
means, with respect to a Person and for a given period, the sum of (a) the Interest Expense of such Person for such period, plus
(b) the aggregate of all scheduled principal payments on Indebtedness made by such Person during such period (excluding balloon, bullet
or similar payments of principal due upon the stated maturity of Indebtedness), plus (c) the aggregate of all dividends paid or
accrued by such Person on any Preferred Stock during such period but excluding redemption payments or repurchases or charges in connection
with the final redemption or repurchase in whole of any Preferred Stock, plus (d) the Reserve for Replacements for such Person’s
Properties. The Borrower’s Ownership Share of the Fixed Charges of its Unconsolidated Affiliates will be included when determining
the Fixed Charges of the Borrower.

 

“Floor” means a rate
of interest equal to 0.00%.

 

“Foreign Currency” means any Tranche
1 Currency or Tranche 2 Currency other than Dollars.

 

“Foreign
Currency Equivalent” means with respect to an amount denominated in Dollars, the equivalent in the applicable Foreign Currency
of such amount determined at the Spot Rate for the purchase of such Foreign Currency with Dollars, as determined by the Administrative
Agent on the most recent Revaluation Date applicable to such amount.

 

“Foreign Currency Rate Loan”
means

 

a
Revolving (a)with respect to any Foreign Currency Rate Loan denominated in Euros, for any
Interest Period, (i) (A) the per annum rate determined by the Administrative Agent to be the rate at which deposits in Euros
appear on either (x) the Reuters Screen LIBOR 01-02 or (y) Bloomberg’s BBAM screen, in either case at approximately 11:00
a.m. (London time) on the date that is two Business Days preceding the first day of such Interest Period; provided
that if such rate does not appear on the Reuters Screen LIBOR 01-02 and Bloomberg’s BBAM Screen, the rate
shall be the per annum rate determined by the Administrative Agent to be equal to the arithmetic mean determined by Administrative Agent
(rounded upwards to the next 1/16 of one percent (1.00%)) of the per annum rates at which deposits in Euros are offered by three major
banks in the London interbank market to other lending banks in the London interbank market at approximately 11:00 a.m. (London time)
on the date that is two Business Days preceding the first day of such Interest Period, multiplied by
(B) the Statutory Reserve Rate, to the extent applicable; provided, further,
that if the Administrative Agent elects to disclose to the Borrower any such rates at which deposits in Euros are offered by any of such
three major banks in the London interbank market, then the Borrower shall maintain such rates and the identities of such major banks
on a confidential basis and any such disclosure to the Borrower may be conditioned on the execution by the Borrower of a confidentiality
agreement acceptable to Administrative Agent; or (ii) if such rate is not available at such time for any reason, the “Foreign Currency
Rate” for such Interest Period shall be (A) the rate per annum determined by the Administrative Agent to be the rate at
which deposits in Euros for delivery on the first day of such Interest Period in Same Day Funds in the approximate amount of
the Revolving Loan are being made or continued by Administrative Agent to major banks in the London interbank market for Euros at approximately
11:00 a.m. (London time) two Business Days prior to the commencement of such Interest Period, multiplied by
(B) the Statutory Reserve Rate, to the extent applicable;

 

    - 25 -

     

    

 

 

(b)      
with respect to any Foreign Currency Rate Loan denominated in Yen, for any Interest
Period, the per annum rate which appears on the screen display “Reuters Screen TIBM” under the caption “TIBM Average
Rates” on the Reuters Service (or such other screen display or service as may replace it for purposes of displaying Tokyo interbank
offered rates of prime banks for Yen deposits) at approximately 11:00 a.m., Tokyo time, two Business Days prior to the commencement of
such Interest Period, as the rate for deposits in Yen with a maturity comparable to such Interest Period. If no such rate is available
on the Reuters Service (or such replacement), then the “Eurocurrency Rate” for such Interest Period shall be the interest
rate offered for Yen deposits for a period comparable to that Interest Period which appears on the screen display designated as “Euro-Yen
TIBOR” on page 23070 of the Telerate Service published by the Japanese Banking Association (or such other screen display or service
as may replace it for purposes of displaying Tokyo interbank offered rates of prime banks for Yen deposits). If such rate is not available
on the Reuters Service (or such replacement) or the Telerate Screen (or such replacement), then the “Foreign Currency Rate”
for such Interest Period shall be the rate per annum at which the Administrative Agent was offering to leading banks in the Tokyo interbank
market deposits in Yen for a period equal to the applicable Interest Period at approximately 11:00 a.m., Tokyo time, two Business Days
prior to the commencement of such Interest Period. If such rate is not available on the Reuters Service (or such replacement) or the
Telerate Screen (or such replacement) and the Administrative Agent is unable to provide a rate referred to in the sentence above, then
the “Foreign Currency Rate” for such Interest Period shall be the rate which is applied by the Administrative Agent in Japan
as its long-term prime lending rate on the relevant date to its Yen loans with terms exceeding one year to its prime customers in Japan
and which the Administrative Agent confirms and notifies the Borrower in writing as such;a
Foreign Currency.

 

(c)       
with respect to any Foreign Currency Rate Loan denominated in Sterling, for any Interest Period, the per annum rate of
interest equal to: (i) (A) the per annum rate determined by the Administrative Agent to be the rate at which deposits in Sterling
appear on either (x) the Reuters Screen LIBOR 01-02 or (y) Bloomberg’s BBAM screen, in either case at approximately 11:00 a.m.
(London time) on the first day of such Foreign Currency Interest Period; provided that if such
rate does not appear on the Reuters Screen LIBOR 01-02 and Bloomberg’s BBAM Screen, the rate shall be the per annum rate determined
by the Administrative Agent to be equal to the arithmetic mean determined by Administrative Agent (rounded upwards to the next 1/16 of
one percent (1.00%)) of the per annum rates at which deposits in Sterling are offered by three major banks in the London interbank market
to other lending banks in the London interbank market at approximately 11:00 a.m. (London time) on the first day of such Interest Period,
multiplied by (B) the Statutory Reserve Rate, to the extent applicable; provided, further,
that if Administrative Agent elects to disclose to the Borrower any such rates at which deposits in Sterling are offered by any of such
three major banks in the London interbank market, then the Borrower shall maintain such rates and the identities of such major banks
on a confidential basis and any such disclosure to the Borrower may be conditioned on the execution by the Borrower of a confidentiality
agreement acceptable to Administrative Agent; or (ii) if such rate is not available at such time for any reason, the “Foreign Currency
Rate” for such Interest Period shall be (A) the rate per annum determined by the Administrative Agent to be the rate at which deposits
in Sterling for delivery on the first day of such Interest Period in Same Day Funds in the approximate amount of the Foreign Currency
Advance are being made or continued by Administrative Agent to major banks in the London interbank market for Sterling at approximately
11:00 a.m. (London time) two Business Days prior to the commencement of such Interest Period, multiplied by
(B) the Statutory Reserve Rate, to the extent applicable; 

 

(d)      
with respect to any Foreign Currency Rate Loan denominated in Canadian Dollars, for any Interest Period, the CDOR Rate; 

 

(e)      
with respect to any Foreign Currency Rate Loan denominated in Pesos, for any Interest Period, the TIIE Rate; 

 

(f)       
with respect to any Foreign Currency Rate Loan denominated in Swiss Francs, for any Interest Period, LIBOR; 

 

(g)      
with respect to any Foreign Currency Rate Loan denominated in Australian Dollars, for any Interest Period, the rate per annum
equal to the Australian Bank Bill Swap Bid Rate or the successor thereto as approved by the Administrative Agent as published by Bloomberg
(or on any successor or substitute service providing rate quotations comparable to those currently provided by such service, as determined
by the Administrative Agent from time to time) at approximately 10:00 a.m., Sydney, Australia time, two Business Days prior to the commencement
of such Interest Period, as the rate for deposits in Australian Dollars with a maturity comparable to such Interest Period; provided
that if such rate is not available at such time for any reason, the Administrative Agent may substitute such rate
with a reasonably acceptable alternative published interest rate that adequately reflects the all-in-cost of funds to the Administrative
Agent for funding such Foreign Currency Rate Loan in Australian Dollars;

 

    - 26 -

     

    

 

(h)      
with respect to any Foreign Currency Rate Loan denominated in Hong Kong Dollars, for any Interest Period, the rate per annum equal
to the Hong Kong Interbank Offered Rate or a comparable or successor rate for deposits in Hong Kong Dollars which is approved
by the Administrative Agent, as published on the applicable Reuters screen page (or such other commercially available source
providing such quotations as may be designated by the Administrative Agent from time to time) at or about 11:00 a.m., Hong Kong time,
two Business Days prior to the commencement of such Interest Period with a term equivalent to such Interest Period; provided
that if such rate is not available at such time for any reason, the Administrative Agent may substitute such rate
with a reasonably acceptable alternative published interest rate that adequately reflects the all-in-cost of funds to the Administrative
Agent for funding such Foreign Currency Rate Loans in Hong Kong Dollars; 

 

(i)        
with respect to any Foreign Currency Rate Loan denominated in Singapore Dollars, for any Interest Period, the rate per annum equal
to the Singapore Interbank Offered Rate or a comparable or successor rate for deposits in Singapore Dollars which is approved by the
Administrative Agent, as published on the applicable Reuters screen page (or such other commercially available source providing such
quotations as may be designated by the Administrative Agent from time to time) at or about 11:00 a.m., Singapore time, two Business Days
prior to the commencement of such Interest Period with a term equivalent to such Interest Period; provided
that if such rate is not available at such time for any reason, the Administrative Agent may substitute such rate with a reasonably
acceptable alternative published interest rate that adequately reflects the all-in-cost of funds to the Administrative Agent
for funding such Foreign Currency Rate Loans in Singapore Dollars; 

 

(j)       
with respect to any Foreign Currency Rate Loan denominated in Swedish Krona, for any Interest Period, the rate per annum equal
to the Stockholm Interbank Offered Rate or the successor thereto as approved by the Administrative Agent as published by NASDAQ OMX (or
on any successor or substitute service providing rate quotations comparable to those currently provided by such service, as determined
by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement
of such Interest Period, as the rate for deposits in Swedish Krona with a maturity comparable to such Interest Period; provided
that if such rate is not available at such time for any reason, the Administrative Agent may substitute such rate with a
reasonably acceptable alternative published interest rate that adequately reflects the all-in-cost of funds to the Administrative Agent
for funding such Foreign Currency Rate Loans in Swedish Krona; 

 

(k)      
with respect to any Foreign Currency Rate Loan denominated in Norwegian Krone, for any Interest Period, the rate per annum equal
to the Norwegian Interbank Offered Rate or the successor thereto as approved by the Administrative Agent as published by Oslo Børs
(or on any successor or substitute service providing rate quotations comparable to those currently provided by such service, as determined
by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement
of such Interest Period, as the rate for deposits in Norwegian Krone with a maturity comparable to such Interest Period; provided
that if such rate is not available at such time for any reason, the Administrative Agent may substitute such rate
with a reasonably acceptable alternative published interest rate that adequately reflects the all-in-cost of funds to the Administrative
Agent for funding such Foreign Currency Rate Loans in Norwegian Krone; 

 

(l)        with
respect to any Foreign Currency Rate Loan denominated in Danish Kroner, for any Interest Period, the rate per annum equal to the
Copenhagen Interbank Offered Rate administered by NASDAQ OMX (or any other Person which takes over the administration of that rate,
as determined by the Administrative Agent from time to time) for Danish Kroner displayed on the appropriate page of the Reuters
screen (or on the appropriate page of such other information service which publishes that rate from time to time in place
of Reuters) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that
if such rate is not available at such time for any reason, the Administrative Agent may substitute such rate with a reasonably
acceptable alternative published interest rate that adequately reflects the all-in-cost of funds to the Administrative Agent for
funding such Foreign Currency Rate Loans in Danish Kroner; and

 

    - 27 -

     

    

 

(m)     
with respect to any Foreign Currency Rate Loan denominated in New Zealand Dollars, for any Interest Period, the rate per annum equal
to the Bank Bill Reference Bid Rate or the successor thereto as approved by the Administrative Agent, as published on the applicable
Reuters screen page (or such other commercially available source providing such quotations as may be designated by the
Administrative Agent from time to time) at or about 10:45 a.m. (Auckland, New Zealand time) two Business Days prior to the
commencement of such Interest Period with a term equivalent to such Interest Period; provided that
if such rate is not available at such time for any reason, the Administrative Agent may substitute such rate with a reasonably
acceptable alternative published interest rate that adequately reflects the all-in-cost of funds to the Administrative Agent for
funding such Foreign Currency Rate Loans in New Zealand Dollars. Notwithstanding the foregoing, in no event shall the Foreign
Currency Rate for any Foreign Currency Rate Loan be less than zero.

 

“Foreign
Currency Rate Loan” means a Revolving Loan bearing interest at a rate based on the Foreign Currency Rate.

 

“Foreign
Lender” means 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.

 

“Foreign
Subsidiary” means a Subsidiary not formed under the laws of the United States of America, any state thereof or the District
of Columbia.

 

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

 

“Fronting Exposure”
means, at any time there is a Defaulting Lender that is a Tranche 1 Revolving Lender, (a) with respect to each Issuing Bank, such Defaulting
Lender’s Tranche 1 Revolving Commitment Percentage of the outstanding Letter of Credit Liabilities attributable to such Issuing
Bank other than Letter of Credit Liabilities as to which such Defaulting Lender’s participation obligation has been reallocated
to other Tranche 1 Revolving Lenders or Cash Collateralized by such Defaulting Lender or by the Borrower in accordance with the terms
hereof, and (b) with respect to the Swingline Lender, such Defaulting Lender’s Tranche 1 Revolving Commitment Percentage of outstanding
Swingline Loans other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to
other Tranche 1 Revolving Lenders.

 

“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.

 

“Funds From Operations”
means net income available to common stockholders (computed in accordance with GAAP), plus depreciation, amortization and impairments,
but excluding gains on the sale of investment properties from “continuing operations” and “discontinued operations”
(as indicated on the consolidated statements of income (and accompanying notes) of the Borrower) (it being agreed that gains or losses
on sales by Crest Net Lease, Inc., the Crest Net Subsidiaries and any Taxable REIT Subsidiary are not extraordinary or non-recurring
and should be included in Funds From Operations) and after adjustments for unconsolidated partnerships and joint ventures. Adjustments
for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis. Funds From
Operations shall be calculated consistent with the National Association of Real Estate Investments Trusts, Inc. (“NAREIT”)
as of the Existing Agreement Date, but without giving effect to any supplements, amendments or other modifications promulgated after
the Existing Agreement Date.

 

    - 28 -

     

    

 

“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.

 

“GBP” “Sterling” or
 “£” means the lawful currency of the United Kingdom.

 

“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 comparable authority (including, without limitation, the Federal Deposit Insurance Corporation,
the Comptroller of the Currency or the Federal Reserve Board, any central bank or any comparable authority) exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies
such as the European Union or the European Central Bank), or any arbitrator with authority to bind a party at law.

 

“Gross Asset
Value” means, at a given time, the sum (without duplication) of (a) (i) the aggregate Net Operating Income for all
Properties (other than Development Properties and land held for development) owned by the Borrower or any of its Subsidiaries for
the entire period of four consecutive fiscal quarters of the Borrower most recently ended divided by (ii) the Capitalization
Rate, plus (b) all cash, Cash Equivalents (excluding tenant deposits and other cash and Cash Equivalents the disposition of
which is restricted but including (x) fully refundable earnest money deposits associated with potential acquisitions and (y)
Unrestricted 1031 Cash) and marketable securities of the Borrower and its Subsidiaries at such time, plus (c) the current
GAAP book value of all Development Properties and all land held for development, plus (d) the purchase price paid by the
Borrower or any Subsidiary (less any amounts paid to the Borrower or such Subsidiary as a purchase price adjustment, held in escrow,
retained as a contingency reserve, or in connection with other similar arrangements) for any Property (other than a Development
Property) acquired by the Borrower or such Subsidiary during the immediately preceding period of four consecutive fiscal quarters of
the Borrower most recently ended, plus (e) the GAAP book value of all Mortgage Receivables, plus (f) contractual
purchase price of Properties of the Borrower and its Subsidiaries subject to purchase obligations, repurchase obligations, forward
commitments and unfunded obligations to the extent such obligations and commitments are included in determinations of Total
Liabilities, plus (g) the GAAP book value (exclusive of accumulated depreciation) of the corporate headquarters of the
Borrower located at 11975/11995 El Camino Real, San Diego, California 92130 so long as the Borrower or a Subsidiary thereof owns
such Property. The Borrower’s Ownership Share of assets held by Unconsolidated Affiliates (excluding assets of the type
described in the immediately preceding clause (b)) will be included in the calculation of Gross Asset Value consistent with the
above described treatment for wholly owned assets. To the extent that more than (x) 30.0% of the Gross Asset Value would be
attributable to Unimproved Land, Equity Interests in Persons that are not Subsidiaries and Mortgage Receivables, such excess shall
be excluded and (y) 15.0% of Gross Asset Value would be attributable to Development Properties of the Borrower and its Subsidiaries,
such excess shall be excluded. For purposes of this definition, if a Property to be included in the determination of Gross Asset
Value under the immediately preceding clause (a) has not generated Net Operating Income for the entire period of four consecutive
fiscal quarters of the Borrower most recently ended because the Property ceased to be a Development Property during such period,
then the Net Operating Income for such Property shall be annualized for such period in a manner acceptable to the Administrative
Agent.

 

    - 29 -

     

    

 

“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
a party to the Guaranty as a “Guarantor”.

 

“Guaranty”,
 “Guaranteed” 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 (including Letters of Credit), or (v) the supplying of funds to or
investing in a Person on account of all or any part of such Person’s obligation under a Guaranty of any obligation or
indemnifying or holding harmless, in any way, such Person against any part or all of such obligation. As the context requires,
 “Guaranty” shall also mean the guaranty executed and delivered pursuant to Section 6.1. or Section 8.14. and
substantially in the form of Exhibit E.

 

“Hazardous
Materials” means all or any of the following: (a) substances that are defined or listed in, or otherwise classified pursuant
to, any applicable Environmental Laws as “hazardous substances”, “hazardous materials”, “hazardous wastes”,
 “toxic substances” or any other formulation intended to define, list or classify substances by reason of deleterious properties
such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, “TCLP” toxicity, or “EP toxicity”;
(b) oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters
and other wastes associated with the exploration, development or production of crude oil, natural gas or geothermal resources; (c) any
flammable substances or explosives or any radioactive materials; (d) asbestos in any form; (e) toxic mold; and (f) electrical equipment
which contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in excess of fifty parts per million.

 

“HKD”, “Hong Kong Dollars”
or “HK$” means the lawful currency of Hong Kong.

 

“HKIOR” has the meaning
assigned thereto in the definition of “Eurocurrency Rate”.

 

“IBA” has the meaning
assigned thereto in Section 1.3.

 

    - 30 -

     

    

 

“Indebtedness”
means, with respect to a Person, at the time of computation thereof, all of the following (without duplication): (a) all obligations
of such Person in respect of money borrowed; (b) all obligations of such Person (other than (A) trade debt incurred in the ordinary
course of business and (B) any earnout obligation until such obligation becomes a liability on the balance sheet of such Person in
accordance with GAAP (excluding disclosure on the notes and footnotes thereto) and if not paid after becoming due and payable),
whether or not for money borrowed (i) represented by notes payable, or drafts accepted, in each case representing extensions of
credit, (ii) evidenced by bonds, debentures, notes or similar instruments, or (iii) constituting purchase money indebtedness,
conditional sales contracts, title retention debt instruments or other similar instruments, upon which interest charges are
customarily paid or that are issued or assumed as full or partial payment for property or for services rendered; (c) Capitalized
Lease Obligations of such Person; (d) all reimbursement obligations (contingent or otherwise) of such Person under or in respect of
any letters of credit or acceptances (whether or not the same have been presented for payment); (e) all Off-Balance Sheet
Obligations of such Person; (f) net obligations under any Derivative Contract in an amount equal to the Derivatives Termination
Value thereof (but, for the avoidance of doubt, Indebtedness of the Borrower shall not include any agreement, commitment or
arrangement for the sale of Equity Interests issued by the Borrower at a future date that could be discharged solely by (A) delivery
of the Borrower’s Equity Interests (other than Mandatorily Redeemable Stock), or, (B) solely at the Borrower’s option
made at any time, payment of the net 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 the Borrower to pay the net cash value of such Equity Interest and prior to payment of such net cash value, the obligation to pay
such net 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 the Borrower’s Equity Interests on the date of such
election, irrespective of the market price of the Borrower’s Equity Interests at any time following such election, including
at the time of payment)); (g) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in
respect of any Mandatorily Redeemable Stock issued by such Person or any other Person, valued at the greater of its voluntary or
involuntary liquidation preference plus accrued and unpaid dividends; and (h) all Indebtedness of other Persons which (i) such
Person has Guaranteed or is otherwise recourse to such Person (except for guaranties of exceptions to non-recourse liability
described in the definition of “Nonrecourse Indebtedness”) or (ii) is secured by a Lien on any property of such Person
(valued in the case of this clause (ii) at the lesser of (A) the aggregate unpaid amount of such Indebtedness and (B) if such
Indebtedness is non-recourse, the fair market value of the property encumbered thereby as determined by such Person in good faith).
All Loans and Letter of Credit Liabilities shall constitute Indebtedness of the Borrower.

 

“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.

 

“Intellectual Property” has the meaning
given that term in Section 7.1.(s).

 

“Interest
Expense” means, with respect to a Person and for any period, (a) all paid, accrued or capitalized interest expense (including,
without limitation, capitalized interest expense and interest expense attributable to Capitalized Lease Obligations) of such Person and
in any event shall include all letter of credit fees and all interest expense with respect to any Indebtedness in respect of which such
Person is wholly or partially liable whether pursuant to any repayment, interest carry, performance Guarantee or otherwise, plus
(b) to the extent not already included in the foregoing clause (a) such Person’s Ownership Share of all paid, accrued or capitalized
interest expense for such period of Unconsolidated Affiliates of such Person; provided, that Interest Expense shall not include
(i) capitalized interest funded from a construction loan interest reserve account held by another lender and not included in the calculation
of cash for balance sheet reporting purposes, (ii) commitment or arrangement fees, (iii) premiums or penalties (including, without limitation,
any make-whole payments associated with the early repayment, redemption or defeasance of Indebtedness) or (iv) upfront and one-time financing
fees, including amortization of original issue discount.

 

    - 31 -

     

    

 

“Interest Period” means:

 

(a)      
with respect to each LIBOREurocurrency
Rate Loan and Foreign Currency RateTerm
RFR Loan, each period commencing on the date such Loan is made, or in the case of the Continuation of a Loan the last day
of the preceding Interest Period for such Loan, and ending on the numerically corresponding day in the first, third or (except
with respect to any Loan bearing interest based on the CDOR Rate) sixth calendar month thereafter, as the Borrower may select
in a Notice of Revolving Borrowing, Notice of Continuation or Notice of Conversion, as the case may be, provided that (i) each
Interest Period for such Loan that commences on the last Business Day of a calendar month (or on any day for which there is no numerically
corresponding day in the appropriate subsequent calendar month) shall end on the last Business Day of the appropriate subsequent calendar
month, and (ii) each Interest Period that would otherwise end on a day which is not a Business Day shall end on the immediately following
Business Day (or, if such immediately following Business Day falls in the next calendar month, on the immediately preceding Business
Day); and

 

(b)     
with respect to each Bid Rate Loan, the period commencing on the date such Bid Rate Loan is made and ending on the numerically
corresponding day (or, if there is no numerically corresponding day, on the last Business Day) in the first, second, third or sixth calendar
month thereafter, as the Borrower may select as provided in a Bid Rate Quote Request.

 

Notwithstanding the foregoing, if any
Interest Period for a Class of Loans would otherwise end after the Termination Date for such Class, such Interest Period shall end on
such Termination Date.

 

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

 

“Investment”
means, with respect to any Person, any acquisition or investment (whether or not of a controlling interest) by such Person, whether 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. Except as expressly provided otherwise, for purposes of determining compliance with any covenant contained in a Loan
Document, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases
in the value of such Investment but determined net of all payments constituting returns of invested capital received in respect of such
Investment and, in the case of a guaranty or similar obligation, such Investment will be reduced to the extent the exposure under such
guaranty or similar obligation is reduced.

 

“Investment
Grade Rating” means a Credit Rating of BBB- or higher by S&P or Fitch, or Baa3 or higher by Moody’s.

 

“IRS” means the Internal Revenue Service.

 

“ISP”
means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International
Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

 

“Issuing
Bank” means each of Wells Fargo, Bank of America, N.A., Royal Bank of Canada, Regions Bank and JPMorgan Chase Bank, N.A., in
its capacity as an issuer of Letters of Credit pursuant to Section 2.4.

 

    - 32 -

     

    

 

“JPY”, “Yen” or “¥”
means the lawful currency of Japan.

 

“L/C Commitment Amount” has the meaning
given to that term in Section 2.4.(a).

 

“L/C Disbursement” has the meaning given
to that term in Section 3.9.(b).

 

“Lender”
means each financial institution from time to time party hereto as a “Lender” or a “Designated Lender,” together
with its respective successors and permitted assigns, and, as the context requires, includes the Swingline Lender; provided, however,
that the term “Lender” (i) shall exclude each Designated Lender when used in reference to any Loan other than a Bid Rate
Loan, the Revolving Commitments or terms relating to any Loan other than a Bid Rate Loan and shall further exclude each Designated Lender
for all other purposes under the Loan Documents except that any Designated Lender which funds a Bid Rate Loan shall, subject to Section
13.5.(d), have only the rights (including the rights given to a Lender contained in Sections 13.2. and 13.9.) and obligations of a Lender
associated with holding such Bid Rate Loan and (ii) 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 Issuing Banks, each co-agent or sub-agent appointed
by the Administrative Agent from time to time pursuant to Section 12.2., any other holder from time to time of any of any Obligations
and, in each case, their respective successors and permitted assigns.

 

“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.

 

“Letter of Credit” has the meaning given
that term in Section 2.4.(a).

 

“Letter
of Credit Collateral Account” means a special deposit account maintained by the Administrative Agent, for the benefit of the
Administrative Agent, the Issuing Banks and the Tranche 1 Revolving Lenders, and under the sole dominion and control of the Administrative
Agent.

 

“Letter of Credit
Documents” means, with respect to any Letter of Credit, collectively, any application therefor, any certificate or other document
presented in connection with a drawing under such Letter of Credit and any other agreement, instrument or other document governing or
providing for

(a) 
the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or

(b) 
any collateral security for any of such obligations.

 

“Letter
of Credit Liabilities” means, without duplication, at any time and in respect of any Letter of Credit (a) the Stated
Amount of such Letter of Credit plus (b) the aggregate unpaid principal amount of all Reimbursement Obligations of the Borrower at
such time due and payable in respect of all drawings made under such Letter of Credit. For purposes of this Agreement, (i) a Tranche
1 Revolving Lender (other than a Lender in its capacity as an Issuing Bank of a Letter of Credit) shall be deemed to hold a Letter
of Credit Liability in an amount equal to its participation interest under Section 2.4. in such Letter of Credit, and the Lender
that is the Issuing Bank of such Letter of Credit shall be deemed to hold a Letter of Credit Liability in an amount equal to its
retained interest in such Letter of Credit after giving effect to the acquisition by the Tranche 1 Revolving Lenders (other than the
Lender then acting as the Issuing Bank of such Letter of Credit) of their participation interests under such Section and (ii) if on
any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the
operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining
available to be drawn.

 

    - 33 -

     

    

 

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

 

“LIBOR”
means, subject to implementation of a Replacement Rate in accordance with Section 5.2.(c), with respect to any LIBOR Loan or Foreign
Currency Rate Loan described in clause (f) of the definition of “Foreign Currency Rate”, for any Interest Period, the
rate of interest obtained by dividing (i) the rate of interest per annum determined on the basis of the rate for deposits
in Dollars for a period equal to the applicable Interest Period as published by the ICE Benchmark Administration Limited, a
United Kingdom Company, or a comparable or successor quoting service reasonably approved by the Administrative Agent, at
approximately 11:00 a.m. (London time) two Business Days prior to the first day of the applicable Interest Period by (ii)
a percentage equal to 1 minus the Eurodollar Reserve Percentage; provided that
with respect to any Foreign Currency Rate Loan described in clause (f) of the definition of “Foreign Currency Rate”,
LIBOR shall be determined without dividing the amount in clause (i) above by the amount in clause (ii) above (i.e. without reference
to the Eurodollar Reserve Percentage). If, for any reason, the rate referred to in the preceding clause (i) is not so published,
then the rate to be used for such clause (i) shall be determined by the Administrative Agent to be the arithmetic average
of the rate per annum at which deposits in Dollars would be offered by first class banks in the London
interbank market to the Administrative Agent at approximately 11:00 a.m. (London time) two Business Days prior to the first day of
the applicable Interest Period for a period equal to such Interest Period. Any change in the Eurodollar Reserve Percentage shall
result in a change in LIBOR on the date on which such change in the Eurodollar Reserve Percentage becomes effective. Notwithstanding
the foregoing, (x) in no event shall LIBOR (including, without limitation, any Replacement Rate with respect thereto) be less than zero
and (y) unless otherwise specified in any amendment to this Agreement entered into in accordance with Section 5.2.(c), in
the event that a Replacement Rate with respect to LIBOR is implemented then all references herein to LIBOR shall be deemed
references to such Replacement Rate.

 

“LIBOR Auction”
means a solicitation of Bid Rate Quotes setting forth LIBOR Margin Loans based on USD
LIBOR pursuant to Section 2.3.

 

“LIBOR
Loan” means a Revolving Loan (other than a Foreign Currency Rate Loan) or Term Loan (or any portion thereof) (other than a
Base Rate Loan) bearing interest at a rate based on LIBOR.

 

“LIBOR Margin” has the meaning given
that term in Section 2.3.(c)(ii)(D).

 

“LIBOR Margin
Loan” means a Bid Rate Loan the interest rate on which is determined on the basis of USD
LIBOR pursuant to a LIBOR Auction.

 

“LIBOR Market Index
Rate” means, for any day, USD
LIBOR as of that day that would be applicable for a LIBOREurocurrency
Rate Loan having a one-month Interest Period determined at approximately 8:00 a.m. Pacific time on such day (rather than 11:00
a.m. (London time) two Business Days prior to the first day of such Interest Period as otherwise provided
in the definition of “LIBOR”), or if such day is not a Business Day, the immediately preceding Business Day.
The LIBOR Market Index Rate shall be determined on a daily basis.

 

“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; and (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.

 

    - 34 -

     

    

 

“Loan”
means a Revolving Loan, a Term Loan, a Bid Rate Loan or a Swingline Loan, as the context may require.

 

“Loan Document”
means this Agreement, each Note, the Guaranty (if in effect), each Letter of Credit Document, the Fee Letter and each other document
or instrument now or hereafter executed and delivered by a Loan Party in connection with, pursuant to or relating to this Agreement (other
than any Specified Derivatives Contract).

 

“Loan Party” means
each of the Borrower, each other Person who guarantees all or a portion of the Obligations and/or who pledges any collateral to secure
all or a portion of the Obligations. Schedule 1.1.(B) sets forth the Loan Parties in addition to the Borrower as of the Existing Agreement
Date.

 

“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 latest Termination Date for any Class of Loans.

 

“Material Acquisition”
means any acquisition by the Borrower or any Subsidiary in which the value of the assets acquired exceed $1,500,000,000.

 

“Material
Adverse Effect” means a materially adverse effect on (a) the business, assets, liabilities, financial condition or results
of operations of the Borrower and its Subsidiaries taken as a whole, (b) the ability of the Borrower and the other Loan Parties, taken
as a whole, to perform their obligations under the Loan Documents, (c) the validity or enforceability of any of the Loan Documents, or
(d) the rights and remedies, taken as a whole, of the Lenders, the Issuing Banks 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 oral, to which the Borrower, any Subsidiary or any other Loan Party is a party as to which the breach, nonperformance, cancellation
or failure to renew by any party thereto could reasonably be expected to have a Material Adverse Effect.

 

“Moody’s” means Moody’s Investors
Service, Inc. and its successors.

 

“Mortgage”
means a mortgage, deed of trust, deed to secure debt or similar security instrument made by a Person owning an interest in real estate
granting a Lien on such interest in real estate as security for the payment of Indebtedness.

 

“Mortgage
Receivable” means a promissory note secured by a Mortgage of which the Borrower or a Subsidiary is the holder and retains the
rights of collection of all payments thereunder.

 

    - 35 -

     

    

 

“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.

 

“MXN”, “Peso” or “Ps$”
means the lawful currency of Mexico.

 

“Negative Pledge”
means, with respect to a given asset, any provision of a document, instrument or agreement (other than any Loan Document or any Specified
Derivatives Contract) which prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security for Indebtedness
of the Person owning such asset or any other Person; provided, however, that any provision of a document, instrument or
an agreement that either (a) conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified
ratios or financial tests (including any financial ratio such as a maximum ratio of unsecured debt to unencumbered assets) 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 or (b) requires the grant of a Lien to secure Unsecured Indebtedness if a Lien is granted to secure the Obligations
or other Unsecured Indebtedness of such Person, shall not constitute a “Negative Pledge”.

 

“Net Operating
Income” or “NOI” means, for any Property and for a given period, the sum (without duplication) of (a) rents
and other revenues received in the ordinary course from such Property (excluding pre-paid rents and revenues and security deposits except
to the extent applied in satisfaction of tenants’ obligations for rent) minus (b) all expenses paid or accrued by the Borrower
and its Subsidiaries and related to the ownership, operation or maintenance of such Property (other than those expenses normally covered
by a management fee), including but not limited to, taxes, assessments and the like, insurance, utilities, payroll costs, maintenance,
repair and landscaping expenses, marketing expenses, and general and administrative expenses (including an appropriate allocation for
legal, accounting, advertising, marketing and other expenses incurred in connection with such Property, but specifically excluding depreciation
and general overhead expenses of the Borrower and its Subsidiaries) minus (c) the Reserve for Replacements for such Property for
such period minus (d) the greater of (i) the actual property management fee paid during such period with respect to such Property
and (ii) an imputed management fee in an amount equal to 1% of the gross revenues for such Property for such period, all as determined
in accordance with GAAP.

 

“NIOR” has the meaning
assigned thereto in the definition of “Eurocurrency Rate”.

 

“NOK” or “Norwegian Krone”
means the lawful currency of Norway.

 

“Non-Consenting
Lender” means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all or all
affected Lenders (or all Lenders of a Class or all affected Lenders of a Class) in accordance with the terms of Section 13.6. and (b)
has been approved by the Requisite Lenders and, in the case of amendments that require the approval of all or all affected Lenders of
a particular Class, Requisite Class Lenders of such Class.

 

“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, (a) 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 similar customary exceptions to nonrecourse liability) is contractually limited to
specific assets of such Person encumbered by a Lien securing such Indebtedness and (b) if such Person is a Single Asset Entity, any
Indebtedness for borrowed money of such Person.

 

    - 36 -

     

    

 

“Note” means a Revolving
Note, Term Note, a Bid Rate Note or a Swingline Note, as the context may require.

 

“Notice
of Continuation” means a notice substantially in the form of Exhibit F (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 2.10.
evidencing the Borrower’s request for the Continuation of a LIBOR Loan or Foreign Currency Rate
Loan.

 

“Notice
of Conversion” means a notice substantially in the form of Exhibit G (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 2.11.
evidencing the Borrower’s request for the Conversion of a Loan from one Type to another Type.

 

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

 

“Notice
of Swingline Borrowing” means a notice substantially in the form of Exhibit I (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 and the
Swingline Lender pursuant to Section 2.5.(b) evidencing the Borrower’s request for a Swingline Loan.

 

“NZD” or “New Zealand Dollar”
means the lawful currency of New Zealand.

 

“Obligations”
means, individually and collectively: (a) the aggregate principal balance of, and all accrued and unpaid interest on, all Loans; (b)
all Reimbursement Obligations and all other Letter of Credit Liabilities; and (c) all other indebtedness, liabilities, obligations, covenants
and duties of the Borrower and the other Loan Parties owing to the Administrative Agent, the Issuing Bank or any Lender of every kind,
nature and description, under or in respect of this Agreement or any of the other Loan Documents, including, without limitation, the
Fees and indemnification obligations, whether direct or indirect, absolute or contingent, due or not due, contractual or tortious, liquidated
or unliquidated, and whether or not evidenced by any promissory note. For the avoidance of doubt, “Obligations” shall not
include any indebtedness, liabilities, obligations, covenants or duties in respect of Specified Derivatives Contracts.

 

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

 

“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 the Borrower, liabilities and obligations of the Borrower,
any Subsidiary or any other Person in respect of “off-balance sheet arrangements” (as defined in Item 303(a)(4)(ii) of
Regulation S-K promulgated under the Securities Act) which the Borrower would be required to disclose in the
 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of the
Borrower’s report on Form 10-Q or Form 10-K (or their equivalents) which the Borrower is required to file with the SEC.

 

    - 37 -

     

    

 

“Original
Credit Agreement” means that certain Credit Agreement, dated as of June 30, 2015 by and among the Borrower, certain of the
Existing Lenders, the Administrative Agent and certain other parties thereto.

 

“Other
Benchmark Rate Election” means, if the then-current Benchmark for Obligations, interest, fees, commissions or other amounts
denominated in, or calculated with respect to, Dollars, is the Adjusted Eurocurrency Rate for Dollars, the occurrence of: (a) a notification
by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the other
parties hereto that at least five currently outstanding Dollar-denominated syndicated credit facilities at such time contain (as a result
of amendment or as originally executed), in lieu of a USD LIBOR-based rate, a term benchmark rate that is not a SOFR-based rate as a
benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and (b) the
joint election by the Administrative Agent and the Borrower to trigger a fallback from the Adjusted Eurocurrency Rate for Dollars and
the provision by the Administrative Agent of written notice of such election to the Lenders.

 

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

 

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

 

“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 that
term in Section 13.5.(d).

 

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

 

“Participating Member State” means each
state so described in any EMU Legislation.

 

    - 38 -

     

    

 

“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)), as amended from time to time, and any successor statute.

 

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

 

“Permitted Liens” means, with
respect to any Unencumbered Asset owned by 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 or pursuant to any Environmental
Laws) or property owner association or similar entity or the claims of materialmen, mechanics, carriers, warehousemen, repairmen or
landlords for labor, materials, supplies or rentals incurred in the ordinary course of business, which are not at the time
delinquent or required to be paid or discharged under Section 8.6.; (b) Liens consisting of deposits or pledges made, in the
ordinary course of business, in connection with, or to secure payment of, obligations under workmen’s compensation,
unemployment insurance or other social security or other similar Applicable Laws; (c) Liens consisting of encumbrances in the nature
of covenants, conditions, zoning restrictions, easements, encroachments, variations, rights of way and rights or restrictions on the
use of real property, which do not materially detract from the value of such property or impair the use thereof in the business of
such Person; (d) the rights of tenants under leases or subleases and the rights of managers or operators with respect to real or
personal property made in the ordinary course of business, in each case, not interfering with the ordinary conduct of business of
such Person; (e) Liens in favor of the Administrative Agent for the benefit of the Lenders; (f) Liens in favor of the Borrower or a
Guarantor; (g) any option, contract or other agreement to sell an asset provided such sale is otherwise permitted by this Agreement;
and (h) with respect to any Property, any attachment or judgment Lien on such Property arising from a judgment or order against such
Person by any court or other tribunal so long as (i) such judgment or order is paid, stayed or dismissed through appropriate
appellate proceedings on or before 60 days from the date of entry and (ii) the amount thereof is equal to or less than
$1,000,000.

 

“Person”
means any natural person, corporation, limited partnership, general partnership, joint stock company, limited liability company, limited
liability partnership, joint venture, association, company, trust, bank, trust company, land trust, business trust or other organization,
whether or not a legal entity, or any other nongovernmental entity, or any Governmental Authority.

 

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

 

“Post-Default
Rate” means, in respect of any principal of any Class of Loans, the interest rate otherwise applicable to such Class of Loans
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 Revolving Loans that are Base Rate Loans plus two percent
(2.0%).

 

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

 

    - 39 -

     

    

 

“Prime
Rate” means, at any time, the rate of interest per annum publicly announced from time to time by the Lender then acting as
the Administrative Agent as its prime rate. Each change in the Prime Rate shall be effective as of the opening of business on the
day such change in such prime rate occurs. The parties hereto acknowledge that the rate announced publicly by the Lender acting as
Administrative Agent as its prime rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its
customers or other banks.

 

“Principal
Office” means the office of the Administrative Agent located at 600 South 4th Street, 8th Floor, Minneapolis, Minnesota 55415,
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.

 

“Property”
means, with respect to any Person, any parcel of real property, together with any building, facility, structure, equipment or other asset
located on such parcel of real property, in each case owned by such Person.

 

“Pro Rata Share”
means, as to each Lender, the ratio, expressed as a percentage of (a) (i) the aggregate amount of such Lender’s Revolving Commitments
plus (ii) the aggregate amount of such Lender’s outstanding Term Loans to (b) (i) the aggregate amount of the Revolving
Commitments of all Lenders plus (ii) the aggregate principal amount of all outstanding Term Loans; provided, however,
that if at the time of determination the Revolving Commitments have been terminated or reduced to zero, the “Pro Rata Share”
of each Lender shall be the ratio, expressed as a percentage of (A) the sum of the aggregate principal amount of all outstanding Loans
and Letter of Credit Liabilities owing to such Lender as of such date to (B) the sum of the aggregate unpaid principal amount of all
outstanding Loans and Letter of Credit Liabilities of all Lenders as of such date. If at the time of determination the Revolving Commitments
have been terminated or reduced to zero and there are no outstanding Loans or, in the case of the Tranche 1 Revolving Commitments, Letter
of Credit Liabilities, then the Pro Rata Shares of the Lenders shall be determined as of the most recent date on which Revolving Commitments
were in effect or Loans or, in the case of the Tranche 1 Revolving Commitments, Letters of Credit Liabilities were outstanding. For purposes
of this definition, a Tranche 1 Revolving Lender shall be deemed to hold a Swingline Loan or a Letter of Credit Liability to the extent
such Tranche 1 Revolving Lender has acquired a participation therein under the terms of this Agreement and has not failed to perform
its obligations in respect of such participation.

 

“QFC”
has the meaning given 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
given that term in Section 13.21.

 

“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, Moody’s
or Fitch.

 

“Rate
Determination Date” means, with respect to any Interest Period, two (2) Business Days prior to the commencement
of such Interest Period (or such other day as is generally treated as the rate fixing day by market practice in such interbank market,
as determined by the Administrative Agent; provided that to the extent that such market practice is not administratively feasible for
the Administrative Agent, such other day as otherwise reasonably determined by the Administrative Agent).

 

“Recipient”
means (a) the Administrative Agent, (b) any Lender and (c) any Issuing Bank, as applicable.

 

    - 40 -

     

    

 

“Recurring
Capital Expenditures” means mandatory and recurring landlord capital expenditures made in respect of a Property for maintenance
of such Property and replacement of items that have a limited useful life. “Recurring Capital Expenditures” for a period
shall also include “Leasing Costs and Commissions” as set forth in the Borrower’s statement of “Adjusted Funds
From Operations” for such period.

 

“Reference
Time” with respect to any setting of the then-current Benchmark for any Currency means (a) if such Benchmark
is a Daily Simple RFR, (i) if the RFR for such Benchmark is SOFR, then four (4) RFR Business Days prior to (A) if the date of such setting
is an RFR Business Day, such date or (B) if the date of such setting is not an RFR Business Day, the RFR Business Day immediately preceding
such date, (ii) if the RFR for such Benchmark is SONIA, then four (4) RFR Business Days prior to (A) if the date of such setting is an
RFR Business Day, such date or (B) if the date of such setting is not an RFR Business Day, the RFR Business Day immediately preceding
such date, and (iii) if the RFR for such Benchmark is SARON, then five (5) RFR Business Days prior to (A) if the date of such setting
is an RFR Business Day, such date or (B) if the date of such setting is not an RFR Business Day, the RFR Business Day immediately preceding
such date, (b) if such Benchmark is an Adjusted Eurocurrency Rate, (i) if the applicable Adjusted Eurocurrency Rate for such Benchmark
is based upon USD LIBOR, then 11:00 a.m. (London time) on the day that is two (2) Business Days preceding the date of such setting, (ii)
if the applicable Adjusted Eurocurrency Rate for such Benchmark is based upon EURIBOR, then 11:00 a.m. (Brussels time) on the day that
is two (2) Business Days preceding the date of such setting, and (iii) if the applicable Adjusted Eurocurrency Rate for such Benchmark
is based upon TIBOR, then 11:00 a.m. (Tokyo time) on the day that is two (2) Business Days preceding the date of such setting and (c)
otherwise, then the time determined by the Administrative Agent, including in accordance with the Benchmark Replacement Conforming Changes.

 

“Register” has the meaning given that
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 without
limitation, Regulation D of the Board of Governors of the Federal Reserve System) or the adoption or making after such date of any interpretation,
directive or request applying to a class of banks, including such Lender, of or under any Applicable Law (whether or not having the force
of law) 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 or issued.

 

“Reimbursement
Obligation” means the absolute, unconditional and irrevocable obligation of the Borrower to reimburse the applicable Issuing
Bank for any drawing honored by such Issuing Bank under a Letter of Credit.

 

“REIT”
means a “real estate investment trust” under Sections 856 through 860 of the Internal Revenue Code.

 

    - 41 -

     

    

 

“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.

 

“Replacement Rate”
has the meaning assigned thereto in Section 5.2.(c).

 

“Relevant
Governmental Body” means (a) with respect to a Benchmark Replacement in respect of Obligations, interest, fees, commissions
or other amounts denominated in, or calculated with respect to, Dollars, the FRB or the Federal Reserve Bank of New York, or a committee
officially endorsed or convened by the FRB or the Federal Reserve Bank of New York, or any successor thereto and (b) with
respect to a Benchmark Replacement in respect of Obligations, interest, fees, commissions or other amounts denominated in, or calculated
with respect to, any Foreign Currency, (i) the central bank for the Currency in which such Obligations, interest, fees, commissions or
other amounts are denominated, or calculated with respect to, or any central bank or other supervisor which is responsible for supervising
either (A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement or (ii) any working group or committee officially
endorsed or convened by (A) the central bank for the Currency in which such Obligations, interest, fees, commissions or other amounts
are denominated, or calculated with respect to, (B) any central bank or other supervisor that is responsible for supervising either (1)
such Benchmark Replacement or (2) the administrator of such Benchmark Replacement, (C) a group of those central banks or other supervisors
or (D) the Financial Stability Board or any part thereof.

 

“Requisite
Class Lenders” means, with respect to a Class of Lenders as of any date of determination, (a) with respect to the
Revolving Lenders of a Class, Lenders of such Class having more than 50.0% of the aggregate amount of the Revolving Commitments of
such Class, or (b) with respect to (i) the Revolving Lenders of a Class, if the Revolving Commitments have been terminated or
reduced to zero or (ii) any Class of Term Loans, Lenders of such Class holding more than 50.0% of the principal amount of the
aggregate outstanding Loans of such Class, and in the case of Tranche 1 Revolving Lenders, outstanding Letter of Credit Liabilities
and Swingline Loans; provided that (i) in determining such percentage at any given time, all then existing Defaulting Lenders
of such Class will be disregarded and excluded, and (ii) at all times when two or more Lenders (excluding Defaulting Lenders) of
such Class are party to this Agreement, the term “Requisite Class Lenders” shall in no event mean less than two Lenders
of such Class. For purposes of this definition, a Tranche 1 Revolving Lender shall be deemed to hold a Swingline Loan or a Letter of
Credit Liability to the extent such Lender has acquired a participation therein under the terms of this Agreement and has not failed
to perform its obligations in respect of such participation.

 

“Requisite
Lenders” means, as of any date, (a) Lenders having more than 50.0% of the aggregate amount of the Revolving Commitments
and the outstanding Term Loans of all Lenders, or (b) if the Revolving Commitments have been terminated or reduced to zero, Lenders
holding more than 50.0% of the principal amount of the aggregate outstanding Loans and Letter of Credit Liabilities; 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 or more Lenders (excluding Defaulting Lenders) are party to this Agreement, the term “Requisite
Lenders” shall in no event mean less than two Lenders. For purposes of this definition, a Tranche 1 Revolving Lender shall be
deemed to hold a Swingline Loan or a Letter of Credit Liability to the extent such Lender has acquired a participation therein under
the terms of this Agreement and has not failed to perform its obligations in respect of such participation.

 

“Reserve for
Replacements” means, for any period and with respect to any Property, an amount equal to the greater of (a)(i) the
aggregate square footage of all completed space of such Property times (ii) $0.10 times (iii) the number of days in
such period divided by (iv) 365 and (b) the amount of Recurring Capital Expenditures actually made in respect of such
Property during such period. 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 of the Borrower and its Subsidiaries and the applicable Ownership
Shares of all real property of all Unconsolidated Affiliates of the Borrower.

 

    - 42 -

     

    

 

“Responsible
Officer” means with respect to the Borrower or any Subsidiary, the chief executive officer, the chief financial officer and
chief operating officer of the Borrower or such Subsidiary.

 

“Restricted Payment”
means with respect to a Person, (a) any dividend or other distribution, direct or indirect, on account of any Equity Interest of such
Person now or hereafter outstanding, except a dividend payable solely in shares of that class of Equity Interests (or shares of common
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 such Person 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 such Person now or hereafter outstanding.

 

“Revaluation
Date” means (a) with respect to any Foreign Currency Rate Loan, the last day of each Interest Period of such Loan and (b) such
additional dates as the Administrative Agent, the Swingline Lender or any Issuing Bank shall reasonably determine or the Requisite Class
Lenders shall reasonably require.

 

“Revolving
Commitment” means a Tranche 1 Revolving Commitment or a Tranche 2 Revolving Commitment.

 

“Revolving
Commitment Percentage” means a Tranche 1 Revolving Commitment Percentage or a Tranche 2 Revolving Commitment Percentage.

 

“Revolving Lender” means a Tranche 1
Revolving Lender or a Tranche 2 Revolving Lender.

 

“Revolving Loan” means a Tranche 1 Revolving
Loan or a Tranche 2 Revolving Loan.

 

“Revolving Note” means a Tranche 1 Revolving
Note or a Tranche 2 Revolving Note.

 

“Revolving
Termination Date” means March 24, 2023, or such later date to which the Revolving Termination Date may be extended pursuant
to Section 2.14.

 

“RFR”
means, for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, (a) Dollars,
on and after the USD LIBOR Transition Date, SOFR, (b) Sterling, SONIA, (c) Swiss Francs, SARON and (d) Singapore Dollars, SORA.

 

“RFR
Business Day” means, for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect
to, (a) Dollars, on and after the USD LIBOR Transition Date, 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, (b) Sterling, any day except for (i) a Saturday,
(ii) a Sunday or (iii) a day on which banks are closed for general business in London, (c) Swiss Francs, any day except for (i) a Saturday,
(ii) a Sunday or (iii) a day on which banks are closed for the settlement of payments and foreign exchange transactions in Zurich and
(d) Singapore Dollars, any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which banks are closed for the settlement of
payments and foreign exchange transactions in Singapore; provided, that for purposes of notice requirements in Sections 2.1.(b), 2.9.(a),
2.10. and 2.11., in each case, such day is also a Business Day.

 

    - 43 -

     

    

 

“RFR Loan” means a Daily
Simple RFR Loan or a Term RFR Loan, as the context may require.

 

“RFR
Rate Day” means any day pursuant to which any calculation of Adjusted Daily Simple RFR is made.

 

“Same Day
Funds” means (a) with respect to disbursements and payments in Dollars, immediately available funds, and (b) with respect to
disbursements and payments in anya
Foreign Currency, same day or other funds as may be determined by the Administrative Agent or
the applicable Issuing Bank (with notice thereof to the Administrative Agent), as the case may be, to be customary in the
place of disbursement or payment for the settlement of international banking transactions in the relevant Foreign
Currency.

 

“Sanctioned
Country” means, at any time, a country, region or territory which is, or whose government is, the subject or target of any
Sanctions.

 

“Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by any Governmental
Authority of the United States of America, including without limitation, OFAC or the U.S. Department of State, or by the United Nations
Security Council, the European Union, any member state of the European Union or Her Majesty’s Treasury,

 

(b) any Person located, operating, organized
or resident in a Sanctioned Country, (c) an agency of the government of a Sanctioned County or (d) any Person majority-owned or Controlled
by any Person or agency described in any of the preceding clauses (a) through (c).

 

“Sanctions”
means any sanctions or trade embargoes imposed, administered or enforced by any Governmental Authority of the United States of America,
including without limitation, OFAC or the U.S. Department of State, or by the United Nations Security Council, the European Union, any
member state of the European Union or Her Majesty’s Treasury.

 

“SARON”
means a rate equal to the Swiss Average Rate Overnight as administered by the SARON Administrator.

 

“SARON Adjustment” means
a percentage equal to -0.0571% (negative 5.71 basis points) per annum.

 

“SARON
Administrator” means SIX Swiss Exchange AG (or any successor administrator of the Swiss Average Rate Overnight).

 

“SARON
Administrator’s Website” means SIX Swiss Exchange AG’s website, currently at https://www.six-group.com, or any
successor source for the Swiss Average Rate Overnight identified as such by the SARON Administrator from time to time.

 

“Screen
Rate” means, for any Eurocurrency Rate Loan denominated in (a) Dollars, the USD LIBOR Rate, (b) Euros, the EURIBOR Rate, (c)
Yen, the TIBOR Rate, (d) Australian Dollars, the BBSY Rate or (e) Canadian Dollars, the CDOR Rate.

 

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

 

    - 44 -

     

    

 

“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 of such Person and, in the case of the Borrower,
shall include (without duplication) the Borrower’s Ownership Share of the Secured Indebtedness of its Unconsolidated Affiliates.
Indebtedness of the Borrower or a Subsidiary secured solely by a pledge of Equity Interests in one or more Subsidiaries shall not be
treated as Secured Indebtedness but shall be treated as Unsecured Indebtedness.

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time, together with all rules and regulations issued thereunder.

 

“SEK” or “Swedish Krona”
means the lawful currency of Sweden.

 

“SGD”, “Singapore Dollars”
or “S$” means the lawful currency of Singapore.

 

“Singapore Dollar RFR
Determination Day” has the meaning assigned thereto in the definition of “Adjusted Daily Simple RFR”.

 

“SIOR” has the meaning
assigned thereto in the definition of “Eurocurrency Rate”.

 

“Single Asset
Entity” means a Person (other than an individual) that (a) only owns a single Property; (b) is engaged only in the
business of owning, developing and/or leasing such Property; and (c) receives substantially all of its gross revenues from such
Property. In addition, if the assets of a Person consist solely of (i) Equity Interests in one or more other Single Asset Entities
that collectively own a single Property and (ii) cash and other assets of nominal value incidental to such Person’s ownership
of the other Single Asset Entities, such Person shall also be deemed to be a Single Asset Entity for purposes hereof.

 

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

 

“SOFR Adjustment” means
a percentage equal to 0.11448% (11.448 basis points) per annum.

 

“SOFR
Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing
rate).

 

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

 

“SONIA”
means a rate equal to the Sterling Overnight Index Average as administered by the SONIA Administrator.

 

“SONIA Adjustment” means
a percentage equal to 0.0326% (3.26 basis points per annum.

 

“SONIA
Administrator” means the Bank of England (or any successor administrator of the Sterling Overnight Index Average).

 

    - 45 -

     

    

 

 

“SONIA
Administrator’s Website” means the Bank of England’s website, currently at http://www.bankofengland.co.uk, or any
successor source for the Sterling Overnight Index Average identified as such by the SONIA Administrator from time to time.

 

“SORA”
means a rate equal to the Singapore Overnight Rate Average as administered by the SORA Administrator.

 

“SORA
Adjustment” means such adjustment as agreed to in writing by the Borrower, the Administrative Agent and each Tranche 2 Revolving
Lender.

 

“SORA
Administrator” means the Monetary Authority of Singapore (or any successor administrator of the Singapore Overnight Rate Average).

 

“SORA
Administrator’s Website” means the Monetary Authority of Singapore’s website, currently at https://eservices.mas.gov.sg,
or any successor source for the Singapore Overnight Rate Average identified as such by the SORA Administrator from time to time.

 

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

 

“Special
Notice Currency” means, at any time, a Foreign Currency other than the currency of a country that is a member of the Organization
for Economic Cooperation and Development at such time located in North America.

 

“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.

 

“Spot
Rate” means, for
a Foreign Currency means, the
rate that appears on the relevant screen page on Bloomberg’s (Screen FXC) for cross currency
rates with respect to such currency twodetermined
for such Currency by the Administrative Agent or the Issuing Bank (with notice to the Administrative Agent), as applicable, to be
the rate quoted by the Person acting in such capacity as the spot rate for the purchase by such Person of such Currency with another
currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two (2) Business
Days prior to the date onas
of which the foreign exchange computation is made; provided that if such page ceases to
be available, such other page for the purpose of displaying cross currency rates as the Administrative Agent may
determine, in its reasonable discretion.or
the Issuing Bank may obtain such spot rate from another financial institution designated by the Administrative Agent or the Issuing
Bank if the Person acting in such capacity does not have as of the date of determination a spot buying rate for any such Currency;
provided further that the
Issuing Bank may use such spot rate quoted on the date as of which the foreign exchange computation is made in the case of any Letter
of Credit denominated in a Foreign Currency.

 

    - 46 -

     

    

 

“S&P” means S&P Global Ratings,
a division of S&P Global, Inc.

 

“Stated
Amount” means the amount available to be drawn by a beneficiary under a Letter of Credit from time to time, as such amount
may be increased or reduced from time to time in accordance with the terms of such Letter of Credit.

 

“Statutory
Reserve Rate” means, with respect to any Foreign Currency, a fraction (expressed as a decimal), (a) the numerator of which
is the number one, and (b) the denominator of which is the number one minus the aggregate of the maximum reserve, liquid asset, fees
or similar requirements (including any marginal, special, emergency or supplemental reserves or other requirements) established by any
central bank, monetary authority, the Financial Services Authority, the European Central Bank or other Governmental Authority for any
category of deposits or liabilities customarily used to fund loans in such currency, expressed in the case of each such requirement as
a decimal. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve, liquid
asset or similar requirement.

 

“Sterling RFR
Determination Day” has the meaning assigned thereto in the definition of “Adjusted Daily Simple RFR”.

 

“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.

 

“Substantial
Amount” means, at the time of determination thereof, an amount equal to 25% of Gross Asset Value at such time.

 

“Supported QFC” has the meaning given
that term in Section 13.21.

 

“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.

 

“Swingline Commitment”
means each Swingline Lender’s obligation to make Swingline Loans pursuant to Section 2.5. in an amount up to, but not exceeding
the amount set forth in the first sentence of Section 2.5.(a), as such amount may be reduced from time to time in accordance with the
terms hereof.

 

“Swingline
Lender” means each of Wells Fargo, Bank of America, N.A., Royal Bank of Canada, Regions Bank and JPMorgan Chase Bank, N.A.,
in each case together with its successors and assigns, or any of them as the context may require.

 

“Swingline
Loan” means a loan made by the Swingline Lender to the Borrower pursuant to Section 2.5.

 

    - 47 -

     

    

 

“Swingline
Maturity Date” means the date which is 5 Business Days prior to the Revolving Termination Date.

 

“Swingline
Note” means a promissory note of the Borrower substantially in the form of Exhibit L, payable to a Swingline Lender in a principal
amount equal to the amount of the Swingline Commitment of such Swingline Lender as originally in effect and otherwise duly completed.

 

“Swiss
Francs RFR Determination Day” has the meaning assigned thereto in the definition of “Adjusted Daily Simple RFR”.

 

“Tau”
means Tau Operating Partnership, L.P., a limited partnership formed under the law of the State of Delaware.

 

“Taxable
REIT Subsidiary” means any corporation (other than a REIT) in which the Borrower directly or indirectly owns stock and the
Borrower and such corporation jointly elect on IRS Form 8875 (or with respect to which IRS Form 8875 is otherwise filed with the IRS)
to have the corporation treated as a taxable REIT subsidiary of Borrower under Section 856(l) of the Internal Revenue Code. For purposes
of this Agreement, any Subsidiary of a Taxable REIT Subsidiary that is disregarded as an entity for United States federal income tax
purposes (a “Deemed Taxable REIT Subsidiary”) shall not be treated as an entity separate from such Taxable REIT Subsidiary
but shall instead be deemed to be the same entity as such Taxable REIT Subsidiary.

 

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

 

“Term Loan” means a Tranche A Term Loan
or a Tranche B Term Loan.

 

“Term Loan Lender” means a Tranche A
Term Loan Lender or a Tranche B Term Loan Lender.

 

“Term Loan
Maturity Date” means, (a) with respect to the Tranche A Term Loans, June 30, 2020 and (b) with respect to the Tranche B Term
Loans, March 24, 2024.

 

“Term Note” means a Tranche A Term Loan
Note or a Tranche B Term Loan Note.

 

“Term
RFR” means, with respect to any Currency for any Interest Period, a rate per annum equal to (a) for any Obligations, interest,
fees, commissions or other amounts denominated in, or calculated with respect to, Dollars, Adjusted Term SOFR and (b) for any Obligations,
interest, fees, commissions or other amounts denominated in, or calculated with respect to, Sterling, Swiss Francs or Singapore Dollars,
the greater of (i) the forward-looking term rate for a period comparable to such Interest Period based on the RFR for such Currency
that is published by an authorized benchmark administrator and is displayed on a screen or other information service, each as identified
or selected by the Administrative Agent in its reasonable discretion at approximately a time and as of a date prior to the commencement
of such Interest Period determined by the Administrative Agent in its reasonable discretion in a manner substantially consistent with
market practice and (ii) the Floor.

 

“Term
RFR Loan” means any Loan that bears interest at a rate based on Term RFR other than pursuant to clause (c) of the definition
of “Base Rate”.

 

    - 48 -

     

    

 

“Term
RFR Notice” means a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term RFR
Transition Event.

 

“Term
RFR Transition Date” means, in the case of a Term RFR Transition Event, the date that is thirty (30) calendar days after the
Administrative Agent has provided the related Term RFR Notice to the Lenders and the Borrower pursuant to Section 5.2(e)(i)(C).

 

“Term
RFR Transition Event” means, with respect to any Currency for any Interest Period, the determination by the Administrative
Agent that (a) the applicable Term RFR for such Currency has been recommended for use by the Relevant Governmental Body and (b) the administration
of such Term RFR is administratively feasible for the Administrative Agent.

 

“Term
SOFR” means, for any Available Tenor and Interest Period, a rate per annum equal to the forward-looking term rate for a period
comparable to such Available Tenor based on the SOFR that is published by an authorized benchmark administrator and is displayed
on a screen or other information service, each as identified or selected by the Administrative Agent in its reasonable discretion
at approximately a time and as of a date prior to the commencement of such Interest Period determined by the Administrative Agent
in its reasonable discretion in a manner substantially consistent with market practice.

 

“Term
SOFR Adjustment” means, for any calculation with respect to a Base Rate Loan or a Term RFR Loan, a percentage per annum
as set forth below for the applicable type of such Loan and (if applicable) Interest Period therefor:

 

Base Rate Loans:

 

	 	0.11448%	 
	 	 	 

 

Term RFR Loans:

 

	Interest
    Period	Percentage
	 	 
	One
    month	0.11448 %
	 	 
	Three
    months	0.26161%
	 	 
	Six
    months	0.42826%
	 	 

 

 

“Termination
Date” means (a) with respect to the Revolving Loans and Revolving Commitments, the Revolving Termination Date and (b) with
respect to a Class of Term Loans, the applicable Term Loan Maturity Date.

 

“TIBOR” has the meaning
assigned thereto in the definition of “Eurocurrency Rate”.

 

“TIBOR Rate” has the
meaning assigned thereto in the definition of “Eurocurrency Rate”.

 

    - 49 -

     

    

 

“TIIE
Rate” means, for any Interest Period with respect to a Foreign
CurrencyEurocurrency Rate
Loan denominated in Pesos, the
greater of (A) the rate per annum equal to the Interbank Equilibrium Interest Rate, or a comparable or successor rate
that is approved by the Administrative Agent, as published by Banco de Mexico in the Federation’s Official Gazette (or such
other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) at
or about 2:00 p.m. (Mexico City, Mexico time) with a term equivalent to the applicable Interest Period.
If the TIIE Rate for any Interest Period shall be less than zero, such rate shall be deemed to be zero for such Interest Period for
all purposes of this Agreement and
(B) the Floor.

 

“Titled Agent” has the meaning given
that term in Section 12.9.

 

“Total
Liabilities” means, as to any Person as of a given date, all liabilities which would, in conformity with GAAP, be properly
classified as a liability on a consolidated balance sheet of such Person as of such date, and in any event shall include (without
duplication): (a) all Indebtedness of such Person (whether or not Nonrecourse Indebtedness and whether or not secured by a Lien),
including without limitation, Capitalized Lease Obligations and reimbursement obligations with respect to any letter of credit (to
the extent drawn and not reimbursed); (b) [reserved]; (c) all purchase and repurchase obligations and forward commitments of such
Person to the extent such obligations or commitments are evidenced by a binding purchase agreement (forward commitments shall (x)
include without limitation (i) forward equity commitments and (ii) commitments to purchase any real property under development,
redevelopment or renovation but (y) exclude any agreement, commitment or arrangement for the sale of Equity Interests issued by the
Borrower at a future date that could be discharged solely by (A) delivery of the Borrower’s Equity Interests (other than
Mandatorily Redeemable Stock), or, (B) solely at the Borrower’s option made at any time, payment of the net 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 the Borrower to pay the net cash value of such Equity Interest and
prior to payment of such net cash value, the obligation to pay such net cash value shall be included as “Total
Liabilities” hereunder (it being understood and agreed that the amount of such Total Liabilities shall be calculated based on
the closing price of the Borrower’s Equity Interests on the date of such election, irrespective of the market price of the
Borrower’s Equity Interests at any time following such election, including at the time of payment)); (d) [reserved]; (e)
[reserved]; (f) all contingent obligations of such Person including, without limitation, all Guarantees of Indebtedness by such
Person; (g) all liabilities of any Unconsolidated Affiliate of such Person, which liabilities such Person has Guaranteed or is
otherwise obligated on a recourse basis; and (h) such Person’s Ownership Share of the Indebtedness of any Unconsolidated
Affiliate of such Person, including Nonrecourse Indebtedness of such Person. Accounts payable and accrued expenses shall be excluded
from Total Liabilities. For purposes of clause (c) of this definition, the amount of Total Liabilities of a Person at any given time
in respect of (x) a contract to purchase or otherwise acquire unimproved or fully developed real property shall be equal to (i) the
total purchase price payable by such Person under such contract if, at such time, the seller of such real property would be entitled
to specifically enforce such contract against such Person, otherwise, (ii) the aggregate amount of due diligence deposits, earnest
money payments and other similar payments made by such Person under such contract which, at such time, would be subject to
forfeiture upon termination of the contract and (y) a contract relating to the acquisition of real property which the seller is
required to develop or renovate prior to, and as a condition precedent to, such acquisition, shall equal the maximum amount
reasonably estimated to be payable by such Person under such contract assuming performance by the seller of its obligations under
such contract, which amount shall include, without limitation, any amounts payable after consummation of such acquisition which may
be based on certain performance levels or other related criteria. For purposes of this definition, if the assets of a Subsidiary of
a Person consist solely of Equity Interests in one Unconsolidated Affiliate of such Person and such Person is not otherwise
obligated in respect of the Indebtedness of such Unconsolidated Affiliate, then only such Person’s Ownership Share of the
Indebtedness of such Unconsolidated Affiliate shall be included as Total Liabilities of such Person. Notwithstanding the use of
GAAP, the calculation of Total 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.

 

    - 50 -

     

    

 

“Tranche
A Term Loan” means a term loan made to the Borrower pursuant to the Original Credit Agreement and maintained under this Agreement
pursuant to Section 2.2.(a).

 

“Tranche A Term Loan Lender” means a
Lender holding a Tranche A Term Loan.

 

“Tranche
A Term Loan Note” means a promissory note of the Borrower substantially in the form of Exhibit M, payable to a Tranche A Term
Loan Lender in a principal amount equal to the amount of such Tranche A Term Loan Lender’s Tranche A Term Loans.

 

“Tranche
B Term Loan” means a term loan made to the Borrower pursuant to the Existing Credit Agreement and maintained under this Agreement
pursuant to Section 2.2.(b).

 

“Tranche B Term Loan Lender” means a
Lender holding a Tranche B Term Loan.

 

“Tranche
B Term Loan Note” means a promissory note of the Borrower substantially in the form of Exhibit N, payable to a Tranche B Term
Loan Lender in a principal amount equal to the amount of such Tranche B Term Loan Lender’s Tranche B Term Loans.

 

“Tranche 1 Currency” means (a) Dollars,
(b) AUD, (c) GBP, (d) CAD, (e) CHF and (f) EUR.

 

“Tranche 1 Revolving
Commitment” means, as to each Tranche 1 Revolving Lender (other than the Swingline Lender), such Tranche 1 Revolving Lender’s
obligation to make Tranche 1 Revolving Loans pursuant to Section 2.1.(a)(i), to issue (in the case of an Issuing Bank) and to participate
(in the case of the other Tranche 1 Revolving Lenders) in Letters of Credit pursuant to Section 2.4.(i), and to participate in Swingline
Loans pursuant to Section 2.5.(e), in an amount up to, but not exceeding the amount set forth for such Tranche 1 Revolving Lender on
Schedule I as such Tranche 1 Revolving Lender’s “Tranche 1 Revolving Commitment Amount” or as set forth in the applicable
Assignment and Assumption, or agreement executed by a Person becoming a Tranche 1 Revolving Lender pursuant to Section 2.17., as the
same may be reduced from time to time pursuant to Section 2.13. or increased or reduced as appropriate to reflect any assignments to
or by such Tranche 1 Revolving Lender effected in accordance with Section 13.5. or increased as appropriate to reflect any increase effected
in accordance with Section 2.17.

 

“Tranche 1 Revolving
Commitment Percentage” means, as to each Lender with a Tranche 1 Revolving Commitment, the ratio, expressed as a percentage,
of (a) the amount of such Lender’s Tranche 1 Revolving Commitment to (b) the aggregate amount of the Tranche 1 Revolving Commitments
of all Tranche 1 Revolving Lenders; provided, however, that if at the time of determination the Revolving Commitments have
been terminated or reduced to zero, the “Tranche 1 Revolving Commitment Percentage” of each Lender with a Tranche 1 Revolving
Commitment shall be the “Tranche 1 Revolving Commitment Percentage” of such Lender in effect immediately prior to such termination
or reduction.

 

“Tranche
1 Revolving Credit Exposure” means, as to any Tranche 1 Revolving Lender at any time, the aggregate principal amount at such
time of its outstanding Tranche 1 Revolving Loans and such Tranche 1 Revolving Lender’s participation in Letter of Credit Liabilities
and Swingline Loans at such time.

 

    - 51 -

     

    

 

“Tranche
1 Revolving Lender” means a Lender having a Tranche 1 Revolving Commitment, or if the Revolving Commitments have been terminated
or reduced to zero, holding any Tranche 1 Revolving Loans or Letter of Credit Liabilities.

 

“Tranche
1 Revolving Loan” means a loan made by a Tranche 1 Revolving Lender to the Borrower pursuant to Section 2.1.(a)(i).

 

“Tranche
1 Revolving Note” means a promissory note of the Borrower substantially in the form of Exhibit J, payable to a Tranche 1 Revolving
Lender in a principal amount equal to the amount of such Lender’s Tranche 1 Revolving Commitment.

 

“Tranche
2 Currency” means (a) Dollars, (b) AUD, (c) GBP, (d) CAD, (e) CHF, (f) EUR, (g) HKD, (h) SGD, (i) DKK, (j) JPY, (k) MXN, (l)
NZD, (m) NOK and (n) SEK.

 

“Tranche
2 Revolving Commitment” means, as to each Tranche 2 Revolving Lender, such Tranche 2 Revolving Lender’s obligation to
make Tranche 2 Revolving Loans pursuant to Section 2.1.(a)(ii) in an amount up to, but not exceeding the amount set forth for such Tranche
2 Revolving Lender on Schedule I as such Tranche 2 Revolving Lender’s “Tranche 2 Revolving Commitment Amount” or as
set forth in the applicable Assignment and Assumption, as the same may be reduced from time to time pursuant to Section 2.13. or increased
or reduced as appropriate to reflect any assignments to or by such Tranche 2 Revolving Lender effected in accordance with Section 13.5.

 

“Tranche
2 Revolving Commitment Percentage” means, as to each Lender with a Tranche 2 Revolving Commitment, the ratio, expressed as
a percentage, of (a) the amount of such Lender’s Tranche 2 Revolving Commitment to (b) the aggregate amount of the Tranche 2 Revolving
Commitments of all Tranche 2 Revolving Lenders; provided, however, that if at the time of determination the Revolving Commitments
have been terminated or reduced to zero, the “Tranche 2 Revolving Commitment Percentage” of each Lender with a Tranche 2
Revolving Commitment shall be the “Tranche 2 Revolving Commitment Percentage” of such Lender in effect immediately prior
to such termination or reduction.

 

“Tranche
2 Revolving Credit Exposure” means, as to any Tranche 2 Revolving Lender at any time, the aggregate principal amount at such
time of its outstanding Tranche 2 Revolving Loans.

 

“Tranche
2 Revolving Lender” means a Lender having a Tranche 2 Revolving Commitment, or if the Revolving Commitments have been terminated
or reduced to zero, holding any Tranche 2 Revolving Loans.

 

“Tranche
2 Revolving Loan” means a loan made by a Tranche 2 Revolving Lender to the Borrower pursuant to Section 2.1.(a)(ii).

 

“Tranche 2 Revolving
Note” means a promissory note of the Borrower substantially in the form of Exhibit K, payable to a Tranche 2 Revolving Lender
in a principal amount equal to the amount of such Lender’s Tranche 2 Revolving Commitment.

 

“Treasury
Estates Portfolio” means the Properties comprised of vineyard properties as well as the winery, production, retail and visitor
center buildings of both the Sterling Vineyards winery and the Beaulieu Vineyards (BV) winery, acquired by the Borrower and its Subsidiaries
from Treasury Wine Estates (as successor to Diageo Chateau & Estate Wine Company).

 

    - 52 -

     

    

 

“Type”
with respect to any Revolving Loan or Term Loan, refers to whether such Loan or portion thereof is a LIBOREurocurrency
Rate Loan, a Base Rate Loan or a Foreign Currency Rate,
a Daily Simple RFR Loan or a Term RFR Loan.

 

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

 

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

 

“Unencumbered
Asset” means a Property which satisfies all of the following requirements: (a) such Property is owned in fee simple, or
leased under an Eligible Ground Lease, by (i) the Borrower, (ii) a Guarantor which is not an Unconsolidated Affiliate and of which
the Borrower directly or indirectly owns and controls at least 51% of the issued and outstanding Equity Interests of such Guarantor
or (iii) a Subsidiary of which the Borrower directly or indirectly owns and controls at least 85% of the issued and outstanding
Equity Interests of such Subsidiary; (b) such Property is a retail, office, industrial, manufacturing or distribution Property, or
is the Treasury Estates Portfolio, and is leased to third party tenants on a net lease basis; (c) if such Property is owned by a
Subsidiary that is not a Guarantor, such Subsidiary has not incurred, acquired or suffered to exist any Indebtedness other than (i)
Nonrecourse Indebtedness, (ii) Indebtedness that does not constitute Nonrecourse Indebtedness not to exceed 5% of the Unencumbered
Asset Value of such Subsidiary in the aggregate at any time outstanding, (iii) Indebtedness owed to the Borrower or a Guarantor and
(iv) Indebtedness owed to a Subsidiary (x) which would be permitted under this definition of “Unencumbered Asset”
(including, without limitation, under this clause (c)) to own an Unencumbered Asset and (y) the Properties of which would qualify as
Unencumbered Assets; (d) regardless of whether such Property 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 or (ii) any Negative Pledge; and (f) such Property is free of all structural defects, title defects and environmental
conditions except for such defects or conditions individually or collectively which do not materially adversely affect the
profitable operation of such Property; provided that no Property owned by (A) Crest Net Lease, Inc., (B) any Deemed Taxable
REIT Subsidiary of Crest Net Lease, Inc., (C) ARCT TRS Corp., (D) any Deemed Taxable REIT Subsidiary of ARCT TRS Corp., (E) any
Taxable REIT Subsidiary (in addition to Crest Net Lease, Inc., and ARCT TRS Corp.) that is designated by the Borrower pursuant to
Section 8.14. hereof to not become a Guarantor hereunder or (F) any Deemed Taxable REIT Subsidiary of a Taxable REIT Subsidiary
identified in the foregoing clause (E) shall be included as an Unencumbered Asset hereunder. Notwithstanding the foregoing, any
Property approved by the Requisite Lenders shall be deemed to be an Unencumbered Asset even if such Property does not satisfy all of
the requirements herein, so long as such Property continues to satisfy all those remaining requirements in this definition that were
satisfied by such Property at the time of such Requisite Lender approval.

 

“Unencumbered
Asset Certificate” means a report, certified by the chief financial officer of the Borrower in the manner provided for in Exhibit
O, setting forth the calculations required to establish Unencumbered Asset Value as of a specified date, all in form and detail reasonably
satisfactory to the Administrative Agent.

 

    - 53 -

     

    

 

“Unencumbered
Asset Value” means, at any time, the sum (without duplication) of (a)(i) the Net Operating Income of all Unencumbered
Assets (excluding (A) Development Properties and (B) any Unencumbered Asset that has a negative Net Operating Income for such
period) for the period of four consecutive fiscal quarters of the Borrower most recently ended divided by (ii) the
Capitalization Rate, plus (b) the current GAAP book value of all Development Properties that are Unencumbered Assets plus (c)
the GAAP book value (exclusive of accumulated depreciation) of the corporate headquarters of the Borrower located at 11975/11995 El
Camino Real, San Diego, California 92130 so long as the Borrower or a Subsidiary owns such Property and such Property would qualify
as an Unencumbered Asset except for clause (b) of the definition thereof. If an Unencumbered Asset (other than a Development
Property) was acquired by the Borrower or a Subsidiary during the period of four consecutive fiscal quarters of the Borrower most
recently ended, then the Net Operating Income from such Unencumbered Asset shall be excluded from determination of Unencumbered
Asset Value and Unencumbered Asset Value shall be increased by an amount equal to the purchase price paid by the Borrower or any
Subsidiary for such Unencumbered Asset (less any amounts paid to the Borrower or such Subsidiary as a purchase price adjustment,
held in escrow, retained as a contingency reserve, or in connection with other similar arrangements). To the extent that
Unencumbered Assets leased pursuant to ground leases would, in the aggregate, account for more than 10.0% of Unencumbered Asset
Value, such excess shall be excluded. To the extent that Development Properties would, in the aggregate, account for more than 10.0%
of Unencumbered Asset Value, such excess shall be excluded. To the extent that Unencumbered Assets that are not located in a state
of the United States of America or the District of Columbia would, in the aggregate account for more than 10.0% of Unencumbered
Asset Value, such excess shall be excluded. In the event that a Property meets the definition of Unencumbered Asset by way of its
owner becoming a Guarantor as provided for in clause (a)(ii) of the definition of Unencumbered Asset (which Guarantor is not a
Subsidiary for which the Borrower directly or indirectly owns and controls at least 85% of its issued and outstanding Equity
Interests), then to the extent that such Unencumbered Assets (excluding any Unencumbered Assets owned directly or indirectly by Tau
or Realty Income, LP) would account for more than 10.0% of Unencumbered Asset Value, such excess shall be excluded.

 

“Unimproved Land” means
land on which no development (other than improvements that are not material and are temporary in nature) has occurred.

 

“Unrestricted 1031
Cash” means the aggregate amount of cash of the Borrower, each Guarantor and each Subsidiary that is held in escrow in connection
with the completion of “like-kind” exchanges being effected in accordance with Section 1031 of the Internal Revenue Code.

 

“Unsecured Indebtedness”
means, with respect to a Person, Indebtedness of such Person that is not Secured Indebtedness.

 

“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. Special Resolution Regimes” has
the meaning given that term in Section 13.21.

 

“U.S. Tax Compliance Certificate”
has the meaning assigned to such term in Section 3.10.(g)(ii)(B)(III).

 

“USD LIBOR” has the meaning
assigned thereto in the definition of “Eurocurrency Rate”.

 

“USD LIBOR Rate” has
the meaning assigned thereto in the definition of “Eurocurrency Rate”.

 

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“USD
LIBOR Transition Date” means, the earlier of (a) the date that all Available Tenors of USD LIBOR have either (i) permanently
or indefinitely ceased to be provided by IBA; provided that, at the time of such statement or publication, there is no successor administrator
that will continue to provide any Available Tenor of USD LIBOR or (ii) been announced by the FCA pursuant to public statement or publication
of information to be no longer representative and (b) the Early Opt-in Effective Date, so long as, in the case of (a) or (b),
a Benchmark Replacement has not as of such date replaced the Adjusted Eurocurrency Rate for Dollars pursuant to Section 5.2(c)(i)
as the result of an Other Benchmark Rate Election.

 

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

 

“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 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.

 

Section 1.2. General; References to Pacific Time.

 

Unless otherwise
indicated, all accounting terms, ratios and measurements shall be interpreted or determined in accordance with GAAP as in effect as
of the Existing Agreement Date. References in this Agreement to “Sections”, “Articles”,
 “Exhibits” and “Schedules” are to sections, articles, exhibits and schedules herein and hereto unless
otherwise indicated. References in this Agreement to any document, instrument or agreement (a) shall include all exhibits, schedules
and other attachments thereto, (b) except as expressly provided otherwise in any Loan Document, shall include all documents,
instruments or agreements issued or executed in replacement thereof, to the extent permitted hereby and (c) shall mean such
document, instrument or agreement, or replacement or predecessor thereto, as amended, supplemented, restated or otherwise modified
from time to time to the extent not otherwise stated herein or prohibited hereby and in effect at any given time. Except as
expressly provided otherwise in any Loan Document, (i) any reference to any law shall include all statutory and regulatory
provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless
otherwise specified, refer to such law or regulation as amended, modified, extended, restated, replaced or supplemented from time to
time and (ii) any reference to any Person shall be construed to include such Person’s permitted successors and permitted
assigns. The words “include”, “includes” and “including” shall be deemed to be followed by the
phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the
word “shall”. The word “or” has the inclusive meaning represented by the phrase “and/or”.
Wherever from the context it appears appropriate, each term stated in either the singular or plural shall include the singular and
plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter.
Unless explicitly set forth to the contrary, a reference to “Subsidiary” means a Subsidiary of the Borrower or a
Subsidiary of such Subsidiary, a reference to “Unconsolidated Affiliate” means an Unconsolidated Affiliate of the
Borrower and a reference to an “Affiliate” means an Affiliate of the Borrower. Titles and captions of Articles,
Sections, subsections and clauses in this Agreement are for convenience only, and neither limit nor amplify the provisions of this
Agreement. Unless otherwise indicated, all references to time are references to Pacific time daylight or standard, as
applicable.

 

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Section 1.3. Rates.

 

The
Administrative Agent does not warrant or accept responsibility for, and shall not have any liability with respect to, the administration,
submission or any other matter related to the rates in the definitions of “LIBOR”, “CDOR Rate”, “TIIE Rate”
and “Foreign Currency Rate”.

 

The
interest rate on Loans denominated in Dollars or a Foreign Currency may be determined by reference to a benchmark rate that is,
or may in the future become, the subject of regulatory reform or cessation. Regulators have signaled the need to use
alternative reference rates for some of these benchmark rates and, as a result, such benchmark rates may cease to comply with
applicable laws and regulations, may be permanently discontinued or the basis on which they are calculated may change. The London
interbank offered rate, which may be one of the benchmark rates with reference to which the interest rate on Loans may be
determined, is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the
London interbank market. On March 5, 2021, the ICE Benchmark Administration (“IBA”), the administrator of the
London interbank offered rate, and the Financial Conduct Authority (the “FCA”), the regulatory supervisor of IBA,
announced in public statements (the “Announcements”) that the final publication or representativeness date for the
London interbank offered rate for: (a) Sterling, Yen, Swiss Francs and Euros will be December 31, 2021, (b) Dollars for 1-week
and 2-month tenor settings will be December 31, 2021 and (c) Dollars for overnight, 1-month, 3-month, 6-month and 12-month
tenor settings will be June 30, 2023. No successor administrator for IBA was identified in such Announcements. As a result, it is
possible that commencing immediately after such dates, the London interbank offered rate for such currencies and tenors may no
longer be available or may no longer be deemed a representative reference rate upon which to determine the interest rate on
applicable Loans. There is no assurance that the dates set forth in the Announcements will not change or that IBA or the FCA
will not take further action that could impact the availability, composition or characteristics of any London interbank
offered rate. Public and private sector industry initiatives have been and continue, as of the date hereof, to be underway to
implement new or alternative reference rates to be used in place of London interbank offered rates. In the event that the London interbank
offered rate or any other then-current Benchmark is no longer available or in certain other circumstances set forth in Section
5.2(c), such Section 5.2(c) provides a mechanism for determining an alternative rate of interest. The Administrative Agent will
notify the Borrower, pursuant to Section 5.2(c), of any change to the reference rate upon which the interest rate on Loans is
based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with
respect to, (i) the continuation of, administration of, submission of, calculation of or any other matter related to the London
interbank offered rate, the rates in the definition of “Eurocurrency Rate” or any other Benchmark, or any component
definition thereof or rates referenced in the definition thereof, or with respect to any alternative, successor or replacement
rate thereto (including any then-current Benchmark or any Benchmark Replacement), including whether the composition or
characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement), as it may or may not
be adjusted pursuant to Section 5.2(c), will be similar to, or produce the same value or economic equivalence of, or have the same
volume or liquidity as, such Benchmark or any other Benchmark prior to its discontinuance or unavailability, or (ii) the effect,
implementation or composition of any Conforming Changes. The Administrative Agent and its Affiliates or other related entities may
engage in transactions that affect the calculation of a Benchmark, any alternative, successor or replacement rate (including any
Benchmark Replacement) or any relevant adjustments thereto and such transactions may be adverse to the Borrower . The Administrative
Agent may select information sources or services in its reasonable discretion to ascertain any Benchmark, any component definition
thereof or rates referred to 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 1.4. Exchange Rates; Currency Equivalents.

 

(a)               
The Administrative Agent shall determine the Spot Rate for a given Foreign Currency as of each date of borrowing or Revaluation
Date for a given Foreign Currency, as applicable, to be used for calculating the Dollar Equivalent amount of any borrowing of Revolving
Loans and other amounts outstanding hereunder denominated in such Foreign Currency. Such Spot Rate shall become effective as of such
borrowing or Revaluation Date and shall be the Spot Rate employed in converting any amounts between the applicable currencies until the
next Revaluation Date with respect to the applicable Foreign Currency.

 

(b)               
Wherever in this Agreement in connection with an Obligation, borrowing, Conversion, Continuation or prepayment of a Foreign Currency
Rate Loan, an amount (such as a required minimum or multiple amount) is expressed in Dollars but such Obligation is denominated in a
Foreign Currency, such amount shall be the relevant Foreign Currency Equivalent of such Dollar Equivalent (rounded to the nearest unit
of such Foreign Currency, with 0.0001 of a unit being rounded upward), as determined by the Administrative Agent on the applicable Revaluation
Date under and in accordance with the provisions of this Agreement.

 

Section 1.5. Change of Currency.

 

(a)               
Each obligation of the Borrower to make a payment denominated in the national currency unit of any member state of the European
Union that adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euros at the time of such adoption
(in accordance with the EMU Legislation). If, in relation to the currency of any such member state, the basis of accrual of interest
expressed in this Agreement in respect of that currency shall be inconsistent with any convention or practice in the London interbank
market for the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention or practice
with effect from the date on which such member state adopts the Euro as its lawful currency; provided that if any Obligation in
the currency of such member state is outstanding immediately prior to such date, such replacement shall take effect, with respect to
such Obligation, at the end of the then current Interest Period.

 

(b)               
Each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from
time to time specify to be appropriate to reflect the adoption of the Euro by any member state of the European Union and any relevant
market conventions or practices relating to the Euro.

 

(c)               
Each provision of this Agreement also shall be subject to such reasonable changes of construction as the Administrative Agent
may from time to time specify to be appropriate to reflect change in currency of any other country and any relevant market conventions
or practices relating to such change in currency.

 

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ARTICLE II. CREDIT
FACILITY

 

Section 2.1. Revolving Loans.

 

(a)          
Making of Revolving Loans.

 

(i)                
Tranche 1 Revolving Loans. Subject to the terms and conditions set forth in this Agreement, including without limitation,
Section 2.16., each Tranche 1 Revolving Lender severally and not jointly agrees to make Tranche 1 Revolving Loans in a Tranche 1 Currency
to the Borrower during the period from and including the Effective Date to but excluding the Revolving Termination Date, in an aggregate
principal amount at any one time outstanding up to, but not exceeding, such Tranche 1 Revolving Lender’s Tranche 1 Revolving Commitment.
Each borrowing of Tranche 1 Revolving Loans that are to be (i) Base Rate Loans shall be in an aggregate minimum amount of $5,000,000
and integral multiples of $1,000,000 in excess thereof and (ii) LIBOR Loans or Foreign CurrencyEurocurrency
Rate Loans or
RFR Loans shall be in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof. Notwithstanding
the immediately preceding two sentences but subject to Section 2.16., a borrowing of Tranche 1 Revolving Loans may be in the aggregate
amount of the unused Tranche 1 Revolving Commitments. Within the foregoing limits and subject to the terms and conditions of this Agreement,
the Borrower may borrow, repay and reborrow Tranche 1 Revolving Loans.

 

(ii)              
Tranche 2 Revolving Loans. Subject to the terms and conditions set forth in this Agreement, including without limitation,
Section 2.16., each Tranche 2 Revolving Lender severally and not jointly agrees to make Tranche 2 Revolving Loans in a Tranche 2 Currency
to the Borrower during the period from and including the Effective Date to but excluding the Revolving Termination Date, in an aggregate
principal amount at any one time outstanding up to, but not exceeding, such Tranche 2 Revolving Lender’s Tranche 2 Revolving Commitment.
Each borrowing of Tranche 2 Revolving Loans that are to be (i) Base Rate Loans shall be in an aggregate minimum amount of $5,000,000
and integral multiples of $1,000,000 in excess thereof and (ii) LIBOR Loans or Foreign CurrencyEurocurrency
Rate Loans or
RFR Loans shall be in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof. Notwithstanding
the immediately preceding two sentences but subject to Section 2.16., a borrowing of Tranche 2 Revolving Loans may be in the aggregate
amount of the unused Tranche 2 Revolving Commitments. Within the foregoing limits and subject to the terms and conditions of this Agreement,
the Borrower may borrow, repay and reborrow Tranche 2 Revolving Loans.

 

		(b)	Requests for Revolving Loans.

 

(i)                
With respect to Revolving Loans denominated in Dollars, not later than 9:00 a.m. Pacific time at least 1 Business Day prior to
a borrowing of Revolving Loans that are to be Base Rate Loans and not later than 9:00 a.m. Pacific time at least 3 Business Days prior
to a borrowing of Revolving Loans that are to be LIBOR Loans, the Borrower shall deliver to the Administrative Agent a Notice of Revolving
Borrowing. With respect to Revolving Loans denominated in Dollars, each Notice of Revolving Borrowing shall specify (A) the aggregate
principal amount of the Revolving Loans to be borrowed, (B) the date such Revolving Loans are to be borrowed (which must be a Business
Day), (C) the Type and Class of the requested Revolving Loans, and (D) if such Revolving Loans are to be LIBOR Loans, the initial Interest
Period for such Revolving Loans.

 

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(i)                 
 The Borrower shall give a Notice of Revolving Borrowing not later than 9:00 a.m. Pacific time (A) on the immediately preceding
Business Day as each Base Rate Loan and (B)(I) in the case of a Daily Simple RFR Loan denominated in Dollars, at least five RFR
Business Days before such Daily Simple RFR Loan, (II) in the case of a Term RFR Loan denominated in Dollars, at least three RFR
Business Days before such Term RFR Loan, (III) in the case of a Eurocurrency Rate Loan denominated in Dollars, at least three
Business Days before such Eurocurrency Rate Loan, (IV) in the case of an RFR Loan denominated in any Foreign Currency, at least
five RFR Business Days before such RFR Loan, and (V) in the case of a Eurocurrency Rate Loan denominated in any Foreign Currency, at
least four Business Days before such Eurocurrency Rate Loan (or five Business Days in the case of a Special Notice Currency), of its
intention to borrow, in each case, specifying (1) the date of such borrowing, which shall be a Business Day, (2) the Currency of
such borrowing, (3) the amount of such borrowing, which shall comply with clause (a) above, (4) whether such Revolving Loan is to be
a Eurocurrency Rate Loan, a Daily Simple RFR Loan, a Term RFR Loan or a Base Rate Loan, and (5) in the case of a Eurocurrency Rate
Loan or a Term RFR Loan, the duration of the Interest Period applicable thereto. If the Borrower fails to specify the Currency of a
Loan in a Notice of Revolving Borrowing, then the applicable Loans shall be made in Dollars. If the Borrower fails to specify a Type
of Loan denominated in Dollars in a Notice of Revolving Borrowing, then the applicable Loans shall be made as Base Rate Loans. If
the Borrower requests a borrowing of Eurocurrency Rate Loans or Term RFR Loans in any such Notice of Borrowing, but fails to specify
an Interest Period, it will be deemed to have specified an Interest Period of one month. A Notice of Borrowing received after 11:00
a.m. shall be deemed received on the next Business Day, RFR Business Day or Eurocurrency Banking Day, as applicable. The
Administrative Agent shall promptly notify the Revolving Credit Lenders of each Notice of Borrowing

 

(ii)              
With respect to Revolving Loans denominated in a Foreign Currency, not later than 9:00 a.m. Pacific time at least 5 Business Days
prior to a borrowing of Revolving Loans, the Borrower shall deliver to the Administrative Agent a Notice of Revolving Borrowing. With
respect to Revolving Loans denominated in a Foreign Currency, each Notice of Revolving Borrowing shall specify (A) the aggregate principal
amount of the Revolving Loans to be borrowed, (B) the date such Revolving Loans are to be borrowed (which must be a Business Day), (C)
the Type and Class of the requested Revolving Loans, (D), the Currency of the requested Revolving Loans and (E) the initial Interest
Period for such Revolving Loans. 

 

(iii)            
Each Notice of Revolving Borrowing shall be irrevocable once given and binding on the Borrower. Prior to delivering a Notice of
Revolving Borrowing, the Borrower may (without specifying whether a Revolving Loan will be a Base Rate Loan, a LIBOREurocurrency
Rate Loan or a Foreign Currency RateRFR
Loan) request that the Administrative Agent provide the Borrower with the most recent LIBOR
or Foreign Currency RateEurocurrency
Rate or applicable RFR 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.

 

(c)               
Funding of Revolving Loans. Promptly after receipt of a Notice of Revolving Borrowing under the immediately preceding subsection
(b), the Administrative Agent shall notify each Revolving Lender of the applicable Class of Revolving Loans so requested of the proposed
borrowing and the Currency thereof. Each Revolving Lender of the applicable Class shall deposit an amount equal to the Revolving Loan
of such Class in the applicable Currency to be made by such Lender to the Borrower with the Administrative Agent at the Principal Office,
in immediately available fundsSame
Day Funds not later than 9:00 a.m. Pacific time on the date of such proposed Revolving Loans. Subject to fulfillment of all
applicable conditions set forth herein, the Administrative Agent shall make available to the Borrower in the account specified in the
Disbursement Instruction Agreement, not later than 12:00 Noon Pacific time on the date of the requested borrowing of Revolving Loans
of such Class, the proceeds of such amounts received by the Administrative Agent.

 

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(d)              Assumptions
Regarding Funding by Revolving Lenders. With respect to Revolving Loans to be made after the Effective Date, unless the Administrative
Agent shall have been notified by any Revolving Lender of a Class of Revolving Loans that such Lender will not make available to the
Administrative Agent a Revolving Loan of such Class 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 Revolving 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 Revolving 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 Revolving Loan, then such Lender and the Borrower severally agree to pay to the Administrative Agent on demand
the amount of such Revolving Loan with interest thereon, for each day from and including the date such Revolving Loan is made available
to the Borrower but excluding 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 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 Revolving Loans
that are Base Rate Loans. 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 Revolving Loan, the amount so paid shall constitute
such Lender’s Revolving Loan included in the borrowing. Any payment by the Borrower shall be without prejudice to any claim the
Borrower may have against a Revolving Lender that shall have failed to make available the proceeds of a Revolving Loan to be made by
such Lender (including, if applicable, treatment of such Lender as a Defaulting Lender in accordance with the terms of this Agreement).

 

Section 2.2. Term Loans.

 

(a)               
Tranche A Term Loans. Pursuant to the Original Credit Agreement, certain of the Existing Lenders made “Term Loans”
(as defined in the Original Credit Agreement) denominated in Dollars to the Borrower. Such “Term Loans” shall be continued
as, and shall constitute, Tranche A Term Loans hereunder. The Borrower hereby agrees and acknowledges that as of the Effective Date,
the outstanding principal balance of the Tranche A Term Loans is set forth on Schedule I and shall for all purposes hereunder constitute
and be referred to as Tranche A Term Loans and Term Loans hereunder, without constituting a novation, but in all cases subject to the
terms and conditions applicable to Tranche A Term Loans and Term Loans hereunder. Once repaid, the principal amount of a Tranche A Term
Loan (or portion thereof) may not be reborrowed.

 

(b)               
Tranche B Term Loans. Pursuant to the Existing Credit Agreement, certain of the Existing Lenders made “Tranche B
Term Loans” (as defined in the Existing Credit Agreement) denominated in Dollars to the Borrower. Such “Tranche B Term Loans”
shall be continued as, and shall constitute, Tranche B Term Loans hereunder. The Borrower hereby agrees and acknowledges that as of the
Effective Date, the outstanding principal balance of the Tranche B Term Loans is set forth on Schedule I and shall for all purposes hereunder
constitute and be referred to as Tranche B Term Loans and Term Loans hereunder, without constituting a novation, but in all cases subject
to the terms and conditions applicable to Tranche B Term Loans and Term Loans hereunder. Once repaid, the principal amount of a Tranche
B Term Loan (or portion thereof) may not be reborrowed.

 

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Section 2.3. Bid Rate Loans.

 

(a)          Bid Rate Loans. In
addition to borrowings of Tranche 1 Revolving Loans, at any time during the period from the Effective Date to but excluding the
Revolving Termination Date, and so long as the Borrower continues to maintain an Investment Grade Rating from any two Ratings
Agencies, the Borrower may, as set forth in this Section, request the Tranche 1 Revolving Lenders to make offers to make Bid Rate
Loans to the Borrower in Dollars. The Tranche 1 Revolving Lenders may, but shall have no obligation to, make such offers and the
Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in this Section.

 

(b)          Requests for
Bid Rate Loans. When the Borrower wishes to request from the Tranche 1 Revolving Lenders offers to make Bid Rate Loans, it shall
give the Administrative Agent notice (a “Bid Rate Quote Request”) so as to be received no later than 9:00 a.m. Pacific time
on (x) the Business Day immediately preceding the date of borrowing proposed therein, in the case of an Absolute Rate Auction and (y)
the date 4 Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction. The Administrative Agent shall deliver
to each Tranche 1 Revolving Lender a copy of each Bid Rate Quote Request promptly upon receipt thereof by the Administrative Agent. The
Borrower may request offers to make Bid Rate Loans for up to 3 different Interest Periods in any one Bid Rate Quote Request; provided
that if granted each separate Interest Period shall be deemed to be a separate borrowing (a “Bid Rate Borrowing”). Each
Bid Rate Quote Request shall be substantially in the form of Exhibit P and shall specify as to each Bid Rate Borrowing all of the following:

 

(i)                
the proposed date of such Bid Rate Borrowing, which shall be a Business Day;

 

(ii)              
the aggregate amount of such Bid Rate Borrowing which shall be in a minimum amount of $10,000,000 and integral multiples of $1,000,000
in excess thereof which shall not cause any of the limits specified in Section 2.16. to be violated;

 

(iii)            
whether the Bid Rate Quote Request is for LIBOR Margin Loans or Absolute Rate Loans;

 

(iv)             
the duration of the Interest Period applicable thereto, which shall not extend beyond the Revolving Termination Date; and

 

(v)               
an express statement as to whether such Bid Rate Loans may be prepaid without premium or penalty.

 

The Borrower shall not deliver any Bid
Rate Quote Request within 5 Business Days of the giving of any other Bid Rate Quote Request and the Borrower shall not deliver more than
2 Bid Rate Quote Requests in any calendar month.

 

(c)           
Bid Rate Quotes.

 

(i)                 Each
Tranche 1 Revolving Lender may submit one or more Bid Rate Quotes, each containing an offer to make a Bid Rate Loan in response to
any Bid Rate Quote Request; provided that, if the Borrower’s request under Section 2.3.(b) specified more than one
Interest Period, such Tranche 1 Revolving Lender may make a single submission containing only one Bid Rate Quote for each such
Interest Period. Each Bid Rate Quote must be submitted to the Administrative Agent not later than 8:30 a.m. Pacific time (x) on the
proposed date of borrowing, in the case of an Absolute Rate Auction and (y) on the date 3 Business Days prior to the proposed date
of borrowing, in the case of a LIBOR Auction, and in either case the Administrative Agent shall disregard any Bid Rate Quote
received after such time; provided that the Tranche 1 Revolving Lender then acting as the Administrative Agent may submit a
Bid Rate Quote only if it notifies the Borrower of the terms of the offer contained therein not later than 30 minutes prior to the
latest time by which the Tranche 1 Revolving Lenders must submit applicable Bid Rate Quotes. Any Bid Rate Quote so made shall be
irrevocable except with the consent of the Administrative Agent given at the request of the Borrower. Such Bid Rate Loans may be
funded by a Tranche 1 Revolving Lender’s Designated Lender (if any) as provided in Section 13.5.(h); provided that such
Tranche 1 Revolving Lender shall not be required to specify in its Bid Rate Quote whether such Bid Rate Loan will be funded by such
Designated Lender.

 

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(ii)          Each
Bid Rate Quote shall be substantially in the form of Exhibit Q and shall specify:

 

(A)             
the proposed date of borrowing and the Interest Period therefor;

 

(B)             
the principal amount of the Bid Rate Loan for which each such offer is being made; provided that the aggregate principal
amount of all Bid Rate Loans for which a Tranche 1 Revolving Lender submits Bid Rate Quotes (x) may be greater or less than the Tranche
1 Revolving Commitment of such Tranche 1 Revolving Lender but

(y) 
shall not exceed the principal amount of the Bid Rate Borrowing for a particular Interest Period for which offers were requested;
provided further that any Bid Rate Quote shall be in a minimum amount of $5,000,000 and integral multiples of $100,000 in excess
thereof;

 

(C)             
in the case of an Absolute Rate Auction, the rate of interest per annum (rounded upwards, if necessary, to the nearest one-hundredth
of one percent (0.01%)) offered for each such Absolute Rate Loan (the “Absolute Rate”);

 

(D)             in the case of a LIBOR Auction, the margin above or below applicable USD
LIBOR (the “LIBOR Margin”) offered for each such LIBOR Margin Loan, expressed as a percentage (rounded upwards,
if necessary, to the nearest one-hundredth of one percent (0.01%)) to be added to (or subtracted from) the applicable USD
LIBOR; and

 

 (E)             the identity of the quoting Tranche 1 Revolving Lender.

 

Unless otherwise agreed by the Administrative
Agent and the Borrower, no Bid Rate Quote shall contain qualifying, conditional or similar language or propose terms other than or in
addition to those set forth in the applicable Bid Rate Quote Request and, in particular, no Bid Rate Quote may be conditioned upon acceptance
by the Borrower of all (or some specified minimum) of the principal amount of the Bid Rate Loan for which such Bid Rate Quote is being
made.

 

(d)           Notification
by Administrative Agent. The Administrative Agent shall, as promptly as practicable after the Bid Rate Quotes are submitted (but
in any event not later than 9:30 a.m. Pacific time (x) on the proposed date of borrowing, in the case of an Absolute Rate Auction or
(y) on the date 3 Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction), notify the Borrower of the
terms (i) of any Bid Rate Quote submitted by a Tranche 1 Revolving Lender that is in accordance with Section 2.3.(c) and (ii) of any
Bid Rate Quote that amends, modifies or is otherwise inconsistent with a previous Bid Rate Quote submitted by such Tranche 1
Revolving Lender with respect to the same Bid Rate Quote Request. Any such subsequent Bid Rate Quote shall be disregarded by the
Administrative Agent unless such subsequent Bid Rate Quote is submitted solely to correct a manifest error in such former Bid Rate
Quote. The Administrative Agent’s notice to the Borrower shall specify (A) the aggregate principal amount of the Bid Rate
Borrowing for which offers have been received and (B) the principal amounts and Absolute Rates or LIBOR Margins, as applicable, so
offered by each Tranche 1 Revolving Lender (identifying the Tranche 1 Revolving Lender that made such Bid Rate Quote).

 

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(e)               
Acceptance by Borrower.

 

(i)                
Not later than 10:30 a.m. Pacific time (x) on the proposed date of borrowing, in the case of an Absolute Rate Auction and (y)
on the date 3 Business Days prior to the proposed date of borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Administrative
Agent of its acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to Section 2.3.(d). which notice shall be
in the form of Exhibit R. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for
each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance.
The Borrower may accept any Bid Rate Quote in whole or in part; provided that:

 

(A)             
the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate
Quote Request;

 

(B)             
the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.3.(b)(ii) and together
with all other Bid Rate Loans then outstanding shall not cause the limits specified in Section 2.16. to be violated;

 

(C)             
acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or LIBOR Margins, as applicable, in each case
beginning with the lowest rate so offered;

 

(D)             
any acceptance in part by the Borrower shall be in a minimum amount of $5,000,000 and integral multiples of $100,000 in excess
thereof; and

 

(E)              
the Borrower may not accept any Bid Rate Quote that fails to comply with Section 2.3.(c) or otherwise fails to comply with the
requirements of this Agreement.

 

(ii)          If
Bid Rate Quotes are made by two or more Tranche 1 Revolving Lenders with the same Absolute Rates or LIBOR Margins, as applicable,
for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the
related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are accepted shall be
allocated by the Administrative Agent among such Tranche 1 Revolving Lenders in proportion to the aggregate principal amount of such
Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be conclusive in the absence of
manifest error.

 

(f)                 Obligation
to Make Bid Rate Loans. The Administrative Agent shall promptly (and in any event not later than (x) 11:30 a.m. Pacific time on
the proposed date of borrowing of Absolute Rate Loans and (y) on the date 3 Business Days prior to the proposed date of borrowing of
LIBOR Margin Loans) notify each Tranche 1 Revolving Lender that submitted a Bid Rate Quote as to whose Bid Rate Quote has been
accepted and the amount and rate thereof. A Tranche 1 Revolving Lender who is notified that it has been selected to make a Bid Rate
Loan may designate its Designated Lender (if any) to fund such Bid Rate Loan on its behalf, as described in Section 13.5.(g). Any
Designated Lender which funds a Bid Rate Loan shall on and after the time of such funding become the obligee in respect of such Bid
Rate Loan and be entitled to receive payment thereof when due. No Tranche 1 Revolving Lender shall be relieved of its obligation to
fund a Bid Rate Loan, and no Designated Lender shall assume such obligation, prior to the time the applicable Bid Rate Loan is
funded. Any Tranche 1 Revolving Lender whose offer to make any Bid Rate Loan has been accepted shall, not later than 12:30 p.m.
Pacific time on the date specified for the making of such Loan, make the amount of such Loan available to the Administrative Agent
at its Principal Office in immediately available funds, for the account of the Borrower. The amount so received by the
Administrative Agent shall, subject to the terms and conditions of this Agreement, be made available to the Borrower not later than
1:30 p.m. Pacific time on such date by depositing the same, in immediately available funds, in an account of the Borrower designated
by the Borrower.

 

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(g)                 No Effect
on Tranche 1 Revolving Commitment. Except for the purpose and to the extent expressly stated in Sections 2.13. and 2.16., the amount
of any Bid Rate Loan made by any Tranche 1 Revolving Lender shall not constitute a utilization of such Tranche 1 Revolving Lender’s
Tranche 1 Revolving Commitment.

 

Section 2.4. Letters of Credit.

 

(a)                Letters
of Credit. Subject to the terms and conditions of this Agreement, including without limitation, Section 2.16., each Issuing Bank
severally and not jointly, on behalf of the Tranche 1 Revolving Lenders, agrees to issue for the account of the Borrower (which may
be in support of the obligations of the Borrower or in support of obligations of a Subsidiary of the Borrower) during the period
from and including the Effective Date to, but excluding, the date 5 days prior to the Revolving Termination Date, one or more
standby letters of credit (each a “Letter of Credit”) denominated in Dollars up to a maximum aggregate Stated Amount at
any one time outstanding not to exceed $60,000,000 as such amount may be reduced from time to time in accordance with the terms
hereof (the “L/C Commitment Amount”); provided, that an Issuing Bank shall not be obligated to (but may, in its
sole discretion) issue any Letter of Credit if, after giving effect to such issuance, the aggregate Stated Amount of outstanding
Letters of Credit issued by such Issuing Bank would exceed the lesser of (i)  one-fifth of
the L/C Commitment Amount and (ii) the Commitment of such Issuing Bank in its capacity as a Tranche 1 Revolving Lender. The parties
hereto agree that each of the Existing Letters of Credit, if any, shall, from and after the Effective Date, be deemed to be a Letter
of Credit issued under this Agreement.

 

(b)                Terms
of Letters of Credit. At the time of issuance, the amount, form, terms and conditions of each Letter of Credit, and of any
drafts or acceptances thereunder, shall be subject to approval by the applicable Issuing Bank and the Borrower, such approvals not
to be unreasonably withheld or delayed. Notwithstanding the foregoing, in no event may (i) the expiration date of any Letter of
Credit extend beyond the date that is 5 days prior to the Revolving Termination Date, or (ii) any Letter of Credit have a duration
in excess of one year; provided, however, that a Letter of Credit may contain a provision providing for the automatic
extension of the expiration date in the absence of a notice of non-renewal from the applicable Issuing Bank but in no event shall
any such provision permit the extension of the current expiration date of such Letter of Credit beyond the earlier of (x) the date
that is 5 days prior to the Revolving Termination Date and (y) the date one year after the current expiration date. Notwithstanding
the foregoing, a Letter of Credit may, as a result of its express terms or as the result of the effect of an automatic extension
provision, have an expiration date of not more than one year beyond the Revolving Termination Date (any such Letter of Credit being
referred to as an “Extended Letter of Credit”), so long as the Borrower delivers to the Administrative Agent for its
benefit and the benefit of the applicable Issuing Bank and the Tranche 1 Revolving Lenders no later than 5 days prior to the
Revolving Termination Date, Cash Collateral for such Letter of Credit in an amount equal to the Stated Amount of such Letter of
Credit; provided, that the obligations of the Borrower under this Section in respect of such Extended Letters of Credit shall
survive the termination of this Agreement and shall remain in effect until no such Extended Letters of Credit remain outstanding. If
the Borrower fails to provide Cash Collateral with respect to any Extended Letter of Credit by the date 5 days prior to the
Revolving Termination Date, such failure shall be treated as a drawing under such Extended Letter of Credit (in an amount equal to
the maximum Stated Amount of such Extended Letter of Credit), which shall be reimbursed (or participations therein funded) by the
Tranche 1 Revolving Lenders in accordance with the immediately following subsections (i) and (j), with the proceeds being utilized
to provide Cash Collateral for such Extended Letter of Credit. The initial Stated Amount of each Letter of Credit shall be at least
$50,000 (or such lesser amount as may be acceptable to the Borrower, the applicable Issuing Bank and the Administrative Agent).

 

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(c)                Requests
for Issuance of Letters of Credit. The Borrower shall give the Issuing Bank selected by the Borrower to issue a Letter of Credit
and the Administrative Agent written notice at least 5 Business Days prior to the requested date of issuance of such Letter of
Credit (or such shorter period as agreed to by the applicable Issuing Bank), such notice to describe in reasonable detail the
proposed terms of such Letter of Credit and the nature of the transactions or obligations proposed to be supported by such Letter of
Credit, and in any event shall set forth with respect to such Letter of Credit the proposed (i) initial
Stated Amount, (ii) beneficiary, and (iii) expiration date. The Borrower shall also execute and deliver such customary applications
and agreements for standby letters of credit, and other forms as reasonably requested from time to time by the applicable Issuing
Bank. Provided the Borrower has given the notice prescribed by the first sentence of this subsection and delivered such applications
and agreements referred to in the preceding sentence, subject to the other terms and conditions of this Agreement, including the
satisfaction of any applicable conditions precedent set forth in Section 6.2., the applicable Issuing Bank shall issue the requested
Letter of Credit on the requested date of issuance for the benefit of the stipulated beneficiary but in no event prior to the date 5
Business Days (or such shorter period as agreed to by the applicable Issuing Bank) following the date after which the applicable
Issuing Bank has received all of the items required to be delivered to it under this subsection. The Issuing Bank shall not at any
time be obligated to issue any Letter of Credit if such issuance would conflict with, or cause the Issuing Bank or any Tranche 1
Revolving Lender to exceed any limits imposed by, any Applicable Law. References herein to “issue” and derivations
thereof with respect to Letters of Credit shall also include extensions or modifications of any outstanding Letters of Credit,
unless the context otherwise requires. Upon the written request of the Borrower, an Issuing Bank shall deliver to the Borrower a
copy of each Letter of Credit issued by such Issuing Bank within a reasonable time after the date of issuance thereof. To the extent
any term of a Letter of Credit Document (excluding any certificate or other document presented by a beneficiary in connection with a
drawing under such Letter of Credit) is inconsistent with a term of any Loan Document, the term of such Loan Document shall control.
The Borrower shall examine the copy of any Letter of Credit or any amendment to a Letter of Credit that is delivered to it by the
Issuing Bank and, in the event of any claim of noncompliance with the Borrower’s instructions or other irregularity, the
Borrower will promptly (but in any event, within 5 Business Days after the later of (x) receipt by the beneficiary of such Letter of
Credit of the original of, or amendment to, such Letter of Credit, as applicable and (y) receipt by the Borrower of a copy of such
Letter of Credit or amendment, as applicable) notify the Issuing Bank. The Borrower shall be conclusively deemed to have waived any
such claim against the Issuing Bank and its correspondents unless such notice is given as aforesaid.

 

(d)                Reimbursement
Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any
demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies
with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of
the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing
Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give,
or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The
Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable Issuing Bank for the amount
of each demand for payment under such Letter of Credit at or prior to the date on which payment is to be made by such Issuing Bank
to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an Issuing
Bank of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Issuing Bank, such
Issuing Bank shall promptly pay to each Tranche 1 Revolving Lender that has acquired a participation therein under the second
sentence of the immediately following subsection (i) such Lender’s Tranche 1 Revolving Commitment Percentage of such
payment.

 

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(e)               
Manner of Reimbursement. Upon its receipt of a notice referred to in the immediately preceding subsection (d), the Borrower
shall advise the Administrative Agent and the applicable Issuing Bank whether or not the Borrower intends to borrow hereunder to finance
its obligation to reimburse the applicable Issuing Bank for the amount of the related demand for payment and, if it does, the Borrower
shall submit a timely request for such borrowing as provided in the applicable provisions of this Agreement. If the Borrower fails to
so advise the Administrative Agent and such Issuing Bank, or if the Borrower fails to reimburse the applicable Issuing Bank for a demand
for payment under a Letter of Credit issued by such Issuing Bank by the date of such payment, the failure of which the applicable Issuing
Bank shall promptly notify the Administrative Agent, then (i) if the applicable conditions contained in Article VI. would permit the
making of Tranche 1 Revolving Loans, the Borrower shall be deemed to have requested a borrowing of Tranche 1 Revolving Loans (which shall
be Base Rate Loans) in an amount equal to the unpaid Reimbursement Obligation and the Administrative Agent shall give each Tranche 1
Revolving Lender prompt notice of the amount of the Tranche 1 Revolving Loan to be made available to the Administrative Agent not later
than 10:00 a.m. Pacific time and (ii) if such conditions would not permit the making of Tranche 1 Revolving Loans, the provisions of
subsection (j) of this Section shall apply. The amount limitations set forth in the second sentence of Section 2.1.(a) shall not apply
to any borrowing of Base Rate Loans under this subsection.

 

(f)                
Effect of Letters of Credit on Tranche 1 Revolving Commitments. Upon the issuance by an Issuing Bank of any Letter of Credit
and until such Letter of Credit shall have expired or been cancelled, the Tranche 1 Revolving Commitment of each Tranche 1 Revolving
Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Lender’s
Tranche 1 Revolving Commitment Percentage and (ii) without duplication (A) the Stated Amount of such Letter of Credit plus (B) any related
Reimbursement Obligations then outstanding.

 

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(g)                Issuing
Banks’ Duties Regarding Letters of Credit; Unconditional Nature of Reimbursement Obligations. In examining documents
presented in connection with drawings under Letters of Credit and making payments under such Letters of Credit against such
documents, each Issuing Bank shall only be required to use the same standard of care as it uses in connection with examining
documents presented in connection with drawings under letters of credit in which it has not sold participations and making payments
under such letters of credit. The Borrower assumes all risks of the acts and omissions of, or misuse of the Letters of Credit by,
the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, none of the Issuing
Banks, Administrative Agent or any of the Lenders shall be responsible for, and the Borrower’s obligations in respect of
Letters of Credit shall not be affected in any manner by, (i) the form, validity, sufficiency, accuracy, genuineness or legal
effects of any document submitted by any party in connection with the application for and issuance of or any drawing honored under
any Letter of Credit even if such document should in fact prove to be in any or all respects invalid, insufficient, inaccurate,
fraudulent or forged; (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or
assign any Letter of Credit, or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be
invalid or ineffective for any reason; (iii) failure of the beneficiary of any Letter of Credit to comply fully with conditions
required in order to draw upon such Letter of Credit; (iv) errors, omissions, interruptions or delays in transmission or delivery of
any messages, by mail, cable, telex, telecopy, electronic mail or otherwise, whether or not they be in cipher; (v) errors in
interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any document required in order to make
a drawing under any Letter of Credit, or of the proceeds thereof; (vii) the misapplication by the beneficiary of any Letter of
Credit or of the proceeds of any drawing under any Letter of Credit; or (viii) any consequences arising from causes beyond the
control of the Issuing Banks, the Administrative Agent or the Lenders. None of the above shall affect, impair or prevent the vesting
of any of the Issuing Banks’ or Administrative Agent’s rights or powers hereunder. Any action taken or omitted to be
taken by an Issuing Bank under or in connection with any Letter of Credit issued by it, if taken or omitted in the absence of gross
negligence or willful misconduct (as determined by a court of competent jurisdiction in a final, non-appealable judgment), shall not
create against such Issuing Bank any liability to the Borrower, the Administrative Agent, any other Issuing Bank or any Lender. In
this connection, the obligation of the Borrower to reimburse the applicable Issuing Bank for any drawing made under any Letter of
Credit issued by such Issuing Bank, and to repay any Tranche 1 Revolving Loan made pursuant to the second sentence of the
immediately preceding subsection (e), shall be absolute, unconditional and irrevocable and shall be paid strictly in accordance with
the terms of this Agreement and any other applicable Letter of Credit Document under all circumstances whatsoever, including without
limitation, the following circumstances: (A) any lack of validity or enforceability of any Letter of Credit Document or any term or
provisions therein; (B) any amendment or waiver of or any consent to departure from all or any of the Letter of Credit Documents;
(C) the existence of any claim, setoff, defense or other right which the Borrower may have at any time against any Issuing Bank, the
Administrative Agent, any Lender, any beneficiary of a Letter of Credit or any other Person, whether in connection with this
Agreement, the transactions contemplated hereby or in the Letter of Credit Documents or any unrelated transaction; (D) any breach of
contract or dispute between the Borrower, any Issuing Bank, the Administrative Agent, any Lender or any other Person; (E) any
demand, statement or any other document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient
in any respect or any statement therein or made in connection therewith being untrue or inaccurate in any respect whatsoever; (F)
any non-application or misapplication by the beneficiary of a Letter of Credit or of the proceeds of any drawing under such Letter
of Credit; (G) payment by an Issuing Bank under any Letter of Credit issued by it against presentation of a draft or certificate
which does not strictly comply with the terms of such Letter of Credit; and (H) any other act, omission to act, delay or
circumstance whatsoever that might, but for the provisions of this Section, constitute a legal or equitable defense to or discharge
of, or provide a right of setoff against, the Borrower’s Reimbursement Obligations. Notwithstanding anything to the contrary
contained in this Section or Section 13.9., but not in limitation of the Borrower’s unconditional obligation to reimburse the
applicable Issuing Bank for any drawing made under a Letter of Credit issued by such Issuing Bank as provided in this Section and to
repay any Tranche 1 Revolving Loan made pursuant to the second sentence of the immediately preceding subsection (e), the Borrower
shall have no obligation to indemnify the Administrative Agent, any Issuing Bank or any Lender in respect of any liability incurred
by the Administrative Agent, such Issuing Bank or such Lender arising solely out of the gross negligence or willful misconduct of
the Administrative Agent, such Issuing Bank or such Lender in respect of a Letter of Credit as determined by a court of competent
jurisdiction in a final, non-appealable judgment. Except as otherwise provided in this Section, nothing in this Section shall affect
any rights the Borrower may have with respect to the gross negligence or willful misconduct of the Administrative Agent, any Issuing
Bank or any Lender with respect to any Letter of Credit.

 

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(h)                Amendments,
Etc. The issuance by an Issuing Bank of any amendment, supplement or other modification to any Letter of Credit issued by it
constituting a Credit Event under clause (b) of the definition of such term shall be subject to the same conditions applicable under
this Agreement to the issuance of new Letters of Credit (including, without limitation, that the request therefor be made through
the applicable Issuing Bank and the Administrative Agent), and no amendment, supplement or other modification to any Letter of
Credit shall be issued unless either (i) the respective Letter of Credit affected thereby would have complied with such conditions
had it originally been issued hereunder in such amended, supplemented or modified form or (ii) the Administrative Agent and the
Tranche 1 Revolving Lenders, if any, required by Section 13.6. shall have consented thereto. In connection with any such amendment,
supplement or other modification, the Borrower shall pay the fees, if any, payable under the last sentence of Section 3.5.(c).

 

(i)                
Tranche 1 Revolving Lenders’ Participation in Letters of Credit. Immediately upon (i) the Effective Date with respect
to any Existing Letters of Credit and (ii) the issuance by an Issuing Bank of any other Letter of Credit, each Tranche 1 Revolving Lender
shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from such Issuing Bank, without recourse or
warranty, an undivided interest and participation to the extent of such Lender’s Tranche 1 Revolving Commitment Percentage of the
liability of such Issuing Bank with respect to such Letter of Credit and each Tranche 1 Revolving Lender thereby shall absolutely, unconditionally
and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to such Issuing Bank to pay and
discharge when due, such Lender’s Tranche 1 Revolving Commitment Percentage of such Issuing Bank’s liability under such Letter
of Credit. In addition, upon the making of each payment by a Tranche 1 Revolving Lender to the Administrative Agent for the account of
an Issuing Bank in respect of any Letter of Credit issued by such Issuing Bank pursuant to the immediately following subsection (j),
such Lender shall, automatically and without any further action on the part of any Issuing Bank, the Administrative Agent or such Lender,
acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to such Issuing Bank by the Borrower
in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Tranche 1 Revolving Commitment
Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees
payable to such Issuing Bank pursuant to the second and the last sentences of Section 3.5.(c)).

 

(j)                 Payment
Obligation of Tranche 1 Revolving Lenders. Each Tranche 1 Revolving Lender severally agrees to pay to the Administrative Agent,
for the account of the applicable Issuing Bank, on demand in immediately available funds in Dollars the amount of such
Lender’s Tranche 1 Revolving Commitment Percentage of each drawing paid by such Issuing Bank under each Letter of Credit
issued by such Issuing Bank to the extent such amount is not reimbursed by the Borrower pursuant to the immediately preceding
subsection (d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that
any Tranche 1 Revolving Lender shall be required to fund, whether as a Tranche 1 Revolving Loan or as a participation, shall not
exceed such Lender’s Tranche 1 Revolving Commitment Percentage of such drawing except as otherwise provided in Section
3.9.(d). If the notice referenced in the second sentence of Section 2.4.(e) is received by a Tranche 1 Revolving Lender not later
than 9:00 a.m. Pacific time, then such Lender shall make such payment available to the Administrative Agent not later than 12:00
p.m. Pacific time on the date of demand therefor; otherwise, such payment shall be made available to the Administrative Agent not
later than 11:00 a.m. Pacific time on the next succeeding Business Day. Each Tranche 1 Revolving Lender’s obligation to make
such payments to the Administrative Agent under this subsection, and the Administrative Agent’s right to receive the same for
the account of the applicable Issuing Bank, shall be absolute, irrevocable and unconditional and shall not be affected in any way by
any circumstance whatsoever, including without limitation, (i) the failure of any other Tranche 1 Revolving Lender to make its
payment under this subsection, (ii) the financial condition of the Borrower or any other Loan Party, (iii) the existence of any
Default or Event of Default, including any Event of Default described in Section 11.1.(e) or 11.1.(f), (iv)  the
termination of the Tranche 1 Revolving Commitments or (v) the delivery of Cash Collateral in respect of any Extended Letter of
Credit. Each such payment to the Administrative Agent for the account of any Issuing Bank shall be made without any offset,
abatement, withholding or deduction whatsoever.

 

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(k)               
 Information to Tranche 1 Revolving Lenders. Promptly following any change in any Letter of Credit outstanding, the applicable
Issuing Bank shall deliver to the Administrative Agent, which shall promptly deliver the same to each Tranche 1 Revolving Lender and
the Borrower, a notice describing the aggregate amount of all Letters of Credit issued by such Issuing Bank and outstanding at such time.
Upon the request of any Tranche 1 Revolving Lender from time to time, each Issuing Bank shall deliver any other information reasonably
requested by such Lender with respect to each Letter of Credit issued by such Issuing Bank and then outstanding. Other than as set forth
in this subsection, the Issuing Banks shall have no duty to notify the Lenders regarding the issuance or other matters regarding Letters
of Credit issued hereunder. The failure of any Issuing Bank to perform its requirements under this subsection shall not relieve any Tranche
1 Revolving Lender from its obligations under the immediately preceding subsection (j).

 

(l)                
Extended Letters of Credit. Each Tranche 1 Revolving Lender confirms that its obligations under the immediately preceding
subsections (i) and (j) shall be reinstated in full and apply if the delivery of any Cash Collateral in respect of an Extended Letter
of Credit is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver
or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise.

 

(m)             
Applicability of ISP; Limitation of Liability. Unless otherwise expressly agreed by the applicable Issuing Bank and the
Borrower when a Letter of Credit is issued, the rules of the ISP shall apply to each standby Letter of Credit issued by such Issuing
Bank. Notwithstanding the foregoing, no Issuing Bank shall be responsible to the Borrower for, and each Issuing Bank’s rights and
remedies against the Borrower shall not be impaired by, any action or inaction of such Issuing Bank required or permitted under any law,
order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including Applicable Law or
any order of a jurisdiction where such Issuing Bank or the beneficiary is located, the practice stated in the ISP or in the decisions,
opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade-International
Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of
Credit chooses such law or practice.

 

(n)               
Letters of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder, is
in support of any obligations of, or is for the account of, a Subsidiary of the Borrower, the Borrower shall be obligated to reimburse
the applicable Issuing Bank hereunder for any and all drawings under such Letter of Credit. The Borrower hereby acknowledges that the
issuance of Letters of Credit for the account of its Subsidiaries inures to the benefit of the Borrower and that the Borrower’s
business derives substantial benefits from the businesses of such Subsidiaries.

 

Section 2.5. Swingline Loans.

 

(a)                Swingline
Loans. Subject to the terms and conditions hereof, including without limitation Section 2.16., each Swingline Lender severally
agrees to make Swingline Loans in Dollars to the Borrower, during the period from the Effective Date to but excluding the Swingline
Maturity Date, in an aggregate principal amount at any one time outstanding up to, but not exceeding, the lesser (such lesser amount
being referred to as the “Swingline Availability”) of (i) $60,000,000 for such Swingline Lender, as such amount may be
reduced from time to time in accordance with the terms hereof and (ii) the Tranche 1 Revolving Commitment of such Swingline Lender
in its capacity as a Tranche 1 Revolving Lender minus the aggregate outstanding principal amount of Tranche 1 Revolving Loans
of such Swingline Lender in its capacity as a Tranche 1 Revolving Lender. With respect to any Swingline Lender, if at any time the
aggregate principal amount of the Swingline Loans held by such Swingline Lender outstanding at such time exceeds the Swingline
Availability of such Swingline Lender at such time, the Borrower shall promptly pay the Administrative Agent for the account of such
Swingline Lender the amount of such excess and, with respect to all Swingline Lenders, if at any time the aggregate principal amount
of the Swingline Loans outstanding at such time exceeds $300,000,000, the Borrower shall promptly pay the Administrative Agent for
the account of the Swingline Lenders the amount of such excess. Subject to the terms and conditions of this Agreement, the Borrower
may borrow, repay and reborrow Swingline Loans hereunder. For the avoidance of doubt, subject to the terms of this Agreement, (i)
the Borrower may request a Swingline Loan from one Swingline Lender without having to make a request for a Swingline Loan from any
other Swingline Lender, and (ii) outstanding Swingline Loans may be repaid in such order as the Borrower may elect.

 

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(b)               
Procedure for Borrowing Swingline Loans. The Borrower shall give the Administrative Agent and the applicable Swingline
Lender notice pursuant to a Notice of Swingline Borrowing or telephonic notice of each borrowing of a Swingline Loan. Each Notice of
Swingline Borrowing shall be delivered to the Administrative Agent and such Swingline Lender no later than 9:00 a.m. Pacific time on
the proposed date of such borrowing. Any telephonic notice shall include all information to be specified in a written Notice of Swingline
Borrowing and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Swingline Borrowing sent to such Swingline
Lender by telecopy on the same day of the giving of such telephonic notice. Not later than 11:00 a.m. Pacific time on the date of the
requested Swingline Loan and subject to satisfaction of the applicable conditions set forth in Section 6.2. for such borrowing, such
Swingline Lender will make the proceeds of such Swingline Loan available to the Administrative Agent at its Principal Office in immediately
available funds, for the account of the Borrower. The amount so received by the Administrative Agent shall, subject to the terms and
conditions of this Agreement, be made available to the Borrower not later than 1:00 p.m. Pacific time on such date by depositing the
same, in immediately available funds, in an account of the Borrower designated by the Borrower.

 

(c)               
Interest. Swingline Loans shall bear interest at a per annum rate equal to the LIBOR Market Index
Rate (or,
if the LIBOR Market Rate is unavailable or unascertainable, Base Rate) as in effect from time to time plus the Applicable
Margin for Revolving Loans that are LIBOR LoansEurocurrency
Rate Loans (or, if the LIBOR Market Rate is unavailable or unascertainable, Base Rate Loans) (or at such other rate or rates
as the Borrower and the applicable Swingline Lender may agree from time to time in writing). Interest on Swingline Loans is solely for
the account of the applicable Swingline Lender (except to the extent a Tranche 1 Revolving Lender acquires a participating interest in
a Swingline Loan pursuant to the immediately following subsection (e)). All accrued and unpaid interest on Swingline Loans shall be payable
on the dates and in the manner provided in Section 2.6. with respect to interest on Base Rate Loans (except as the applicable Swingline
Lender and the Borrower may otherwise agree in writing in connection with any particular Swingline Loan).

 

(d)               
Swingline Loan Amounts, Etc. Each Swingline Loan shall be in the minimum amount of $500,000 and integral multiples of $100,000
in excess thereof, or such other minimum amounts agreed to by the applicable Swingline Lender and the Borrower. Any voluntary prepayment
of a Swingline Loan must be in integral multiples of $100,000 or the aggregate principal amount of all outstanding Swingline Loans (or
such other minimum amounts upon which the applicable Swingline Lender and the Borrower may agree) and in connection with any such prepayment,
the Borrower must give such Swingline Lender and the Administrative Agent prior written notice thereof no later than 10:00 a.m. Pacific
time on the day prior to the date of such prepayment. The Swingline Loans shall, in addition to this Agreement, be evidenced by the Swingline
Note.

 

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(e)                Repayment
and Participations of Swingline Loans. The Borrower agrees to repay each Swingline Loan within one Business Day of demand
therefor by the applicable Swingline Lender and, in any event, within 10 Business Days after the date such Swingline Loan was made.
Notwithstanding the foregoing, the Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid
interest on, the Swingline Loans on the Swingline Maturity Date (or such earlier date as the applicable Swingline Lender and the
Borrower may agree in writing). In lieu of demanding repayment of any outstanding Swingline Loan from the Borrower, the applicable
Swingline Lender may, if it has not yet received notice from the Borrower of a repayment, on behalf of the Borrower (which hereby
irrevocably directs such Swingline Lender to act on its behalf), request a borrowing of Revolving Loans that are LIBOREurocurrency
Rate Loans or RFR Loans with,
if applicable, a one month Interest Period from the Tranche 1 Revolving Lenders in an amount equal to the principal
balance of such Swingline Loan. The amount limitations contained in the second sentence of Section 2.1.(a) shall not apply to any
borrowing of such Tranche 1 Revolving Loans made pursuant to this subsection. The applicable Swingline Lender shall give notice to
the Administrative Agent of any such borrowing of Revolving Loans not later than 9:00 a.m. Pacific time at least one Business Day
prior to the proposed date of such borrowing. Promptly after receipt of such notice of borrowing of Tranche 1 Revolving Loans from
the applicable Swingline Lender under the immediately preceding sentence, the Administrative Agent shall notify each Tranche 1
Revolving Lender of the proposed borrowing. Not later than 9:00 a.m. Pacific time on the proposed date of such borrowing, each
Tranche 1 Revolving Lender will make available to the Administrative Agent at the Principal Office for the account of the applicable
Swingline Lender, in immediately available funds, the proceeds of the Tranche 1 Revolving Loan to be made by such Lender. The
Administrative Agent shall pay the proceeds of such Tranche 1 Revolving Loans to the applicable Swingline Lender, which shall apply
such proceeds to repay such Swingline Loan. If the Tranche 1 Revolving Lenders are prohibited from making Tranche 1 Revolving Loans
required to be made under this subsection for any reason whatsoever, including without limitation, the existence of any of the
Defaults or Events of Default described in Section 11.1.(e) or 11.1.(f), each Tranche 1 Revolving Lender shall purchase from the
applicable Swingline Lender, without recourse or warranty, an undivided interest and participation to the extent of such
Lender’s Tranche 1 Revolving Commitment Percentage of such Swingline Loan, by directly purchasing a participation in such
Swingline Loan in such amount and paying the proceeds thereof to the Administrative Agent for the account of the applicable
Swingline Lender in Dollars and in immediately available funds. A Tranche 1 Revolving Lender’s obligation to purchase such a
participation in a Swingline Loan shall be absolute and unconditional and shall not be affected by any circumstance whatsoever,
including without limitation, (i) any claim of setoff, counterclaim, recoupment, defense or other right which such Lender or any
other Person may have or claim against the Administrative Agent, the Swingline Lender or any other Person whatsoever, (ii) the
existence of a Default or Event of Default (including without limitation, any of the Defaults or Events of Default described in
Section 11.1.(e) or 11.1.(f)), or the termination of any Tranche 1 Revolving Lender’s Tranche 1 Revolving Commitment, (iii)
the existence (or alleged existence) of an event or condition which has had or could have a Material Adverse Effect, (iv) any breach
of any Loan Document by the Administrative Agent, any Lender, the Borrower or any other Loan Party, or (v) any other circumstance,
happening or event whatsoever, whether or not similar to any of the foregoing. If such amount is not in fact made available to the
Swingline Lender by any Tranche 1 Revolving Lender, the Swingline Lender shall be entitled to recover such amount on demand from
such Lender, together with accrued interest thereon for each day from the date of demand thereof, at the Federal Funds Rate. If such
Lender does not pay such amount forthwith upon the Swingline Lender’s demand therefor, and until such time as such Lender
makes the required payment, the Swingline Lender shall be deemed to continue to have outstanding Swingline Loans in the amount of
such unpaid participation obligation for all purposes of the Loan Documents (other than those provisions requiring the other Tranche
1 Revolving Lenders to purchase a participation therein). Further, such Lender shall be deemed to have assigned any and all payments
made of principal and interest on its Tranche 1 Revolving Loans, and any other amounts due it hereunder, to the Swingline Lender to
fund Swingline Loans in the amount of the participation in Swingline Loans that such Lender failed to purchase pursuant to this
Section until such amount has been purchased (as a result of such assignment or otherwise).

 

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Section 2.6. Rates and Payment of Interest on Loans.

 

(a)                Rates.
Revolving
Loans and Term Loans may be (i) with respect to Revolving Loans denominated in Dollars or Term Loans (which, for the avoidance of doubt,
shall remain denominated in Dollars), (A) Base Rate Loans or (B)(I) prior to the USD LIBOR Transition Date, Eurocurrency Rate Loans or
(II) on and after the USD LIBOR Transition Date, (1) if the Unadjusted Benchmark Replacement that has replaced USD LIBOR pursuant to
Section 5.2(c)(i) is Adjusted Daily Simple RFR for Dollars, then (x) prior to the Term RFR Transition Date for Dollars, Daily Simple
RFR Loans or (y) on and after the Term RFR Transition Date for Dollars, Term RFR Loans or (2) if the Unadjusted Benchmark Replacement
that has replaced USD LIBOR pursuant to Section 5.2(c)(i) is Adjusted Term SOFR, Term RFR Loans, (ii) with respect to Revolving Loans
denominated in Euros, Yen, Australian Dollars, Canadian Dollars or other Currencies (other than Dollars, Sterling, Swiss Francs or Singapore
Dollars), Eurocurrency Rate Loans or (iii) with respect to Revolving Loans denominated in Sterling, Swiss Francs or Singapore Dollars,
(A) prior to the Term RFR Transition Date for such Currency, Daily Simple RFR Loans or (B) on and after the Term RFR Transition Date
for such Currency, Term RFR Loans, each as further provided herein. The Borrower promises to pay to the Administrative Agent
for the account of each Lender interest on the unpaid principal amount of each Loan made by such Lender for the period from and including
the date of the making of such Loan to but excluding the date such Loan shall be paid in full, at the following per annum rates:

 

(i)               
during such periods as such Loan is a Base Rate Loan, at the Base Rate (as in effect from time to time), plus the Applicable
Margin for Base Rate Loans of the applicable Class;

 

(ii)              
during such periods as such Loan is a LIBORDaily
Simple RFR Loan, at LIBOR for such Loan for the Interest Period therefor,the
applicable Adjusted Daily Simple RFR plus the Applicable Margin for LIBORRFR
Loans of the applicable Class;

 

(iii)             
during such period as such Loan is a Term RFR Loan, the applicable Term RFR plus the Applicable Margin for RFR Loans of the
applicable Class; 

 

(iv)             
during such period as such Loan is a Eurocurrency Rate Loans, the applicable Adjusted Eurocurrency Rate plus the Applicable
Margin for Eurocurrency Rate Loans of the applicable Class; 

 

(iiiv)
            if such Loan is an Absolute Rate Loan, at the Absolute Rate for such Loan for the Interest Period therefor quoted by the Lender making
such Loan in accordance with Section 2.3.; and

 

(ivvi)
          if such Loan is a LIBOR Margin Loan, at USD
LIBOR for such Loan for the Interest Period therefor plus the LIBOR Margin quoted by the Lender making such Loan in
accordance with Section 2.3.; and

 

(v)
              if such Loan is a Foreign Currency
Rate Loan, at the Foreign Currency Rate for such Loan for the Interest Period therefor, plus the
Applicable Margin for Foreign Currency Rate Loans.

 

Notwithstanding the foregoing, while
an Event of Default exists under Section 11.1.(a), 11.1.(e) or 11.1.(f), or in the case of any other Event of Default, at the
direction of the Requisite Lenders, the Borrower shall pay to the Administrative Agent for the account of each Class of Lenders and
the Issuing Banks, as the case may be, interest at the Post-Default Rate on the outstanding principal amount of any Class of Loans
made by such Lender, on all Reimbursement Obligations 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 without limitation, accrued but unpaid interest to the extent
permitted under Applicable Law).

 

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(b)               
Payment of Interest. All accrued and unpaid interest on the outstanding principal amount of each Loan shall be payable
(i) for Loans that are not LIBOR Loans or Foreign CurrencyBase
Rate Loans or
Daily Simple RFR Loans, monthly in arrears on the last Business Day of each month, commencing with the first full calendar
month occurring after the Effective Date, (ii) for LIBOR Loans and Foreign CurrencyEurocurrency
Rate Loans and
Term RFR Loans, on the last day of each Interest Period and, if such Interest Period is longer than three months, at three
month intervals following the first day of such Interest Period, and (iii) on any date on which the principal balance of such Loan is
due and payable in full (whether at maturity, due to acceleration or otherwise). Interest payable at the Post-Default Rate shall be payable
from time to time on demand. 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 information
to be provided or certified to the Lenders by the Borrower (the “Borrower Information”). If it is subsequently determined
that any such Borrower Information was incorrect (for whatever reason, including without limitation because of a subsequent restatement
of earnings by the Borrower) at the time it was delivered to the Administrative Agent, and if the applicable interest rate or fees calculated
for any period were lower than they should have been had the correct information been timely provided, then, such interest rate and such
fees for such period shall be automatically recalculated using correct Borrower Information. 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 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, and
this provision shall not in any way limit any of the Administrative Agent’s, any Issuing Bank’s, or any Lender’s other
rights under this Agreement.

 

(d)               
Interest Act (Canada). For the purposes of the Interest Act (Canada), (a) whenever a rate of interest or fee rate hereunder
is calculated on the basis of a year (the “deemed year”) that contains fewer days than the actual number of days in the calendar
year of calculation, such rate of interest or fee rate shall be expressed as a yearly rate by multiplying such rate of interest or fee
rate by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year, (b) the
principle of deemed reinvestment of interest shall not apply to any interest calculation hereunder and (c) the rates of interest stipulated
herein are intended to be nominal rates and not effective rates or yields. This Section shall apply solely with respect to Foreign
Currency Rate Loans denominated in Canadian Dollars.

 

Section 2.7. Number of Interest Periods.

 

There may be no more
than (a) 15 different Interest Periods for Revolving Loans that are LIBOREurocurrency
Rate Loans, Bid Rate Loans and Foreign Currency RateTerm
RFR Loans, collectively, outstanding at the same time and (b) 4 different Interest Periods for LIBOR
Loans that are Term Loans outstanding at the same time.

 

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Section 2.8. Repayment of Loans.

 

(a)               
Revolving Loans. The Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest
on, each Class of Revolving Loans on the Revolving Termination Date.

 

(b)               
Term Loans. The Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on,
each Class of Term Loans on the Term Loan Maturity Date for such Class.

 

(c)               
Bid Rate Loans. The Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest
on, each Bid Rate Loan on the last day of the Interest Period of such Bid Rate Loan.

 

Section 2.9. Prepayments.

 

(a)               
Optional. Subject to Section 5.4., (i) the Borrower may prepay any Loan (other than a Bid Rate Loan) at any time without
premium or penalty, and (ii) the Borrower may prepay at any time without premium or penalty any Bid Rate Loan that has been made with
respect to a Bid Rate Quote Request containing an express statement that such Bid Rate Loan could be prepaid without premium or penalty.
Any other Bid Rate Loan may only be prepaid with the prior written consent of the Lender holding such Bid Rate Loan. The Borrower shall
give the Administrative Agent (A)
at least 1 Business Day prior written notice of the prepayment of any Loan that is a Base Rate Loan and,
(B) at least 3 Business Days prior written notice of the prepayment of any Loan denominated
in Dollars that is a LIBOREurocurrency
Rate Loan, Foreign Currency Rate Loan or Bid Rate Loan,
(C) at least 5 RFR Business Days prior written notice of the prepayment of any Loan denominated in Dollars that is a Daily Simple RFR
Loan, (D) at least 3 RFR Business Days prior written notice of the prepayment of any Loan denominated in Dollars that is a Term RFR Loan,
(E) at least 5 RFR Business Days prior written notice of the prepayment of any Loan denominated in a Foreign Currency that is a Term
RFR Loan, and (F) at least 4 Business Days prior written notice of the prepayment of any Loan denominated in a Foreign Currency that
is a Eurocurrency Rate Loan (or 5 Business Days in the case of a prepayment of Eurocurrency Rate Loans denominated in a Special Notice
Currency). Any such notice may be conditioned upon the receipt of replacement financing or any other event and may be withdrawn
at any time prior to the prepayment if such event does not occur. Each voluntary prepayment of Loans (other than a prepayment of all
outstanding Loans of a Class) shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess thereof.

 

 (b)                Mandatory.

 

 (i)                 Revolving Commitment Overadvances.

 

(A)             
Tranche 1 Revolving Commitment Overadvance. If at any time the aggregate principal amount of all outstanding Tranche 1
Revolving Loans, Swingline Loans and Bid Rate Loans, together with the aggregate amount of all Letter of Credit Liabilities, exceeds
the aggregate amount of the Tranche 1 Revolving Commitments (except due to Currency fluctuations which is governed by clause (iii) below),
the Borrower shall immediately upon demand pay to the Administrative Agent for the account of the Tranche 1 Revolving Lenders, the amount
of such excess.

 

(B)              Tranche
2 Revolving Commitment Overadvance. If at any time the aggregate principal amount of all outstanding Tranche 2 Revolving Loans
exceeds the aggregate amount of the Tranche 2 Revolving Commitments (except due to Currency fluctuations which is governed by clause
(iii) below), the Borrower shall immediately upon demand pay to the Administrative Agent for the account of the Tranche 2 Revolving
Lenders, the amount of such excess.

 

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(ii)              
Bid Rate Facility Overadvance. If at any time the aggregate principal amount of all outstanding Bid Rate Loans exceeds
one-half of the aggregate amount of all Tranche 1 Revolving Commitments at such time, then the Borrower shall immediately pay to the
Administrative Agent for the accounts of the applicable Lenders the amount of such excess.

 

(iii)            
Prepayments Due to Currency Fluctuations. The Administrative Agent shall calculate the Dollar Equivalent of the Tranche
1 Revolving Credit Exposure and the Tranche 2 Revolving Credit Exposure (but only with respect to Revolving Loans of such Class denominated
in a Foreign Currency) on each applicable Revaluation Date. If on the Revaluation Date that occurs on the last day of an Interest Period,
or such other times as the Administrative Agent may determine in its reasonable discretion, such calculation reflects that, as of such
Revaluation Date, the Dollar Equivalent of such Class of Revolving Credit Exposure exceeds an amount equal to 105% of the Revolving Commitments
of such Class then in effect, then, within 5 Business Days after notice of such calculation from the Administrative Agent to the Borrower,
the Borrower shall prepay the Foreign Currency Rate Loans of such Class in an aggregate amount sufficient to reduce the Tranche 1 Revolving
Credit Exposure or Tranche 2 Revolving Credit Exposure, as applicable, of Foreign Currency Rate Loans of such Class as of such date of
payment to an amount not exceeding 100% of the Revolving Commitments of such Class of Foreign Currency Rate Loans then in effect.

 

(iv)             
Application of Mandatory Prepayments. Amounts paid under the preceding subsections (b)(i)(A) and (b)(iii) (in the case
of any prepayment of Tranche 1 Revolving Loans or Cash Collateralization of Letter of Credit Liabilities), shall be applied to pay all
amounts of principal outstanding on the Tranche 1 Revolving Loans, the Swingline Loans and any Reimbursement Obligations pro rata in
accordance with Section 3.2. and if any Letters of Credit are outstanding at such time, the remainder, if any, shall be deposited into
the Letter of Credit Collateral Account for application to any Reimbursement Obligations. Amounts paid under the preceding subsections
(b)(i)(B) and (b)(iii) (in the case of any prepayment of Tranche 2 Revolving Loans) shall be applied to pay all amounts of principal
outstanding on the Tranche 2 Revolving Loans pro rata in accordance with Section 3.2. Amounts paid under the preceding subsection (b)(ii)
shall be applied in accordance with Section 3.2.(g). If the Borrower is required to pay any outstanding LIBOREurocurrency
Rate Loans, RFR Loans, Bid Rate Loans or Foreign Currency Rate Loans by reason of this Section prior to the end of the applicable
Interest Period therefor, the Borrower shall pay all amounts due, if any, under 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.

 

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Section 2.10. Continuation.

 

So long as no Event of
Default exists, the Borrower may on any Business Day, with respect to any LIBOR Loan or Foreign
CurrencyEurocurrency Rate
Loan or
a Term RFR Loan, elect to maintain such Loan or any portion thereof as a LIBOR Loan or
Foreign CurrencyEurocurrency Rate
Loan or
Term RFR Loan, as applicable, by selecting a new Interest Period for such Loan. Each Continuation of LIBOREurocurrency
Rate Loans or Foreign Currency RateTerm
RFR Loans of the same Class shall be in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in
excess of that amount, and each new Interest Period selected under this Section shall commence on the last day of the immediately
preceding Interest Period. Each selection of a new Interest Period shall be made by the Borrower giving to the Administrative Agent
a Notice of Continuation not later than, 9:00 a.m. Pacific time on the third Business
Day(i)
in the case of a Loan denominated in Dollars that is to be Continued as a Term RFR Loan, at least three RFR Business Days, (ii) in
the case of a Loan denominated in Dollars that is to be Continued as a Eurocurrency Rate Loan, at least three Business Days, (iii)
in the case of a Loan denominated in any Foreign Currency that is to be Continued as a Term RFR Loan, at least five RFR Business
Days, and (iv) in the case of a Loan denominated in any Foreign Currency that is to be Continued as Eurocurrency Rate Loan, at least
four Business Days (or five Business Days in the case of a Special Notice Currency), in each case, 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 LIBOREurocurrency
Rate Loans or Foreign Currency RateTerm
RFR Loans and Currency, as applicable, Class 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 holding Loans being Continued of the proposed
Continuation. If the Borrower shall fail to select in a timely manner a new Interest Period for any LIBOR
Loan or Foreign CurrencyEurocurrency Rate
Loan or
Term RFR Loan in accordance with this Section, such Loan will automatically, on the last day of the current Interest
Period therefor, Continue as a LIBOREurocurrency
Rate Loan or Foreign Currency RateTerm
RFR Loan, as applicable, with an Interest Period of one month; provided, however that if an Event of
Default exists, (i) each such LIBOR LoanEurocurrency
Rate Loan and Term RFR Loan denominated in Dollars will automatically, on the last day of the current Interest Period
therefor, Convert into a Base Rate Loan notwithstanding the first sentence of Section 2.11. or the Borrower’s failure to
comply with any of the terms of such Section and (ii) each such Foreign
CurrencyEurocurrency Rate
Loan and
Term RFR Loan denominated in a Foreign Currency shall automatically, on the last day of the current Interest Period
therefor, Continue as a Foreign CurrencyEurocurrency Rate
Loan or
Term RFR Loan, as applicable, with an Interest Period of one month.

 

Section 2.11. 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(a)
any outstanding Base Rate Loans into one or more Eurocurrency Rate Loans or, after the USD LIBOR Transition Date, RFR Loans, (b)
all or any part of any Eurocurrency Rate Loans or Term RFR Loans denominated in Dollars into Base Rate Loans, and (c) all or any
part of any Daily Simple RFR Loans denominated in Dollars into Base Rate Loans; provided, however, that (i)
a Base Rate Loan may not be Converted into a LIBOREurocurrency
Rate Loan or an RFR Loan if an Event of Default exists and (ii) Loans of other
Typesdenominated
in Dollars shall not be converted into Loans
denominated in a Foreign Currency Rate Loans or vice versa. Each
Conversion of Base Rate Loans of the same Class into LIBOREurocurrency
Rate Loans or RFR Loans of the same Class shall be in an aggregate minimum amount of $5,000,000 and integral multiples of
$1,000,000 in excess of that amount. Each such Notice of Conversion shall be given not later than 9:00 a.m. Pacific time 3
Business Days prior to the date of any(i)
in the case of a Loan denominated in Dollars that is to be a Base Rate Loan, three Business Days, (ii) in the case of a Loan
denominated in Dollars that is to be a Daily Simple RFR Loan, at least five RFR Business Days, (iii) in the case of a Loan
denominated in Dollars that is to be a Term RFR Loan, at least three RFR Business Days, and (iv) in the case of a Loan denominated
in Dollars that is to be a Eurocurrency Rate Loan, at least three Business Days, in each case, before the day on which a proposed
Conversion of
such Loan is to
be effective. 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 and Class 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 LIBOREurocurrency
Rate Loan or Term RFR 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.

 

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Section 2.12. Notes.

 

(a)               
Notes. Except in the case of a Lender that has notified the Administrative Agent in writing that it elects not to receive
any Notes, (i) the Revolving Loans made by each Revolving Lender shall, in addition to this Agreement, also be evidenced by a Revolving
Note, or a replacement Revolving Note, as applicable, payable to such Revolving Lender in a principal amount equal to the amount of its
Tranche 1 Revolving Commitment or Tranche 2 Revolving Commitment, as applicable, as originally in effect and otherwise duly completed,
(ii) the Bid Rate Loans made by a Tranche 1 Revolving Lender to the Borrower shall, in addition to this Agreement, also be evidenced
by a Bid Rate Note, or replacement Bid Rate Note, as applicable, payable to such Tranche 1 Revolving Lender and (iii) the Term Loans
made by a Term Loan Lender shall, in addition to this Agreement, also be evidenced by a Term Note, or replacement Term Note, as applicable,
payable to such Term Loan Lender in a principal amount equal to the amount of such Lender’s Tranche A Term Loans or Tranche B Term
Loans as originally in effect, as applicable, and otherwise duly completed. The Swingline Loans made by a Swingline Lender to the Borrower
shall, in addition to this Agreement, also be evidenced by a Swingline Note, or replacement Swingline Note, as applicable, payable to
the applicable Swingline Lender.

 

(b)               
Records. The date, amount (including Currency), interest rate, Class, 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, however, that (i)
the failure of a Lender to make any such record shall not affect the obligations of the Borrower under any of the Loan Documents and
(ii) if there is a discrepancy between such records of a Lender and the statements of accounts maintained by the Administrative Agent
in the Register, in the absence of manifest error, the statements of account maintained by the Administrative Agent in the Register 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 2.13. Voluntary Reductions of the Revolving Commitments.

 

The Borrower shall have
the right to terminate or reduce the aggregate unused amount of the Tranche 1 Revolving Commitments (for which purpose use of the
Tranche 1 Revolving Commitments shall be deemed to include the aggregate amount of all Letter of Credit Liabilities and the
aggregate principal amount of all outstanding Bid Rate Loans and Swingline Loans) and the Tranche 2 Revolving Commitments, on a pro
rata basis, at any time and from time to time without penalty or premium upon not less than 5 Business Days prior written notice to
the Administrative Agent of each such termination or reduction, which notice shall specify the effective date thereof and the amount
of any such reduction (which in the case of any partial reduction of Revolving Commitments shall not be less than $10,000,000 and
integral multiples of $1,000,000 in excess of that amount in the aggregate) and shall be irrevocable once given and effective only
upon receipt by the Administrative Agent (“Prepayment Notice”); provided, that a Prepayment Notice providing for
termination of the Revolving Commitments may state that such Prepayment Notice is conditioned on the closing of other financing
facilities, in which case such Prepayment Notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior
to the date such termination of the Revolving Commitments is to become effective) if such condition is not satisfied. Promptly after
receipt of a Prepayment Notice, the Administrative Agent shall notify each Revolving Lender of the proposed termination or
reduction. Revolving Commitments, once reduced or terminated pursuant to this Section, may not be increased or reinstated. If the
Revolving Commitments are terminated or reduced to zero, the Borrower shall pay all fees on the Revolving Commitments so reduced or
terminated that have accrued to the date of such reduction or termination to the Administrative Agent for the account of the
Revolving Lenders, including but not limited to any applicable compensation due to any Lender in accordance with Section 5.4.

 

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Section 2.14. Extension of Revolving Termination Date.

 

The Borrower may, not more
than two times, request that the Administrative Agent and the Revolving Lenders extend the current Revolving Termination Date by 6 months
per each request. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 30 days
but not more than 120 days prior to the current Revolving Termination Date, a written request for such extension (a “Revolving
Extension Request”). The Administrative Agent shall notify the Lenders if it receives a Revolving Extension Request promptly upon
receipt thereof. Subject to satisfaction of the following conditions, the Revolving Termination Date shall be extended for six months
effective upon receipt by the Administrative Agent of a Revolving Extension Request and payment of the fee referred to in the following
clause (y): (x) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall
exist and (B) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents
to which any of them is a party, 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 such extension 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 have been true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances
specifically and expressly permitted under the Loan Documents or waived or consented to by applicable Lenders in accordance with the
provisions of Section 13.6. and (y) the Borrower shall have paid the Fees payable under Section 3.5.(e). At any time prior to the effectiveness
of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate
from the chief executive officer or chief financial officer certifying the matters referred to in the immediately preceding clauses (x)(A)
and (x)(B). The Revolving Termination Date may be extended only two times pursuant to this Section.

 

Section 2.15. Expiration Date of Letters of Credit Past Revolving
Commitment Termination.

 

If on the date the
Revolving Commitments are terminated or reduced to zero (whether voluntarily, by reason of the occurrence of an Event of Default or otherwise)
there are any Letters of Credit outstanding hereunder and the aggregate Stated Amount of such Letters of Credit exceeds the balance of
available funds on deposit in the Letter of Credit Collateral Account, then the Borrower shall, on such date, Cash Collateralize such
Letters of Credit in the amount of such excess.

 

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Section 2.16. Amount Limitations.

 

Notwithstanding any
other term of this Agreement or any other Loan Document, no Lender shall be required to make a Loan, no Tranche 1 Revolving Lender shall
make any Bid Rate Loan, the Issuing Banks shall not be required to issue Letters of Credit and no reduction of any Class of Revolving
Commitments pursuant to Section 2.13. shall take effect, if immediately after the making of such Loan, the issuance of such Letter of
Credit or such reduction in such Class of Revolving Commitments:

 

(a)                (i)
the aggregate principal Dollar Equivalent of all outstanding Tranche 1 Revolving Loans, Bid Rate Loans and Swingline Loans, together
with the aggregate amount of all Letter of Credit Liabilities, would exceed the aggregate amount of the Tranche 1 Revolving
Commitments at such time or (ii)    the aggregate principal Dollar Equivalent of
all outstanding Tranche 2 Revolving Loans would exceed the aggregate amount of the Tranche 2 Revolving Commitments at such time;
or

 

(b)               
the aggregate principal amount of all outstanding Bid Rate Loans would exceed 50.0% of the aggregate amount of the Tranche 1 Revolving
Commitments at such time.

 

Section 2.17. Increase in Tranche 1 Revolving Commitments.

 

The Borrower
shall have the right at any time after the Effective Date and prior to the Revolving Termination Date to request increases in the
aggregate amount of the Tranche 1 Revolving Commitments by providing written notice thereof to the Administrative Agent, which
notice shall be irrevocable once given; provided, however, that after giving effect to any such increases the
aggregate amount of the Tranche 1 Revolving Commitments shall not exceed $3,700,000,000. Each such increase in the Tranche 1
Revolving Commitments must be an aggregate minimum amount of $50,000,000 and integral multiples of $10,000,000 in excess thereof
(or, in each case, in such less amounts as may be acceptable to the Administrative Agent and the Borrower). The Administrative
Agent, in consultation with the Borrower, shall manage all aspects of the syndication of such increase in the Tranche 1 Revolving
Commitments so as to achieve a syndication of such increase reasonably satisfactory to the Administrative Agent and the Borrower,
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 any such increase and the allocations of any increase in the Tranche 1 Revolving
Commitments among such existing Lenders and/or other banks, financial institutions and other institutional lenders, in each case, as
reasonably agreed to by the Administrative Agent and the Borrower. No Lender shall be obligated in any way whatsoever to increase
its Tranche 1 Revolving Commitment or provide a new Tranche 1 Revolving Commitment, and any new Lender becoming a party to this
Agreement in connection with any such requested increase must be an Eligible Assignee. If a new Tranche 1 Revolving Lender becomes a
party to this Agreement, or if any existing Tranche 1 Revolving Lender is increasing its Tranche 1 Revolving Commitment, such Lender
shall on the date it becomes a Tranche 1 Revolving Lender hereunder (or in the case of an existing Tranche 1 Revolving Lender,
increases its Tranche 1 Revolving Commitment) (and as a condition thereto) purchase from the other Tranche 1 Revolving Lenders its
Tranche 1 Revolving Commitment Percentage (determined with respect to the Tranche 1 Revolving Lenders’ respective Tranche 1
Revolving Commitments after giving effect to the increase of the Tranche 1 Revolving Commitments) of any outstanding Tranche 1
Revolving Loans, by making available to the Administrative Agent for the account of such other Tranche 1 Revolving Lenders, in same
day fundsSame
Day Funds, an amount equal to (A) the portion of the outstanding principal amount of such Tranche 1 Revolving Loans to be
purchased by such Lender, plus (B) the aggregate amount of payments previously made by the other Tranche 1 Revolving Lenders
under Section 2.4.(j) that have not been repaid, plus (C) interest accrued and unpaid to and as of such date on such portion
of the outstanding principal amount of such Tranche 1 Revolving Loans. The Borrower shall pay to the Tranche 1 Revolving Lenders
amounts payable, if any, to such Lenders under Section 5.4. as a result of the prepayment of any such Tranche 1 Revolving Loans.
Effecting any increase of the Tranche 1 Revolving Commitments under this Section is subject to the following conditions precedent:
(x) no Default or Event of Default shall be in existence on the effective date of such increase, (y) the representations and
warranties made or deemed made by the Borrower 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 have been 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 or
waived or consented to by the applicable Lenders in accordance with the provisions of Section 13.6., and (z) the Administrative
Agent shall have received each of the following, in form and substance satisfactory to the Administrative Agent: (i) if not
previously delivered to the Administrative Agent, copies certified by the Secretary or Assistant Secretary of each Loan Party of (A)
in the case of the Borrower, all corporate or other necessary action taken by the Borrower to authorize such increase and (B) in the
case of each Guarantor, all corporate or other necessary action taken by such Guarantor authorizing the guaranty of such increase;
(ii) an opinion of counsel to the Borrower and the Guarantors, and addressed to the Administrative Agent and the Lenders covering
such matters with respect to the increase of the Tranche 1 Revolving Commitments as reasonably requested by the Administrative
Agent; and (iii) except in the case of a Lender that has requested not to receive Notes, new Tranche 1 Revolving Notes and/or Bid
Rate Notes executed by the Borrower, payable to any such new Tranche 1 Revolving Lenders and replacement Tranche 1 Revolving Notes
and/or Bid Rate Notes, as applicable, executed by the Borrower, payable to any such existing Tranche 1 Revolving Lenders increasing
their respective Tranche 1 Revolving Commitments, in each case, in the amount of such Lender’s Tranche 1 Revolving Commitment
at the time of the effectiveness of the applicable increase in the aggregate amount of the Tranche 1 Revolving Commitments. In
connection with any increase in the aggregate amount of the Tranche 1 Revolving Commitments pursuant to this Section 2.17. any
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 Laws, including
without limitation, the Patriot Act.

 

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Section 2.18. 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 Disbursement Instruction
Agreement.

 

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 the Currency in which the related
Loans were made (or in the case of any other Obligations, in the Currency originally disbursed (or if none of the foregoing is
applicable, in Dollars)), in Same Day Funds, without setoff, deduction or counterclaim (excluding Taxes required to be withheld
pursuant to Section 3.10.), to the Administrative Agent at the Principal Office, not later than 11:00 a.m. Pacific time on the date
on which such payment shall become due (each such payment made after such time on such due date to be deemed to have been made on
the next succeeding Business Day). Subject to Section 11.5., 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. Each payment received by the Administrative Agent for the account of an Issuing Bank under this Agreement
shall be paid to such Issuing Bank by wire transfer of immediately available funds in accordance with the wiring instructions
provided by such Issuing Bank to the Administrative Agent from time to time, for the account of such Issuing Bank. If the
Administrative Agent fails to pay such amounts to such Lender or such Issuing Bank, as the case may be, within one Business Day of
receipt of such amounts, the Administrative Agent shall pay interest on such amount until paid at a rate per annum equal to the
Federal Funds Rate from time to time in effect. If the due date of any payment under this Agreement or any other Loan Document would
otherwise fall on a day which is not a Business Day such date shall be extended to the next succeeding Business Day and interest
shall continue to accrue at the rate, if any, applicable to such payment for the period of such extension.

 

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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 or an Issuing Bank 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 or such Issuing Bank, as the case
may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or such Issuing Bank,
as the case may be, severally agrees to repay to the Administrative Agent on demand that amount so distributed to such Lender or such
Issuing Bank, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date
of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation.

 

Section 3.2. Pro Rata Treatment.

 

Except to the extent
otherwise provided herein: (a) each borrowing from the Revolving Lenders under Sections 2.1.(a), 2.4.(e) and 2.5.(e) shall be made
from the applicable Class of Revolving Lenders, each payment of the fees under Sections 3.5.(b), the first sentence of 3.5.(c), and
3.5.(e) shall be made for the account of the Revolving Lenders of the applicable Class, and each termination or reduction of the
amount of the applicable Class of Revolving Commitments under Section 2.13. shall be applied to the respective Class of Revolving
Commitments of the applicable Class of Revolving Lenders, pro rata according to the amounts of their respective Revolving
Commitments of such Class; (b) each payment or prepayment of principal of Revolving Loans shall be made for the account of the
Revolving Lenders of the applicable Class pro rata in accordance with the respective unpaid principal amounts of the Revolving Loans
of such Class held by them; provided that, subject to Section 3.9., if immediately prior to giving effect to any such payment
in respect of any Class of Revolving Loans the outstanding principal amount of the Revolving Loans of such Class shall not be held
by the Revolving Lenders of such Class pro rata in accordance with their respective Revolving Commitments of such Class in effect at
the time such Revolving Loans were made, then such payment shall be applied to the Revolving Loans of such Class in such manner as
shall result, as nearly as is practicable, in the outstanding principal amount of the Revolving Loans of such Class being held by
the Revolving Lenders of such Class pro rata in accordance with such respective Revolving Commitments; (c) [reserved]; (d) each
payment or prepayment of principal of Term Loans shall be made for the account of the Term Loan Lenders of the applicable Class pro
rata in accordance with the respective unpaid principal amounts of the Term Loans of such Class held by them; (e) each payment of
interest on Loans of a Class shall be made for the account of the Lenders of such Class pro rata in accordance with the amounts of
interest on such Loans of such Class then due and payable to the respective Lenders; (f) the Conversion and Continuation of Loans of
a particular Type and Class (other than Conversions provided for by Sections 5.1.(c) and 5.5.) shall be made pro rata among the
Lenders of such Class according to the amounts of their respective Loans of such Class and the then current Interest Period for each
such Lender’s portion of each such Loan of such Type and Class shall be coterminous; (g) each prepayment of principal of Bid
Rate Loans pursuant to Section 2.9.(b)(iv) shall be made for account of the Lenders then owed Bid Rate Loans pro rata in accordance
with the respective unpaid principal amounts of the Bid Rate Loans then owing to each such Lender; (h) the Tranche 1 Revolving
Lenders’ participation in, and payment obligations in respect of, Swingline Loans under Section 2.5., shall be in accordance
with their respective Tranche 1 Revolving Commitment Percentages; and (i) the Tranche 1 Revolving Lenders’ participation in,
and payment obligations in respect of, Letters of Credit under Section 2.4., shall be in accordance with their respective Tranche 1
Revolving Commitment Percentages. All payments of principal, interest, fees and other amounts in respect of the Swingline Loans
shall be for the account of the applicable Swingline Lender only (except to the extent any Tranche 1 Revolving Lender shall have
acquired a participating interest in any such Swingline Loan pursuant to Section 2.5.(e), in which case such payments shall be pro
rata in accordance with such participating interests).

 

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Section 3.3. Sharing of Payments, Etc.

 

If a Lender shall obtain
payment of any principal of, or interest on, any Loan of a Class 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 of the same Class in accordance with Section 3.2. or Section 11.5., as applicable, such Lender shall promptly purchase
from the other Lenders of such Class participations in (or, if and to the extent specified by such Lender, direct interests in) the Loans
of such Class made by the other Lenders of such Class 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 of such Class 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 11.5., as applicable. To such end, all the Lenders of such Class 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 of such Class so purchasing a participation (or direct interest) in the Loans or other Obligations
owed to such other Lenders of such Class 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 of such Class 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.

 

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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, the Lead Arrangers and each
Lender all fees as have been agreed to in writing by the Borrower, the Administrative Agent and the Lead Arrangers.

 

(b)               
Revolving Facility Fees. During the period from the Effective Date to but excluding the Revolving Termination Date, the
Borrower agrees to pay to the Administrative Agent for the account of the Revolving Lenders of each Class of Revolving Loans a facility
fee in Dollars equal to the daily aggregate amount of the Revolving Commitments of such Class (whether or not utilized) times a rate
per annum equal to the Applicable Revolving Facility Fee. Such fee shall be payable quarterly in arrears on the first day of each January,
April, July and October during the term of this Agreement and on the Revolving Termination Date or any earlier date of termination of
the Revolving Commitments of such Class or reduction of the Revolving Commitments of such Class to zero. The Borrower acknowledges that
the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Revolving Lenders for committing
to make funds available to the Borrower as described herein and for no other purposes.

 

(c)                Letter
of Credit Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Tranche 1 Revolving Lender a
letter of credit fee in Dollars at a rate per annum equal to the Applicable Margin for Tranche 1 Revolving Loans that are LIBOREurocurrency
Rate Loans times the daily average Stated Amount of each Letter of Credit for the period from and including the date of
issuance of such Letter of Credit (x) to and including the date such Letter of Credit expires or is cancelled or terminated or (y)
to but excluding the date such Letter of Credit is drawn in full; provided, however, that notwithstanding anything to
the contrary contained herein, during any period that the Post-Default Rate is payable in accordance with Section 2.6.(a), such
letter of credit fees shall accrue at the rate per annum equal to the Applicable Margin for Tranche 1 Revolving Loans that are LIBOREurocurrency
Rate Loans as set forth above plus 2.00% per annum. In addition to such fees, the Borrower shall pay to each
Issuing Bank solely for its own account, a fronting fee in Dollars in respect of each Letter of Credit issued by such Issuing Bank
equal to one-eighth of one percent (0.125%) of the initial Stated Amount of such Letter of Credit; provided, however,
in no event shall the aggregate amount of such fee in respect of any Letter of Credit be less than $500. The fees provided for in
this subsection shall be nonrefundable and payable, in the case of the fee provided for in the first sentence, in arrears (i)
quarterly on the first day of January, April, July and October, (ii) on the Revolving Termination Date, (iii)  on
the date the Revolving Commitments are terminated or reduced to zero and (iv) thereafter from time to time on demand of the
Administrative Agent and in the case of the fee provided for in the second sentence, at the time of issuance of such Letter of
Credit. The Borrower shall pay directly to the applicable Issuing Bank from time to time on demand all commissions, charges, costs
and expenses in the amounts customarily charged or incurred by such Issuing Bank from time to time in like circumstances with
respect to the issuance, amendment, renewal or extension of any Letter of Credit or any other transaction relating thereto.

 

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(d)               
 Bid Rate Loan Fees. The Borrower agrees to pay to the Administrative Agent such fees for services rendered by the Administrative
Agent in connection with the Bid Rate Loans as shall be separately agreed upon between the Borrower and the Administrative Agent.

 

(e)               
Revolving Extension Fee. Each time the Borrower exercises its right to extend the Revolving Termination Date in accordance
with Section 2.14., the Borrower shall pay to the Administrative Agent for the account of each Revolving Lender a fee in Dollars equal
to five-eightieths of one percent (0.0625%) of the amount of such Revolving Lender’s Revolving Commitment of each Class (whether
or not utilized). Such fee shall be paid to the Administrative Agent prior to, and as a condition to, such extension.

 

(f)                
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.

 

Unless otherwise
expressly set forth herein, any accrued interest on any Loan denominated in Dollars, any Fees or any other Obligations due hereunder
shall be computed on the basis of a year of 360 days and the actual number of days elapsed. All computations of interest for Revolving
Loans denominated in Sterling, Australian Dollars, Hong Kong Dollars, Singapore Dollars, Canadian Dollars and any other Foreign Currency
where the practice in the relevant foreign market is to compute interest on the basis of a year of 365 or 366 days, as the case may be,
shall, in each case, be computed on the basis of a year of 365 or 366 days, as the case may be, in each case for the actual number of
days elapsed. All computations of interest on Revolving Loans denominated in Yen or any other Foreign Currency where the practice in
the relevant foreign market is to compute interest on the basis of a year of 360 days shall be computed on the basis of a year of 360
days and the actual number of days elapsed.

 

Section 3.7. Usury.

 

In no event shall the amount
of interest due or payable on the Loans or other Obligations exceed the maximum rate of interest allowed by Applicable Law and, if any
such payment is paid by the Borrower or any other Loan Party or received by any Lender, then such excess sum shall be credited as a payment
of principal, unless the Borrower shall notify the respective Lender in writing that the Borrower elects to have such excess sum returned
to it forthwith. It is the express intent of the parties hereto that the Borrower not pay and the Lenders not receive, directly or indirectly,
in any manner whatsoever, interest in excess of that which may be lawfully paid by the Borrower under Applicable Law. The parties hereto
hereby agree and stipulate that the only charge imposed upon the Borrower for the use of money in connection with this Agreement is and
shall be the interest specifically described in Sections 2.6.(a)(i) through (iv) and, with respect to Swingline Loans, in Section 2.5.(c).
Notwithstanding the foregoing, the parties hereto further agree and stipulate that all agency fees, syndication fees, facility fees,
ticking fees, closing fees, letter of credit 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; Bill Lead Date Request.

 

(a)               
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, subject to the entries in the Register, which shall be controlling,
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.

 

(b)               
By written notice to the Administrative Agent, the Borrower may request to receive monthly billings on a date (the “Bill
Lead Date”) that is prior to the first day of a month. The Administrative Agent will submit to the Borrower monthly billings, which
will consist of the actual interest and principal due through the Bill Lead Date plus projected interest and principal due through
the balance, if any, of such month. Any necessary adjustments in the applicable interest rate and/or principal payments due or made between
a Bill Lead Date and the end of a month will be reflected as an additional charge (or credit) in the billing for the next following month.
Neither the failure of the Administrative Agent to submit a Bill Lead Date billing nor any error in any such billing will excuse the
Borrower’s obligation to make full payment of all amounts due under this Agreement. In its sole discretion, the Administrative
Agent may cancel or modify the terms of such request which cancellation or modification will be effective upon written notification to
the Borrower. Should the Borrower request a Bill Lead Date, the Administrative Agent shall not be required to prepare a month end invoice.

 

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 definitions of Requisite Lenders and Requisite Class Lenders and
in Section 13.6.

 

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(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, in the case of a Defaulting Lender that is a Tranche 1 Revolving Lender, to the
payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Issuing Banks and the Swingline Lenders hereunder; third,
in the case of a Defaulting Lender that is a Tranche 1 Revolving Lender, to Cash Collateralize the Issuing Banks’ Fronting
Exposures with respect to such Defaulting Lender in accordance with subsection (e) below; fourth, as the Borrower may request
(so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed
to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined
by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such
Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y)  in
the case of a Defaulting Lender that is a Tranche 1 Revolving Lender, Cash Collateralize the Issuing Banks’ future Fronting
Exposures with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance
with subsection (e) below; sixth, to the payment of any amounts owing to the Lenders, the Issuing Banks or the Swingline
Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender, any Issuing Bank or any Swingline
Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh,
so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of
a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement; and eighth, 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 of
any Class or amounts owing by such Defaulting Lender under Section 2.4.(j) in respect of Letters of Credit (such amounts “L/C
Disbursements”), in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans
were made or the related Letters of Credit were issued 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 such Class of, and L/C Disbursements owed to, all Non-Defaulting
Lenders of the applicable Class on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Disbursements owed
to, such Defaulting Lender until such time as all Loans of such Class and, as applicable, funded and unfunded participations in
Letter of Credit Liabilities and Swingline Loans are held by the Tranche 1 Revolving Lenders pro rata in accordance with their
respective Tranche 1 Revolving Commitment Percentages (determined without giving effect to the immediately following subsection (d))
and all Term Loans (if any) are held by the Term Loan Lenders pro rata as if there had been no Defaulting Lenders that are Term Loan
Lenders. 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 or to post Cash Collateral pursuant to this subsection shall be deemed paid to and redirected by such
Defaulting Lender, and each Lender irrevocably consents hereto.

 

(c)               Certain
Fees.

 

(i)              Each Defaulting Lender shall be entitled to receive any Fee payable under Section 3.5.(b) for any period during which that Lender
is a Defaulting Lender only to extent allocable to the sum of (1) the outstanding principal amount of the Revolving Loans funded by it,
and (2) in the case of a Defaulting Lender which is a Tranche 1 Revolving Lender, its Tranche 1 Revolving Commitment Percentage of the
stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to the immediately following subsection (e).

 

(ii)             Each Defaulting Lender that is a Tranche 1 Revolving Lender shall be entitled to receive the Fee payable under Section 3.5.(c)
for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Tranche 1 Revolving Commitment Percentage
of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to the immediately following subsection
(e).

 

(iii)            With
respect to any Fee not required to be paid to any Defaulting Lender that is a Revolving Lender pursuant to the immediately preceding
clause (i) or (ii) above, the Borrower shall (x) pay to each Non-Defaulting Lender that is a Tranche 1 Revolving Lender that portion
of any such Fee otherwise payable to such Defaulting Lender that is a Tranche 1 Revolving Lender with respect to such Defaulting Lender’s
participation in Letter of Credit Liabilities or Swingline Loans that has been reallocated to such Non-Defaulting Lender pursuant to
the immediately following subsection (d), (y) pay to each Issuing Bank and each Swingline Lender, as applicable, the amount of any such
Fee otherwise payable to such Defaulting Lender that is a Tranche 1 Revolving Lender to the extent allocable to such Issuing Bank’s
or such Swingline Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of
any such Fee.

 

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(d)               Reallocation of Participations to Reduce Fronting Exposure. In the case of a Defaulting Lender that is a Tranche 1 Revolving
Lender, all or any part of such Defaulting Lender’s participation in Letter of Credit Liabilities and Swingline Loans shall be
reallocated among the Non-Defaulting Lenders that are Tranche 1 Revolving Lenders in accordance with their respective Tranche 1 Revolving
Commitment Percentages (determined without regard to such Defaulting Lender’s Tranche 1 Revolving Commitment) but only to the extent
that (x) the conditions set forth in Article VI. are satisfied at the time of such reallocation, and (y) such reallocation does not cause
the aggregate Tranche 1 Revolving Credit Exposure of any Non-Defaulting Lender that is a Tranche 1 Revolving Lender to exceed such Non-Defaulting
Lender’s Tranche 1 Revolving Commitment. Subject to Section 13.20., no reallocation hereunder shall constitute a waiver or release
of any claim of any party hereunder against a Defaulting Lender arising from that Tranche 1 Revolving Lender having become a Defaulting
Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following
such reallocation.

 

(e)               Cash
Collateral, Repayment of Swingline Loans.

 

(i)              If
the reallocation described in the immediately preceding subsection (d) above cannot, or can only partially, be effected, the Borrower
shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay Swingline Loans in an
amount equal to the applicable Swingline Lender’s Fronting Exposure and (y) second, Cash Collateralize each Issuing Bank’s
Fronting Exposure in accordance with the procedures set forth in this subsection.

 

(ii)             At
any time that there shall exist a Defaulting Lender that is a Tranche 1 Revolving Lender, within 1 Business Day following the written
request of the Administrative Agent or any Issuing Bank (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize
such Issuing Bank’s Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to the immediately
preceding subsection (d) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the aggregate Fronting
Exposure of such Issuing Bank with respect to Letters of Credit issued by such Issuing Bank and outstanding at such time.

 

(iii)            The
Borrower, and to the extent provided by any Defaulting Lender that is a Tranche 1 Revolving Lender, such Defaulting Lender, hereby grant
to the Administrative Agent, for the benefit of the Issuing Banks, and agree to maintain, a first priority security interest in all such
Cash Collateral as security for the obligation of Defaulting Lenders that are Tranche 1 Revolving Lenders to fund participations in respect
of Letter of Credit Liabilities, to be applied pursuant to the immediately following clause (iv). If at any time the Administrative Agent
determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent and the Issuing Banks
as herein provided, or that the total amount of such Cash Collateral is less than the aggregate Fronting Exposure of the Issuing Banks
with respect to Letters of Credit issued and outstanding at such time, the Borrower will, promptly upon demand by the Administrative
Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after
giving effect to any Cash Collateral provided by the Defaulting Lender that is a Tranche 1 Revolving Lender).

 

(iv)            Notwithstanding
anything to the contrary contained in this Agreement, Cash Collateral provided under this Section in respect of Letters of Credit shall
be applied to the satisfaction of the obligation of a Defaulting Lender that is a Tranche 1 Revolving Lender to fund participations in
respect of Letter of Credit Liabilities (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such
obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided
for herein.

 

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(v)             Cash
Collateral (or the appropriate portion thereof) provided to reduce the Issuing Banks’ Fronting Exposures shall no longer be required
to be held as Cash Collateral pursuant to this subsection following (x) the elimination of the applicable Fronting Exposure (including
by the termination of Defaulting Lender status of the applicable Tranche 1 Revolving Lender), or (y) the determination by the Administrative
Agent and the Issuing Banks that there exists excess Cash Collateral; provided that, subject to the immediately preceding subsection
(b), the Person providing Cash Collateral and the Issuing Banks may (but shall not be obligated to) agree that Cash Collateral shall
be held to support future anticipated Fronting Exposure or other obligations and to the extent that such Cash Collateral was provided
by the Borrower, such Cash Collateral shall remain subject to the security interest granted pursuant to the Loan Documents.

 

(f)                Defaulting
Lender Cure. If the Borrower and the Administrative Agent, and solely in the case of a Defaulting Lender that is a Tranche 1 Revolving
Lender, the Swingline Lenders and the Issuing Banks, agree in writing that a Lender is no longer a Defaulting Lender, the Administrative
Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set
forth therein (which may include arrangements with respect to any Cash Collateral), 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, as applicable, (i) the Revolving Loans of the applicable Class and, in the case of any Defaulting Lender that
is a Tranche 1 Revolving Lender, funded and unfunded participations in Letters of Credit and Swingline Loans, to be held pro rata by
the Revolving Lenders of the applicable Class in accordance with their respective Revolving Commitment Percentages of such Class (determined
without giving effect to the immediately preceding subsection (d)), and (ii) the Term Loans (if any) to be held by the Term Loan Lenders
of the applicable Class pro rata as if there had been no Defaulting Lenders of such Class, 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.

 

(g)               New
Swingline Loans/Letters of Credit. So long as any Tranche 1 Revolving Lender is a Defaulting Lender, (i) the Swingline Lenders shall
not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such
Swingline Loan and (ii) no Issuing Bank shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied
that it will have no Fronting Exposure after giving effect thereto.

 

(h)               Purchase
of Defaulting Lender’s Commitment; Termination of Defaulting Lender.

 

(i)              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 Revolving
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 Revolving Commitments 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 $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 Lenders.

 

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(ii)             The Borrower
may terminate the unused amount of the Revolving Commitment of any Revolving Lender that is a Defaulting Lender upon not less than 15
Business Days’ prior written notice to the Administrative Agent (which shall promptly notify the Lenders thereof), and in such
event the provisions of Section 3.9.(b) will apply to all amounts thereafter paid by the Borrower for the account of such Defaulting
Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts); provided that (A) no
Event of Default shall have occurred and be continuing, and (B) such termination shall not be deemed to be a waiver or release of any
claim the Borrower, the Administrative Agent, any Issuing Bank, any Swingline Lender or any Lender may have against such Defaulting Lender.

 

Section 3.10. Taxes.

 

(a)               Issuing Banks. For purposes of this Section, the term “Lender” includes each Issuing Bank and 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.

 

(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 (within 10 days after written demand
therefor) 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 10 days after
written 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.

 

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(e)               Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after written 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 and all amounts at any time owing to such Lender
under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to
the Administrative Agent under this subsection. The provisions of this subsection shall continue to inure to the benefit of an Administrative
Agent following its resignation or removal 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
Recipient that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan
Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or
the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the
Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition,
any Recipient, 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 Recipient 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 Recipient’s reasonable judgment such completion, execution or submission would subject such
Recipient to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such
Recipient.

 

(ii)             Without
limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person:

 

(A)          any
Recipient that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Recipient
becomes a party to 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 Recipient is exempt from U.S. federal backup withholding tax;

 

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(B)           any Foreign Lender
shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies
as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and
from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is
applicable:

 

(I)             in the case
of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments
of interest under any Loan Document, an electronic copy (or an original if requested by the Borrower or the Administrative Agent) of
an executed IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax
pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan
Document, IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant
to the “business profits” or “other income” article of such tax treaty;

 

(II)           an electronic
copy (or an original if requested by the Borrower or the Administrative Agent) of an executed IRS Form W-8ECI;

 

(III)          in the
case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Internal Revenue Code,
(x) a certificate substantially in the form of Exhibit S-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) executed originals of IRS Form W-8BEN or W-8BEN-E,
as applicable; or

 

(IV)          to the extent
a Foreign Lender is not the beneficial owner, an electronic copy (or an original if requested by the Borrower or the Administrative Agent)
of an executed IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate
substantially in the form of Exhibit S-2 or Exhibit S-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 S-4 on behalf of each such direct and indirect partner;

 

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(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 Recipient under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if
such Recipient 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 Recipient 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 their obligations under FATCA and to determine that such Recipient has complied with such Recipient’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. For purposes of determining withholding
Taxes imposed under FATCA, from and after the date of this Agreement, the Borrower and the Administrative Agent shall treat (and the
Lenders hereby authorize the Administrative Agent to treat) this Agreement as not qualifying as a “grandfathered obligation”
within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

 

(E)           If
any successor Administrative Agent is not a U.S. Person, it shall deliver two duly completed copies of IRS Form W-8ECI (with respect
to any payments to be received on its own behalf) and IRS Form W-8IMY (for all other payments) certifying that it is a “U.S. branch”
and that the payments it receives for the account of others are not effectively connected with the conduct of its trade or business in
the United States and that it is using such form as evidence of its agreement with the Loan Parties to be treated as a U.S. Person with
respect to such payments (and the Loan Parties and Administrative Agent agree to so treat Administrative Agent as a U.S. Person with
respect to such payments), with the effect that the Loan Parties can make payments to Administrative Agent without deduction or withholding
of any Taxes imposed by the United States.

 

Each Recipient 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.

 

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(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 Revolving Commitments and the repayment, satisfaction or discharge
of all obligations under any Loan Document.

 

ARTICLE
IV. ELIGIBILITY OF PROPERTIES

 

Section 4.1. Eligibility of Properties.

 

(a)               Existing
Unencumbered Assets. Subject to compliance with the terms and conditions of Section 6.1.(a), as of the Effective Date the parties
hereto acknowledge and agree that the Properties listed on Schedule 4.1. are Unencumbered Assets as of the Effective Date.

 

(b)               Additional
Unencumbered Assets. After the Effective Date, a Property shall be included as an Unencumbered Asset upon delivery to the Administrative
Agent of an Unencumbered Asset Certificate pursuant to Section 9.4.(d). setting forth the information required to be contained therein
and assuming that such Property is included as an Unencumbered Asset. Subject to the terms and conditions of this Agreement, upon the
Administrative Agent’s receipt of such certificate, such Property shall be included as an Unencumbered Asset.

 

(c)               Alternative
Acceptance Procedure for Additional Unencumbered Assets. Any Property that does not satisfy all of the requirements of an Unencumbered
Asset shall be included only upon the written approval of the Requisite Lenders provided, however, that such approval shall only be a
waiver of those requirements in the definition of Unencumbered Assets specifically set forth and approved therein with respect to such
Property.

 

Section 4.2. Termination of Designation as Unencumbered Asset.

 

A Property shall
cease to be included as an Unencumbered Asset for purposes of this Agreement if either (i) such Property ceases to satisfy the requirements
of the definition of the term “Unencumbered Assets” applicable to it (with the termination effective immediately) or (ii)
such Property is noted to have been removed as an Unencumbered Asset in an Unencumbered Asset Certificate subsequently submitted pursuant
to this Agreement (with the termination effective as of the date of receipt by the Administrative Agent of such Unencumbered Asset Certificate).
Notwithstanding the foregoing, no Property will be terminated as an Unencumbered Asset if (i) a Default or Event of Default exists or
(ii) a Default or Event of Default would exist immediately after such Property is terminated as an Unencumbered Asset.

 

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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, as a consequence
of this Agreement, the Revolving Commitments of such Lender or the Loans made by, or participations in Letters of Credit or Swingline
Loans held 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, the Borrower shall promptly pay to the Administrative
Agent for the account of a Lender from time to time such amounts as such Lender may determine to be necessary to compensate such Lender
for any costs incurred by such Lender that it reasonably determines are attributable to its making or maintaining of any LIBOREurocurrency
Rate Loans, RFR
Loans or LIBOR Margin Loans or Foreign Currency Rate Loans or its obligation
to make any LIBOREurocurrency
Rate Loans or Foreign Currency RateRFR
Loans hereunder, any reduction in any amount receivable by such Lender under this Agreement or any of the other Loan Documents
in respect of any of such LIBOREurocurrency
Rate Loans, RFR
Loans or LIBOR Margin Loans or Foreign Currency Rate Loans or such obligation or the maintenance
by such Lender of capital in respect of its LIBOREurocurrency
Rate Loans, RFR
Loans or LIBOR Margin Loans or Foreign Currency Rate Loans or its Revolving Commitments (other
than any amounts included in the determination of “LIBORAdjusted
Eurocurrency Rate” in the definition thereof) (such increases in costs and reductions in amounts receivable being herein
called “Additional Costs”), resulting from any Regulatory Change that:

 

(i)              changes
the basis of taxation of any amounts payable to such Lender under this Agreement or any of the other Loan Documents in respect of any
of such LIBOREurocurrency
Rate Loans, LIBOR Margin Loans or Foreign Currency RateRFR
Loans or its Revolving Commitments (other than Indemnified Taxes, Taxes described in clauses (b) through (d) of the definition
of Excluded Taxes and Connection Income Taxes);

 

(ii)             imposes
or modifies any reserve, special deposit, compulsory loan, insurance charge or similar requirements (other than Regulation D of the Board
of Governors of the Federal Reserve System or other similar reserve requirement applicable to any other category of liabilities or category
of extensions of credit or other assets by reference to which the interest rate on LIBOREurocurrency
Rate Loans, or
LIBOR Margin Loans or Foreign Currency Rate Loans is determined to the extent
utilized when determining LIBOR or the Foreign Currency Rate, as applicable,“Adjusted
Eurocurrency Rate” for such Loans) relating to any extensions of credit or other assets of, or any deposits with or
other liabilities of, or other credit extended by, or any other acquisition of funds by such Lender (or its parent corporation), or any
commitment of such Lender (including, without limitation, the Revolving Commitments of such Lender hereunder); or

 

(iii)            imposes on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement
or the Loans made by such Lender.

 

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(c)               Lender’s Suspension of LIBOREurocurrency
Rate Loans, LIBOR Margin Loans and Foreign Currency RateRFR
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
LIBOREurocurrency
Rate Loans, LIBOR Margin Loans or Foreign Currency RateRFR
Loans is determined as provided in this Agreement or a category of extensions of credit or other assets of such Lender that
includes LIBOREurocurrency
Rate Loans, LIBOR Margin Loans or Foreign Currency RateRFR
Loans or (ii) becomes subject to restrictions on the amount of such a category of liabilities or assets that it may hold,
then, if such Lender so elects by notice to the Borrower (with a copy to the Administrative Agent), the obligation of such Lender to
make or Continue, or to Convert Base Rate Loans into, LIBOR Loans and/or the obligation of such Revolving
Lender to make or Continue Foreign Currency RateEurocurrency
Rate Loans or RFR Loans and/or the obligation of a Tranche 1 Revolving Lender that has outstanding a Bid Rate Quote to make
LIBOR Margin 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).

 

(d)               Additional
Costs in Respect of Letters of Credit. Without limiting the obligations of the Borrower under the preceding subsections of this Section
(but without duplication), if as a result of any Regulatory Change or any risk-based capital guideline or other requirement heretofore
or hereafter issued by any Governmental Authority there shall be imposed, modified or deemed applicable any Tax (other than Indemnified
Taxes, Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and Connection Income Taxes), reserve, special
deposit, capital adequacy or similar requirement against or with respect to or measured by reference to Letters of Credit and the result
shall be to increase the cost to an Issuing Bank of issuing (or any Tranche 1 Revolving Lender of purchasing participations in) or maintaining
its obligation hereunder to issue (or purchase participations in) any Letter of Credit or reduce any amount receivable by such Issuing
Bank or any Tranche 1 Revolving Lender hereunder in respect of any Letter of Credit, then, upon demand by such Issuing Bank or such Lender,
the Borrower shall pay immediately to such Issuing Bank or, in the case of such Lender, to the Administrative Agent for the account of
such Lender, from time to time as specified by such Issuing Bank or such Lender, such additional amounts as shall be sufficient to compensate
such Issuing Bank or such Lender for such increased costs or reductions in amount.

 

(e)               Notification
and Determination of Additional Costs. Each of the Administrative Agent, each Issuing Bank and each Lender, as the case may be,
agrees to notify the Borrower (and in the case of an Issuing Bank and or a Lender, to notify the Administrative Agent) in writing of
any event occurring after the Agreement Date entitling the Administrative Agent, such Issuing Bank or such Lender to compensation
under any of the preceding subsections of this Section as promptly as practicable; provided, however, that the failure
of the Administrative Agent, any Issuing Bank or any Lender to give such notice shall not release the Borrower from any of its
obligations hereunder; provided, further, that the Borrower shall not be required to compensate the Administrative
Agent, an Issuing Bank or a Lender pursuant to this Section for any increased costs incurred or reductions suffered more than six
months prior to the date that the Administrative Agent, such Issuing Bank or such Lender, as the case may be, notifies the Borrower
of the Regulatory Change giving rise to such increased costs or reductions, and of the intention of the Administrative Agent, such
Issuing Bank or such Lender to claim compensation therefor (except that, if the Regulatory Change giving rise to such increased
costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the period of
retroactive effect thereof). The Administrative Agent, each Issuing Bank and each Lender, as the case may be, agrees to furnish to
the Borrower (and in the case of an Issuing Bank or 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, such Issuing Bank
or such Lender, as the case may be, of the effect of any Regulatory Change shall, provided that such determinations are made on a
reasonable basis and in good faith, be conclusive and binding for all purposes, absent manifest error. The Borrower shall pay the
Administrative Agent, such Issuing Bank and or any such Lender, as the case may be, the amount shown as due on any such certificate
within 10 days after receipt thereof.

 

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Section 5.2. Changed Circumstances.

 

(a)              
Suspension of LIBOR Loans or Foreign Currency Rate Loans. Anything herein to the contrary notwithstanding,
(x) in the case of LIBOR Loans, unless and until a Replacement Rate is implemented in accordance with clause (c) of this Section 5.2.,
if on or prior to the determination of LIBOR for any Interest Period or (y) if on or prior to the determination of the Foreign Currency
Rate for any Interest Period:

 

(a)               Circumstances Affecting Eurocurrency
Rate, Adjusted Daily Simple RFR and Term RFR Availability.

 

(i)               
Subject
to clause (c) below, in connection with any RFR Loan, a request therefor, a conversion to or continuation thereof or otherwise, if for
any reason (A) the Administrative Agent shall
reasonably determinesdetermine
(which determination shall be conclusive and
binding absent manifest error) that (x)
if Adjusted Daily Simple RFR is utilized in any calculations hereunder or under any other Loan Document with respect to any Obligations,
interest, fees, commissions or other amounts, reasonable and adequate means do not exist for ascertaining LIBOR
or such Foreign Currency Rate forAdjusted
Daily Simple RFR pursuant to the definition thereof or (y) if Term RFR is utilized in any calculations hereunder or under any other Loan
Document with respect to any Obligations, interest, fees, commissions or other amounts, reasonable and adequate means do not exist for
ascertaining Term RFR for the applicable Interest Period with respect to a proposed Term RFR Loan on or prior to the first day of such
Interest Period; 

, (iiB)
the Administrative Agent reasonably determinesshall
determine (which determination shall be conclusive and
binding absent manifest error) that quotations of interest rates for the relevant
deposits referred to in the definition of LIBOR or Foreign Currency Rate for any relevant Currency, as applicable, are not being
provided in the relevant amounts or for the relevant maturities for purposes of determining rates of interest for LIBOR Loans or
such Foreign Currency Rate Loans, as applicable, as provided herein;a
fundamental change has occurred in the foreign exchange markets with respect to an applicable Foreign Currency (including changes in
national or international financial, political or economic conditions or currency exchange rates or exchange controls) or (C) the
Requisite Lenders shall reasonably determine (which determination shall be conclusive and binding absent manifest error) that (x) if
Adjusted Daily Simple RFR is utilized in any calculations hereunder or under any other Loan Document with respect to any
Obligations, interest, fees, commissions or other amounts, Adjusted Daily Simple RFR does not adequately and fairly reflect the cost
to such Lenders of making or maintaining such Loans or (y) if Term RFR is utilized in any calculations hereunder or under any other
Loan Document with respect to any Obligations, interest, fees, commissions or other amounts, Term RFR does not adequately and fairly
reflect the cost to such Lenders of making or maintaining such Loans during the applicable Interest Period and, in the case of (x)
or (y), the Requisite Lenders have provided notice of such determination to the Administrative Agent, then, in each case, the
Administrative Agent shall promptly give notice thereof to the Borrower. Upon notice thereof by the Administrative Agent to the
Borrower, any obligation of the Lenders to make RFR Loans in each such Currency, and any right of the Borrower to convert any Loan
in each such Currency (if applicable) or continue any Loan as an RFR Loan in each such Currency, shall be suspended (to the extent
of the affected RFR Loans or, in the case of Term RFR Loans, the affected Interest Periods) until the Administrative Agent (with
respect to clause (C), at the instruction of the Requisite Lenders) revokes such notice. Upon receipt of such notice, (A) the
Borrower may revoke any pending request for a borrowing of, conversion to or continuation of RFR Loans in each such affected
Currency (to the extent of the affected RFR Loans or, in the case of Term RFR Loans, the affected Interest Periods) or, failing
that, (I) in the case of any request for a borrowing of an affected RFR Loan in Dollars, the Borrower will be deemed to have
converted any such request into a request for a borrowing of or conversion to Base Rate Loans in the amount specified therein and
(II) in the case of any request for a borrowing of an affected RFR Loan in a Foreign Currency, then such request shall be
ineffective and (B)(I) any outstanding affected RFR Loans denominated in Dollars will be deemed to have been converted into Base
Rate Loans immediately or, in the case of Term RFR Loans, at the end of the applicable Interest Period and (II) any outstanding
affected RFR Loans denominated in a Foreign Currency, at the Borrower’s election, shall either (1) be converted into Base Rate
Loans denominated in Dollars (in an amount equal to the Dollar Equivalent of such Foreign Currency) immediately or, in the case of
Term RFR Loans, at the end of the applicable Interest Period or (2) be prepaid in full immediately or, in the case of Term RFR
Loans, at the end of the applicable Interest Period; provided that if no election is made by the Borrower by the date that is three
Business Days after receipt by the Borrower of such notice or, in the case of Term RFR Loans, the last day of the current Interest
Period for the applicable RFR Loan, if earlier, the Borrower shall be deemed to have elected clause (1) above. Upon any such
prepayment or conversion, the Borrower shall also pay accrued interest (except with respect to any prepayment or conversion of a
Daily Simple RFR Loan) on the amount so prepaid or converted, together with any additional amounts required pursuant to Section
5.4.

 

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(iii)
the Administrative Agent reasonably determines (which determination shall be conclusive absent manifest error) that the relevant rates
of interest referred to in the definition of LIBOR or Foreign Currency Rate for any relevant Currency, as applicable, upon the basis
of which the rate of interest for LIBOR Loans or such Foreign Currency Rate Loans, as applicable, for such Interest Period is to be determined
are not likely to adequately cover the cost to any Lender of making or maintaining LIBOR Loans or such Foreign Currency Rate Loans, as
applicable, for such Interest Period; or

 

(ii) Subject to clause
(c) below, in connection with any Eurocurrency Rate Loan, a request therefor, a continuation thereof or otherwise, if for any reason
(A) the Administrative Agent shall reasonably determine (which determination shall be conclusive and binding absent manifest error) that
deposits are not being offered to banks in the London or other applicable offshore interbank market for the applicable Currency, amount
and Interest Period of such Loan, (B) the Administrative Agent shall reasonably determine (which determination shall be conclusive and
binding absent manifest error) that a fundamental change has occurred in the foreign exchange or interbank markets with respect to the
applicable Foreign Currency (including changes in national or international financial, political or economic conditions or currency exchange
rates or exchange controls), (C) the Administrative Agent shall determine (which determination shall be conclusive and binding absent
manifest error) that reasonable and adequate means do not exist for the ascertaining the Adjusted Eurocurrency Rate for such Currency
and Interest Period, including because the Screen Rate for the applicable Currency is not available or published on a current basis,
or (D) the Requisite Lenders shall reasonably determine (which determination shall be conclusive and binding absent manifest error) that
the Adjusted Eurocurrency Rate does not adequately and fairly reflect the cost to such Lenders of making or maintaining such Loans during
such Interest Period and shall have provided notice of such determination to the Administrative Agent, then, in each case, the Administrative
Agent shall promptly give notice thereof to the Borrower. Upon notice thereof by the Administrative Agent to the Borrower, any obligation
of the Lenders to make Eurocurrency Rate Loans in each such Currency, and any right of the Borrower to continue any Loan as a Eurocurrency
Rate Loan in each such Currency, shall be suspended (to the extent of the affected Eurocurrency Rate Loans or the affected Interest Periods)
until the Administrative Agent (with respect to clause (D), at the instruction of the Requisite Lenders) revokes such notice. Upon receipt
of such notice, (A) any pending request for a borrowing of or continuation of Eurocurrency Rate Loans in each such affected Currency
(to the extent of the affected Eurocurrency Rate Loans or the affected Interest Periods) shall be ineffective and (B)(I) any outstanding
affected Eurocurrency Rate Loans denominated in Dollars will be deemed to have been converted into Base Rate Loans at the end of the
applicable Interest Period and (II) any outstanding affected Eurocurrency Rate Loans denominated in a Foreign Currency, at the Borrower’s
election, shall either (1) be converted into Base Rate Loans denominated in Dollars (in an amount equal to the Dollar Equivalent of such
Foreign Currency) at the end of the applicable Interest Period or (2) be prepaid in full at the end of the applicable Interest Period;
provided that if no election is made by the Borrower by the date that is the earlier of (x) the date that is three Business Days after
receipt by the Borrower of such notice and (y) the last day of the current Interest Period for the applicable Eurocurrency Rate Loan,
the Borrower shall be deemed to have elected clause (1) above. Upon any such prepayment or conversion, the Borrower shall also pay accrued
interest on the amount so prepaid or converted, together with any additional amounts required pursuant to Section 5.4.

 

(iv)
iii)
if for any reason, any Tranche 1 Revolving Lender that has outstanding a Bid Rate Quote with respect to a LIBOR Margin Loan
reasonably determines (which determination shall be conclusive absent manifest error) that LIBOR will not adequately and fairly reflect
the cost to such Tranche 1 Revolving Lender of making or maintaining such LIBOR Margin Loan;,
no Tranche 1 Revolving Lender that has outstanding a Bid Rate Quote with respect to a LIBOR Margin Loan shall be under any obligation
to make such Loan.

 

then the Administrative
Agent shall give the Borrower and each Lender prompt written notice thereof and, so long as such condition remains in effect, (i) the
Lenders shall be under no obligation to, and shall not, make additional LIBOR Loans or Foreign Currency Rate Loans (as applicable), Continue
LIBOR Loans or Foreign Currency Rate Loans (as applicable) or Convert Loans into LIBOR Loans and the Borrower shall, on the last day
of each current Interest Period for each outstanding LIBOR Loan or applicable Foreign Currency Rate Loan, either (A) prepay such Loan
or (B)(1) in the case of a LIBOR Loan, Convert such Loan into a Base Rate Loan or (2) in the case of a Foreign Currency Rate Loan, exchange
such Foreign Currency Rate Loan to Dollars at the Spot Rate and Convert such Loan into a Base Rate Loan and (ii) in the case of clause
(iv) above, no Tranche 1 Revolving Lender that has outstanding a Bid Rate Quote with respect to a LIBOR Margin Loan shall be under any
obligation to make such Loan.

 

(b)               TIIE
Rate. (i) If the Banco de México fails to publish the Interbank Equilibrium Interest Rate for the applicable Interest Period
on the first Business Day of such Interest Period, either temporarily or on a definitive basis, the TIIE Rate shall be calculated applying
any rate published by the Banco de México in substitution of the applicable TIIE Rate; and (ii) if clause (i) above is not available,
the TIIE Rate shall be calculated based on the annual yield for the Interbank Equilibrium Interest Rate for a period closest to the duration
of the applicable Interest Period, either compounded or calculated based on a one, three or six month, as applicable, equivalent basis
in substitution of the TIIE Rate.

 

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(c)                Alternative
Rate of Interest. Notwithstanding anything to the contrary in Section 5.2.(a) above, if the
Administrative Agent has made the determination (such determination to be conclusive absent manifest error) that (i) the
circumstances described in Section 5.2.(a)(i) or (a)(ii) have arisen and that such circumstances are unlikely to be temporary, (ii)
any applicable interest rate specified herein is no longer a widely recognized benchmark rate for newly originated loans in
the United States syndicated loan market in the applicable currency or (iii) the applicable supervisor or administrator (if
any) of any applicable interest rate specified herein or any Governmental Authority having, or purporting to have, jurisdiction over
the Administrative Agent has made a public statement identifying a specific date after which any applicable interest rate specified
herein shall no longer be used for determining interest rates for loans in the United States syndicated loan market in the
applicable currency, then the Administrative Agent and the Borrower shall negotiate in good faith and endeavor to establish
a replacement rate of interest (the “Replacement Rate”) (which replacement rate of interest shall, as reasonably
determined by the Administrative Agent, be generally in accordance with similar situations in other transactions in which it is
serving as administrative agent or otherwise consistent with market practice generally), in which case, the Replacement Rate shall,
subject to the next two sentences, replace such applicable interest rate for all purposes under the Loan Documents unless and until
(A) an event described in Section 5.2.(a)(i), (a)(ii), (c)(i), (c)(ii) or (c)(iii) occurs with respect to the Replacement Rate or
(B) the Requisite Lenders (directly, or through the Administrative Agent) notify the Borrower that the Replacement Rate does not
adequately and fairly reflect the cost to the Lenders of funding the Loans bearing interest at the Replacement Rate. In connection
with the establishment and application of the Replacement Rate, this Agreement and the other Loan Documents shall be amended solely
with the consent of the Administrative Agent and the Borrower, as may be necessary or appropriate, in the opinion
of the Administrative Agent and the Borrower, to effect the provisions of this Section 5.2.(c). Notwithstanding
anything to the contrary in this Agreement or the other Loan Documents (including, without limitation, Section 13.6.), such
amendment shall become effective without any further action or consent of any party other than the Administrative Agent and
the Borrower so long as the Administrative Agent shall not have received, within five (5) Business Days of the
delivery of such amendment to the Lenders, written notices from such Lenders that in the aggregate constitute Requisite
Lenders, with each such notice stating that such Lender objects to such amendment. To the extent the Replacement Rate is approved in
connection with this clause (c), the Replacement Rate shall be applied in a manner consistent with market practice; provided that,
in each case, to the extent such market practice is not administratively feasible for the Administrative Agent, such Replacement
Rate shall be applied as otherwise reasonably determined by the Administrative Agent (it being understood that any such modification
by the Administrative Agent shall not require the consent of, or consultation with, any of the Lenders).

 

 

(c)          Benchmark Replacement Setting. 

 

(i) 
Benchmark Replacement. 

 

(A)          Notwithstanding anything to the contrary herein or in any other Loan Document, if the USD LIBOR Transition Date has occurred
prior to the Reference Time in respect of any setting of the Adjusted Eurocurrency Rate for Dollars, then (x) if a Benchmark Replacement
is determined in accordance with clause (b)(1) or (b)(2) of the definition of “Benchmark Replacement” for the USD LIBOR Transition
Date, such Benchmark Replacement will replace the then-current Benchmark with respect to Obligations, interest, fees, commissions or
other amounts denominated in, or calculated with respect to, Dollars for all purposes hereunder and under any Loan Document in respect
of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party
to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (b)(3) of the
definition of “Benchmark Replacement” for the USD LIBOR Transition Date, 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. on the fifth 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 of each applicable Class.

 

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(B)          Notwithstanding
anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event or an Other Benchmark
Rate Election, as applicable, with respect to any Benchmark, the Administrative Agent and the Borrower may amend this Agreement to replace
such Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event or an Other Benchmark Rate
Election, as applicable, will become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent has posted such
proposed amendment to all affected Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written
notice of objection to such amendment from Lenders comprising the Requisite Lenders of each applicable Class. No replacement of a Benchmark
with a Benchmark Replacement pursuant to this Section 5.2(c)(i)(B) will occur prior to the applicable Benchmark Transition Start Date.

 

(C)          Notwithstanding anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph,
if a Term RFR Transition Date has occurred prior to the Reference Time in respect of any setting of the then-current Benchmark consisting
of a Daily Simple RFR (including a Daily Simple RFR implemented as a Benchmark Replacement pursuant to Section 5.2(c)(i)(A) or Section
5.2(c)(i)(B)) for the applicable Currency, then the applicable Benchmark Replacement will replace such Benchmark for all purposes hereunder
or under any Loan Document in respect of such Benchmark for the applicable Currency setting and subsequent Benchmark settings, without
any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document; provided that this clause
(C) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term RFR Notice with respect
to the applicable Term RFR Transition Event. For the avoidance of doubt, the Administrative Agent shall not be required to deliver a
Term RFR Notice after a Term RFR Transition Event and may elect or not elect to do so in its sole discretion. 

 

(ii)               Benchmark
Replacement Conforming Changes. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the
Administrative Agent will have the right to make Conforming Changes from time to time in its reasonable discretion in consultation with
the Borrower and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such
Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan
Document. 

 

(iii)              Notices;
Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (A) the implementation
of any Benchmark Replacement and (B) the effectiveness of any Conforming Changes in connection with the use, administration, adoption
or implementation of a Benchmark Replacement. The Administrative Agent will promptly notify the Borrower of the removal or reinstatement
of any tenor of a Benchmark pursuant to Section 5.2(c)(iv). 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(c), 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(c).

 

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(iv)              Unavailability of Tenor of Benchmark. 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), (A) if any then-current Benchmark is a term rate (including any Term
RFR, USD LIBOR, EURIBOR, TIBOR, BBSY, CDOR, TIIE Rate, HKIOR, SIOR, NIOR, CIOR or BBRBR) and either (1) 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 (2) 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 not be representative, then the Administrative
Agent may modify the definition of “Interest Period” (or any similar or analogous definition) for any Benchmark settings
at or after such time to remove such unavailable or non-representative tenor and (B) if a tenor that was removed pursuant to clause (A)
above either (1)   is subsequently displayed on a screen or information service for a
Benchmark (including a Benchmark Replacement) or (2) is not, or is no longer, subject to an announcement that it is not or will not be
representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest
Period” (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously
removed tenor. 

 

(v)                             Benchmark
Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period with respect
to a given Benchmark, (A) the Borrower may revoke any pending request for a borrowing of, conversion to or continuation of RFR Loans
or Eurocurrency Rate Loans, in each case, to be made, converted or continued during any Benchmark Unavailability Period denominated in
the applicable Currency and, failing that, (I) in the case of any request for any affected RFR Loans or a Eurocurrency Rate Loans, in
each case, denominated in Dollars, if applicable, the Borrower will be deemed to have converted any such request into a request for a
borrowing of or conversion to Base Rate Loans in the amount specified therein and (II) in the case of any request for any affected RFR
Loan or Eurocurrency Rate Loan, in each case, in a Foreign Currency, if applicable, then such request shall be ineffective and (B)(I)
any outstanding affected RFR Loans or Eurocurrency Rate Loans, in each case, denominated in Dollars, if applicable, will be deemed to
have been converted into Base Rate Loans immediately or, in the case of Term RFR Loans or Eurocurrency Rate Loans, at the end of the
applicable Interest Period and (II) any outstanding affected RFR Loans or Eurocurrency Rate Loans, in each case, denominated in a Foreign
Currency, at the Borrower’s election, shall either (x) be converted into Base Rate Loans denominated in Dollars (in an amount equal
to the Dollar Equivalent of such Foreign Currency) immediately or, in the case of Term RFR Loans or Eurocurrency Rate Loans, at the end
of the applicable Interest Period or (y) be prepaid in full immediately or, in the case of Term RFR Loans or Eurocurrency Rate Loans,
at the end of the applicable Interest Period; provided that, with respect to any Daily Simple RFR Loan, if no election is made by the
Borrower by the date that is three Business Days after receipt by the Borrower of such notice, the Borrower shall be deemed to have elected
clause (1)   above; provided, further that, with respect to any Eurocurrency Rate Loan
or Term RFR Loan, if no election is made by the Borrower by the earlier of (x) the date that is three Business Days after receipt by
the Borrower of such notice and (y) the last day of the current Interest Period for the applicable Eurocurrency Rate Loan or Term RFR
Loan, the Borrower shall be deemed to have elected clause (1) above. Upon any such prepayment or conversion, the Borrower shall also
pay accrued interest (except with respect to any prepayment or conversion of a Daily Simple RFR Loan) on the amount so prepaid or converted,
together with any additional amounts required pursuant to Section 5.4. During a Benchmark Unavailability Period with respect to any Benchmark
or at any time that a tenor for any then-current Benchmark is not an Available Tenor, the component of the Base Rate based upon the then-current
Benchmark that is the subject of such Benchmark Unavailability Period or such tenor for such Benchmark, as applicable, will not be used
in any determination of Base Rate.

 

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(d)               Foreign
Currencies.        If
any change in currency controls or exchange regulations or any change in national or international
financial, political or economic conditions are imposed in the country in which such currency is issued, and such change results in,
in the reasonable opinion of the Administrative Agent (i) such currency no longer being readily available, freely transferable and convertible
into Dollars, (ii) a Dollar Equivalent no longer being readily calculable with respect to such currency, (iii) such currency being impracticable
for the Lenders to loan or (iv) such currency no longer being a currency in which the Requisite Lenders are willing to make, Continue
or Convert Loans (each of clauses (i), (ii), (iii) and (iv), a “Disqualifying Event”), then the Administrative Agent shall
promptly notify the Lenders and the Borrower, and such currency shall no longer be a Foreign Currency (including a Tranche 1 Currency
or Tranche 2 Currency) until such time as the Disqualifying Event(s) no longer exist. Within five (5) Business Days after receipt of
such notice from the Administrative Agent, the Borrower shall repay all Loans denominated in such currency to which the Disqualifying
Event(s) apply or convert such Loans into the Dollar Equivalent in Dollars, bearing interest at the Base Rate, subject to the other terms
contained herein.

 

Section 5.3. Illegality.

 

Notwithstanding
any other provision of this Agreement, (a) 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 LIBOR Loans or Foreign Currency Rate Loans in a particular Currency
hereunder and/or (b) if any Lender that has an outstanding Bid Rate Quote shall determine (which determination shall be conclusive and
binding) that it is unlawful for such Lender to honor its obligation to make or maintain LIBOR Margin Loans hereunder, then such Lender
shall promptly notify the Borrower thereof in writing (with a copy of such notice to the Administrative Agent) and such Lender’s
obligation to make or Continue LIBOR Loans or the applicable Foreign Currency Rate Loans, or to Convert Loans of any other Type into,
LIBOR Loans shall be suspended and/or such Lender’s obligation to make LIBOR Margin Loans shall be suspended, in each case,
until such time as such Lender may again make and maintain LIBOR Loans, the applicable Foreign Currency Rate Loans or LIBOR Margin Loans,
as the case may be (in which case the provisions of Section 5.5. shall be applicable).

 

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If,
after the date hereof, the introduction of, or any change in, any Applicable Law or any change in the interpretation or administration
thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or
compliance by any of the Lenders (or any of their respective Lending Offices) with any request or directive (whether or
not having the force of law)
of any such Governmental Authority, central bank or comparable agency, shall make it unlawful
or impossible for any of the
Lenders (or any of their respective Lending Offices) to honor its obligations hereunder to make or maintain any Daily Simple
RFR Loan, Term RFR Loan or Eurocurrency
Rate Loan, or to determine or charge interest based upon any applicable RFR, Adjusted Daily Simple RFR, Term RFR, the Eurocurrency Rate
or the Adjusted Eurocurrency Rate, such Lender shall promptly give notice thereof to the Administrative Agent and the Administrative
Agent shall promptly give notice to the Borrower and the other Lenders. Thereafter, until the Administrative Agent notifies the
Borrower that such circumstances no longer exist, (i) any obligation of the Lenders to make RFR
Loans or Eurocurrency Rate Loans, as applicable, in the affected Currency or Currencies, and any right
of the Borrower to convert
any Loan denominated in Dollars to an RFR Loan or a Eurocurrency Rate Loan or continue any Loan as an RFR Loan or a Eurocurrency Rate
Loan, as applicable, in the affected Currency or Currencies shall be suspended and (ii) if necessary to avoid such illegality, the Administrative
Agent shall compute the Base Rate without reference to clause (c) of the definition of “Base Rate”, in each case until each
such affected Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer
exist. Upon receipt of such notice, the Borrower shall, if necessary to avoid such illegality, upon demand from any Lender (with a copy
to the Administrative Agent), prepay or, if applicable, (A) convert all RFR Loans or Eurocurrency Rate Loans denominated in Dollars to
Base Rate Loans or (B) convert all RFR Loans or Eurocurrency Rate Loans denominated in an affected Foreign Currency to Base Rate Loans
denominated in Dollars (in an amount equal to the Dollar Equivalent of such Foreign Currency) (in each case, if necessary to avoid such
illegality, the Administrative Agent shall compute the Base Rate without reference to clause (c) of the definition of “Base Rate”),
(I) with respect to Daily Simple RFR Loans, on the next interest payment date therefor, if all affected Lenders may lawfully continue
to maintain such Daily Simple RFR Loans to such day, or immediately, if any Lender may not lawfully continue to maintain such Daily Simple
RFR Loans to such day or (II) with respect to Eurocurrency Rate Loans or Term RFR Loans, on the last day of the Interest Period therefor,
if all affected Lenders may lawfully continue to maintain such Eurocurrency Rate Loans or Term RFR Loans, as applicable, to such day,
or immediately, if any Lender may not lawfully continue to maintain such Eurocurrency Rate Loans or Term RFR Loans, as applicable, to
such day. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest (except with respect to any prepayment
or conversion of a Daily Simple RFR Loan) on the amount so prepaid or converted, together with any additional amounts required pursuant
to Section 5.4.

 

Section 5.4. Compensation.

 

The Borrower shall
pay to the Administrative Agent for the account of each Lender, within 10 days following the written request of such Lender through the
Administrative Agent, such amount or amounts as shall be sufficient to compensate such Lender for any loss, cost or expense that the
Administrative Agent reasonably determines is attributable to:

 

(a)               
any payment or prepayment (whether mandatory or optional) of a LIBOR Loan, a Foreign CurrencyEurocurrency
Rate Loan,
a Term RFR Loan or a Bid Rate Loan, or Conversion of a LIBOREurocurrency
Rate Loan or
Term RFR Loan, made by such Lender for any reason (including, without limitation, acceleration) on a date other than the last
day of the Interest Period for such Loan; or

 

(b)               
any failure by the Borrower for any reason (including, without limitation, the failure of any of the applicable conditions precedent
specified in Section 6.2. to be satisfied) to borrow a LIBOREurocurrency
Rate Loan, a Foreign Currency RateRFR
Loan or a Bid Rate Loan from such Lender on the date for such borrowing, or to Convert a Base Rate Loan into a LIBOREurocurrency
Rate Loan or RFR Loan or Continue a LIBOREurocurrency
Rate Loan or Foreign Currency RateTerm
RFR Loan on the requested date of such Conversion or Continuation.

 

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Not in limitation of the foregoing, such
compensation shall include, without limitation, (i) in the case of a LIBOREurocurrency
Rate Loan, an amount equal to the then present value of (A) the amount of interest that would have accrued on such LIBOREurocurrency
Rate Loan for the remainder of the Interest Period at the rate applicable to such LIBOREurocurrency
Rate Loan, less (B) the amount of interest that would accrue on the same LIBOREurocurrency
Rate Loan for the same period if LIBORthe
Adjusted Eurocurrency Rate were set on the date on which such LIBOREurocurrency
Rate Loan was repaid, prepaid or Converted or the date on which the Borrower failed to borrow, Convert or Continue such LIBOREurocurrency
Rate Loan, as applicable, calculating present value by using as a discount rate LIBORthe
applicable Eurocurrency Rate quoted on such date, (ii) in the case of a Bid Rate Loan, the sum of such losses and
expenses as the Lender or Designated Lender who made such Bid Rate Loan may reasonably incur by reason of such prepayment, including
without limitation any losses or expenses incurred in obtaining, liquidating or employing deposits from third parties and (iii) in
the case of a Foreign Currency Ratean
RFR Loan, an amount equal to the then present value of (A) the amount of interest that would have accrued on such Foreign
Currency RateRFR Loan
for the remainder of the Interest Period at the rate applicable to such Foreign Currency
Rate Loan, less (B) the amount of interest that would accrue on the same Foreign
Currency RateRFR Loan
for the same period if the applicable Foreign Currency RateAdjusted
Daily RFR Rate or Term RFR, as applicable, were set on the date on which such Foreign
Currency RateRFR Loan
was repaid or prepaid or the date on which the Borrower failed to borrow or Continue such Foreign
Currency RateRFR Loan,
as applicable, calculating present value by using as a discount rate the applicable Foreign
Currency RateAdjusted
Daily RFR Rate or Term TFR, as applicable, quoted on such date; provided, that any such compensation shall, for
the avoidance of doubt, in no event include any lost profit. Upon the Borrower’s request, the Administrative Agent will
provide to the Borrower, on behalf of any Lender seeking compensation under this Section, a written statement setting forth in
reasonable detail the basis for requesting such compensation and the method for determining the amount thereof. Any such statement
shall be conclusive absent manifest error.

 

Section 5.5. Treatment of Affected Loans.

 

(a)               If the obligation
of any Lender to make or Continue LIBOREurocurrency
Rate Loans or
RFR Loans denominated in Dollars or to Convert Base Rate Loans into LIBOR LoansEurocurrency
Rate Loans or RFR Loans denominated in Dollars shall be suspended pursuant to Section 5.1.(c), Section 5.2. or Section 5.3.
then such Lender’s LIBOR LoansEurocurrency
Rate Loans or RFR Loans denominated in Dollars shall be automatically Converted into Base Rate Loans on the last day(s) of
the then current Interest Period(s) for LIBORsuch
Eurocurrency Rate Loans or Term RFR Loans or the next interest payment date in the case of such Daily Simple RFR Loans (or,
in each case, in the case of a Conversion required by Section 5.1.(c), Section 5.2., or Section 5.3. on such earlier date
as such Lender or the Administrative Agent, as applicable, may specify to the Borrower in writing (with a copy to the Administrative
Agent, as applicable)) and, unless and until such Lender or the Administrative Agent, as applicable, gives written notice as provided
below that the circumstances specified in Section 5.1., Section 5.2. or Section 5.3. that gave rise to such Conversion no longer exist:

 

(i)              to the extent that such Lender’s LIBOREurocurrency
Rate Loans or
RFR Loans denominated in Dollars have been so Converted, all payments and prepayments of principal that would otherwise be
applied to such Lender’s LIBOREurocurrency
Rate Loans shall be applied instead to its Base Rate Loans; and

 

(ii)             all
Loans that would otherwise be made or Continued by such Lender as LIBOR LoansEurocurrency
Rate Loans or RFR Loans denominated in Dollars shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans
of such Lender that would otherwise be Converted into LIBOR LoansEurocurrency
Rate Loans or RFR Loans denominated in Dollars shall remain as Base Rate Loans.

 

If such Lender or the Administrative
Agent, as applicable, gives written notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the
circumstances specified in Section 5.1.(c), 5.2. or 5.3. that gave rise to the Conversion of such Lender’s LIBOREurocurrency
Rate Loans or RFR Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent, as
applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR
LoansEurocurrency
Rate Loans or RFR Loans, as the case may be, denominated in Dollars and made by other Lenders are outstanding, then such
Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for
such outstanding LIBOREurocurrency
Rate Loans or RFR Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders
holding LIBOREurocurrency
Rate Loans and
RFR Loans denominated in Dollars and by such Lender are held pro rata (as to principal amounts, Types and Interest
Periods) in accordance with their respective Pro Rata Shares of the applicable Class of Loans.

 

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(b)               
If the obligation of a Lender to make LIBOR Margin Loans shall be suspended pursuant to Section 5.1.(c) or 5.2., then the LIBOR
Margin Loans of such Lender shall be automatically due and payable on such date as such Lender may specify to the Borrower by written
notice with a copy to the Administrative Agent.

 

(c)               
If the obligation of any Revolving Lender to make or Continue Foreign CurrencyEurocurrency
Rate Loans or
RFR Loans of a particular Foreign
Currency shall be suspended pursuant to Section 5.1.(c), 5.2. or 5.3. then such Revolving Lender’s Foreign
CurrencyEurocurrency
Rate Loans or
RFR Loans of such Foreign Currency so affected shall be automatically (unless otherwise determined by the Administrative Agent)
exchanged to Dollars at the Spot Rate and Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for
such Foreign Currency Rate  Loans
(or, in the case required by Section 5.1.(c), 5.2. or 5.3. on such earlier date as such Revolving Lender or the Administrative Agent,
as applicable, may specify to the Borrower in writing (with a copy to the Administrative Agent, as applicable)).

 

Section 5.6. Affected Lenders.

 

If (a) a Lender requests
compensation pursuant to Section 3.10. or 5.1., or is a Lender that sold a participation to a Participant that requests compensation
pursuant to Section 3.10. or 5.1., and the Requisite Lenders are not also doing the same, (b) (i) the obligation of any Lender to
make LIBOREurocurrency
Rate Loans or RFR Loans or to Continue, or to Convert Base Rate Loans into, LIBOREurocurrency
Rate Loans or RFR Loans shall be suspended pursuant to Section 5.1.(c), 5.2. or 5.3. but the obligation of the Requisite
Lenders shall not have been suspended under such Sections or (ii) the obligation of any Revolving Lender to make or to Continue
Foreign Currency Rate Loans in a particular Currency shall be suspended pursuant to Section 5.1.(c), 5.2. or 5.3. but the obligation
of the Requisite Lenders shall not have been suspended under such Sections or (c) a Lender becomes a Non-Consenting Lender, then, so
long as there does not then exist any Default or Event of Default, the Borrower may either (i) demand that such Lender (the
 “Affected Lender”), and upon such demand the Affected Lender shall promptly, assign its Revolving Commitments 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) the aggregate amount of payments
previously made by the Affected Lender under Section 2.4.(j) that have not been repaid, plus (z) 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 or (ii) pay to the Affected Lender the aggregate principal balance of the Loans then
owing to the Affected Lender, plus the aggregate amount of payments previously made by the Affected Lender under Section 2.4.(j)
that have not been repaid, plus any accrued but unpaid interest and accrued but unpaid fees owing to the Affected Lender (or such
other amount as may be mutually agreed upon by the Borrower and such Affected Lender), and by written notice to such Affected
Lender, terminate such Affected Lender’s Revolving Commitment, whereupon the Affected Lender shall no longer be a party hereto
or have any rights or obligations hereunder or under any of the other Loan Documents (but shall continue to be entitled to the
benefits of Sections 3.10., 5.1., 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 payment). Each of
the Administrative Agent, the Borrower 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; provided, however, that
notwithstanding anything to the contrary in this Agreement, the Borrower shall not be obligated to reimburse or otherwise pay an
Affected Lender’s administrative or legal costs incurred as a result of the Borrower’s exercise of its rights under this
Section. 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, without limitation, pursuant to Section 3.10.,
5.1. or 5.4.) with respect to any period up to the date of replacement. In connection with any such assignment under this Section
5.6., such Affected Lender shall promptly execute all documents reasonably requested to effect such assignment, including an
appropriate Assignment and Assumption; provided that such Affected Lenders’ failure to execute an Assignment and
Assumption within five Business Days after written request by the Borrower shall not prevent the effectiveness of such
assignment.

 

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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 Section 3.10., 5.1. or 5.3. to reduce the
liability of the Borrower or avoid the results provided thereunder, so long as such designation is not disadvantageous to such Lender
as determined by such Lender in its sole discretion, except that such Lender shall have no obligation to designate a Lending Office located
in the United States of America.

 

Section 5.8. Assumptions Concerning
Funding of LIBOR Loans, Foreign CurrencyEurocurrency
Rate Loans,
RFR Loans and LIBOR Margin Loans.

 

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

 

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, whether as the making of a Loan or the issuance of
a Letter of Credit, is subject to the satisfaction or waiver of the following conditions precedent:

 

(a)               
 The Administrative
Agent shall have received each of the following, in form and substance satisfactory to the Administrative Agent:

 

(i)              

counterparts of this Agreement executed by each of the parties hereto;

 

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(ii)              
Revolving Notes, Swingline Notes, Term Notes and Bid Rate Notes (or, in each case, replacement Notes, as the case may be) executed
by the Borrower, payable to each applicable Lender (including any Designated Lender, if applicable but excluding any Lender that has
requested that it not receive Notes (other than Swingline Notes)) and complying with the terms of Section 2.12.(a);

 

(iii)            
an opinion of in-house and outside counsel to the Borrower and the other Loan Parties, addressed to the Administrative Agent and
the Lenders and covering such matters as the Administrative Agent may request;

 

(iv)             
(A) copies of 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 Person (or in the case of any Loan Party other than the Borrower, any other date acceptable
to the Administrative Agent so long as such organizational documents are certified as of the Effective Date by the Secretary or Assistant
Secretary (or other individual performing similar functions) of the applicable Loan Party) or (B) a certification by the Secretary or
Assistant Secretary (or other individual performing similar functions) of the applicable Loan Party that such documents have not been
amended or otherwise modified since the Existing Agreement Date;

 

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

 

(vi)             
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 Revolving
Borrowing, Notices of Swingline Borrowing, requests for Letters of Credit, Notices of Conversion and Notices of Continuation;

 

(vii)           
(A) copies certified by the Secretary or Assistant Secretary (or other individual performing similar functions) of each Loan Party
of (1) 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 (2) 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 or (B) with respect to the items in clause (A)(1) above, a certification by the Secretary or Assistant
Secretary (or other individual performing similar functions) of the applicable Loan Party that such documents have not been amended or
otherwise modified since the Existing Agreement Date;

 

(viii)         
a Closing Certificate substantially in form of Exhibit U, executed on behalf of the Borrower by an authorized officer of the Borrower;

 

(ix)             
a Disbursement Instruction Agreement effective as of the Agreement Date;

 

(x)                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, the Lead Arrangers and any of the Lenders, including without limitation, the reasonable
fees and expenses of counsel to the Administrative Agent, have been paid; and

 

    - 106 -

     

    

 

(xi)               such other documents, agreements
and instruments as the Administrative Agent, or any Lender through the Administrative Agent, may reasonably request;

 

(b)               
there shall not have occurred or become known to the Administrative Agent or any of the Lenders any event, condition, situation
or status since the date of the information contained in the financial and business projections, budgets, pro forma data and forecasts
concerning the Borrower and its Subsidiaries delivered to the Administrative Agent and the Lenders by or on behalf of the Borrower prior
to the Agreement Date in connection with the transactions contemplated by this Agreement that has had or could reasonably be expected
to result in a Material Adverse Effect;

 

(c)                no
litigation, action, suit, investigation or other arbitral, administrative or judicial proceeding shall be pending or threatened
which is reasonably likely to be adversely determined, and, if adversely determined, 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 and the other Loan Parties shall have received all approvals, consents and waivers, and shall have made or given all
necessary filings and notices as shall be required to consummate the transactions contemplated hereby without the occurrence of any
default under, conflict with or violation of (A) any Applicable Law or (B) any agreement, document or instrument to which any Loan
Party is a party or by which any of them or their respective properties is bound, except for such approvals, consents, waivers,
filings and notices the receipt, making or giving of which, or the failure to make, give or receive which, would not reasonably be
likely to (A) have a Material Adverse Effect, or (B)  restrain or enjoin or 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;

 

(e)               
the Borrower and each other Loan Party shall have provided all information requested by the Administrative Agent and each Lender
at least 2 Business Days prior to the Agreement Date in order to comply with applicable “know your customer” and Anti-Money
Laundering Laws, including without limitation, the Patriot Act;

 

(f)                
the Borrower and each other Loan Party or Subsidiary thereof that qualifies as a “legal entity customer” under the
Beneficial Ownership Regulation shall have delivered to the Administrative Agent, and any Lender requesting the same, a Beneficial Ownership
Certification in relation to such Loan Party or such Subsidiary, in each case, at least five (5) Business Days prior to the Effective
Date; and

 

(g)               
all outstanding “Revolving Loans” under and as defined in the Existing Credit Agreement shall have been repaid in
full (which, for the avoidance of doubt, shall be repaid with one or more Revolving Loans under this Agreement).

 

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Section 6.2. Conditions Precedent to All Loans and Letters of Credit.

 

The obligations
of (i) Lenders to make any Loans and (ii) the Issuing Banks to issue Letters of Credit are each subject to the further conditions
precedent that: (a) no Default or Event of Default shall exist as of the date of the making of such Loan or date of issuance of such
Letter of Credit or would exist immediately after giving effect thereto, and no violation of the limits described in Section 2.16.
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 or date of issuance of such Letter of Credit 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 have been 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 or waived or consented to by the applicable Lenders in accordance with the provisions
of Section 13.6.; (c) in the case of the borrowing of Revolving Loans, the Administrative Agent shall have received a timely Notice
of Revolving Borrowing, in the case of the borrowing of a Swingline Loan, the applicable Swingline Lender shall have received a
timely Notice of Swingline Borrowing, and in the case of the issuance of a Letter of Credit, the applicable Issuing Bank and the
Administrative Agent shall have received a timely request for the issuance of such Letter of Credit and (d) in the case of a
Revolving Loan to be denominated in a Foreign Currency, such relevant Foreign Currency shall be readily available and freely
transferable and convertible to Dollars and there shall not have occurred any change in national or international financial,
political, or economic conditions or currency exchange rates or exchange controls which in the reasonable opinion of the
Administrative Agent would make it impracticable for such Foreign Currency Rate Loans to be made. Each Credit Event shall constitute
a certification by the Borrower to the effect set forth in the preceding sentence 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, the Issuing Banks and the Lenders
at the time any Loan is made or any Letter of Credit is issued that all conditions to the making of such Loan or issuing of such
Letter of Credit contained in Section 6.1., solely in the case of the initial Loan made or Letter of Credit issued hereunder,
whichever occurs first, and in this Section, in the case of the making of all Loans and the issuance of all Letters of Credit 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 applicable
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 and, in the case of the Issuing Banks, to issue
Letters of Credit, the Borrower represents and warrants to the Administrative Agent, each Issuing Bank and each Lender as follows:

 

(a)           Organization;
Power; Qualification. Each of the Loan Parties and the other Subsidiaries is a corporation, limited liability company, 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, limited liability company,
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.

 

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(b)           Ownership
Structure. Part I of Schedule 7.1.(b) is, as of the Existing Agreement Date, a complete and correct list of all Subsidiaries of the
Borrower setting forth for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) each Person holding any
Equity Interest in such Subsidiary, (iii) the nature of the Equity Interests held by each such Person and (iv) the percentage of ownership
of such Subsidiary represented by such Equity Interests. As of the Existing Agreement Date, except as disclosed in such Schedule, (A)
each of the Borrower and its Subsidiaries owns, free and clear of all Liens, and has the unencumbered right to vote, all outstanding
Equity Interests in each Person shown to be held by it on such Schedule, (B) all of the issued and outstanding capital stock of each
such Person organized as a corporation is validly issued, fully paid and nonassessable and (C) there are no outstanding subscriptions,
options, warrants, commitments, preemptive rights or agreements of any kind (including, without limitation, any stockholders’ or
voting trust agreements) for the issuance, sale, registration or voting of, or outstanding securities convertible into, any additional
shares of capital stock of any class, or partnership or other Equity Interests of any type in, any such Person. Part II of Schedule 7.1.(b)
correctly sets forth, as of the Existing Agreement Date, all Unconsolidated Affiliates of the Borrower, including the correct legal name
of such Person, the type of legal entity which each such Person is, and all Equity Interests in such Person held directly or indirectly
by the Borrower.

 

(c)           Authorization
of Loan Documents and Borrowings. The Borrower has the right and power, and has taken all necessary action to authorize it, to borrow
and obtain other extensions of credit hereunder. The Borrower and each other Loan Party has the right and power, and has taken all necessary
action to authorize it, to execute, deliver and perform each of the Loan Documents to which it is a party in accordance with their respective
terms and to consummate the transactions contemplated hereby and 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 respective terms, except as the same may be
limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable
remedies for the enforcement of certain obligations contained herein or therein and as may be limited by equitable principles generally
(whether in a proceeding at law or in equity).

 

(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) in any material respect relating to the Borrower or any other Loan Party; (ii) conflict with, result
in a breach of or constitute a default under the articles of incorporation or the bylaws of the Borrower or the organizational or governing
documents of any Loan Party, or any material indenture, agreement or other instrument to which the Borrower or any other Loan Party is
a party or by which it or any of its respective properties may be bound; or (iii) result in or require the creation or imposition of
any Lien upon or with respect to any property now owned or hereafter acquired by any Loan Party other than in favor of the Administrative
Agent for its benefit and the benefit of the 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 noncompliances which, and Governmental Approvals the failure
to possess which, could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

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(f)            Title
to Properties; Liens. Schedule 7.1.(f) is, as of September 30, 2018, a complete and correct listing of all real estate assets 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 Property and, if such Property is a Development Property, the status of completion
of such Property. Except for real estate assets having a value less than $300,000,000, no assets have been acquired during the period
from September 30, 2018 to and including the Existing Agreement Date. Except for real estate assets having a value less than $300,000,000,
no assets have been disposed of during the period from September 30, 2018 to and including the Existing Agreement Date. Schedule 4.1.
is, as of March 31, 2019, a complete and correct listing of all Unencumbered Assets. Each of the Borrower, each other Loan Party and
each other Subsidiary has good, marketable (in the case of real property) and legal title to, or a valid leasehold interest in, its respective
material assets. No Unencumbered Asset is subject to any Lien other than Permitted Liens.

 

(g)           Existing
Indebtedness; Total Liabilities. Part I of Schedule 7.1.(g) is, as of September 30, 2018, a complete and correct listing of all Indebtedness
(including all Guarantees) 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. Part II of Schedule 7.1.(g) is, as of such date, a complete and
correct listing of all Total Liabilities of the Borrower, the other Loan Parties and the other Subsidiaries (excluding any Indebtedness
set forth on Part I of such Schedule). The outstanding principal amount of Indebtedness incurred by the Borrower and its Subsidiaries
during the period from September 30, 2018 to and including the Existing Agreement Date does not exceed $300,000,000 in the aggregate.

 

(h)           Material Contracts. Schedule 7.1.(h) is, as of June 30, 2018, a true, correct and complete listing of all Material Contracts.
Copies of any Material Contracts entered into by the Borrower or any Subsidiary during the period from the Existing Agreement Date to
and including the Agreement Date have been publicly filed by the Borrower with the SEC. As of the Agreement Date, 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 to the extent that the noncompliance therewith would give any other party thereto the right to
terminate such Material Contract.

 

(i)             Litigation. Except as set forth on Schedule 7.1.(i), there are no actions, suits or proceedings pending (or, to the knowledge
of any Loan Party, are there any actions, suits or proceedings threatened) against or in any other way relating adversely to or affecting
the Borrower, any other Loan Party, any other Subsidiary or any of their respective property in any court or before any arbitrator of
any kind or before or by any other Governmental Authority which, (i) is reasonably likely to be adversely determined and, if adversely
determined, could reasonably be expected to have a Material Adverse Effect or (ii) in any manner draws into question the validity or
enforceability of any Loan Document. 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.

 

(j)            Taxes. All federal, material state and other tax returns of the Borrower, each other Loan Party and each other Subsidiary
required by Applicable Law to be filed have been duly filed, and all material federal, state and other taxes, assessments and other governmental
charges or levies 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 or non-filing 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 a material tax audit. All charges, accruals and reserves on the books of the Borrower, the other Loan Parties and the other Subsidiaries
in respect of any taxes or other governmental charges are in accordance with GAAP to the extent required under GAAP.

 

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(k)           Financial Statements. The Borrower has furnished to the Administrative Agent for distribution to the Lenders copies of
(i) the audited consolidated balance sheets of the Borrower and its consolidated Subsidiaries for the fiscal years ended December 31,
2017 and December 31, 2018, and the related audited consolidated statements of income, equity and cash flows for the fiscal years ended
on such dates, with the opinion thereon of KPMG LLP, and (ii) the unaudited consolidated balance sheet of the Borrower and its consolidated
Subsidiaries for the fiscal quarter ended March 31, 2019, and the related unaudited consolidated statements of income and cash flows
of the Borrower and its consolidated Subsidiaries for the fiscal quarter 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 periods involved, the consolidated financial position of the Borrower and its consolidated Subsidiaries
as at their respective dates and the results of operations and the cash flow for such periods (subject, as to interim statements, to
changes resulting from normal year-end audit adjustments and the absence of footnotes). Neither the Borrower nor any of its Subsidiaries
has on the Agreement Date any material contingent liabilities, liabilities, liabilities for taxes, unusual or long-term commitments or
unrealized or forward anticipated losses from any unfavorable commitments that would be required to be set forth in its financial statements
or notes thereto, except as referred to or reflected or provided for in said financial statements.

 

(l)            No
Material Adverse Change. Since December 31, 2018, there have been no events, changes, circumstances or occurrences that, individually
or in the aggregate, could reasonably be expected to have a Material Adverse Effect. The Borrower is Solvent and the Borrower and its
Subsidiaries on a consolidated basis are Solvent.

 

(m)          ERISA.

 

(i)                
Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, each Benefit
Arrangement is in compliance with the applicable provisions of ERISA, the Internal Revenue Code and other Applicable Laws. Except with
respect to Multiemployer Plans, each Qualified Plan has received a favorable determination letter from the IRS or is maintained under
a prototype plan and may rely upon a favorable opinion letter issued by the IRS with respect to such prototype plan, or an application
for such a letter is currently being processed by the IRS with respect thereto. 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 Benefit Arrangement that is a retiree welfare benefit arrangement, all amounts have been accrued on the financial
statements of the Borrower or any Subsidiary in accordance with FASB ASC 715.

 

(iii)             Except
as would 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 against the Borrower by any Governmental Authority, plan participant or beneficiary with respect to a
Benefit Arrangement; (iii) there are no violations of the fiduciary responsibility rules by the Borrower or, to the knowledge of the
Borrower, any other fiduciary with respect to any Benefit Arrangement; and (iv) no member of the ERISA Group has engaged in a
non-exempt “prohibited transaction,” as defined in Section 406 of ERISA and Section 4975 of the Internal Revenue Code,
in connection with any Plan, that would reasonably be expected to subject any member of the Borrower or such Subsidiary to a tax on
prohibited transactions imposed by Section 502(i) of ERISA or an excise tax imposed by Section 4975 of the Internal Revenue
Code.

 

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(n)           Absence
of Defaults. 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, limited liability company agreement or other similar organizational documents, and no event
has occurred, which has not been remedied, cured or waived: (i) which constitutes a Default or an Event of Default; or (ii) which constitutes,
or which with the passage of time, the giving of notice, or both, would constitute, a default or event of default by, any Loan Party
or any other Subsidiary under any agreement (other than this Agreement) or judgment, decree or order to which any such Person is a party
or by which any such Person or any of its respective properties may be bound where such default or event of default could, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(o)           Environmental Laws. In the ordinary course of business, and from time to time, each of the Borrower, each other Loan Party
and each other Subsidiary conducts reviews of the effect of Environmental Laws on its respective business, operations and properties.
Each of the Borrower, each other Loan Party and each other Subsidiary: (i) is in compliance with all Environmental Laws applicable to
its business, operations and the Properties, (ii) has obtained all Governmental Approvals which are required under Environmental Laws,
and each such Governmental Approval is in full force and effect, and (iii) is in compliance with all terms and conditions of such Governmental
Approvals, where with respect to each of the immediately preceding clauses (i) through (iii) the failure to obtain or to comply with
could reasonably be expected to have a Material Adverse Effect. Except for any of the following matters that could not reasonably be
expected to have a Material Adverse Effect, no Loan Party has any knowledge of, or has received notice of, any past, present, or pending
releases, events, conditions, circumstances, activities, practices, incidents, facts, occurrences, actions, or plans that, with respect
to any Loan Party or any other Subsidiary, their respective businesses, operations or with respect to the Properties, may: (x) cause
or contribute to an actual or alleged violation of or noncompliance with Environmental Laws, (y) cause or contribute to any other potential
common-law or legal claim or other liability, or (z) cause any of the Properties to become subject to any restrictions on ownership,
occupancy, use or transferability under any Environmental Law or require the filing or recording of any notice, approval or disclosure
document under any Environmental Law and, with respect to the immediately preceding clauses (x) through (z) is based on or related to
the on-site or off-site manufacture, generation, processing, distribution, use, treatment, storage, disposal, transport, removal, clean
up or handling, or the emission, discharge, release or threatened release of any wastes or Hazardous Material, or any other requirement
under Environmental Law. There is no civil, criminal, or administrative action, suit, demand, claim, hearing, notice, or demand letter,
mandate, order, lien, request, investigation, or proceeding pending or, to the Borrower’s knowledge, threatened, against the Borrower,
any other Loan Party or any other Subsidiary relating in any way to Environmental Laws which, reasonably could be expected to have a
Material Adverse Effect. None of the Properties is listed on or proposed for listing on the National Priority List promulgated pursuant
to the Comprehensive Environmental Response, Compensation and Liability Act of 1980 and its implementing regulations, or any state or
local priority list promulgated pursuant to any analogous state or local law, except to the extent all such listings taken together could
not reasonably be expected to result in a Material Adverse Effect. To the Borrower’s knowledge, no Hazardous Materials generated
at or transported from the Properties are or have been transported to, or disposed of at, any location that is listed or proposed for
listing on the National Priority List or any analogous state or local priority list, or any other location that is or has been the subject
of a clean-up, removal or remedial action pursuant to any Environmental Law, except to the extent that such transportation or disposal
could not reasonably be expected to result in a Material Adverse Effect.

 

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

 

(q)           Margin
Stock. None of the Borrower, any other Loan Party or any other Subsidiary is engaged principally, or as one of its important activities,
in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock”
within the meaning of Regulation U of the Board of Governors of the Federal Reserve System.

 

(r)            Affiliate
Transactions. As of the Agreement Date, except as set forth on Schedule 7.1.(r), and as permitted by Section 10.8., none of the Borrower,
any other Loan Party or any other Subsidiary is a party to or bound by any agreement or arrangement with any Affiliate.

 

(s)            Intellectual
Property. Except for such instances as would not, individually or in the aggregate, have a Material Adverse Effect: (1) each of
the Loan Parties and each other Subsidiary owns or has the right to use, under valid license agreements or otherwise, all patents,
licenses, franchises, trademarks, trademark rights, service marks, service mark rights, trade names, trade name rights, trade
secrets and copyrights (collectively, “Intellectual Property”) necessary to the conduct of its businesses, without known
conflict with any patent, license, franchise, trademark, trademark right, service mark, service mark right, trade secret, trade
name, copyright, or other proprietary right of any other Person; (2)  all such
Intellectual Property is fully protected and/or duly and properly registered, filed or issued in the appropriate office and
jurisdictions for such registrations, filing or issuances and (3) no claim has been asserted by any Person with respect to the use
of any such Intellectual Property by the Borrower, any other Loan Party or any other Subsidiary, or challenging or questioning the
validity or effectiveness of any such Intellectual Property.

 

(t)            Business.
As of the Agreement Date, the Borrower, the other Loan Parties and the other Subsidiaries are engaged primarily in the business of owning,
funding the development of, operating, buying, selling and managing completed commercial properties leased to third party tenants principally,
but not exclusively, on a net lease basis, together with other business activities incidental thereto.

 

(u)           Broker’s
Fees. No broker’s or finder’s fee, commission or similar compensation will be payable with respect to the transactions
contemplated hereby. Except for Fees payable pursuant to the Fee Letter, no other similar fees or commissions will be payable by any
Loan Party for any other services rendered to the Borrower, any other Loan Party or any other Subsidiary ancillary to the transactions
contemplated hereby.

 

(v)           Accuracy
and Completeness of Information. All written information, reports and other papers and data (other than financial projections and
other forward looking statements and general economic and general industry data) furnished to the Administrative Agent, any Issuing Bank
or any Lender by, on behalf of, or at the direction of, the Borrower, any other Loan Party or any other Subsidiary, in connection with
the negotiation, preparation or execution of this Agreement or delivered hereunder from time to time, taken as a whole, together with
the information publicly filed by the Borrower or its Subsidiaries with the SEC does not, taken as a whole, contain any material misstatement
of fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading, 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 such periods
(subject, as to interim statements, to changes resulting from normal year end audit adjustments and absence of full footnote disclosure).
All financial projections and other forward looking statements prepared by or on behalf of the Borrower, any other Loan Party or any
other Subsidiary that have been or may hereafter be made available to the Administrative Agent or any Lender by or on behalf of the Borrower,
any other Loan Party or any other Subsidiary in connection with this Agreement (including the syndication, negotiation, preparation and
execution thereof) were or will be prepared in good faith based upon assumptions believed to be reasonable at the time made (it being
understood that projections are subject to significant uncertainties and contingencies, many of which are beyond the Borrower’s
control, that no assurance can be given that any particular projections will be realized and that actual results during the period or
periods covered by any such information may differ significantly from the forecasted, estimated, pro forma, project or anticipated results
and assumptions, and such differences may be material).

 

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(w)          Unencumbered
Assets. Each of the Properties included in calculations of Unencumbered Asset Value qualifies as an Unencumbered Asset.

 

(x)            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.

 

(y)           Anti-Corruption
Laws; Anti-Money Laundering Laws and Sanctions.

 

(i)                
None of (1) the Borrower or any Subsidiary, any of their respective directors, officers, or, to the knowledge of the Borrower,
such other Loan Party or such other Subsidiary, any of their respective employees or Affiliates, or (2) to the knowledge of the Borrower,
any agent or representative of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the Credit
Facility, (A) is a Sanctioned Person or currently the subject or target of any Sanctions, (B) is acting on behalf of a Sanctioned Person,
(C) has its assets located in a Sanctioned Country, (D) is under administrative, civil or criminal investigation for an alleged violation
of, or received notice from any governmental entity regarding a possible violation of, Anti-Corruption Laws, Anti-Money Laundering Laws
or Sanctions by a governmental authority that enforces Sanctions or any Anti-Corruption Laws or Anti-Money Laundering Laws, or (E) directly
or knowingly indirectly derives revenues from investments in, or transactions with, Sanctioned Persons in violation of applicable Sanctions.

 

(ii)              
Each of the Borrower and its Subsidiaries has implemented and maintains in effect policies and procedures reasonably designed
to ensure compliance by the Borrower and its Subsidiaries and their respective directors, officers, employees, agents and controlled
Affiliates with all applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions.

 

(iii)            
Each of the Borrower and its Subsidiaries, each director, officer, and to the knowledge of Borrower, employee, agent and Affiliate
of the Borrower and each such Subsidiary, is in compliance with all Anti-Corruption Laws, Anti-Money Laundering Laws in all material
respects and applicable Sanctions.

 

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(iv)             No proceeds
of any Loans or other extensions of credit hereunder have been used, directly or indirectly, by the Borrower, any of its Subsidiaries
or any of its or their respective directors, officers, employees and agents in violation of Section 8.8.

 

(z)            REIT
Status. The Borrower qualifies as, and has elected to be treated as, a REIT.

 

(aa)          EEA Financial Institution. None of the Borrower, any other Loan Party or any other Subsidiary is an EEA Financial Institution.

 

(bb)         Beneficial
Ownership Certification. As of the Effective Date, the information included in the Beneficial Ownership Certification, if delivered,
is true and correct in all respects.

 

Section 7.2. Survival of Representations and Warranties, Etc.

 

All representations
and warranties made under this Agreement and the other Loan Documents shall be deemed to be made at and as of the Existing Agreement
Date, the Effective Date, the date on which any extension of the Revolving Termination Date is effectuated pursuant to Section 2.14.,
the date on which any increase of the Tranche 1 Revolving Commitments is effectuated pursuant to Section 2.17. 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 have been 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 or as waived or consented to by the applicable Lenders in accordance with Section 13.6. All such representations and warranties
shall survive the effectiveness of this Agreement, the execution and delivery of the Loan Documents and the making of the Loans and the
issuance of the Letters of Credit.

 

ARTICLE VIII. AFFIRMATIVE
COVENANTS

 

For so long as this
Agreement is in effect, 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 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.

 

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Section 8.3. Maintenance of Property.

 

In addition to the
requirements of any of the other Loan Documents and except as may otherwise be expressly permitted herein, the Borrower shall, and shall
cause each other Loan Party and each other Subsidiary to, protect and preserve all of its respective material properties, including,
but not limited to, all material 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.(t).

 

Section 8.5. Insurance.

 

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

 

Section 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 taxes, assessments and governmental
charges or levies imposed upon it or upon its income or profits or upon any properties belonging to it, and (b) all lawful claims of
materialmen, mechanics, carriers, warehousemen and landlords for labor, materials, supplies and rentals which, if unpaid, might become
a Lien (other than a Lien not resulting in an Event of Default under Section 11.1.(h)) on any properties of such Person; provided,
however, that this Section shall not require the payment or discharge of any such tax, assessment, charge, levy or claim which
is being contested in good faith by appropriate proceedings which operate to suspend the collection thereof and for which adequate reserves
have been established on the books of such Person in accordance with GAAP to the extent required by GAAP.

 

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 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 or 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, with reasonable prior notice. The Borrower shall be
obligated to reimburse the Administrative Agent and the Lenders for their reasonable costs and expenses incurred in connection with
the exercise of their rights under this Section only if such exercise occurs while a Default or Event of Default exists. 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
in accordance with the terms of this Section.

 

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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 and equity and debt investments otherwise
permitted under this Agreement; (c)  to finance capital expenditures and the repayment of
Indebtedness of the Borrower and its Subsidiaries (including scheduled amortization payments on Indebtedness); and (d) to provide
for the general working capital needs of the Borrower and its Subsidiaries and for other general corporate purposes of the Borrower
and its Subsidiaries (including dividends, distributions and stock repurchases otherwise permitted under this Agreement). The
Borrower shall only use Letters of Credit for the same purposes for which it may use the proceeds of Loans. The Borrower shall not,
and shall not permit any other Loan Party or any other Subsidiary to, use any part of such proceeds, or any Letter of Credit, 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; provided, however that, to the extent not otherwise
prohibited by this Agreement or the other Loan Documents, the Borrower may use proceeds of the Loans to purchase outstanding shares
of its common stock and Preferred Stock (to the extent such payments are permitted by Section 10.1.(c)) so long as such use will not
result in any of the Loans, Letters of Credit or other Obligations being considered to be “purpose credit” directly or
indirectly secured by margin stock within the meaning of Regulation U or Regulation X of the Board of Governors of the Federal
Reserve System. The Borrower will not request any Loan, and the Borrower shall not use, and shall ensure that its Subsidiaries and
its or their respective directors, officers, employees and agents shall not use, the proceeds of any Loan or Letter of Credit,
directly or to the Borrower’s knowledge indirectly, (i) in furtherance of an offer, payment, promise to pay, or authorization
of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the
purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any
Sanctioned Country, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

 

Section 8.9. Environmental Matters.

 

The Borrower shall,
and shall cause each other Loan Party and each other Subsidiary to, comply with, and to include within all leases relating to any Property
for which the Borrower, any other Loan Party or other Subsidiary is the lessor terms requiring their respective tenants to comply with,
all Environmental Laws the failure with which to comply could reasonably be expected to have a Material Adverse Effect. The Borrower
shall 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 in all material respects. The Borrower shall, and shall cause each other
Loan Party and each other Subsidiary to, promptly take all actions and pay or arrange to pay all costs necessary for it and for the Properties
to comply in all material respects with all Environmental Laws and all Governmental Approvals, including actions to remove and dispose
of all Hazardous Materials and to clean up the Properties as required under Environmental Laws. The Borrower shall, and shall cause each
other Loan Party and each other Subsidiary to, promptly take all actions necessary to prevent the imposition of any Liens on any of their
respective properties arising out of or related to any Environmental Laws to the extent such Liens could reasonably be expected to have
a Material Adverse Effect. Nothing in this Section shall impose any obligation or liability whatsoever on the Administrative Agent or
any Lender.

 

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Section 8.10. Further Assurances.

 

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

 

Section 8.11. [Reserved].

 

Section 8.12. REIT Status.

 

The Borrower shall maintain
its status as, and election to be treated as, a REIT under the Internal Revenue Code.

 

Section 8.13. Exchange Listing.

 

The Borrower shall maintain
at least one class of common shares of the Borrower listed on the New York Stock Exchange.

 

Section 8.14. Guarantors.

 

(a)                Requirements
to Become a Guarantor. As soon as available, and in any event within 30  days (or such
later date as agreed by the Administrative Agent) of the date on which a Subsidiary Guarantees, or otherwise becomes obligated in
respect of, any Indebtedness of the Borrower or of any other Subsidiary (other than Indebtedness owed by such Subsidiary to the
Borrower or a Guarantor), the Borrower shall deliver to the Administrative Agent each of the following in form and substance
satisfactory to the Administrative Agent: (i) an Accession Agreement executed by such Subsidiary and (ii) the items that would have
been delivered under subsections (iii) through (vii) and (xi) of Section 6.1.(a) and under Section 6.1.(e) if such Subsidiary had
been required to become a Guarantor on the Agreement Date; provided, that (x) the foregoing requirement to become a Guarantor
shall not apply to Guaranties (A) by Excluded Subsidiaries of Indebtedness of Excluded Subsidiaries or (B) of exceptions to
non-recourse liability described in the definition of “Nonrecourse Indebtedness” and (y) a Foreign Subsidiary that only
Guarantees, or otherwise becomes obligated in respect of, Indebtedness of another Foreign Subsidiary shall not be required to become
a Guarantor. In addition, the Borrower shall be permitted, in its sole discretion, to cause any Subsidiary to become a Guarantor at
any time by delivering to the Administrative Agent each of the following in form and substance satisfactory to the Administrative
Agent: (i) an Accession Agreement executed by such Subsidiary and (ii) the items that would have been delivered under subsections
(iii) through (vii) and (xi) of Section 6.1.(a) and under Section 6.1.(e) if such Subsidiary had been required to become a Guarantor
on the Agreement Date. Notwithstanding the foregoing, (A) none of Crest Net Lease, Inc., its Deemed Taxable REIT Subsidiaries, ARCT
TRS Corp. or its Deemed Taxable REIT Subsidiaries shall be required to become Guarantors and (B) upon written notice from the
Borrower to the Administrative Agent and the Lenders, the Borrower may designate up to eight Taxable REIT Subsidiaries (in addition
to Crest Net Lease, Inc. and ARCT TRS Corp.) that shall not, and whose Deemed Taxable REIT Subsidiaries shall not, be required to
become Guarantors.

 

(b)               
 Release of
Guarantors. The Borrower may request in writing that the Administrative Agent release, and upon receipt of such request the
Administrative Agent shall release, a Guarantor from the Guaranty so long as: (i)(A) such Guarantor is not, or simultaneously with
its release from the Guaranty will not be, required to be a party to the Guaranty under the immediately preceding subsection (a) or
(B) such Guarantor has ceased to be, or simultaneously with its release from the Guaranty will cease to be, a Subsidiary; (ii) no
Default or Event of Default shall then be in existence or would occur as a result of such release; (iii) 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 to the extent otherwise 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 such release 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 to
the extent otherwise qualified by materiality, in which case such representation or warranty shall have been true and correct in all
respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under
the Loan Documents or waived or consented to by the applicable Lenders in accordance with the provisions of Section 13.6.; and (iv)
the Administrative Agent shall have received such written request at least 10 Business Days (or such shorter period as may be
acceptable to the Administrative Agent) prior to the requested date of release. Delivery by the Borrower to the Administrative Agent
of any such request shall constitute a representation by the Borrower that the matters set forth in the preceding sentence (both as
of the date of the giving of such request and as of the date of the effectiveness of such request) are true and correct with respect
to such request.

 

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ARTICLE IX. INFORMATION

 

For so long as this
Agreement is in effect, 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 5 Business Days after the same is filed with the SEC (but in no event later than 45 days after the end of each
of the first, second and third fiscal quarters of the Borrower commencing with the fiscal quarter ending June 30, 2019), the unaudited
consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such period and the related unaudited consolidated statements
of income and cash flows of the Borrower and its Subsidiaries for such period, setting forth in each case in comparative form the figures
as of the end of and for the corresponding periods of the previous fiscal year, all of which shall be certified by the chief financial
officer of the Borrower, in his or her opinion, to present fairly, in accordance with GAAP, the consolidated financial position of the
Borrower and its Subsidiaries as at the date thereof and the results of operations for such period (subject to normal year-end audit
adjustments and the absence of footnotes).

 

Section 9.2. Year-End Statements.

 

As soon as
available and in any event within 5 Business Days after the same is filed with the SEC (but in no event later than 75 days after the
end of each fiscal year of the Borrower), the audited consolidated balance sheet of the Borrower and its Subsidiaries as at the end
of such fiscal year and the related audited consolidated statements of income, equity and cash flows of the Borrower and its
Subsidiaries for such fiscal year, setting forth in comparative form the figures as at the end of and for the previous fiscal year,
all of which shall be (a) certified by the chief financial officer of the Borrower, in his or her opinion, to present fairly, in
accordance with GAAP and in all material respects, the financial position of the Borrower and its Subsidiaries as at the date
thereof and the result of operations for such period and (b) accompanied by the report thereon of KPMG LLP or any other independent
certified public accountants of recognized national standing whose report shall not be subject to any “going concern” or
like qualification or exception or any qualification or exception as to the scope of such audit (other than due to the pending
maturity of any Indebtedness within 12 months) and who shall have authorized the Borrower to deliver such financial statements and
report to the Administrative Agent and the Lenders pursuant to this Agreement.

 

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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 T (a “Compliance
Certificate”) executed on behalf of the Borrower by the chief financial officer of the Borrower (a) setting forth in reasonable
detail as of the end of such fiscal quarter or fiscal year, as the case may be, the calculations required to establish whether the Borrower
was in compliance with the covenants contained in Section 10.1.; and (b) stating that no Default or Event of Default exists, or, if such
is not the case, specifying such Default or Event of Default and its nature, when it occurred and the steps being taken by the Borrower
with respect to such event, condition or failure.

 

Section 9.4. Other Information.

 

(a)               
Promptly upon receipt thereof, copies of all reports, if any, submitted to the Borrower or its Board of Directors by its independent
public accountants including, without limitation, any management report;

 

(b)               
Within 5 Business Days of the filing thereof, copies of all registration statements (excluding the exhibits thereto (unless requested
by the Administrative Agent) and any registration statements on Form S-8 or its equivalent), reports on Forms 10-K, 10-Q and 8-K (or
their equivalents) and all other periodic reports which any Loan Party or any other Subsidiary shall file with the SEC or any national
securities exchange;

 

(c)               
Promptly upon the mailing thereof to the shareholders of the Borrower generally, copies of all financial statements, reports and
proxy statements so mailed and promptly upon the issuance thereof copies of all material press releases issued by the Borrower, any Subsidiary
or any other Loan Party;

 

(d)               
As soon as available and in any event within 45 days after the end of each fiscal quarter of the Borrower (commencing with the
fiscal quarter ending June 30, 2019), an Unencumbered Asset Certificate setting forth the information to be contained therein as of the
last day of such fiscal quarter;

 

(e)               
No later than 90 days after the end of each fiscal year of the Borrower ending prior to the Revolving Termination Date, projected
balance sheets, operating statements and cash flow budgets of the Borrower and its Subsidiaries on a consolidated basis for each quarter
of the next succeeding fiscal year, all itemized in reasonable detail. The foregoing shall be accompanied by pro forma calculations,
together with detailed assumptions, required to establish whether or not the Borrower, and when appropriate its consolidated Subsidiaries,
will be in compliance with the covenants contained in Section 10.1. and at the end of each fiscal quarter of the next succeeding fiscal
year;

 

(f)                
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;

 

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(g)               
To the extent any Loan Party or any other Subsidiary is aware of the same, prompt notice of the commencement of any proceeding
or investigation by or before any Governmental Authority and any action or proceeding in any court or other tribunal or before any arbitrator
against or in any other way relating adversely to, or adversely affecting, any Loan Party or any other Subsidiary or any of their respective
properties, assets or businesses which, if determined or resolved adversely to such Person, could reasonably be expected to have a Material
Adverse Effect;

 

(h)               
[Reserved];

 

(i)                
Prompt notice of any change in the business, assets, liabilities, financial condition or results of operations of any Loan Party
or any other Subsidiary which has had, or could reasonably be expected to have, a Material Adverse Effect;

 

(j)                
Prompt notice of the occurrence of any Default or Event of Default;

 

(k)               
Promptly upon entering into any Material Contract after the Agreement Date, a copy of such Material Contract and prompt notice
of any event constituting a breach of a Material Contract by the Borrower, any other Loan Party or any other Subsidiary, which breach
(with the passage of time, the giving of notice, or otherwise), would permit a counterparty to such Material Contract to terminate such
Material Contract;

 

(l)                
Prompt notice of any order, judgment or decree having been entered against any Loan Party or any other Subsidiary or any of their
respective properties or assets which has had, or could reasonably be expected to have, a Material Adverse Effect;

 

(m)             
Prompt notice of any written notification of a violation of any Applicable Law or any inquiry shall have been received by any
Loan Party or any other Subsidiary from any Governmental Authority which has had, or could reasonably be expected to have, a Material
Adverse Effect;

 

(n)               
[Reserved];

 

(o)               
[Reserved];

 

(p)               
Promptly, upon the Borrower becoming aware of any change in the Credit Rating, a certificate stating that the Borrower’s
Credit Rating has changed and the new Credit Rating that is in effect;

 

(q)               
Promptly, upon each request, information identifying the Borrower as a Lender may request in order to comply with applicable “know
your customer” and Anti-Money Laundering Laws, including without limitation, the Patriot Act; and

 

(r)                
From time to time and promptly upon each request, such data, certificates, reports, statements, 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 through the Administrative Agent
may reasonably request.

 

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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 (or the Issuing Banks) pursuant to Article II. (which delivery is covered by subsection (b) below) and (ii)
any Lender (or Issuing Bank) that has notified the Administrative Agent and the Borrower that it cannot or does not want to receive electronic
communications. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to
it hereunder by electronic delivery pursuant to procedures approved by it for all or particular notices or communications. Documents
or notices delivered electronically shall be deemed to have been delivered 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
Borrower notifies each Lender of said posting and provides a link thereto provided, (x) if such notice or other communication is not
sent or posted during the normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of
9:00 a.m. Pacific time on the opening of business on the next business day for the recipient and (y) if the deemed time of delivery occurs
on a day that is not a business day for the recipient, the deemed time of delivery shall be 9:00 a.m. Pacific time on the next business
day of the recipient. Notwithstanding anything contained herein, the Borrower shall deliver paper copies (which for the avoidance of
doubt may be delivered by facsimile) of any documents to the Administrative Agent or to any Lender that requests in writing 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)               
Notwithstanding anything to the contrary in the foregoing subsection (a) and for the avoidance of doubt, (i) any documents required
to be delivered by any Loan Party pursuant to the Loan Documents may be delivered by electronic means described above, and for all purposes
hereunder, including delivery of information required under Article IX., electronic delivery of such documents by any such Loan Party
to the Administrative Agent, the Issuing Banks and the Lenders shall be deemed effective when such documents are delivered to the Administrative
Agent and such Loan Party receives an acknowledgement from the Administrative Agent (such as by the “return receipt requested”
function, as available, return email or other written acknowledgement), or if posted to a website as described in subsection (a) above,
when notice of such posting is given to the Administrative Agent (which notice may be given electronically and deemed effective in accordance
with this subsection); provided, that, in any event, any documents or notices delivered electronically pursuant to this subsection
shall be deemed delivered 24 hours after the Borrower delivers such documents or posts such notice electronically to the Administrative
Agent; provided, further, however, that (x) if such documents are not delivered or such notice of posting of documents
to such a website is not sent during normal business hours of the Administrative Agent, such documents or notice shall be deemed to have
been sent at the opening of the next Business Day of the Administrative Agent and (y) if the deemed time of delivery occurs on a day
that is not a Business Day, the deemed time of delivery shall be 9:00 a.m. Pacific time on the next Business Day; and (ii) 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 procedures provided to the Borrower by the Administrative Agent.

 

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Section 9.6. Public/Private Information.

 

The Borrower shall
cooperate with the reasonable requests of 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”.

 

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 which open an “account” with such financial institution. Consequently, a Lender
(for itself and/or as a non-fiduciary 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 reasonable 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, without limitation, a deposit account, cash management service, a transaction
or asset account, a credit account, a loan or other extension of credit, and/or other financial services product.

 

Section 9.8. Compliance with
Anti-Corruption Laws; Beneficial Ownership Regulation, Anti-Money Laundering Laws and Sanctions.

 

The Borrower will
(a) maintain in effect and enforce policies and procedures reasonably designed to ensure compliance by the Borrower, its Subsidiaries
and their respective directors, officers, employees and agents with all applicable Anti-Corruption Laws, Anti-Money Laundering Laws and
Sanctions, (b) notify the Administrative Agent and each Lender that previously received a Beneficial Ownership Certification of any change
in the information provided in the Beneficial Ownership Certification that would result in a change to the list of beneficial owners
identified therein and (c) promptly upon the reasonable request of the Administrative Agent or any Lender, provide the Administrative
Agent or such Lender, as the case may be, any information or documentation reasonably requested by it for purposes of complying with
the Beneficial Ownership Regulation.

 

ARTICLE X. NEGATIVE
COVENANTS

 

For so long as this
Agreement is in effect, the Borrower shall comply with the following covenants:

 

Section 10.1. Financial Covenants.

 

(a)               
 Ratio of Total Liabilities
to Gross Asset Value. Except as provided in this subsection (a) below, the Borrower shall not permit the ratio of (i) Total Liabilities
of the Borrower and its Subsidiaries determined on a consolidated basis to (ii) Gross Asset Value of the Borrower and its Subsidiaries
determined on a consolidated basis to exceed 0.60 to 1.00 at the end of any fiscal quarter of the Borrower. For purposes of calculating
this ratio, (A) Total Liabilities shall be adjusted by deducting therefrom an amount equal to the lesser of (x) unrestricted cash and
Cash Equivalents of the Borrower and its Subsidiaries as of the date of determination in excess of $30,000,000 and (y) the amount of
Total Liabilities that matures on or before the date that is 24 months from the date of the calculation and (B) Gross Asset Value shall be adjusted
by deducting therefrom the amount by which Total Liabilities is adjusted under the immediately preceding clause (A). Notwithstanding the
foregoing, the Borrower shall have the option, exercisable two times during the term of this Agreement, to elect that the ratio of Total
Liabilities to Gross Asset Value may exceed 0.60 to 1.00 for any fiscal quarter in which the Borrower completes a Material Acquisition
and the immediately subsequent two 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) the ratio of Total Liabilities to Gross Asset Value 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 two fiscal
quarters.

 

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(b)               
Ratio of EBITDA to Fixed Charges. The Borrower shall not permit, for any period of four consecutive fiscal quarters, the
ratio of (i) EBITDA of the Borrower and its Subsidiaries determined on a consolidated basis for such period to (ii) Fixed Charges of
the Borrower and its Subsidiaries determined on a consolidated basis for such period, to be less than 1.50 to 1.00 at the end of such
fiscal quarter; provided that such ratio shall be calculated on a pro forma basis on the assumption that (A) any Indebtedness
incurred by the Borrower or any of its Subsidiaries since the first day of such four-quarter period and the application of the proceeds
therefrom (including to refinance other Indebtedness since the first day of such four-quarter period) had occurred on the first day of
such period, (B) the repayment or retirement of any other Indebtedness of the Borrower or any of its Subsidiaries since the first day
of such four-quarter period had occurred on the first day of such period (except that, in making such computation, the amount of Indebtedness
under any revolving credit facility, line of credit or similar facility shall be computed based upon the average daily balance of such
Indebtedness during such period), and (C) in the case of any acquisition or disposition by the Borrower or any Subsidiary of any asset
or group of assets since the first day of such four-quarter period, including, without limitation, by merger, stock purchase or sale,
or asset purchase or sale, such acquisition or disposition had occurred on the first day of such period with the appropriate adjustments
with respect to such acquisition or disposition being included in such pro forma calculation; provided that, notwithstanding the
foregoing, the amount of scheduled principal payments (excluding balloon, bullet or similar payments of principal due upon the stated
maturity of Indebtedness) made that are included in clause (b) of the calculation of Fixed Charges for such period shall be determined
on an actual rather than pro forma basis. If any Indebtedness incurred after the first day of the relevant four-quarter period bears
interest at a floating rate then, for purposes of calculating the Fixed Charges, the interest rate on such Indebtedness shall be computed
on a pro forma basis as if the average interest rate which would have been in effect during the entire such four-quarter period had been
the applicable rate for the entire such period.

 

(c)               
Dividends and Other Restricted Payments. Subject to the following sentence, if an Event of Default exists, the Borrower
shall not declare or make, or incur any liability to make, Restricted Payments during any period of four consecutive fiscal quarters
in an aggregate amount in excess of the greater of (i) the sum of (A) 95% of Adjusted Funds From Operations of the Borrower and its Subsidiaries
determined on a consolidated basis for such period plus (B) the amount of cash distributions made to the holders of the Borrower’s
Preferred Stock for such period and (ii) the minimum amount of cash distributions required to be made by the Borrower to its shareholders
to maintain compliance with Section 8.12. and to avoid the payment of any income or excise taxes imposed under Section 857(b)(1), 857(b)(3)
or 4981 of the Internal Revenue Code; provided that the Borrower may repurchase or redeem Preferred Stock with the net proceeds
received by the Borrower from the issuance by the Borrower of Preferred Stock or common stock. If an Event of Default under Section 11.1.(a),
11.1.(e) or 11.1.(f) shall exist, neither the Borrower nor any Subsidiary (other than Wholly Owned Subsidiaries) shall directly or indirectly
declare or make, or incur any liability to make, any Restricted Payments other than Restricted Payments described in the immediately
preceding clause (ii).

 

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(d)                 Ratio
of Secured Indebtedness to Gross Asset Value. The Borrower shall not permit the ratio of (i) the aggregate principal amount of
Secured Indebtedness of the Borrower and its Subsidiaries determined on a consolidated basis to (ii) Gross Asset Value at the end of
any fiscal quarter, to exceed 0.40  to 1.00 as at the end of such fiscal quarter.

 

(e)               
Ratio of Unsecured Indebtedness to Unencumbered Asset Value. Except as provided in this subsection (e) below, the Borrower
shall not permit the ratio of (i) the aggregate principal amount of Unsecured Indebtedness of the Borrower and its Subsidiaries determined
on a consolidated basis to (ii) Unencumbered Asset Value of the Borrower and its Subsidiaries determined on a consolidated basis, to
exceed 0.60 to 1.00 at the end of any fiscal quarter of the Borrower. For purposes of calculating this ratio, (A) Unsecured Indebtedness
shall be adjusted by deducting therefrom an amount equal to the lesser of (x) unrestricted cash and Cash Equivalents of the Borrower
and its Subsidiaries as of the date of determination in excess of $30,000,000 and (y) the amount of Unsecured Indebtedness that matures
on or before the date that is 24 months from the date of the calculation and (B) Unencumbered Asset Value shall be adjusted by deducting
therefrom the amount by which Unsecured Indebtedness is adjusted under the immediately preceding clause (A). Notwithstanding the foregoing,
the Borrower shall have the option, exercisable two times during the term of this Agreement, to elect that the ratio of Unsecured Indebtedness
to Unencumbered Asset Value may exceed 0.60 to 1.00 for any fiscal quarter in which the Borrower completes a Material Acquisition and
the immediately subsequent two 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 (b) and (2) the ratio of Unsecured Indebtedness to Unencumbered Asset
Value 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
two fiscal quarters.

 

Section 10.2. Negative Pledge.

 

The Borrower shall not, and shall not permit any other
Loan Party or any other Subsidiary to, (a) create, assume, incur, or permit or suffer to exist any Lien upon any of the Unencumbered
Assets or any direct or indirect ownership interest of the Borrower in any Subsidiary owning any Unencumbered Asset, other than
Permitted Liens or (b) permit any Unencumbered Asset or any direct or indirect ownership interest of the Borrower in any Subsidiary
owning any Unencumbered Asset, to become subject to a Negative Pledge if immediately prior to the creation, assumption, incurrence
or existence of such Lien, or Unencumbered Asset or ownership interest becoming subject to a Negative Pledge, or immediately
thereafter, a Default or Event of Default is or would be in existence, including without limitation, a Default or Event of Default
resulting from a violation of any of the covenants contained in Section 10.1.

  

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Section 10.3. Restrictions on Intercompany Transfers.

 

Other than as
expressly set forth in this Agreement, the Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary
(other than an Excluded Subsidiary) to, create or otherwise cause or suffer to exist or become effective any consensual encumbrance
or restriction of any kind on the ability of any Subsidiary (other than an Excluded 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 other
Subsidiary; (b) pay any Indebtedness owed to the Borrower or any other Subsidiary; (c) make loans or advances to the Borrower or any
other Subsidiary; or (d) transfer any of its property or assets to the Borrower or any other Subsidiary; other than (i) with respect
to clauses (a) through (d), (1) those encumbrances or restrictions contained in any Loan Document or existing by reason of
Applicable Law, (2) customary restrictions contained in the organizational documents of any Subsidiary that is not a Wholly Owned
Subsidiary (but only to the extent applicable to the Equity Interest in such Subsidiary or the assets of such Subsidiary) and (3)
encumbrances or restrictions contained in any agreement  evidencing Unsecured Indebtedness so long as such encumbrances or restrictions are substantially similar to, or not more restrictive than,
those contained in the Loan Documents or, (ii) with respect to clause (d), (1) customary provisions
restricting assignment of any agreement entered into by the Borrower, any other Loan Party or any other Subsidiary in the ordinary
course of business, (2) restrictions on the ability of any Loan Party or any Subsidiary to transfer, directly or indirectly, Equity
Interests (and beneficial interest therein) in any Excluded Subsidiary pursuant to the terms of any Secured Indebtedness of such
Excluded Subsidiary, (3) customary restrictions on transfer contained in leases applicable only to the property subject to such
lease, (4) restrictions on transfer contained in any agreement relating to the transfer, sale, conveyance or other disposition of a
Subsidiary or the assets of a Subsidiary permitted under this Agreement pending such transfer, sale, conveyance or other
disposition; provided that in any such case, the restrictions apply only to the Subsidiary or the assets that are the subject
of such transfer, sale, conveyance or other disposition, (5) customary non-assignment provisions or other customary restrictions on
transfer arising under licenses and other contracts entered into in the ordinary course of business; provided, that such
restrictions are limited to assets subject to such licenses and contracts and (6) restrictions on transfer contained
in any agreement evidencing Secured Indebtedness secured by a Lien on assets that the Borrower or a Subsidiary may create, incur, assume,
or permit or suffer to exist under this Agreement; provided that in any such case, the restrictions apply only to the assets that
are encumbered by such Lien.

  

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

 

(a) The Borrower
shall not, and shall not permit any other Loan Party or any other Subsidiary to, (i) enter into any transaction of merger or consolidation
or (ii) liquidate, windup or dissolve itself (or suffer any liquidation or dissolution); provided, however, that, so long
as no Default or Event of Default exists, or would result therefrom, (1) the Borrower may merge with any of its Subsidiaries or any other
Person; provided that the Borrower is the continuing or surviving Person, (2) any Subsidiary of the Borrower may be merged or
consolidated with or into any other Subsidiary of the Borrower or another Person; provided that the surviving or continuing Person
is a Subsidiary, and provided further, that (x) if either Subsidiary is a Wholly Owned Subsidiary of the Borrower, the surviving or continuing
Person is a Wholly Owned Subsidiary of the Borrower and (y) if the Borrower is party to any such merger or consolidation, the Borrower
shall be the surviving or continuing Person, (3) a Subsidiary of the Borrower may be merged or consolidated with or into any other Person
in connection with a sale or disposition permitted by Section 10.4.(b) or an Investment permitted by Section 10.4.(c), and (4) any Subsidiary
of the Borrower may dissolve, liquidate or wind up its affairs at any time; provided that such dissolution, liquidation or winding
up under this clause (4), as applicable, would not reasonably be expected to have a Material Adverse Effect.

 

(b) The Borrower
shall not, and shall not permit any other Loan Party or any other Subsidiary to, 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; provided, however,
that, (i) the Borrower or any Subsidiary may sell, transfer, contribute or otherwise dispose of any of its assets to the Borrower or
to any other Subsidiary, (ii) any Subsidiary 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 (x) 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 be in existence and (y) if the value of the assets to be conveyed, sold, transferred or otherwise disposed of to a Person
other than the Borrower or a Subsidiary exceeds the Substantial Amount, the Borrower shall have delivered to the Administrative
Agent and the Lenders (A) at least 10 Business Days’ prior written notice of such conveyance, sale, transfer, disposition and
(B) 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 without limitation, the financial covenants contained
in Section 10.1., after giving effect to such conveyance, sale, transfer, disposition, (iii) the Borrower and the Subsidiaries may
lease and sublease their respective assets, as lessor or sublessor (as the case may be), in the ordinary course of business and may
sell their respective assets in the ordinary course of business or because such assets have become damaged, worn, obsolete or
unnecessary or are no longer used or useful in their business, (iv) the Borrower and the Subsidiaries may convey, sell, transfer or
otherwise dispose of cash and cash equivalents and inventory, fixtures, furnishings and equipment in the ordinary course of business
and (v) the Borrower and the Subsidiaries may make other conveyances, sales, transfers and other dispositions so long as immediately
prior thereto, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in
existence, including, without limitation, a Default or Event of Default resulting from a breach of Section 10.1. and if the value of
the assets to be conveyed, sold, transferred or otherwise disposed of to a Person other than the Borrower or a Subsidiary exceeds
the Substantial Amount, the Borrower shall have delivered to the Administrative Agent and the Lenders (A) at least 10 Business
Days’ prior written notice of such conveyance, sale, transfer, disposition and (B) 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 without limitation, the financial covenants contained in Section 10.1., after giving effect to such
conveyance, sale, transfer, disposition.

 

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(c) The Borrower shall
not, and shall not permit any other Loan Party or any other Subsidiary to, engage in a transaction in which the Borrower, any other
Loan Party or any other Subsidiary acquires assets of any other Person for an amount exceeding the Substantial Amount, or make an
Investment in an amount exceeding the Substantial Amount in any other Person; provided, however, that: (i) the
Borrower, any other Loan Party and any other Subsidiary may, directly or indirectly, acquire (whether by purchase, acquisition of
Equity Interests of a Person, or as a result of a merger or consolidation) assets for an amount exceeding the Substantial Amount, or
make an Investment in an amount exceeding the Substantial Amount in, any other Person, so long as (x) immediately prior thereto, and
immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence, including,
without limitation, a Default or Event of Default resulting from a breach of Section 10.1. and (y) the Borrower shall have delivered
to the Administrative Agent and the Lenders (A) at least 10 Business Days’ prior written notice of such acquisition or
Investments and (B) 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 without limitation, the financial
covenants contained in Section 10.1., after giving effect to such acquisition or Investment, (ii) the Borrower, any other Loan Party
and any other Subsidiary may make any acquisition or Investment permitted by Section 10.4.(a) above and (iii) the Borrower, any
other Loan Party and any other Subsidiary may make Investments received in respect of transactions permitted by Section 10.4.(b)
above.

 

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.

 

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Section 10.7. Modifications of Organizational Documents and Material
Contracts.

 

The Borrower
shall not enter into, and shall not permit any Subsidiary or other Loan Party to enter into any amendment, supplement, restatement
or other modification or waiver of the application of any provision of its certificate or articles of incorporation or formation,
by-laws, operating agreement, declaration of trust, partnership agreement, limited liability company agreement or other applicable
organizational document if such amendment, supplement, restatement or other modification of its certificate or articles of
incorporation, articles of organization, certificate of limited partnership, declaration of trust or other comparable organizational
instrument (if any) that (a) is adverse to the interest of the Administrative Agent, the Issuing Banks or the Lenders in any
material respect 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.

 

Section 10.8. Transactions with Affiliates.

 

The Borrower shall
not, 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), (b) transactions in the ordinary course of and pursuant to the reasonable requirements of the business of the Borrower, such
other Loan Party or such other Subsidiary and upon fair and reasonable terms which are no less favorable to the Borrower, such other
Loan Party or such other Subsidiary than would be obtained in a comparable arm’s length transaction with a Person that is not an
Affiliate, (c) payments of compensation, perquisites and fringe benefits arising out of any employment or consulting relationship in
the ordinary course of business, (d) Restricted Payments not prohibited by Section 10.1.(c), (e) transactions with Unconsolidated Affiliates
relating to the provision of management services and overhead and similar arrangements in the ordinary course of business, (f) employment
and severance arrangements between the Borrower or any of its Subsidiaries and their respective officers and employees in the ordinary
course of business and transactions pursuant to stock option plans and employee benefit plans and arrangements, (g) the payment of customary
fees and reasonable out-of-pocket costs to, and indemnities provided on behalf of, directors, managers, officers, employees and consultants
of the Borrower and its Subsidiaries in the ordinary course of business to the extent attributable to the ownership, management or operation
of the Borrower and its Subsidiaries and (h) transactions between or among the Borrower and its Subsidiaries.

 

Section 10.9. 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 the Borrower at a future date that could be discharged solely by (x) delivery of the Borrower’s Equity Interests
(other than Mandatorily Redeemable Stock), or, (y) solely at Borrower’s option made at any time, payment of the net cash value
of such Equity Interests at the time, irrespective of the form or duration of such agreement, commitment or arrangement.

  

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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 other Loan Party shall, under this Agreement or any other Loan Document, fail to pay (whether upon demand,
at maturity, by reason of acceleration or otherwise), (i) when due, the principal on any of the Loans or any Reimbursement Obligation
or (ii) within 5 Business Days of the date the Borrower or any other Loan Party has received written notice of such failure from the
Administrative Agent, any interest or fees on any of the Loans or other payment Obligations owing by the Borrower or any other Loan Party
under this Agreement, any other Loan Document or the Fee Letter.

 

(b)               
Default in Performance.

 

(i)                
Any Loan Party shall fail to perform or observe any term, covenant, condition or agreement on its part to be performed or observed
and contained in Section 8.1. (solely with respect to the existence of the Borrower), Section 9.4.(j) or Article X. (excluding Section
10.8.); or

 

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

 

(c)               
Misrepresentations. Any written statement, representation or warranty made or deemed made by or on behalf of any Loan Party
under this Agreement or under any other Loan Document, or any amendment hereto or thereto, or in any other writing or statement at any
time furnished by, or at the direction of, any Loan Party to the Administrative Agent, any Issuing Bank 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)                
The Borrower, any other Loan Party or any other Subsidiary shall fail to pay when due and payable the principal of, or interest
on, any Indebtedness (other than the Loans and Reimbursement Obligations and any Nonrecourse Indebtedness) having an aggregate outstanding
principal amount (or, in the case of any Derivatives Contract, having, without regard to the effect of any close-out netting provision,
a Derivatives Termination Value), in each case individually or in the aggregate with all other Indebtedness (other than any Nonrecourse
Indebtedness) as to which such a failure exists, of $125,000,000 or more (“Material Indebtedness”) and such failure shall
continue beyond any applicable cure periods; or

 

(ii)              
(x) The maturity of any Material Indebtedness shall have been accelerated in accordance with the provisions of any indenture,
contract or instrument evidencing, providing for the creation of or otherwise concerning
such Material Indebtedness or (y) any Material Indebtedness shall have been required to be prepaid, repurchased, redeemed or defeased
prior to the stated maturity thereof; or

 

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(iii)            
Any other event shall have occurred and be continuing which would permit any holder or holders of any Material Indebtedness, any
trustee or agent acting on behalf of such holder or holders or any other Person, to accelerate the maturity of any such Material Indebtedness
or require any such Material Indebtedness to be prepaid, repurchased, redeemed or defeased prior to its stated maturity; or

 

(iv)             
There occurs an “Event of Default” under and as defined in any Derivatives Contract constituting Material Indebtedness
as to which the Borrower, any Loan Party or any other Subsidiary is a “Defaulting Party” (as defined therein), or there occurs
an “Early Termination Date” (as defined therein) in respect of any Specified Derivatives Contract constituting Material Indebtedness
as a result of a “Termination Event” (as defined therein) as to which the Borrower or any of its Subsidiaries is an “Affected
Party” (as defined therein).

 

(e)               
Voluntary Bankruptcy Proceeding. The Borrower or any one or more Subsidiaries to which more than 5% of Gross Asset Value
is attributable in the aggregate shall: (i) commence a voluntary case under the Bankruptcy Code or other federal bankruptcy laws (as
now or hereafter in effect); (ii) file a petition seeking to take advantage of any other Applicable Laws, domestic or foreign, relating
to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; (iii) 
consent to, or fail to contest in a timely and appropriate manner, any petition filed against it in an involuntary case under
such bankruptcy laws or other Applicable Laws or consent to any proceeding or action described in the immediately following subsection
(f); (iv) apply for or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession
by, a receiver, custodian, trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign; (v) 
admit in writing its inability to pay its debts as they become due; (vi) make a general assignment for the benefit of creditors;
(vii) make a conveyance fraudulent as to creditors under any Applicable Law; or (viii)  take
any corporate or partnership action for the purpose of effecting any of the foregoing.

 

(f)                
Involuntary Bankruptcy Proceeding. A case or other proceeding shall be commenced against the Borrower or any one or more
Subsidiaries to which more than 5% of Gross Asset Value is attributable in the aggregate in any court of competent jurisdiction seeking:
(i) relief under the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter in effect) or under any other Applicable Laws,
domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; or (ii) the
appointment of a trustee, receiver, custodian, liquidator or the like of such Person, or of all or any substantial part of the assets,
domestic or foreign, of such Person, and in the case of either clause (i) or (ii) such case or proceeding shall continue undismissed
or unstayed for a period of 60 consecutive days, or an order granting the remedy or other relief requested in such case or proceeding
(including, but not limited to, an order for relief under such Bankruptcy Code or such other federal bankruptcy laws) shall be entered.

 

(g)               
Revocation of Loan Documents. 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 or the express written agreement of the parties thereto).

 

(h)               
Judgment. A judgment or order for the payment of money or for an injunction or other non-monetary relief shall be entered
against the Borrower, any other Loan Party, or any other Subsidiary by any court or other tribunal and (i)
such judgment or order shall continue for a period of 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 been denied by the applicable insurance carrier exceeds,
individually or together with all other such judgments or orders entered against the Borrower, any other Loan Party or any other Subsidiary,
$125,000,000 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.

 

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(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, $125,000,000 in amount and such warrant, writ, execution or process shall not be paid, discharged, vacated, stayed or
bonded for a period of 60 days; provided, however, that if a bond has been issued in favor of the claimant or other Person
obtaining such warrant, writ, execution or process, the issuer of such bond shall execute a waiver or subordination agreement in form
and substance satisfactory to the Administrative Agent pursuant to which the issuer of such bond subordinates its right of reimbursement,
contribution or subrogation to the Obligations and waives or subordinates any Lien it may have on the assets of the Borrower, any other
Loan Party or any other Subsidiary.

 

(j)                
ERISA.

 

(i)                
Any ERISA Event shall have occurred that results or could reasonably be expected to result in liability to any Loan Party aggregating
in excess of $125,000,000; or

 

(ii)              
The “benefit obligation” of all Plans exceeds the “fair market value of plan assets” for such Plans by
more than $125,000,000, all as determined, and with such terms defined, in accordance with FASB ASC 715.

 

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

 

(l)                
Change of Control.

 

(i)                
Any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended (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 50.0% of the total voting power of the then outstanding voting stock of the Borrower; or

 

(ii)              
During any period of 12 consecutive months ending after the Agreement Date, individuals who at the beginning of any such 12-month
period constituted the Board of Directors of the Borrower (together with any new directors whose election by such Board or whose nomination
for election by the shareholders of the Borrower was approved by a vote of a majority of the 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 the Borrower then in office.

 

(m)             
Damage; Strike; Casualty. Any material damage to, or loss, theft or destruction of, any Property, whether or not insured,
or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty
which causes, for more than 30 consecutive days beyond the coverage period of any applicable business interruption insurance, the cessation
or substantial curtailment of revenue producing activities of the Borrower and its Subsidiaries, taken as a whole, and only if any such
event or circumstance could reasonably be expected to have a Material Adverse Effect.

 

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Section 11.2. Remedies Upon Event of Default.

 

During the existence 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 Section 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, (B) an amount equal to the Stated Amount of all Letters
of Credit outstanding as of the date of the occurrence of such Event of Default for deposit into the Letter of Credit Collateral Account
and (C) all of the other Obligations, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent
under this Agreement, the Notes or any of the other Loan Documents shall become immediately and automatically due and payable without
presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the Borrower on behalf of itself and
the other Loan Parties, and (2) the Revolving Commitments and the Swingline Commitment and the obligation of the Issuing Banks to issue
Letters of Credit hereunder, shall all immediately and automatically terminate.

 

(ii)              
Optional. If any other Event of Default shall exist, 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, (B) an amount
equal to the Stated Amount of all Letters of Credit outstanding as of the date of the occurrence of such Event of Default for deposit
into the Letter of Credit Collateral Account and (C) all of the other Obligations, including, but not limited to, the other amounts owed
to the Lenders and the Administrative Agent under this Agreement, the Notes or any of the other Loan Documents 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 Revolving Commitments
and the Swingline Commitment and the obligation of the Issuing Banks to issue Letters of Credit hereunder.

 

(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 Unencumbered Assets and/or the business operations of the Borrower and its Subsidiaries and to exercise
such power as the court shall confer upon such receiver.

  

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(e) 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 11.3. [Reserved].

 

Section 11.4. 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 11.5. Allocation of Proceeds.

 

If an Event of Default exists,
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 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, each Issuing Bank in its capacity as such and each Swingline
Lender in its capacity as such, ratably among the Administrative Agent, the Issuing Banks and Swingline Lenders in proportion to the
respective amounts described in this clause (a) payable to them;

 

(b)               
to 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 payment of that portion of the Guaranteed Obligations constituting accrued and unpaid interest on the Swingline Loans;

 

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(d)               
 to payment of that portion of the Guaranteed Obligations constituting accrued and unpaid interest on the Loans and Reimbursement
Obligations, ratably among the Lenders and the Issuing Banks in proportion to the respective amounts described in this clause (d) payable
to them;

 

(e)               
to payment of that portion of the Guaranteed Obligations constituting unpaid principal of the Swingline Loans;

 

(f)                 to
payment of that portion of the Guaranteed Obligations constituting unpaid principal of the Loans, Reimbursement Obligations, other Letter
of Credit Liabilities and payment obligations then owing under Specified Derivatives Contracts, ratably among the Lenders, the Issuing
Banks, the Specified Derivatives Providers in proportion to the respective amounts described in this clause (f) payable to them; provided,
however that, to the extent that any amounts available for distribution pursuant to this clause are attributable to the issued
but undrawn amount of an outstanding Letter of Credit, such amounts shall be paid to the Administrative Agent for deposit into the Letter
of Credit Collateral Account; and

 

(g)               
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.

 

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, as the case may be. 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 11.6. Letter of Credit Collateral Account.

 

(a)               
As collateral security for the prompt payment in full when due of all Letter of Credit Liabilities and the other Obligations,
the Borrower hereby pledges and grants to the Administrative Agent, for the ratable benefit of the Administrative Agent, the Issuing
Banks and the Lenders as provided herein, a security interest in all of its right, title and interest in and to the Letter of Credit
Collateral Account and the balances from time to time in the Letter of Credit Collateral Account (including the investments and reinvestments
therein provided for below). The balances from time to time in the Letter of Credit Collateral Account shall not constitute payment of
any Letter of Credit Liabilities until applied by the applicable Issuing Bank as provided herein. Anything in this Agreement to the contrary
notwithstanding, funds held in the Letter of Credit Collateral Account shall be subject to withdrawal only as provided in this Section.

 

(b)               
Amounts on deposit in the Letter of Credit Collateral Account shall be invested and reinvested by the Administrative Agent in
such Cash Equivalents as the Administrative Agent shall determine in its sole discretion. All such investments and reinvestments shall
be held in the name of and be under the sole dominion and control of the Administrative Agent for the ratable benefit of the Administrative
Agent, the Issuing Banks and the Tranche 1 Revolving Lenders; provided, that all earnings on such investments will be credited
to and retained in the Letter of Credit Collateral Account. The Administrative Agent shall exercise reasonable care in the custody and
preservation of any funds held in the Letter of Credit Collateral Account and shall be deemed to have exercised such care if such funds
are accorded treatment substantially equivalent to that which the Administrative Agent accords other funds deposited with the Administrative
Agent, it being understood that the Administrative Agent shall not have any responsibility for taking any necessary steps to preserve
rights against any parties with respect to any funds held in the Letter of Credit Collateral Account.

 

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(c)               
If a drawing pursuant to any Letter of Credit occurs on or prior to the expiration date of such Letter of Credit, the Borrower
and the Lenders authorize the Administrative Agent to use the monies deposited in the Letter of Credit Collateral Account to reimburse
the applicable Issuing Bank for the payment made by such Issuing Bank to the beneficiary with respect to such drawing.

 

(d)               
If an Event of Default exists, the Administrative Agent may (and, if instructed by the Requisite Lenders, shall) in its (or their)
discretion at any time and from time to time elect to liquidate any such investments and reinvestments and apply the proceeds thereof
to the Obligations in accordance with Section 11.5. Notwithstanding the foregoing, the Administrative Agent shall not be required to
liquidate and release any such amounts if such liquidation or release would result in the amount available in the Letter of Credit Collateral
Account being less than the Stated Amount of all Extended Letters of Credit that remain outstanding.

 

(e)               
So long as no Default or Event of Default exists, and to the extent amounts on deposit in or credited to the Letter of Credit
Collateral Account exceed the aggregate amount of the Letter of Credit Liabilities then due and owing, the Administrative Agent shall,
from time to time, at the written request of the Borrower, deliver to the Borrower within 5 Business Days after the Administrative Agent’s
receipt of such request from the Borrower, against receipt but without any recourse, warranty or representation whatsoever, such amount
of the credit balances in the Letter of Credit Collateral Account as exceeds the aggregate amount of Letter of Credit Liabilities at
such time. Upon the expiration, termination or cancellation of an Extended Letter of Credit for which the Lenders reimbursed (or funded
participations in) a drawing deemed to have occurred under the fourth sentence of Section 2.4.(b) for deposit into the Letter of Credit
Collateral Account but in respect of which the Lenders have not otherwise received payment for the amount so reimbursed or funded, the
Administrative Agent shall promptly remit to the Lenders the amount so reimbursed or funded for such Extended Letter of Credit that remains
in the Letter of Credit Collateral Account, pro rata in accordance with the respective unpaid reimbursements or funded participations
of the Lenders in respect of such Extended Letter of Credit, against receipt but without any recourse, warranty or representation whatsoever.
When all of the Obligations shall have been indefeasibly paid in full and no Letters of Credit remain outstanding, the Administrative
Agent shall deliver to the Borrower, against receipt but without any recourse, warranty or representation whatsoever, the balances remaining
in the Letter of Credit Collateral Account.

 

(f)                
The Borrower shall pay to the Administrative Agent from time to time such fees as the Administrative Agent normally charges for
similar services in connection with the Administrative Agent’s administration of the Letter of Credit Collateral Account and investments
and reinvestments of funds therein.

 

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.

 

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Section 11.8. Rights Cumulative.

 

(a)               
Generally. The rights and remedies of the Administrative Agent, the Issuing Banks and the Lenders under this Agreement
and each of the other Loan Documents 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 Issuing Banks and the Lenders
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.

 

(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 and the Issuing Banks; 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 Issuing
Bank or any Swingline Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as an Issuing
Bank or a Swingline Lender, as the case may be) hereunder or under the other Loan Documents, (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) 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.

  

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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 (other than this Agreement) 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 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, without limitation, enforcement or collection of any of
the Obligations), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required
to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Requisite
Lenders (or all of the Lenders if explicitly required under any other provision of this Agreement), and such instructions shall be binding
upon all Lenders and all holders of any of the Obligations; provided, however, that, notwithstanding anything in this Agreement
to the contrary, the Administrative Agent shall not be required to take any action which exposes the Administrative Agent to personal
liability or which is contrary to this Agreement or any other Loan Document or Applicable Law. Not in limitation of the foregoing, the
Administrative Agent may exercise any right or remedy it or the Lenders may have under any Loan Document upon the occurrence of a Default
or an Event of Default unless the Requisite Lenders have directed the Administrative Agent otherwise. Without limiting the foregoing,
no Lender shall have any right of action whatsoever against the Administrative Agent as a result of the Administrative Agent acting or
refraining from acting under this Agreement or any of the other Loan Documents in accordance with the instructions of the Requisite Lenders,
or where applicable, all the Lenders. 

 

Section 12.2. 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, any Issuing Bank or any
other Person, or shall be responsible to any Lender, any Issuing Bank or any other Person for any statement, warranty or
representation made or deemed made by the Borrower, any other Loan Party or any other Person in or in connection with this Agreement
or any other Loan Document; (b) shall have any duty to ascertain or to inquire as to the performance or observance of any of the
terms, covenants or conditions of this Agreement or any other Loan Document or the satisfaction of any conditions precedent under
this Agreement or any Loan Document on the part of the Borrower or other Persons, or to inspect the property, books or records of
the Borrower or any other Person; (c) shall be responsible to any Lender or any Issuing Bank 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 or any collateral covered thereby or the perfection or priority of any Lien in favor of the
Administrative Agent on behalf of the Lender Parties in any such collateral; (d) shall have any liability in respect of any
recitals, statements, certifications, representations or warranties contained in any of the Loan Documents or any other document,
instrument, agreement, certificate or statement delivered in connection therewith; and (e) shall incur any liability under or in
respect of this Agreement or any other Loan Document by acting upon any notice, consent, certificate or other instrument or writing
(which may be by telephone, telecopy or electronic mail) believed by it to be genuine and signed, sent or given by the proper party
or parties. The Administrative Agent may execute any of its duties under the Loan Documents by or through agents, employees or
attorneys-in-fact and shall not 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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Section 12.3. Notice of Events of Default.

 

The Administrative Agent
shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Administrative Agent has
received notice from a Lender or the Borrower referring to this Agreement, describing with reasonable specificity such Default or Event
of Default and stating that such notice is a “notice of default.” If any Lender (excluding the Lender which is also serving
as the Administrative Agent) becomes aware of any Default or Event of Default, it shall promptly send to the Administrative Agent such
a “notice of default”; provided, that 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 12.4. Administrative Agent as Lender.

 

The Lender acting as Administrative
Agent shall have the same rights and powers as a Lender or a Specified Derivatives Provider, as the case may be, under this Agreement,
any other Loan Document, or any Specified Derivatives Contract as the case may be, as any other Lender or Specified Derivatives Provider
and may exercise the same as though it were not the Administrative Agent; and the term “Lender” or “Lenders”
shall, unless otherwise expressly indicated, include the Lender acting as Administrative Agent in each case in its individual capacity.
Such Lender 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 Issuing Banks,
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 or any Specified
Derivatives Contract, or otherwise without having to account for the same to the Issuing Banks, the other Lenders or any Specified Derivatives
Providers. The Issuing Banks and the Lenders acknowledge that, pursuant to such activities, the Lender acting as Administrative Agent
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 12.5. 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 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 such requested determination, consent or approval. The
provisions of this Section shall not apply to any amendment, waiver or consent regarding any of the matters described in Section
13.6.(b). 

 

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Section 12.6. Indemnification of Administrative Agent.

 

Each Lender agrees to indemnify
the Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so)
pro rata in accordance with such Lender’s respective Pro Rata Share (determined as of the time that the applicable unreimbursed
expense or indemnity payment is sought), from and against any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits and 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, however, that no Lender shall
be liable for any portion of such Indemnifiable Amounts to the extent resulting from the Administrative Agent’s gross negligence
or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment; provided, further,
however, that no action taken in accordance with the directions of the Requisite Lenders (or all of the Lenders, if expressly
required hereunder) shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without limiting
the generality of the foregoing, each Lender agrees to reimburse the Administrative Agent (to the extent not reimbursed by the Borrower
and without limiting the obligation of the Borrower to do so) promptly upon demand for its Pro Rata Share (determined as of the time
that the applicable reimbursement is sought) of any out-of-pocket expenses (including the reasonable fees and expenses of the counsel
to the Administrative Agent) incurred by the Administrative Agent in connection with the preparation, negotiation, execution, administration,
or enforcement (whether through negotiations, legal proceedings, or otherwise) of, or legal advice with respect to the rights or responsibilities
of the parties under, the Loan Documents, any suit or action brought by the Administrative Agent to enforce the terms of the Loan Documents
and/or collect any Obligations, any “lender liability” suit or claim brought against the Administrative Agent and/or the
Lenders, and any claim or suit brought against the Administrative Agent and/or the Lenders arising under any Environmental Laws. Such
out-of-pocket expenses (including counsel fees) shall be advanced by the Lenders on the request of the Administrative Agent notwithstanding
any claim or assertion that the Administrative Agent is not entitled to indemnification hereunder upon receipt of an undertaking by the
Administrative Agent that the Administrative Agent will reimburse the Lenders if it is actually and finally determined by a court of
competent jurisdiction that the Administrative Agent is not so entitled to indemnification. The agreements in this Section shall survive
the payment of the Loans and all other 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.

 

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Section 12.7. Lender Credit Decision, Etc.

 

Each of the Lenders and each
Issuing Bank expressly acknowledges and agrees that neither the Administrative Agent nor any of its Related Parties has made any representations
or warranties to such Issuing Bank or such Lender and that no act by the Administrative Agent hereafter taken, including any review of
the affairs of the Borrower, any other Loan Party or any other Subsidiary or Affiliate, shall be deemed to constitute any such representation
or warranty by the Administrative Agent to any Issuing Bank or any Lender. Each of the Lenders and each Issuing Bank acknowledges that
it has made its own credit and legal analysis and decision to enter into this Agreement and the transactions contemplated hereby, independently
and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent, or any of their respective
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 and each Issuing
Bank 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 and the Issuing Banks by the Administrative Agent under this Agreement or any of the
other Loan Documents, the Administrative Agent shall have no duty or responsibility to provide any Lender or any Issuing Bank 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 and each Issuing Bank 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 or any Issuing Bank.

 

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Section 12.8. Successor Administrative Agent.

 

The Administrative
Agent may resign at any time as Administrative Agent under the Loan Documents by giving written notice thereof to the Lenders and the
Borrower. The Administrative Agent may be removed as administrative agent by the RequiredRequisite
Lenders (excluding for such purpose Loans and Revolving Commitments held by the Lender then acting as Administrative Agent)
upon 30 days’ prior written notice if the Administrative Agent (i) is found by a court of competent jurisdiction in a final, non-appealable
judgment to have committed gross negligence or willful misconduct in the course of performing its duties hereunder or (ii) the Lender
then acting as Administrative Agent has become a Defaulting Lender under clause (d) of the definition of that term. Upon any such resignation
or removal, the Requisite Lenders shall have the right to appoint a successor Administrative Agent which appointment shall, provided
no Event of Default exists, be subject to the Borrower’s approval, which approval shall not be unreasonably withheld or delayed.
If no successor Administrative Agent shall have been so appointed in accordance with the immediately preceding sentence, and shall have
accepted such appointment, within 30 days after the current Administrative Agent’s giving of notice of resignation or having been
removed, then, in the case of resignation by the Administrative Agent, the current Administrative Agent may, or in the case of removal
of the Administrative Agent, the Requisite Lenders may, on behalf of the Lenders and the Issuing Banks, 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 and in any case
shall have an office in the United States; provided that if no Lender has accepted such appointment, then such resignation or
removal 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 and each Issuing Bank directly, until such
time as a successor Administrative Agent has been appointed as provided for above in this Section; provided, further that
such Lenders and such Issuing Banks so acting directly shall be and be deemed to be protected when so acting in such capacity by all
indemnities and other provisions herein for the benefit and protection of the Administrative Agent as if each such Lender or Issuing
Bank 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 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. Any resignation by or removal of an Administrative Agent shall also constitute the resignation as an Issuing Bank and
as a Swingline Lender by the Lender then acting as Administrative Agent (the “Resigning Lender”). Upon the acceptance of
a successor’s appointment as Administrative Agent hereunder (i) the Resigning Lender shall be discharged from all duties and obligations
of an Issuing Bank and a Swingline Lender hereunder and under the other Loan Documents and (ii) any successor Issuing Bank shall issue
letters of credit in substitution for all Letters of Credit issued by the Resigning Lender as Issuing Banks outstanding at the time of
such succession (which letters of credit issued in substitutions shall be deemed to be Letters of Credit issued hereunder) or make other
arrangements satisfactory to the Resigning Lender to effectively assume the obligations of the Resigning Lender with respect to such
Letters of Credit. After any Administrative Agent’s resignation or removal 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.

 

Section 12.9. Titled Agents.

 

Each of the Lead Arrangers,
the Syndication Agents, and the Documentation Agents (each a “Titled Agent”) in each such respective capacity, assumes no
responsibility or obligation hereunder, including, without limitation, for servicing, enforcement or collection of any of the Loans,
nor any duties as an agent hereunder for the Lenders. The titles given to the Titled Agents are solely honorific and imply no fiduciary
responsibility on the part of the Titled Agents to the Administrative Agent, any Lender, any Issuing Bank, 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 11.5. 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.

 

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ARTICLE XIII. MISCELLANEOUS

 

Section 13.1. Notices.

 

Unless otherwise provided
herein (including without limitation 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:

 

Realty Income Corporation 

11995 El Camino Real

San Diego, California 92130

Attention: Michael R. Pfeiffer, General Counsel

Telephone Number:(858)
284-5161

 

If to the Administrative Agent:

 

Wells Fargo Bank, National Association 

401 B Street, Suite 1100

San Diego, California 92101

Attn: Dale Northup

Telecopier:     (619)
699-3105

Telephone:     (619) 699-3025

 

with a copy to

 

Wells Fargo Bank, National Association 

1512 Eureka Road, Floor 3

Roseville, California 95661

Attn: Patty Cabrera

Telecopier:      (916)
787-4526

Telephone:      (916) 788-4672

 

If to the Administrative Agent under Article II.:

 

Wells Fargo Bank, National Association

Minneapolis Loan
Center 

600 South 4th Street, 8th Floor

Minneapolis, Minnesota
55415

Attn: Kirby Wilson

Telecopier:        (866) 595-7863

Telephone:       (612) 667-6009

 

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If to Wells Fargo, as an Issuing Bank:

 

Wells Fargo Bank, National Association

401 B Street,
Suite 1100

San Diego, California 92101 

Attn: Dale Northup & Patty Cabrera

Telecopier:       (619)
699-3105; (916) 787-4526

Telephone:      (619) 699-3025; (916) 788-4672

Email Address: Dale.A.Northup@wellsfargo.com; pcabrera@wellsfargo.com

 

If to Wells Fargo, as a Swingline Lender:

 

Wells Fargo Bank, National

Association Minneapolis Loan
Center 

600 South 4th Street, 8th Floor

Minneapolis, Minnesota
55415

Attn: Kirby Wilson

Telecopier: (866) 595-7863

Telephone: (612) 667-6009

 

If to Bank of America, N.A., as an Issuing Bank and a Swingline Lender:

 

Bank of America, N.A. 

Global Trade Operations

One Fleet Way, 2nd Floor

Mail Code PA6-580-02-30

Scranton, PA 18507

Telecopier: 1-800-755-8743

Telephone: 1-800-370-7519 and choose Trade product opt.
#1

Email Address: scranton_standby_lc@bankofamerica.com

 

If to Royal Bank of Canada, as an Issuing Bank and a Swingline Lender:

 

Royal Bank of Canada

200 Vesey St., 5th Floor 

New York, NY 10281-8098

Attention: Credit Administration

Telecopier: (212) 428-3015

Telephone: (212) 428-6235

 

If to Regions Bank, as an Issuing Bank and a Swingline Lender:

 

Regions Bank 

Real Estate Corporate Banking 

1900 Fifth Ave North, 15th
Floor

Birmingham, AL 35203

Attention: Mike Evans

Telecopier: (205) 261-7939

Telephone: (469) 608-2788

Email Address: michael.evans@regions.com

 

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If to JPMorgan Chase Bank, N.A., as an Issuing Bank and
a Swingline Lender:

 

JPMorgan Chase Bank, N.A. 

560 Mission Street, Floor 5

San Francisco, CA 94105

Attention: Mindy Ginsburg

Telephone: (415) 315-4985

 

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,
that a Lender or an Issuing Bank 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 3 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, the Issuing Banks 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, however, that, in the case of the immediately preceding clauses (i), (ii) and (iii), non-receipt of any communication
as 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, any Issuing Bank or any Lender under Article II. shall be effective only when actually received. None of the Administrative Agent,
any Issuing Bank or any Lender shall incur any liability to any Loan Party (nor shall the Administrative Agent incur any liability to
the Issuing Banks or the Lenders) for acting upon any telephonic notice referred to in this Agreement which the Administrative Agent,
such Issuing Bank or such Lender, as the case may be, believes in good faith to have been given by a Person authorized to deliver such
notice or for otherwise acting in good faith hereunder. Failure of a Person designated to get a copy of a notice to receive such copy
shall not affect the validity of notice properly given to another Person.

 

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Section 13.2. Expenses.

 

The Borrower agrees (a)
to pay or reimburse the Administrative Agent and the Lead Arrangers for all of their respective reasonable and documented
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 fees and disbursements
of one primary counsel to the Administrative Agent and the Lead Arrangers, taken as a whole, and one local counsel for the
Administrative Agent and the Lead Arrangers, taken as a whole, in each relevant jurisdiction and with respect to each relevant
specialty, 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 Asset Value and the Administrative Agent’s other
activities under Article IV. and the reasonable and documented fees and disbursements of one primary counsel, and one local counsel
in each relevant jurisdiction and with respect to each relevant specialty, to the Administrative Agent relating to all such
activities, (b) to pay or reimburse the Administrative Agent, the Issuing Banks and the Lenders for all their reasonable and
documented costs and expenses incurred in connection with the enforcement or preservation of any rights under the Loan Documents,
limited in the case of counsel to the reasonable fees and disbursements of one primary counsel to the Administrative Agent, the
Issuing Banks and the Lenders, taken as a whole, and, if necessary, one local counsel to the Administrative Agent, the Issuing Banks
and the Lenders, taken as a whole, in each relevant jurisdiction and with respect to each relevant specialty (and, in the case of an
actual or perceived conflict of interest among the Administrative Agent, the Issuing Banks and the Lenders, one additional primary
counsel, and one local counsel in each relevant jurisdiction and with respect to each relevant specialty, to each group of similarly
situated affected parties) and any payments in indemnification or otherwise payable by the Lenders to the Administrative Agent
pursuant to the Loan Documents, (c) to pay, and indemnify and hold harmless the Administrative Agent, the Issuing Banks and the
Lenders from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any failure to
pay or delay in paying, documentary, stamp, excise and other similar taxes, if any, which may be payable or determined to be payable
in connection with the execution and delivery of any of the Loan Documents, or consummation of any amendment, supplement or
modification of, or any waiver or consent under or in respect of, any Loan Document and (d) to the extent not already covered by any
of the preceding subsections, to pay or reimburse the reasonable and documented fees and disbursements of counsel to the
Administrative Agent, any Issuing Bank and any Lender (limited to the reasonable fees and disbursements of one primary counsel to
the Administrative Agent, the Issuing Banks and the Lenders, taken as a whole, and, if necessary, one local counsel to the
Administrative Agent, the Issuing Banks and the Lenders, taken as a whole, in each relevant jurisdiction and with respect to each
relevant specialty (and, in the case of an actual or perceived conflict of interest among the Administrative Agent, the Issuing
Banks and the Lenders, one additional primary counsel, and one local counsel in each relevant jurisdiction and with respect to each
relevant specialty, to each group of similarly situated affected parties)) incurred in connection with the representation of the
Administrative Agent, such Issuing Bank or such Lender in any matter relating to or arising out of any bankruptcy or other
proceeding of the type described in Section 11.1.(e) or 11.1.(f), including, without limitation (i) any motion for relief from any
stay or similar order, (ii) the negotiation, preparation, execution and delivery of any document relating to the Obligations and
(iii) the negotiation and preparation of any debtor-in-possession financing or any plan of reorganization of the Borrower or any
other Loan Party, whether proposed by the Borrower, such Loan Party, the Lenders or any other Person, and whether such fees and
expenses are incurred prior to, during or after the commencement of such proceeding or the confirmation or conclusion of any such
proceeding. If the Borrower shall fail to pay any amounts required to be paid by it pursuant to this Section, the Administrative
Agent and/or the Lenders may pay such amounts on behalf of the Borrower and such amounts shall be deemed to be Obligations owing
hereunder.

 

Section 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 Issuing Bank, each Lender, each Affiliate of the
Administrative Agent, any Issuing Bank or any Lender, and each Participant, at any time while an Event of Default exists, without
notice to the Borrower or to any other Person, any such notice being hereby expressly waived, but in the case of an Issuing Bank, a
Lender, an Affiliate of an Issuing Bank or 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, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any
other indebtedness at any time held or owing by the Administrative Agent, such Issuing Bank, such Lender, any Affiliate of the
Administrative Agent, such Issuing Bank 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, the Issuing Banks 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.

 

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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, ANY ISSUING BANK 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, EACH ISSUING BANK AND THE BORROWER HEREBY WAIVES
ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED
BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION
OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT, ANY ISSUING BANK OR ANY OF THE LENDERS OF ANY KIND OR
NATURE RELATING TO ANY OF THE LOAN DOCUMENTS.

 

(b) THE BORROWER
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION,
WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, ANY ISSUING
BANK, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF CALIFORNIA SITTING IN SAN FRANCISCO, AND OF THE
UNITED STATES DISTRICT COURT OF THE NORTHERN DISTRICT OF CALIFORNIA, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE
PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF
ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH CALIFORNIA STATE COURT OR, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION,
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, ANY LENDER OR ANY ISSUING BANK 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, ANY ISSUING BANK OR
ANY LENDER OR THE ENFORCEMENT BY THE ADMINISTRATIVE AGENT, ANY ISSUING BANK OR ANY LENDER OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN
ANY OTHER APPROPRIATE JURISDICTION.

 

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

 

(d)               
If, in any action or proceeding filed in a court of the State of California by or against any party hereto in connection with
any of the transactions contemplated by this Agreement or any other Loan Document, the waiver of jury trial set forth in Section 13.4.(a)
is unenforceable, (i) the court must, and is hereby directed to, make a general reference pursuant to California Code of Civil Procedure
Section 638 to a referee (who must be a single active or retired judge) to hear and determine all of the issues in such action or proceeding
(whether of fact or of law) and to report a statement of decision, provided that, at the option of any party to such proceeding, any
such issues pertaining to a “provisional remedy” as defined in California Code of Civil Procedure Section 1281.8 may be heard
and determined by the court, and (ii) without limiting the generality of Section 13.2., the Borrower will be solely responsible to pay
all fees and expenses of any referee appointed in such action or proceeding.

 

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 the Borrower may not 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, 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 Revolving Commitments 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 Revolving Lender’s Revolving Commitment of a
Class and/or the Revolving Loans of such Class at the time owing to it, or contemporaneous assignments to related Approved Funds that
equal at least the amount specified in the immediately following clause (B) in the aggregate, or, if applicable, in the case of an assignment
of the entire remaining amount of an assigning Term Loan Lender’s Tranche A Term Loans or Tranche B Term 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

 

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(B)           in
any case not described in the immediately preceding subsection (A), (i)     in
the case of Revolving Lenders, the aggregate amount of the Revolving Commitment (which for this purpose includes Revolving Loans
outstanding thereunder) of a Class or, if the applicable Revolving Commitments of the same Class as such Revolving Commitments are
not then in effect, the principal outstanding balance of the Revolving Loans of such Class of the assigning Revolving Lender subject
to each such assignment or (ii) in the case of Term Lenders, the principal outstanding balance of the Term Loans of a Class of the
assigning Term 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, unless each of the Administrative Agent and, so long as no
Event of Default shall exist, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however,
that if, after giving effect to such assignment, (i)   in the case of a Revolving
Lender, the amount of the Revolving Commitment of the applicable Class held by such assigning Revolving Lender or if the applicable
Revolving Commitment is not then in effect, the outstanding principal balance of the Revolving Loans of the applicable Class of such
assigning Revolving Lender, as applicable, or (ii) in the case of a Term Lender, the outstanding principal balance of the Term Loans
of the applicable Class of such assigning Term Lender, in each case, would be less than $5,000,000, then such assigning Lender shall
assign the entire amount of its Revolving Commitment of such Class and the Revolving Loans of such Class or Term Loans of such
Class, as applicable, 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 the Revolving Commitment assigned, except that
this clause (ii) shall not apply to rights in respect of a Bid Rate Loan and shall not prohibit any Lender from assigning all or a portion
of its rights and obligations among separate Classes of Revolving Commitments or Loans on a non-pro rata basis.

 

(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 at the time of such assignment or (y) such assignment is to a Lender of the same Class of Revolving Commitments or
Loans, an Affiliate of such a Lender or an Approved Fund of such a Lender; provided that the Borrower shall be deemed to have
consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within 5 Business Days
after having received notice thereof;

 

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(B) the consent
of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required unless such assignment is to
a Lender of the same Class of Revolving Commitments or Loans, an Affiliate of such a Lender or an Approved Fund of such a Lender; and

 

(C) the consent
of each Issuing Bank and each Swingline Lender (such consent not to be unreasonably withheld or delayed) shall be required for any assignment
in respect of a Tranche 1 Revolving Commitment if such assignment is to a Person that is not already a Tranche 1 Revolving Lender.

 

(iv)             
Assignment and Assumption; 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 $4,500 for each assignment (which fee the Administrative
Agent may, in its sole discretion, elect to waive), and the assignee, if it is not a Lender, shall deliver to the Administrative Agent
an Administrative Questionnaire. 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) to 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).

 

(vi)             
No Assignment to Natural Persons. No such assignment shall be made to a natural person.

 

(vii)           
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, the Issuing Banks,
the Swingline Lenders and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full
pro rata share of all Loans and participations in Letters of Credit and Swingline Loans in accordance with its Tranche 1 Revolving Commitment
Percentage and such that all Loans of the applicable Class are held by the Lenders of the applicable Class pro rata as if there had been
no Defaulting Lenders that are Lenders of the applicable Class. 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.

 

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Subject to acceptance and recording thereof by
the Administrative Agent pursuant to the immediately following subsection (c), from and after the effective date specified in each Assignment
and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment
and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent
of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of
an Assignment 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).

 

(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 Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant
to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error,
and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to
the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. 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.

 

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(d)                Participations.
Any Lender may at any time, without the consent of, or notice to, the Borrower, the Administrative Agent, any Swingline Lender or
any Issuing Bank, sell participations to any Person (other than a natural Person or the Borrower or any of the Borrower’s
Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations
under this Agreement (including all or a portion of its Revolving Commitment 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, the Issuing Banks 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 Revolving
Commitments, (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 (other than with respect to a waiver of implementation of interest at the
Post-Default Rate) or (z) release any Guarantor from its Obligations under the Guaranty except as contemplated by Section 8.14.(b),
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. and 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 Section 5.1. or 3.10., with respect to any participation, than its participating
Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a
Regulatory Change that occurs after the Participant acquired the applicable participation. 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 Applicable 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 any commitments, loans, letters of credit 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, letter of credit 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
or other central 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.

 

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(g)                Designated
Lenders. Any Tranche 1 Revolving Lender (each, a “Designating Lender”) may at any time while the Borrower has been
assigned an Investment Grade Rating from any two Rating Agencies designate one Designated Lender to fund Bid Rate Loans on behalf of
such Designating Lender subject to the terms of this subsection, and the provisions in the immediately preceding subsections (b) and
(d) shall not apply to such designation. No Tranche 1 Revolving Lender may designate more than one Designated Lender. The parties to
each such designation shall execute and deliver to the Administrative Agent for its acceptance a Designation Agreement. Upon such
receipt of an appropriately completed Designation Agreement executed by a Designating Lender and a designee representing that it is
a Designated Lender, the Administrative Agent will accept such Designation Agreement and give prompt notice thereof to the Borrower,
whereupon (i) the Borrower shall execute and deliver to the Designating Lender a Bid Rate Note payable to the Designated Lender,
(ii) from and after the effective date specified in the Designation Agreement, the Designated Lender shall become a party to this
Agreement with a right to make Bid Rate Loans on behalf of its Designating Lender pursuant to Section 2.3. after the Borrower has
accepted a Bid Rate Loan (or portion thereof) of the Designating Lender, and (iii) the Designated Lender shall not be required to
make payments with respect to any obligations in this Agreement except to the extent of excess cash flow of such Designated Lender
which is not otherwise required to repay obligations of such Designated Lender which are then due and payable; provided, however,
that regardless of such designation and assumption by the Designated Lender, the Designating Lender shall be and remain obligated to
the Borrower, the Administrative Agent and the Lenders for each and every of the obligations of the Designating Lender and its
related Designated Lender with respect to this Agreement, including, without limitation, any indemnification obligations under
Section 12.6. and any sums otherwise payable to the Borrower by the Designated Lender. Each Designating Lender shall serve as the
agent of the Designated Lender and shall on behalf of, and to the exclusion of, the Designated Lender: (i) receive any and all
payments made for the benefit of the Designated Lender and (ii) give and receive all communications and notices and take all actions
hereunder, including, without limitation, votes, approvals, waivers, consents and amendments under or relating to this Agreement and
the other Loan Documents. Any such notice, communication, vote, approval, waiver, consent or amendment shall be signed by the
Designating Lender as agent for the Designated Lender and shall not be signed by the Designated Lender on its own behalf and shall
be binding on the Designated Lender to the same extent as if signed by the Designated Lender on its own behalf. The Borrower, the
Administrative Agent and the Lenders may rely thereon without any requirement that the Designated Lender sign or acknowledge the
same. No Designated Lender may assign or transfer all or any portion of its interest hereunder or under any other Loan Document,
other than assignments to the Designating Lender which originally designated such Designated Lender. The Borrower, the Lenders and
the Administrative Agent each hereby agrees that it will not institute against any Designated Lender or join any other Person in
instituting against any Designated Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under
any federal or state bankruptcy or similar law, until the later to occur of (x) one year and one day after the payment in full of
the latest maturing commercial paper note issued by such Designated Lender and (y) the Revolving Termination Date. In connection
with any such designation, the Designating Lender shall pay to the Administrative Agent an administrative fee for processing such
designation in the amount of $2,000.

 

(h) USA Patriot
Act Notice; Compliance. In order for the Administrative Agent to comply with “know your customer” and Anti-Money Laundering
Laws, including without limitation, 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, (i) any consent or approval required or permitted by this Agreement or any
other Loan Document to be given by the Lenders may be given, (ii) any term of this Agreement or of any other Loan Document may be
amended, (iii) the performance or observance by the Borrower, any other Loan Party or any other Subsidiary of any terms of this
Agreement or such other Loan Document may be waived, and (iv) the continuance of any Default or Event of Default may be waived
(either generally or in a particular instance and either retroactively or prospectively) with, but only with, the written consent of
the Requisite Lenders (or the Administrative Agent at the written direction of the Requisite Lenders), and, in the case of an
amendment to any Loan Document, the written consent of each Loan Party which is party thereto. Subject to the immediately following
subsection (b), any term of this Agreement or of any other Loan Document relating solely to the rights or obligations of the Lenders
of a particular Class, and not Lenders of any other Class, may be amended, and the performance or observance by the Borrower or any
other Loan Party or any Subsidiary of any such terms may be waived (either generally or in a particular instance and either
retroactively or prospectively) with, and only with, the written consent of the Requisite Class Lenders for such Class of Lenders
(and, in the case of an amendment to any Loan Document, the written consent of each Loan Party which is a 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 thereto. Notwithstanding anything
to the contrary contained in this Section, the Administrative Agent may, without the consent of any Lender, enter into amendments or
modifications to this Agreement or any of the other Loan Documents or enter into additional Loan Documents as the Administrative
Agent reasonably deems appropriate in order to implement any Replacement Rate or
otherwise effectuate the terms of Section 5.2.(c) in accordance with the terms of Section 5.2.

 

    - 152 -

     

    

 

(b) Additional Lender Consents. In addition
to the foregoing requirements, no amendment, waiver or consent shall:

 

(i)                
increase (or reinstate or, other than in accordance with Section 2.14., extend) a Revolving Commitment of a Revolving Lender or
subject a Lender to any additional obligations without the written consent of such Lender;

 

(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, that
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;

 

(iv)             
modify the definition of (A) “Tranche 1 Revolving Commitment Percentage” or “Tranche 1 Currency” without
the written consent of each Tranche 1 Revolving Lender or

(B) 
“Tranche 2 Revolving Commitment Percentage” or Tranche 2 Currency” without the written consent of each Tranche
2 Revolving Lender;

 

(v)               
modify the definitions of “Revolving Termination Date” or clause (a) of the definition of “Termination Date”
(in each case, except in accordance with Section 2.14.) or otherwise postpone any date fixed for, or forgive, any payment of principal
of, or interest on, any Revolving Loans or for the payment of Fees or any other Obligations owing to the Revolving Lenders, or extend
the expiration date of any Letter of Credit beyond the Revolving Termination Date (except in accordance with Section 2.4.(b)), in each
case, without the written consent of each Revolving Lender directly affected thereby;

 

(vi)             
modify the definitions of “Term Loan Maturity Date” or clause (b) of the definition of “Termination Date”
or 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 directly
affected thereby;

 

 (vii)              [reserved];

 

(viii)         
modify the definition of “Pro Rata Share” or amend or otherwise modify the provisions of Section 3.2. without the
written consent of each Lender directly affected thereby;

 

    - 153 -

     

    

 

(ix)             
 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;

 

(x)               
modify the definition of the term “Requisite Lenders” or (except as otherwise provided in the immediately following
clause (xi)), 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;

 

(xi)             
modify the definition of the term “Requisite Class Lenders” as it relates to a particular Class of Lenders, or modify
in any other manner the number or percentage of a Class of Lenders required to make any determinations or waive any rights hereunder
or to modify any provision hereof, in each case, solely with respect to such Class of Lenders, without the written consent of each Lender
in such Class;

 

(xii)           
release any Guarantor from its obligations under the Guaranty (except as contemplated by Section 8.14.(b)) without the written
consent of each Lender; or

 

(xiii)         
amend, or waive the Borrower’s compliance with, Section 2.16. without the written consent of each Revolving Lender of any
affected Class.

 

(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 relating to Section 2.5. or the
obligations of a Swingline Lender under this Agreement or any other Loan Document shall, in addition to the Lenders required
hereinabove to take such action, require the written consent of such Swingline Lender. Any amendment, waiver or consent relating to
Section 2.4. or the obligations of an Issuing Bank under this Agreement or any other Loan Document shall, in addition to the Lenders
required hereinabove to take such action, require the written consent of such Issuing Bank. 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) a Commitment 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 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.

 

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(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 any other Loan Document or an inconsistency
between provisions of this Agreement or any other Loan Document, 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 Issuing Banks in any material respect. Any such amendment shall become effective without
any further action or consent of any other party to this Agreement.

 

Section 13.7. Nonliability of Administrative Agent and Lenders.

 

The relationship
between the Borrower, on the one hand, and the Lenders, the Issuing Banks and the Administrative Agent, on the other hand, shall be solely
that of borrower and lender. None of the Administrative Agent, any Issuing Bank or any Lender shall have any fiduciary responsibilities
to the Borrower and no provision in this Agreement or in any of the other Loan Documents, and no course of dealing between or among any
of the parties hereto, shall be deemed to create any fiduciary duty owing by the Administrative Agent, any Issuing Bank or any Lender
to any Lender, the Borrower, any Subsidiary or any other Loan Party. None of the Administrative Agent, any Issuing Bank or any Lender
undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in connection with any phase of the Borrower’s
business or operations.

 

Section 13.8. Confidentiality.

 

The Administrative
Agent, each Issuing Bank 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 Revolving Commitment or Loan or participation therein as permitted hereunder, or (ii) any actual or prospective counterparty (or
its advisors) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its
obligations, this Agreement or payments thereunder; (c) as required or requested by any Governmental Authority 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 or representative thereof or pursuant to legal process or in connection with any legal
proceedings, or as otherwise required by Applicable Law, in which case (except with respect to any audit or examination conducted by
bank accountants or any governmental bank regulatory authority exercising examination or regulatory authority) such disclosing
Person shall promptly notify the Borrower thereof to the extent permitted by Applicable Law; (d) to the Administrative
Agent’s, such Issuing Bank’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 action or proceeding relating to any Loan Document or the enforcement of rights 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, such Issuing Bank or such Lender to be a breach of this Section or (ii) becomes available to the Administrative Agent, any
Issuing Bank, any Lender or any Affiliate of the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential 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; (h) to bank trade publications, such information to consist of deal terms and other
information customarily found in such publications or to data service providers, including league table providers, that serve the
lending industry; (i) to any other party hereto; and (j) with the prior written consent of the Borrower. Notwithstanding the
foregoing, the Administrative Agent, each Issuing Bank 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, such Issuing Bank or such Lender or in accordance with the regulatory compliance policy of the Administrative
Agent, such Issuing Bank 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, any Lender or any Issuing Bank on a
nonconfidential basis prior to disclosure by the Borrower, any other Loan Party, any other Subsidiary or any Affiliate. 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.

 

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Section 13.9. Indemnification.

 

(a) The Borrower shall
indemnify the Administrative Agent (and any sub-agent thereof), each Issuing Bank, 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 actual losses, claims (including without
limitation, Environmental Claims), damages, liabilities and related expenses (including without limitation, the fees, charges and
disbursements of any counsel for any Indemnified Party (subject to the limitations below)), 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) 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 agreement or instrument contemplated hereby or thereby, 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 Letter of Credit or the use or proposed use of the proceeds therefrom (including
any refusal by any Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with
such demand do not strictly comply with the terms of such Letter of Credit), (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 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 without limitation, any
Environmental Claims), investigation, litigation or other proceeding (whether or not the Administrative Agent, any Issuing Bank 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; provided, however, that such indemnity shall not, as to any Indemnified Party, be
available to the extent that such losses, claims, damages, liabilities or related expenses (A) are determined by a court of
competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence, willful misconduct or bad
faith breach of direct funding obligations hereunder of such Indemnified Party or (B) result from a dispute among Indemnified
Parties (other than disputes involving the Administrative Agent, a Lead Arranger or other agent in its capacity or in fulfilling its
role as such and any claims arising out of any act or omission on the part of the Borrower or any Subsidiary); provided, further, however,
that legal fees and expenses shall be limited to the reasonable and documented out-of-pocket fees, disbursements and other charges
of one primary counsel to the Indemnified Parties, taken as a whole, and one local counsel for the Indemnified Parties, taken as a
whole, in each relevant jurisdiction and with respect to each relevant specialty, and in the case of an actual or perceived conflict
of interest, one additional primary counsel and one local counsel in each relevant jurisdiction and with respect to each relevant
specialty to the similarly situated affected Indemnified Parties taken as a whole. This section shall not apply with respect to
Taxes other than any Taxes that represent losses, claims or damages arising from any non-Tax claim. Each Indemnified Party shall be
obligated to refund or return any amounts paid by the Borrower under this paragraph to such Indemnified Party to the extent such
Indemnified Party was not actually entitled to payment of such amounts in accordance with the terms hereof as determined by such
Indemnified Party in its sole discretion exercised in good faith.

 

    - 156 -

     

    

 

(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.

 

Section 13.10. Termination; Survival.

 

This Agreement shall terminate
at such time as (a) all of the Revolving Commitments have been terminated, (b) all Letters of Credit have terminated or expired or been
canceled (other than Extended Letters of Credit in respect of which the Borrower has satisfied the requirements to provide Cash Collateral
as required in Section 2.4.(b) and other Letters of Credit that have been Cash Collateralized in a manner reasonably satisfactory to
the Administrative Agent and the applicable Issuing Bank), (c) none of the Lenders is obligated any longer under this Agreement to make
any Loans and no Issuing Bank is obligated under this Agreement to issue Letters of Credit and (d) 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, the Issuing Banks, the Lenders and their respective Related Parties 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, the Issuing Banks, the Lenders and their respective
Related Parties (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.

 

    - 157 -

     

    

 

Section 13.12. GOVERNING LAW.

 

THIS AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF CALIFORNIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED,
IN SUCH STATE.

 

Section 13.13. Counterparts.

 

To facilitate execution,
this Agreement and any amendments, waivers, consents or supplements may be executed in any number of counterparts as may be convenient
or required (which may be effectively delivered by facsimile, in portable document format (“PDF”) or other similar electronic
means). It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to
bind any party, appear on each counterpart. All counterparts shall collectively constitute a single document. It shall not be necessary
in making proof of this document to produce or account for more than a single counterpart containing the respective signatures of, or
on behalf of, each of the parties hereto.

 

Section 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.

 

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.

 

None of the Administrative
Agent, any Issuing Bank, any Lender, or any of their respective Related Parties, the Borrower or any of its Subsidiaries shall have any
liability with respect to, and each of the Administrative Agent, the Issuing Banks, the Lenders and the Borrower hereby waives, releases,
and agrees not to sue any of them upon, any claim for any special, indirect, incidental, consequential or punitive damages suffered or
incurred by any of the foregoing Persons in connection with, arising out of, or in any way related to, this Agreement, any of the other
Loan Documents or any of the transactions contemplated by this Agreement or any of the other Loan Documents; provided, that the
foregoing does not limit or relieve the Borrower of its obligations under Sections 13.2. and 13.9. hereof with respect to any such damages.
None of the Administrative Agent, any Issuing Bank, any Lender or any of their respective Related Parties shall be liable to the Borrower,
its Affiliates or any other Person for any damages arising from the use by others of information or other materials obtained or transmitted
by any electronic means.

 

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. 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. There are no oral
agreements among the parties hereto.

 

    - 158 -

     

    

 

Section 13.18. Construction.

 

The Administrative
Agent, each Issuing Bank, 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, each Issuing Bank, the Borrower
and each Lender.

 

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. Acknowledgement and Consent to Bail-in of EEA 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 EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured,
may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and
agrees to be bound by:

 

(a)               
the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any party hereto that is an EEA 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 EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other
instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any
other Loan Document; or

 

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

 

Section 13.21. Acknowledgement Regarding Any Supported QFCs.

 

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

 

    - 159 -

     

    

 

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.

 

Section 13.22. Effect of Amendment and Restatement.

 

(a)               
Existing Credit Agreement. Upon satisfaction of the conditions precedent set forth in Sections 6.1. and 6.2. of this Agreement,
this Agreement and the other Loan Documents shall exclusively control and govern the mutual rights and obligations of the parties hereto
with respect to the Existing Credit Agreement, and the Existing Credit Agreement shall be superseded in all respects, in each case, on
a prospective basis.

 

(b)               
NO NOVATION. THE PARTIES HERETO HAVE ENTERED INTO THIS AGREEMENT SOLELY TO AMEND AND RESTATE THE TERMS OF THE EXISTING
CREDIT AGREEMENT. THE PARTIES DO NOT INTEND THIS AGREEMENT NOR THE TRANSACTIONS CONTEMPLATED HEREBY TO BE, AND THIS AGREEMENT AND THE
TRANSACTIONS CONTEMPLATED HEREBY SHALL NOT BE CONSTRUED TO BE, A NOVATION OF ANY OF THE OBLIGATIONS OWING BY THE BORROWER OR ANY OTHER
LOAN PARTY UNDER OR IN CONNECTION WITH THE EXISTING CREDIT AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS (AS DEFINED IN THE EXISTING CREDIT
AGREEMENT).

 

[Signatures on Following Pages]

 

    - 160 -Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This New Employment Agreement
( the “Agreement”) is entered into as of December 22, 2021 (the “Effective Date”) by and between Jon Sievert,
an individual (“Jon”), and Douglas Dynamics, L.L.C., a Delaware limited liability company (the “Company”).

 

WHEREAS, Jon and the Company
have an employment agreement by and between them that is effective as of July 30, 2020 (the “Original Agreement”);

 

WHEREAS, the Original Agreement
allows for termination of Jon’s employment with and without Cause, as that term is defined in the Original Agreement;

 

WHEREAS, the Company and Jon
have decided that in light of the Company’s determination to restructure certain roles within the organization, a new employment
relationship on a limited term basis would be preferable to any potential termination at this time; and,

 

WHEREAS, the Company is willing to employ, and
Jon is willing to be employed, on the terms and conditions set forth in this Agreement.

 

NOW, THEREFOR, the Company
shall employ Jon, and Jon shall be employed, on the terms and conditions as set forth in this Agreement and as provided below; and, this
Agreement shall wholly replace and supersede both the Original Agreement and the April 2009 Employee Invention, Confidential Information,
and Noncompetition Agreement between the parties.

 

1.            Employment
by the Company. Subject to the terms set forth herein, the Company agrees to employ Jon as VP, Business Development. Jon shall not,
however, be an officer or director of the Company or any of its subsidiaries or affiliates, and by remaining employed with the Company,
Jon expressly relinquishes all such titles and positions effective as of November 30, 2021. Jon shall report directly to Bob McCormick,
President and CEO. Jon’s duties and responsibilities as VP, Business Development shall be to make himself readily available during
normal business hours and on reasonable notice to assist Bob McCormick, Sarah Lauber, or Linda Evans on business-related items/matters,
and shall also be required to provide additional, reasonable assistance consistent therewith as the Board of Directors may request in
good faith. Notwithstanding Jon’s duties and responsibilities set forth herein, Jon shall also be permitted to pursue future employment
opportunities while employed subject to his compliance with all requirements under this Agreement, and so long as such pursuits do not
interfere with the duties and responsibilities he owes to the Company. Jon shall be responsible for complying with all policies and operating
procedures of the Company in the performance of his duties on behalf of the Company, and while employed.

 

2.            Term.
Jon’s employment with the Company shall be continued as of the Effective Date of this Agreement thru March 31, 2022, unless
terminated earlier pursuant to Sections 2.a. or 2.b. If Jon’s employment is not ended earlier pursuant to Sections 2.a. or 2.b.,
he shall receive the separation benefits outlined in Section 2.c. so long as he executes (and does not subsequently revoke) a separation
agreement to the satisfaction of the Company (the “Separation Agreement”) (the form of the Separation Agreement shall be substantially
similar as that form attached as Exhibit A to this Agreement).

 

    	 	 

     

    

 

(a)            Early
Termination for Cause. The Company may terminate Jon’s employment prior to the termination date of March 31, 2022, only
for Cause. “Cause” means any of the following, as determined by the Company in its reasonable judgment, exercised in good
faith:  (i) Jon’s conviction of, or plea of guilty or nolo contendere to, a crime, the circumstances
of which are substantially related to duties or responsibilities he is asked to perform on behalf of the Company; (ii) theft, conversion,
embezzlement or misappropriation by Jon of funds or other assets of the Company (or any related entity) or any other material act of fraud
or dishonesty with respect to the Company (or any related entity); (iii) Jon’s willful misconduct, including any intentional,
grossly negligent, or unlawful misconduct by Jon that the Company reasonably believes could be detrimental to the Company in a non-immaterial
manner, or reflect poorly on the Company (or any related entity); (iv) Jon’s breach of Sections  5, 6, or 7 of this Agreement;
(v) Jon’s violation of the Company’s policies on non-discrimination and/or harassment; (vi) the failure by Jon to
comply with any meaningful (in the Company’s reasonable opinion) Company policy generally applicable to Company employees, or any
reasonable and lawful Company directions or instructions; or (vii) any material breach by Jon of this Agreement; provided, that,
prior to a termination due to Jon’s acts or omissions described in clauses (iv) through (vii) herein, the Company shall
have provided Jon with written notice setting forth in reasonable detail the acts or omissions constituting Cause, and Jon shall have
failed to cure such acts or omissions within thirty (30) days of his receipt of the written notice.  In the event of a termination
for Cause, Jon shall be entitled to receive as compensation only (x) his salary thru the date of termination, and (y) the amount
of any expenses properly incurred (and submitted to the Company) by Jon on behalf of the Company (pursuant to the Company’s expense
reimbursement policies and procedures) prior to the date of termination which have not yet been reimbursed (together (x) and (y) shall
be referred to as the “Accrued Obligations”), which shall be paid with the first payroll immediately following the termination.

 

(b)            Early
Termination without Good Reason. Jon may resign his employment without Good Reason. If he does resign without Good Reason, then Jon
shall only be entitled to the Accrued Obligations. “Good Reason” means that (i) Jon’s primary work location (i.e.,
the business office to which Jon is assigned) as of the date on which this Agreement was executed is moved by the Company more than fifty
(50) miles without his permission; (ii) the assignment of such duties or responsibilities without his permission that would constitute
a clear embarrassment to Jon or another employed in a similar capacity; (iii) a reduction of Jon’s base salary as set forth
below; or (iv) a material breach of this Agreement.  If Jon wishes to invoke the Good Reason basis for his voluntary termination,
he shall give the Company a thirty (30)-day notice, within which the Company shall have the opportunity to cure the conditions constituting
Good Reason.  If the Company fails to cure the conditions constituting Good Reason, and Jon executes and honors the Separation Agreement,
then the Company shall provide Jon with the separation benefits under Section 2.c.

 

(c)            Separation
Benefits. The separation benefits that shall be provided at the conclusion of this Agreement if employment is not ended with Cause
or due to a resignation without Good Reason, and so long as Jon executes (and does not subsequently revoke) the Separation Agreement,
shall include, the following: (i) severance pay equal to ten (10) month’s base salary, paid over a 10-month period, commencing
with the effective date of the Separation Agreement; and (ii) if COBRA participation is elected, the Company shall pay a portion
of the costs for such COBRA benefits consistent with that proportion that it pays to maintain health insurance benefits for current employees
for up to ten (10) months.

 

    	 	2	 

     

    

 

3.            Compensation
and Benefits.

 

(a)            Base
Salary. Jon shall be paid a base salary at the annual rate of Three Hundred Forty-three Thousand, Six Hundred Sixty-Seven Dollars
and No Cents ($343,667.00). The base salary shall be paid in accordance with the Company’s regular payroll process, less applicable
withholding and deductions.

 

(b)            Healthcare
Benefits. Jon shall be permitted to continue to participate in the Company’s healthcare programs.

 

(c)            Vacation.
Jon shall continue to receive vacation benefits at the same rate that he was experiencing under the Original Agreement.

 

(d)            2021
Annual Bonus. Jon will be provided a 10% (based on a percentage of base salary) bonus under the 2021 Annual Incentive Plan. For the
avoidance of any doubt, however, Jon shall not be eligible to participate nor receive any cash bonus (pro rata or otherwise) for 2022
under the Annual Incentive Plan or otherwise.

 

(e)            Outplacement/Coaching
Services. Jon shall be provided up to six (6) months of outplacement/coaching services, commencing on the Effective Date. These
outplacement/coaching services shall continue beyond the conclusion of Jon’s employment, and this Agreement, for the full six-month
period so long as Jon’s employment is not terminated by the Company with Cause or by himself without Good Reason.

 

(f)            Continued
Vesting of PSUs and RSUs. Jon’s time-based restricted stock units and performance share units (“PSUs”) shall continue
to vest thru his termination of employment under this Agreement. In addition, the Company shall score Jon’s PSUs in a manner consistent
with the scoring by the Compensation Committee of the 2019-2021 PSUs for the officers of the Company. However, and for the avoidance of
any doubt, Jon shall not be eligible for any new equity grant for 2022.

 

(g)            Expenses.
Upon submission of appropriate documentation, the Company shall reimburse Jon for all reasonable business expenses incurred in connection
with the performance of his duties hereunder in accordance with the Company’s expense reimbursement policies in effect from time
to time.

 

    	 	3	 

     

    

 

4.            Definitions/Background.

 

(a)            Background.
The Company is North America’s premier manufacturer and up-fitter of work truck attachments and equipment. It is home to the most
trusted brands in the industry, including but not limited to Dejana, Fisher, Henderson, SnowEx, SweepEx, TurfEx, and Western. Our commitment
to continuous improvement enables us to consistently produce the highest quality products and drive shareholder value. We serve as trusted
partners to our dealers, suppliers and end users, whose businesses benefit from our operational and management expertise. The Company
enjoys a competitive advantage in a highly competitive market because of its continuous research and development of the processes and
practices it uses to design and manufacture products, including the development and expansion of products, markets, services and customer
relations, as well its significant attention and focus on customer service and appreciation by which the Company’s good will is
created. The Company has customers, customer relationships, intellectual property, confidential information and other business assets
(some of which is more particularly identified below) by virtue of the work it performs, relationships it has developed, and continues
to develop and acquire further customers, confidential information, intellectual property and assets. The Company has expended significant
time, money and effort in developing that competitive edge and takes measures to protect it, including the regular use of computer passwords,
locks, training, implementation of certain Company rules and procedures, and other security measures.

 

(b)            Protected
Information. “Protected Information” means Company information not generally known to, and not readily ascertainable through
proper means by, the Company’s competitors on matters such as customer lists, customer information, and customer needs; nonpublic
financial information; marketing, business and strategic plans; business methods; research strategies and plans; patent applications;
sales and marketing plans; future market and product plans; Company (not individual) know-how; trade secrets; Company research and development,
techniques, processes, product development, work processes or methodologies; production machinery, tools, tooling, raw materials and methodologies;
analytical analyses, product analyses, inventions, formulaic work, formulas, formulaic techniques, analytical methodology, efficacy data
and testing data; technology, drawings, engineering, code, code writing, software (and hardware) development and platform development;
mechanical development and research, and all drawings or engineering for the same; and other information of a technical or economic nature
relating to the Company’s business, and to which Jon has access. Protected Information includes negative know-how, which is information
about what the Company has tried that did not work, if that information is not generally known or easily ascertainable by the Company’s
competitors and would give them an advantage in knowing what not to do. Information, data, and materials received by the Company from
others in confidence (or subject to nondisclosure or similar covenants), or received by Jon from the Company Group that is of the same
character as that described in this paragraph, shall also be deemed to be and shall be Protected Information.

 

Notwithstanding
the foregoing, Protected Information shall not include information that Jon can prove (i) was in the public domain, being
publicly and openly known through lawful and proper means, (ii) was independently developed or acquired by Jon without reliance in
any way on other Protected Information of the Company or any customer or (iii) was approved by the Company for use and disclosure
by Jon without restriction.

 

    	 	4	 

     

    

 

(c)            Company
Customer. “Company Customer” is limited to those customers, clients or partners who did business with the Company within
the most recent eighteen (18) months of Jon’s employment and (a) about whom Jon, as a result of his employment, had access
to information or goodwill as a normal part of his job performance that would assist in solicitation of such Company Customer, or (b) with
whom he personally dealt on behalf of the Company in the eighteen (18) months immediately preceding the last day of his employment and
that he was introduced to or otherwise had business contact with such Company Customer as a result of his employment with the Company.
 “Company Customer” shall also include an individual or business to whom a pitch to solicit or secure business or a sale was
prepared (even if not yet made) within the 12-month period preceding the end of Jon’s employment, and with which he had not insignificant
involvement in the preparation, or had exposure to specific information developed for that particular pitch.

 

(d)            Competitive
Services. “Competitive Services” means services of the type that the Company provided or offered to its customers, clients
or partners at any time during the twenty-four (24) months immediately preceding the last day of Jon’s employment with the Company.
 “Competitive Services” also includes those services that the Company was in the process of developing or which it was actively
engaged in research and development to offer to a customer/client/partner or anticipated customer/client/partner at the time Jon’s
employment with the Company ended. Competitive Services does not include any service that the Company no longer provides and/or does not
intend to provide in the 12-month period following the date on which Jon’s employment with the Company ends.

 

(e)            Competitive
Products. “Competitive Products” means products that serve the same function as, or that could be used to replace, products
the Company provided to, offered to, or was in the process of developing for a present, former, or future possible customer/client/partner
at any time during the twelve (12) months immediately preceding the last day of Jon’s employment. Competitive Products does not
include any product that the Company no longer provides and/or does not intend to provide in the 12-month period following the date on
which Jon’s employment with the Company ends.

 

(f)            Direct
Competitor. Jon acknowledges that the Company has significant sales and Company Customers throughout North America, and in the following
segments: Commercial Snow & Ice; Municipal Snow & Ice; Commercial Truck Equipment; and Final Mile. Therefore, “Direct
Competitor” shall mean the companies identified on the list attached to this Agreement and identified as the Direct Competitor List
at the top.

 

(g)            Truck
Equipment Dealer. “Truck Equipment Dealer” means a company that engages in the buying and re-selling, renting or distributing
of truck equipment including but not limited to plows, dump bodies, service bodies and other truck equipment attachments, including products
of the Company and Competitive Products, whether or not such company is a Company Customer.

 

5.            Ownership
Rights. In the course of Jon’s employment with the Company (previously and currently), Jon may be creating, designing, drafting,
developing, or adding to the Company’s trade secrets, inventions, or copyrights, or may have already done so. Jon, therefore, shall
promptly communicate all such work product to the Company, if he has not already.

 

    	 	5	 

     

    

 

(a)            Inventions.
Any design, improvement, discovery, computer program, software development, know how, product or service idea, whether or not patentable
or subject to copyright protection, developed by Jon during his period of employment with the Company shall be considered a “Company
Invention” that belongs to the Company if it: (a) involved the use of working time; (b) involved the use of Company equipment,
supplies, facilities, or trade secrets; (c)  at the time conceived or first reduced to practice, related to the Company’s current
or planned business activities; or (d) resulted from work performed for the Company (collectively, “Company Inventions”).
Jon assigns and agrees to assign to the Company, and the Company accepts and agrees to accept, Jon’s entire right, title, and interest
in all Company Inventions (as just defined), and any patent rights arising therefrom.

 

(b)            Copyrights.
Any material written, created, designed, discovered, or drafted by Jon for the Company or connected to his employment with the Company
shall be considered a work for hire and the property of the Company. With respect to all intellectual property that is first created and
prepared by Jon that is not covered by the definition of a “work made for hire” under 17 U.S.C. § 101 of the U.S. Copyright
Act of 1976, such that Jon would be regarded as the copyright author and owner, Jon hereby assigns and agrees to assign to the Company,
and the Company accepts and agrees to accept, Jon’s entire right, title, and interest in and to such works, including all copyrights
therein.

 

(c)            Trade
Secrets. Any trade secret (as defined by law) developed by Jon during his period of employment with the Company shall belong to the
Company if it: (a) involved the use of working time; (b) involved the use of Company equipment, supplies, facilities, trade
secrets or Protected Information; (c) at the time conceived or first reduced to practice, related to the Company’s current
or planned business activities; or (d) resulted from work performed for the Company. Jon assigns and agrees to assign to the Company
all rights in all Company Trade Secrets (as just described) and any patent rights arising therefrom.

 

(d)            Cooperation.
When requested by the Company, during or after employment, Jon will support and cooperate with the Company in pursuing any patent, copyright,
or trade secret protection in the United States and foreign countries for any Company Invention or work for hire. Jon will sign such assignments
or other documents considered necessary by the Company to convey ownership and exclusive rights, including patent rights, to the Company.
The costs of obtaining and defending patent and copyright rights shall be paid by the Company, and the Company shall pay reasonable compensation
to Jon for his services under this Section 5(d) if Jon is not then employed by the Company.

 

If Jon does not
or will not sign any such document the Company requests, then Jon hereby irrevocably designates the Company and its officers and agents
as his agents and attorneys-in-fact to act for and on his behalf and to execute such documents as needed to carry out the Company’s
rights established in this Section 5.

 

(e)            Prior
Inventions. Jon expressly states and affirms that he does not have any inventions, original works of authorship, developments, or
improvements which were made by him prior to employment with the Company, which belong to him and which are not assigned to the Company
hereunder (collectively referred to as “Prior Inventions”). Jon represents and warrants that there are no such Prior Inventions.
Notwithstanding, if, in the course of employment with the Company, Jon incorporates any Prior Inventions into any work for hire, Company
Invention, or Company trade secret, Jon grants the Company an irrevocable, worldwide, fully paid-up, royalty-free, non-exclusive license,
with the right to sublicense through multiple tiers, to make, use, sell, improve, reproduce, distribute, perform, display, transmit, manipulate
in any manner, create derivative works based upon, and otherwise exploit or utilize in any manner the Prior Invention so incorporated.

 

    	 	6	 

     

    

 

(f)            Notice
of Limits to Assignment. The provisions of this Section 5 do not apply to any work product that Jon developed entirely on his
own time without using Company equipment, supplies, facilities, trade secrets or Protected Information, unless the work product (1) relates
to the Company’s business or demonstrably anticipated business, (2) relates to the Company’s actual or demonstrably anticipated
research or development, or (3) results from any work performed by Jon for the Company.

 

6.            Confidentiality.

 

(a)            Necessity.
In the course of Jon’s employment with the Company, he may be making use of, acquiring, or adding to the Company’s confidential
information, trade secrets, and Protected Information, or may have already done so. In addition, Jon’s work for the Company requires
(and required) Jon be provided access to valuable confidential information, trade secrets, and Protected Information. The confidential
information, trade secrets, and Protected Information to which Jon will have (and has had) access is valuable to the Company and/or its
customers and business partners and each party takes steps to maintain the secrecy and confidential nature of these matters, including
the regular use of computer passwords, locks and other security measures, and requires employees with access to this information to execute
agreements similar that have similar restrictions as this Agreement where possible. Jon acknowledges that the Company will provide not
(and would not have provided) him (on a going forward or previous basis) with access to the valuable confidential information, trade secrets,
or Protected Information unless he executes this Agreement.

 

(b)            Promises.
Jon makes the following promises regarding Protected Information.

 

i.            Promise
To Protect. Jon promises to protect and maintain the confidentiality of Protected Information while employed by the Company. Jon
will follow all Company policies and procedures for the protection and security of this information. Jon will also immediately report
to management any potential or actual security breach or loss.

 

ii.            Promise
to Return. Jon agrees to return (and not retain) any and all materials reflecting Protected Information that he may possess (including
all Company-owned equipment) immediately upon termination of employment or upon demand by the Company.

 

    	 	7	 

     

    

 

iii.            Promise
Not To Use Or Disclose. Jon agrees to not use or disclose, except as necessary for the performance of his services on behalf of
the Company or as required by law or legal process, any Protected Information where such use or disclosure would be detrimental to the
interests of the Company. This promise applies only for so long as such Protected Information remains confidential and not generally known
to, and not readily ascertainable through proper means by, the Company’s competitors, or two years following the end of Jon’s
employment with the Company, whichever occurs first. And, because the Company has significant sales throughout North America (as referenced
in Section 4.a. above), and because Protected Information is generally very portable and transferable without geographic borders
or constraints, this prohibition applies worldwide.

 

(c)            Legal
Proceedings, Government Investigations and Legal Actions. If Jon is requested or required to provide Protected Information in a legal
proceeding other than a government investigation or government legal action, he will promptly notify the Company of the request so that
the Company may either seek an appropriate protective order or waive his obligations under this Agreement.  However, nothing in this
Agreement (including anything in Sections 4 thru 7) prohibits Jon from reporting a possible violation of federal, state, or local law
or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange
Commission, the Congress, or any agency (including but not limited to the National Labor Relations Board or the Equal Employment Opportunity
Commission) or Inspector General, or making other disclosures that are protected under any whistleblower provision of federal, state,
or local law or regulation.  Jon does not need the prior authorization of the Company to make any such reports or disclosures and
he is not required to notify the Company that he or she made such reports or disclosures.

 

7.            Restrictive
Covenants. Jon understands and agrees that the Company has legitimate interests in protecting its goodwill, its relationships with
customers and business partners, and in maintaining its confidential information, trade secrets and Protected Information, and hereby
agrees that the following restrictions are appropriate to protect such interests and are narrowly construed to meet such goals.

 

(a)            Non-Solicitation.
In the course of Jon’s employment with the Company (past and present), Jon will have access to and contribute to developing relationships
of trust and goodwill with Company Customers, he will also learn and assemble confidential information about Company Customer’s
purchase needs, demands, qualifications, and other business priorities. By developing these relationships of trust and goodwill and learning
this confidential information, Jon will become uniquely positioned to sell Competitive Products or Competitive Services to Company Customers.
Jon acknowledges that the relationships and goodwill that he develops with Company Customers as a result of his employment belong to the
Company and that using such relationships and goodwill against the interests of the Company would be unfair. Jon further acknowledges
that because those relationships and goodwill are based on personal trust, the Company will need an opportunity, free from interference
by him, to secure the relationships and goodwill for itself after his employment ends. Jon therefore agrees that while employed by the
Company and for a period of twenty-four (24) months after his employment with the Company ends, for whatever reason, he will not, and
will not assist anyone else to, (1) solicit or encourage any Company Customer to terminate or diminish its relationship with the
Company relating to Competitive Services or Competitive Products; or (2) seek to persuade any Company Customer to conduct with anyone
other than the Company any business or activity relating to Competitive Services or Competitive Products that such Company Customer conducts
or could conduct with the Company.

 

    	 	8	 

     

    

 

(b)            Non-Competition.
Jon agrees that while employed by the Company and for a period of twenty-four (24) months after his
employment with the Company ends for any reason, he will not, for himself, or on behalf of any other person or entity, directly or indirectly,
provide services to a Direct Competitor in a role where his knowledge of Protected Information is likely to affect his decisions or actions
for the Direct Competitor, to the detriment of the Company. The ownership of less than a 5% interest in a corporation or other entity
whose securities are traded in a recognized stock exchange or traded in the over-the-counter market, even though that corporation or other
entity may be a competitor of Company, shall not violate this provision.

 

(c)            Non-Interference.
Jon agrees that during his employment with the Company, and for a period of twenty-four (24) months from the termination of employment
with the Company for any reason whatsoever, he shall not, either personally or in conjunction with others, either (a) solicit, interfere
with, or endeavor to cause any Restricted Employee of the Company to leave his or her employment in order to work for a Direct Competitor,
or (b) otherwise induce or attempt to induce any such Restricted Employee to terminate employment with the Company in order to work
for a Director Competitor. A “Restricted Employee” is an employee of the Company with whom Jon has (or had) a managing or
reporting relationship, or a close working relationship (such as where Jon and the Restricted Employee were both officers of the Company),
which could be exploited by him to persuade the Restricted Employee to leave his or her employment with the Company, and whom has special
knowledge and/or information (including access to Protected Information) that could cause the Company damage/harm if he or she went to
work for a Direct Competitor. Nothing in this Section 7.c. is meant to prohibit an employee of the Company that is not a party to
this Agreement from becoming employed by another organization or person.

 

(d)            Non-Disparagement.
Jon agrees that during his employment with the Company, and for a period of twenty-four (24) months from the termination of employment
with the Company for any reason whatsoever, he will not make public statements or communications that are critical, negative or disparaging
about the Company (or a related entity) or their businesses, services, products or their affiliates or their current, former or future
directors or officers (in their capacity as such), or with respect to any current or former director or officer or shareholder of the
Company (or related entity) or its affiliates (in their capacity as such). For the avoidance of doubt, the parties agree that truthful
statements made in the normal course of business under subparagraph 7(e) of this Agreement do not fall within this subparagraph.
The Company will use its best efforts to have the directors and officers of each member of the Company (and related entities) and its
affiliates not make public statements or communications that disparage Jon over the same twenty-four (24) month period. Nothing contained
in this paragraph or Agreement is intended to limit Jon’s right or ability to communicate regarding matters within the jurisdiction
of, or file a charge with, the EEOC or equivalent state or local agency, SEC, NLRB, OSHA, or any other federal, state or local agency
or commission.

 

    	 	9	 

     

    

 

(e)            Engagement
with Truck Equipment Dealer. Notwithstanding any other provision of this Agreement, the parties agree that, at any time after the
end of his employment with the Company, Jon may become engaged as an owner, employee and/or consultant with a Truck Equipment Dealer,
and that, during the term of his employment under this Agreement, Jon may look for such potential engagements, which may begin after his
employment with the Company terminates, provided that Jon may be no less diligent in performance of his duties pursuant to paragraph 1
of this Agreement. However, for a period of twenty-four (24) months from the termination of employment with the Company for any reason
whatsoever, Jon will not, for himself or on behalf of any other person or entity, directly or indirectly, provide services to a Truck
Equipment Dealer, that operates or has operations within 50 miles of any Dejana facility or operation as identified on Dejana’s
website1 at the time Jon’s engagement with the Truck
Equipment Dealer commences, in a role where his knowledge of Protected Information is likely to affect his decisions or actions for the
Truck Equipment Dealer to the detriment of the Company.

 

8.            Reasonable
Restrictions. Jon agrees that the terms and conditions in Sections 4 through 7 are reasonable and necessary for the protection of
the Company’s business and to prevent damage or loss to the Company as the result of action taken by him. Jon acknowledges that
he could continue to actively pursue his career and earn sufficient compensation without breaching any of the restrictions contained in
these Sections.

 

9.            Equitable
Relief and Other Relief. Jon agrees that damages would be an inadequate remedy for the Company in the event of breach or threatened
breach of his obligations under Sections 5 through 7, and thus, in any such event, the Company may, either with or without pursuing any
potential damage remedies, immediately obtain and enforce an injunction prohibiting him from violating the promises in these Sections.
Jon understands that this provision regarding the issuance of an injunction does not limit any remedies at law or equity otherwise available
to the Company.

 

10.            Trade
Secrets/Defend Trade Secrets Act. Nothing in this Agreement diminishes or limits any protection granted by law to trade secrets or
relieves Jon of any duty not to disclose, use, or misappropriate any information that is a trade secret, for as long as such information
remains a trade secret. Additionally, nothing in this Agreement is intended to discourage Jon from reporting any theft of trade secrets
to the appropriate government official pursuant to the Defend Trade Secrets Act of 2016 (“DTSA”) or other applicable state
or federal law. Additionally, under the DTSA, a trade secret may be disclosed to report a suspected violation of law and/or in an anti-retaliation
lawsuit, as follows:

 

(a)            An
individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret
that: (A) is made (1) in confidence to a Federal, State, or local government official, either directly or indirectly, or to
an attorney; and (2) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a
complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

 

 

1 https://dejana.com/contact-us/facilities/

 

    	 	10	 

     

    

 

(b)            An
individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret
to the attorney of the individual and use the trade secret information in the court proceeding, if the individual: (A) files any
document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order. Nothing
in this Agreement shall limit, curtail or diminish the Company’s statutory rights under the DTSA, any applicable state law regarding
trade secrets or common law.

 

11.            Notice.
Jon agrees that he will give notice of this Agreement and his obligations to comply with its terms to any person or organization that
he may become associated with during the first twenty-four (24) months after the termination of his employment with the Company. Jon further
agrees that the Company may, if it desires, send a copy of this Agreement to, or otherwise make the provisions in Sections 5 through 7
hereof, known to any such person, firm or entity during that time.

 

12.            Internal
Revenue Code Section 409A Compliance.

 

(a)            This
Agreement is intended to comply with, or otherwise be exempt from, Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”).

 

(b)            The
Company shall undertake to administer, interpret, and construe this Agreement in a manner that does not result in the imposition on Jon
of any additional tax, penalty, or interest under Section 409A of the Code.

 

(c)            If
the Company determines in good faith that any provision of this Agreement would cause Jon to incur an additional tax, penalty, or interest
under Section 409A of the Code, the Company (or its delegate) and Jon shall use reasonable efforts to reform such provision, if possible,
in (i) a mutually agreeable fashion to maintain to the maximum extent practicable the original intent of the applicable provision
without violating the provisions of Section 409A of the Code or causing the imposition of such additional tax, penalty, or interest
under Section 409A of the Code or (ii) the manner required by an available IRS correction program that will mitigate or eliminate
such additional taxes, penalties or interest..

 

(d)            The
preceding provisions, however, shall not be construed as a guarantee by the Company of any particular tax effect to Jon under this Agreement.
  Specifically, the Company shall not be liable to Jon for any additional tax, penalty, or interest under the Code in the event that
this Agreement does not comply in form or operation with Section 409A of the Code, or for reporting in good faith any payment made
under this Agreement as an amount includible in gross income under Section 409A of the Code, provided the Company makes payments
in accordance with the terms of this Agreement or with Section 409A of the Code; provided that the Company shall not be liable to
Jon to the extent such taxes, penalties or interest arising under Section 409A of the Code (i) could have been avoided pursuant
to the provisions set forth in Treasury Regulation §1.409A-3(g), (ii) can be mitigated or eliminated under an available IRS
correction program, which the parties agree to utilize in such event, or (iii) or in the case of any early payment, could have been
mitigated or avoided if Jon had promptly notified the Company of such early payment.

 

    	 	11	 

     

    

 

(e)            For
purposes of Section 409A of the Code, the right to a series of installment payments under this Agreement shall be treated as a right
to a series of separate payments.

 

(f)            With
respect to any reimbursement of expenses of Jon of provision of in-kind benefits to Jon subject to Section 409A of the Code, such
reimbursement of expenses and provision of in-kind benefits shall be subject to the following conditions: (1) the expenses eligible
for reimbursement or provision of in-kind benefits in one taxable year shall not affect the expenses eligible for reimbursement or provision
of in-kind benefits in any other taxable year, except for any medical reimbursement arrangement providing for the reimbursement of expenses
referred to in Section 105(b) of the Code; (2) the reimbursement of an eligible expense shall be made no later than the
end of the year after the year in which such expense was incurred; and (3) the right to reimbursement or provision of in-kind benefit
shall not be subject to liquidation or exchange for another benefit.

 

(g)            Any
termination of the Jon’s employment triggering payment of the benefits under Section 2.c. must constitute a “separation
from service” under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) before distribution of
such benefits can commence.  To the extent that the termination of the Jon’s employment does not constitute a separation of
service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) (as the result of further services
that are reasonably anticipated to be provided by the Jon to the Company at the time the Jon’s employment terminates), any benefits
payable under Section 2.c. that constitute deferred compensation under Section 409A of the Code shall be delayed until after
the date of a subsequent event constituting a separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg.
 §1.409A-1(h).  For purposes of clarification, this Section 12.g shall not cause any forfeiture of benefits on Jon’s
part, but shall only act as a delay until such time as a “separation from service” occurs.

 

(h)            If
a payment obligation under this Agreement or other compensation arrangement arises on account of Jon’s separation from service while
Jon is a “specified employee” as determined by the Company, any payment of “deferred compensation” (as defined
under Treasury Regulation Section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3) through
(b)(12)) that is scheduled to be paid within six (6) months after such separation from service shall accrue without interest and
shall be paid on the first business day after the end of the six (6) month period beginning on the date of such separation from service
or, if earlier, on the date of his or her death.

 

13.            Claims
by Employee. Jon acknowledges and agrees that any claim or cause of action by him against the Company shall not constitute a defense
to the enforcement of the restrictions and covenants set forth in this Agreement and shall not be used to prohibit injunctive relief.

 

    	 	12	 

     

    

 

14.            No
Waiver. The failure of either party to this Agreement to insist upon the performance of any of the terms and/or conditions of this
Agreement, or the waiver of any breach of any of the terms and/or conditions of this Agreement, shall not be construed as thereafter waiving
any such terms and/or conditions, but the same shall continue and remain in full force and effect as if no such forbearance or waiver
had occurred.

 

15.            Assignment.
The Company may assign this Agreement to its successors in connection with the sale of all or part of its business, and that successor
may enforce this Agreement against Jon. Jon further acknowledges that performance by him of his duties or responsibilities under this
Agreement are personal in nature, and he may not assign any rights, duties or obligations under this Agreement to another without written
consent of the Company; however, Jon may assign his beneficial interests or rights under this Agreement if he should die, to the extent
any such rights or interests continue to exist after his death.

 

16.            Surviving
Terms. Sections 4 through 15 shall survive the termination of Jon’s employment between him and the Company. The parties acknowledge
that those Sections are necessary in order to protect the legitimate business interests of the Company.

 

17.            Review
by Counsel. Jon represents and warrants that this Agreement is the result of full and otherwise fair and good faith bargaining over
its terms following a full and otherwise fair opportunity to have legal counsel for him review this Agreement, propose modifications and
changes, and to verify that the terms and provisions of this Agreement are reasonable and enforceable. Jon acknowledges that he has read
and understands the foregoing provisions and that such provisions are reasonable and enforceable. This Agreement has been jointly drafted
by both parties, with legal counsel representing both parties, and shall not be interpreted as against one party as the drafter.

 

18.            Divisibility
of Agreement or Modification by Court. To the extent permitted by law, the invalidity of any provision of this Agreement will not
and shall not be deemed to affect the validity of any other provision. In the event that any provision of this Agreement is held to be
invalid, it shall be, to the further extent permitted by law, modified to the extent necessary to be interpreted in a manner most consistent
with the present terms of the provision, to give effect to the provision. Finally, in the event that any provision of this Agreement is
held to be invalid and not capable of modification by a court, then it shall be considered expunged, and the parties agree that the remaining
provisions shall be deemed to be in full force and effect as if they had been executed by both parties subsequent to the expungement of
the invalid provision.

 

19.            Modification
or Amendment. This Agreement may not be modified or amended except through a writing signed by hand by both Jon and the authorized
representative of the Company, except as required by a court with competent jurisdiction in order to enforce this Agreement.

 

20.            Execution
of Agreement. This Agreement may be executed in multiple counterparts, any one of which need not contain the signature of more than
one (1) party, but all such counterparts taken together shall constitute one and the same instrument. Further, this Agreement may
be signed and delivered by means of facsimile, e-signatures or scanned pages via electronic mail, and such scanned or facsimile signatures
shall be treated in all manner and respects as an original signature and shall be considered to have the same binding legal effect as
if it were an original signature, and no party may raise the use of facsimile, e-signatures or scanned signatures as a defense to the
formation of this Agreement.

 

21.            Complete
Agreement. This Agreement constitutes the full and complete understanding and agreement of the parties, supersedes all prior understandings
and agreements as to the employment of Jon, including but not limited to, the Employment Agreement (which was entered into as of July 30,
2020), as well as the Employee Invention, Confidential Information, And Noncompetition Agreement executed by Jon on April 27, 2009.
Jon may not rely on any prior discussions, statements or agreements regarding his employment with the Company, or his restrictive covenants
or obligations to maintain information confidential as contained in his 2009 Employee Invention, Confidential Information, And Noncompetition
Agreement.

 

    	 	13	 

     

    

 

IN WITNESS WHEREOF, the parties
have executed this Agreement as of the day and year written above.

 

	EMPLOYEE:

     

    

    
	 	COMPANY:

     

    DOUGLAS DYNAMICS, L.L.C.

	 	 	 
	/s/ Jon Sievert	 	By:	/s/ Bob McCormick
	 	 	 	 
	Printed Name: Jon Sievert	 	Name: Bob McCormick
	 	 	Title: President & CEO

 

    	 	14	 

     

    

 

DIRECT COMPETITOR LIST

 

		(i)	Commercial Snow & Ice Industry Segment:

 

		·	Boss Snowplows owned by The Toro Company

 

		·	Buyers Product Company

 

		·	Meyer Products owned by Aebi Schmidt Group

 

		(ii)	Municipal Snow & Ice Industry Segment:

 

		·	Monroe Truck Equipment owned by Aebi Schmidt Group

 

		·	Viking-Cives, LTD

 

		·	Godwin Manufacturing Co., Inc.

 

		·	Alamo Group

 

		(iii)	Commercial Truck Equipment Segment:

 

		·	The Knapheide Manufacturing Company

 

		·	Reading Truck owned by JB Poindexter & CO

 

		·	Truck Bodies & Equipment International (TBEI) owned by Federal Signal Corporation

 

		·	Auto Truck Group

 

		·	Custom Truck One Source

 

		(iv)	Final Mile Segment:

 

		·	Adrian Steel;

 

		·	Masterack LLC owned by JB Poindexter & CO

 

		·	Morgan Truck Body owned by JB Poindexter & CO

 

		·	Morgan Olsen Company owned by JB Poindexter & CO

 

		·	The SHYFT Group

 

		·	Wabash National Group

 

		·	Supreme Corporation

 

    	 	15

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