Document:

RCL - 3.31.2014 -10.2

EXECUTION COPY
AMENDMENT No. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT
This AMENDMENT No. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated March 7, 2014, is among ROYAL CARIBBEAN CRUISES LTD., a Liberian corporation (the “Borrower”), the various financial institutions as are parties to the Credit Agreement referred to below (collectively, the “Lenders”) and SKANDINAVISKA ENSKILDA BANKEN AB (publ), as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders.
PRELIMINARY STATEMENTS
(1)    The Borrower, the Lenders and the Administrative Agent are parties to a Credit Agreement dated as of March 15, 2010, as amended as of March 15, 2010 pursuant to Amendment No. 1 to the Credit Agreement, as amended as of March 15, 2010 pursuant to Amendment No. 2 to the Credit Agreement, as amended as of September 23, 2011 pursuant to Amendment No. 3 to the Credit Agreement and as further amended and restated pursuant to Amendment No. 4 to the Credit Agreement dated as of March 26, 2012 (such Credit Agreement as in effect immediately prior to giving effect to this Amendment, the “Existing Credit Agreement” and, as amended hereby, the “Restated Credit Agreement”); 
(2)    The Borrower, the Lenders and the Administrative Agent have agreed to amend the Existing Credit Agreement as hereinafter set forth herein.
NOW, THEREFORE, the parties hereto hereby agree as follows:
SECTION 1.  Amendment to the Existing Credit Agreement.  In consideration of the mutual covenants in this Amendment, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Administrative Agent and the Lenders agree that the Existing Credit Agreement is, subject to the satisfaction of the conditions precedent set forth in Section 3, hereby amended on the Restatement Effective Date (as hereinafter defined) in its entirety to read as set forth in Appendix I hereto.
SECTION 2.  Conditions of Effectiveness of Restated Credit Agreement.  The Restated Credit Agreement shall become effective in accordance with the terms of this Amendment on the date (the “Restatement Effective Date”) each of the following conditions has been satisfied to the reasonable satisfaction of the Administrative Agent:  
(a)    This Amendment shall have become effective in accordance with Section 3 and the Administrative Agent shall have received duly executed signature pages to this Amendment from each party hereto.
(b)    All invoiced expenses required to be paid by the Borrower pursuant to Section 7 below or that the Borrower has otherwise agreed in writing to pay, have been paid, in each case on or prior to the Restatement Effective Date.
(c)    The representations and warranties set forth in Section 5 are true as of the Restatement Effective Date.
SECTION 3.  Conditions of Effectiveness.  This Amendment shall become effective as of the date hereof; provided that (i) Finnvera has provided written consent to the amendments to the Existing 

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Credit Agreement as evidenced in the Restated Credit Agreement and (ii) the Administrative Agent shall have received counterparts of this Amendment executed by each party hereto or, as to any of the Lenders, advice satisfactory to the Administrative Agent that such Lender has executed this Amendment.
SECTION 4.  Authorization to Amend Finnvera Guarantee.  By execution hereof and subject to the satisfaction of the conditions precedent set forth in Section 3, the Borrower and each of the Lenders does hereby authorize Skandinaviska Enskilda Banken AB (publ), in its capacity as Guarantee Holder under the Finnvera Guarantee, (i) to formally request the consent of Finnvera required as a condition to effectiveness pursuant to Section 3(i) above and (ii) in accordance with Section 2.1.4(e) of the Existing Credit Agreement, to consent to an amendment to the Finnvera Guarantee in the form of Appendix II hereto. 
SECTION 5.  Representation and Warranties of the Borrower. To induce the Lenders to enter into this Amendment, the Borrower represents and warrants that, as of the date hereof and as of the Restatement Effective Date:
(a)    The representations and warranties contained in Article VI of the Restated Credit Agreement are true and correct in all material respects except for those representations and warranties that are qualified by materiality or Material Adverse Effect, which shall be true and correct, with the same effect as if then made, and
(b)    No Default and no Prepayment Event and no event which (with notice or lapse of time or both) would become a Prepayment Event has occurred and is continuing.
SECTION 6.  Reference to and Effect on the Existing Credit Agreement.  On and after the Restatement Effective Date, each reference in the Existing Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Existing Credit Agreement, shall mean and be a reference to the Restated Credit Agreement.
SECTION 7.  Costs and Expenses.  The Borrower agrees to pay on demand all reasonable costs and expenses of the Administrative Agent and Finnvera in connection with the preparation, execution, delivery and administration, modification and amendment of this Amendment and the other documents to be delivered hereunder (including, without limitation, the reasonable and documented fees and expenses of counsel for the Administrative Agent and Finnvera) in accordance with the terms of Section 12.3 of the Restated Credit Agreement.
SECTION 8. Designation. In accordance with the Restated Credit Agreement, each of the Lenders and the Facility Agent designates this Amendment as a Loan Document.
SECTION 9.  Execution in Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page to this Amendment by telecopier shall be effective as delivery of a manually executed counterpart of this Amendment.
SECTION 10.  Governing Law.  This Amendment shall be deemed to be a contract made under, and shall be governed by, the laws of the State of New York.
SECTION 11.  Incorporation of Terms.  The provisions of Sections 12.13 and 12.16 of the Existing Credit Agreement shall be incorporated into this Amendment as if set out in full in this Amendment and as if references in those sections to “this Agreement” were references to this Amendment.

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SECTION 12.  Defined Terms.  Capitalized terms not otherwise defined in the Amendment shall have the same meanings as specified in the Restated Credit Agreement.
[Remainder of page intentionally left blank.]

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IN WITNESS WHEREOF, the parties to this Amendment have caused this Amendment to be duly executed and delivered as of the date first above written.
    	
	
	ROYAL CARIBBEAN CRUISES LTD.,

	as Borrower

	 

	By /s/ Antje M. Gibson                             

	Name:  Antje M. Gibson

	Title:  Vice President and Treasurer

	 

ALLURE AMENDMENT – SIGNATURE PAGE

    

	
	
	SKANDINAVISKA ENSKILDA BANKEN AB (publ),

	as Administrative Agent

	 

	By /s/ Penny Neville-Park                              

	Name:  Penny Neville-Park

	Title:  Authorized Signatory

	 

	By /s/ Duncan Nash                                         

	Name:  Duncan Nash

	Title:  Authorized Signatory

ALLURE AMENDMENT – SIGNATURE PAGE
    

    

	
	
	BNP PARIBAS FORTIS BANK SA/NV, 

	as Lender

	 

	By /s/ Pierre DeMaerel                             

	Name:  Pierre DeMaerel

	Title:  Head of Business Management

	 Specialised Financing Europe

	 

	By /s/ Franky DeWispelaere                       

	Name:  Franky DeWispelaere

	Title:  BNP Paribas Project Finance – Specialised

	 Financing Europe

	 Head Infrastructure Project Finance EMEA

	 Region

ALLURE AMENDMENT – SIGNATURE PAGE
    

    

	
	
	NORDEA BANK FINLAND PLC, NEW YORK BRANCH, 

	as Lender

	 

	By /s/ Martin Lunder                                      

	Name:  Martin Lunder

	Title:  Senior Vice President

	 

	By /s/ Lynn Sauro                                            

	Name:  Lynn Sauro

	Title:  Vice President

ALLURE AMENDMENT – SIGNATURE PAGE
    

    

	
	
	SKANDINAVISKA ENSKILDA BANKEN AB (publ),

	as Lender

	 

	By /s/ Penny Neville-Park                              

	Name:  Penny Neville-Park

	Title:  Authorized Signatory

	 

	By /s/ Malcolm Stonehouse                             

	Name:  Malcolm Stonehouse

	Title:  Client Associate

ALLURE AMENDMENT – SIGNATURE PAGE
    

    

	
	
	CITIBANK EUROPE PLC,

	as Lender

	 

	By /s/ Mary O'Neill                                  

	Name:  Mary O'Neill

	Title:  Vice President

	 

ALLURE AMENDMENT – SIGNATURE PAGE
    

Appendix I 
to Amendment No. 1 to the Amended and Restated Credit Agreement

U.S. $1,130,000,000
AMENDED AND RESTATED CREDIT AGREEMENT,
dated as of March 15, 2010
amended and restated as of March 26, 2012 and
further amended and restated as of March 14, 2014
among
ROYAL CARIBBEAN CRUISES LTD., 
as the Borrower,
and
FORTIS BANK SA/NV (trading under the name BNP Paribas Fortis) 
NORDEA BANK FINLAND PLC, NEW YORK BRANCH 
SKANDINAVISKA ENSKILDA BANKEN AB (publ) 
and 
CITIBANK EUROPE PLC 
as Mandated Lead Arrangers and Bookrunners
and
NORDEA BANK FINLAND PLC, NEW YORK BRANCH 
as Documentation Agent
and
SKANDINAVISKA ENSKILDA BANKEN AB (publ) 
as Administrative Agent

NYDOCS01/1357357.3

TABLE OF CONTENTS
	
			
	 
	PAGE
	

	ARTICLE I
	 

	 
	 

	DEFINITIONS AND ACCOUNTING TERMS
	 

	 
	 

	SECTION  1.1. Defined Terms
	2
	

	 
	 

	SECTION  1.2. Use of Defined Terms
	11
	

	 
	 

	SECTION  1.3. Cross-References
	11
	

	 
	 

	SECTION  1.4. Accounting and Financial Determinations
	12
	

	 
	 

	ARTICLE II
	 

	 
	 

	COMMITMENTS, BORROWING PROCEDURES
	 

	 
	 

	SECTION  2.1. Commitments
	12
	

	 
	 

	SECTION  2.2. [Intentionally omitted.]
	13
	

	 
	 

	SECTION  2.3. [Intentionally omitted.]
	14
	

	 
	 

	SECTION  2.4. Funding
	14
	

	 
	 

	SECTION  2.5. Evidence of Debt
	14
	

	 
	 

	ARTICLE III
	 

	 
	 

	REPAYMENTS, PREPAYMENTS, INTEREST AND FEES
	 

	 
	 

	SECTION  3.1. Repayments and Prepayments
	14
	

	 
	 

	SECTION  3.2. Interest Provisions
	15
	

	 
	 

	SECTION  3.3. Amendment Fee
	17
	

	 
	 

	SECTION  3.4. Finnvera Guarantee Premiums
	17
	

	 
	 

	SECTION  3.5. [Intentionally omitted.]
	17
	

	 
	 

	ARTICLE IV
	 

	 
	 

	CERTAIN LIBO RATE AND OTHER PROVISIONS
	 

	 
	 

	SECTION  4.1. LIBO Rate Lending Unlawful
	18
	

	 
	 

	 
	 

NYDOCS01/1357357.3

	
			
	SECTION  4.2. Deposits Unavailable
	18
	

	 
	 

	SECTION  4.3. Increased LIBO Rate Loan Costs, etc
	19
	

	 
	 

	SECTION  4.4. Funding Losses
	20
	

	 
	 

	SECTION  4.5. Increased Capital Costs
	20
	

	 
	 

	SECTION  4.6. Taxes
	21
	

	 
	 

	SECTION  4.7. Reserve Costs
	23
	

	 
	 

	SECTION  4.8. Replacement Lenders, etc.
	24
	

	 
	 

	SECTION  4.9. Payments, Computations, etc.
	25
	

	 
	 

	SECTION  4.10. Sharing of Payments
	26
	

	 
	 

	SECTION  4.11. Setoff
	26
	

	 
	 

	SECTION  4.12. Use of Proceeds
	27
	

	 
	 

	ARTICLE V
	 

	 
	 

	CONDITIONS TO BORROWING
	 

	 
	 

	SECTION  5.1. Advance of the Loan
	27
	

	 
	 

	SECTION  5.2. Conditions to Effectiveness
	27
	

	 
	 

	ARTICLE VI
	 

	 
	 

	REPRESENTATIONS AND WARRANTIES
	 

	 
	 

	SECTION  6.1. Organization, etc.
	27
	

	 
	 

	SECTION  6.2. Due Authorization, Non-Contravention, etc
	28
	

	 
	 

	SECTION  6.3. Government Approval, Regulation, etc
	28
	

	 
	 

	SECTION  6.4. Compliance with Environmental Laws
	28
	

	 
	 

	SECTION  6.5. Validity, etc
	29
	

	 
	 

	SECTION  6.6. Financial Information
	29
	

	 
	 

	SECTION  6.7. No Default or Prepayment Event
	29
	

	 
	 

	SECTION  6.8. Litigation
	29
	

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

NYDOCS01/1357357.3     2

	
			
	SECTION  6.9. Vessels
	29
	

	 
	 

	SECTION  6.10. Subsidiaries
	30
	

	 
	 

	SECTION  6.11. Obligations rank pari passu
	30
	

	 
	 

	SECTION  6.12. Withholding, etc.
	30
	

	 
	 

	SECTION  6.13. No Filing, etc.
	30
	

	 
	 

	SECTION  6.14. No Immunity
	30
	

	 
	 

	SECTION  6.15. Pension Plans
	30
	

	 
	 

	SECTION  6.16. Investment Company Act
	31
	

	 
	 

	SECTION  6.17. Regulation U
	31
	

	 
	 

	SECTION  6.18. Accuracy of Information
	31
	

	 
	 

	ARTICLE VII
	 

	 
	 

	COVENANTS
	 

	 
	 

	SECTION  7.1. Affirmative Covenants
	31
	

	 
	 

	SECTION  7.2. Negative Covenants
	34
	

	 
	 

	ARTICLE VIII
	 

	 
	 

	EVENTS OF DEFAULT
	 

	 
	 

	SECTION  8.1. Listing of Events of Default
	40
	

	 
	 

	SECTION  8.2. Action if Bankruptcy
	42
	

	 
	 

	SECTION  8.3. Action if Other Event of Default
	42
	

	 
	 

	ARTICLE IX
	 

	 
	 

	PREPAYMENT EVENTS
	 

	 
	 

	SECTION  9.1. Listing of Prepayment Events
	42
	

	 
	 

	SECTION  9.2. Mandatory Prepayment
	44
	

	 
	 

	ARTICLE X
	 

	 
	 

	[Intentionally omitted.]
	 

	 
	 

	 
	 

NYDOCS01/1357357.3     3

	
			
	ARTICLE XI
	 

	 
	 

	THE ADMINISTRATIVE AGENT
	 

	 
	 

	SECTION  11.1. Actions
	45
	

	 
	 

	SECTION  11.2. [Intentionally omitted.]
	46
	

	 
	 

	SECTION  11.3. Exculpation
	46
	

	 
	 

	SECTION  11.4. Successor
	46
	

	 
	 

	SECTION  11.5. Loans by the Administrative Agent
	48
	

	 
	 

	SECTION  11.6. Credit Decisions
	48
	

	 
	 

	SECTION  11.7. Copies, etc.
	48
	

	 
	 

	SECTION  11.8. Agency Fee
	49
	

	 
	 

	ARTICLE XII
	 

	 
	 

	MISCELLANEOUS PROVISIONS
	 

	 
	 

	SECTION  12.1. Waivers, Amendments, etc
	49
	

	 
	 

	SECTION  12.2. Notices
	49
	

	 
	 

	SECTION  12.3. Payment of Costs and Expenses
	51
	

	 
	 

	SECTION  12.4. Indemnification
	51
	

	 
	 

	SECTION  12.5. Survival
	53
	

	 
	 

	SECTION  12.6. Severability
	53
	

	 
	 

	SECTION  12.7. Headings
	53
	

	 
	 

	SECTION  12.8. Execution in Counterparts, Effectiveness, etc
	53
	

	 
	 

	SECTION  12.9. Governing Law
	54
	

	 
	 

	SECTION  12.10. Successors and Assigns
	54
	

	 
	 

	SECTION  12.11. Sale and Transfer of Loans; Participations in Loans
	54
	

	 
	 

	SECTION  12.12. Other Transactions
	56
	

	 
	 

	SECTION  12.13. Forum Selection and Consent to Jurisdiction
	56
	

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

NYDOCS01/1357357.3     4

	
			
	SECTION  12.14. Process Agent
	57
	

	 
	 

	SECTION  12.15. Judgment
	57
	

	 
	 

	SECTION  12.16. Waiver of Jury Trial
	58
	

NYDOCS01/1357357.3     5

SCHEDULES
SCHEDULE I        -    Disclosure Schedule
SCHEDULE II    -    Repayment Schedule
EXHIBITS
Exhibit A    -    Form of Note
Exhibit B    -    [Intentionally omitted.]
Exhibit C    -    [Intentionally omitted.]
Exhibit D    -    [Intentionally omitted.]
Exhibit E    -    Form of Lender Assignment Agreement

NYDOCS01/1357357.3     6

AMENDED AND RESTATED CREDIT AGREEMENT
THIS AMENDED AND RESTATED CREDIT AGREEMENT, dated as of March 14, 2014, is among ROYAL CARIBBEAN CRUISES LTD., a Liberian corporation (the “Borrower”), the Lenders (as defined herein), SKANDINAVISKA ENSKILDA BANKEN AB (publ) (“SEB”), as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders.
W I T N E S S E T H:
WHEREAS, the Lenders made available to Allure of the Seas Inc., a Liberian corporation (the “Original Borrower”), upon the terms and conditions in the Credit Agreement, dated as of March 15, 2010, as amended by Amendment No. 1, dated March 15, 2010, Amendment No. 2, dated March 15, 2010, and Amendment No. 3, dated September 23, 2011, among the Original Borrower, the Borrower (in its capacity as Guarantor), the Lenders and the Administrative Agent (as so amended, the “Original Credit Agreement”), a loan facility to finance up to 80% of the contract price (including change orders) (the “Contract Price”) of the passenger cruise ship to be named “Allure of the Seas” with the Builder’s Hull No. #1364 (the “Purchased Vessel”) built by STX Finland Oy (formerly known as STX Finland Cruise Oy and prior to that known as Aker Finnyards Oy), Turku, Finland (the “Builder”); 
WHEREAS, the proceeds of such loan facility were provided to the Original Borrower two (2) Business Days prior to the delivery of the Purchased Vessel for the purpose of paying a portion of the Contract Price; 
WHEREAS, pursuant to the Assignment and Amendment No. 4 to the Credit Agreement dated as of March 26, 2012 (the “Assignment and Amendment”), the Original Borrower assigned to the Borrower all of its rights under the Original Credit Agreement, and the Borrower assumed all of the Original Borrower’s obligations under the Original Credit Agreement; 
WHEREAS, pursuant to the Assignment and Amendment, the Borrower was released from its obligations as “Guarantor” under the Original Credit Agreement and the Original Credit Agreement was amended and restated (as so amended and restated, the “Existing Credit Agreement”); 
WHEREAS, pursuant to Amendment No. 1 to the Amended and Restated Credit Agreement (the “Amendment”), dated as of the date hereof, and upon satisfaction of the conditions set forth therein, the Existing Credit Agreement is being amended and restated in the form of this Agreement
NOW, THEREFORE, the parties hereto agree as follows:
Article I   
 
DEFINITIONS AND ACCOUNTING TERMS

NYDOCS01/1357357.3    

SECTION  1.1.    Defined Terms.  The following terms (whether or not underscored) when used in this Agreement, including its preamble and recitals, shall, when capitalized, except where the context otherwise requires, have the following meanings (such meanings to be equally applicable to the singular and plural forms thereof):
“Accumulated Other Comprehensive Income (Loss)” means at any date the Borrower’s accumulated other comprehensive income (loss) on such date, determined in accordance with GAAP.
“Administrative Agent” is defined in the preamble and includes each other Person as shall have subsequently been appointed as the successor Administrative Agent, and as shall have accepted such appointment, pursuant to Section 11.4.
“Affiliate” of any Person means any other Person which, directly or indirectly, controls, is controlled by or is under common control with such Person.  A Person shall be deemed to be “controlled by” any other Person if such other Person possesses, directly or indirectly, power to direct or cause the direction of the management and policies of such Person whether by contract or otherwise.
“Agreement” means, on any date, this Credit Agreement as originally in effect on the Original Effective Date, as amended prior to the Restatement Effective Date, and amended and restated on the Restatement Effective Date and as thereafter from time to time amended, supplemented, amended and restated, or otherwise modified and in effect on such date.
“Applicable Jurisdiction” means the jurisdiction or jurisdictions under which the Borrower is organized, domiciled or resident or from which any of its business activities are conducted or in which any of its properties are located and which has jurisdiction over the subject matter being addressed.
“Applicable Margin” on and after March 5, 2014, means 1.85% per annum.
“Applicable Premium Rate” means, as of any date, the percentage per annum set forth below opposite the Senior Debt Rating on such date provided by S&P and Moody’s:
	
			
	Senior Debt Rating
	Applicable Premium Rate

	(S&P)
	(Moody’s)
	 

	BBB or higher
	Baa2 or higher
	0.77%

	BBB-
	Baa3
	1.01%

	BB+
	Ba1
	1.48%

	BB
	Ba2
	1.96%

	BB-
	Ba3
	2.49%

	B+ or lower
	B1 or lower
	2.97%

NYDOCS01/1357357.3     2

“Approved Appraiser” means any of the following:  Barry Rogliano Salles, Paris, H Clarkson & Co. Ltd., London, R.S. Platou Shipbrokers, Norway, or Fearnley AS, Norway.
“Assignee Lender” is defined in Section 12.11.1.
“Authorized Officer” means those officers of the Borrower authorized to act with respect to the Loan Documents to which it is a party and whose signatures and incumbency shall have been certified to the Administrative Agent by the Secretary or an Assistant Secretary of the Borrower.
“Borrower” is defined in the preamble.
“Builder” is defined in the first recital.
“Business Day” means any day which is neither a Saturday or Sunday nor a legal holiday on which banks are authorized or required to be closed in New York City, Stockholm, London or Helsinki and, if the applicable Business Day relates to the Loans, an Interest Period, prepayment or conversion, on which dealings in deposits in Dollars are carried on in the London interbank market.
“Capital Lease Obligations” means obligations of any Person or any Subsidiary of such Person under any leasing or similar arrangement which, in accordance with GAAP, would be classified as capitalized leases.
“Capitalization” means, as at any date, the sum of (a) Net Debt on such date, plus (b) Stockholders’ Equity on such date.
“Capitalized Lease Liabilities” means the principal portion of all monetary obligations of the Borrower or any of its Subsidiaries under any leasing or similar arrangement which, in accordance with GAAP, would be classified as capitalized leases, and, for purposes of this Agreement, the amount of such obligations shall be the capitalized amount thereof, determined in accordance with GAAP.
“Cash Equivalents” means all amounts other than cash that are included in the “cash and cash equivalents” shown on the Borrower’s balance sheet prepared in accordance with GAAP.
“Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time.
“Commitment” means, with respect to any Lender, the amount set forth opposite such Lender’s name on the signature pages hereto or in a Lender Assignment Agreement pursuant to which such Lender became a party hereto, as such amount may have been modified from time to time in accordance with the terms of the Original Credit Agreement.
“Communications” is defined in Section 12.2(b).

NYDOCS01/1357357.3     3

“Controlled Group” means all members of a controlled group of corporations and all members of a controlled group of trades or businesses (whether or not incorporated) under common control which, together with the Borrower, are treated as a single employer under Section 414(b) or 414(c) of the Code or Section 4001 of ERISA.
“Default” means any Event of Default or any condition, occurrence or event which, after notice or lapse of time or both, would constitute an Event of Default.
“Determination Notice” is defined in Section 4.2.
“Disclosure Schedule” means the Disclosure Schedule attached hereto as Schedule I.
“Dollar” and the sign “$” mean lawful money of the United States.
“Eligible Assignee” means (i) Finnvera, (ii) any reinsurer of Finnvera but only to the extent guarantee payments have been made under the Finnvera Guarantee and reimbursed by such reinsurer and (iii) any financial institution acceptable to Finnvera.  A financial institution shall be deemed acceptable to Finnvera in the event such financial institution (1) is rated at least BBB- by S&P or Baa3 by Moody’s or, if rated by both S&P and Moody’s, at least BBB- by S&P and Baa3 by Moody’s and (2) is located in a high income OECD member country (as defined from time to time by the World Bank) and there is, and such institution is subject to, sufficient public supervision in its home country.
“Environmental Laws” means all applicable federal, state, local or foreign statutes, laws, ordinances, codes, rules and regulations (including consent decrees and administrative orders) relating to the protection of the environment.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any successor statute of similar import, together with the regulations thereunder, in each case as in effect from time to time.  References to sections of ERISA also refer to any successor sections.
“Event of Default” is defined in Section 8.1.
“Existing Credit Agreement” is defined in the fourth recital.
“Existing Debt” means the obligations of the Borrower or its Subsidiaries in connection with the Bareboat Charterparty with respect to the vessel BRILLIANCE OF THE SEAS dated July 5, 2002 between Halifax Leasing (September) Limited and RCL (UK) LTD, and the replacement, extension, renewal or amendment of the foregoing without increase in the amount or change in any direct or contingent obligor of such obligations.
“Existing Group” means the following Persons:  (a) A. Wilhelmsen AS., a Norwegian corporation (“Wilhelmsen”); (b) Cruise Associates, a Bahamian general partnership (“Cruise”); and (c) any Affiliate of either or both of Wilhelmsen and Cruise.
“Existing Principal Subsidiaries” means each Subsidiary of the Borrower that is a Principal Subsidiary on the Restatement Effective Date.

NYDOCS01/1357357.3     4

“Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it.
“Finnvera” means Finnvera plc, a Finnish limited liability company established by law and operating as the official export credit agency in Finland.
“Finnvera Commitment Letter” means the amended and restated commitment letter for Buyer Credit Guarantee BC 64-07, dated December 18, 2009 among Finnvera and the Borrower.
“Finnvera Guarantee” means the Buyer Credit Guarantee Agreement BC 64-07, entered into on March 15, 2010, between Finnvera and the Administrative Agent, as amended from time to time in accordance with the terms hereof and thereof.
“Fiscal Quarter” means any quarter of a Fiscal Year.
“Fiscal Year” means, with respect to any Person, any annual fiscal reporting period of such Person.
“Fixed Charge Coverage Ratio” means, as of the end of any Fiscal Quarter, the ratio computed for the period of four consecutive Fiscal Quarters ending on the close of such Fiscal Quarter of:
(a)    net cash from operating activities (determined in accordance with GAAP) for such period, as shown in the Borrower’s consolidated statement of cash flow for such period, to
(b)    the sum of:
(i)    dividends actually paid by the Borrower during such period (including, without limitation, dividends in respect of preferred stock of the Borrower); plus
(ii)    scheduled payments of principal of all debt less New Financings (determined in accordance with GAAP, but in any event including Capitalized Lease Liabilities) of the Borrower and its Subsidiaries for such period.
“F.R.S. Board” means the Board of Governors of the Federal Reserve System or any successor thereto.
“GAAP” is defined in Section 1.4.

NYDOCS01/1357357.3     5

“Government-related Obligations” means obligations of any Person or any Subsidiary of such Person under, or Indebtedness incurred by such Person or any Subsidiary of such Person to satisfy obligations under, any governmental requirement imposed by any Applicable Jurisdiction that must be complied with to enable such Person and its Subsidiaries to continue their business in such Applicable Jurisdiction, excluding, in any event, any taxes imposed on such Person or any Subsidiary of such Person.
“Hedging Instruments” means options, caps, floors, collars, swaps, forwards, futures and any other agreements, options or instruments substantially similar thereto or any series or combination thereof used to hedge interest, foreign currency and commodity exposures.
“herein”, “hereof”, “hereto”, “hereunder” and similar terms contained in this Agreement or any other Loan Document refer to this Agreement or such other Loan Document, as the case may be, as a whole and not to any particular Section, paragraph or provision of this Agreement or such other Loan Document.
“Indebtedness” means, for any Person:  (a) obligations created, issued or incurred by such Person for borrowed money (whether by loan, the issuance and sale of debt securities or the sale of property to another Person subject to an understanding or agreement, contingent or otherwise, to repurchase such property from such Person); (b) obligations of such Person to pay the deferred purchase or acquisition price of property or services, other than trade accounts payable (other than for borrowed money) arising, and accrued expenses incurred, in the ordinary course of business so long as such trade accounts payable are payable within 180 days of the date the respective goods are delivered or the respective services are rendered; (c) Indebtedness of others secured by a Lien on the property of such Person, whether or not the respective indebtedness so secured has been assumed by such Person; (d) obligations of such Person in respect of letters of credit or similar instruments issued or accepted by banks and other financial institutions for the account of such Person; (e) Capital Lease Obligations of such Person; (f) guarantees by such Person of Indebtedness of others, up to the amount of Indebtedness so guaranteed by such Person; (g) obligations of such Person in respect of surety bonds and similar obligations; and (h) liabilities arising under Hedging Instruments.
“Indemnified Liabilities” is defined in Section 12.4.
“Indemnified Parties” is defined in Section 12.4.
“Interest Payment Date” means any date on which interest is payable with respect to Loans pursuant to clause (c) of Section 3.2.4.
“Interest Period” means, relative to any Loan, (i) the period beginning on (and including) the Original Closing Date and ending on (but excluding) the day which numerically corresponds to such date six months thereafter or, if such month has no numerically corresponding day, on the last Business Day of such month and (ii) for each period subsequent to the period described in clause (i) hereof, the period beginning on (and including) the day on which the previous period ended and ending on (but excluding) the day which numerically corresponds to such date six months thereafter or, if such month has no numerically corresponding day, on the last Business 

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Day of such month; provided that if any Interest Period would otherwise end on a day which is not a Business Day, such Interest Period shall end on the next following Business Day (unless such next following Business Day is the first Business Day of a calendar month, in which case such Interest Period shall end on the Business Day next preceding the first Business Day of such calendar month).
 “Investment” means, relative to any Person,
(a)    any loan or advance made by such Person to any other Person (excluding commission, travel, expense and similar advances to officers and employees made in the ordinary course of business); and
(b)    any ownership or similar interest held by such Person in any other Person.
“Lender Assignment Agreement” means a Lender Assignment Agreement substantially in the form of Exhibit E.
“Lenders” means the financial institutions identified as Lenders on the signature pages hereof and their respective successors and permitted assigns.
“Lending Office” means, relative to any Lender, the office of such Lender designated as such below its signature hereto or designated in a Lender Assignment Agreement or such other office of a Lender as designated from time to time by notice from such Lender to the Borrower and the Administrative Agent, whether or not outside the United States, which shall be making or maintaining the Loan of such Lender hereunder.
“LIBO Rate” means, relative to any Interest Period, the rate per annum of the offered quotation for deposits in Dollars for delivery on the first day of such Interest Period and for the duration thereof which is equal to the Screen Rate at or about 11:00 a.m. (London time) two Business Days before the commencement of such Interest Period; provided that:
(a)    subject to Section 3.2.5, if there is no Screen Rate at the relevant time, the LIBO Rate shall be the rate per annum certified by the Administrative Agent to be the average of the rates quoted by the Reference Lenders as the rate at which each of the Reference Lenders was (or would have been) offered deposits of Dollars by prime banks in the London interbank eurocurrency market in an amount approximately equal to the amount of such Loan and for a period approximately equal to such Interest Period; and
(b)    for the purposes of determining the post-maturity rate of interest under Section 3.2.3, the LIBO Rate shall be determined by reference to deposits on an overnight or call basis or for such other period or periods as the Administrative Agent may determine after consultation with the Lenders.
“Lien” means any security interest, mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or otherwise), charge against or interest in property to 

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secure payment of a debt or performance of an obligation or other priority or preferential arrangement of any kind or nature whatsoever.
“Loans” is defined in Section 2.1.
“Loan Documents” means this Agreement, the Notes, if any, the Finnvera Guarantee, the Assignment and Amendment and the Amendment.
“Material Adverse Effect” means a material adverse effect on (a) the business, operations or financial condition of the Borrower and its Subsidiaries taken as a whole, (b) the rights and remedies of the Administrative Agent or any Lender under or in connection with the Loan Documents or (c) the ability of the Borrower to perform its payment Obligations under the Loan Documents to which it is a party.
“Material Litigation” is defined in Section 6.8.
“Moody’s” means Moody’s Investors Service, Inc.
“Net Debt” means, at any time, the aggregate outstanding principal amount of all debt (including, without limitation, the principal portion of all capitalized leases) of the Borrower and its Subsidiaries (determined on a consolidated basis in accordance with GAAP) less the sum of (without duplication);
(a)    all cash on hand of the Borrower and its Subsidiaries; plus
(b)    all Cash Equivalents.
“Net Debt to Capitalization Ratio” means, as at any date, the ratio of (a) Net Debt on such date to (b) Capitalization on such date.
“New Financings” means proceeds from:
(a)    borrowed money (whether by loan or issuance and sale of debt securities), including drawings under any revolving credit facilities, and 
(b)    the issuance and sale of equity securities.
“Note” means a promissory note of the Borrower payable to any Lender, delivered pursuant to a request made under Section 2.5 in substantially the form of Exhibit A hereto (as such promissory note may be amended, endorsed or otherwise modified from time to time), evidencing the aggregate Indebtedness of the Borrower to such Lender resulting from the outstanding Loan made by such Lender, and also means all other promissory notes accepted from time to time in substitution therefor or renewal thereof.
“Obligations” means all obligations (monetary or otherwise) of the Borrower arising under or in connection with this Agreement, the Notes and the other Loan Documents.

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“Organic Document” means, relative to any Person, its certificate of incorporation and its by-laws or similar organizational documents.
“Original Closing Date” means the date on which the Loans were advanced, which date is October 26, 2010.
“Original Credit Agreement” is defined in the first recital.
“Original Effective Date” means March 15, 2010.
“Other Taxes” is defined in Section 4.6.
“Participant” is defined in Section 12.11.2.
“Pension Plan” means a “pension plan”, as such term is defined in section 3(2) of ERISA, which is subject to Title IV of ERISA (other than a multiemployer plan as defined in section 4001(a)(3) of ERISA), and to which the Borrower or any corporation, trade or business that is, along with the Borrower, a member of a Controlled Group, may have liability, including any liability by reason of being deemed to be a contributing sponsor under section 4069 of ERISA.
“Person” means any natural person, corporation, partnership, firm, association, trust, government, governmental agency or any other entity, whether acting in an individual, fiduciary or other capacity.
“Platform” is defined in Section 12.2(b)(1).
“Prepayment Event” is defined in Section 9.1.
“Primary Currency” is defined in Section 12.15.
“Prime Rate” means the rate of interest per annum from time to time published in the “Money Rates” section of The Wall Street Journal as being the “U.S. Prime Lending Rate” or, if more than one rate is published as the “U.S. Prime Lending Rate”, then the highest of such rates (each change in the “U.S. Prime Lending Rate” to be effective as of the date of publication in The Wall Street Journal of a “U.S. Prime Lending Rate” that is different from that published on the preceding business day), provided that if The Wall Street Journal shall, for any reason, fail or cease to publish the Prime Lending Rate, the Administrative Agent shall choose a reasonably comparable index or source to use as the basis for the “U.S. Prime Lending Rate”.
“Principal Subsidiary” means any Subsidiary of the Borrower that owns a Vessel.
“Purchased Vessel” is defined in the first recital.
“Reference Lenders” means Fortis Bank SA/NV, Brussels Office, Nordea Bank Finland plc, London Branch, Citibank Europe plc and SEB, Stockholm Office, and includes each replacement Reference Lender appointed by the Administrative Agent pursuant to Section 3.2.5.

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“Required Lenders” means, at any time, Lenders that, in the aggregate hold more than 66 2/3% of the aggregate unpaid principal amount of the Loans.
“Restatement Effective Date” means the date on which all of the conditions to the effectiveness of the amendment and restatement of the Existing Credit Agreement in the form of this Agreement, which are set forth in Section 2 of the Amendment, are satisfied, which date is March 14, 2014.
“S&P” means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.
“Screen Rate” means the percentage rate per annum for the relevant period which appears on the LIBOR01 Page of the Reuters Monitor Money Rates Service.
“SEB” is defined in the preamble.
“Secondary Currency” is defined in Section 12.15.
“Senior Debt Rating” means, as of any date, (a) the implied senior debt rating of the Borrower for its long term senior unsecured, non-credit enhanced debt as given by Moody’s and S&P or (b) in the event the Borrower receives an actual unsecured senior debt rating (apart from an implied rating) from Moody’s and/or S&P, such actual rating or ratings, as the case may be (and in such case the Senior Debt Rating shall not be determined by reference to any implied senior debt rating from either agency).  Each change in the Senior Debt Rating shall be effective as of the date of such change.  For purposes of the foregoing:
(a)    if at any time the Senior Debt Rating provided by Moody’s differs from the Senior Debt Rating provided by S&P by one level, the Applicable Premium Rate shall be the percentage per annum set forth opposite the higher of such two Senior Debt Ratings;
(b)    if at any time the Senior Debt Rating provided by Moody’s differs from the Senior Debt Rating provided by S&P by more than one level, the Applicable Premium Rate shall be the percentage per annum set forth opposite the rating one level below the higher of such two Senior Debt Ratings;
(c)    if at any time a Senior Debt Rating is provided by one of but not both Moody’s and S&P, the Applicable Premium Rate shall be determined by reference to the Senior Debt Rating provided by the agency which gives such rating; and
(d)    if at any time no Senior Debt Rating is provided by Moody’s and no Senior Debt Rating is provided by S&P, the Applicable Premium Rate shall be the percentage per annum set forth opposite the Senior Debt Ratings of B+ or lower and B1 or lower unless (i) within 21 days of being notified by the Administrative Agent that both Moody’s and S&P have ceased to give a Senior Debt Rating, the Borrower has obtained from at least one of such agencies a private implied rating for its senior debt or (ii) having failed to obtain such private rating within such 21-day period, the Borrower and Finnvera 

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shall have agreed within a further 15-day period (during which period the Borrower and Finnvera shall consult in good faith to find an alternative method of providing an implied rating of the Borrower’s senior debt) on an alternative rating method, which agreed alternative shall be notified to the Administrative Agent and apply for the purposes of this Agreement.
“Stated Maturity Date” means, relative to any Loan, the twelfth anniversary of the Closing Date applicable to such Loan.
“Stockholders’ Equity” means, as at any date, the Borrower’s stockholders’ equity on such date, excluding Accumulated Other Comprehensive Income (Loss), determined in accordance with GAAP, provided that any non-cash charge to Stockholders’ Equity resulting (directly or indirectly) from a change after the Original Effective Date in GAAP or in the interpretation thereof shall be disregarded in the computation of Stockholders’ Equity such that the amount of any reduction thereof resulting from such change shall be added back to Stockholders’ Equity.
“Subsidiary” means, with respect to any Person, any corporation of which more than 50% of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether at the time capital stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency) is at the time directly or indirectly owned by such Person, by such Person and one or more other Subsidiaries of such Person, or by one or more other Subsidiaries of such Person.
“Taxes” is defined in Section 4.6.
“United States” or “U.S.” means the United States of America, its fifty States and the District of Columbia.
“Vessel” means a passenger cruise vessel owned by the Borrower or one of its Subsidiaries.
“Voting Stock” means shares of capital stock of the Borrower of any class or classes (however designated) that have by the terms thereof normal voting power to elect the members of the Board of Directors of the Borrower (other than voting power upon the occurrence of a stated contingency, such as the failure to pay dividends).
SECTION  1.2.    Use of Defined Terms.  Unless otherwise defined or the context otherwise requires, terms for which meanings are provided in this Agreement shall, when capitalized, have such meanings when used in the Disclosure Schedule and in each Note, notice and other communication delivered from time to time in connection with this Agreement or the other Loan Documents.
SECTION  1.3.    Cross-References.  Unless otherwise specified, references in this Agreement and in each other Loan Document to any Article or 

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Section are references to such Article or Section of this Agreement or such other Loan Document, as the case may be, and, unless otherwise specified, references in any Article, Section or definition to any clause are references to such clause of such Article, Section or definition.
SECTION  1.4.    Accounting and Financial Determinations.  Unless otherwise specified, all accounting terms used herein or in any Note shall be interpreted, all accounting determinations and computations hereunder or thereunder (including under Section 7.2.4) shall be made, and all financial statements required to be delivered hereunder or thereunder shall be prepared, in accordance with United States generally accepted accounting principles (“GAAP”) consistently applied (or, if not consistently applied, accompanied by details of the inconsistencies); provided that if the Borrower elects to apply or is required to apply International Financial Reporting Standards (“IFRS”) accounting principles in lieu of GAAP, upon any such election and notice to the Administrative Agent, references herein to GAAP shall thereafter be construed to mean IFRS (except as otherwise provided in this Agreement); provided, further, that if, as a result of (i) any change in GAAP or IFRS or in the interpretation thereof or (ii) the application by the Borrower of IFRS in lieu of GAAP, in each case, after the date of the financial statements referred to in Section 6.6, there is a change in the manner of determining any of the items referred to herein that are to be determined by reference to GAAP, and the effect of such change would (in the reasonable opinion of the Borrower or the Administrative Agent) be such as to affect the basis or efficacy of the covenants contained in Section 7.2.4 in ascertaining the financial condition of the Borrower or the consolidated financial condition of the Borrower and its Subsidiaries and the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate such change occurring after the date hereof in GAAP or the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), then such item shall for the purposes of such Sections of this Agreement continue to be determined in accordance with GAAP relating thereto as GAAP were applied immediately prior to such change in GAAP or in the interpretation thereof until such notice shall have been withdrawn or such provision amended in accordance herewith.
ARTICLE II     
 
COMMITMENTS, BORROWING PROCEDURES
SECTION  2.1.    Commitments.  On the terms and subject to the conditions of the Original Credit Agreement (including Article V), each Lender severally made a Loan to the Borrower equal to such Lender’s Commitment (relative to such Lender, its “Loan” and collectively, the “Loans”) to the 

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Borrower equal to such Lender’s Commitment.  Any amount of the Loans that are prepaid or repaid may not be reborrowed.
SECTION 2.1.2.    [Intentionally omitted.]
SECTION 2.1.3.    [Intentionally omitted.]
SECTION 2.1.4.    Finnvera Guarantee.
(a)    Separate Agreement.  The Borrower agrees and acknowledges that the Finnvera Guarantee is a separate arrangement from this Agreement and the Borrower shall not have any right or recourse against any Lender or the Administrative Agent in respect of or arising by reason of any payment made by Finnvera to any Lender or the Administrative Agent pursuant to the Finnvera Guarantee.
(b)    Obligations.  The Borrower acknowledges that its liability to pay in full any sum under this Agreement is totally independent from and in no way conditional upon performance by the Builder of its obligations under the construction contract for the Purchased Vessel or under any agreement related thereto and shall not be affected in any way by any claim which the Borrower may have or may consider that it has against the Builder.
(c)    Authorization to Act on Instructions.  The Borrower agrees that the Administrative Agent may act on the instructions of Finnvera in relation to this Agreement; provided that such instructions shall otherwise be in accordance with, and as contemplated by, this Agreement and the Administrative Agent shall remain responsible for such actions to the extent contemplated by Article XI and Section 12.4.
(d)    No Claims against the Administrative Agent.  The Borrower agrees that in case of any payment to the Lenders or the Administrative Agent pursuant to the Finnvera Guarantee, Finnvera shall, in addition to any other rights which it may have under the Finnvera Guarantee or otherwise, have full rights of subrogation against the Borrower and the Borrower shall not have any claims whatsoever in respect of any loss, damage or expense suffered or incurred by it against the Administrative Agent as a result of such payment by Finnvera.
(e)    Amendments to Finnvera Guarantee.  The Administrative Agent agrees that it shall not agree to any amendment, waiver or other modification of the Finnvera Guarantee unless the Required Lenders have approved such action in writing and that, so long as the Loans have not been accelerated in accordance with Article VIII or required to be prepaid in accordance with Article IX, the Administrative Agent shall not agree to any amendment, waiver or other modification of the Finnvera Guarantee unless the Borrower has approved such action in writing, provided that even if the Loans have been accelerated in accordance with Article VIII or required to be prepaid in accordance with Article IX, no amendment, waiver or other modification of the Finnvera Guarantee may, directly or indirectly, adversely affect the Borrower unless the Borrower has approved such action in writing.
SECTION  2.2.    [Intentionally omitted.]

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SECTION  2.3.    [Intentionally omitted.]
SECTION  2.4.    Funding.  Each Lender may, if it so elects, fulfill its obligation to make or continue its Loan hereunder by causing one of its foreign branches or Affiliates (or an international banking facility created by such Lender) to make or maintain such Loan; provided that such Loan shall nonetheless be deemed to have been made and to be held by such Lender, and the obligation of the Borrower to repay such Loan shall nevertheless be to such Lender for the account of such foreign branch, Affiliate or international banking facility.
SECTION  2.5.    Evidence of Debt.  (a) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from the Loan owing to such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder in respect of Loans.  The Borrower agrees that upon notice by any Lender to the Borrower (with a copy of such notice to the Administrative Agent) to the effect that a Note is required or appropriate in order for such Lender to evidence (whether for purposes of pledge, enforcement or otherwise) the Loan owing to such Lender, the Borrower shall promptly execute and deliver to such Lender a Note payable to the order of such Lender in a principal amount equal to the principal amount of the Loan owing to such Lender.
(b)    The Administrative Agent, acting for this purpose as agent for the Borrower, shall maintain a register (the “Register”) which shall include recordation of (i) the date and amount of each Loan made hereunder, (ii) the terms of each Lender Assignment Agreement delivered to and accepted by it, (iii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iv) the amount of any sum received by the Administrative Agent from the Borrower hereunder and each Lender’s share thereof.
(c)    Entries made in good faith by the Administrative Agent in the Register pursuant to subsection (b)above, and by each Lender in its account or accounts pursuant to subsection (a) above, shall be prima facie evidence of the amount of principal and interest due and payable or to become due and payable from the Borrower to, in the case of the Register, each Lender and, in the case of such account or accounts, such Lender, under this Agreement, absent manifest error; provided, however, that the failure of the Administrative Agent or such Lender to make an entry, or any finding that an entry is incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations of the Borrower under this Agreement.
ARTICLE III     
 
REPAYMENTS, PREPAYMENTS, INTEREST AND FEES
SECTION  3.1.    Repayments and Prepayments.  The Borrower shall repay each Loan in twenty-four equal semi-annual installments on the last day 

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of each Interest Period with respect to such Loan, as set forth on Schedule II hereto.  
In addition, the Borrower
(a)    may, from time to time on any Business Day, make a voluntary prepayment, in whole or in part, of the outstanding principal amount of the Loans; provided that
(i)    any such prepayment shall be made pro rata among all Loans and applied in forward order of maturity, inverse order of maturity or ratably among all remaining installments, as the Borrower shall designate to the Administrative Agent;
(ii)    other than as expressly provided in Section 3.1(a)(iii), all such voluntary prepayments shall require at least five Business Days prior written notice to the Administrative Agent;
(iii)    such voluntary prepayment shall require three Business Days prior written notice to the Administrative Agent if such prepayment is to be made on the last day of an Interest Period with respect to the Loans being so prepaid and there is only one Interest Period applicable to all of the Loans; and
(iv)    all such voluntary partial prepayments shall be in an aggregate minimum amount of $10,000,000 and a multiple of $1,000,000 (or the remaining amount of the Loans being prepaid); 
(b)    [Reserved]; and
(c)    shall, immediately upon any acceleration of the Stated Maturity Date of the Loans pursuant to Section 8.2 or 8.3 or the mandatory repayment of the Loans pursuant to Section 9.2, repay all Loans.
Each prepayment or repayment of any Loans made pursuant to this Section shall be without premium or penalty, except as may be required by Section 4.4, and shall be accompanied by accrued interest.
SECTION  3.2.    Interest Provisions.  Interest on the outstanding principal amount of Loans shall accrue and be payable in accordance with this Section 3.2.
SECTION 3.2.1.    Rates Payable by the Borrower.  (a)  The Borrower shall pay interest on the Loans at a rate per annum during each Interest Period equal to the sum of the LIBO Rate for such Interest Period plus the Applicable Margin.

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(b)    Each Loan shall bear interest from and including the first day of the applicable Interest Period to (but not including) the last day of such Interest Period at the interest rate determined as applicable to such Loan.
(c)    All interest hereunder shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).
SECTION 3.2.2.    Rates Payable to the Lenders.  Upon receipt of the applicable funds from the Borrower, the Administrative Agent shall pay interest on the Loans to the Lenders at a rate per annum as set forth in Section 3.2.1(a).
SECTION 3.2.3.    Post-Maturity Rates.  After the date any principal amount of any Loan is due and payable (whether on the maturity, upon acceleration or otherwise), or after any other monetary Obligation of the Borrower shall have become due and payable, the Borrower shall pay, but only to the extent permitted by law, interest (after as well as before judgment) on such amounts for each day during the period of such default at a rate per annum certified by the Administrative Agent to the Borrower (which certification shall be conclusive in the absence of manifest error) to be equal to the sum of (a) the rate of interest applicable to Loans at such time pursuant to Section 3.2.1 above plus (b) 2% per annum.
SECTION 3.2.4.    Payment Dates.  Interest accrued on each Loan shall be payable, without duplication:
(a)    on the Stated Maturity Date therefor;
(b)    on the date of any payment or prepayment, in whole or in part, of principal outstanding on such Loan (but only on the principal so paid or prepaid);
(c)    on the last day of each Interest Period; and
(d)    on any Loan the Stated Maturity Date of which is accelerated pursuant to Section 8.2 or Section 8.3, immediately upon such acceleration.
Interest accrued on Loans or other monetary Obligations of the Borrower arising under this Agreement or any Note after the date such amount is due and payable (whether on maturity, upon acceleration or otherwise) shall be payable upon demand of the Administrative Agent.
SECTION 3.2.5.    Interest Rate Determination; Replacement Reference Lenders.  Each Reference Lender agrees to furnish to the Administrative Agent timely information for the purpose of determining the LIBO Rate in the event that no offered quotation appears on the LIBOR01 Page of the Reuters Monitor Money Rates Service and the LIBO Rate is to be determined by reference to quotations supplied by the Reference Lenders.  If any one or more of the Reference Lenders shall fail to furnish in a timely manner such information to the Administrative Agent for any such interest rate, the Administrative Agent shall determine such interest rate on the basis of the information furnished by the remaining Reference Lenders 

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(provided, that, if all of the Reference Lenders other than the Administrative Agent fail to supply the relevant quotations, the interest rate will be fixed by reference only to the quotation obtained by the Administrative Agent in its capacity as a Reference Lender).  If a Reference Lender ceases for any reason to be able and willing to act as such, the Administrative Agent shall, at the direction of the Required Lenders and after consultation with the Borrower and the Lenders, appoint a replacement for such Reference Lender reasonably acceptable to the Borrower, and such replaced Reference Lender shall cease to be a Reference Lender hereunder.  The Administrative Agent shall furnish to the Borrower and to the Lenders each determination of the LIBO Rate made by reference to quotations of interest rates furnished by Reference Lenders.
SECTION  3.3.    Amendment Fee.  The Borrower agrees to pay to the Administrative Agent, for the account of and as agent for each Lender, an amendment fee (the “Amendment Fees”) in an amount equal to the product of 0.35% multiplied by the principal amount of the Loans of each Lender outstanding on the Restatement Effective Date and shall be payable on or before the fifth Business Day after the Restatement Effective Date.  
SECTION  3.4.    Finnvera Guarantee Premiums.  The premiums on the Finnvera Guarantee shall accrue and be payable in accordance with this Section 3.4.
(a)    The Borrower shall pay to the Administrative Agent, for the account of and as agent for Finnvera, semi-annually in advance on the twentieth (20th) Business Day preceding the first day of each Interest Period, an amount equal to the product of the Applicable Premium Rate as of the immediately preceding Business Day and the outstanding principal amount of the Loans to be outstanding for such Interest Period, after giving effect to any repayment scheduled to be paid after such date but prior to the first day of such Interest Period, multiplied by the actual number of days in such Interest Period, divided by 360.  The Administrative Agent shall pay the premium on the Finnvera Guarantee received from the Borrower to Finnvera semi-annually in advance on the Business Day immediately preceding the first day of each Interest Period for such Loans.
(b)    At the direction of the Borrower, premiums on the Finnvera Guarantee received by the Administrative Agent pursuant to this Section 3.4 shall be placed by the Administrative Agent on demand or fixed rate deposit, as directed by the Borrower, as soon as possible after receipt thereof and interest shall accrue thereon at the London Interbank Bid Rate until such time as the Administrative Agent pays such premiums to Finnvera.  The Administrative Agent shall release interest earned pursuant to the immediately preceding sentence to the Borrower on the first day of the relevant Interest Period.
SECTION  3.5.    [Intentionally omitted.] 
ARTICLE IV     
 
CERTAIN LIBO RATE AND OTHER PROVISIONS

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SECTION  4.1.    LIBO Rate Lending Unlawful.  If after the Original Effective Date the introduction of or any change in or in the interpretation of any law makes it unlawful, or any central bank or other governmental authority having jurisdiction over such Lender asserts that it is unlawful, for such Lender to continue or maintain any Loan bearing interest at a rate based on the LIBO Rate, the obligations of such Lender to continue or maintain any Loan bearing interest at a rate based on the LIBO Rate shall, upon notice thereof to the Borrower, the Administrative Agent and each other Lender, forthwith be suspended until the circumstances causing such suspension no longer exist, provided that such Lender’s obligation to continue and maintain its Loan hereunder shall be automatically converted into an obligation to continue and maintain a Loan bearing interest at a rate to be negotiated between such Lender and the Borrower that is the equivalent of the sum of the LIBO Rate for the relevant Interest Period plus the Applicable Margin or, if such negotiated rate is not agreed upon by the Borrower and such Lender within fifteen Business Days, a rate equal to the Applicable Margin plus the greater of (x) the Prime Rate and (y) Federal Funds Rate from time to time in effect plus 0.50% per annum.
SECTION  4.2.    Deposits Unavailable.  If:
(a)    the Administrative Agent shall have determined that Dollar deposits in the relevant amount and for the relevant Interest Period are not available to the Reference Lenders in their relevant market;
(b)    the Administrative Agent shall have determined that by reason of circumstances affecting the Reference Lenders’ relevant market, adequate means do not exist for ascertaining the interest rate applicable hereunder to LIBO Rate Loans; or
(c)    before the close of business in London on the date of determination of the LIBO Rate for the relevant Interest Period or period, Lenders holding a majority of the aggregate unpaid principal amount of Loans determine that the cost to them of obtaining matching Dollar deposits in the relevant interbank market in respect of any Loan would be in excess of the LIBO Rate,
then the Administrative Agent shall give notice of such determination (hereinafter called a “Determination Notice”) to the Borrower and each of the Lenders.  The Borrower, the Lenders and the Administrative Agent shall enter into negotiations in good faith in order to agree upon a mutually satisfactory interest rate to be substituted for those which would otherwise have applied under this Agreement.  If the Borrower, the Lenders and the Administrative Agent are unable to agree upon an interest rate prior to the date occurring fifteen Business Days after the giving of such Determination Notice, the interest rate payable to the Lenders to take effect at the end of the Interest Period current at the date of the Determination Notice shall be equal to the sum of the Applicable Margin plus the greater of (x) the Prime Rate and (y) Federal Funds Rate from time to time in effect plus 0.50% per annum.

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SECTION  4.3.    Increased LIBO Rate Loan Costs, etc.  If, after the Original Effective Date, a change in any applicable treaty, law, regulation or regulatory requirement or in the interpretation thereof or in its application to the Borrower, or if compliance by any Lender with any applicable direction, request, requirement or guideline (whether or not having the force of law) of any governmental or other authority including, without limitation, any agency of the European Union or similar monetary or multinational authority insofar as it may be changed or imposed after the date hereof, shall:
(a)    subject any Lender to any taxes, levies, duties, charges, fees, deductions or withholdings of any nature with respect to its portion of the Loans or any part thereof imposed, levied, collected, withheld or assessed by any jurisdiction or any political subdivision or taxing authority thereof (other than taxation on overall net income and, to the extent such taxes are described in Section 4.6, withholding taxes or Other Taxes); or
(b)    change the basis of taxation to any Lender (other than a change in taxation on the overall net income of such Lender) of payments of principal or interest or any other payment due or to become due pursuant to this Agreement; or
(c)    impose, modify or deem applicable any reserve or capital adequacy requirements (other than the reserve costs described in Section 4.7) or other banking or monetary controls or requirements which affect the manner in which a Lender shall allocate its capital resources to its obligations hereunder or require the making of any special deposits against or in respect of any assets or liabilities of, deposits with or for the account of, or loans by, any Lender (provided that such Lender shall, unless prohibited by law, allocate its capital resources to its obligations hereunder in a manner which is consistent with its present treatment of the allocation of its capital resources); or
(d)    impose on any Lender any other condition affecting its portion of the Loans,
and the result of any of the foregoing is either (i) to increase the cost to such Lender of continuing or maintaining its Loan or any part thereof, (ii) to reduce the amount of any payment received by such Lender or its effective return hereunder or on its capital or (iii) to cause such Lender to make any payment or to forego any return based on any amount received or receivable by such Lender hereunder, then and in any such case if such increase or reduction in the opinion of such Lender materially affects the interests of such Lender, (A) the Lender concerned shall (through the Administrative Agent) notify the Borrower of the occurrence of such event and use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate a different Lending Office if the making of such a designation would avoid the effects of such law, regulation or regulatory requirement or any change therein or in the interpretation thereof and would not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender and (B) the Borrower shall forthwith upon demand pay to the Administrative Agent for the account of and as agent for such Lender such amount as is necessary to compensate such Lender for such additional cost or such reduction and ancillary expenses, including taxes, incurred as a result of such adjustment.  Such notice shall (i) describe in 

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reasonable detail the event leading to such additional cost, together with the approximate date of the effectiveness thereof, (ii) set forth the amount of such additional cost, (iii) describe the manner in which such amount has been calculated, (iv) certify that the method used to calculate such amount is the Lender’s standard method of calculating such amount, (v) certify that such request is consistent with its treatment of other borrowers that are subject to similar provisions, and (vi) certify that, to the best of its knowledge, such change in circumstance is of general application to the commercial banking industry in such Lender’s jurisdiction of organization or in the relevant jurisdiction in which such Lender does business.  Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than three months prior to the date that such Lender notifies the Borrower of the circumstance giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided further that, if the circumstance giving rise to such increased costs or reductions is retroactive, then the three-month period referred to above shall be extended to include the period of retroactive effect thereof, but not more than six months prior to the date that such Lender notifies the Borrower of the circumstance giving rise to such cost or reductions and of such Lender’s intention to claim compensation therefor.
SECTION  4.4.    Funding Losses.  In the event any Lender shall incur any loss or expense by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to continue or maintain any portion of the principal amount of any Loan as a LIBO Rate Loan as a result of any conversion or repayment or prepayment of the principal amount of any Loans on a date other than the scheduled last day of an Interest Period, whether pursuant to Section 3.1, or otherwise then, upon the written notice of such Lender to the Borrower (with a copy to the Administrative Agent), the Borrower shall, within five Business Days of its receipt thereof, pay directly to such Lender such amount as will reimburse such Lender for such loss or expense.  Such written notice shall include calculations in reasonable detail setting forth the loss or expense to such Lender.
SECTION  4.5.    Increased Capital Costs.  If, after the Original Effective Date, any change in, or the introduction, adoption, effectiveness, interpretation, reinterpretation or phase-in of, any law or regulation, directive, guideline, decision or request (whether or not having the force of law) of any court, central bank, regulator or other governmental authority increases the amount of capital required to be maintained by any Lender or any Person controlling such Lender, and the rate of return on its or such controlling Person’s capital as a consequence of the Loan made by such Lender is reduced to a level below that which such Lender or such controlling Person would have achieved but for the occurrence of any such change in circumstance, then, in any such case upon notice from time to time by such Lender to the Borrower, the Borrower shall immediately pay directly to such Lender additional amounts sufficient to compensate such Lender or such controlling Person for such 

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reduction in rate of return.  Any such notice shall (i) describe in reasonable detail the capital adequacy requirements which have been imposed, together with the approximate date of the effectiveness thereof, (ii) set forth the amount of such lowered return, (iii) describe the manner in which such amount has been calculated, (iv) certify that the method used to calculate such amount is such Lender’s standard method of calculating such amount, (v) certify that such request for such additional amounts is consistent with its treatment of other borrowers that are subject to similar provisions and (vi) certify that, to the best of its knowledge, such change in circumstances is of general application to the commercial banking industry in the jurisdictions in which such Lender does business.  In determining such amount, such Lender may use any method of averaging and attribution that it shall, subject to the foregoing sentence, deem applicable.  Each Lender agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate a different Lending Office if the making of such a designation would avoid such reduction in such rate of return and would not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender.  Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than three months prior to the date that such Lender notifies the Borrower of the circumstance giving rise to such reductions and of such Lender’s intention to claim compensation therefor; provided further that, if the circumstance giving rise to such reductions is retroactive, then the three-month period referred to above shall be extended to include the period of retroactive effect thereof, but not more than six months prior to the date that such Lender notifies the Borrower of the circumstance giving rise to such reductions and of such Lender’s intention to claim compensation therefor.
SECTION  4.6.    Taxes.  All payments by the Borrower of principal of, and interest on, the Loans and all other amounts payable hereunder or under the Finnvera Commitment Letter shall be made free and clear of and without deduction for any present or future income, excise, stamp or franchise taxes and other taxes, fees, duties, withholdings or other charges of any nature whatsoever imposed by any taxing authority, but excluding franchise taxes and taxes imposed on or measured by Finnvera’s or any Lender’s net income or receipts of Finnvera or such Lender and franchise taxes imposed in lieu of net income taxes or receipts by the jurisdiction under the laws of which Finnvera or such Lender is organized or any political subdivision thereof or the jurisdiction of such Lender’s Lending Office or any political subdivision thereof or any other jurisdiction unless such net income taxes are imposed solely as a result of the Borrower’s activities in such other jurisdiction (such non-excluded items being called “Taxes”).  In the event that any withholding or deduction from any payment to be made by the Borrower hereunder or under the Finnvera 

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Commitment Letter is required in respect of any Taxes pursuant to any applicable law, rule or regulation, then the Borrower will:
(a)    pay directly to the relevant authority the full amount required to be so withheld or deducted;
(b)    promptly forward to the Administrative Agent an official receipt or other documentation satisfactory to the Administrative Agent evidencing such payment to such authority; and
(c)    pay to the Administrative Agent for the account of and as agent for Finnvera or the Lenders, as the case may be, such additional amount or amounts as is necessary to ensure that the net amount actually received (including any Taxes on such additional amounts) by Finnvera or each Lender will equal the full amount Finnvera or such Lender would have received had no such withholding or deduction been required.
In addition, the Borrower shall pay any present or future stamp or documentary taxes or any other excise or property taxes, charges, or similar levies that arise from any payment made hereunder or under the Notes or any other documents to be delivered hereunder or from the execution, delivery or registration of, performance under, or otherwise with respect to, this Agreement or the Notes or any other documents to be delivered hereunder (hereinafter referred to as “Other Taxes”).
Moreover, if any Taxes are directly asserted against the Administrative Agent, Finnvera or any Lender with respect to any payment received or paid by the Administrative Agent, Finnvera or such Lender hereunder, under or in connection with the Finnvera Commitment Letter or under or in connection with any other Loan Document, the Administrative Agent, Finnvera or such Lender may pay such Taxes and the Borrower will promptly pay such additional amounts (including any penalties, interest or expenses) as is necessary in order that the net amount received by such Person after the payment of such Taxes (including any Taxes on such additional amounts) shall equal the amount such Person would have received had no such Taxes been asserted.
Any Person claiming any additional amounts payable pursuant to this Section agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to change the jurisdiction of its Lending Office if the making of such a change would avoid the need for, or reduce the amount of, any such additional amounts that may thereafter accrue and would not, in the reasonable judgment of such Person, be otherwise disadvantageous to such Person.
If the Borrower fails to pay any Taxes or Other Taxes when due to the appropriate taxing authority or fails to remit to the Administrative Agent, for the account of Finnvera or the respective Lenders, the required receipts or other required documentary evidence, the Borrower shall indemnify Finnvera and the Lenders for any incremental withholding Taxes, Other Taxes, interest or penalties or expenses that may become payable by Finnvera or any Lender as a result of any such failure (except to the extent that such amount becomes payable as a result of the 

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failure of Finnvera or such Lender to provide timely notice to the Borrower of the assertion of a liability related to the payment of Taxes or Other Taxes).  For purposes of this Section 4.6, a distribution hereunder by the Administrative Agent or any Lender to or for the account of Finnvera or any Lender shall be deemed a payment by the Borrower.
If any Lender is entitled to any refund, credit, deduction or other reduction of Taxes or Other Taxes by reason of any payment made by the Borrower in respect of any Tax or Other Tax under this Section 4.6 or by reason of any payment made by the Borrower pursuant to Section 4.3, such Lender shall use reasonable efforts to obtain such refund, credit, deduction or other reduction and, promptly after receipt thereof (and, in the case of any such credit, utilization thereof), will pay to the Borrower such amount (plus any interest received by such Lender in connection with such refund, credit, deduction or reduction) as is equal to the net after-tax value to such Lender of such part of such refund, credit, deduction or reduction as such Lender reasonably determines is allocable to such tax or such payment, less out‐of‐pocket expenses incurred by such Lender, provided that no Lender shall be obligated to disclose to the Borrower any information regarding its tax affairs or tax computations.
Each Lender (and each Participant) that is organized under the laws of a jurisdiction other than the United States agrees with the Borrower and the Administrative Agent that it will (a) provide to the Administrative Agent and the Borrower an appropriately executed copy of Internal Revenue Service Form W-8ECI certifying that any payments made to or for the benefit of such Lender or such Participant are effectively connected with a trade or business in the United States (or, alternatively, Internal Revenue Service Form W-8BEN, but only if the applicable treaty described in such form provides for a complete exemption from U.S. federal income tax withholding), or any successor form, on or prior to the date hereof (or, in the case of any assignee Lender or Participant, on or prior to the date of the relevant assignment or participation), and (b) notify the Administrative Agent and the Borrower if the certifications made on any form provided pursuant to this paragraph are no longer accurate and true in all material respects.  For any period with respect to which a Lender (or Participant) has failed to provide the Borrower with the foregoing forms (other than if such failure is due to a change in law occurring after the date on which a form originally was required to be provided or if such form otherwise is not required hereunder) such Lender (or Participant) shall not be entitled to the benefits of this Section 4.6 with respect to Taxes imposed by reason of such failure.
If Finnvera should be come subrogated to the rights of any Lender under this Agreement then, for the purposes of the two paragraphs immediately preceding, the term “Lender” shall be deemed to include Finnvera.
The Borrower shall have no obligation under this Section 4.6 to pay any indemnity or gross-up amount to Finnvera, any Lender or the Administrative Agent to the extent that the Borrower has paid an amount with respect to that Tax or Other Tax to any party pursuant to any other provision of any Loan Document, the Finnvera Commitment Letter or the Lenders’ Commitment Letter.
SECTION  4.7.    Reserve Costs.  Without in any way limiting the Borrower’s obligations under Section 4.3, the Borrower shall pay to each 

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Lender on the last day of any Interest Period, so long as the relevant Lending Office of such Lender is required to maintain reserves against “Eurocurrency liabilities” under Regulation D of the F.R.S. Board, upon notice from such Lender, an additional amount equal to the product of the following for each Loan of such Lender for each day during such Interest Period:
(i)    the principal amount of such Loan outstanding on such day; and
(ii)    the remainder of (x) a fraction the numerator of which is the rate (expressed as a decimal) at which interest accrues on such Loan for such Interest Period as provided in this Agreement (less the Applicable Margin) and the denominator of which is one minus any increase after the Original Effective Date in the effective rate (expressed as a decimal) at which such reserve requirements are imposed on such Lender minus (y) such numerator; and
(iii)    1/360.
Such notice shall (i) describe in reasonable detail the reserve requirement that has been imposed, together with the approximate date of the effectiveness thereof, (ii) set forth the applicable reserve percentage, (iii) certify that such request is consistent with such Lender’s treatment of other borrowers that are subject to similar provisions and (iv) certify that, to the best of its knowledge, such requirements are of general application in the commercial banking industry in the United States.
Each Lender agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to avoid the requirement of maintaining such reserves (including by designating a different Lending Office) if such efforts would not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender.
SECTION  4.8.    Replacement Lenders, etc.  If the Borrower shall be required to make any payment to any Lender pursuant to Section 4.3, 4.5, 4.6 or 4.7, the Borrower shall be entitled at any time (so long as no Default and no Prepayment Event shall have occurred and be continuing) within 180 days after receipt of notice from such Lender of such required payment to (a) prepay the affected portion of such Lender’s Loan in full, together with accrued interest thereon through the date of such prepayment and any amounts due in connection with such prepayment pursuant to Section 4.4 (provided that the Borrower shall not prepay any such Lender pursuant to this clause (a) without replacing such Lender pursuant to the following clause (b) until a 30-day period shall have elapsed during which the Borrower and the Administrative Agent shall have attempted in good faith to replace such Lender), and/or (b) replace such Lender with another Lender or an Eligible Assignee either (x) by, if an Eligible Assignee is not a Lender, becoming a party to this Agreement as a Lender by execution of and delivery to the Borrower and the Administrative Agent of counterparts of this Agreement, and such Lender or Eligible Assignee refinancing any Loans prepaid pursuant to clause (a) above with loans made by 

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such Lender or Eligible Assignee (any such loans being “Loans” and having the identical terms as the Loans so prepaid, other than the rate of interest and tenor applicable to such loans, which rate of interest and tenor shall be as agreed between the Borrower and such financial institution, except that in no event shall the final maturity of such loans be later than the twelfth anniversary of the Original Closing Date of the Loans and the repayment schedule with respect to such loans shall provide for not less than equal semi-annual instalments calculated based on the maturity date with respect to such loans), or (y) pursuant to an assignment in accordance with Section 12.11.1, provided that (i) each such assignment shall be either an assignment of all of the rights and obligations of the assigning Lender under this Agreement or an assignment of a portion of such rights and obligations made concurrently with another such assignment or other such assignments that together cover all of the rights and obligations of the assigning Lender under this Agreement and (ii) no Lender shall be obligated to make any such assignment as a result of a demand by the Borrower pursuant to this Section unless and until such Lender shall have received one or more payments from either the Borrower or one or more Assignee Lenders in an aggregate amount at least equal to the outstanding principal amount of the Loan owing to such Lender, together with accrued interest thereon to the date of payment of such principal amount and all other amounts payable to such Lender under this Agreement.  Each Lender represents and warrants to the Borrower that, as of the Original Effective Date (or, with respect to any Lender not a party hereto on the date hereof, on the date that such Lender becomes a party hereto), there is no existing treaty, law, regulation, regulatory requirement, interpretation, directive, guideline, decision or request pursuant to which such Lender would be entitled to request any payments under any of Sections 4.3, 4.5, 4.6 and 4.7 to or for account of such Lender.
SECTION  4.9.    Payments, Computations, etc.  Unless otherwise expressly provided, all payments by the Borrower pursuant to this Agreement or the Notes shall be made by the Borrower to the Administrative Agent for the pro rata account of and as agent for the Lenders entitled to receive such payment.  All such payments required to be made to the Administrative Agent shall be made, without setoff, deduction or counterclaim, not later than 11:00 a.m., New York time, on the date due, in same day or immediately available funds through the New York Clearing House Interbank Payments System (or such other funds as may be customary for the settlement of international banking transactions in Dollars), to such account as the Administrative Agent shall specify from time to time by notice to the Borrower.  Funds received after that time shall be deemed to have been received by the Administrative Agent on the next succeeding Business Day.  The Administrative Agent shall promptly (but in any event on the same Business Day that the same are received or, as contemplated in the immediately preceding sentence, deemed received) remit in same day funds to each Lender its share, if any, of such payments received by the Administrative Agent for the account of such Lender without any setoff, deduction or 

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counterclaim.  All interest and fees shall be computed on the basis of the actual number of days (including the first day but excluding the last day) occurring during the period for which such interest or fee is payable over a year comprised of 360 days.  Whenever any payment to be made shall otherwise be due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day (unless the next succeeding Business Day is the first Business Day of a calendar month, in which case such payment shall be made on the Business Day preceding the first Business Day of such calendar month) and such extension of time shall be included in computing interest and fees, if any, in connection with such payment.
SECTION  4.10.    Sharing of Payments.  If any Lender shall obtain any payment or other recovery (whether voluntary, involuntary, by application of setoff or otherwise) on account of any Loan (other than pursuant to the terms of Sections 4.3, 4.4, 4.5, 4.6, 4.7 and 12.11 and except as otherwise provided in Sections 3.1(a) and 4.12 to the extent such Sections permit prepayment of Loans on a non-ratable basis) in excess of its pro rata share of payments then or therewith obtained by all Lenders, such Lender shall purchase from the other Lenders such participations in Loans made by them as shall be necessary to cause such purchasing Lender to share the excess payment or other recovery ratably with each of them; provided that if all or any portion of the excess payment or other recovery is thereafter recovered from such purchasing Lender, the purchase shall be rescinded and each Lender which has sold a participation to the purchasing Lender shall repay to the purchasing Lender the purchase price to the ratable extent of such recovery together with an amount equal to such selling Lender’s ratable share (according to the proportion of (a) the amount of such selling Lender’s required repayment to the purchasing Lender to (b) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered.  The Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this Section may, to the fullest extent permitted by law, exercise all its rights of payment (including pursuant to Section 4.11) with respect to such participation as fully as if such Lender were the direct creditor of the Borrower in the amount of such participation.  If under any applicable bankruptcy, insolvency or other similar law, any Lender receives a secured claim in lieu of a setoff to which this Section applies, such Lender shall, to the extent practicable, exercise its rights in respect of such secured claim in a manner consistent with the rights of the Lenders entitled under this Section to share in the benefits of any recovery on such secured claim.
SECTION  4.11.    Setoff.  Upon the occurrence and during continuance of an Event of Default or Prepayment Event, each Lender shall have, to the extent permitted by applicable law, the right to appropriate and apply to the payment of the Obligations owing to it any and all balances, credits, deposits, accounts or moneys of the Borrower then or thereafter maintained with 

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such Lender; provided that any such appropriation and application shall be subject to the provisions of Section 4.10.  Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such setoff and application made by such Lender; provided that the failure to give such notice shall not affect the validity of such setoff and application.  The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff under applicable law or otherwise) which such Lender may have.
SECTION  4.12.    Use of Proceeds.  The Original Borrower applied the proceeds of the Loans in accordance with the first recital; without limiting the foregoing, no proceeds of any Loan will be used to acquire any equity security of a class which is registered pursuant to Section 12 of the Securities Exchange Act of 1934 or any “margin stock”, as defined in F.R.S. Board Regulation U.
ARTICLE V     
 
CONDITIONS TO BORROWING
SECTION  5.1.    Advance of the Loan.  The obligation of the Lenders to fund the Loans made on the Original Closing Date was subject to the prior or concurrent satisfaction of each of the conditions precedent set forth in Section 5.1 and Section 5.2 of the Original Credit Agreement.
SECTION  5.2.    Conditions to Effectiveness.  The conditions to the effectiveness of the amendment and restatement of the Existing Credit Agreement in the form of this Agreement are set forth Section 2 of the Amendment. 
ARTICLE VI     
 
REPRESENTATIONS AND WARRANTIES
To induce the Lenders and the Administrative Agent to enter into this Agreement, the Borrower represents and warrants to the Administrative Agent and each Lender as set forth in this Article VI as of the Restatement Effective Date (except as otherwise stated). 
SECTION  6.1.    Organization, etc.  The Borrower and each of the Principal Subsidiaries is a corporation validly organized and existing and in good standing under the laws of its jurisdiction of incorporation; the Borrower is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction where the nature of its business requires such qualification, except where the failure to be so qualified would not have a Material Adverse Effect; and the Borrower has full power and authority, has taken all corporate action and holds all governmental and creditors’ licenses, permits, consents and 

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other approvals necessary to enter into each Loan Document to which it is a party and to perform its Obligations.
SECTION  6.2.    Due Authorization, Non-Contravention, etc.  The execution, delivery and performance by the Borrower of this Agreement and each other Loan Document to which it is a party, are within the Borrower’s corporate powers, have been duly authorized by all necessary corporate action, and do not:
(a)    contravene the Borrower’s Organic Documents;
(b)    contravene any law or governmental regulation of any Applicable Jurisdiction except as would not reasonably be expected to result in a Material Adverse Effect;
(c)    contravene any court decree or order binding on the Borrower or any of its property except as would not reasonably be expected to result in a Material Adverse Effect;
(d)    contravene any contractual restriction binding on the Borrower or any of its property except as would not reasonably be expected to result in a Material Adverse Effect; or
(e)    result in, or require the creation or imposition of, any Lien on any of the properties of the Borrower except as would not reasonably be expected to result in a Material Adverse Effect.
SECTION  6.3.    Government Approval, Regulation, etc.  No authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body or other Person is required for the due execution, delivery or performance by the Borrower of this Agreement or any other Loan Document to which it is a party (except for authorizations or approvals not required to be obtained on or prior to the Restatement Effective Date that have been obtained or actions not required to be taken on or prior to the Restatement Effective Date that have been taken).  The Borrower and each Principal Subsidiary holds all governmental licenses, permits and other approvals required to conduct its business as conducted by it on the Restatement Effective Date, except to the extent the failure to hold any such licenses, permits or other approvals would not have a Material Adverse Effect.
SECTION  6.4.    Compliance with Environmental Laws.  The Borrower and each Principal Subsidiary is in compliance with all applicable Environmental Laws, except to the extent that the failure to so comply would not have a Material Adverse Effect.

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SECTION  6.5.    Validity, etc.  This Agreement constitutes, and each of the other Loan Documents will, on the due execution and delivery thereof, constitute, the legal, valid and binding obligations of the Borrower, enforceable in accordance with their respective terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally or by general equitable principles.
SECTION  6.6.    Financial Information.  The consolidated balance sheet of the Borrower and its Subsidiaries as at December 31, 2010, and the related consolidated statements of operations and cash flows of the Borrower and its Subsidiaries, copies of which have been furnished to the Administrative Agent and each Lender, have been prepared in accordance with GAAP, and present fairly in all material respects the consolidated financial condition of the Borrower and its Subsidiaries as at December 31, 2010 and the results of their operations for the Fiscal Year then ended.  Since December 31, 2010 there has been no material adverse change in the business, operations or financial condition of the Borrower and its Subsidiaries taken as a whole.
SECTION  6.7.    No Default or Prepayment Event.  No Default or Prepayment Event has occurred and is continuing.
SECTION  6.8.    Litigation.  There is no action, suit, litigation, investigation or proceeding pending or, to the knowledge of the Borrower, threatened against the Borrower or any Principal Subsidiary, that (i) except as set forth in filings made by the Borrower with the Securities and Exchange Commission, in the Borrower’s reasonable opinion might reasonably be expected to materially adversely affect the business, operations or financial condition of the Borrower and its Subsidiaries (taken as a whole) (collectively, “Material Litigation”) or (ii) purports to affect the legality, validity or enforceability of the Loan Documents or the consummation of the transactions contemplated hereby.
SECTION  6.9.    Vessels.  The Borrower represents and warrants that each Vessel is
(a)    legally and beneficially owned by the Borrower or a Principal Subsidiary,
(b)    registered in the name of the Borrower or such Principal Subsidiary under the flag identified in Item 6.9(b) of the Disclosure Schedule,
(c)    classed as required by Section 7.1.4.A(b),
(d)    free of all Liens, other than Liens permitted by Section 7.2.3,
(e)    insured against loss or damage in compliance with Section 7.1.5, and

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(f)    chartered exclusively to or operated exclusively by the Borrower or one of the Borrower’s wholly-owned Subsidiaries, except as otherwise permitted pursuant to Section 7.1.4.A.
SECTION  6.10.    Subsidiaries.  The Borrower has no Existing Principal Subsidiaries on the Restatement Effective Date, except those Existing Principal Subsidiaries which are identified in Item 6.10 of the Disclosure Schedule.  All Existing Principal Subsidiaries are direct or indirect wholly-owned Subsidiaries of the Borrower, except to the extent any such Existing Principal Subsidiary or an interest therein has been sold in accordance with clause (b) of Section 7.2.7 or such Existing Principal Subsidiary no longer owns a Vessel.
SECTION  6.11.    Obligations rank pari passu.  The Obligations of the Borrower rank at least pari passu in right of payment and in all other respects with all other unsecured unsubordinated Indebtedness of the Borrower.
SECTION  6.12.    Withholding, etc.  As of the Restatement Effective Date, no payment to be made by the Borrower under any Loan Document to which it is a party is subject to any withholding or like tax imposed by any Applicable Jurisdiction.
SECTION  6.13.    No Filing, etc.  Required.  No filing, recording or registration and no payment of any stamp, registration or similar tax is necessary under the laws of any Applicable Jurisdiction to ensure the legality, validity, enforceability, priority or admissibility in evidence of this Agreement or the Notes (except for filings, recordings, registrations or payments not required to be made on or prior to the Restatement Effective Date that have been made).
SECTION  6.14.    No Immunity.  The Borrower is subject to civil and commercial law with respect to its Obligations.  Neither the Borrower nor any of its properties or revenues is entitled to any right of immunity in any Applicable Jurisdiction from suit, court jurisdiction, judgment, attachment (whether before or after judgment), set-off or execution of a judgment or from any other legal process or remedy relating to its Obligations (to the extent such suit, court jurisdiction, judgment, attachment, set-off, execution, legal process or remedy would otherwise be permitted or exist).
SECTION  6.15.    Pension Plans.  To the extent that, at any time after the Original Effective Date, there are any Pension Plans, no Pension Plan shall have been terminated, and no contribution failure will have occurred with respect to any Pension Plan, in each case which could (a) give rise to a Lien under section 302(f) of ERISA and (b) result in the incurrence by the Borrower or any member of the Controlled Group of any material liability, fine or penalty.

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SECTION  6.16.    Investment Company Act.  The Borrower is not required to register as an “investment company” within the meaning of the Investment Company Act of 1940, as amended.
SECTION  6.17.    Regulation U.  The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock, and no proceeds of any Loans will be used for a purpose which violates, or would be inconsistent with, F.R.S. Board Regulation U.  Terms for which meanings are provided in F.R.S. Board Regulation U or any regulations substituted therefor, as from time to time in effect, are used in this Section with such meanings.
SECTION  6.18.    Accuracy of Information.  The financial and other information (other than financial projections or other forward looking information) furnished to the Administrative Agent and the Lenders in writing by or on behalf of the Borrower by its chief financial officer, treasurer or corporate controller in connection with the negotiation of this Agreement is, when taken as a whole, to the best knowledge and belief of the Borrower, true and correct and contains no misstatement of a fact of a material nature.  All financial projections, if any, that have been furnished to the Administrative Agent and the Lenders in writing by or on behalf of the Borrower by its chief financial officer, treasurer or corporate controller in connection with this Agreement have been or will be prepared in good faith based upon assumptions believed by the Borrower to be reasonable at the time made (it being understood that such projections are subject to significant uncertainties and contingencies, many of which are beyond the Borrower’s control, and that no assurance can be given that the projections will be realized).  All financial and other information furnished to the Administrative Agent and the Lenders in writing by or on behalf of the Borrower by its chief financial officer, treasurer or corporate controller after the date of this Agreement shall have been prepared by the Borrower in good faith.
ARTICLE VII     
 
COVENANTS
SECTION  7.1.    Affirmative Covenants.  The Borrower agrees with the Administrative Agent and each Lender that, until all Obligations have been paid in full, the Borrower will perform its obligations set forth in this Section 7.1.
SECTION 7.1.1.    Financial Information, Reports, Notices, etc.  
SECTION 7.1.1.  The Borrower will furnish, or will cause to be furnished, to the Administrative Agent (with sufficient copies for distribution to each Lender and Finnvera, as the case may be) the following financial statements, reports, notices and information:

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(a)    as soon as available and in any event within 60 days after the end of each of the first three Fiscal Quarters of each Fiscal Year of the Borrower, a copy of the Borrower’s report on Form 10-Q (or any successor form) as filed by the Borrower with the Securities and Exchange Commission for such Fiscal Quarter, containing unaudited consolidated financial statements of the Borrower for such Fiscal Quarter (including a balance sheet and profit and loss statement) prepared in accordance with GAAP, subject to normal year-end audit adjustments;
(b)    as soon as available and in any event within 120 days after the end of each Fiscal Year of the Borrower, a copy of the Borrower’s annual report on Form 10-K (or any successor form) as filed by the Borrower with the Securities and Exchange Commission for such Fiscal Year, containing audited consolidated financial statements of the Borrower for such Fiscal Year prepared in accordance with GAAP (including a balance sheet and profit and loss statement) and audited by PricewaterhouseCoopers LLC or another firm of independent public accountants of similar standing;
(c)    together with each of the statements delivered pursuant to the foregoing clause (a) or (b), a certificate, executed by the chief financial officer, the treasurer or the corporate controller of the Borrower, showing, as of the last day of the relevant Fiscal Quarter or Fiscal Year compliance with the covenants set forth in Section 7.2.4 (in reasonable detail and with appropriate calculations and computations in all respects reasonably satisfactory to the Administrative Agent);
(d)    as soon as possible after the occurrence of a Default or Prepayment Event, a statement of the chief financial officer of the Borrower setting forth details of such Default or Prepayment Event (as the case may be) and the action which the Borrower has taken and proposes to take with respect thereto;
(e)    as soon as the Borrower becomes aware thereof, notice of any Material Litigation except to the extent that such Material Litigation is disclosed by the Borrower in filings with the SEC;
(f)    as soon as the Borrower becomes aware thereof, notice of any event which, in its reasonable opinion, would be expected to materially adversely affect the business, operations or financial condition of the Borrower and its Subsidiaries taken as a whole;
(g)    promptly after the sending or filing thereof, copies of all reports which the Borrower sends to all holders of each security issued by the Borrower, and all registration statements which the Borrower or any of its Subsidiaries files with the Securities and Exchange Commission or any national securities exchange;
(h)    as soon as the Borrower becomes aware thereof, notice of any suspension or revocation of the Purchased Vessel’s classification; and

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(i)    such other information (x) respecting the condition or operations, financial or otherwise, of the Borrower or any of its Subsidiaries, (y) respecting the transactions and documents related to the Purchased Vessel or the delivery of the Purchased Vessel or (z) as may be required to enable the Administrative Agent to obtain the full benefit of the Finnvera Guarantee, as any Lender or Finnvera, in either case through the Administrative Agent, may from time to time reasonably request;
provided, however, that information required to furnished to the Administrative Agent under subsections (a), (b) and (g) of this Section 7.1.1.B shall be deemed furnished to the Administrative Agent when available free of charge on the Borrower’s website at http://www.rclinvestor.com or the website of the U.S. Securities and Exchange Commission at http://www.sec.gov.
SECTION 7.1.2.    Approvals and Other Consents.  The Borrower will obtain (or cause to be obtained) all such governmental licenses, authorizations, consents, permits and approvals as may be required for (a) the Borrower to perform its obligations under this Agreement and the other Loan Documents to which it is a party and (b) except to the extent that failure to obtain (or cause to be obtained) such governmental licenses, authorizations, consents, permits and approvals would not be expected to have a Material Adverse Effect, the operation of each Vessel in compliance with all applicable laws.
SECTION 7.1.3.    Compliance with Laws, etc.  The Borrower will, and will cause each of its Subsidiaries to, comply in all material respects with all applicable laws, rules, regulations and orders, except (other than as described in clause (a) below) to the extent that the failure to so comply would not have a Material Adverse Effect, which compliance shall in any case include (but not be limited to):
(a)    in the case of each of the Borrower and the Principal Subsidiaries, the maintenance and preservation of its corporate existence (subject to the provisions of Section 7.2.6);
(b)    in the case of the Borrower, maintenance of its qualification as a foreign corporation in the State of Florida;
(c)    the payment, before the same become delinquent, of all taxes, assessments and governmental charges imposed upon it or upon its property, except to the extent being diligently contested in good faith by appropriate proceedings; and
(d)    compliance with all applicable Environmental Laws.
SECTION 7.1.4.    Vessels.  
SECTION 7.1.4.A.  The Borrower will (or will cause the applicable Principal Subsidiary to):

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(a)    cause each Vessel to be chartered exclusively to or operated exclusively by the Borrower or one of the Borrower’s wholly-owned Subsidiaries, provided that the Borrower or such Subsidiary may charter out (i) any Vessels representing not more than 25% of the berths of all Vessels to entities other than the Borrower and the Borrower’s wholly-owned Subsidiaries and (ii) any Vessel for a time charter not to exceed one year in duration; and
(b)    cause each Vessel to be kept in such condition as will entitle her to classification by a classification society of recognized standing.
SECTION 7.1.4.B.  The Borrower will cause Allure of the Seas Inc. to cause the Purchased Vessel to be exclusively operated by or chartered to the Borrower or one of the Borrower’s wholly-owned Subsidiaries, provided that the Borrower or such wholly-owned Subsidiary may charter out the Purchased Vessel on a time charter with a stated duration not in excess of one year.
SECTION 7.1.5.    Insurance.  The Borrower will, or will cause one or more of its Subsidiaries to, maintain or cause to be maintained with responsible insurance companies insurance with respect to all of the material properties and operations of the Borrower and each Principal Subsidiary against such casualties, third-party liabilities and contingencies and in such amounts as is customary for other businesses of similar size in the passenger cruise line industry (provided that in no event will the Borrower or any Subsidiary be required to obtain any business interruption, loss of hire or delay in delivery insurance) and will, upon request of the Administrative Agent, furnish to the Administrative Agent (with sufficient copies for distribution to each Lender) at reasonable intervals a certificate of a senior officer of the Borrower setting forth the nature and extent of all insurance maintained by the Borrower and the Subsidiaries and certifying as to compliance with this Section.
SECTION 7.1.6.    Books and Records.  The Borrower will, and will cause each of its Principal Subsidiaries to, keep books and records that accurately reflect all of its business affairs and transactions and permit the Administrative Agent and each Lender or any of their respective representatives, at reasonable times and intervals, to visit each of its offices, to discuss its financial matters with its officers and to examine any of its books or other corporate records.
SECTION  7.2.    Negative Covenants.  The Borrower agrees with the Administrative Agent and each Lender that, until all Obligations have been paid and performed in full, the Borrower will perform its obligations applicable to it set forth in this Section 7.2.
SECTION 7.2.1.    Business Activities.  The Borrower will not, and will not permit any of its Subsidiaries to, engage in any principal business activity other than those engaged in by the Borrower and its Subsidiaries on the Original Effective Date and other business activities reasonably related thereto.

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SECTION 7.2.2.    Indebtedness.  The Borrower will not permit any of the Existing Principal Subsidiaries (or any other Principal Subsidiary that, after the Restatement Effective Date, has acquired a Vessel owned by an Existing Principal Subsidiary on the Restatement Effective Date) to create, incur, assume or suffer to exist or otherwise become or be liable in respect of any Indebtedness, other than, without duplication, the following:
(a)    Indebtedness secured by Liens of the type described in Section 7.2.3;
(b)    Indebtedness owing to the Borrower or a wholly owned direct or indirect Subsidiary of the Borrower;
(c)    Indebtedness incurred to finance, refinance or refund the cost (including the cost of construction) of assets acquired after the Restatement Effective Date;
(d)    Indebtedness in an aggregate principal amount, together with (but without duplication of) Indebtedness permitted to be secured under Section 7.2.3(c), at any one time outstanding not exceeding the greater of (determined at the time of creation of such Lien or the incurrence of such Indebtedness, as applicable) (x) 3.5% of the total assets of the Borrower and its Subsidiaries taken as a whole as determined in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter and (y) $450,000,000; and
(e)    any Existing Debt.
SECTION 7.2.3.    Liens.  The Borrower will not, and will not permit any of its Subsidiaries to, create, incur, assume or suffer to exist any Lien upon any of its property, revenues or assets, whether now owned or hereafter acquired, except:
(a)    Liens on the vessel BRILLIANCE OF THE SEAS existing as of the Original Effective Date and securing the Existing Debt (and any Lien on BRILLIANCE OF THE SEAS securing any refinancing of the Existing Debt, so long as such Vessel was subject to a Lien securing the Indebtedness being refinanced immediately prior to such refinancing);
(b)    Liens on assets (including, without limitation, shares of capital stock of corporations and assets owned by any corporation that becomes a Subsidiary of the Borrower after the Original Effective Date) acquired after the Original Effective Date (whether by purchase, construction or otherwise) by the Borrower or any of its Subsidiaries (other than (x) an Existing Principal Subsidiary or (y) any other Principal Subsidiary which, at any time, after three months after the acquisition of a Vessel, owns a Vessel free of any mortgage Lien), which Liens were created solely for the purpose of securing Indebtedness representing, or incurred to finance, refinance or refund, the cost (including the cost of construction) of such assets, so long as (i) the acquisition of such assets is not otherwise prohibited by the terms of this Agreement and (ii) each such Lien is created within three months after the acquisition of the relevant assets;

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(c)    in addition to other Liens permitted under this Section 7.2.3, Liens securing Indebtedness in an aggregate principal amount, together with (but without duplication of) Indebtedness permitted under Section 7.2.2(d), at any one time outstanding not exceeding the greater of (determined at the time of creation of such Lien or the incurrence of such indebtedness, as applicable) (x) 3.5% of the total assets of the Borrower and its Subsidiaries taken as a whole as determined in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter or (y) 450,000,000, provided that, with respect to each such item of Indebtedness, the fair market value of the assets subject to Liens securing such Indebtedness (determined at the time of the creation of such Lien) shall not exceed two times the aggregate principal amount of such Indebtedness (and for purposes of this clause (c), the fair market value of any assets shall be determined by (i) in the case of any Vessel, by an Approved Appraiser selected by the Borrower and (ii) in the case of any other assets, by an officer of the Borrower or by the board of directors of the Borrower);
(d)    Liens on assets acquired after the Original Effective Date by the Borrower or any of its Subsidiaries (other than by (x) any Subsidiary that is an Existing Principal Subsidiary (or other Principal Subsidiary subject to the limitations of Section 7.2.2) or (y) any other Principal Subsidiary which, at any time, owns a Vessel free of any mortgage Lien) so long as (i) the acquisition of such assets is not otherwise prohibited by the terms of this Agreement and (ii) each of such Liens existed on such assets before the time of its acquisition and was not created by the Borrower or any of its Subsidiaries in anticipation thereof;
(e)    Liens on any asset of any corporation that becomes a Subsidiary of the Borrower (other than a corporation that also becomes a Subsidiary of an Existing Principal Subsidiary) after the Original Effective Date so long as (i) the acquisition or creation of such corporation by the Borrower is not otherwise prohibited by the terms of this Agreement and (ii) such Liens are in existence at the time such corporation becomes a Subsidiary of the Borrower and were not created by the Borrower or any of its Subsidiaries in anticipation thereof;
(f)    Liens securing Government-related Obligations of the Borrower or its Subsidiaries;
(g)    Liens for taxes, assessments or other governmental charges or levies not at the time delinquent or thereafter payable without penalty or being diligently contested in good faith by appropriate proceedings;
(h)    Liens of carriers, warehousemen, mechanics, materialmen and landlords incurred in the ordinary course of business for sums not overdue or being diligently contested in good faith by appropriate proceedings;
(i)    Liens incurred in the ordinary course of business in connection with workers’ compensation, unemployment insurance or other forms of governmental insurance or benefits;

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(j)    Liens for current crew’s wages and salvage;
(k)    Liens arising by operation of law as the result of the furnishing of necessaries for any Vessel so long as the same are discharged in the ordinary course of business or are being diligently contested in good faith by appropriate proceedings;
(l)    Liens on Vessels that:
(i)    secure obligations covered (or reasonably expected to be covered) by insurance;
(ii)    were incurred in the course of or incidental to trading such Vessel in connection with repairs or other work to such Vessel; or
(iii)    were incurred in connection with work to such Vessel that is required to be performed pursuant to applicable law, rule, regulation or order;
provided that, in each case described in this clause (l), such Liens are either (x) discharged in the ordinary course of business or (y) being diligently contested in good faith by appropriate proceedings.
(m)    normal and customary rights of setoff upon deposits of cash or other Liens originating solely by virtue of any statutory or common law provision relating to bankers’ liens, rights or setoff or similar rights in favor of banks or other depository institutions; and
(n)    Liens in respect of rights of setoff, recoupment and holdback in favor of credit card processors securing obligations in connection with credit card processing services incurred in the ordinary course of business.
SECTION 7.2.4.    Financial Condition.  The Borrower will not permit:
(a)    Net Debt to Capitalization Ratio, as at the end of any Fiscal Quarter, to be greater than 0.625 to 1.
(b)    Fixed Charge Coverage Ratio to be less than 1.25 to 1 as at the last day of any Fiscal Quarter.
(c)    Stockholders’ Equity to be less than, as at the last day of any Fiscal Quarter, the sum of (i) $4,150,000,000 plus (ii) 50% of the consolidated net income of the Borrower and its Subsidiaries for the period commencing on January 1, 2007 and ending on the last day of the Fiscal Quarter most recently ended (treated for these purposes as a single accounting period, but in any event excluding any Fiscal Quarters for which the Borrower and its Subsidiaries have a consolidated net loss).

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SECTION 7.2.5.    Investments.  The Borrower will not permit any of the Principal Subsidiaries to make, incur, assume or suffer to exist any Investment in any other Person other than
(a)    the Borrower or any direct or indirect wholly owned Subsidiary of the Borrower; and
(b)    other Investments by the Principal Subsidiaries in an aggregate amount not to exceed $50,000,000 at any time outstanding.
SECTION 7.2.6.    Consolidation, Merger, etc.  
SECTION 7.2.6.A.  The Borrower will not, and will not permit any of its Subsidiaries to, liquidate or dissolve, consolidate with, or merge into or with, any other corporation, or purchase or otherwise acquire all or substantially all of the assets of any Person except:
(a)    any such Subsidiary may (i) liquidate or dissolve voluntarily into, and may merge with and into, the Borrower or any other Subsidiary, and the assets or stock of any Subsidiary may be purchased or otherwise acquired by the Borrower or any other Subsidiary or (ii) merge with and into another Person in connection with a sale or other disposition permitted by Section 7.2.7; and
(b)    so long as no Event of Default or Prepayment Event has occurred and is continuing or would occur after giving effect thereto, the Borrower or any of its Subsidiaries may merge into any other Person, or any other Person may merge into the Borrower or any such Subsidiary, or the Borrower or any of its Subsidiaries may purchase or otherwise acquire all or substantially all of the assets of any Person, in each case so long as:
(i)    after giving effect thereto, the Stockholders’ Equity of the Borrower and its Subsidiaries is at least equal to 90% of such Stockholders’ Equity immediately prior thereto; and
(ii)    in the case of a merger involving the Borrower where the Borrower is not the surviving corporation, the surviving corporation shall have assumed in a writing, delivered to the Administrative Agent, all of the Borrower’s obligations hereunder and under the other Loan Documents to which it is a party.

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SECTION 7.2.7.    Asset Dispositions, etc.  The Borrower will not, and will not permit any of its Subsidiaries to, sell, transfer, contribute or otherwise convey, or grant options, warrants or other rights with respect to, any material asset (including accounts receivable and capital stock of Principal Subsidiaries) to any Person, except:
(a)    sales of assets (including, without limitation, Vessels) so long as at the time of any such sale:
(i)    the aggregate net book value of all such assets sold during each fiscal year does not exceed an amount equal to the greater of (x) 7.5% of Stockholders’ Equity as at the end of the last Fiscal Quarter and (y) $400,000,000; and
(ii)    to the extent any asset has a fair market value in excess of $50,000,000 the Borrower or Subsidiary selling such asset receives consideration therefor at least equal to the fair market value thereof (as determined in good faith by (x) in the case of any Vessel, the board of directors of the Borrower and (y) in the case of any other asset, an officer of the Borrower or its board of directors);
(b)    sales of capital stock of any Principal Subsidiary of the Borrower so long as a sale of all of the assets of such Subsidiary would be permitted under the foregoing clause (a);
(c)    sales of capital stock of any Subsidiary other than a Principal Subsidiary;
(d)    sales of other assets in the ordinary course of business; 
(e)    sales of assets between or among the Borrower and Subsidiaries of the Borrower; and
(f)    the sale of the vessel “Celebrity Mercury.
SECTION 7.2.8.    Transactions with Affiliates.  The Borrower will not, and will not permit any of the Principal Subsidiaries to, enter into, or cause, suffer or permit to exist any arrangement or contract with any of its Affiliates (other than arrangements or contracts among the Borrower and its Subsidiaries and among the Borrower’s Subsidiaries) unless such arrangement or contract is on an arms’-length basis, provided that, to the extent that the aggregate fair value of the goods furnished or to be furnished or the services performed or to be performed under all such contracts or arrangements in any one Fiscal Year does not exceed $50,000,000, such contracts or arrangements shall not be subject to this Section 7.2.8.
ARTICLE VIII     
 
EVENTS OF DEFAULT

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SECTION  8.1.    Listing of Events of Default.  Each of the following events or occurrences described in this Section 8.1 shall constitute an “Event of Default”.
SECTION 8.1.1.    Non-Payment of Obligations.  The Borrower shall default in the payment when due of any principal of or interest on any Loan, the fees provided for in Section 11.8 or the Finnvera Guarantee Premium, provided that in the case of a default in the payment of interest on any Loan or the Finnvera Guarantee Premium, such default shall continue unremedied for a period of at least two Business Days after notice thereof shall have been given to the Borrower by the Administrative Agent, and in the case of any other amount (other than payment of principal of any Loan), such default shall continue unremedied for a period of at least ten days after notice thereof shall have been given to the Borrower by the Administrative Agent.
SECTION 8.1.2.    Breach of Warranty.  Any representation or warranty of the Borrower made or deemed to be made hereunder (including any certificates delivered pursuant to Article V) is or shall be incorrect when made in any material respect.
SECTION 8.1.3.    Non-Performance of Certain Covenants and Obligations.  The Borrower shall default in the due performance and observance of any other agreement contained herein or in any other Loan Document to which it is a party (other than the covenants set forth in Sections 4.12 and 7.2.4) and such default shall continue unremedied for a period of five days after notice thereof shall have been given to the Borrower by the Administrative Agent or any Lender (or, if (a) such default is capable of being remedied within 30 days (commencing on the first day following such five-day period) and (b) the Borrower is actively seeking to remedy the same during such period, such default shall continue unremedied for at least 35 days after such notice to the Borrower).
SECTION 8.1.4.    Default on Other Indebtedness.  The Borrower or any of the Principal Subsidiaries shall fail to pay any Indebtedness that is outstanding in a principal amount of at least $50,000,000 (or the equivalent in other currencies) in the aggregate (but excluding Indebtedness hereunder) when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness; or any other event shall occur or condition shall exist under any agreement or instrument evidencing, securing or relating to any such Indebtedness and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to cause or permit the holder or holders of such Indebtedness to cause such Indebtedness to become due and payable prior to its scheduled maturity (other than as a result of any sale or other disposition of any property or assets under the terms of such Indebtedness); or any such Indebtedness shall be declared to be due and payable or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption or by voluntary agreement), purchased or defeased, or an offer to prepay, redeem, purchase or defease such Indebtedness is required to be made, in each case prior to the scheduled maturity thereof (other than as a result of any sale or other disposition of any property or assets under the terms of such Indebtedness).  For purposes of determining Indebtedness for any 

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Hedging Instrument, the principal amount of the obligations under any such instrument at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or any Principal Subsidiary would be required to pay if such instrument were terminated at such time.
SECTION 8.1.5.    Pension Plans.  Any of the following events shall occur with respect to any Pension Plan:
(a)    Any termination of a Pension Plan by the Borrower, any members of its Controlled Group or any other Person if, as a result of such termination, the Borrower or any such member could be required to make a contribution to such Pension Plan, or could reasonably expect to incur a liability or obligation to such Pension Plan, in excess of $50,000,000; or
(b)    a contribution failure occurs with respect to any Pension Plan sufficient to give rise to a Lien under Section 302(f) of ERISA
and, in each case, such event shall continue unremedied for a period of five Business Days after notice thereof shall have been given to the Borrower by the Administrative Agent or any Lender (or, if (a) such default is capable of being remedied within 15 days (commencing on the first day of such five-Business-Day period) and (b) the Borrower is actively seeking to remedy the same during such period, such default shall continue unremedied for at least 15 days).
SECTION 8.1.6.    Bankruptcy, Insolvency, etc.  The Borrower or any of the Principal Subsidiaries (or any of its other Subsidiaries to the extent that the relevant event described below would have a Material Adverse Effect) shall:
(a)    generally fail to pay, or admit in writing its inability to pay, its debts as they become due;
(b)    apply for, consent to, or acquiesce in, the appointment of a trustee, receiver, sequestrator or other custodian for it or any of its property, or make a general assignment for the benefit of creditors;
(c)    in the absence of such application, consent or acquiescence, permit or suffer to exist the appointment of a trustee, receiver, sequestrator or other custodian for it or for a substantial part of its property, and such trustee, receiver, sequestrator or other custodian shall not be discharged within 30 days, provided that the Borrower hereby expressly authorizes the Administrative Agent and each Lender to appear in any court conducting any relevant proceeding during such 30-day period to preserve, protect and defend their respective rights under the Loan Documents;
(d)    permit or suffer to exist the commencement of any bankruptcy, reorganization, debt arrangement or other case or proceeding under any bankruptcy or insolvency law, or any dissolution, winding up or liquidation proceeding, in respect of the Borrower or any of such Subsidiaries, and, if any such case or proceeding is not 

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commenced by the Borrower or such Subsidiary, such case or proceeding shall be consented to or acquiesced in by the Borrower or such Subsidiary or shall result in the entry of an order for relief or shall remain for 30 days undismissed, provided that the Borrower hereby expressly authorizes the Administrative Agent and each Lender to appear in any court conducting any such case or proceeding during such 30-day period to preserve, protect and defend their respective rights under the Loan Documents; or
(e)    take any corporate action authorizing, or in furtherance of, any of the foregoing.
SECTION 8.1.7.    Ownership of Principal Subsidiaries.  Except as a result of a disposition permitted pursuant to clauses (a) or (b) of Section 7.2.7, the Borrower shall cease to own beneficially and of record all of the capital stock of each Existing Principal Subsidiary.
SECTION  8.2.    Action if Bankruptcy.  If any Event of Default described in clauses (b) through (d) of Section 8.1.6 shall occur with respect to the Borrower, the outstanding principal amount of all outstanding Loans and all other Obligations shall automatically be and become immediately due and payable, without notice or demand.
SECTION  8.3.    Action if Other Event of Default.  If any Event of Default (other than any Event of Default described in clauses (b) through (d) of Section 8.1.6 with respect to the Borrower) shall occur for any reason, whether voluntary or involuntary, and be continuing, the Administrative Agent shall at the request, or may with the consent, of the Required Lenders and Finnvera, by notice to the Borrower, declare all of the outstanding principal amount of the Loans and other Obligations to be due and payable, whereupon the full unpaid amount of such Loans and other Obligations shall be and become immediately due and payable, without further notice, demand or presentment.
ARTICLE IX     
 
PREPAYMENT EVENTS
SECTION  9.1.    Listing of Prepayment Events.  Each of the following events or occurrences described in this Section 9.1 shall constitute a “Prepayment Event”.
SECTION 9.1.1.    Change in Ownership.  Any Person other than a member of the Existing Group (a “New Shareholder”) shall acquire (whether through legal or beneficial ownership of capital stock, by contract or otherwise), directly or indirectly, effective control over more than 33% of the Voting Stock and:
(a)    the members of the Existing Group have (whether through legal or beneficial ownership of capital stock, by contract or otherwise) in the aggregate, directly 

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or indirectly, effective control over fewer shares of Voting Stock than does such New Shareholder; and
(b)    the members of the Existing Group do not collectively have (whether through legal or beneficial ownership of capital stock, by contract or otherwise) the right to elect, or to designate for election, at least a majority of the Board of Directors of the Borrower.
SECTION 9.1.2.    Change in Board.  During any period of 24 consecutive months, a majority of the Board of Directors of the Borrower shall no longer be composed of individuals:
(a)    who were members of said Board on the first day of such period; or
(b)    whose election or nomination to said Board was approved by a vote of at least two-thirds of the members of said Board who were members of said Board on the first day of such period; or
(c)    whose election or nomination to said Board was approved by a vote of at least two-thirds of the members of said Board referred to in the foregoing clauses (a) and (b).
SECTION 9.1.3.    Unenforceability.  Any Loan Document to which it is a party shall cease to be the legally valid, binding and enforceable obligation of the Borrower thereto (in each case, other than with respect to provisions of any Loan Document (i) identified as unenforceable in the form of the opinion of counsel to the Borrower set forth as Exhibit A-2 to the Assignment and Amendment or (ii) that a court of competent jurisdiction has determined are not material) and such event shall continue unremedied for 15 days after notice thereof has been given to the Borrower by any Lender. 
SECTION 9.1.4.    Approvals.  Any material license, consent, authorization, registration or approval at any time necessary to enable the Borrower or any Principal Subsidiary to conduct its business shall be revoked, withdrawn or otherwise cease to be in full force and effect, unless the same would not have a Material Adverse Effect.
SECTION 9.1.5.    Non-Performance of Certain Covenants and Obligations.  The Borrower shall default in the due performance and observance of any of the covenants applicable to the Borrower set forth in Sections 4.12 or 7.2.4.
SECTION 9.1.6.    Judgments.  Any judgment or order for the payment of money in excess of $50,000,000 shall be rendered against the Borrower or any of the Principal Subsidiaries by a court of competent jurisdiction and the Borrower or such Principal Subsidiary shall have failed to satisfy such judgment and either:
(a)    enforcement proceedings in respect of any material assets of the Borrower or such Principal Subsidiary shall have been commenced by any creditor upon such 

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judgment or order and shall not have been stayed or enjoined within five Business Days after the commencement of such enforcement proceedings; or
(b)    there shall be any period of 30 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect.
SECTION 9.1.7.    Condemnation, etc.  Any Vessel or Vessels shall be condemned or otherwise taken under color of law and the same shall continue unremedied for at least 20 days, unless such condemnation or other taking would not have a Material Adverse Effect.
SECTION 9.1.8.    Arrest.  Any Vessel or Vessels shall be arrested and the same shall continue unremedied for at least 20 days, unless the same would not have a Material Adverse Effect.
SECTION 9.1.9.    Unenforceability of Finnvera Guarantee.  The Finnvera Guarantee shall be fully or partially withdrawn, suspended, terminated, revoked or cancelled or shall otherwise cease to be the legally valid, binding and enforceable obligation of Finnvera except if caused solely by the action or inaction of the holder or beneficiary of the Finnvera Guarantee.
SECTION 9.1.10.    Change in Ownership of the Allure of the Seas Inc.  The Borrower ceases to own beneficially directly or indirectly at least 100% of the issued stock carrying voting rights of Allure of the Seas Inc.
SECTION 9.1.11.    Total Loss.  The Purchased Vessel is or becomes a Total Loss and the period of one hundred eighty days from such Total Loss has elapsed.  “Total Loss” for these purposes shall mean an actual, constructive, agreed, compromised or arranged total loss of the Purchased Vessel or a requisition for title or other compulsory acquisition of the Purchased Vessel otherwise than by requisition for hire.
SECTION 9.1.12.    Sale/Disposal of Purchased Vessel.  The Purchased Vessel is sold, transferred or otherwise disposed of by the Borrower other than to a wholly-owned Subsidiary of the Borrower.
SECTION 9.1.13.    Prepayment Triggered Under Finnvera Guarantee.  The Administrative Agent shall have received written notice from Finnvera that a Specified Event (as defined in the Finnvera Guarantee) shall have occurred and be continuing until such time, if any, as Finnvera, in its sole discretion, withdraws or revokes such notice.
SECTION  9.2.    Mandatory Prepayment.  If any Prepayment Event shall occur and be continuing, the Administrative Agent shall at the request, or may with the consent, of the Required Lenders and Finnvera, by notice to the Borrower require the Borrower to prepay in full on the date of such notice all principal of and interest on the Loans and all other Obligations (and, in such 

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event, the Borrower agrees to so pay the full unpaid amount of each Loan and all accrued and unpaid interest thereon and all other Obligations).
ARTICLE X     
 
[Intentionally omitted.]
ARTICLE XI     
 
THE ADMINISTRATIVE AGENT
SECTION  11.1.    Actions.  Each Lender hereby appoints SEB as its agent under and for purposes of this Agreement, the Notes and each other Loan Document.  Each Lender authorizes the Administrative Agent to act on behalf of such Lender under this Agreement, the Notes and each other Loan Document and, in the absence of other written instructions from the Required Lenders received from time to time by the Administrative Agent (with respect to which the Administrative Agent agrees that it will comply, except as otherwise provided in this Section or as otherwise advised by counsel), to exercise such powers hereunder and thereunder as are specifically delegated to or required of the Administrative Agent by the terms hereof and thereof, together with such powers as may be reasonably incidental thereto.  Each Lender hereby indemnifies (which indemnity shall survive any termination of this Agreement) the Administrative Agent, each of its Affiliates and their respective officers, advisors, directors and employees, according to such Lender’s pro rata share of the Loans, from and against any and all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable fees and disbursements of counsel) that may be incurred by or asserted or awarded against, the Administrative Agent acting in its capacity as Administrative Agent in any way relating to or arising out of this Agreement, the Notes and any other Loan Document or any action taken or omitted by the Administrative Agent under this Agreement, the Notes or any other Loan Document; provided that no Lender shall be liable for the payment of any portion of such claims, damages, losses, liabilities and expenses which have resulted from the Administrative Agent’s gross negligence or willful misconduct.  Without limitation of the foregoing, each Lender agrees to reimburse the Administrative Agent promptly upon demand for its ratable share of any out-of-pocket expenses (including reasonable counsel fees) incurred by the Administrative Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, to the extent that the Administrative Agent is not reimbursed for such expenses by the Borrower.  In the case of any investigation, litigation or proceeding giving rise to any such indemnified costs, this Section applies whether any such investigation, litigation or proceeding is brought by the 

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Administrative Agent, any Lender or a third party.  The Administrative Agent shall not be required to take any action hereunder, under the Notes or under any other Loan Document, or to prosecute or defend any suit in respect of this Agreement, the Notes or any other Loan Document, unless it is expressly required to do so under this Agreement or is indemnified hereunder to its satisfaction.  If any indemnity in favor of the Administrative Agent shall be or become, in the Administrative Agent’s reasonable determination, inadequate, the Administrative Agent may call for additional indemnification from the Lenders and cease to do the acts indemnified against hereunder until such additional indemnity is given.
SECTION  11.2.    [Intentionally omitted.]
SECTION  11.3.    Exculpation.  Neither the Administrative Agent nor any of its directors, officers, employees or agents shall be liable to any Lender or Finnvera for any action taken or omitted to be taken by it under this Agreement or any other Loan Document, or in connection herewith or therewith, except for its own willful misconduct or gross negligence.  Without limitation of the generality of the foregoing, the Administrative Agent (i) may treat the payee of any Note as the holder thereof until the Administrative Agent receives and accepts a Lender Assignment Agreement entered into by the Lender that is the payee of such Note, as assignor, and an Assignee Lender as provided in Section 12.11.1; (ii) may consult with legal counsel (including counsel for the Borrower), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it and in accordance with the advice of such counsel, accountants or experts; (iii) makes no warranty or representation to any Lender and shall not be responsible to any Lender for any statements, warranties or representations (whether written or oral) made in or in connection with this Agreement; (iv) shall not have any duty to ascertain or to inquire as to the performance, observance or satisfaction of any of the terms, covenants or conditions of this Agreement on the part of the Borrower or the existence at any time of any Default or Prepayment Event or to inspect the property (including the books and records) of the Borrower; (v) shall not be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document furnished pursuant hereto; and (vi) shall incur no liability under or in respect of this Agreement by action upon any notice, consent, certificate or other instrument or writing (which may be by telecopier) believed by it to be genuine and signed or sent by the proper party or parties.
SECTION  11.4.    Successor.  The Administrative Agent may resign as such at any time upon at least 30 days’ prior notice to the Borrower and all Lenders, provided that any such resignation shall not become effective until a successor Administrative Agent for such resigning Administrative Agent has 

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been appointed as provided in this Section 11.4 and such successor Administrative Agent has accepted such appointment.  If the Administrative Agent at any time shall resign, the Required Lenders shall, subject to the consent of the Borrower (such consent not to be unreasonably withheld) appoint another Lender as a successor to the Administrative Agent which shall thereupon become the Administrative Agent’s successor hereunder; provided, that the Required Lenders shall, subject to the consent of the Borrower (unless an Event of Default or a Prepayment Event shall have occurred and be continuing) (such consent not to be unreasonably withheld) and subject also to the consent of Finnvera (such consent not to be unreasonably withheld), offer to each of the other Lenders in turn, in the order of their respective Loan amounts, the right to become successor Administrative Agent.  If no successor Administrative Agent for the resigning Administrative Agent shall have been so appointed by the Required Lenders, and shall have accepted such appointment, within 30 days after the resigning Administrative Agent’s giving notice of resignation, then the resigning Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which shall be one of the Lenders or a commercial banking institution having a combined capital and surplus of at least $500,000,000 (or the equivalent in other currencies), subject, in each case, to the consent of the Borrower (such consent not to be unreasonably withheld).  Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall be entitled to receive from the resigning Administrative Agent such documents of transfer and assignment as such successor Administrative Agent may reasonably request, and shall thereupon succeed to and become vested with all rights, powers, privileges and duties of the resigning Administrative Agent, and the resigning Administrative Agent shall be discharged from its duties and obligations under this Agreement.  If no successor shall have accepted its appointment as Administrative Agent hereunder within 30 days after the resignation of the resigning Administrative Agent then the Required Lenders shall cooperate in good faith to execute the duties of the Administrative Agent hereunder and under the other Loan Documents and shall be entitled to the rights and indemnities of the Administrative Agent hereunder and the resigning Administrative Agent’s resignation shall be effective upon such date and it shall thereupon be discharged from all of its duties and obligations under this Agreement and the other Loan Documents.  After any resigning Administrative Agent’s resignation hereunder as the Administrative Agent, the provisions of:
(a)    this Article XI shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent under this Agreement; and
(b)    Section 12.3 and Section 12.4 shall continue to inure to its benefit.

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If a Lender acting as the Administrative Agent assigns its Loan to one of its Affiliates, the Administrative Agent may, subject to the consent of the Borrower (such consent not to be unreasonably withheld) assign its rights and obligations as Administrative Agent to such Affiliate.
SECTION  11.5.    Loans by the Administrative Agent .  The Administrative Agent shall have the same rights and powers with respect to (x) the Loan made by it or any of its Affiliates, and (y) the Note held by it or any of its Affiliates as any other Lender and may exercise the same as if it were not the Administrative Agent.  The Administrative Agent and its Affiliates may accept deposits from, lend money to, and generally engage in any kind of business with the Borrower or any Subsidiary or Affiliate of the Borrower as if it were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.  The Administrative Agent shall not have any duty to disclose information obtained or received by it or any of its Affiliates relating to the Borrower or its Subsidiaries to the extent such information was obtained or received in any capacity other than as the Administrative Agent.
SECTION  11.6.    Credit Decisions.  Each Lender acknowledges that it has, independently of the Administrative Agent, each other Agent and each other Lender, and based on such Lender’s review of the financial information of the Original Borrower and the Borrower, this Agreement, the other Loan Documents (the terms and provisions of which being satisfactory to such Lender) and such other documents, information and investigations as such Lender has deemed appropriate, made its own credit decision to extend its Loan.  Each Lender also acknowledges that it will, independently of the Administrative Agent and each other Lender, and based on such other documents, information and investigations as it shall deem appropriate at any time, continue to make its own credit decisions as to exercising or not exercising from time to time any rights and privileges available to it under this Agreement or any other Loan Document.
SECTION  11.7.    Copies, etc.  The Administrative Agent shall give prompt notice to each Lender of each notice or request required or permitted to be given to the Administrative Agent by the Borrower pursuant to the terms of this Agreement (unless concurrently delivered to the Lenders by the Borrower).  The Administrative Agent will distribute to each Lender each document or instrument received for its account and copies of all other communications received by the Administrative Agent from the Borrower for distribution to the Lenders by the Administrative Agent in accordance with the terms of this Agreement.  The Administrative Agent (a) shall give prompt notice to Finnvera of any approvals of Finnvera requested by the Borrower or Lender pursuant to the terms of this Agreement, (b) shall provide Finnvera copies of (i) all amendments, waivers or other modifications to this Agreement and (ii) all information related to the Borrower requested by Finnvera to the extent such 

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information is received from a Borrower and (d) shall give prompt notice to Finnvera of the termination of this Agreement and any prepayment of the Loans hereunder.
SECTION  11.8.    Agency Fee.  The Borrower agrees to pay to the Administrative Agent for its own account an annual agency fee in an amount, and at such times, heretofore agreed to in writing between the Borrower and the Administrative Agent.
ARTICLE XII     
 
MISCELLANEOUS PROVISIONS
SECTION  12.1.    Waivers, Amendments, etc.  The provisions of this Agreement may from time to time be amended, modified or waived, if such amendment, modification or waiver is in writing and consented to by the Borrower, the Required Lenders and Finnvera (in the case of Finnvera, such consent not to be unreasonably withheld or delayed); provided that no such amendment, modification or waiver which would:
(a)    modify this Section 12.1, change the definition of “Required Lenders”, modify any requirement hereunder that any particular action be taken by all the Lenders or by the Required Lenders shall be effective unless consented to by each Lender and Finnvera;
(b)    reduce any fees described in Article III, extend any date fixed for payment, extend the due date for, or reduce the amount of, any scheduled repayment or prepayment of principal of or interest on any Loan (or reduce the principal amount of or rate of interest on any Loan) shall be made without the consent of each Lender affected thereby and Finnvera; or
(c)    affect the interests, rights or obligations of the Administrative Agent in its capacity as such shall be made without consent of the Administrative Agent.
No failure or delay on the part of the Administrative Agent or any Lender in exercising any power or right under this Agreement or any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right.  No notice to or demand on the Borrower in any case shall entitle it to any notice or demand in similar or other circumstances.  No waiver or approval by the Administrative Agent or any Lender under this Agreement or any other Loan Document shall, except as may be otherwise stated in such waiver or approval, be applicable to subsequent transactions.  No waiver or approval hereunder shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder.
SECTION  12.2.    Notices.  (a) All notices and other communications provided to any party hereto under this Agreement shall be in writing or by 

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facsimile and addressed, delivered or transmitted to such party at its address, or facsimile number set forth below its signature hereto or set forth in the Lender Assignment Agreement or such Loan Document or at such other address, or facsimile number as may be designated by such party in a notice to the other parties; provided that notices, information, documents and other materials that the Borrower is required to deliver hereunder may be delivered to the Administrative Agent and the Lenders as specified in Section 12.2(b).  Any notice, if mailed and properly addressed with postage prepaid or if properly addressed and sent by pre-paid courier service, shall be deemed given when received.
(b)    So long as SEB is the Administrative Agent, the Borrower may provide to the Administrative Agent all information, documents and other materials that it furnishes to the Administrative Agent hereunder or any other Loan Document (and any guaranties, security agreements and other agreements relating thereto), including, without limitation, all notices, requests, financial statements, financial and other reports, certificates and other materials, but excluding any such communication that (i) relates to the payment of any principal or other amount due hereunder or any other Loan Document prior to the scheduled date therefor or (ii) provides notice of any Default or Prepayment Event (all such non-excluded communications being referred to herein collectively as “Communications”), by transmitting the Communications in an electronic/soft medium in a format acceptable to the Administrative Agent to agency@seb.co.uk.  
(1)    The Borrower agrees that the Administrative Agent may make such items included in the Communications as the Borrower may specifically agree available to the Lenders by posting such notices, at the option of the Borrower, on Intralinks (the “Platform”).  Although the primary web portal is secured with a dual firewall and a User ID/Password Authorization System and the Platform is secured through a single user per deal authorization method whereby each user may access the Platform only on a deal-by-deal basis, the Borrower acknowledges that (i) the distribution of material through an electronic medium 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 Administrative 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.  No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third party rights or freedom from viruses or other code defects, is made by the Administrative Agent or any of its Affiliates in connection with the Platform.
(2)    The Administrative Agent agrees that the receipt of Communications by the Administrative Agent at its e-mail address set forth above shall constitute effective delivery of such Communications to the Administrative Agent for purposes hereunder and any other Loan Document (and any guaranties, security agreements and other agreements relating thereto).

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(c)    Each Lender agrees that notice to it (as provided in the next sentence) (a “Notice”) specifying that any Communications have been posted to the Platform shall constitute effective delivery of such Communications to such Lender for purposes of this Agreement.  Each Lender agrees (i) to notify the Administrative Agent in writing (including by electronic communication) of such Lender’s e-mail address to which a Notice may be sent by electronic transmission on or before the date such Lender becomes a party to this Agreement (and from time to time thereafter to ensure that the Administrative Agent has on record an effective e-mail address for such Lender) and (ii) that any Notice may be sent to such e-mail address.
(d)    Patriot Act.  Each Lender hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “Act”)), that it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Act.
SECTION  12.3.    Payment of Costs and Expenses.  The Borrower agrees to pay on demand all reasonable expenses of Finnvera and the Administrative Agent (including the reasonable fees and out-of-pocket expenses of counsel to the Administrative Agent and counsel to Finnvera and of local counsel, if any, who may be retained by counsel to the Administrative Agent or counsel to Finnvera) in connection with the preparation, execution and delivery of, and any amendments, waivers, consents, supplements or other modifications to, this Agreement or any other Loan Document.  The Borrower also agrees to reimburse the Administrative Agent, Finnvera and each Lender upon demand for all reasonable out-of-pocket expenses (including reasonable attorneys’ fees and legal expenses) incurred by the Administrative Agent, Finnvera or such Lender in connection with (x) the negotiation of any restructuring or “work-out”, whether or not consummated, of any Obligations and (y) the enforcement of any Obligations or the rights of the Administrative Agent and Finnvera under or in connection with the Loan Documents.
SECTION  12.4.    Indemnification.  In consideration of the execution and delivery of this Agreement and the other Loan Documents by the Administrative Agent, Finnvera and each Lender and the making of the Loans, the Borrower hereby indemnifies and holds harmless the Administrative Agent, Finnvera, each Lender and each of their respective Affiliates and their respective officers, advisors, directors and employees (collectively, the “Indemnified Parties”) from and against any and all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable fees and disbursements of counsel), joint or several, that may be incurred by or asserted or awarded against any Indemnified Party (including, without limitation, in connection with any investigation, litigation or proceeding or the preparation of a defense in connection therewith), in each case arising out of or in connection with or by reason of this Agreement or the Notes or the other Loan Documents or the transactions contemplated hereby or thereby (including, without limitation, any 

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Taxes (as defined in the Finnvera Guarantee) arising as a result of payments made to Finnvera by the Administrative Agent acting as the Guarantee Holder under the Finnvera Guarantee) or any actual or proposed use of the proceeds of the Loans (collectively, the “Indemnified Liabilities”), except to the extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted primarily from such Indemnified Party’s gross negligence or willful misconduct.  In the case of an investigation, litigation or other proceeding to which the indemnity in this paragraph applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by the Borrower, any of its directors, security holders or creditors, an Indemnified Party or any other person or an Indemnified Party is otherwise a party thereto.  Each Indemnified Party shall (a) furnish the Borrower with prompt notice of any action, suit or other claim covered by this Section 12.4, (b) not agree to any settlement or compromise of any such action, suit or claim without the Borrower’s prior consent, (c) shall cooperate fully in the Borrower’s defense of any such action, suit or other claim (provided, that the Borrower shall reimburse such Indemnified Party for its reasonable out-of-pocket expenses incurred pursuant hereto) and (d) at the Borrower’s request, permit the Borrower to assume control of the defense of any such claim, other than regulatory, supervisory or similar investigations, provided that (i) the Borrower acknowledges in writing its obligations to indemnify the Indemnified Party in accordance with the terms herein in connection with such claims, (ii) the Borrower shall keep the Indemnified Party fully informed with respect to the conduct of the defense of such claim, (iii) the Borrower shall consult in good faith with the Indemnified Party (from time to time and before taking any material decision) about the conduct of the defense of such claim, (iv) the Borrower shall conduct the defense of such claim properly and diligently taking into account its own interests and those of the Indemnified Party, (v) the Borrower shall employ counsel reasonably acceptable to the Indemnified Party and at the Borrower’s expense, and (vi) the Borrower shall not enter into a settlement with respect to such claim unless either (A) such settlement involves only the payment of a monetary sum, does not include any performance by or an admission of liability or responsibility on the part of the Indemnified Party, and contains a provision unconditionally releasing the Indemnified Party and each other indemnified party from, and holding all such persons harmless, against, all liability in respect of claims by any releasing party or (B) the Indemnified Party provides written consent to such settlement (such consent not to be unreasonably withheld or delayed).  Notwithstanding the Borrower’s election to assume the defense of such action, the Indemnified Party shall have the right to employ separate counsel and to participate in the defense of such action and the Borrower shall bear the fees, costs and expenses of such separate counsel if (1) the use of counsel chosen by the Borrower to represent the Indemnified Party would present such counsel with an actual or potential conflict of interest, (2) the actual or potential defendants in, or targets of, any such action include both the 

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Borrower and the Indemnified Party, and the Indemnified Party shall have concluded that there may be legal defenses available to it which are different from or additional to those available to the Borrower and determined that it is necessary to employ separate counsel in order to pursue such defenses (in which case the Borrower shall not have the right to assume the defense of such action on the Indemnified Party’s behalf), (3) the Borrower shall not have employed counsel reasonably acceptable to the Indemnified Party to represent the Indemnified Party within a reasonable time after notice of the institution of such action, or (4) the Borrower authorizes the Indemnified Party to employ separate counsel at the Borrower’s expense.  The Borrower acknowledges that none of the Indemnified Parties shall have any liability (whether direct or indirect, in contract, tort or otherwise) to the Borrower or any of its security holders or creditors for or in connection with the transactions contemplated hereby, except to the extent such liability is determined in a final non-appealable judgment by a court of competent jurisdiction to have resulted primarily from such Indemnified Party’s gross negligence or willful misconduct.  In no event, however, shall any Indemnified Party be liable on any theory of liability for any special, indirect, consequential or punitive damages (including, without limitation, any loss of profits, business or anticipated savings).  If and to the extent that the foregoing undertaking may be unenforceable for any reason, the Borrower hereby agrees to make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law.
SECTION  12.5.    Survival.  The obligations of the Borrower under Sections 4.3, 4.4, 4.5, 4.6, 4.7, 12.3 and 12.4, and the obligations of the Lenders under Section 11.1, shall in each case survive any termination of this Agreement and the other Loan Documents and the payment in full of all Obligations.  The representations and warranties made by the Borrower in this Agreement shall survive the execution and delivery of this Agreement.
SECTION  12.6.    Severability.  Any provision of this Agreement or the Notes which is prohibited or unenforceable in any jurisdiction shall, as to such provision and such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Agreement or such Loan Document or affecting the validity or enforceability of such provision in any other jurisdiction.
SECTION  12.7.    Headings.  The various headings of this Agreement are inserted for convenience only and shall not affect the meaning or interpretation of this Agreement or any provisions hereof.
SECTION  12.8.    Execution in Counterparts, Effectiveness, etc.  This Agreement may be executed by the parties hereto in several counterparts, each 

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of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement.  
SECTION  12.9.    Governing Law.  THIS AGREEMENT AND EACH NOTE SHALL EACH BE DEEMED TO BE A CONTRACT MADE UNDER, AND SHALL BE GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK.
SECTION  12.10.    Successors and Assigns.  This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns; provided that:
(a)    except to the extent permitted under Section 7.2.6, the Borrower may not assign or transfer its rights or obligations hereunder without the prior written consent of the Administrative Agent and all Lenders; and
(b)    the rights of sale, assignment and transfer of the Lenders are subject to Section 12.11.
SECTION  12.11.    Sale and Transfer of Loans; Participations in Loans.  Each Lender may assign, or sell participations in, its Loan to one or more other Persons in accordance with this Section 12.11.
SECTION 12.11.1.    Assignments.  Any Lender,
(i)    with the written consents of the Borrower and the Administrative Agent (which consents shall not be unreasonably delayed or withheld and which consent, in the case of the Borrower, shall be deemed to have been given in the absence of a written notice delivered by the Borrower to the Administrative Agent, on or before the fifth Business Day after receipt by the Borrower of such Lender’s request for consent, stating, in reasonable detail, the reasons why the Borrower proposes to withhold such consent) may at any time assign and delegate to one or more commercial banks or other financial institutions;
(ii)    with notice to the Borrower and the Administrative Agent, but without the consent of the Borrower or the Administrative Agent, may assign and delegate (A) to any Lender, (B) to any of its Affiliates, (C) Finnvera and, with respect to any portion of the Loans that are indemnified by Finnvera, further to such re-insurer providing any reimbursement of such indemnification to Finnvera, or (D) following the occurrence and during the continuance of an Event of Default or a Prepayment Event to one or more commercial banks or other financial institutions; and
(iii)    may (without notice to the Borrower, the Administrative Agent or any other Lender and without payment of any fee) assign and pledge all or any portion of its Loan and any Note to any Federal Reserve Bank as collateral security pursuant to Regulation A of the F.R.S. Board and any Operating Circular issued by such Federal Reserve Bank;

NYDOCS01/1357357.3     54

(each Person described in either of the foregoing clauses as being the Person to whom such assignment and delegation is to be made, being hereinafter referred to as an “Assignee Lender”), all or any fraction of such Lender’s Loan (which assignment and delegation shall be of a constant, and not a varying, percentage of all the assigning Lender’s Loan) in a minimum aggregate amount of $25,000,000 (or, if less, all of such Lender’s Loan); provided that no Lender shall assign and delegate all or any fraction of such Lender’s Loan without the prior written consent of Finnvera, except that Finnvera’s consent shall not be required for an assignment to an Eligible Assignee; provided, further, that the Borrower and the Administrative Agent shall be entitled to continue to deal solely and directly with such Lender in connection with the interests so assigned and delegated to an Assignee Lender until:
(a)    written notice of such assignment and delegation, together with payment instructions, addresses and related information with respect to such Assignee Lender, shall have been given to the Borrower and the Administrative Agent by such Lender and such Assignee Lender;
(b)    Such Assignee Lender shall have executed and delivered to the Borrower and the Administrative Agent a Lender Assignment Agreement, accepted by the Administrative Agent; and
(c)    the processing fees described below shall have been paid.
From and after the date that the Administrative Agent accepts such Lender Assignment Agreement, (x) the Assignee Lender thereunder shall be deemed automatically to have become a party hereto and to the extent that rights and obligations hereunder have been assigned and delegated to such Assignee Lender in connection with such Lender Assignment Agreement, shall have the rights and obligations of a Lender hereunder and under the other Loan Documents, and (y) the assignor Lender, to the extent that rights and obligations hereunder have been assigned and delegated by it, shall be released from its obligations hereunder and under the other Loan Documents, other than any obligations arising prior to the effective date of such assignment.  In no event shall the Borrower be required to pay to any Assignee Lender at the time of the relevant assignment any amount under Sections 4.3, 4.4, 4.5, 4.6 and 4.7 that is greater than the amount which it would have been required to pay had no such assignment been made.  If requested by the applicable Lender under Section 2.5, within five Business Days after its receipt of notice that the Administrative Agent has received an executed Lender Assignment Agreement, the Borrower shall execute and deliver to the Administrative Agent (for delivery to the relevant Assignee Lender) a new Note evidencing such Assignee Lender’s assigned Loan and, if the assignor Lender has retained any portion of its Loan hereunder, a replacement Note in the principal amount of the portion of the Loan retained by the assignor Lender hereunder (such Note to be in exchange for, but not in payment of, that Note then held by such assignor Lender).  Each such Note shall be dated the date of the predecessor Note.  The assignor Lender shall mark the predecessor Note “exchanged” and deliver it to the Borrower concurrently with the delivery by the Borrower of the new Note(s).  Such assignor Lender or such Assignee Lender must also pay a processing fee to the Administrative Agent upon delivery of any Lender Assignment Agreement in the amount of $3,500 (and shall also reimburse the Administrative Agent for any reasonable 

NYDOCS01/1357357.3     55

out-of-pocket costs, including reasonable attorneys’ fees and expenses, incurred in connection with the assignment).
SECTION 12.11.2.    Participations.  Any Lender may at any time sell to one or more commercial banks or other financial institutions (each of such commercial banks and other financial institutions being herein called a “Participant”) participating interests in any of its Loan  or other interests of such Lender hereunder; provided that no Lender shall sell participating interests in any of its Loan or other interests of such Lender hereunder without the prior written consent of Finnvera; provided, further, that:
(a)    no participation contemplated in this Section 12.11 shall relieve such Lender from its other obligations hereunder;
(b)    such Lender shall remain solely responsible for the performance of such obligations;
(c)    the Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and each of the other Loan Documents;
(d)    no Participant, unless such Participant is an Affiliate of such Lender, shall be entitled to require such Lender to take or refrain from taking any action hereunder or under any other Loan Document, except that such Lender may agree with any Participant that such Lender will not, without such Participant’s consent, take any actions of the type described in Section 12.1(c); and
(e)    the Borrower shall not be required to pay any amount under Sections 4.3, 4.4, 4.5, 4.6 and 4.7 that is greater than the amount which it would have been required to pay had no participating interest been sold.
The Borrower acknowledges and agrees that each Participant, for purposes of Sections 4.3, 4.4, 4.5, 4.6 and clause (h) of 7.1.1 shall be considered a Lender.
SECTION  12.12.    Other Transactions.  Nothing contained herein shall preclude the Administrative Agent or any Lender from engaging in any transaction, in addition to those contemplated by this Agreement or any other Loan Document, with the Borrower or any of its Affiliates in which the Borrower or such Affiliate is not restricted hereby from engaging with any other Person.
SECTION  12.13.    Forum Selection and Consent to Jurisdiction.  THE BORROWER HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK FOR THE COUNTY OF NEW YORK AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY 

NYDOCS01/1357357.3     56

LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT TO WHICH IT IS A PARTY AND IRREVOCABLY AGREES, TO THE FULLEST EXTENT PERMITTED BY LAW, TO BE BOUND BY ANY FINAL JUDGMENT RENDERED THEREBY IN CONNECTION WITH SUCH LITIGATION.  THE BORROWER FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK.  THE BORROWER HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.  NOTHING IN THIS AGREEMENT SHALL AFFECT ANY RIGHT THAT ANY PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN THE COURTS OF ANY JURISDICTION.  TO THE EXTENT THAT THE BORROWER HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OF FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, THE BORROWER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS TO WHICH IT IS A PARTY.
SECTION  12.14.    Process Agent.  If at any time the Borrower ceases to have a place of business in the United States, the Borrower shall appoint an agent for service of process (reasonably satisfactory to the Administrative Agent) located in New York City and shall furnish to the Administrative Agent evidence that such agent shall have accepted such appointment for a period of time ending no earlier than one year after the Stated Maturity Date.
SECTION  12.15.    Judgment.  (a) If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder in one currency (the “Primary Currency”) into another currency (the “Secondary Currency”), the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the Primary Currency with such Secondary Currency at SEB’s 

NYDOCS01/1357357.3     57

principal office in London at 11:00 A.M. (London time) on the second Business Day preceding that on which final judgment is given.
(b)    The obligation of the Borrower in respect of any sum due from it in any Primary Currency to any Lender or the Administrative Agent hereunder shall, notwithstanding any judgment in any other currency, be discharged only to the extent that on the Business Day following receipt by such Lender or the Administrative Agent (as the case may be), of any sum adjudged to be so due in the Secondary Currency, such Lender or the Administrative Agent (as the case may be) may in accordance with normal banking procedures purchase the applicable Primary Currency with the Secondary Currency; if the amount of the applicable Primary Currency so purchased is less than such sum due to such Lender or the Administrative Agent (as the case may be) in the applicable Primary Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify such Lender or the Administrative Agent (as the case may be) against such loss, and if the amount of the applicable Primary Currency so purchased exceeds such sum due to any Lender or the Administrative Agent (as the case may be) in the applicable Primary Currency, such Lender or the Administrative Agent (as the case may be) agrees to remit to the Borrower such excess.
SECTION  12.16.    Waiver of Jury Trial.  THE ADMINISTRATIVE AGENT, THE LENDERS AND THE BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT.  EACH OF THE PARTIES HERETO ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION OF EACH OTHER LOAN DOCUMENT) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR EACH OTHER PARTY ENTERING INTO THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT.

NYDOCS01/1357357.3     58

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

	
	
	ROYAL CARIBBEAN CRUISES LTD.,

	as Borrower

	 

	By: _______________________        

	Title:

	 

	Address:

	 

	1050 Caribbean Way

	Miami, Florida 33132

	Facsimile No.:  (305) 539-0562

	Attention:  Treasurer

	With a copy to:  General Counsel

NYDOCS01/1357357.3    

	
	
	SKANDINAVISKA ENSKILDA BANKEN AB (publ)

	as Administrative Agent

	 

	By: _______________________        

	Title:

	 

	By: _______________________        

	Title:

NYDOCS01/1357357.3     2

	
			
	Commitment
	 
	Lenders:

	 
	 
	 

	$282,500,000
	 
	FORTIS BANK SA/NV,

	 
	 
	as Lender

	 
	 
	 

	 
	 
	By: _______________________        

	 
	 
	Title:

	 
	 
	 

	 
	 
	By: _______________________        

	 
	 
	Title:

	 
	 
	 

	 
	Address:
	Montangne du Parc, 3

	 
	 
	1000 Brussels, Belgium

	 
	 
	Facsimile No.: 322 565 3403

	 
	 
	Attention:  Geert Sterck

NYDOCS01/1357357.3    3

	
			
	Commitment
	 
	Lenders:

	 
	 
	 

	$282,500,000
	 
	NORDEA BANK FINLAND PLC, NEW YORK BRANCH,

	 
	 
	as Lender

	 
	 
	 

	 
	 
	By: _______________________        

	 
	 
	Title:

	 
	 
	 

	 
	 
	By: _______________________        

	 
	 
	Title:

	 
	 
	 

	 
	Address:
	437 Madison Ave, 21st Floor

	 
	 
	New York, NY 10022

	 
	 
	Facsimile No.:  (212) 421-4420

	 
	 
	Attention: Loan Administration

	 
	 
	With a copy to: Head of Shipping, Offshore and Oil Services

    

NYDOCS01/1357357.3     4

	
			
	Commitment
	 
	Lenders:

	 
	 
	 

	$282,500,000
	 
	SKANDINAVISKA ENSKILDA BANKEN AB (publ)

	 
	 
	as Lender

	 
	 
	 

	 
	 
	By: _______________________        

	 
	 
	Title:

	 
	 
	 

	 
	 
	By: _______________________        

	 
	 
	Title:

	 
	 
	 

	 
	Address:
	Kungsträdgårdsgatan 8

	 
	 
	SE - 106 40 Stockholm, Sweden

	 
	 
	Facsimile No.:  46-8 611 0384

	 
	 
	Attention: Credit Operations;

	 
	 
	Scott Lewallen;

	 
	 
	Malcolm Stonehouse

NYDOCS01/1357357.3     5

	
			
	Commitment
	 
	Lenders:

	 
	 
	 

	$282,500,000
	 
	CITIBANK EUROPE PLC,

	 
	 
	as Lender

	 
	 
	 

	 
	 
	By: _______________________        

	 
	 
	Title:

	 
	 
	 

	 
	Address:
	1 North Wall Quay

	 
	 
	Dublin 1, Ireland

	 
	 
	Facsimile No.:  353 1622 4035

	 
	 
	Attention:  Chris Perrins

	 
	 
	With a copy to:  Lindsay Cane

NYDOCS01/1357357.3     6

SCHEDULE I
DISCLOSURE SCHEDULE
Item 6.9 (b):  Vessels

NYDOCS01/1357357.3

	
			
	Vessel
	Owner
	Flag

	Sovereign
	Pullmantur Cruises Sovereign Limited
	Malta

	Empress
	Pullmantur Cruises Empress Limited
	Malta

	Monarch
	Pullmantur Cruises Monarch Limited
	Malta

	Majesty of the Seas
	Majesty of the Seas Inc.
	Bahamas

	Grandeur of the Seas
	Grandeur of the Seas Inc.
	Bahamas

	Rhapsody of the Seas
	Rhapsody of the Seas Inc.
	Bahamas

	Enchantment of the Seas
	Enchantment of the Seas Inc.
	Bahamas

	Vision of the Seas
	Vision of the Seas Inc.
	Bahamas

	Voyager of the Seas
	Voyager of the Seas Inc.
	Bahamas

	Horizon
	Pullmantur Cruises Pacific Dream  Limited
	Malta

	Zenith
	Pullmantur Cruises Zenith Ltd.
	Malta

	Celebrity Century
	Blue Sapphire Marine Inc.
	Bahamas

	Mariner of the Seas
	Mariner of the Seas Inc.
	Bahamas

	Celebrity Millennium
	Millennium Inc.
	Malta

	Explorer of the Seas
	Explorer of the Seas Inc.
	Bahamas

	Celebrity Infinity
	Infinity Inc.
	Malta

	Radiance of the Seas
	Radiance of the Seas Inc.
	Bahamas

	Celebrity Summit
	Summit Inc.
	Malta

	Adventure of the Seas
	Adventure of the Seas Inc.
	Bahamas

	Navigator of the Seas
	Navigator of the Seas Inc.
	Bahamas

	Celebrity Constellation
	Constellation Inc.
	Malta

	Serenade of the Seas
	Serenade of the Seas Inc.
	Bahamas

	Jewel of the Seas
	Jewel of the Seas Inc.
	Bahamas

	Celebrity Xpedition
	Islas Galapagos Turismo y Vapores CA
	Ecuador

	Legend of the Seas
	Legend of the Seas Inc.
	Bahamas

	Splendour of the Seas
	Splendour of the Seas Inc.
	Bahamas

	Freedom of the Seas
	Freedom of the Seas Inc.
	Bahamas

	Azamara Journey
	Azamara Journey Inc.
	Malta

	Azamara Quest
	Azamara Quest Inc.
	Malta

	Liberty of the Seas
	Liberty of the Seas Inc.
	Bahamas

	Ocean Dream
	Pullmantur Cruises Atlantic Ltd.
	Panama

	Independence of the Seas
	Independence of the Seas Inc.
	Bahamas

	Celebrity Solstice
	Celebrity Solstice Inc.
	Malta

	Celebrity Equinox
	Celebrity Equinox Inc.
	Malta

	Oasis of the Seas
	Oasis of the Seas Inc.
	Bahamas

	Celebrity Eclipse
	Celebrity Eclipse Inc.
	Malta

	Allure of the Seas
	Allure of the Seas Inc.
	Bahamas

	Celebrity Silhouette
	Celebrity Silhouette Inc.
	Malta

	Celebrity Reflection
	Celebrity Reflection Inc.
	Malta

	Quantum of the Seas**
	Quantum of the Seas Inc.
	Bahamas

	 
	 
	 

NYDOCS01/1357357.3

** Delivery of Vessel anticipated in the fourth quarter of 2014

Item 6.10:  Existing Principal Subsidiaries

NYDOCS01/1357357.3

	
		
	Name of the Subsidiary
	Jurisdiction of Organization

	Jewel of the Seas Inc.
	Liberia

	Majesty of the Seas Inc.
	Liberia

	Grandeur of the Seas Inc.
	Liberia

	Enchantment of the Seas Inc.
	Liberia

	Rhapsody of the Seas Inc.
	Liberia

	Vision of the Seas Inc.
	Liberia

	Voyager of the Seas Inc.
	Liberia

	Explorer of the Seas Inc.
	Liberia

	Radiance of the Seas Inc.
	Liberia

	Adventure of the Seas Inc.
	Liberia

	Navigator of the Seas Inc.
	Liberia

	Serenade of the Seas Inc.
	Liberia

	Mariner of the Seas Inc.
	Liberia

	Blue Sapphire Marine Inc.
	Liberia

	Millennium Inc.
	Liberia

	Infinity Inc.
	Liberia

	Summit Inc.
	Liberia

	Constellation Inc.
	Liberia

	Islas Galápagos Turismo y Vapores C.A.
	Ecuador

	Legend of the Seas Inc.
	Liberia

	Splendour of the Seas Inc.
	Liberia

	Freedom of the Seas Inc.
	Liberia

	Azamara Journey Inc.
	Liberia

	Azamara Quest Inc.
	Liberia

	Pullmantur Cruises Zenith Limited
	Malta

	Pullmantur Cruises Empress Limited
	Malta

	Pullmantur Cruises Atlantic Limited
	Malta

	Liberty of the Seas Inc.
	Liberia

	Independence of the Seas Inc.
	Liberia

	Celebrity Solstice Inc.
	Liberia

	Oasis of the Seas Inc.
	Liberia

	Celebrity Eclipse Inc.
	Liberia

	Celebrity Equinox Inc.
	Liberia

	Pullmantur Cruises Pacific Dream Limited
	Malta

	Pullmantur Cruises Sovereign Limited
	Malta

	Allure of the Seas Inc.
	Liberia

	Celebrity Silhouette Inc.
	Liberia

	Celebrity Reflection Inc.
	Liberia

	Pullmantur Cruises Monarch Limited
	Malta

NYDOCS01/1357357.3

SCHEDULE II
	
		
	Interest Payment Date on or about
	Principal Installment

	Six months after the Initial Closing Date
	$47,083,333.33

	First anniversary of the Initial Closing Date
	$47,083,333.33

	Eighteen months after the Initial Closing Date
	$47,083,333.33

	Second anniversary of the Initial Closing Date
	$47,083,333.33

	Thirty months after the Initial Closing Date
	$47,083,333.33

	Third anniversary of the Initial Closing Date
	$47,083,333.33

	Forty two months after the Initial Closing Date
	$47,083,333.33

	Fourth anniversary of the Initial Closing Date
	$47,083,333.33

	Fifty four months after the Initial Closing Date
	$47,083,333.33

	Fifth anniversary of the Initial Closing Date
	$47,083,333.33

	Sixty six months after the Initial Closing Date
	$47,083,333.33

	Sixth anniversary of the Initial Closing Date
	$47,083,333.33

	Seventy eight months after the Initial Closing Date
	$47,083,333.33

	Seventh anniversary of the Initial Closing Date
	$47,083,333.33

	Ninety months after the Initial Closing Date
	$47,083,333.33

	Eighth anniversary of the Initial Closing Date
	$47,083,333.33

	One hundred two months after the Initial Closing Date
	$47,083,333.33

	Ninth anniversary of the Initial Closing Date
	$47,083,333.33

	One hundred fourteen months after the Initial Closing Date
	$47,083,333.33

	Tenth anniversary of the Initial Closing Date
	$47,083,333.33

	One hundred twenty six months after the Initial Closing Date
	$47,083,333.33

	Eleventh anniversary of the Initial Closing Date
	$47,083,333.33

	One hundred thirty eight months after the Initial Closing Date
	$47,083,333.33

	Stated Maturity Date
	Remaining outstanding balance of the Loans

NYDOCS01/1357357.3Exhibit 10.1

PURCHASE AND SALE AGREEMENT

by and among

IMI MTLR LLC,

an Arkansas limited liability company

and

IMI MTLR II LLC,

an Arkansas limited liability company

and

IREIT BUSINESS MANAGER& ADVISOR,
INC.,

an Illinois corporation

Property Name: Midtowne Little Rock
Shopping Center

Location: 201 North University Avenue, Little Rock, Arkansas

Date: March 10, 2014

    	 

    	 

    

PURCHASE AND SALE AGREEMENT

THIS PURCHASE AND SALE AGREEMENT (this “Agreement”)
is made as of March 10, 2014, by and among IMI MTLR LLC, an Arkansas limited liability company (“Fee Seller”),
IMI MTLR II LLC, an Arkansas limited liability company (“Leasehold Seller”, together with Fee Seller,
“Seller”), and IREIT BUSINESS MANAGER & ADVISOR, INC., an Illinois corporation (“Buyer”).

W I T N E S S E T H:

In consideration of the mutual covenants and agreements set
forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the
parties hereto, the parties hereto do hereby agree as follows:

ARTICLE
1 - CERTAIN DEFINITIONS

As used herein, the following terms shall have the following
meanings:

“Agreement”
is defined in the Introductory Paragraph.

“business day”
shall mean any day other than Saturday, Sunday, any Federal holiday, or any holiday in the State in which the Property is located.
If any period expires on a day which is not a business day or any event or condition is required by the terms of this Agreement
to occur or be fulfilled on a day which is not a business day, such period shall expire or such event or condition shall occur
or be fulfilled, as the case may be, on the next succeeding business day.

“Bill of Sale” is defined
in Subsection 7.3(b).

“Buyer” is defined in the
Introductory Paragraph.

“Buyer’s Reports”
shall mean the results of any examinations, inspections, investigations, tests, studies, analyses, appraisals, evaluations and/or
investigations prepared by or for or otherwise obtained by any Buyer’s Representatives in connection with Buyer’s Due
Diligence.

“Buyer’s Representatives”
shall mean Buyer, its partners, and members and any of the officers, directors, employees, agents, representatives and attorneys
of Buyer or any such direct or indirect owner of any beneficial interest in Buyer, its partners or members.

“Closing” shall mean the
closing of the Transaction.

“Closing Date”
shall mean the date which is ten (10) days after the last day of the Due Diligence Period, as the same may be extended pursuant
to the express terms of this Agreement.

    	1

    	 

    

 

“Closing Documents”
shall mean all documents and instruments executed and delivered by Buyer or Seller pursuant to the terms of this Agreement or otherwise
in connection with the Transaction or this Agreement, including, without limitation, the documents and instruments required pursuant
to the terms of Article 7.

“Closing Tax Year”
shall mean the Tax Year in which the Closing Date occurs.

“Commencement Date”
shall mean the date of this Agreement.

“Confidential Materials”
shall mean any books, computer software, records, papers, materials or files (whether in a printed or electronic format) that consist
of or contain any of the following: appraisals; budgets (other than the budget for the calendar year in which the Closing occurs);
strategic plans for the Real Property; internal analyses; information regarding the marketing of the Property for sale; submissions
relating to obtaining internal authorization for the sale of the Property by Seller or any direct or indirect owner of any beneficial
interest in Seller; attorney and accountant work product; attorney-client privileged documents; internal correspondence of Seller,
any direct or indirect owner of any beneficial interest in Seller, or any of their respective affiliates and correspondence between
or among such parties; or other information in the possession or control of Seller, Seller’s property manager or any direct
or indirect owner of any beneficial interest in Seller which such party deems proprietary or confidential.

“Contracts”
shall mean all service, supply, maintenance, utility and commission agreements, all equipment leases, and all other contracts,
subcontracts and agreements relating to the Real Property and the Personal Property (including all contracts, subcontracts and
agreements relating to the construction of any unfinished tenant improvements) that are described in Exhibit B
attached hereto and incorporated herein by this reference, together with any additional contracts, subcontracts and agreements
entered into in accordance with the terms of Subsection 10.2.1 hereof and as the same may be modified or terminated
in accordance with the terms of Subsection 10.2.1.

“Deed” is defined in Subsection
7.3(a).

“deemed to know”
(or words of similar import) shall have the following meaning:

		(a)	Buyer shall be “deemed to know” of the existence of a fact or circumstance to
the extent that:

		(i)	any Buyer’s Representative knows of such fact or circumstance, or

		(ii)	such fact or circumstance is disclosed by this Agreement, the Closing Documents executed by Seller,
the Documents, any estoppel certificate executed by any tenant of the Property and delivered to any Buyer’s Representative,
or any Buyer’s Reports.

    	2

    	 

    

 

		(b)	Buyer shall be “deemed to know” that any Seller’s Warranty is untrue,
inaccurate or incorrect to the extent that:

		(i)	any Buyer’s Representative has knowledge of information which is inconsistent with such Seller’s
Warranty, or

		(ii)	this Agreement, the Closing Documents executed by Seller, the Documents, any estoppel certificate
executed by any tenant of the Property and delivered to any Buyer’s Representatives, or any Buyer’s Reports contains
information which is inconsistent with such Seller’s Warranty.

“Deposit”
shall mean, collectively, the First Deposit and the Second Deposit, to the extent the Second Deposit is deposited by Buyer in accordance
with the terms of Section 3.1 hereof.

“Designated Representatives”
shall mean John Wilson, Vice President of Asset Management of Miller Capital Advisory, Inc., and Matthew Trudeau, Vice President
of Acquisitions and Planning of Miller Capital Advisory, Inc.

“Documents”
shall mean the documents and instruments applicable to the Property or any portion thereof that any of the Seller Parties deliver
or make available to any Buyer’s Representatives prior to Closing or which are otherwise obtained by any Buyer’s Representatives
prior to Closing, including, but not limited to, those documents posted on the Seller’s Broker’s electronic dataroom,
the Title Commitment, the Survey (including any updates thereto), the Title Documents, and the Property Documents.

“Due Diligence”
shall mean examinations, inspections, investigations, tests, studies, analyses, appraisals, evaluations and/or investigations with
respect to the Property, the Documents, and other information and documents regarding the Property, including, without limitation,
examination and review of title matters, applicable land use and zoning Laws and other Laws applicable to the Property, the physical
condition of the Property, and the economic status of the Property.

“Due Diligence Period”
shall mean the period commencing as of the Commencement Date and expiring at 5:00 p.m. Eastern Time on the date which is thirty
(30) days after the Commencement Date.

“Escrow Agent”
shall mean First American Title Insurance Company, whose mailing address is 30 North LaSalle Street, Suite 2700, Chicago, Illinois
60602, Attention: James W. McIntosh, in its capacity as escrow agent.

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended.

    	3

    	 

    

 

“First
Deposit” shall mean the sum of Five Hundred Thousand and No/100 Dollars ($500,000.00), together with any interest
earned thereon.

“Ground Lease”
shall mean that certain Ground Lease Agreement, dated August 2, 2004, by and between Leasehold Seller (as successor-in-interest
to Midtowne Little Rock Partners Limited Partnership), as lessee, and Fee Seller (as successor-in-interest to SPC Markham Limited
Partnership), as lessor, as evidenced by that certain Memorandum of Ground Lease Agreement, recorded September 16, 2004 as Instrument
Number 2004077431 in the records of Pulaski County, Arkansas, as amended by that certain (i) First Amendment to Ground Lease Agreement,
dated September 13, 2011, as evidenced by that certain First Amendment to Memorandum of Ground Lease Agreement, recorded September
22, 2011 as Instrument Number 2011056140 in the records of Pulaski County, Arkansas, and (ii) Second Amendment to Ground Lease
Agreement, dated September 15, 2011.

“Hazardous Materials”
shall mean any substance, chemical, waste or material that is or becomes regulated by any federal, state or local governmental
authority because of its toxicity, infectiousness, radioactivity, explosiveness, ignitability, corrosiveness or reactivity, including,
without limitation, asbestos or any substance containing more than 0.1 percent asbestos, the group of compounds known as polychlorinated
biphenyls, flammable explosives, oil, petroleum or any refined petroleum product.

“Intangible Property”
shall mean, collectively, Seller’s interest in and to all of the following, to the extent the same may be assigned or quitclaimed
by Seller without any material expense to Seller:

		(a)	the Contracts; and

		(b)	to the extent that the same are in effect as of the Closing Date, any licenses, permits and other
written authorizations necessary for the use, operation or ownership of the Real Property; and

		(c)	any guaranties and warranties in effect with respect to any portion of the Real Property or the
Personal Property as of the Closing Date.

“Laws”
shall mean all municipal, county, State or Federal statutes, codes, ordinances, laws, rules or regulations.

“Leases”
shall mean all leases for tenants of the Real Property on the Closing Date (including, without limitation, all New Leases).

“Liabilities”
shall mean, collectively, any and all problems, conditions, losses, costs, damages, claims, liabilities, expenses, demands or obligations
of any kind or nature whatsoever.

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“Major Casualty/Condemnation”
shall mean:

		(a)	any condemnation or eminent domain proceedings that occurs after the Commencement Date, if and
only if the portion of the Property that is the subject of such proceedings has a value in excess of One Million Five Hundred Thousand
Dollars ($1,500,000), as reasonably determined by Seller and Buyer; and

		(b)	any casualty that occurs after the Commencement Date, if and only if either (i) the casualty is
an uninsured casualty and Seller, in its sole and absolute discretion, does not elect to cause the damage to be repaired or restored
or give Buyer a credit at Closing for such repair or restoration, or (ii) the portion of the Property that is damaged or destroyed
has a cost of repair that is in excess of One Million Five Hundred Thousand Dollars ($1,500,000), as reasonably determined by Seller.

“New
Leases” shall mean, collectively, any lease for space at the Property entered into between the Commencement Date
and the Closing Date.

“Owner’s Title
Policy” shall mean an ALTA owner’s title insurance policy (or such other comparable form of title insurance
policy as is available in the jurisdiction in which the Property is located), in the amount of the Purchase Price.

“Other Property Rights”
shall mean, collectively, Seller’s interest in and to all of the following, if and to the extent the same are assignable
by Seller without any expense to Seller: (a) to the extent that the same are in effect as of the Closing Date, any licenses, permits
and other written authorizations necessary for the use, operation or ownership of the Real Property, and (b) those guaranties and
warranties in effect with respect to any portion of the Property as of the Closing Date.

“Permitted Assignee”
shall mean any entity as to which Inland Real Estate Income Trust, Inc., either (i) directly or indirectly, owns not less than
fifty percent (50%) of the outstanding equity interest in such entity, or (ii) Controls such entity. As used in this definition
the term “Controls” shall mean the possession, directly or indirectly, of the power to direct or cause
the direction of management and policies of the business and affairs of the entity in question by reason of the ownership of beneficial
interest, by contract or otherwise.

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“Permitted Exceptions”
shall mean and include all of the following: (a) applicable zoning and building ordinances and land use regulations, (b) any deed,
easement, restriction, covenant or other matter affecting title to the Property caused or created by Seller in accordance with
the terms of Subsection 4.2.2, (c) such state of facts as would be disclosed by a physical inspection of the Property,
(d) the lien of taxes and assessments not yet due and payable (it being agreed by Buyer and Seller that if any tax or assessment
is levied or assessed with respect to the Property after the Commencement Date and the owner of the Property has the election to
pay such tax or assessment either immediately or under a payment plan with interest, Seller may elect to pay under a payment plan,
which election shall be binding on Buyer; provided, however, that the Owner’s Title Policy shall not include an exception
for taxes currently due and payable), (e) any exceptions caused by any Buyer’s Representative, (f) such other exceptions
as may be Removed from the Owner’s Title Policy without any additional cost to Buyer, whether such insurance is made available
in consideration of payment, bonding, indemnity of Seller or otherwise, (g) the rights of the tenants under the Leases, (h) any
matters about which Buyer knows or is deemed to know prior to the expiration of the Due Diligence Period, (i) the Ground Lease,
and (j) any matters deemed to constitute additional Permitted Exceptions under Subsection 4.2.1 hereof. Notwithstanding
any provision to the contrary contained in this Agreement or any of the Closing Documents, any or all of the Permitted Exceptions
may be omitted by Seller in the Deed (as defined in Subsection 7.3(a)) without giving rise to any liability of Seller,
irrespective of any covenant or warranty of Seller that may be contained in the Deed (which provisions shall survive the Closing
and not be merged therein).

“Personal Property”
shall mean, collectively, (a) all tangible personal property owned by Seller that is located on the Real Property and used in the
ownership, operation and maintenance of the Real Property, and (b) all books, records and files of Seller relating to the Real
Property or the Leases, but specifically excluding from the items described in both clauses (a) and (b), any Confidential
Materials and any computer software that is licensed to Seller.

“Post-Closing Adjustment Period”
is defined in Section 6.8.

“Pre-Commencement
Date Leases” shall mean, collectively, any lease for space at the Property in effect as of the Commencement Date.

“Proceedings” is defined
in Section 15.16.

“Property”
shall mean, collectively, (a) the Real Property, (b) the Ground Lease, (c) the Personal Property, (d) Seller’s interest
as landlord in all Leases; (e) the Intangible Property, (f) to the extent assignable by Seller without any expense to Seller, the
Contracts, and (g) the Other Property Rights.

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“Property Documents”
shall mean, collectively, (a) the Ground Lease, (b) the Leases, (c) the Contracts, and (d) any other documents or instruments which
constitute, evidence or otherwise create any portion of the Property.

“Purchase Price”
shall mean the sum of Forty One Million Seven Hundred Thousand and No/100 Dollars ($41,700,000.00).

“Real Property”
shall mean that certain parcel of real estate located in Little Rock, Arkansas and legally described in Exhibit A
attached hereto and incorporated herein by this reference, together with all buildings, improvements and fixtures located thereon
and owned by Seller as of the Closing Date and all right, title and interest, if any, that Seller may have in and to all rights,
privileges and appurtenances pertaining thereto including all of Seller’s right, title and interest, if any, in and to all
rights-of-way, open or proposed streets, alleys, easements, strips or gores of land adjacent thereto; provided, however,
that in the event of any condemnation or casualty that occurs after the Commencement Date, the term “Real Property”
shall not include any of the foregoing that is destroyed or taken as a result of any such casualty, condemnation, or eminent domain
proceeding.

“Reimbursable Lease
Expenses” shall mean, collectively, any and all costs, expenses and fees paid by Seller prior to Closing or costs,
expenses and fees incurred by Seller prior to Closing arising out of or in connection with (a) any extensions, renewals or expansions
under any Lease exercised or granted between the Commencement Date and the Closing Date, and (b) any New Lease. Reimbursable Lease
Expenses shall include, without limitation, (i) brokerage commissions and fees to effect any such leasing transaction, (ii) expenses
incurred for repairs, improvements, equipment, painting, decorating, partitioning and other items to satisfy the tenant’s
requirements with regard to such leasing transaction, (iii) legal fees for services in connection with the preparation of
documents and other services rendered in connection with the effectuation of the leasing transaction, (iv) if there are any
rent concessions or rent abatements covering any period that the tenant has the right to be in possession of the demised space,
the rents that would have accrued during the period of such concession or abatement prior to the Closing Date as if such concession
or abatement were amortized over (A) with respect to any extension or renewal, the term of such extension or renewal, (B) with
respect to any expansion, that portion of the term remaining under the subject Lease after the date of any expansion, or (C) with
respect to any New Lease, the entire initial term of any such New Lease, and (v) expenses incurred for the purpose of satisfying
or terminating the obligations of a tenant under a New Lease to the landlord under another lease (whether or not such other lease
covers space in the Property).

“Release” is defined in Subsection 10.3.1.

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“Remove”
with respect to any exception to title shall mean that Seller causes the Title Company to remove or affirmatively insure over the
same as an exception to the Owner’s Title Policy for the benefit of Buyer, without any additional cost to Buyer, whether
such removal or insurance is made available in consideration of payment, bonding, indemnity of Seller or otherwise.

“Rents”
shall mean all base rents, percentage rents, additional rent and any tax and operating expense reimbursements and escalations due
from the tenants of the Property under the Leases.

“Reporting Person”
is defined in Section 15.2(a).

“Reporting Requirements”
is defined in Section 15.2.

“Required Exceptions” shall
mean, collectively, the following:

		(a)	any Title Objections to the extent (and only to the extent) that the same (i) have not been caused
by any Buyer’s Representatives, and (ii) constitute any of the following:

		(A)	liens evidencing monetary encumbrances (other than liens for non-delinquent general real estate
taxes) (“Monetary Liens”) that are created as a result of the intentional acts or omissions of Seller
or its agents and affiliates; or

		(B)	liens or encumbrances (other than Monetary Liens) created by Seller or its agents and affiliates
after the Commencement Date in violation of Subsection 4.2.2.

		(b)	any exception to title that Seller has specifically agreed in writing to Remove pursuant to the
terms of Section 4.2.1(b).

“Required
Form” shall mean any of the following: (i) an estoppel certificate substantially in the form of Exhibit J
attached hereto and incorporated herein by reference, (ii) the form of estoppel certificate, if any, required, permitted or otherwise
provided for, under a Lease, or (iii) if the tenant under the applicable Lease is a so-called “national” or “regional”
tenant, then, that such estoppel certificate is in the form customarily provided by such tenant.

“Required Tenants”
shall mean, collectively, those tenants set forth on Exhibit M-2 attached hereto.

“Second Deposit”
shall mean the sum of Five Hundred Thousand and No/100 Dollars ($500,000.00), together with any interest earned thereon.

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“Seller” is defined in the
Introductory Paragraph.

“Seller-Allocated Amounts”
shall mean, collectively:

		(a)	with respect to any condemnation or eminent domain proceedings with respect to any portion of the
Property that occurs after the Commencement Date, (i) the costs, expenses and fees, including reasonable attorneys’ fees,
expenses and disbursements, incurred by Seller in connection with obtaining payment of any award or proceeds in connection with
any such condemnation or eminent domain proceedings, and (ii) any portion of any such award or proceeds that is allocable to loss
of use of the Property prior to Closing; and

		(b)	with respect to any casualty to any portion of the Property that occurs after the Commencement
Date, (i) the costs, expenses and fees, including reasonable attorneys’ fees, expenses and disbursements, incurred by Seller
in connection with the negotiation and/or settlement of any casualty claim with an insurer with respect to the Property, (ii) the
proceeds of any rental loss, business interruption or similar insurance that are allocable to the period prior to the Closing Date,
and (iii) the reasonable and actual costs incurred by Seller in stabilizing the Property following a casualty.

“Seller Parties”
shall mean and include, collectively, (a) Seller; (b) its counsel; (c) Seller’s Broker; (d) Seller’s property manager;
(e) any direct or indirect equity owner of any beneficial interest in Seller; (f) any partner, officer, director, employee, or
agent of Seller, its counsel, Seller’s Broker, Seller’s property manager or any direct or indirect owner of any beneficial
interest in Seller; and (g) any other entity or individual affiliated or related in any way to any of the foregoing.

“Seller’s Broker” shall
mean Doug Hazelbaker of HFF.

“Seller’s knowledge”
or words of similar import shall refer only to the actual (and not constructive) knowledge of the Designated Representatives and
shall not be construed to refer to the knowledge of any other Seller Party, or to impose or have imposed upon the Designated Representatives
any duty to investigate the matters to which such knowledge, or the absence thereof, pertains, including, but not limited to, the
contents of the files, documents and materials made available to or disclosed to Buyer or the contents of files maintained by the
Designated Representatives. There shall be no personal liability on the part of the Designated Representatives arising out of any
of the Seller’s Warranties.

“Seller’s Warranties”
shall mean Seller’s representations and warranties set forth in Section 9.2 and the Closing Documents executed
by Seller, as such representations and warranties may be deemed modified or waived by Buyer pursuant to the terms of this Agreement.

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“Survey”
shall mean that certified boundary survey of the Property dated January 27, 2010 (last revised September 14, 2011), prepared by
White-Daters & Associates, Inc. identified as Job. No. 11-268P.

“Tax Year”
shall mean the year period commencing on January 1st of each calendar year and ending on December 31st of
the same calendar year, being the real estate tax year for the county in which the Property is located.

“Title Commitment”
shall mean a commitment to issue an owner’s policy of title insurance with respect to the Property issued by the Title Company,
identified as File No. ________________ with an effective date of __________, 2014.

“Title Company” shall mean
First American Title Insurance Company.

“Title Documents”
shall mean all documents referred to on Schedule B of the Title Commitment as exceptions to coverage.

“Title Review Period”
shall mean the period commencing on the Commencement Date and expiring twenty (20) days after Buyer has received the Title Commitment.

“Title Objections”
shall mean any exceptions to title to which Buyer is entitled and timely objects in accordance with the terms of Subsection 4.2.1(a).

“Transaction”
shall mean the transaction contemplated by this Agreement.

ARTICLE
2 - SALE OF PROPERTY

Seller agrees to sell, transfer and assign and Buyer agrees
to purchase, accept and assume, subject to the terms and conditions set forth in this Agreement and the Closing Documents, all
of Seller’s right, title and interest in and to the Property.

ARTICLE
3 - PURCHASE PRICE

In consideration of the sale of the Property to Buyer, Buyer
shall pay to Seller an amount equal to the Purchase Price, as prorated and adjusted as set forth in Article 6, Section 7.2,
or as otherwise provided under this Agreement. The Purchase Price shall be paid as follows:

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		3.1	Earnest Money Deposit.

		3.1.1	Payment of Deposit. Within one (1) business day after the execution of this Agreement and
as a condition precedent to the continued effectiveness of this Agreement, Buyer shall pay the First Deposit to Escrow
Agent. In addition, within one (1) business day after the expiration of the Due Diligence Period (provided that this Agreement
is not sooner terminated in accordance with the terms hereof), and as a condition to the continued effectiveness of this Agreement,
Buyer shall pay the Second Deposit to Escrow Agent.

		3.1.2	Applicable Terms; Failure to Make Deposit. The Deposit shall be paid to Escrow Agent in
immediately available funds. Except as expressly otherwise set forth herein, the Deposit shall be applied against the Purchase
Price on the Closing Date and shall otherwise be held and delivered by Escrow Agent in accordance with the provisions of Article 13.
Notwithstanding any provision in this Agreement to the contrary, if Buyer fails to timely make the Deposit as provided herein,
Buyer shall be deemed to have elected to terminate this Agreement and the parties shall have no further rights or obligations hereunder
except for obligations which expressly survive the termination of this Agreement.

		3.2	Cash at Closing. On the Closing Date, Buyer shall (a) pay to Seller an amount equal to the
balance of the Purchase Price in immediately available funds by wire transfer as more particularly set forth in Section 7.2,
as prorated and adjusted as set forth in Article 6, Section 7.2, or as otherwise provided under this Agreement,
and (b) cause the Escrow Agent to simultaneously pay the Deposit to Seller in immediately available funds by wire transfer as more
particularly set forth in Section 7.2.

ARTICLE
4 - TITLE MATTERS

		4.1	Title to Real Property.

		4.1.1	Title. Seller shall use commercially reasonable efforts to obtain the Title Commitment and
copies of all of the Title Documents (to the extent available from the Title Company) as soon as reasonably practicable after the
Commencement Date and, upon such items being obtained, shall promptly furnish, or cause to be furnished, copies thereof to Buyer.

		4.1.2	Survey. Buyer acknowledges that a copy of the Survey has previously been provided to Buyer.
Seller shall provide an update to the Survey, (or a new survey of the Property) prior to the expiration of the Title Review Period.

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		4.2	Title Defects.

		4.2.1	Buyer’s Objections to Title; Seller’s Obligations and Rights.

		(a)	Prior to the expiration of the Title Review Period, Buyer shall have the right to object in writing
to any title matters that appear on the Title Commitment, the Survey (or any updates thereto), and any supplemental title reports
or updates to the Title Commitment (whether or not such matters constitute Permitted Exceptions). In addition, after the expiration
of the Title Review Period, Buyer shall have the right to object in writing to any title matters which are not Permitted Exceptions
and which materially adversely affect Buyer’s title to the Real Property that may first appear on any supplemental title
reports or updates to the Title Commitment or Survey (or any updates thereto) issued after the expiration of the Title Review Period
so long as such objection is made by Buyer within five (5) business days after Buyer becomes aware of the same (but, in any event,
prior to the Closing Date). Unless Buyer is entitled to and timely objects to such title matters, all such title matters shall
be deemed to constitute additional Permitted Exceptions.

		(b)	To the extent that any Title Objections do not constitute Required Exceptions, Seller may elect
(but shall not be obligated) to Remove or cause to be Removed any such Title Objections and Seller shall notify Buyer in writing
within five (5) business days after receipt of Buyer’s notice of Title Objections (but, in any event, prior to the Closing
Date) whether Seller elects to Remove the same. Failure of Seller to respond in writing within such period shall be deemed an election
by Seller not to Remove such Title Objections. Any Title Objection that Seller elects in writing to Remove shall be deemed a Required
Exception. If Seller elects not to Remove one or more Title Objections, then, within two (2) business days after Seller’s
election (but, in any event, prior to the Closing Date), Buyer may elect in writing to either (i) terminate this Agreement, in
which event the Deposit shall be paid to Buyer and, thereafter, the parties shall have no further rights or obligations hereunder
except for obligations which expressly survive the termination of this Agreement, or (ii) waive such Title Objections and
proceed to Closing. Failure of Buyer to respond in writing within such period shall be deemed an election by Buyer to waive such
Title Objections and proceed to Closing. Any such Title Objection so waived (or deemed waived) by Buyer shall be deemed to constitute
a Permitted Exception and the Closing shall occur as herein provided without any reduction of or credit against the Purchase Price.

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		(c)	If this Agreement is not terminated by Buyer in accordance with the provisions hereof, Seller shall,
at Closing, Remove or cause to be Removed any Required Exceptions. Seller may use any portion of the Purchase Price to satisfy
any Required Exceptions that exist as of the Closing Date, provided Seller shall cause the Title Company to Remove the same. If
Seller is unable to Remove any Required Exceptions prior to the Closing, Buyer may (as its sole right and remedy in such event)
at Closing elect to either (a) terminate this Agreement, in which event the Deposit shall be paid to Buyer and, thereafter, the
parties shall have no further rights or obligations hereunder except for obligations which expressly survive the termination of
this Agreement, or (b) accept such exceptions to title and the Closing shall occur as herein provided without any reduction
of or credit against the Purchase Price.

		(d)	Seller, at its election, shall be entitled to a reasonable adjournment of the Closing (not to exceed
sixty (60) days) for the purpose of the Removal of any exceptions to title.

		4.2.2	No New Exceptions. From and after the Commencement Date, Seller shall not execute any deed,
easement, restriction, covenant or other matter affecting title to the Property unless Buyer has received a copy thereof and has
approved the same in writing. If Buyer fails to object in writing to any such proposed instrument within three (3) business days
after receipt of the aforementioned notice, Buyer shall be deemed to have approved the proposed instrument. Buyer’s consent
shall not be unreasonably withheld, conditioned or delayed with respect to any such instrument that is proposed prior to the expiration
of the Due Diligence Period. Buyer, in its sole and absolute discretion, shall be entitled to grant or withhold its consent with
respect to any such instrument that is proposed between the expiration of the Due Diligence Period and the Closing.

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		4.3	Title Insurance. Buyer’s obligation to consummate the Closing shall be subject to
the Title Company being prepared, at Closing, to issue the Owner’s Title Policy to Buyer, insuring that fee simple title
to the Real Property is vested in Buyer subject only to the Permitted Exceptions; provided, however, that (i) in advance of Closing,
Buyer shall have taken all necessary and customary actions to arrange for or allow issuance of such Owner’s Title Policy
by the Title Company and (ii) Seller pays the premium for standard coverage title policy and Buyer pays any costs in excess of
the premium for a standard coverage title policy including all endorsements (and, in the event that either or both of the requirements
set forth in the foregoing clauses (i) and (ii) are not satisfied, then the condition set forth in this sentence shall be deemed
waived and of no further effect). Buyer shall be entitled to request that the Title Company provide such endorsements (or amendments)
to the Owner’s Title Policy as Buyer may reasonably require, provided that (a) such endorsements (or amendments) shall be
at no cost to, and shall impose no additional liability on, Seller, (b) Buyer’s obligations under this Agreement shall not
be conditioned upon Buyer’s ability to obtain such endorsements and, if Buyer is unable to obtain such endorsements, Buyer
shall nevertheless be obligated to proceed to close the Transaction without reduction of or set off against the Purchase Price,
and (c) the Closing shall not be delayed as a result of Buyer’s request.

ARTICLE
5 - BUYER’S DUE DILIGENCE/CONDITION OF THE PROPERTY

		5.1	Buyer’s Due Diligence.

		5.1.1	Access to Documents and the Property. Commencing on the Commencement Date and continuing
to the Closing Date, Seller has and will continue to make or cause to be made available to Buyer for copying, at Buyer’s
sole cost and expense, on-site property files of Seller and Seller’s property manager, if any (other than Confidential Materials).
In addition, commencing on the Commencement Date and continuing to the Closing Date, Seller has and will, subject, in any event,
to the rights of tenants under the Leases, continue to allow Buyer’s Representatives access to the Property upon reasonable
prior notice at reasonable times provided (a) such access does not interfere with the operation of the Property or the rights
of tenants; (b) Buyer shall coordinate with Seller and Seller’s property manager prior to and during each visit to the Property
by any Buyer’s Representatives and representatives of Seller shall accompany Buyer’s Representatives during each such
visit; (c) Buyer’s Representatives shall not contact any tenant without Seller’s prior written consent; (d) after
the expiration of the Due Diligence Period Buyer’s Representatives shall not be permitted to perform any further testing
or other physical evaluation of the Property prior to Closing; (e) Seller or its designated representative shall have the
right to pre-approve and be present during any physical testing of the Property; and (f) in no event shall Buyer or any Buyer Representatives
conduct or perform any invasive testing at the Property including, without limitation, any “Phase II” environmental
testing. Buyer shall have no obligation to provide Seller copies of any Buyer’s Reports, but Buyer shall not deliver to Seller
copies of any Buyer’s Reports unless

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requested by Seller.
Buyer shall immediately return the Property to the condition existing prior to any tests and inspections. Prior to such time as
any Buyer’s Representatives enter the Property, Buyer shall (i) obtain policies of general liability insurance which insure
Buyer’s Representatives with liability insurance limits of not less than $2,000,000 combined single limit for personal injury
and property damage and name Seller and Seller’s property manager as additional insureds and which are with such insurance
companies, provide such coverages and carry such other limits as Seller shall reasonably require, and (ii) provide Seller with
certificates of insurance evidencing that Buyer has obtained the aforementioned policies of insurance.

		5.1.2	Limit on Government Contacts. Notwithstanding any provision in this Agreement to the contrary,
except in connection with the preparation of a so-called “Phase I” environmental report with respect to the Property,
Buyer’s Representatives shall not contact any governmental official or representative regarding the Property without Seller’s
prior written consent thereto, which consent shall not be unreasonably withheld, conditioned or delayed. In addition, if Seller’s
consent is obtained by Buyer, Seller shall be entitled to receive at least two (2) business days prior written notice of the intended
contact and to have a representative present when any Buyer’s Representatives has any such contact with any governmental
official or representative.

		5.1.3	Other Due Diligence Obligations of Buyer. All inspections by Buyer’s Representatives
shall be at Buyer’s sole expense and shall be in accordance with applicable Laws, including without limitation, Laws relating
to worker safety and the proper disposal of discarded materials. Buyer shall cause each of Buyer’s Representatives to be
aware of the terms of this Agreement as it relates to the conduct of Buyer’s Due Diligence and the obligations of such parties
hereunder.

		5.1.4	Waiver and Release. Buyer, for itself and all of the other Buyer’s Representatives,
hereby waives and releases Seller and each of the Seller Parties from all claims resulting directly or indirectly from access to,
entrance upon, or inspection of the Property by Buyer’s Representatives.

		5.2	As-Is Sale.

		5.2.1	Buyer acknowledges and agrees as follows, except for Seller’s Warranties:

		(a)	Buyer has conducted, and shall continue to conduct, or has waived its right to conduct, such Due
Diligence as Buyer has deemed or shall deem necessary or appropriate.

		(b)	The Property shall be sold, and Buyer shall accept possession of the Property on the Closing Date,
“AS IS, WHERE IS, WITH ALL FAULTS”, with no right of setoff or reduction in the Purchase Price.

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		(c)	None of the Seller Parties have or shall be deemed to have made any verbal or written representations,
warranties, promises or guarantees (whether express, implied, statutory or otherwise) to Buyer with respect to the Property, any
matter set forth, contained or addressed in the Documents (including, but not limited to, the accuracy and completeness thereof)
or the results of Buyer’s Due Diligence.

		(d)	Buyer shall independently confirm to its satisfaction all information that it considers material
to its purchase of the Property or the Transaction. Buyer is not relying on (and Seller and each of the other Seller Parties
does hereby disclaim and renounce) any representations or warranties of any kind or nature whatsoever, whether oral or written,
express, implied, statutory or otherwise, from any of the Seller Parties, as to:

		(i)	the operation or performance of the Property, the income potential, economic status, uses, or the
merchantability, habitability or fitness of any portion of the Property for a particular purpose;

		(ii)	the physical condition of the Property or the condition or safety of the Property or any component
thereof, including, but not limited to, plumbing, sewer, heating, ventilating and electrical systems, roofing, air conditioning,
foundations, soils and geology, including Hazardous Materials, lot size, or suitability of the Property or any component thereof
for a particular purpose;

		(iii)	the presence or absence, location or scope of any Hazardous Materials in, at, about or under the
Property;

		(iv)	whether the appliances, if any, plumbing or utilities are in working order;

		(v)	the habitability or suitability for occupancy of any structure and the quality of its construction;

		(vi)	whether the improvements are structurally sound, in good condition, or in compliance with applicable
Laws;

		(vii)	the accuracy of any statements, calculations or conditions stated or set forth in the Documents,
other books and records concerning the Property, or any of Seller’s offering materials with respect to the Property;

		(viii)	the dimensions of the Property or the accuracy of any floor plans, square footage, lease abstracts,
sketches, or revenue or expense projections related to the Property;

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		(ix)	the locale of the Property, the leasing market for the Property, or the market assumptions Buyer
utilized in its analysis of the Property and determination of the Purchase Price (such as rental rates, leasing costs, vacancy
and absorptions rates, land values, replacement costs, maintenance and operating costs, financing costs, etc.);

		(x)	whether the Property is or would likely constitute a target of terrorist activity or other acts
of war;

		(xi)	the ability of Buyer to obtain any and all necessary governmental approvals or permits for Buyer’s
intended use and development of the Property;

		(xii)	the leasing status of the Property or the intentions of any parties with respect to the negotiation
and/or execution of any lease for any portion of the Property; and

		(xiii)	Seller’s ownership of any portion of the Property or the condition or status of Seller’s
or Buyer’s title to the Property.

		5.2.2	Any repairs or work required by Buyer are the sole responsibility of Buyer, and Buyer agrees that
there is no obligation on the part of Seller to make any changes, alterations or repairs to the Property, including, without limitation,
to cure any violations of Laws, comply with the requirements of any insurer or otherwise. Buyer is solely responsible for obtaining
any certificate of occupancy or any other approval or permit necessary for the transfer or occupancy of the Property and for any
repairs or alterations necessary to obtain the same, all at Buyer’s sole cost and expense.

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		5.2.3	Buyer (i) having inspected the Property as described above, (ii) having conducted, reviewed, examined,
evaluated and verified the results of all Due Diligence to the extent Buyer deems appropriate as described above, and (iii) having
determined that Buyer shall acquire the Property based exclusively upon its own Due Diligence (except for, and only to the extent
of, Seller’s Warranties), then, accordingly, Buyer agrees with Seller that Buyer is in fact acquiring the Property based
exclusively upon its own Due Diligence, except for, and only to the extent of, Seller’s Warranties, and to evidence the foregoing,
Buyer agrees to release Seller as set forth below. Accordingly, except as expressly provided hereinbelow in this Section 5,
Buyer, for Buyer and Buyer’s successors and assigns, hereby releases each of the Seller Parties from, and waives any and
all Liabilities against each of the Seller Parties for or attributable to or in connection with the Property, whether arising or
accruing before, on or after the date hereof and whether attributable to events or circumstances which have heretofore or may hereafter
occur, including, without limitation, the following:

		(a)	any and all statements or opinions heretofore or hereafter made, or information furnished, by the
Seller Parties to any Buyer’s Representatives;

		(b)	any and all Liabilities with respect to the structural, physical, or environmental condition of
the Property;

		(c)	any and all Liabilities relating to the release of or the presence, discovery or removal of any
Hazardous Materials in, at, about or under the Property, or for, connected with or arising out of any and all claims or causes
of action based upon CERCLA (Comprehensive Environmental Response, Compensation, and Liability Act of 1980, 42 U.S.C. §§9601
et seq., as amended by SARA (Superfund Amendment and Reauthorization Act of 1986) and as may be further amended from time
to time), the Resource Conservation and Recovery Act of 1976, 42 U.S.C. §§6901 et seq., or any related claims
or causes of action or any other Federal, State or municipal based statutory or regulatory causes of action for environmental contamination
at, in, about or under the Property;

		(d)	any and all tort claims made or brought with respect to the Property or the use or operation thereof;

		(e)	any implied or statutory warranties or guaranties of fitness, merchantability or any other statutory
or implied warranty or guaranty of any kind or nature regarding or relating to any portion of the Property; and

		(f)	any and all Liabilities relating to the condition or status of Seller’s or Buyer’s
title to the Property.

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The release and
waiver set forth in this Section 5 is not intended and shall not be construed as (x) affecting or impairing any rights
or remedies that Buyer may have against Seller as a result of a breach of any of Seller’s Warranties or any of Seller’s
obligations under this Agreement which expressly survive the Closing, or (y) shifting to Buyer any obligation, responsibility or
liability for any Liability that Buyer would not otherwise have an obligation, responsibility or liability for under this Agreement,
at law, in equity or otherwise.

		5.2.4	Seller is under no duty to make any affirmative disclosures or inquiry regarding any matter which
may or may not be known to any of the Seller Parties, and Buyer, for itself and for its successors and assigns, hereby specifically
waives and releases each of the Seller Parties from any such duty that otherwise might exist.

		5.2.5	In addition, Buyer expressly understands and acknowledges that it is possible that unknown Liabilities
may exist with respect to the Property and that Buyer explicitly took that possibility into account in determining and agreeing
to the Purchase Price, and that a portion of such consideration, having been bargained for between parties with the knowledge of
the possibility of such unknown Liabilities shall be given in exchange for a full accord and satisfaction and discharge of all
such Liabilities.

		5.3	Termination of Agreement During Due Diligence Period. If Buyer, in its sole and absolute
discretion, is not satisfied with the results of its Due Diligence during the Due Diligence Period, Buyer may terminate this Agreement
for any reason or no reason whatsoever by written notice to Seller at any time prior to the expiration of the Due Diligence Period,
and, in the event of such termination, neither Seller nor Buyer shall have any liability hereunder except for those obligations
which expressly survive the termination of this Agreement and Buyer shall be entitled to the return of the Deposit. In the event
Buyer fails to terminate this Agreement prior to the expiration of the Due Diligence Period, Buyer shall be deemed to have waived
its rights to terminate this Agreement in accordance with this Article 5. Buyer and Seller each acknowledge and agree
that Buyer shall have no additional period after the expiration of the Due Diligence Period to conduct further Due Diligence.

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ARTICLE
6 - ADJUSTMENTS AND PRORATIONS

The following adjustments and prorations
shall be made at Closing:

		6.1	Lease Rentals and Other Revenues.

		6.1.1	Rents. All scheduled Rents shall be prorated between Seller and Buyer as of the day prior
to the Closing Date. Seller shall be entitled to all Rents attributable to any period to but not including the Closing Date. Buyer
shall be entitled to all Rents attributable to any period on and after the Closing Date. For purposes of determining each of Buyer’s
and Seller’s pro rata share of percentage rents, the amount “attributable” to the period prior to the
Closing Date shall be equal to (a) the aggregate amount of such percentage rents scheduled for the calendar year in which the Closing
occurs multiplied by (b) a fraction, the numerator of which shall be the number of days prior to the Closing Date
that the applicable tenant leases space at the Property during the calendar year in which the Closing occurs and the denominator
of which shall be 365. With respect to percentage rent due from any tenant, Buyer and Seller agree that at Closing estimated percentage
rent shall be prorated for the calendar year in which the Closing occurs (even though the same may not have been collected as of
the Closing) based upon the amount of percentage rent due from such tenant for the calendar year immediately prior to the calendar
year in which the Closing occurs.

		6.1.2	Other Revenues. Revenues from Property operations (other than Rents (which shall be prorated
as provided in Subsection 6.1.1), security deposits (which will be apportioned as provided in Section 6.6),
and pre-paid installments or other payments under Contracts (which shall be the sole property of Seller)) that are scheduled shall
be prorated between Buyer and Seller as of 12:01 a.m. on the Closing Date. Seller shall be entitled to all such revenues attributable
to any period to but not including the Closing Date and Buyer shall be entitled to all such revenues attributable to any period
on and after the Closing Date.

		6.1.3	Post-Closing Collections. After Closing, Buyer shall make a good faith effort to collect
any Rents or other revenues not collected as of the Closing Date on Seller’s behalf and to tender the same to Seller upon
receipt; provided, however, that all Rents collected by Buyer on or after the Closing Date shall first be applied
to all amounts due under the applicable Lease at the time of collection (i.e., current Rents and sums due Buyer as the current
owner and landlord) with the balance (if any) payable to Seller, but only to the extent of amounts delinquent and actually due
Seller. Buyer shall not have an exclusive right to collect the sums due Seller under the Leases or other revenue due Seller and
Seller hereby retains its rights to pursue claims against any tenant under the Leases or other party for sums due with respect
to periods prior to the Closing Date (including, without limitation, any percentage rent that may be due with respect to any period
of time prior to Closing, regardless of when the same is to be paid to the owner of the Property pursuant to the terms of the applicable
Lease); provided, however,

that with respect
to any legal proceedings against any tenant under a Lease, Seller (a) shall be required to notify Buyer in writing of its
intention to commence or pursue such legal proceedings; (b) shall only be permitted to commence or pursue any legal proceedings
after the date which is three (3) months after Closing; and (c) shall not be permitted to commence or pursue any legal proceedings
against any tenant seeking eviction of such tenant or the termination of the underlying Lease. The terms of this Section 6.1.3
shall survive the Closing and not be merged therein.

		6.2	Reimbursable Lease Expenses. At Closing, Buyer shall reimburse Seller for the Reimbursable
Lease Expenses to the extent required by the terms of Article 14.

		6.3	Real Estate and Personal Property Taxes.

		6.3.1	Proration of Ad Valorem Taxes. Ad valorem real estate taxes and personal property taxes
for the Property for the then (at the Closing Date) current Tax Year which are not yet due and payable and any installment of real
estate taxes and personal property taxes for any prior Tax Year which are not yet due and payable shall be prorated in proportion
to the portions of such Tax Years elapsed prior to the Closing Date and remaining after the Closing Date. There shall be no proration
of ad valorem real estate or personal property taxes other than as set forth hereinabove and, as between Buyer and Seller, Buyer
agrees that it shall be solely responsible for all such ad valorem real estate and personal property taxes due and payable after
the Closing. Subject to Section 6.3.4 below, the proration of the ad valorem real estate and personal property taxes
which are to be prorated pursuant to this Subsection 6.3.1 shall be calculated as follows: (a) Seller shall be responsible
for that portion of such taxes for each applicable Tax Year which are to be prorated equal to (i) the total such taxes for the
applicable Tax Year which are to be prorated, multiplied by (ii) a fraction, the numerator of which shall be the
number of days in such applicable Tax Year which are prior to the Closing Date, and the denominator of which shall be 365; and
(b) Buyer shall be responsible for that portion of such taxes for each applicable Tax Year which are to be prorated equal to (i)
the total such taxes for the applicable Tax Year which are to be prorated, multiplied by (ii) a fraction, the numerator
of which shall be the number of days in the applicable Tax Year which are subsequent to (and including) the Closing Date, and the
denominator of which shall be 365.

		6.3.2	Insufficient Information. If, at Closing, the real estate and/or personal property tax rate
and assessments have not been set for the taxes due and payable during the Closing Tax Year, then the proration of such taxes shall
be based upon the rate and assessments for the preceding Tax Year, and such proration shall be adjusted between Seller and Buyer
after Closing upon presentation of written evidence that the actual taxes due and payable during the Closing Tax Year differ from
the amounts used at Closing and in accordance with the provisions of Section 6.8.

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		6.3.3	Special Assessments. Seller shall pay all installments of special assessments due and payable
prior to the Closing Date and Buyer shall pay all installments of special assessments due and payable on and after the Closing
Date; provided, however, that (a) if the owner of the Property has the election to pay any special assessment either
immediately or under a payment plan with interest, Seller may elect to pay under a payment plan, which election shall be binding
on Buyer; and (b) Seller shall not be required by the foregoing to pay any installments of special assessments which have not been
confirmed or which relate to projects that have not been completed on the Commencement Date; provided, however, that the election
of either (a) or (b) above shall not result in any exception for taxes currently due and payable on the Owner’s Title Policy.

		6.3.4	INTENTIONALLY OMITTED

		6.3.5	Reassessment. In the event the Property has been assessed for property tax purposes at such
rates as would result in reassessment (i.e., “escape assessment” or “roll-back taxes”) based upon
the change in land usage of the Property on or after the Closing Date, Buyer hereby agrees to pay all such taxes and to indemnify
and save Seller harmless from and against all Liabilities for such taxes. Such indemnity shall survive the Closing and not be merged
therein.

		6.4	Other Property Operating Expenses. Operating expenses for the Property shall be prorated
as of 12:01 a.m. on the Closing Date. Seller shall pay all utility charges and other operating expenses attributable to the Property
to, but not including the Closing Date (except for those utility charges and operating expenses payable by tenants in accordance
with the Leases) and Buyer shall pay all utility charges and other operating expenses attributable to the Property on or after
the Closing Date. To the extent that the amount of actual consumption of any utility services is not determined prior to the Closing
Date, a proration shall be made at Closing based on the last available reading and post-closing adjustments between Buyer and Seller
shall be made within twenty (20) days of the date that actual consumption for such pre-closing period is determined, which obligation
shall survive the Closing and not be merged therein. Seller shall not assign to Buyer any deposits which Seller has with any of
the utility services or companies servicing the Property. Buyer shall arrange with such services and companies to have accounts
opened in Buyer’s name beginning at 12:01 a.m. on the Closing Date. Notwithstanding the foregoing terms of this section,
Seller shall have no obligation to pay (and Buyer shall not receive a credit at Closing for) any operating expenses to the extent
that Buyer is entitled after Closing to reimbursement of operating expenses, or the recovery of any increase in operating expenses,
from the tenants under the Leases, regardless of whether Buyer actually collects such reimbursement or increased operating expenses
from such tenants, it being understood and agreed by Buyer and Seller that (a) as between Buyer and Seller, Buyer shall be responsible
for payment of all of such operating expenses, and (b) the burden of collecting such reimbursements shall be solely on Buyer.

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		6.5	Closing Costs. Buyer shall pay the following costs and expenses associated with the Transaction:
(a) all premiums and charges of the Title Company for the Title Commitment and the Owner's Title Policy in excess of the premium
for a CLTA standard coverage title policy (including endorsements), (b) the cost of any updates to the Survey, (c) one
half of all transfer taxes applicable to the transfer of the Property to Buyer, (d) all recording and filing charges in connection
with the instrument by which Seller conveys the Property, and (e) all costs of Buyer’s Due Diligence, including fees due
its consultants and attorneys. Seller shall pay the following costs and expenses associated with the Transaction: (i) the
commission due Seller’s Broker, (ii) the premium for a CLTA standard coverage title policy, (iii) all fees due its attorneys,
(iv) one half of all transfer taxes applicable to the transfer of the Property to Buyer, and (v) all costs incurred in connection
with causing the Title Company to Remove any Required Exceptions. The parties shall split equally the cost of all escrow or closing
charges. The obligations of the parties under this Section 6.5 shall survive the Closing (and not be merged therein)
or any earlier termination of this Agreement.

		6.6	Cash Security Deposits. At Closing, Seller shall give Buyer a credit against the Purchase
Price in the aggregate amount of any cash security deposits then held by Seller under the Leases less any administrative
or similar charges to which Seller may be entitled under applicable Law.

		6.7	Apportionment Credit. In the event the apportionments to be made at the Closing result in
a credit balance (a) to Buyer, such sum shall be paid at the Closing by giving Buyer a credit against the Purchase Price in
the amount of such credit balance, or (b) to Seller, Buyer shall pay the amount thereof to Seller at the Closing by wire transfer
of immediately available funds to the account or accounts to be designated by Seller for the payment of the Purchase Price.

		6.8	Delayed Adjustment; Delivery of Operating and Other Financial Statements. If at any time
following the Closing Date, the amount of an item listed in any section of this Article 6 shall prove to be incorrect
(whether as a result of an error in calculation or a lack of complete and accurate information as of the Closing) or otherwise
require adjustment as a result of any year-end or periodic reconciliations of reimbursable operating expenses or tax payments by
a tenant under a Lease, the party in whose favor the error was made shall promptly pay to the other party the sum necessary to
correct such error or make such adjustment upon receipt of proof of such error, provided that such proof is delivered to the party
from whom payment is requested on or before one (1) year after Closing (such period being referred to herein as the “Post
Closing Adjustment Period”). In order to enable Seller to determine whether any such delayed adjustment is necessary,
Buyer shall provide to Seller current operating and financial statements for the Property and copies of any correspondence and
statements sent to tenants in connection with any reconciliation promptly after the same are prepared, but, in any event, no later
than the date one (1) month prior to the expiration of the Post-Closing Adjustment Period. The provisions of this Section 6.8
shall survive the Closing and not be merged therein.

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ARTICLE
7 - CLOSING

Buyer and Seller hereby agree that the
Transaction shall be consummated as follows:

		7.1	Closing Date. Subject to Seller’s right to extend the Closing as provided in this
Agreement, Closing shall occur on the Closing Date. The parties shall conduct an escrow-style closing through the Escrow Agent
so that it will not be necessary for any party to attend the Closing. Time is of the essence with respect to the Closing.

		7.2	Title Transfer and Payment of Purchase Price. Provided all conditions precedent to Seller’s
obligations hereunder have been satisfied, Seller agrees to convey the Property to Buyer upon confirmation of receipt of the Purchase
Price by the Escrow Agent as set forth below. Provided all conditions precedent to Buyer’s obligations hereunder have been
satisfied, Buyer agrees to pay the amount specified in Article 3 by timely delivering the same to the Escrow Agent
no later than 1:00 p.m. Central Time on the Closing Date and unconditionally directing the Escrow Agent to deposit the same in
Seller’s designated account by 1:00 p.m. Central Time on the Closing Date. Notwithstanding the foregoing, Seller shall have
the right to terminate this Agreement at any time if such payment is not received in Seller’s designated account by 1:00
p.m. Central Time one day after the Closing Date.

		7.3	Seller’s Closing Deliveries. At Closing, Seller shall deliver or cause to be delivered
the following:

		(a)	Ground Lease Assignment. An assignment and assumption of the Ground Lease, in the form of
Exhibit C attached hereto and incorporated herein by this reference (“Ground Lease Assignment”)
executed by Seller.

		(b)	Deed. A deed in the form of Exhibit D attached hereto and incorporated
herein by this reference (“Deed”) executed and acknowledged by Fee Seller.

		(c)	Bill of Sale. A bill of sale in the form of Exhibit E attached hereto
and incorporated herein by this reference (“Bill of Sale”) executed by Seller.

		(d)	Assignment of Tenant Leases. An assignment and assumption of the Leases, in the form of
Exhibit F attached hereto and incorporated herein by this reference (“Assignment of Leases”)
executed by Seller.

		(e)	Assignment of Intangible Property. An assignment and assumption of the Intangible Property
and the Other Property Rights (to the extent the same are not transferred by the Deed, Bill of Sale or Assignment of Leases) in
the form of Exhibit G attached hereto and incorporated herein by this reference (“Assignment of
Intangible Property”) executed by Seller.

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		(f)	Notice to Tenants. A single form letter in the form of Exhibit H attached
hereto and incorporated herein by this reference, executed by Leasehold Seller, duplicate copies of which shall be sent by Buyer
after Closing to each tenant under the Leases.

		(g)	Non-Foreign Status Affidavits. A non-foreign status affidavit in the form of Exhibit I
attached hereto and incorporated herein by this reference, as required by Section 1445 of the Internal Revenue Code, executed
by Seller.

		(h)	Other Documents. A title affidavit in the form of Exhibit K attached
hereto and incorporated herein by this reference, a gap indemnity in the form reasonably approved by Title Company, and such other
documents as may be reasonably required by the Title Company or as may be agreed upon by Seller and Buyer to consummate the Transaction.

		(i)	Letters of Credit as Tenant Security Deposits. With respect to any security deposits which
are letters of credit, Seller shall, if the same are assignable, (i) deliver to Buyer at the Closing such letters of credit,
(ii) execute and deliver such other instruments as the issuers of such letters of credit shall reasonably require, and (iii) cooperate
with Buyer to change the named beneficiary under such letters of credit to Buyer so long as Seller does not incur any additional
liability or expense in connection therewith.

		(j)	Tax Returns. If applicable, duly completed and signed real estate transfer tax or sales
tax returns.

		(k)	Rent Roll. A rent roll setting forth only those tenants at the Property for which Buyer
has not received a Tenant Estoppel from as of the Closing Date.

		(l)	Closing Statement. Seller’s form of closing statement, setting forth the prorations
and adjustments to the Purchase Price respecting the Property to be made pursuant to Article 6 (the “Closing
Statement”), executed by Seller.

		(m)	Keys and Original Documents. Keys to all locks on the Real Property in Seller’s or
Seller’s building manager’s possession and originals or, if originals are not available, copies, of all of the Property
Documents, to the extent not previously delivered to Buyer.

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The items to be delivered by Seller
in accordance with the terms of Subsections (a) through (m) of this Section 7.3 shall be delivered
to Escrow Agent no later than 5:00 p.m. Eastern Time on the last business day prior to the Closing Date and the items to be delivered
by Seller in accordance with the terms of Subsection (m) of this Section 7.3 shall be delivered outside
of escrow and shall be deemed delivered if the same are located at the Property on the Closing Date.

		7.4	Buyer’s Closing Deliveries. At the Closing, Buyer shall deliver or cause to be delivered
the following:

		(a)	Purchase Price. The Purchase Price, as adjusted for apportionments and other adjustments
required under this Agreement, plus any other amounts required to be paid by Buyer at Closing.

		(b)	Ground Lease Assignment. The Ground Lease Assignment executed by Buyer.

		(c)	Bill of Sale. The Bill of Sale executed by Buyer.

		(d)	Assignment of Leases. The Assignment of Leases executed by Buyer.

		(e)	Assignment of Intangible Property. The Assignment of Intangible Property executed by Buyer.

		(f)	Evidence of Authority. Documentation to establish to Title Company’s reasonable satisfaction
the due authorization of Buyer’s acquisition of the Property and Buyer’s execution of this Agreement and the Closing
Documents required to be delivered by Buyer and the consummation of the Transaction.

		(g)	Other Documents. Such other documents as may be reasonably required by the Title Company
or may be agreed upon by Seller and Buyer to consummate the Transaction.

		(h)	Tax Forms. If applicable, duly completed and signed real estate transfer tax forms.

		(i)	Closing Statement. The Closing Statement, executed by Buyer.

The Purchase Price shall be paid
in accordance with the terms of Section 7.2 hereof and the items to be delivered by Buyer in accordance with the terms
of Subsections (b) through (i) of this Section 7.4 shall be delivered to Escrow Agent no later than
5:00 p.m. Eastern Time on the last business day prior to the Closing Date.

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ARTICLE
8 - CONDITIONS TO CLOSING

		8.1	Conditions to Seller’s Obligations. Seller’s obligation to close the Transaction
is conditioned on all of the following, any or all of which may be waived by Seller by an express written waiver, at its sole option:

		(a)	Representations True. All representations and warranties made by Buyer in this Agreement
shall be true and correct in all material respects on and as of the Closing Date, as if made on and as of such date except to the
extent they expressly relate to an earlier date;

		(b)	Buyer’s Financial Condition. No petition has been filed by or against Buyer under
the Federal Bankruptcy Code or any similar State or Federal Law, whether now or hereafter existing;

		(c)	Buyer’s Deliveries Complete. Buyer shall have delivered the funds required hereunder
and all of the documents to be executed by Buyer set forth in Section 7.4 and shall have performed all other covenants,
undertakings and obligations, and complied with all conditions required by this Agreement, to be performed or complied with by
Buyer at or prior to the Closing; and

		8.2	Conditions to Buyer’s Obligations. Buyer’s obligation to close the Transaction
is conditioned on all of the following, any or all of which may be expressly waived by Buyer in writing, at its sole option:

		(a)	Representations True. Subject to the provisions of Section 9.3, all representations
and warranties made by Seller in this Agreement, as the same may be amended as provided in Section 9.3, shall be true
and correct in all material respects on and as of the Closing Date, as if made on and as of such date except to the extent that
they expressly relate to an earlier date;

		(b)	Title Conditions Satisfied. At the time of the Closing, title to the Property shall be as
provided in Article 4 of this Agreement; and

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		(c)             Estoppel Certificates.	Seller shall have delivered, or caused to be delivered, to Buyer executed estoppel certificates
(the “Tenant Estoppels”) from the Required Tenants (i) dated after the date of this Agreement and (ii)
in the Required Form (provided, however, subject to Buyer’s reasonable approval, a Tenant Estoppel from William Sonoma or
Pottery Barn shall be deemed to satisfy the conditions set forth in this Section 8.2(c) even if it discloses matters relating
to the Lease Disclosures). Notwithstanding anything to the contrary which may be contained in this Agreement, in the event that
this condition shall not have been satisfied as of the Closing Date, Seller shall have the right, in its discretion, to elect to
extend the Closing Date for a period not to exceed sixty (60) days. Seller shall request a Tenant Estoppel from all tenants set
forth on Exhibit M.

		(d)	Seller’s Deliveries Complete. Seller shall have delivered all of the documents and
other items required pursuant to Section 7.3 and shall have performed all other covenants, undertakings and obligations,
and complied with all conditions required by this Agreement, to be performed or complied with by Seller at or prior to the Closing.

		(e)	Tenant Occupancy. At the time of the Closing, each tenant listed in Exhibit M
shall be (A) open for business in its space at the Property and (B) paying full base rent and all additional rent.  Notwithstanding
the foregoing, the condition set forth in this paragraph (e) with respect to clause (B) shall be deemed satisfied if (i) no tenant
of the Property has an accounts receivable balance for base rent and additional rent in excess of $6,000 for more than thirty (30)
days, and (ii) no more than four (4) tenants of the Property have an accounts receivable balance for base rent and additional rent
in excess of $1,500 for more than thirty (30) days.

		8.3	Waiver of Failure of Conditions Precedent. In the event that any of the conditions
set forth in Section 8.2 have not been satisfied or waived by Buyer prior to or on the Closing Date (as such Closing Date
may be extended in accordance with the terms of this Agreement), then Buyer may elect to terminate this Agreement by providing
written notice of such election to Seller and, upon any such termination, the Deposit shall be returned to Buyer and,
thereafter, the parties shall have no further rights or obligations hereunder except for obligations which expressly survive the
termination of this Agreement; provided, however, Buyer shall not be permitted to exercise such termination right if Buyer
shall then be in default under this Agreement.   In the event that any of the conditions set forth in Section 8.1
have not been satisfied or waived by Seller prior to or on the Closing Date (as such Closing Date may be extended in accordance
with the terms of this Agreement), then Seller may elect to terminate this Agreement by providing written notice of such election
to Buyer and, upon any such termination, the Deposit shall be paid to Seller as liquidated damages and,
thereafter, the parties shall have no further rights or obligations hereunder except for obligations which expressly survive the
termination of this Agreement; provided, however, Seller shall not be permitted to exercise such termination right if Seller
shall then be in default under this Agreement.

		8.4	Approvals not a Condition to Buyer’s Performance. Subject to Buyer’s right to
terminate this Agreement prior to the expiration of the Due Diligence Period in accordance with the terms of Article 5 hereof,
Buyer acknowledges and agrees that its obligation to perform under this Agreement is not contingent upon Buyer’s ability
to obtain any (a) governmental or quasi-governmental approval of changes or modifications in use or zoning, or (b) modification
of any existing land use restriction, or (c) consents to assignments of any service contracts, management agreements or other
agreements which Buyer requests, or (d) endorsements to the Owner’s Title Policy.

ARTICLE
9 - REPRESENTATIONS AND WARRANTIES

		9.1	Buyer’s Representations. Buyer represents and warrants to, and covenants with, Seller
as follows:

		9.1.1	Buyer’s Authorization. Buyer (a) is duly organized (or formed), validly existing
and in good standing under the Laws of its State of organization and, to the extent required by Law, the State in which
the Property is located, (b) is authorized to consummate the Transaction and fulfill all of its obligations hereunder
and under all Closing Documents to be executed by Buyer, and (c) has all necessary power to execute and deliver this Agreement
and all Closing Documents to be executed by Buyer, and to perform all of Buyer’s obligations hereunder and thereunder. This
Agreement and all Closing Documents to be executed by Buyer have been duly authorized by all requisite partnership, corporate or
other required action on the part of Buyer and are the valid and legally binding obligation of Buyer, enforceable in accordance
with their respective terms. Neither the execution and delivery of this Agreement and all Closing Documents to be executed by Buyer,
nor the performance of the obligations of Buyer hereunder or thereunder will result in the violation of any Law or any provision
of the organizational documents of Buyer or will conflict with any order or decree of any court or governmental instrumentality
of any nature by which Buyer is bound.

		9.1.2	Buyer’s Financial Condition. No petition has been filed by or against Buyer under
the Federal Bankruptcy Code or any similar State or Federal Law.

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		9.1.3	Patriot Act Compliance. Neither Buyer nor any person, group, entity or nation that Buyer
is acting, directly or indirectly for, or on behalf of, is named by any Executive Order (including the September 24, 2001, Executive
Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism) or the
United States Treasury Department as a terrorist, “Specially Designated National and Blocked Person,” or is otherwise
a banned or blocked person, group, entity, or nation pursuant to any Law that is enforced or administered by the Office of Foreign
Assets Control, and Buyer is not engaging in this Transaction, directly or indirectly, on behalf of, or instigating or facilitating
this Transaction, directly or indirectly, on behalf of, any such person, group, entity or nation. Buyer is not engaging in this
Transaction, directly or indirectly, in violation of any Laws relating to drug trafficking, money laundering or predicate crimes
to money laundering. None of the funds of Buyer have been or will be derived from any unlawful activity with the result that the
investment of direct or indirect equity owners in Buyer is prohibited by Law or that the Transaction or this Agreement is or will
be in violation of Law. Buyer has and will continue to implement procedures, and has consistently and will continue to consistently
apply those procedures, to ensure the foregoing representations and warranties remain true and correct at all times prior to Closing.

		9.1.4	ERISA. No asset used by Buyer in connection with the transactions contemplated by this Agreement
constitutes plan assets of any “employee benefit plan” as described in Section 3(3) of ERISA or any “plan”
as described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended.

Buyer’s representations
and warranties in this Section 9.1 are made as of the Commencement Date and are remade as of the Closing Date and shall
survive the Closing and not be merged therein.

		9.2	Seller’s Representations. Fee Seller or Leasehold Seller, as applicable, represents
and warrants to Buyer as follows:

		9.2.1	Seller’s Authorization. Each of Fee Seller and Leasehold Seller (a) is duly organized
(or formed), validly existing and in good standing under the Laws of its State of organization and, to the extent required by Law,
the State in which the Property is located, (b) is authorized to consummate the Transaction and fulfill all of its obligations
hereunder and under all Closing Documents to be executed by Fee Seller or Leasehold Seller, as applicable, and (c) has all necessary
power to execute and deliver this Agreement and all Closing Documents to be executed by Fee Seller or Leasehold Seller, as applicable,
and to perform all of Seller’s obligations hereunder and thereunder. This Agreement and all Closing Documents to be executed
by Fee Seller or Leasehold Seller, as applicable, have been duly authorized by all requisite partnership, corporate or other required

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action on the
part of Fee Seller or Leasehold Seller, as applicable, and are the valid and legally binding obligation of Fee Seller or Leasehold
Seller, as applicable, enforceable in accordance with their respective terms. Neither the execution and delivery of this Agreement
and all Closing Documents to be executed by Seller, nor the performance of the obligations of Seller hereunder or thereunder will
result in the violation of any Law or any provision of the organizational documents of Seller or will conflict with any order or
decree of any court or governmental instrumentality of any nature by which Seller is bound.

		9.2.2	Seller’s Knowledge Representations. To Seller’s knowledge:

		(a)	Except as listed in Exhibit L attached hereto and incorporated herein by this reference,
Seller has not received any written notice of any current or pending litigation against Seller which would, in the reasonable judgment
of Seller, if determined adversely to Seller, materially adversely affect the Property.

		(b)	As of the Commencement Date, Seller has not entered into any contracts, subcontracts or agreements
affecting the Property which will be binding upon Buyer after the Closing other than (i) the Contracts listed in Exhibit B
attached hereto, (ii) the Leases, and (iii) liens, encumbrances, covenants, conditions, restrictions, easements and other matters
of record.

		(c)	Except for defaults cured on or before the Commencement Date, Seller has not received any written
notice of default under the terms of any of the Contracts except as listed in Exhibit L attached hereto.

		(d)	As of the Commencement Date, the only tenants of the Property are the tenants listed in Exhibit
M attached hereto and incorporated herein by this reference; provided, however, that the foregoing is not
intended (and shall not be construed) as a representation by Seller of the parties that are in actual possession of any portion
of the Property since there may be subtenants, licensees or assignees that are in possession of portions of the Property of which
Seller may not be aware.

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		(e)	As of the Commencement Date, each of the Leases for the tenants listed on Exhibit M
are in full, force and effect in all material respects (except as set forth on Exhibit M-1 (“Lease Disclosures”)).
None of the Leases for the tenants listed on Exhibit M have been amended in writing in any material respect except
(i) as indicated in any documents which have been delivered or made available to Buyer or Buyer’s Representatives (including
by means of any website or other electronic means which have been delivered or made available to Buyer or Buyer’s Representatives),
(ii) as otherwise disclosed in writing by, or on behalf of, Seller to Buyer or Buyer’s Representatives (including by means
of any website or other electronic means which have been delivered or made available to Buyer or Buyer’s Representatives),
or (iii) except as may otherwise have been disclosed in any Tenant Estoppel which has been provided, or delivered to Buyer or Buyer’s
Representatives by, or on behalf of, Seller.

		(f)	Seller has not received written notice that the Property is in violation of any environmental laws
applicable to the Property, which violation has not been cured, except (i) as indicated in any documents which have been delivered
or made available to Buyer or Buyer’s Representatives (including by means of any website or other electronic means which
have been delivered or made available to Buyer or Buyer’s Representatives), (ii) as otherwise disclosed in writing by, or
on behalf of, Seller to Buyer or Buyer’s Representatives (including by means of any website or other electronic means which
have been delivered or made available to Buyer or Buyer’s Representatives), or (iii) except as may otherwise have been disclosed
in any Tenant Estoppel which has been provided or delivered to Buyer or Buyer’s Representatives by, or on behalf of, Seller.

		(g)	Except for violations cured or remedied on or before the Commencement Date and except as listed
in Exhibit L attached hereto, as of the Commencement Date, Seller has not received any written notice from any governmental
authority of any violation of any Law applicable to the Property.

Seller’s representations and warranties in this
Section 9.2 are made as of the Commencement Date and are remade as of the Closing Date, subject to the terms set forth in
Section 9.3.

		9.3	General Provisions.

		9.3.1	No Representation as to Leases. Except for any Seller Warranties, Seller does not represent
or warrant that any particular Lease or Leases will be in force or effect on the Closing Date or that the tenants will have performed
their obligations thereunder.

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		9.3.2	Seller’s Warranties Deemed Modified. To the extent that Buyer knows or is deemed to
know prior to the expiration of the Due Diligence Period that Seller’s Warranties are inaccurate, untrue or incorrect in
any way, such representations and warranties shall be deemed modified to reflect Buyer’s knowledge or deemed knowledge, as
the case may be.

		9.3.3	Breach of Seller’s Warranties prior to Closing.

		(a)	If at or prior to the Closing, any Buyer’s Representative obtains actual knowledge that any
of Seller’s Warranties were untrue, inaccurate or incorrect in any material respect as of the date made, or any Buyer’s
Representative discovers that any fact, matter or event exists or has first occurred that would cause any of Seller’s Warranties
to be untrue, inaccurate or incorrect if made after the date of this Agreement, then such Person shall deliver written notice to
Seller thereof within five (5) business days of obtaining such knowledge (but, in any event, prior to the Closing). If at or prior
to the Closing, Seller obtains actual knowledge that any of Seller’s Warranties are untrue, inaccurate or incorrect in any
material respect as of the date made, or Seller discovers that any fact, matter or event exists or has first occurred that would
cause any of Seller’s Warranties to be untrue, inaccurate or incorrect if made after the date of this Agreement, then Seller
shall deliver to Buyer written notice thereof within five (5) business days of obtaining such knowledge (but, in any event, prior
to the Closing). In either such event, Seller shall have the right to cure such misrepresentation, breach, untruth, or inaccuracy
and shall be entitled to a reasonable adjournment of the Closing (not to exceed sixty (60) days) for the purpose of such cure.

		(b)	If any breach of any of Seller’s Warranties made as of the date of this Agreement is first
discovered by Buyer after the date of this Agreement but prior to Closing and Seller either does not elect to or is not able to
so cure such breach, then Buyer, as its sole remedies for any and all such breaches, shall have the following rights:

		(i)	If any of Seller’s Warranties are, in the aggregate, untrue, inaccurate or incorrect in any
material respect as of the date of this Agreement, then Buyer may elect either (A) to waive such breaches and consummate the Transaction
without any reduction of or credit against the Purchase Price, or (B) to terminate this Agreement by written notice delivered to
Seller within five (5) days after Buyer first learns that Seller will not cure such breach, in which event this Agreement shall
be terminated, the Deposit shall be returned to Buyer, and Buyer may pursue its other rights and remedies available to Buyer upon
termination of this Agreement due to a Seller default pursuant to Section 11.1 below.

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		(ii)	If any of Seller’s Warranties are untrue, inaccurate or incorrect as of the date of this
Agreement but are not, in the aggregate, untrue, inaccurate or incorrect in any material respect, or if Buyer fails to terminate
this Agreement by written notice delivered to Seller within the five (5) day period described in clause (i) immediately
above, then Buyer shall be deemed to waive such breach of Seller’s Warranty(ies), and Buyer shall be required to consummate
the Transaction without any reduction of or credit against the Purchase Price.

		(c)	If any fact or matter is first discovered after the date of this Agreement but prior to the Closing
that causes any of Seller’s Warranties (if made as of the date such fact or matter is discovered) to be untrue or incorrect
(but Seller is not in breach of Seller’s Warranties made as of the date of this Agreement), or an event or circumstance
first occurs after the date of this Agreement but prior to the Closing that causes Seller’s Warranties (if made as of the
date such event or circumstance is first discovered by Seller) to be untrue or incorrect, and Seller either does not elect to or
is not able to so cure any such fact, matter, event, or circumstance, then Buyer, as its sole rights and remedies for any and all
such facts, matters, events, or circumstances, shall have the following rights:

		(i)	If the fact, matter, event, or circumstance causes any of Seller’s Warranties, in the aggregate,
to be untrue, inaccurate or incorrect in any material respect, then Buyer may elect either (A) to waive such inaccuracy and consummate
the Transaction without any reduction of or credit against the Purchase Price, or (B) to terminate this Agreement by written notice
delivered to Seller within five (5) days after Buyer first learns that Seller will not cure such fact, matter, event, or circumstance,
in which event this Agreement shall be terminated, the Deposit shall be returned to Buyer, Seller shall not be deemed to
be in default hereunder (and Buyer will not be permitted to pursue any of its rights or remedies under Section 11.1)
and, thereafter, neither party shall have any further rights or obligations hereunder except as provided in any section hereof
that by its terms expressly provides that it survives any termination of this Agreement.

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		(ii)	If the fact, matter, event, or circumstance causes Seller’s Warranties to be untrue, inaccurate
or incorrect but not, in the aggregate, in any material respect, or if Buyer fails to terminate this Agreement by written notice
delivered to Seller within the five (5) day period described in clause (i) immediately above, then Buyer shall be deemed
to waive any untruth or inaccuracy in Seller’s Warranties made at Closing as a result of such fact, matter, event, or circumstance,
and Buyer shall be required to consummate the Transaction without any reduction of or credit against the Purchase Price.

		(d)	The untruth, inaccuracy or incorrectness of Seller’s Warranties shall be deemed material
for purposes of this Agreement only if Buyer’s aggregate damages resulting from the untruth, inaccuracy or incorrectness
of Seller’s Warranties are reasonably estimated to exceed $25,000.

		9.3.4	Survival; Limitation on Seller’s Liability. Seller’s Warranties shall survive
the Closing and not be merged therein for a period of two hundred seventy (270) days and Seller shall only be liable to Buyer hereunder
for a breach of a Seller’s Warranty with respect to which a claim is made by Buyer in writing against Seller on or before
the two hundred seventieth (270th) day after the date of the Closing. Anything in this Agreement to the contrary notwithstanding,
the maximum aggregate liability of Seller for breaches of Seller’s Warranties shall be limited as set forth in Section 15.14
hereof. Notwithstanding the foregoing, however, if the Closing occurs, Buyer hereby expressly waives, relinquishes and releases
any right or remedy available to it at law, in equity, under this Agreement or otherwise to make a claim against Seller for damages
that Buyer may incur, or to rescind this Agreement and the Transaction, as the result of any of Seller’s Warranties being
untrue, inaccurate or incorrect if (a) Buyer knew or is deemed to know that such representation or warranty was untrue, inaccurate
or incorrect at the time of the Closing, or (b) Buyer’s damages as a result of such representations or warranties being untrue,
inaccurate or incorrect are reasonably estimated to aggregate to $25,000 or less.

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ARTICLE
10 - COVENANTS

		10.1	Buyer’s Covenants. Buyer hereby covenants as follows:

		10.1.1	Confidentiality. Buyer acknowledges that any information heretofore or hereafter furnished
to Buyer with respect to the Property has been and will be so furnished on the condition that Buyer maintains the confidentiality
thereof. Accordingly, Buyer shall hold, and shall cause the other Buyer’s Representatives to hold, in strict confidence,
and Buyer shall not disclose, and shall prohibit the other Buyer’s Representatives from disclosing, to any other person without
the prior written consent of Seller until the Closing shall have been consummated: (a) the terms of this Agreement, (b) any
of the information in respect of the Property delivered to or for the benefit of Buyer whether by any Buyer’s Representatives
or by any of the Seller Parties, including, but not limited to, any information heretofore or hereafter obtained by any Buyer’s
Representatives in connection with its Due Diligence, and (c) the identity of any direct or indirect owner of any beneficial
interest in Seller. Buyer’s obligation under clauses (a) and (c) of the immediately preceding sentence shall
survive the Closing and not be merged therein. In the event the Closing does not occur or this Agreement is terminated, Buyer shall,
upon the written request of Seller, promptly return to Seller all copies of documents containing any of such information without
retaining any copy thereof or extract therefrom. Buyer acknowledges and agrees that, notwithstanding the immediately preceding
sentence, it shall only deliver or provide to Seller originals or copies of any reports, tests, assessments or other documents
documenting, indicating, disclosing, discussing, setting forth or providing for the results of any Due Diligence performed by Buyer’s
Representatives with respect to the Property if such documents have been expressly requested by Seller in a written direction delivered
to Buyer. Notwithstanding anything to the contrary hereinabove set forth, Buyer may disclose such information (i) on a need-to-know
basis to its employees, attorneys, members of professional firms serving it or potential lenders, (ii) as any governmental
agency may require in order to comply with applicable Laws or a court order, and (iii) to the extent that such information is a
matter of public record. The provisions of this Subsection 10.1.1 shall survive any termination of this Agreement.

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		10.1.2	Buyer’s Indemnity. Buyer hereby agrees to indemnify, defend, and hold each of the
Seller Parties free and harmless from and against any and all Liabilities (including reasonable attorneys’ fees, expenses
and disbursements) arising out of or resulting from (a) the breach of the terms of Subsection 10.1.1 or (b) the entry
on the Real Property and/or the conduct of any Due Diligence by any Buyer’s Representatives at any time prior to the Closing;
provided, however, that Buyer’s obligations under this clause (b) shall not apply to the mere discovery
of a pre-existing environmental or physical condition at the Property unless Buyer exacerbates such condition. The provisions of
this section shall survive the Closing (and not be merged therein) or any earlier termination of this Agreement. In the event Buyer
receives a written request from Seller that Buyer do so, Buyer shall deliver promptly to Seller copies of all third party reports
commissioned by or on behalf of Buyer evidencing the results of its Due Diligence.

		10.2	Seller’s Covenants. Seller hereby covenants as follows:

		10.2.1	Contracts.

		(a)	Without Buyer’s prior consent, which consent shall not be unreasonably withheld, conditioned
or delayed, between the Commencement Date and the Closing Date Seller shall not extend, renew, replace or otherwise modify any
Contract or enter into any new service contract or agreement relating to the Property unless such Contract, service contract or
agreement (as so extended, renewed, replaced or modified) can be terminated by the owner of the Property without penalty on not
more than thirty (30) days’ notice. Seller shall furnish Buyer with a written notice of the proposed transaction which
shall contain information that Seller believes is reasonably necessary to enable Buyer to make informed decisions with respect
to the advisability of the proposed transaction. If Buyer fails to object in writing to the terms set forth in Seller’s notice
within three (3) business days after receipt thereof, Buyer shall be deemed to have approved the terms of the proposed transaction.
Buyer’s consent shall not be unreasonably withheld, conditioned or delayed with respect to any such transaction that is proposed
prior to the expiration of the Due Diligence Period. Buyer, in its sole and absolute discretion, shall be entitled to grant or
withhold its consent with respect to any such transaction that is proposed between the expiration of the Due Diligence Period and
the Closing.

		(b)	On or before the Closing, Seller shall terminate any management agreements currently in effect
with respect to the Property at the sole cost and expense of Seller.

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		10.2.2	Maintenance of Property. Except to the extent Seller is relieved of such obligations by
Article 12 hereof, between the Commencement Date and the Closing Date Seller shall maintain and keep the Property in
a manner substantially consistent with Seller’s past practices with respect to the Property; provided, however,
that, subject to Buyer’s right to terminate this Agreement prior to the expiration of the Due Diligence Period in accordance
with the terms of Article 5 hereof, Buyer hereby agrees that, notwithstanding this Section 10.2.2 or any other
term or provision of this Agreement, Buyer shall accept the Property subject to, and Seller shall have no obligation to cure, (a) any
violations of Laws, or (b) any physical conditions which would give rise to violations of Laws, whether the same now exist or arise
prior to Closing. Between the Commencement Date and the Closing Date, Seller will advise Buyer of any written notice Seller receives
after the Commencement Date from any governmental authority of the violation of any Laws regulating the condition or use of the
Property.

		10.3	Mutual Covenants.

		10.3.1	Publicity. Seller and Buyer each hereby covenant and agree that (a) prior to the Closing
neither Seller nor Buyer shall issue any Release (as hereinafter defined) with respect to the Transaction without the prior consent
of the other, except to the extent required by applicable Law, and (b) after the Closing, any Release issued by either Seller
or Buyer shall be subject to the review and approval of both parties (which approval shall not be unreasonably withheld, conditioned
or delayed), except to the extent required by applicable Law. If either Seller or Buyer is required by applicable Law to issue
a Release, such party shall, at least two (2) business days prior to the issuance of the same, deliver a copy of the proposed Release
to the other party for its review. As used herein, the term “Release” shall mean any press release or
public statement with respect to the Transaction or this Agreement.

		10.3.2	Brokers. Seller and Buyer expressly acknowledge that Seller’s Broker has acted as
the exclusive broker with respect to the Transaction and with respect to this Agreement. Seller shall pay any brokerage commission
due to Seller’s Broker in accordance with the separate agreement between Seller and Seller’s Broker. Seller agrees
to hold Buyer harmless and indemnify Buyer from and against any and all Liabilities (including reasonable attorneys’ fees,
expenses and disbursements) suffered or incurred by Buyer as a result of any claims by Seller’s Broker or any other party
claiming to have represented Seller as broker in connection with the Transaction. Buyer agrees to hold Seller harmless and indemnify
Seller from and against any and all Liabilities (including reasonable attorneys’ fees, expenses and disbursements) suffered
or incurred by Seller as a result of any claims by any party claiming to have represented Buyer as broker in connection with the
Transaction.

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		10.3.3	Tax Protests; Tax Refunds and Credits. Seller shall have the right to continue and to control
the progress of and to make all decisions with respect to any contest of the real estate taxes and personal property taxes for
the Property due and payable during the Closing Tax Year and all prior Tax Years. Buyer shall have the right to control the progress
of and to make all decisions with respect to any tax contest of the real estate taxes and personal property taxes for the Property
due and payable during all Tax Years subsequent to the Closing Tax Year. All real estate and personal property tax refunds and
credits received after Closing with respect to the Property shall be applied in the following order of priority: first,
to pay the costs and expenses (including reasonable attorneys’ fees, expenses and disbursements) incurred in connection with
obtaining such tax refund or credit; second, to pay any amounts due to any past or present tenant of the Property as a result
of such tax refund or credit to the extent required pursuant to the terms of the Leases; and third, apportioned between
Buyer and Seller as follows:

		(a)	with respect to any refunds or credits attributable to real estate and personal property taxes
due and payable during the Closing Tax Year (regardless of the year for which such taxes are assessed), such refunds and credits
shall be apportioned between Buyer and Seller in the manner provided in Section 6.3;

		(b)	with respect to any refunds or credits attributable to real estate and personal property taxes
due and payable during any period prior to the Closing Tax Year (regardless of the year for which such taxes are assessed), Seller
shall be entitled to the entire refunds and credits; and

		(c)	with respect to any refunds or credits attributable to real estate and personal property taxes
due and payable during any period after the Closing Tax Year (regardless of the year for which such taxes are assessed), Buyer
shall be entitled to the entire refunds and credits.

		10.3.4	Survival. The provisions of this Section 10.3 shall survive the Closing (and
not be merged therein) or earlier termination of this Agreement.

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ARTICLE
11 - DEFAULT

		11.1	To Seller’s Obligations. If, on or before the Closing Date, (i) Buyer is in default
of any of its obligations hereunder, or (ii) any of Buyer’s representations or warranties are, in the aggregate, untrue,
inaccurate or incorrect, in any material respect, or (iii) the Closing otherwise fails to occur by reason of Buyer’s
failure or refusal to perform its obligations hereunder in a prompt and timely manner, and any such circumstance described in any
of clauses(i), (ii) or (iii) continues for five (5) business days after written notice from Seller to Buyer,
which written notice shall detail such default, untruth or failure, as applicable, then Seller may elect to (a) terminate
this Agreement by written notice to Buyer, promptly after which the Deposit shall be paid to Seller as liquidated damages and,
thereafter, the parties shall have no further rights or obligations hereunder except for obligations which expressly survive the
termination of this Agreement; or (b) waive the condition and proceed to close the Transaction. If this Agreement is so terminated,
then Seller shall be entitled to the Deposit as liquidated damages, and thereafter neither party to this Agreement shall have any
further rights or obligations hereunder other than any arising under any section herein which expressly provides that it survives
the termination of this Agreement. THE AMOUNT PAID TO AND RETAINED BY SELLER AS LIQUIDATED DAMAGES PURSUANT TO THE FOREGOING PROVISIONS
SHALL BE SELLER’S SOLE AND EXCLUSIVE REMEDY IF BUYER FAILS TO CLOSE THE PURCHASE OF THE PROPERTY. THE PARTIES HERETO EXPRESSLY
AGREE AND ACKNOWLEDGE THAT SELLER’S ACTUAL DAMAGES IN THE EVENT OF A DEFAULT BY BUYER WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE
TO ASCERTAIN AND THAT THE AMOUNT OF THE DEPOSIT PLUS ANY INTEREST ACCRUED THEREON REPRESENTS THE PARTIES’ REASONABLE ESTIMATE
OF SUCH DAMAGES. THE PAYMENT OF SUCH AMOUNT AS LIQUIDATED DAMAGES IS NOT INTENDED AS A FORFEITURE OR PENALTY, BUT IS INTENDED TO
CONSTITUTE LIQUIDATED DAMAGES TO SELLER. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS SECTION 11.1,
SELLER AND BUYER AGREE THAT THIS LIQUIDATED DAMAGES PROVISION IS NOT INTENDED AND SHOULD NOT BE DEEMED OR CONSTRUED TO LIMIT IN
ANY WAY BUYER’S INDEMNITY OBLIGATIONS UNDER THIS AGREEMENT.

Seller’s Initials: __________Buyer’s
Initials: __________

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		11.2	To Buyer’s Obligations. If, at the Closing, (i) Seller is in default of any of
its obligations hereunder, or (ii) any of Seller’s Warranties are, in the aggregate, untrue, inaccurate or incorrect
in any material respect, or (iii) the Closing otherwise fails to occur by reason of Seller’s failure or refusal to perform
its obligations hereunder in a prompt and timely manner, and any such circumstance described in any of clauses (i),
(ii) or (iii) continues for five (5) business days after written notice from Buyer to Seller, which written notice
shall detail such default, untruth or failure, as applicable, then Buyer shall have the right to elect, as its sole and exclusive
remedy, to (a) terminate this Agreement by written notice to Seller, promptly after which the Deposit shall be returned to
Buyer and, thereafter, the parties shall have no further rights or obligations hereunder except for obligations which expressly
survive the termination of this Agreement, or (b) waive the condition and proceed to close the Transaction, or (c) seek specific
performance of this Agreement by Seller. As a condition precedent to Buyer exercising any right it may have to bring an action
for specific performance hereunder, Buyer must commence such an action within thirty (30) days after the occurrence of Seller’s
default. Buyer agrees that its failure to timely commence such an action for specific performance within such thirty (30)
day period shall be deemed a waiver by it of its right to commence an action for specific performance as well as a waiver by it
of any right it may have to file or record a notice of lis pendens or notice of pendency of action or similar notice against
any portion of the Property. If Buyer has elected to pursue the remedy of specific performance under clause (c) above against Seller,
and it is judicially determined that Seller has willfully and intentionally caused a default such that specific performance is
not a legally available remedy to Buyer as a result thereof, Buyer shall have the right to pursue a claim for money damages up
to an amount not to exceed the Deposit.

ARTICLE
12 - CONDEMNATION/CASUALTY

		12.1	Right to Terminate. If, after the Commencement Date and prior to the Closing Date, (a) any
portion of the Property is taken by condemnation or eminent domain (or is the subject of a pending taking which has not yet been
consummated), or (b) any portion of the Property is damaged or destroyed (excluding routine wear and tear), Seller shall notify
Buyer in writing of such fact promptly after obtaining knowledge thereof. If the Property is the subject of a Major Casualty/Condemnation
that occurs after the Commencement Date, Buyer shall have the right to terminate this Agreement by giving written notice to Seller
no later than ten (10) business days after the giving of Seller’s notice, and the Closing Date shall be extended, if necessary,
to provide sufficient time for Buyer to make such election. The failure by Buyer to so elect in writing to terminate this Agreement
within such ten (10) business day period shall be deemed an election not to terminate this Agreement. If this Agreement is terminated
pursuant to this Section 12.1, the Deposit shall be returned to Buyer and, thereafter, this Agreement shall terminate
and neither party to this Agreement shall have any further rights or obligations hereunder other than any arising under any section
herein which expressly provides that it shall survive the termination of this Agreement.

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		12.2	Allocation of Proceeds and Awards. If a condemnation or casualty occurs after the Commencement
Date and this Agreement is not terminated as permitted pursuant to the terms of Section 12.1, then this Agreement shall
remain in full force and effect, Buyer shall acquire the remainder of the Property upon the terms and conditions set forth herein
and at the Closing:

		(a)	if the awards or proceeds, as the case may be, have been paid to Seller prior to Closing, Buyer
shall receive a credit at Closing equal to (i) the amount of any such award or proceeds on account of such condemnation or casualty,
plus (ii) if a casualty has occurred and such casualty is an insured casualty, an amount equal to Seller’s deductible
with respect to such casualty, less (iii) an amount equal to the Seller-Allocated Amounts; and

		(b)	to the extent that such award or proceeds have not been paid to Seller prior to Closing, (i) if
a casualty has occurred and such casualty is an insured casualty, Buyer shall receive a credit at Closing equal to Seller’s
deductible with respect to such casualty, less an amount equal to the Seller-Allocated Amounts, and (ii) Seller shall assign to
Buyer at the Closing (without recourse to Seller) the rights of Seller to, and Buyer shall be entitled to receive and retain, such
awards or proceeds; provided, however, that within one (1) business day after receipt of such awards or proceeds,
Buyer shall pay to Seller an amount equal to the Seller-Allocated Amounts not previously paid to Seller.

		12.3	Insurance. Seller shall maintain the property insurance coverage currently in effect for
the Property, or comparable coverage, through the Closing Date.

		12.4	Waiver. The provisions of this Article 12 supersede the provisions of any applicable
Laws with respect to the subject matter of this Article 12.

    	40

    	 

    

 

ARTICLE
13 - ESCROW PROVISIONS

The Deposit and any other sums (including, without limitation,
any interest earned thereon) which the parties agree shall be held in escrow (herein collectively called the “Escrow
Deposits”), shall be held by the Escrow Agent, in trust, and disposed of only in accordance with the following provisions:

		(a)	The Escrow Agent shall invest the Escrow Deposits in government insured interest-bearing instruments
reasonably satisfactory to both Buyer and Seller, shall not commingle the Escrow Deposits with any funds of the Escrow Agent or
others, and shall promptly provide Buyer and Seller with confirmation of the investments made.

		(b)	If the Closing occurs, the Escrow Agent shall deliver the Escrow Deposits to, or upon the instructions
of, Seller on the Closing Date.

		(c)	If for any reason the Closing does not occur, the Escrow Agent shall deliver the Escrow Deposits
and all interest earned thereon to Seller or Buyer only upon receipt of a written demand therefor from such party, subject to the
following provisions of this Subsection (c). If for any reason the Closing does not occur and either party makes a
written demand upon the Escrow Agent for payment of the Escrow Deposits or the interest earned thereon, the Escrow Agent shall
give written notice to the other party of such demand. If the Escrow Agent does not receive a written objection from the other
party to the proposed payment within five (5) business days after the giving of such notice (provided, however, that if Buyer terminates
this Agreement prior to the expiration of the Due Diligence Period, the Escrow Agent shall return the Deposit to Buyer promptly
after providing written notice to Seller), the Escrow Agent is hereby authorized to make such payment. If the Escrow Agent does
receive such written objection within such period, the Escrow Agent shall continue to hold such amount until otherwise directed
by written instructions signed by Seller and Buyer or a final judgment of a court.

		(d)	The parties acknowledge that the Escrow Agent is acting solely as a stakeholder at their request
and for their convenience, that the Escrow Agent shall not be deemed to be the agent of either of the parties, and that the Escrow
Agent shall not be liable to either of the parties for any action or omission on its part taken or made in good faith, and not
in disregard of this Agreement, but shall be liable for its negligent acts and for any Liabilities (including reasonable attorneys’
fees, expenses and disbursements) incurred by Seller or Buyer resulting from the Escrow Agent’s mistake of law respecting
the Escrow Agent’s scope or nature of

    	41

    	 

    

 

its duties.
Seller and Buyer shall jointly and severally indemnify and hold the Escrow Agent harmless from and against all Liabilities (including
reasonable attorneys’ fees, expenses and disbursements) incurred in connection with the performance of the Escrow Agent’s
duties hereunder, except with respect to actions or omissions taken or made by the Escrow Agent in bad faith, in disregard of this
Agreement or involving negligence on the part of the Escrow Agent.

		(e)	Buyer shall pay any income taxes on any interest earned on the Escrow Deposits. Buyer represents
and warrants to the Escrow Agent that its taxpayer identification number is 45-3116078.

		(f)	The Escrow Agent has executed this Agreement in the place indicated on the signature page hereof
in order to confirm that the Escrow Agent has received and shall hold the Escrow Deposits and the interest earned thereon, in escrow,
and shall disburse the Escrow Deposits, and the interest earned thereon, pursuant to the provisions of this Article 13.

The provisions of this Article 13 shall survive
the Closing (and not be merged therein) or earlier termination of this Agreement.

ARTICLE
14 - LEASING MATTERS

		14.1	New Leases; Lease Modifications. After the Commencement Date, except as may be permitted
by the terms of this Section 14.1, Seller shall not, without Buyer’s prior written consent in each instance,
which consent must be given or denied, with the reasons for such denial specified in reasonable detail, within five (5) business
days after receipt by Buyer of the information referred to in the next sentence, (a) enter into a New Lease; (b) modify or amend
any Pre-Commencement Date Lease (except pursuant to the exercise by a tenant of a renewal, extension or expansion option or other
right contained in such tenant’s Lease); or (c) consent to any assignment or sublease in connection with any Lease.
Seller shall furnish Buyer with a written notice of the proposed transaction which shall contain information that Seller believes
is reasonably necessary to enable Buyer to make informed decisions with respect to the advisability of the proposed action. If
Buyer fails to object in writing to any such proposed action within five (5) business days after receipt of the aforementioned
information, Buyer shall be deemed to have approved the proposed action. Buyer’s consent shall not be unreasonably withheld,
conditioned or delayed with respect to any such action that is proposed prior to the expiration of the Due Diligence Period. Buyer,
in its sole and absolute discretion, shall be entitled to grant or withhold its consent with respect to any such action that is
proposed between the expiration of the Due Diligence Period and the Closing. Notwithstanding the foregoing, if any Lease requires
that the landlord’s consent be given under the applicable circumstances (or not be unreasonably withheld, conditioned or
delayed), then Buyer shall be deemed ipso facto to have approved such action. Any notice from Buyer

    	42

    	 

    

 

rejecting the
proposed action shall include a description of the reasons for Buyer’s rejection. If Buyer rejects any action proposed during
the Due Diligence Period, Seller nevertheless retains full right, power and authority to execute such documents as are necessary
to effect such action, and Seller shall promptly advise Buyer of the same. The foregoing notwithstanding, in the event Buyer has
rejected any action that was proposed during the Due Diligence Period and, thereafter, Seller notifies Buyer that Seller intends
to effect such proposed action, Buyer shall have the right, within five (5) business days after receipt of Seller’s notice
that Seller has taken such action, to elect to terminate this Agreement by the delivery to Seller of a written notice of termination,
in which case the Deposit shall be paid to Buyer and, thereafter, the parties shall have no further rights or obligations hereunder
other than any arising under any section herein which expressly provides that it shall survive the termination of this Agreement.
If Buyer fails to notify Seller within such time period, Buyer shall be deemed to have fully waived any rights to terminate this
Agreement pursuant to this Section 14.1. Seller shall deliver to Buyer a true and complete copy of each such New Lease,
renewal or extension agreement, modification, or amendment, as the case may be, promptly after the execution and delivery thereof.

		14.2	Lease Enforcement. Seller shall have the right, but not the obligation (except to the extent
that Seller’s failure to act shall constitute a waiver of such rights or remedies), to enforce the rights and remedies of
the landlord under any Lease, by summary proceedings or otherwise (including, without limitation, the right to remove any tenant),
and to apply all or any portion of any security deposits then held by Seller toward any loss or damage incurred by Seller by reason
of any defaults by tenants, and the exercise of any such rights or remedies shall not affect the obligations of Buyer under this
Agreement in any manner or entitle Buyer to a reduction in, or credit or allowance against, the Purchase Price or give rise to
any other claim on the part of Buyer.

		14.3	Lease Expenses. At Closing, Buyer shall reimburse Seller for any and all Reimbursable Lease
Expenses to the extent that the same have been paid or incurred by Seller prior to Closing. In addition, at Closing, (i) Buyer
shall assume Seller’s obligations to pay, when due (whether on a stated due date or accelerated) any Reimbursable Lease Expenses
unpaid as of the Closing, and (ii) Buyer hereby agrees to indemnify and hold Seller harmless from and against any and all Liabilities
(including reasonable attorneys’ fees, expenses and disbursements) with respect to such Reimbursable Lease Expenses which
remain unpaid for any reason at the time of Closing, which obligations of Buyer shall survive the Closing and shall not be merged
therein. Each party shall make available to the other all records, bills, vouchers and other data in such party’s control
verifying Reimbursable Lease Expenses and the payment thereof.

    	43

    	 

    

 

ARTICLE
15 - MISCELLANEOUS

		15.1	Buyer’s Assignment.

		(a)	Buyer shall not assign this Agreement or its rights hereunder, directly or indirectly through the
sale or transfer of direct or indirect interests in Buyer, other than to a Permitted Assignee that satisfies the requirements and
conditions of this Section 15.1 below.

		(b)	In the event Buyer intends to assign its rights hereunder to a Permitted Assignee:

		(i)	Buyer shall send Seller written notice at least seven (7) business days prior to the Closing Date,
which notice shall include the legal name and structure of the Permitted Assignee and evidence reasonably satisfactory to Seller
of the valid legal existence of the Permitted Assignee and of the authority of the Permitted Assignee to execute and deliver any
and all documents required of Buyer under the terms of this Agreement; and

		(ii)	Buyer and the Permitted Assignee shall execute an assignment and assumption of this Agreement pursuant
to which Buyer’s obligations hereunder are expressly assumed by the Permitted Assignee and which shall provide for the joint
and several liability condition set forth in Section 15.1(c)(ii).

		(c)	Notwithstanding any provision in this Agreement to the contrary:

		(i)	Any permitted assignment by Buyer shall not relieve Buyer of any of its obligations and liabilities
hereunder including obligations and liabilities which survive the Closing or the termination of this Agreement, nor shall any such
assignment alter, impair or relieve such assignee from the waivers, acknowledgements and agreements of Buyer set forth herein,
including, but not limited to, those set forth in Article 5, Article 9 and Article 10 hereof, all of which
will be binding upon the proposed assignee;

		(ii)	Upon any such assignment the Buyer and the Permitted Assignee shall be and remain jointly and severally
liable for the obligations and liabilities of Buyer under this Agreement; and

    	44

    	 

    

 

		(iii)	No transfer by Buyer of any interest in this Agreement and no transfers of direct or indirect interests
in Buyer shall be permitted if the same would cause the representations and warranties made in Section 9.1.3 to be untrue,
inaccurate or incomplete and Buyer covenants to cooperate with Seller’s requests to provide documentation reasonably necessary
or desirable for Seller to verify that such representations and warranties are true, accurate and complete at all times prior to
Closing. If Buyer fails to provide the requested documentation to Seller at least five (5) business days prior to the Closing Date,
then Seller shall have the right, at its election, to postpone the Closing Date for a period not to exceed ten (10) days.

		(d)	1031 Exchange. Seller acknowledges that Buyer may desire to effect a tax-deferred like-kind
exchange with respect to its purchase of the Property pursuant to Section 1031 of the Internal Revenue Code and any similar
provisions of State or local Law (an “Exchange”). Subject to the terms and provisions of this section,
Seller shall reasonably cooperate with Buyer in effecting any Exchange; provided, however, in no event shall Seller
be required to incur any delays, expenses or risk of ownership, title or conveyance in connection with such cooperation. Any Exchange
will be structured by Buyer at its sole cost and expense such that Seller will have no obligation to acquire or enter into the
chain of title to any property other than the Property. Seller’s sole obligation in connection with any Exchange shall be
to review and execute certain customary documentation reasonably acceptable to Seller necessary to effectuate such Exchange in
accordance with the foregoing and the applicable rules governing such exchanges. Seller shall not by this Agreement or acquiescence
to any Exchange have its rights under this Agreement modified or diminished in any manner or be responsible for compliance with
or be deemed to have warranted to Buyer that any Exchange in fact complies with Section 1031 of the Internal Revenue Code.
Seller shall have the right to review and approve any documents to be executed by Seller in connection with any Exchange; provided,
however, such approval shall not be unreasonably withheld, conditioned or delayed. Seller shall have no obligation to execute
any documents or to undertake any action by which Seller would or might incur any liability or obligation not otherwise provided
for in the other provisions of this Agreement. Neither the conveyance of title to the Property to Buyer’s designated intermediary,
or qualified exchange accommodation title holder (if applicable), nor the Exchange shall amend or modify the representations, warranties
and covenants of Buyer to Seller under this Agreement or the survival thereof pursuant to this Agreement in any respect, nor shall
any such conveyance or Exchange result in a release of Buyer with respect to such representations, warranties and/or covenants.
The Closing Date shall not be extended as a result of any Exchange. Buyer hereby agrees to indemnify, defend and hold Seller harmless
from and against any and all Liabilities arising from any Exchange (other than what would have been applicable under this Agreement
without such Exchange), which indemnification agreement shall

    	45

    	 

    

 

			expressly survive the Closing and not be merged therein. Buyer further acknowledges that any Exchange
is at the request and initiation of Buyer, and Seller in no manner, expressly or implicitly, participated in or offered tax advice
or planning to or for the benefit of Buyer. Buyer is relying solely upon the advice and counsel of professionals of the Buyer’s
choice in structuring, executing and consummating any Exchange. Notwithstanding the foregoing provisions of this Section 15.1,
Buyer shall deliver to Seller, at least ten (10) days prior to the Closing, written notice of the name and identity of the Person
who will acquire title to the Property from Seller, together with copies of all documents that Seller will be requested to sign
in connection with the Exchange. Notwithstanding anything to the contrary stated in this Agreement, in the event of an Exchange,
all closing documents and any and all other instruments and/or documents to be executed in connection with the Exchange will be
executed and delivered into escrow by Buyer at least five (5) days prior to the Closing.

		15.2	Designation Agreement. Section 6045(e) of the United States Internal Revenue Code and
the regulations promulgated thereunder (herein collectively called the “Reporting Requirements”) require
an information return to be made to the United States Internal Revenue Service, and a statement to be furnished to Seller, in connection
with the Transaction. Escrow Agent is either (x) the person responsible for closing the Transaction (as described in the Reporting
Requirements) or (y) the disbursing title or escrow company that is most significant in terms of gross proceeds disbursed in connection
with the Transaction (as described in the Reporting Requirements). Accordingly:

		(a)	Escrow Agent is hereby designated as the “Reporting Person” (as defined in the
Reporting Requirements) for the Transaction. Escrow Agent shall perform all duties that are required by the Reporting Requirements
to be performed by the Reporting Person for the Transaction.

		(b)	Seller and Buyer shall furnish to Escrow Agent, in a timely manner, any information requested by
Escrow Agent and necessary for Escrow Agent to perform its duties as Reporting Person for the Transaction.

		(c)	Escrow Agent hereby requests Seller to furnish to Escrow Agent Seller’s correct taxpayer
identification number. Seller acknowledges that any failure by Seller to provide Escrow Agent with Seller’s correct taxpayer
identification number may subject Seller to civil or criminal penalties imposed by law. Accordingly, Seller hereby certifies to
Escrow Agent, under penalties of perjury, that (i) Fee Seller’s correct taxpayer identification number is 20-0285269 and
(ii) Leasehold Seller’s correct taxpayer identification number is 20-0285269.

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		(d)	Each of the parties hereto shall retain this Agreement for a period of four (4) years following
the calendar year during which Closing occurs.

		15.3	Survival/Merger. Except for the provisions of this Agreement which are explicitly stated
to survive the Closing, (a) none of the terms of this Agreement shall survive the Closing, and (b) the delivery of the
Purchase Price, the Deed and the other Closing Documents and the acceptance thereof shall effect a merger, and be deemed the full
performance and discharge of every obligation on the part of Buyer and Seller to be performed hereunder.

		15.4	Integration; Waiver. This Agreement, together with the Exhibits hereto, embodies and constitutes
the entire understanding between the parties with respect to the Transaction and all prior agreements, understandings, representations
and statements, oral or written, are merged into this Agreement. Neither this Agreement nor any provision hereof may be waived,
modified, amended, discharged or terminated except by an instrument signed by the party against whom the enforcement of such waiver,
modification, amendment, discharge or termination is sought, and then only to the extent set forth in such instrument. No waiver
by either party hereto of any failure or refusal by the other party to comply with its obligations hereunder shall be deemed a
waiver of any other or subsequent failure or refusal to so comply.

		15.5	Governing Law. This Agreement shall be governed by, and construed in accordance with, the
law of the State in which the Property is located.

		15.6	Captions Not Binding; Exhibits. The captions in this Agreement are inserted for reference
only and in no way define, describe or limit the scope or intent of this Agreement or of any of the provisions hereof. All Exhibits
attached hereto shall be incorporated by reference as if set out herein in full.

		15.7	Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the
parties hereto and their respective successors and permitted assigns.

		15.8	Severability. If any term or provision of this Agreement or the application thereof to any
persons or circumstances shall, to any extent, be invalid or unenforceable, the remainder of this Agreement or the application
of such term or provision to persons or circumstances other than those as to which it is held invalid or unenforceable shall not
be affected thereby, and each term and provision of this Agreement shall be valid and enforced to the fullest extent permitted
by law.

		15.9	Notices. Any notice, request, demand, consent, approval and other communications under this
Agreement shall be in writing, and shall be deemed duly given or made at the time and on the date when received by facsimile or
by e-mail or when personally delivered as shown on a receipt therefor (which shall include delivery by a nationally recognized
overnight delivery service) or three (3) business days after being mailed by prepaid registered or certified mail, return receipt
requested, to the address for each party set forth below. Any party, by written notice to the other in the manner herein provided,
may designate an address different from that set forth below.

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	 	IF TO BUYER:	IREIT Business Manager & Advisor, Inc.
			c/o Inland Real Estate Acquisitions, Inc.

			1400 Preston Rd, Suite 400

			Plano, TX 75093

Fax No.: 972-930-0222

Attention: Matthew Tice

			Email: tice@inlandgroup.com

	 	COPY TO:	The Inland Real Estate Group, Inc.
			Law Department

			2901 Butterfield Road

			Oak Brook, IL 60523

Fax No.: 630-218-4900

Attention: David Neboyskey
	 	 	Email: dneboyskey@inlandgroup.com
	 	 	 
	 	IF TO SELLER:	c/o Miller Capital Advisory, Inc.

                                             5750 Old Orchard Road, Suite 400

                                             Skokie, Illinois 60077

                                             Fax No.: (847) 966-9628

                                             Attn: Andrew R. Miller

                                             Email: amiller@miller-capital.com

	 	 	 
	 	COPY TO:	Greenberg Traurig, LLP

                                    77 W. Wacker Drive, Suite 3100

                                    Chicago, Illinois 60601

                                    Fax No.: (312) 899-0427

                                    Attention: Jason M. Toon, Esq.

                                    Email: toonj@gtlaw.com

	 	 	 

  

			

		15.10	Counterparts. This Agreement may be executed in counterparts, each of which shall be an
original and all of which counterparts taken together shall constitute one and the same agreement.

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		15.11	No Recordation. Seller and Buyer each agrees that neither this Agreement nor any memorandum
or notice hereof shall be recorded and Buyer agrees (a) not to file any notice of pendency or other instrument (other than a judgment)
against the Property or any portion thereof in connection herewith and (b) to indemnify Seller against all Liabilities (including
reasonable attorneys’ fees, expenses and disbursements) incurred by Seller by reason of the filing by Buyer of such notice
of pendency or other instrument. Notwithstanding the foregoing, if the same is permitted pursuant to applicable Laws, Buyer shall
be entitled to record a notice of lis pendens if Buyer is entitled to seek (and is actually seeking) specific performance
of this Agreement by Seller in accordance with the terms of Section 11.2 hereof.

		15.12	Additional Agreements; Further Assurances. Subject to the terms and conditions herein provided,
each of the parties hereto shall execute and deliver such documents as the other party shall reasonably request in order to consummate
and make effective the Transaction; provided, however, that the execution and delivery of such documents by such
party shall not result in any additional liability or cost to such party.

		15.13	Construction. The parties acknowledge that each party and its counsel have reviewed and
revised this Agreement and that the normal rule of construction to the effect that any ambiguities are to be resolved against the
drafting party shall not be employed in the interpretation of this Agreement, any amendment or modification hereof or any of the
Closing Documents.

		15.14	Maximum Aggregate Liability. Notwithstanding any provision to the contrary contained in
this Agreement or the Closing Documents, the maximum aggregate liability of the Seller Parties, and the maximum aggregate amount
which may be awarded to and collected by Buyer, in connection with the Transaction, the Property, under this Agreement and under
all Closing Documents (including, without limitation, in connection with the breach of any of Seller’s Warranties for which
a claim is timely made by Buyer) shall not exceed One Million Dollars ($1,000,000). The provisions of this Section 15.14
shall survive the Closing (and not be merged therein) or any earlier termination of this Agreement.

		15.15	Time of Essence. Time is of the essence with respect to this Agreement.

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		15.16	Jurisdiction.
WITH RESPECT TO ANY SUIT, ACTION OR PROCEEDINGS ARISING OUT OF OR RELATING TO THE TRANSACTION, THIS AGREEMENT, THE PROPERTY OR
THE RELATIONSHIP OF BUYER AND SELLER HEREUNDER (“PROCEEDINGS”) EACH PARTY IRREVOCABLY (A) SUBMITS TO THE
EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF ILLINOIS AND THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF
ILLINOIS, AND (B) WAIVES ANY OBJECTION WHICH IT MAY HAVE AT ANY TIME TO THE LAYING OF VENUE OF ANY PROCEEDINGS BROUGHT IN
ANY SUCH COURT, WAIVES ANY CLAIM THAT SUCH PROCEEDINGS HAVE BEEN BROUGHT IN AN INCONVENIENT FORUM AND FURTHER WAIVES THE RIGHT
TO OBJECT, WITH RESPECT TO SUCH PROCEEDINGS, THAT SUCH COURT DOES NOT HAVE JURISDICTION OVER SUCH PARTY. THE PROVISIONS OF THIS
SECTION SHALL SURVIVE THE CLOSING (AND NOT BE MERGED THEREIN) OR ANY EARLIER TERMINATION OF THIS AGREEMENT.

		15.17	Resolution of Disputes.

		15.17.1	Waiver of Jury Trial. EACH OF THE
PARTIES TO THIS AGREEMENT HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON
OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER DOCUMENT OR INSTRUMENT BETWEEN THE PARTIES RELATING TO THIS AGREEMENT, THE PROPERTY
OR ANY DEALINGS BETWEEN THE PARTIES HERETO RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT. THE SCOPE OF THIS WAIVER IS INTENDED
TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THAT RELATIONSHIP,
INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, ANTITRUST CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON-LAW
OR STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO THIS AGREEMENT AND
ALL OTHER AGREEMENTS AND INSTRUMENTS PROVIDED FOR HEREIN, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN THEIR RELATED FUTURE
DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH LEGAL COUNSEL OF ITS OWN CHOOSING,
OR HAS HAD AN OPPORTUNITY TO DO SO, AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS HAVING HAD THE OPPORTUNITY
TO CONSULT WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND
THIS

    	50

    	 

    

 

WAIVER SHALL APPLY
TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS, OR MODIFICATIONS TO THIS AGREEMENT OR ANY OTHER AGREEMENT OR DOCUMENT ENTERED
INTO BETWEEN THE PARTIES IN CONNECTION WITH THIS AGREEMENT. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN
CONSENT TO A TRIAL BY THE COURT WITHOUT A JURY.

Seller’s Initials: __________Buyer’s
Initials: __________

		15.18	Facsimile Signatures. Signatures to this Agreement transmitted by telecopy or electronic
mail shall be valid and effective to bind the party so signing. Each party agrees to promptly deliver an execution original to
this Agreement with its actual signature to the other party, but a failure to do so shall not affect the enforceability of this
Agreement, it being expressly agreed that each party to this Agreement shall be bound by its own telecopied or electronic mailed
signature and shall accept the telecopied or electronic mailed signature of the other party to this Agreement.

		15.19	Attorneys’ Fees; Referee and Reference Proceeding Fees and Charges. Should any action
or other proceeding (including any reference proceeding) be necessary to enforce any of the provisions of this Agreement or the
various obligations or transactions contemplated hereto, or in the event of any dispute between the parties relating to this Agreement
or the Property, the prevailing party will be entitled to recover, in addition to any other relief to which such party may be entitled,
its actual attorneys’ fees and costs, and all referee and reference proceeding fees, costs and expenses, incurred in connection
with the prosecution or defense, as the case may be, of such action. For purposes of this Agreement, the term “attorneys’
fees” or “attorneys’ fees, costs and expenses” shall mean the fees and expenses of counsel to
the parties hereto, which may include printing, photostatting, duplicating and other expenses, air freight charges, and fees billed
for law clerks, paralegals and other persons not admitted to the bar but performing services under the supervision of an attorney,
and the costs and fees incurred in connection with the enforcement or collection of any judgment obtained in any such proceeding,
and shall include, specifically, all fees, costs and expenses of expert witnesses. The provisions of this Section 15.19
shall survive the entry of any judgment, and shall not merge, or be deemed to have merged, into any judgment.

[Remainder
of page intentionally blank]

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IN WITNESS WHEREOF,
each party hereto has caused this Agreement to be duly executed as of the date(s) set forth below to be effective as of the day
and year first above written.

	 	SELLER:
	 	 	 	 	 
	 	
        IMI MTLR LLC,

        an Arkansas limited liability
        company

	 	 	 	 	 
	 	By:	
        Institutional Mall Investors
        LLC,

        a Delaware limited liability
        company,

        its sole member

	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation,

        its manager

	 	 	 	 	 
	 	 	 	By:	/s/ Andrew Miller
	 	 	 	Name:	Andrew Miller
	 	 	 	Title:	CEO
	 	 	 	Date:	3/10/14
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	
        IMI MTLR II LLC,

        an Arkansas limited liability
        company

	 	 	 	 	 
	 	By:	
        Institutional Mall Investors
        LLC,

        a Delaware limited liability
        company,

        its sole member

	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation,

        its manager

	 	 	 	 	 
	 	 	 	By:	/s/ Andrew Miller
	 	 	 	Name:	
        Andrew
        Miller

	 	 	 	Title:	CEO
	 	 	 	Date:	3/10/14

 

 

[Signatures Continue on the Next
Page]

Signature Page

To Purchase and Sale Agreement

    	 

    	 

    

 

	 	BUYER:
	 	 	 	 	 
	 	
        IREIT BUSINESS MANAGER &
        ADVISOR, INC.,

        an Illinois corporation

	 	 	 	 	 
	 	By:	/s/ Matthew Tice
	 	Name:	Matthew Tice
	 	Title	Agent
	 	Date	3/10/14
	 	 	 	 	 

 

 

 

 

 

 

 

 

 

Signature Page

To Purchase and Sale Agreement

    	 

    	 

    

AGREEMENT OF ESCROW AGENT

The undersigned
has executed this Agreement solely to confirm its agreement to (a) hold the Escrow Deposits in escrow in accordance with the provisions
hereof and (b) comply with the provisions of Article 13 and Section 15.2.

In witness whereof,
the undersigned has executed this Agreement as of March 10, 2014.

 

	 	FIRST AMERICAN TITLE INSURANCE COMPANY
	 	 	 
	 	By:	/s/ James McIntosh
	 	Name:	James McIntosh
	 	Title:	V.P. & Sales Manager
	 	 	 

 

 

 

    	 

    	 

    

EXHIBITS

Exhibit ALegal Description

Exhibit BList of Contracts

Exhibit CForm of Assignment and Assumption
of Ground Lease

Exhibit DForm of Deed

Exhibit EForm of Bill of Sale

Exhibit FForm of Assignment of Leases

Exhibit GForm of Assignment of Intangible
Property

Exhibit HForm of Notice to Tenants

Exhibit IForm of FIRPTA Affidavit

Exhibit JForm of Tenant Estoppel

Exhibit KForm of Title Affidavit

Exhibit LNotices of Litigation, Contract
Defaults and Governmental Violations

Exhibit MList of Tenants

 

    	 

    	 

    

EXHIBIT A

LEGAL DESCRIPTION

 

Lot 1, MidTowne Addition, an addition to the
City of Little Rock, Pulaski County, Arkansas.

 

 

Exhibit A – Page 1

 

    	 

    	 

    

EXHIBIT B

LIST OF CONTRACTS

	Metro Services: parking lot sweeping
	BFI Waste Services LLC (d/b/a Allied Waste Services of Little Rock/Republic Services of Little Rock): trash
removal and cardboard recycling
	Mallfinder Network LLC (d/b/a Placewise Media): website development and services agreement
	Bill Stain Landscape, Inc. (d/b/a U.S. Lawns): landscaping maintenance
	Carden Farms LLC: landscape and concrete improvments
	Maintenance of Arkansas, Inc.: porter service
	Flake & Kelley Management, Inc. (d/b/a Flake & Kelley Commercial): agreement for services
	Marking Systems, Inc.: snow removal
	Superior Protection Services, Inc.: security services

 

 

Exhibit B, Page 1

 

    	 

    	 

    

EXHIBIT C

FORM OF 

ASSIGNMENT AND ASSUMPTION OF GROUND LEASE

 

This Assignment
and Assumption of Ground Lease (this “Assignment”) is made as
of the ___ day of ____________, 2014 by and among IMI MTLR LLC, an Arkansas limited liability company (“Fee Seller”),
IMI MTLR II LLC, an Arkansas limited liability company (“Leasehold Seller”, together with Fee Seller,
“Seller”) and [INSERT NAME OF BUYER], [INSERT ORGANIZATIONAL
INFO FOR BUYER] (“Buyer”).

R
E C I
T A L
S

A.This Assignment
is executed and delivered pursuant to that certain Purchase and Sale Agreement (as the same may have been amended, the “Purchase
and Sale Agreement”) dated as of _______________, 2014, by and between Seller and Buyer in which Seller, among
other things, agreed to sell and Buyer agreed to purchase the land described in Schedule 1
attached hereto (the “Land”) and purchase the improvements located
thereon.

B.All capitalized
terms that are used but not defined herein shall have the same meanings ascribed to such terms in the Purchase and Sale Agreement.

NOW THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Seller and Buyer hereby agree as
follows:

		1.	Assignment and Assumption.

		a.	For good and valuable consideration Fee Seller hereby sells, assigns, conveys and contributes to
Buyer, and Buyer hereby accepts all of Fee Seller’s right, title and interest in and to the Ground Lease relating to the
Real Property as set forth on Schedule 2 attached hereto, and Buyer hereby assumes
all of Fee Seller’s obligations under the Ground Lease set forth on Schedule 2
first arising or accruing from and after Closing Date.

		b.	For good and valuable consideration Leasehold Seller hereby sells, assigns, conveys and contributes
to Buyer, and Buyer hereby accepts all of Leasehold Seller’s right, title and interest in and to the Ground Lease relating
to the Real Property as set forth on Schedule 2 attached hereto, and Buyer hereby
assumes all of Leasehold Seller’s obligations under the Ground Lease set forth on Schedule
2 first arising or accruing from and after Closing Date.

    	 

    	 

    

 

 

		2.	Warranty.

		a.	Fee Seller represents and warrants to Buyer that
it is the owner of the lessor's interest in the Ground Lease, that such Ground Lease is free and clear of all liens, charges and
encumbrances other than the exceptions listed on Schedule 3 attached hereto (the
“Permitted Exceptions”), and Fee Seller warrants and defends
title to the Ground Lease unto Buyer, its successors and assigns, against any person or entity claiming, or to claim, the same
or any part thereof, subject only to the Permitted Exceptions.

		b.	Leasehold Seller represents and warrants to Buyer that it is the owner of the lessee's interest
in the Ground Lease, that such Ground Lease is free and clear of all liens, charges and encumbrances other the Permitted Exceptions,
and Leasehold Seller warrants and defends title to the Ground Lease unto Buyer, its successors and assigns, against any person
or entity claiming, or to claim, the same or any part thereof, subject only to the Permitted Exceptions.

3.Indemnification.
Seller shall defend, indemnify and hold harmless Buyer from and against any liability, damages, causes of action, expenses, and
attorneys’ fees incurred by Buyer by reason of the failure of Seller to fulfill, perform, discharge, and observe its obligations
with respect to the Ground Lease arising or accruing before the Closing Date. Buyer shall defend, indemnify and hold harmless Seller
from and against any liability, damages, causes of action, expenses, and attorneys’ fees incurred by Seller by reason of
the failure of Buyer to fulfill, perform, discharge, and observe the obligations assumed by it under this instrument with respect
to the Ground Lease first arising or accruing from and after the Closing Date.

4.Purchase
and Sale Agreement Applies. The covenants, agreements, representations, warranties, indemnities and limitations provided in
the Purchase and Sale Agreement with respect to the Ground Lease conveyed hereunder (including, without limitation, the limitations
of liability provided in the Agreement), are hereby incorporated herein by this reference as if herein set out in full and shall
inure to the benefit of and shall be binding upon Buyer and Seller and their respective successors and assigns; subject,
however, in any event, to any limitations or restrictions with respect thereto provided for in the Purchase and Sale Agreement.

5.Counterparts;
Facsimile.  This Assignment may be executed in any number of counterparts, each of which shall be deemed to be
an original, and all of such counterparts shall constitute one Assignment.  To facilitate execution of this Assignment, the
parties may execute and exchange by telephone facsimile or email counterparts of the signature pages.

[signature page follows]

 

Exhibit C, Page 2

    	 

    	 

    

IN WITNESS WHEREOF, this Assignment and
Assumption of Ground Lease has been duly executed and delivered as of the day and year set forth above.

	 	FEE SELLER:
	 	 	 	 	 
	 	
        IMI MTLR LLC,

        an Arkansas limited liability company

	 	 	 	 	 
	 	By:	
        Institutional Mall Investors LLC,

        a Delaware limited liability company,

        its sole member

	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation,

        its manager

	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 

 

	STATE OF	 	)
	 	 	)  SS
	COUNTY OF	 	)

 

I,                             ,
a notary public in and for said County, in the State aforesaid, DO HEREBY CERTIFY that                      
personally known to me to be the                      
of Miller Capital Advisory, Inc, an Illinois corporation, as manager of Institutional Mall Investors LLC, a Delaware limited liability
company, as sole member of IMI MTLR LLC, an Arkansas limited liability company, and personally known to me to be the same person
whose name is subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that as such                          ,
he/she signed and delivered the said instrument, with full authority, as his/her free and voluntary act, and as the free and voluntary
act of said limited liability company, for the uses and purposes therein set forth.

GIVEN under my hand and official seal
this     day of _____________,
2014.

______________________________________

Notary Public

My Commission Expires:

Exhibit C, Page 3

    	 

    	 

    

	 	LEASEHOLD SELLER:
	 	 	 	 	 
	 	
        IMI II MTLR LLC,

        an Arkansas limited liability company

	 	 	 	 	 
	 	By:	
        Institutional Mall Investors LLC,

        a Delaware limited liability company,

        its sole member

	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation,

        its manager

	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 

 

	STATE OF	 	)
	 	 	)  SS
	COUNTY OF	 	)

 

I,                             ,
a notary public in and for said County, in the State aforesaid, DO HEREBY CERTIFY that                      
personally known to me to be the                      
of Miller Capital Advisory, Inc, an Illinois corporation, as manager of Institutional Mall Investors LLC, a Delaware limited liability
company, as sole member of IMI II MTLR LLC, an Arkansas limited liability company, and personally known to me to be the same person
whose name is subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that as such                          ,
he/she signed and delivered the said instrument, with full authority, as his/her free and voluntary act, and as the free and voluntary
act of said limited liability company, for the uses and purposes therein set forth.

GIVEN under my hand and official seal
this     day of _____________,
2014.

______________________________________

Notary Public

My Commission Expires:

 

Exhibit C, Page 4

    	 

    	 

    

 

	 	BUYER
	 	 	 
	 	_______________________, a(n)_____________
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

 

	STATE OF	 	)
	 	 	)  SS
	COUNTY OF	 	)

 

I,                             ,
a notary public in and for said County, in the State aforesaid, DO HEREBY CERTIFY that                      
personally known to me to be the                      
of ___________________, and personally known to me to be the same person whose name is subscribed to the foregoing instrument,
appeared before me this day in person and acknowledged that as such                          ,
he/she signed and delivered the said instrument, with full authority, as his/her free and voluntary act, and as the free and voluntary
act of said limited liability company, for the uses and purposes therein set forth.

GIVEN under my hand and official seal
this     day of _____________,
2014.

______________________________________

Notary Public

My Commission Expires:

 

 

 

 

 

 

 

 

 

 

Exhibit C, Page 5

    	 

    	 

    

SCHEDULE 1

 

LEGAL DESCRIPTION

 

Lot 1, MidTowne Addition, an addition to the City of Little Rock,
Pulaski County, Arkansas.

 

 

 

 

Exhibit C, Page 6

    	 

    	 

    

SCHEDULE 2

 

DESCRIPTION OF GROUND LEASE

 

Ground Lease Agreement,
dated August 2, 2004, by and between Leasehold Seller (as successor-in-interest to Midtowne Little Rock Partners Limited Partnership),
as lessee, and Fee Seller (as successor-in-interest to SPC Markham Limited Partnership), as lessor, as evidenced by that certain
Memorandum of Ground Lease Agreement, recorded September 16, 2004 as Instrument Number 2004077431 in the records of Pulaski County,
Arkansas, as amended by that certain (i) First Amendment to Ground Lease Agreement, dated September 13, 2011, as evidenced by that
certain First Amendment to Memorandum of Ground Lease Agreement, recorded September 22, 2011 as Instrument Number 2011056140 in
the records of Pulaski County, Arkansas, and (ii) Second Amendment to Ground Lease Agreement, dated September 15, 2011.

 

 

Exhibit C, Page 7

    	 

    	 

    

SCHEDULE 3

PERMITTED EXCEPTIONS

(to be attached)

 

 

 

Exhibit C, Page 8

 

 

    	 

    	 

    

EXHIBIT D

FORM OF DEED

[SUBJECT TO ANY
FORMAT CHANGES REQUIRED BY THE APPLICABLE STATE AND COUNTY FOR RECORDING PURPOSES]

 

FORM OF DEED

 

SPECIAL WARRANTY DEED

 

 

	STATE OF ARKANSAS	§	 
	 	§	KNOW ALL MEN BY THESE PRESENTS
	COUNTY OF PULASKI	§	 

 

 

FOR VALUABLE CONSIDERATION,
the receipt and adequacy of which are hereby acknowledged, IMI MTLR LLC, an Arkansas limited liability company (“Grantor”),
hereby grants, bargains, sells and conveys to _________________, a(n) _______________ (“Grantee”), that
certain real property located in the County of Pulaski, State of Arkansas, more particularly described on Exhibit “A”
attached hereto and incorporated herein by this reference (the “Land”), together with all of Grantor’s
right, title and interest in and to the fixtures and improvements located on the Land (the “Improvements”),
and together with all rights, privileges and easements appurtenant to the Land, all water, wastewater and other utility rights
relating to the Land and any and all easements, rights-of-way and other appurtenances used in connection with the beneficial use
and enjoyment of the Land, in each case to the extent assignable (the “Appurtenances”) (the Land, Improvements
and Appurtenances collectively referred to as the “Property”).

This conveyance
is being made by Grantor and accepted by Grantee subject to all covenants, conditions, restrictions, and other matters of record
in the office of the County Recorder of Pulaski, State of Arkansas, and all non-delinquent taxes, bonds and assessments (collectively,
the “Permitted Exceptions”).

Grantee further
acknowledges and agrees that it is purchasing the Property as set forth in the Purchase and Sale Agreement, dated effective ____________,
2014, between Grantor and Grantee (the “Purchase Agreement”), subject to the following:

    	 

    	 

    

 

TO HAVE AND TO
HOLD the Property, together with, all and singular, the rights and appurtenances thereto in anywise belonging, to Grantee and
Grantee’s successors and assigns forever; and subject to the Permitted Exceptions, Grantor does hereby bind Grantor and Grantor’s
successors and assigns to warrant and forever defend, all and singular, the Property unto the Grantee and Grantee’s successors
and assigns, against every person whomsoever lawfully claiming or to claim the same, or any part thereof by, through or under Grantor,
but not otherwise, subject to the Permitted Exceptions.

Ad valorem taxes
for the year of this deed have been prorated; accordingly, by its acceptance of this Deed, Grantee assumes responsibility to pay
all ad valorem taxes on the Property for such year and all subsequent years.

Grantee’s mailing address:___________________________________________________

 

[Remainder of page intentionally
blank]

    	 

    	 

    

IN WITNESS WHEREOF,
this Deed has been executed by Transferor as of the _____ day of __________, 2014 to be effective as of the ________ day of __________,
2014.

 

 

	 	
        IMI MTLR LLC,

        an Arkansas limited liability company

	 	 	 	 	 
	 	By:	
        Institutional Mall Investors LLC,

        a Delaware limited liability company,

        its sole member

	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation,

        its manager

	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 

 

 

	STATE OF	 	)
	 	 	)  SS
	COUNTY OF	 	)

 

 

On _______________, 2014, before me, the undersigned, a notary
public in and for said State, personally appeared _______________, personally known to me (or proved to me on the basis of satisfactory
evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their authorized capacity(ies) and that, by his/her/their signature(s) on the instrument, the person(s),
or the entity upon behalf of which the person(s) acted, executed the instrument.

_______________________, Notary Public

My Commission Expires:

 

    	 

    	 

    

EXHIBIT E

FORM OF BILL OF SALE

THIS BILL OF
SALE (this “Bill of Sale”), is made as of _______________, 2014 by and among IMI MTLR LLC, an Arkansas
limited liability company (“Fee Seller”), IMI MTLR II LLC, an Arkansas limited liability company (“Leasehold
Seller”, together with Fee Seller, “Seller”),
and [INSERT NAME OF BUYER], [INSERT ORGANIZATIONAL INFO FOR BUYER] (“Buyer”).

W I T N E S S E T H:

WHEREAS,
pursuant to the terms of that certain Purchase and Sale Agreement, dated as of _______________, 2014, by and between Seller and
Buyer (as the same may be amended or modified, the “Sale Agreement”), Seller agreed to sell to Buyer,
inter alia, certain real property, the improvements located thereon and certain rights appurtenant thereto, all as more
particularly described in the Sale Agreement (collectively, the “Real Property”). Initially capitalized
terms not otherwise defined herein shall have the respective meanings ascribed to such terms in the Sale Agreement; and

WHEREAS,
by deed of even date herewith, Seller conveyed the Real Property to Buyer and by assignment of even date herewith Seller assigned
to Buyer Seller’s rights under certain leases relating to the Real Property, as more particularly described in such assignment
(collectively, the “Leases”); and

WHEREAS,
in connection with the above described conveyance Seller desires to sell, transfer and convey to Buyer certain items of tangible
personal property as hereinafter described.

NOW, THEREFORE,
in consideration of the receipt of TEN AND NO/100 DOLLARS ($10.00) and other good and valuable consideration paid in hand by Buyer
to Seller, the receipt and sufficiency of which are hereby acknowledged, Seller has GRANTED, CONVEYED, SOLD, TRANSFERRED, SET OVER
and DELIVERED and by these presents does hereby GRANT, SELL, TRANSFER, SET OVER and DELIVER to Buyer, its legal representatives,
successors and assigns, and Buyer hereby accepts all right, title and interest in and to (a) all tangible personal property owned
by Seller that is located on the Real Property and used in the ownership, operation and maintenance of the Real Property, and (b)
all books, records and files of Seller relating to the Real Property and the Leases, but specifically excluding from the items
described in clauses (a) and (b) any Confidential Materials and any computer software that is licensed to Seller
(herein collectively called the “Personal Property”).

This Bill of Sale
is made without any covenant, warranty or representation by, or recourse against, Seller as more expressly set forth in the Sale
Agreement and the other closing documents.

    	 

    	 

    

 

This Bill of Sale
may be executed in counterparts, each of which shall be an original and all of which counterparts taken together shall constitute
one and the same agreement.

If any term or provision
of this Bill of Sale or the application thereof to any persons or circumstances shall, to any extent, be invalid or unenforceable,
the remainder of this Bill of Sale or the application of such term or provision to persons or circumstances other than those as
to which it is held invalid or unenforceable shall not be affected thereby, and each term and provision of this Bill of Sale shall
be valid and enforced to the fullest extent permitted by law.

[Remainder of page intentionally
blank]

    	 

    	 

    

IN WITNESS WHEREOF,
the undersigned have executed this Bill of Sale to be effective as of the date first set forth hereinabove.

	 	SELLER:
	 	 	 	 	 
	 	
        IMI MTLR LLC,

        an Arkansas limited liability company

	 	 	 	 	 
	 	By:	
        Institutional Mall Investors LLC,

        a Delaware limited liability company,

        its sole member

	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation,

        its manager

	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 	 
	 	 	 	 	 
	 	
        IMI MTLR II LLC,

        an Arkansas limited liability company

	 	 	 	 	 
	 	By:	
        Institutional Mall Investors LLC,

        a Delaware limited liability company,

        its sole member

	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation,

        its manager

	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	
 

	 	 	 	Title:	 

 

    	 

    	 

    

 

ACCEPTED:

BUYER:

[INSERT NAME OF BUYER],

[INSERT ORGANIZATIONAL INFO FOR BUYER]

By:                                                             

Name:                                                        

Title:                                                          

 

    	 

    	 

    

EXHIBIT F

FORM OF ASSIGNMENT OF LEASES

THIS ASSIGNMENT
OF LEASES (this “Assignment”), is made as of _______________, 2014, by and among IMI MTLR LLC, an
Arkansas limited liability company (“Fee Assignor”), IMI MTLR II LLC, an Arkansas limited liability company
(“Leasehold Assignor”, together with Fee Assignor, “Assignor”),
and [INSERT NAME OF BUYER], [INSERT ORGANIZATIONAL INFO FOR BUYER] (“Assignee”).

W I T N E S S E T H:

WHEREAS,
pursuant to the terms of that certain Purchase and Sale Agreement, dated as of _______________, 2014, by and between Assignor and
Assignee (as the same may be amended or modified, the “Sale Agreement”), Assignor agreed to sell to Assignee,
inter alia, certain real property, the improvements located thereon and certain rights appurtenant thereto, all as more
particularly described in the Sale Agreement (collectively, the “Real Property”). Initially capitalized
terms not otherwise defined herein shall have the respective meanings ascribed to such terms in the Sale Agreement; and

WHEREAS,
the Sale Agreement provides, inter alia, that Assignor shall assign to Assignee certain leases and Assignee shall assume
all of the obligations of Assignor under such leases, and that Assignor and Assignee shall enter into this Assignment.

NOW, THEREFORE,
in consideration of the premises and the mutual covenants herein contained, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1.Assignment.
Assignor hereby assigns, sets over and transfers to Assignee all of Assignor’s right, title and interest in, to and under
the space leases (“Leases”) with the tenants of the Real Property identified on Exhibit A
attached hereto and incorporated herein by this reference. Assignee hereby accepts the foregoing assignment of the Leases.

2.Miscellaneous.
This Assignment and the obligations of the parties hereunder shall survive the closing of the transaction referred to in the Sale
Agreement and shall not be merged therein, shall be binding upon and inure to the benefit of the parties hereto, their respective
legal representatives, successors and assigns, shall be governed by and construed in accordance with the laws of the State in which
the Property is located applicable to agreements made and to be wholly performed within said State and may not be modified or amended
in any manner other than by a written agreement signed by the party to be charged therewith.

3.Severability.
If any term or provision of this Assignment or the application thereof to any persons or circumstances shall, to any extent, be
invalid or unenforceable, the remainder of this Assignment or the application of such term or provision to persons or circumstances
other than those as to which it is held invalid or unenforceable shall not be affected thereby, and each term and provision of
this Assignment shall be valid and enforced to the fullest extent permitted by law.

4.Counterparts.
This Assignment may be executed in counterparts, each of which shall be an original and all of which counterparts taken together
shall constitute one and the same agreement.

[Remainder of page intentionally
blank]

    	 

    	 

    

IN WITNESS WHEREOF,
the undersigned have executed this Assignment to be effective as of the date first set forth hereinabove.

	 	ASSIGNOR:	 
	 	 	 	 	 	 
	 	
        IMI MTLR LLC,

        an Arkansas limited liability company
	 
	 	 	 	 	 	 
	 	By:	
        Institutional Mall Investors LLC,

        a Delaware limited liability company,

        its sole member
	 
	 	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation, its manager
	 
	 	 	 	 	 	 
	 	 	 	By:	 	 
	 	 	 	Name:	 	 
	 	 	 	Title:	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	
        IMI MTLR II LLC,

        an Arkansas limited liability company
	 
	 	 	 	 	 	 
	 	By:	
        Institutional Mall Investors LLC,

        a Delaware limited liability company,

        its sole member
	 
	 	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation,

        its manager
	 
	 	 	 	 	 	 
	 	 	 	By:	 	 
	 	 	 	Name:	
 

	 
	 	 	 	Title:	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	ASSIGNEE:	 
	 	 	 	 	 	 
	 	[INSERT NAME OF BUYER],	 
	 	[INSERT ORGANIZATIONAL INFORMATION FOR BUYER]	 
	 	 	 	 	 	 
	 	By:	 	 	 
	 	Name:	 	 	 
	 	Title:	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

EXHIBIT G

FORM OF ASSIGNMENT OF INTANGIBLE
PROPERTY

THIS ASSIGNMENT
OF INTANGIBLE PROPERTY (this “Assignment”), is made as of _______________, 2014, by and among IMI
MTLR LLC, an Arkansas limited liability company (“Fee Assignor”), IMI MTLR II LLC, an Arkansas limited
liability company (“Leasehold Assignor”, together with Fee Assignor, “Assignor”),
and [INSERT NAME OF BUYER], [INSERT ORGANIZATIONAL INFO FOR BUYER] (“Assignee”).

W I T N E S S E T H:

WHEREAS,
pursuant to the terms of that certain Purchase and Sale Agreement, dated as of _______________, 2014, by and between Assignor and
Assignee (as the same may be amended or modified, the “Sale Agreement”), Assignor agreed to sell to Assignee,
inter alia, certain real property, the improvements located thereon and certain rights appurtenant thereto, all as more
particularly described in the Sale Agreement (collectively, the “Real Property”). Initially capitalized
terms not otherwise defined herein shall have the respective meanings ascribed to such terms in the Sale Agreement; and

WHEREAS,
the Sale Agreement provides, inter alia, that Assignor shall assign to Assignee rights to certain intangible property and
that Assignee shall assume all of the obligations of Assignor under such intangible property and that Assignor and Assignee shall
enter into this Assignment.

NOW, THEREFORE,
in consideration of the premises and the mutual covenants herein contained and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

1.Assignment.
Assignor hereby assigns, sets over and transfers to Assignee all of Assignor’s right, title and interest in, to and under
the following, if and only to the extent the same may be assigned or quitclaimed by Assignor without expense to Assignor:

		(a)	all service, supply, maintenance, utility and commission agreements, all equipment leases, and
all other contracts, subcontracts and agreements relating to the Real Property and the Personal Property (including all contracts,
subcontracts and agreements relating to the construction of any unfinished tenant improvements) that are described in Exhibit A
attached hereto and incorporated herein by this reference (herein collectively called the “Contracts”);
and

		(b)	to the extent that the same are in effect as of the date hereof, any licenses, permits and other
written authorizations necessary for the use, operation or ownership of the Real Property (herein collectively called the “Licenses
and Permits”); and

		(c)	any guaranties and warranties in effect with respect to any portion of the Real Property or the
Personal Property as of the date hereof.

Assignee hereby accepts the foregoing assignment of the interests
described in this Section 1 (collectively, the “Intangible Property”).

2.Miscellaneous.
This Assignment and the obligations of the parties hereunder shall survive the closing of the transaction referred to in the Sale
Agreement and shall not be merged therein, shall be binding upon and inure to the benefit of the parties hereto, their respective
legal representatives, successors and assigns, shall be governed by and construed in accordance with the laws of the State in which
the Property is located applicable to agreements made and to be wholly performed within said State and may not be modified or amended
in any manner other than by a written agreement signed by the party to be charged therewith.

3.Severability.
If any term or provision of this Assignment or the application thereof to any persons or circumstances shall, to any extent, be
invalid or unenforceable, the remainder of this Assignment or the application of such term or provision to persons or circumstances
other than those as to which it is held invalid or unenforceable shall not be affected thereby, and each term and provision of
this Assignment shall be valid and enforced to the fullest extent permitted by law.

4.Counterparts.
This Assignment may be executed in counterparts, each of which shall be an original and all of which counterparts taken together
shall constitute one and the same agreement.

[Remainder of page intentionally
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IN WITNESS WHEREOF,
the undersigned have executed this Assignment to be effective as of the date first set forth hereinabove.

	 	ASSIGNOR:	 
	 	 	 	 	 	 
	 	
        IMI MTLR LLC,

        an Arkansas limited liability company
	 
	 	 	 	 	 	 
	 	By:	
        Institutional Mall Investors LLC,

        a Delaware limited liability company,

        its sole member
	 
	 	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation, its manager
	 
	 	 	 	 	 	 
	 	 	 	By:	 	 
	 	 	 	Name:	 	 
	 	 	 	Title:	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	
        IMI MTLR II LLC,

        an Arkansas limited liability company
	 
	 	 	 	 	 	 
	 	By:	
        Institutional Mall Investors LLC,

        a Delaware limited liability company,

        its sole member
	 
	 	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation,

        its manager
	 
	 	 	 	 	 	 
	 	 	 	By:	 	 
	 	 	 	Name:	
 

	 
	 	 	 	Title:	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	ASSIGNEE:	 
	 	 	 	 	 	 
	 	[INSERT NAME OF BUYER],	 
	 	[INSERT ORGANIZATIONAL INFORMATION FOR BUYER]	 
	 	 	 	 	 	 
	 	By:	 	 	 
	 	Name:	 	 	 
	 	Title:	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

EXHIBIT H

FORM OF NOTICE TO TENANTS

____________________, 2014

Re:Notice of Change of Ownership of

[Name of Property]

[Property Address]

[City, State]

Ladies and Gentlemen:

You are hereby notified as follows:

That as of the date
hereof, IMI MTLR II LLC, an Arkansas limited liability company, has transferred, sold, assigned, and conveyed all of its interest
in and to the above-described property (the “Property”) to [INSERT NAME OF BUYER] (the “New
Owner”).

Future notices and
rental payments with respect to your leased premises at the Property should be made to the New Owner in accordance with your lease
terms at the following address:

                                                                                                                         

                                                                                                                         

                                                                                                                         

                                                                                                                         

Your security deposit,
if any, has been transferred to the New Owner and as such the New Owner shall be responsible for holding the same in accordance
with the terms of your lease.

 

 

    	 

    	 

    

 

	 	Sincerely,
	 	 	 	 	 
	 	
        IMI MTLR II LLC,

        an Arkansas limited liability company

	 	 	 	 	 
	 	By:	
        Institutional Mall Investors LLC,

        a Delaware limited liability company,

        its sole member

	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation,

        its manager

	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 

 

    	 

    	 

    

EXHIBIT I

FORM OF FIRPTA AFFIDAVIT

Section 1445
of the Internal Revenue Code (the “Code”) provides that a transferee of a United States real property
interest must withhold tax if the transferor is a foreign person. For U.S. tax purposes (including Section 1445), the owner
of a disregarded entity (which has legal title to a U.S. real property interest under local law) will be the transferor of the
property and not the disregarded entity. To inform the transferee that withholding of tax is not required upon the disposition
of a United States real property interest by [IMI MTLR LLC/IMI MTLR II LLC], an Arkansas limited liability company (“Seller”),
the undersigned hereby certifies the following on behalf of Seller:

1.Seller is
not a foreign corporation, foreign partnership, foreign trust, or foreign estate (as those terms are defined in the Internal Revenue
Code and Income Tax Regulations); and

2.Seller is
not a disregarded entity as defined in §1.1445-2(b)(2)(iii) of the Code; and

3.Seller’s
U.S. employer taxpayer identification number is _______________; and

4.Seller’s
office address is ____________________.

Seller understands
that this certification may be disclosed to the Internal Revenue Service by transferee and that any false statement contained herein
could be punished by fine, imprisonment, or both.

Under the penalties
of perjury, I declare that I have examined this certification and to the best of my knowledge and belief it is true, correct and
complete, and I further declare that I have authority to sign this document on behalf of Seller.

[Remainder of Page
Intentionally Left Blank]

 

    	 

    	 

    

Dated: ____________________, 2014

 

	 	
        [IMI MTLR LLC / IMI MTLR II LLC],

        an Arkansas limited liability company

	 	 	 	 	 
	 	By:	
        Institutional Mall Investors LLC,

        a Delaware limited liability company,

        its sole member

	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation,

        its manager

	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 

 

 

    	 

    	 

    

EXHIBIT J

 

FORM OF TENANT ESTOPPEL

 

 

Tenant Estoppel Certificate Form

 

 

To:

 

[Entity TBD] (“Purchaser”)

[Address]

Attention:

 

 

Re:[Lease Agreement] dated   (“Lease”),between
IMI MTLR II LLC, as “Landlord”, and  , as “Tenant”, for leased premises known
as __________  (the “Premises”) of the property commonly known as Midtowne Little Rock (the “Property”).

 

1.    
Tenant hereby certifies that the following represents with respect to the Lease are accurate and complete as of the date
hereof:

 

a.     
Dates of all amendments, letter agreements, modifications and waivers related to the Lease:

 

b.    
Commencement Date:

 

c.     
Expiration Date:

 

d.    
Current Annual Base Rent:

 

e.     
Current Annual Operating Expenses:

 

f.     
Square Footage of Premises:

 

g.    
Security Deposit Paid to Landlord:

 

h.    
Renewal Options:

 

Additional
Terms for ________ years at $  per year

    	 

    	 

    

 

 

i.      
Termination Options:

 

Termination Date

Fees Payable 

 

2.    
Tenant further certifies to Purchaser that:

 

a.     
the Lease is presently in full force and effect and represents the entire agreement between Tenant and Landlord with respect
to the Premises;

 

b.    
the Lease has not been assigned and the Premises have not been sublet by Tenant;

 

c.     
Tenant has accepted and is occupying the Premises, all construction required by the Lease has been completed and any payments,
credits or abatements required to be given by Landlord to Tenant have been given;

 

d.    
Tenant is open for business or is operating its business at the Premises;

 

e.     
no installment of rent or other charges under the Lease other than current monthly rent has been paid more than 30 days
in advance and Tenant is not in arrears on any rental payment or other charges;

 

f.     
Landlord is not in default under the Lease and no event has occurred which, with the giving of notice or passage of time,
or both, could result in a default by Landlord;

 

g.    
Tenant has no existing defenses, offsets, liens, claims or credits against the payment obligations under the Lease;

 

h.    
Tenant has not been granted any options or rights to terminate the Lease earlier than the Expiration Date (except as stated
in paragraph 1(i));

 

i.      
Tenant has not been granted any options or rights of first refusal to purchase the Premises or the Property;

 

j.      
Tenant has not received notice of violation of any federal, state, county or municipal laws, regulations, ordinances, orders
or directives relating to the use or condition of the Premises or the Property; and

 

k.    
Rent has been paid through ______ __, 2014.

    	 

    	 

    

 

 

		3.	This certification is made with the knowledge that Purchaser is about to acquire title to the Property
and obtain financing which shall be secured by a deed of trust (or mortgage), security agreement and assignment of rents, leases
and contracts upon the property. Tenant acknowledges that Purchaser’s interest in the Lease (as landlord) will be assigned
to a lender as security for the loan. All rent payments under the Lease shall continue to be paid to landlord in accordance with
the terms of the Lease until Tenant is notified otherwise in writing by Buyer’s lender or its successors and assigns. Tenant
further acknowledges and agrees that Purchaser (including its lender), their respective successors and assigns shall have the right
to rely on the information contained in this Tenant Estoppel Certificate. The undersigned is authorized to execute this Tenant
Estoppel Certificate on behalf of Tenant.

 

[TENANT]

By: 

Its: 

Date: , 2014. 

    	 

    	 

    

EXHIBIT K

FORM OF TITLE AFFIDAVIT

Escrow No. 

Title Order No. 

The undersigned
(“Owner”) hereby represents and warrants as follows to and for the benefit of First American Title Insurance
Company (the “Title Company”):

1.Representatives
of Owner have reviewed the preliminary report/commitment with an effective date of ____________________, 2014 (the “Title
Report”).

2.To the
knowledge of Owner, there are no unrecorded leases or occupancy agreements affecting the property described in Schedule A of the
Title Report (the “Property”), or other parties in possession of the Property, except for leases with
the tenants shown on Exhibit A attached hereto.

3.To the
knowledge of Owner, there are no unrecorded claims against the Property, nor any set of facts by reason of which Owner’s
title to the Property might be disputed or questioned except for (a) the leases with the tenants shown on Exhibit A,
(b) matters shown on the Title Report, (c) matters as disclosed on the survey previously delivered to the Title Company, and (d)
current taxes not delinquent. Owner has been in peaceable and undisputed possession of the Property since title was acquired.

4.Except
as set forth on Exhibit B attached hereto, to the knowledge of Owner:

(a)within
the last six (6) months, Owner has not (i) made, ordered or contracted for any construction, repairs, alterations or improvements
to be made on or to the Property which have not been paid for in full, (ii) ordered materials for any such construction, repairs,
alterations or improvements which have not been paid for in full, and (iii) attached any fixtures to the Property which have not
been paid for in full; and

(b)there
are no outstanding or disputed claims for any work or item referred to in subparagraph (a).

5.To the
knowledge of Owner, there has been no violation of any covenants, conditions or restrictions of record affecting the Property and
there are no disputes with any adjoining property owners as to the location of property lines, or the encroachment of any improvements.

All references herein
to the “knowledge” of Owner or words of similar import shall refer only to the actual (and not constructive) knowledge
of Andrew Miller, and shall not be construed to refer to the knowledge of any other officer, director, shareholder, employee, agent
or representative of Owner, its members, or any affiliate of any of the foregoing, or to impose or have imposed upon such individuals
any duty to investigate the matters to which such knowledge, or the absence thereof, pertains. There shall be no personal liability
on the part of the aforementioned individuals arising out of any representations or warranties made herein.

This affidavit is
made for the purpose of aiding the Title Company in determining the insurability of title to the Property, and to induce the Title
Company to issue its policy of title insurance. This affidavit may be relied upon by the Title Company but may not be relied upon
by any other person or entity.

[Remainder of page intentionally
blank]

    	 

    	 

    

IN WITNESS WHEREOF,
Owner has executed this affidavit as of _______________ 2014.

	 	
        [IMI MTLR LLC / IMI MTLR II LLC],

        an Arkansas limited liability company

	 	 	 	 	 
	 	By:	
        Institutional Mall Investors LLC,

        a Delaware limited liability company,

        its sole member

	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation,

        its manager

	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	Date:	 

 

 

 

    	 

    	 

    

EXHIBIT L

NOTICES OF LITIGATION, CONTRACT
DEFAULTS

AND GOVERNMENTAL VIOLATIONS

 

None

    	 

    	 

    

EXHIBIT M

LIST OF TENANTS

 

	The Container Store 
	Pottery Barn 
	ULTA
	Versona
	Cantina Laredo
	Williams-Sonoma
	Ann Taylor Loft
	Justice
	Chico's
	Jos A Bank
	The Children's Place
	James Avery
	Massage Envy
	J Jill
	Pei Wei Asian Cuisine
	White House Black Market
	Soma Intimates
	Big Orange Burger
	Brighton Collectibles
	Starbucks Coffee
	Francesca's
	Jackson Salon

    	 

    	 

    

EXHIBIT M-1

LEASE DISCLOSURES

 

	William Sonoma is currently paying percentage rent pursuant to the
co-tenancy requirements under its lease.

 

	Potter Barn is currently paying percentage rent pursuant to the co-tenancy requirements
under its lease.

 

    	 

    	 

    

EXHIBIT M-2

Required
Tenants for Tenant Estoppels

 

	The Container Store
	Pottery Barn 
	ULTA
	Versona
	Cantina Laredo
	Williams-Sonoma
	Ann Taylor Loft
	Justice
	Chico's
	Jos A Bank
	The Children's Place
	J Jill
	Pei Wei Asian Cuisine
	White House Black Market
	Big Orange Burger

    	 

    	 

    

FIRST AMENDMENT
TO PURCHASE AND SALE AGREEMENT 

 

This FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT
(this “First Amendment”), dated as of April 9, 2014, is by and between IMI MTLR LLC, an Arkansas limited
liability company, IMI MTLR II LLC, an Arkansas limited liability company (collectively, “Seller”) and IREIT
Business Manager & Advisor, Inc., an Illinois corporation (“Buyer”).

 

WITNESSETH

 

WHEREAS, pursuant to that certain Purchase
and Sale Agreement, dated as of March 10, 2014 (the “Purchase Agreement”), Seller agreed to sell and Buyer agreed to
purchase the land and improvements known as Midtowne Little Rock Shopping Center, Little Rock, Arkansas (the “Property”).

 

WHEREAS, Buyer and Seller have agreed to make
certain amendments and modifications to the Purchase Agreement as set forth below.

 

NOW, THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

 

	Amendments to Purchase Agreement. The Purchase Agreement is
hereby amended as follows:

 

		a.	Due Diligence Period. The Due Diligence Period is currently
scheduled to expire at 5:00 p.m. Eastern Time on April 9, 2014. The parties hereby agree that the Due Diligence Period shall be
extended to 2:00 p.m. Central Time on April 11, 2014.

 

		b.	Title Commitment. The definition of “Title Commitment”
in Article 1 of the Purchase Agreement is deleted in its entirety and replaced by the following:

 

“Title Commitment”
shall mean a commitment to issue an owner’s policy of title insurance with respect to the Property issued by the Title Company,
identified as File No. NCS-657556-CHI2 with an effective date of February 19, 2014.”

 

	Full Force and Effect; Conflict. Except as expressly provided
in this First Amendment, all other terms and conditions of the Purchase Agreement shall remain in full force and effect. To the
extent of any conflict between the Purchase Agreement and this First Amendment, this First Amendment shall control.

 

	Definitions. Any capitalized term used but not defined herein
shall have the meaning assigned to it in the Purchase Agreement.

 

	Successors and Assigns. This First Amendment shall be binding
upon and inure to the benefit of Seller and Buyer and their respective successors and assigns.

 

	Counterparts. This First Amendment may be executed in counterparts,
each of which shall be deemed an original, and all of which, when taken together, shall constitute one and the same agreement.
Signatures transmitted by facsimile transmission or scan attached to an email shall be accepted and enforceable as originals.

 

[signature page follows]

 

    	 

    	 

    

IN WITNESS WHEREOF, the parties have executed
and delivered this First Amendment as of the date first written above.

 

	 	SELLER:
	 	 	 	 	 
	 	
        IMI MTLR LLC,

        an Arkansas limited liability company

	 	 	 	 	 
	 	By:	
        Institutional Mall Investors LLC,

        a Delaware limited liability company,

        its sole member

	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation,

        its manager

	 	 	 	 	 
	 	 	 	By:	/s/ John Houren
	 	 	 	Name:	John Houren
	 	 	 	Title:	Vice President of Financial Reporting
	 	 	 	 	and Controller
	 	 	 	 	 
	 	
        IMI MTLR II LLC,

        an Arkansas limited liability company

	 	 	 	 	 
	 	By:	
        Institutional Mall Investors LLC,

        a Delaware limited liability company,

        its sole member

	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation,

        its manager

	 	 	 	 	 
	 	 	 	By:	/s/ John Houren
	 	 	 	Name:	John Houren
	 	 	 	Title:	Vice President of Financial Reporting
	 	 	 	 	and Controller
	 	 	 	 	 
	 	 	 	 	 
	 	
        BUYER:

         

	 	
        IREIT BUSINESS MANAGER & ADVISOR, INC.,

        an Illinois corporation

	 	 	 	 	 
	 	By:	/s/ Cathleen M. Hrtanek
	 	Name:	Cathleen M. Hrtanek
	 	Title:	Secretary
	 	 	 

    	 

    	 

    

SECOND AMENDMENT
TO PURCHASE AND SALE AGREEMENT 

 

This SECOND AMENDMENT TO PURCHASE AND SALE
AGREEMENT (this “Second Amendment”), dated as of April 11, 2014, is by and between IMI MTLR LLC, an Arkansas
limited liability company, IMI MTLR II LLC, an Arkansas limited liability company (collectively, “Seller”) and
IREIT Business Manager & Advisor, Inc., an Illinois corporation (“Buyer”).

 

WITNESSETH

 

WHEREAS, pursuant to that certain Purchase
and Sale Agreement, dated as of March 10, 2014 (as amended by that certain First Amendment to Purchase and Sale Agreement dated
as of April 9, 2014, the “Purchase Agreement”), Seller agreed to sell and Buyer agreed to purchase the land and improvements
known as Midtowne Little Rock Shopping Center, Little Rock, Arkansas (the “Property”).

 

WHEREAS, Buyer and Seller have agreed to make
certain amendments and modifications to the Purchase Agreement as set forth below.

 

NOW, THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

 

	Amendments to Purchase Agreement. The Purchase Agreement is
hereby amended as follows:

 

		a.	Due Diligence Period. The Due Diligence Period is currently
scheduled to expire at 2:00 p.m. Central Time on April 11, 2014. The parties hereby agree that the Due Diligence Period shall be
extended to 5:00 p.m. Central Time on April 14, 2014.

 

	Full Force and Effect; Conflict. Except as expressly provided
in this Second Amendment, all other terms and conditions of the Purchase Agreement shall remain in full force and effect. To the
extent of any conflict between the Purchase Agreement and this Second Amendment, this Second Amendment shall control.

 

	Definitions. Any capitalized term used but not defined herein
shall have the meaning assigned to it in the Purchase Agreement.

 

	Successors and Assigns. This Second Amendment shall be binding
upon and inure to the benefit of Seller and Buyer and their respective successors and assigns.

 

	Counterparts. This Second Amendment may be executed in counterparts,
each of which shall be deemed an original, and all of which, when taken together, shall constitute one and the same agreement.
Signatures transmitted by facsimile transmission or scan attached to an email shall be accepted and enforceable as originals.

 

[signature page follows]

 

    	 

    	 

    

IN WITNESS WHEREOF, the parties have executed
and delivered this Second Amendment as of the date first written above.

 

	 	SELLER:
	 	 	 	 	 
	 	
        IMI MTLR LLC,

        an Arkansas limited liability company

	 	 	 	 	 
	 	By:	
        Institutional Mall Investors LLC,

        a Delaware limited liability company,

        its sole member

	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation, its manager

	 	 	 	 	 
	 	 	 	By:	/s/ Matthew R. Trudeau
	 	 	 	Name:	Matthew R. Trudeau
	 	 	 	Title:	First Vice President
	 	 	 	 	 
	 	
        IMI MTLR II LLC,

        an Arkansas limited liability company

	 	 	 	 	 
	 	By:	
        Institutional Mall Investors LLC,

        a Delaware limited liability company,

        its sole member

	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation, its manager

	 	 	 	 	 
	 	 	 	By:	/s/ Matthew R. Trudeau
	 	 	 	Name:	Matthew R. Trudeau
	 	 	 	Title:	First Vice President 
	 	 	 	 	 
	 	
        BUYER:

         

	 	
        IREIT BUSINESS MANAGER & ADVISOR, INC.,

        an Illinois corporation

	 	 	 	 	 
	 	By:	/s/ Cathleen M. Hrtanek
	 	Name:	Cathleen M. Hrtanek
	 	Title:	Secretary
	 	 	 

 

    	 

    	 

    

THIRD AMENDMENT
TO PURCHASE AND SALE AGREEMENT 

 

This THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT
(this “Third Amendment”), dated as of April 14, 2014, is by and between IMI MTLR LLC, an Arkansas limited
liability company, IMI MTLR II LLC, an Arkansas limited liability company (collectively, “Seller”) and IREIT
Business Manager & Advisor, Inc., an Illinois corporation (“Buyer”).

 

WITNESSETH

 

WHEREAS, pursuant to that certain Purchase
and Sale Agreement, dated as of March 10, 2014 (as amended by that certain First Amendment to Purchase and Sale Agreement dated
as of April 9, 2014 and Second Amendment to Purchase and Sale Agreement dated as of April 11, 2014, the “Purchase Agreement”),
Seller agreed to sell and Buyer agreed to purchase the land and improvements known as Midtowne Little Rock Shopping Center, Little
Rock, Arkansas (the “Property”).

 

WHEREAS, Buyer and Seller have agreed to make
certain amendments and modifications to the Purchase Agreement as set forth below.

 

NOW, THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

 

	Amendments to Purchase Agreement. The Purchase Agreement is
hereby amended as follows:

 

		a.	Due Diligence Period. The Due Diligence Period is currently
scheduled to expire at 5:00 p.m. Central Time on April 14, 2014. The parties hereby agree that the Due Diligence Period shall be
extended to 5:00 p.m. Central Time on April 15, 2014.

 

	Full Force and Effect; Conflict. Except as expressly provided
in this Third Amendment, all other terms and conditions of the Purchase Agreement shall remain in full force and effect. To the
extent of any conflict between the Purchase Agreement and this Third Amendment, this Third Amendment shall control.

 

	Definitions. Any capitalized term used but not defined herein
shall have the meaning assigned to it in the Purchase Agreement.

 

	Successors and Assigns. This Third Amendment shall be binding
upon and inure to the benefit of Seller and Buyer and their respective successors and assigns.

 

	Counterparts. This Third Amendment may be executed in counterparts,
each of which shall be deemed an original, and all of which, when taken together, shall constitute one and the same agreement.
Signatures transmitted by facsimile transmission or scan attached to an email shall be accepted and enforceable as originals.

 

[signature page follows]

 

    	 

    	 

    

IN WITNESS WHEREOF, the parties have executed
and delivered this Third Amendment as of the date first written above.

 

	 	SELLER:
	 	 	 	 	 
	 	
        IMI MTLR LLC,

        an Arkansas limited liability company

	 	 	 	 	 
	 	By:	
        Institutional Mall Investors LLC,

        a Delaware limited liability company,

        its sole member

	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation, its manager

	 	 	 	 	 
	 	 	 	By:	/s/ Matthew R. Trudeau
	 	 	 	Name:	Matthew R. Trudeau
	 	 	 	Title:	First Vice President
	 	 	 	 	 
	 	
        IMI MTLR II LLC,

        an Arkansas limited liability company

	 	 	 	 	 
	 	By:	
        Institutional Mall Investors LLC,

        a Delaware limited liability company,

        its sole member

	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation, its manager

	 	 	 	 	 
	 	 	 	By:	/s/ Matthew R. Trudeau
	 	 	 	Name:	Matthew R. Trudeau
	 	 	 	Title:	First Vice President 
	 	 	 	 	 
	 	
        BUYER:

         

	 	
        IREIT BUSINESS MANAGER & ADVISOR, INC.,

        an Illinois corporation

	 	 	 	 	 
	 	By:	/s/ Lou Quilici
	 	Name:	Lou Quilici
	 	Title:	SRVP
	 	 	 

 

    	 

    	 

    

FOURTH AMENDMENT
TO PURCHASE AND SALE AGREEMENT 

 

This FOURTH AMENDMENT TO PURCHASE AND SALE
AGREEMENT (this “Fourth Amendment”), dated as of April 15, 2014, is by and between IMI MTLR LLC, an Arkansas
limited liability company, IMI MTLR II LLC, an Arkansas limited liability company (collectively, “Seller”) and
IREIT Business Manager & Advisor, Inc., an Illinois corporation (“Buyer”).

 

WITNESSETH

 

WHEREAS, pursuant to that certain Purchase
and Sale Agreement, dated as of March 10, 2014, as amended by that certain First Amendment to Purchase and Sale Agreement, dated
April 9, 2014, that certain Second Amendment to Purchase and Sale Agreement, dated April 11, 2014, and that certain Third Amendment
to Purchase and Sale Agreement, dated April 14, 2014 (together, the “Purchase Agreement”), Seller agreed to sell and
Buyer agreed to purchase the land and improvements known as Midtowne Little Rock Shopping Center, Little Rock, Arkansas (the “Property”).

 

WHEREAS, Buyer and Seller have agreed to make
certain amendments and modifications to the Purchase Agreement as set forth below.

 

NOW, THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

 

	Amendments to Purchase Agreement. The Purchase Agreement is
hereby amended as follows:

 

		a.	Due Diligence Period. The Due Diligence Period is currently
scheduled to expire at 5:00 p.m. Central Time on April 15, 2014. The parties hereby agree that the Due Diligence Period shall be
extended 5:00 p.m. Central Time on April 17, 2014.

 

	Full Force and Effect; Conflict. Except as expressly provided
in this Fourth Amendment, all other terms and conditions of the Purchase Agreement shall remain in full force and effect. To the
extent of any conflict between the Purchase Agreement and this Fourth Amendment, this Fourth Amendment shall control.

 

	Definitions. Any capitalized term used but not defined herein
shall have the meaning assigned to it in the Purchase Agreement.

 

	Successors and Assigns. This Fourth Amendment shall be binding
upon and inure to the benefit of Seller and Buyer and their respective successors and assigns.

 

	Counterparts. This Fourth Amendment may be executed in counterparts,
each of which shall be deemed an original, and all of which, when taken together, shall constitute one and the same agreement.
Signatures transmitted by facsimile transmission or scan attached to an email shall be accepted and enforceable as originals.

 

[signature page follows]

 

    	 

    	 

    

IN WITNESS WHEREOF, the parties have executed
and delivered this Fourth Amendment as of the date first written above.

 

	 	SELLER:
	 	 	 	 	 
	 	
        IMI MTLR LLC,

        an Arkansas limited liability company

	 	 	 	 	 
	 	By:	
        Institutional Mall Investors LLC,

        a Delaware limited liability company,

        its sole member

	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation, its manager

	 	 	 	 	 
	 	 	 	By:	/s/ Matthew R. Trudeau
	 	 	 	Name:	Matthew R. Trudeau
	 	 	 	Title:	First Vice President
	 	 	 	 	 
	 	
        IMI MTLR II LLC,

        an Arkansas limited liability company

	 	 	 	 	 
	 	By:	
        Institutional Mall Investors LLC,

        a Delaware limited liability company,

        its sole member

	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation, its manager

	 	 	 	 	 
	 	 	 	By:	/s/ Matthew R. Trudeau
	 	 	 	Name:	Matthew R. Trudeau
	 	 	 	Title:	First Vice President 
	 	 	 	 	 
	 	
        BUYER:

         

	 	
        IREIT BUSINESS MANAGER & ADVISOR, INC.,

        an Illinois corporation

	 	 	 	 	 
	 	By:	/s/ Cathleen M. Hrtanek
	 	Name:	Cathleen M. Hrtanek
	 	Title:	Secretary
	 	 	 

 

    	 

    	 

    

FIFTH AMENDMENT
TO PURCHASE AND SALE AGREEMENT 

 

This FIFTH AMENDMENT TO PURCHASE AND SALE AGREEMENT
(this “Fifth Amendment”), dated as of April 17, 2014, is by and between IMI MTLR LLC, an Arkansas limited liability
company, IMI MTLR II LLC,  an Arkansas limited liability company (collectively, “Seller”) and IREIT Business
Manager & Advisor, Inc.., an Illinois corporation (“Buyer”).

 

WITNESSETH

 

WHEREAS, pursuant to that certain Purchase
and Sale Agreement, dated as of March 10, 2014, as amended by that certain First Amendment to Purchase and Sale Agreement, dated
April 9, 2014, that certain Second Amendment to Purchase and Sale Agreement, dated April 11, 2014, that certain Third Amendment
to Purchase and Sale Agreement, dated April 14, 2014 and that certain Fourth Amendment to Purchase and Sale Agreement dated April
15, 2014 (together, the “Purchase Agreement”), Seller agreed to sell and Buyer agreed to purchase the land and improvements
known as Midtowne Little Rock Shopping Center, Little Rock, Arkansas (the “Property”).

 

WHEREAS, Buyer and Seller have agreed to make
certain amendments and modifications to the Purchase Agreement as set forth below.

 

NOW, THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

 

	Amendments to Purchase Agreement. The Purchase Agreement is
hereby amended as follows:

 

	Due Diligence Period. The Due Diligence Period is currently
scheduled to expire at 5:00 p.m. Central Time on April 17, 2014. The parties agree that the Due Diligence Period shall be extended
to 5:00 p.m. Central Time on April 18, 2014.

 

	Full Force and Effect. Except as
expressly provided in this Fifth Amendment, all other terms and conditions of the Purchase Agreement shall remain in full force
and effect.

 

	Definitions. Any capitalized term used but not defined herein
shall have the meaning assigned to it in the Purchase Agreement.

 

	Successors and Assigns. This Fifth Amendment shall
be binding upon and inure to the benefit of Seller and Buyer and their respective successors and assigns.

 

	Counterparts. This Fifth Amendment may be executed in counterparts,
each of which shall be deemed an original, and all of which, when taken together, shall constitute one and the same agreement.
Signatures transmitted by facsimile transmission or scan attached to an email shall be accepted and enforceable as originals.

 

[signature page follows]

 

    	 

    	 

    

IN WITNESS WHEREOF, the parties have executed
and delivered this Fifth Amendment as of the date first written above.

 

	 	SELLER:
	 	 	 	 	 
	 	
        IMI MTLR LLC,

        an Arkansas limited liability company

	 	 	 	 	 
	 	By:	
        Institutional Mall Investors LLC,

        a Delaware limited liability company,

        its sole member

	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation, its manager

	 	 	 	 	 
	 	 	 	By:	/s/ Matthew R. Trudeau
	 	 	 	Name:	Matthew R. Trudeau
	 	 	 	Title:	First Vice President
	 	 	 	 	 
	 	
        IMI MTLR II LLC,

        an Arkansas limited liability company

	 	 	 	 	 
	 	By:	
        Institutional Mall Investors LLC,

        a Delaware limited liability company,

        its sole member

	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation, its manager

	 	 	 	 	 
	 	 	 	By:	/s/ Matthew R. Trudeau
	 	 	 	Name:	Matthew R. Trudeau
	 	 	 	Title:	First Vice President 
	 	 	 	 	 
	 	
        BUYER:

         

	 	
        IREIT BUSINESS MANAGER & ADVISOR, INC.,

        an Illinois corporation

	 	 	 	 	 
	 	By:	/s/ Lou Quilici
	 	Name:	Lou Quilici
	 	Title:	SRVP IREIT BMA
	 	 	 

 

 

    	 

    	 

    

SIXTH AMENDMENT
TO PURCHASE AND SALE AGREEMENT 

 

This SIXTH AMENDMENT TO PURCHASE AND SALE AGREEMENT
(this “Sixth Amendment”), dated as of April 18, 2014, is by and between IMI MTLR LLC, an Arkansas limited
liability company, IMI MTLR II LLC, an Arkansas limited liability company (collectively, “Seller”) and IREIT
Business Manager & Advisor, Inc., an Illinois corporation (“Buyer”).

 

WITNESSETH

 

WHEREAS, pursuant to that certain Purchase
and Sale Agreement, dated as of March 10, 2014, as amended by that certain First Amendment to Purchase and Sale Agreement, dated
April 9, 2014, that certain Second Amendment to Purchase and Sale Agreement, dated April 11, 2014, that certain Third Amendment
to Purchase and Sale Agreement, dated April 14, 2014, that certain Fourth Amendment to Purchase and Sale Agreement dated April
15, 2014 and that certain Fifth Amendment to Purchase and Sale Agreement dated April 17, 2014 (together, the “Purchase Agreement”),
Seller agreed to sell and Buyer agreed to purchase the land and improvements known as Midtowne Little Rock Shopping Center, Little
Rock, Arkansas (the “Property”).

 

WHEREAS, Buyer and Seller have agreed to make
certain amendments and modifications to the Purchase Agreement as set forth below.

 

NOW, THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

 

	Amendments to Purchase Agreement. The Purchase Agreement is
hereby amended as follows:

 

	The parties agree that, pursuant to the terms of the Purchase Agreement,
the Due Diligence Period has expired on April 18, 2014.

 

	Buyer hereby waives its right to terminate the Purchase Agreement pursuant
to Section 5.3 of the Agreement.

 

	The Closing Date shall mean “April 28, 2014”.

 

	The Purchase Price is hereby reduced by $250,000 from $41,700,000 to
$41,450,000.

 

	Buyer shall have the right to extend the Closing Date for fifteen (15)
additional days from April 28, 2014 until May 13, 2014 (“Extension Option”). If Buyer elects to exercise the
Extension Option, Buyer must provide written notice to Seller by April 25, 2014. Upon Buyer’s exercise of the Extension Option
(and as a condition for the effectiveness of such exercise), Buyer shall deposit the non-refundable sum of One Million Dollars
($1,000,000) to the Escrow Agent.

 

	Buyer confirms the Closing condition set forth in Section 8.2(c) of
the Purchase Agreement is satisfied.

 

	The following Seller Representation is hereby added as Section 9.2.2(h):
“As of the expiration of the Due Diligence Period, Seller has not received a written notice from James Avery Craftsman, Inc.
to terminate such tenant’s Lease.”

 

	Seller agrees to use commercially reasonable efforts to work with Buyer
to obtain an amendment to the Lease with James Avery Craftsman, Inc.; provided, however, obtaining such amendment shall not be
a condition to Closing.

 

	Full Force and Effect. Except as
expressly provided in this Sixth Amendment, all other terms and conditions of the Purchase Agreement shall remain in full force
and effect.

 

	Definitions. Any capitalized term used but not defined herein
shall have the meaning assigned to it in the Purchase Agreement.

 

	Successors and Assigns. This Sixth Amendment shall
be binding upon and inure to the benefit of Seller and Buyer and their respective successors and assigns.

 

	Counterparts. This Sixth Amendment may be executed in counterparts,
each of which shall be deemed an original, and all of which, when taken together, shall constitute one and the same agreement.
Signatures transmitted by facsimile transmission or scan attached to an email shall be accepted and enforceable as originals.

 

[signature page follows]

 

    	 

    	 

    

IN WITNESS WHEREOF, the parties have executed
and delivered this Sixth Amendment as of the date first written above.

 

	 	SELLER:
	 	 	 	 	 
	 	
        IMI MTLR LLC,

        an Arkansas limited liability company

	 	 	 	 	 
	 	By:	
        Institutional Mall Investors LLC,

        a Delaware limited liability company,

        its sole member

	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation, its manager

	 	 	 	 	 
	 	 	 	By:	/s/ Matthew R. Trudeau
	 	 	 	Name:	Matthew R. Trudeau
	 	 	 	Title:	First Vice President
	 	 	 	 	 
	 	
        IMI MTLR II LLC,

        an Arkansas limited liability company

	 	 	 	 	 
	 	By:	
        Institutional Mall Investors LLC,

        a Delaware limited liability company,

        its sole member

	 	 	 	 	 
	 	 	By:	
        Miller Capital Advisory, Inc.,

        an Illinois corporation, its manager

	 	 	 	 	 
	 	 	 	By:	/s/ Matthew R. Trudeau
	 	 	 	Name:	Matthew R. Trudeau
	 	 	 	Title:	First Vice President 
	 	 	 	 	 
	 	
        BUYER:

         

	 	
        IREIT BUSINESS MANAGER & ADVISOR, INC.,

        an Illinois corporation

	 	 	 	 	 
	 	By:	/s/ David Z. Lichterman
	 	Name:	David Z. Lichterman
	 	Title:	Treasurer & CAO

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