Document:

Supplemental Agreement with Fortis Bank dated April 30, 2009

 Exhibit 10.4 
 Private & Confidential 
 Dated 30 April 2009 
 SUPPLEMENTAL AGREEMENT 
 relating to a Loan Facility of (originally) up to US$60,200,000

 and 
 a Guarantee Facility of up
to (originally) US$36,451,100 
 to 
 BIKINI SHIPPING COMPANY INC. 
 and 
 ENIWETOK SHIPPING COMPANY INC. 
 provided by 
 FORTIS BANK 
 

 

 Contents 
  

					
	 Clause
	  	 	  	Page
	 1
	  	 Definitions
	  	1
			
	 2
	  	 Consent of the Bank
	  	3
			
	 3
	  	 Assumption of liability and obligations
	  	4
			
	 4
	  	 Amendment and restatement
	  	4
			
	 5
	  	 Representations and warranties
	  	5
			
	 6
	  	 Conditions
	  	6
			
	 7
	  	 Relevant Parties’ confirmation
	  	6
			
	 8
	  	 Expenses
	  	7
			
	 9
	  	 Miscellaneous and notices
	  	7
			
	 10
	  	 Applicable law
	  	8
		
	 Schedule 1 Documents and evidence required as conditions precedent
	  	9
		
	 Schedule 2 Amended and restated Loan Agreement
	  	11
		
	 Schedule 3 Form of New Pre-delivery Security Assignment
	  	12

 THIS SUPPLEMENTAL AGREEMENT is dated 30 April 2009 and made BETWEEN: 
  

	(1)	BIKINI SHIPPING COMPANY INC., a corporation incorporated under the laws of the Republic of the Marshall Islands having its registered office at Trust Company Complex,
Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the “Bikini Borrower”); 

  

	(2)	ENIWETOK SHIPPING COMPANY INC., a corporation incorporated under the laws of the Republic of the Marshall islands having its registered office at Trust Company Complex,
Ajeltake Road, Ajeltake island, Majuro, Marshall islands MH96960 (the “Eniwetok Borrower” and, together with the Bikini Borrower, the “Original Borrowers”); 

  

	(3)	GALA PROPERTIES INC., a corporation incorporated under the laws of the Republic of the Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road,
Ajeltake Island, Majuro, Marshall Islands MH96960 (the “New Borrower” and, together with the Original Borrowers, the “Borrowers”), 

  

	(4)	DIANA SHIPPING INC., a corporation incorporated under the laws of the Republic of the Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road,
Ajeltake Island, Majuro, Marshall Islands MH96960 (the “Corporate Guarantor”); and 

  

	(5)	FORTIS BANK, acting for the purposes of this Agreement through its office at 166 Syngrou Avenue, 176 71 Athens, Greece (the “Bank”).

 WHEREAS: 
  

	(A)	this Agreement is supplemental to a facility agreement dated 6 November 2006 (the “Principal Agreement”) made between (1) the Original Borrowers as joint
and several borrowers and (2) the Bank, relating to a loan facility of up to $60,200,000 and a guarantee facility of up to $36,451,100 (of which loan facility the principal amount outstanding at the date hereof is Twelve million forty thousand
Dollars ($12,040,000)), made or (as the context may require) to be made available by the Bank to the Original Borrowers, jointly and severally, for the purpose of financing part of the construction and acquisition cost of the Initial Ships (as
defined below) by the Original Borrowers; 

  

	(B)	the Original Borrowers have requested that the Bank agrees to (a) the termination of the Eniwetok Contract, (b) the amendment of the purpose of the loan facility made
available under the Principal Agreement such that its purpose includes the financing of part of the construction and acquisition cost of the Gala Ship (as defined below), (c) certain other consequential amendments to the terms of the Principal
Agreement and (d) certain other amendments to the terms of the Principal Agreement and the Corporate Guarantee; and 

  

	(C)	this Agreement now sets out the terms and conditions upon which the Bank shall, at the request of the Original Borrowers, consent to the termination of the Eniwetok Contract, the
amendment of the purpose of the loan facility made available under the Principal Agreement and the other amendments referred to above. 

 NOW IT IS HEREBY AGREED as follows: 
  

	1	Definitions 

  

	1.1	Defined expressions 

 Words and expressions defined
in the Principal Agreement shall, unless the context otherwise requires or unless otherwise defined herein, have the same meanings when used in this Agreement. 
  

	1.2	Definitions 

 In this Agreement, unless the context
otherwise requires: 
 “Builders” means: 
  

	 	(a)	in relation to each of the Bikini Ship and the Eniwetok Ship, together, CSTC and SWS; or 

  

 1 

	 	(b)	in relation to the Gala Ship, together, CSTC and SJS and “Builder” means any of them; 

 “CSTC” means China Shipbuilding Trading Company, Limited of 56 (Yi) Zhongguancun Nan Da Jie, Beijing 100044, the People’s Republic
of China and includes its successors in title; 
 “Effective Date” means the date, being no later than 8 May 2009, on
which the Bank notifies the Borrowers in writing that the Bank has received the documents and evidence specified in clause 6 and schedule 1 in a form and substance satisfactory to it; 
 “Gala Contract” means the shipbuilding contract, as amended by an addendum No.1 thereto, each dated 30 March 2006 and made between
CSTC, SWS and the New Borrower, as novated in favour of CSTC, SJS and the Gala Borrower by a novation agreement dated 24 July 2008, as further amended by the Gala Contract Addendum and as may be further amended from time to time, relating to
the construction and sale by the relevant Builders and the purchase by the New Borrower, of the Gala Ship; 
 “Gala Contract
Addendum” means the addendum No. 2 to the Gala Contract dated as of 3rd April 2009 made between the New Borrower, CSTC and SJS, in form and substance agreed by the Bank in its discretion; 
 “Gala Refund Guarantees” means, together, the letter of guarantee number LG100800151 dated 30 June 2008 and issued by the Refund
Guarantor, as amended by a confirmation letter dated 19 November 2008 and by a supplemental letter issued or to be issued pursuant to the Master Agreement (in the form set forth in Exhibit thereto), in respect of certain of the obligations of
the relevant Builders under the Gala Contract and any further guarantee(s) to be issued by the Refund Guarantor in respect of such obligations, including pursuant to any agreement supplemental to the Gala Contract (including the Gala Contract
Addendum), and any extension, renewals or extensions thereto or thereof and “Gala Refund Guarantee” means any of them; 
 “Gala Ship” means the 177,000 dwt steel-hulled, single-screw, diesel-driven, bulk carrier known on the date of this Agreement as Hull No.H1138 and under construction by the relevant Builders pursuant to the Gala Contract;

 “Initial Ships” means, together, the Bikini Ship and the Eniwetok Ship; 
 “Master Agreement” means a master agreement dated as of 3rd April 2009 and made between CSTC, SWS, SJS, the Eniwetok Borrower and
the Gala Borrower providing for, inter alia, entry into, and the terms of the effectiveness of, the Gala Contract Addendum and the Termination Agreement, in form and substance agreed by the Bank in its discretion; 
 “New Cash Collateral Account” means the interest bearing Dollar account opened jointly by the Bikini Borrower and the New Borrower with
the Bank with account number GR26 1030 0010 0000 0100 1940 204 and includes any sub-accounts thereof and any other account designated in writing by the Bank to be the “New Cash Collateral Account” for the purposes of this Agreement;

 “Loan Agreement” means the Principal Agreement as amended and restated by this Agreement; 
 “New Cash Collateral Account Pledge” means the cash collateral account pledge over the New Cash Collateral Account executed or (as the
context may require) to be executed by the Bikini Borrower and the New Borrower in favour of the Bank in such form as the Bank may require in its sole discretion; 
 “New Contract Assignment Consent and Acknowledgement” means the acknowledgement of notice of, and consent to, the assignment in respect of the Gala Contract to be given by the relevant Builders, in
the form scheduled to the New Pre-delivery Security Assignment; 
 “New Pre delivery Security Assignment” means the first
priority assignment of the Gala Contract and each Gala Refund Guarantee executed or (as the context may require) to be executed by the New Borrower in favour of the Bank in the form set out in schedule 3; 
 “New Refund Guarantee Assignment Consent and Acknowledgement” means, in relation to each Gala Refund Guarantee, an acknowledgement of
notice of, and consent to, the assignment in respect of that Gala Refund Guarantee to be given to the Refund Guarantor in the form scheduled to the New Pre-delivery Security Assignment; 
  

 2 

 “New Security Documents” means this Agreement, the New Pre-delivery Security Assignment,
the New Contract Assignment Consent and Acknowledgement, each New Refund Guarantee Assignment Consent and Acknowledgement and the New Cash Collateral Account Pledge; 
 “Refund Guarantor” means The Export-Import Bank of China, Head Office of Winland International Finance Centre, No. 7 Financial Street, Xicheng District, Beijing 100034, People’s Republic of
China and includes its successors in title; 
 “Relevant Documents” means this Agreement, the New Security Documents, the
Master Agreement, the Termination Agreement, the Gala Contract and the Gala Refund Guarantees; 
 “Relevant Parties” means
together the Original Borrowers, the New Borrower and the Corporate Guarantor or where the context requires or permits, means any or all of them; 
 “Ships” means, together, the Bikini Ship, the Gala Ship and the Eniwetok Ship; 
 “SJS” means
Shanghai Jianguan - Changxing Shipbuilding Co, Ltd. of No. 2468 Changxing Jiangnan Avenue Changxing Town, Chonguing County, Shanghai, the People’s Republic of China and includes its successors in title; 
 “SWS” means Shanghai Waigaoqiao Shipbuilding Co., Ltd. of 3001 Zhouhai Road, Pudong New District, Shanghai 200137, the People’s
Republic of China and includes its successors in title; and 
 “Termination Agreement” means an agreement dated as of
3rd April 2009 made between the relevant Builders and the Eniwetok Borrower in connection with the termination of the Eniwetok Contract, in form and substance agreed by the Bank in its discretion. 
  

	1.3	Principal Agreement 

 References in the Principal
Agreement to “this Agreement” shall, with effect from the Effective Date and unless the context otherwise requires, be references to the Principal Agreement as amended and restated by this Agreement and words such as
“herein”, “hereof”, “hereunder”, “hereafter”, “hereby” and “hereto”, where they appear in the Principal Agreement, shall be construed accordingly. 
  

	1.4	Headings 

 Clause headings and the table of contents
are inserted for convenience of reference only and shall be ignored in the interpretation of this Agreement. 
  

	1.5	Construction of certain terms 

 Clause 1.4 of the
Principal Agreement shall apply to this Agreement {mutatis mutandis) as if set out herein and as if references therein to “this Agreement” were references to this Agreement. 
  

	2	Consent of the Bank 

  

	2.1	The Bank, relying upon the representations and warranties on the part of the Relevant Parties contained in clause 5, agrees with the Borrowers that, subject to the terms and
conditions of this Agreement and in particular, but without prejudice to the generality of the foregoing, fulfilment on or before 8 May 2009 of the conditions contained in clause 6 and schedule 1, the Bank agrees to the termination of the
Eniwetok Contract and the amendment of the Principal Agreement (including the change of the purpose of the loan facility made available thereunder) on the terms set out in clause 4.1 and the amendment of the Corporate Guarantee on the terms set out
in clause 4.3. 

  

	2.2	The Bank on the Effective Date will execute and deliver to the Borrowers: 

  

	2.2.1	a deed of release and reassignment in a form agreed by it, releasing and discharging the Eniwetok Borrower from all its obligations and liabilities under the Loan Agreement and the
Security Documents to which it is a party; and 

  

 3 

	2.2.2	a letter in the form set out in Exhibit “A” of the Master Agreement. 

  

	3	Assumption of liability and obligations 

  

	3.1	Additional party 

 It is hereby agreed that, as and
with effect from the Effective Date, the New Borrower shall be, and is hereby made, an additional party to, and an additional borrower (on a joint and several basis with the Original Borrowers) under, the Principal Agreement and the Principal
Agreement shall henceforth be construed in all respects as if references to the “Borrowers” included reference to the New Borrower in addition to the Original Borrowers. 
  

	3.2	Assumption of Liability 

 The New Borrower hereby
agrees with the Bank and the Original Borrowers that, as and with effect from the Effective Date, the New Borrower shall, jointly and severally with the Original Borrowers, be indebted to the Bank for the full amount of the Loan and all other sums
which may be or become due to the Bank or any of them pursuant to the Principal Agreement (including, without limitation, under clause 2.5.1 thereof) and the New Borrower further agrees that it shall, jointly and severally with the Original
Borrowers, duly and punctually perform all the liabilities and obligations whatsoever from time to time to be performed or discharged by the Original Borrowers under the Principal Agreement and shall be bound by the terms of the Principal Agreement
as if the New Borrower had at all times been named therein as one of the Borrowers. 
  

	4	Amendment and restatement 

  

	4.1	Amendments to Principal Agreement 

 The Principal
Agreement shall, with effect on and from the Effective Date, be (and it is hereby) amended in accordance with the form of the amended and restated Loan Agreement set out in schedule 3 (without certain of its schedules) and (as so amended) will
continue to be binding upon the Bank and the Borrowers upon such terms as so amended and restated. 
  

	4.2	Continued force and effect 

 Save as amended and
restated by this Agreement, the provisions of the Principal Agreement shall continue in full force and effect and the Principal Agreement and this Agreement shall be read and construed as one instrument. 
  

	4.3	Amendment to Corporate Guarantee 

 The Bank, relying
upon the representations and warranties on the part of the Relevant Parties contained in clause 5, at the request of the Corporate Guarantor and the Borrowers, and in order to give effect to certain of the amendments to the Principal Agreement
referred to in clause 4.1, hereby further agrees with the Borrowers and the Corporate Guarantor, that, with effect from the Effective Date, clause 5.2.4 of the Corporate Guarantee shall be (and it is hereby) amended so that: 
  

	4.3.1	the words “twenty per cent (20%)” in the third line thereof, are substituted for by the words “ten per cent (10%)”; and 

  

	4.3.2	after the words “at the date of the Agreement” on the last line thereof, the following words are added: “and/or (c) any other person, or persons acting in
concert, having the ultimate beneficial ownership of a percentage of the issued voting share capital of the Guarantor which is higher than the percentage at that time of the persons referred to in paragraph (b) above”.

 Save as amended by the above changes, the Corporate Guarantee shall otherwise remain unchanged and shall continue in full
force and effect. 
  

 4 

	5	Representations and warranties 

  

	5.1	Primary representations and warranties 

 Each of the
Relevant Parties represents and warrants to the Bank that: 
  

	5.1.1	Existing representations and warranties 

 the
representations and warranties set out in clause 7 of the Principal Agreement were true and correct on the dates of the Principal Agreement and are true and correct, including to the extent that they have been or shall be amended by this Agreement,
as if made at the date of this Agreement with reference to the facts and circumstances existing at such date; 
  

	5.1.2	Corporate power 

 each of the Relevant Parties has power to
execute, deliver and perform its obligations under the Relevant Documents to which it is or is to be a party; all necessary corporate, shareholder and other action has been taken by each of the Relevant Parties to authorise the execution, delivery
and performance of the Relevant Documents to which it is or is to be a party; 
  

	5.1.3	Binding obligations 

 the Relevant Documents to which it is
or is to be a party constitute valid and legally binding obligations of each of the Relevant Parties enforceable in accordance with their terms; 
  

	5.1.4	No conflict with other obligations 

 the execution,
delivery and performance of their respective obligations under, and compliance with the provisions of, the Relevant Documents to which it is or is to be a party by each of the Relevant Parties will not (i) contravene any existing applicable
law, statute, rule or regulation or any judgment, decree or permit to which any of the Relevant Parties is subject, (ii) conflict with, or result in any breach of any of the terms of, or constitute a default under, any agreement or other
instrument to which any of the Relevant Parties is a party or is subject or by which it or any of its property is bound, (iii) contravene or conflict with any provision of the constitutional documents of any of the Relevant Parties or
(iv) result in the creation or imposition of or oblige any of the Relevant Parties to create any Encumbrance (other than a Permitted Encumbrance) on any of the undertaking, assets, rights or revenues of any of the Relevant Parties; 

 

	5.1.5	No filings required 

 it is not necessary to ensure the
legality, validity, enforceability or admissibility in evidence of any of the Relevant Documents that they or any other instrument be notarised, filed, recorded, registered or enrolled in any court, public office or elsewhere in any Relevant
Jurisdiction or that any stamp, registration or similar tax or charge be paid in any Relevant Jurisdiction on or in relation to the Relevant Documents and each of the Relevant Documents is in proper form for its enforcement in the courts of each
Relevant Jurisdiction; 
  

	5.1.6	Choice of law 

 the choice of English law to govern the
Relevant Documents (other than the New Cash Collateral Account Pledge), the choice of Greek law to govern the New Cash Collateral Account Pledge and the submissions therein by the Relevant Parties to the non-exclusive jurisdiction of the English
courts or (as the case may be) the courts of Greece are valid and binding; and 
  

	5.1.7	Consents obtained 

 every consent, authorisation, licence
or approval of, or registration or declaration to, governmental or public bodies or authorities or courts required by any of the Relevant Parties in connection with the execution, delivery, validity, enforceability or admissibility in evidence of
the Relevant Documents to which it is or will become a party or the performance by any of the Relevant Parties of their respective obligations under such documents has been obtained or made and is in full force and effect and there has been no
default in the observance of any conditions or restrictions (if any) imposed in, or in connection with, any of the same. 
  

 5 

	5.2	Repetition of representations and warranties 

 Each
of the representations and warranties contained in (a) clause 5.1 of this Agreement and (b) clause 7 of the Principal Agreement, shall be deemed repeated by each of the Relevant Parties, in each case on the Effective Date as if made with
reference to the facts and circumstances existing on such day and subject to clause 4.1. 
  

	6	Conditions 

  

	6.1	Documents and evidence 

 The consent of the Bank
referred to in clause 2 shall be subject to the receipt by the Bank or its duly authorised representative, on or before the Effective Date, of the documents and evidence specified in schedule 1 in form and substance satisfactory to the Bank.

  

	6.2	General conditions precedent 

 The consent of the
Bank referred to in clause 2 shall be further subject to: 
  

	6.2.1	the representations and warranties in clause 5 being true and correct on the Effective Date as if each was made with respect to the facts and circumstances existing at such time;
and 

  

	6.2.2	no Default having occurred and continuing at the time of the Effective Date. 

  

	6.3	Waiver of conditions precedent 

 The conditions
specified in this clause 6 are inserted solely for the benefit of the Bank and may be waived by the Bank in whole or in part with or without conditions. 
  

	7	Relevant Parties’ confirmation 

 Each of the
Relevant Parties hereby confirms its consent to the amendments to the Principal Agreement as set out in clause 4 and to the other arrangements contained in this Agreement (including the amendments to the Corporate Guarantee referred to in clause
4.3) and further acknowledges and agrees, for the avoidance of doubt, that: 
  

	7.1	each of the Security Documents to which it is a party, and its obligations thereunder, shall remain and continue in full force and effect notwithstanding the amendments made to the
Principal Agreement and the other arrangements contained in this Agreement (including the amendments to the Corporate Guarantee referred to in clause 4.3); 

  

	7.2	with effect from the Effective Date each of the Relevant Parties shall be bound by each of the Security Documents to which it is a party in ail respects taking into account that the
New Borrower is one of the Borrowers under the Principal Agreement; 

  

	7.3	with effect from the Effective Date references to “the Agreement” or “the Facility Agreement” or “the Loan Agreement” in any of
the other Security Documents to which it is a party shall henceforth be references to the Principal Agreement as amended by this Agreement and as from time to time hereafter amended and shall also be deemed to include this Agreement and the
obligations of the Borrowers hereunder; and 

  

	7.4	with effect from the Effective Date reference to “the Corporate Guarantee” in any of the Security Documents to which it is a party shall henceforth be references to
the Corporate Guarantee as amended by this Agreement and as from time to time hereafter amended. 

  

 6 

	8	Expenses 

  

	8.1	Expenses 

 The Borrowers agree to pay to the Bank on
a full indemnity basis on demand all expenses (including legal and out-of-pocket expenses) incurred by the Bank: 
  

	8.1.1	in connection with the negotiation, preparation, execution and, where relevant, registration of this Agreement, the New Security Documents and any discharge or release documents
required to be executed by the Bank under clause 2.2 and of any amendment or extension of or the granting of any waiver or consent under this Agreement; and 

  

	8.1.2	in contemplation of, or otherwise in connection with, the enforcement of, or preservation of any rights under this Agreement or otherwise in respect of the monies owing and
obligations incurred under this Agreement, the New Security Documents or any such discharge or release documents under clause 2.2, 

 together with interest at the rate referred to in clause 3.4 of the Principal Agreement from the date on which such expenses were incurred to the date of payment (as well after as before judgment). 
  

	8.2	Value Added Tax 

 All expenses payable pursuant to
this clause 8 shall be paid together with value added tax or any similar tax (if any) properly chargeable thereon. 
  

	8.3	Stamp and other duties 

 The Borrowers agree to pay
to the Bank on demand all stamp, documentary, registration or other like duties or taxes (including any duties or taxes payable by the Bank) imposed on or in connection with this Agreement and the New Security Documents and shall indemnify the Bank
against any liability arising by reason of any delay or omission by the Borrowers or any of them to pay such duties or taxes. 
  

	9	Miscellaneous and notices 

  

	9.1	Notices 

 The provisions of clause 16.1 of the
Principal Agreement shall extend and apply to the giving or making of notices or demands hereunder as if the same were expressly stated herein and for that purpose any notices to be sent to the Relevant Parties or any of them hereunder shall be sent
to the address indicated for the Borrowers in the said clause 16.1. 
  

	9.2	Counterparts 

 This Agreement may be executed in any
number of counterparts and by the different parties on separate counterparts, each of which when so executed and delivered shall be an original but all counterparts shall together constitute one and the same instrument. 
  

	9.3	Borrowers’ obligations 

 Notwithstanding
anything to the contrary contained in this Agreement, the agreements, obligations and liabilities of the Borrowers herein contained are joint and several and shall be construed accordingly. Each of the Borrowers agrees and consents to be bound by
this Agreement notwithstanding that the other Borrowers which were intended to sign or be bound may not do so or be effectually bound and notwithstanding that this Agreement may be invalid or unenforceable against the other Borrowers whether or not
the deficiency is known to the Bank. The Bank shall be at liberty to release any of the Borrowers from this Agreement and to compound with or otherwise vary the liability or to grant time and indulgence to make other arrangements with any of the
Borrowers without prejudicing or affecting the rights and remedies of the Bank against the other Borrowers. 
  

 7 

	10	Applicable law 

  

	10.1	Law 

 This Agreement and any non-contractual
obligations in connection with this Agreement are governed by, and shall be construed in accordance with, English law. 
  

	10.2	Submission to jurisdiction 

 Each of the Relevant
Parties agrees, for the benefit of the Bank, that any legal action or proceedings arising out of or in connection with this Agreement (including any non-contractual obligations connected with this Agreement) against any of the Relevant Parties or
any of their respective assets may be brought in the English courts. Each of the Relevant Parties irrevocably and unconditionally submits to the jurisdiction of such courts and irrevocably designates, appoints and empowers Nicolaou & Co.
Chartered Accountants (attention Mr. Antonis Nikolaou) at present of 25 Heath Drive, Potters Bar, Herts, EN6 1EN, England to receive for it and on its behalf, service of process issued out of the English courts in any such legal action or
proceedings. The submission to such jurisdiction shall not (and shall not be construed so as to) limit the right of the Bank to take proceedings against any of the Relevant Parties in the courts of any other competent jurisdiction nor shall the
taking of proceedings in any one or more jurisdictions preclude the taking of proceedings in any other jurisdiction, whether concurrently or not. The parties further agree that only the Courts of England and not those of any other State shall have
jurisdiction to determine any claim which any of the Relevant Parties may have against the Bank arising out of or in connection with this Agreement (including any non-contractual obligations connected with this Agreement). 
  

	10.3	Contracts (Rights of Third Parties) Act 1999 

 No
term of this Agreement is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who is not a party to this Agreement. 
 IN WITNESS whereof the parties to this Agreement have caused this Agreement to be duly executed on the date first above written. 
  

 8 

 Schedule 1 
 Documents and evidence required as conditions precedent 
 (referred to in clause 5.1) 
  

	1	Corporate authorisations 

 In relation to each of
the Relevant Parties: 
  

	 	(a)	Constitutional documents 

 copies certified by an
officer of each of the Relevant Parties, as true, complete and up to date copies, of all documents which contain or establish or relate to the constitution of that Relevant Parties or a certificate by the secretary of such Relevant Parties
confirming that there have been no changes or amendments to the constitutional documents certified copies of which were previously delivered to the Bank pursuant to the Principal Agreement; 
  

	 	(b)	Resolutions 

 copies of resolutions of each of its
board of directors and its shareholders/stockholders approving such of the Relevant Documents to which it is or is to be a party and the terms and conditions hereof and thereof and authorising the signature, delivery and performance of each such
Relevant Party’s obligations thereunder, certified (in a certificate dated no earlier than five (5) Banking Days prior to the date of this Agreement) by an officer of such Relevant Party as: 
  

	 	(1)	being true and correct; 

  

	 	(2)	being duly passed at meetings of the directors of such Relevant Party and of the shareholders/stockholders of such Relevant Party each duly convened and held;

  

	 	(3)	not having been amended, modified or revoked; and 

  

	 	(4)	being in full force and effect, 

 together with originals
or certified copies of any powers of attorney issued by any such Relevant Party pursuant to such resolutions; and 
  

	 	(c)	Certificate of incumbency 

 a list of directors and
officers of each Relevant Party specifying the names and positions of such persons, certified (in a certificate dated no earlier than five (5) Banking Days prior to the date of this Agreement) by an officer of such Relevant Party to be true,
complete and up to date; 
  

	2	Consents 

 a certificate (dated no earlier than five
(5) Banking Days prior to the date of this Agreement) from an officer of each of the Relevant Parties stating that no consents, authorisations, licences or approvals are necessary for such Relevant Party to authorise, or are required by each of
the Relevant Parties or any other party (other than the Bank) in connection with, the execution, delivery, and performance of the Relevant Documents to which they are or will be a party; 
  

	3	New Cash Collateral Account 

 the New Cash
Collateral Account has been opened by the Borrowers together with duly executed mandate forms in respect thereof; 
  

 9 

	4	New Security Documents 

  

	4.1	the New Pre-delivery Security Assignment and the New Cash Collateral Account Pledge each duly executed by the parties thereto (together with ail other documents to be executed
and/or delivered to the Bank pursuant thereto); and 

  

	4.2	the New Contract Assignment Consent and Acknowledgment and the New Refund Guarantee Assignment Consent and Acknowledgment each duly executed; 

  

	5	Master Agreement, Gala Contract and Gala Refund Guarantee 

  

	5.1	a copy certified as a true and up to date copy by an officer of the New Borrower of the Master Agreement and all documents executed or to be executed pursuant thereto or in
connection therewith, including without limitation the Termination Agreement, the Gala Contract Addendum and a letter of cancellation (in the form set out in Exhibit C of the Master Agreement) issued by CSTC and SWS confirming the cancellation of
the Eniwetok Bank Guarantee; 

  

	5.2	a copy certified as a true and up to date copy by an officer of the New Borrower of the Gala Contract; 

  

	5.3	a copy certified as a true and up to date copy of the Gala Refund Guarantee (including the supplemental letter to it issued pursuant to the Master Agreement); and

  

	5.4	evidence that the Effective Date (as defined in the Master Agreement) has occurred in accordance with its terms. 

  

	6	Legal opinions 

 such legal opinions in relation to
the laws of the Republic of the Marshall Islands, the People’s Republic of China and any other legal opinions as the Bank shall in its sole discretion require; 
  

	7	Relevant Parties’ process agent 

 an original
of a letter from each of the Relevant Parties’ agent for receipt of service of proceedings accepting its appointment under this Agreement, and under any of the other New Security Documents to which any of the Relevant Parties is a party, as the
Relevant Parties’ process agent; and 
  

	8	Further matters or opinions  

 any such other matter
or opinion as may be required by the Bank. 
  

 10 

 Schedule 2 
 Amended and restated Loan Agreement 
  

 11 

 Private & Confidential 
 FACILITY AGREEMENT 
 for 
 a Loan Facility of up to US$60,200,000 
 and 
 a Guarantee Facility of up to $36,451,100 
 to 
 BIKINI SHIPPING COMPANY INC. 
 ENIWETOK SHIPPING
COMPANY INC. 
 and 
 GALA
PROPERTIES INC. 
 provided by 
 FORTIS BANK 
 

 

 Contents 
  

					
	 Clause
	  	 	  	Page
	 1
	  	 Purpose and definitions
	  	1
			
	 2
	  	 The Commitment, the Loan and the Bank Guarantees
	  	13
			
	 3
	  	 Interest and Interest Periods
	  	17
			
	 4
	  	 Repayment and prepayment
	  	19
			
	 5
	  	 Fees and expenses
	  	21
			
	 6
	  	 Payments and taxes; accounts and calculations
	  	22
			
	 7
	  	 Representations and warranties
	  	23
			
	 8
	  	 Undertakings
	  	27
			
	 9
	  	 Conditions
	  	31
			
	 10
	  	 Events of Default
	  	33
			
	 11
	  	 Indemnities
	  	37
			
	 12
	  	 Unlawfulness and increased costs
	  	38
			
	 13
	  	 Security and set-off
	  	39
			
	 14
	  	 Cash Collateral Account
	  	40
			
	 15
	  	 Assignment, transfer and lending office
	  	41
			
	 16
	  	 Notices and other matters
	  	42
			
	 17
	  	 Governing law and jurisdiction
	  	45
		
	 Schedule 1 Form of Drawdown Notice and Bank Guarantee Issue Request
	  	46
		
	 Schedule 2 Documents and evidence required as conditions precedent
	  	50

 THIS AGREEMENT is dated 6 November 2006 as amended and restated by a supplemental agreement dated
30 April 2009 and made BETWEEN: 
  

	(1)	BIKINI SHIPPING COMPANY INC., ENIWETOK SHIPPING COMPANY INC. and GALA PROPERTIES INC. as joint and several Borrowers; and 

  

	(2)	FORTIS BANK as Bank. 

 IT IS AGREED as follows: 

 

	1	Purpose and definitions 

  

	1.1	Purpose 

 This Agreement sets out the terms and
conditions upon and subject to which the Bank agrees to make available to the Borrowers, jointly and severally, a loan facility of up to $60,200,000 and a guarantee facility of up to $36,451,100, each to be used for the purpose of financing and
guaranteeing the payment of part of the construction and acquisition cost of the Ships by the Borrowers pursuant to the Contracts. 
  

	1.2	Definitions 

 In this Agreement, unless the context
otherwise requires: 
 “Account Pledge” means the first priority account pledge over the Cash Collateral Account executed or
(as the context may require) to be executed by the Bikini Borrower and the Gala Borrower in favour of the Bank in such form as the Bank may reasonably require; 
 “Advance” means each borrowing of a proportion of the Commitment by the Borrowers or (as the context may require) the principal amount of such borrowing and includes the Bikini Advances, the Eniwetok
Advances and the Gala Advances: 
  

	 	(a)	in relation to the Bikini Ship, means each Bikini Advance; 

  

	 	(b)	in relation to the Eniwetok Ship, means each Eniwetok Advance; or 

  

	 	(c)	in relation to the Gala Ship, means each Gala Advance, 

 and “Advances” means any or all of them; 
 “Applicable Accounting Principles” means US GAAP
(being accounting principles and practices accepted from time to time in the United States of America); 
 “Assignee” has the
meaning ascribed thereto in clause 15.3; 
 “Availability Period” means the period from the date of this Agreement and ending
on the Termination Date for the Facility Commitment or on such earlier date (if any) on which (a) both Bank Guarantees have been issued or (b) the Facility Commitment is reduced to zero pursuant to clauses 4.3, 10.2 or 12 or any other
provision of this Agreement; 
 “Bank” means Fortis Bank a banking company incorporated and established under the laws of
Belgium, acting through its branch established in Greece at 166 Syngrou Avenue, 176 71 Athens, Greece (or of such other address as may last have been notified to the Borrowers pursuant to clause 15.6) and includes its successors in title, Assignees
and/or Transferees; 
  

 1 

 “Bank Guarantee”: 
  

	 	(a)	in relation to the Bikini Ship, the Bikini Contract and the Bikini Borrower, means the Bikini Bank Guarantee; or 

  

	 	(b)	in relation to the Eniwetok Ship, the Eniwetok Contract and the Eniwetok Borrower, means the Eniwetok Bank Guarantee, 

 and “Bank Guarantees” means either or both of them; 
 “Bank Guarantee Expiry Date” means, in respect of a Bank Guarantee, the date on which the relevant Bank Guarantee is expressed to expire or, if earlier, the date on which the Outstanding Amount in
relation to such Bank Guarantee has been reduced to zero (0) pursuant to any of the provisions of that Bank Guarantee or this Agreement; 
 “Bank Guarantee Issue Date” means, in respect of a Bank Guarantee, the date, being a Banking Day falling within the Availability Period, on which the Borrowers request that such Bank Guarantee be issued, as specified in the
Bank Guarantee Issue Request relating to such Bank Guarantee, or (as the context may require) the date on which such Bank Guarantee is actually issued; 
 “Bank Guarantee Issue Request” means, in respect of each Bank Guarantee, a request in the form set out in Part of schedule 1; 
 “Banking Day” means a day on which dealings in deposits in Dollars are carried on in the London Interbank Eurocurrency Market and (other
than Saturday or Sunday) on which banks are open for business in London, Athens and New York City (or any other relevant place of payment under clause 6); 
 “Bikini Advances” means, together, the First Bikini Advance, the Second Bikini Advance, the Third Bikini Advance and the Fourth Bikini Advance and “Bikini Advance” means any of them;

 “Bikini Bank Guarantee” means the letter of guarantee dated 30 November 2006 in respect of the Bikini Ship issued by
the Bank in favour of the relevant Builders at the instructions of the Borrowers in the maximum amount of $18,225,550 (comprising a principal amount of $18,060,000 and a maximum amount of interest of up to $165,550); 
 “Bikini Borrower” means Bikini Shipping Company Inc. of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the
Marshall Islands MH96960 and includes its successors in title; 
 “Bikini Contract” means the shipbuilding contract and an
addendum no. 1 thereto, each dated 30 March 2006 made between Equity Enterprises Corp. and the relevant Builders, as novated in favour of the Bikini Borrower and the relevant Builders by a novation agreement dated 13 September 2006 and as
may be amended from time to time, relating to the construction and sale by the relevant Builders, and the purchase by the Bikini Borrower, of the Bikini Ship; 
 “Bikini Contract Assignment Consent and Acknowledgement” means the acknowledgement of notice of, and consent to, the assignment in respect of the Bikini Contract to be given by the relevant Builders,
in the form scheduled to the Bikini Pre-delivery Security Assignment; 
 “Bikini Contract Price” means the purchase price
payable by the Bikini Borrower to the relevant Builders under the Bikini Contract, being $60,200,000 or such other lesser sum in Dollars as is determined in accordance with the terms and conditions of the Bikini Contract; 
 “Bikini Pre-delivery Security Assignment” means the first priority assignment of the Bikini Contract and each Bikini Refund Guarantee
dated 29 November 2006 executed by the Bikini Borrower in favour of the Bank; 
  

 2 

 “Bikini Refund Guarantee Assignment Consent and Acknowledgement” means, in relation to
each Bikini Refund Guarantee, an acknowledgement of notice of, and consent to, the assignment in respect of that Bikini Refund Guarantee to be given by the Refund Guarantor in the form scheduled to the Bikini Pre-delivery Security Assignment;

 “Bikini Refund Guarantees” means, together, the letter of guarantee dated 27 October 2006 number LG100600126 issued
by the Refund Guarantor in respect of certain of the relevant Builders’ obligations under the Bikini Contract and any further guarantee(s) to be issued by the Refund Guarantor in respect of such obligations, including pursuant to any agreement
supplemental to the Bikini Contract, and any extensions, renewals or replacements thereto or thereof and “Bikini Refund Guarantee” means any of them; 
 “Bikini Ship” means the 177,000 dwt steel-hulled, single-screw, diesel-driven bulk carrier, known on the date of this Agreement as Hull No. H1107 and under construction by the relevant Builders
pursuant to the Bikini Contract; 
 “Borrowed Money” means Indebtedness incurred in respect of (i) money borrowed or
raised and debit balances at banks, (ii) any bond, note, loan stock, debenture or similar debt instrument, (iii) acceptance or documentary credit facilities, (iv) receivables sold or discounted (otherwise than on a non-recourse
basis), (v) deferred payments for assets or services acquired, (vi) leases and hire purchase contracts, (vii) swaps, foreign exchange contracts, futures and other derivatives, (viii) any other transaction (including without
limitation forward sale or purchase agreements) having the commercial effect of a borrowing or raising of money or of (ii) to (vii) above and (ix) guarantees in respect of Indebtedness of any person falling within any of (i) to
{viii) above; 
 “Borrower”: 
  

	 	(a)	in relation to the Bikini Ship, the Bikini Bank Guarantee and each Bikini Advance, means the Bikini Borrower; 

  

	 	(b)	in relation to the Eniwetok Ship, the Eniwetok Bank Guarantee and each Eniwetok Advance, means the Eniwetok Borrower; or 

  

	 	(c)	in relation to the Gala Ship and each Gala Advance, means the Gala Borrower, 

 and “Borrowers” means any or all of them; 
 “Borrowers’ Security
Documents” means, at any relevant time, such of the Security Documents as shall have been executed by any of the Borrowers at such time; 
 “Builders” means: 
  

	 	(a)	in relation to each of the Bikini Ship and the Eniwetok Ship, together, CSTC and SWS; and 

  

	 	(b)	in relation to the Gala Ship, together, CSTC and SJS, 

 and
“Builder” means any of them; 
 “Cash Collateral Account” means an interest bearing Dollar account of the
Bikini Borrower and the Gala Borrower opened jointly by the Bikini Borrower and the Gala Borrower with the Bank with account no. GR26 1030 0010 0000 0100 1940 204 and includes any sub-accounts thereof and any other account designated in writing by
the Bank to be a Cash Collateral Account for the purposes of this Agreement; 
 “Classification” means, in relation to a
Ship, the highest classification for a vessel of the same type as the relevant Ship with the relevant Classification Society or such other classification as the Bank shall, at the request of a Borrower, have agreed in writing shall be treated as the
Classification in relation to such Borrower’s Ship for the purposes of this Agreement and the Security Documents; 
  

 3 

 “Classification Society” means, in relation to each Ship, American Bureau of Shipping or
Bureau Veritas, or such other classification society (being a member of the International Association of Classification Societies (IACS)) which the Bank shall, at the request of a Borrower, have agreed in writing shall be treated as the
Classification Society in relation to such Borrower’s Ship for the purposes of this Agreement and the Security Documents; 
 “Commitment” means the aggregate amount which the Bank has agreed to lend to the Borrowers, jointly and severally, under clause 2.1(a) as reduced by any relevant term of this Agreement; 
 “Compulsory Acquisition” means, in relation to each Ship, requisition for title or other compulsory acquisition, requisition,
appropriation, expropriation, deprivation, forfeiture or confiscation for any reason of such Ship by any Government Entity or other competent authority, whether de jure or de facto, but shall exclude requisition for use or hire not involving
requisition of title; 
 “Contract” means: 
  

	 	(a)	in relation to the Bikini Ship, the Bikini Contract; or 

  

	 	(b)	in relation to the Eniwetok Ship, the Eniwetok Contract; or 

  

	 	(c)	in relation to the Gaia Ship, the Gaia Contract, 

 and
“Contracts” means any or all of them; 
 “Contract Assignment Consent and Acknowledgement” means:

  

	 	(a)	in relation to the Bikini Ship, the Bikini Contract Assignment Consent and Acknowledgement; 

  

	 	(b)	in relation to the Eniwetok Ship, the Eniwetok Contract Assignment Consent and Acknowledgement; or 

  

	 	(c)	in relation to the Gala Ship, the Gala Contract Assignment Consent and Acknowledgement, 

 and “Contract Assignment Consents and Acknowledgements” means any or all of them; 
 “Contract Price” means: 
  

	 	(a)	in relation to the Bikini Ship, the Bikini Contract Price; 

  

	 	(b)	in relation to the Eniwetok Ship, the Eniwetok Contract Price; or 

  

	 	(c)	in relation to the Gala Ship, the Gala Contract Price, 

 and “Contract Prices” means any or all of them; 
 “Corporate Guarantee” means the corporate
guarantee dated 6 November 2006 executed by the Corporate Guarantor in favour of the Bank; 
 “Corporate Guarantor”
means Diana Shipping Inc. of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 and includes its successors in title; 
  

 4 

 “CSTC” means China Shipbuilding Trading Company, Limited of 56 (Yi) Zhongguancun Nan Da
Jie, Beijing 100044, the People’s Republic of China and includes its successors in title; 
 “Default” means any Event
of Default or any event or circumstance which with the giving of notice or lapse of time or the satisfaction of any other condition (or any combination thereof) would constitute an Event of Default; 
 “Delivery” means, in relation to each Ship, the delivery of such Ship by the relevant Builders to, and the acceptance of such Ship by,
the relevant Borrower pursuant to the relevant Contract; 
 “Dollars” and “$” mean the lawful currency of
the United States of America and in respect of all payments to be made under any of the Security Documents mean funds which are for same day settlement in the New York Clearing House Interbank Payments System (or such other U.S. dollar funds as may
at the relevant time be customary for the settlement of international banking transactions denominated in U.S. dollars); 
 “Drawdown
Date” means, in relation to each Advance, the date, being a Banking Day falling within the Drawdown Period, on which that Advance is, or is to be, drawn down; 
 “Drawdown Notice” means a notice substantially in the form set out in Part A of schedule 1; 
 “Drawdown Period” means the period commencing on the date of this Agreement and ending on the Termination Date for the Commitment or on such earlier date (if any) on which (a) the aggregate amount of all Advances that
have been advanced is equal to the Commitment or (b) the Commitment is reduced to zero pursuant to clauses 4.3, 10.2 or 12 or (c) in respect of the Advances relating to a Ship, Delivery of the relevant Ship occurs; 
 “Effective Date” has the meaning given to it in the Supplemental Agreement; 
 “Encumbrance” means any mortgage, charge (whether fixed or floating), pledge, lien, hypothecation, assignment, trust arrangement or
security interest or other encumbrance of any kind securing any obligation of any person or any type of preferential arrangement (including without limitation title transfer and/or retention arrangements having a similar effect); 
 “Eniwetok Advances” means, together, the First Eniwetok Advance, the Second Eniwetok Advance, the Third Eniwetok Advance and the Fourth
Eniwetok Advance and “Eniwetok Advance” means any of them; 
 “Eniwetok Bank Guarantee” means the letter of
guarantee dated 30 November 2006 in respect of the Eniwetok Ship issued by the Bank in favour of the relevant Builders at the instructions of the Borrowers in the maximum amount of $18,225,550 (comprising a principal amount of $18,060,000 and a
maximum amount of interest of up to $165,550); 
 “Eniwetok Borrower” means Eniwetok Shipping Company Inc. of Trust Company
Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 and includes its successors in title; 
 “Eniwetok Contract” means the shipbuilding contract and an addendum no. 1 thereto, each dated 30 March 2006 and made between the relevant Builders and Loki Commercial S.A., as novated in favour of the Eniwetok Borrower
and the relevant Builders by a novation agreement dated 13 September 2006 and as may be amended from time to time, relating to the construction and sale by the relevant Builders, and the purchase by the Eniwetok Borrower, of the Eniwetok Ship;

 “Eniwetok Contract Assignment Consent and Acknowledgement” means the acknowledgement of notice of, and consent to,
the assignment in respect of the Eniwetok Contract to be given by the relevant Builders, in the form scheduled to the Eniwetok Pre-delivery Security Assignment; 
  

 5 

 “Eniwetok Contract Price” means the purchase price payable by the Eniwetok Borrower to
the relevant Builders under the Eniwetok Contract, being $60,200,000 or such other lesser sum in Dollars as is determined in accordance with the terms and conditions of the Eniwetok Contract; 
 “Eniwetok Pre-delivery Security Assignment” means the first priority assignment of the Eniwetok Contract and each Eniwetok Refund
Guarantee dated 29 November 2006 executed by the Eniwetok Borrower in favour of the Bank; 
 “Eniwetok Refund Guarantee
Assignment Consent and Acknowledgement” means, in relation to each Eniwetok Refund Guarantee, an acknowledgement of notice of, and consent to, the assignment in respect of that Eniwetok Refund Guarantee to be given by the Refund Guarantor
in the form scheduled to the Eniwetok Pre-delivery Security Assignment; 
 “Eniwetok Refund Guarantees” means, together, the
letter of guarantee dated 27 October 2006 number LG100600126 issued by the Refund Guarantor in respect of certain of the relevant Builders’ obligations under the Eniwetok Contract and any further guarantee(s) to be issued by the Refund
Guarantor in respect of such obligations, including pursuant to any agreement supplemental to the Eniwetok Contract, and any extensions, renewals or replacements thereto or thereof and “Eniwetok Refund Guarantee” means any of them;

 “Eniwetok Ship” means the 177,000 dwt steel-hulled, single-screw, diesel-driven bulk carrier, known on the date of this
Agreement as Hull No. H1108 and under construction by the relevant Builders pursuant to the Eniwetok Contract; 
 “Event of
Default” means any of the events or circumstances described in clause 10.1; 
 “Facility” means the guarantee
facility made available by the Bank pursuant to clause 2.1(b); 
 “Facility Commitment” means $36,451,100; 
 “First Advance” means: 
  

	 	(a)	in relation to the Bikini Ship, the First Bikini Advance; 

  

	 	(b)	in relation to the Eniwetok Ship, the First Eniwetok Advance; or 

  

	 	(c)	in relation to the Gala Ship, the First Gala Advance, 

 and
“First Advances” means any or all of them; 
 “First Bikini Advance” means an Advance of up to $12,040,000
made or (as the context may require) to be made available to the Borrowers for the purpose of financing in full the “1st Instalment” of the Bikini Contract Price payable by the Bikini Borrower pursuant to Article II 3(a) of the Bikini
Contract; 
 “First Eniwetok Advance” means an Advance of up to $12,040,000 made or (as the context may require) to be made
available to the Borrowers for the purpose of financing in full the “1st Instalment” of the Eniwetok Contract Price payable by the Eniwetok Borrower pursuant to Article II 3(a) of the Eniwetok Contract; 
 “First Gala Advance” means an Advance of up to $12,040,000 made or (as the context
may require) to be made available to the Borrowers for the purpose of financing part of the “1st Instalment” of the Gala Contract Price
payable by the Gala Borrower pursuant to Article II 3(a) of the Gala Contract; 
 “Fourth Advance” means: 
  

	 	(a)	in relation to the Bikini Ship, the Fourth Bikini Advance; 

  

	 	(b)	in relation to the Eniwetok Ship, the Fourth Eniwetok Advance; or 

  

 6 

	 	(c)	in relation to the Gala Ship, the Fourth Gala Advance, 

 and “Fourth Advances” means any or all of them; 
 “Fourth Bikini Advance” means an Advance of up
to $6,020,000 made or (as the context may require) to be made available to the Borrowers for the purpose of financing in full the “4th Instalment” of the Bikini Contract Price payable by the Bikini Borrower pursuant to Article II, 3(d) of
the Bikini Contract; 
 “Fourth Eniwetok Advance” means an Advance of up to $6,020,000 made or (as the context may require)
to be made available to the Borrowers for the purpose of financing in full the “4th Instalment” of the Eniwetok Contract Price payable by the Eniwetok Borrower pursuant to Article II 3(d) of the Eniwetok Contract; 
 “Fourth Gala Advance” means an Advance of up to $6,020,000 made or (as the context
may require) to be made available to the Borrowers for the purpose of financing part of the “1st Instalment” of the Gala Contract Price
payable by the Gala Borrower pursuant to Article II 3(a) of the Gala Contract; 
 “Gala Advances” means, together, the First
Gala Advance, the Second Gala Advance, the Third Gala Advance and the Fourth Gala Advance and “Gala Advance” means any of them; 
 “Gala Borrower” means Gala Properties Inc. of First Company Complex, Ajeltake Road, Ajeltake island, Majuro, Republic of the Marshall Islands MH96960 and includes its successors in title; 
 “Gala Contract” means the shipbuilding contract, as amended by an addendum No.1 thereto, each dated 30 March 2006 made between CSTC,
SWS and the Gala Borrower, as novated in favour of CSTC, SJS and the Gala Borrower by a novation agreement 24 July 2008, as further amended by an addendum No.2 dated as of 3 April 2009 and as may be further amended from time to time,
relating to the construction and sale by the relevant Builders and the purchase by the Gala Borrower, of the Gala Ship; 
 “Gala
Contract Assignment Consent and Acknowledgement” means the acknowledgement of notice of, and consent to, the assignment in respect of the Gala Contract to be given by the Builders, in the form scheduled to the Gala Predelivery Security
Assignment; 
 “Gala Contract Price” means the purchase price payable by the Gala Borrower to the relevant Builders under the
Gala Contract, being 60,200,000 or such other lesser sum in Dollars as is determined in accordance with the terms and condition of the Gala Contract; 
 “Gala Pre delivery Security Assignment” means the first priority assignment of the Gala Contract and each Gala Refund Guarantee executed or (as the context may require) to be executed by the Gala
Borrower in favour of the Bank in the form set out in schedule 3 to the Supplemental Agreement; 
 “Gala Refund Guarantee Assignment
Consent and Acknowledgement” means, in relation to each Gala Refund Guarantee, an acknowledgement of notice of, and consent to, the assignment in respect of that Gala Refund Guarantee to be given to the Refund Guarantor in the form
scheduled to the Gala Pre-delivery Security Assignment; 
 “Gala Refund Guarantees” means, together the letter of guarantee
dated 30 June 2008, number LG100800151 issued by the Refund Guarantor as amended by a Confirmation Letter dated 19 November 2008 and by a supplemental letter issued or to be issued pursuant to the Master Agreement (as defined in the
Supplemental Agreement), in respect of certain of the obligations of the relevant Builders under the Gala Contract and any further guarantee(s) to be issued by the Refund Guarantor in respect of such obligations, including pursuant to any agreement
supplemental to the Gala Contract, and any extension, renewals or extensions thereto or thereof and “Gala Refund Guarantee” means any of them; 
  

 7 

 “Gala Ship” means the 177,000 dwt steel hulled, single screw, diesel driven, bulk
carrier, known on the date of the Supplemental Agreement as Hull No. H1138 and under construction by the relevant Builders pursuant to the Gala Contract; 
 “Government Entity” means and includes (whether having a distinct legal personality or not) any national or local government authority, board, commission, department, division, organ, instrumentality,
court or agency and any association, organisation or institution of which any of the foregoing is a member or to whose jurisdiction any of the foregoing is subject or in whose activities any of the foregoing is a participant; 
 “Group” means the Corporate Guarantor and its Subsidiaries from time to time (including, for the avoidance of doubt, the Borrowers) and
“member of the Group” shall be construed accordingly; 
 “Indebtedness” means any obligation for the payment
or repayment of money, whether as principal or as surety and whether present or future, actual or contingent; 
 “Interest Payment
Date” means, in relation to each Advance or the Loan, the last day of an Interest Period for such Advance or (as the case may be) the Loan; 
 “Interest Period” means each period for the calculation of interest in respect of each Advance or the Loan ascertained in accordance with clauses 3.2 and 3.3; 
 “Leverage Ratio” in relation to a Measurement Period, shall have the meaning given to it in the Corporate Guarantee in respect of the
Accounting Period (as defined in the Corporate Guarantee) corresponding to that Measurement Period; 
 “LIBOR” means in
relation to a particular period: 
  

	 	(a)	the rate for deposits of Dollars for a period equivalent to such period at or around 11:00 a.m. on the Quotation Date for such period as displayed on Reuters page L1BOR01 (British
Bankers’ Association Interest Settlement Rates) (or such other page as may replace such page LIBOR01 on such system or on any other system of the information vendor for the time being designated by the British Bankers’ Association to
calculate the BBA Interest Settlement Rate (as defined in the British Bankers’ Association’s Recommended Terms and Conditions (“BBAIRS” terms) dated August, 1996 (as amended))); or 

  

	 	(b)	if on such date no such rate is displayed, LIBOR for such period shall be the rate determined by the Bank to be that at which deposits in Dollars and in an amount comparable with
the amount in relation to which LIBOR is to be determined and for a period equal to the relevant period were being offered by the Bank to prime banks in the London Interbank Market at or about 11:00 a.m. on the Quotation Date for such period;

 “Loan” means the aggregate principal amount owing to the Bank under this Agreement at any relevant time
under the Advances (excluding, for the avoidance of doubt any loans outstanding under clause 2.5.1); 
 “Manager” means Diana
Shipping Services S.A. of Edificio Universal, Piso 12, Avenida Federico Boyd, Panama, Republic of Panama and includes its successors in title; 
 “Margin” means (as calculated by the Bank pursuant to clause 3.1.2): 
  

	 	(a)	in relation to the period commencing on the date of this Agreement and ending on the date falling immediately prior to the first Margin Calculation Date, zero six five per cent
(0.65%) per annum; 

  

 8 

	 	(b)	in relation to each Margin Period: 

  

	 	(i)	if (A) the Leverage Ratio for the relevant Measurement Period shall be higher than or equal to 0.75:1.0 or (B) an Event of Default shall have occurred, zero point eight
five per cent (0.85%) per annum; or 

  

	 	(ii)	if the Leverage Ratio for the relevant Measurement Period shall be lower than 0.75:1.0 but higher than or equal to 0.5:1.0, zero point seven five percent (0.75%) per annum; or

  

	 	(iii)	if the Leverage Ratio for the relevant Measurement Period shall be lower than 0.5:1.0, zero point six five percent (0.65%) per annum; 

 “Margin Calculation Date” means each 1 July of each calendar year (commencing from 1 July 2007); 
 “Margin Period” mean each period commencing on a Margin Calculation Date and ending one day prior to the immediately subsequent Margin
Calculation Date and “Margin Periods” means any or all of them; 
 “Measurement Period” means, in relation
to a Margin Period, the twelve-month period ending on 31 December of the calendar year immediately preceding such Margin Period; 
 “month” means a period beginning in one calendar month and ending in the next calendar month on the day numerically corresponding to the day of the calendar month on which it started, provided that (a) if the period
started on the last Banking Day in a calendar month or if there is no such numerically corresponding day, it shall end on the last Banking Day in such next calendar month and (b) if such numerically corresponding day is not a Banking Day, the
period shall end on the next following Banking Day in the same calendar month but if there is no such Banking Day it shall end on the preceding Banking Day and “months” and “monthly” shall be construed accordingly;

 “Outstanding Amount” means, in relation to a Bank Guarantee at any relevant time, the maximum amount (whether of principal
or interest) determined by the Bank to be that for which the relevant Bank Guarantee is issued less the aggregate amount of all reductions in that amount which have been made in accordance with the provisions of such Bank Guarantee and/or this
Agreement as at such time; 
 “Outstandings” means the aggregate of (a) the Outstanding Amount of all Bank Guarantees
and (b) the aggregate principal amount of each outstanding loan made by the Bank to the Borrowers pursuant to clause 2.5.1 at any relevant time; 
 “Permitted Encumbrance” means any Encumbrance in favour of the Bank created pursuant to the Security Documents; 
 “Pre-delivery Security Assignment” means: 
  

	 	(a)	in relation to the Bikini Ship, the Bikini Pre-delivery Security Assignment; 

  

	 	(b)	in relation to the Eniwetok Ship, the Eniwetok Pre-delivery Security Assignment; or 

  

	 	(c)	in relation to the Gala Ship, the Gala Pre-delivery Security Assignment, 

 and “Pre-delivery Security Assignments” means any or all of them; 
 “Quotation
Date” means, in relation to any period for which LIBOR is to be determined under this Agreement, the date on which quotations would customarily be provided by leading banks in the London Interbank Market for deposits in the relevant
currency for delivery on the first day of that period; 
  

 9 

 “Refund Guarantee” means: 
  

	 	(a)	in relation to the Bikini Ship, each Bikini Refund Guarantee; 

  

	 	(b)	in relation to the Eniwetok Ship, each Eniwetok Refund Guarantee; or 

  

	 	(c)	in relation to the Gala Ship, each Gala Refund Guarantee, 

 and “Refund Guarantees” means any or all of them; 
 “Refund Guarantee Assignment Consent and
Acknowledgement” means: 
  

	 	(a)	in relation to the Bikini Ship, each Bikini Refund Guarantee Assignment Consent and Acknowledgement; 

  

	 	(b)	in relation to the Eniwetok Ship, each Eniwetok Refund Guarantee Assignment Consent and Acknowledgement; or 

  

	 	(c)	in relation to the Gala Ship, each Gala Refund Guarantee Assignment Consent and Acknowledgement, 

 and “Refund Guarantee Assignment Consents and Acknowledgements” means any or all of them; 
 “Refund Guarantor” means The Export-Import Bank of China, Head Office of Winland international Finance Centre, No. 7 Financial
Street, Xicheng District, Beijing 100034, People’s Republic of China and includes its successors in title; 
 “Related
Company” of a person means any Subsidiary of such person, any company or other entity of which such person is a Subsidiary and any Subsidiary of any such company or entity; 
 “Relevant Jurisdiction” means any jurisdiction in which or where any Security Party is incorporated, resident, domiciled, has a permanent
establishment, carries on, or has a place of business or is otherwise effectively connected; 
 “Relevant Party” means the
Borrowers, the Borrowers’ Related Companies and any other Security Party and any other Security Party’s Related Companies and includes, for the avoidance of doubt, each member of the Group; 
 “Repayment Date” means, subject to clause 6.3: 
  

	 	(a)	in respect of each of the Bikini Advances, the earlier of (i) 31 December 2010 and (ii) the day when Delivery of the Bikini Ship occurs; 

  

	 	(b)	in respect of each of the Eniwetok Advances, the earlier of (i) 31 December 2010 and (ii) the day when Delivery of the Eniwetok Ship occurs; or

  

	 	(c)	in respect of each of the Gala Advances, the earlier of 31 December 2010 and (ii) the day when Delivery of the Gala Ship occurs; 

 “SAFE” means the State Administration for Foreign Exchange of The People’s Republic of China; 
 “Second Advance” means: 
  

	 	(a)	in relation to the Bikini Ship, the Second Bikini Advance; 

  

	 	(b)	in relation to the Eniwetok Ship, the Second Eniwetok Advance; or 

  

 10 

	 	(c)	in relation to the Gala Ship, the Second Gala Advance, 

 and “Second Advances” means any or all of them; 
 “Second Bikini Advance” means an Advance of up
to $6,020,000 made or (as the context may require) to be made available to the Borrowers for the purpose of financing in full the “2nd Instalment” of the Bikini Contract Price payable by the Bikini Borrower pursuant to Article II 3(b) of
the Bikini Contract; 
 “Second Eniwetok Advance” means an Advance of up to $6,020,000 made or (as the context may require)
to be made available to the Borrowers for the purpose of financing in full the “2nd Instalment” of the Eniwetok Contract Price payable by the Eniwetok Borrower pursuant to Article II 3(b) of the Eniwetok Contract; 
 “Second Gala Advance” means and Advance of up to $6,020,000 made or (as the
context may require) to be made available to the Borrowers for the purpose of financing part of the “1st Instalment” of the Gala Contract
Price payable by the Gala Borrower pursuant to Article II 3 (a) of the Gala Contract; 
 “Security Documents” means this
Agreement, the Supplemental Agreement, the Corporate Guarantee, the Pre-delivery Security Assignments, the Account Pledge, the Refund Guarantee Assignment Consents and Acknowledgements, the Contract Assignment Consents and Acknowledgements and any
other documents as may have been or shall from time to time after the date of this Agreement be executed to secure all or any part of the Loan, interest thereon and other moneys from time to time owing by the Borrowers pursuant to this Agreement or
any other Security Documents (whether or not any such document also secures moneys from time to time owing pursuant to any other document or agreement); 
 “Security Party” means the Borrowers (but excluding the Eniwetok Borrower after the Effective Date), the Corporate Guarantor, the Builders, the Refund Guarantor or any other person who may at any time
be a party to any of the Security Documents (other than the Bank); 
 “Security Period” means the period commencing on the
date hereof and terminating upon the later of (a) discharge of the security created by the Security Documents by payment of all monies payable thereunder, whether actually or contingently, and (b) the latest Bank Guarantee Expiry Date;

 “Ship”: 
  

	 	(a)	in relation to the Bikini Borrower and each Bikini Advance, means the Bikini Ship; 

  

	 	(b)	in relation to the Eniwetok Borrower and each Eniwetok Advance, means the Eniwetok Ship; or 

  

	 	(c)	in relation to the Gala Borrower and each Gala Advance, means the Gala Ship, 

 and “Ships” means any or all of them; 
 “SJS” means Shanghai Jianguan -
Changxing Shipbuilding Co, Ltd. Of No.2468 Changxing Jiangnan Avenue Changxing Town, Chonguing County, Shanghai, the People’s Republic of China and includes its successors in title; 
 “Subsidiary” of a person means any company or entity directly or indirectly controlled by such person, and for this purpose
“control” means either the ownership of more than fifty per cent (50%) of the voting share capital (or equivalent rights of ownership) of such company or entity or the power to direct its policies and management, whether by
contract or otherwise; 
 “Supplemental Agreement” means the agreement dated 30 April 2009 supplemental to this
Agreement made between the Bank, the Borrowers and the Corporate Guarantor; 
  

 11 

 “SWS” means Shanghai Waigaoqiao Shipbuilding Co., Ltd. of 3001 Zhouhai Road, Pudong New
District, Shanghai 200137, the People’s Republic of China and includes its successors in title; 
 “Taxes” includes all
present and future taxes, levies, imposts, duties, fees or charges of whatever nature together with interest thereon and penalties in respect thereof and “Taxation” shall be construed accordingly; 
 “Termination Date” means: 
  

	 	(a)	in the case of the Commitment and the Advances, 30 December 2010; or 

  

	 	(b)	in the case of the Facility Commitment and the Bank Guarantees, 31 December 2010, 

 or, in each such case, such other later date as the Bank may, in its absolute discretion, agree in writing; 
 “Third Advance” means: 
  

	 	(a)	in relation to the Bikini Ship, the Third Bikini Advance; 

  

	 	(b)	in relation to the Eniwetok Ship, the Third Eniwetok Advance; or 

  

	 	(c)	in relation to the Gala Ship, the Third Gala Advance, 

 and
“Third Advances” means any or ail of them; 
 “Third Bikini Advance” means an Advance of up to $6,020,000
made or (as the context may require) to be made available to the Borrowers for the purpose of financing in full the “3rd Instalment” of the Bikini Contract Price payable by the Bikini Borrower pursuant to Article II 3(c) of the Bikini
Contract; 
 “Third Eniwetok Advance” means an Advance of up to $6,020,000 made or (as the context may require) to be made
available to the Borrowers for the purpose of financing in full the “3rd instalment” of the Eniwetok Contract Price payable by the Eniwetok Borrower pursuant to Article II 3(c) of the Eniwetok Contract; 
 “Third Gala Advance” means an Advance of up to $6,020,000 made or (as the context
may require) to be made available to the Borrowers for the purpose of financing part of the “1st Instalment” of the Gala Contract Price
payable by the Gala Borrower pursuant to Article II 3(a) of the Gala Contract; 
 “Total Loss” means, in respect of a Ship:

  

	 	(a)	the actual, constructive, compromised or arranged total loss of such Ship; or 

  

	 	(b)	the Compulsory Acquisition of such Ship; or 

  

	 	(c)	the hijacking, theft, condemnation, capture, seizure, arrest, detention or confiscation of such Ship (other than where the same amounts to the Compulsory Acquisition of such Ship)
by any Government Entity, or by persons acting or purporting to act on behalf of any Government Entity, unless such Ship be released and restored to the Builders from such hijacking, theft, condemnation, capture, seizure, arrest, detention or
confiscation within twenty (20) days after the occurrence thereof; 

 “Transferee” has the meaning
ascribed thereto in clause 15.4; and 
 “Underlying Documents” means, together, the Contracts and the Refund Guarantees.

  

 12 

	1.3	Headings 

 Clause headings and the table of contents
are inserted for convenience of reference only and shall be ignored in the interpretation of this Agreement. 
  

	1.4	Construction of certain terms 

 In this Agreement,
unless the context otherwise requires: 
  

	1.4.1	references to clauses and schedules are to be construed as references to clauses of, and schedules to, this Agreement and references to this Agreement include its schedules;

  

	1.4.2	references to (or to any specified provision of) this Agreement or any other document shall be construed as references to this Agreement, that provision or that document as in force
for the time being and as amended in accordance with terms thereof, or, as the case may be, with the agreement of the relevant parties; 

  

	1.4.3	references to a “regulation” include any present or future regulation, rule, directive, requirement, request or guideline (whether or not having the force of law)
of any agency, authority, central bank or government department or any self-regulatory or other national or supra-national authority; 

  

	1.4.4	words importing the plural shall include the singular and vice versa; 

  

	1.4.5	references to a time of day are to London time; 

  

	1.4.6	references to a person shall be construed as references to an individual, firm, company, corporation, unincorporated body of persons or any Government Entity;

  

	1.4.7	references to a “guarantee” include references to an indemnity or other assurance against financial loss including, without limitation, an obligation to purchase
assets or services as a consequence of a default by any other person to pay any Indebtedness and “guaranteed” shall be construed accordingly; and 

  

	1.4.8	references to any enactment shall be deemed to include references to such enactment as re-enacted, amended or extended. 

  

	2	The Commitment, the Loan and the Bank Guarantees 

  

	2.1	Agreement to lend and issue Bank Guarantees 

 The
Bank, relying upon each of the representations and warranties in clause 7, agrees, upon and subject to the terms of this Agreement (a) to lend to the Borrowers, jointly and severally, the principal sum of up to $60,200,000 in up to twelve
(12) Advances and (b) to issue the Bank Guarantees to the relevant Builders. 
  

	2.2	Drawdown and Bank Guarantee issuance 

  

	2.2.1	Drawdown 

  

	 	(a)	Subject to the terms and conditions of this Agreement, each Advance shall be made following receipt by the Bank from the Borrowers of a Drawdown Notice not later than 10:00 a.m. on
the second Banking Day before the date, which shall be a Banking Day falling within the Drawdown Period, on which such Advance, is intended to be made. A Drawdown Notice shall be effective on actual receipt by the Bank and, once given, shall,
subject as provided in clause 3.6.1, be irrevocable. 

  

	 	(b)	This clause 2.2.1 shall not apply to any drawdown of an Advance made pursuant to clause 2.4.2 or clause 10.2.3. 

  

 13 

	2.2.2	Bank Guarantee issuance 

 Subject to the terms and
conditions of this Agreement, the Bank shall issue a Bank Guarantee following receipt by the Bank from the Borrowers of a Bank Guarantee Issue Request not later than 10:00 a.m. on the second Banking Day before the date, which shall be a Banking Day
falling within the Availability Period, on which that Bank Guarantee is to be issued. A Bank Guarantee issue Request shall be effective on actual receipt by the Bank and, once given, shall be irrevocable. 
  

	2.3	Timing, restrictions and limitation of Advances and Bank Guarantees 

  

	2.3.1	The aggregate amount of the Advances shall not exceed $60,200,000 and each Advance shall, subject to the following provisions of this clause 2.3 and (only in respect of the Bikini
Advances and the Eniwetok Advances) the provisions of clause 2.4.2 and clause 10.2.3, be for such amount as is specified in the Drawdown Notice for that Advance. 

  

	2.3.2	The aggregate amount of all the Advances in respect of a Ship shall not exceed the lower of (a) $30,100,000, (b) 50% of the Contract Price of that Ship and (c) the
aggregate of all instalments of the Contract Price of that Ship which are payable under the relevant Contract and which are financed by such Advances but excluding the final instalment payable thereunder on Delivery of that Ship;

  

	2.3.3	The aggregate amount of each First Advance shall not exceed the lower of (i) $12,040,000, (ii) the total or (in the case of the Gala Ship only) part of the amount of the
“1st Instalment” of the Contract Price of the Ship relevant to such Advance payable under Article II 3(a) of the relevant Contract and (iii) 20% of the Contract Price of the relevant Contract. 

  

	2.3.4	Each First Advance shall be applied in or towards payment in whole or (in the case of the Gala Ship only) in part to the relevant Builders of the “1st Instalment” of the
Contract Price of the Ship relevant to such First Advance payable under Article II 3(a) of the relevant Contract. 

  

	2.3.5	The aggregate amount of each Second Advance (other than the Second Gala Advance) shall not exceed the lower of (i) $6,020,000, (ii) the total amount of the “2nd
Instalment” of the Contract Price of the Ship relevant to such Advance payable under Article II 3(b) of the relevant Contract and (iii) 10% of the Contract Price of the relevant Contract; and the aggregate amount of the Second Gala Advance
shall not exceed the lower of (i) $6,020,000 and (ii) 10% of the Gaia Contract Price. 

  

	 2.3.6
	 Each Second Advance (other than the Second Gala Advance) shall be applied in or towards payment in full to the relevant
Builders of the “2nd Instalment” of the Contract Price of the Ship relevant to such Second Advance payable under Article II 3(b) of the relevant Contract and the Second Gala Advance shall be applied in or towards payment to the relevant
Builders of part of the “1st Instalment” of the Gala Contract Price payable under Article II 3 (a) of the Gala Contract.

  

	2.3.7	The aggregate amount of each Third Advance (other than the Third Gala Advance) shall not exceed the lower of (i) US$6,020,000, (ii) the total amount of the “3rd
Instalment” of the Contract Price of the Ship relevant to such Advance payable under Article II 3(c) of the relevant Contract and (iii) 10% of the Contract Price of the relevant Contract; and the aggregate amount of the Third Gaia Advance
shall not exceed the lower of (i) $6,020,000 and (ii) 10% of the Gala Contract Price. 

  

	 2.3.8
	 Each Third Advance (other than the Third Gala Advance) shall be applied in or towards payment in full to the relevant
Builders of the “3rd Instalment” of the Contract Price of the Ship relevant to such Third Advance payable under Article II 3(c) of the relevant Contract and the Third Gala Advance shall be applied in or towards payment to the relevant
Builders of part of the “1st Instalment” of the Gala Contract Price payable under Article II 3(a) of the Gala Contract.

  

 14 

	2.3.9	The aggregate amount of each Fourth Advance (other than the Fourth Gala Advance) shall not exceed the lower of (i) US$6,020,000, (ii) the total amount of the “4th
Instalment” of the Contract Price of the Ship relevant to such Advance payable under Article II 3(d) of the relevant Contract and (iii) 10% of the Contract Price of the relevant Contract; and the aggregate amount of Fourth Gala Advance
shall not exceed the lower of (i) $6,020,000 and (ii) 10% of the Gala Contract Price. 

  

	 2.3.10
	 Each Fourth Advance (other than the Fourth Gala Advance) shall be applied in or towards payment in full to the relevant
Builders of the “4th Instalment” of the Contract Price of the Ship relevant to such Fourth Advance payable under Article II 3(d) of the relevant Contract and the Fourth Gala Advance shall be applied in or towards payment to the relevant
Builders of part of the “1st Instalment” of the Gala Contract Price payable under Article II 3(a) of the Gala Contract.

  

	2.3.11	Clauses 2.3.3, 2.3.5, 2.3.7 and 2.3.9 shall apply in relation to each First Advance, Second Advance, Third Advance or Fourth Advance for the relevant Ship, (as the case may be),
whether any such Advance is drawn down under clause 2.4.1 or (only in respect of the Bikini Ship and the Eniwetok Ship) under clause 2.4.2 or under clause 10.2.3. 

  

	2.3.12	Each Advance shall be paid to the relevant Builders on the date when the relevant instalment of the Contract Price relevant to such Advance is due, unless the relevant Borrower has
already paid such instalment to the relevant Builders in which case the relevant Advance shall be advanced to the Borrowers in refinancing of such payment to such Builders. 

  

	2.3.13	No First Advance may be drawn down in respect of each of the Bikini Ship and the Eniwetok Ship unless the Bank Guarantee for that Ship has been issued. 

  

	2.3.14	No Second Advance may be drawn down in respect of the Bikini Ship and the Eniwetok Ship and (subject to clause 2.3.17) the Gala Ship unless the First Advance for that Ship has been
drawn down. 

  

	2.3.15	No Third Advance may be drawn down in respect of the Bikini Ship and the Eniwetok Ship and (subject to clause 2.3.17) the Gala Ship unless the Second Advance for that Ship has been
drawn down. 

  

	2.3.16	No Fourth Advance may be drawn down in respect of the Bikini Ship and the Eniwetok Ship and (subject to clause 2.3.17) the Gala Ship unless the Third Advance for that Ship has been
drawn down. 

  

	2.3.17	All of the Gala Advances shall be drawn down simultaneously however none of the Gala Advances shall be drawn down unless (a) all outstanding Eniwetok Advances have been fully
prepaid, (b) any undrawn Eniwetok Advances have been irrevocably and unconditionally cancelled in full by the Borrower and (c) the Eniwetok Bank Guarantee has been irrevocably and unconditionally declared cancelled by the relevant Builders
by a letter of cancellation in the form set forth in Exhibit C of the Master Agreement (as defined in the Supplemental Agreement). 

  

	2.3.18	The aggregate amount for which both Bank Guarantees are to be issued shall not exceed the Facility Commitment. 

  

	2.3.19	The aggregate amount for which each Bank Guarantee is to be issued shall not exceed the lower of (a) $36,451,100 and (b) such amount which, when aggregated with the
Outstandings on the proposed Bank Guarantee Issue Date thereof, shall not exceed the Facility Commitment. 

  

 15 

	2.4	Availability 

  

	2.4.1	Following a Drawdown Notice 

 Upon receipt of a Drawdown
Notice complying with the terms of this Agreement in respect of an Advance, the Bank shall, subject to the provisions of clause 9, on the date specified in the Drawdown Notice make the relevant Advance available to the Borrowers in accordance with
clause 6.2. The Borrowers acknowledge that payment of any Advance to the relevant Builders in accordance with clause 6.2 shall satisfy the obligation of the Bank to lend that Advance to the Borrowers under this Agreement. 
  

	2.4.2	Following a demand 

 Upon receipt of a demand made under a
Bank Guarantee in respect of any of the “2nd Instalment”, the “3rd Instalment” and the “4th Instalment” of the Contract Price of the Ship to which that Bank Guarantee relates, the Bank may (in its absolute discretion)
advance to the Borrowers forthwith (whether or not at such time the Borrowers are in compliance with the relevant provisions of clause 9) the Advance intended to finance such instalment of the Contract Price of such Ship. The Bank shall advance such
Advance by applying it immediately after drawdown in or towards discharge (in whole or, as the case may be, in part) of the Borrowers’ liability to the Bank under clause 2.5.1 in respect of the relevant payment made by the Bank under that Bank
Guarantee. 
  

	2.4.3	Authorisation 

 Upon receipt of a demand made under a Bank
Guarantee in respect of the “2nd instalment”, the “3rd Instalment” and the “4th Instalment” of the Contract Price of the Ship to which that Bank Guarantee relates, the Borrowers shall not be entitled to give a Drawdown
Notice to the Bank for the Advance intended to finance such instalment of the Contract Price of such Ship until further notice from the Bank in writing. The Borrowers hereby irrevocably and unconditionally authorise and direct the Bank to advance
and apply such Advance in the manner and at the time referred to in clause 2.4.2 in the event that the Bank shall decide to do so pursuant thereto. 
  

	2.4.4	Automatic drawdown 

 The Borrowers hereby agree and
acknowledge that, once an Advance shall have been advanced pursuant to clause 2.4.2 or clause 10.2.3, it shall form part of the Loan as if it were drawn down pursuant to clauses 2.2.1 and 2.4.1. 
  

	2.5	Payments under Bank Guarantees - constitute a loan 

  

	2.5.1	Each payment (whether of principal or interest) made by the Bank to the relevant Builders under a Bank Guarantee shall constitute a loan advanced by the Bank to the Borrowers
jointly and severally. Each such loan shall be (a) of a principal amount equal to the amount of such payment (whether of principal or interest) made by the Bank under such Bank Guarantee, (b) treated as advanced to the Borrowers at the
time of such payment to the relevant Builders and (c) due and repayable by the Borrowers at the time so advanced (or deemed advanced) to the Borrowers. 

  

	2.5.2	 The Bank shall be entitled to pay immediately (but with prior notice to the Borrowers) any amount (whether of principal or interest) for which a demand or request
has been made at any time under a Bank Guarantee, without any reference to, or further authority from, the Borrowers and shall not be under any duty to investigate or enquire whether any claim or demand on the Bank under such Bank Guarantee shall
have been properly made notwithstanding that the Borrowers or any of them may dispute the validity of such claim or demand or that the relevant Borrower may have referred to arbitration under the relevant Contract the claim to which the relevant
Builders’ demand under such Bank Guarantee relates. The liability of the Borrowers to the Bank under clause 2.5.1 and the Borrowers’ liability under the terms of this Agreement and/or any other Security Documents to pay or, as 

  

 16 

	 	 
the case may be, repay any amounts drawn down pursuant to clause 2.4.2 or clause 10.2.3, interest thereon and any other amounts payable under this Agreement
and/or any other Security Documents in relation thereto, shall be in no way prejudiced, affected or diminished by the fact that the Bank was or might have been justified in refusing payment of any amount claimed or demanded under either Bank
Guarantee. 

  

	2.6	Expiration or reduction of Bank Guarantee 

 The
Outstanding Amount of each Bank Guarantee shall be treated as reduced for the purposes of this Agreement only when and to the extent that (a) the Bank has received a written confirmation (in form and substance satisfactory to the Bank in its
sole discretion) from the relevant Builders of the amount of such reduction of the relevant Bank Guarantee or (b) the Bank is satisfied in its sole discretion that its liability under the relevant Bank Guarantee has been irrevocably reduced or
(c) the Bank has made a payment under the relevant Bank Guarantee. The Bank shall in each case after a reduction notify the Borrowers of the amount and the date of such reduction. 
  

	2.7	Termination of Commitment and cancellation of Facility 

  

	2.7.1	Any part of the Commitment undrawn and uncancelled by the end of the Drawdown Period, shall thereupon be automatically cancelled. 

  

	2.7.2	If either Bank Guarantee is not issued by the end of the Availability Period, the Bank’s obligation to issue such Bank Guarantee shall thereupon be automatically cancelled and
the Facility Commitment shall be reduced accordingly. 

  

	2.8	Application of proceeds 

 Without prejudice to the
Borrowers’ obligations under clause 8.1.3, the Bank shall have no responsibility for the application of proceeds of the Loan or any part thereof by the Borrowers. 
  

	3	Interest and Interest Periods 

  

	3.1	Normal interest rate 

  

	3.1.1	General 

 The Borrowers shall pay interest on each Advance
or (as the case may be) the Loan in respect of each Interest Period relating thereto on each interest Payment Date (or, in the case of Interest Periods of more than six (6) months, by instalments, the first instalment six (6) months from
the commencement of the Interest Period and the subsequent instalments at intervals of six (6) months or, if shorter, the period from the date of the preceding instalment until the Interest Payment Date relative to such Interest Period) at the
rate per annum determined by the Bank to be the aggregate of (a) the Margin and (b) LIBOR for such Interest Period. 
  

	3.1.2	Calculation of Margin 

  

	 	(a)	The Bank shall, on each Margin Calculation Date, calculate the Leverage Ratio for the Measurement Period relevant to the Margin Period commencing on such Margin Calculation Date,
based on the then latest audited consolidated financial statements of the Group delivered to the Bank pursuant to clause 8.1.5 of this Agreement and clause 5.1.4 of the Corporate Guarantee. 

  

	 	(b)	Based on each such relevant calculation made by the Bank on a Margin Calculation Date, the Bank shall determine, and notify the Borrowers, of the Margin that shall apply during the
Margin Period commencing on that Margin Calculation Date. 

  

 17 

	3.2	Selection of Interest Periods 

 The Borrowers may by
notice received by the Bank not later than 10:00 a.m. on the second Banking Day before the beginning of each Interest Period specify whether such Interest Period shall have a duration of one (1) month, three (3) months, six
(6) months, nine (9) months or (subject to availability to be determined solely by the Bank) twelve (12) months or such other period as the Borrowers may select and the Bank may, in its absolute discretion, agree Provided that the
Borrowers may not select more than three (3) Interest Periods having a duration of one (1) month within the same calendar year. 
  

	3.3	Determination of Interest Periods 

 Every Interest
Period shall be of the duration specified by the Borrowers pursuant to clause 3.2 but so that: 
  

	3.3.1	the initial Interest Period for each Advance shall commence on the Drawdown Date for such Advance and each subsequent Interest Period for an Advance shall commence on the last day
of the previous Interest Period for that Advance; 

  

	3.3.2	if one or more Advances in respect of a Ship are to be drawn down on the same day they shall have the same Interest Periods at all times; 

  

	3.3.3	the initial Interest Period of each Advance to be drawn down in respect of a Ship (other than the First Advance for that Ship) shall end on the same date as the then current
Interest Period of the Advances for that Ship and, on the last day of such interest Period, the Advances for that Ship shall be consolidated for the purposes of this clause 3; 

  

	3.3.4	if any Interest Period for an Advance would otherwise overrun the Repayment Date for that Advance, then such Interest Period shall end on such Repayment Date; and

  

	3.3.5	if the Borrowers fail to specify the duration of an Interest Period in accordance with the provisions of clause 3.2 and this clause 3.3 such Interest Period shall have a duration of
three (3) months or such other period as shall comply with this clause 3.3. 

  

	3.4	Default interest 

 If the Borrowers fail to pay any
sum (including, without limitation, any sum payable pursuant to this clause 3.4) on its due date for payment under any of the Security Documents, the Borrowers shall pay interest on such sum on demand from the due date up to the date of actual
payment (as well after as before judgement) at a rate determined by the Bank pursuant to this clause 3.4. The period beginning on such due date and ending on such date of payment shall be divided into successive periods of not more than six
(6) months as selected by the Bank, each of which (other than the first, which shall commence on such due date) shall commence on the last day of the preceding such period. The rate of interest applicable to each such period shall be the
aggregate (as determined by the Bank) of (a) two per cent (2%) per annum, (b) the Margin and (c) LIBOR for such period. Such interest shall be due and payable on the last day of each such period as determined by the Bank and each
such day shall, for the purposes of this Agreement, be treated as an Interest Payment Date, provided that if such unpaid sum is an amount of principal which became due and payable, by reason of a declaration by the Bank under clause 10.2.2 or a
prepayment pursuant to clauses 4.3 or 12.1, on a date other than an interest Payment Date relating thereto, the first such period selected by the Bank shall be of a duration equal to the period between the due date of such principal sum and such
Interest Payment Date and interest shall be payable on such principal sum during such period at a rate of two per cent (2%) above the rate applicable thereto immediately before it shall have become so due and payable. If, for the reasons
specified in clause 3.6.1, the Bank is unable to determine a rate in accordance with the foregoing provisions of this clause 3.4, interest on any sum not paid on its due date for payment shall be calculated at a rate determined by the Bank to be two
per cent (2%) per annum above the aggregate of the Margin and the cost of funds, to the Bank. 
  

 18 

	3.5	Notification of Interest Periods and interest rate 

 The Bank shall notify the Borrowers promptly of the duration of each interest Period and of each rate of interest determined by it under this clause 3. 
  

	3.6	Market disruption; non-availability 

  

	3.6.1	If and whenever, at any time prior to the commencement of any Interest Period, the Bank shall have determined (which determination shall, in the absence of manifest error, be
conclusive): 

  

	 	(a)	that adequate and fair means do not exist for ascertaining LIBOR during such Interest Period; or 

  

	 	(b)	that deposits in Dollars are not available to the Bank in the London Interbank Market in the ordinary course of business in sufficient amounts to fund the Loan or any part thereof
or any loan outstanding under clause 2.5.1 for such Interest Period, 

 the Bank shall forthwith give notice (a
“Determination Notice”) thereof to the Borrowers. A Determination Notice shall contain particulars of the relevant circumstances giving rise to its issue. After the giving of any Determination Notice the undrawn amount of the
Commitment shall not be borrowed and neither Bank Guarantee shall be issued by the Bank, until notice to the contrary is given to the Borrowers by the Bank. 
  

	3.6.2	During the period of ten (10) days after any Determination Notice has been given by the Bank under clause 3.6.1, the Bank shall certify an alternative basis (the
“Substitute Basis”) for maintaining the Loan or any loan outstanding under clause 2.5.1. The Substitute Basis may (without limitation) include alternative interest periods, alternative currencies or alternative rates of interest but
shall include a margin above the cost of funds, if any, to the Bank equivalent to the Margin. Each Substitute Basis so certified shall be binding upon the Borrowers and shall take effect in accordance with its terms from the date specified in the
Determination Notice until such time as the Bank notifies the Borrowers that none of the circumstances specified in clause 3.6.1 continues to exist whereupon the normal interest rate fixing provisions of this Agreement shall apply.

  

	4	Repayment and prepayment 

  

	4.1	Repayment 

 The Borrowers shall repay each Advance
in full on the Repayment Date for such Advance. 
  

	4.2	Voluntary prepayment 

 The Borrowers may prepay the
Loan in whole or part (being Five hundred thousand Dollars ($500,000) or any larger sum which is an integral multiple of Five hundred thousand Dollars ($500,000)) on any Interest Payment Date relating to the part of the Loan to be prepaid without
premium or penalty subject to payment by the Borrowers of all sums payable under clause 4.4. 
  

	4.3	Prepayment on Total Loss or transfer etc. 

  

	4.3.1	Before issuance of Bank Guarantee and first drawdown 

 On a
Ship becoming a Total Loss (or suffering damage or being involved in an incident which, in the opinion of the Bank, may result in such Ship subsequently being determined to be a Total Loss) or on or prior the date falling immediately prior to the
completion of the novation, transfer or assignment of any Contract by the relevant Borrower in favour of another person (with the prior written consent of the Bank as and when required by the Security Documents), in each case before the Bank
Guarantee relevant to such Ship or Contract is issued and any Advance relevant to such Ship or Contract has been drawn down, then (a) the obligation of the Bank to issue such Bank Guarantee to the Builders and 

  

 19 

 
to advance any Advance relevant to such Ship or Contract shall immediately cease and (b) the Commitment shall be reduced by the aggregate amount of all
the Advances for such Ship and (c) the Facility Commitment shall be reduced by $18,225,550. 
  

	4.3.2	Following issuance of a Bank Guarantee or first drawdown 

 On a Ship becoming a Total Loss (or suffering damage or being involved in an incident which, in the opinion of the Bank, may result in such Ship subsequently being determined to be a Total Loss) or on or prior to the date falling
immediately prior to the completion of the novation, transfer or assignment of any Contract by the relevant Borrower in favour of another person (with the prior written consent of the Bank as and when required by the Security Documents), in each
case after the Bank Guarantee relevant to such Ship or Contract is issued, then (a) the Borrowers shall pay such amount to the Cash Collateral Account as the Bank shall require in its absolute discretion (being in any event not less than the
then Outstanding Amount of the Bank Guarantee relating to such Ship) and (b) if any Advance relating to such Ship has been drawn down, the Borrowers shall prepay each such Advance in full and (c) (if applicable) the obligation of the Bank
to advance any other Advance for that Ship shall immediately cease and the Commitment shall be reduced accordingly. 
  

	4.3.3	Total Loss 

 For the purpose of this Agreement and the
other Security Documents, a Total Loss in relation to a Ship shall be deemed to have occurred: 
  

	 	(a)	in the case of an actual total loss of such Ship, on the actual date and at the time such Ship was lost or, if such date is not known, on the date on which such Ship was last
reported; 

  

	 	(b)	in the case of a constructive total loss of such Ship, upon the date and at the time notice of abandonment of such Ship is given to the insurers of such Ship for the time being;

  

	 	(c)	in the case of a compromised or arranged total loss of such Ship, on the date upon which a binding agreement as to such compromised or arranged total loss has been entered into by
the insurers of such Ship; 

  

	 	(d)	in the case of Compulsory Acquisition of such Ship, on the date upon which the relevant requisition of title or other compulsory acquisition occurs; and 

  

	 	(e)	in the case of hijacking, theft, condemnation, capture, seizure, arrest, detention or confiscation of a Ship (other than where the same amounts to Compulsory Acquisition of such
Ship) by any Government Entity, or by persons purporting to act on behalf of any Government Entity, which deprives the relevant Builders of the use of such Ship for more than twenty (20) days, upon the expiry of the period of ten (10) days
after the date upon which the relevant hijacking, theft, condemnation, capture, seizure, arrest, detention or confiscation occurred. 

  

	4.4	Amounts payable on prepayment 

 Any prepayment of
all or part of the Loan under this Agreement shall be made together with (a) accrued interest on the amount to be prepaid to the date of such prepayment, (b) any additional amount payable under clauses 6.6 or 12.2 and (c) all others
sums payable by the Borrowers to the Bank under this Agreement or any of the other Security Documents including, without limitation, any amounts payable under clause 11. 
  

	4.5	Notice of prepayment; reduction of repayment instalments 

  

	4.5.1	 No prepayment may be effected under clause 4.2 unless the Borrowers shall have given the Bank at least fifteen (15) days’ notice of their intention to
make such prepayment. Every notice of prepayment shall be effective only on actual receipt by the Bank, shall be 

  

 20 

	 	 
irrevocable, shall specify the amount to be prepaid and shall oblige the Borrowers to make such prepayment on the date specified. No amount prepaid under
this Agreement may be reborrowed. 

  

	4.5.2	Any amount prepaid pursuant to clause 4.2 shall be applied in reducing all the Advances proportionately, provided however, that the prepayment of the Eniwetok First Advance under
clause 2.3.17 shall be applied in reducing such Advance only. 

  

	4.5.3	The Borrowers may not prepay the Loan or any part thereof save as expressly provided in this Agreement. 

  

	5	Fees and expenses 

  

	5.1	Fees 

 The Borrowers shall pay to the Bank:

  

	5.1.1	on the date of this Agreement, an arrangement fee of $60,200; 

  

	5.1.2	on each of the dates falling at three (3) monthly intervals after the date of this Agreement until the last day of the Drawdown Period and on the last day of the Drawdown
Period, commitment commission computed from the date of this Agreement (in the case of the first payment of commission) and from the due date of the preceding payment of commission (in the case of each subsequent payment) at the rate of zero point
one zero per cent (0.10%) per annum on the daily undrawn amount of the Commitment, Provided however that if a Bank Guarantee is issued, any accrued commitment commission on the Advances for the Ship to which such Bank Guarantee relates
shall be payable on the relevant Bank Guarantee Issue Date and, as from such date, commitment commission shall no longer accrue or be payable on such Advances; and 

  

	5.1.3	in relation to each Bank Guarantee, on the relevant Bank Guarantee Issue Date and on each of the dates falling at three (3) monthly intervals after the relevant Bank Guarantee
Issue Date and falling prior to the relevant Bank Guarantee Expiry Date (each such date a “payment date”), guarantee commission in advance each time computed on each such payment date at a rate per annum equal to the Margin
applicable on such payment date and payable on the Outstanding Amount for the relevant Bank Guarantee as of the relevant payment date and in respect of the three (3) month period falling immediately after such payment date.

 The fee referred to in clause 5.1.1 and the commission referred to in clauses 5.1.2 and 5.1.3 shall not be refundable in any
circumstances and shall be payable by the Borrowers to the Bank whether or not any part of the Commitment is ever advanced, whether or not either Bank Guarantee is ever issued and whether or not any demand is made under either Bank Guarantee.

  

	5.2	Expenses 

 The Borrowers shall pay to the Bank on a
full indemnity basis on demand all expenses (including legal, printing and out-of-pocket expenses) incurred by the Bank: 
  

	5.2.1	in connection with the negotiation, preparation, execution and, where relevant, registration of the Security Documents and the Bank Guarantees and of any amendment or extension of
or the granting of any waiver or consent under, any of the Security Documents; and 

  

	5.2.2	in contemplation of, or otherwise in connection with, the enforcement of, or preservation of any rights under, any of the Security Documents, or otherwise in respect of the moneys
owing under any of the Security Documents, 

 together with interest at the rate referred to in clause 3.4 from the date on
which such expenses were incurred to the date of payment (as well after as before judgement). 
  

 21 

	5.3	Value added tax 

 All fees and expenses payable
pursuant to this clause 5 shall be paid together with value added tax or any similar tax (if any) properly chargeable thereon. 
  

	5.4	Stamp and other duties 

 The Borrowers shall pay all
stamp, documentary, registration or other like duties or taxes (including any duties or taxes payable by the Bank) imposed on or in connection with any of the Underlying Documents, the Security Documents, each Bank Guarantee, the Loan, the
Outstandings or the Facility and shall indemnify the Bank against any liability arising by reason of any delay or omission by the Borrowers to pay such duties or taxes. 
  

	6	Payments and taxes; accounts and calculations 

  

	6.1	No set-off or counterclaim 

 The Borrowers
acknowledge that in performing its obligations under this Agreement, the Bank will be incurring liabilities to third parties in relation to the funding of amounts to the Borrowers, such liabilities matching the liabilities of the Borrowers to the
Bank and that it is reasonable for the Bank to be entitled to receive payments from the Borrowers gross on the due date in order that the Bank is put in a position to perform its matching obligations to the relevant third parties. Accordingly, all
payments to be made by the Borrowers under any of the Security Documents shall be made in full, without any set-off or counterclaim whatsoever and, subject as provided in clause 6.6, free and clear of any deductions or withholdings, in Dollars on
the due date to such account of the Bank at such bank in such place as the Bank may from time to time specify for this purpose. 
  

	6.2	Payment by the Bank 

 All sums to be advanced by the
Bank to the Borrowers under this Agreement in respect of the Loan shall be remitted in Dollars on the Drawdown Date for the relevant Advance and, in the case of amounts drawn down pursuant to clause 2.4.1 (but not pursuant to clause 2.4.2 or clause
10.2.3), to the account specified in the Drawdown Notice for such Advance. 
  

	6.3	Non-Banking Days 

 When any payment under any of the
Security Documents would otherwise be due on a day which is not a Banking Day, the due date for payment shall be extended to the next following Banking Day unless such Banking Day falls in the next calendar month in which case payment shall be made
on the immediately preceding Banking Day. 
  

	6.4	Calculations 

 All interest and other payments of an
annual nature under any of the Security Documents shall accrue from day to day and be calculated on the basis of actual days elapsed (other than the guarantee commission referred to in clause 5.1.3 which shall be payable in advance on a quarterly
basis and as more particularly described therein) and a three hundred and sixty (360) day year. 
  

	6.5	Certificates conclusive 

 Any certificate or
determination of the Bank as to any rate of interest or any other amount pursuant to and for the purposes of any of the Security Documents shall, in the absence of manifest error, be conclusive and binding on the Borrowers. 
  

 22 

	6.6	Grossing-up for Taxes 

 If at any time the Borrowers
or any of them are required to make any deduction or withholding in respect of Taxes from any payment due under any of the Security Documents, the sum due from the Borrowers in respect of such payment shall be increased to the extent necessary to
ensure that, after the making of such deduction or withholding, the Bank receives on the due date for such payment (and retains, free from any liability in respect of such deduction or withholding), a net sum equal to the sum which it would have
received had no such deduction or withholding been required to be made and the Borrowers shall indemnify the Bank against any losses or costs incurred by it by reason of any failure of the Borrowers or either of them to make any such deduction or
withholding or by reason of any increased payment not being made on the due date for such payment. The Borrowers shall promptly deliver to the Bank any receipts, certificates or other proof evidencing the amounts (if any) paid or payable in respect
of any deduction or withholding as aforesaid. 
  

	6.7	Loan account 

 The Bank shall maintain, in
accordance with its usual practice, an account or accounts evidencing the amounts from time to time lent by, owing to and paid to it under the Security Documents. Such account or accounts shall, in the absence of manifest error, be conclusive as to
the amount from time to time owing by the Borrowers under the Security Documents and any certificate from the Bank as to the amount from time to time owing by the Borrowers under the Security Documents shall, in the absence of manifest error, be
conclusive and the sum specified in any such certificate shall be the certain and liquidated sum owing by the Borrowers to the Bank. 
  

	7	Representations and warranties 

  

	7.1	Continuing representations and warranties 

 The
Borrowers jointly and severally represent and warrant to the Bank that: 
  

	7.1.1	Due incorporation 

 the Borrowers and each of the other
Security Parties are duly incorporated and validly existing in good standing under the laws of their respective countries of incorporation as Marshall Islands corporations (in the case of the Borrowers and the Corporate Guarantor) and as companies
with limited liability (in the case of the other Security Parties), and have power to carry on their respective businesses as they are now being conducted and to own their respective property and other assets; 
  

	7.1.2	Corporate power 

 each of the Borrowers has power to
execute, deliver and perform its obligations under the Underlying Documents and the Security Documents to which it is a party and to borrow the Commitment and each of the other Security Parties has power to execute and deliver and perform its
obligations under the Underlying Documents and the Security Documents to which it is or is to be a party; all necessary corporate, shareholder and other action has been taken to authorise the execution, delivery and performance of the same and no
limitation on the powers of any Borrower to borrow will be exceeded as a result of any transaction contemplated by this Agreement; 
  

	7.1.3	Binding obligations 

 the Security Documents and the
Underlying Documents constitute or will, when executed, constitute valid and legally binding obligations of the relevant Security Parties enforceable in accordance with their respective terms; 
  

 23 

	7.1.4	No conflict with other obligations 

 the execution and
delivery of, the performance of their respective obligations under, and compliance with the provisions of, the Underlying Documents and the Security Documents by the relevant Security Parties will not (i) contravene any existing applicable law,
statute, rule or regulation or any judgment, decree or permit to which either of the Borrowers or any other Security Party is subject, (ii) conflict with, or result in any breach of any of the terms of, or constitute a default under, any
agreement or other instrument to which either of the Borrowers or any other Security Party is a party or is subject or by which it or any of its property is bound, (iii) contravene or conflict with any provision of the memorandum and articles
of association/articles of incorporation/by-laws/statutes or other constitutional documents of any of the Borrowers or any other Security Party or (iv) result in the creation or imposition of or oblige any of the Borrowers or any of its Related
Companies or any other Security Party to create any Encumbrance (other than a Permitted Encumbrance) on the undertaking, assets, rights or revenues of any of the Borrowers or its Related Companies or any other Security Party; 
  

	7.1.5	No litigation 

 no litigation, arbitration, investigation
or proceeding (administrative or otherwise) is taking place, pending or, to the knowledge of the officers of either of the Borrowers, threatened against any of the Borrowers or any of its Related Companies or any other Security Party which could
have a material adverse effect on the business, condition (financial or otherwise), assets or prospects of any of the Borrowers or any of their Related Companies or any other Security Party; 
  

	7.1.6	No filings required 

 it is not necessary to ensure the
legality, validity, enforceability or admissibility in evidence of any of the Underlying Documents or the Security Documents that they or any other instrument be notarised, filed, recorded, registered or enrolled in any court, public office or
elsewhere in any Relevant Jurisdiction or that any stamp, registration or similar tax or charge be paid in any Relevant Jurisdiction on or in relation to any of the Underlying Documents or the Security Documents and each of the Underlying Documents
and the Security Documents is in proper form for its enforcement in the courts of each Relevant Jurisdiction; 
  

	7.1.7	Choice of law 

 the choice of English law to govern the
Underlying Documents and the Security Documents (other than the Account Pledge) and the submissions by the Security Parties to the non-exclusive jurisdiction of the English courts or, as the case may be, the courts of Piraeus, are valid and binding;

  

	7.1.8	No immunity 

 none of the Borrowers nor any other Security
Party nor any of their respective assets is entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceeding (which shall include, without limitation, suit, attachment prior to judgement, execution or other
enforcement); 
  

	7.1.9	Shareholdings 

 each of the Borrowers is a wholly-owned
direct Subsidiary of the Corporate Guarantor (but, in the case of the Eniwetok Borrower, not after the Effective Date and, in the case of the Gala Borrower, not prior to the Effective Date) and, on the date of this Agreement: 
  

	 	(a)	no less than 20% of the voting share capital of the Corporate Guarantor is ultimately beneficially owned by such two (2) persons and their immediate families as were disclosed
by the Borrowers to the Bank in the negotiation of this Agreement; and 

  

 24 

	 	(b)	no other person, or persons acting in concert, have the ultimate beneficial ownership of a percentage of the voting share capital of the Corporate Guarantor which is higher than the
percentage owned by the persons referred to in paragraph (a) above; 

  

	7.1.10	Consents obtained 

 every consent, authorisation, licence
or approval of, or registration with or declaration to, governmental or public bodies or authorities or courts required by any Security Party to authorise, or required by any Security Party in connection with, the execution, delivery, validity,
enforceability or admissibility in evidence of each of the Underlying Documents and the Security Documents or the performance by each Security Party of its obligations under the Underlying Documents and the Security Documents has been obtained or
made and is in full force and effect and there has been no default in the observance of any of the conditions or restrictions (if any) imposed in, or in connection with, any of the same; 
  

	7.1.11	Financial statements correct and complete 

 the
consolidated financial statements of the Group in respect of the financial half-year ended 30 June 2006 as delivered to the Bank have been prepared in accordance with the Applicable Accounting Principles which have been consistently applied and
present fairly and accurately the consolidated financial position of the Group as at such date and the consolidated results of the operations of the Group for the period ended on such date and, as at such date, neither the Corporate Guarantor nor
any of its Subsidiaries had any significant liabilities (contingent or otherwise) or any unrealised or anticipated losses which are not disclosed by, or reserved against or provided for in, such financial statements; 
  

	7.1.12	No material adverse change 

 there has been no material
adverse change: 
  

	 	(a)	in the business, assets, operations, prospects or condition (financial or otherwise) of the Corporate Guarantor, the Borrowers or the Group as a whole, from that described by or on
behalf of the Borrowers or any other Security Party to the Bank in the negotiation of this Agreement or the Supplemental Agreement; or 

  

	 	(b)	in the business, assets, operations, prospects or the financial position of the Corporate Guarantor or the Group as a whole from that set forth in the semi-annual consolidated
financial statements of the Group for the financial half-year ended 30 June 2006; or 

  

	 	(c)	in the ability of any of the Borrowers, the Corporate Guarantor or any other Security Party to comply with any of their respective obligations under the Security Documents or any of
them; or 

  

	 	(d)	in the legality, validity or enforceability of any of the Security Documents or any of the rights or remedies of the Bank thereunder; 

  

	7.1.13	Borrowers’ own account 

 in relation to the borrowing
by each Borrower of the Loan or any part thereof, the performance and discharge of its obligations and liabilities under the Security Documents and the transactions and other arrangements effected or contemplated by this Agreement, each Borrower is
acting for its own account and that the foregoing will not involve or lead to a contravention of any law, official requirement or other regulatory measure or procedure which has been implemented to combat “money laundering” (as defined in
Article 1 of the Directive (91/308/EEC) of the Council of the European Communities (as amended)); and 
  

	7.1.14	Solvency 

  

	 	(a)	none of the Borrowers nor any other Relevant Party is unable, or admits or has admitted its inability, to pay its debts or has suspended making payments on any of its debts;

  

 25 

	 	(b)	none of the Borrowers nor any other Relevant Party by reason of actual or anticipated financial difficulties has commenced, or intends to commence, negotiations with one or more of
its creditors with a view to rescheduling any of its Indebtedness; 

  

	 	(c)	the value of the assets of each of the Borrowers and the other Relevant Parties is not less than their respective liabilities (taking into account contingent and prospective
liabilities); and 

  

	 	(d)	no moratorium has been, or may, in the reasonably foreseeable future be, declared in respect of any Indebtedness of any Borrower or any other Relevant Party.

  

	7.2	Initial representations and warranties 

 The
Borrowers further jointly and severally represent and warrant to the Bank that: 
  

	7.2.1	Pari passu 

 the obligations of each Borrower under this
Agreement are direct, general and unconditional obligations of such Borrower and rank at least pari passu with all other present and future unsecured and unsubordinated Indebtedness of such Borrower with the exception of any obligations which are
mandatorily preferred by law and not by contract; 
  

	7.2.2	No default under other indebtedness 

 none of the Borrowers
nor any of their Related Companies nor any other Security Party is (nor would with the giving of notice or lapse of time or the satisfaction of any other condition or combination thereof be) in breach of or in default under any agreement relating to
Indebtedness to which it is a party or by which it may be bound; 
  

	7.2.3	Information 

 the information, exhibits and reports
furnished by any Security Party to the Bank in connection with the negotiation and preparation of the Security Documents are true and accurate in all material respects and not misleading and all expressions of opinion contained therein genuinely
reflect the opinions of the directors and the senior management of the Borrowers and the Corporate Guarantor and are based on reasonable assumptions; do not omit material facts and all reasonable enquiries have been made to verify the facts and
statements contained therein; there are no other facts the omission of which would make any fact or statement therein misleading; 
  

	7.2.4	No withholding Taxes 

 no Taxes are imposed by withholding
or otherwise on any payment to be made by any Security Party under any of the Underlying Documents or the Security Documents or are imposed on or by virtue of the execution or delivery by the Security Parties of any of the Underlying Documents or
the Security Documents or any other document or instrument to be executed or delivered under any of the Security Documents; 
  

	7.2.5	No Default 

 no Default has occurred and is continuing;

  

	7.2.6	No Default under Contracts or Refund Guarantees 

 none of
the Borrowers is in default of any of its obligations under the relevant Contract or any of its obligations upon the performance or observance of which depend the continued liability of the Refund Guarantor in accordance with the terms of any Refund
Guarantee relating to such Contract; 
  

 26 

	7.2.7	Freedom from Encumbrances 

  

	 	(a)	none of the Borrowers has previously charged, encumbered or assigned the benefit of any of its rights, title and interest in or to the relevant Contract or any relevant Refund
Guarantee and such benefit and all such rights, title and interest are freely assignable and chargeable in the manner contemplated by the Security Documents; 

  

	 	(b)	neither the Cash Collateral Account nor any other properties or rights which are, or are to be, the subject of any of the Security Documents nor any part thereof is nor will be, on
the first Bank Guarantee Issue Date or on the first Drawdown Date, subject to any Encumbrance (other than Permitted Encumbrances); and 

  

	7.2.8	Copies true and complete 

 the originals of the executed
Refund Guarantees delivered or to be delivered to the Bank pursuant to clause 9.1 are, or will when delivered be, true and complete originals of such documents and the copies of the other Underlying Documents delivered or to be delivered to the Bank
pursuant to clause 9.1 are, or will when delivered be, true and complete copies of such documents; such documents constitute valid and binding obligations of the parties thereto enforceable in accordance with their respective terms and there will
have been no amendments or variations thereof or defaults thereunder. 
  

	7.3	Repetition of representations and warranties 

 On
and as of each Bank Guarantee issue Date and on each Drawdown Date and (except in relation to the representations and warranties in clause 7.2) on each Interest Payment Date, the Borrowers shall (a) be deemed to repeat the representations and
warranties in clauses 7.1 and 7.2 as if made with reference to the facts and circumstances existing on such day and (b) be deemed to further represent and warrant to the Bank that the then latest financial statements of the Group delivered to
the Bank (if any) have been prepared in accordance with the Applicable Accounting Principles which have been consistently applied and present fairly and accurately the consolidated financial position of the Group as at the end of the financial
period to which the same relate and the consolidated results of the operations of the Group for the financial period to which the same relate and, as at the end of such financial period, neither the Corporate Guarantor nor any of its Subsidiaries
had any significant liabilities (contingent or otherwise) or any unrealised or anticipated losses which are not disclosed by, or reserved against or provided for in, such financial statements. 
  

	8	Undertakings 

  

	8.1	General 

 Each of the Borrowers hereby undertakes
with the Bank that, from the date of this Agreement and so long as the Borrowers remain under any obligation, actual or contingent, under this Agreement or any moneys are owing under any of the Security Documents and while all or any part of the
Commitment remains outstanding, it will: 
  

	8.1.1	Notice of Default 

  

	 	(a)	promptly inform the Bank of any occurrence of which it becomes aware which might adversely affect the ability of any Security Party to perform its obligations under any of the
Security Documents and, without limiting the generality of the foregoing, will inform the Bank of any Default forthwith upon becoming aware thereof and will from time to time, if so requested by the Bank, confirm to the Bank in writing that, save as
otherwise stated in such confirmation, no Default has occurred and is continuing; and 

  

	 	(b)	promptly inform the Bank of any occurrence of which it becomes aware which might adversely affect the ability or rights of any Borrower to make any claims under any relevant Refund
Guarantee or the relevant Contract or which might reduce or release any of the obligations of the Refund Guarantor under any such Refund Guarantee or of the relevant Builders under such Contract; 

  

 27 

	8.1.2	Consents and licences 

 without prejudice to clauses 8.2
and 9, obtain or cause to be obtained, maintain in full force and effect and comply in all material respects with the conditions and restrictions (if any) imposed in, or in connection with, every consent, authorisation, licence or approval of
governmental or public bodies or authorities or courts and do, or cause to be done, all other acts and things which may from time to time be necessary or desirable under applicable law for the continued due performance of all the obligations of the
Security Parties under each of the Security Documents; 
  

	8.1.3	Conveyance on default 

 where any Ship is (or is to be)
sold in exercise of any power contained in the Pre-delivery Security Assignment relating to such Ship or otherwise conferred on the Bank, execute, forthwith upon request by the Bank, such form of conveyance of such Ship as the Bank may require;

  

	8.1.4	Pari passu 

 ensure that its obligations under this
Agreement shall, without prejudice to the provisions of clause 8.2 and the security intended to be created by the Security Documents, at all times rank at least pari passu with all its other present and future unsecured and unsubordinated
indebtedness with the exception of any obligations which are mandatorily preferred by law and not by contract; 
  

	8.1.5	Financial statements 

 prepare or cause to be prepared
consolidated financial statements of the Group in accordance with the Applicable Accounting Principles consistently applied in respect of each financial year and cause the same to be reported on by the Group’s auditors and prepare or cause to
be prepared unaudited consolidated financial statements of the Group for each financial-half year on the same basis as the annual statements, and deliver as many copies of the same as the Bank may reasonably require as soon as practicable but not
later than one hundred and eighty (180) days (in the case of the audited financial statements) or ninety (90) days (in the case of the unaudited financial statements) after the end of the financial period to which they relate; 

 

	8.1.6	Delivery of reports 

 deliver to the Bank as many copies as
the Bank may reasonably require at the time of issue thereof of every report, circular, notice or like document issued by the Borrowers to their shareholders or creditors generally; 
  

	8.1.7	Provision of further information 

 provide the Bank with
such financial and other information concerning the Borrowers, their Related Companies, the other Security Parties, any Relevant Parties and their respective operations and affairs as the Bank may from time to time reasonably require; 
  

	8.1.8	Use of proceeds 

 use the Loan exclusively for the purpose
specified in clauses 1.1 and 2.3; 
  

	8.1.9	Obligations under Security Documents 

 duly and punctually
perform each of the obligations expressed to be assumed by it under the Security Documents; 
  

 28 

	8.1.10	Certificate of no Default 

 (without prejudice to clause
8.1.1) at the same time as the Borrowers and/or the Corporate Guarantor provide the Bank with financial statements pursuant to clause 8.1.5 of this Agreement and clause 5.1.4 of the Corporate Guarantee, provide the Bank with a certificate signed by
a member of the board of each Borrower and the Corporate Guarantor, confirming that, save as otherwise stated in such certificate, no Default has occurred and is continuing; 
  

	8.1.11	Consents and acknowledgements 

 deliver to the Bank, not
later than thirty (30) days after the Drawdown Date of the first Advance to be drawn down in respect of a Ship: 
  

	 	(a)	each Refund Guarantee Assignment Consent and Acknowledgement in respect of each Refund Guarantee for that Ship, each duly executed by the parties thereto; 

 

	 	(b)	the Contract Assignment Consent and Acknowledgement for that Ship, duly executed by the parties thereto; 

  

	 	(c)	evidence in form and substance satisfactory to the Bank of the authority of the parties executing the above said acknowledgments; 

  

	 	(d)	evidence that each Refund Guarantee (including, if required under applicable laws, any letter supplemental to a Refund Guarantee) in respect of that Ship has been duly registered
with SAFE; and 

  

	 	(e)	a legal opinion (at the expense of the Borrowers) issued by the Bank’s special legal advisers on matters of Chinese law in form and substance satisfactory to the Bank;

  

	8.1.12	Supervision 

 ensure that it, or the Manager or any other
person appointed by the Manager and acceptable to the Bank (but no other person), will supervise and superintend the construction of its Ship; and 
  

	8.1.13	Know your customer information 

 deliver to the Bank such
documents and evidence as the Bank shall from time to time require relating to the verification of identity, and knowledge of its customers and the compliance by the Bank with all necessary “know your customer” or similar checks, always on
the basis of applicable laws and regulations or the Bank’s own internal guidelines, in each case as such laws, regulations or internal guidelines apply from time to time. 
  

	8.2	Negative undertakings 

 Each of the Borrowers
undertakes with the Bank that, from the date of this Agreement and so long as the Borrowers remain under any obligation, actual or contingent, under this Agreement or any moneys are owing under any of the Security Documents and while all or any part
of the Commitment remains outstanding, it will not, without the prior written consent of the Bank: 
  

	8.2.1	Negative pledge 

 permit any Encumbrance (other than a
Permitted Encumbrance) by any Security Party (other than Builders and the Refund Guarantor) to subsist, arise or be created or extended over all or any part of their respective present or future undertakings, assets, rights or revenues to secure or
prefer any present or future Indebtedness of any Security Party or any other person; 
  

 29 

	8.2.2	No merger 

 and will procure that the Corporate Guarantor
will not, without the prior written consent of the Bank, merge or consolidate with any other company or person or enter into any demerger, amalgamation or corporate reconstruction or redomiciliation of any kind whatsoever; 
  

	8.2.3	Disposals 

 sell, transfer, abandon lend or otherwise
dispose of or cease to exercise direct control over any part (being either alone or, when aggregated with all other disposals falling to be taken into account pursuant to this clause 8.2.3, material in the opinion of the Bank in relation to the
undertaking, assets, rights and revenues of such Borrower) of its present or future undertaking, assets, rights or revenues (otherwise than by transfers, sales or disposals for full consideration in the ordinary course of trading but excluding in
any event the assets and rights which are the subject of security created by the Security Documents), whether by one or a series of transactions related or not; 
  

	8.2.4	Other business 

 undertake any business other than the
performance of the Contract relevant to such Borrower, including the supervision of the building and construction of the relevant Ship pursuant to such Contract and will procure that the Corporate Guarantor will not, without the prior written
consent of the Bank, undertake any business other than that conducted by the Corporate Guarantor on the date of this Agreement; 
  

	8.2.5	Acquisitions 

 acquire any further assets other than the
relevant Ship and the relevant Contract and rights arising under contracts entered into by or on behalf of such Borrower in the ordinary course of its business of performing the Contract relevant to such Ship; 
  

	8.2.6	Other obligations 

 incur any obligations except for
obligations arising under the relevant Underlying Documents or the Security Documents or contracts entered into in the ordinary course of its business of performing the Contract relevant to such Ship; 
  

	8.2.7	No borrowing 

 incur any Borrowed Money except for Borrowed
Money pursuant to the Security Documents; 
  

	8.2.8	Repayment of borrowings 

 repay the principal of, or pay
interest on, or any other sum in connection with, any of its Borrowed Money except for Borrowed Money pursuant to the Security Documents; 
  

	8.2.9	Guarantees 

 issue any guarantees or indemnities or
otherwise become directly or contingently liable for the obligations of any person, firm, or corporation except pursuant to the Security Documents; 
  

	8.2.10	Loans 

 make any loans or grant any credit (save for normal
trade credit in the ordinary course of business) to any person or agree to do so; 
  

 30 

	8.2.11	Sureties 

 permit any of its Indebtedness to be guaranteed
or otherwise assured against financial loss by any person; 
  

	8.2.12	Shareholdings 

 change, cause or permit any change in, the
legal and/or ultimate beneficial ownership of any of the shares in the Borrowers or the Corporate Guarantor which at any time would result in: 
  

	 	(a)	any of the Borrowers ceasing to be a wholly-owned direct Subsidiary of the Corporate Guarantor (provided however that this restriction shall not apply to the Eniwetok Borrower after
the Effective Date and shall apply to the Gala Borrower only after the Effective Date); and/or 

  

	 	(b)	less than ten per cent (10%) of the issued voting share capital of the Corporate Guarantor being ultimately beneficially owned by such two (2) persons and their immediate
families as were disclosed by the Borrowers to the Bank in the negotiation of this Agreement to be the ultimate beneficial owners of no less than 20% of the shares in the Corporate Guarantor on the date of this Agreement; and/or

  

	 	(c)	any other person, or persons acting in concert, having the ultimate beneficial ownership of a percentage of the issued voting share capital of the Corporate Guarantor which is
higher than the percentage at that time of the persons referred to in paragraph (b) above; 

  

	8.2.13	Share capital and distribution 

 purchase or otherwise
acquire for value any shares of its capital or declare or pay any dividends or distribute any of its present or future assets, undertaking, rights or revenues to any of its shareholders; 
  

	8.2.14	Constitutional documents 

 agree to any amendment or
variation of its constitutional documents; or 
  

	8.2.15	Subsidiaries 

 form or acquire any Subsidiaries.

  

	9	Conditions 

  

	9.1	Documents and evidence 

  

	9.1.1	Commitment 

 The obligation of the Bank to make the
Commitment available shall be subject to the condition that the Bank or its duly authorised representative shall have received, not later than two (2) Banking Days before the date of this Agreement, the documents and evidence specified in Part
1 of schedule 2 in form and substance satisfactory to the Bank. 
  

	9.1.2	Bank Guarantee 

 The obligation of the Bank to issue either
Bank Guarantee shall be subject to the conditions that the Bank or its duly authorised representative shall have received, not later than two (2) Banking Days before the day on which the first Bank Guarantee Issue Request is given, the
documents and evidence specified in Part 1 of schedule 2 in form and substance satisfactory to the Bank. 
  

 31 

	9.1.3	First Advances 

 The obligation of the Bank to make a First
Advance available shall be subject to the condition that the Bank or its duly authorised representative shall have received, not later than two (2) Banking Days before the day on which the Drawdown Notice for such First Advance is given, the
documents and evidence specified in Part 2 of schedule 2 in respect of such First Advance in form and substance satisfactory to the Bank. 
  

	9.1.4	Second Advances 

 The obligation of the Bank to make a
Second Advance available shall be subject to the condition that the Bank or its duly authorised representative shall have received, on or prior to the drawdown of such Second Advance, the relevant documents and evidence specified in Part 3 of
schedule 2 in respect of such Second Advance in form and substance satisfactory to the Bank. 
  

	9.1.5	Third Advances 

 The obligation of the Bank to make a Third
Advance available shall be subject to the condition that the Bank or its duly authorised representative shall have received on or prior to the drawdown of such Third Advance the relevant documents and evidence specified in Part 4 of schedule 2 in
respect of such Third Advance in form and substance satisfactory to the Bank. 
  

	9.1.6	Fourth Advances 

 The obligation of the Bank to make a
Fourth Advance available shall be subject to the condition that the Bank or its duly authorised representative shall have received on or prior to the drawdown of such Fourth Advance the relevant documents and evidence specified in Part 5 of schedule
2 in respect of such Fourth Advance in form and substance satisfactory to the Bank. 
  

	9.2	General conditions precedent 

 The obligation of the
Bank to make any Advance available or to issue either Bank Guarantee shall be subject to the further conditions that (a) at the time of the giving of the Drawdown Notice in respect of the relevant Advance or, as the case may be, at the time of
the giving of the relevant Bank Guarantee Issue Request and (b) at the time of the making of the relevant Advance or, as the case may be, at the relevant Bank Guarantee Issue Date: 
  

	9.2.1	the representations and warranties contained in (a) clauses 7.1, 7.2 and 7.3(b) and (b) clause 4 of the Corporate Guarantee, are true and correct on and as of each such
time as if each was made with respect to the facts and circumstances existing at such time; and 

  

	9.2.2	no Default shall have occurred and be continuing or would result from the making of such Advance or, as the case may be, the issuing of such Bank Guarantee.

  

	9.3	Waiver of conditions precedent 

 The conditions
specified in this clause 9 are inserted solely for the benefit of the Bank and may be waived by the Bank in whole or in part and with or without conditions. 
  

	9.4	Further conditions precedent 

 Not later than five
(5) Banking Days prior to each Drawdown Date and each Bank Guarantee Issue Date and not later than five (5) Banking Days prior to each Interest Payment Date, the Bank may request and the Borrowers shall, not later than two (2) Banking
Days prior to such date, deliver to the Bank on such request further favourable certificates and/or opinions as to any or all of the matters which are the subject of clauses 7, 8, 9 and 10 of this Agreement. 
  

 32 

	10	Events of Default 

  

	10.1	Events 

 There shall be an Event of Default if:

  

	10.1.1	Non-payment: any Security Party fails to pay any sum payable by it under any of the Security Documents at the time, in the currency and in the manner stipulated in the
Security Documents (and so that, for this purpose, sums payable on demand shall be treated as having been paid at the stipulated time if paid within three (3) Banking Days of demand); or 

  

	10.1.2	Breach of material obligations: either Borrower commits any breach of or omits to observe any of the obligations or undertakings expressed to be assumed by it under clauses
8.1.5 or 8.2 or the Corporate Guarantor commits any breach of or omits to observe any of the obligations or undertakings expressed to be assumed by it under clauses 5.1.4, 5.2 or 5.3 of the Corporate Guarantee; or 

  

	10.1.3	Breach of other obligations: any Security Party commits any breach of or omits to observe any of its obligations or undertakings expressed to be assumed by it under any of
the Security Documents (other than those referred to in clauses 10.1.1 and 10.1.2 above) and, in respect of any such breach or omission which in the opinion of the Bank is capable of remedy, such action as the Bank may require shall not have been
taken within fourteen (14) days (or any other longer period that the Bank may agree in its sole discretion) of the Bank notifying the relevant Security Party of such default and of such required action; or 

  

	10.1.4	Misrepresentation: any representation or warranty made or deemed to be made or repeated by or in respect of any Security Party in or pursuant to any of the Security Documents
or in any notice, certificate or statement referred to in or delivered under any of the Security Documents is or proves to have been incorrect or misleading in any material respect; or 

  

	10.1.5	Cross-default: any Indebtedness of any Security Party or other Relevant Party is not paid when due or any Indebtedness of any Security Party or other Relevant Party becomes
(whether by declaration or automatically in accordance with the relevant agreement or instrument constituting the same) due and payable prior to the date when it would otherwise have become due (unless as a result of the exercise by the relevant
Security Party or other Relevant Party of a voluntary right of prepayment), or any creditor of any Security Party or other Relevant Party becomes entitled to declare any such Indebtedness due and payable or any facility or commitment available to
any Security Party or other Relevant Party relating to Indebtedness is withdrawn, suspended or cancelled by reason of any default (however described) of the person concerned (unless the relevant Security Party or other Relevant Party shall have
satisfied the Bank that such withdrawal, suspension or cancellation will not affect or prejudice in any way the relevant Security Party’s or other Relevant Party’s ability to pay its debts as they fall due and fund its commitments), or any
guarantee given by any Security Party or other Relevant Party in respect of indebtedness is not honoured when due and called upon; or 

  

	10.1.6	Consents and authorisations: any consent, authorisation, licence or approval of, or registration with or declaration to, governmental or public bodies or authorities or
courts required by any Borrower or any other Security Party to authorise, or required by any Borrower or any other Security Party in connection with, the execution, delivery, validity, enforceability or admissibility in evidence of any of the
Security Documents or the performance by any Borrower or any such Security Party of its obligations under any of the Security Documents is modified in a manner unacceptable to the Bank or is not granted or is revoked or terminated or expires and is
not renewed or otherwise ceases to be in full force and effect; or 

  

	10.1.7	Legal process: any judgement or order made against any Security Party or other Relevant Party is not stayed or complied with within seven (7) days or a creditor attaches
or takes possession of, or a distress, execution, sequestration or other process is levied or enforced upon or sued out against, any of the undertakings, assets, rights or revenues of any Security Party or other Relevant Party and is not discharged
within seven (7) days; or 

  

 33 

	10.1.8	Insolvency: any Security Party or other Relevant Party is unable or admits inability to pay its debts as they fall due; suspends making payments on any of its debts or
announces an intention to do so; becomes insolvent; has assets the value of which is less than the value of its liabilities (taking into account contingent and prospective liabilities); or suffers the declaration of a moratorium in respect of any of
its Indebtedness; or any corporate action, legal proceedings or other procedure or step is taken in relation to any of the above; or 

  

	10.1.9	Reduction or loss of capital: a meeting is convened by any Security Party or other Relevant Party for the purpose of passing any resolution to purchase, reduce or redeem any
of its share capital; or 

  

	10.1.10	Winding up: any corporate action, legal proceedings or other procedure or step is taken for the purpose of winding up any Security Party or other Relevant Party or an order
is made or resolution passed for the winding up of any Security Party or other Relevant Party or a notice is issued convening a meeting for the purpose of passing any such resolution; or 

  

	10.1.11	Administration: any petition is presented, notice given or other step is taken for the purpose of the appointment of an administrator of any Security Party or other Relevant
Party (not being a petition which the Borrowers can demonstrate to the satisfaction of the Bank, by providing an opinion of leading counsel to that effect, is frivolous, vexatious or an abuse of the process of the court) or the Bank believes in its
reasonable opinion that any such petition or other step is imminent or an administration order is made in relation to any Security Party or other Relevant Party; or 

  

	10.1.12	Appointment of receivers, managers etc.: any administrative or other receiver, liquidator, compulsory manager or other similar officer is appointed of any Security Party or
other Relevant Party or any part of its assets and/or undertaking or any other steps are taken to enforce any Encumbrance over all or any part of the assets of any Security Party or other Relevant Party; or 

  

	10.1.13	Compositions: any corporate action, legal proceedings or other procedures or steps are taken, or negotiations commenced, by any Security Party or other Relevant Party or by
any of its creditors with a view to the general readjustment or rescheduling of all or part of its indebtedness or to proposing any kind of composition, compromise or arrangement involving such company and any of its creditors; or

  

	10.1.14	Analogous proceedings: there occurs, in relation to any Security Party or other Relevant Party, in any country or territory in which any of them carries on business or to the
jurisdiction of whose courts any part of their assets is subject, any event which, in the opinion of the Bank, appears in that country or territory to correspond with, or have an effect equivalent or similar to, any of those mentioned in clauses
10.1.7 to 10.1.13 (inclusive) or any Security Party or other Relevant Party otherwise becomes subject, in any such country or territory, to the operation of any law relating to insolvency, bankruptcy or liquidation; or 

  

	10.1.15	Cessation of business: any Security Party or other Relevant Party suspends or ceases or threatens to suspend or cease to carry on its business; or 

 

	10.1.16	Seizure: all or a material part of the undertakings, assets, rights or revenues of, or shares or other ownership interests in, any Security Party or other Relevant Party are
seized, nationalised, expropriated or compulsorily acquired by or under the authority of any Government Entity; or 

  

	10.1.17	Invalidity: any of the Security Documents shall at any time and for any reason become invalid or unenforceable or otherwise cease to remain in full force and effect, or if
the validity or enforceability of any of the Security Documents shall at any time and for any reason be contested by any Security Party which is a party thereto, or if any such Security Party shall deny that it has any, or any further, liability
thereunder; or 

  

 34 

	10.1.18	Unlawfulness: it becomes impossible or unlawful at any time for any Security Party to fulfil any of the covenants and obligations expressed to be assumed by it in any of the
Security Documents or for the Bank to exercise the rights or any of them vested in it under any of the Security Documents or otherwise; or 

  

	10.1.19	Repudiation: any Security Party repudiates any of the Security Documents or does or causes or permits to be done any act or thing evidencing an intention to repudiate any of
the Security Documents; or 

  

	10.1.20	Encumbrances enforceable: any Encumbrance in respect of any of the property (or part thereof) which is the subject of any of the Security Documents becomes enforceable; or

  

	10.1.21	Material adverse change: there occurs an event or series of events which, in the opinion of the Bank might have a material adverse effect on: 

  

	 	(a)	the business, assets, operations, prospects or condition (financial or otherwise) of any Security Party or any other Relevant Party or the Group as a whole; or

  

	 	(b)	the ability of any Security Party to comply with or perform any of its obligations under the terms of any of the Security Documents, or 

  

	 	(c)	the legality, validity or enforceability of any of the Security Documents or the rights or remedies of the Bank thereunder; or 

  

	10.1.22	Change in shareholdings: there is any change in the legal and/or ultimate beneficial ownership of any of the shares in any Borrower or the Corporate Guarantor which at any
time results in: 

  

	 	(a)	any of the Borrowers ceasing to be a wholly-owned direct Subsidiary of the Corporate Guarantor (provided that this provision will not apply to the Eniwetok Borrower after the
Effective Date); and/or 

  

	 	(b)	less than 10% of the issued voting share capital of the Corporate Guarantor being ultimately beneficially owned by such two (2) persons and their immediate families as were
disclosed by the Borrowers to the Bank in the negotiation of this Agreement to be the ultimate beneficial owners of no less than 20% of the shares in the Corporate Guarantor on the date of this Agreement; and/or 

  

	 	(c)	at any time any other person, or persons acting in concert, having the ultimate beneficial ownership of a percentage of the issued voting share capital of the Corporate Guarantor
which is higher than the percentage at that time of the persons referred to in paragraph (b) above; or 

  

	10.1.23	Demand under Bank Guarantee: a demand is made under either Bank Guarantee; or 

  

	10.1.24	Termination or variation of Contracts: any Contract (except the Eniwetok Contract) is terminated or rescinded for any reason whatsoever or any Contract (except the Eniwetok
Contract) is frustrated or any Contract (except the Eniwetok Contract) is varied in any manner not permitted by or pursuant to the relevant Pre-delivery Security Assignment or this Agreement; or 

  

	10.1.25	Termination of Refund Guarantees: any Refund Guarantee is repudiated, cancelled, rescinded or otherwise revoked or terminated (other than by the return of such Refund
Guarantee by the relevant Borrower to the relevant Builders and/or the Refund Guarantor on or following the Delivery of the Ship relevant to such Refund Guarantee); or 

  

	10.1.26	Non-Delivery of Ship: any Ship (except the Eniwetok Ship) is not delivered to, and accepted by, the relevant Borrower under the relevant Contract by 31 December 2010; or

  

 35 

	10.1.27	Bank Guarantee in force: the Bank believes, in its absolute discretion, that the Bank Guarantees have not expired and the Outstanding Amount in respect of each Bank Guarantee
has not been reduced to zero (0), in each case, by 31 December 2010; or 

  

	10.1.28	Cash Collateral Account: moneys are withdrawn from the Cash Collateral Account other than in accordance with clause 14 or the Account Pledge; or 

  

	10.1.29	Payments under Refund Guarantees: any claim made under any Refund Guarantee is not paid by the Refund Guarantor at the time specified by, and in accordance with, the terms of
the relevant Refund Guarantee, after receipt by the Refund Guarantor of the relevant written demand thereunder; or 

  

	10.1.30	Material events: any other event occurs or circumstance arises which, in the reasonable opinion of the Bank, is likely materially and adversely to affect either (a) the
ability of any Security Party to perform all or any of their respective obligations under or otherwise to comply with the terms of any of the Security Documents or (b) the security created by any of the Security Documents.

  

	10.2	Acceleration 

 The Bank may, without prejudice to
any other rights of the Bank, at any time after the happening of an Event of Default by notice to the Borrowers: 
  

	10.2.1	declare that the obligation of the Bank to make the Commitment available and to issue the Bank Guarantees shall be terminated, whereupon the Commitment and the Facility Commitment
shall be reduced to zero and such obligations of the Bank shall be terminated forthwith; and/or 

  

	10.2.2	declare that the Loan and all interest, commitment commission and guarantee commission accrued and all other sums payable under the Security Documents have become due and payable,
whereupon the same shall, immediately or in accordance with the terms of such notice, become due and payable; and/or 

  

	10.2.3	draw down any Advance or Advances and transfer the proceeds thereof immediately to the Cash Collateral Account (and the Borrowers hereby irrevocably and unconditionally authorise
and direct the Bank to effect such transfer); and/or 

  

	10.2.4	require the Borrowers to pay to the Bank for credit to the Cash Collateral Account forthwith and/or at any other time specified by the Bank, such amount in Dollars which, as at the
date of such notice by the Bank, is in the Bank’s opinion (but in accordance with this Agreement and the other Security Documents) equal to (i) the Outstanding Amount of both Bank Guarantees and (ii) the aggregate amount of any
outstanding loans made by the Bank to the Borrowers pursuant to clause 2.5.1 in connection with both Bank Guarantees, less the amount standing to the credit of the Cash Collateral Account at such date, whereupon such amounts shall become due and
payable immediately or in accordance with each such notice (it being understood that the Bank shall be entitled to give multiple such notices for further payment of moneys by the Borrowers to the Cash Collateral Account, at any time and from time to
time following an Event of Default, notwithstanding that the Borrowers may have complied with one or more earlier notices). 

  

	10.3	Demand basis 

 If, pursuant to clause 10.2.2, the
Bank declares the Loan to be due and payable on demand, the Bank may by written notice to the Borrowers (a) call for repayment of the Loan on such date as may be specified whereupon the Loan shall become due and payable on the date so specified
together with all interest, commitment commission and guarantee commission accrued and all other sums payable under this Agreement or (b) withdraw such declaration with effect from the date specified in such notice. 
  

 36 

	11	Indemnities 

  

	11.1	Miscellaneous indemnities 

 The Borrowers shall on
demand indemnify the Bank, without prejudice to any of the Bank’s other rights under any of the Security Documents, against any loss (including loss of Margin) or expense which the Bank shall certify as sustained or incurred by it as a
consequence of: 
  

	11.1.1	any default in payment by the Borrowers of any sum under any of the Security Documents when due; 

  

	11.1.2	the occurrence of any other Event of Default; 

  

	11.1.3	any prepayment of the Loan or part thereof being made under clauses 4.2, 4.3 or 12.1 or any other repayment of the Loan or part thereof being made otherwise than on an Interest
Payment Date relating to the part of the Loan prepaid or repaid; 

  

	11.1.4	any Advance not being made for any reason (excluding any default by the Bank) after the Drawdown Notice for that Advance has been given; or 

  

	11.1.5	the issuance of either Bank Guarantee and/or the performance of the Bank’s obligations thereunder, 

 including, in any such case, but not limited to, any loss or expense sustained or incurred in maintaining or funding the Loan or any part thereof or any
loan outstanding under clause 2.5.1 or in liquidating or re-employing deposits from third parties acquired to effect or maintain the Loan or any part thereof or any loan outstanding under clause 2.5.1. 
  

	11.2	Currency indemnity 

 If any sum due from the
Borrowers or any of them under any of the Security Documents or any order or judgement given or made in relation thereto has to be converted from the currency (the “first currency”) in which the same is payable under the relevant
Security Document or under such order or judgement into another currency (the “second currency”) for the purpose of (a) making or filing a claim or proof against the Borrowers or any of them, (b) obtaining an order or
judgement in any court or other tribunal or (c) enforcing any order or judgement given or made in relation to any of the Security Documents, the Borrowers shall indemnify and hold harmless the Bank from and against any loss suffered as a result
of any difference between (i) the rate of exchange used for such purpose to convert the sum in question from the first currency into the second currency and (ii) the rate or rates of exchange at which the Bank may in the ordinary course of
business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any such order, judgement, claim or proof. Any amount due from the Borrowers or any of them under this clause
11.2 shall be due as a separate debt and shall not be affected by judgement being obtained for any other sums due under or in respect of any of the Security Documents and the term “rate of exchange” includes any premium and costs of
exchange payable in connection with the purchase of the first currency with the second currency. 
  

	11.3	Central Bank or European Central Bank reserve requirements indemnity 

 The Borrowers shall on demand promptly indemnify the Bank against any cost incurred or loss suffered by the Bank as a result of its complying with the minimum reserve requirements of the European Central Bank and/or
with respect to maintaining required reserves with the relevant national Central Bank to the extent that such compliance relates to the Bank’s Commitment or the Facility Commitment, the Loan or any loans outstanding under clause 2.5.1 or the
Bank Guarantees or deposits obtained by it to fund or maintain the whole or part of the Loan or any loans outstanding under clause 2.5.1 and such cost or loss is not recoverable by the Bank under clause 12.2. 
  

 37 

	11.4	Waiver 

 In no event shall the Bank or any of its
Related Companies or any of their respective officers or directors be liable on any theory of liability for any special, indirect, consequential or punitive damages and each Borrower hereby waives, releases and agrees not to sue upon any such claim
for any such damages, whether or not accrued and whether or not known or suspected to exist in its favour. 
  

	11.5	General indemnity 

 The Borrowers jointly and
severally hereby indemnify and agree to hold harmless the Bank and each of its respective Related Companies and each of their respective officers, directors, employees, agents, advisors and representatives (each, an “Indemnified
Party”) from and against any and all claims, damages, losses, liabilities, costs, legal and other expenses (altogether the “Losses”), joint or several, that may be incurred by or asserted or awarded against any Indemnified
Party, in each case arising out of or in connection with or relating to any claim, investigation, litigation or proceeding (or the preparation of any defence with respect thereto) commenced or threatened in relation to the Security Documents or any
of them (or the transactions contemplated hereby or thereby) or any use made or proposed to be made with the proceeds of the Loan. This indemnity shall apply whether or not such claims, investigation, litigation or proceeding is brought by the
Borrowers or any of them, any other Security Party, any Relevant Party, any of their respective shareholders or creditors, an Indemnified Party or any other person, or an Indemnified Party is otherwise a party thereto, except to the extent that such
Losses are found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence or wilful misconduct. 
  

	12	Unlawfulness and increased costs 

  

	12.1	Unlawfulness 

 If it is or becomes contrary to any
law or regulation for the Bank to make any Advance or to maintain the Commitment or fund the Loan or any loan outstanding under clause 2.5.1 or any part thereof, or to issue either Bank Guarantee or maintain the Facility Commitment, the Bank shall
promptly give notice to the Borrowers whereupon (a) each of the Commitment and the Facility Commitment shall be reduced to zero, (b) the obligation of the Bank to issue either Bank Guarantee and to make available any Advance shall be
terminated and (c) the Borrowers shall be obliged to prepay the Loan either (i) forthwith or (ii) on a future specified date not being earlier than the latest date permitted by the relevant law or regulation together with interest
accrued to the date of prepayment and all other sums payable by the Borrowers under this Agreement. 
  

	12.2	Increased costs 

 If the result of any change in, or
in the interpretation or application of, or the introduction of, any law or any regulation, request or requirement, (whether or not having the force of law, but, if not having the force of law, with which the Bank or, as the case may be, its holding
company habitually complies), including (without limitation) those relating to Taxation, capital adequacy, liquidity, reserve assets, cash ratio deposits and special deposits, is to: 
  

	12.2.1	subject the Bank to Taxes or change the basis of Taxation of the Bank with respect to any payment under any of the Security Documents (other than Taxes or Taxation on the overall
net income, profits or gains of the Bank imposed in the jurisdiction in which its principal or lending office under this Agreement is located); and/or 

  

	12.2.2	increase the cost to, or impose an additional cost on, the Bank or its holding company in making or keeping the Commitment or the Facility Commitment available or maintaining or
funding all or part of the Loan or any loan outstanding under clause 2.5.1 or maintaining the Bank Guarantees; and/or 

  

 38 

	12.2.3	reduce the amount payable or the effective return to the Bank under any of the Security Documents; and/or 

  

	12.2.4	reduce the Bank’s or its holding company’s rate of return on its overall capital by reason of a change in the manner in which it is required to allocate capital resources
to the Bank’s obligations under any of the Security Documents; and/or 

  

	12.2.5	require the Bank or its holding company to make a payment or forego a return on or calculated by reference to any amount received or receivable by the Bank under any of the Security
Documents; and/or 

  

	12.2.6	require the Bank to incur or sustain a loss (including a loss of future potential profits) by reason of being obliged to deduct all or part of the Commitment or the Facility
Commitment or the Loan or any loan outstanding under clause 2.5.1 or the Outstandings from its capital for regulatory purposes, 

 then and in each such case: 
  

	 	(a)	the Bank shall notify the Borrowers in writing of such event promptly upon its becoming aware of the same; and 

  

	 	(b)	the Borrowers shall on demand pay to the Bank the amount which the Bank specifies (in a certificate setting forth the basis of the computation of such amount but not including any
matters which the Bank regards as confidential) is required to compensate the Bank and/or (as the case may be) its holding company for such liability to Taxes, cost, reduction, payment, foregone return or loss. 

 For the purposes of this clause 12.2, “holding company” means the company or entity (if any) within the consolidated supervision of which
the Bank is included. 
  

	12.3	Exception 

 Nothing in clause 12.2 shall entitle the
Bank to receive any amount in respect of compensation for any such liability to Taxes, increased or additional cost, reduction, payment, foregone return or loss to the extent that the same is the subject of an additional payment under clause 6.6.

  

	13	Security and set-off 

  

	13.1	Application of moneys 

 All moneys received by the
Bank under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 shall be applied by the Bank in the following manner: 
  

	13.1.1	first in or toward payment of all unpaid fees, expenses, commitment commission and guarantee commission which may be owing to the Bank under any of the Security Documents;

  

	13.1.2	secondly in or towards payment of any arrears of interest owing in respect of the Loan or any part thereof or any loan outstanding under clause 2.5.1; 

  

	13.1.3	thirdly in or towards repayment of the Loan and any loan outstanding under clause 2.5.1 (whether the same is due and payable or not); 

  

	13.1.4	fourthly in or towards payment to the Bank for any loss suffered by reason of any such payment in respect of principal not being effected on an Interest Payment Date relating to the
part of the Loan repaid; 

  

 39 

	13.1.5	fifthly in or towards payment to the Cash Collateral Account of any moneys payable thereto in accordance with clause 10.2.4; 

  

	13.1.6	sixthly in or towards payment to the Bank of any other sums owing to it under any of the Security Documents; and 

  

	13.1.7	seventhly the surplus (if any) shall be paid to the Borrowers or to whomsoever else may be entitled to receive such surplus. 

  

	13.2	Set-off 

  

	13.2.1	The Borrowers authorise the Bank (without prejudice to any of the Bank’s rights at law, in equity or otherwise), at any time and without prior notice to the Borrowers, to apply
any credit balance to which the Borrowers or any of them are then entitled standing upon any account of the Borrowers or any of them with any branch of the Bank in or towards satisfaction of any sum due and payable from the Borrowers to the Bank
under any of the Security Documents. For this purpose, the Bank is authorised to purchase with the moneys standing to the credit of such account such other currencies as may be necessary to effect such application. 

  

	13.2.2	The Bank shall not be obliged to exercise any right given to it by this clause 13.2. The Bank shall notify the Borrowers forthwith upon the exercise or purported exercise of any
right of set-off giving full details in relation thereto. 

  

	13.3	Further assurance 

 The Borrowers jointly and
severally undertake with the Bank that the Security Documents shall both at the date of execution and delivery thereof and so long as any moneys are owing under any of the Security Documents be valid and binding obligations of the respective parties
thereto and rights of the Bank enforceable in accordance with their respective terms and that they will, at their expense, execute, sign, perfect and do, and will procure the execution, signing, perfecting and doing by each of the other Security
Parties of, any and every such further assurance, document, act or thing as in the reasonable opinion of the Bank may be necessary or desirable for perfecting the security contemplated or constituted by the Security Documents. 
  

	13.4	Conflicts 

 In the event of any conflict between
this Agreement and any of the other Borrowers’ Security Documents, the provisions of this Agreement shall prevail. 
  

	14	Cash Collateral Account 

  

	14.1	General 

 The Borrowers jointly and severally
undertake with the Bank that they will, on or before the first Bank Guarantee Issue Date, open the Cash Collateral Account. 
  

	14.2	Withdrawals 

  

	14.2.1	Unless the Bank otherwise agrees in writing, the Borrowers shall not be entitled to withdraw any moneys from the Cash Collateral Account at any time from the date of this Agreement
and so long as any moneys are owing under the Security Documents whether actually or contingently, save that the Borrowers may withdraw moneys from the Cash Collateral Account for the purposes of transferring to the Bank (and each Borrower hereby
irrevocably and unconditionally authorises the Bank to effect each such transfer) forthwith following a demand made under either Bank Guarantee, such amounts as the Borrowers are liable to pay to the Bank under clause 2.5.1 in respect of such
demand. The Bank shall apply such moneys forthwith on receipt thereof in or towards discharge (in whole or, as the case may be, part) of such liability of the Borrowers or, in the Bank’s absolute discretion, in direct payment to the Builders of
any amount which the Builders have demanded under that Bank Guarantee. 

  

 40 

	14.2.2	Each Borrower hereby irrevocably and unconditionally authorises and directs the Bank to apply such funds in the manner and at the time referred to in clause 14.2.1.

  

	14.3	Interest 

 Amounts standing to the credit of the
Cash Collateral Account shall bear interest at the rate (unless otherwise agreed between the Bank and the Borrowers) which is certified by the Bank to the Borrowers to be the rate quoted by the Bank to its customers for deposits in Dollars for such
period as the Bank may determine and in an amount comparable with the amount for the time being standing to the credit of the Cash Collateral Account (such interest to be credited to the Cash Collateral Account and to accrue and be calculated in
such manner as agreed from time to time between the relevant Borrower and the Bank). 
  

	14.4	Set-off 

 Without in any way affecting the rights of
the Bank under clause 13.2, upon the occurrence of a Default which is continuing or at any time thereafter the Bank shall be entitled to set-off and apply all sums standing to the credit of the Cash Collateral Account and accrued interest (if any)
thereon without prior notice to the Borrowers in the manner specified in clause 13.1. 
  

	14.5	Deductions 

 The Bank shall be entitled (but not
obliged), at any time, to deduct from the balance for the time being standing to the credit of the Cash Collateral Account all other moneys which may fall due to be paid to the Bank under the terms of this Agreement and the other Security Documents
or otherwise howsoever in connection with the Loan. 
  

	14.6	Continuing security 

 The Bank shall not be obliged
to exercise its rights under clauses 14.4 or 14.5 (but shall be entitled to do so as and when specified therein). Any moneys standing to the credit of the Cash Collateral Account from time to time shall constitute continuing security for the payment
of all moneys and obligations, actual or contingent, of the Borrowers under this Agreement. 
  

	14.7	Pledging of Cash Collateral Account 

 The Cash
Collateral Account and all amounts from time to time standing to the credit thereof shall be subject to the security constituted and the rights conferred by the Account Pledge. 
  

	15	Assignment, transfer and lending office 

  

	15.1	Benefit and burden 

 This Agreement shall be binding
upon, and enure for the benefit of, the Bank and the Borrowers and their respective successors. 
  

	15.2	No assignment by Borrowers 

 The Borrowers may not
assign or transfer any of their respective rights or obligations under this Agreement. 
  

	15.3	Assignment by Bank 

 The Bank may assign all or any
part of its rights under this Agreement or under any of the other Security Documents to any other bank or financial institution (an “Assignee”) following prior consultation with the Borrowers, unless the Assignee shall be a Related
Company of the Bank (in which case no such consultation shall be required). 
  

 41 

	15.4	Transfer 

 The Bank may transfer all or any part of
its rights, benefits and/or obligations under this Agreement and/or any of the other Security Documents to any one or more banks or other financial institutions (a “Transferee”): 
  

	 	(a)	following prior consultation with the Borrowers, unless the Transferee shall be a Related Company of the Bank (in which case no such consultation shall be required); and

  

	 	(b)	if the Transferee, by delivery of such undertaking or other document as the Bank may approve, becomes bound by the terms of this Agreement and agrees to perform all or, as the case
may be, part of the Bank’s obligations under this Agreement. 

  

	15.5	Documenting assignments and transfers 

 If the Bank
assigns all or any part of its rights or transfers all or any part of its rights, benefits and/or obligations as provided in clauses 15.3 or 15.4, respectively, the Borrowers jointly and severally undertake, immediately on being requested to do so
by the Bank and at the cost of the Bank, to enter into, and procure that the other Security Parties shall enter into, such documents as may be necessary or desirable to transfer to the Assignee or Transferee all or the relevant part of the
Bank’s interest in the Security Documents and all relevant references in this Agreement to the Bank shall thereafter be construed as a reference to the Bank and/or its Assignee or Transferee (as the case may be) to the extent of their
respective interests. 
  

	15.6	Lending office 

 The Bank shall lend through its
office at the address specified in the definition of “Bank” in clause 1.2 or through any other office of the Bank selected from time to time by it through which the Bank wishes to lend for the purposes of this Agreement. If the
office through which the Bank is lending is changed pursuant to this clause 15.6, the Bank shall notify the Borrowers promptly of such change. 
  

	15.7	Disclosure of information 

 The Bank may, following
prior consultation with the Borrowers, disclose to a prospective assignee, transferee or to any other person who may propose entering into contractual relations with the Bank in relation to this Agreement such information about the Borrowers as the
Bank shall consider appropriate. 
  

	16	Notices and other matters 

  

	16.1	Notices 

 Every notice, request, demand or other
communication under this Agreement or (unless otherwise provided therein) under any of the other Security Documents shall: 
  

	16.1.1	be in writing delivered personally or by first-class prepaid letter (airmail if available) or facsimile transmission or other means of telecommunication in permanent written form;

  

	16.1.2	be deemed to have been received, subject as otherwise provided in the relevant Security Document, in the case of a letter, when delivered personally or five (5) days after it
has been put in to the post and, in the case of a facsimile transmission or other means of telecommunication in permanent written form, at the time of despatch (provided that if the date of despatch is not a business day in the country of the
addressee or if the time of despatch is after the close of business in the country of the addressee it shall be deemed to have been received at the opening of business on the next such business day); and 

  

 42 

	16.1.3	be sent: 

  

	 	(a)	if to the Borrowers or any of them at: 

 c/o Diana
Shipping Services S.A. 
 Pendelis 16 
 175 64 Palaio Faliro 
 Athens 
 Greece 
 Fax no:      +30 210 947 0101 
 Attention:  Mr Andreas Michalopoulos 
  

	 	(b)	if to the Bank at: 

 Fortis Bank 
 166 Syngrou Ave. 
 Athens 176 71 

Greece 
 Fax
No:      +30 210 954 4368 
 Attention:  Mr George Arcadis 
 or to such other address and/or numbers as is notified by one party to the other party under this Agreement. 
  

	16.2	No implied waivers, remedies cumulative 

 No failure
or delay on the part of the Bank to exercise any power, right or remedy under any of the Security Documents shall operate as a waiver thereof, nor shall any single or partial exercise by the Bank of any power, right or remedy preclude any other or
further exercise thereof or the exercise of any other power, right or remedy. The remedies provided in the Security Documents are cumulative and are not exclusive of any remedies provided by law. 
  

	16.3	English language 

 All certificates, instruments and
other documents to be delivered under or supplied in connection with any of the Security Documents shall be in the English language or shall be accompanied by a certified English translation upon which the Bank shall be entitled to rely. 

 

	16.4	Borrowers’ obligations 

  

	16.4.1	Joint and several 

 Notwithstanding anything to the
contrary contained in any of the Security Documents, the agreements, obligations and liabilities of the Borrowers herein contained are joint and several and shall be construed accordingly. Each Borrower agrees and consents to be bound by the
Security Documents to which it is, or is to be, a party notwithstanding that the other Borrowers which are intended to sign or to be bound may not do so or be effectually bound and notwithstanding that any of the Security Documents may be invalid or
unenforceable against the other Borrowers, whether or not the deficiency is known to the Bank. 
  

	16.4.2	Borrowers as principal debtors 

 Each Borrower acknowledges
and confirms that it is a principal and original debtor in respect of all amounts which may become payable by the Borrowers in accordance with the terms of this Agreement or any of the other Security Documents and agrees that the Bank may also
continue to treat it as such, whether or not the Bank is or becomes aware that such Borrower is or has become a surety for the other Borrowers. 
  

 43 

	16.4.3	Indemnity 

 The Borrowers hereby agree jointly and
severally to keep the Bank fully indemnified on demand against all damages, losses, costs and expenses arising from any failure of any Borrower to perform or discharge any purported obligation or liability of such Borrower which would have been the
subject of this Agreement or any other Security Document had it been valid and enforceable and which is not or ceases to be valid and enforceable against a Borrower on any ground whatsoever, whether or not known to the Bank (including, without
limitation, any irregular exercise or absence of any corporate power or lack of authority of, or breach of duty by, any person purporting to act on behalf of a Borrower (or any legal or other limitation, whether under the Limitation Acts or
otherwise or any disability or death, bankruptcy, unsoundness of mind, insolvency, liquidation, dissolution, winding up, administration, receivership, amalgamation, reconstruction or any other incapacity of any person whatsoever (including, in the
case of a partnership, a termination or change in the composition of the partnership) or any change of name or style or constitution of any Security Party)). 
  

	16.4.4	Liability unconditional 

 None of the obligations or
liabilities of the Borrowers under this Agreement or any other Security Document shall be discharged or reduced by reason of: 
  

	 	(a)	the death, bankruptcy, unsoundness of mind, insolvency, liquidation, dissolution, winding-up, administration, receivership, amalgamation, reconstruction or other incapacity of any
person whatsoever (including, in the case of a partnership, a termination or change in the composition of the partnership) or any change of name or style or constitution of any Borrower or any other person liable; 

  

	 	(b)	the Bank granting any time, indulgence or concession to, or compounding with, discharging, releasing or varying the liability of, either Borrower or any other person liable or
renewing, determining, varying or increasing any accommodation, facility or transaction or otherwise dealing with the same in any manner whatsoever or concurring in, accepting, varying any compromise, arrangement or settlement or omitting to claim
or enforce payment from any Borrower or any other person liable; or 

  

	 	(c)	anything done or omitted which but for this provision might operate to exonerate the Borrowers or any of them. 

  

	16.4.5	Recourse to other security 

 The Bank shall not be obliged
to make any claim or demand or to resort to any Security Document or other means of payment now or hereafter held by or available to it for enforcing this Agreement or any of the Security Documents against a Borrower or any other person liable and
no action taken or omitted by the Bank in connection with any such Security Document or other means of payment will discharge, reduce, prejudice or affect the liability of the Borrowers under this Agreement and the Security Documents to which any of
them is, or is to be, a party. 
  

	16.4.6	Waiver of Borrowers’ rights 

 Each Borrower agrees
with the Bank that, from the date of this Agreement and so long as any moneys are owing under the any of the Security Documents and while all or any part of the Commitment remains outstanding, it will not, without the prior written consent of the
Bank: 
  

	 	(a)	exercise any right of subrogation, reimbursement and indemnity against the other Borrowers or any other person liable under the Security Documents; 

  

	 	(b)	 demand or accept repayment in whole or in part of any Indebtedness now or hereafter due to such Borrower from the other Borrowers or from any other person liable or

  

 44 

	 	 
demand or accept any guarantee, indemnity or other assurance against financial loss or any document or instrument created or evidencing an Encumbrance in
respect of the same or dispose of the same; 

  

	 	(c)	take any steps to enforce any right against the other Borrowers or any other person liable in respect of any such moneys; or 

  

	 	(d)	claim any set-off or counterclaim against the other Borrowers or any other person liable or claiming or proving in competition with the Bank in the liquidation of the other Borrower
or any other person liable or have the benefit of, or share in, any payment from or composition with, the other Borrowers or any other person liable or any other Security Document now or hereafter held by the Bank for any monies owing under this
Agreement or for the obligations or liabilities of any other person liable but so that, if so directed by the Bank, it will prove for the whole or any part of its claim in the liquidation of the other Borrowers or other person liable on terms that
the benefit of such proof and all money received by it in respect thereof shall be held on trust for the Bank and applied in or towards discharge of any moneys owing under this Agreement in such manner as the Bank shall deem appropriate.

  

	17	Governing law and jurisdiction 

  

	17.1	Law 

 This Agreement and any non-contractuaI
obligations in connection with this Agreement are governed by, and shall be construed in accordance with, English law. 
  

	17.2	Submission to jurisdiction 

 Each Borrower agrees,
for the benefit of the Bank, that any legal action or proceedings arising out of or in connection with this Agreement (including any non-contractual obligations connected with this Agreement) against the Borrowers or any of them or any of their
assets may be brought in the English courts. Each Borrower irrevocably and unconditionally submits to the jurisdiction of such courts and irrevocably designates, appoints and empowers Nicolaou & Co. Chartered Accountants (attention Mr
Antonis Nicolaou) at present of 25 Heath Drive, Potters Bar, Herts, EN6 1 EN, England to receive for it and on its behalf, service of process issued out of the English courts in any such legal action or proceedings. The submission to such
jurisdiction shall not (and shall not be construed so as to) limit the right of the Bank to take proceedings against the Borrowers or any of them in the courts of any other competent jurisdiction nor shall the taking of proceedings in any one or
more jurisdictions preclude the taking of proceedings in any other jurisdiction, whether concurrently or not. The parties further agree that only the Courts of England and not those of any other State shall have jurisdiction to determine any claim
which the Borrowers or any of them may have against the Bank arising out of or in connection with this Agreement (including any non-contractual obligations connected with this Agreement). 
  

	17.3	Contracts (Rights of Third Parties) Act 1999 

 No
term of this Agreement is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who is not a party to this Agreement. 
 IN WITNESS whereof the parties to this Agreement have caused this Agreement to be duly executed on the date first above written. 
  

 45 

 Schedule 1 
 Form of Drawdown Notice and Bank Guarantee Issue Request 
 Part A 
 Form of Drawdown Notice 
 (referred to
in clause 2.2) 
  

	To:	Fortis Bank 

 166 Syngrou Ave. 
 Athens 176 71 Greece 
 [—] 200[—] 
 US$60,200,000 Loan Facility and US$36,451,100 Guarantee Facility 

 Facility Agreement dated 6 November 2006 as amended and restated by a Supplemental Agreement dated [—]
2009 (together the “Facility Agreement”) 
 We refer to the Facility Agreement and hereby give you notice that we wish to draw down the
[Bikini] [Eniwetok] [Gala] [First] [Second] [Third] [Fourth] Advance, namely [—] Dollars ($[—]) on [—] 200[—
] and select a first Interest Period in respect thereof [of [—] months] [ending on [—]]. The funds should be credited to [—].

 We confirm that: 
  

	(a)	no event or circumstance has occurred and is continuing which constitutes a Default; 

  

	(b)	the representations and warranties contained in (i) clauses 7.1, 7.2 and 7.3(b) of the Facility Agreement and (ii) clause 4 of the Corporate Guarantee, are true and
correct at the date hereof as if made with respect to the facts and circumstances existing at such date; 

  

	(c)	the borrowing to be effected by the drawdown of the said Advance[s] will be within our corporate powers, has been validly authorised by appropriate corporate action and will not
cause any limit on our borrowings (whether imposed by statute, regulation, agreement or otherwise) to be exceeded; and 

  

	(d)	there has been no material adverse change: 

  

	 	(i)	in the business, assets, operations, prospects or the financial position of the Corporate Guarantor, the Borrowers or the Group as a whole, from that described by the Borrowers or
any other Security Party to the Bank in the negotiation of this Agreement or the Supplemental Agreement; or 

  

	 	(ii)	in the business, assets, operations, prospects or the financial position of the Corporate Guarantor or the Group as a whole from that set forth in the semi-annual consolidated
financial statements of the Corporate Guarantor and its Subsidiaries for the financial half-year ended 30 June 2006; or 

  

	 	(iii)	in the ability of any of the Borrowers, the Corporate Guarantor or any other Security Party to comply with any of their respective obligations under the Security Documents or any of
them; or 

  

 46 

	 	(iv)	in the legality, validity or enforceability of any of the Security Documents or any of the rights or remedies of the Bank thereunder. 

 Words and expressions defined in the Facility Agreement shall have the same meanings where used herein. 
  

	
	  

	For and on behalf of
	BIKINI SHIPPING COMPANY INC.
	
	  

	For and on behalf of
	ENIWETOK SHIPPING COMPANY INC.
	
	  

	For and on behalf of
	GALA PROPERTIES INC.

  

 47 

 Part B 
 Form of Bank Guarantee Issue Request 
 (referred to in clause 2.2) 
  

	To:	Fortis Bank 166 

 Syngrou Ave. 
 Athens 176 71 
 Greece 
 [—] 200[—] 
 US$60,200,000 Loan Facility and US$36,451,000 Guarantee Facility Agreement dated 6 November 2006 as amended and restated by a Supplemental Agreement dated [—] 2009
(together the “Facility Agreement”) 
 We refer to the Facility Agreement and hereby request that the Bank issues the [Bikini] [Eniwetok] Bank
Guarantee in favour of the relevant Builders on [—] 200[—] to the following bank (being the relevant Builders’ bank): 
 [provide Builders’ bank details and SWIFT address] 
 We
confirm that: 
  

	(a)	no event or circumstance has occurred and is continuing which constitutes a Default; 

  

	(b)	the representations and warranties contained in (i) clauses 7.1, 7.2 and 7.3(b) of the Facility Agreement and (ii) clause 4 of the Corporate Guarantee, are true and
correct at the date hereof as if made with respect to the facts and circumstances existing at such date; and 

  

	(c)	there has been no material adverse change: 

  

	 	(i)	in the business, assets, operations, prospects or the financial position of the Corporate Guarantor, the Borrowers or the Group as a whole, from that described by the Borrowers or
any other Security Party to the Bank in the negotiation of this Agreement or the Supplemental Agreement; or 

  

	 	(ii)	in the business, assets, operations, prospects or the financial position of the Corporate Guarantor or the Group as a whole from that set forth in the semi-annual consolidated
financial statements of the Corporate Guarantor and its Subsidiaries for the financial half-year ended 30 June 2006; or 

  

	 	(iii)	in the ability of any of the Borrowers, the Corporate Guarantor or any other Security Party to comply with any of their respective obligations under the Security Documents or any of
them; or 

  

	 	(iv)	in the legality, validity or enforceability of any of the Security Documents or any of the rights or remedies of the Bank thereunder. 

 Words and expressions defined in the Facility Agreement shall have the same meanings where used herein. 
  

	
	  

	For and on behalf of
	BIKINI SHIPPING COMPANY INC.

  

 48 

	
	  

	For and on behalf of
	ENIWETOK SHIPPING COMPANY INC.
	
	  

	For and on behalf of
	GALA PROPERTIES INC.

  

 49 

 Schedule 2 
 Documents and evidence required as conditions precedent 
 (referred to in clause 9.1) 
 Part 1 
 Commitment and Facility
Commitment 
  

	1	Constitutional documents 

 Copies, certified by an
officer of each Security Party (other than the Builders and the Refund Guarantor) as true, complete and up to date copies of all documents which contain or establish or relate to the constitution of that Security Party; 
  

	2	Corporate authorisations 

 copies of resolutions of
the directors and stockholders of each Security Party approving such of the Underlying Documents and the Security Documents to which such Security Party is, or is to be, a party and authorising the signature, delivery and performance of such
Security Party’s obligations thereunder, certified by an officer of such Security Party as: 
  

	2.1	being true and correct; 

  

	2.2	being duly passed at meetings of the directors of such Security Party and of the stockholders of such Security Party each duly convened and held; 

  

	2.3	not having been amended, modified or revoked; and 

  

	2.4	being in full force and effect, 

 together with originals
or certified copies of any powers of attorney issued by any Security Party pursuant to such resolutions; 
  

	3	Specimen signatures 

 copies of the signatures of
the persons who have been authorised on behalf of each Security Party (other than the Builders and the Refund Guarantor) to sign such of the Underlying Documents and the Security Documents to which such Security Party is, or is to be, party and to
give notices and communications, including notices of drawing, under or in connection with the Security Documents, certified by an officer of such Security Party as being the true signatures of such persons; 
  

	4	Certificate of incumbency 

 a list of directors and
officers of each Security Party (other than the Builders and the Refund Guarantor) specifying the names and positions of such persons, certified by an officer of such Security Party to be true, complete and up to date; 
  

	5	Borrowers’ consents and approvals 

 a
certificate from an officer of each of the Borrowers that no consents, authorisations, licences or approvals are necessary for that Borrower to authorise or are required by that Borrower in connection with the transactions contemplated by this
Agreement or the execution, delivery and performance of the Borrowers’ Security Documents; 
  

 50 

	6	Other consents and approvals 

 a certificate from an
officer of each Security Party (other than the Borrowers, the Builders and the Refund Guarantor) that no consents, authorisations, licences or approvals are necessary for such Security Party to guarantee and/or grant security for the obligations of
the Borrowers pursuant to this Agreement and execute, deliver and perform the Security Documents insofar as such Security Party is a party thereto; 
  

	7	Chinese opinion 

 an opinion of Zhong Lun Law Firm,
special legal advisers on matters of Chinese law to the Bank; 
  

	8	Marshall Islands opinion 

 an opinion of Cozen
O’Connor, special legal advisers on matters of Marshall Islands law to the Bank; 
  

	9	Cash Collateral Account 

 evidence that the Cash
Collateral Account has been opened together with duly completed mandate forms in respect thereof; 
  

	10	Security Documents 

  

	10.1	the Corporate Guarantee, the Pre-delivery Security Assignments and the Account Pledge, each duly executed (together with all other documents to be executed and/or delivered to the
Bank pursuant thereto); and 

  

	10.2	the Contract Assignment Consent and Acknowledgements and the Refund Guarantee Assignment Consent and Acknowledgments, each duly executed by the Borrowers; 

 

	11	Borrowers’ process agent 

 a letter from each
Borrower’s agent for receipt of service of proceedings referred to in clause 17.2 accepting its appointment under the said clause and under each of the other Security Documents in which it is or is to be appointed as such Borrower’s agent;

  

	12	Security Parties’ process agent 

 a letter from
each Security Party’s agent (other than the Borrowers, the Builders and the Refund Guarantor) for receipt of service of proceedings accepting its appointment under each of the Security Documents in which it is to be appointed as such Security
Party’s agent; 
  

	13	Underlying Documents 

 a copy, certified as a true
and complete copy by an officer of the relevant Borrowers of each of the Contracts and the original of each of the Refund Guarantees; and 
  

	14	Fees and commissions  

 evidence that any fees and
any commissions due under clause 5.1 have been paid in full. 
  

 51 

 Part 2 
 First Advances 
  

	1	Past conditions precedent 

  

	 	(a)	Evidence that the conditions precedent referred to in Part 1 of this schedule remain satisfied and that the Borrowers are in compliance with clause 8.1.11; and

  

	 	(b)	only in relation to the First Gala Advance: 

  

	 	(i)	evidence that the conditions precedent referred to in the schedule 1 of the Supplemental Agreement have been fulfilled; and 

  

	 	(ii)	evidence that prepayment of all outstanding Eniwetok Advances has been made and that the other conditions referred to in clause 2.3.17 are met and that such clause is complied with
in full; 

  

	2	No claim 

 if required by the Bank, evidence
satisfactory to the Bank that the relevant Builders (and any other party who may have a claim pursuant to any Contract) have no claims against the relevant Borrower and that there have been no breaches of the terms of any Contract or any Refund
Guarantee or any default thereunder; 
  

	3	No variations to Contracts or Refund Guarantees 

 if
required by the Bank, evidence that there have been no amendments or variations agreed to any Contract or any Refund Guarantee and that no action has been taken by the Builders or the Refund Guarantor which might in any way render any Contract or
any Refund Guarantee inoperative or unenforceable, in whole or in part; 
  

	4	No Encumbrance 

 if required by the Bank, evidence
that there is no Encumbrance of any kind created or permitted by any person on or relating to any Contract or any Refund Guarantee (other than Permitted Encumbrances); 
  

	5	Invoice and receipt 

 an invoice from the relevant Builders demanding the payment of the “1st Instalment” of the Contract Price
payable under the Contract relevant to the First Advance be drawn down (payable under Article II 3(a) thereof) and a receipt from the relevant Builders evidencing payment of such instalment in full; 
  

	6	Fees and commissions 

 evidence that any fees and
commissions payable from the Borrowers to the Bank under clause 5.1 or any other provision of the Security Documents have been paid in full; and 
  

	7	Further conditions  

 any such other opinion or
further condition as may be required by the Bank. 
  

 52 

 Part 3 
 Second Advances 
  

	1	Previous conditions precedent 

 Evidence that the
conditions precedent referred to in Part 1 and Part 2 of this schedule remain satisfied and that the Borrowers are in compliance with clause 8.1.11. 
  

	2	No claim 

 if required by the Bank, evidence
satisfactory to the Bank that the relevant Builders (and any other party who may have a claim pursuant to any Contract) have no claims against the relevant Borrower and that there have been no breaches of the terms of any Contract or any Refund
Guarantee or any default thereunder; 
  

	3	No variations to Contracts or Refund Guarantees 

 if
required by the Bank, evidence that there have been no amendments or variations agreed to any Contract or any Refund Guarantee and that no action has been taken by the relevant Builders or the Refund Guarantor which might in any way render any
Contract or any Refund Guarantee inoperative or unenforceable, in whole or in part; 
  

	4	No Encumbrance 

 if required by the Bank, evidence
that there is no Encumbrance of any kind created or permitted by any person on or relating to any Contract or any Refund Guarantee (other than Permitted Encumbrances); 
  

	5	Invoice and receipt 

  

	 	(a)	in respect of each of the Second Bikini Advance and the Second Eniwetok Advance, an invoice from the Builders demanding the payment of the “2nd Instalment” of the Contract
Price payable under the Contract relevant to the Second Advance to be drawn down (payable under Article II 3(b) thereof) and a receipt from the Builders evidencing payment of such instalment in full; and 

  

	 	 (b)
	 in respect of the Second Gala Advance, an invoice from the relevant Builders demanding the payment of the
“1st Instalment” of the Gala Contract Price payable under Article II 3 (a) of the Gala Contract and a receipt from the Builders
evidencing payment of such instalment in full; 

  

	6	Fees and commissions 

 evidence that any fees and
commissions payable from the Borrowers to the Bank under clause 5.1 or any other provision of the Security Documents have been paid in full; 
  

	7	Confirmation of completion of stage of construction 

 evidence from the Classification Society that the steel plate of the Ship relevant to the Second Advance to be drawn down has been cut in the relevant Builders’ workshop to its satisfaction; and 
  

	8	Further conditions 

 any such other opinion or
further condition as may be required by the Bank. 
  

 53 

 Part 4 
 Third Advances 
  

	1	Previous conditions precedent 

 Evidence that the
conditions precedent referred to in Part 1, Part 2 and Part 3 of this schedule remain satisfied and that the Borrowers are in compliance with clause 8.1.11; 
  

	2	No claim 

 if required by the Bank, evidence
satisfactory to the Bank that the relevant Builders (and any other party who may have a claim pursuant to any Contract) have no claims against the relevant Borrower and that there have been no breaches of the terms of any Contract or any Refund
Guarantee or any default thereunder; 
  

	3	No variations to Contracts or Refund Guarantees 

 if
required by the Bank, evidence that there have been no amendments or variations agreed to any Contract or any Refund Guarantee and that no action has been taken by the relevant Builders or the Refund Guarantor which might in any way render any
Contract or any Refund Guarantee inoperative or unenforceable, in whole or in part; 
  

	4	No Encumbrance 

 if required by the Bank, evidence
that there is no Encumbrance of any kind created or permitted by any person on or relating to any Contract or any Refund Guarantee (other than Permitted Encumbrances); 
  

	5	Invoice and receipt 

  

	 	(a)	in respect of each of the Third Bikini Advance and the Third Eniwetok Advance, an invoice from the relevant Builders demanding the payment of the “3rd Instalment” of the
Contract Price payable under the Contract relevant to the Third Advance to be drawn down (payable under Article 3(c) thereof) and a receipt from the relevant Builders evidencing payment of such instalment in full; and 

  

	 	 (b)
	 in respect of the Third Gala Advance, an invoice from the relevant Builders demanding the payment of the
“1st Instalment” of the Gala Contract Price payable under Article II 3 (a) of the Gala Contract and a receipt from the Builders
evidencing payment of such instalment in full; 

  

	6	Fees and commissions 

 evidence that any fees and
commissions payable from the Borrowers to the Bank under clause 5.1 or any other provision of the Security Documents have been paid in full; 
  

	7	Confirmation of completion of stage of construction 

 evidence from the Classification Society that the keel-laying of the Ship relevant to such Third Advance to be drawn down has been completed to its satisfaction; and 
  

	8	Further conditions  

 any such other opinion or
further condition as may be required by the Bank. 
  

 54 

 Part 5 
 Fourth Advances 
  

	1	Previous conditions precedent 

 Evidence that the
conditions precedent referred to in Part 1, Part 2, Part 3 and Part 4 of this schedule remain satisfied and that the Borrowers are in compliance with clause 8.1.11; 
  

	2	No claim 

 if required by the Bank, evidence
satisfactory to the Bank that the relevant Builders (and any other party who may have a claim pursuant to any Contract) have no claims against the relevant Borrower and that there have been no breaches of the terms of any Contract or any Refund
Guarantee or any default thereunder; 
  

	3	No variations to Contracts or Refund Guarantees 

 if
required by the Bank, evidence that there have been no amendments or variations agreed to any Contract or any Refund Guarantee and that no action has been taken by the relevant Builders or the Refund Guarantor which might in any way render any
Contract or any Refund Guarantee inoperative or unenforceable, in whole or in part; 
  

	4	No Encumbrance 

 if required by the Bank, evidence
that there is no Encumbrance of any kind created or permitted by any person on or relating to any Contract or any Refund Guarantee (other than Permitted Encumbrances); 
  

	5	Invoice and receipt 

  

	 	(a)	in respect of each of the Fourth Bikini Advance and the Fourth Eniwetok Advance an invoice from the relevant Builders demanding the payment of the “4th Instalment” of the
Contract Price payable under the Contract relevant to the Fourth Advance to be drawn down (payable under Article II 3(d) thereof) and a receipt from the relevant Builders evidencing payment of such instalment in full; and 

 

	 	 (b)
	 in respect of the Fourth Gala Advance, an invoice from the relevant Builders demanding the payment of the
“1st Instalment” of the Gala Contract Price payable under Article II 3 (a) of the Gala Contract and a receipt from the Builders
evidencing payment of such instalment in full; 

  

	6	Fees and commissions 

 evidence that any fees and
commissions payable from the Borrowers to the Bank under clause 5.1 or any other provision of the Security Documents have been paid in full; 
  

	7	Confirmation of completion of stage of construction 

 only in relation to each of the Fourth Bikini Advance and the Fourth Eniwetok Advance, evidence from the Classification Society that the launching of the Ship relevant to the Fourth Advance to be drawn down has been completed to its
satisfaction; and 
  

	8	Further conditions  

 any such other opinion or
further condition as may be required by the Bank. 
  

 55 

 Schedule 3 
 Form of New Pre-delivery Security Assignment 
  

 12 

 Private & Confidential 
 Dated 30 April 2009 
  

					
		 	GALA PROPERTIES INC.	  	(1)
			
		 	and	  	
			
		 	FORTIS BANK	  	(2)

  
  
 PRE-DELIVERY SECURITY ASSIGNMENT

 in respect of Hull No. H1138 currently under construction at 
 Shanghai Jiangnan-Changxing Shipbuilding Co., Ltd. 
  
  
 

 

 Contents 
  

					
	 Clause
	  	Page
	1	  	 Definitions
	  	1
			
	2	  	 Assignment
	  	3
			
	3	  	 Undertakings
	  	4
			
	4	  	 Continuing security and other matters
	  	6
			
	5	  	 Powers of the Bank
	  	7
			
	6	  	 Application of moneys
	  	8
			
	7	  	 Remedies cumulative and other provisions
	  	9
			
	8	  	 Costs and indemnity
	  	9
			
	9	  	 Attorney
	  	10
			
	10	  	 Further assurance
	  	10
			
	11	  	 Assignment
	  	10
			
	12	  	 Notices
	  	11
			
	13	  	 Law and jurisdiction
	  	11
		
	 Schedule 1 Form of notice of assignment of Contract and acknowledgement
	  	12
		
	 Schedule 2 Form of notice of assignment of Refund Guarantee and acknowledgement
	  	16

 THIS DEED OF ASSIGNMENT is made the 30 day of April 2009 BETWEEN: 
  

	(1)	GALA PROPERTIES INC., a corporation incorporated in the Republic of Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island,
Majuro, Marshall Islands MH96960 (the “Buyer”); and 

  

	(2)	FORTIS BANK, a company whose registered office is at Montagne du Pare 3, 1000 Brussels, Belgium, acting for the purposes of this Agreement through its branch at 166 Syngrou
Avenue, 176 71 Athens, Greece (the “Bank”). 

 WHEREAS: 
  

	(A)	the shipbuilding contract, as amended by an addendum No. 1 thereto, each dated 30 March 2006 and made between the Buyer and China Shipbuilding Trading Company, Limited
(“CSTC”) and Shanghai Waigaoqiao Shipbuilding Co., Ltd., as novated in favour of CSTC, Shanghai Jiangnan - Changxing Shipbuilding Co., Ltd. (“SJS” and, together with CSTC, collectively referred to as the
“Builders” and each a “Builder”) and the Buyer by a novation agreement dated 24 July 2008, as further amended by an addendum No. 2 dated as of 3 April 2009 and as may be further amended from time to
time (together the “Contract”), in relation to the construction and sale by the Builders, and the purchase by the Buyer, of a 177,000 dwt steel-hulled, single-screw, diesel-driven bulk carrier to be known during construction as Hull
No. H1138 (the “Ship”); 

  

	(B)	by a facility agreement dated 6 November 2006 (the “Principal Agreement”) as amended and restated by a supplemental agreement dated 30 April 2009 (the
“Supplemental Agreement” and, together with the Principal Agreement, the “Agreement”) made between (inter alios) (1) the Buyer and Bikini Shipping Company Inc. as joint and several borrowers (therein and herein
referred to as the “Borrowers”) and (2) the Bank, the Bank agreed (inter alia) to make available to the Borrowers, upon the terms and conditions therein contained, a loan facility of up to Sixty million two hundred
thousand Dollars ($60,200,000) and a guarantee facility of up to Thirty six million four hundred and fifty one thousand one hundred Dollars ($36,451,100); and 

  

	(C)	this Deed is the Gala Pre-delivery Security Assignment referred to in the Agreement and is supplemental to the Agreement. 

 NOW THIS DEED WITNESSES AND IT IS HEREBY AGREED as follows: 
  

	1	Definitions 

  

	1.1	Defined expressions 

 Words and expressions defined
in the Agreement shall, unless otherwise defined in this Deed, or the context otherwise requires, have the same meanings when used in this Deed. 
  

	1.2	Definitions 

 In this Deed, unless the context
otherwise requires: 
 “Agreement” means the facility agreement referred to in recital (B) hereto; 
 “Assigned Documents” means: 
  

	 	(a)	the Contract; and 

  

	 	(b)	each Refund Guarantee; 

 “Assigned
Property” means all of the Buyer’s rights, title, interest and all its benefits present and future in and under the Assigned Documents and in all moneys payable by the Builders or either of them or the Refund Guarantor to the Buyer
thereunder including, without prejudice to 

  

 1 

 
the generality of the foregoing, all claims for damages in respect of any breach by the Builders or either of them of the Contract or by the Refund Guarantor
of any Refund Guarantee and all the rights of the Buyer to take delivery of and title to the Ship under the Contract; 
 “Bank” includes the successors in title and the Assignees and/or Transferees of the Bank;  
 “Builders” includes the respective successors in title of the Builders;  
 “Buyer” includes
the successors in title of the Buyer;  
 “Contract” means the shipbuilding contract referred to in recital
(A) hereto; 
 “Expenses” means the aggregate at any relevant time (to the extent that the same have not been received
or recovered by the Bank) of: 
  

	 	(a)	all losses, liabilities, costs, charges, expenses, damages and outgoings of whatever nature (including without limitation Taxes, repair costs, registration fees, insurance premiums,
commission in connection with any assignment of the Assigned Property or the sale of the Ship, costs of supervision of construction of the Ship and costs of safeguarding, maintaining and insuring the Ship in the event of her sale after delivery
under the Contract) suffered, incurred or paid by the Bank in connection with the exercise of the powers referred to in or granted by the Agreement or this Deed or any of the other Security Documents or otherwise payable by the Buyer in accordance
with clause 8; and 

  

	 	(b)	interest on all such losses, liabilities, costs, charges, expenses, damages and outgoings from the date on which the same were suffered, incurred or paid by the Bank until the date
of receipt or recovery thereof (whether before or after judgment) at a rate per annum calculated in accordance with clause 3.4 of the Agreement (as conclusively certified by the Bank); 

 “Outstanding Indebtedness” means the Loan, interest accrued and accruing thereon and all other sums actually or contingently owing to the
Bank under the Agreement, the Expenses and all other sums payable by the Borrowers or either of them to the Bank under or pursuant to the terms of this Deed or any of the other Security Documents; 
 “Refund Guarantees” means, together, the letter of guarantee no. LG100800151 dated 30 June 2008 issued by the Refund Guarantor in
favour of the Buyer, as amended by a confirmation letter dated 19 November 2008 and by a supplemental letter issued or to be issued pursuant to the Master Agreement (as defined in the Supplemental Agreement), in respect of certain of the
Builders’ obligations under the Contract and any further guarantee(s) to be issued by the Refund Guarantor in respect of such obligations, including pursuant to any agreement supplemental to the Contract, any extensions, renewals or
replacements thereto or thereof and “Refund Guarantee” means any of them; 
 “Refund Guarantor” means
Export-Import Bank of China, Head Office of Winland International Finance Centre, No. 7 Financial Street, Xicheng District, Beijing 100034, People’s Republic of China and includes its successors in title or such other bank as the Bank
shall approve in its sole discretion; and 
 “Security Period” means the period commencing on the date of this Deed and
terminating upon the later of (a) discharge of the security created by the Security Documents and payment of all moneys payable thereunder, whether actually or contingently, and (b) the latest Bank Guarantee Expiry Date. 
  

	1.3	Headings 

 Clause headings and the table of contents
are inserted for convenience of reference only and shall be ignored in the interpretation of this Deed. 
  

 2 

	1.4	Construction of certain terms 

 Clause 1.4 of the
Agreement shall apply to this Deed as if set out herein. 
  

	1.5	Conflict with Agreement 

 This Deed shall be read
together with the Agreement but in case of any conflict between this Deed and the Agreement, the provisions of the Agreement shall prevail. 
  

	2	Assignment 

  

	2.1	Assignment 

 By way of security for payment of the
Outstanding Indebtedness, the Buyer with full title guarantee hereby assigns and agrees to assign to the Bank the Assigned Property provided however that: 
  

	2.1.1	all moneys payable to the Buyer comprised in the Assigned Property (other than moneys described in clauses 6.1.1, 6.1.2, 6.1.3, 6.1.4, 6.1.5 or 6.1.6 which shall in all
circumstances be payable to the Bank) shall be payable to such account of the Buyer as the Bank shall from time to time agree in writing, and shall be at the disposal of the Buyer until such time as a Default shall occur and the Bank shall direct to
the contrary whereupon the Buyer shall forthwith, and the Bank may at any time thereafter, instruct the persons from whom such moneys are then payable to pay the same to the Bank or as it may direct and any such moneys then in the hands of the
Buyer’s agents shall be deemed to have been received by them for the use and on behalf of the Bank, 

  

	2.1.2	unless and until a Default shall occur and the Bank shall have given notice to the Buyer that the Bank intends to enforce its rights under this Deed, the Buyer shall be entitled to
exercise all its rights under the Assigned Documents (subject as provided in this Deed) in all respects as if the foregoing assignment had not been made; 

  

	2.1.3	the Bank shall be under no obligation to implement any of the Assigned Documents unless the Bank sees fit to do so; 

  

	2.1.4	if the Bank sees fit to implement any of the Assigned Documents and if the Bank makes any payments in respect of or relating to the Contract (including any payments made by the Bank
in addition to any such amount or amounts as the Bank is obliged to pay pursuant to the terms of the Agreement) all moneys so expended by the Bank for the purpose aforesaid shall on demand be repaid by the Buyer to the Bank together with interest
thereon (as well after as before judgment) at the rate referred to in clause 3.4 of the Agreement from the time of such expenditure until payment (such interest to accrue due from day to day and to be calculated on the basis of actual days elapsed
and a year of three hundred and sixty (360) days) and until so repaid shall be charged on the property hereby assigned; and 

  

	2.1.5	upon payment and discharge in full to the satisfaction of the Bank of the Outstanding Indebtedness, the Bank shall, at the request and cost of the Buyer, re-assign the Assigned
Property to the Buyer or as it may direct. 

  

	2.2	Notice of assignment 

 The Buyer hereby covenants
and undertakes with the Bank: 
  

	2.2.1	forthwith after execution and delivery of this Deed, to give written notice to the Builders and the Refund Guarantor in the form, or substantially the form, of the notices set out
in schedule 1 and schedule 2 respectively; and 

  

	2.2.2	in respect of each refund guarantee issued after the date of this Deed and falling within the definition of “Refund Guarantees” in clause 1.2, forthwith after its issuance
to give written notice to the Refund Guarantor in the form, or substantially the form, of the notice set out in schedule 2, 

  

 3 

 and, in each such case, will procure that each of the Builders and the Refund Guarantor, respectively,
signs and delivers to the Bank the form of acknowledgement attached to such notice not later than thirty (30) days thereafter. 
  

	3	Undertakings 

  

	3.1	Positive undertakings 

 The Buyer hereby undertakes
and agrees with the Bank that throughout the Security Period it will: 
  

	3.1.1	Document of title to the Ship 

 give irrevocable
instructions to the Builders to hold the Ship and the builder’s certificate and any other document of title to the Ship to the order and at the disposal of the Bank and ensure that the Builders comply with such instructions; 
  

	3.1.2	Performance of Contract 

 duly and punctually observe and
perform all the conditions and obligations imposed on it by the Contract; 
  

	3.1.3	Performance by Builders 

 ensure that the Builders observe
and perform all conditions and obligations imposed on them by the Contract and take all steps within its power to ensure that the Builders proceed with the construction of the Ship with due diligence and despatch; 
  

	3.1.4	Progress of construction and technical surveys 

  

	 	(a)	upon the request of the Bank, advise the Bank of the progress of construction of the Ship and supply the Bank with such other information as the Bank may require and the Buyer may
have regarding the Ship and the materials allocated or appropriated to the Ship (including but without limitation any progress report received by the Buyer pursuant to the Contract), the Assigned Documents, the Assigned Property or otherwise
relating to the construction of the Ship; and 

  

	 	(b)	upon the Bank’s request, permit the inspection of the Ship and the progress of construction thereof by representatives of the Bank (whether technical surveyors or otherwise)
but at reasonable intervals at the cost and expense of the Owner and permit to such representatives, or procure that they are permitted, access on board the Ship and/or at the premises of the Builders where construction is taking place and at the
premises and books and records of the persons supervising the construction of the Ship on behalf of the Buyer (whether at the construction site or otherwise); 

  

	3.1.5	Arbitration under Contract 

 in the event that the Builders
or either of them and/or the Buyer resorts to arbitration as provided in Article XIII of the Contract, immediately notify the Bank in writing that such arbitration has been initiated, advise the Bank in writing of the identity of the appointed
arbitrators and upon termination of the arbitration notify the Bank in writing to that effect and supply the Bank with a copy of the arbitration award and, if not English, a certified English translation thereof; 
  

 4 

	3.1.6	Enforcement of Buyer’s rights 

 do or permit to be
done each and every act or thing which the Bank may from time to time require to be done for the purpose of enforcing the Buyer’s rights under or pursuant to the Assigned Documents and allow the name of the Buyer to be used as and when required
by the Bank for that purpose; 
  

	3.1.7	Notification of rejection of Ship etc. 

 notify the Bank
immediately if the Builders or either of them or the Refund Guarantor or (with the prior written consent of the Bank given pursuant to clause 3.2) the Buyer cancels, rescinds, repudiates or otherwise terminates any of the Assigned Documents or
purports to do so or (with the prior written consent of the Bank given pursuant to clause 3.2) rejects the Ship or if the Ship shall become a Total Loss or partial loss or shall be otherwise damaged; and 
  

	3.1.8	Further Refund Guarantees 

  

	 	(a)	provide to the Bank a copy, certified as a true and complete copy by an officer of the Buyer, of any further Refund Guarantee issued by the Refund Guarantor (other than those Refund
Guarantees in existence on the date of this Deed) immediately following the issuance of such Refund Guarantee; and 

  

	 	(b)	provide to the Bank within twenty (20) days following the issuance of any such further Refund Guarantee provided to the Bank pursuant to paragraph (a) above, evidence in
form and substance acceptable to the Bank in its sole discretion that such Refund Guarantee has been duly registered with SAFE. 

  

	3.2	Negative undertakings 

 The Buyer hereby further
undertakes and agrees with the Bank that throughout the Security Period it will not without the previous consent in writing of the Bank (and then only subject to such conditions as the Bank may impose): 
  

	3.2.1	Disposals 

 sell, assign or otherwise dispose of or create
or grant or permit to subsist any Encumbrance over, of or relating to, any of the Assigned Property other than this Deed; 
  

	3.2.2	Sale 

 sell or agree to sell the Ship or any share or
interest therein; 
  

	3.2.3	Creation of Encumbrances 

 create or agree to create or
permit to subsist any Encumbrance over the Ship (or any share or interest therein) other than Encumbrances created or to be created pursuant to this Deed or the Agreement; 
  

	3.2.4	Variation of Refund Guarantees; releases and waivers of Refund Guarantees 

 agree to any variation of any Refund Guarantee or release the Refund Guarantor from any of its obligations thereunder or waive any breach of the Refund Guarantor’s obligations thereunder or consent to any such
act or omission of the Refund Guarantor as would otherwise constitute such breach; 
  

 5 

	3.2.5	Variations of Contract; releases and waivers of Contract 

 agree to any variation of the Contract or any substantial variation of the specification of the Ship (and for the purpose of this paragraph any extras, additions or alterations which the Buyer may desire to effect in the building of the
Ship shall be deemed to constitute a substantial change if the cost thereof (which shall in every case be agreed in writing between the Buyer and the Builders before the work is put in hand irrespective of whether the prior consent thereto of the
Bank be required hereunder) or if the aggregate cost of the proposed work together with the cost of any work already ordered, will alter the fixed price of the Ship (namely Sixty million two hundred thousand Dollars ($60,200,000)) by an amount
greater than two per cent (2%) of the said fixed price) or release the Builders or either of them from any of their respective obligations under the Contract or waive any breach of the Builders’ obligations thereunder or consent to any
such act or omission of the Builders or either of them as would otherwise constitute such breach; 
  

	3.2.6	Delays 

 without prejudice to sub-paragraph 3.2.5, agree to
any variation of the Contract or the specification of the Ship which would delay the time for delivery of the Ship; and 
  

	3.2.7	Rejection and cancellation 

 either exercise or fail to
exercise any right which the Buyer may have to reject the Ship or cancel or rescind or otherwise terminate the Contract provided always that any such rejection of the Ship or cancellation, rescission or other termination of the Contract by the Buyer
after such consent is given shall be without responsibility on the part of the Bank who shall be under no liability whatsoever to the extent that such rejection, rescission, cancellation or termination is thereafter adjudged to constitute a
repudiation or other breach of the Contract by the Buyer. 
  

	4	Continuing security and other matters 

  

	4.1	It is declared and agreed that: 

  

	4.1.1	Continuing security 

 the security created by this Deed
shall be held by the Bank as a continuing security for the payment of the Outstanding Indebtedness and the performance and observance of and compliance with all of the covenants, terms and conditions in the Security Documents contained, express or
implied and that the security so created shall not be satisfied by any intermediate payment or satisfaction of any part of the amount hereby and thereby secured (or by any settlement of accounts between the Buyer or any other person who may be
liable to the Bank in respect of the Outstanding Indebtedness or any part thereof and the Bank); 
  

	4.1.2	Security additional 

 the security so created shall be in
addition to, and shall not in any way prejudice or affect and may be enforced by the Bank without prior recourse to the security created by any of the other Security Documents or by any deposit of documents, or any guarantee, lien, bill, note,
mortgage or other security now or hereafter held by the Bank, or any right or remedy of the Bank thereunder and shall not in any way be prejudiced or affected thereby or by the invalidity or unenforceability thereof, or by the Bank releasing,
modifying or refraining from perfecting or enforcing any of the same, or granting time or indulgence or compounding with any person liable; 
  

	4.1.3	Rights additional 

 all the rights, remedies and powers
vested in the Bank hereunder shall be an addition to, and not a limitation of, any and every other right, power or remedy vested in the Bank under the 

  

 6 

 
Agreement, this Deed, the other Security Documents or at law and that all the powers so vested in the Bank and/or the Bank may be exercised from time to time
and as often as the Bank may deem expedient; 
  

	4.1.4	No enquiry 

 the Bank shall not be obliged to make any
enquiry as to the nature or sufficiency of any payment received by it under this Deed or to make any claim or take any action to collect any moneys hereby assigned or to enforce any rights or benefits hereby assigned to the Bank or to which the Bank
may at any time be entitled under this Deed; and 
  

	4.1.5	No liability 

 the Buyer shall remain liable to perform all
the obligations assumed by it in relation to the Assigned Property and the Bank shall be under no obligation of any kind whatsoever in respect thereof or be under any liability whatsoever in the event of any failure by the Buyer to perform its
obligations in respect thereof. 
  

	5	Powers of the Bank 

  

	5.1	Protective action 

 The Bank shall, without
prejudice to its other rights, powers and remedies hereunder or under any of the other Security Documents, be entitled (but not bound) at any time, and as often as may be necessary, to take any such action as it may in its discretion think fit for
the purpose of protecting or maintaining the security created by this Deed and all Expenses attributable thereto shall be payable by the Buyer on demand. 
  

	5.2	Remedy of defaults 

 Without prejudice to the
provisions of clause 5.1 or the generality of the powers and remedies vested in the Bank by virtue of the assignment herein contained, upon the happening of any Event of Default (whether or not the Bank shall have given any notice in accordance with
the provisions of clause 10.2 of the Agreement), the Bank shall become forthwith entitled, as and when it may see fit, to exercise in relation to the Assigned Property or any part thereof all or any of the rights, powers and remedies possessed by it
as assignee of the Assigned Property (whether at law, by virtue of this Deed or otherwise) and in particular (without limiting the generality of the foregoing): 
  

	5.2.1	to implement the Contract and take delivery and possession of the Ship as the Bank may see fit; 

  

	5.2.2	to agree with the Builders to determine the Contract on such terms and conditions as the Bank and the Builders may mutually agree; 

  

	5.2.3	to assign all the Assigned Property or to sell the Ship on or after its delivery under the Contract or otherwise and upon such terms (including free of or subject to any charter) as
the Bank shall in its absolute discretion determine and with power, where the Bank purchases the Ship and/or takes an assignment of the Assigned Property, to make payment of the price by making an equivalent reduction in the amount of the
Outstanding Indebtedness in the manner referred to in clause 6.1; 

  

	5.2.4	to undertake the further supervision of the construction of the Ship; 

  

	5.2.5	to collect, recover, compromise and give a good discharge for all claims then outstanding or thereafter arising in respect of the Assigned Property or any part thereof and moneys
payable to the Buyer or any damages recoverable by the Buyer under the Assigned Documents in connection therewith and to take over or institute (if necessary using the name of the Buyer) all such proceedings in connection therewith as the Bank in
its absolute discretion thinks fit; 

  

 7 

	5.2.6	to implement any Refund Guarantee and to agree with the Refund Guarantor any compromise of the obligations of the Refund Guarantor or grant any release or discharge of the Refund
Guarantor; 

  

	5.2.7	following delivery of the Ship to manage, insure, maintain and repair the Ship and to employ, sail or lay up the Ship in such manner and for such period as the Bank, in its absolute
discretion, deems expedient, accounting only for net profits arising from any such employment; and 

  

	5.2.8	to recover from the Buyer on demand all Expenses incurred or paid by the Bank in connection with the exercise of the powers (or any of them) referred to in this clause 5.2.

  

	5.3	Event of Default 

 At any time after the happening
of any Event of Default (whether or not the Bank shall have given any notice in accordance with the provisions of clause 10.2 of the Agreement), the Bank shall be entitled to exercise its powers of assignment and sale hereunder in such manner and at
such times as the Bank in its absolute discretion may determine and the Bank shall not in any circumstances be answerable for any loss occasioned by such sale or resulting from postponement thereof. 
  

	5.4	No enquiry by purchaser 

 Upon any assignment or
sale of the Contract and/or the Ship or any share therein or part thereof pursuant to this Deed the purchaser shall not be bound to see or enquire whether the Bank’s power of assignment or sale has arisen and the assignment or sale shall be
deemed to be within the power of the Bank and the receipt of the Bank for the purchase money shall effectively discharge the purchaser who shall not be concerned with the manner of application of the proceeds of sale or be in any way answerable
therefor. 
  

	5.5	Bank’s rights 

 The Buyer covenants and
undertakes with the Bank to do or permit to be done each and every act or thing which the Bank may from time to time require to be done for the purpose of enforcing the Bank’s rights under this Deed and to allow its name to be used as and when
required by the Bank for that purpose. 
  

	6	Application of moneys 

  

	6.1	Application 

 All moneys received by the Bank in
respect of: 
  

	6.1.1	any payment under any Refund Guarantee; 

  

	6.1.2	from the Builders or either of them under the Contract (including sums arising from any arbitration award); 

  

	6.1.3	the assignment, sale or other disposal of the Assigned Property or the Ship on enforcement of its rights hereunder; 

  

	6.1.4	(if the Ship is delivered to the Bank (or its nominee)) freights and other earnings of the Ship until the sale or loss of the Ship after such delivery; 

  

	6.1.5	the determination, cancellation or rescission or other termination of the Contract; 

  

 8 

	6.1.6	such collections, recoveries or compromises as are referred to in clause 5.2.5; or 

  

	6.1.7	otherwise in respect of the Assigned Property, 

 shall be
held by it upon trust in the first place to pay or make good the Expenses and the balance shall be paid over to the Bank for application by the Bank in the manner specified in clause 13.1 of the Agreement. 
  

	6.2	Shortfall 

 In the event that on application in
accordance with clause 6.1, the moneys so applied are insufficient to pay in full the whole of the Outstanding Indebtedness, the Bank shall be entitled to collect the shortfall from the Buyer or any other person liable for the time being therefor.

  

	7	Remedies cumulative and other provisions 

  

	7.1	No waiver 

 No failure or delay on the part of the
Bank to exercise any right, power or remedy vested in it under the Security Documents or any of them shall operate as a waiver thereof, nor shall any single or partial exercise by the Bank of any right, power or remedy nor the discontinuance,
abandonment or adverse determination of any proceedings taken by the Bank to enforce any right, power or remedy preclude any other or further exercise thereof or proceedings to enforce the same or the exercise of any other right, power or remedy.
Nor shall the giving by the Bank of any consent to any act which by the terms of this Deed requires such consent prejudice the right of the Bank to withold or give consent to the doing of any other similar act. The remedies provided in the Security
Documents are cumulative and are not exclusive of any remedies provided by law. 
  

	7.2	Delegation 

 The Bank shall be entitled, at any time
and as often as may be expedient, to delegate all or any of the powers and discretions vested in it by this Deed (including the power vested in it by virtue of clause 9) in such manner, upon such terms and to such persons as the Bank in its absolute
discretion may think fit. 
  

	7.3	Bank as assignee 

 The Bank shall be entitled to do
all acts and things incidental or conducive to the exercise of any of the rights, powers or remedies possessed by it as assignee of the Assigned Property (whether at law, under this Deed or otherwise). 
  

	8	Costs and indemnity 

  

	8.1	Costs 

 The Buyer shall pay to the Bank on demand on
a full indemnity basis all expenses or liabilities of whatsoever nature (including legal fees, fees of insurance advisers, printing, out-of-pocket expenses, stamp duties, registration fees and other duties or charges (together with any value added
tax or similar tax payable in respect thereof)) incurred by the Bank in connection with the enforcement of, or preservation of any rights under, this Deed or otherwise in respect of the Outstanding Indebtedness and the security therefor or in
connection with the preparation, completion, execution or registration of this Deed. 
  

	8.2	Indemnity 

 The Buyer hereby agrees and undertakes
to indemnify the Bank against all losses, actions, claims, expenses, demands, obligations and liabilities whatsoever and whensoever arising which may now or hereafter be incurred by or threatened or brought against it, or incurred by 

  

 9 

 
any manager, agent, officer or employee for whose liability, act or omission the Bank may be answerable in respect of, in relation to, or in connection with,
anything done or omitted in the exercise of, or purported exercise of, the powers contained in this Deed or the implementation of the Assigned Documents, or in respect of the design, construction, equipment or use or operation of the Ship or
otherwise in connection herewith or with any part of the Assigned Property or otherwise howsoever in relation to, or in connection with, any of the matters dealt with in any of the Security Documents. 
  

	9	Attorney 

  

	9.1	Power of attorney 

 By way of security, the Buyer
hereby irrevocably appoints the Bank to be its attorney generally for and in the name and on behalf of the Buyer and as the act and deed or otherwise of the Buyer to execute, seal and deliver and otherwise perfect and do all such deeds, assurances,
agreements, instruments, acts and things including, without prejudice to the generality of the foregoing, to ask, require, demand (including submitting a demand under any Refund Guarantee), receive, compound and give acquittance for any and all
moneys and claims for moneys due and to become due under or arising out of any of the Assigned Documents including all amounts already paid by the Buyer to the Builders pursuant to the Contract, to endorse any cheques or other instruments or orders
in connection therewith and to file any claims or take any action or institute any proceedings which to the Bank may seem to be necessary or advisable to execute and deliver a bill of sale of the Ship and generally to do any and all such things as
the Buyer itself could do in relation to the property hereby assigned which may be required for the full exercise of all or any of the rights, powers or remedies conferred hereby or which may be deemed proper in or in connection with all or any of
the purposes aforesaid. The power hereby conferred shall be a general power of attorney under the Powers of Attorney Act 1971, and the Buyer ratifies and confirms, and agrees to ratify and confirm, any deed, assurance, agreement, instrument, act or
thing which the Bank may execute or do pursuant thereto. Provided always that such power shall not be exercisable by or on behalf of the Bank until the happening of any Default. 
  

	9.2	Dealings with attorneys 

 The exercise of such power
by or on behalf of the Bank shall not put any person dealing with the Bank upon any enquiry as to whether any Default has happened, nor shall such person be in any way affected by notice that no such event has happened, and the exercise by the Bank
of such power shall be conclusive evidence of its or his right to exercise the same. 
  

	9.3	Filings 

 The Buyer hereby irrevocably appoints the
Bank to be its attorney in the name and on behalf of the Buyer and as the act and deed or otherwise of the Buyer to agree the form of and to do and execute all deeds, instruments, acts and things to file, record, register or enrol this Deed which
the Bank may in its discretion consider necessary or advisable, now or in the future, to ensure the legality, validity, enforceability or admissibility in evidence hereof. 
  

	10	Further assurance 

 The Buyer hereby further
undertakes at its own expense from time to time to execute, sign, perfect, do and (if required) register every such further assurance, document, act or thing as in the opinion of the Bank may be necessary or desirable for the purpose of more
effectually assigning the Assigned Property or perfecting the security constituted or intended to be constituted by this Deed. 
  

	11	Assignment 

 Subject to clause 5, the provisions of
clause 15 of the Agreement shall apply mutatis mutandis in respect of any assignment of rights or transfer of obligations under this Deed and the rights of each of the Buyer and the Bank to effect any assignment of rights or transfer of
obligations under this Deed. 
  

 10 

	12	Notices 

 The provisions of clause 16.1 of the
Agreement shall apply mutatis mutandis in respect of any certificate, notice, demand or other communication given or made under this Deed. 
  

	13	Law and jurisdiction 

  

	13.1	Law 

 This Deed and any non-contractual obligations
in connection with this Deed are governed by, and shall be construed in accordance with, English law. 
  

	13.2	Submission to jurisdiction 

 For the benefit of the
Bank, the Buyer irrevocably agrees that any legal action or proceedings arising out of or in connection with this Deed (including any non-contractual obligations connected with this Deed) against the Buyer or any of its assets may be brought in the
English courts or in the courts of any other jurisdiction chosen by the Bank, each of which shall have jurisdiction to settle any disputes arising out of or in connection with this Deed. The Buyer irrevocably and unconditionally submits to the
jurisdiction of such courts, and irrevocably designates, appoints and empowers Nicolaou & Co. Chartered Accountants at present of 25 Heath Drive, Potters Bar, Herts, EN6 1EN, England to receive, for it and on its behalf, service of process
issued out of the English courts in any such legal action or proceedings. The submission to such jurisdiction shall not (and shall not be construed so as to) limit the right of the Bank to take proceedings against the Buyer in any other court of
competent jurisdiction nor shall the taking of proceedings by the Bank in any one or more jurisdictions preclude the taking of proceedings by the Bank in any other jurisdiction, whether concurrently or not. 
 The parties further agree that only the courts of England and not those of any other State shall have jurisdiction to determine any claim which the Buyer
may have against the Bank arising out of or in connection with this Deed (including any non-contractual obligations connected with this Deed). 
  

	13.3	Contracts (Rights of Third Parties) Act 1999 

 No
term of this Deed is enforceable under the provisions of the Contracts (Rights of Third Parties) Act 1999 by a person who is not a party to this Deed. 
 IN WITNESS whereof this Deed has been duly executed by way of deed the day and year first above written. 
  

 11 

 Schedule 1 
 Form of notice of assignment of Contract and acknowledgement 
  

	To:	China Shipbuilding Trading Company, Limited 

 56 (Yi)
Zhongguancun 
 Nan Da Jie 
 Beijing 100 44 
 The People’s Republic of China 
 Shanghai Jiangnan - Changxing Shipbuilding Co., Ltd. 
 No. 2468 Changxing Jiangnan Avenue Changxing Town

 Chonguing County 
 Shanghai

 The People’s Republic of China 
 [—] 2009 
 Dear Sirs 
 Hull No. H1138 (the “Ship”) 
 We refer to the shipbuilding contract, as amended by an addendum no. 1 thereto, each dated
30 March 2006 and made between us, Gala Properties Inc. (the “Buyer”) and China Shipbuilding Trading Company, Limited (“CSTC”) and Shanghai Waigaoqiao Shipbuilding Co., Ltd., as novated in favour of CSTC,
Shanghai Jiangnan—Changxing Shipbuilding Co., Ltd. (“SJS” and, together with CSTC, collectively referred to as the “Seller”) and the Buyer by a novation agreement dated 24 July 2008, as further amended by
an Addendum No.2 dated [—] 2009 and as the same may be further amended and supplemented from time to time (together the “Contract”), whereby you agreed to design, build, launch, equip, complete,
sell and deliver to us after completion and successful trials one 177,000 dwt steel-hulled, single-screw, diesel-driven bulk carrier currently known as Hull No. H1138 and we agreed to purchase and take delivery of the same. 
 NOW WE HEREBY GIVE YOU NOTICE: 
  

	1	that by a deed of assignment dated [—] 2009 (the “Assignment”) and made between ourselves and Fortis Bank (the
“Bank”) of 166 Syngrou Avenue, 176 71 Athens, Greece, we have assigned to the Bank all our beneficial interests and all our benefits, right and title in, to and under the Contract but we continue to be responsible to you for
performance of our obligations thereunder; 

  

	2	that, without prejudice to your rights, benefits and remedies under the Contract, you are irrevocably authorised and instructed: 

  

	 	(a)	to hold the Ship to the order and at the disposal of the Bank (subject only to your lien as builders for moneys due to you under the Contract); 

  

	 	(b)	to hold the builder’s certificate and any other document of title to the Ship to the order and at the disposal of the Bank (subject only to your lien as builder for moneys due
to you under the Contract); and 

  

	 	(c)	to pay to the Bank all sums which you may become due to pay to us under the Contract (including sums arising from an arbitration award); and 

  

	3	that the Assignment includes provisions that: 

  

	 	(a)	 we will not (without the previous consent in writing of the Bank (and then only subject to such conditions as the Bank may impose)) (i) agree to any variation
of the Contract 

  

 12 

	 	 
or any substantial variation of the specification of the Ship or (ii) either exercise or fail to exercise any right which we may have to reject the Ship
or cancel or rescind or otherwise terminate the Contract; and 

  

	 	(b)	we shall remain liable to perform all our obligations under the Contract and the Bank shall be under no obligation of any kind in respect thereof. 

 The Bank has agreed that, until such time as it may give notice to the contrary, we or any representative appointed by us pursuant to Article IV of the Contract may
continue to superintend the building of the Ship. On such notice being given the Bank may (inter alia) exercise such right to superintend. This letter does not of course affect your right to be paid by us for alterations, additions, extra
work and materials required or directed by us in accordance with the terms of the Contract prior to such notice being given to you by the Bank. 
 Notwithstanding the Assignment, we hereby irrevocably and unconditionally assure and undertake to you that (a) we will continue to be responsible to you for performance of all our obligations under the Contract in accordance with the
terms and conditions therein, including but not limited to the payment of the contract price of the Ship; (b) your rights and benefits and interests under the Contract will not in any event be affected or prejudiced; and (c) the Assignment
will not impose upon you any further obligations or liabilities other than those expressly set forth in the Contract. 
 The authority and instructions
contained in this letter cannot be revoked or varied without the Bank’s consent. 
 Please acknowledge receipt of this notice and confirm your agreement
in relation to the matters stated above by signing the enclosed acknowledgement and return it direct to the Bank at the address shown, with a copy to us. 
 This Notice of Assignment is governed by, and shall be construed in accordance with, English law. 
 Yours faithfully 
  

	
	  

	Attorney-in-fact
	 For and on behalf of
 Gala Properties
Inc.

  

 13 

 Acknowledgement of and confirmation to Notice of Assignment of Contract 
  

	To:	Fortis Bank 

 166 Syngrou Avenue 
 176 71 Athens 
 Greece 
 We acknowledge notice of the fact that Gala Properties inc. (the “Buyer”) has by a deed of assignment dated [—] 2009
(the “Assignment”) assigned to you all its beneficial interest and all its benefits, right and title in, to and under the shipbuilding contract, as amended by an addendum no. 1 thereto, each dated 30 March 2006 and made between
Gala Properties Inc. (the “Buyer”) and China Shipbuilding Trading Company, Limited (“CSTC”) and Shanghai Waigaoqiao Shipbuilding Co., Ltd., as novated in favour of CSTC, Shanghai Jiangnan—Changxing Shipbuilding
Co., Ltd. (“SJS” and, together with CSTC, collectively referred to as the “Seller”) and the Buyer by a novation agreement dated 24 July 2008, as further amended by an Addendum No.2 dated [— ] 2009 and as the same may be further amended and supplemented from time to time (together the “Contract”), for the construction, sale and purchase of Hull No. H1138 (the “Ship”) but
that, until such time as you may give us notice to the contrary, the Buyer or any representative appointed by the Buyer pursuant to Article IV of the Contract may continue to superintend the building of the Ship and our right to be paid by the Buyer
for alterations, additions, extra work and materials required or directed by the Buyer in accordance with the terms of the Contract prior to such notice being given by you shall not be affected. 
 In accordance with authority and instructions given to us by the Buyer which cannot be revoked or varied without your consent, and in consideration of you making
available a guarantee facility to (inter alios) the Buyer and therefore improving its financial condition, we hereby undertake: 
  

	1	to hold the Ship and the builder’s certificate and any other documents of title to the Ship to your order and disposal except our lien as builders in respect of money due to us
under the Contract; 

  

	2	to pay to you all sums which we may become due to pay to the Buyer under the Contract including sums arising from an arbitration award; 

  

	3	that should default be made by the Buyer in the due payment of any instalment or instalments of the purchase price or should the Buyer commit any other default by reason whereof we
claim a right to determine the Contract we shall forthwith give you notice in writing of such default; and 

  

	4	that before exercising any option or right accruing to us on any such default, we shall first give you the option (to be exercised within twenty one (21) days) of you, or your
nominee, making good the default and assuming all the Buyer’s liabilities under the Contract. 

 We confirm that we have received no
notice of any other assignment, charge or disposal by the Buyer of the Contract or the Ship. 
 Furthermore, all our rights, benefits and remedies under the
Contract (whether in respect of the right to terminate the Contract, sale of the Ship, retaining proceeds following any Buyer’s default etc.) shall not be prejudiced or diminished in any respect whatsoever on account of the Assignment save for
our obligation hereunder to notify you in accordance with the above terms. 
  

 14 

 This Acknowledgement and Undertaking is governed by, and shall be construed in accordance with English law. 

Yours faithfully 
  

	
	  

	Attorney-in-fact
	For and on behalf of
	CHINA SHIPBUILDING TRADING COMPANY, LIMITED
	
	Dated: [—] 2009
	
	  

	Attorney-in-fact
	For and on behalf of
	SHANGHAI JIANGNAN - CHANGXING SHIPBUILDING CO., LTD.
	
	Dated: [—] 2009

  

 15 

 Schedule 2 
 Form of notice of assignment of Refund Guarantee and acknowledgement 
  

	To:	Export-Import Bank of China 

 Head Office of Winland
International Finance Centre 
 No. 7 Financial Street 
 Xicheng District 
 Beijing 100034 
 The People’s Republic of China 
 [—] 2009 
 Dear Sirs 
 We refer to
the letter of guarantee dated 30 June 2008 no. LG100800151, as amended by a confirmation letter dated 19 November 2008 and by a supplemental agreement dated [—] 2009 (the “Refund
Guarantee”) issued by you in respect of the refund obligations of China Shipbuilding Trading Company, Limited (“CSTC”) and Shanghai Jiangnan—Changxing Shipbuilding Co., Ltd. (“SJS” and, together with CSTC,
collectively referred to as the “Seller”) under a shipbuilding contract as amended by an addendum no. 1 thereto, each dated 30 March 2006 and made between Gala Properties Inc. (the “Buyer”) and CSTC and
Shanghai Waigaoqiao Shipbuilding Co., Ltd., as novated in favour of the Seller and the Buyer by a novation agreement dated 24 July 2008, as further amended by an Addendum No.2 dated [—] 2009 and as the same
may be further amended and supplemented from time to time (together the “Contract”), for the construction, sale and purchase of Hull No. H1138 (the “Ship”). 
 NOW WE HEREBY GIVE YOU NOTICE: 
  

	1	that by a deed of assignment dated [—] 2009 (the “Assignment”) and made between ourselves and Fortis Bank (the
“Bank”) of 166 Syngrou Avenue, 176 71 Athens, Greece, we have assigned to the Bank all our beneficial interest and all our benefits, right and title in, to and under the Refund Guarantee and in all moneys payable by you to us under
the Refund Guarantee (including but without prejudice to the generality of the foregoing all claims for damages in respect of any breach by you of the Refund Guarantee); 

  

	2	that you are hereby irrevocably authorised and instructed to hold the Refund Guarantee to the order and at the disposal of the Bank and to pay to the Bank all sums which you may
become due to pay to us under the Refund Guarantee; and 

  

	3	that the Assignment includes provisions that we will not, without the previous consent in writing of the Bank (and then only subject to such conditions as the Bank may impose) agree
to any variation (except extending the validity) of the Refund Guarantee or release you from any of your obligations thereunder or waive any breach of your obligations thereunder or consent to any such act or omission as would otherwise constitute
such breach. 

 The authority and instructions contained in this letter cannot be revoked or varied without the Bank’s consent.

 Please acknowledge receipt of this notice and confirm your agreement in relation to the matters stated above and that the Refund Guarantee remains in full
force and effect by signing the acknowledgement endorsed on the enclosed duplicate of this notice and returning that duplicate direct to the Bank at the address shown, with a copy to us. 
  

 16 

 This Notice of Assignment is governed by, and shall be construed in accordance with, English law. 
 Yours faithfully 
  

	
	  

	Attorney-in-fact
	 For and on behalf of
 GALA PROPERTIES
INC.

  

 17 

 Acknowledgement of and confirmation to Notice of Assignment 
 of Refund Guarantee 
 [on duplicate] 
  

	To:	Fortis Bank 

 166 Syngrou Avenue 
 176 71 Athens 
 Greece 
 We hereby acknowledge receipt of the notice above and agree to act in accordance with the authority and instructions given to us in that notice. 
 We confirm that we have received no notice of any other assignment, charge or disposal by the Buyer of the Refund Guarantee. 
 In particular, we hereby represent and warrant that we have obtained the full approval of the foreign exchange authority, China State Administration of Foreign Exchange
(“SAFE”), to issue the Refund Guarantee and we hereby undertake to comply with the relevant PRC foreign security regulations and complete, when necessary, the requisite recordation/approval formalities with the relevant foreign exchange
authority, i.e. SAFE, and other relevant authorities to maintain the Refund Guarantee and the assignment of the Refund Guarantee as fully valid, effective and enforceable against us as far as PRC foreign exchange regulations are concerned.

 This acknowledgement is governed by, and shall be construed in accordance with, English law. 
  

	
	  

	
	  

	For and on behalf of
	EXPORT - IMPORT BANK OF CHINA

 Dated: [—] 
  

 18 

					
	EXECUTED as a DEED	 	)	 	
	by	 	)	 	
	for and on behalf of	 	)	 	  

	GALA PROPERTIES INC.	 	)	 	Attorney-in-Fact
	in the presence of:	 	)	 	
			
	  
	 		 	
	Witness	 		 	
	Name:	 		 	
	Address:	 		 	
	Occupation:	 		 	
			
	EXECUTED as a DEED	 	)	 	  

	by	 	)	 	Authorised signatory
	and by	 	)	 	
	for and on behalf of	 	)	 	
	FORT1S BANK	 	)	 	  

	in the presence of:	 	)	 	Authorised signatory
			
	  
	 		 	
	Witness	 		 	
	Name:	 		 	
	Address:	 		 	
	Occupation:	 		 	

  

 19 

					
	EXECUTED as a DEED	 	)	 	 

	by S. PALIOS	 	)	 
	for and on behalf of	 	)	 
	BIKINI SHIPPING COMPANY INC.	 	)	 	Attorney-in-fact
	as Original Borrower	 	)	 	
	in the presence of:	 	)	 	
			
	 

	 		 	
	Witness	 		 	
	Name:  Eleni Platsidaki	 		 	
	Address:  Norton Rose LLP–Athens	 		 	
	Occupation:  Solicitor	 		 	
			
	EXECUTED as a DEED	 	)	 	 

	by S. PALIOS	 	)	 
	for and on behalf of	 	)	 
	ENIWETOK SHIPPING COMPANY INC.	 	)	 	Attorney-in-fact
	as Original Borrower	 	)	 	
	in the presence of:	 	)	 	
			
	 

	 		 	
	Witness	 		 	
	Name:  Eleni Platsidaki	 		 	
	Address:  Norton Rose LLP–Athens	 		 	
	Occupation:  Solicitor	 		 	
			
	EXECUTED as a DEED	 	)	 	 

	by A. PALIOU	 	)	 
	for and on behalf of	 	)	 
	GALA PROPERTIES INC.	 	)	 	Director
	as New Borrower	 	)	 	
	in the presence of:	 	)	 	
			
	 

	 		 	
	Witness	 		 	
	Name:  Eleni Platsidaki	 		 	
	Address:  Norton Rose LLP–Athens	 		 	
	Occupation:  Solicitor	 		 	

  

 20 

					
	EXECUTED as a DEED	 	)	 	 

	by S. PALIOS	 	)	 
	for and on behalf of	 	)	 
	DIANA SHIPPING INC.	 	)	 	Attorney-in-fact
	as Corporate Guarantor	 	)	 	
	in the presence of:	 	)	 	
			
	 

	 		 	
	Witness	 		 	
	Name:  Eleni Platsidaki	 		 	
	Address:  Norton Rose LLP–Athens	 		 	
	Occupation:  Solicitor	 		 	
			
	EXECUTED as a DEED by G. ARCADIS	 	)	 	 

	and by D. CHRISTACOPOULOS	 	)	 	Authorised signatory
	for and on behalf of	 	)	 	 

	FORTIS BANK	 	)	 
	as Bank	 	)	 
	in the presence of:	 	)	 	Authorised signatory
			
	 

	 		 	
	Witness	 		 	
	Name:  Eleni Platsidaki	 		 	
	Address:  Norton Rose LLP–Athens	 		 	
	Occupation:  Solicitor	 		 	

  

 21Exhibit 10.37

 Exhibit 10.37 
  
  
  
 CREDIT AGREEMENT 
 Dated as of May 4,
2009 
 by and among 
 FEDERAL
REALTY INVESTMENT TRUST, 
 as Borrower, 
 Each of 
 WACHOVIA CAPITAL MARKETS, LLC, 
 and 
 PNC CAPITAL MARKETS LLC, 
 as an Arranger 
 and 
 a Book Manager, 
 WACHOVIA BANK, NATIONAL ASSOCIATION, 
 as Agent, 
 PNC BANK, NATIONAL ASSOCIATION, 
 as Syndication Agent, 
 and 
 Each of 
 JPMORGAN CHASE BANK, N.A., 
 REGIONS BANK 
 and 
 SUNTRUST BANK, 
 as a Documentation Agent, 
 and 
 THE FINANCIAL INSTITUTIONS INITIALLY
SIGNATORY HERETO 
 AND THEIR ASSIGNEES PURSUANT TO SECTION 12.5.(b), 
 as Lenders 
  
  
  
  

 1 

 TABLE OF CONTENTS 
  

							
	 Article I. Definitions
	  	1
				
		 	Section 1.1.	  	 Definitions.
	  	1
		 	Section 1.2.	  	 General; References to Times.
	  	22
		 	Section 1.3.	  	 Financial Attributes of Non-Wholly Owned Subsidiaries.
	  	23
		
	 Article II. Credit Facility
	  	23
				
		 	Section 2.1.	  	 Loans.
	  	23
		 	Section 2.2.	  	 Rates and Payment of Interest on Loan.
	  	23
		 	Section 2.3.	  	 Number of Interest Periods.
	  	24
		 	Section 2.4.	  	 Repayment of Loans.
	  	25
		 	Section 2.5.	  	 Prepayments.
	  	25
		 	Section 2.6.	  	 Continuation.
	  	25
		 	Section 2.7.	  	 Conversion.
	  	25
		 	Section 2.8.	  	 Notes.
	  	26
		
	 Article III. Payments, Fees and Other General Provisions
	  	26
				
		 	Section 3.1.	  	 Payments.
	  	26
		 	Section 3.2.	  	 Pro Rata Treatment.
	  	27
		 	Section 3.3.	  	 Sharing of Payments, Etc.
	  	27
		 	Section 3.4.	  	 Several Obligations.
	  	28
		 	Section 3.5.	  	 Minimum Amounts.
	  	28
		 	Section 3.6.	  	 Administrative and Other Fees.
	  	28
		 	Section 3.7.	  	 Computations.
	  	28
		 	Section 3.8.	  	 Usury.
	  	29
		 	Section 3.9.	  	 Agreement Regarding Interest and Charges.
	  	29
		 	Section 3.10.	  	 Statements of Account.
	  	29
		 	Section 3.11.	  	 Defaulting Lenders.
	  	29
		 	Section 3.12.	  	 Taxes.
	  	30
		
	 Article IV. Yield Protection, Etc.
	  	32
				
		 	Section 4.1.	  	 Additional Costs; Capital Adequacy.
	  	32
		 	Section 4.2.	  	 Suspension of LIBOR Loans.
	  	33
		 	Section 4.3.	  	 Illegality.
	  	33
		 	Section 4.4.	  	 Compensation.
	  	34
		 	Section 4.5.	  	 Treatment of Affected Loans.
	  	34
		 	Section 4.6.	  	 Change of Lending Office.
	  	35
		 	Section 4.7.	  	 Assumptions Concerning Funding of LIBOR Loans.
	  	35
		 	Section 4.8.	  	 Affected Lenders.
	  	35
		
	 Article V. Conditions Precedent
	  	36
				
		 	Section 5.1.	  	 Initial Conditions Precedent.
	  	36
		
	 Article VI. Representations and Warranties
	  	39
				
		 	Section 6.1.	  	 Representations and Warranties.
	  	39

  

 i 

							
		 	Section 6.2.	 	 Survival of Representations and Warranties, Etc.
	  	44
		
	 Article VII. Affirmative Covenants
	  	45
				
		 	Section 7.1.	 	 Preservation of Existence and Similar Matters.
	  	45
		 	Section 7.2.	 	 Compliance with Applicable Law and Material Contracts.
	  	45
		 	Section 7.3.	 	 Maintenance of Property.
	  	45
		 	Section 7.4.	 	 Conduct of Business.
	  	46
		 	Section 7.5.	 	 Insurance.
	  	46
		 	Section 7.6.	 	 Payment of Taxes and Claims.
	  	46
		 	Section 7.7.	 	 Visits and Inspections.
	  	46
		 	Section 7.8.	 	 Use of Proceeds.
	  	47
		 	Section 7.9.	 	 Environmental Matters.
	  	47
		 	Section 7.10.	 	 Books and Records.
	  	47
		 	Section 7.11.	 	 Further Assurances.
	  	47
		 	Section 7.12.	 	 New Subsidiaries/Guarantors.
	  	48
		 	Section 7.13.	 	 REIT Status.
	  	48
		 	Section 7.14.	 	 Exchange Listing.
	  	48
		
	 Article VIII. Information
	  	49
				
		 	Section 8.1.	 	 Quarterly Financial Statements.
	  	49
		 	Section 8.2.	 	 Year-End Statements.
	  	49
		 	Section 8.3.	 	 Compliance Certificate.
	  	49
		 	Section 8.4.	 	 Other Information.
	  	50
		 	Section 8.5.	 	 Electronic Delivery of Certain Information.
	  	52
		 	Section 8.6.	 	 Public/Private Information.
	  	54
		
	 Article IX. Negative Covenants
	  	54
				
		 	Section 9.1.	 	 Financial Covenants.
	  	54
		 	Section 9.2.	 	 Restricted Payments.
	  	55
		 	Section 9.3.	 	 Indebtedness.
	  	55
		 	Section 9.4.	 	 Certain Permitted Investments.
	  	55
		 	Section 9.5.	 	 Investments Generally.
	  	56
		 	Section 9.6.	 	 Liens; Negative Pledges; Other Matters.
	  	57
		 	Section 9.7.	 	 Merger, Consolidation, Sales of Assets and Other Arrangements.
	  	57
		 	Section 9.8.	 	 Fiscal Year.
	  	58
		 	Section 9.9.	 	 Modifications of Organizational Documents.
	  	59
		 	Section 9.10.	 	 Transactions with Affiliates.
	  	59
		 	Section 9.11.	 	 ERISA Exemptions.
	  	59
		 	Section 9.12.	 	 Non-Controlled Properties.
	  	59
		 	Section 9.13.	 	 OFAC.
	  	59
		
	 Article X. Default
	  	60
				
		 	Section 10.1.	 	 Events of Default.
	  	60
		 	Section 10.2.	 	 Remedies Upon Event of Default.
	  	63
		 	Section 10.3.	 	 Allocation of Proceeds.
	  	64

  

 - ii - 

							
		 	 Section 10.4.
	 	 Performance by Agent.
	  	65
		 	 Section 10.5.
	 	 Rights Cumulative.
	  	65
		
	 Article XI. The Agent
	  	65
				
		 	 Section 11.1.
	 	 Authorization and Action.
	  	65
		 	 Section 11.2.
	 	 Agent’s Reliance, Etc.
	  	66
		 	 Section 11.3.
	 	 Notice of Defaults.
	  	67
		 	 Section 11.4.
	 	 Wachovia as Lender.
	  	67
		 	 Section 11.5.
	 	 Approvals of Lenders.
	  	67
		 	 Section 11.6.
	 	 Lender Credit Decision, Etc.
	  	68
		 	 Section 11.7.
	 	 Indemnification of Agent.
	  	68
		 	 Section 11.8.
	 	 Successor Agent.
	  	69
		 	 Section 11.9.
	 	 Titled Agents.
	  	70
		
	 Article XII. Miscellaneous
	  	70
				
		 	 Section 12.1.
	 	 Notices.
	  	70
		 	 Section 12.2.
	 	 Expenses.
	  	71
		 	 Section 12.3.
	 	 Setoff.
	  	72
		 	 Section 12.4.
	 	 Litigation; Jurisdiction; Other Matters; Waivers.
	  	72
		 	 Section 12.5.
	 	 Successors and Assigns.
	  	73
		 	 Section 12.6.
	 	 Amendments.
	  	76
		 	 Section 12.7.
	 	 Nonliability of Agent and Lenders.
	  	78
		 	 Section 12.8.
	 	 Confidentiality.
	  	78
		 	 Section 12.9.
	 	 Indemnification.
	  	79
		 	 Section 12.10.
	 	 Termination; Survival.
	  	81
		 	 Section 12.11.
	 	 Severability of Provisions.
	  	81
		 	 Section 12.12.
	 	 GOVERNING LAW.
	  	81
		 	 Section 12.13.
	 	 Patriot Act.
	  	81
		 	 Section 12.14.
	 	 Counterparts.
	  	82
		 	 Section 12.15.
	 	 Obligations with Respect to Loan Parties.
	  	82
		 	 Section 12.16.
	 	 Limitation of Liability.
	  	82
		 	 Section 12.17.
	 	 Entire Agreement.
	  	82
		 	 Section 12.18.
	 	 Construction.
	  	82
		 	 Section 12.19.
	 	 Limitation of Liability of Trustees, Etc.
	  	83

  

			
	SCHEDULE 1	  	Commitments
	SCHEDULE 1.1(A)	  	List of Loan Parties
	SCHEDULE 6.1.(b)	  	Ownership Structure
	SCHEDULE 6.1.(f)	  	Title to Properties; Liens
	SCHEDULE 6.1.(g)	  	Indebtedness and Guaranties
	SCHEDULE 6.1.(h)	  	Litigation
	SCHEDULE 6.1.(x)	  	Unencumbered Assets

  

 - iii - 

			
	 EXHIBIT A
	  	Form of Assignment and Acceptance Agreement
	 EXHIBIT B
	  	Form of Notice of Borrowing
	 EXHIBIT C
	  	Form of Notice of Continuation
	 EXHIBIT D
	  	Form of Notice of Conversion
	 EXHIBIT E
	  	Form of Note
	 EXHIBIT F
	  	Form of Opinion of Counsel
	 EXHIBIT G
	  	Form of Compliance Certificate
	 EXHIBIT H
	  	Form of Guaranty

  

 - iv - 

 THIS CREDIT AGREEMENT (this “Agreement”) dated as of May 4, 2009, by and among FEDERAL REALTY
INVESTMENT TRUST, a real estate investment trust formed under the laws of the State of Maryland (the “Borrower”), each of the financial institutions initially a signatory hereto together with their assignees pursuant to
Section 12.5.(b), each of WACHOVIA CAPITAL MARKETS, LLC and PNC CAPITAL MARKETS LLC, as a Lead Arranger and Book Manager (each an “Arranger”), WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent, PNC BANK, NATIONAL ASSOCIATION, as
Syndication Agent (the “Syndication Agent”), and each of JPMORGAN CHASE BANK, N.A., REGIONS BANK and SUNTRUST BANK, as a Documentation Agent (each a “Documentation Agent”). 
 WHEREAS, the Lenders desire to make available to the Borrower a term loan facility in the aggregate principal amount of $372,000,000, all on the terms
and conditions contained herein. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by the parties hereto, the parties hereto agree as follows: 
 ARTICLE I. DEFINITIONS

 Section 1.1. Definitions. 
 In
addition to terms defined elsewhere herein, the following terms shall have the following meanings for the purposes of this Agreement: 
 “Accession Agreement” means an Accession Agreement substantially in the form of Annex I to the Guaranty. 
 “Additional Costs” has the meaning given that term in Section 4.1. 
 “Adjusted EBITDA”
means, for any given period, (a) the EBITDA of the Borrower and its Subsidiaries determined on a consolidated basis for such period, minus (b) Capital Reserves. 
 “Adjusted Eurodollar Rate” means, with respect to each Interest Period for any LIBOR Loan, the rate obtained by dividing (a) LIBOR
for such Interest Period by (b) a percentage equal to 1 minus the stated maximum rate (stated as a decimal) of all reserves, if any, required to be maintained with respect to Eurocurrency funding (currently as referred to “Eurocurrency
liabilities”) as specified in Regulation D of the Board of Governors of the Federal Reserve System (or against any other category of liabilities which includes deposits by reference to which the interest rate on LIBOR Loans is determined
or any applicable category of extensions of credit or other assets which includes loans by an office of any Lender outside of the United States of America to residents of the United States of America). Any change in such maximum rate shall result in
a change in the Adjusted Eurodollar Rate on the date on which such change in such maximum rate becomes effective. Notwithstanding the foregoing, “Adjusted Eurodollar Rate” shall not, in any event, be less than one and one-half percent
(1.50%). 
  

 1 

 “Adjusted Total Asset Value” means Total Asset Value determined exclusive of assets that
are owned by (a) Excluded Subsidiaries, (b) Unconsolidated Affiliates and (c) the Specified Non-Wholly Owned Subsidiaries. 
 “Administrative Questionnaire” means an administrative questionnaire in a form supplied by the Agent to the Lenders from time to time. 
 “Affiliate” means (a) with respect to the Borrower, any Person (other than the Agent or any Lender): (i) directly or indirectly controlling, controlled by, or under common control with, the
Borrower; (ii) directly or indirectly owning or holding 10.0% or more (or 12.0% or more in the case of Morgan Stanley and its affiliates) of any Equity Interest in the Borrower; or (iii) 10.0% or more (or 12.0% or more in the case of
Morgan Stanley and its affiliates) of whose voting stock or other Equity Interest is directly or indirectly owned or held by the Borrower; and (b) with respect to any other 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. For purposes of this definition, “control” (including with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”) means the possession directly or indirectly of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting
securities or by contract or otherwise. The Affiliates of a Person shall include any officer or director of such Person. In no event shall the Agent or any Lender be deemed to be an Affiliate of the Borrower. 
 “Agent” means Wachovia Bank, National Association, as contractual representative for the Lenders under the terms of this Agreement, and
any of its successors. 
 “Agreement Date” means the date as of which this Agreement is dated. 
 “Applicable Law” means all applicable provisions of constitutions, statutes, rules, regulations and orders of all governmental bodies
and all orders and decrees of all courts, tribunals and arbitrators. 
 “Applicable Margin” means the percentage per annum
determined, at any time, based on the range into which the Borrower’s Credit Rating then falls, in accordance with the levels in the table set forth below (each a “Level”). Any change in the Borrower’s Credit Rating which
would cause it to move to a different Level in such table shall effect a change in the Applicable Margin on the Business Day on which such change occurs. During any period that the Borrower has received Credit Ratings that are not equivalent, the
Applicable Margin shall be determined by the higher of such two Credit Ratings unless such two Credit Ratings are separated by more than one Level, in which case the Applicable Margin shall be determined by the Level immediately below the higher of
such two Credit Ratings. During any period for which the Borrower has received a Credit Rating from only one Rating Agency, then the Applicable Margin shall be determined based on such Credit Rating. During any period for which the Borrower has not
received a Credit Rating from either Rating Agency, then the Applicable Margin shall be determined based on Level 5. As of the Agreement Date, and thereafter until changed as provided above, the Applicable Margin is determined based on
Level 2. 
  

 - 2 - 

									
	 Level
	  	Borrower’s Credit Rating
(S&P/Moody’s)	  	Applicable Margin for
LIBOR Loans	 	 	Applicable Margin for
Base Rate Loans	 
	 1
	  	A-/A3	  	2.75	%	 	0.00	%
	 2
	  	BBB+/Baa1	  	3.00	%	 	0.00	%
	 3
	  	BBB/Baa2	  	3.25	%	 	0.00	%
	 4
	  	BBB-/Baa3	  	3.50	%	 	0.00	%
	 5
	  	< BBB-/Baa3	  	4.25	%	 	0.25	%

 “Approved Fund” means any Fund that is administered, managed and controlled by
(a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Arranger” means each of Wachovia Capital Markets, LLC and PNC Capital Markets LLC, together with their respective successors and permitted assigns. 
 “Assignee” has the meaning given that term in Section 12.5.(b). 
 “Assignment and Acceptance Agreement” means an Assignment and Acceptance Agreement among a Lender, an Assignee and the Agent,
substantially in the form of Exhibit A. 
 “Base Rate” means, on any date of determination, the per annum rate of
interest equal to the greatest of (a) the Prime Rate on such date, (b) the Federal Funds Rate on such date plus one-half of one percent (0.50%) or (c) the Adjusted Eurodollar Rate that would be applicable for a LIBOR Loan having a
one-month Interest Period commencing on such date (or if such date is not a Business Day, on the immediately preceding Business Day) plus the amount by which the Applicable Margin for LIBOR Loans exceeds the Applicable Margin for Base Rate
Loans. Any change in the Base Rate resulting from a change in the Prime Rate, the Federal Funds Rate or the Adjusted Eurodollar Rate shall become effective as of 12:01 a.m. on the Business Day on which each such change occurs. The Base Rate is a
reference rate used by the Lender acting as the Agent in determining interest rates on certain loans and is not intended to be the lowest rate of interest charged by the Lender acting as the Agent or any other Lender on any extension of credit to
any debtor. 
 “Base Rate Loan” means a Loan bearing interest at a rate based on the Base Rate. 
 “Benefit Arrangement” means at any time an employee benefit plan within the meaning of Section 3(3) of ERISA which is not a Plan or
a Multiemployer Plan and which is maintained or otherwise contributed to by any member of the ERISA Group. 
 “Borrower” has
the meaning set forth in the introductory paragraph hereof and shall include the Borrower’s successors and permitted assigns. 
 “Business Day” means (a) any day other than a Saturday, Sunday or other day on which banks in Charlotte, North Carolina or New York, New York are authorized or required to close and (b) with reference to a LIBOR
Loan, any such day that is also a day on which dealings in Dollar deposits are carried out in the London interbank market. 
  

 - 3 - 

 “Capital Reserves” means, for any period and with respect to any: (a) portion of a
Property developed with improvements utilized for the retail sale of goods or services, office space or other use (other than residential apartments), an amount equal to (i) $0.15 per square foot times (ii) a fraction, the numerator of
which is the number of days in such period and the denominator of which is 365; provided, however, no capital reserves shall be required with respect to any portion of any such Property which is leased under a ground lease to a third party that owns
the improvements on such portion of such Property; or (b) Multifamily Property, an amount equal to (i) $200 per apartment unit in such Multifamily Property times (ii) a fraction, the numerator of which is the number of days in such
period and the denominator of which is 365. If the term Capital Reserves is used without reference to any specific Property, then the amount shall be determined on an aggregate basis with respect to all Retail Properties and Multifamily Properties
of the Borrower and its Subsidiaries and a proportionate share of all Retail and Multifamily Properties of all Unconsolidated Affiliates. 
 “Capitalization Rate” means 8.00%. 
 “Capitalized Lease Obligation” means an obligation under a
lease that is 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 the balance sheet
prepared in accordance with GAAP of the applicable Person as of the applicable date. 
 “Cash Equivalents” means:
(a) securities issued, guaranteed or insured by the United States of America or any of its agencies with maturities of not more than one year from the date acquired; (b) certificates of deposit with maturities of not more than one year
from the date acquired issued by a United States federal or state chartered commercial bank of recognized standing, or a commercial bank organized under the laws of any other country which is a member of the Organization for Economic Cooperation and
Development, or a political subdivision of any such country, acting through a branch or agency, which bank has capital and unimpaired surplus in excess of $500,000,000 and which bank or its holding company has a short-term commercial paper rating of
at least A-2 or the equivalent by S&P or at least P-2 or the equivalent by Moody’s; (c) reverse repurchase agreements with terms of not more than seven days from the date acquired, for securities of the type described in
clause (a) above and entered into only with commercial banks having the qualifications described in clause (b) above; (d) commercial paper issued by any Person incorporated under the laws of the United States of America or any State
thereof and rated at least A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody’s, in each case with maturities of not more than one year from the date acquired; and (e) investments in money market
funds registered under the Investment Company Act of 1940, which have net assets of at least $500,000,000 and at least 85% of whose assets consist of securities and other obligations of the type described in clauses (a) through (d) above.

  

 - 4 - 

 “Commitment” means, as to each Lender, such Lender’s obligation to make a Loan
pursuant to Section 2.1. in an amount up to, but not exceeding, the amount set forth for such Lender on Schedule 1 attached hereto as such Lender’s “Commitment Amount.” 
 “Compliance Certificate” has the meaning given that term in Section 8.3. 
 “Construction-in-Process” means cash expenditures for land and improvements (including indirect costs internally allocated and
development costs) in accordance with GAAP on all Properties that are under development or will commence development within twelve months from any date of determination. 
 “Construction Budget” means the fully-budgeted costs for the acquisition and construction of a given parcel of real property (including, without limitation, the cost of acquiring such parcel of real
property, reserves for construction interest and operating deficits, tenant improvements, leasing commissions, and infrastructure costs) as reasonably determined by the Borrower in good faith. 
 “Continue,” “Continuation” and “Continued” each refers to the continuation of a LIBOR Loan from one
Interest Period to another Interest Period pursuant to Section 2.6. 
 “Controlled Property” means a Property which is
an Eligible Property that is owned in fee simple (or leased under a Ground Lease) by a Guarantor that is not a Wholly Owned Subsidiary and with respect to which the Borrower or such Guarantor has the right to take the following actions without the
need to obtain the consent of any Person (other than the Requisite Lenders if required pursuant to this Agreement): (a) to create Liens on such Property as security for Indebtedness of the Borrower or such Guarantor, as applicable, and
(b) to sell, convey, transfer or otherwise dispose of such Property. 
 “Convert,” “Conversion” and
“Converted” each refers to the conversion of a Loan of one Type into a Loan of another Type pursuant to Section 2.7. 
 “Credit Percentage” means, as to each Lender, the ratio, expressed as a percentage, of (a) the unpaid principal amount of the Loan owing to such Lender to (b) the aggregate unpaid principal amount of all Loans.

 “Credit Rating” means the rating assigned by a Rating Agency to the senior unsecured long term Indebtedness of the
Borrower. 
 “Default” means any of the events specified in Section 10.1., whether or not there has been satisfied any
requirement for the giving of notice, the lapse of time, or both. 
 “Defaulting Lender” means any Lender, as reasonably
determined by the Agent, that (a) has failed to pay over to the Agent or any other Lender any amount required to be paid by it hereunder within one Business Day of the date when due, unless such amount is the subject of a good faith dispute, or
(b) has (or has a parent corporation that has) (i) become or is insolvent or 

  

 - 5 - 

 
(ii) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has
taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment. 
 “Derivatives Contract” means any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity
index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions,
collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any commitment on the part of a Loan
Party to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement. Not in limitation of the foregoing, the term “Derivatives Contract” includes any and all transactions of any
kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other master agreement, including any such obligations or liabilities under any such master agreement. 
 “Derivatives Termination Value” means, in respect of any one or more Derivatives Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Derivatives Contracts,
(a) for any date on or after the date such Derivatives Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause
(a) the amount(s) determined as the mark-to-market value(s) for such Derivatives Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Derivatives Contracts
(which may include the Agent or any Lender). 
 “Development Property” means a Property (a) that otherwise qualifies as
an Eligible Property, except that it is not yet a Retail Property or Multifamily Property, but it is being developed to become one, and (b) that is either (i) Construction-in-Process or (ii) an Unstabilized Property. 
 “Dollars” or “$” means the lawful currency of the United States of America. 
 “EBITDA” means, with respect to a Person for any period: (a) net income (or loss) of such Person for such period determined on a
consolidated basis, in accordance with GAAP, exclusive of the following (but only to the extent included in determination of such net income (loss)): (i) depreciation and amortization expense; (ii) Interest Expense; (iii) income tax
expense; (iv) extraordinary or non-recurring gains and losses; plus (b) such Person’s Pro Rata Share of EBITDA of its Unconsolidated Affiliates. EBITDA will be adjusted to remove all impact of straight lining of rents.

  

 - 6 - 

 “Effective Date” means the later of: (a) the Agreement Date; and (b) the date
on which all of the conditions precedent set forth in Section 5.1. shall have been fulfilled or waived in writing by the Requisite Lenders. 
 “Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund, and (d) any other Person (other than a natural person) approved by (i) the Agent and (ii) unless an
Event of Default shall exist, the Borrower (each such approval not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include the Borrower or any of the Borrower’s
Affiliates or Subsidiaries. 
 “Eligible Property” means a Property which satisfies all of the following requirements:
(a) such Property is a Retail Property or Multifamily Property; (b) neither such Property, nor any interest of the Borrower or any Subsidiary therein (and if such Property is owned by a Subsidiary, none of the Borrower’s direct or
indirect ownership interests in such Subsidiary) is subject to any Lien other than Permitted Liens (excluding Permitted Liens of the type described in clauses (g) and (h) of the definition thereof) or subject to any Negative Pledge;
(c) such Property is free of all structural defects or major architectural deficiencies, title defects, environmental conditions or other adverse matters except for defects, deficiencies, conditions or other matters individually or collectively
which are not material to the profitable operation of such Property; and (d) if such Property is (i) leased by the Borrower, a Subsidiary or Unconsolidated Affiliate pursuant to a Ground Lease or other lease, (ii) the lessor’s
interest in such Property is subject to a Mortgage and (iii) such Ground Lease or lease is subordinate to such Mortgage, then the mortgagee shall have executed a customary non-disturbance agreement with respect to the rights of the Borrower,
such Subsidiary or Unconsolidated Affiliate under the Ground Lease or other lease. 
 “Environmental Laws” means any
Applicable Law relating to environmental protection or the manufacture, storage, remediation, disposal or clean-up of Hazardous Materials including, without limitation, the following: Clean Air Act, 42 U.S.C. § 7401 et seq.; Federal Water
Pollution Control Act, 33 U.S.C. § 1251 et seq.; Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq.; Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C.
§ 9601 et seq.; National Environmental Policy Act, 42 U.S.C. § 4321 et seq.; regulations of the Environmental Protection Agency and any applicable rule of common law and any judicial interpretation thereof relating primarily to the
environment or Hazardous Materials. 
 “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, 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. 
  

 - 7 - 

 “Equity Issuance” means any issuance or sale by a Person of any Equity Interest in such
Person and shall in any event include the issuance of any Equity Interest upon the conversion or exchange of any security constituting Indebtedness that is convertible or exchangeable, or is being converted or exchanged, for Equity Interests.

 “ERISA” means the Employee Retirement Income Security Act of 1974, as in effect from time to time. 
 “ERISA Group” means the Borrower, any Subsidiary and all members of a controlled group of corporations and all trades or businesses
(whether or not incorporated) under common control which, together with the Borrower or any Subsidiary, are treated as a single employer under Section 414 of the Internal Revenue Code. 
 “Event of Default” means any of the events specified in Section 10.1., provided that any requirement for notice or lapse of time or
any other condition has been satisfied. 
 “Excluded Subsidiary” means any Subsidiary (a) holding title to assets which
are or are to become collateral for any Secured Indebtedness of such Subsidiary; and (b) which is prohibited from Guarantying the Indebtedness of any other Person pursuant to (i) any document, instrument or agreement evidencing such
Secured Indebtedness or (ii) a provision of such Subsidiary’s organizational documents which provision was included in such Subsidiary’s organizational documents as a condition to the extension of such Secured Indebtedness.

 “Existing Term Loan Agreement” means that certain Credit Agreement dated as of November 9, 2007 by and among the
Borrower, the financial institutions party thereto as “Lenders”, Wachovia Bank, National Association, as Agent, and the other parties thereto. 
 “Fair Market Value” means, with respect to (a) a security listed on a national securities exchange or the NASDAQ National Market, the price of such security as reported on such exchange by any
widely recognized reporting method customarily relied upon by financial institutions and (b) with respect to any other property, the price which could be negotiated in an arm’s-length free market transaction, for cash, between a willing
seller and a willing buyer, neither of which is under pressure or compulsion to complete the transaction. 
 “Federal Funds
Rate” means, for any day, the rate per annum (rounded upward to the nearest 1/100th of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal
funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day, provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such
transactions on the next preceding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate quoted to the Agent by federal funds dealers selected
by the Agent on such day on such transaction as determined by the Agent. 
  

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 “Fees” means the fees and commissions provided for or referred to in Section 3.6.
and any other fees payable by the Borrower hereunder or under any other Loan Document. 
 “Fixed Charges” means, for any
period, the sum of (a) Interest Expense of the Borrower and its Subsidiaries determined on a consolidated basis for such period, (b) all regularly scheduled principal payments made with respect to Indebtedness of the Borrower and its
Subsidiaries during such period, other than any balloon, bullet or similar principal payment which repays such Indebtedness in full, and (c) all Preferred Dividends paid during such period. The Borrower’s Pro Rata Share of the Fixed
Charges of Unconsolidated Affiliates (other than intercompany amounts) of the Borrower shall be included in determinations of Fixed Charges. 
 “Fund” means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its
business. 
 “Funds From Operations” means, for a given period, income of the Borrower and its Subsidiaries available for
common shareholders before depreciation and amortization of real estate assets and before extraordinary items less gains and losses on sale of real estate determined on a consolidated basis in accordance with GAAP applied on a consistent basis for
such period. Adjustments for Unconsolidated Affiliates will be calculated to reflect the Borrower’s pro rata share of funds from operations on the same basis. 
 “GAAP” means generally accepted accounting principles 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 or in such other statements by such other entity as may be approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the
date of determination. 
 “Governmental Approvals” means all authorizations, consents, approvals, licenses and exemptions
of, registrations and filings with, and reports to, all Governmental Authorities. 
 “Governmental Authority” means any
national, state or local government (whether domestic or foreign), any political subdivision thereof or any other governmental, quasi-governmental, judicial, public or statutory instrumentality, authority, body, agency, bureau, commission, board,
department or other entity (including, without limitation, the Federal Deposit Insurance Corporation, the Comptroller of the Currency or the Federal Reserve Board, any central bank or any comparable authority) or any arbitrator with authority to
bind a party at law. 
 “Ground Lease” means a ground lease or master lease containing the following terms and conditions:
(a) a remaining term (exclusive of any unexercised extension options) of thirty (30) years or more from the Agreement Date; (b) the right of the lessee to mortgage and encumber its interest in the leased property without the consent
of the lessor; (c) the obligation of the lessor to give the holder of any mortgage Lien on such leased property written notice of any defaults on the part of the lessee and agreement of such lessor that such lease will not be 

  

 - 9 - 

 
terminated until such holder has had a reasonable opportunity to cure or complete foreclosures, and fails to do so; (d) reasonable transferability of
the lessee’s interest under such lease, including ability to sublease; and (e) such other rights customarily required by mortgagees making a loan secured by the interest of the holder of the leasehold estate demised pursuant to a ground
lease or master lease. 
 “Guarantor” means any Person that is a party to the Guaranty as a “Guarantor” and in any
event shall include each Material Subsidiary (unless an Excluded Subsidiary or a Subsidiary that owns any Non-Controlled Property.) 
 “Guaranty,” “Guaranteed,” “Guarantying” or to “Guarantee” as applied to any obligation means and includes: (a) a guaranty (other than by endorsement of negotiable
instruments for collection or deposit in the ordinary course of business), directly or indirectly, in any manner, of any part or all of such obligation, or (b) an agreement, direct or indirect, contingent or otherwise, and whether or not
constituting a guaranty, the practical effect of which is to assure the payment or performance (or payment of damages in the event of nonperformance) of any part or all of such obligation whether by: (i) the purchase of securities or
obligations, (ii) the purchase, sale or lease (as lessee or lessor) of property or the purchase or sale of services primarily for the purpose of enabling the obligor with respect to such obligation to make any payment or performance (or payment
of damages in the event of nonperformance) of or on account of any part or all of such obligation, or to assure the owner of such obligation against loss, (iii) the supplying of funds to or in any other manner investing in the obligor with
respect to such obligation, (iv) repayment of amounts drawn down by beneficiaries of letters of credit, or (v) the supplying of funds to or investing in a Person on account of all or any part of such Person’s obligation under a
Guaranty of any obligation or indemnifying or holding harmless, in any way, such Person against any part or all of such obligation. When not otherwise specified, “Guaranty” as used herein shall mean the Guaranty to which the Guarantors are
parties substantially in the form of Exhibit H. 
 “Hazardous Materials” means all or any of the following:
(a) substances that are defined or listed in, or otherwise classified pursuant to, any applicable Environmental Laws as “hazardous substances,” “hazardous materials,” “hazardous wastes,” “toxic
substances” or any other formulation intended to define, list or classify substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, “TCLP” toxicity or
“EP toxicity”; (b) oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or production of
crude oil, natural gas or geothermal resources; (c) any flammable substances or explosives or any radioactive materials; (d) asbestos in any form; (e) toxic mold; and (f) electrical equipment which contains any oil or dielectric
fluid containing levels of polychlorinated biphenyls in excess of fifty parts per million. 
 “Indebtedness” means, with
respect to a Person, at the time of computation thereof, all of the following (without duplication): (a) all obligations of such Person in respect of money borrowed; (b) accounts payable; (c) all obligations of such Person, whether or
not for money borrowed (i) represented by notes payable, or drafts accepted, in each case representing 

  

 - 10 - 

 
extensions of credit, (ii) evidenced by bonds, debentures, notes or similar instruments, or (iii) constituting purchase money indebtedness,
conditional sales contracts, title retention debt instruments or other similar instruments, upon which interest charges are customarily paid or that are issued or assumed as full or partial payment for property or services rendered;
(d) Capitalized Lease Obligations of such Person; (e) all reimbursement obligations of such Person under any letters of credit or acceptances (whether or not the same have been presented for payment); (f) all Off-Balance Sheet
Obligations of such Person; (g) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Mandatorily Redeemable Stock issued by such Person or any other Person, valued at the greater of
its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; (h) all obligations of such Person in respect of any purchase obligation, repurchase obligation, takeout commitment or forward equity commitment, in each
case evidenced by a binding agreement (excluding any such obligation to the extent the obligation can be satisfied by the issuance of Equity Interests (other than Mandatorily Redeemable Stock)); (i) net obligations under any Derivatives
Contract not entered into as a hedge against existing Indebtedness, in an amount equal to the Derivatives Termination Value thereof; (j) all Indebtedness of other Persons which such Person has Guaranteed or is otherwise recourse to such Person
(except for guaranties of customary exceptions for fraud, misapplication of funds, environmental indemnities and other similar exceptions to recourse liability (but not exceptions relating to bankruptcy, insolvency, receivership or other similar
events)); (k) all Indebtedness of another Person secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property or assets owned by such Person, even though such
Person has not assumed or become liable for the payment of such Indebtedness or other payment obligation; and (l) such Person’s Pro Rata Share of the Indebtedness of any Unconsolidated Affiliate of such Person. By way of example only and
not in limitation of the preceding sentence, Indebtedness of any Person shall include Indebtedness of any partnership or joint venture in which such Person is a general partner or joint venturer to the extent of such Person’s Pro Rata Share of
the ownership of such partnership or joint venture (except if such Indebtedness, or any portion thereof, is recourse to such Person, in which case the greater of such Person’s Pro Rata Share of such Indebtedness or the amount of the recourse
portion of the Indebtedness, shall be included as Indebtedness of such Person). All Loans shall constitute Indebtedness of the Borrower. 
 “Intellectual Property” has the meaning given that term in Section 6.1.(s). 
 “Interest
Expense” means, for any period, without duplication, (a) total interest expense of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP for such period, including capitalized interest not funded
under a construction loan on a consolidated basis, plus (b) the Borrower’s Pro Rata Share of Interest Expense of Unconsolidated Affiliates for such period. 
 “Interest Period” means with respect to any LIBOR Loan, each period commencing on the date such LIBOR Loan is made, or in the case of the Continuation of a LIBOR Loan the last day of the preceding
Interest Period for such Loan, and ending 1, 3 or 6 months thereafter, as the Borrower may select in the Notice of Borrowing, a Notice of Continuation or a Notice of Conversion, as the case may be, except that each Interest Period that commences on
the last 

  

 - 11 - 

 
Business Day of a calendar month, or on a day for which there is no corresponding day in the appropriate subsequent calendar month, shall end on the last
Business Day of the appropriate subsequent calendar month. Notwithstanding the foregoing: (i) if any Interest Period would otherwise end after the Termination Date, such Interest Period shall end on the Termination Date and (ii) each
Interest Period that would otherwise end on a day which is not a Business Day shall end on the immediately following Business Day (or, if such immediately following Business Day falls in the next calendar month, on the immediately preceding Business
Day). 
 “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended. 
 “Investment” means, (x) with respect to any Person, any acquisition or investment (whether or not of a controlling interest) by
such Person, by means of any of the following: (a) the purchase or other acquisition of any Equity Interest in another Person, (b) a loan, advance or extension of credit to, capital contribution to, Guaranty of Indebtedness of, or purchase
or other acquisition of any Indebtedness of, another Person, including any partnership or joint venture interest in such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of
another Person that constitute the business or a division or operating unit of another Person and (y) with respect to any Property or other asset, the acquisition thereof. Any binding commitment to make an Investment in any other Person, as
well as any option of another Person to require an Investment in such Person, shall constitute an Investment. Except as expressly provided otherwise, for purposes of determining compliance with any covenant contained in a Loan Document, the amount
of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment. 
 “Lender” means each financial institution from time to time party hereto as a “Lender”,” together with its 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 such other office of such Lender of which such Lender may notify the Agent in writing from time to time. 
 “Level” has the meaning given that term in the definition of the term “Applicable Margin.” 
 “LIBOR” means, for any LIBOR Loan for any Interest Period therefor, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Reuters Screen LIBOR01 Page (or any successor page) as the
London interbank offered rate for deposits in Dollars at approximately 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period. If for any reason such rate is not
available, LIBOR shall be, for any Interest Period, the rate per annum reasonably determined by the Agent as the rate of interest at which Dollar deposits in the approximate amount of the LIBOR Loan comprising part of such borrowing would be offered
by the Agent to major banks in the London interbank Eurodollar market at their request at or about 11:00 a.m. (London time) two Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period. 

 

 - 12 - 

 “LIBOR Loan” means a Loan bearing interest at a rate based on LIBOR. 
 “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, charge or lease constituting a Capitalized Lease Obligation, conditional sale or other title retention agreement, or other security title or encumbrance of any kind in respect of any property
of such Person, or upon the income, rents or profits therefrom; (b) any arrangement, express or implied, under which any property of such Person is transferred, sequestered or otherwise identified for the purpose of subjecting the same to the
payment of Indebtedness or performance of any other obligation in priority to the payment of the general, unsecured creditors of such Person; (c) the filing of any financing statement under the Uniform Commercial Code or its equivalent in any
jurisdiction, other than any precautionary filing not otherwise constituting or giving rise to a Lien, including a financing statement filed (i) in respect of a lease not constituting a Capitalized Lease Obligation pursuant to
Section 9-505 (or a successor provision) of the Uniform Commercial Code or its equivalent as in effect in an applicable jurisdiction or (ii) in connection with a sale or other disposition of accounts or other assets not prohibited by this
Agreement in a transaction not otherwise constituting or giving rise to a Lien; and (d) any agreement by such Person to grant, give or otherwise convey any of the foregoing. 
 “Loan” means a loan made by a Lender to the Borrower pursuant to Section 2.1. 
 “Loan Document” means this Agreement, each Note, the Guaranty and each other document or instrument (other than a Derivatives Contract)
now or hereafter executed and delivered by a Loan Party in connection with, pursuant to or relating to this Agreement. 
 “Loan
Party” means each of the Borrower and each other Person who guarantees all or a portion of the Obligations and/or who pledges any collateral security to secure all or a portion of the Obligations. Schedule 1.1.(A) sets forth the
Loan Parties in addition to the Borrower as of the Agreement Date. 
 “Major Default” means a Default resulting from the
occurrence of any of the events described in Section 10.1.(a), Section 10.1.(b), Section 10.1.(f) or Section 10.1.(g). 
 “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), (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 

  

 - 13 - 

 
Interests), in each case on or prior to the date on which all Loans are scheduled to be due and payable in full. For purposes of this definition, Equity
Interests in any of the following Subsidiaries which the Borrower is obligated to acquire pursuant to currently existing agreements with the holders of such Equity Interest shall not be considered to be Mandatorily Redeemable Stock: Congressional
Plaza Associates, LLC; Street Retail West 7, L.P.; FR Pike 7 Limited Partnership; Federal Realty Partners L.P.; FR Leesburg Plaza, LP; and NVI-Avenue, LLC. 
 “Material Adverse Effect” means a materially adverse effect on (a) the business, assets, liabilities, financial condition or results of operations of the Borrower and its Subsidiaries taken as a
whole, (b) the ability of the Borrower or any other Loan Party to perform its obligations under any Loan Document to which it is a party, (c) the validity or enforceability of any of the Loan Documents, (d) the rights and remedies of
the Lenders and the Agent under any of the Loan Documents or (e) the timely payment of the principal of or interest on the Loans or other amounts payable in connection therewith. 
 “Material Contract” means any contract or other arrangement (other than Loan Documents), whether written or oral, to which the Borrower,
any Subsidiary or any other Loan Party is a party as to which the breach, nonperformance, cancellation or failure to renew (if renewable by its terms) by any party thereto could reasonably be expected to have a Material Adverse Effect. 

“Material Indebtedness” has the meaning given that term in Section 10.1.(e)(i). 
 “Material Subsidiary” means any Subsidiary to which more than two percent of Adjusted Total Asset Value is attributable on an individual
basis. 
 “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 property granting a Lien on such interest in real property as security for the payment of Indebtedness of such Person or another Person. 
 “Mortgage Receivable” means a promissory note secured by a first priority Mortgage of which the Borrower, a Guarantor or one of their respective Subsidiaries is the holder and retains the rights of collection of all
payments thereunder. 
 “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 five plan years made contributions, including for these purposes any Person which
ceased to be a member of the ERISA Group during such five year period. 
 “Multifamily Property” means a Property improved
with, and from which at least 80% of the rental income is derived from, residential apartments. 
  

 - 14 - 

 “Negative Pledge” means, with respect to a given asset, any provision of a document,
instrument or agreement (other than any Loan Document) which prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security for Indebtedness of the Person owning such asset or any other Person; provided, however,
that an agreement that conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios that limit such Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of
its assets, or the encumbrance of specific assets, shall not constitute a Negative Pledge. 
 “Net Operating Income” or
“NOI” means, for any Property and for a given period, the sum of the following (without duplication and determined on a consistent basis with prior periods): (a) rents and other revenues received in the ordinary course from
such Property (including proceeds of rent loss insurance but excluding pre-paid rents and revenues and security deposits except to the extent applied in satisfaction of tenants’ obligations for rent) minus (b) all expenses paid (excluding
interest but including an appropriate accrual for taxes and insurance) related to the ownership, operation or maintenance of such Property, including but not limited to taxes, assessments and the like, insurance, utilities, payroll costs,
maintenance, repair and landscaping expenses, marketing expenses, and general and administrative expenses (including an appropriate allocation for legal, accounting, advertising, marketing and other expenses incurred in connection with such
Property, but specifically excluding general overhead expenses of the Borrower or any Subsidiary and any property management fees) minus (c) the Capital Reserves for such Property as of the end of such period minus (d) the greater of
(i) the actual property management fee paid during such period and (ii) an imputed management fee in the amount of three percent (3.0%) of the gross revenues for such Property for such period. 
 “Net Proceeds” means with respect to any Equity Issuance by a Person, the aggregate amount of all cash and the Fair Market Value of all
other property (other than securities of such same Person being converted or exchanged in connection with such Equity Issuance) received by such Person in respect of such Equity Issuance net of investment banking fees, legal fees, accountants’
fees, underwriting discounts and commissions and other customary fees and expenses actually incurred by such Person in connection with such Equity Issuance. 
 “Non-Controlled Property” means an Eligible Property owned in fee simple (or leased under a Ground Lease) by (a) an Unconsolidated Affiliate or (b) a Subsidiary that is not a Wholly Owned
Subsidiary but which Property does not otherwise qualify as a Controlled Property. 
 “Note” has the meaning given that term
in Section 2.8. 
 “Notice of Borrowing” means a notice in the form of Exhibit B to be delivered to the Agent
pursuant to Section 2.1.(b) evidencing the Borrower’s request for the borrowing of the Loans. 
  

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 “Notice of Continuation” means a notice in the form of Exhibit C to be delivered to
the Agent pursuant to Section 2.6. evidencing the Borrower’s request for the Continuation of a LIBOR Loan. 
 “Notice of
Conversion” means a notice in the form of Exhibit D to be delivered to the Agent pursuant to Section 2.7. evidencing the Borrower’s request for the Conversion of a Loan from one Type to another Type. 
 “Obligations” means, individually and collectively: (a) the aggregate principal balance of, and all accrued and unpaid interest on,
all Loans and (b) all other indebtedness, liabilities, obligations, covenants and duties of the Borrower and the other Loan Parties owing to the Agent or any Lender of every kind, nature and description, under or in respect of this Agreement or
any of the other Loan Documents, including, without limitation, the Fees and indemnification obligations, whether direct or indirect, absolute or contingent, due or not due, contractual or tortious, liquidated or unliquidated, and whether or not
evidenced by any promissory note. 
 “Occupancy Rate” means, with respect to a Property at any time, the ratio, expressed as
a percentage, of (a) the net rentable square footage of such Property for which the Borrower or a Subsidiary is collecting rent, or for which a lease has been signed but the term has not yet commenced, to (b) the total square footage of
such Property available for lease; provided, that, in the case of a Multifamily Property, “Occupancy Rate” means the ratio, expressed as a percentage, of (a) the net rentable units of such Multifamily Property for which the
Borrower or a Subsidiary is collecting rent, or for which a lease has been signed but the term has not yet commenced, to (b) the total units of such Multifamily Property available for lease. 
 “OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury, and any successor Governmental
Authority for such office. 
 “Off-Balance Sheet Obligations” means liabilities and obligations of the Borrower, any
Subsidiary or any other Person in respect of “off-balance sheet arrangements” (as defined in Item 303(a)(4)(ii) of Regulation S-K promulgated under the Securities Act) which the Borrower would be required to disclose in the
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of the Borrower’s report on Form 10-Q or Form 10-K (or their equivalents) which the Borrower is required to file with the Securities
and Exchange Commission (or any Governmental Authority substituted therefor). 
 “Participant” has the meaning given that
term in Section 12.5.(d). 
 “PBGC” means the Pension Benefit Guaranty Corporation and any successor agency.

 “Permitted Liens” means, as to any 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 the claims of materialmen, mechanics, carriers, warehousemen or landlords for labor, materials, supplies
or rentals incurred in the ordinary course of business, which are not at the time required 

  

 - 16 - 

 
to be paid or discharged under Section 7.6.; (b) Liens consisting of deposits or pledges made, in the ordinary course of business, in connection
with, or to secure payment of, obligations under workers’ compensation, unemployment insurance or similar Applicable Laws; (c) Liens consisting of encumbrances in the nature of zoning restrictions, easements, and rights or restrictions of
record on the use of real property, which do not materially detract from the value of such property or impair the use thereof in the business of such Person; (d) the rights of tenants under leases or subleases not interfering with the ordinary
conduct of business of such Person; (e) Liens in favor of the Agent for the benefit of the Lenders; (f) Liens in favor of the Borrower or a Guarantor securing obligations owing by a Subsidiary to the Borrower or a Guarantor, which
obligations have been subordinated to the obligations owing by the Borrower and the Guarantors under the Loan Documents on terms satisfactory to the Agent; (g) Liens in existence as of the Agreement Date set forth in Part II of
Schedule 6.1.(f); and (h) Liens securing Indebtedness permitted by Section 9.6. 
 “Person” means an
individual, corporation, partnership, limited liability company, association, trust or unincorporated organization, or a government or any agency or political subdivision thereof. 
 “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 five 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 Loan or any other Obligation that is not paid when due (whether at stated
maturity, by acceleration, by optional or mandatory prepayment or otherwise), a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Margin for Base Rate Loans plus four percent (4.0%). 

“Preferred Dividends” means, for any period and without duplication, all Restricted Payments paid during such period on Preferred
Equity Interests issued by the Borrower or a Subsidiary. Preferred Dividends shall not include dividends or distributions (a) paid or payable solely in Equity Interests (other than Mandatorily Redeemable Stock) payable to holders of such class
of Equity Interests; (b) paid or payable to the Borrower or a Subsidiary; or (c) constituting balloon, bullet or similar redemptions resulting in the redemption of Preferred Equity Interests in full. 
 “Preferred Equity Interests” 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. 
 “Prime Rate” means the rate of interest per annum announced publicly by the Lender then acting as the Agent as its prime rate from time to time. The Prime Rate is not necessarily the best or the lowest rate of interest
offered by the Lender acting as the Agent or any other Lender. 
  

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 “Principal Office” means the office of the Agent located at One Wachovia Center,
Charlotte, North Carolina, or such other office of the Agent as the Agent may designate from time to time. 
 “Property”
means any parcel of real property owned or leased (in whole or in part) or operated by the Borrower, any Subsidiary or any Unconsolidated Affiliate of the Borrower and which is located in a state of the United States of America or the District of
Columbia. 
 “Pro Rata Share” means, with respect to any Subsidiary that is not a Wholly Owned Subsidiary or any
Unconsolidated Affiliate, the greater of (a) the nominal direct and indirect ownership interest (expressed as a percentage) in such Subsidiary or Unconsolidated Affiliate or (b) the relative direct and indirect economic interest
(calculated as a percentage) in such Subsidiary or Unconsolidated Affiliate determined in accordance with the organizational document of such Subsidiary or Unconsolidated Affiliate. 
 “Rating Agency” means S&P or Moody’s, as applicable. 
 “Register” has the meaning given that term in Section 12.5.(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 and whether or not failure to comply therewith would be unlawful) by any Governmental Authority or monetary authority charged with the interpretation or administration thereof or compliance by
any Lender with any request or directive regarding capital adequacy. 
 “REIT” means a Person qualifying for treatment as a
“real estate investment trust” under the Internal Revenue Code. 
 “Requisite Lenders” means, as of any date, Lenders holding at least 66- 2/3% of the principal amount of
the aggregate outstanding Loans. Loans held by Defaulting Lenders shall be disregarded when determining the Requisite Lenders. At all times during which Wachovia is acting as the Agent and the Credit Percentage of Wachovia is not less than thirteen
percent (13.00%), Requisite Lenders shall, in any event, include Wachovia for the following purposes: (a) any amendment to the financial covenants set forth in Section 9.1. or to any of the definitions related thereto, (b) any waivers
of any Defaults or Events of Default resulting from a breach of the financial covenants set forth in Section 9.1., or (c) any amendment to, or waivers of any Defaults or Events of Default resulting from a breach of, Section 10.1.(m).

  

 - 18 - 

 “Responsible Officer” means with respect to the Borrower or any Subsidiary, the chief
executive officer, the chief financial officer, the treasurer or the chief operations officer, and in the case of the Borrower, the Senior Vice President-Capital Markets & Investor Relations or the Vice President-Chief Accounting Officer of
the Borrower. 
 “Restricted Payment” means: (a) any dividend or other distribution, direct or indirect, on account of
any Equity Interest of the Borrower or any Subsidiary now or hereafter outstanding, except a dividend payable solely in Equity Interests of identical class 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 Interest of the Borrower or any Subsidiary now or hereafter outstanding; and (c) any payment made to retire, or to obtain the surrender
of, any outstanding warrants, options or other rights to acquire any Equity Interests of the Borrower or any Subsidiary now or hereafter outstanding. 
 “Retail Property” means (a) any Property identified as a “Retail Property” on Schedule 6.1.(x) and (b) any Property, a substantial use of which, is the retail sale of goods
and services. 
 “Sanctioned Entity” means (a) a country or a government of a country, (b) an agency of the
government of a country, (c) an organization directly or indirectly controlled by a country or its government, (d) a Person resident in, or determined to be resident in, a country that is subject to a country sanctions program administered
and enforced by OFAC described or referenced at http://www.ustreas.gov/offices/enforcement/ofac/ or as otherwise officially published by OFAC from time to time. 
 “Sanctioned Person” means a Person named on the list of Specially Designated Nationals maintained by OFAC available at or through http://www.ustreas.gov/offices/enforcement/ofac/ or as otherwise
officially published from time to time. 
 “Secured Indebtedness” means, with respect to any Person, (a) all
Indebtedness of such Person that is secured in any manner by any Lien on any Property plus (b) such Person’s Pro Rata Share of the Secured Indebtedness of any of such Person’s Unconsolidated Affiliates. 
 “Securities Act” means the Securities Act of 1933, as amended from time to time, together with all rules and regulations issued
thereunder. 
 “Significant Subsidiary” means any Subsidiary to which more than $10,000,000 of Total Asset Value is
attributable on an individual basis. 
 “Solvent” means, when used with respect to any Person, that (a) the fair value
and the fair salable value of its assets (excluding any Indebtedness due from any affiliate of such Person if such affiliate is not itself Solvent) 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 the 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. 
  

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 “S&P” means Standard & Poor’s Rating Services, a division of The
McGraw-Hill Companies, Inc., and its successors. 
 “Specified Non-Wholly Owned Subsidiaries” means Congressional Plaza
Associates, LLC; FRIT Escondido Promenade, LLC; and Street Retail West 7, L.P. 
 “Stabilized Property” means a
completed Property that has achieved an Occupancy Rate of at least 85%. 
 “Subsidiary” means, for any Person, any
corporation, partnership 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 persons performing similar functions of such
corporation, partnership or other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more
Subsidiaries of such Person, and shall include all Persons the accounts of which are consolidated with those of such Person pursuant to GAAP. 
 “Tangible Net Worth” means, as of a given date, the stockholders’ equity of the Borrower and Subsidiaries determined on a consolidated basis plus (a) accumulated depreciation and amortization minus the following
(to the extent reflected in determining stockholders’ equity of the Borrower and its Subsidiaries): (b) the amount of any write-up in the book value of any assets contained in any balance sheet resulting from revaluation thereof or any
write-up in excess of the cost of such assets acquired, and (c) all amounts appearing on the assets side of any such balance sheet for assets which would be classified as intangible assets under GAAP, all determined on a consolidated basis.

 “Taxes” has the meaning given that term in Section 3.12.(a). 
 “Termination Date” means July 27, 2011. 
 “Titled Agents” means each of the Arrangers, the Syndication Agent, and the Documentation Agents and their respective successors and permitted assigns. 
 “Total Asset Value” means the sum of all of the following of the Borrower and its Subsidiaries on a consolidated basis determined in
accordance with GAAP applied on a consistent basis: (a) cash and cash equivalents, plus (b) accounts receivable (other than accounts receivable owing by Affiliates of the Borrower and its Subsidiaries), plus (c) with respect to each
Stabilized Property owned by the Borrower or any Subsidiary, (i) EBITDA attributable to such Property for the fiscal quarter most recently ended (adjusted for acquisitions and dispositions) times (ii) 4, divided by (iii) the
Capitalization Rate, plus (d) the GAAP book value of Properties acquired during the most recent quarter, plus (e) Construction-in-Process until the earlier of the 

  

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(i) one year anniversary date of project completion or (ii) the second quarter after the project achieves an Occupancy Rate of 85%, plus
(f) the GAAP book value of Unimproved Land, Mortgage Receivables and other promissory notes. The Borrower’s Pro Rata Share of assets held by Unconsolidated Affiliates will be included in Total Asset Value calculations consistent with the
above described treatment for wholly owned assets. For purposes of determining Total Asset Value, EBITDA from Properties acquired or disposed of by the Borrower and its Subsidiaries during the period of determination shall be excluded from
clause (b) above. 
 “Total Indebtedness” means all Indebtedness of the Borrower and its Subsidiaries determined on a
consolidated basis. 
 “Type” with respect to any Loan, refers to whether such Loan is a LIBOR Loan or Base Rate Loan.

 “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 Adjusted NOI” means, for any period, NOI from (a) Wholly Owned Properties;
(b) Controlled Properties; and (c) Non-Controlled Properties, all of which have been owned for the entire period and as adjusted for any non-recurring items during the reporting period. For purposes of this definition, Non-Controlled
Properties are limited to the following properties: Congressional Plaza, Congressional Plaza Apartments, Escondido Promenade, Galaxy Building (Hollywood) and 7001 Hollywood Boulevard (Peterson). 
 “Unencumbered Asset Value” means (a) the Unencumbered Adjusted NOI for the fiscal quarter most recently ending times 4 divided by
the Capitalization Rate, plus (b) the GAAP book value of all Properties acquired during the fiscal quarter most recently ended which Properties are not subject to any Lien other than Permitted Liens (excluding Permitted Liens of the type
described in clauses (g) and (h) of the definition thereof) or subject to any Negative Pledge, plus (c) the GAAP book value of Development Property not subject to any Lien other than Permitted Liens (excluding Permitted Liens of the
type described in clauses (g) and (h) of the definition thereof) or subject to any Negative Pledge, until the earlier of (i) the one year anniversary date of project completion or (ii) the second quarter after the project
achieves an Occupancy Rate of 85%. For purposes of this definition, to the extent the Unencumbered Asset Value attributable to Controlled Properties, Non-Controlled Properties and Development Properties would exceed 20% of the Unencumbered Asset
Value, such excess shall be excluded. 
 “Unfunded Liabilities” means, with respect to any Plan at any time, the amount (if
any) by which (a) the value of all benefit liabilities under such Plan, determined on a plan termination basis using the assumptions prescribed by the PBGC for purposes of Section 4044 of ERISA, exceeds (b) the fair market value of
all Plan assets allocable to such liabilities under Title IV of ERISA (excluding any accrued but unpaid contributions), all determined as of the then most 

  

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recent valuation date for such Plan, but only to the extent that such excess represents a potential liability of a member of the ERISA Group to the PBGC or
any other Person under Title IV of ERISA. 
 “Unimproved Land” consists of land on which no development (other than paving
or other improvements that are not material and are temporary in nature) has occurred and for which no development is planned in the 12 months following any date of determination. 
 “Unsecured Indebtedness” means Indebtedness which is not Secured Indebtedness. Indebtedness of the Borrower or a Subsidiary that is
secured solely by Equity Interests of a Subsidiary or Unconsolidated Affiliate shall be considered to be Unsecured Indebtedness. 
 “Unstabilized Property” means a Property (a) the improvements on which were completed within twelve months prior to any date of determination; and (b) which has not achieved an Occupancy Rate of 85%. 

“Wachovia” means Wachovia Bank, National Association, together with its successors and permitted assigns. 
 “Wholly Owned Property” means an Eligible Property which is wholly owned in fee simple (or leased under a Ground Lease) by only the
Borrower or a Guarantor that is a Wholly Owned Subsidiary. 
 “Wholly Owned Subsidiary” means any Subsidiary of a Person in
respect of which all of the equity securities or other ownership 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. 
 Section 1.2. General; References to Times. 

 Unless otherwise indicated, all accounting terms, ratios and measurements shall be interpreted or determined in accordance with GAAP;
provided that, if at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Requisite Lenders shall so request, the Agent, the Lenders and the
Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Requisite Lenders); provided further that, until so amended,
(i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Agent financial statements and other documents required under this Agreement or as
reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. References in this Agreement to “Sections,” “Articles,”
“Exhibits” and “Schedules” are to sections, articles, exhibits and schedules herein and hereto unless otherwise indicated. References in this Agreement to any document, instrument or agreement (a) shall include all exhibits,
schedules and other attachments thereto, (b) shall include all documents, instruments or 

  

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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 as of the date of this Agreement and from time to time thereafter to the extent not prohibited hereby and in effect at any given time. Wherever from the
context it appears appropriate, each term stated in either the singular or plural shall include the singular and plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter. Unless
explicitly set forth to the contrary, a reference to “Subsidiary” means a direct or indirect Subsidiary of the Borrower and a reference to an “Affiliate” means a reference to 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 Charlotte, North Carolina,
time. 
 Section 1.3. Financial Attributes of Non-Wholly Owned Subsidiaries. 
 When determining the Borrower’s compliance with any financial covenant contained in any of the Loan Documents, only the Borrower’s Pro Rata
Share of the financial attributes of a Subsidiary that is not a Wholly Owned Subsidiary shall be included. 
 ARTICLE II.
CREDIT FACILITY 
 Section 2.1. Loans. 
 (a) Generally. Subject to the terms and conditions hereof, on the Effective Date each Lender severally and not jointly agrees to make a Loan to the
Borrower in a principal amount not to exceed the amount of such Lender’s Commitment. Once repaid, the principal amount of a Loan may not be reborrowed. 
 (b) Requesting. The Borrower shall give the Agent notice pursuant to the Notice of Borrowing of the borrowing of the Loans no later than 11:00 a.m. on the date three Business Days prior to the anticipated
Effective Date. Such Notice of Borrowing shall be irrevocable once given and binding on the Borrower. 
 (c) Disbursements of Loan
Proceeds. No later than 1:00 p.m. on the Effective Date, each Lender will make available for the account of its applicable Lending Office to the Agent at the Principal Office, in immediately available funds, the proceeds of the Loan to be made
by such Lender. Subject to satisfaction of the applicable conditions set forth in Article V. for such borrowing, the Agent will make the proceeds of such borrowing available to the Borrower no later than 2:00 p.m. on such date and at the
account specified by the Borrower in the Notice of Borrowing. 
 Section 2.2. Rates and Payment of Interest on Loan. 
 (a) Rates. The Borrower promises to pay to the Agent for the account of each Lender interest on the unpaid principal amount of the Loan made by
such Lender for the period from and including the date of the making of such Loan to but excluding the date such Loan shall be paid in full, at the following per annum rates: 
 (i) during such periods as such Loan is a Base Rate Loan, at the Base Rate (as in effect from time to time) plus the Applicable Margin;
and 
  

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 (ii) during such periods as such Loan is a LIBOR Loan, at the Adjusted Eurodollar Rate
for such Loan for the Interest Period therefor plus the Applicable Margin. 
 Notwithstanding the foregoing, during the continuance of an Event of Default,
the Borrower shall pay to the Agent for the account of each Lender interest at the Post-Default Rate on the outstanding principal amount of the Loan made by such Lender and on any other amount payable by the Borrower hereunder or under the Note held
by such Lender to or for the account of such Lender (including, without limitation, accrued but unpaid interest to the extent permitted under Applicable Law). 
 (b) Payment of Interest. Accrued and unpaid interest on each Loan shall be payable (i) in the case of a Base Rate Loan, monthly in arrears on the first day of each calendar month, (ii) in the case of
a LIBOR Loan, in arrears on the last day of each Interest Period therefor, and, if such Interest Period is longer than three months, at three-month intervals following the first day of such Interest Period, and (iii) in the case of any Loan, in
arrears upon the payment, prepayment or Continuation thereof or the Conversion of such Loan to a Loan of another Type (but only on the principal amount so paid, prepaid, Continued or Converted). Interest payable at the Post-Default Rate shall be
payable from time to time on demand. Promptly after the determination of any interest rate provided for herein or any change therein, the Agent shall give notice thereof to the Lenders to which such interest is payable and to the Borrower. All
determinations by the Agent of an interest rate hereunder shall be conclusive and binding on the Lenders and the Borrower for all purposes, absent manifest error. 
 (c) Ratings Change. If the Applicable Margin shall change as a result of a change in the Borrower’s Credit Rating and then within a 90-day period change back to the Applicable Margin in effect at the
beginning of such period as a result of another change in such Credit Rating, and (i) if the initial change in the Applicable Margin was an increase, then the Borrower will receive as a credit against its Obligations for the period during which
the increase existed any incremental interest expense with respect to the Loans the interest rate on which included the Applicable Margin and (ii) if the initial change in the Applicable Margin was a decrease, then the Borrower shall promptly
pay to the Agent for the ratable benefit of the Lenders for the period during which the increase existed determined as if such decrease had not occurred additional interest with respect to the Loans the interest rate on which included the Applicable
Margin. 
 Section 2.3. Number of Interest Periods. 
 There may be no more than 6 different Interest Periods for LIBOR Loans outstanding at the same time. 
  

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 Section 2.4. Repayment of Loans. 
 The Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Loans on the Termination Date.

 Section 2.5. Prepayments. 
 (a)
Optional. Subject to Section 4.4., the Borrower may prepay the Loans, in whole or in part, at any time without premium or penalty. The Borrower shall give the Agent at least one Business Day’s prior written notice of the prepayment
of the Loans. 
 (b) Derivatives Contracts. No repayment or prepayment pursuant to this Section shall affect any of the
Borrower’s obligations under any Derivatives Contract between the Borrower and any Lender (or any Affiliate of any Lender). 
 Section 2.6.
Continuation. 
 So long as no Event of Default shall exist, the Borrower may on any Business Day, with respect to any LIBOR Loan, elect
to maintain such LIBOR Loan or any portion thereof as a LIBOR Loan by selecting a new Interest Period for such LIBOR Loan. Each 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 Agent a Notice of Continuation not later than 11:00 a.m. on the third Business Day prior to the date of any such Continuation. Such notice by the
Borrower of a Continuation shall be by telephone or telecopy, confirmed immediately in writing if by telephone, in the form of a Notice of Continuation, specifying (a) the proposed date of such Continuation, (b) the LIBOR Loans and
portions thereof subject to such Continuation and (c) the duration of the selected Interest Period. Each Notice of Continuation shall be irrevocable by and binding on the Borrower once given. Promptly after receipt of a Notice of Continuation,
the Agent shall notify each Lender holding any such Loan being Continued by telecopy, or other similar form of transmission, of the proposed Continuation. If the Borrower shall fail to select in a timely manner a new Interest Period for any LIBOR
Loan in accordance with this Section, or if an Event of Default shall exist at the end of the current Interest Period of a LIBOR Loan, such Loan will automatically, on the last day of the current Interest Period therefor, Convert into a Base Rate
Loan notwithstanding the first sentence of Section 2.7. or the Borrower’s failure to comply with any of the terms of such Section. 
 Section 2.7. Conversion. 
 The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of
Conversion to the Agent, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan may not be Converted to a LIBOR Loan if an Event of Default shall exist. Any Conversion of a LIBOR Loan into a
Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal
amount so Converted. Each such Notice of Conversion shall be 

  

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given not later than 11:00 a.m. on the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to the date of any proposed
Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender holding a Loan being Converted by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the
restrictions specified above, each Notice of Conversion shall be by telephone (confirmed immediately in writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan
to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan.
Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. 
 Section 2.8. Notes. 
 (a) Notes. The Loan made by each Lender shall, in addition to this Agreement, also be evidenced by a promissory note of the Borrower substantially
in the form of Exhibit E (each a “Note”), payable to the order of such Lender in a principal amount equal to the amount of its Commitment and otherwise duly completed, unless the Agent receives notice from any Lender that it
does not desire to receive a Note, in which case the Loan made by such Lender shall not be evidenced by a Note. 
 (b) Records. The
date, amount, interest rate, Type and duration of Interest Periods (if applicable) of the Loan made by each Lender to the Borrower, and each payment made on account of the principal thereof, shall be recorded by such Lender on its books and such
entries shall be binding on the Borrower, absent manifest error; provided, however, that the failure of a Lender to make any such record shall not affect the obligations of the Borrower under any of the Loan Documents. 
 (c) Lost, Stolen, Destroyed or Mutilated Notes. Upon receipt by the Borrower of (i) written notice from a Lender that the Note of such Lender
has been lost, stolen, destroyed or mutilated, and (ii) (A) in the case of loss, theft or destruction, an unsecured agreement of indemnity from such Lender in form reasonably satisfactory to the Borrower, or (B) in the case of
mutilation, upon surrender and cancellation of such Note, the Borrower shall at the expense of such Lender execute and deliver to such Lender a new Note dated the date of such lost, stolen, destroyed or mutilated Note. 
 ARTICLE III. PAYMENTS, FEES AND OTHER GENERAL
PROVISIONS 
 Section 3.1. Payments. 
 Except to the extent otherwise provided herein, all payments of principal, interest and other amounts to be made by the Borrower under this Agreement or any other Loan Document shall be made in Dollars, in immediately
available funds, without deduction, set-off or counterclaim, to the Agent at its Principal Office, not later than 2:00 p.m. on the date on which such payment shall become due (each such payment made after such time on such due date to be deemed
to have been made on the next succeeding Business Day). Subject to Section 10.3., the 

  

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Borrower may, at the time of making each payment under this Agreement or any Note, specify to the Agent the amounts payable by the Borrower hereunder to
which such payment is to be applied. Each payment received by the Agent for the account of a Lender under this Agreement or any Note shall be paid to such Lender at the applicable Lending Office of such Lender no later than 5:00 p.m. on the
date of receipt. If the Agent fails to pay such amount to a Lender as provided in the previous sentence, the 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 be payable for the period of such
extension. 
 Section 3.2. Pro Rata Treatment. 
 Except to the extent otherwise provided herein: 
 (a) the making of the Loans under Section 2.1. shall
be made, pro rata according to amounts of the Lenders’ respective Commitments; 
 (b) each payment or prepayment of principal of Loans
by the Borrower shall be made for the account of the Lenders pro rata in accordance with the respective unpaid principal amounts of the Loans held by them; 
 (c) each payment of interest on the Loans by the Borrower shall be made for the account of the Lenders pro rata in accordance with the amounts of interest on such Loans then due and payable to the respective Lenders;
and 
 (d) the Conversion and Continuation of the Loans of a particular Type (other than Conversions provided for by Section 4.5.) shall
be made pro rata among the Lenders according to the amounts of their respective Loans and the then current Interest Period for each Lender’s portion of each Loan of such Type shall be coterminous. 
 Section 3.3. Sharing of Payments, Etc. 
 If a
Lender shall obtain payment of any principal of, or interest on, the Loan made by it to the Borrower under this Agreement, or shall obtain payment on any other Obligation owing by the Borrower or other Loan Party through the exercise of any right of
set-off, banker’s lien or counterclaim or similar right or otherwise or through voluntary prepayments directly to a Lender or other payments made by the Borrower to a Lender not in accordance with the terms of this Agreement and such payment
should be distributed to the Lenders pro rata in accordance with Section 3.2. or Section 10.3., as applicable, such Lender shall promptly purchase from the other Lenders participations in (or, if and to the extent specified by such Lender,
direct interests in) the Loans made by the other Lenders or other Obligations owed to such other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable, to the end that all the Lenders shall share the
benefit of such payment (net of any reasonable expenses which may be incurred by such Lender in obtaining or preserving such benefit) pro rata in accordance with Section 3.2. or Section 10.3., as applicable. To such end, all the Lenders
shall make 

  

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appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. The
Borrower agrees that any Lender so purchasing a participation (or direct interest) in the Loans or other Obligations owed to such other Lenders pursuant to this Section may exercise all rights of set-off, banker’s lien, counterclaim or similar
rights with respect to such participation as fully as if such Lender were a direct holder of Loans in the amount of such participation. Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any
Lender to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness or obligation of the Borrower. 
 Section 3.4. Several Obligations. 
 No Lender shall be responsible for the failure of any other Lender to make a Loan or
to perform any other obligation to be made or performed by such other Lender hereunder, and the failure of any Lender to make a Loan or to perform any other obligation to be made or performed by it hereunder shall not relieve the obligation of any
other Lender to make any Loan or to perform any other obligation to be made or performed by such other Lender. 
 Section 3.5. Minimum Amounts. 

 (a) Generally. Base Rate Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $500,000 in excess
thereof. LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $1,000,000 in excess of that amount. 
 (b) Prepayments. Each voluntary prepayment of the Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess thereof (or, if less, the aggregate principal amount of Loans then
outstanding). 
 Section 3.6. Administrative and Other Fees. 
 The Borrower agrees to pay the administrative and other fees of the Agent as may be agreed to in writing by the Borrower and the Agent from time to time. 
 Section 3.7. Computations. 
 Unless otherwise expressly set forth herein, any accrued interest on
any Loan, any Fees or any other Obligations due hereunder shall be computed on the basis of a year of 360 days and the actual number of days elapsed, except in the case of Base Rate Loans which shall be computed on the basis of a year of 365 or 366
days, as applicable, and the actual number of days elapsed. 
  

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 Section 3.8. 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, except to the extent the payment thereof as principal would result in the payment of amounts under Section 4.4., in which case such amount
shall be paid to the Borrower or whomever else may be legally entitled thereto. 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. 
 Section 3.9. Agreement Regarding Interest and Charges.

 The parties hereto hereby agree and stipulate that the only charge imposed upon the Borrower for the use of money in connection with
this Agreement is and shall be the interest specifically described in Section 2.2.(a)(i) and (ii). Notwithstanding the foregoing, the parties hereto further agree and stipulate that all agency fees, syndication fees, closing fees, underwriting
fees, default charges, late charges, funding or “breakage” charges, increased cost charges, attorneys’ fees and reimbursement for costs and expenses paid by the Agent or any Lender to third parties or for damages incurred by the 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 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 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. 
 Section 3.10. Statements of Account. 
 The Agent will account to the Borrower monthly with a statement of Loans, accrued interest and Fees, charges and payments made pursuant to this Agreement
and the other Loan Documents, and such account rendered by the Agent shall be deemed conclusive upon Borrower absent manifest error. The failure of the Agent to deliver such a statement of accounts shall not relieve or discharge the Borrower from
any of its obligations hereunder. 
 Section 3.11. Defaulting Lenders. 
 (a) Generally. If a Lender shall become a Defaulting Lender, then, in addition to the rights and remedies that may be available to the Agent or the
Borrower under this Agreement or Applicable Law, such Defaulting Lender’s right to participate in the administration of the Loans, this Agreement and the other Loan Documents, including, without limitation, any right to vote in respect of, to
consent to or to direct any action or inaction of the Agent or to be taken into account in the calculation of the Requisite Lenders, shall be suspended during the period such Lender remains a Defaulting Lender. If a Lender is a Defaulting Lender
because it has failed to make timely payment to the Agent of any amount required to be paid to the Agent hereunder 

  

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(without giving effect to any notice or cure periods), in addition to other rights and remedies which the Agent or the Borrower may have under the
immediately preceding provisions or otherwise, the Agent shall be entitled (i) to collect interest from such Defaulting Lender on such delinquent payment for the period from the date on which the payment was due until the date on which the
payment is made, at the Federal Funds Rate, (ii) to withhold or setoff and to apply in satisfaction of the defaulted payment and any related interest, any amounts otherwise payable to such Defaulting Lender under this Agreement or any other
Loan Document and (iii) to bring an action or suit against such Defaulting Lender in a court of competent jurisdiction to recover the defaulted amount and any related interest. 
 (b) Purchase of Defaulting Lender’s Loan. The Borrower may, by giving written notice thereof to the Agent, such Defaulting Lender and the
other Lenders demand that such Defaulting Lender assign the unpaid principal balance of its Loan to an Eligible Assignee subject to and in accordance with the provisions of Section 12.5.(b). No party hereto shall have any obligation whatsoever
to initiate any such replacement or to assist in finding an Eligible Assignee. Upon any such purchase or assignment, the Defaulting Lender’s interest in the Loans and its rights hereunder with respect thereto (but not its liability in respect
thereof or under the Loan Documents or this Agreement to the extent the same relate to the period prior to the effective date of the purchase) shall terminate on the date of purchase, and the Defaulting Lender shall promptly execute all documents
reasonably requested to surrender and transfer such interest to the purchaser or assignee thereof, including an appropriate Assignment and Acceptance Agreement and, notwithstanding Section 12.5.(b) shall pay to the Agent an assignment fee in
the amount of $7,000. A Defaulting Lender shall be entitled to receive amounts owed to it by the Borrower under the Loan Documents which accrued prior to the date of the default by the Defaulting Lender, to the extent the same are received by the
Agent from or on behalf of the Borrower. There shall be no recourse against any Lender or the Agent for the payment of such sums except to the extent of the receipt of payments from any other party or in respect of the Loans. 
 Section 3.12. Taxes. 
 (a) Taxes
Generally. All payments by the Borrower of principal of, and interest on, the Loans and all other Obligations shall be made free and clear of and without deduction for any present or future excise, stamp or other taxes, fees, duties, levies,
imposts, charges, deductions, withholdings or other charges of any nature whatsoever imposed by any taxing authority, but excluding (i) franchise taxes, (ii) any taxes (other than withholding taxes) with respect to the Agent or a Lender
that would not be imposed but for a connection between the Agent or such Lender and the jurisdiction imposing such taxes (other than a connection arising solely by virtue of the activities of the Agent or such Lender pursuant to or in respect of
this Agreement or any other Loan Document), (iii) any taxes imposed on or measured by any Lender’s assets, net income, gross receipts or branch profits, (iv) any withholding taxes payable with respect to payments hereunder or under
any other Loan Document under Applicable Law as currently interpreted and applied as of the Agreement Date, and (v) any taxes arising after the Agreement Date solely as a result of or attributable to a Lender changing its designated Lending
Office after the date such Lender becomes a party hereto (such non-excluded items being collectively called “Taxes”). If any withholding or deduction from any payment to be made by the Borrower hereunder is required in respect of
any Taxes pursuant to any Applicable Law, then the Borrower will: 
 (i) pay directly to the relevant Governmental Authority
the full amount required to be so withheld or deducted prior to the date the same would become delinquent; 
  

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 (ii) promptly forward to the Agent an official receipt or other documentation
satisfactory to the Agent evidencing such payment to such Governmental Authority; and 
 (iii) without duplication of amounts
paid pursuant to the immediately preceding clause (i), pay to the Agent for its account or the account of the applicable Lender, as the case may be, such additional amount or amounts as is necessary to ensure that the net amount actually received by
the Agent or such Lender will equal the full amount that the Agent or such Lender would have received had no such withholding or deduction been required. 
 (b) Tax Indemnification. If the Borrower fails to pay any Taxes when due to the appropriate Governmental Authority or fails to remit to the Agent, for its account or the account of the respective Lender, as the
case may be, the required receipts or other required documentary evidence, the Borrower shall indemnify the Agent and the Lenders for any incremental Taxes, interest or penalties that may become payable by the Agent or any Lender as a result of any
such failure. For purposes of this Section, a distribution hereunder by the Agent or any Lender to or for the account of any Lender shall be deemed a payment by the Borrower. 
 (c) Tax Forms. Prior to the date that any Lender or Participant organized under the laws of a jurisdiction outside the United States of America
becomes a party hereto, such Person shall deliver to the Borrower and the Agent such certificates, documents or other evidence, as required by the Internal Revenue Code or Treasury Regulations issued pursuant thereto (including Internal Revenue
Service Forms W-8ECI and W-8BEN, as applicable, or appropriate successor forms), properly completed, currently effective and duly executed by such Lender or Participant establishing that payments to it hereunder and under the Notes are
(i) not subject to United States Federal backup withholding tax and (ii) not subject to United States Federal withholding tax imposed under the Internal Revenue Code. Each such Lender or Participant shall, to the extent it may lawfully do
so, (x) deliver further copies of such forms or other appropriate certifications on or before the date that any such forms expire or become obsolete and after the occurrence of any event requiring a change in the most recent form delivered to
the Borrower or the Agent and (y) obtain such extensions of the time for filing, and renew such forms and certifications thereof, as may be reasonably requested by the Borrower or the Agent. The Borrower shall not be required to pay any amount
pursuant to the last sentence of subsection (a) above (or in respect thereof, under subsection (b) above) to any Lender or Participant that is organized under the laws of a jurisdiction outside of the United States of America or the Agent,
if it is organized under the laws of a jurisdiction outside of the United States of America, if such Lender, Participant or the Agent, as applicable, fails to comply with the requirements of this subsection. If any such Lender or Participant, to the
extent it may lawfully do so, fails to deliver 

  

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the above forms or other documentation, then the Agent may withhold from any payments to be made to such Lender under any of the Loan Documents such amounts
as are required by the Internal Revenue Code. If any Governmental Authority asserts that the Agent did not properly withhold or backup withhold, as the case may be, any tax or other amount from payments made to or for the account of any Lender, such
Lender shall indemnify the Agent therefor, including all penalties and interest, any taxes imposed by any jurisdiction on the amounts payable to the Agent under this Section, and costs and expenses (including all reasonable fees and disbursements of
any law firm or other external counsel and the allocated cost of internal legal services and all disbursements of internal counsel) of the Agent. The obligation of the Lenders under this Section shall survive repayment of all Obligations and the
resignation or replacement of the Agent. 
 ARTICLE IV. YIELD PROTECTION, ETC.

 Section 4.1. Additional Costs; Capital Adequacy. 
 (a) Additional Costs. The Borrower shall promptly pay to the Agent for the account of a Lender from time to time such amounts as such Lender may reasonably determine to be necessary to compensate such Lender
for any costs incurred by such Lender that it determines are attributable to its making or maintaining of any LIBOR Loans or its obligation to make any LIBOR Loans hereunder, any reduction in any amount receivable by such Lender under this Agreement
or any of the other Loan Documents in respect of any of such Loans or such obligation or the maintenance by such Lender of capital in respect of its Loan (such increases in costs and reductions in amounts receivable being herein called
“Additional Costs”), to the extent resulting from any Regulatory Change that: (i) changes the basis of taxation of any amounts payable to such Lender under this Agreement or any of the other Loan Documents in respect of its
Loan (other than taxes, fees, duties, levies, imposts, charges, deductions, withholdings or other charges which are excluded from the definition of Taxes pursuant to the first sentence of Section 3.12.(a) or payable as a result of failing to
deliver forms required by Section 3.12.(c)); or (ii) imposes or modifies any reserve, special deposit or similar requirements (other than Regulation D of the Board of Governors of the Federal Reserve System or other reserve requirement to
the extent utilized in the determination of the Adjusted Eurodollar Rate for such Loan) relating to any extensions of credit or other assets of, or any deposits with or other liabilities of, such Lender, or any commitment of such Lender; or
(iii) has or would have the effect of reducing the rate of return on capital of such Lender to a level below that which such Lender could have achieved but for such Regulatory Change (taking into consideration such Lender’s policies with
respect to capital adequacy). 
 (b) Lender’s Suspension of LIBOR Loans. Without limiting the effect of the provisions of the
immediately preceding subsection (a), if, by reason of any Regulatory Change, any Lender either (i) incurs Additional Costs based on or measured by the excess above a specified level of the amount of a category of deposits or other
liabilities of such Lender that includes deposits by reference to which the interest rate on LIBOR Loans is determined as provided in this Agreement or a category of extensions of credit or other assets of such Lender that includes LIBOR Loans or
(ii) becomes subject to restrictions on the amount of such a category of liabilities or assets that it may hold, then, if such Lender so elects by notice to the 

  

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Borrower (with a copy to the Agent), the obligation of such Lender to Continue, or to Convert any other Type of Loans into, LIBOR Loans hereunder shall be
suspended until such Regulatory Change ceases to be in effect (in which case the provisions of Section 4.5. shall apply). 
 (c)
Notification and Determination of Additional Costs. Each of the Agent and each Lender agrees to notify the Borrower of any event occurring after the Agreement Date entitling the Agent or such Lender to compensation under any of the preceding
subsections of this Section as promptly as practicable; provided, however, the failure of the Agent or any Lender to give such notice shall not release the Borrower from any of its obligations hereunder (and in the case of a Lender, to the Agent);
provided further that no Lender shall be entitled to claim any additional cost, reduction in amounts, loss, tax or other additional amount under this Article IV if such Lender fails to provide such notice to the Borrower within 180 days of the date
such Lender becomes aware of the occurrence of the event giving rise to the additional cost, reduction in amounts, loss, tax or other additional amount. The Agent or such Lender agrees to furnish to the Borrower (and in the case of a Lender, to the
Agent) a certificate setting forth the basis and amount of each request by the Agent or such Lender for compensation under this Section. Absent manifest error, determinations by the Agent or any Lender of the effect of any Regulatory Change shall be
conclusive, provided that such determinations are made on a reasonable basis and in good faith. 
 Section 4.2. Suspension of LIBOR Loans.

 Anything herein to the contrary notwithstanding, if, on or prior to the determination of any Adjusted Eurodollar Rate for any Interest
Period: 
 (a) the Agent reasonably determines (which determination shall be conclusive) that by reason of circumstances
affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Adjusted Eurodollar Rate for such Interest Period, or 
 (b) the Agent reasonably determines (which determination shall be conclusive) that the Adjusted Eurodollar Rate will not adequately and fairly reflect the cost to the Lenders of maintaining LIBOR Loans for such
Interest Period; 
 then the Agent shall give the Borrower and each Lender prompt notice thereof and, so long as such condition remains in effect, the
Lenders shall be under no obligation to, and shall not, Continue LIBOR Loans or Convert Loans into LIBOR Loans and the Borrower shall, on the last day of each current Interest Period for each outstanding LIBOR Loan, either repay such Loan or Convert
such Loan into a Base Rate Loan. 
 Section 4.3. Illegality. 
 Notwithstanding any other provision of this Agreement, if any Lender shall reasonably determine (which determination shall be conclusive and binding) that it has become unlawful after the Agreement Date for such
Lender to honor its obligation to maintain LIBOR Loans hereunder, then such Lender shall promptly notify the Borrower thereof (with a copy to the 

  

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Agent) and such Lender’s obligation to Continue, or to Convert Loans of any other Type into, LIBOR Loans shall be suspended until such time as such
Lender may again maintain LIBOR Loans (in which case the provisions of Section 4.5. shall be applicable). 
 Section 4.4. Compensation. 

 The Borrower shall pay to the Agent for the account of each Lender, upon the request of such Lender through the Agent, such amount or
amounts as shall be sufficient (in the reasonable opinion of such Lender) to compensate it for any loss, cost or expense that such Lender reasonably determines is attributable to: 
 (a) any payment or prepayment (whether mandatory or optional) of a LIBOR Loan, or Conversion of a LIBOR Loan, made by such Lender for any
reason (including, without limitation, acceleration) on a date other than the last day of the Interest Period for such Loan; or 
 (b) any failure by the Borrower for any reason (including, without limitation, the failure of any of the applicable conditions precedent specified in Article V. to be satisfied) to borrow a LIBOR Loan from such Lender on the requested
date for such borrowing, or to Convert a Base Rate Loan into a LIBOR Loan or Continue a LIBOR Loan on the requested date of such Conversion or Continuation. 
 Upon the Borrower’s request, any Lender requesting compensation under this Section shall provide the Borrower with a statement setting forth the basis for requesting such compensation and the method for determining the amount thereof.
Absent manifest error, determinations by any Lender in any such statement shall be conclusive, provided that such determinations are made on a reasonable basis and in good faith. 
 Section 4.5. Treatment of Affected Loans. 
 If the obligation of any Lender to Continue, or to
Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 4.1.(b), 4.2. or 4.3., then such Lender’s LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest
Period(s) for LIBOR Loans (or, in the case of a Conversion required by Section 4.1.(b) or 4.3., on such earlier date as such Lender may specify to the Borrower with a copy to the Agent) and, unless and until such Lender gives notice as provided
below that the circumstances specified in Section 4.1. or 4.3. that gave rise to such Conversion no longer exist: 
 (a)
to the extent that such Lender’s LIBOR Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and 
 (b) all Loans that would otherwise be Continued by such Lender as LIBOR Loans shall be Continued instead as Base Rate Loans, and all Base
Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans. 
  

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 If such Lender gives notice to the Borrower (with a copy to the Agent) that the circumstances specified in
Section 4.1. or 4.3. that gave rise to the Conversion of such Lender’s LIBOR Loans pursuant to this Section no longer exist (which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans of
other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving
effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with the respective unpaid principal amount of the Loans held by each of the
Lenders. 
 Section 4.6. Change of Lending Office. 
 Each Lender agrees that it will file any certificate or document reasonably requested by the Borrower and use reasonable efforts to designate an alternate Lending Office with respect to any of its Loans affected by
the matters or circumstances described in Sections 3.12., 4.1. or 4.3. to reduce the liability of the Borrower or avoid the results provided thereunder, so long as such filing or designation is not disadvantageous to such Lender as determined
by such Lender in its sole discretion, except that any such Lender shall have no obligation to designate a Lending Office located in the United States of America if such Lender has no office in the United States of America at the time of
designation. 
 Section 4.7. Assumptions Concerning Funding of LIBOR Loans. 
 Calculation of all amounts payable to a Lender under this Article IV. shall be made as though such Lender had actually funded LIBOR Loans through the
purchase of deposits in the relevant market bearing interest at the rate applicable to such LIBOR Loans in an amount equal to the amount of the LIBOR Loans and having a maturity comparable to the relevant Interest Period; provided, however, that
each Lender may fund each of its LIBOR Loans in any manner it sees fit and the foregoing assumption shall be used only for calculation of amounts payable under this Article IV. 
 Section 4.8. Affected Lenders. 
 If (a) a Lender requests compensation pursuant to
Section 3.12. or 4.1., and the Requisite Lenders are not also doing the same, or (b) the obligation of any Lender to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 4.1.(b) or 4.3. but
the obligation of the Requisite Lenders shall not have been suspended under such Sections, then, so long as there does not then exist any Event of Default, the Borrower may demand that such Lender (the “Affected Lender”), and upon
such demand the Affected Lender shall promptly, assign its Loan to an Eligible Assignee subject to and in accordance with the provisions of Section 12.5.(b) for a purchase price to be agreed upon by the Affected Lender and the Eligible
Assignee. Each of the Agent and the Affected Lender shall reasonably cooperate in effectuating the replacement of such Affected Lender under this Section, but at no time shall the Agent, such Affected Lender nor any other Lender be obligated in any
way whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. The exercise by the Borrower 

  

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of its rights under this Section shall be at the Borrower’s sole cost and expenses and at no cost or expense to the Agent, the Affected Lender or any of
the other Lenders. Subject to the proviso to Section 4.1.(c), 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
Section 3.12. or 4.1. for periods up to the date of replacement. 
 ARTICLE V. CONDITIONS
PRECEDENT 
 Section 5.1. Initial Conditions Precedent. 
 The obligation of the Lenders to make the Loans on the Effective Date is subject to the following conditions precedent: 
 (a) The Agent shall have received each of the following, in form and substance satisfactory to the Agent: 
 (i) Counterparts of this Agreement executed by each of the parties hereto; 
 (ii) Notes executed by the Borrower and complying with the applicable provisions of Section 2.8. executed by the Borrower;

 (iii) The Guaranty executed by each Guarantor existing as of the Effective Date; 
 (iv) An opinion of counsel to the Loan Parties, addressed to the Agent and the Lenders, in substantially the form set forth in
Exhibit F; 
 (v) The declaration of trust of the Borrower certified as of a recent date by the Secretary of State of the
state of its incorporation; 
 (vi) A good standing certificate with respect to the Borrower issued as of a recent date by the
Secretary of State of the state of its incorporation and certificates of qualification to transact business or other comparable certificates issued by the Secretary of State (and any state department of taxation, as applicable) of each state in
which the Borrower is required to be so qualified and where the failure to be so qualified could reasonably be expected to have a Material Adverse Effect; 
 (vii) A certificate of incumbency signed by the Secretary or Assistant Secretary of the Borrower with respect to each of the officers of the Borrower authorized to execute and deliver the Loan Documents to which the
Borrower is a party and the officers of the Borrower then authorized to deliver the Notice of Borrowing and Notices of Continuation and Notices of Conversion; 
 (viii) Copies, certified by the Secretary or Assistant Secretary of the Borrower, of (i) the bylaws of the Borrower and (ii) all
corporate (or comparable) action taken by the Borrower to authorize the execution, delivery and performance of the Loan Documents to which the Borrower is a party; 
  

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 (ix) The articles of incorporation, articles of organization, certificate of limited
partnership or other comparable organizational instrument (if any) of each Guarantor certified as of a recent date by the Secretary of State of the state of formation of such Guarantor; 
 (x) A certificate of good standing or certificate of similar meaning with respect to each Guarantor issued as of a recent date by (or
other comparable evidence from) the Secretary of State of the state of formation of each such Guarantor and certificates of qualification to transact business or other comparable certificates issued by (or other comparable evidence from) each
Secretary of State (and any state department of taxation, as applicable) of each state in which such Guarantor is required to be so qualified and where the failure to be so qualified could reasonably be expected to have a Material Adverse Effect;

 (xi) A certificate of incumbency signed by the Secretary or Assistant Secretary (or other individual performing similar
functions) of each Guarantor with respect to each of the officers of such Guarantor authorized to execute and deliver the Loan Documents to which such Guarantor is a party; 
 (xii) Copies certified by the Secretary or Assistant Secretary of each Guarantor (or other individual performing similar functions) of
(i) the by-laws of such Guarantor, 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, (ii) all corporate, partnership, member or other necessary action taken by such Guarantor to authorize the execution, delivery and performance of the Loan Documents to which it is a party and (iii) the articles of incorporation,
articles of organization, certificate of limited partnership or other comparable organizational instrument (if any) of such Guarantor; 
 (xiii) The Fees then due and payable under Section 3.6., and any other Fees payable to the Agent, the Titled Agents and the Lenders on or prior to the Effective Date; 
 (xiv) Evidence of payment in full of all Indebtedness owed by the Borrower under the Existing Term Loan Agreement; 
 (xv) A Compliance Certificate calculated as of December 31, 2008 (giving pro forma effect to the financing contemplated by this
Agreement and the use of the proceeds of the Loans to be funded on the Effective Date); 
 (xvi) The Notice of Borrowing; and

  

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 (xvii) Such other documents, agreements and instruments as the Agent on behalf of the
Lenders may reasonably request; and 
 (b) In the good faith judgment of the Agent and the Lenders: 
 (i) There shall not have occurred or become known to the 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 Agent and the Lenders prior to the Agreement Date that has had or could
reasonably be expected to result in a Material Adverse Effect; 
 (ii) No litigation, action, suit, investigation or other
arbitral, administrative or judicial proceeding shall be pending or threatened which could reasonably be expected to (1) result in a Material Adverse Effect or (2) restrain or enjoin, impose materially burdensome conditions on, or
otherwise materially and adversely affect the ability of the Borrower or any other Loan Party to fulfill its obligations under the Loan Documents to which it is a party; 
 (iii) The Borrower and its Subsidiaries shall have received all approvals, consents and waivers, and shall have made or given all
necessary filings and notices as shall be required to consummate the transactions contemplated hereby without the occurrence of any default under, conflict with or violation of (1) any Applicable Law or (2) any agreement, document or
instrument to which the Borrower or any other 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 would not
reasonably be likely to (A) have a Material Adverse Effect, or (B) restrain or enjoin, impose materially burdensome conditions on, or otherwise materially and adversely affect the ability of the Borrower or any other Loan Party to fulfill
its obligations under the Loan Documents to which it is a party; and 
 (iv) There shall not have occurred or exist any other
material disruption of financial or capital markets that could reasonably be expected to materially and adversely affect the transactions contemplated by the Loan Documents; and 
 (c) No Default or Event of Default shall exist as of the date of the making of such Loans or would exist immediately after giving effect thereto; and

 (d) 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 on and as of the date of the making of the Loans with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an
earlier date (in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents.

  

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 ARTICLE VI. REPRESENTATIONS AND WARRANTIES

 Section 6.1. Representations and Warranties. 
 In order to induce the Agent and each Lender to enter into this Agreement and to make Loans, the Borrower represents and warrants to the Agent and each Lender as follows: 
 (a) Organization; Power; Qualification. Each of the Borrower, its Subsidiaries and the other Loan Parties is a corporation, partnership or other
legal entity, duly organized or formed, validly existing and in good standing under the jurisdiction of its incorporation or formation, has the power and authority to own or lease its respective properties and to carry on its respective business as
now being and hereafter proposed to be conducted and is duly qualified and is in good standing as a foreign corporation, partnership or other legal entity, and authorized to do business, in each jurisdiction in which the character of its properties
or the nature of its business requires such qualification or authorization and where the failure to be so qualified or authorized could reasonably be expected to have, in each instance, a Material Adverse Effect. 
 (b) Ownership Structure. As of the Agreement Date, Part I of Schedule 6.1.(b) is a true, 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 Interests in such Subsidiary, (iii) the nature of the Equity Interests held by each
such Person, (iv) the percentage of ownership of such Subsidiary represented by such Equity Interests and (v) whether such Subsidiary is a Material Subsidiary and/or an Excluded Subsidiary and whether such Subsidiary owns a Non-Controlled
Property (and if so, which one(s)). Except as disclosed in such Schedule, as of the Agreement Date (i) each of the Borrower and its Subsidiaries owns, free and clear of all Liens (other than Permitted Liens) and has the unencumbered right to
vote, all outstanding Equity Interests in each Person shown to be held by it on such Schedule, (ii) all of the issued and outstanding capital stock of each such Person organized as a corporation is validly issued, fully paid and nonassessable
and (iii) there are no outstanding subscriptions, options, warrants, commitments, preemptive rights or agreements of any kind (including, without limitation, any stockholders’ or voting trust agreements) for the issuance, sale,
registration or voting of, or outstanding securities convertible into, any additional shares of capital stock of any class, or partnership or other ownership interests of any type in, any such Person. As of the Agreement Date, Part II of
Schedule 6.1.(b) correctly sets forth all Unconsolidated Affiliates of the Borrower, including the correct legal name of such Person, the type of legal entity which each such Person is, and all Equity Interests in such Person held directly or
indirectly by the Borrower. 
 (c) Authorization of Agreement, Etc. The Borrower has the right and power, and has taken all necessary
action to authorize the Borrower, 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 

  

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

(g) Existing Indebtedness. Schedule 6.1.(g) is, as of December 31, 2008, a complete and correct listing of all Indebtedness of
the Borrower and its Subsidiaries, including without limitation, Guarantees of the Borrower and its Subsidiaries, and indicating whether such Indebtedness is Secured Indebtedness or Unsecured Indebtedness. Except as set forth on such Schedule, from
December 31, 2008 through the Agreement Date, neither the Borrower nor any of its Subsidiaries has incurred any Indebtedness having an outstanding principal balance in excess of $1,000,000 in the aggregate. 
 (h) Litigation. Except as set forth on Schedule 6.1.(h), there are no actions, suits, investigations or proceedings pending (nor, to
the knowledge of the Borrower, are there any actions, suits or proceedings threatened, nor to the knowledge of the Borrower is there any basis therefor) against or in any other way relating adversely to or affecting the Borrower, any Subsidiary or
any other Loan Party or any of its respective property in any court or before any 

  

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arbitrator of any kind or before or by any other Governmental Authority which could reasonably be expected to have a Material Adverse Effect. There are no
strikes, slow downs, work stoppages or walkouts or other labor disputes in progress or threatened relating to the Borrower, any Subsidiary or any other Loan Party which could reasonably be expected to have a Material Adverse Effect. 
 (i) Taxes. All federal, state and other tax returns of the Borrower, any Subsidiary or any other Loan Party required by Applicable Law to be filed
have been duly filed, and all federal, state and other taxes, assessments and other governmental charges or levies upon the Borrower, any Subsidiary and each other Loan Party and its respective properties, income, profits and assets which are due
and payable have been paid, except any such nonpayment which is at the time permitted under Section 7.6. As of the Agreement Date, none of the United States income tax returns of the Borrower, its Subsidiaries or any other Loan Party is under
audit. All charges, accruals and reserves on the books of the Borrower and each of its Subsidiaries and each other Loan Party in respect of any taxes or other governmental charges are in accordance with GAAP. 
 (j) Financial Statements. The Borrower has furnished to the Agent copies of the audited consolidated balance sheet of the Borrower and its
consolidated Subsidiaries for the fiscal year ending December 31, 2008, and the related audited consolidated statements of operations, cash flows and shareholders’ equity for the fiscal year ending on such dates, with the opinion thereon
of Grant Thornton LLP. Such financial statements (including in each case related schedules and notes) are complete and present fairly, in accordance with GAAP consistently applied throughout the periods involved, the consolidated financial position
of the Borrower and its consolidated Subsidiaries as at their respective dates and the results of operations and the cash flow for such periods. 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, except as referred to or reflected or provided for in said financial statements.

 (k) No Material Adverse Change. Since December 31, 2008, there has been no material adverse change in the business, assets,
liabilities, financial condition or results of operations of the Borrower and its consolidated Subsidiaries taken as a whole. Each of the Borrower, its Subsidiaries and the other Loan Parties is Solvent. 
 (l) ERISA. Each member of the ERISA Group is in compliance with its obligations under the minimum funding standards of ERISA and the Internal
Revenue Code with respect to each Plan and is in compliance with the presently applicable provisions of ERISA and the Internal Revenue Code with respect to each Plan, except in each case for noncompliances which could not reasonably be expected to
have a Material Adverse Effect. As of the Agreement Date, no member of the ERISA Group has (i) sought a waiver of the minimum funding standard under Section 412 of the Internal Revenue Code in respect of any Plan, (ii) failed to make
any contribution or payment to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement, or made any amendment to any Plan or Benefit Arrangement, which has resulted 

  

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or could result in the imposition of a Lien or the posting of a bond or other security under ERISA or the Internal Revenue Code or (iii) incurred any
liability under Title IV of ERISA other than a liability to the PBGC for premiums under Section 4007 of ERISA. 
 (m) Not Plan
Assets; No Prohibited Transaction. None of the assets of the Borrower, any Subsidiary or any other Loan Party constitute “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated
thereunder. The execution, delivery and performance of this Agreement and the other Loan Documents, and the borrowing and repayment of amounts hereunder, do not and will not constitute “prohibited transactions” under ERISA or the Internal
Revenue Code. 
 (n) Absence of Defaults. Neither the Borrower, any Subsidiary nor any other Loan Party is in default under its
articles of incorporation, bylaws, partnership agreement or other similar organizational documents, and no event has occurred, which has not been remedied, cured or waived, which in any such case: (i) constitutes a Default or an Event of
Default; or (ii) constitutes, or which with the passage of time, the giving of notice, a determination of materiality, the satisfaction of any condition, or any combination of the foregoing, would constitute, a default or event of default by
the Borrower, any Subsidiary or any other Loan Party under any material agreement (other than this Agreement) or judgment, decree or order to which the Borrower or any Subsidiary or other Loan Party is a party or by which the Borrower or any
Subsidiary or other Loan Party or any of their respective properties may be bound where such default or event of default, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 (o) Environmental Laws. Each of the Borrower, its Subsidiaries and the other Loan Parties has obtained all Governmental Approvals which are
required under Environmental Laws and is in compliance with all terms and conditions of such Governmental Approvals which 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, (i) the Borrower is not aware of, and has not received notice of, any past, present, or future events, conditions, circumstances, activities, practices,
incidents, actions, or plans which, with respect to the Borrower, its Subsidiaries and each other Loan Party, may interfere with or prevent compliance or continued compliance with Environmental Laws, or may give rise to any common-law or legal
liability, or otherwise form the basis of any claim, action, demand, suit, proceeding, hearing, study, or investigation, based on or related to the manufacture, processing, distribution, use, treatment, storage, disposal, transport, or handling or
the emission, discharge, release or threatened release into the environment, of any pollutant, contaminant, chemical, or industrial, toxic, or other Hazardous Material; and (ii) there is no civil, criminal, or administrative action, suit,
demand, claim, hearing, notice, or demand letter, notice of violation, investigation, or proceeding pending or, to the Borrower’s knowledge after due inquiry, threatened, against the Borrower, its Subsidiaries and each other Loan Party relating
in any way to Environmental Laws. 
 (p) Investment Company; Etc. Neither the Borrower nor any Subsidiary nor any other Loan Party is
(i) an “investment company” or a company “controlled” by an “investment 

  

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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 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. Neither the Borrower, any Subsidiary nor any other Loan Party is engaged principally, or as one of its important activities, in
the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System. 

(r) Affiliate Transactions. Except as permitted by Section 9.10., neither the Borrower, any Subsidiary nor any other Loan Party is a party
to or bound by any agreement or arrangement (whether oral or written) to which any Affiliate of the Borrower, any Subsidiary or any other Loan Party is a party. 
 (s) Intellectual Property. Each of the Borrower, each other Loan Party and each other Subsidiary owns or has the right to use, under valid license agreements or otherwise, all material patents, licenses,
franchises, trademarks, trademark rights, trade names, trade name rights, trade secrets and copyrights (collectively, “Intellectual Property”) necessary to the conduct of its businesses as now conducted and as contemplated by the
Loan Documents, without known conflict with any patent, license, franchise, trademark, trade secret, trade name, copyright, or other proprietary right of any other Person, which conflict could reasonably be expected to have a Material Adverse
Effect. The Borrower, each other Loan Party and each other Subsidiary have taken all such steps as they deem reasonably necessary to protect their respective rights under and with respect to such Intellectual Property. No material claim has been
asserted by any Person with respect to the use of any Intellectual Property by the Borrower, any other Loan Party or any other Subsidiary, or challenging or questioning the validity or effectiveness of any Intellectual Property. The use of such
Intellectual Property by the Borrower, its Subsidiaries and the other Loan Parties, does not infringe on the rights of any Person, subject to such claims and infringements as do not, in the aggregate, give rise to any liabilities on the part of the
Borrower, any other Loan Party or any other Subsidiary that could reasonably be expected to have a Material Adverse Effect. 
 (t)
Business. As of the Agreement Date, the Borrower and its Subsidiaries are engaged in the business of acquiring, developing, owning and managing commercial real estate, including retail and multi-family properties, 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. No other similar fees or commissions will be payable by any Loan Party for any other services rendered to the Borrower or any of its Subsidiaries ancillary to the transactions
contemplated hereby. 
 (v) Accuracy and Completeness of Information. None of the written information, reports or other papers or data
(excluding financial projections and other forward looking 

  

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statements), taken as a whole as of the date of delivery thereof, furnished to the Agent or any Lender by, on behalf of, or at the direction of, the
Borrower, any Subsidiary or any other Loan Party in connection with or relating in any way to this Agreement, contained any untrue statement of a fact material to the creditworthiness of the Borrower, any Subsidiary or any other Loan Party or
omitted to state a material fact necessary in order to make such statements contained therein, in light of the circumstances under which they were made, not misleading. All financial statements furnished to the Agent or any Lender by, on behalf of,
or at the direction of, the Borrower, any Subsidiary or any other Loan Party in connection with or relating in any way to this Agreement, present fairly, in accordance with GAAP consistently applied throughout the periods involved, the financial
position of the Persons involved as at the date thereof and the results of operations for such periods. All financial projections and other forward looking statements prepared by or on behalf of the Borrower, any Subsidiary or any other Loan Party
that have been or may hereafter be made available to the Agent or any Lender were or will be prepared in good faith based on reasonable assumptions. As of the Effective Date, no fact is known to the Borrower which has had, or may in the future have
(so far as the Borrower can reasonably foresee), a Material Adverse Effect which has not been set forth in the financial statements referred to in Section 6.1.(j) or in such information, reports or other papers or data or otherwise disclosed in
writing to the Agent and the Lenders. 
 (w) REIT Status. The Borrower qualifies as a REIT and is in compliance with all requirements
and conditions imposed under the Internal Revenue Code to allow the Borrower to maintain its status as a REIT. 
 (x) Unencumbered
Assets. As of the Agreement Date, Schedule 6.1.(x) is a correct and complete list of each Wholly Owned Property, Controlled Property and Non-Controlled Property included as of the Agreement Date in the calculation of Unencumbered
Asset Value. Except as set forth on such Schedule, each of the Properties included by the Borrower in calculations of Unencumbered Asset Value is an Eligible Property. 
 (y) Foreign Assets Control. None of the Borrower, any Subsidiary or any Affiliate of the Borrower is in violation of any of the country or list based economic and trade sanctions administered and enforced by
OFAC that are described or referenced at http://www.ustreas.gov/offices/enforcement/ofac/ or as otherwise officially published from time to time. 
 Section 6.2. Survival of Representations and Warranties, Etc. 
 All statements contained in any certificate, financial
statement or other instrument delivered by or on behalf of the Borrower, any Subsidiary or any other Loan Party to the Agent or any Lender pursuant to or in connection with this Agreement or any of the other Loan Documents (including, but not
limited to, any such statement made in or in connection with any amendment hereto or thereto or any statement contained in any certificate, financial statement or other instrument delivered by or on behalf of the Borrower prior to the Agreement Date
and delivered to the Agent or any Lender in connection with the underwriting or closing of the transactions contemplated hereby) shall constitute representations and warranties made by the Borrower in favor of the Agent or any of the Lenders under
this Agreement. All representations 

  

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and warranties made under this Agreement and the other Loan Documents shall be deemed to be made at and as of the Agreement Date, the Effective Date and the
date of the making of the Loans, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects on
and as of such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents. All such representations and warranties shall survive the effectiveness of this Agreement, the execution and delivery of the Loan
Documents and the making of the Loans. 
 ARTICLE VII. AFFIRMATIVE COVENANTS 

For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to Section 12.6., all of the Lenders) shall otherwise consent
in the manner provided for in Section 12.6., the Borrower shall comply with the following covenants: 
 Section 7.1. Preservation of Existence
and Similar Matters. 
 Except as otherwise permitted under Section 9.7., the Borrower shall, and shall cause each Subsidiary and
each other Loan Party to, preserve and maintain its respective existence, rights, franchises, licenses and privileges in the jurisdiction of its incorporation or formation and qualify and remain qualified and authorized to do business in each
jurisdiction in which the character of its properties or the nature of its business requires such qualification and authorization and where the failure to be so authorized and qualified could reasonably be expected to have a Material Adverse Effect.

 Section 7.2. Compliance with Applicable Law and Material Contracts. 
 The Borrower shall, and shall cause each Subsidiary and each other Loan Party to, comply with (a) all Applicable Laws, including the obtaining of all
Governmental Approvals, the failure with which to comply could reasonably be expected to have a Material Adverse Effect, and (b) all terms and conditions of all contracts and other written agreements to which it is a party if any such
non-compliance could reasonably be expected to have a Material Adverse Effect. 
 Section 7.3. Maintenance of Property. 
 In addition to the requirements of any of the other Loan Documents, the Borrower shall, and shall cause each Subsidiary and other Loan Party to,
(a) protect and preserve all of its material properties, including, but not limited to, all Intellectual Property, and maintain in good repair, working order and condition all tangible properties, ordinary wear and tear excepted, and
(b) make or cause to be made all needed and appropriate repairs, renewals, replacements and additions to such properties, so that the business carried on in connection therewith may be properly and advantageously conducted at all times.

  

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 Section 7.4. Conduct of Business. 
 The Borrower shall, and shall cause its Subsidiaries and the other Loan Parties to, carry on their respective businesses as described in
Section 6.1.(t). 
 Section 7.5. Insurance. 
 In addition to the requirements of any of the other Loan Documents, the Borrower shall, and shall cause each Subsidiary and other Loan Party 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, and from time to time deliver to the Agent upon its request a
detailed list, together with copies of all policies of the insurance then in effect, stating the names of the insurance companies, the amounts and rates of the insurance, the dates of the expiration thereof and the properties and risks covered
thereby. 
 Section 7.6. Payment of Taxes and Claims. 
 The Borrower shall, and shall cause each Subsidiary and other Loan Party to, pay and discharge when due (a) all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits
or upon any properties belonging to it, and (b) all lawful claims of materialmen, mechanics, carriers, warehousemen and landlords for labor, materials, supplies and rentals which, if unpaid, might become a Lien on any properties of such Person;
provided, however, that this Section shall not require the payment or discharge of any such tax, assessment, charge, levy or claim which is being contested in good faith by appropriate proceedings which operate to suspend the collection thereof and
for which adequate reserves have been established on the books of the Borrower, such Subsidiary or such other Loan Party, as applicable, in accordance with GAAP. 
 Section 7.7. Visits and Inspections. 
 The Borrower shall, and shall cause each Subsidiary and other Loan Party to,
permit representatives or agents of any Lender or the Agent, from time to time after reasonable prior notice if no Event of Default shall be in existence, as often as may be reasonably requested, but only during normal business hours and at the
expense of such Lender or the Agent (unless an Event of Default shall exist, in which case the exercise by the Agent of its rights under this Section shall be at the expense of the Borrower), as the case may be, to: (a) visit and inspect all
properties of the Borrower or such Subsidiary or other Loan Party to the extent any such right to visit or inspect is within the control of such Person; (b) inspect and make extracts from their respective books and records, including but not
limited to management letters prepared by independent accountants; and (c) discuss with its officers, and its independent accountants, its business, properties, condition (financial or otherwise), results of operations and performance. If
requested by the Agent, the Borrower shall execute an authorization letter addressed to its accountants authorizing the Agent or any Lender to discuss the financial affairs of the Borrower and any Subsidiary or any other Loan Party with its
accountants. 
  

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 Section 7.8. Use of Proceeds. 
 The Borrower shall use the proceeds of the Loans to repay in full all Indebtedness, including all accrued but unpaid interest, owing under the Existing Term Loan Agreement on the Effective Date and for general
corporate purposes only. No part of the proceeds of any Loan will be used (a) for the purpose of buying or carrying “margin stock” within the meaning of Regulation U 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 or (b) to fund any operations in, finance any investments or activities in, or make any payments to, a Sanctioned Person or Sanctioned Entity. 

Section 7.9. Environmental Matters. 
 The
Borrower shall, and shall cause all of its Subsidiaries and the other Loan Parties to, comply with all Environmental Laws the failure with which to comply could reasonably be expected to have a Material Adverse Effect. If the Borrower, any
Subsidiary or any other Loan Party shall (a) receive notice that any violation of any Environmental Law may have been committed or is about to be committed by such Person, (b) receive notice that any administrative or judicial complaint or
order has been filed or is about to be filed against the Borrower, any Subsidiary or any other Loan Party alleging violations of any Environmental Law or requiring the Borrower, any Subsidiary or any other Loan Party to take any action in connection
with the release of Hazardous Materials or (c) receive any notice from a Governmental Authority or private party alleging that the Borrower, any Subsidiary or any other Loan Party may be liable or responsible for costs associated with a
response to or cleanup of a release of Hazardous Materials or any damages caused thereby, and the matters referred to in such notices, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, the Borrower
shall provide the Agent with a copy of such notice promptly, and in any event within 10 Business Days, after the receipt thereof by the Borrower, any Subsidiary or any other Loan Party. The Borrower shall, and shall cause its Subsidiaries and the
other Loan Parties to, take promptly 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. 
 Section 7.10. Books and Records. 
 The Borrower
shall, and shall cause each of its Subsidiaries and the other Loan Parties to, maintain books and records pertaining to its respective business operations in such detail, form and scope as is consistent with good business practice and in accordance
with GAAP. 
 Section 7.11. Further Assurances. 
 The Borrower shall, at the Borrower’s cost and expense and upon request of the Agent, execute and deliver or cause to be executed and delivered, to the 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 Agent to carry out the provisions and purposes of this Agreement and the other Loan Documents. 
  

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 Section 7.12. New Subsidiaries/Guarantors. 
 (a) Requirement to Become Guarantor. Within 10 Business Days of any Person (other than an Excluded Subsidiary or a Subsidiary owning a
Non-Controlled Property) becoming a Material Subsidiary after the Effective Date, the Borrower shall deliver to the Agent each of the following items, each in form and substance satisfactory to the Agent: (i) an Accession Agreement executed by
such Material Subsidiary and (ii) the items that would have been delivered under Sections 5.1.(a)(iv), (ix) through (xii) and (xvi) if such Material Subsidiary had been one on the Effective Date; provided,
however, promptly (and in any event within 10 Business Days) upon (x) any Excluded Subsidiary ceasing to be subject to the restriction which prevented it from becoming a Guarantor on the Effective Date or delivering an Accession
Agreement pursuant to this Section, as the case may be, or (y) a Subsidiary ceasing to own any Non-Controlled Properties, such Subsidiary shall comply with the provisions of this Section if then applicable. The Borrower shall send to each
Lender copies of each of the foregoing items once the Agent has received all such items with respect to a Material Subsidiary. 
 (b)
Other Guarantors. The Borrower may, at its option, cause any Subsidiary that is not already a Guarantor to become a Guarantor by executing and delivering to the Agent the items required to be delivered under the immediately preceding
subsection (a). 
 (c) Release of a Guarantor. The Borrower may request in writing that the Agent release, and upon receipt of
such request the Agent shall release, a Guarantor from the Guaranty so long as: (i) such Guarantor (x) meets, or will meet simultaneously with its release from the Guaranty, all of the provisions of the definition of the term
“Excluded Subsidiary” or (y) has ceased to be, or simultaneously with its release from the Guaranty will cease to be, a Material Subsidiary (whether pursuant to a transaction permitted under Section 9.7. or otherwise);
(ii) such Guarantor is not otherwise required to be a party to the Guaranty under the immediately preceding subsection (a); (iii) no Default or Event of Default shall then be in existence or would occur as a result of such release,
including, without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 9.1.; and (iv) the Agent shall have received such written request at least 10 Business Days (or such
shorter period as may be acceptable to the Agent) prior to the requested date of release. Delivery by the Borrower to the 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. 
 Section 7.13. REIT Status. 
 The Borrower shall at all times maintain its status as a REIT.

 Section 7.14. Exchange Listing. 
 The Borrower shall maintain at least one class of common shares of the Borrower having trading privileges on the New York Stock Exchange, the American Stock Exchange or other national exchange reasonably acceptable to the Agent or which is
the subject of price quotations in the over-the-counter market as reported by the National Association of Securities Dealers Automated Quotation System. 
  

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 ARTICLE VIII. INFORMATION 
 For so long as this Agreement is in effect, unless the Requisite Lenders (or if required pursuant to Section 12.6., all of the Lenders) shall
otherwise consent in the manner set forth in Section 12.6., the Borrower shall furnish to the Agent at its Lending Office: 
 Section 8.1.
Quarterly Financial Statements. 
 As soon as available and in any event within 5 days after the same is required to be filed with the
Securities and Exchange Commission (but in no event later than 50 days after the end of each of the first, second and third fiscal quarters of the Borrower, commencing with the fiscal quarter of the Borrower ended March 31, 2009), the unaudited
consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such period and the related unaudited consolidated statements of operations, common shareholders’ equity and cash flows of the Borrower and its Subsidiaries for
such period, setting forth in each case in comparative form the figures as of the end of and for the corresponding periods of the previous fiscal year, all of which shall be in a form acceptable to the Securities and Exchange Commission and
certified by the chief financial officer or chief accounting officer of the Borrower, in his or her opinion, to present fairly, in accordance with GAAP and in all material respects, the consolidated financial position of the Borrower and its
Subsidiaries as at the date thereof and the results of operations for such period (subject to normal year-end audit adjustments). 
 Section 8.2.
Year-End Statements. 
 As soon as available and in any event within 5 days after the same is required to be filed with the Securities and
Exchange Commission (but in no event later than 95 days after the end of each fiscal year of the Borrower), the audited consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year and the related audited
consolidated statements of operations, common shareholders’ equity and cash flows of the Borrower and its Subsidiaries for such fiscal year, setting forth in comparative form the figures as at the end of and for the previous fiscal year, all of
which shall be in a form acceptable to the Securities and Exchange Commission and certified by (a) the chief financial officer or chief accounting 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 and (b) independent certified public accountants of recognized national standing acceptable to the Agent,
whose certificate shall be unqualified and who shall have authorized the Borrower to deliver such financial statements and certification thereof to the Agent and the Lenders pursuant to this Agreement. 
 Section 8.3. Compliance Certificate. 
 At the
time financial statements are furnished pursuant to Sections 8.1. and 8.2., and, if the Requisite Lenders reasonably believe that an Event of Default specified in Section 10.1.(a), Section 10.1.(b), Section 10.1.(f) or
Section 10.1.(g) or a Default under Section 10.1.(g) may 

  

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occur, within 5 Business Days of the Agent’s request with respect to any other fiscal period, a certificate substantially in the form of Exhibit G
(a “Compliance Certificate”) executed by the chief financial officer or chief accounting officer of the Borrower: (a) setting forth in reasonable detail as at the end of such quarterly accounting period, fiscal year, or other
fiscal period, as the case may be, the calculations required to establish whether or not the Borrower was in compliance with the covenants contained in Sections 9.1. and 9.4. and (b) stating that, to the best of his or her knowledge,
information and belief after due inquiry, no Default or Event of Default exists, or, if such is not the case, specifying such Default or Event of Default and its nature, when it occurred, whether it is continuing and the steps being taken by the
Borrower with respect to such event, condition or failure. Together with each Compliance Certificate delivered in connection with quarterly or annual financial statements, the Borrower shall deliver a report, in form and detail reasonably
satisfactory to the Agent, setting forth (x) a statement of Funds From Operations for the fiscal period then ending; (y) a list of each Wholly Owned Property, Controlled Property and Non-Controlled Property included in the calculation of
Unencumbered Asset Value, such list to identify any Property that has ceased to be included in the calculation of Unencumbered Asset Value since the previous such list delivered to the Agent; and (z) a listing of all Properties acquired by the
Borrower or any Subsidiary since the delivery of the previous such list, including their net operating income, cost and related mortgage debt, if any. 
 Section 8.4. Other Information. 
 (a) Projections. No later than December 31 of each year, projected
consolidated financial statements of Borrower and its consolidated Subsidiaries, for the next fiscal year, to include projected balance sheets, statements of income and loss and statements of cash flow, together with calculations required to
establish whether or not the Borrower is projected to be in compliance with the financial covenants set forth in Section 9.1. In addition, within 15 Business Days of Agent’s request, the Borrower shall deliver such projected consolidated
financial statements for the four fiscal-quarter period commencing with the fiscal quarter in which such request was made; provided, that the Borrower shall not be required to provide projections pursuant to this sentence more than once during any
fiscal quarter. In each case, such projected consolidated financial statements shall be prepared on a quarterly basis, all in reasonable detail, and in form and content acceptable to the Agent, and shall be accompanied by such supporting information
as the Agent may reasonably request. Such projected consolidated financial statements shall represent the reasonable best estimate by the Borrower of the future financial performance of the Borrower and its Subsidiaries for the periods set forth
therein and shall be prepared on the basis of assumptions set forth therein, which the Borrower believes are fair and reasonable as of the date of preparation in light of current and reasonably foreseeable business conditions (it being understood
that actual results may differ from those set forth in such projected financial statements); 
 (b) Management Reports. Promptly upon
receipt thereof, copies of all management reports, if any, submitted to the Borrower or its Board of Trustees by its independent public accountants; 
  

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 (c) Securities Filings. Within 5 Business Days of the filing thereof, copies of all
registration statements (excluding the exhibits thereto (unless requested by the 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
the Borrower, any Subsidiary or any other Loan Party shall file with the Securities and Exchange Commission (or any Governmental Authority substituted therefor) or any national securities exchange; 
 (d) Shareholder Information. Promptly upon the mailing thereof to the shareholders of the Borrower generally, copies of all financial statements,
reports and proxy statements so mailed and promptly upon the issuance thereof copies of all press releases issued by the Borrower, any Subsidiary or any other Loan Party; 
 (e) ERISA. If and when any member of the ERISA Group (i) gives or is required to give notice to the PBGC of any “reportable event” (as defined in Section 4043 of ERISA) with respect to any
Plan which might constitute grounds for a termination of such Plan under Title IV of ERISA, or knows that the plan administrator of any Plan has given or is required to give notice of any such reportable event, a copy of the notice of such
reportable event given or required to be given to the PBGC; (ii) receives notice of complete or partial withdrawal liability under Title IV of ERISA or notice that any Multiemployer Plan is in reorganization, is insolvent or has been
terminated, a copy of such notice; (iii) receives notice from the PBGC under Title IV of ERISA of an intent to terminate, impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or appoint a trustee to
administer any Plan, a copy of such notice; (iv) applies for a waiver of the minimum funding standard under Section 412 of the Internal Revenue Code, a copy of such application; (v) gives notice of intent to terminate any Plan under
Section 4041(c) of ERISA, a copy of such notice and other information filed with the PBGC; (vi) gives notice of withdrawal from any Plan pursuant to Section 4063 of ERISA, a copy of such notice; or (vii) fails to make any payment
or contribution to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement or makes any amendment to any Plan or Benefit Arrangement which has resulted or could result in the imposition of a Lien or the posting of a bond or other
security, a certificate of the chief financial officer or chief accounting officer of the Borrower setting forth details as to such occurrence and the action, if any, which the Borrower or applicable member of the ERISA Group is required or proposes
to take; 
 (f) Litigation. To the extent the Borrower or any 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, the Borrower or
any Subsidiary or any of their respective properties, assets or businesses which could reasonably be expected to have a Material Adverse Effect, and prompt notice of the receipt of notice that any United States income tax returns of the Borrower or
any of its Subsidiaries are being audited; 
 (g) Modification of Organizational Documents. A copy of any amendment to the declaration
of trust, bylaws or other organizational documents of the Borrower within 15 Business Days after the effectiveness thereof; 
  

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 (h) Change of Management or Financial Condition. Prompt notice of any change in the chief
executive officer, chief financial officer, chief investment officer or general counsel of the Borrower, any Subsidiary or any other Loan Party and any change in the business, assets, liabilities, financial condition or results of operations of the
Borrower, any Subsidiary or any other Loan Party which has had or could reasonably be expected to have a Material Adverse Effect; 
 (i)
Default. Notice of the occurrence of any of the following promptly upon a Responsible Officer of the Borrower obtaining knowledge thereof: (i) any Default or Event of Default or (ii) any event which constitutes or which with the
passage of time, the giving of notice, or otherwise, would constitute a default or event of default by the Borrower, any Subsidiary or any other Loan Party under any Material Contract to which any such Person is a party or by which any such Person
or any of its respective properties may be bound; 
 (j) Judgments. Prompt notice of any order, judgment or decree in excess of
$5,000,000 having been entered against the Borrower, any Subsidiary or any other Loan Party of any of their respective properties or assets; 
 (k) Notice of Violations of Law. Prompt notice if the Borrower, any Subsidiary or any other Loan Party shall receive any notification from any Governmental Authority alleging a violation of any Applicable Law or any inquiry which, in
either case, could reasonably be expected to have a Material Adverse Effect; 
 (l) Material Subsidiary. Prompt notice of any Person
becoming a Material Subsidiary; 
 (m) Material Asset Sales. Prompt notice of the sale, transfer or other disposition of any material
assets of the Borrower, any Subsidiary or any other Loan Party to any Person other than the Borrower, any Subsidiary or any other Loan Party; 
 (n) Patriot Act Information. From time to time and promptly upon each request, information identifying the Borrower as a Lender may request in order to comply with the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law
October 26, 2001)); and 
 (o) Other Information. From time to time and promptly upon each request, such data, certificates,
reports, statements, opinions of counsel, documents or further information regarding the business, assets, liabilities, financial condition or results of operations of the Borrower or any of its Subsidiaries as the Agent or any Lender may reasonably
request. 
 Section 8.5. Electronic Delivery of Certain Information. 
 (a) The Borrower may deliver documents, materials and other information required to be delivered pursuant to Article VIII. (collectively,
“Information”) in an electronic format acceptable to the Agent by e-mailing any such Information to an e-mail address of the Agent as specified by the Agent from time to time. The Agent shall promptly post such Information on

  

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the Borrower’s behalf on an internet or intranet website to which each Lender and the Agent has access, whether a commercial, third-party website (such
as Intralinks or SyndTrak) or a website sponsored by the Agent (the “Platform”). Such Information shall only be deemed to have been delivered to the Lenders on the date on which such information is so posted. The Agent shall
promptly notify each Lender by e-mail or otherwise when Information is posted to the Platform. 
 (b) In addition, the Borrower may deliver
Information required to be delivered pursuant to Sections 8.1., 8.2., and 8.4.(c) and (d) by posting any such Information to the Borrower’s internet website (as of the Agreement Date, www.federalrealty.com). Any such Information
provided in such manner shall only be deemed to have been delivered to the Agent or a Lender (i) on the date on which the Agent or such Lender, as applicable, receives notice from the Borrower that such Information has been posted to the
Borrower’s internet website and (ii) only if such Information is publicly available without charge on such website. If for any reason, the Agent or a Lender either did not receive such notice or after reasonable efforts was unable to
access such website, then the Agent or such Lender, as applicable, shall not be deemed to have received such Information. In addition to any manner permitted by Section 12.1., the Borrower may notify the Agent or a Lender that Information has
been posted to such a website by causing an e-mail notification to be sent to an e-mail address specified from time to time by the Agent or such Lender, as applicable. 
 (c) Notwithstanding anything in this Section to the contrary (i) the Borrower shall deliver paper copies of Information to the Agent or any Lender that requests the Borrower to deliver such paper copies until a
written request to cease delivering paper copies is given to the Borrower by the Agent or such Lender and (ii) in every instance the Borrower shall be required to provide to the Agent a paper original of the Compliance Certificate required by
Section 8.3. 
 (d) The Borrower acknowledges and agrees that the Agent may make Information, as well as any other written
information, reports, data, certificates, documents, instruments, agreements and other materials relating to the Borrower, any Subsidiary or any other Loan Party or any other materials or matters relating to this Agreement, any of the other Loan
Documents or any of the transactions contemplated by the Loan Documents, in each case to the extent that the Agent’s communication thereof to the Lenders is otherwise permitted hereunder (collectively, the “Communications”)
available to the Lenders by posting the same on the Platform. The Borrower acknowledges that (i) the distribution of material through an electronic medium, such as the Platform, is not necessarily secure and that there are confidentiality and
other risks associated with such distribution, (ii) the Platform is provided “as is” and “as available” and (iii) neither the Agent nor any of its affiliates warrants the accuracy, adequacy or completeness of the
Communications or the Platform and each expressly disclaims liability for errors or omissions in the Communications or the Platform. The provisions of the immediately preceding clause (i) are not intended to limit the Lenders’ obligations
under Section 12.8. 
 (e) The Agent shall have no obligation to request the delivery or to maintain copies of any of the Information or
other materials referred to above, and in no event shall have any responsibility to monitor compliance by the Borrower with any such requests. Each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such
Information or other materials. 
  

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 Section 8.6. Public/Private Information. 
 The Borrower will cooperate with the Agent in connection with the publication of certain materials and/or information provided by or on behalf of the
Borrower to the Agent and the Lenders (collectively, “Information Materials”) pursuant to this Article and will designate Information Materials (a) that are either available to the public or not material with respect to the Borrower
and its Subsidiaries or any of their respective securities for purposes of United States federal and state securities laws, as “Public Information” and (b) that are not Public Information as “Private Information”. Agent and
Borrower acknowledge and agree that Borrower is obligated to file reports under the Securities Exchange Act of 1934 (the “1934 Act”). All Information Materials filed with or furnished to the Securities and Exchange Commission by the
Borrower pursuant to the 1934 Act or filed by the Borrower with the Securities and Exchange Commission pursuant to the Securities Act, distributed by the Borrower by press release through a widely disseminated news or wire service, or otherwise
expressly designated by Borrower as Public Information are hereby designated as Public Information, and all other Information Materials are hereby designated as Private Information. 
 ARTICLE IX. NEGATIVE COVENANTS 
 For so long as
this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to Section 12.6., all of the Lenders) shall otherwise consent in the manner set forth in Section 12.6., the Borrower shall comply with the following
covenants: 
 Section 9.1. Financial Covenants. 
 The Borrower shall not permit: 
 (a) Maximum Leverage Ratio. The ratio of (i) Total Indebtedness
to (ii) Total Asset Value, to exceed 0.60 to 1.0 at any time. 
 (b) Minimum Fixed Charge Coverage Ratio. The ratio of
(i) Adjusted EBITDA of the Borrower and its Subsidiaries determined on a consolidated basis for the fiscal quarter of the Borrower most recently ending to (ii) Fixed Charges for such period, to be less than 1.850 to 1.00 at the end of any
fiscal quarter. 
 (c) Maximum Secured Indebtedness Ratio. The ratio of (i) Secured Indebtedness of the Borrower and its
Subsidiaries determined on a consolidated basis to (ii) Total Asset Value, to be greater than 0.350 to 1.00 at any time. 
 (d)
Minimum Unencumbered Leverage Ratio. The ratio of (i) Unencumbered Asset Value to (ii) Unsecured Indebtedness of the Borrower and its Subsidiaries determined on a consolidated basis, to be less than 1.60 to 1.00 at the any time.

  

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 (e) Minimum Net Worth. Tangible Net Worth at any time to be less than (i) $1,500,000,000
plus (ii) 75% of the Net Proceeds of all Equity Issuances effected by the Borrower or any Subsidiary after March 31, 2009 (other than Equity Issuances to the Borrower or any Subsidiary). 
 (f) Assets Owned by Borrower and Guarantors. The amount of Adjusted Total Asset Value attributable to assets directly owned by the Borrower and
the Guarantors to be less than 95.0% of Adjusted Total Asset Value. 
 Section 9.2. Restricted Payments. 
 The Borrower shall not, and shall not permit any of its Subsidiaries to, declare or make any Restricted Payment if an Event of Default or a Major Default
exists or a Default or Event of Default would result from the making of such Restricted Payment, except that the Borrower may, subject to the immediately following sentence, declare and make cash distributions to its shareholders during any fiscal
year in an aggregate amount not to exceed the minimum amount necessary for the Borrower to remain in compliance with Section 7.13. If an Event of Default specified in Section 10.1.(a), Section 10.1.(b), Section 10.1.(f) or
Section 10.1.(g) shall exist, or if as a result of the occurrence of any other Event of Default any of the Obligations have been accelerated pursuant to Section 10.2.(a), the Borrower shall not, and shall not permit any Subsidiary to, make
any Restricted Payments to any Person other than to the Borrower or any Subsidiary. 
 Section 9.3. Indebtedness. 
 The Borrower shall not, and shall not permit any Subsidiary or any other Loan Party to, incur, assume, or otherwise become obligated in respect of any
Indebtedness after the Agreement Date if as a result of the assumption, incurring or becoming obligated in respect thereof, and after giving effect thereto, a Default or Event of Default is or would be caused thereby, or any Major Default or Event
of Default is then in existence, including, without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 9.1. 
 Section 9.4. Certain Permitted Investments. 
 The Borrower shall not, and shall not permit any
Subsidiary to, make any Investment in or otherwise own the following items which would cause the aggregate value of such holdings of the Borrower and such other Subsidiaries to exceed the following percentages of Total Asset Value at any time:

 (a) Investments in Unconsolidated Affiliates and other Persons that are not Subsidiaries and Investments in Subsidiaries that own
Non-Controlled Properties, such that the aggregate value of such Investments determined in a manner consistent with the definition of Total Asset Value or, if not contemplated under the definition of Total Asset Value, as determined in accordance
with GAAP, exceeds 15% of Total Asset Value; 
  

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 (b) Mortgage Receivables such that the aggregate book value exceeds 7.5% of Total Asset Value; and

 (c) Construction Budget for all real property under construction such that the aggregate exceeds 15% of Total Asset Value. 
 (d) Unimproved Land such that the aggregate value of such Unimproved Land, calculated on the basis of cost, exceeds 5% of Total Asset Value. 

(e) Investments in Persons (other than Investments in Subsidiaries and Unconsolidated Affiliates) such that the aggregate value of such Investments,
calculated on the basis of cost, exceeds 5% of Total Asset Value. 
 In addition to the foregoing limitations, the aggregate value of the Investments and
other items subject to the limitations in the preceding clauses (a) through (e) shall not exceed 30% of Total Asset Value. 
 Section 9.5.
Investments Generally. 
 The Borrower shall not, and shall not permit any Subsidiary or other Loan Party to, directly or indirectly,
acquire, make or purchase any Investment, or permit any Investment of such Person to be outstanding on and after the Agreement Date, other than the following: 
 (a) Investments in Subsidiaries in existence on the Agreement Date and disclosed on Part I of Schedule 6.1.(b); 
 (b) Investments to acquire Equity Interests of a Subsidiary or any other Person who after giving effect to such acquisition would be a Subsidiary, so long as in each case (i) as a result of such Investment, and
after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default is then in existence and (ii) if such Subsidiary is (or after giving effect to such Investment would
become) a Material Subsidiary, and is not an Excluded Subsidiary and does not own a Non-Controlled Property, the terms and conditions set forth in Section 7.12. are satisfied; 
 (c) Investments permitted under Section 9.4.; 
 (d) Investments in Cash Equivalents; 
 (e) intercompany Indebtedness among the Borrower and its Wholly Owned Subsidiaries provided
that such Indebtedness is permitted by the terms of Section 9.3.; 
 (f) loans and advances to officers and employees (i) to
finance their exercise of options to acquire stock in the Borrower to the extent made pursuant to arrangements in existence on the Agreement Date and only as permitted by Applicable Law and (ii) for moving, entertainment, travel and other
similar expenses in the ordinary course of business consistent with past practices; and 
  

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 (g) any other Investment so long as a result of making such Investment, and immediately thereafter and
after giving effect thereto, no Default or Event of Default is or would be caused thereby, and no other Major Default or Event of Default is then in existence. 
 Section 9.6. Liens; Negative Pledges; Other Matters. 
 (a) The Borrower shall not, and shall not permit any Subsidiary
or other Loan Party to, create, assume, or incur any Lien (other than Permitted Liens) upon any of its properties, assets, income or profits of any character whether now owned or hereafter acquired if as a result of the creation, assumption or
incurring of such Lien, a Default or Event of Default is or would be caused thereby or any other Major Default or Event of Default is then in existence, including without limitation, a Default or Event of Default resulting from a violation of any of
the covenants contained in Section 9.1. 
 (b) The Borrower shall not, and shall not permit any Subsidiary or other Loan Party to, enter
into, assume or otherwise be bound by any Negative Pledge except for a Negative Pledge contained in any agreement (i) evidencing Indebtedness which the Borrower or such Subsidiary may create, incur, assume, or permit or suffer to exist under
Section 9.3.; (ii) which Indebtedness is secured by a Lien permitted to exist hereunder and (iii) which prohibits the creation of any other Lien on only the property securing such Indebtedness as of the date such agreement was entered
into. 
 (c) The Borrower shall not, and shall not permit any Subsidiary or other Loan Party 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: (i) pay dividends or make any other distribution on any of such Subsidiary’s capital stock
or other equity interests owned by the Borrower or any Subsidiary; (ii) pay any Indebtedness owed to the Borrower or any Subsidiary; (iii) make loans or advances to the Borrower or any Subsidiary; or (iv) transfer any of its property
or assets to the Borrower or any Subsidiary other than, in the case of any Subsidiary that is not a Wholly Owned Subsidiary, limitations arising after the date hereof to the effect that any such dividends, distributions, loans, advances or transfers
of property must be on fair and reasonable terms and on an arm’s length basis. 
 Section 9.7. Merger, Consolidation, Sales of Assets and Other
Arrangements. 
 The Borrower shall not, and shall not permit any Subsidiary or other Loan Party to: (i) enter into any transaction
of merger or consolidation; (ii) liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution); or (iii) convey, sell, lease, sublease, transfer or otherwise dispose of, in one transaction or a series of transactions,
all or any substantial part of its business or assets, whether now owned or hereafter acquired; provided, however, that: 
 (a)
any of the actions described in the immediately preceding clauses (i) through (iii) may be taken with respect to any Subsidiary or any other Loan Party (other than the Borrower) so long as, as a result of the taking of such action, and
after giving effect thereto, no Default or Event of Default is or would be caused thereby or any other Major Default or Event of Default is 

  

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then in existence; notwithstanding the foregoing, any such Loan Party may enter into a transaction of merger pursuant to which such Loan Party is not the
survivor of such merger only if (i) the Borrower shall have given the Agent and the Lenders at least 10 Business Days’ prior written notice of such merger; (ii) if the survivor entity is a Material Subsidiary (and not an Excluded
Subsidiary) within 5 Business Days of consummation of such merger, the survivor entity (if not already a Guarantor) shall have executed and delivered an assumption agreement in form and substance satisfactory to the Agent pursuant to which such
survivor entity shall assume all of the such Loan Party’s Obligations under this Agreement and the other Loan Documents to which it is a party; (iii) within 30 days of consummation of such merger, the survivor entity delivers to the Agent
the following: (A) items of the type referred to in Sections 5.1.(a)(ix) through (xii) with respect to the survivor entity as in effect after consummation of such merger (if not previously delivered to the Agent and still in effect),
(B) copies of all documents entered into by such Loan Party or the survivor entity to effectuate the consummation of such merger, including, but not limited to, articles of merger and the plan of merger, (C) copies, certified by the
Secretary or Assistant Secretary (or other individual performing similar functions) of such Loan Party or the survivor entity, of all corporate and shareholder action authorizing such merger and (D) copies of any filings with the Securities and
Exchange Commission in connection with such merger; and (iv) such Loan Party and the survivor entity each takes such other action and delivers such other documents, instruments, opinions and agreements as the Agent may reasonably request;

 (b) the Borrower, its Subsidiaries and the other Loan Parties may lease and sublease their respective assets, as lessor or sublessor (as
the case may be), in the ordinary course of their business; 
 (c) a Person may merge with and into the Borrower so long as (i) the
Borrower is the survivor of such merger, (ii) immediately prior to such merger, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in existence, and (iii) the Borrower shall have given
the Agent and the Lenders at least 10 Business Days’ prior written notice of such merger (except that such prior notice shall not be required in the case of the merger of a Subsidiary with and into the Borrower); 
 (d) the Borrower and each Subsidiary may sell, transfer or dispose of assets (including by merger or liquidation of Subsidiaries) among themselves; and

 (e) the Borrower and each Subsidiary may transfer property as security for Indebtedness permitted by Section 9.3. 
 Section 9.8. Fiscal Year. 
 The Borrower shall
not change its fiscal year from that in effect as of the Agreement Date. 
  

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 Section 9.9. Modifications of Organizational Documents. 
 The Borrower shall not, and shall not permit any Loan Party or other Subsidiary to, amend, supplement, restate or otherwise modify its articles or
certificate of incorporation, by-laws, operating agreement, declaration of trust, partnership agreement or other applicable organizational document if such amendment, supplement, restatement or other modification could reasonably be expected to have
a Material Adverse Effect. 
 Section 9.10. Transactions with Affiliates. 
 The Borrower shall not, and shall not permit any of its Subsidiaries or any other Loan Party to, permit to exist or enter into, any transaction (including
the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate, except (a) compensation, bonus and benefit arrangements with employees and trustees as permitted by Applicable Law; (b) transactions
not prohibited by Section 9.7. to the extent among the Borrower, the other Loan Parties and other Subsidiaries; and (c) other transactions in the ordinary course of and pursuant to the reasonable requirements of the business of the
Borrower or any of its Subsidiaries and upon fair and reasonable terms which are no less favorable to the Borrower or such Subsidiary than would be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate.

 Section 9.11. ERISA Exemptions. 
 The Borrower shall not, and shall not permit any 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 other than as a result of contributions by the Borrower or a Subsidiary to Benefit Arrangements, Plans or Multiemployer Plans not prohibited by this Agreement or any other Loan Document. 
 Section 9.12. Non-Controlled Properties. 
 The
Borrower shall not permit any Subsidiary that owns a Non-Controlled Property to own any assets other than another Non-Controlled Property and other nonmaterial assets incidental to the ownership of a Non-Controlled Property. 
 Section 9.13. OFAC. 
 The Borrower shall not, and
shall not permit any Subsidiary or any Affiliate of the Borrower to, violate any of the country or list based economic and trade sanctions administered and enforced by OFAC that are described or referenced at
http://www.ustreas.gov/offices/enforcement/ofac/ or as otherwise published from time to time. 
  

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

 (a) Default in Payment of Principal. The Borrower shall fail to pay when due (whether upon demand, at maturity, by reason of
acceleration or otherwise) the principal of any of the Loans. 
 (b) Default in Payment of Interest and Other Obligations. The
Borrower shall fail to pay when due any interest on any of the Loans or any of the other payment Obligations (other than the principal of any Loan) owing by the Borrower under this Agreement or any other Loan Document, or any other Loan Party shall
fail to pay when due any payment Obligation owing by such other Loan Party under any Loan Document to which it is a party, and such failure shall continue for a period of 5 Business Days. 
 (c) Default in Performance. (i) The Borrower shall fail to perform or observe any term, covenant, condition or agreement contained in
Section 8.4.(i) or Article IX. or (ii) the Borrower or any other 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 clause (ii) 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 Agent. 
 (d) Misrepresentations. Any written statement, representation or warranty made or deemed made by or on behalf of the Borrower or any other 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 or made or deemed made by or on behalf of the Borrower or any other Loan Party to the Agent or any Lender, shall at any time prove to have been incorrect or misleading, in light of
the circumstances in which made or deemed made, in any material respect when furnished or made or deemed made. 
 (e) Indebtedness
Cross-Default. 
 (i) The Borrower, any Subsidiary or any other Loan Party shall fail to pay when due and payable the
principal of, or interest on (after giving effect to the expiration of any grace period for such payment), any Indebtedness (other than the Loans but including Secured Indebtedness accelerated, or required to be prepaid or repurchased prior to the
stated maturity thereof, as a result of a casualty with respect to, or condemnation of, the property securing such Secured Indebtedness) having an aggregate outstanding principal amount of $25,000,000 or more (“Material
Indebtedness”); or 
  

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 (ii) (x) the maturity of any Material Indebtedness shall have been accelerated in
accordance with the provisions of any indenture, contract or instrument evidencing, providing for the creation of or otherwise concerning such Material Indebtedness or (y) any Material Indebtedness shall have been required to be prepaid or
repurchased prior to the stated maturity thereof; 
 (iii) any other event shall have occurred and be continuing (and any
related grace period shall have expired) which would permit any holder or holders of Material Indebtedness, any trustee or agent acting on behalf of such holder or holders or any other Person, to accelerate the maturity of any such Material
Indebtedness or require any such Material Indebtedness to be prepaid or repurchased prior to its stated maturity; or 
 (iv)
any Loan Party shall fail to pay when due and payable amounts in excess of $25,000,000 in the aggregate owing in respect of any Derivatives Contracts. 
 The
provisions of the immediately preceding clauses (ii) and (iii) shall not apply to any Secured Indebtedness accelerated, or required to be prepaid or repurchased prior to the stated maturity thereof, as a result of a casualty with respect
to, or condemnation of, the property securing such Secured Indebtedness. 
 (f) Voluntary Bankruptcy Proceeding. The Borrower, any
other Loan Party or any Significant Subsidiary shall: (i) commence a voluntary case under the Bankruptcy Code of 1978, as amended, 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; (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. 
 (g) Involuntary Bankruptcy Proceeding. A case or other proceeding shall be commenced against the
Borrower, any other Loan Party or any Significant Subsidiary in any court of competent jurisdiction seeking: (i) relief under the Bankruptcy Code of 1978, as amended, 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 such case or proceeding shall continue undismissed or unstayed for a period of 60 consecutive calendar days, or an order granting the remedy or other
relief requested in such case or proceeding against the Borrower, such Subsidiary or such other Loan Party (including, but not limited to, an order for relief under such Bankruptcy Code or such other federal bankruptcy laws) shall be entered.

  

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 (h) Litigation; Enforceability. The Borrower or any other Loan Party shall disavow, revoke or
terminate (or attempt to 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 this
Agreement, any Note or any other Loan Document or this Agreement, any Note, the Guaranty or any other Loan Document shall cease to be in full force and effect (except as a result of the express terms thereof). 
 (i) Judgment. A judgment or order for the payment of money or for an injunction shall be entered against the Borrower, any Subsidiary or any other
Loan Party, by any court or other tribunal and (i) such judgment or order shall continue for a period of 30 days without being paid, stayed or dismissed through appropriate appellate proceedings and (ii) either (A) the amount of such
judgment or order for which insurance has not been acknowledged in writing by the applicable insurance carrier (or the amount as to which the insurer has denied liability) exceeds, individually or together with all other such outstanding judgments
or orders entered against the Borrower, such Subsidiaries and such other Loan Parties, $25,000,000 or (B) in the case of an injunction or other non-monetary judgment, such judgment could reasonably be expected to have a Material Adverse Effect.

 (j) Attachment. A warrant, writ of attachment, execution or similar process shall be issued against any property of the Borrower,
any Subsidiary or any other Loan Party which exceeds, individually or together with all other such warrants, writs, executions and processes, $25,000,000 in amount and such warrant, writ, execution or process shall not be discharged, vacated, stayed
or bonded for a period of 30 days; provided, however, that if a bond has been issued in favor of the claimant or other Person obtaining such warrant, writ, execution or process, the issuer of such bond shall execute a waiver or subordination
agreement in form and substance satisfactory to the 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 any Loan Party. 
 (k) ERISA. Any member of the ERISA Group shall fail to pay when due an amount or amounts aggregating in excess
of $25,000,000 which it shall have become liable to pay under Title IV of ERISA; or notice of intent to terminate a Plan or Plans having Unfunded Liabilities in excess of $25,000,000 in the aggregate shall be filed under Title IV of ERISA by any
member of the ERISA Group, any plan administrator or any combination of the foregoing; or the PBGC shall institute proceedings under Title IV of ERISA to terminate, to impose liability (other than for premiums under Section 4007 of ERISA) in
respect of, or to cause a trustee to be appointed to administer, any Plan or Plans having Unfunded Liabilities in excess of $25,000,000 in the aggregate; or a condition shall exist by reason of which the PBGC would be entitled to obtain a decree
adjudicating that any Plan or Plans having Unfunded Liabilities in excess of $25,000,000 in the aggregate must be terminated; or there shall occur a complete or partial withdrawal from, or a default, within the meaning of Section 4219(c)(5) of
ERISA, with respect to, one or more Multiemployer Plans which could cause one or more members of the ERISA Group to incur a current payment obligation in excess of $25,000,000. 
  

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 (l) Loan Documents. An Event of Default (as defined therein) shall occur under any of the other
Loan Documents. 
 (m) Change of Control/Change in Management. 
 (i) Any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of
1934, 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 20.0% 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 Trustees of the Borrower (together with any new trustees whose election by such Board or whose nomination for election by the shareholders of the Borrower was approved by a vote of a
majority of the trustees then still in office who were either trustees at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute at least two-thirds of the Board of
Trustees of the Borrower then in office. 
 Section 10.2. Remedies Upon Event of Default. 
 Upon the occurrence of an Event of Default the following provisions shall apply: 
 (a) Acceleration; Termination of Facilities. 
 (i) Automatic. Upon the occurrence of an Event of Default specified in Sections 10.1.(f) or 10.1.(g), (A) the principal of, and all accrued interest on, the Loans and the Notes at the time outstanding
and (B) all of the other Obligations of the Borrower, including, but not limited to, the other amounts owed to the Lenders and the Agent under this Agreement, the Notes or any of the other Loan Documents shall become immediately and
automatically due and payable by the Borrower without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the Borrower. 
 (ii) Optional. If any other Event of Default shall exist, the Agent shall, at the direction of the Requisite Lenders, declare
(A) the principal of, and accrued interest on, the Loans and the Notes at the time outstanding and (B) all of the other Obligations, including, but not limited to, the other amounts owed to the Lenders and the 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. 
  

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 (b) Loan Documents. The Requisite Lenders may direct the Agent to, and the 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 Agent to, and the 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 and as directed by the Requisite Lenders, the 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 business
operations of the Borrower and its Subsidiaries and to exercise such power as the court shall confer upon such receiver. 
 Section 10.3. Allocation
of Proceeds. 
 If an Event of Default shall exist and maturity of any of the Obligations has been accelerated, all payments received by
the Agent under any of the Loan Documents, in respect of any principal of or interest on the Obligations or any other amounts payable by the Borrower hereunder or thereunder, shall be applied in the following order and priority: 
 (a) amounts due to the Agent in respect of fees and expenses due under Section 12.2.; 
 (b) amounts due to the Lenders in respect of fees and expenses due under Section 12.2., pro rata in the amount then due each Lender;

 (c) payments of interest on all the Loans, to be applied for the ratable benefit of the Lenders; 
 (d) payments of principal of all the Loans, to be applied for the ratable benefit of the Lenders; 
 (e) amounts due the Agent and the Lenders from the Borrower or the other Loan Parties pursuant to Sections 11.7. and 12.9.; 
 (f) payments of all other Obligations and other amounts due and owing by the Borrower and the other Loan Parties under any of the Loan
Documents, if any, to be applied for the ratable benefit of the Lenders; and 
 (g) any amount remaining after application as
provided above, shall be paid to the Borrower or whomever else may be legally entitled thereto. 
  

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 Section 10.4. Performance by Agent. 
 If the Borrower shall fail to perform any covenant, duty or agreement contained in any of the Loan Documents, the Agent may, after notice to the Borrower,
perform or attempt to perform such covenant, duty or agreement on behalf of the Borrower after the expiration of any cure or grace periods set forth herein. In such event, the Borrower shall, at the request of the Agent, promptly pay any amount
reasonably expended by the Agent in such performance or attempted performance to the Agent, together with interest thereon at the applicable Post-Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, neither the
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 except to the extent resulting from its gross negligence or willful
misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment. 
 Section 10.5. Rights Cumulative.

 The rights and remedies of the Agent 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 Agent and the Lenders may be selective and no failure or delay by the Agent or any of the
Lenders in exercising any right shall operate as a waiver of it, nor shall any single or partial exercise of any power or right preclude its other or further exercise or the exercise of any other power or right. 
 ARTICLE XI. THE AGENT 
 Section 11.1. Authorization and Action. 
 Each Lender hereby appoints and authorizes the 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 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 Agent to enter into the Loan Documents for the benefit of the Lenders. Each Lender hereby agrees that, except as otherwise set
forth herein, any action taken by the Requisite Lenders in accordance with the provisions of this Agreement or the Loan Documents, and the exercise by the Requisite Lenders of the powers set forth herein or therein, together with such other powers
as are reasonably incidental thereto, shall be authorized and binding upon all of the Lenders. Nothing herein shall be construed to deem the Agent a trustee or fiduciary for any Lender or to impose on the Agent duties or obligations other than those
expressly provided for herein. At the request of a Lender, the Agent will forward to such Lender copies or, where appropriate, originals of the documents delivered to the Agent pursuant to this Agreement or the other Loan Documents. The Agent will
also furnish to any Lender, upon request of such Lender, a copy of any certificate or notice furnished to the Agent by the Borrower, any other Loan Party or any other Affiliate of the Borrower, pursuant to this Agreement or any other Loan Document
not already delivered to such Lender pursuant to the 

  

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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 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 Agent shall not be required to take any action which exposes the 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 Agent shall not 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 (or all
of the Lenders if explicitly required under any provision of this Agreement) have so directed the Agent to exercise such right or remedy. 
 Section 11.2. Agent’s Reliance, Etc. 
 Notwithstanding any other provisions of this Agreement or any other Loan
Documents, neither the Agent nor any of its directors, officers, agents, employees or counsel shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement or any other Loan Document, except for
its or their own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment. Without limiting the generality of the foregoing, the Agent: (a) may treat the payee of any Note as
the holder thereof until the Agent receives written notice of the assignment or transfer thereof signed by such payee and in form satisfactory to the Agent; (b) 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; (c) makes no warranty or representation to any Lender or any other Person and shall not be responsible to any Lender or any other Person for any statements, warranties or representations made by any Person in or in connection with this
Agreement or any other Loan Document; (d) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of any 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 inspect the property, books or records of the Borrower or any other Person; (e) shall not be responsible to any
Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other Loan Document, any other instrument or document furnished pursuant thereto or any collateral covered thereby or the
perfection or priority of any Lien in favor of the Agent on behalf of the Lenders in any such collateral; and (f) shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon any notice, consent,
certificate or other instrument or writing (which may be by telephone or telecopy) believed by it to be genuine and signed, sent or given by the proper party or parties. 
  

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 Section 11.3. Notice of Defaults. 
 The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the 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 Agent) becomes aware of any Default or Event of Default, it shall promptly send to the Agent such a “notice of default.” Further, if the Agent receives such a “notice of default”, the Agent shall give prompt notice thereof to
the Lenders. 
 Section 11.4. Wachovia as Lender. 
 Wachovia, as a Lender, shall have the same rights and powers under this Agreement and any other Loan Document as any other Lender and may exercise the same as though it were not the Agent; and the term
“Lender” or “Lenders” shall, unless otherwise expressly indicated, include Wachovia in each case in its individual capacity. Wachovia and its affiliates may each accept deposits from, maintain deposits or credit balances for,
invest in, lend money to, act as trustee under indentures of, serve as financial advisor to, and generally engage in any kind of business with, the Borrower, any other Loan Party or any other affiliate thereof as if it were any other bank and
without any duty to account therefor to the other Lenders. Further, the Agent and any affiliate may accept fees and other consideration from the Borrower for services in connection with this Agreement and otherwise without having to account for the
same to the other Lenders. The Lenders acknowledge that, pursuant to such activities, Wachovia 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 Agent shall be under no obligation to provide such information to them. 
 Section 11.5. Approvals of Lenders. 
 All communications from the Agent to any Lender requesting
such Lender’s determination, consent, approval or disapproval (a) shall be given in the form of a written notice to such Lender, (b) shall be accompanied by a description of the matter or issue as to which such determination,
approval, consent or disapproval is requested, or shall advise such Lender where information, if any, regarding such matter or issue may be inspected, or shall otherwise describe the matter or issue to be resolved, (c) shall include, if
reasonably requested by such Lender and to the extent not previously provided to such Lender, written materials and a summary of all oral information provided to the Agent by the Borrower in respect of the matter or issue to be resolved, and
(d) shall include the Agent’s recommended course of action or determination in respect thereof. Each Lender shall reply promptly, but in any event within 10 Business Days (or such lesser or greater period as may be specifically required
under the Loan Documents) of receipt of such communication. Except as otherwise provided in this Agreement, unless a Lender shall give written notice to the Agent that it specifically objects to the recommendation or determination of the Agent
(together with a written explanation of the reasons behind such objection) within the applicable time period for reply, such Lender shall be deemed to have conclusively approved of or consented to such recommendation or determination. 
  

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 Section 11.6. Lender Credit Decision, Etc. 
 Each Lender expressly acknowledges and agrees that neither the Agent nor any of its officers, directors, employees, agents, counsel, attorneys-in-fact or
other affiliates has made any representations or warranties as to the financial condition, operations, creditworthiness, solvency or other information concerning the business or affairs of the Borrower, any other Loan Party, any Subsidiary or any
other Person to such Lender and that no act by the Agent hereafter taken, including any review of the affairs of the Borrower, any other Loan Party or any other Subsidiary, shall be deemed to constitute any such representation or warranty by the
Agent to any Lender. Each Lender 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 Agent, any other Lender
or counsel to the Agent, or any of their respective officers, directors, employees and agents, and based on the financial statements of the Borrower, the Subsidiaries or any other Affiliate thereof, and inquiries of such Persons, its independent due
diligence of the business and affairs of the Borrower, the other Loan Parties, the 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 Lender also acknowledges that it will, independently and without reliance upon the Agent, any other Lender or counsel to the Agent or any of their respective officers, directors,
employees and agents, and based on such review, advice, documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under the Loan Documents. Except for notices, reports and
other documents and information expressly required to be furnished to the Lenders by the Agent under this Agreement or any of the other Loan Documents, the Agent shall have no duty or responsibility to provide any Lender with any credit or other
information concerning the business, operations, property, financial and other condition or creditworthiness of the Borrower, any other Loan Party or any other Affiliate thereof which may come into possession of the Agent, or any of its officers,
directors, employees, agents, attorneys-in-fact or other affiliates. Each Lender acknowledges that the Agent’s legal counsel in connection with the transactions contemplated by this Agreement is only acting as counsel to the Agent and is not
acting as counsel to such Lender. 
 Section 11.7. Indemnification of Agent. 
 Each Lender agrees to indemnify the Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) pro
rata in accordance with such Lender’s respective Credit Percentage, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, reasonable out-of-pocket costs and expenses, or disbursements of
any kind or nature whatsoever which may at any time be imposed on, incurred by, or asserted against the Agent (in its capacity as 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 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 Agent’s gross negligence or willful misconduct as determined by a court of competent jurisdiction in a 

  

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final, non-appealable judgment or if the Agent fails to follow the written direction of the Requisite Lenders (or all of the Lenders if expressly required
hereunder) unless such failure results from the Agent following the advice of counsel to the Agent of which advice the Lenders have received notice. Without limiting the generality of the foregoing but subject to the preceding proviso, each Lender
agrees to reimburse the Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), promptly upon demand for its ratable share of any out-of-pocket expenses (including counsel fees of the
counsel(s) of the Agent’s own choosing) incurred by the Agent in connection with the preparation, negotiation, execution, or enforcement 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 Agent to enforce the terms of the Loan Documents and/or collect any Obligations, any “lender liability” suit or claim brought against the Agent and/or the Lenders, and any claim or suit brought
against the 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 Agent notwithstanding any claim or assertion that the Agent is
not entitled to indemnification hereunder upon receipt of an undertaking by the Agent that the Agent will reimburse the Lenders if it is actually and finally determined by a court of competent jurisdiction that the Agent is not so entitled to
indemnification. The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder or under the other Loan Documents and the termination of this Agreement. If the Borrower shall reimburse the Agent for any
Indemnifiable Amount following payment by any Lender to the Agent in respect of such Indemnifiable Amount pursuant to this Section, the Agent shall share such reimbursement on a ratable basis with each Lender making any such payment. 
 Section 11.8. Successor Agent. 
 The Agent may
resign at any time as Agent under the Loan Documents by giving written notice thereof to the Lenders and the Borrower. The Agent may be removed as Agent under the Loan Documents for good cause by all of the Lenders (other than the Lender then acting
as Agent) upon 30 days’ prior written notice to the Agent. Upon any such resignation or removal, the Requisite Lenders (other than the Lender then acting as Agent, in the case of the removal of the Agent under the immediately preceding
sentence) shall have the right to appoint a successor Agent which appointment shall, provided no Event of Default exists, be subject to the Borrower’s approval, which approval shall not be unreasonably withheld or delayed (except that the
Borrower shall, in all events, be deemed to have approved each Lender and its affiliates as a successor Agent). If no successor Agent shall have been so appointed in accordance with the immediately preceding sentence, and shall have accepted such
appointment, within 30 days after the resigning Agent’s giving of notice of resignation or the Lenders’ removal of the resigning Agent, then the resigning or removed Agent may, on behalf of the Lenders, appoint a successor Agent, which
shall be a Lender, if any Lender shall be willing to serve, and otherwise shall be a commercial bank having total combined assets of at least $50,000,000,000. Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such
successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Agent, and the retiring or removed Agent shall be discharged from its duties and obligations under the Loan
Documents. After any Agent’s resignation or removal hereunder as Agent, the provisions of this Article XI. shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under the Loan Documents.

  

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 Section 11.9. Titled Agents. 
 Each of the Titled Agents 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 of “Arranger,” “Book Manager”, “Syndication Agent” and “Documentation Agent” are solely honorific and imply no fiduciary responsibility on the part of
the Titled Agents to the Agent, the Borrower or any Lender 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. 
 ARTICLE XII. MISCELLANEOUS 
 Section 12.1. Notices. 
 Unless otherwise
provided herein, communications provided for hereunder shall be in writing and shall be mailed, telecopied or delivered as follows: 
 If to
the Borrower: 
 Federal Realty Investment Trust 
 1626 East Jefferson Street 
 Rockville, Maryland 20852-4041 
 Attn: Chief Accounting Officer 

			
	Telephone:	  	(301) 998-8318
	Telecopy:	  	(301) 998-3701

 and for all notices (other than notices solely under Article II), with copies to: 
 General Counsel 
 Federal Realty Investment
Trust 
 1626 East Jefferson Street 
 Rockville, Maryland 20852-4041 

			
	Telephone:	  	(301) 998-8100
	Telecopy:	  	(301) 998-3715

 and 
  

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 Wendelin A. White, P.C. 
 Pillsbury Winthrop Shaw Pittman LLP 
 2300 N Street, NW 
 Washington, DC 20037 

			
	Telephone:	  	(202) 663-8360
	Telecopy:	  	(202) 663-8007

 If to the Agent: 
 Wachovia Bank, National Association 
 301 S. College Street, NC0172 
 Charlotte, North Carolina 28288 
 Attn: Rex E.
Rudy 

			
	Telephone:	  	(704) 383-6506
	Telecopy:	  	(704) 383-6205

 If to a Lender: 
 To such Lender’s address or telecopy number, as applicable, as set forth in its 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. All such notices and other communications shall be effective (i) if mailed, when
received; (ii) if telecopied on a Business Day, when transmitted; or (iii) if hand delivered or sent by overnight courier, when delivered. Notwithstanding the immediately preceding sentence, all notices or communications to the Agent or
any Lender under Article II. shall be effective only when actually received. Neither the Agent nor any Lender shall incur any liability to any Loan Party (nor shall the Agent incur any liability to the Lenders) for acting upon any telephonic notice
referred to in this Agreement which the Agent or such Lender, as the case may be, believes in good faith to have been given by a Person authorized to deliver such notice or for otherwise acting in good faith hereunder. Failure of a Person designated
to get a copy of a notice to receive such copy shall not affect the validity of notice properly given to any other Person. 
 Section 12.2. Expenses.

 The Borrower agrees (a) to pay or reimburse the Agent for all of its reasonable 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 travel expenses relating to closing), and the consummation of the
transactions contemplated thereby, including the reasonable fees and disbursements of counsel to the Agent and costs and expenses in connection with the use of IntraLinks, Inc., SyndTrak or other similar information transmission systems in
connection with the Loan Documents, (b) to pay or reimburse the Agent and the Lenders for all their costs and expenses incurred in connection with the enforcement or preservation of any rights under the Loan Documents, including the reasonable
fees and disbursements of counsel to the Agent and one separate 

  

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counsel for the Lenders and any payments in indemnification or otherwise payable by the Lenders to the Agent pursuant to the Loan Documents, (c) to pay,
and indemnify and hold harmless the Agent, and the Lenders from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from, any failure to pay or delay in paying documentary, stamp, excise and other similar
taxes, if any, which may be payable or determined to be payable in connection with the execution and delivery of any of the Loan Documents, or consummation of any amendment, supplement or modification of, or any waiver or consent under or in respect
of, any Loan Document and (d) to the extent not already covered by any of the preceding subsections, to pay or reimburse the Agent and the Lenders for all their costs and expenses incurred in connection with any bankruptcy or other proceeding
of the type described in Sections 10.1.(f) or 10.1.(g), including the reasonable fees and disbursements of counsel to the Agent and one separate counsel for the Lenders (but also including special insolvency counsel and any required local counsel),
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 Agent and/or the Lenders may pay such amounts on behalf of the Borrower and either deem the same to be Loans outstanding hereunder or otherwise Obligations owing hereunder. 
 Section 12.3. 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 Agent, each Lender and each affiliate of the Agent or any Lender, at
any time or from time to time during the continuance of an Event of Default, without prior notice to the Borrower or to any other Person, any such notice being hereby expressly waived, but in the case of a Lender or an affiliate of a Lender, subject
to receipt of the prior written consent of the Agent exercised in its sole discretion, to set off and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of
deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by the Agent, such Lender or any such affiliate of the Agent or such Lender, 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 10.2., and although such obligations shall be
contingent or unmatured. 
 Section 12.4. Litigation; Jurisdiction; Other Matters; Waivers. 
 (a) EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE BORROWER, THE AGENT OR ANY OF THE LENDERS WOULD BE BASED ON
DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE LENDERS, THE AGENT AND THE BORROWER HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN
ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR 

  

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AGAINST ANY PARTY HERETO ARISING OUT OF THIS AGREEMENT, THE NOTES, OR ANY OTHER LOAN DOCUMENT OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE
WHATSOEVER BETWEEN OR AMONG THE BORROWER, THE AGENT OR ANY OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN DOCUMENTS. 
 (b)
EACH OF THE BORROWER, THE AGENT AND EACH LENDER HEREBY AGREES THAT THE FEDERAL DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND ANY STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN OF NEW YORK, NEW YORK, SHALL HAVE JURISDICTION TO HEAR AND
DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG THE BORROWER, THE AGENT OR ANY OF THE LENDERS PERTAINING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT, THE LOANS, THE NOTES OR ANY OTHER LOAN DOCUMENT OR TO ANY MATTER ARISING HEREFROM OR THEREFROM. THE
BORROWER AND EACH OF THE LENDERS EXPRESSLY SUBMIT AND CONSENT IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS WITH RESPECT TO SUCH CLAIMS OR DISPUTES. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR
HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM, AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION
SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE AGENT OR ANY LENDER OR THE ENFORCEMENT BY THE AGENT OR ANY LENDER OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 
 (c) THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES
THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS AND THE TERMINATION OF THIS AGREEMENT. 
 Section 12.5. 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 without the prior written consent of the Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions
of the immediately following subsection (b), (ii) by way of participation in accordance with the provisions of the immediately following subsection (d) or (iii) by way of pledge or assignment of a security interest subject to the
restrictions of the immediately following subsection (f) (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or 

  

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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 Affiliates and the partners, directors, officers, employees, agents and advisors of the Agent and the Lenders and of their
respective Affiliates) 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 (an “Assignee”) all or a portion of its rights and obligations under this Agreement (including all or a portion of the Loan 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 all of the Loan at the time owing to it or in the case of an assignment to a Lender or
an Affiliate of a Lender, no minimum amount need be assigned; and 
 (B) in any case not described in the immediately
preceding subsection (A), the principal outstanding balance of the Loan of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the 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 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). 
 (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 assigned. 
 (iii) Required Consents. No consent shall be required for any assignment except to the extent required by clause (i)(B) of this
subsection (b), and, in addition: 
 (A) the consent of the Borrower (such consent not to be unreasonably withheld or delayed)
shall be required unless (x) an Event of Default shall exist at the time of such assignment or (y) such assignment is to a Person who is a Lender or an Affiliate of a Lender; and 
 (B) the consent of the Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of a
Loan to a Person who is not a Lender or an Affiliate of a Lender. 
 (iv) Assignment and Acceptance. The parties to
each assignment shall execute and deliver to the Agent an Assignment and Acceptance, together with a processing and recordation fee of $3,500 for each assignment, and the Assignee, if it is not a Lender, shall deliver to the Agent an Administrative
Details Form. 
  

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 (v) No Assignment to Borrower. No such assignment shall be made to the Borrower or
any of the Borrower’s Affiliates or Subsidiaries. 
 (vi) No Assignment to Natural Persons. No such assignment
shall be made to a natural person. 
 Subject to acceptance and recording thereof by the Agent pursuant to the immediately following subsection (c), from and
after the effective date specified in each Assignment and Acceptance, the Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Acceptance, 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 Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance
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 only Sections 4.4., 12.2. and 12.9. and the other provisions
of this Agreement and the other Loan Documents as provided in Section 12.10. solely with respect to facts and circumstances occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender of rights or
obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with the immediately following
subsection (d). 
 (c) Register. The Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at the
Principal Office a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and principal amounts 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, and the Borrower, the Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder
for all purposes of this Agreement, notwithstanding notice to the contrary, in the absence of manifest error. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable
prior notice. 
 (d) Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or the Agent, sell
participations to any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under
this Agreement (including all or a portion of the Loan owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto
for the performance of such obligations, (iii) the Borrower, the Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and
(iv) unless the Borrower and the Agent 

  

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otherwise agree, after giving effect to the grant of a participating interest in a Lender’s Loan, the amount of its Loan in which it has not granted any
participating interests must be equal to at least $5,000,000. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver of any
provision of any Loan Document described in Section 12.6.(b) that adversely affects such Participant. Subject to the immediately following subsection (e), the Borrower agrees that each Participant shall be entitled to the benefits of only
Sections 3.12., 4.1., 4.4. to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. Upon request from the Agent, a Lender shall notify the Agent and the Borrower of the
sale of any participation hereunder. 
 (e) Limitations upon Participant Rights. A Participant shall not be entitled to receive any
greater payment under Sections 3.12., 4.1. and 4.4. than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the
Borrower’s prior written consent. A Participant that is organized under the laws of a jurisdiction outside the United States of America shall not be entitled to the benefits of Section 3.12. unless the Borrower is notified of the
participation sold to such Participant and such Participant agrees, for the benefit of the Borrower and the Agent, to comply with Section 3.12.(c) as though it were a Lender. 
 (f) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to
secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder, substitute any such
pledgee or assignee for such Lender as a party hereto, or allow any pledgee or assignee other than the Federal Reserve Bank to exercise any rights of a Lender under the Loan Documents other than to receive payments to which the assigning or pledging
Lender is entitled. 
 (g) No Registration. Each Lender agrees that, without the prior written consent of the Borrower and the Agent,
it will not make any assignment hereunder in any manner or under any circumstances that would require registration or qualification of, or filings in respect of, any Loan or Note under the Securities Act or any other securities laws of the United
States of America or of any other jurisdiction. 
 Section 12.6. Amendments. 
 (a) Except as otherwise expressly provided in this Agreement, any consent or approval required or permitted by this Agreement or any other Loan Document
to be given by the Lenders may be given, and any term of this Agreement or of any other Loan Document may be amended, and the performance or observance by the Borrower or any other Loan Party or any Subsidiary of any terms of this Agreement or such
other Loan Document or the continuance of any Default or Event of Default may be waived (either generally or in a particular instance and 

  

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either retroactively or prospectively) with, but only with, the written consent of the Requisite Lenders (and, in the case of an amendment to any Loan
Document, the written consent of each Loan Party a party thereto). 
 (b) Notwithstanding the foregoing, without the prior written consent of
each Lender adversely affected thereby, no amendment, waiver or consent shall do any of the following: 
 (i) subject the
Lenders to any additional obligations; 
 (ii) reduce the principal of, or interest that has accrued or the rates of interest
that will be charged on the outstanding principal amount of, any Loans or other Obligations; 
 (iii) reduce the amount of any
Fees payable hereunder or postpone any date fixed for payment thereof; 
 (iv) modify the definition of the term
“Termination Date” or otherwise postpone any date fixed for any payment of any principal of, or interest on, any Loans or any other Obligations (including the waiver of any Default or Event of Default as a result of the nonpayment of any
such Obligations as and when due); 
 (v) amend or otherwise modify the provisions of Section 3.2.; 
 (vi) modify the definition of the term “Requisite Lenders” or otherwise 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, including without limitation, any modification of this Section 12.6. if such modification would have such effect; 
 (vii) release any Guarantor from its obligations under the Guaranty (except as otherwise permitted under Section 7.12. (c)); or

 (viii) increase the number of Interest Periods permitted with respect to Loans under Section 2.3. 
 (c) No amendment, waiver or consent, unless in writing and signed by the Agent, in such capacity, in addition to the Lenders required hereinabove to take
such action, shall affect the rights or duties of the Agent under this Agreement or any of the other Loan Documents. 
 (d) 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. Except as otherwise
provided in Section 11.5., no course of dealing or delay or omission on the part of the Agent or any Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto. Except as otherwise explicitly provided
for herein or in any other Loan Document, no notice to or demand upon the Borrower shall entitle the Borrower to any other or further notice or demand in similar or other circumstances. 
  

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 Section 12.7. Nonliability of Agent and Lenders. 
 The relationship between the Borrower and the Lenders and the Agent shall be solely that of borrower and lender. Neither the Agent nor any Lender shall
have any fiduciary responsibilities to the Borrower or any other Loan Party, 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 Agent or any Lender to any Lender, the Borrower, any Subsidiary or any other Loan Party. Neither the Agent nor any Lender undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in
connection with any phase of the Borrower’s business or operations. 
 Section 12.8. Confidentiality. 
 The Agent and each Lender shall use reasonable efforts to assure that information about Borrower, the other Loan Parties and other Subsidiaries, and the
Properties thereof and their operations, affairs and financial condition, not generally disclosed to the public, which is furnished to the Agent or any Lender pursuant to the provisions of this Agreement or any other Loan Document, is used only for
the purposes of this Agreement and the other Loan Documents and shall not be divulged to any Person other than the Agent, the Lenders, and their respective officers, directors, employees and agents who are actively and directly participating in the
evaluation, administration or enforcement of the Loan Documents and other transactions between the Agent or such Lender, as applicable, and the Borrower, but in any event the Agent and the Lenders may make disclosure: (a) to any of their
respective affiliates (provided they shall agree to keep such information confidential in accordance with the terms of this Section 12.8.); (b) as reasonably requested by any bona fide prospective Assignee, Participant or other transferee
in connection with the contemplated transfer of any Loan or participations therein as permitted hereunder (provided they shall agree to keep such information confidential in accordance with the terms of this Section); (c) as required or
requested by any Governmental Authority or representative thereof or pursuant to legal process or in connection with any legal proceedings or as otherwise required by Applicable Law; (d) to the Agent’s or such Lender’s independent
auditors and other professional advisors (provided they shall be notified of the confidential nature of the information); (e) after the happening and during the continuance of an Event of Default, to any other Person, as necessary for the
exercise by the Agent or the Lenders of rights hereunder or under any of the other Loan Documents; (f) upon Borrower’s prior consent (which consent shall not be unreasonably withheld), to any contractual counter-parties to any swap or
similar hedging agreement or to any rating agency; and (g) to the extent such information (x) becomes publicly available other than as a result of a breach by such party of this Section or (y) becomes available to the Agent or any
Lender on a nonconfidential basis from a source other than the Borrower or any Affiliate unless the Agent or such Lender has actual knowledge that such information became nonconfidential as a result of a breach of a confidential arrangement with the
Borrower or such Loan Party. Notwithstanding the foregoing, the Agent and each Lender may disclose any such confidential information, without notice to the Borrower or any other Loan Party, to Governmental Authorities in connection with any
regulatory examination of the Agent or such Lender or in accordance with the regulatory compliance policy of the Agent or such Lender. 
  

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 Section 12.9. Indemnification. 
 (a) The Borrower shall and hereby agrees to indemnify, defend and hold harmless the Agent, each of the Lenders, any affiliate of the Agent or any Lender, and their respective directors, officers, shareholders, agents,
employees and counsel (each referred to herein as an “Indemnified Party”) from and against any and all of the following (collectively, the “Indemnified Costs”): losses, costs, claims, damages, liabilities,
deficiencies, judgments or reasonable expenses of every kind and nature (including, without limitation, amounts paid in settlement, court costs and the reasonable fees and disbursements of counsel incurred in connection with any litigation,
investigation, claim or proceeding or any advice rendered in connection therewith, but excluding lost profits, losses, costs, claims, damages, liabilities, deficiencies, judgments or expenses indemnification in respect of which is specifically
covered by Section 3.12. or 4.1. or expressly excluded from the coverage of such Sections 3.12. or 4.1.) incurred by an Indemnified Party in connection with, arising out of, or by reason of, any suit, cause of action, claim, arbitration,
investigation or settlement, consent decree or other proceeding (the foregoing referred to herein as an “Indemnity Proceeding”) which is in any way related directly or indirectly to: (i) this Agreement or any other Loan
Document or the transactions contemplated thereby; (ii) the making of any Loans hereunder; (iii) any actual or proposed use by the Borrower of the proceeds of the Loans; (iv) the Agent’s or any Lender’s entering into this
Agreement; (v) the fact that the Agent and the Lenders have established the credit facility evidenced hereby in favor of the Borrower; (vi) the fact that the Agent and the Lenders are creditors of the Borrower and have or are alleged to
have information regarding the financial condition, strategic plans or business operations of the Borrower and the Subsidiaries; (vii) the fact that the Agent and the Lenders are material creditors of the Borrower and are alleged to influence
directly or indirectly the business decisions or affairs of the Borrower and the Subsidiaries or their financial condition; (viii) the exercise of any right or remedy the Agent or the Lenders may have under this Agreement or the other Loan
Documents; (ix) any civil penalty or fine assessed by the OFAC against, and all reasonable costs and expenses (including counsel fees and disbursements) incurred in connection with defense thereof by, the Agent or any Lender as a result of
conduct of the Borrower, any other Loan Party or any Subsidiary that violates or threatens to violate a sanction enforced by the OFAC; or (x) any violation or non-compliance by the Borrower or any Subsidiary of any Applicable Law (including any
Environmental Law) including, but not limited to, any Indemnity Proceeding commenced by (A) the Internal Revenue Service or state taxing authority or (B) any Governmental Authority or other Person under any Environmental Law, including any
Indemnity Proceeding commenced by a Governmental Authority or other Person seeking remedial or other action to cause the Borrower or its Subsidiaries (or its respective properties) (or the Agent and/or the Lenders as successors to the Borrower) to
be in compliance with such Environmental Laws; provided, however, that the Borrower shall not be obligated to indemnify any Indemnified Party for (A) any acts or omissions of such Indemnified Party in connection with matters described in this
subsection to the extent arising from the gross negligence or willful misconduct of such Indemnified Party, as determined by a court of competent jurisdiction in a final, non-appealable judgment or (B) Indemnified Costs to the extent arising
directly out of or resulting directly from claims of one or more Indemnified Parties against another Indemnified Party. 
  

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 (b) The Borrower’s indemnification obligations under this Section 12.9. shall apply to all
Indemnity Proceedings arising out of, or related to, the foregoing whether or not an Indemnified Party is a named party in such Indemnity Proceeding. In this connection, this indemnification shall cover all Indemnified Costs of any Indemnified Party
in connection with any deposition of any Indemnified Party or compliance with any subpoena (including any subpoena requesting the production of documents). This indemnification shall, among other things, apply to any Indemnity Proceeding commenced
by other creditors of the Borrower or any Subsidiary, any shareholder of the Borrower or any Subsidiary (whether such shareholder(s) are prosecuting such Indemnity Proceeding in their individual capacity or derivatively on behalf of the Borrower),
any account debtor of the Borrower or any Subsidiary or by any Governmental Authority. If indemnification is to be sought hereunder by an Indemnified Party, then such Indemnified Party shall notify the Borrower of the commencement of any Indemnity
Proceeding; provided, however, that the failure to so notify the Borrower shall not relieve the Borrower from any liability that it may have to such Indemnified Party pursuant to this Section 12.9. 
 (c) This indemnification shall apply to any Indemnity Proceeding arising during the pendency of any bankruptcy proceeding filed by or against the
Borrower and/or any Subsidiary. 
 (d) All out-of-pocket fees and expenses of, and all amounts paid to third-persons by, an Indemnified Party
shall be advanced by the Borrower at the request of such Indemnified Party, notwithstanding any claim or assertion by the Borrower that such Indemnified Party is not entitled to indemnification hereunder, upon receipt of an undertaking by such
Indemnified Party that such Indemnified Party will reimburse the Borrower if it is actually and finally determined by a court of competent jurisdiction that such Indemnified Party is not so entitled to indemnification hereunder. 
 (e) An Indemnified Party may conduct its own investigation and defense of, and may formulate its own strategy with respect to, any Indemnity Proceeding
covered by this Section and, as provided above, all Indemnified Costs incurred by such Indemnified Party shall be reimbursed by the Borrower. No action taken by legal counsel chosen by an Indemnified Party in investigating or defending against any
such Indemnity Proceeding shall vitiate or in any way impair the obligations and duties of the Borrower hereunder to indemnify and hold harmless each such Indemnified Party; provided, however, that if (i) the Borrower is required to indemnify
an Indemnified Party pursuant hereto and (ii) the Borrower has provided evidence reasonably satisfactory to such Indemnified Party that the Borrower has the financial wherewithal to reimburse such Indemnified Party for any amount paid by such
Indemnified Party with respect to such Indemnity Proceeding, such Indemnified Party shall not settle or compromise any such Indemnity Proceeding without the prior written consent of the Borrower (which consent shall not be unreasonably withheld or
delayed). Notwithstanding the foregoing, an Indemnified Party may settle or compromise any such Indemnity Proceeding without the prior written consent of the Borrower where (x) no monetary relief is sought against such Indemnified Party in such
Indemnity Proceeding, (y) there is an allegation of a violation of law by such Indemnified Party or (z) the proposed settlement or compromise would otherwise be disadvantageous to such Indemnified Party as determined by it in its sole
discretion. 
  

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 (f) If and to the extent that the obligations of the Borrower under this Section are unenforceable for
any reason, the Borrower hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under Applicable Law. 
 (g) The Borrower’s obligations under this Section shall survive any termination of this Agreement and the other Loan Documents and the payment in full in cash of the Obligations, and are in addition to, and not
in substitution of, any other of their obligations set forth in this Agreement or any other Loan Document to which it is a party. 
 Section 12.10.
Termination; Survival. 
 At such time as (a) the outstanding principal balance of the Loans and (b) all other Obligations
(other than obligations which survive as provided in the following sentence) have been paid and satisfied in full, this Agreement shall terminate. The indemnities to which the Agent and the Lenders are entitled under the provisions of Sections
3.12., 4.1., 4.4., 11.7., 12.2. and 12.9. and any other provision of this Agreement and the other Loan Documents, and the provisions of Section 12.4., shall continue in full force and effect and shall protect the Agent and the Lenders
(i) notwithstanding any termination of this Agreement, or of the other Loan Documents, against events arising after such termination as well as before and (ii) at all times after any such party ceases to be a party to this Agreement with
respect to all matters and events existing on or prior to the date such party ceased to be a party to this Agreement. 
 Section 12.11. Severability
of Provisions. 
 Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective only to the extent of such prohibition or unenforceability without invalidating the remainder of such provision or the remaining provisions or affecting the validity or enforceability of such provision in any other jurisdiction.

 Section 12.12. GOVERNING LAW. 
 THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 12.13. Patriot Act. 
 The Lenders and the
Agent each hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), it is required to obtain, verify and record information that identifies the
Borrower and the other Loan Parties, which information includes the name and address of the Borrower and the other Loan Parties and other information that will allow such Lender or the Agent, as applicable, to identify the Borrower and the other
Loan Parties in accordance with such Act. 
  

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 Section 12.14. Counterparts. 
 This Agreement and any amendments, waivers, consents or supplements may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered
shall be deemed an original, but all of which counterparts together shall constitute but one and the same instrument. 
 Section 12.15. Obligations
with Respect to Loan Parties. 
 The obligations of the Borrower to direct or prohibit the taking of certain actions by the other Loan
Parties as specified herein shall be absolute and not subject to any defense the Borrower may have that the Borrower does not control such Loan Parties. 
 Section 12.16. Limitation of Liability. 
 Neither the Agent nor any Lender, nor any affiliate, officer, director,
employee, attorney, or agent of the Agent or any Lender shall have any liability with respect to, and the Borrower hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential
damages suffered or incurred by the Borrower in connection with, arising out of, or in any way related to, this Agreement or any of the other Loan Documents, or any of the transactions contemplated by this Agreement or any of the other Loan
Documents. The Borrower hereby waives, releases, and agrees not to sue the Agent or any Lender or any of the Agent’s or any Lender’s affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any
claim in connection with, arising out of, or in any way related to, this Agreement or any of the other Loan Documents, or any of the transactions contemplated by this Agreement or financed hereby. 
 Section 12.17. Entire Agreement. 
 This
Agreement, the Notes, and the other Loan Documents referred to herein embody the final, entire agreement among the parties hereto and supersede any and all prior commitments, agreements, representations, and understandings, whether written or oral,
relating to the subject matter hereof and thereof and may not be contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or discussions of the parties hereto. There are no oral agreements among the parties hereto.

 Section 12.18. Construction. 
 The
Agent, the Borrower and each Lender acknowledge that each of them has had the benefit of legal counsel of its own choice and has been afforded an opportunity to review this Agreement and the other Loan Documents with its legal counsel and that this
Agreement and the other Loan Documents shall be construed as if jointly drafted by the Agent, the Borrower and each Lender. 
  

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 Section 12.19. Limitation of Liability of Trustees, Etc. 
 NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, THE AGENT AND THE LENDERS SHALL LOOK SOLELY TO THE PROPERTY OF THE
BORROWER AND THE OTHER LOAN PARTIES FOR THE ENFORCEMENT OF ANY CLAIM AGAINST THE BORROWER AND SUCH LOAN PARTY UNDER OR IN RESPECT OF ANY OF THE LOAN DOCUMENTS AND ACCORDINGLY NEITHER THE TRUSTEES, OFFICERS, EMPLOYEES, AGENTS NOR SHAREHOLDERS OF THE
BORROWER SHALL HAVE ANY PERSONAL LIABILITY FOR OBLIGATIONS ENTERED INTO BY OR ON BEHALF OF THE BORROWER OR ANY OTHER LOAN PARTY. 
 [Signatures on Following Pages] 
  

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

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

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

 [Signatures Continued on Next Page] 
  

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 [Signature Page to Credit Agreement dated as of 
 May 4, 2009 with Federal Realty Investment Trust] 
  

			
	 WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent and as a Lender

		
	By:	 	 /s/ Amit Khimji

	Name:	 	Amit Khimji
	Title:	 	Director

 [Signatures Continued on Next Page] 
  

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 [Signature Page to Credit Agreement dated as of 
 May 4, 2009 with Federal Realty Investment Trust] 
  

			
	 PNC BANK, NATIONAL ASSOCIATION
as a Lender

		
	By:	 	 /s/ William R. Lynch, III

	Name:	 	William R. Lynch, III
	Title:	 	Senior Vice President
	
	 JPMORGAN CHASE BANK, N.A.
as a Lender

		
	By:	 	 /s/ Kimberly Turner

	Name:	 	Kimberly Turner
	Title:	 	Executive Director
	
	 SUNTRUST BANK
as a Lender

		
	By:	 	 /s/ Gregory T. Horstman

	Name:	 	Gregory T. Horstman
	Title:	 	Senior Vice President
	
	 REGIONS BANK
as a Lender

		
	By:	 	 /s/ Cathy A. Casey

	Name:	 	Cathy A. Casey
	Title:	 	Managing Director
	
	 BANK OF AMERICA, N.A.
as a Lender

		
	By:	 	 /s/ Michael Edwards

	Name:	 	Michael Edwards
	Title:	 	Senior Vice President

  

 - 86 - 

			
	 ROYAL BANK OF CANADA
as a Lender

		
	By:	 	 /s/ Dan LePage

	Name:	 	Dan LePage
	Title:	 	Authorized Signatory
	
	 CHEVY CHASE BANK, F.S.B.
as a Lender

		
	By:	 	 /s/ Frederick H. Denecke

	Name:	 	Frederick H. Denecke
	Title:	 	Vice President
	
	 CITICORP NORTH AMERICA, INC.
as a Lender

		
	By:	 	 /s/ Daniel Gouger

	Name:	 	Daniel Gouger
	Title:	 	Vice President
	
	 COMERICA BANK
as a Lender

		
	By:	 	 /s/ Adam J. Sheets

	Name:	 	Adam J. Sheets
	Title:	 	Vice President
	
	 RAYMOND JAMES BANK, FSB
as a Lender

		
	By:	 	 /s/ James M. Armstrong

	Name:	 	James M. Armstrong
	Title:	 	Vice President

  

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 SCHEDULE 1 
 Commitments 
  

				
	 Lender
	  	Commitment Amount
	 Wachovia Bank, National Association
	  	$	100,000,000
	 PNC Bank, National Association
	  	$	50,000,000
	 JPMorgan Chase Bank, N.A.
	  	$	35,000,000
	 SunTrust Bank
	  	$	35,000,000
	 Regions Bank
	  	$	35,000,000
	 Bank of America, N.A.
	  	$	30,000,000
	 Royal Bank of Canada
	  	$	30,000,000
	 Chevy Chase Bank, F.S.B.
	  	$	25,000,000
	 Citicorp North America Inc.
	  	$	11,000,000
	 Comerica Bank
	  	$	11,000,000
	 Raymond James Bank, FSB
	  	$	10,000,000
	 Total:
	  	$	372,000,000

 EXHIBIT A 
 FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT 
 THIS ASSIGNMENT AND ACCEPTANCE AGREEMENT dated as of
            , 20     (the “Agreement”) by and among
                                         (the
“Assignor”),
                                         (the
“Assignee”), and WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent (the “Agent”). 
 WHEREAS, the Assignor is a Lender under
that certain Credit Agreement dated as of May 4, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Federal Realty Investment Trust (the “Borrower”), the
financial institutions party thereto and their permitted assignees under Section 12.5. thereof (the “Lenders”), the Agent, and the other parties thereto; 
 WHEREAS, the Assignor desires to assign to the Assignee, among other things, all or a portion of the Assignor’s rights under the Credit Agreement, all on the terms and conditions set forth herein; and 

WHEREAS, the Agent consents to such assignment on the terms and conditions set forth herein; 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged by the parties hereto, the parties
hereto hereby agree as follows: 
 Section 1. Assignment. 
 (a) Subject to the terms and conditions of this Agreement and in consideration of the payment to be made by the Assignee to the Assignor pursuant to
Section 2 of this Agreement, effective as of             , 200     (the “Assignment Date”), the Assignor hereby irrevocably sells, transfers and assigns
to the Assignee, without recourse, a $             interest (such interest being the “Assigned Loan”) in and to the Assignor’s Loan and all of the other rights and
obligations of the Assignor under the Credit Agreement, such Assignor’s Note and the other Loan Documents (representing         % in respect of the aggregate amount of all Lenders’ outstanding
Loans), all voting rights of the Assignor associated with the Assigned Loan, all rights to receive interest on the Assigned Loan and all Fees with respect to the Assigned Loan and all other rights and obligations of the Assignor under the Credit
Agreement and the other Loan Documents with respect to the Assigned Loan, all as if the Assignee were an original Lender under and signatory to the Credit Agreement holding a Loan equal to the amount of the Assigned Loan. The Assignee, subject to
the terms and conditions hereof, hereby assumes all obligations of the Assignor with respect to the Assigned Loan as if the Assignee were an original Lender under and signatory to the Credit Agreement having a Loan equal to the Assigned Loan, which
obligations shall include, but shall not be limited to, the obligation of the Assignor to indemnify the Agent as provided therein (the foregoing obligation, together with all other obligations more particularly set forth in the Credit Agreement and
the other Loan Documents, collectively, the “Assigned Obligations”). The Assignor shall have no further duties or obligations with respect to, and shall have no further interest in, the Assigned Obligations or the Assigned Loan from and
after the Assignment Date. 
  

 A-1 

 (b) The assignment by the Assignor to the Assignee hereunder is without recourse to the Assignor. The
Assignee makes and confirms to the Agent, the Assignor, and the other Lenders all of the representations, warranties and covenants of a Lender under Article XI. of the Credit Agreement. Not in limitation of the foregoing, the Assignee acknowledges
and agrees that, except as set forth in Section 4 below, the Assignor is making no representations or warranties with respect to, and the Assignee hereby releases and discharges the Assignor for any responsibility or liability for: (i) the
present or future solvency or financial condition of the Borrower, any Subsidiary or any other Loan Party, (ii) any representations, warranties, statements or information made or furnished by the Borrower, any Subsidiary or any other Loan Party
in connection with the Credit Agreement or otherwise, (iii) the validity, efficacy, sufficiency, or enforceability of the Credit Agreement, any other Loan Document or any other document or instrument executed in connection therewith, or the
collectibility of the Assigned Obligations, (iv) the perfection, priority or validity of any Lien with respect to any collateral at any time securing the Obligations or the Assigned Obligations under the Notes or the Credit Agreement and
(v) the performance or failure to perform by the Borrower or any other Loan Party of any obligation under the Credit Agreement or any other Loan Document to which it is a party. Further, the Assignee acknowledges that it has, independently and
without reliance upon the Agent, or on any affiliate or subsidiary thereof, the Assignor or any other Lender and based on the financial statements supplied by the Borrower and such other documents and information as it has deemed appropriate, made
its own credit and legal analysis and decision to become a Lender under the Credit Agreement. The Assignee also acknowledges that it will, independently and without reliance upon the Agent, the Assignor or any other Lender and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement or any other Loan Documents or pursuant to any other obligation. Except as
expressly provided in the Credit Agreement, the Agent shall have no duty or responsibility whatsoever, either initially or on a continuing basis, to provide the Assignee with any credit or other information with respect to the Borrower or any other
Loan Party or to notify the Assignee of any Default or Event of Default. The Assignee has not relied on the Agent as to any legal or factual matter in connection therewith or in connection with the transactions contemplated thereunder. 

Section 2. Payment by Assignee. In consideration of the assignment made pursuant to Section 1 of this Agreement, the Assignee agrees
to pay to the Assignor on the Assignment Date, such amount as they may agree. 
 Section 3. Payments by Assignor. The Assignor
agrees to pay to the Agent on the Assignment Date the administration fee, if any, payable under the applicable provisions of the Credit Agreement. 
 Section 4. Representations and Warranties of Assignor. The Assignor hereby represents and warrants to the Assignee that (a) as of the Assignment Date (i) the Assignor is a Lender under the Credit Agreement and that the
Assignor is not in default of its obligations under the Credit Agreement; and (ii) the outstanding balance of Loan owing to the Assignor (without 

  

 A-2 

 
reduction by any assignments thereof which have not yet become effective) is
$                    ; and (b) it is the legal and beneficial owner of the Assigned Loan which is free and clear of any adverse claim created by
the Assignor. 
 Section 5. Representations, Warranties and Agreements of Assignee. The Assignee (a) represents and warrants
that it is (i) legally authorized to enter into this Agreement, (ii) an “accredited investor” (as such term is used in Regulation D of the Securities Act) and (iii) an Eligible Assignee; (b) confirms that it has
received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered in connection therewith or pursuant thereto and such other documents and information (including without limitation the Loan Documents) as
it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (c) appoints and authorizes the Agent to take such action as contractual representative on its behalf and to exercise such powers under the
Loan Documents as are delegated to the Agent by the terms thereof together with such powers as are reasonably incidental thereto; and (d) agrees that, if not already a Lender and to the extent of the Assigned Loan, it will become a party to and
shall be bound by the Credit Agreement and the other Loan Documents to which the other Lenders are a party on the Assignment Date and will perform in accordance therewith all of the obligations which are required to be performed by it as a Lender.

 Section 6. Recording and Acknowledgment by the Agent. Following the execution of this Agreement, the Assignor will deliver to
the Agent (a) a duly executed copy of this Agreement for acknowledgment and recording by the Agent and (b) the Assignor’s Note. Upon such acknowledgment and recording, from and after the Assignment Date, the Agent shall make all
payments in respect of the interest assigned hereby (including payments of principal, interest, Fees and other amounts) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Credit Agreement for
periods prior to the Assignment Date directly between themselves. 
 Section 7. Addresses. The Assignee specifies as its address
for notices and its Lending Office for all Loans, the offices set forth on Schedule 1 attached hereto. 
 Section 8. Payment
Instructions. All payments to be made to the Assignee under this Agreement by the Assignor, and all payments to be made to the Assignee under the Credit Agreement, shall be made as provided in the Credit Agreement in accordance with the
following instructions set forth on Schedule 1 attached hereto or as the Assignee may otherwise notify the Agent. 
 Section 9.
Effectiveness of Assignment. This Agreement, and the assignment and assumption contemplated herein, shall not be effective until (a) this Agreement is executed and delivered by each of the Assignor, the Assignee, the Agent, and if
required under Section 12.5.(b) of the Credit Agreement, the Borrower, and (b) the payment to the Assignor of the amounts, if any, owing by the Assignee pursuant to Section 2 hereof and (c) the payment to the Agent of the
amounts, if any, owing by the Assignor pursuant to Section 3 hereof. Upon recording and acknowledgment of this Agreement by the Agent, from and after the Assignment Date, (i) the Assignee shall be a party to the Credit Agreement and, to
the extent provided in this Agreement, have the rights and obligations of a Lender thereunder to the extent of the Assigned 

  

 A-3 

 
Loan and (ii) the Assignor shall, to the extent provided in this Agreement, relinquish its rights (except as otherwise provided in Section 12.10.
of the Credit Agreement) and be released from its obligations under the Credit Agreement with respect to the Assigned Loan; provided, however, that if the Assignor does not assign its entire interest under the Loan Documents, it shall
remain a Lender entitled to all of the benefits and subject to all of the obligations thereunder with respect to its Loan. 
 Section 10. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 11. Counterparts. This Agreement may be executed in any number of counterparts each of which, when taken together, shall constitute
one and the same agreement. 
 Section 12. Headings. Section headings have been inserted herein for convenience only and shall
not be construed to be a part hereof. 
 Section 13. Amendments; Waivers. This Agreement may not be amended, changed, waived or
modified except by a writing executed by the Assignee and the Assignor; provided, however, any amendment, waiver or consent which shall affect the rights or duties of the Agent under this Agreement shall not be effective unless signed
by the Agent. 
 Section 14. Entire Agreement. This Agreement embodies the entire agreement between the Assignor and the Assignee
with respect to the subject matter hereof and supersedes all other prior arrangements and understandings relating to the subject matter hereof. 
 Section 15. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 
 Section 16. Definitions. Terms not otherwise defined herein are used herein with the respective meanings given them in the Credit Agreement.

 [Include this Section only if Borrower’s consent is required under Section 12.5.(b) Section 17. Agreements of the
Borrower. The Borrower hereby agrees that the Assignee shall be a Lender under the Credit Agreement having a Loan equal to the Assigned Loan. The Borrower agrees that the Assignee shall have all of the rights and remedies of a Lender under the
Credit Agreement and the other Loan Documents as if the Assignee were an original Lender under and signatory to the Credit Agreement, including, but not limited to, the right of a Lender to receive payments of principal and interest with respect to
the Assigned Obligations, and to receive Fees payable to the Lenders as provided in the Credit Agreement. Further, the Assignee shall be entitled to the indemnification provisions from the Borrower in favor of the Lenders as provided in the Credit
Agreement and the other Loan Documents. The Borrower further agrees, upon the execution and delivery of this Agreement, to execute in favor of the Assignee, and if applicable the Assignor, new Notes, as appropriate. Upon receipt by the Assignor of
the amounts due the Assignor under Section 2, the Assignor agrees to surrender to the Borrower such Assignor’s Notes.] 
 [Signatures on Following Pages] 
  

 A-4 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Assignment and Acceptance Agreement as of
the date and year first written above. 
  

			
	 ASSIGNOR:

	
	 [NAME OF ASSIGNOR]

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 ASSIGNEE:

	
	 [NAME OF ASSIGNEE]

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 Accepted as of the date first written above. 
  

			
	 AGENT:

	
	 WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 [Signatures Continued on Following Page] 
  

 A-5 

			
	[Include signature of the Borrower only if required under Section 12.5.(b) of the Credit Agreement]
	
	Agreed and consented to as of the date first written above.
	
	 BORROWER:

	
	FEDERAL REALTY INVESTMENT TRUST
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 A-6 

 SCHEDULE 1 
 Information Concerning the Assignee 
  

					
	Notice Address:	  	  

		  	  

		  	  

		  	Telephone No.:	  	  

		  	Telecopy No.:	  	  

		
	Lending Office:	  	  

		  	  

		  	  

		  	Telephone No.:	  	  

		  	Telecopy No.:	  	  

		
	Payment Instructions:	  	  

		  	  

		  	  

		  	  

  

 A-7 

 EXHIBIT B 
 FORM OF NOTICE OF BORROWING 
 May     , 2009 
 Wachovia Bank, National Association, as Agent 
 One Wachovia Center

 301 South College Street 
 Mail Code: NC0172 
 Charlotte, North Carolina 28288 
 Attention: Rex E. Rudy 
 Ladies and Gentlemen: 
 Reference is made to that certain
Credit Agreement dated as of May 4, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Federal Realty Investment Trust (the “Borrower”), the financial
institutions party thereto and their permitted assignees under Section 12.5. thereof (the “Lenders”), Wachovia Bank, National Association, as Agent (the “Agent”), and the other parties thereto. Capitalized terms used herein,
and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 
  

	 	1.	Pursuant to Section 2.1.(b) of the Credit Agreement, the Borrower hereby requests that the Lenders make Loans to the Borrower in an aggregate principal amount equal to
$372,000,000. 

  

	 	2.	The Borrower requests that such Loans be made available to the Borrower on May     , 2009. 

  

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

 [Check one box only] 
  

	 	 ̈	Base Rate Loans 

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

  

							
		 	[Check one box only]	  	 ̈	  	1 month
		 		  	 ̈	  	3 months
		 		  	 ̈	  	6 months

  

	 	4.	The proceeds of this borrowing of Loans will be used for general corporate purposes. 

  

	 	5.	The Borrower requests that the proceeds the Loans be made available to the Borrower by wire transfer in immediately available funds to: 

 [insert appropriate wiring instructions] 
  

 B-1 

 The Borrower hereby certifies to the Agent and the Lenders that as of the date hereof and as of the date
of the making of the requested Loans and after giving effect thereto, (a) no Default or Event of Default exists or shall exist, and (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the
Loan Documents to which any of them is a party are and shall be true and correct in all material respects, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations
and warranties shall have been true and correct in all material respects on and as of such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents. 
 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Notice of Borrowing as of the date first written above. 
  

			
	 FEDERAL REALTY INVESTMENT TRUST

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 B-2 

 EXHIBIT C 
 FORM OF NOTICE OF CONTINUATION 
             ,
20     
 Wachovia Bank, National Association, as Agent 
 One Wachovia Center 
 301 South College Street 
 Mail Code: NC0172 
 Charlotte, North Carolina 28288 
 Attention: Rex E. Rudy 
 Ladies and Gentlemen: 
 Reference is made to that certain Credit Agreement dated as of May 4, 2009 (as amended, restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”), by and among Federal Realty Investment Trust (the “Borrower”), the financial institutions party thereto and their permitted assignees under Section 12.5. thereof (the “Lenders”),
Wachovia Bank, National Association, as Agent (the “Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 
 Pursuant to Section 2.6. of the Credit Agreement, the Borrower hereby requests a Continuation of LIBOR Loans under the Credit Agreement, and in that
connection sets forth below the information relating to such Continuation as required by such Section of the Credit Agreement: 
  

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

  

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

  

	 	3.	The portion of such principal amount subject to such Continuation is
$                    . 

  

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

  

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

  

							
		 	[Check one box only]	  	 ̈	  	1 month
		 		  	 ̈	  	3 months
		 		  	 ̈	  	6 months

  

 C-1 

 The Borrower hereby certifies to the Agent and the Lenders that as of the date hereof, as of the proposed
date of the requested Continuation, and after giving effect to such Continuation, no Event of Default exists or will exist. 
 If notice of
the requested Continuation was given previously by telephone, this notice is to be considered the written confirmation of such telephone notice required by Section 2.6. of the Credit Agreement. 
 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Notice of Continuation as of the date first written above. 
  

			
	 FEDERAL REALTY INVESTMENT TRUST

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 C-2 

 EXHIBIT D 
 FORM OF NOTICE OF CONVERSION 
             ,
20     
 Wachovia Bank, National Association, as Agent 
 One Wachovia Center 
 301 South College Street 
 Mail Code: NC0172 
 Charlotte, North Carolina 28288 
 Attention: Rex E. Rudy 
 Ladies and Gentlemen: 
 Reference is made to that certain Credit Agreement dated as of May 4, 2009 (as amended, restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”), by and among Federal Realty Investment Trust (the “Borrower”), the financial institutions party thereto and their permitted assignees under Section 12.5. thereof (the “Lenders”),
Wachovia Bank, National Association, as Agent (the “Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 
 Pursuant to Section 2.7. of the Credit Agreement, the Borrower hereby requests a Conversion of a borrowing of Loans of one Type into Loans of
another Type under the Credit Agreement, and in that connection sets forth below the information relating to such Conversion as required by such Section of the Credit Agreement: 
  

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

  

	 	2.	The Loans to be Converted pursuant hereto are currently: 

  

							
		 	[Check one box only]	  	 ̈	  	Base Rate Loans
		 		  	 ̈	  	LIBOR Loans

  

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

  

	 	4.	The portion of such principal amount subject to such Conversion is
$                    . 

  

 D-1 

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

 [Check one box only] 
  

			
	 ̈	  	Base Rate Loans
	 ̈	  	LIBOR Loans, each with an initial Interest Period for a duration of:

  

					
	[Check one box only]	 	 ̈	  	1 month
		 	 ̈	  	3 months
		 	 ̈	  	6 months

 Other than a conversion to Base Rate Loans, the Borrower hereby certifies to the Agent and the
Lenders that as of the date hereof and as of the date of the requested Conversion and after giving effect thereto, (a) no Event of Default exists or will exist and (b) the representations and warranties made or deemed made by the Borrower
and each other Loan Party in the Loan Documents to which any of them is a party are and shall be true and correct in all material respects, except to the extent that such representations and warranties expressly relate solely to an earlier date (in
which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents. 
 If notice of the requested Conversion was given previously by telephone, this notice is to be considered the written confirmation of such telephone
notice required by Section 2.7. of the Credit Agreement. 
 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Notice of Conversion as of the date first written above. 
  

			
	FEDERAL REALTY INVESTMENT TRUST
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 D-2 

 EXHIBIT E 
 FORM OF NOTE 
  

			
	$                    	  	                    , 20    

 FOR VALUE RECEIVED, the undersigned, FEDERAL REALTY INVESTMENT TRUST, a real estate investment
trust formed under the laws of the State of Maryland (the “Borrower”), hereby promises to pay to the order of                      (the
“Lender”), in care of Wachovia Bank, National Association, as Agent (the “Agent”) at Wachovia Bank, National Association, One Wachovia Center, 301 South College Street, Charlotte, North Carolina 28288, or at such other address as
may be specified in writing by the Agent to the Borrower, the principal sum of                      AND
            /100 DOLLARS ($                    ) (or such lesser amount as shall
equal the aggregate unpaid principal amount of the Loan made by the Lender to the Borrower under the Credit Agreement (as herein defined)), on the dates and in the principal amounts provided in the Credit Agreement, and to pay interest on the unpaid
principal amount owing hereunder, at the rates and on the dates provided in the Credit Agreement. 
 The date, amount of the Loan made by the
Lender to the Borrower, and each payment made on account of the principal thereof, shall be recorded by the Lender on its books and, prior to any transfer of this Note, endorsed by the Lender on the schedule attached hereto or any continuation
thereof, provided that the failure of the Lender to make any such recordation or endorsement shall not affect the obligations of the Borrower to make a payment when due of any amount owing under the Credit Agreement or hereunder in respect of
the Loan made by the Lender. 
 This Note is one of the Notes referred to in the Credit Agreement dated as of May 4, 2009 (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower, the financial institutions party thereto and their permitted assignees under Section 12.5. thereof (the
“Lenders”), the Agent, and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 
 The Credit Agreement provides for the acceleration of the maturity of this Note upon the occurrence of certain events and for prepayments of Loans upon
the terms and conditions specified therein. 
 Except as permitted by Section 12.5.(b) of the Credit Agreement, this Note may not be
assigned by the Lender to any other Person. 
  

 E-1 

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 The Borrower hereby waives presentment for payment, demand,
notice of demand, notice of non-payment, protest, notice of protest and all other similar notices. 
 Time is of the essence for this Note.

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

			
	FEDERAL REALTY INVESTMENT TRUST
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 E-2 

 SCHEDULE OF LOAN 
 This Note evidences the Loan made under the within-described Credit Agreement to the Borrower, on the date and in the principal amount set forth below, subject to the payments and prepayments of principal set forth
below: 
  

									
	 Date of
 Loan
	  	Principal
Amount of
Loan	  	Amount
Paid or
Prepaid	  	Unpaid
Principal
Amount	  	Notation
Made By
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

 E-3 

 EXHIBIT F 
 FORM OF OPINION OF COUNSEL 
 [to be provided] 
  

 F-1 

 EXHIBIT G 
 FORM OF COMPLIANCE CERTIFICATE 
                     , 20     
 Wachovia Bank, National Association, as Agent 
 One Wachovia Center 
 301 South College Street 
 Mail Code: NC0172 
 Charlotte, North Carolina 28288 
 Each of the Lenders Party to the Credit Agreement referred to below 
 Ladies and Gentlemen: 
 Reference is made to that certain
Credit Agreement dated as of May 4, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Federal Realty Investment Trust (the “Borrower”), the financial
institutions party thereto and their permitted assignees under Section 12.5. thereof (the “Lenders”), Wachovia Bank, National Association, as Agent (the “Agent”) and the other parties thereto. Capitalized terms used herein,
and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 
 Pursuant to Section 8.3. of the
Credit Agreement, the undersigned hereby certifies to the Agent and the Lenders, in his or her capacity as an officer of the Borrower and not in his or her individual capacity, as follows: 
 (1) The undersigned is a Responsible Officer of the Borrower, holding the office indicated below his/her signature to this Compliance Certificate.

 (2) The undersigned has examined the books and records of the Borrower and has conducted such other examinations and investigations as are
reasonably necessary to provide this Compliance Certificate. 
 (3) To the best of the undersigned’s knowledge, information and belief
after due inquiry, no Default or Event of Default exists [if such is not the case, specify such Default or Event of Default and its nature, when it occurred and whether it is continuing and the steps being taken by the Borrower with respect to
such event, condition or failure]. 
 (4) Attached hereto as Schedule 1 are reasonably detailed calculations establishing whether or not
the Borrower and its Subsidiaries were in compliance with the covenants contained in Sections 9.1. and 9.4. 
  

 G-1 

 IN WITNESS WHEREOF, the undersigned has executed this certificate as of the date first above written.

  

			
	  

	Name:	 	  

	Title:	 	  

  

 G-2 

 EXHIBIT H 
 FORM OF GUARANTY 
 THIS GUARANTY dated as of May 4, 2009, executed and delivered by each of the
undersigned and the other Persons from time to time party hereto pursuant to the execution and delivery of an Accession Agreement in the form of Annex I hereto (all of the undersigned, together with such other Persons each a “Guarantor”
and collectively, the “Guarantors”) in favor of (a) WACHOVIA BANK, NATIONAL ASSOCIATION, in its capacity as Agent (the “Agent”) for the Lenders under that certain Credit Agreement dated as of May 4, 2009 (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Federal Realty Investment Trust (the “Borrower”), the financial institutions party thereto and their permitted assignees under
Section 12.5. thereof (the “Lenders”), the Agent, and the other parties thereto, and (b) the Lenders. 
 WHEREAS,
pursuant to the Credit Agreement, the Lenders have agreed to make available to the Borrower certain financial accommodations on the terms and conditions set forth in the Credit Agreement; 
 WHEREAS, the Borrower and each of the Guarantors, though separate legal entities, are mutually dependent on each other in the conduct of their respective
businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financing from the Lenders through their collective efforts; 
 WHEREAS, each Guarantor acknowledges that it will receive direct and indirect benefits from the Agent and the Lenders making such financial accommodations available to the Borrower under the Credit Agreement and,
accordingly, each Guarantor is willing to guarantee the Borrower’s obligations to the Agent and the Lenders on the terms and conditions contained herein; and 
 WHEREAS, each Guarantor’s execution and delivery of this Guaranty is a condition to the Lenders making, and continuing to make, such financial accommodations to the Borrower. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each Guarantor, each Guarantor
agrees as follows: 
 Section 1. Guaranty. Each Guarantor hereby absolutely, irrevocably and unconditionally guaranties the due
and punctual payment and performance when due, whether at stated maturity, by acceleration or otherwise, of all of the following, whether now existing or hereafter arising, (collectively referred to as the “Guarantied Obligations”):
(a) all indebtedness and obligations owing by the Borrower to any Lender or the Agent under or in connection with the Credit Agreement and any other Loan Document, including without limitation, the repayment of all principal of the Loans, and
the payment of all interest, Fees, charges, attorneys’ fees and other amounts payable to any Lender or the Agent thereunder or in connection therewith; (b) any and all extensions, renewals, modifications, amendments or substitutions of the
foregoing; (c) all 

  

 H-1 

 
expenses, including, without limitation, reasonable attorneys’ fees and disbursements, that are incurred by the Lenders and the Agent in the enforcement
of any of the foregoing or any obligation of such Guarantor hereunder; and (d) all other Obligations. 
 Section 2. Guaranty of
Payment and Not of Collection. This Guaranty is a guaranty of payment, and not of collection, and a debt of each Guarantor for its own account. Accordingly, none of the Lenders or the Agent shall be obligated or required before enforcing this
Guaranty against any Guarantor: (a) to pursue any right or remedy any of them may have against the Borrower, any other Guarantor or any other Person or commence any suit or other proceeding against the Borrower, any other Guarantor or any other
Person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the Borrower, any other Guarantor or any other Person; or (c) to make demand of the Borrower, any other Guarantor or any other Person or to
enforce or seek to enforce or realize upon any collateral security held by the Lenders or the Agent which may secure any of the Guarantied Obligations. 
 Section 3. Guaranty Absolute. Each Guarantor guarantees that the Guarantied Obligations will be paid strictly in accordance with the terms of the documents evidencing the same, regardless of any Applicable
Law now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Agent or the Lenders with respect thereto. The liability of each Guarantor under this Guaranty shall be absolute, irrevocable and unconditional in
accordance with its terms and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever, including without limitation,
the following (whether or not such Guarantor consents thereto or has notice thereof): 
 (a) (i) any change in the amount, interest rate or
due date or other term of any of the Guarantied Obligations, (ii) any change in the time, place or manner of payment of all or any portion of the Guarantied Obligations, (iii) any amendment or waiver of, or consent to the departure from or
other indulgence with respect to, the Credit Agreement, any other Loan Document, or any other document or instrument evidencing or relating to any Guarantied Obligations, or (iv) any waiver, renewal, extension, addition, or supplement to, or
deletion from, or any other action or inaction under or in respect of, the Credit Agreement, any of the other Loan Documents, or any other documents, instruments or agreements relating to the Guarantied Obligations or any other instrument or
agreement referred to therein or evidencing any Guarantied Obligations or any assignment or transfer of any of the foregoing; 
 (b) any lack
of validity or enforceability of the Credit Agreement, any of the other Loan Documents, or any other document, instrument or agreement referred to therein or evidencing any Guarantied Obligations or any assignment or transfer of any of the
foregoing; 
 (c) any furnishing to the Agent or the Lenders of any security for the Guarantied Obligations, or any sale, exchange, release
or surrender of, or realization on, any collateral securing any of the Obligations; 
 (d) any settlement or compromise of any of the
Guarantied Obligations, any security therefor, or any liability of any other party with respect to the Guarantied Obligations, or any subordination of the payment of the Guarantied Obligations to the payment of any other liability of the Borrower or
any other Loan Party; 
  

 H-2 

 (e) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or
other like proceeding relating to such Guarantor, the Borrower, any other Loan Party or any other Person, or any action taken with respect to this Guaranty by any trustee or receiver, or by any court, in any such proceeding; 
 (f) any act or failure to act by the Borrower, any other Loan Party or any other Person which may adversely affect such Guarantor’s subrogation
rights, if any, against the Borrower to recover payments made under this Guaranty; 
 (g) any nonperfection or impairment of any security
interest or other Lien on any collateral, if any, securing in any way any of the Obligations; 
 (h) any application of sums paid by the
Borrower, any other Guarantor or any other Person with respect to the liabilities of the Borrower to the Agent or the Lenders, regardless of what liabilities of the Borrower remain unpaid; 
 (i) any defect, limitation or insufficiency in the borrowing powers of the Borrower or in the exercise thereof; or 
 (j) any other circumstance which might otherwise constitute a defense available to, or a discharge of, a Guarantor hereunder (other than indefeasible
payment and performance in full). 
 Section 4. Action with Respect to Guarantied Obligations. The Lenders and the Agent may, at
any time and from time to time, without the consent of, or notice to, any Guarantor, and without discharging any Guarantor from its obligations hereunder, take any and all actions described in Section 3 and may otherwise: (a) amend,
modify, alter or supplement the terms of any of the Guarantied Obligations, including, but not limited to, extending or shortening the time of payment of any of the Guarantied Obligations or changing the interest rate that may accrue on any of the
Guarantied Obligations; (b) amend, modify, alter or supplement the Credit Agreement or any other Loan Document (other than this Guaranty, as to which each Guarantor’s Agreement is required); (c) sell, exchange, release or otherwise
deal with all, or any part, of any collateral securing any of the Obligations; (d) release any other Loan Party or other Person liable in any manner for the payment or collection of the Guarantied Obligations; (e) exercise, or refrain from
exercising, any rights against the Borrower, any other Guarantor or any other Person; and (f) apply any sum, by whomsoever paid or however realized, to the Guarantied Obligations in such order as the Lenders shall elect. 
 Section 5. Representations and Warranties. Each Guarantor hereby severally with respect to itself only makes to the Agent and the Lenders all
of the representations and warranties made by the Borrower with respect to or in any way relating to such Guarantor in the Credit Agreement and the other Loan Documents, as if the same were set forth herein in full. 
  

 H-3 

 Section 6. Covenants. Each Guarantor will comply with all covenants which the Borrower is to
cause such Guarantor to comply with under the terms of the Credit Agreement or any of the other Loan Documents. 
 Section 7.
Waiver. Each Guarantor, to the fullest extent permitted by Applicable Law, hereby waives notice of acceptance hereof or any presentment, demand, protest or notice of any kind, and any other act or thing, or omission or delay to do any other
act or thing, which in any manner or to any extent might vary the risk of such Guarantor or which otherwise might operate to discharge such Guarantor from its obligations hereunder. 
 Section 8. Inability to Accelerate Loan. If the Agent and/or the Lenders are prevented under Applicable Law or otherwise from demanding or
accelerating payment of any of the Guarantied Obligations by reason of any automatic stay or otherwise, the Agent and/or the Lenders shall be entitled to receive from each Guarantor, upon demand therefor, the sums which otherwise would have been due
had such demand or acceleration occurred. 
 Section 9. Reinstatement of Guarantied Obligations. If claim is ever made on the
Agent, or any Lender for repayment or recovery of any amount or amounts received in payment or on account of any of the Guarantied Obligations, and the Agent or such Lender repays all or part of said amount by reason of (a) any judgment, decree
or order of any court or administrative body of competent jurisdiction, or (b) any settlement or compromise of any such claim effected by the Agent or such Lender with any such claimant (including the Borrower or a trustee in bankruptcy for the
Borrower), then and in such event each Guarantor agrees that any such judgment, decree, order, settlement or compromise shall be binding on it, notwithstanding any revocation hereof or the cancellation of the Credit Agreement, any of the other Loan
Documents, or any other instrument evidencing any liability of the Borrower, and such Guarantor shall be and remain liable to the Agent or such Lender for the amounts so repaid or recovered to the same extent as if such amount had never originally
been paid to the Agent or such Lender. 
 Section 10. Subrogation. Upon the making by any Guarantor of any payment hereunder for
the account of the Borrower, such Guarantor shall be subrogated to the rights of the payee against the Borrower; provided, however, that such Guarantor shall not enforce any right or receive any payment by way of subrogation or
otherwise take any action in respect of any other claim or cause of action such Guarantor may have against the Borrower arising by reason of any payment or performance by such Guarantor pursuant to this Guaranty, unless and until all of the
Guarantied Obligations have been indefeasibly paid and performed in full. If any amount shall be paid to such Guarantor on account of or in respect of such subrogation rights or other claims or causes of action, such Guarantor shall hold such amount
in trust for the benefit of the Agent and the Lenders and shall forthwith pay such amount to the Agent to be credited and applied against the Guarantied Obligations, whether matured or unmatured, in accordance with the terms of the Credit Agreement
or to be held by the Agent as collateral security for any Guarantied Obligations existing. 
 Section 11. Payments Free and
Clear. All sums payable by each Guarantor hereunder, whether of principal, interest, Fees, expenses, premiums or otherwise, shall be paid in full, without set-off or counterclaim or any deduction or withholding whatsoever (including any 

  

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Taxes, subject to Section 3.12. of the Credit Agreement), and if any Guarantor is required by Applicable Law or by a Governmental Authority to make any
such deduction or withholding, such Guarantor shall, subject to Section 3.12. of the Credit Agreement, pay to the Agent and the Lenders such additional amount as will result in the receipt by the Agent and the Lenders of the full amount payable
hereunder had such deduction or withholding not occurred or been required. 
 Section 12. Set-off. In addition to any rights now
or hereafter granted under any of the other Loan Documents or Applicable Law and not by way of limitation of any such rights, each Guarantor hereby authorizes the Agent, each Lender and each affiliate of the Agent or any Lender, at any time during
the continuance of an Event of Default, without any prior notice to such Guarantor or to any other Person, any such notice being hereby expressly waived, but in the case of a Lender or an affiliate of a Lender, subject to receipt of the prior
written consent of the Agent exercised in its sole discretion, to set off and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or
unmatured) and any other indebtedness at any time held or owing by the Agent, such Lender, or any affiliate of the Agent or such Lender, to or for the credit or the account of such Guarantor against and on account of any of the Guarantied
Obligations, although such obligations shall be contingent or unmatured. 
 Section 13. Subordination. Each Guarantor hereby
expressly covenants and agrees for the benefit of the Agent and the Lenders that all obligations and liabilities of the Borrower to such Guarantor of whatever description, including without limitation, all intercompany receivables of such Guarantor
from the Borrower (collectively, the “Junior Claims”) shall be subordinate and junior in right of payment to all Guarantied Obligations. If an Event of Default shall exist, then no Guarantor shall accept any direct or indirect payment (in
cash, property or securities, by setoff or otherwise) from the Borrower on account of or in any manner in respect of any Junior Claim until all of the Guarantied Obligations have been indefeasibly paid in full. 
 Section 14. Avoidance Provisions. It is the intent of each Guarantor, the Agent and the Lenders that in any Proceeding, such Guarantor’s
maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Agent and the Lenders) to be avoidable or
unenforceable against such Guarantor in such Proceeding as a result of Applicable Law, including without limitation, (a) Section 548 of the Bankruptcy Code of 1978, as amended (the “Bankruptcy Code”) and (b) any state
fraudulent transfer or fraudulent conveyance act or statute applied in such Proceeding, whether by virtue of Section 544 of the Bankruptcy Code or otherwise. The Applicable Laws under which the possible avoidance or unenforceability of the
obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Agent and the Lenders) shall be determined in any such Proceeding are referred to as the “Avoidance Provisions”. Accordingly, to the extent that the
obligations of any Guarantor hereunder would otherwise be subject to avoidance under the Avoidance Provisions, the maximum Guarantied Obligations for which such Guarantor shall be liable hereunder shall be reduced to that amount which, as of the
time any of the Guarantied Obligations are deemed to have been incurred under the Avoidance Provisions, would not cause the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Agent and the Lenders), to be
subject to avoidance under the Avoidance Provisions. This Section is intended solely to 

  

 H-5 

 
preserve the rights of the Agent and the Lenders hereunder to the maximum extent that would not cause the obligations of any Guarantor hereunder to be
subject to avoidance under the Avoidance Provisions, and no Guarantor or any other Person shall have any right or claim under this Section as against the Agent and the Lenders that would not otherwise be available to such Person under the Avoidance
Provisions. 
 Section 15. Information. Each Guarantor assumes all responsibility for being and keeping itself informed of the
financial condition of the Borrower and the other Guarantors, and of all other circumstances bearing upon the risk of nonpayment of any of the Guarantied Obligations and the nature, scope and extent of the risks that such Guarantor assumes and
incurs hereunder, and agrees that none of the Agent or the Lenders shall have any duty whatsoever to advise any Guarantor of information regarding such circumstances or risks. 
 Section 16. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 SECTION 17. WAIVER OF JURY TRIAL, ETC. 

(a) EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG ANY GUARANTOR, THE AGENT OR ANY OF THE LENDERS WOULD BE BASED ON
DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE LENDERS, THE AGENT AND THE GUARANTORS HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY
IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR
DISPUTE WHATSOEVER BETWEEN OR AMONG THE GUARANTORS, THE AGENT OR ANY OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN DOCUMENTS. 
 (b) EACH OF THE GUARANTORS, THE AGENT AND EACH LENDER HEREBY AGREES THAT THE FEDERAL DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND ANY STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN OF NEW YORK, NEW YORK, SHALL HAVE JURISDICTION
TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG THE GUARANTORS, THE AGENT OR ANY OF THE LENDERS PERTAINING DIRECTLY OR INDIRECTLY TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR TO ANY MATTER ARISING HEREFROM OR THEREFROM. EACH
GUARANTOR AND EACH OF THE LENDERS EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS WITH RESPECT TO SUCH CLAIMS OR DISPUTES. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR
HEREAFTER HAVE TO THE VENUE OF 

  

 H-6 

 
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 AGENT OR ANY LENDER OR THE ENFORCEMENT BY THE AGENT OR ANY LENDER OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER
APPROPRIATE JURISDICTION. 
 (c) THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL
UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS AND THE TERMINATION OF THIS GUARANTY. 
 Section 18. Loan Accounts. The Agent and each Lender may maintain books and accounts setting forth the amounts of principal, interest and
other sums paid and payable with respect to the Guarantied Obligations, and in the case of any dispute relating to any of the outstanding amount, payment or receipt of any of the Guarantied Obligations or otherwise, the entries in such books and
accounts shall be deemed conclusive evidence of the amounts and other matters set forth herein, absent manifest error. The failure of the Agent or any Lender to maintain such books and accounts shall not in any way relieve or discharge any Guarantor
of any of its obligations hereunder. 
 Section 19. Waiver of Remedies. No delay or failure on the part of the Agent or any
Lender in the exercise of any right or remedy it may have against any Guarantor hereunder or otherwise shall operate as a waiver thereof, and no single or partial exercise by the Agent or any Lender of any such right or remedy shall preclude any
other or further exercise thereof or the exercise of any other such right or remedy. 
 Section 20. Termination. This Guaranty
shall remain in full force and effect until indefeasible payment in full of the Guarantied Obligations and the other Obligations and the termination or cancellation of the Credit Agreement in accordance with its terms. 
 Section 21. Successors and Assigns. Each reference herein to the Agent or the Lenders shall be deemed to include such Person’s
respective successors and assigns (including, but not limited to, any holder of the Guarantied Obligations) in whose favor the provisions of this Guaranty also shall inure, and each reference herein to each Guarantor shall be deemed to include such
Guarantor’s successors and assigns, upon whom this Guaranty also shall be binding. The Lenders may, in accordance with the applicable provisions of the Credit Agreement, assign, transfer or sell any Guarantied Obligation, or grant or sell
participations in any Guarantied Obligations, to any Person without the consent of, or notice to, any Guarantor and without releasing, discharging or modifying any Guarantor’s obligations hereunder. Subject to Section 12.8. of the Credit
Agreement, each Guarantor hereby consents to the delivery by the Agent or any Lender to any Assignee or Participant (or any prospective Assignee or Participant) of any financial or other information regarding the Borrower or any Guarantor. No
Guarantor 

  

 H-7 

 
may assign or transfer its obligations hereunder to any Person without the prior written consent of all Lenders and any such assignment or other transfer to
which all of the Lenders have not so consented shall be null and void. 
 Section 22. JOINT AND SEVERAL OBLIGATIONS. THE
OBLIGATIONS OF THE GUARANTORS HEREUNDER SHALL BE JOINT AND SEVERAL, AND ACCORDINGLY, EACH GUARANTOR CONFIRMS THAT IT IS LIABLE FOR THE FULL AMOUNT OF THE “GUARANTIED OBLIGATIONS” AND ALL OF THE OBLIGATIONS AND LIABILITIES OF EACH OF THE
OTHER GUARANTORS HEREUNDER. 
 Section 23. Amendments. This Guaranty may not be amended except in writing signed by the Requisite
Lenders (or all of the Lenders if required under the terms of the Credit Agreement), the Agent and each Guarantor. 
 Section 24.
Payments. All payments to be made by any Guarantor pursuant to this Guaranty shall be made in Dollars, in immediately available funds to the Agent at the Principal Office, not later than 2:00 p.m. on the date of demand therefor. 

Section 25. Notices. All notices, requests and other communications hereunder shall be in writing (including facsimile transmission or
similar writing) and shall be given (a) to each Guarantor at its address set forth below its signature hereto, (b) to the Agent or any Lender at its respective address for notices provided for in the Credit Agreement, or (c) as to
each such party at such other address as such party shall designate in a written notice to the other parties. Each such notice, request or other communication shall be effective (i) if mailed, when received; (ii) if telecopied, when
transmitted; or (iii) if hand delivered, when delivered; provided, however, that any notice of a change of address for notices shall not be effective until received. 
 Section 26. Severability. In case any provision of this Guaranty shall be invalid, illegal or unenforceable in any jurisdiction, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 27.
Headings. Section headings used in this Guaranty are for convenience only and shall not affect the construction of this Guaranty. 
 Section 28. Limitation of Liability. Neither the Agent nor any Lender, nor any affiliate, officer, director, employee, attorney, or agent of the Agent or any Lender, shall have any liability with respect to, and each Guarantor
hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by a Guarantor in connection with, arising out of, or in any way related to, this
Guaranty or any of the other Loan Documents, or any of the transactions contemplated by this Guaranty, the Credit Agreement or any of the other Loan Documents. Each Guarantor hereby waives, releases, and agrees not to sue the Agent or any Lender or
any of the Agent’s or any Lender’s affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Guaranty, the Credit
Agreement or any of the other Loan Documents, or any of the transactions contemplated by Credit Agreement or financed thereby. 
  

 H-8 

 Section 29. Definitions. (a) For the purposes of this Guaranty: 
 “Proceeding” means any of the following: (i) a voluntary or involuntary case concerning any Guarantor shall be commenced under the
Bankruptcy Code of 1978, as amended; (ii) a custodian (as defined in such Bankruptcy Code or any other applicable bankruptcy laws) is appointed for, or takes charge of, all or any substantial part of the property of any Guarantor;
(iii) any other proceeding under any Applicable Law, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up or composition for adjustment of debts, whether now or hereafter in effect, is commenced relating to any
Guarantor; (iv) any Guarantor is adjudicated insolvent or bankrupt; (v) any order of relief or other order approving any such case or proceeding is entered by a court of competent jurisdiction; (vi) any Guarantor makes a general
assignment for the benefit of creditors; (vii) any Guarantor shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; (viii) any Guarantor shall call a meeting of its
creditors with a view to arranging a composition or adjustment of its debts; (ix) any Guarantor shall by any act or failure to act indicate its consent to, approval of or acquiescence in any of the foregoing; or (x) any corporate action
shall be taken by any Guarantor for the purpose of effecting any of the foregoing. 
 (b) Terms not otherwise defined herein are used herein
with the respective meanings given them in the Credit Agreement. 
 [Signature on Next Page] 
  

 H-9 

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

			
	[GUARANTORS]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

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

  

 H-10 

 ANNEX I 
 FORM OF ACCESSION AGREEMENT 
 THIS ACCESSION AGREEMENT dated as of
                    , 20    , executed and delivered by
                                        , a
                    (the “New Guarantor”), in favor of (a) WACHOVIA BANK, NATIONAL ASSOCIATION, in its capacity as Agent (the
“Agent”) for the Lenders under that certain Credit Agreement dated as of May 4, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Federal Realty
Investment Trust (the “Borrower”), the financial institutions party thereto and their permitted assignees under Section 12.5. thereof (the “Lenders”), the Agent, and the other parties thereto, and (b) the Lenders.

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

 WHEREAS, the New Guarantor’s execution and delivery of this Agreement is a condition to the Lenders continuing to make such financial
accommodations to the Borrower. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by the New Guarantor, the New Guarantor agrees as follows: 
 Section 1. Accession to Guaranty. The New Guarantor
hereby agrees that it is a “Guarantor” under that certain Guaranty dated as of May 4, 2009 (as amended, supplemented, restated or otherwise modified from time to time, the “Guaranty”), made by each Subsidiary of the Borrower
a party thereto in favor of the Agent and the Lenders and assumes all obligations of a “Guarantor” thereunder and agrees to be bound thereby, all as if the New Guarantor had been an original signatory to the Guaranty. Without limiting the
generality of the foregoing, the New Guarantor hereby: 
 (a) irrevocably and unconditionally guarantees the due and punctual payment and
performance when due, whether at stated maturity, by acceleration or otherwise, of all Guarantied Obligations (as defined in the Guaranty); 
  

 H-11 

 (b) makes to the Agent and the Lenders as of the date hereof each of the representations and warranties
contained in Section 5 of the Guaranty with respect to itself and agrees to be bound by each of the covenants contained in Section 6 of the Guaranty; and 
 (c) consents and agrees to each provision set forth in the Guaranty. 
 SECTION 2. GOVERNING LAW. THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 3. Definitions. Capitalized terms used herein and not otherwise defined herein shall have their respective defined meanings given
them in the Credit Agreement. 
 [Signatures on Next Page] 
  

 H-12 

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

			
	[NEW GUARANTOR]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

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

  

			
	Accepted:
	
	WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 H-13

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