Document:

Document

Exhibit 10.1
SECOND AMENDMENT TO LEASE
THIS SECOND AMENDMENT TO LEASE (this “Second Amendment”) is made as of March __, 2021, by and between ARE-EASTLAKE AVENUE NO. 3, LLC, a Delaware limited liability company (“Landlord”), and NEOLEUKIN THERAPEUTICS, INC., a Delaware corporation (“Tenant”).
RECITALS
A.    Landlord and Tenant are parties to that certain Lease Agreement dated as of September 23, 2019, as amended by that certain First Amendment to Lease dated as of June 18, 2020 (the “First Amendment”) (as amended, the “Lease”).  Pursuant to the Lease, Tenant leases certain premises known as Suite 360 containing approximately 6,272 rentable square feet (“Premises”) in that certain building located at 1616 Eastlake Avenue East, Seattle, Washington.  The Premises are more particularly described in the Lease.  Capitalized terms used herein without definition shall have the meanings defined for such terms in the Lease.
B.    Subject to the terms set forth in the First Amendment, the Base Term of the Lease is scheduled to expire on September 30, 2021.
C.     Landlord and Tenant desire, subject to the terms and conditions set forth below, to amend the Lease to extend the Term of the Lease through September 30, 2026 (the “Second Amendment Expiration Date”).
NOW, THEREFORE, in consideration of the foregoing Recitals, which are incorporated herein by this reference, the mutual promises and conditions contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows:
1.Term.  The Term of the Lease is hereby extended through the Second Amendment Expiration Date.  Tenant has accepted and occupies the Premises and Tenant’s continued occupancy of the Premises during the period commencing October 1, 2021 through the Second Amendment Expiration Date shall be on an “as-is” basis and, except as expressly provided in Section 3 below, Landlord shall have no obligation to provide any tenant improvement allowance or make any improvements or alterations to the Premises.  For the avoidance of doubt, Tenant no longer has the right to terminate the Lease early pursuant to the terms of the First Amendment, and the First Amendment is hereby null and void and of no further force or effect as of the date of this Second Amendment.
2.Base Rent.  Tenant shall continue to pay Base Rent as provided under the Lease through September 30, 2021.  Commencing on October 1, 2021, Tenant shall pay Base Rent in the amount of $59.00 per rentable square foot of the Premises per year.  Commencing on October 1, 2022, and on each subsequent October 1st through the Second Amendment Expiration Date (each, a “Second Amendment Adjustment Date”), Base Rent shall be increased by multiplying the Base Rent payable immediately before such Second Amendment Adjustment Date by 2.5% and adding the resulting amount to the Base Rent payable immediately before such Second Amendment Adjustment Date. 
3.Premises Improvements.  Landlord shall make available to Tenant a tenant improvement allowance in the amount of $5.00 per rentable square foot of the Premises, or $31,360.00 in the aggregate (the “Improvement Allowance”), for the design and construction of fixed and permanent improvements desired by and performed by Tenant and reasonably acceptable to Landlord in the Premises (the “Premises Improvements”), which Premises Improvements shall be constructed pursuant to a scope of work reasonably acceptable to Landlord and Tenant.  The 
    1    

Improvement Allowance shall be available only for the design and construction of the Premises Improvements.  Tenant acknowledges that upon the expiration of the Term of the Lease, the Premises Improvements shall become the property of Landlord and may not be removed by Tenant.  Except for the Improvement Allowance, Tenant shall be solely responsible for all of the costs of the Premises Improvements.  The Premises Improvements shall be treated as Alterations and shall be undertaken pursuant to Section 12 of the Lease.  The contractor for the Premises Improvements shall be selected by Tenant, subject to Landlord’s approval, which approval shall not be unreasonably withheld, conditioned or delayed.  Prior to the commencement of the Premises Improvements, Tenant shall deliver to Landlord a copy of any contract with Tenant’s contractors, and certificates of insurance from any contractor performing any part of the Premises Improvements evidencing industry standard commercial general liability, automotive liability, “builder’s risk”, and workers’ compensation insurance.  Tenant shall cause the general contractor to provide a certificate of insurance naming Landlord, Alexandria Real Estate Equities, Inc., and Landlord’s lender (if any) as additional insureds for the general contractor’s liability coverages required above.
Upon completion of the Premises Improvements (and prior to any final disbursement of the Improvement Allowance) Tenant shall deliver to Landlord the following items: (i) sworn statements setting forth the names of all contractors and subcontractors who did work on the Premises Improvements and final lien waivers from all such contractors and subcontractors; and (ii) “as built” plans for the Premises Improvements.  Notwithstanding the foregoing, if the cost of the Premises Improvements exceeds the Improvement Allowance, Tenant shall be required to pay such excess in full prior to Landlord having any obligation to fund any remaining portion of the Improvement Allowance.  The Improvement Allowance shall only be available for use by Tenant for the construction of the Premises Improvements commencing on the date of this Second Amendment through the date that is 18 months after the date of this Second Amendment (the “Outside Improvement Allowance Date”).  Any portion of the Improvement Allowance which has not been properly requested by Tenant from Landlord on or before the Outside Improvement Allowance Date shall be forfeited and shall not be available for use by Tenant. 
4.Right to Extend Term.  Tenant shall have the right to extend the Term of the Lease upon the following terms and conditions:
a.Extension Right.  Tenant shall have 1 right (the “Extension Right”) to extend the term of this Lease for a period of 28 months (the “Extension Term”) on the same terms and conditions as the Lease (other than with respect to Base Rent and the Improvement Allowance) by giving Landlord written notice of its election to exercise each Extension Right at least 9 months prior, and no earlier than 12 months prior, to the Second Amendment Expiration Date.
     Upon the commencement of any Extension Term, Base Rent shall be payable at the Market Rate (as defined below).  Base Rent shall thereafter be adjusted on each annual anniversary of the commencement of such Extension Term by a percentage as determined by Landlord and agreed to by Tenant at the time the Market Rate is determined.  As used herein, “Market Rate” shall mean the rate that comparable landlords of comparable buildings have accepted in current transactions from non-equity (i.e., not being offered equity in the buildings) and nonaffiliated tenants of similar financial strength for space of comparable size, quality (including all Tenant Improvements, Alterations and other improvements) and floor height in Class A laboratory/office buildings in the South Lake Union area of Seattle for a comparable term, with the determination of the Market Rate to take into account all relevant factors, including tenant inducements, views, parking costs, leasing commissions, allowances or concessions, if any.  Notwithstanding the foregoing, the Market Rate shall in no event be less than the Base Rent payable as of the date immediately preceding the commencement of such Extension Term. In addition, Landlord may impose a market rent for the parking rights provided hereunder.
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If, on or before the date which is 210 days prior to the expiration of the Base Term of this Lease, Tenant has not agreed with Landlord’s determination of the Market Rate and the rent escalations during the Extension Term after negotiating in good faith, Tenant shall be deemed to have elected arbitration as described in Section 4(b).  Tenant acknowledges and agrees that, if Tenant has elected to exercise the Extension Right by delivering notice to Landlord as required in this Section 4(a), Tenant shall have no right thereafter to rescind or elect not to extend the term of this Lease for the Extension Term.  
b.Arbitration.  
(i)Within 10 days of Tenant’s notice to Landlord of its election (or deemed election) to arbitrate Market Rate and escalations, each party shall deliver to the other a proposal containing the Market Rate and escalations that the submitting party believes to be correct (“Extension Proposal”).  If either party fails to timely submit an Extension Proposal, the other party’s submitted proposal shall determine the Base Rent and escalations for the Extension Term.  If both parties submit Extension Proposals, then Landlord and Tenant shall meet within 7 days after delivery of the last Extension Proposal and make a good faith attempt to mutually appoint a single Arbitrator (and defined below) to determine the Market Rate and escalations.  If Landlord and Tenant are unable to agree upon a single Arbitrator, then each shall, by written notice delivered to the other within 10 days after the meeting, select an Arbitrator.  If either party fails to timely give notice of its selection for an Arbitrator, the other party’s submitted proposal shall determine the Base Rent for the Extension Term.  The 2 Arbitrators so appointed shall, within 5 business days after their appointment, appoint a third Arbitrator.  If the 2 Arbitrators so selected cannot agree on the selection of the third Arbitrator within the time above specified, then either party, on behalf of both parties, may request such appointment of such third Arbitrator by application to any state court of general jurisdiction in the jurisdiction in which the Premises are located, upon 10 days prior written notice to the other party of such intent.
(ii)The decision of the Arbitrator(s) shall be made within 30 days after the appointment of a single Arbitrator or the third Arbitrator, as applicable.  The decision of the single Arbitrator shall be final and binding upon the parties.  The average of the two closest Arbitrators in a three Arbitrator panel shall be final and binding upon the parties.  Each party shall pay the fees and expenses of the Arbitrator appointed by or on behalf of such party and the fees and expenses of the third Arbitrator shall be borne equally by both parties.  If the Market Rate and escalations are not determined by the first day of the Extension Term, then Tenant shall pay Landlord Base Rent in an amount equal to the Base Rent in effect immediately prior to the Extension Term and increased by the Rent Adjustment Percentage until such determination is made.  After the determination of the Market Rate and escalations, the parties shall make any necessary adjustments to such payments made by Tenant.  Landlord and Tenant shall then execute an amendment recognizing the Market Rate and escalations for the Extension Term.
(iii)An “Arbitrator” shall be any person appointed by or on behalf of either party or appointed pursuant to the provisions hereof and:  (i) shall be (A) a member of the American Institute of Real Estate Appraisers with not less than 10 years of experience in the appraisal of improved office and high tech industrial real estate in the greater Seattle metropolitan area, or (B) a licensed commercial real estate broker with not less than 15 years’ experience representing landlords and/or tenants in the leasing of high tech or life sciences space in the greater Seattle metropolitan area, (ii) devoting substantially all of their time to professional appraisal or brokerage work, as applicable, at the time of appointment and (iii) be in all respects impartial and disinterested.
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c.Rights Personal.  The Extension Right is personal to Tenant and is not assignable without Landlord’s consent, which may be granted or withheld in Landlord’s sole discretion separate and apart from any consent by Landlord to an assignment of Tenant’s interest in the Lease, except that they may be assigned in connection with any Permitted Assignment of the Lease.
d.Exceptions.  Notwithstanding anything set forth above to the contrary, the Extension Right shall, at Landlord’s option, not be in effect and Tenant may not exercise the Extension Right:
(i)during any period of time that Tenant is in default under any provision of the Lease (beyond any applicable notice and cure periods); or
(ii)if Tenant has been in Default under any provision of the Lease 3 or more times, whether or not the Defaults are cured, during the 12 month period immediately prior to the date that Tenant intends to exercise the Extension Right, whether or not the Defaults are cured.
e.No Extensions.  The period of time within which the Extension Right may be exercised shall not be extended or enlarged by reason of Tenant’s inability to exercise the Extension Right.
f.Termination.  The Extension Right shall, at Landlord’s option, terminate and be of no further force or effect even after Tenant’s due and timely exercise of the Extension Right, if, after such exercise, but prior to the commencement date of the Extension Term, (i) Tenant fails to timely cure any default by Tenant under this Lease; or (ii) Tenant has Defaulted 3 or more times during the period from the date of the exercise of the Extension Right to the date of the commencement of the Extension Term, whether or not such Defaults are cured.
5.Early Termination.  Subject to the provisions of this Section 5, Tenant shall have the one-time right after the mutual execution and delivery of this Second Amendment by delivery of written notice to Landlord no later than the date that is concurrent with Tenant’s delivery of a New Lease to Landlord (or Landlord’s Affiliate), to terminate this Lease, without payment of a termination fee, if, prior to the Second Amendment Expiration Date, Tenant has entered into a new lease (“New Lease”) with Landlord or an Affiliate (as defined below) pursuant to which Tenant shall lease space (not including that certain space currently leased by Tenant at 188 E. Blaine Street) in the Seattle area larger than the then-current size of the Premises (“New Premises”), for a term acceptable to Landlord and/or Affiliate for such New Premises and, otherwise, upon terms and conditions acceptable to Landlord or Affiliate and Tenant in their respective sole discretion.  If Tenant and Landlord (or Affiliate) enter into a New Lease and Tenant timely delivers written notice as provided above to Landlord, then this Lease shall terminate upon the date that Tenant commences paying base rent under the New Lease for the New Premises.  Tenant acknowledges that nothing contained herein shall obligate Landlord or Affiliate in any way to enter into a New Lease nor shall anything contained herein be construed to grant to Tenant any option or right to lease any space at another property owned by Landlord or Affiliate.  As used herein, “Affiliate” shall mean an entity controlled by, under common control with, or controlling Landlord including, without limitation, any of the constituent members of Landlord or Alexandria Real Estate Equities, Inc.
For the avoidance of doubt, Section 39 of the original Lease is hereby deleted and is null and void and of no further force or effect.
6.OFAC.  Tenant and all beneficial owners of Tenant are currently (a) in compliance with and shall at all times during the Term of the Lease remain in compliance with the regulations of the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of Treasury and any statute, executive 
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order, or regulation relating thereto (collectively, the “OFAC Rules”), (b) not listed on, and shall not during the Term of the Lease be listed on, the Specially Designated Nationals and Blocked Persons List maintained by OFAC and/or on any other similar list maintained by OFAC or other governmental authority pursuant to any authorizing statute, executive order, or regulation, and (c) not a person or entity with whom a U.S. person is prohibited from conducting business under the OFAC Rules.
7.Brokers.  Landlord and Tenant each represents and warrants that it has not dealt with any broker, agent or other person (collectively, “Broker”) in connection with the transaction reflected in this Second Amendment and that no Broker brought about this Second Amendment, other than Kidder Mathews.  Landlord and Tenant each hereby agree to indemnify and hold the other harmless from and against any claims by any Broker, other than Kidder Mathews, claiming a commission or other form of compensation by virtue of having dealt with Tenant or Landlord, as applicable, with regard to this Second Amendment.
8.Tenant Notice Address.  From and after the date of this Second Amendment, “Tenant’s Notice Address” on page 1 of the Lease is hereby deleted and replaced with the following:
“Tenant Notice Address:                With a Copy to:
Neoleukin Therapeutics                    Neoleukin Therapeutics
188 E. Blaine Street, Suite 450                188 E. Blaine Street, Suite 450
Seattle, WA 98102                    Seattle, WA 98102
Attn: General Counsel                    Attn: Director of Real Estate & Facilities
9.Miscellaneous.
a.This Second Amendment is the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous oral and written agreements and discussions.  This Second Amendment may be amended only by an agreement in writing, signed by the parties hereto.
b.This Second Amendment is binding upon and shall inure to the benefit of the parties hereto, their respective agents, employees, representatives, officers, directors, divisions, subsidiaries, affiliates, assigns, heirs, successors in interest and shareholders.
c.This Second Amendment may be executed in 2 or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature process complying with the U.S. federal ESIGN Act of 2000) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.  Electronic signatures shall be deemed original signatures for purposes of this Second Amendment and all matters related thereto, with such electronic signatures having the same legal effect as original signatures.
d.Except as amended and/or modified by this Second Amendment, the Lease is hereby ratified and confirmed and all other terms of the Lease shall remain in full force and effect, unaltered and unchanged by this Second Amendment.  In the event of any conflict between the provisions of this Second Amendment and the provisions of the Lease, the provisions of this Second Amendment shall prevail.  Whether or not specifically amended by this Second Amendment, all of the terms and provisions of the Lease are hereby amended to the extent necessary to give effect to the purpose and intent of this Second Amendment.
[Signatures are on the next page]

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IN WITNESS WHEREOF, Landlord and Tenant have executed this Second Amendment as of the day and year first above written.
TENANT:
NEOLEUKIN THERAPEUTICS, INC.,
a Delaware corporation

By:    
Its:    

LANDLORD:
ARE-EASTLAKE AVENUE NO. 3, LLC,
a Delaware limited liability company 

By:    ALEXANDRIA REAL ESTATE EQUITIES, L.P.,
a Delaware limited partnership,
managing member
By:    ARE-QRS CORP.,
a Maryland corporation,
general partner
    By:________________________
    Its:________________________

    6Exhibit
10.1

 

 

 

 

REVOLVING
CREDIT AND TERM LOAN AGREEMENT

 

dated as of

 

May 6, 2021

 

among

 

MACK-CALI REALTY, L.P.

 

The Lenders Party Hereto

 

and

 

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

CAPITAL ONE, NATIONAL ASSOCIATION,

as Syndication Agent

 

 

JPMORGAN CHASE BANK, N.A.,

as Sole Bookrunner and Joint Lead Arranger

 

CAPITAL
ONE, NATIONAL ASSOCIATION,

as Joint Lead Arranger

 

 

 

     

     

    

TABLE
OF CONTENTS

 

Page

 

	ARTICLE
    I Definitions	1
	SECTION
    1.01.	Defined
    Terms	1
	SECTION
    1.02.	Classification
    of Loans and Borrowings	44
	SECTION
    1.03.	Terms
    Generally	44
	SECTION
    1.04.	Accounting
    Terms; GAAP	45
	SECTION
    1.05.	Interest
    Rates; LIBOR Notification	46
	SECTION
    1.06.	Letter
    of Credit Amounts	46
	SECTION
    1.07.	Divisions	47
	ARTICLE
    II The Credits	47
	SECTION
    2.01.	Commitments	47
	SECTION
    2.02.	Loans
    and Borrowings	47
	SECTION
    2.03.	Requests
    for Borrowings	48
	SECTION
    2.04.	Incremental
    Facilities	49
	SECTION
    2.05.	[Reserved]	51
	SECTION
    2.06.	Letters
    of Credit	51
	SECTION
    2.07.	Funding
    of Borrowings	56
	SECTION
    2.08.	Interest
    Elections	57
	SECTION
    2.09.	Termination
    and Reduction of Commitments	58
	SECTION
    2.10.	Repayment
    of Loans; Evidence of Debt	58
	SECTION
    2.11.	Prepayment
    of Loans	59
	SECTION
    2.12.	Fees	62
	SECTION
    2.13.	Interest	63
	SECTION
    2.14.	Alternate
    Rate of Interest	63
	SECTION
    2.15.	Increased
    Costs	66
	SECTION
    2.16.	Break
    Funding Payments	67
	SECTION
    2.17.	Withholding
    of Taxes; Gross-Up	67
	SECTION
    2.18.	Payments
    Generally; Pro Rata Treatment; Sharing of Setoffs	72
	SECTION
    2.19.	Mitigation
    Obligations; Replacement of Lenders	73
	SECTION
    2.20.	Defaulting
    Lenders	74

     -i-

     

    

TABLE
OF CONTENTS

(continued)

 

Page

 

	ARTICLE
    III Representations and Warranties	77
	SECTION
    3.01.	Organization;
    Powers	77
	SECTION
    3.02.	Authorization;
    Enforceability	77
	SECTION
    3.03.	Governmental
    Approvals; No Conflicts	77
	SECTION
    3.04.	Financial
    Condition; No Material Adverse Change	77
	SECTION
    3.05.	Properties	78
	SECTION
    3.06.	Litigation
    and Environmental Matters	78
	SECTION
    3.07.	Compliance
    with Laws and Agreements	79
	SECTION
    3.08.	Investment
    Company Status	79
	SECTION
    3.09.	Taxes	79
	SECTION
    3.10.	ERISA	79
	SECTION
    3.11.	Disclosure	80
	SECTION
    3.12.	Anti-Corruption
    Laws and Sanctions	80
	SECTION
    3.13.	Affected
    Financial Institutions	80
	SECTION
    3.14.	Plan
    Assets; Prohibited Transactions	80
	SECTION
    3.15.	Margin
    Regulations	81
	SECTION
    3.16.	Solvency	81
	SECTION
    3.17.	Status
    of Parent	81
	SECTION
    3.18.	Subsidiaries	81
	SECTION
    3.19.	Collateral
    Pool Properties	81
	SECTION
    3.20.	Mortgages	82
	SECTION
    3.21.	Material
    Contracts	83
	ARTICLE
    IV Conditions	83
	SECTION
    4.01.	Effective
    Date	83
	SECTION
    4.02.	Each
    Credit Event	87
	ARTICLE 4A COLLATERAL SECURITY 	87
	SECTION
    4A.01.	Collateral	87
	SECTION
    4A.02.	Appraisals;
    Adjusted Value	88
	SECTION
    4A.03.  	Addition of Collateral Pool Properties	89
	SECTION
    4A.04.	Release
    of Collateral Pool Property	90

     -ii-

     

    

TABLE
OF CONTENTS

(continued)

 

Page

 

	SECTION
    4A.05.	Additional
    Subsidiary Guarantors	91
	SECTION
    4A.06.  	Release of Certain Subsidiary Guarantors	91
	SECTION
    4A.07.  	Release of Collateral	92
	SECTION
    4A.08.  	MIRE Event	92
	ARTICLE
    V  Affirmative Covenants	92
	SECTION
    5.01.	Financial
    Statements; Ratings Change and Other Information	92
	SECTION
    5.02.	Notices
    of Material Events	94
	SECTION
    5.03.	Existence;
    Conduct of Business	95
	SECTION
    5.04.	Payment
    of Obligations	95
	SECTION
    5.05.	Maintenance
    of Properties	96
	SECTION
    5.06.	Books
    and Records; Inspection Rights	96
	SECTION
    5.07.	Compliance
    with Laws	96
	SECTION
    5.08.	Use
    of Proceeds and Letters of Credit	96
	SECTION
    5.09.	Accuracy
    of Information	97
	SECTION
    5.10.	Environmental
    Matters	97
	SECTION
    5.11.	Management	98
	SECTION
    5.12.	Mortgages;
    Other Collateral	98
	SECTION
    5.13.	Collateral
    Pool Properties	99
	SECTION
    5.14.	SPE/Separateness
    Covenants	99
	SECTION
    5.15.	Insurance
    and Casualty	101
	SECTION
    5.16.	Condemnation
    and Other Awards	107
	SECTION
    5.17.	Leases;
    Material Contracts	108
	SECTION
    5.18.	Post-Closing
    Deliverables	109
	ARTICLE
    VI Negative Covenants	110
	SECTION
    6.01.	Indebtedness	110
	SECTION
    6.02.	Liens	111
	SECTION
    6.03.	Fundamental
    Changes	112
	SECTION
    6.04.	Sale
    of Assets	112
	SECTION
    6.05.	Investments,
    Loans, Advances, Guarantees and Acquisitions	113

     -iii-

     

    

TABLE
OF CONTENTS

(continued)

 

Page

 

	SECTION
    6.06.	Swap
    Agreements	113
	SECTION
    6.07.	Restricted
    Payments	113
	SECTION
    6.08.	Transactions
    with Affiliates	114
	SECTION
    6.09.	Restrictive
    Agreements	114
	SECTION
    6.10.	Changes
    to Organizational Documents	114
	SECTION
    6.11.	Collateral
    Pool Properties	115
	SECTION
    6.12.	Environmental
    Matters	115
	SECTION
    6.13.	Payments
    and Modifications of Subordinate Debt	116
	SECTION
    6.14.	Financial
    Covenants	116
	ARTICLE
    VII Events of Default	117
	SECTION
    7.01.	Events
    of Default	117
	SECTION
    7.02.	Remedies
    Upon an Event of Default	119
	SECTION
    7.03.	Application
    of Payments	121
	ARTICLE
    VIII The Administrative Agent	122
	SECTION
    8.01.	Authorization
    and Action	122
	SECTION
    8.02.	Administrative
    Agent’s Reliance, Limitation of Liability, Etc.	124
	SECTION
    8.03.	Posting
    of Communications	126
	SECTION
    8.04.	The
    Administrative Agent Individually	127
	SECTION
    8.05.	Successor
    Administrative Agent	128
	SECTION
    8.06.	Acknowledgements
    of Lenders and Issuing Banks	129
	SECTION
    8.07.	Collateral
    Matters	130
	SECTION
    8.08.	Credit
    Bidding	131
	SECTION
    8.09.	Certain
    ERISA Matters	132
	ARTICLE
    IX Miscellaneous	133
	SECTION
    9.01.	Notices	133
	SECTION
    9.02.	Waivers;
    Amendments	135
	SECTION
    9.03.	Expenses;
    Limitation of Liability; Indemnity, Etc.	136
	SECTION
    9.04.	Successors
    and Assigns	138
	SECTION
    9.05.	Survival	142

     -iv-

     

    

TABLE
OF CONTENTS

(continued)

 

Page

 

	SECTION
    9.06.	Counterparts;
    Integration; Effectiveness; Electronic Execution	142
	SECTION
    9.07.	Severability	144
	SECTION
    9.08.	Right
    of Setoff	144
	SECTION
    9.09.	Governing
    Law; Jurisdiction; Consent to Service of Process	144
	SECTION
    9.10.	WAIVER
    OF JURY TRIAL	145
	SECTION
    9.11.	Headings	145
	SECTION
    9.12.	Confidentiality	146
	SECTION
    9.13.	Material
    Non-Public Information	146
	SECTION
    9.14.	Interest
    Rate Limitation	147
	SECTION
    9.15.	No
    Fiduciary Duty, etc.	147
	SECTION
    9.16.	USA
    PATRIOT Act	148
	SECTION
    9.17.	Acknowledgement
    and Consent to Bail-In of Affected Financial Institutions	148
	SECTION
    9.18.	Acknowledgement
    Regarding Any Supported QFCs	149

     -v-

     

    

SCHEDULES:

Schedule
1.1 – 1031 Asset Disposition Eligible Real Estate

Schedule
1.2 – Eligible Real Estate Qualification Documents

Schedule
2.01A – Commitments

Schedule
2.01B – Letter of Credit Commitments

Schedule
2.06 – Existing Letters of Credit

Schedule
2.11 – Minimum Release Prices

Schedule
3.05 – Collateral Pool Properties

Schedule
3.06 – Disclosed Matters

Schedule
3.18 – Subsidiaries

Schedule
3.19 – Collateral Pool Property Exceptions

Schedule
6.01 – Existing Indebtedness

Schedule
6.02 – Existing Liens

Schedule
6.08 – Existing Affiliate Transactions

Schedule
6.09 – Existing Restrictions

 

EXHIBITS:

Exhibit
A – Form of Assignment and Assumption

Exhibit
B – Form of Borrowing Request

Exhibit
C – Form of Interest Election Request

Exhibit
D-1 – U.S. Tax Certificate (For Non-U.S. Lenders that are not Partnerships for U.S. Federal Income Tax Purposes)

Exhibit
D-2 – U.S. Tax Certificate (For Non-U.S. Lenders that are Partnerships for U.S. Federal Income Tax Purposes)

Exhibit
D-3 – U.S. Tax Certificate (For Non-U.S. Participants that are not Partnerships for U.S. Federal Income Tax Purposes)

Exhibit
D-4 – U.S. Tax Certificate (For Non-U.S. Participants that are Partnerships for U.S. Federal Income Tax Purposes)

Exhibit
E-1 – Form of Revolving Credit Note

Exhibit
E-2 – Form of Term Note

Exhibit
F – Form of Compliance Certificate

Exhibit
G – Form of Borrowing Base Certificate

     -vi-

     

    

REVOLVING
CREDIT AND TERM LOAN AGREEMENT dated as of May 6, 2021, among MACK-CALI REALTY, L.P., the LENDERS party hereto, and JPMORGAN CHASE
BANK, N.A., as Administrative Agent.

 

The
parties hereto agree as follows:

 

ARTICLE
I

Definitions

 

SECTION
1.01.             Defined Terms. As used in this Agreement, the following terms have the meanings
specified below:

 

“1031
Asset Disposition” means an Asset Disposition of (i) any Real Estate set forth on Schedule 1.1 that is subject to
a restriction under a pre-existing agreement that limits, for tax reasons, the Borrower’s or its Subsidiaries’ ability
to engage in the Asset Disposition without first attempting to structure such Asset Disposition as a tax-deferred exchange under
Section 1031 of the Code; or (ii) 101 Hudson Street, Jersey City, New Jersey.

 

“ABR”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bear interest
at a rate determined by reference to the Alternate Base Rate.

 

“Additional
Credit Extension Amendment” means an amendment or joinder to this Agreement providing for any Incremental Commitments
which shall be consistent with the applicable provisions of this Agreement relating to Incremental Commitments and otherwise reasonably
satisfactory to the Administrative Agent, the New Revolving Loan Lenders party thereto and the Borrower.

 

“Additional
Subsidiary Guarantor” means each additional Subsidiary of the Borrower which becomes a Subsidiary Guarantor pursuant
to Section 4A.05.

 

“Adjusted
LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum (rounded
upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory
Reserve Rate.

 

“Administrative
Agent” means JPMorgan Chase Bank, N.A. in its capacity as administrative agent for the Lenders hereunder.

 

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

 

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

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“Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries,
Controls or is Controlled by or is under common Control with the Person specified.

 

“Agent-Related
Person” has the meaning assigned to it in Section 9.03(d).

 

“Alternate
Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day,
(b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period on
such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%; provided that for the purpose
of this definition, the Adjusted LIBO Rate for any day shall be based on the LIBO Screen Rate (or if the LIBO Screen Rate is not
available for such one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London time on such day. Any
change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be effective
from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively.
If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.14 (for the avoidance of doubt,
only until the Benchmark Replacement has been determined pursuant to Section 2.14(b)), then the Alternate Base Rate shall be the
greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above. For the avoidance of doubt,
if the Alternate Base Rate as determined pursuant to the foregoing would be less than 1.00%, such rate shall be deemed to be 1.00%
for purposes of this Agreement.

 

“Ancillary
Document” has the meaning assigned to it in Section 9.06(b).

 

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of its Subsidiaries
from time to time concerning or relating to bribery or corruption.

 

“Applicable
Party” has the meaning assigned to it in Section 8.03(c).

 

“Applicable
Percentage” means, with respect to any Lender, the percentage of the total Commitments represented by such Lender’s
Commitment; provided that, in the case of Section 2.20 when a Defaulting Lender shall exist, “Applicable Percentage”
shall mean the percentage of the total Commitments (disregarding any Defaulting Lender’s Commitment) represented
by such Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined
based upon the Commitments most recently in effect, giving effect to any assignments and to any Lender’s status as a Defaulting
Lender at the time of determination.

 

“Applicable
Rate” means, for any day, with respect to any ABR Loan or Eurodollar Loan, as the case may be, the applicable rate
per annum set forth below under the caption “ABR Spread” or “Eurodollar Spread”, as the case may
be, based upon the applicable Loan Facility:

 

	Facility	 	ABR
 Spread	 	 	Eurodollar
 Spread	 
	Revolving Loans	 	 	1.75	%	 	 	2.75	%
	Term Loans	 	 	1.25	%	 	 	2.25	%

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“Appraisal”
means an MAI appraisal of the value of a parcel of Real Estate, performed by an independent appraiser with experience
appraising office or multifamily residential properties selected by the Administrative Agent who is not an employee of the Parent
or the Borrower or any of their respective Affiliates, the Administrative Agent or a Lender, the form and substance of such appraisal
and the identity of the appraiser to be in compliance with the Financial Institutions Reform, Recovery and Enforcement Act of
1989, as amended, the rules and regulations adopted pursuant thereto and all other regulatory laws and policies (both regulatory
and internal) applicable to the Lenders and otherwise acceptable to the Administrative Agent, as approved by the Administrative
Agent and the Required Lenders, such approval not to be unreasonably withheld, conditioned or delayed.

 

“Appraised
Value” with respect to any Collateral Pool Property means the “as-is” appraised value of such property,
as determined by FIRREA-compliant MAI appraisals commissioned, reviewed, and approved by the Administrative Agent and the Required
Lenders.

 

“Approved
Electronic Platform” has the meaning assigned to it in Section 8.03(a).

 

“Approved
Fund” has the meaning assigned to it in Section 9.04(b).

 

“Arranger”
means JPMorgan Chase Bank, N.A. and Capital One, National Association, each in their capacity as joint lead arranger hereunder.

 

“Asset
Disposition” means the sale, transfer, license, lease or other disposition of any real or personal property (including
any sale and leaseback transaction, division, merger or disposition of Equity Interests), whether in a single transaction or a
series of related transactions, by any Loan Party or any Subsidiary thereof (other than RRLP); provided that “Asset
Disposition” shall exclude any Permitted Disposition.

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of
any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any
other form (including electronic records generated by the use of an electronic platform) approved by the Administrative Agent.

 

“Assignment
of Leases and Rents” means each of the assignments of leases and rents from a Loan Party to the Administrative Agent
encumbering the Collateral Pool Properties previously, now or hereafter delivered to secure the Obligations.

 

“Availability
Period” means the period from and including the Effective Date to but excluding the earlier of the Revolving Maturity
Date and the date of termination of the Revolving Commitments.

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“Available
Revolving Commitment” means, as to any Revolving Lender at any time, an amount equal to the excess, if any, of (a)
such Lender’s Revolving Commitment then in effect minus (b) such Lender’s Revolving Credit Exposure then outstanding.

 

“Available
Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any
tenor for such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or
may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and not including, for
the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period”
pursuant to clause (f) of Section 2.14.

 

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

 

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

 

“Bankruptcy
Code” means Title 11 of the United States Code entitled “Bankruptcy”, as now and hereafter in effect,
or any successor statute.

 

“Bankruptcy
Event” means, with respect to any Person, such Person becomes the subject of a voluntary or involuntary bankruptcy
or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors
or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination
of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence
in, any such proceeding or appointment or has had any order for relief in such proceeding entered in respect thereof; provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest,
in such Person by a Governmental Authority or instrumentality thereof, unless such ownership interest results in or provides such
Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of
attachment on its assets or permits such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow
or disaffirm any contracts or agreements made by such Person.

 

“Benchmark”
means, initially, LIBO Rate; provided that if a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in
Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to LIBO Rate or the then-current
Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement
has replaced such prior benchmark rate pursuant to clause (b) or clause (c) of Section 2.14.

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“Benchmark
Replacement” means, for any Available Tenor, the first alternative set forth in the order below that can be determined
by the Administrative Agent for the applicable Benchmark Replacement Date:

 

(1)
the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;

 

(2)
the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;

 

(3)
the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement
for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation
of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving
or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for dollar-denominated
syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment;

 

provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service
that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; provided further that, notwithstanding anything to the contrary in this Agreement or in any other Loan Document, upon the occurrence of a Term
SOFR Transition Event, and the delivery of a Term SOFR Notice, on the applicable Benchmark Replacement Date the “Benchmark
Replacement” shall revert to and shall be deemed to be the sum of (a) Term SOFR and (b) the related Benchmark Replacement
Adjustment, as set forth in clause (1) of this definition (subject to the first proviso above).

 

If
the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement
will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted
Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

 

(1)
for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth
in the order below that can be determined by the Administrative Agent:

 

(a)         the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value
or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended
by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for
the applicable Corresponding Tenor;

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(b)         the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement
is first set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA
Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor;
and

 

(2)
for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating
or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative
Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation
of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark
with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement
Date or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating
or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement
for dollar-denominated syndicated credit facilities;

 

provided
that, in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such
Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion.

 

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

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

 

(1)
in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the
public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark
(or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors
of such Benchmark (or such component thereof);

 

(2)
in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein;

 

(3)
in the case of a Term SOFR Transition Event, the date that is thirty (30) days after the date a Term SOFR Notice is provided to
the Lenders and the Borrower pursuant to Section 2.14(c); or

 

(4)
in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided
to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business
Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early
Opt-in Election from Lenders comprising the Required Lenders.

 

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

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

(1)
a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component
used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of
such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

 

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

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

 

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

 

“Benchmark
Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant
to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current
Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.14 and (y) ending at the time that
a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance
with Section 2.14.

 

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

 

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

 

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

 

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

 

“Borrower”
means Mack-Cali Realty, L.P., a Delaware limited partnership.

 

“Borrowing”
means (a) Revolving Loans of the same Type, made, converted or continued on the same date and, in the case of Eurodollar
Loans, as to which a single Interest Period is in effect or (b) Term Loans (or portions thereof) of the same Type, made, converted
or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect.

 

“Borrowing
Base Certificate” means a certificate demonstrating compliance with Sections 6.14(a), 6.14(b) and 6.14(c) (after
taking into account any requested Borrowing), signed by a Financial Officer and otherwise substantially in the form of Exhibit G hereto, which certificate shall be delivered to the Administrative Agent from time to time in accordance with provisions hereof.

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“Borrowing
Request” means a request by the Borrower for a Borrowing in accordance with Section 2.03, which shall be substantially
in the form of Exhibit B or any other form approved by the Administrative Agent.

 

“Building”
means, with respect to each Collateral Pool Property or parcel of Real Estate, all of the buildings, structures and improvements
now or hereafter located thereon.

 

“Business
Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized
or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day”
shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market.

 

“Capital
Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease
of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are
required to be classified and accounted for as capital leases or financing leases on a balance sheet of such Person under GAAP,
and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

 

“Cash
and Cash Equivalents” means (1) cash, (2) marketable direct obligations issued or unconditionally guaranteed by
the United States government and backed by the full faith and credit of the United States government, (3) domestic and Eurodollar
certificates of deposit and time deposits, bankers’ acceptances and floating rate certificates of deposit issued by any
commercial bank organized under the laws of the United States, any state thereof or the District of Columbia, any foreign bank,
or its branches or agencies (fully protected against currency fluctuations), which, at the time of acquisition, are rated A-1
or better by S&P or P-1 or better by Moody’s, provided that the maturities thereof shall not exceed one (1) year from
the date of acquisition and (4) shares of Fidelity Institutional Government Money Market Fund or other government money market
funds.

 

“Change
in Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person
or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date
hereof), of Equity Interests representing more than 40% of the aggregate ordinary voting power represented by the issued and outstanding
Equity Interests of the Parent; (b) occupation of a majority of the seats (other than vacant seats) on the board of directors
of the Parent by Persons who were not (i) directors of the Parent on the date of this Agreement or nominated or appointed by the
board or directors of the Parent or (ii) appointed by directors so nominated or appointed; (c) the acquisition of direct or indirect
Control of the Borrower by any Person or group other than the Parent; (d) the Parent ceases to directly or indirectly own at least
60% of the voting and economic Equity Interests in the Borrower; or (e) the Borrower ceases to directly or indirectly own 100%
of the Equity Interests in RRT, or RRT ceases to be the sole general partner of, and own at least 60% of the voting and economic
(subject to priority distributions) Equity Interests in, RRLP.

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

 

“Charges”
has the meaning assigned to it in Section 9.14.

 

“Class”
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing,
are Revolving Loans or Term Loans.

 

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

 

“Collateral”
means all of the property, rights and interests of the Loan Parties which are subject to the security interests, security
title, liens and mortgages created by the Security Documents, including, without limitation, the Collateral Pool Properties.

 

“Collateral
Pool Debt Service Coverage Ratio” means the ratio of Collateral Pool NOI from all Collateral Pool Properties to
Implied Facility Debt Service.

 

“Collateral
Pool NOI” means, as of the end of any fiscal quarter for any Collateral Pool Property, the sum of:

 

(a)         annualized
income (i.e., income received for such quarter multiplied by 4) received from such Collateral Pool Property, including, without
limitation, from tenants in occupancy pursuant to executed leases, and projected income from executed leases that will commence
base rent payment within 90 days of the testing date, but excluding income from leases in default, leases expiring within 90 days
from the testing date where tenant has yet to provide notice of renewal, leases from tenants that have given notice of their intention
to vacate such Collateral Pool Property within 365 days of the testing date, and leases from tenants in bankruptcy who have not
affirmed their leases pursuant to a non-appealable order of a court of competent jurisdiction; less

 

(b)         operating
expenses payable on a regular monthly or other periodic basis in the ordinary course of operating such Collateral Pool Property
for the preceding four (4) quarters, but excluding depreciation, debt service, leasing costs, actual capital expenditures, non-recurring
and extraordinary expenses, and other expense items reasonably approved by the Administrative Agent and adjusting to (i) assume
a property management fee for such Collateral Pool Property in an amount equal to the greater of 3.0% of gross revenues or actual
management fees paid; (ii) $0.20 per square foot for capital reserves; and (iii) a deemed reserve for taxes and insurance in an
amount reasonably determined by Administrative Agent taking into account the pass-through to tenants of all or a portion of such
taxes and insurance premiums.

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“Collateral
Pool Properties” means the Eligible Real Estate which is security for the Obligations pursuant to the Mortgages.

 

“Collateral
Pool Value” means the aggregate Appraised Values of the Collateral Pool Properties.

 

“Commitment”
means, with respect to each Lender, its Revolving Commitment and/or its Term Loan Commitment, as the context may require.

 

“Communications”
has the meaning assigned to it in Section 8.03(c).

 

“Compliance
Certificate” means a certificate, signed by a Financial Officer and otherwise substantially in the form of Exhibit
F hereto, which certificate shall be delivered to the Administrative Agent from time to time in accordance with provisions
hereof.

 

“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes.

 

“Consolidated
Adjusted Net Income” means, for any period, net income (determined in accordance with GAAP) for such period, before
adjustment for (a) gains (or losses) from the sale of real property, debt restructuring, extinguishment or forgiveness of debt,
write-ups or write-downs, deduction of acquisition costs for consummated acquisitions, non-cash valuation charges or other extraordinary
or non-recurring items, (b) minority interest and (c) income taxes; plus (i) interest expense, (ii) depreciation and amortization,
(iii) the non-cash portion of executive stock award rights and stock purchase rights included in written executive employment
agreements, written employee plans or other written non-monetary employment compensation provisions and (iv) certain non-recurring
payments made pursuant to certain written employee agreements with key management individuals in an amount not to exceed $20,000,000
in the aggregate during any fiscal year minus a recurring capital expense reserve equal to (x) 1.5% of total revenue for
office properties and (y) $250 per apartment unit per fiscal year for multi-family residential properties, and after adjustments
for the straight-lining of rents, all after adjustments for unconsolidated partnerships, joint ventures or other entities. Consolidated
Adjusted Net Income will include the Borrower’s pro-rata share of Consolidated Adjusted Net Income from partially-owned
properties.

 

“Consolidated
Debt Service” means, for any period, the sum of (a) Consolidated Total Interest Expense and (b) scheduled principal
payments, excluding optional prepayments and balloon principal payments due at maturity, during the applicable period (including
the Borrower’s pro-rata share of such payments by partially-owned entities).

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“Consolidated
Total Interest Expense” means, for any period, total interest expense, plus the aggregate amount of capitalized
interest required in accordance with GAAP to be paid or accrued by the Borrower, the Parent or their subsidiaries. Consolidated
Total Interest Expense will include the Borrower’s pro-rata share of interest expense from partially-owned properties and
shall exclude non-cash interest expense with respect to convertible debt.

 

“Construction-in-Process”
means any Real Estate for which the Borrower or any of its subsidiaries is actively pursuing construction, renovation
or expansion (other than tenant improvements, and maintenance and repairs in the ordinary course) of buildings located on such
Real Estate.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling”
and “Controlled” have meanings correlative thereto.

 

“Corresponding
Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest
payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

 

“Covered
Entity” means any of the following:

 

		(i)	a
                                         “covered entity” as that term is defined in, and interpreted in accordance
                                         with, 12 C.F.R. § 252.82(b);

 

		(ii)	a
                                         “covered bank” as that term is defined in, and interpreted in accordance
                                         with, 12 C.F.R. § 47.3(b); or

 

		(iii)	a
                                         “covered FSI” as that term is defined in, and interpreted in accordance with,
                                         12 C.F.R. § 382.2(b).

 

“Covered
Party” has the meaning assigned to it in Section 9.18.

 

“Credit
Party” means the Administrative Agent, each Issuing Bank, or any other Lender.

 

“Customary
Recourse Exceptions” means, with respect to any Indebtedness, personal recourse that is limited to fraud, misrepresentation,
misapplication of cash, waste, environmental claims and liabilities, failure to pay taxes and insurance and other carry costs,
completion of construction, bankruptcy, violations of single purpose entity covenants and other customary exceptions to non-recourse
of a borrower or guarantor.

 

“Daily
Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which may include a lookback) being established
by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental
Body for determining “Daily Simple SOFR” for business loans; provided, that if the Administrative Agent decides that
any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish
another convention in its reasonable discretion.

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“Debt
Issuance” means the issuance of any Indebtedness (including guarantees thereof) for borrowed money (a) by the Borrower
or any of its Subsidiaries, which Indebtedness is secured by a Lien on the Real Estate owned or ground-leased by the Borrower
or such Subsidiary of the Borrower or (b) by the Parent, the Borrower or any Subsidiary of the Borrower, which Indebtedness constitutes
Unsecured Indebtedness.

 

“Debt
Service” means for any period, the sum of interest expense for such period plus scheduled principal amortization
for such period.

 

“Default”
means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would,
unless cured or waived, become an Event of Default.

 

“Default
Rate” has the meaning assigned to such term in Section 2.13(d).

 

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

 

“Defaulting
Lender” means any Lender that (a) has failed, within two Business Days of the date required to be funded or paid,
to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over to any
Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies
the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition
precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified
the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to
comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position
is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the
particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in
which it commits to extend credit, (c) has failed, within three Business Days after request by a Credit Party, acting in good
faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations
(and is financially able to meet such obligations as of the date of certification) to fund prospective Loans and participations
in then outstanding Letters of Credit under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant
to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the
Administrative Agent, or (d) has become the subject of (A) a Bankruptcy Event or (B) a Bail-In Action.

 

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

 

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

     13

     

    

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

 

“Deposit
Account Control Agreement” means the Deposit Account Control Agreement dated as of the date hereof, by and among
RRT, the Administrative Agent and Bank of America, N.A.

 

“Deposit
Account Pledge Agreement” means the Pledge and Security Agreement dated as of the date hereof, by RRT in favor of
the Administrative Agent on behalf of the Lenders.

 

“Disclosed
Matters” means the actions, suits and proceedings and the environmental matters disclosed in Schedule 3.06.

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (in one transaction
or in a series of transactions and whether effected pursuant to a division or otherwise) of any property by any Person (including
any sale and leaseback transaction and any issuance of Equity Interests by a Subsidiary of such Person), including any sale, assignment,
transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated
therewith.

 

“dollars”
or “$” refers to lawful money of the United States of America.

 

“Early
Opt-in Election” means, if the then-current Benchmark is LIBO Rate, the occurrence of:

 

		(1)	a
                                         notification by the Administrative Agent to (or the request by the Borrower to the Administrative
                                         Agent to notify) each of the other parties hereto that at least five currently outstanding
                                         dollar-denominated syndicated credit facilities at such time contain (as a result of
                                         amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or
                                         any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities
                                         are identified in such notice and are publicly available for review), and

 

		(2)	the
                                         joint election by the Administrative Agent and the Borrower to trigger a fallback from
                                         LIBO Rate and the provision by the Administrative Agent of written notice of such election
                                         to the Lenders.

 

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

     14

     

    

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

 

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

 

“Effective
Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with
Section 9.02).

 

“Electronic
Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record
and adopted by a Person with the intent to sign, authenticate or accept such contract or record.

 

“Eligible
Assignee” means any Person other than an Ineligible Institution.

 

“Eligible
Cash 1031 Proceeds” means the cash proceeds held by a “qualified intermediary” from the sale of Real
Estate, which proceeds are intended to be used by the qualified intermediary to acquire one or more “replacement properties”
that are of “like-kind” to such Real Estate in an exchange that qualifies, in whole or in part, as a tax-deferred
exchange under Section 1031 of the Code, and no portion of which proceeds the Parent, the Borrower or any Subsidiary has the right
to receive, pledge, borrow or otherwise obtain the benefits of until such time as provided under the applicable “exchange
agreement” (as such terms in quotations are defined in Treasury Regulations Sections 1.1031(a)-1(b) and 1.1031(k)-1(a) and
(g)(4)) (the “Regulations”)) or until such exchange is terminated. Upon the cash proceeds no longer
being held by the qualified intermediary pursuant to the Regulations or otherwise qualifying, in whole or in part, under the Regulations
for like-kind exchange treatment, such proceeds shall cease being Eligible Cash 1031 Proceeds.

 

“Eligible
Real Estate” means Real Estate:

 

(a)         which is (i) wholly-owned in fee (or leased under a Financeable Ground Lease acceptable to the Administrative Agent in its reasonable
discretion) by the Borrower or a Wholly Owned Subsidiary that is a Subsidiary Guarantor and is not liable for any Recourse Indebtedness
(other than the Obligations), together with such easements, rights-of-way, and other similar appurtenances required for the operation
of such property, (ii) free from any material structural, environmental, title defects, unrepaired casualties and/or any other
event or occurrence that would have a material adverse effect on the value of such Real Estate, (iii) otherwise free (and, if
such Real Estate is owned by a Subsidiary Guarantor, the Borrower’s direct and indirect Equity Interests in such Subsidiary
Guarantor are free) of any Liens or Negative Pledges (other than Permitted Encumbrances), and (iv) regardless of whether such
Property is owned by the Borrower or a Subsidiary Guarantor, the Borrower has the right directly, or indirectly through such Subsidiary
Guarantor, to take the following actions without the need to obtain the consent of any Person: (A) to create Liens on such property
as security for Indebtedness of the Borrower or such Subsidiary Guarantor, as applicable, and (B) to sell, transfer or otherwise
dispose of such Real Estate;

     15

     

    

(b)        which is a completed office or multi-family property located within the forty-eight (48) contiguous States of the United States
or the District of Columbia, has received a temporary or permanent certificate of occupancy (or similar certificate or use permit)
from the applicable jurisdiction;

 

(c)         as to which all of the representations set forth in Article III of this Agreement concerning Collateral Pool Properties are true
and correct in all material respects; and

 

(d)         which is subject to a Mortgage and as to which the Administrative Agent and the Required Lenders have received and approved all
Eligible Real Estate Qualification Documents, or will receive and approve them prior to inclusion of such Real Estate as a Collateral
Pool Property.

 

“Eligible
Real Estate Qualification Documents” means Schedule 1.2 attached hereto.

 

“Environmental
Engineer” means such firm or firms of independent professional engineers or other scientists generally recognized
as expert in the detection, analysis and remediation of Hazardous Materials and related environmental matters and acceptable to
the Administrative Agent in its reasonable discretion.

 

“Environmental
Indemnity Agreements” means the Environmental Indemnity Agreements executed by the Borrower or a Subsidiary Guarantor
in favor of Administrative Agent, for the benefit of Lenders, with respect to the Collateral Pool Properties, as modified and
amended from time to time.

 

“Environmental
Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or
binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to (i) the environment,
(ii) preservation or reclamation of natural resources, (iii) the management, release or threatened release of any Hazardous Material
or (iv) health and safety matters.

 

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

 

“Equity
Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company,
beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling
the holder thereof to purchase or acquire any such equity interest, but excluding any debt securities convertible into any of
the foregoing.

     16

     

    

“Equity
Issuance” means any offering of “securities” (as defined under the Securities Act) by the Borrower or
the Parent in its Equity Interests in (i) a public offering registered under the Securities Act, or (ii) an offering not required
to be registered under the Securities Act (including, without limitation, a private placement under Section 4(2) of the Securities
Act, an exempt offering pursuant to Rule 144A and/or Regulation S of the Securities Act and an offering of exempt securities)
(including common or preferred equity, hybrid securities, convertible securities and any and all warrants, rights or options to
purchase any of the foregoing, in each case whether in a public offering or a private placement); provided that the foregoing
shall not include issuances pursuant to incentive plans (including equity or equity-based plans and non-equity plans) and awards
thereunder, and other existing contractual obligations to current or former management or employees or members of the board of
directors of the Borrower or any of their subsidiaries. For all purposes under this Agreement, the term “Equity Issuance”
shall not include (A) any Asset Disposition or (B) any Debt Issuance.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations
promulgated thereunder.

 

“ERISA
Affiliate” means any trade or business (whether or not incorporated) that, together with the Parent or the Borrower,
is treated as a single employer under Section 414(b) or (c) of the Code or Section 4001(14) of ERISA or, solely for purposes of
Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.

 

“ERISA
Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued
thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) the failure to satisfy
the “minimum funding standard” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived;
(c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum
funding standard with respect to any Plan; (d) the incurrence by the Parent, the Borrower or any ERISA Affiliates of any liability
under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Parent, the Borrower or any ERISA
Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint
a trustee to administer any Plan; (f) the incurrence by the Parent, the Borrower or any ERISA Affiliates of any liability with
respect to the withdrawal or partial withdrawal of the Parent, the Borrower or any ERISA Affiliates from any Plan or Multiemployer
Plan; or (g) the receipt by the Parent, the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer
Plan from the Parent, the Borrower or any ERISA Affiliate of any notice, concerning the imposition upon the Parent, the Borrower
or any ERISA Affiliates of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent
or in reorganization, within the meaning of Title IV of ERISA.

 

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

     17

     

    

“Eurodollar”
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing,
are bearing interest at a rate determined by reference to the Adjusted LIBO Rate.

 

“Event
of Default” has the meaning assigned to such term in Section 7.01.

 

“Excess
Cash” means, at any time, the amount by which the aggregate amount of cash and cash equivalents, marketable securities,
treasury bonds and bills, certificates of deposit, investments in money market funds, and commercial paper, in each case, held
or owned by (either directly or indirectly), credited to the account of or would otherwise be required to be reflected as an asset
on the balance sheet of the Parent, the Borrower and their Subsidiaries (other than RRT and its subsidiaries) exceeds $30,000,000.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or
deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes,
and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having
its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax
(or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding
Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan, Letter
of Credit or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan, Letter
of Credit or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.19(b)) or (ii) such Lender
changes its lending office, except in each case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes
were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan,
Letter of Credit or Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such
Recipient’s failure to comply with Section 2.17(f) and (d) any withholding Taxes imposed under FATCA.

 

“Existing
Credit Agreement” means the Amended and Restated Revolving Credit Agreement, dated as of January 25, 2017, by and
among the Borrower, JPMorgan Chase Bank, N.A., as administrative agent and the other financial institutions from time to time
party thereto as lenders, fronting banks and agents.

 

“Existing
Letter of Credit” means each letter of credit issued prior to the Effective Date by a Person that shall be an Issuing
Bank and listed on Schedule 2.06.

 

“Facility”
means each of the Term Facility and the Revolving Facility (and collectively, the “Facilities”).

 

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

     18

     

    

“FCA”
has the meaning assigned to such term in Section 1.05.

 

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

 

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

 

“FEMA”
means the United States Federal Emergency Management Agency.

 

“Financeable
Ground Lease” means, except as otherwise approved by the Required Lenders a ground lease that provides reasonable
and customary protections for a potential leasehold mortgagee (“Mortgagee”) which include, among other
things (a) a remaining term, including any optional extension terms exercisable unilaterally by the tenant, of no less than thirty
(30) years from the Effective Date, (b) that the ground lease will not be terminated until the Mortgagee has received notice of
a default, has had a reasonable opportunity to cure or complete foreclosure, and has failed to do so, (c) provision for a new
lease on the same terms to the Mortgagee as tenant if the ground lease is terminated for any reason or other protective provisions
reasonably acceptable to Administrative Agent, (d) non-merger of the fee and leasehold estates, (e) transferability of the tenant’s
interest under the ground lease without any requirement for consent of the ground lessor unless based on reasonable objective
criteria as to the creditworthiness or line of business of the transferee or delivery of customary assignment and assumption agreements
from the transferor and transferee, and (f) that insurance proceeds and condemnation awards (from leasehold interest) will be
applied pursuant to the terms of the applicable leasehold mortgage.

 

“Financial
Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the Borrower.

 

“Flood
Laws” means the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973, the National Flood
Insurance Reform Act of 1994, the Biggert-Waters Flood Insurance Act of 2012, as such statutes may be amended or re-codified from
time to time, any substitution therefor, any regulations promulgated thereunder, and all other statutes and regulations of any
Governmental Authority relating to flood insurance.

 

“Floor”
means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the
modification, amendment or renewal of this Agreement or otherwise) with respect to LIBO Rate.

     19

     

    

“Foreign
Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower
is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower
is resident for tax purposes.

 

“GAAP”
means generally accepted accounting principles in the United States of America.

 

“Governmental
Authority” means the government of the United States of America, any other nation or any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

 

“Guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the
guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person
(the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation
of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment
thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness
or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition
or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as
an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided,
that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business.

 

“Guaranties”
means the Parent Guaranty and the Subsidiary Guaranty.

 

“Guarantors”
means the Parent and the Subsidiary Guarantors.

 

“Harborside
1” means the Collateral Pool Property owned by Mack Cali Plaza I L.L.C., a New Jersey limited liability company
(with reference to Block 11603; Lot 15 (vacant parcel) and Lot 16 (a/k/a Plaza I) and M-C Harborside Promenade L.L.C., a New Jersey
limited liability company (with reference to Block 11603; to Lot 17), and located at 150 Hudson Street, Jersey City, New Jersey.

 

“Harborside
2 & 3” means the Collateral Pool Property owned by M-C Plaza II & III L.L.C., a New Jersey limited liability
company and located at 200 Hudson Street, Jersey City, New Jersey a/k/a Plaza II (Block 11603; Lot 18) and 210 Hudson Street,
Jersey City, New Jersey a/k/a Plaza III (Block 11603; Lot 18).

 

“Harborside
5” means the Collateral Pool Property owned by M-C Plaza V L.L.C., a New Jersey limited liability company and located
at 185 Hudson Street, Jersey City, New Jersey a/k/a Plaza V (Block 11603; Lot 30 and Lot 30-X) subject to a (i) leasehold estate
owned by Cal-Harbor V Urban Renewal Associates L.P., a New Jersey limited partnership, a Subsidiary of Borrower, and (ii) a sub-leasehold
estate owned by Cal-Harbor V Leasing Associates L.L.C., a New Jersey limited liability company, a Subsidiary of Borrower.

     20

     

    

“Harborside
6” means the Collateral Pool Property owned by Cali Harborside (Fee) Associates L.P., a New Jersey limited partnership
and located at 135 Greene Street, Jersey City, New Jersey a/k/a Plaza IV-A (Block 11607; Lot 1 and Lot 1-X) subject to a (i) leasehold
estate owned by Cal-Harbor VII Urban Renewal Associates L.P., a New Jersey limited partnership, a Subsidiary of Borrower, and
(ii) a sub-leasehold estate owned by Cal-Harbor VII Leasing Associates L.L.C., a New Jersey limited liability company, a Subsidiary
of Borrower.

 

“Harborside
Hudson Street” means the Collateral Pool Property owned by Cali Harborside (Fee) Associates L.P., a New Jersey limited
partnership, a private road (Block 11603; Lot 28) associated with one or more of the Initial Collateral Pool Properties, although
it is owned by the fee owner of Harborside 6.

 

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

 

“Hyatt
Hotel JV” means the Real Estate owned by Cal-Harbor So. Pier Urban Renewal Associates L.P., a joint venture investment
of the Borrower as of the date hereof and more commonly known as the Hyatt, South Pier Harborside, Jersey City, New Jersey.

 

“Impacted
Interest Period” has the meaning assigned to it in the definition of “LIBO Rate.”

 

“Implied
Facility Debt Service” means, as of any date of determination, the annual Debt Service payable on a loan in a principal
amount equal to the outstanding principal amount of the Loans and Letters of Credit under the Facilities on such date of determination,
assuming that such loan (i) amortizes over a period of thirty (30) years with equal payments of principal and interest due and
payable on a monthly basis, and (ii) bears interest at a per annum rate equal to the greatest of (x) 5.50% per annum, (y) the
current yield on United States treasuries having the closest maturity date to the tenth (10th) anniversary of the date of determination,
plus 2.0%, and (z) the actual interest rate payable on the Loans as of the date of determination.

 

“Increased
Amount Date” has the meaning assigned to such term in Section 2.04.

 

“Incremental
Commitments” has the meaning assigned to such term in Section 2.04.

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“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits
or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c)
all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional
sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect
of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of
business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent
or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured
thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such
Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters
of guaranty, and (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances. The Indebtedness
of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general
partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship
with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor.

 

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

 

“Indemnitee”
has the meaning assigned to it in Section 9.03(c).

 

“Ineligible
Institution” has the meaning assigned to it in Section 9.04(b).

 

“Information”
has the meaning assigned to it in Section 9.12.

 

“Initial
Collateral Pool Properties” means the Collateral Pool Properties known as Harborside 1, Harborside 2 & 3, Harborside
5, Harborside 6 and Harborside Hudson Street.

 

“Insurance
and Condemnation Event” means the receipt by any Loan Party or any of their Subsidiaries of any cash casualty insurance
proceeds (for clarity, excluding insurance proceeds for financial (and not property) losses, such as business interruption insurance
proceeds) or condemnation award payable by reason of theft, loss, physical destruction or damage, taking or similar event with
respect to any of their respective real or personal property.

 

“Interest
Election Request” means a request by the Borrower to convert or continue a Revolving Borrowing in accordance with
Section 2.08, which shall be substantially in the form of Exhibit C or any other form approved by the Administrative Agent.

 

“Interest
Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and December and
the applicable Maturity Date, and (b) with respect to any Eurodollar Loan, the last day of each Interest Period applicable to
the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three
months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’
duration after the first day of such Interest Period, and the applicable Maturity Date.

     22

     

    

“Interest
Period” means with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and
ending on the numerically corresponding day in the calendar month that is one, three or six months (or, with the consent of each
Lender under the applicable Facility, twelve months) thereafter, as the Borrower may elect; provided, that (i) if any Interest
Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day
unless, in the case of a Eurodollar Borrowing only, such next succeeding Business Day would fall in the next calendar month, in
which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period pertaining to a Eurodollar
Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such
Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and
thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

 

“Interpolated
Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal places
as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest
error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBO Screen Rate for the longest
period for which the LIBO Screen Rate is available) that is shorter than the Impacted Interest Period; and (b) the LIBO Screen
Rate for the shortest period (for which that LIBO Screen Rate is available) that exceeds the Impacted Interest Period, in each
case, at such time.

 

“IRS”
means the United States Internal Revenue Service.

 

“ISDA
Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc.
or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate
derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

 

“Issuing
Bank” means JPMorgan Chase Bank, N.A., Capital One, National Association and any other Lender that agrees to act
as an Issuing Bank, each in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as
provided in Section 2.06(i). Any Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by
Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect
to Letters of Credit issued by such Affiliate. Each reference herein to the “Issuing Bank” in connection with a Letter
of Credit or other matter shall be deemed to be a reference to the relevant Issuing Bank with respect thereto.

 

“Joinder
Agreement” means the Joinder Agreement with respect to the Subsidiary Guaranty to be executed and delivered pursuant
to Section 4A.05 by any Additional Subsidiary Guarantor, such Joinder Agreement to be substantially in the form attached to the
Subsidiary Guaranty.

 

“LC
Disbursement” means a payment made by an Issuing Bank pursuant to a Letter of Credit.

     23

     

    

“LC
Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at
such time, plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower
at such time. The LC Exposure of any Lender at any time shall be its Applicable Percentage of the LC Exposure at such time. For
all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may
still be drawn thereunder by reason of the operation of Article 29(a) of the Uniform Customs and Practice for Documentary Credits,
International Chamber of Commerce Publication No. 600 (or such later version thereof as may be in effect at the applicable time)
or Rule 3.13 or Rule 3.14 of the International Standby Practices, International Chamber of Commerce Publication No. 590 (or such
later version thereof as may be in effect at the applicable time) or similar terms of the Letter of Credit itself, or if compliant
documents have been presented but not yet honored, such Letter of Credit shall be deemed to be “outstanding” and “undrawn”
in the amount so remaining available to be paid, and the obligations of the Borrower and each Lender shall remain in full force
and effect until the Issuing Bank and the Lenders shall have no further obligations to make any payments or disbursements under
any circumstances with respect to any Letter of Credit.

 

“Leases”
means leases, licenses and agreements, whether written or oral, relating to the use or occupation of space in any Building
or of any Real Estate located on or comprising all or a portion of any Collateral Pool Property.

 

“Lender
Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.

 

“Lender-Related
Person” has the meaning assigned to it in Section 9.03(b).

 

“Lenders”
means the Persons listed on Schedule 2.01A and any other Person that shall have become a party hereto pursuant to an Assignment
and Assumption or otherwise, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption
or otherwise. Unless the context otherwise requires, the term “Lenders” includes the Issuing Banks.

 

“Letter
of Credit” means any standby letter of credit issued pursuant to this Agreement and shall include each Existing
Letter of Credit.

 

“Letter
of Credit Agreement” has the meaning assigned to it in Section 2.06(b).

 

“Letter
of Credit Commitment” means, with respect to each Issuing Bank, the commitment of such Issuing Bank to issue Letters
of Credit hereunder. The initial amount of each Issuing Bank’s Letter of Credit Commitment is set forth on Schedule 2.01B,
or if an Issuing Bank has entered into an Assignment and Assumption or has otherwise assumed a Letter of Credit Commitment after
the Effective Date, the amount set forth for such Issuing Bank as its Letter of Credit Commitment in the Register maintained by
the Administrative Agent. The Letter of Credit Commitment of an Issuing Bank may be modified from time to time by agreement between
such Issuing Bank and the Borrower, and notified to the Administrative Agent.

     24

     

    

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

 

“LIBO
Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the LIBO Screen Rate at approximately
11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that if the LIBO Screen
Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”) then
the LIBO Rate shall be the Interpolated Rate.

 

“LIBO
Screen Rate” means, for any day and time, with respect to any Eurodollar Borrowing for any Interest Period, the
London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration
of such rate for U.S. Dollars for a period equal in length to such Interest Period as displayed on such day and time on pages
LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page
or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other
information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion);
provided that if the LIBO Screen Rate as so determined would be less than 0%, such rate shall be deemed to be 0% for the
purposes of this Agreement.

 

“LIBOR”
has the meaning assigned to such term in Section 1.05.

 

“Lien”
means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or
security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital
lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing)
relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect
to such securities.

 

“LLC”
means any Person that is a limited liability company under the laws of its jurisdiction of formation.

 

“Loan
Documents” means this Agreement, including schedules and exhibits hereto, and any agreements entered into in connection
herewith by the Borrower or any Loan Party with or in favor of the Administrative Agent and/or the Lenders, including the Notes,
the Guaranties, the Security Documents and any amendments, modifications or supplements thereto or waivers thereof, letter of
credit applications and any agreements between the Borrower and an Issuing Bank regarding the issuance by such Issuing Bank of
Letters of Credit hereunder and/or the respective rights and obligations between the Borrower and such Issuing Bank in connection
thereunder.

 

“Loan
Parties” means the Borrower and each Guarantor (including RRT).

 

“Loans”
means the loans made by the Lenders to the Borrower pursuant to this Agreement.

 

“Major
Lease” has the meaning assigned to it in Section 5.17(a).

     25

     

    

“Management
Agreements” means written property management agreements providing for the management of the Collateral Pool Properties
or any of them.

 

“Mandatory
Prepayment Event” means any event triggering the prepayment requirement under clauses (i) through and including
(iv) of Section 2.11(b).

 

“Margin
Stock” means margin stock within the meaning of Regulations T, U and X, as applicable.

 

“Material
Adverse Effect” means (a) a material adverse change in, or a material adverse effect on, the business, properties,
operations or financial condition of (i) the Borrower or (ii) Parent or (iii) the Borrower, Parent and their respective Subsidiaries,
taken as a whole, (b) a material adverse effect on the ability of the Borrower or any Guarantor to perform its payment and other
material obligations under any of the Loan Documents, or (c) a material adverse effect on the rights of or benefits available
to the Lenders under this Agreement or any other Loan Document.

 

“Material
Contract” means any contract or other arrangement (other than Loan Documents), whether written or oral, to which
the Borrower, any Subsidiary (other than RRLP) or any other Loan Party is a party as to which the breach, nonperformance, cancellation
or failure to renew by any party thereto could reasonably be expected to have a Material Adverse Effect.

 

“Material
Indebtedness” means Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one
or more Swap Agreements, of any one or more of the Borrower and its Subsidiaries in an aggregate principal amount exceeding $50,000,000.
For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the
Borrower or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to
any netting agreements) that the Borrower or such Subsidiary would be required to pay if such Swap Agreement were terminated at
such time.

 

“Maturity
Date” means the Revolving Maturity Date and/or the Term Loan Maturity Date, as the context may require.

 

“Maximum
Rate” has the meaning assigned to it in Section 9.14.

 

“Minimum
Release Price” means, with respect to a Collateral Pool Property, the amount set forth therefor in Schedule 2.11 (as amended from time to time pursuant to Section 4A.03).

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

“Mortgagee”
has the meaning assigned to it in the definition of Financeable Ground Lease.

 

“Mortgages”
means the Mortgages, Deeds to Secure Debt and/or Deeds of Trust from the Borrower or a Subsidiary Guarantor to the Administrative
Agent for the benefit of the Lenders (or to trustees named therein acting on behalf of the Administrative Agent for the benefit
of the Lenders), respecting the Collateral Pool Properties, previously, now or hereafter delivered to secure the Obligations,
as the same may be modified or amended.

     26

     

    

“Multiemployer
Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 

“Negative
Pledge” means, with respect to a given asset, any provision of a document, instrument or agreement (other than any
Loan Document) which prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security for Indebtedness
of the Person owning such asset or any other Person; provided, however, that an agreement that conditions a Person’s
ability to encumber its assets upon the maintenance of one or more specified ratios that limit such Person’s ability to
encumber its assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, shall
not constitute a Negative Pledge.

 

“Net
Cash Proceeds” means, as applicable, (a) with respect to any Asset Disposition or Insurance and Condemnation Event,
all cash proceeds (including Cash and Cash Equivalents) received by any Loan Party or any of their Subsidiaries therefrom (including
any Cash or Cash Equivalents received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise,
as and when received) in connection with such transaction or event less the sum of (i) any Tax Distributions and all income Taxes
and other Taxes assessed by, or reasonably estimated to be payable to, a Governmental Authority as a result of such transaction
or event (provided that if estimated Tax Distributions or estimated Taxes exceed the amount of actual Tax Distributions or Taxes
required to be paid in cash in respect of such Asset Disposition, the amount of such excess shall constitute Net Cash Proceeds
if greater than $100,000), (ii) all reasonable and customary out-of-pocket fees and expenses incurred in connection with such
transaction or event (including, to the extent reasonable and customary, accounting and investment banking fees, payments made
in order to obtain a necessary consent or required by applicable law, broker’s fees or commissions, legal fees, consulting
fees, title insurance premiums paid in connection therewith, survey costs and mortgage recording and transfer Tax paid in connection
therewith, and costs and expenses in connection with unwinding any derivatives contract in connection therewith), (iii) the principal
amount of, premium (including a prepayment premium or exit fee), if any, and interest on any Indebtedness (other than Indebtedness
under the Loan Documents) secured by a Lien on the asset (or a portion thereof) disposed of, which Indebtedness is required to
be repaid in connection with such transaction or event, (iv) all amounts that are set aside as a reserve (A) for adjustments in
respect of the purchase price of such assets, (B) for any liabilities associated with such transaction or event, to the extent
such reserve is established in accordance with GAAP or as otherwise required pursuant to the documentation with respect to such
Asset Disposition or Insurance and Condemnation Event, (C) for the payment of unassumed liabilities relating to the assets sold
or otherwise disposed of at the time of, or within 30 days after, the date of such sale or other disposition and (D) for the payment
of indemnification obligations; provided that, to the extent and at the time any such amounts are released from such reserve
and received by such Loan Party or any of their Subsidiaries, such amounts shall constitute Net Cash Proceeds, and (v) in the
case of an Insurance and Condemnation Event, amounts that are required to be applied to restoration or other uses pursuant to
contractual obligations relating to the Real Estate affected by such Insurance and Condemnation Event, or are permitted to be
(and are) applied to restoration or other uses pursuant to the Loan Documents, and (b) with respect to any Equity Issuance or
Debt Issuance, the gross cash proceeds received by any Loan Party or any of their Subsidiaries therefrom less the sum of (i) all
reasonable and customary fees, commissions, investment banking fees, consulting fees, attorneys’ fees, accountants’
fees, underwriting fees, costs, underwriting discounts and other expenses incurred in connection therewith and (ii) amounts required
to be deposited or maintained in segregated accounts as reserves in connection with any such Debt Issuance; provided, however,
that in the case of any Debt Issuance constituting Permitted Refinancing Indebtedness, such proceeds shall be limited to the amount
determined pursuant to clause (a) of the definition thereof. Net Cash Proceeds received by any Subsidiary of the Borrower other
than a Wholly Owned Subsidiary of the Borrower shall equal a percentage of the Net Cash Proceeds received by such Subsidiary pursuant
to clause (a) or (b) above equal to the percentage that corresponds to the Loan Parties’ aggregate ownership share of such
Subsidiary. In addition, Net Cash Proceeds received by any Subsidiary of the Borrower in connection with the disposition of the
Hyatt Hotel JV shall be reduced by the amounts paid in connection with any investment pursuant to Section 6.05(g) to acquire the
capital securities of its joint venture partner in the Hyatt Hotel JV prior to such disposition.

     27

     

    

“Net
Cash Proceeds Receipt Date” means, with respect to any Mandatory Prepayment Event, the date of receipt of Net Cash
Proceeds from such Mandatory Prepayment Event required to be paid pursuant to Section 2.11(b).

 

“Net
Casualty Proceeds” has the meaning assigned to it in Section 5.15(h).

 

“Net
Condemnation Proceeds” has the meaning assigned to it in Section 5.16.

 

“New
Revolving Loan Lender” has the meaning assigned to such term in Section 2.04.

 

“Notes”
means the Revolving Credit Notes and the Term Notes.

 

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

 

“NYFRB
Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the
Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business
Day); provided that if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate”
means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal
funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates as so
determined be less than 0%, such rate shall be deemed to be 0% for purposes of this Agreement.

 

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

     28

     

    

“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties of, the Borrower arising under any Loan
Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption),
absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after
the commencement by or against the Borrower or any Affiliate thereof of any proceeding under any debtor relief laws naming such
Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed or allowable claims in such
proceeding. Without limiting the foregoing, the Obligations include (a) the obligation to pay principal, interest, Letter of Credit
commissions, charges, expenses, fees, indemnities and other amounts payable by the Borrower under any Loan Document and (b) the
obligation of the Borrower to reimburse any amount in respect of any of the foregoing that the Administrative Agent or any Lender,
in each case in its sole discretion, may elect to pay or advance on behalf of the Borrower.

 

“Occupancy
Rate” means, (i) with respect to any residential Real Estate at any time, the ratio, expressed as a percentage,
of (a) the number of units actually leased to non-Affiliate tenants who are not subject to a Bankruptcy Event and who are paying
rent at rates not materially less than rates generally prevailing at the time the applicable lease was entered into, pursuant
to binding leases as to which no monetary default with respect to regularly scheduled payments has occurred and has continued
unremedied for sixty (60) or more days to (b) the aggregate number of units of such property, and (ii) with respect to any office
Real Estate at any time, the ratio, expressed as a percentage of (a) the net rentable square footage of such Real Estate actually
leased by tenants that are not affiliated with the Borrower and paying rent (or subject to free rent for periods of ninety (90)
days or less) at rates not materially less than rates generally prevailing at the time the applicable lease was entered into,
pursuant to binding leases as to which no monetary default has occurred and has continued unremedied for sixty (60) or more days
to (b) the aggregate net rentable square footage of such Real Estate. For purposes of this definition, a tenant shall be deemed
to actually occupy Real Estate notwithstanding a temporary cessation of operations for renovations, repairs or other temporary
reason.

 

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

 

“Other
Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt
or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other
Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19).

 

“Overnight
Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar
borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB
as set forth on the NYFRB’s Website from time to time, and published on the next succeeding Business Day by the NYFRB as
an overnight bank funding rate.

     29

     

    

“Parent”
means Mack-Cali Realty Corporation, a Maryland corporation.

 

“Parent
Guaranty” means the Parent Guaranty dated as of the date hereof executed and delivered by the Parent.

 

“Participant”
has the meaning assigned to such term in Section 9.04(c).

 

“Participant
Register” has the meaning assigned to such term in Section 9.04(c).

 

“Patriot
Act” has the meaning assigned to it in Section 9.16.

 

“Payment”
has the meaning assigned to it in Section 8.06(c).

 

“Payment
Notice” has the meaning assigned to it in Section 8.06(c).

 

“PBGC”
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar
functions.

 

“Permitted
Disposition” means:

 

(a)         the disposition of Cash or Cash Equivalents in exchange for other Cash or Cash Equivalents and having reasonably equivalent value
therefor;

 

(b)         the lease or sublease of assets and properties in the ordinary course of business, including ground leases and ground sub-leases
of anchor pads, out-parcels and vacant land adjacent to Real Estate; and

 

(c)         disposition of surplus, obsolete, damaged or worn out equipment or other property in the ordinary course of business.

 

“Permitted
Encumbrances” means:

 

(a)         Liens imposed by law for Taxes that are not yet due or are being contested in compliance with Section 5.04;

 

(b)         carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by
law, arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or are being
contested in compliance with Section 5.04;

 

(c)         pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance
and other social security laws or regulations;

     30

     

    

(d)         deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance
bonds and other obligations of a like nature, in each case in the ordinary course of business;

 

(e)         judgment liens in respect of judgments that do not constitute an Event of Default under Section 7.01(k);

 

(f)         easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary
course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property
or materially interfere with the ordinary conduct of business of the Borrower or any Subsidiary;

 

(g)         leases, licenses, subleases or sublicenses granted to third parties in the ordinary course of business and not interfering in
any material respect with the ordinary conduct of business of the Borrower or any Subsidiary;

 

(h)         Liens in favor of a banking or other financial institution arising as a matter of law or in the ordinary course of business under
customary general terms and conditions encumbering deposits or other funds maintained with a financial institution (including
the right of set-off) and that are within the general parameters customary in the banking industry or arising pursuant to such
banking institution’s general terms and conditions;

 

(i)          Liens on specific items of inventory or other goods (other than fixed or capital assets) and proceeds thereof of any Person securing
such Person’s obligations in respect of bankers’ acceptances or letters of credit issued or created for the account
of such Person to facilitate the purchase, shipment or storage of such inventory or other goods in the ordinary course of business;

 

(j)          Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection
with the importation of goods in the ordinary course of business so long as such Liens only cover the related goods;

 

(k)         Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts
or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

 

(l)          a reciprocal operating and easement agreement, being negotiated and intended to be executed and recorded against the Initial Collateral
Pool Properties and other properties, to provide a coordinated plan for the construction, operation, maintenance and alteration
of the property thereunder, including without limitation the general common areas, parking garages, the walkways and private roads,
(1) in such form as shall be approved by the Administrative Agent and (2) to the extent approved by the Administrative Agent,
to which the Lenders hereby agree to subordinate the Lien of the Mortgages pursuant to a commercially reasonable subordination
agreement;

 

(m)        Liens granted, created or otherwise permitted pursuant to the Loan Documents; and

     31

     

    

(n)         in the case of Collateral Pool Properties, the items set forth on Schedule B of the Title Policy for such Collateral Pool Property;

 

provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness.

 

“Permitted
Investments” means:

 

(a)         direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States
of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States
of America), in each case maturing within one year from the date of acquisition thereof;

 

(b)         investments in commercial paper maturing within 270 days from the date of acquisition thereof and having, at such date of acquisition,
the highest credit rating obtainable from S&P or from Moody’s;

 

(c)         investments in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of
acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic
office of any commercial bank organized under the laws of the United States of America or any State thereof which has a combined
capital and surplus and undivided profits of not less than $500,000,000;

 

(d)         fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above and
entered into with a financial institution satisfying the criteria described in clause (c) above; and

 

(e)         money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act of 1940, (ii)
are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000.

 

“Permitted
Refinancing Indebtedness” means any Indebtedness (the “Refinancing Indebtedness”), the
proceeds of which are used to refinance, refund, renew, extend or replace Indebtedness that is outstanding as of the Effective
Date (such outstanding Indebtedness, the “Refinanced Indebtedness”); provided that (a) to the extent
the principal amount (or accreted value, if applicable) of such Refinancing Indebtedness (including any unused commitments thereunder)
is greater than the sum of (i) the principal amount (or accreted value, if applicable) of the Refinanced Indebtedness at the time
of such refinancing, refunding, renewal, extension or replacement, (ii) an amount equal to any original issue discount thereon,
(iii) the amount of unpaid accrued interest and premium thereon, (iv) customary reserves required to be funded and maintained
in connection with such Refinancing Indebtedness, and (v) other reasonable amounts paid, and fees and expenses reasonably incurred,
in connection with such refinancing, refunding, renewal, extension or replacement, such excess shall be applied as a mandatory
prepayment of the Obligations to the extent required pursuant to Section 2.11(b)(ii); (b) the scheduled amortization of such Refinancing
Indebtedness (as a percentage of the principal amount of such Refinancing Indebtedness) shall not, before the maturity date of
the Refinanced Indebtedness, be greater than the scheduled amortization of the Refinanced Indebtedness (as a percentage of the
principal amount of such Refinanced Indebtedness), and the maturity of such Refinancing Indebtedness shall occur no earlier than
the maturity date of the Refinanced Indebtedness, (c) such Refinancing Indebtedness shall not be secured by Liens on assets other
than assets securing the Refinanced Indebtedness at the time of such refinancing, refunding, renewal, extension or replacement;
(d) such Refinancing Indebtedness shall not be guaranteed by or otherwise recourse to any Person other than the Person(s) to whom
the Refinanced Indebtedness is recourse or by whom it is guaranteed, in each case as of the time of such refinancing, refunding,
renewal, extension or replacement; and (e) no Default or Event of Default shall have occurred and be continuing at the time of,
or would result from, such refinancing, refunding, renewal, extension or replacement.

     32

     

    

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

 

“Physical
Condition Report” means, with respect to each Collateral Pool Property, a structural engineering report prepared
by a company satisfactory to the Administrative Agent regarding the physical condition of such Collateral Pool Property, satisfactory
in form and substance to the Administrative Agent in its reasonable discretion, which report shall, among other things, (a) confirm
that such Collateral Pool Property and its use complies, in all material respects, with all applicable law (including, without
limitation, zoning, subdivision and building laws) and (b) include a copy of a final certificate of occupancy with respect to
all improvements on such Collateral Pool Property.

 

“Plan”
means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA
or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Parent, the Borrower or any ERISA Affiliate is
(or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in
Section 3(5) of ERISA.

 

“Plan
Asset Regulations” means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended
from time to time.

 

“Pledge
Agreement” means the Pledge Agreement dated as of the date hereof, by the Borrower and the Subsidiary Guarantors
(other than RRT) in favor of the Administrative Agent on behalf of the Lenders.

 

“Potential
Collateral” means any property of the Borrower or a Subsidiary Guarantor which is not at the time included in the
Collateral and which consists of (i) Eligible Real Estate, or (ii) Real Estate which is capable of becoming Eligible Real Estate
through the completion and delivery of Eligible Real Estate Qualification Documents.

 

“Prime
Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S.
or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve
Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or,
if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar
release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective
from and including the date such change is publicly announced or quoted as being effective.

     33

     

    

“Proceeding”
means any claim, litigation, investigation, action, suit, arbitration or administrative, judicial or regulatory action
or proceeding in any jurisdiction.

 

“Property
Manager Subordination Agreements” means any Property Manager Subordination Agreements executed by the property manager
of a Collateral Pool Property in favor of Administrative Agent, for the benefit of the Lenders, as modified or amended from time
to time

 

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

 

“Public-Sider”
means a Lender whose representatives may trade in securities of the Borrower or its Controlling person or any of its Subsidiaries
while in possession of the financial statements provided by the Borrower under the terms of this Agreement.

 

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

 

“QFC
Credit Support” has the meaning assigned to it in Section 9.18.

 

“Real
Estate” means all real property, together with all improvements thereon, at any time owned or leased (as lessee
or sublessee) by the Borrower or any of its Subsidiaries, including, without limitation, the Collateral Pool Properties.

 

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

 

“Recourse”
means, with reference to any obligation or liability, any liability or obligation that is not Without Recourse, directly
or indirectly. For purposes hereof, a Person shall not be deemed to be “indirectly” liable for the liabilities or
obligations of an obligor solely by reason of the fact that such Person has an ownership interest in such obligor, provided
that such Person is not otherwise legally liable, directly or indirectly, for such obligor’s liabilities or obligations
(e.g., by reason of a guaranty or contribution obligation, by operation of law or by reason of such Person’s being a general
partner of such obligor).

 

“REIT”
means a domestic trust or corporation that qualifies a real estate investment trust under the provisions of Section 856,
et. seq. of the Code and any successor provisions.

 

“Reference
Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is LIBO Rate, 11:00
a.m. (London time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is
not LIBO Rate, the time determined by the Administrative Agent in its reasonable discretion.

 

“Register”
has the meaning assigned to such term in Section 9.04(b).

     34

     

    

“Regulation
D” means Regulation D of the Federal Reserve Board, as in effect from time to time and all official rulings and
interpretations thereunder or thereof.

 

“Regulation
T” means Regulation T of the Federal Reserve Board, as in effect from time to time and all official rulings and
interpretations thereunder or thereof.

 

“Regulation
U” means Regulation U of the Federal Reserve Board, as in effect from time to time and all official rulings and
interpretations thereunder or thereof.

 

“Regulation
X” means Regulation X of the Federal Reserve Board, as in effect from time to time and all official rulings and
interpretations thereunder or thereof.

 

“Regulations”
has the meaning assigned to such term in the definition of Eligible 1031 Cash Proceeds.

 

“Regulatory
Amount” has the meaning assigned to such term in Section 5.15(b)(iv).

 

“Related
Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors,
officers, employees, agents and advisors of such Person and such Person’s Affiliates.

 

“Relevant
Governmental Body” means the Federal Reserve Board or the NYFRB, or a committee officially endorsed or convened
by the Federal Reserve Board or the NYFRB, or any successor thereto.

 

“Rent
Roll” means a report prepared by the Borrower showing for each Collateral Pool Property, its occupancy, tenants,
lease expiration dates, lease rent and other information in substantially the form presented to Administrative Agent on or prior
to the date hereof.

 

“Required
Facility Lenders” means, with respect to any Facility, the holders of more than 50% of the total Term Loan Exposures
and unused Term Loan Commitments or the total Revolving Commitments, as the case may be, outstanding under such Facility (or,
in the case of the Revolving Facility, after any termination of the Revolving Commitments, the holders of more than 50% of the
total Revolving Credit Exposures); provided that, in the event any Lender shall be a Defaulting Lender, then for so long as such
Lender is a Defaulting Lender, “Required Facility Lenders” means Lenders (excluding all Defaulting Lenders) having
more than 50% of the total Term Loan Exposures and unused Term Loan Commitments or the total Revolving Commitments (or total Revolving
Credit Exposures), as the case may be, outstanding under such Facility (excluding the Term Loan Exposures, Term Loan Commitments,
Revolving Commitments and Revolving Credit Exposures, as applicable, of all Defaulting Lenders). At all times when two or more
Lenders (excluding Defaulting Lenders) are party to this Agreement with respect to any Facility, the term Required Facility Lenders
shall in no event mean less than two Lenders under such Facility.

     35

     

    

“Required
Lender CPP Deliverables” means, with respect to any Potential Collateral for which the Borrower seeks approval as
a Collateral Pool Property in accordance with the provisions of Section 4A.03, all of the following: (i) a summary description
of the applicable Real Estate (including without limitation, the street address of such Real Estate, the size and type of property
and such other information as may reasonably be required by the Administrative Agent and the Lenders to identify the location
and the material characteristics of such Real Estate); (ii) a copy of the operating statements for such Real Estate for the last
three (3) fiscal years (or such shorter period as may be available) and the interim operating statement for the most recent fiscal
quarter; (iii) a copy of a current Rent Roll for such Real Estate; (iv) a summary of the historical Occupancy Rates for such Real
Estate for the last ten (10) years (or such shorter period as may be available); (v) a copy of the Appraisal for such Real Estate;
(vi) evidence as to whether the applicable Real Estate is a “Flood Hazard Property”, or is otherwise designated by
FEMA as having special flood or mudslide hazards; (vii) copies of each environmental site assessment obtained by the Borrower
with respect to such Real Estate; (viii) a copy of the Physical Condition Report obtained by the Borrower with respect to such
Real Estate; (ix) a summary of any capital improvement program that is scheduled to be undertaken at such Real Estate, if applicable,
(x) such other agreements, documents, certificates, reports or assurances as the Administrative Agent may reasonably require;
and (xi) a new Borrowing Base Certificate showing, on a pro forma basis, the effect of the addition of such Real Estate as a Collateral
Pool Property.

 

“Required
Lenders” means, at any time, Lenders having Term Loan Exposures, Revolving Credit Exposures and unused Commitments
representing more than 50% of the sum of the total Term Loan Exposures, Revolving Credit Exposures and unused Commitments at such
time; provided that, in the event any of the Lenders shall be a Defaulting Lender, then for so long as such Lender is a
Defaulting Lender, “Required Lenders” means Lenders (excluding all Defaulting Lenders) having Term Loan Exposures,
Revolving Credit Exposures and unused Commitments representing more than 50% of the sum of the total Term Loan Exposures, Revolving
Credit Exposures and unused Commitments of such Lenders (excluding all Defaulting Lenders) at such time. At all times when two
or more Lenders (excluding Defaulting Lenders) are party to this Agreement, the term Required Lenders shall in no event mean less
than two Lenders.

 

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

 

“Responsible
Officer” means the chief executive officer, the president or a Financial Officer.

 

“Restricted
Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to
any Equity Interests in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including
any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination
of any such Equity Interests or any option, warrant or other right to acquire any such Equity Interests.

 

“Reuters”
means, as applicable, Thomson Reuters Corp., Refinity, or any successor thereto.

     36

     

    

“Revolving
Availability Period” means the period from and including the Effective Date to but excluding the earlier of the
Revolving Maturity Date and the date of termination of the Revolving Commitments.

 

“Revolving
Borrowing” means a Borrowing of Revolving Loans.

 

“Revolving
Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire
participations in Letters of Credit hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s
Revolving Credit Exposure hereunder, as such commitment may be (a) increased from time to time pursuant to Section 2.04, (b) reduced
from time to time pursuant to Section 2.09 and (c) reduced or increased from time to time pursuant to assignments by or to such
Lender pursuant to Section 9.04. The initial amount of each Lender’s Revolving Commitment is set forth on Schedule 2.01A,
or in the Additional Credit Extension Amendment or the Assignment and Assumption pursuant to which such Lender shall have assumed
its Revolving Commitment, as applicable. The initial aggregate amount of the Lenders’ Revolving Commitments is $250,000,000.

 

“Revolving
Borrowing” means Revolving Loans of the same Type, made, converted or continued on the same date and, in the case
of Eurodollar Loans, as to which a single Interest Period is in effect.

 

“Revolving
Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such
Lender’s Revolving Loans and its LC Exposure at such time.

 

“Revolving
Credit Notes” means collectively, the separate promissory notes of the Borrower in favor of each Revolving Lender
in substantially the form of Exhibit E-1 hereto.

 

“Revolving
Facility” means the Revolving Commitments and the Revolving Loans made and Letters of Credit issued thereunder.

 

“Revolving
Lender” means a Lender with a Revolving Commitment or Revolving Credit Exposure.

 

“Revolving
Loan” means a Loan made pursuant to Section 2.01(a) and Section 2.03.

 

“Revolving
Maturity Date” means May 6, 2024.

 

“Revolving
Percentage” means, with respect to any Revolving Lender, the percentage of the total Revolving Commitments represented
by such Lender’s Revolving Commitment; provided that in the case of Section 2.20 when a Defaulting Lender shall exist, “Revolving
Percentage” shall mean the percentage of the total Revolving Commitments (disregarding any Defaulting Lender’s
Revolving Commitment) represented by such Lender’s Revolving Commitment. If the Revolving Commitments have terminated or
expired, the Revolving Percentages shall be determined based upon the Revolving Commitments most recently in effect, giving effect
to any assignments.

     37

     

    

“RRLP”
means Roseland Residential L.P., a Delaware limited partnership.

 

“RRLP
JV Agreement” means that certain Third Amended and Restated Limited Partnership Agreement of RRLP, dated June 28,
2019, by and among RRT, RPIIA-RLA Aggregator, L.L.C., and RPIIA-RLB, L.L.C., as the same may be amended from time to time.

 

“RRT”
means Roseland Residential Trust, a Maryland real estate investment trust.

 

“S&P”
means Standard & Poor’s Rating Services, a Standard & Poor’s Financial Services LLC business.

 

“Sanctioned
Country” means, at any time, a country, region or territory which is itself the subject or target of any Sanctions
(at the time of this Agreement, Crimea, Cuba, Iran, North Korea and Syria).

 

“Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained
by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the United Nations
Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom or other
relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any Person owned or
controlled by any such Person or Persons described in the foregoing clauses (a) or (b), or (d) any Person otherwise the subject
of any Sanctions.

 

“Sanctions”
means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the
U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or
the U.S. Department of State.

 

“SEC”
means the Securities and Exchange Commission of the United State of America.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Security
Documents” means, collectively, the Mortgages, the Assignments of Leases and Rents, the Pledge Agreement, the Deposit
Account Pledge Agreement, the Deposit Account Control Agreement, the Environmental Indemnity Agreements, any Property Manager
Subordination Agreements, UCC-1 financing statements and any further collateral security agreements or assignments to the Administrative
Agent for the benefit of the Lenders.

 

“Senior
Unsecured Notes” means each of (i) the $300,000,000 principal amount of 4.500% Senior Unsecured Notes due April
18, 2022 and (ii) the $275,000,000 principal amount of 3.150% Senior Unsecured Notes due May 15, 2023.

 

“SOFR”
means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business
Day published by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.

     38

     

    

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

 

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

 

“Solvent”
means, as to any Person as of any date of determination, that on such date (a) the fair value of the property of such
Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair
saleable value of such Person is not less than the amount that will be required to pay the probable liability of such Person on
its debts, including contingent debts, as they become absolute and matured, (c) such Person does not intend to, and does not believe
that it will, incur debts or liabilities, including contingent debts and liabilities, beyond such Person’s ability to pay
such debts and liabilities as they mature and (d) such Person is not engaged in a business or a transaction, and is not about
to engage in a business or a transaction, for which such Person’s property would constitute an unreasonably small capital.
The amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances
existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

 

“Stabilized
Property” means any completed Real Estate that has achieved an Occupancy Rate of at least 80% for at least one (1)
fiscal quarter.

 

“Statutory
Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator
of which is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or
supplemental reserves) expressed as a decimal established by the Federal Reserve Board to which the Administrative Agent is subject
with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency liabilities”
in Regulation D). Such reserve percentage shall include those imposed pursuant to Regulation D. Eurodollar Loans shall
be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration,
exemptions or offsets that may be available from time to time to any Lender under Regulation D or any comparable regulation. The
Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.

 

“subsidiary”
means, with respect to any Person (the “parent”) at any date, any corporation, limited liability
company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the
parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such
date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities
or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the
case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or
(b) that is, as of such date, otherwise Controlled by the parent and/or one or more subsidiaries of the parent.

     39

     

    

“Subsidiary”
means any subsidiary of the Borrower.

 

“Subsidiary
Guarantor” and “Subsidiary Guarantors” means individually, each Subsidiary of the Borrower
party to the Subsidiary Guaranty as of the Effective Date, including any such Subsidiary which owns or ground-leases a Collateral
Pool Property, and each Additional Subsidiary Guarantor, unless such Person is released from its obligations as a “Subsidiary
Guarantor” hereunder in accordance with the terms hereof, and collectively, all of such Persons.

 

“Subsidiary
Guaranty” means the Subsidiary Guaranty dated as of the date hereof executed and delivered by the Subsidiary Guarantors.

 

“Supermajority
Lenders” means, at any time, Lenders having Term Loan Exposures, Revolving Credit Exposures and unused Commitments
representing more than 66-2/3% of the sum of the total Term Loan Exposures, Revolving Credit Exposures and unused Commitments
at such time; provided that, in the event any of the Lenders shall be a Defaulting Lender, then for so long as such Lender
is a Defaulting Lender, “Supermajority Lenders” means Lenders (excluding all Defaulting Lenders) having Term Loan
Exposures, Revolving Credit Exposures and unused Commitments representing more than 66-2/3% of the sum of the total Term Loan
Exposures, Revolving Credit Exposures and unused Commitments of such Lenders (excluding all Defaulting Lenders) at such time.
At all times when two or more Lenders (excluding Defaulting Lenders) are party to this Agreement, the term Supermajority Lenders
shall in no event mean less than two Lenders.

 

“Supported
QFC” has the meaning assigned to it in Section 9.18.

 

“Swap
Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or
similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments
or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar
transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments
only on account of services provided by current or former directors, officers, employees or consultants of the Borrower or the
Subsidiaries shall be a Swap Agreement.

 

“Syndication
Agent” means Capital One, National Association.

 

“Tangible
Net Worth” means Total Asset Value minus Total Indebtedness.

 

“Tax
Distribution” means, with respect to any Asset Disposition, an amount reasonably estimated to be equal to the tax
liability or net capital gain required to be distributed pursuant to the Borrower’s agreement of limited partnership in
connection with such Asset Disposition.

     40

     

    

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

 

“Term
Borrowing” means a Borrowing of Term Loans.

 

“Term
Facility” means the Term Loan Commitments and the Term Loans made thereunder.

 

“Term
Loan” means a Loan made pursuant to Section 2.01(b) and Section 2.03.

 

“Term
Loan Commitment” means, with respect to each Term Loan Lender, the commitment of such Lender to make Term Loans
hereunder. The initial amount of each Lender’s Term Loan Commitment is set forth on Schedule 2.01A. The initial aggregate
amount of the Lenders’ Term Loan Commitments is $150,000,000.

 

“Term
Loan Commitment Expiry Date” has the meaning assigned to such term in Section 2.01(b).

 

“Term
Loan Exposure” means, with respect to any Term Loan Lender at any time, the outstanding principal amount of such
Lender’s Term Loans.

 

“Term
Loan Lender” means a Lender with a Term Loan Commitment or Term Loan Exposure.

 

“Term
Loan Maturity Date” means November 6, 2022.

 

“Term
Notes” means collectively, the separate promissory notes of the Borrower in favor of each Term Loan Lender in substantially
the form of Exhibit E-2 hereto.

 

“Term
SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term
rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

 

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

 

“Term
SOFR Transition Event” means the determination by the Administrative Agent that (a) Term SOFR has been recommended
for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative
Agent and (c) a Benchmark Transition Event or an Early Opt-in Election, as applicable, has previously occurred resulting in a
Benchmark Replacement in accordance with Section 2.14 that is not Term SOFR.

 

“Title
Company” means First American Title Insurance Company and any other title insurance companies acceptable to the
Administrative Agent.

     41

     

    

“Title
Policy Commitments” means the commitments to issue the Title Policies, issued by the Title Company for each Collateral
Pool Property, along with copies of all instruments creating or evidencing exceptions or encumbrances to title.

 

“Title
Policies” means an ALTA or equivalent form of Mortgagee Title Policy from the Title Company and insuring the priority
and sufficiency of the Mortgages as first Liens upon the applicable Collateral Pool Properties, (a) in an aggregate amount equal
to the maximum principal amount of the Loans, (b) showing all easements or other matters affecting the Collateral Pool Properties,
all subject only to such exceptions or qualifications as are reasonably acceptable to the Administrative Agent, (c) insuring the
priority of Liens granted by the Mortgages against all possible contractors’, suppliers, and mechanics’ lien claims
that heretofore or hereafter arise, as well as certain survey matters, and (d) to the extent available, containing any customary
endorsements or assurances that Administrative Agent may request for protection of its interests including, but not limited to
(i) zoning endorsements, (ii) variable rate endorsements, (iii) usury endorsements, (iv) comprehensive endorsements, (v) access
endorsements, insuring that there will be at least one location at each Collateral Pool Property with unlimited vehicular ingress
and egress to an adjacent street, and (vi) other customary endorsements requested by the Administrative Agent and its counsel.
Notwithstanding the foregoing, “Title Policies” includes any Title Policy approved by the Administrative Agent and
is issued by the Title Company to the Administrative Agent on behalf of the Lenders on the Effective Date.

 

“Total
Asset Value” means the sum of (a) for each Collateral Pool Property, the Appraised Value of such Collateral Pool
Property, plus (b) for any land, Construction-in-Process, Real Estate that is not a Collateral Pool Property, and Unconsolidated
Affiliate owned by the Borrower or a Subsidiary (other than RRLP and its subsidiaries), the book value (after any impairments)
of such land, Construction-in-Process, Real Estate, and Unconsolidated Affiliate, plus (c) for RRLP, the sum of (i) for each Stabilized
Property owned by RRLP and its consolidated subsidiaries, the book value (after any impairments) for each such Stabilized Property
owned by RRLP, plus (ii) for any land, Construction-in-Process, non-Stabilized Property, and Unconsolidated Affiliate owned by
RRLP and its consolidated subsidiaries, the book value (after any impairments) of such land, Construction-in-Process, non-Stabilized
Property, and Unconsolidated Affiliate, minus (iii) all Indebtedness of RRLP and its consolidated subsidiaries and the pro-rata
share of all Indebtedness of all entities partially-owned by RRLP, including, without duplication, any Recourse obligations, or
contingent liabilities or obligations of RRLP and its subsidiaries, and minus (iv) the estimated future redemption value of preferred
units in RRLP owned by Rockpoint Group, LLC and its affiliates;

 

provided that the aggregate portion of Total Asset Value attributable to land and Construction-in-Process owned by the Borrower and
its subsidiaries (other than RRLP and its subsidiaries) and to entities partially owned by the Borrower and its subsidiaries (other
than RRLP and its subsidiaries) shall be limited to 15% of Total Asset Value.

 

The
Borrower’s pro rata share of assets held by its partially-owned subsidiaries will be included in the calculation of Total
Asset Value consistent with the above-described treatment for wholly owned assets.

     42

     

    

“Total
Indebtedness” means the sum of all Indebtedness of the Parent and its consolidated subsidiaries and the pro-rata
share of all Indebtedness of all partially-owned entities, in each case excluding Indebtedness of RRLP but including, without
duplication, any Recourse obligations to the Parent, the Borrower, RRT, and the other Subsidiaries of the Borrower

 

“Total
Revolving Credit Exposure” means, at any time, the sum of (a) the outstanding principal amount of the Revolving
Loans at such time and (b) the total LC Exposure at such time.

 

“Transactions”
means the execution, delivery and performance by the Borrower of this Agreement, the borrowing of Loans, the use of the
proceeds thereof and the issuance of Letters of Credit hereunder.

 

“Type”,
when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising
such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate.

 

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

 

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

 

“Unadjusted
Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

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

 

“Unsecured
Indebtedness” means Indebtedness of a Person that is not secured by a Lien on any asset of such Person.

 

“U.S.
Person” means a “United States person” within the meaning of Section 7701(a)(30) of the
Code.

 

“U.S.
Special Resolution Regime” has the meaning assigned to it in Section 9.18.

 

“U.S.
Tax Compliance Certificate” has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3).

     43

     

    

“Wholly
Owned Subsidiary” means any Subsidiary of the Borrower that is directly or indirectly owned 100% by the Borrower.

 

“Withdrawal
Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

 

“Without
Recourse” or “without recourse” means, with reference to any obligation or liability of
any Person, (a) any obligation or liability for which such Person is not liable or obligated other than as to its interest in
designated Real Estate, the amount of its investment in a joint venture or other specifically identified asset only, subject to
such limited exceptions to the non-recourse nature of such obligation or liability, such as fraud, misappropriation, misapplication
and environmental indemnities, as are usual and customary in like transactions involving institutional lenders at the time of
the incurrence of such obligation or liability or (b) if such Person owns only a single Real Estate asset, any liability or obligation
of such Person.

 

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

 

SECTION
1.02.      Classification of Loans and Borrowings. For purposes of this Agreement,
Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar
Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan”). Borrowings also may be classified and referred
to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by Class and
Type (e.g., a “Eurodollar Revolving Borrowing”).

 

SECTION
1.03.      Terms Generally. The definitions of terms herein shall apply equally
to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall
be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have
the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference
to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document
as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements
or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors
and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import,
shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein
to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules
to, this Agreement, (e) any reference to any law, rule or regulation herein shall, unless otherwise specified, refer to such law,
rule or regulation as amended, modified or supplemented from time to time and (f) the words “asset” and “property”
shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties,
including cash, securities, accounts and contract rights.

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SECTION
1.04.      Accounting Terms; GAAP. (a) Except as otherwise expressly provided
herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time;
provided that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof
to eliminate the effect of any change occurring after the date hereof in GAAP or in 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), regardless of whether any such notice is given before or after such change in GAAP or in the application
thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change
shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding
any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations
of amounts and ratios referred to herein shall be made, without giving effect to (i) any election under Financial Accounting Standards
Board Accounting Standards Codification 825 (or any other Financial Accounting Standard having a similar result or effect) to
value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein
and (ii) any treatment of Indebtedness under Accounting Standards Codification 470-20 or 2015-03 (or any other Accounting Standards
Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or
bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount
thereof.

 

(b)         Notwithstanding anything to the contrary contained in Section 1.04(a) or in the definition of “Capital Lease Obligations,”
any change in accounting for leases pursuant to GAAP resulting from the adoption of Financial Accounting Standards Board Accounting
Standards Update No. 2016-02, Leases (Topic 842) (“FAS 842”), to the extent such adoption would require treating
any lease (or similar arrangement conveying the right to use) as a capital lease where such lease (or similar arrangement) would
not have been required to be so treated under GAAP as in effect on December 31, 2015, such lease shall not be considered a capital
lease, and all calculations and deliverables under this Agreement or any other Loan Document shall be made or delivered, as applicable,
in accordance therewith.

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SECTION
1.05.       Interest Rates; LIBOR Notification. The interest rate on Eurodollar
Loans is determined by reference to the LIBO Rate, which is derived from the London interbank offered rate (“LIBOR”).
LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London
interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced
that: (a) immediately after December 31, 2021, publication of all seven euro LIBOR settings, all seven Swiss Franc LIBOR settings,
the spot next, 1-week, 2-month and 12-month Japanese Yen LIBOR settings, the overnight, 1-week, 2-month and 12-month British Pound
Sterling LIBOR settings, and the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; immediately after June
30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; immediately after December
31, 2021, the 1-month, 3-month and 6-month Japanese Yen LIBOR settings and the 1-month, 3-month and 6-month British Pound Sterling
LIBOR settings will cease to be provided or, subject to consultation by the FCA, be provided on a changed methodology (or “synthetic”)
basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness
will not be restored; and immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease
to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative
of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There
is no assurance that dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not
take further action that could impact the availability, composition, or characteristics of LIBOR or the currencies and/or tenors
for which LIBOR is published. Each party to this agreement should consult its own advisors to stay informed of any such developments.
Public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used
in place of LIBOR. Upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election,
Section 2.14(b) and (c) provide the mechanism for determining an alternative rate of interest. The Administrative Agent will promptly
notify the Borrower, pursuant to Section 2.14(e), of any change to the reference rate upon which the interest rate on Eurodollar
Loans is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability
with respect to, the administration, submission or any other matter related to LIBOR or other rates in the definition of “LIBO
Rate” or with respect to any alternative or successor rate thereto, or replacement rate thereof (including, without
limitation, (i) any such alternative, successor or replacement rate implemented pursuant to Section 2.14(b) or (c), whether upon
the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, and (ii) the implementation
of any Benchmark Replacement Conforming Changes pursuant to Section 2.14(d)), including without limitation, whether the composition
or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value
or economic equivalence of, the LIBO Rate or have the same volume or liquidity as did the London interbank offered rate prior
to its discontinuance or unavailability.

 

SECTION
1.06.       Letter of Credit Amounts. Unless otherwise specified herein, the
amount of a Letter of Credit at any time shall be deemed to be the amount of such Letter of Credit available to be drawn at such
time; provided that with respect to any Letter of Credit that, by its terms or the terms of any Letter of Credit Agreement related
thereto, provides for one or more automatic increases in the available amount thereof, the amount of such Letter of Credit shall
be deemed to be the maximum amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum
amount is available to be drawn at such time.

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SECTION
1.07.       Divisions. For all purposes under the Loan Documents, in connection
with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws):
(a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different
Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new
Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence
by the holders of its Equity Interests at such time.

 

ARTICLE
II

The Credits

 

SECTION
2.01.       Commitments. (a) Subject to the terms and conditions set forth
herein, each Revolving Lender agrees to make Revolving Loans to the Borrower from time to time during the Revolving Availability
Period in an aggregate principal amount that will not result (after giving effect to any application of proceeds of such Borrowing
pursuant to Section 2.10) in (a) such Lender’s Revolving Credit Exposure exceeding such Lender’s Revolving Commitment,
(b) the Total Revolving Credit Exposure exceeding the total Revolving Commitments or (c) non-compliance with Sections 6.14(a),
6.14(b) or 6.14(c). Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow,
prepay and reborrow Revolving Loans.

 

(b)         Subject to the terms and conditions set forth herein, each Term Loan Lender agrees to make Term Loans to the Borrower on the Effective
Date in an aggregate principal amount that will not result in (i) the aggregate principal amount of the Term Loans to be made
by such Term Loan Lender exceeding its Term Loan Commitment, (ii) the aggregate principal amount of all Term Loans made by the
Term Loan Lenders exceeding the total Term Loan Commitments, (iii) the aggregate principal amount of all Term Loans made by the
Term Loan Lenders exceeding the aggregate outstanding principal amount of the Senior Unsecured Notes or (iv) non-compliance with
Sections 6.14(a), 6.14(b) or 6.14(c). The Term Loan Commitments of the Lenders to make the Term Loans shall expire on the date
on which the aggregate principal amount of Borrowings of Term Loans equals the aggregate Term Loan Commitments and in any case
shall be no later than the day immediately following the Effective Date (the “Term Loan Commitment Expiry Date”).
Any portion of the Term Loans that is repaid may not be reborrowed.

 

SECTION
2.02.     Loans and Borrowings. (a)  Each Revolving Loan shall be made
as part of a Borrowing consisting of Revolving Loans made by the Revolving Lenders ratably in accordance with their respective
Revolving Commitments. Each Term Loan shall be made as part of a Borrowing consisting of Term Loans made by the Term Loan Lenders
ratably in accordance with their respective Term Loan Commitments. The failure of any Lender to make any Loan required to be made
by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several
and no Lender shall be responsible for any other Lender’s failure to make Loans as required.

 

(b)         Subject to Section 2.14, (i) each Revolving Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower
may request in accordance herewith, and (ii) each Term Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans
as the Borrower may request in accordance herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic
or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect
the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.

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(c)         At the commencement of each Interest Period for any Eurodollar Revolving Borrowing, such Borrowing shall be in an aggregate amount
that is an integral multiple of $1,000,000 and not less than $3,000,000. At the time that each ABR Revolving Borrowing is made,
such Borrowing shall be in an aggregate amount that is an integral multiple of $500,000 and not less than $1,000,000; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Revolving
Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e). Borrowings
of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more
than a total of seven Eurodollar Revolving Borrowings or seven Eurodollar Term Borrowings outstanding.

 

(d)         Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or
continue, any Borrowing if the Interest Period requested with respect thereto would end after the applicable Maturity Date.

 

SECTION
2.03.      Requests for Borrowings. To request a Borrowing, the Borrower shall
notify the Administrative Agent of such request by submitting a Borrowing Request and an executed Borrowing Base Certificate (a)
in the case of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of the
proposed Borrowing, (b) in the case of an ABR Term Borrowing, not later than 11:00 a.m., New York City time, the date of the proposed
Borrowing, or (c) in the case of an ABR Revolving Borrowing, not later than 11:00 a.m., New York City time, on the date of the
proposed Borrowing; provided that any such notice of an ABR Revolving Borrowing to finance the reimbursement of an LC Disbursement
as contemplated by Section 2.06(e) may be given not later than 10:00 a.m., New York City time, on the date of the proposed Borrowing.
Each such Borrowing Request shall be irrevocable and shall be signed by a Responsible Officer of the Borrower. Each such Borrowing
Request shall specify the following information in compliance with Section 2.02:

 

(i)           the
aggregate amount of the requested Borrowing, and whether such Borrowing is a Revolving Borrowing or a Term Borrowing;

 

(ii)          the
date of such Borrowing, which shall be a Business Day;

 

(iii)         whether
such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing;

 

(iv)         in
the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated
by the definition of the term “Interest Period”; and

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(v)          the
location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements
of Section 2.07.

 

If
no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period
is specified with respect to any requested Eurodollar Borrowing, then the Borrower shall be deemed to have selected an Interest
Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative
Agent shall forward the Borrowing Base Certificate to each Lender and advise each Lender of the details thereof and of the amount
of such Lender’s Loan to be made as part of the requested Borrowing.

 

SECTION
2.04.      Incremental Facilities. On one or more occasions at any time after
the Term Loans have been paid in full and all Term Loan Commitments have terminated, the Borrower may by written notice to the
Administrative Agent elect to request an increase to the Revolving Commitments (any such increase, the “Incremental
Commitments”), by up to an aggregate amount not to exceed $75,000,000 for all Incremental Commitments. Each such
notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that
such Incremental Commitments shall be effective, which shall be a date not less than five (5) Business Days after the date on
which such notice is delivered to the Administrative Agent. The Administrative Agent and/or its Affiliates shall use commercially
reasonable efforts, with the assistance of the Borrower, to arrange a syndicate of Lenders or other Persons that are Eligible
Assignees willing to hold the requested Incremental Commitments; provided that (x) any Incremental Commitments on any Increased
Amount Date shall be in the minimum aggregate amount of $25,000,000 (or such lesser amount which equals the then remaining aggregate
Incremental Commitments), (y) any Lender approached to provide all or a portion of the Incremental Commitments may elect or decline,
in its sole discretion, to provide an Incremental Commitment, and (z) any Lender or other Person that is an Eligible Assignee
(each, a “New Revolving Loan Lender”) to whom any portion of such Incremental Commitment shall be allocated
shall be subject to the approval of the Borrower, the Administrative Agent and the Issuing Banks (such approval not to be unreasonably
withheld or delayed), unless such New Revolving Loan Lender is an existing Lender.

 

The
terms and provisions of any Incremental Commitments shall be identical to the existing Revolving Commitments; provided that the
applicable commitment fee, upfront and other fees with respect to any Incremental Commitments shall be determined by the Borrower
and the applicable New Revolving Loan Lenders and the applicable arrangement fees with respect to any Incremental Commitments
shall be determined by the Borrower and the applicable arrangers for such Incremental Commitments.

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The
effectiveness of any Incremental Commitments and the availability of any borrowings under any such Incremental Commitment shall
be subject to the satisfaction of the following conditions precedent: (x) after giving pro forma effect to such Incremental Commitments
and borrowings and the use of proceeds thereof, (i) no Default or Event of Default shall exist and (ii) as of the last day of
the most recent month for which financial statements have been delivered pursuant to Section 5.01, the Borrower would have been
in compliance with the financial covenants set forth in Section 6.14 that are applicable at such time after giving effect to such
Incremental Commitments; (y) the representations and warranties made or deemed made by the Borrower in any Loan Document shall
be true and correct in all material respects on the effective date of such Incremental Commitments except to the extent that such
representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall
have been true and correct in all material respects on and as of such earlier date) and except for changes in factual circumstances
specifically and expressly permitted under the Loan Documents; and (z) the Administrative Agent shall have received each of the
following, in form and substance reasonably satisfactory to the Administrative Agent: (i) if not previously delivered to the Administrative
Agent, copies certified by the Secretary or Assistant Secretary of (A) all corporate or other necessary action taken by the Borrower
to authorize such Incremental Commitments and (B) if applicable, all corporate, partnership, member, or other necessary action
taken by the Guarantors authorizing the Guaranty by such Guarantors of such Incremental Commitments; and (ii) if requested by
the Administrative Agent, a customary opinion of counsel to the Borrower and, if applicable, the Guarantors (which may be in substantially
the same form as delivered on the Effective Date) and addressed to the Administrative Agent and the Lenders, (iii) if requested
by any Lender, new notes executed by the Borrower, payable to any new Lender, and replacement notes executed by the Borrower,
payable to any existing Lenders; provided, that, such Lender shall promptly return any existing Notes held by such Lender to the
Borrower (or, if lost, destroyed or mutilated, if requested by the Borrower, a lost note affidavit in customary form and including
a customary indemnity), (iv) an executed Borrowing Base Certificate and an executed Compliance Certificate prepared using the
financial statements of the Parent most recently provided or required to be provided and demonstrating pro forma compliance with
the financial covenants in Section 6.14 after giving effect to such increase, (v) an Additional Credit Extension Amendment in
form and substance satisfactory to, and executed by, the Borrower, the other Loan Parties, the Administrative Agent and the Lenders
providing such increase, which shall be binding on all Lenders, and (vi) ratification agreements from the Loan Parties with respect
to the Guaranties and the Security Documents as reasonably requested by the Administrative Agent.

 

On
any Increased Amount Date on which Incremental Commitments are effected, subject to the satisfaction of the foregoing terms and
conditions, (a) each of the Revolving Lenders shall assign to each of the New Revolving Loan Lenders, and each of the New Revolving
Lenders shall purchase from each of the Revolving Lenders, at the principal amount thereof (together with accrued interest), such
interests in the Revolving Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect
to all such assignments and purchases, such Revolving Loans will be held by existing Revolving Loan Lenders and New Revolving
Loan Lenders ratably in accordance with their Revolving Commitments after giving effect to the addition of such Incremental Commitments
to the Revolving Commitments, (b) each Incremental Commitment shall be deemed for all purposes a Revolving Commitment and each
Loan made thereunder shall be deemed, for all purposes, a Revolving Loan and (c) each New Revolving Loan Lender shall become a
Lender with respect to its Incremental Commitment and all matters relating thereto.

 

The
Administrative Agent shall notify the Lenders promptly upon receipt of the Borrower’s notice of each Increased Amount Date
and in respect thereof (y) the Incremental Commitments and the New Revolving Loan Lenders, and (z) in the case of each notice
to any Revolving Loan Lender, the respective interests in such Revolving Loan Lender’s Revolving Loans, in each case subject
to the assignments contemplated by this Section.

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The
Incremental Commitments shall be affected pursuant to one or more Additional Credit Extension Amendments executed and delivered
by the Borrower, the New Revolving Loan Lenders and the Administrative Agent, and each of which shall be recorded in the Register.
Each Additional Credit Extension Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement
and the other Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provisions
of this Section 2.04.

 

SECTION
2.05.     [Reserved].

 

SECTION
2.06.     Letters of Credit. (a) General. Subject to the terms and conditions
set forth herein, the Borrower may request any Issuing Bank to issue Letters of Credit as the applicant thereof for the support
of its or its Subsidiaries’ obligations, in a form reasonably acceptable to such Issuing Bank, at any time and from time
to time during the Revolving Availability Period. The issuance of any such Letter of Credit requested by the Borrower shall be
at the sole discretion of each Issuing Bank.

 

(b)         Notice of Issuance, Amendment, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment
or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication,
if arrangements for doing so have been approved by the respective Issuing Bank) to an Issuing Bank selected by it and to the Administrative
Agent (reasonably in advance of the requested date of issuance, amendment or extension, but in any event no less than three Business
Days) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended or extended, and
specifying the date of issuance, amendment or extension (which shall be a Business Day), the date on which such Letter of Credit
is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the name and address
of the beneficiary thereof and such other information as shall be necessary to prepare, amend or extend such Letter of Credit.
In addition, as a condition to any such Letter of Credit issuance, the Borrower shall have entered into a continuing agreement
(or other letter of credit agreement) for the issuance of letters of credit and/or shall submit a letter of credit application,
in each case, as required by the respective Issuing Bank and using such Issuing Bank’s standard form (each, a “Letter
of Credit Agreement”). In the event of any inconsistency between the terms and conditions of this Agreement and
the terms and conditions of any Letter of Credit Agreement, the terms and conditions of this Agreement shall control. A Letter
of Credit shall be issued, amended or extended only if (and upon issuance, amendment or extension of each Letter of Credit the
Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment or extension (i) (x)
the aggregate undrawn amount of all outstanding Letters of Credit issued by any Issuing Bank at such time plus (y) the aggregate
amount of all LC Disbursements made by such Issuing Bank that have not yet been reimbursed by or on behalf of the Borrower at
such time shall not exceed its Letter of Credit Commitment, (ii) the LC Exposure shall not exceed the lesser of (x) the total
Letter of Credit Commitments and (y) $50,000,000, (iii) no Lender’s Revolving Credit Exposure shall exceed its Revolving
Commitment and (iv) the sum of the Total Revolving Credit Exposure shall not exceed the total Revolving Commitments. The Borrower
may, at any time and from time to time, reduce the Letter of Credit Commitment of any Issuing Bank with the consent of such Issuing
Bank; provided that the Borrower shall not reduce the Letter of Credit Commitment of any Issuing Bank if, after giving
effect of such reduction, the conditions set forth in clauses (i) through (iv) above shall not be satisfied.

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An
Issuing Bank shall not be under any obligation to issue any Letter of Credit if:

 

(i)           any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such
Issuing Bank from issuing such Letter of Credit, or any law applicable to such Issuing Bank shall prohibit, or require that such
Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose
upon such Issuing Bank with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuing
Bank is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon such Issuing Bank any unreimbursed
loss, cost or expense that was not applicable on the Effective Date and that such Issuing Bank in good faith deems material to
it; or

 

(ii)          the issuance of such Letter of Credit would violate one or more policies of such Issuing Bank applicable to letters of credit
generally.

 

(c)          Expiration Date. Each Letter of Credit shall expire (or be subject to termination by notice from the applicable Issuing
Bank to the beneficiary thereof) at or prior to the close of business on the earlier of (i) the date one year after the date of
the issuance of such Letter of Credit (or, in the case of any extension of the expiration date thereof, one year after such extension)
and (ii) the date that is five Business Days prior to the Revolving Maturity Date.

 

(d)          Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof)
and without any further action on the part of the applicable Issuing Bank or the Revolving Lenders, such Issuing Bank hereby grants
to each Revolving Lender, and each Revolving Lender hereby acquires from such Issuing Bank, a participation in such Letter of
Credit equal to such Revolving Lender’s Revolving Percentage of the aggregate amount available to be drawn under such Letter
of Credit. In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees
to pay to the Administrative Agent, for the account of the respective Issuing Bank, such Revolving Lender’s Revolving Percentage
of each LC Disbursement made by such Issuing Bank and not reimbursed by the Borrower on the date due as provided in paragraph
(e) of this Section, or of any reimbursement payment required to be refunded to the Borrower for any reason, including after the
Revolving Maturity Date. Each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each
Revolving Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of
Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment
or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Revolving
Commitments.

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(e)          Reimbursement. If an Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse
such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon,
New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement
prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such
time on such date, then not later than 12:00 noon, New York City time, on the Business Day immediately following the day that
the Borrower receives such notice, if such notice is not received prior to such time on the day of receipt; provided that
the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that
such payment be financed with an ABR Revolving Borrowing in an equivalent amount and, to the extent so financed, the Borrower’s
obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing. If the Borrower fails
to make such payment when due, the Administrative Agent shall notify each Revolving Lender of the applicable LC Disbursement,
the payment then due from the Borrower in respect thereof and such Lender’s Revolving Percentage thereof. Promptly following
receipt of such notice, each Revolving Lender shall pay to the Administrative Agent its Revolving Percentage of the payment then
due from the Borrower, in the same manner as provided in Section 2.07 with respect to Loans made by such Revolving Lender (and
Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative
Agent shall promptly pay to the respective Issuing Bank the amounts so received by it from the Revolving Lenders. Promptly following
receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall
distribute such payment to the respective Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to
this paragraph to reimburse such Issuing Bank, then to such Revolving Lenders and such Issuing Bank as their interests may appear.
Any payment made by a Revolving Lender pursuant to this paragraph to reimburse an Issuing Bank for any LC Disbursement (other
than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower
of its obligation to reimburse such LC Disbursement.

 

(f)          Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this
Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this
Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter
of Credit, any Letter of Credit Agreement or this Agreement, or any term or provision therein, (ii) any draft or other document
presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue
or inaccurate in any respect, (iii) payment by the respective Issuing Bank under a Letter of Credit against presentation of a
draft or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance
whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal
or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder. Neither the Administrative
Agent, the Lenders nor any Issuing Bank, nor any of their respective Related Parties, shall have any liability or responsibility
by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment
thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption,
loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit
(including any document required to make a drawing thereunder), any error in interpretation of technical terms, any error in translation
or any consequence arising from causes beyond the control of the respective Issuing Bank; provided that the foregoing shall not
be construed to excuse an Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to special,
indirect, consequential or punitive damages, claims in respect of which are hereby waived by the Borrower to the extent permitted
by applicable law) suffered by the Borrower that are caused by such Issuing Bank’s failure to exercise care when determining
whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly
agree that, in the absence of gross negligence or willful misconduct on the part of an Issuing Bank (as finally determined by
a court of competent jurisdiction), such Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance
of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which
appear on their face to be in substantial compliance with the terms of a Letter of Credit, an Issuing Bank may, in its sole discretion,
either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice
or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance
with the terms of such Letter of Credit.

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(g)          Disbursement Procedures. The Issuing Bank for any Letter of Credit shall, within the time allowed by applicable law or
the specific terms of the Letter of Credit following its receipt thereof, examine all documents purporting to represent a demand
for payment under such Letter of Credit. Such Issuing Bank shall promptly after such examination notify the Administrative Agent
and the Borrower by telephone (confirmed by telecopy or electronic mail) of such demand for payment if such Issuing Bank has made
or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve
the Borrower of its obligation to reimburse such Issuing Bank and the Revolving Lenders with respect to any such LC Disbursement.

 

(h)          Interim Interest. If the Issuing Bank for any Letter of Credit shall make any LC Disbursement, then, unless the Borrower
shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest,
for each day from and including the date such LC Disbursement is made to but excluding the date that the reimbursement is due
and payable at the rate per annum then applicable to ABR Revolving Loans and such interest shall be due and payable on
the date when such reimbursement is payable; provided that, if the Borrower fails to reimburse such LC Disbursement when
due pursuant to paragraph (e) of this Section, then Section 2.13(d) shall apply. Interest accrued pursuant to this paragraph shall
be for the account of such Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender
pursuant to paragraph (e) of this Section to reimburse such Issuing Bank for such LC Disbursement shall be for the account of
such Revolving Lender to the extent of such payment.

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(i)           Replacement and Resignation of an Issuing Bank. (i) An Issuing Bank may be replaced at any time by written agreement among
the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall
notify the Revolving Lenders of any such replacement of an Issuing Bank. At the time any such replacement shall become effective,
the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From
and after the effective date of any such replacement, (x) the successor Issuing Bank shall have all the rights and obligations
of an Issuing Bank under this Agreement with respect to Letters of Credit to be issued by it thereafter and (y) references herein
to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such
successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the
replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank
under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue
additional Letters of Credit or extend or otherwise amend any existing Letter of Credit.

 

(ii)          Subject to the appointment and acceptance of a successor Issuing Bank, any Issuing Bank may resign as an Issuing Bank at any time
upon thirty days’ prior written notice to the Administrative Agent, the Borrower and the Revolving Lenders, in which case,
such resigning Issuing Bank shall be replaced in accordance with Section 2.06(i)(i) above.

 

(j)           Cash Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives
notice from the Administrative Agent or the Required Facility Lenders under the Revolving Facility (or, if the maturity of the
Revolving Loans has been accelerated, Revolving Lenders with LC Exposure representing greater than 50% of the total LC Exposure)
demanding the deposit of cash collateral pursuant to this paragraph, the Borrower shall deposit in an account with the Administrative
Agent, in the name of the Administrative Agent and for the benefit of the Revolving Lenders (the “Collateral Account”),
an amount in cash equal to 105% of the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided
that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately
due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower
described in Section 7.01(h) or (i). Such deposit shall be held by the Administrative Agent as collateral for the payment and
performance of the obligations of the Borrower under this Agreement. In addition, and without limiting the foregoing or paragraph
(c) of this Section, if any LC Exposure remain outstanding after the expiration date specified in said paragraph (c), the Borrower
shall immediately deposit into the Collateral Account an amount in cash equal to 105% of such LC Exposure as of such date plus any accrued and unpaid interest thereon.

 

The
Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account.
Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion
of the Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits,
if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent
to reimburse each Issuing Bank for LC Disbursements for which it has not been reimbursed by the Borrower, together with related
fees, costs and customary processing charges, and, to the extent not so applied, shall be held for the satisfaction of the reimbursement
obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Revolving Loans has been accelerated (but
subject to the consent of Revolving Lenders with LC Exposure representing greater than 50% of the total LC Exposure), be applied
to satisfy other Obligations. If the Borrower is required to provide an amount of cash collateral hereunder as a result of the
occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within
three Business Days after all Events of Default have been cured or waived.

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(k)          Letters of Credit Issued for Account of Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder
supports any obligations of, or is for the account of, a Subsidiary, or states that a Subsidiary is the “account party,”
 “applicant,” “customer,” “instructing party,” or the like of or for such Letter of Credit,
and without derogating from any rights of the applicable Issuing Bank (whether arising by contract, at law, in equity or otherwise)
against such Subsidiary in respect of such Letter of Credit, the Borrower (i) shall reimburse, indemnify and compensate the applicable
Issuing Bank hereunder for such Letter of Credit (including to reimburse any and all drawings thereunder) as if such Letter of
Credit had been issued solely for the account of the Borrower and (ii) irrevocably waives any and all defenses that might otherwise
be available to it as a guarantor or surety of any or all of the obligations of such Subsidiary in respect of such Letter of Credit.
The Borrower hereby acknowledges that the issuance of such Letters of Credit for its Subsidiaries inures to the benefit of the
Borrower, and that the Borrower’s business derives substantial benefits from the businesses of such Subsidiaries.

 

SECTION
2.07.     Funding of Borrowings. (a) Each Lender shall make each Loan
to be made by it hereunder on the proposed date thereof solely by wire transfer of immediately available funds, by 12:00 noon
(or 2:00 p.m., in the case of an ABR Revolving Borrowing requested on such day), New York City time, to the account of the Administrative
Agent most recently designated by it for such purpose by notice to the Lenders. Except in respect of the provisions of this Agreement
covering the reimbursement of Letters of Credit, the Administrative Agent will make such Loans available to the Borrower by promptly
crediting the funds so received in the aforesaid account of the Administrative Agent to an account of the Borrower maintained
with the Administrative Agent in New York City and designated by the Borrower in the applicable Borrowing Request; provided that
ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted by
the Administrative Agent to the Issuing Bank.

 

(b)         Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such
Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent
may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may,
in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in
fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower
severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each
day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative
Agent, at (i) in the case of such Lender, the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance
with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR
Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan
included in such Borrowing.

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SECTION
2.08.     Interest Elections. (a) Each Borrowing initially shall be of
the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest
Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type
or to continue such Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided
in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which
case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans
comprising each such portion shall be considered a separate Borrowing.

 

(b)          To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by the time
that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting
from such election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable
and shall be signed by a Responsible Officer of the Borrower.

 

(c)          Each Interest Election Request shall specify the following information in compliance with Section 2.02:

 

(i)           the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different
portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified
pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

 

(ii)          the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

 

(iii)         whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and

 

(iv)         if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such
election, which shall be a period contemplated by the definition of the term “Interest Period”.

 

If
any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower
shall be deemed to have selected an Interest Period of one month’s duration.

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(d)         Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof
and of such Lender’s portion of each resulting Borrowing.

 

(e)         If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of
the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest
Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default
has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower,
then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a Eurodollar
Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest
Period applicable thereto.

 

SECTION
2.09.     Termination and Reduction of Commitments. (a) Unless previously
terminated, (i) the Revolving Commitments shall terminate on the Revolving Maturity Date and (ii) the Term Loan Commitments shall
terminate on the Term Loan Commitment Expiry Date as provided in Section 2.01(b).

 

(b)         The Borrower may at any time terminate, or from time to time reduce, the Commitments under a particular Facility; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than
$10,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent
prepayment of the Revolving Loans in accordance with Section 2.11, (A) any Lender’s Revolving Credit Exposure would
exceed its Revolving Commitment or (B) the sum of the Total Revolving Credit Exposure would exceed the total Revolving Commitments.

 

(c)         The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b)
of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election
and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of
the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that
a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness
of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on
or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments
shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective
Commitments. Each reduction of the Commitments under a particular Facility shall be made ratably among the Lenders in such Facility
in accordance with their respective Commitments under such Facility.

 

SECTION
2.10.     Repayment of Loans; Evidence of Debt. (a) The Borrower hereby
unconditionally promises to pay (i) to the Administrative Agent for the account of each Revolving Lender the then unpaid principal
amount of each Revolving Loan on the Revolving Maturity Date and (ii) to the Administrative Agent for the account of each Term
Loan Lender the then unpaid principal amount of each Term Loan on the Term Loan Maturity Date.

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(b)         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 each Loan made by such Lender, including the amounts of principal and interest payable and paid
to such Lender from time to time hereunder.

 

(c)         The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class
and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to
become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative
Agent hereunder for the account of the Lenders and each Lender’s share thereof.

 

(d)         The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence
of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative
Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the
Loans in accordance with the terms of this Agreement.

 

(e)         Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute
and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered
assigns) and in substantially the form of Exhibit E-1 attached hereto with respect to Revolving Credit Notes and the form
of Exhibit E-2 attached hereto with respect to Term Notes. Thereafter, the Loans evidenced by such promissory note and
interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory
notes in such form.

 

SECTION
2.11.     Prepayment of Loans.

 

(a)          Optional.
The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior
notice in accordance with paragraph (d) of this Section. Any Term Loans that are prepaid may not be reborrowed.

 

(b)         Mandatory Prepayments. Unless otherwise consented to by the Supermajority Lenders, the Borrower will be required to prepay
Loans (without any corresponding reduction of the Revolving Commitments) as set forth in this Section 2.11(b):

 

(i)           Equity Issuances. The Borrower shall make mandatory principal prepayments of the Loans in the manner set forth in Section
2.11(c) in an amount equal to 100% of the aggregate Net Cash Proceeds from any Equity Issuance. Such prepayment shall be made
within five (5) Business Days after the Net Cash Proceeds Receipt Date of any such Equity Issuance.

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(ii)          Debt Issuances. The Borrower shall make mandatory principal prepayments of the Loans in the manner set forth in Section
2.11(c) in an amount equal to 100% of the aggregate Net Cash Proceeds from any Debt Issuance (including (A) the issuance of secured
or unsecured notes or the borrowing of incremental loans under a revolving credit or term loan facility pursuant to new commitments
provided after the Effective Date, and (B) any refinancings of such Indebtedness), but excluding (w) Indebtedness under this Agreement
or the other Loan Documents, (x) Permitted Refinancing Indebtedness in respect of Indebtedness in existence as of the Effective
Date (but subject to clause (a) of the proviso in the definition of “Permitted Refinancing Indebtedness”), (y) Capital
Lease Obligations and ordinary course purchase money and equipment financings, and (z) intercompany Indebtedness among any of
the Borrower and its Wholly Owned Subsidiaries to the extent permitted to be incurred under this Agreement; provided, that
with respect to any Debt Issuance by RRLP or its Subsidiaries, the prepayment amount required hereunder shall be limited to the
Net Cash Proceeds received by RRT. Such prepayment shall be made within five (5) Business Days after the Net Cash Proceeds Receipt
Date of any such Debt Issuance.

 

(iii)         Asset Dispositions and Insurance and Condemnation Events. The Borrower shall make mandatory principal prepayments of the
Loans in the manner set forth in Section 2.11(c) in amounts equal to 100% of the aggregate Net Cash Proceeds from (a) any Asset
Disposition (including, for the avoidance of doubt, (A) Net Cash Proceeds received by RRT from any Asset Disposition involving
RRLP and its subsidiaries but excluding, for the avoidance of doubt, any Eligible Cash 1031 Proceeds following any 1031 Asset
Disposition involving RRLP and its subsidiaries and (B) Net Cash Proceeds received by the Borrower or a Subsidiary with respect
to the disposition of a Collateral Pool Property disposed of in accordance with Section 4A.04); provided that (x) an Asset
Disposition of a Collateral Pool Property shall be required to generate minimum Net Cash Proceeds equal to or greater than the
amount set forth as the Minimum Release Price for such Collateral Pool Property as shown on Schedule 2.11 (as amended
from time to time pursuant to Section 4A.03) and (y) there shall be excluded from this clause (a) any Eligible Cash 1031 Proceeds
from any 1031 Asset Disposition at any time, (b) any Eligible Cash 1031 Proceeds from any Asset Disposition other than a 1031
Asset Disposition after the Term Loans have been repaid in full, or (c) any Insurance and Condemnation Event, except to the extent
that the Borrower confirms to the Administrative Agent that the Borrower reasonably expects to use such proceeds in the restoration,
rebuilding or replacement of the applicable affected asset within 180 days (or, if committed within 180 days, within 360 days)
of the Net Cash Proceeds Receipt Date and complies with the requirements set forth in Section 5.15(h). Such prepayments shall
be made within five (5) Business Days after the Net Cash Proceeds Receipt Date of such Asset Disposition and within fifteen (15)
Business Days after the Net Cash Proceeds Receipt Date of such Insurance and Condemnation Event, as applicable. Notwithstanding
the foregoing, following the payment in full of the Term Loans, so long as no Default or Event of Default has occurred and is
continuing, or would occur after giving effect thereto, the Borrower may reinvest any Net Cash Proceeds generated from any Disposition
of such Real Estate to acquire new Real Estate without being subject to a Mandatory Prepayment Event and the resulting prepayment
obligations of this Section 2.11(b)(iii).

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(iv)         Excess Cash. If the Parent, Borrower or their Subsidiaries (other than RRT and its subsidiaries) have Excess Cash as of
the end of the last Business Day of any calendar week, the Borrower shall prepay outstanding Loans on the immediately following
Business Day, which prepayment shall be in an amount equal to the lesser of (i) the amount of such Excess Cash as of the end of
such immediately preceding Business Day and (ii) the aggregate principal amount of Loans then outstanding. Each prepayment of
Loans pursuant to this Section 2.11(b)(iv) shall be applied in the manner set forth in Section 2.11(c).

 

(c)          Notice; Manner of Payment. Upon the occurrence of any Mandatory Prepayment Event, the Borrower shall promptly deliver notice
thereof to the Administrative Agent and upon receipt of such notice, the Administrative Agent shall promptly so notify the Lenders.
Unless otherwise agreed by the Borrower and the Supermajority Lenders after the Effective Date, such Net Cash Proceeds shall be
applied first to the repayment of the Term Loans until the Term Loans are paid in full and second to the repayment
of the Revolving Loans (without a corresponding permanent reduction of the Revolving Commitments) until the Revolving Loans are
paid in full. At each level of payment set forth in the first sentence of this Section 2.11(c), prepayments shall be applied first,
ratably to any ABR Loans then outstanding, and, second, to any Eurodollar Loans then outstanding, and if more than one
Eurodollar Loan is then outstanding, to each such Eurodollar Loan in order of priority beginning with the Eurodollar Loan with
the least number of days remaining in the Interest Period applicable thereto and ending with the Eurodollar Loan with the most
number of days remaining in the Interest Period applicable thereto. Each prepayment shall be accompanied by any amount required
to be paid pursuant to Section 2.16.

 

(d)         The Borrower shall notify the Administrative by telephone (confirmed by telecopy or electronic mail) of any prepayment hereunder
(i) in the case of prepayment of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before
the date of prepayment, or (ii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time,
one Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and
the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given
in connection with a conditional notice of termination of the Revolving Commitments as contemplated by Section 2.09, then such
notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09. Promptly following
receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the applicable Lenders of the contents
thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a
Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Borrowing shall be applied ratably to the Loans included
in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.13 and any
break funding payments required by Section 2.16.

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SECTION
2.12.     Fees. (a) From the Effective Date until the last day of the
Revolving Availability Period, the Borrower agrees to pay to the Administrative Agent, for the ratable account of each Revolving
Lender, a commitment fee, computed at the rate of (i) 0.35% per annum, if for such period the average Total Revolving Credit Exposure
was less than or equal to 50% of the then total Revolving Commitment and (ii) 0.25% per annum, if for such period the average
Total Revolving Credit Exposure was more than 50% of the then total Revolving Commitment, in each case on the average daily amount
of the Available Revolving Commitment of such Revolving Lender during the period for which payment is made, payable quarterly
in arrears on the last day of each March, June, September and December of each year and on the date on which the Revolving Commitments
terminate, commencing on the first such date to occur after the Effective Date. All commitment fees shall be computed on the basis
of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last
day).

 

(b)         The Borrower agrees to pay (i) to the Administrative Agent for the ratable account of each Revolving Lender a participation fee
with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine the
interest rate applicable to Eurodollar Revolving Loans on the average daily amount of such Revolving Lender’s LC Exposure
(excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective
Date to but excluding the later of the date on which such Lender’s Revolving Commitment terminates and the date on which
such Lender ceases to have any LC Exposure, and (ii) to the Issuing Banks a fronting fee, which shall accrue at the rate of 0.125%
per annum on the average daily amount of such Issuing Bank’s LC Exposure (excluding any portion thereof attributable
to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date
of termination of the Revolving Commitments and the date on which there ceases to be any LC Exposure, as well as the Issuing Bank’s
standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings
thereunder. Participation fees and fronting fees accrued through and including the last day of March, June, September and December
of each year shall be payable on the fifteenth day following such last day, commencing on the first such date to occur after the
Effective Date; provided that all such fees shall be payable on the date on which the Revolving Commitments terminate and
any such fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand. Any other fees
payable to an Issuing Bank pursuant to this paragraph shall be payable within 10 days after demand. All participation fees and
fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed
(including the first day but excluding the last day).

 

(c)         The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately
agreed upon between the Borrower and the Administrative Agent.

 

(d)         All fees payable hereunder shall be paid on the dates due, in dollars in immediately available funds, to the Administrative Agent
(or to an Issuing Bank, in the case of fees payable to it) for distribution, in the case of facility fees and participation fees,
to the Lenders. Fees paid shall not be refundable under any circumstances.

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SECTION
2.13.     Interest. (a) The Loans comprising each ABR Borrowing shall
bear interest at the Alternate Base Rate plus the Applicable Rate.

 

(b)         The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect
for such Borrowing plus the Applicable Rate.

 

(c)         [Reserved].

 

(d)         Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower
hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise (including automatic acceleration upon
the occurrence of an Event of Default under Section 7.01(h) or (i)), such overdue amount shall bear interest, after as well as
before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise
applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus
the rate otherwise applicable to ABR Loans as provided in paragraph (a) of this Section (the “Default Rate”).
Upon the request of the Required Lenders, while any other Event of Default exists, the Borrower shall pay interest on the principal
amount of all Loans outstanding hereunder at a rate per annum equal to the applicable Default Rate.

 

(e)         Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of Revolving
Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (d) of this
Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an
ABR Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable
on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of
the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.

 

(f)          All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the
Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year
of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the
first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined
by the Administrative Agent, and such determination shall be conclusive absent manifest error.

 

SECTION
2.14.     Alternate Rate of Interest. (a) Subject to clauses (b), (c),
(d), (e), (f) and (g) of this Section 2.14, if prior to the commencement of any Interest Period for a Eurodollar Borrowing:

 

		(i)	the
                                         Administrative Agent determines (which determination shall be conclusive absent manifest
                                         error) that adequate and reasonable means do not exist for ascertaining the Adjusted
                                         LIBO Rate or the LIBO Rate, as applicable (including because the LIBO Screen Rate is
                                         not available or published on a current basis), for such Interest Period; provided that no Benchmark Transition Event shall have occurred at such time; or

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		(ii)	the
                                         Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or
                                         the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly
                                         reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or
                                         its Loan) included in such Borrowing for such Interest Period;

 

then
the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or electronic mail as
promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances
giving rise to such notice no longer exist, (A) any Interest Election Request that requests the conversion of any Borrowing to,
or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective, and (B) if any Borrowing Request requests a
Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing; provided that if the circumstances giving rise
to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted.

 

(b)         Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event or an Early Opt-in
Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any
setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2)
of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will
replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent
Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan
Document and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark
Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes
hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth
(5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or
further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent
has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required
Lenders of each Class.

 

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

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

 

(e)         The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event,
a Term SOFR Transition Event or an Early Opt-in Election, as applicable, (ii) the implementation of any Benchmark Replacement,
(iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark
pursuant to clause (d) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination,
decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant
to this Section 2.14, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence
of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive
and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to
this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.14.

 

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

 

(g)         Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke
any request for a Eurodollar Borrowing of, conversion to or continuation of Eurodollar Loans to be made, converted or continued
during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into
a request for a Borrowing of or conversion to ABR Loans. During any Benchmark Unavailability Period or at any time that a tenor
for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor
for such Benchmark, as applicable, will not be used in any determination of ABR.

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

 

		(i)	impose,
                                         modify or deem applicable any reserve, special deposit, liquidity or similar requirement
                                         (including any compulsory loan requirement, insurance charge or other assessment) against
                                         assets of, deposits with or for the account of, or credit extended by, any Lender (except
                                         any such reserve requirement reflected in the Adjusted LIBO Rate) or Issuing Bank;

 

		(ii)	impose
                                         on any Lender or Issuing Bank or the London interbank market any other condition, cost
                                         or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or
                                         any Letter of Credit or participation therein; or

 

		(iii)	subject
                                         any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in
                                         clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income
                                         Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations,
                                         or its deposits, reserves, other liabilities or capital attributable thereto;

 

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

 

(b)         If any Lender or Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would have
the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of such
Lender’s or Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations
in Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such
Lender or Issuing Bank or such Lender’s or Issuing Bank’s holding company could have achieved but for such Change
in Law (taking into consideration such Lender’s or Issuing Bank’s policies and the policies of such Lender’s
or Issuing Bank’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrower will
pay to such Lender or Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or Issuing
Bank or such Lender’s or Issuing Bank’s holding company for any such reduction suffered.

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(c)         A certificate of a Lender or Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or Issuing Bank
or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower
and shall be conclusive absent manifest error. The Borrower shall pay such Lender or Issuing Bank, as the case may be, the amount
shown as due on any such certificate within 10 days after receipt thereof.

 

(d)         Failure or delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this Section shall not constitute
a waiver of such Lender’s or Issuing Bank’s right to demand such compensation; provided that the Borrower shall
not be required to compensate a Lender or Issuing Bank pursuant to this Section for any increased costs or reductions incurred
more than 270 days prior to the date that such Lender or Issuing Bank, as the case may be, notifies the Borrower of the Change
in Law giving rise to such increased costs or reductions and of such Lender’s or Issuing Bank’s intention to claim
compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive,
then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof.

 

SECTION
2.16.     Break Funding Payments. In the event of (a) the payment of any principal
of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event
of Default), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c)
the failure to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant
hereto (regardless of whether such notice may be revoked under Section 2.11(d) and is revoked in accordance therewith), or (d)
the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request
by the Borrower pursuant to Section 2.19, then, in any such event, the Borrower shall compensate each Lender for the loss, cost
and expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed
to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued
on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to
such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the
case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over
(ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender
would bid were it to bid, at the commencement of such period, for dollar deposits of a comparable amount and period from other
banks in the eurodollar market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to
receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower
shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

 

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

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(b)         Payment of Other Taxes by the Borrower. The Loan Parties shall timely pay to the relevant Governmental Authority in accordance
with applicable law, or at the option of the Administrative Agent timely reimburse it for, Other Taxes.

 

(c)         Evidence of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant
to this Section, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued
by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such
payment reasonably satisfactory to the Administrative Agent.

 

(d)         Indemnification by the Borrower. The Loan Parties shall jointly and severally indemnify each Recipient, within 10 days
after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable
to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment
to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes
were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment
or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on
its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

(e)         Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand
therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already
indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do
so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(c) relating to the
maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable
or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive
absent manifest error. Each Lender hereby authorizes the Administrative Agent to setoff and apply any and all amounts at any time
owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source
against any amount due to the Administrative Agent under this paragraph (e).

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(f)          Status of Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to
payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably
requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested
by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of
withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such
other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable
the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information
reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and
submission of such documentation (other than such documentation set forth in Section 2.17(f)(ii)(A), (ii)(B) and (ii)(D) below)
shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such
Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

 

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

 

(A)        any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such
Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or
the Administrative Agent), an executed copy of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding
tax;

 

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

 

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

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(2)            in the case of a Foreign Lender claiming that its extension of credit will generate U.S. effectively connected income, an executed
copy of IRS Form W-8ECI;

 

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

 

(4)            to the extent a Foreign Lender is not the beneficial owner, an executed copy of IRS Form W-8IMY, accompanied by IRS Form W-8ECI,
IRS Form W-8BEN-E, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit D-2 or Exhibit D-3,
IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign
Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest
exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit D-4 on behalf
of each such direct and indirect partner;

 

(C)         any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent
(in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative
Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in
U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable
law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

 

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

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

 

(g)         Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received
a refund of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts
pursuant to this Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity
payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including
Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with
respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified
party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.
Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any
amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less
favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving
rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts
with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available
its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other
Person.

 

(h)         Survival. Each party’s obligations under this Section shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under any Loan Document.

 

(i)          Defined Terms. For purposes of this Section, the term “Lender” includes any Issuing Bank and
the term “applicable law” includes FATCA.

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SECTION
2.18.     Payments Generally; Pro Rata Treatment; Sharing of Setoffs. (a) The
Borrower shall make each payment or prepayment required to be made by it hereunder (whether of principal, interest, fees or reimbursement
of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to 12:00 noon, New York City
time, on the date when due or the date fixed for any prepayment hereunder, in immediately available funds, without setoff, recoupment
or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed
to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall
be made to the Administrative Agent at its offices at 383 Madison Avenue, New York, New York, except payments to be made directly
to Issuing Banks as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be
made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for
the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall
be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in
the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder
shall be made in dollars. Each payment (including each prepayment) by the Borrower on account of principal of and interest on
the Term Loans shall be made pro rata according to the respective outstanding principal amounts of the Term Loans then
held by the Term Loan Lenders. Each payment (including each prepayment) by the Borrower on account of principal of and interest
on the Revolving Loans shall be made pro rata according to the respective Revolving Percentages of the Revolving Lenders.

 

(b)         If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal,
unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of
interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and
fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder,
ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then
due to such parties.

 

(c)         If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal
of or interest on any of its Loans of any Class or participations in LC Disbursements resulting in such Lender receiving payment
of a greater proportion of the aggregate amount of its Loans of such Class and participations in LC Disbursements and accrued
interest thereon than the proportion received by any other applicable Lender, then the Lender receiving such greater proportion
shall purchase (for cash at face value) participations in the Loans of such Class and participations in LC Disbursements of other
applicable Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in
accordance with the aggregate amount of principal of and accrued interest on their respective Loans of such Class and participations
in LC Disbursements; provided that (i) if any such participations are purchased and all or any portion of the payment giving
rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery,
without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower
pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for
the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements to any assignee or participant,
other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply).
The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender
acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim
with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

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(d)         Unless the Administrative Agent shall have received, prior to any date on which any payment is due to the Administrative Agent
for the account of the Lenders or the Issuing Banks pursuant to the terms hereof or any other Loan Document (including any date
that is fixed for prepayment by notice from the Borrower to the Administrative Agent pursuant to Section 2.11(b)), notice from
the Borrower that the Borrower will not make such payment or prepayment, the Administrative Agent may assume that the Borrower
has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders
or the Issuing Banks, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then
each of the Lenders or the Issuing Banks, as the case may be, severally agrees to repay to the Administrative Agent forthwith
on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the
date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the
NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

 

SECTION
2.19.     Mitigation Obligations; Replacement of Lenders. (a) If any Lender
requests compensation under Section 2.15, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to
any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable
efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations
hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment
(i) would eliminate or reduce amounts payable pursuant to Sections 2.15 or 2.17, as the case may be, in the future and (ii) would
not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower
hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

(b)         If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any Indemnified Taxes or additional
amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or if any Lender becomes
a Defaulting Lender, or if any Lender does not consent to any proposed amendment, supplement, modification, consent or waiver
of any provision of this Agreement or any other Loan Document that requires the consent of each of the Lender or each of the Lenders
affected thereby (so long as the consent of the Required Lenders has been obtained), then the Borrower may, at its sole expense
and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse
(in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights (other than its existing
rights to payments pursuant to Sections 2.15 or 2.17) and obligations under this Agreement and the other Loan Documents to an
assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent (and if a Revolving Commitment
is being assigned, the Issuing Banks), which consent shall not unreasonably be withheld, (ii) such Lender shall have received
payment of an amount equal to the outstanding principal of its Loans (and participations in LC Disbursements, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal
and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment
resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment
will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation
if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such
assignment and delegation cease to apply. Each party hereto agrees that (i) an assignment required pursuant to this paragraph
may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee (or,
to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic
Platform as to which the Administrative Agent and such parties are participants), and (ii) the Lender required to make such assignment
need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to an be bound
by the terms thereof; provided that, following the effectiveness of any such assignment, the other parties to such assignment
agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender;
provided that any such documents shall be without recourse to or warranty by the parties thereto.

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SECTION
2.20.     Defaulting Lenders. Notwithstanding any provision of this Agreement
to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender
is a Defaulting Lender:

 

(a)         fees shall cease to accrue on the unfunded portion of the Commitments of such Defaulting Lender pursuant to Section 2.12(a);

 

(b)         any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting
Lender (whether voluntary or mandatory, at maturity, pursuant to Section 7.03 or otherwise) or received by the Administrative
Agent from a Defaulting Lender pursuant to Section 9.08 shall be applied at such time or times as may be determined by the Administrative
Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder;
second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Issuing Bank hereunder;
third, to cash collateralize LC Exposure with respect to such Defaulting Lender in accordance with this Section; fourth,
as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which
such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative
Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released
pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under
this Agreement and (y) cash collateralize future LC Exposure with respect to such Defaulting Lender with respect to future Letters
of Credit issued under this Agreement, in accordance with this Section; sixth, to the payment of any amounts owing to the
Lenders or the Issuing Banks as a result of any judgment of a court of competent jurisdiction obtained by any Lender or the Issuing
Banks against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement
or under any other Loan Document; seventh, so long as no Default or Event of Default exists, to the payment of any amounts
owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting
Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement or under any other Loan Document;
and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that
if (x) such payment is a payment of the principal amount of any Loans or LC Disbursements in respect of which such Defaulting
Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at
a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the
Loans of, and LC Disbursements owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of
any Loans of, or LC Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations
in the Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure are held by the Lenders pro rata
in accordance with the Commitments without giving effect to clause (d) below. Any payments, prepayments or other amounts paid
or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral
pursuant to this Section shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents
hereto.

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(c)          the Commitments, Term Loan Exposure and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining
whether the Required Lenders or Required Facility Lenders have taken or may take any action hereunder (including any consent to
any amendment, waiver or other modification pursuant to Section 9.02) ); provided that (i) such Defaulting Lender’s
Commitments may not be increased or extended without its consent and (ii) the principal amount of, or interest or fees payable
on, Loans or LC Disbursements may not be reduced or excused or the scheduled date of payment may not be postponed as to such Defaulting
Lender without such Defaulting Lender’s consent;

 

(d)          if any LC Exposure exists at the time such Lender becomes a Defaulting Lender then:

 

(i)           all or any part of the LC Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders that are Revolving
Lenders in accordance with their respective Revolving Percentages but only to the extent that such reallocation does not, as to
any non-Defaulting Lender, cause such non-Defaulting Lender’s Revolving Credit Exposure to exceed its Revolving Commitment;

 

(ii)          if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall within one Business
Day following notice by the Administrative Agent, cash collateralize for the benefit of the Issuing Banks only the Borrower’s
obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant
to clause (i) above) in accordance with the procedures set forth in Section 2.06(j) for so long as such LC Exposure is outstanding;

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(iii)         if the Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the
Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting
Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;

 

(iv)         if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders
pursuant to Section 2.12(a) and Section 2.12(b) shall be adjusted in accordance with such non-Defaulting Lenders’ Revolving
Percentages; and

 

(v)          if all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant to
clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Bank or any other Lender hereunder,
all letter of credit fees payable under Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure shall be payable
to the Issuing Bank until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and

 

(e)          so long as such Revolving Lender is a Defaulting Lender, no Issuing Bank shall be required to issue, amend or increase any Letter
of Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding LC Exposure will
be 100% covered by the Revolving Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower
in accordance with Section 2.20(d), and LC Exposure related to any newly issued or increased Letter of Credit shall be allocated
among non-Defaulting Lenders in a manner consistent with Section 2.20(d)(i) (and such Defaulting Lender shall not participate
therein).

 

If
(i) a Bankruptcy Event or a Bail-In Action with respect to a Lender Parent shall occur following the date hereof and for so long
as such event shall continue or (ii) any Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its
obligations under one or more other agreements in which such Lender commits to extend credit, no Issuing Bank shall be required
to issue, amend or increase any Letter of Credit, unless the Issuing Banks shall have entered into arrangements with the Borrower
or such Lender, satisfactory to such Issuing Bank to defease any risk to it in respect of such Lender hereunder.

 

In
the event that each of the Administrative Agent, the Borrower, and each Issuing Bank agrees that a Defaulting Lender has adequately
remedied all matters that caused such Lender to be a Defaulting Lender, then the LC Exposure of the Lenders shall be readjusted
to reflect the inclusion of such Lender’s Revolving Commitment and on such date such Lender shall purchase at par such of
the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such
Loans in accordance with its Applicable Commitments.

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ARTICLE
III

Representations and Warranties

 

The
Borrower represents and warrants to the Lenders that:

 

SECTION
3.01.     Organization; Powers. Each of the Parent, the Borrower and their
respective Subsidiaries is duly organized or formed, validly existing and in good standing under the laws of the jurisdiction
of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure
to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified
to do business in, and is in good standing in, every jurisdiction where such qualification is required.

 

SECTION
3.02.     Authorization; Enforceability. The Transactions are within each of
the Parent’s and the Borrower’s corporate or other organizational powers and have been duly authorized by all necessary
corporate or other organizational and, if required, stockholder action. This Agreement has been duly executed and delivered by
the Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally
and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

SECTION
3.03.     Governmental Approvals; No Conflicts. The Transactions (a) do not
require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such
as have been obtained or made and are in full force and effect, (b) will not violate any applicable law or regulation or the charter,
by-laws or other organizational documents of the Parent, the Borrower or any of their respective Subsidiaries or any order of
any Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or other instrument binding
upon the Parent, the Borrower or any of their respective Subsidiaries or its assets, or give rise to a right thereunder to require
any payment to be made by the Parent, the Borrower or any of their respective Subsidiaries, and (d) will not result in the creation
or imposition of, or the requirement to create, any Lien on any asset of the Parent, the Borrower or any of their respective Subsidiaries,
other than Liens in favor of the Administrative Agent pursuant to the Security Documents.

 

SECTION
3.04.     Financial Condition; No Material Adverse Change. (a) The Borrower
has heretofore furnished to the Lenders the consolidated balance sheet and statements of income, stockholders equity and cash
flows of the Parent as of and for the fiscal year ended December 31, 2020, reported on by PricewaterhouseCoopers LLP, independent
public accountants, certified by its chief financial officer. Such financial statements present fairly, in all material respects,
the financial position and results of operations and cash flows of the Parent and its consolidated Subsidiaries as of such dates
and for such periods in accordance with GAAP.

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(b)         Since December 31, 2020, there has been no material adverse change in the business, assets, operations, prospects or condition,
financial or otherwise, of the Parent, the Borrower and their respective Subsidiaries, taken as a whole.

 

SECTION
3.05.     Properties. (a) Each of the Borrower and its Subsidiaries has
good title to, or valid leasehold interests in, all its real and personal property material to its business, except for Permitted
Encumbrances, Liens permitted under Section 6.02, or defects in title that do not interfere in any material respect with its ability
to conduct its business as currently conducted or to utilize such properties for their intended purposes. Each of the assets included
as Collateral Pool Properties for purposes of this Agreement satisfies the requirements for Eligible Real Estate set forth in
the definition thereof in all material respects or otherwise permitted hereunder. As of the Effective Date, Schedule 3.05
is a list of the Collateral Pool Properties.

 

(b)         Each of the Parent, the Borrower and their respective Subsidiaries owns, or is licensed to use, all trademarks, trade names, copyrights,
patents and other intellectual property material to its business, and, to the knowledge of the Parent and the Borrower, the use
thereof by the Parent, the Borrower and their respective Subsidiaries does not infringe upon the rights of any other Person, except
for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect.

 

SECTION
3.06.     Litigation and Environmental Matters. (a) Other than Disclosed
Matters set forth on Schedule 3.06, there are no actions, suits or proceedings by or before any arbitrator or Governmental
Authority pending against or, to the knowledge of the Parent or the Borrower, threatened in writing against the Parent, the Borrower
or any of their respective Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that,
if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect
or (ii) that involve this Agreement or the Transactions.

 

(b)         Except for the Disclosed Matters and except with respect to any other matters that, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect, none of the Parent, the Borrower or any of their respective Subsidiaries
(i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval
required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received written notice
of any claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental Liability. Except for
the Disclosed Matters and any of the following matters that would not reasonably be expected to have a Material Adverse Effect,
no Loan Party has any knowledge of, or has received written notice of, any past, present, or pending releases, events, conditions,
circumstances, activities, practices, incidents, facts, occurrences, actions, or plans that, with respect to any Loan Party or
any other Subsidiary, their respective businesses, operations or with respect to the Collateral Pool Properties, may: (x) cause
or contribute to an actual or alleged violation of or noncompliance with Environmental Laws, (y) cause or contribute to any other
potential common-law or legal claim or other environmental liability, or (z) cause any of the Collateral Pool Properties to become
subject to any restrictions on ownership, occupancy, use or transferability under any Environmental Law or require the filing
or recording of any notice, approval or disclosure document under any Environmental Law and, with respect to the immediately preceding
clauses (x) through (z) is based on or related to the on-site or off-site manufacture, generation, processing, distribution, use,
treatment, storage, disposal, transport, removal, clean up or handling, or the emission, discharge, release or threatened release
of any wastes or Hazardous Material, or any other requirement under Environmental Law. Except for the Disclosed Matters, there
is no civil, criminal, or administrative action, suit, hearing, written notice, or demand letter, written mandate, order, lien,
written request, investigation, or proceeding pending or, to the Parent’s or the Borrower’s knowledge, threatened,
against the Parent, the Borrower, any other Loan Party or any other Subsidiary relating in any way to Environmental Laws which,
reasonably could be expected to have a Material Adverse Effect. None of the Collateral Pool Properties is listed on or proposed
for listing on the National Priority List promulgated pursuant to the Comprehensive Environmental Response, Compensation and Liability
Act of 1980 and its implementing regulations, or any state or local priority list promulgated pursuant to any analogous state
or local law. To either the Parent’s or the Borrower’s knowledge, no Hazardous Materials generated at or transported
from the Collateral Pool Properties are or have been transported to, or disposed of at, any location that is listed or proposed
for listing on the National Priority List or any analogous state or local priority list, or any other location that is or has
been the subject of a clean-up, removal or remedial action pursuant to any Environmental Law, except to the extent that such transportation
or disposal would not reasonably be expected to result in a Material Adverse Effect.

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(c)         Since the date of this Agreement, there has been no change in the status of the Disclosed Matters that, individually or in the
aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse Effect.

 

SECTION
3.07.     Compliance with Laws and Agreements. Each of the Parent, the Borrower
and their respective Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable
to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure
to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No Default
has occurred and is continuing.

 

SECTION
3.08.     Investment Company Status. Neither the Parent, the Borrower nor any
of their respective Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment
Company Act of 1940.

 

SECTION
3.09.     Taxes. Each of the Parent, the Borrower and their respective Subsidiaries
has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid
all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings
and for which the Parent, the Borrower or such Subsidiary, as applicable, has set aside on its books adequate reserves or (b)
to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

 

SECTION
3.10.     ERISA. No ERISA Event has occurred or is reasonably expected to occur
that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably
be expected to result in a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based
on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most
recent financial statements reflecting such amounts, exceed by more than $5,000,000 the fair market value of the assets of such
Plan, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for
purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements
reflecting such amounts, exceed by more than $5,000,000 the fair market value of the assets of all such underfunded Plans.

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SECTION
3.11.     Disclosure. (a) Each of the Parent and the Borrower has disclosed
to the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject,
and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material
Adverse Effect. None of the reports, financial statements, certificates or other information furnished by or on behalf of the
Parent, the Borrower or any Subsidiary to the Administrative Agent or any Lender in connection with the negotiation of this Agreement
or delivered hereunder (as modified or supplemented by other information so furnished) contains any material misstatement of fact
or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading; provided that, with respect to projected financial information, the Parent and the Borrower represent
only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time.

 

(b)         As of the Effective Date, to the knowledge of the Parent and the Borrower, the information included in the Beneficial Ownership
Certification provided on or prior to the Effective Date to any Lender in connection with this Agreement is true and correct in
all respects.

 

SECTION
3.12.     Anti-Corruption Laws and Sanctions. Each of the Parent and the Borrower
has implemented and maintains in effect policies and procedures designed to ensure compliance by the Parent, the Borrower, their
respective Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable
Sanctions, and the Parent, the Borrower, their respective Subsidiaries and their respective officers and directors and to the
knowledge of the Parent and the Borrower their respective Affiliates, employees and agents, are in compliance with Anti-Corruption
Laws and applicable Sanctions in all material respects. None of (a) the Parent, the Borrower, any of their respective Subsidiaries,
any of their respective directors or officers or employees, or (b) to the knowledge of the Parent and the Borrower, any Affiliate
or agent of the Parent, the Borrower or any Subsidiary thereof that will act in any capacity in connection with or benefit from
the credit facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit, use of proceeds or other Transaction
will violate any Anti-Corruption Law or applicable Sanctions.

 

SECTION
3.13.     Affected Financial Institutions. No Loan Party is an Affected Financial
Institution.

 

SECTION
3.14.     Plan Assets; Prohibited Transactions. None of the Parent, the Borrower
or any of their respective Subsidiaries is an entity deemed to hold “plan assets” (within the meaning of the Plan
Asset Regulations), and neither the execution, delivery nor performance of the transactions contemplated under this Agreement,
including the making of any Loan and the issuance of any Letter of Credit hereunder, will give rise to a non-exempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code.

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SECTION
3.15.     Margin Regulations. Neither the Parent nor the Borrower is engaged
or will engage, principally or as one of its important activities, in the business of purchasing or carrying Margin Stock, or
extending credit for the purpose of purchasing or carrying Margin Stock, and no part of the proceeds of any Borrowing or Letter
of Credit extension hereunder will be used to buy or carry any Margin Stock. Following the application of the proceeds of each
Borrowing or drawing under each Letter of Credit, not more than 25% of the value of the assets (either of the Borrower only or
of the Borrower and its Subsidiaries on a consolidated basis) will be Margin Stock.

 

SECTION
3.16.     Solvency. The Parent, the Borrower and their respective Subsidiaries
taken as a whole are, and after giving effect to the incurrence of all Loans and Obligations being incurred in connection herewith
will be, Solvent.

 

SECTION
3.17.     Status of Parent. The Parent qualifies as, and has elected to be
treated as, a REIT and is in compliance with all requirements and conditions imposed under the Code to allow the Parent to maintain
its status as a REIT. The Parent does not own any material assets or conduct any material business other than its ownership of
Equity Interests in the Borrower and activities reasonably related or ancillary thereto.

 

SECTION
3.18.     Subsidiaries. As of the Effective Date, (a) Schedule 3.18
sets forth the name and jurisdiction of incorporation of each material Subsidiary of the Parent and the Borrower and each material
Unconsolidated Affiliate of each of the Parent and the Borrower and (b) except as disclosed on Schedule 3.18, there
are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments of any nature relating to
any Equity Interests owned by the Parent, the Borrower or any Subsidiary in any such Subsidiary or Unconsolidated Affiliate.

 

SECTION
3.19.     Collateral Pool Properties. Except as set forth in Schedule 3.19 or as set forth in the written engineer reports provided to Administrative Agent (and forwarded to the Lenders) on or before
the date hereof or in connection with the inclusion of any applicable Collateral Pool Property, all of the Collateral Pool Properties,
and all major building systems located thereon, are structurally sound, in reasonably good condition and working order and free
from material defects (other than latent defects), subject to ordinary wear and tear, except for such portion of such Real Estate
which is not occupied by any tenant and which may not be in final working order pending final build-out of such space and except
where such defects have not had and would not reasonably be expected to have a Material Adverse Effect. To the knowledge of the
Loan Parties as of the date of this Agreement (with respect to the Initial Collateral Pool Properties) or the date any Real Estate
becomes a Collateral Pool Property (with respect to any future Collateral Pool Properties) each of the Collateral Pool Properties,
and the use and operation thereof, is in compliance with all applicable federal and state law and governmental regulations and
any local ordinances, orders or regulations, including without limitation, laws, regulations and ordinances relating to zoning,
building codes, subdivision, fire protection, health, safety, handicapped access, historic preservation and protection, wetlands,
tidelands, and Environmental Laws except in cases where such non-compliance would not have a Material Adverse Effect. All water,
sewer, electric, gas, telephone and other utilities necessary for the use and operation of the Collateral Pool Property are installed
to the property lines of the Collateral Pool Property through dedicated public rights of way or through perpetual private easements
with respect to which the applicable Mortgage creates a valid and enforceable first lien subject to Permitted Encumbrances and,
except in the case of drainage facilities, are connected to the Building located thereon with valid permits and are adequate to
service the Building in compliance with applicable law, and except where the failure of any of the foregoing would not reasonably
be expected to have a Material Adverse Effect. There are no unpaid or outstanding real estate or other taxes or assessments on
or against any of the Collateral Pool Properties which are payable by the Parent, the Borrower or any Subsidiary Guarantor (except
only real estate or other taxes or assessments, that are not yet delinquent or are being protested as permitted by this Agreement).
Except as set forth in Schedule 3.19, there are no pending, or to the knowledge of the Loan Parties threatened in writing
or contemplated, eminent domain proceedings against any of the Collateral Pool Properties. Except as set forth in Schedule
3.19, none of the Collateral Pool Properties is now materially damaged as a result of any fire, explosion, accident, flood
or other casualty. Except as set forth in Schedule 3.19, none of the Loan Parties has received any outstanding notice from
any insurer or its agent requiring performance of any work with respect to any of the Collateral Pool Properties or canceling
or threatening to cancel any policy of insurance, and each of the Collateral Pool Properties complies with the requirements of
all of the Loan Parties’ insurance carriers, except where any of the foregoing would not reasonably be expected to have
a Material Adverse Effect. Except as set forth in Schedule 3.19 and any Management Agreements which do not require the
consent of the Administrative Agent pursuant to Section 5.11, the Loan Parties have no Management Agreements for any of the Collateral
Pool Properties. To the knowledge of the Loan Parties, there are no claims or any bases for claims in respect of any Collateral
Pool Property or its operation by any party to any service agreement or Management Agreement that would have a Material Adverse
Effect. No person or entity has any right or option to acquire any Collateral Pool Property or any Building thereon or any portion
thereof or interest therein.

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SECTION
3.20.     Mortgages and Pledge Agreement. Each of the Mortgages is effective
to create in favor of the Administrative Agent, for the benefit of the holders of the Obligations, a legal, valid and enforceable
security interest in the Real Estate identified therein in conformity with applicable laws, except to the extent the enforceability
thereof may be limited by applicable debtor relief laws affecting creditors’ rights generally and by equitable principles
of law (regardless of whether enforcement is sought in equity or at law) and, when the Mortgages and UCC financing statements
prepared in connection therewith in appropriate form are duly recorded at the locations required pursuant to applicable laws,
and recording or similar taxes, if any, are paid, the Mortgages shall constitute a legal, valid and enforceable Lien on, and security
interest in, all right, title and interest of the grantors thereunder in such Real Estate, in each case prior and superior in
right to any other Lien (other than Permitted Encumbrances). The Pledge Agreement is effective to create in favor of the Administrative
Agent, for the benefit of the holders of the Obligations, a legal, valid and enforceable security interest in the Equity Interests
identified therein in conformity with applicable laws, except to the extent the enforceability thereof may be limited by applicable
debtor relief laws affecting creditors’ rights generally and by equitable principles of law (regardless of whether enforcement
is sought in equity or at law) and, when the UCC financing statements prepared in connection therewith in appropriate form are
duly recorded at the locations required pursuant to applicable laws, and filing or similar fees, if any, are paid, the Pledge
Agreement shall constitute a legal, valid and enforceable Lien on, and security interest in, all right, title and interest of
the grantors thereunder in such Equity Interests, in each case prior and superior in right to any other Lien (other than Permitted
Encumbrances).

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SECTION
3.21.     Material Contracts. Each of the Parent, the Borrower, the other Loan
Parties and the other Subsidiaries that is party to any Material Contract has materially performed and is in material compliance
with all of the terms of such Material Contract, and no material default or event of default, or event or condition which with
the giving of notice, the lapse of time, or both, would constitute such a material default or event of default, exists with respect
to any such Material Contract.

 

ARTICLE
IV

Conditions

 

SECTION
4.01.     Effective Date. The obligations of the Lenders to make Loans and
of the Issuing Banks to issue Letters of Credit hereunder shall not become effective until the date on which each of the following
conditions is satisfied (or waived in accordance with Section 9.02):

 

(a)         The Administrative Agent (or its counsel) shall have received from each party thereto a counterpart of this Agreement and each
other Loan Document signed on behalf of such party (which, subject to Section 9.06(b), may include any Electronic Signatures transmitted
by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page).

 

(b)         The Borrower shall have executed and delivered to the Administrative Agent Notes for the account of each Lender that shall have
requested the same.

 

(c)         The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders
and dated the Effective Date) of (i) Seyfarth Shaw LLP, New York and Delaware counsel for the Loan Parties, (ii) Ballard
Spahr LLP, Maryland counsel to the Parent, and (iii) Ashenfelter, Trembulak, McDonough, Golia & Trevenien, LLP, New Jersey
counsel to the Loan Parties, in each case covering such matters relating to the Loan Parties, this Agreement or the Transactions
as the Required Lenders shall reasonably request. The Borrower hereby requests such counsel to deliver such opinions.

 

(d)         The Administrative Agent shall have received the following items from the Borrower:

 

(i)           Certificates of good standing for each Loan Party from the states of organization of such Loan Party and from each other state
where such Loan Party is required by law to be registered, certified by the appropriate governmental officer and dated not more
than thirty (30) days prior to the Effective Date;

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(ii)          Copies of the formation documents of each Loan Party certified by an officer of such Loan Party, together with all amendments
thereto;

 

(iii)         Incumbency certificates, executed by officers of each Loan Party, which shall identify by name and title and bear the signature
of the Persons authorized to sign the Loan Documents on behalf of such Loan Party (and to make borrowings hereunder on behalf
of the Borrower, in the case of the Borrower), upon which certificate the Administrative Agent and the Lenders shall be entitled
to rely until informed of any change in writing by the Borrower;

 

(iv)         Copies, certified by a Secretary or an Assistant Secretary or other Responsible Officer of each Loan Party of the resolutions
(and resolutions of other bodies, if any are reasonably deemed necessary by counsel for the Administrative Agent) authorizing
the Borrowings provided for herein, with respect to the Borrower, and the execution, delivery and performance of the Loan Documents
to be executed and delivered by the Loan Parties;

 

(v)          (A) audited consolidated financial statements of the Parent and its Subsidiaries for the fiscal year ended December 31, 2020,
(B) unaudited interim consolidated financial statements of the Parent and its Subsidiaries for each fiscal quarter ended after
the date of the latest applicable financial statements delivered pursuant to clause (A) of this paragraph, and (C) pro-forma financial
covenant projections for 2021;

 

(vi)         UCC financing statement, judgment, bankruptcy and tax lien searches with respect to each Loan Party from its state of organization;

 

(vii)        A Borrowing Request, addressed to the Administrative Agent and signed by an officer of the Borrower, together with such other
related money transfer and borrowing authorizations as the Administrative Agent may have reasonably requested;

 

(viii)       A Compliance Certificate demonstrating compliance with the financial covenants set forth in Section 6.14 on a pro-forma basis
as of the Effective Date based on the financial statements for the fiscal quarter ending March 31, 2021 and after giving effect
to the Transactions and taking into account any material asset acquisitions or disposition and any incurrence or repayment of
material Indebtedness since March 31, 2021;

 

(ix)         A Borrowing Base Certificate, after taking into account the Loans to be made and Letters of Credit to be issued on the Effective
Date;

 

(x)          Certificates of Insurance evidencing the insurance required by Section 5.15 (including, without limitation, flood insurance policies,
if applicable) and naming the Administrative Agent as mortgagee and additional insured, as applicable, together with evidence,
with respect to the Initial Collateral Pool Properties, as to whether the same is a “Flood Hazard Property”, or is
otherwise designated by FEMA as having special flood or mudslide hazards;

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(xi)          The Eligible Real Estate Qualification Documents for each Initial Collateral Pool Property, in form and substance reasonably satisfactory
to the Administrative Agent;

 

(xii)         Appraisals for each Initial Collateral Pool Property, in form and substance reasonably satisfactory to the Administrative Agent
and the Required Lenders, and the Administrative Agent shall have determined the Appraised Value for each Initial Collateral Pool
Property;

 

(xiii)        Environmental site assessments for each Initial Collateral Pool Property, dated within 180 days, in form and substance reasonably
satisfactory to the Administrative Agent and a reliance letter with respect thereto for the benefit of the Administrative Agent;

 

(xiv)        An ALTA survey of each Initial Collateral Pool Property and improvements thereon dated not more than sixty (60) days prior to
the date of this Agreement (or dated such earlier date, if any, as is satisfactory to Administrative Agent and the Title Company,
but in any event not more than one hundred eighty (180) days prior to the date of this Agreement);

 

(xv)         With respect to each Initial Collateral Pool Property true and correct copies of each tenant lease, and (if applicable) Guarantees
thereof;

 

(xvi)        (A) executed, acknowledged, and/or sworn to as required counterparts of the Mortgages and Assignments of Leases and Rents for
each Initial Collateral Pool Property, which shall have been delivered to the Title Company and released for recordation in the
official records of the city or county in which each such Initial Collateral Pool Property is located, and (B) UCC-1 financing
statements which shall have been furnished for filing in all filing offices that the Administrative Agent may require;

 

(xvii)       A Title Policy or a Title Policy Commitment with respect to each Initial Collateral Pool Property, each in form and substance
satisfactory to the Administrative Agent, together with evidence of payment of all title premiums with respect to such Title Policies
and all recording fees and taxes with respect to the Security Documents relating thereto; and

 

(xviii)      A Physical Condition Report and a zoning report for each Initial Collateral Pool Property, each in form and substance satisfactory
to the Administrative Agent;

 

(e)         The Administrative Agent shall have received a certificate, dated the Effective Date and signed by the President, a Vice President
or a Financial Officer of the Borrower, confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section
4.02.

 

(f)          The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including,
to the extent invoiced, reimbursement or payment of all out of pocket expenses required to be reimbursed or paid by the Borrower
hereunder, or satisfactory evidence that such fees and amounts will be paid out of the initial Borrowing hereunder.

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(g)         The Administrative Agent shall have received copies of all consents, licenses and approvals, if any, required in connection with
the execution, delivery and performance by the Loan Parties, and the validity and enforceability against the Loan Parties, of
the Loan Documents, or in connection with any of the transactions contemplated thereby to occur on or prior to the Effective Date,
and such consents, licenses and approvals shall be in full force and effect

 

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

 

(i)          The Administrative Agent shall have received a copy of the redemption notices with respect to the Senior Unsecured Notes that
have been delivered by the Borrower to Wilmington Trust Company, as trustee for the holders of the Senior Unsecured Notes (the
 “Trustee”), pursuant to the Indenture dated March 16, 1999 and any supplemental indentures thereto (collectively,
the “Indenture”) in form and substance satisfactory to the Administrative Agent, and the Borrower shall have deposited
with the Trustee sufficient funds (from the proceeds of the Loans and from the proceeds of asset dispositions) to redeem the Senior
Unsecured Notes in full on the Effective Date in accordance with Article XI and Article XIV of the Indenture, all pursuant to
redemption and satisfaction arrangements satisfactory to the Administrative Agent.

 

(j)          The Administrative Agent shall have received satisfactory evidence that the Existing Credit Agreement has been terminated, that
all loans thereunder have been repaid in full and all commitments thereunder have been terminated.

 

(k)         The Administrative Agent shall have received such other customary documents as the Administrative Agent or the Required Lenders
(through the Administrative Agent) may reasonably request to realize the practical benefit of the transactions contemplated by
this Agreement.

 

The
Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and
binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters
of Credit hereunder shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section
9.02) at or prior to 3:00 p.m., New York City time, on or before June 15, 2021 (and, in the event such conditions are not so satisfied
or waived, the Commitments shall terminate at such time).

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SECTION
4.02.     Each Credit Event. The obligation of each Lender to make a Loan on
the occasion of any Borrowing, and of each Issuing Bank to issue, amend or extend any Letter of Credit, is subject to the satisfaction
of the following conditions:

 

(a)         The representations and warranties of the Borrower set forth in this Agreement shall be true and correct in all material respects
(except for representations and warranties that are qualified by materiality, which shall be true and correct in all respects)
on and as of the date of such Borrowing or the date of issuance, amendment, or extension of such Letter of Credit, as applicable
(except for representations and warranties made as of an earlier date (which shall be true and correct in all material respects
as of such earlier date).

 

(b)         At the time of and immediately after giving effect to such Borrowing or the issuance, amendment or extension of such Letter of
Credit, as applicable, no Default shall have occurred and be continuing.

 

(c)         As provided in Section 2.03, the Administrative Agent shall have received a Borrowing Request and a Borrowing Base Certificate
executed by the Borrower.

 

(d)         The Administrative Agent shall have received a Compliance Certificate executed by the Borrower demonstrating compliance with the
financial covenants set forth in Sections 6.14(a), (b) and (c) after giving effect to such Borrowing or issuance, amendment or
extension of such Letter of Credit.

 

Each
Borrowing and each issuance, amendment or extension of a Letter of Credit shall be deemed to constitute a representation and warranty
by the Borrower on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section.

 

ARTICLE
4A

Collateral Security

 

SECTION
4A.01.     Collateral. The Obligations shall be secured by a perfected first priority lien and security interest to be held
by the Administrative Agent for the benefit of the Lenders on the Collateral, pursuant to the terms of the Security Documents
(and in the case of Collateral that is not real property, in which a security interest can be perfected by the filing of UCC financing
statements describing said property as “all assets” of the debtor or containing a similar description).

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SECTION
4A.02.     Appraisals; Adjusted Value.

 

(a)         The Administrative Agent may, for the purpose of determining the current Appraised Value of the Collateral Pool Properties, obtain
new Appraisals or an update to existing Appraisals with respect to such Collateral Pool Property, or any of them, as the Administrative
Agent or Lender shall determine (i) at any time that the regulatory requirements of any Lender generally applicable to real estate
loans of the category made under this Agreement as reasonably interpreted by such Lender shall require more frequent Appraisals
(which shall include, without limitation, a requirement that new Appraisals be obtained in connection with any Incremental Commitments
pursuant to Section 2.04 if the existing Appraisals are more than twelve (12) months old) , (ii) at any time while an Event of
Default is in existence, (iii) at the request of the Borrower on one occasion during the term of this Agreement or (iv) at the
request of the Required Lenders on one occasion during the term of this Agreement. In any such case, such Appraisals will be ordered
by Administrative Agent and reviewed and approved by the appraisal department of the Administrative Agent and the Required Lenders,
in order to determine the current Appraised Value of the Collateral Pool Properties, and the Borrower shall pay to Administrative
Agent within ten (10) Business Days of written demand all reasonable and out-of-pocket costs of such Appraisals.

 

(b)         The Borrower acknowledges that the Administrative Agent and the Required Lenders have the right to reasonably approve any Appraisal
for a Collateral Pool Property performed pursuant to this Agreement. The Borrower further agrees that the Lenders and Administrative
Agent do not make any representations or warranties with respect to any Appraisal and shall have no liability as a result of or
in connection with any Appraisal for statements contained in such Appraisal, including without limitation, the accuracy and completeness
of information, estimates, conclusions and opinions contained in such Appraisal, or variance of such Appraisal from the fair value
of such property that is the subject of such Appraisal given by the local tax assessor’s office, or the Borrower’s
idea of the value of such property.

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SECTION
4A.03. Addition of Collateral Pool Properties. The Borrower shall have the right, subject to the consent of the Administrative
Agent, each of the Arrangers and the Required Lenders (which consent shall not be unreasonably withheld, delayed or conditioned)
and the satisfaction of the conditions set forth in this Section 4A.03, to add (or substitute) Potential Collateral to the Collateral
as a Collateral Pool Property. Once so added, such new Collateral Pool Property shall be added to Schedule 2.11 with a
Minimum Release Price denoted therefor approved by the Administrative Agent and the Required Lenders, and such updated and supplemented
Schedule 2.11 shall be substituted for the prior version of such approved Schedule 2.11. In the event the Borrower
desires to add additional Potential Collateral as aforesaid, the Borrower shall provide written notice to the Administrative Agent
of such request (which the Administrative Agent shall promptly furnish to the Lenders). With respect to such Potential Collateral,
the Administrative Agent shall promptly furnish Required Lender CPP Deliverables to the Lenders as they become available. The
Lenders shall use good faith efforts to review each of the Required Lender CPP Deliverables within ten (10) days of receipt. Thereafter,
the Administrative Agent shall have ten (10) Business Days from the date of the receipt by the Administrative Agent and the Lenders
of all Required Lender CPP Deliverables to advise the Borrower of the approval or rejection of such Potential Collateral by the
Administrative Agent, the Arrangers or the Lenders, as applicable. If any Lender or Arranger shall fail to respond to Administrative
Agent within such ten (10) Business Day period, such Lender or Arranger shall be deemed to have approved such proposed addition
of Potential Collateral to the Collateral Pool Properties. Notwithstanding the foregoing, no Potential Collateral shall be included
as Collateral unless and until the following conditions precedent shall have been satisfied or waived by the Administrative Agent,
each of the Arrangers and the Required Lenders:

 

(i)           the proposed Real Estate shall be Eligible Real Estate;

 

(ii)          the direct owner of such Eligible Real Estate in connection with the inclusion of such Potential Collateral as Collateral hereunder
and under the other Loan Documents (to the extent such direct owner or other Person is not already party to this Agreement and/or
such other Loan Documents, as applicable) shall have executed a Joinder Agreement and satisfied the conditions of Section 4A.05;

 

(iii)         the Administrative Agent (on behalf of the Lenders) shall have received, and forwarded to the Lenders, copies of the “Certificates
of Insurance” in compliance with, and as more particularly described in, the schedule of Eligible Real Estate Qualification
Documents;

 

(iv)         the Borrower or the owner of the Eligible Real Estate shall have executed and/or delivered to the Administrative Agent a Mortgage
and all other Eligible Real Estate Qualification Documents, all of which instruments, documents or agreements shall be in form
and substance reasonably satisfactory to the Administrative Agent and the Required Lenders;

 

(v)          the Borrower shall have executed and delivered to the Administrative Agent (which the Administrative Agent shall promptly forward
to the Lenders) an executed Borrowing Base Certificate and a Compliance Certificate prepared using the financial statements of
the Parent most recently provided or required to be provided to the Administrative Agent under Section 5.01 adjusted in the best
good faith estimate of the Borrower solely to give effect to the proposed addition; and

 

(vi)         after giving effect to the inclusion of such Potential Collateral in connection with each Borrowing Request, each of the representations
and warranties made by or on behalf of the Borrower or any of the other Loan Parties contained in this Agreement, the other Loan
Documents or in any document or instrument delivered pursuant to or in connection with this Agreement shall be true in all material
respects both as of the date as of which it was made and shall also be true as of the time of the addition (or any replacement)
of Collateral Pool Properties, with the same effect as if made at and as of that time (it being understood and agreed that any
representation or warranty which by its terms is made as of a specified date shall be required to be true and correct only as
of such specified date), except where the failure of any representation to be true and correct is not reasonably likely to have
a Material Adverse Effect and no Default or Event of Default shall have occurred and be continuing, and the Administrative Agent
shall have received a certificate of the Borrower to such effect; and

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Notwithstanding
the foregoing, in the event such Potential Collateral does not qualify as Eligible Real Estate, such Potential Collateral shall
nevertheless be included as a Collateral Pool Property, so long as (x) the conditions set forth in clauses (ii) through (v) of
this Section 4A.03 have been satisfied, and (y) the Administrative Agent shall have received the prior written approval by each
of the Lenders of the inclusion of such Real Estate as a Collateral Pool Property.

 

Notwithstanding
the foregoing, prior to the Administrative Agent’s acceptance of a Mortgage for any new Potential Collateral, (i) the Administrative
Agent agrees to promptly share with the Lenders copies of all documentation delivered by Borrower to demonstrate such property’s
compliance with the requirements of the Flood Laws, which documentation must be acceptable to each Lender, and (i) unless otherwise
agreed by such Lender, each Lender shall have at least thirty (30) days to complete any necessary flood insurance due diligence
to its reasonable satisfaction.

 

SECTION
4A.04.     Release of Collateral Pool Property. If no Default or Event of Default shall have occurred hereunder and be continuing
(or would exist immediately after giving effect to the transactions contemplated by this Section 4A.04, including any mandatory
pre-payment pursuant to Section 2.11 in connection with the transactions contemplated by this Section 4A.04), the Administrative
Agent shall release a Collateral Pool Property from the Lien or security title of the Security Documents encumbering the same
upon the written request of the Borrower, subject to and upon the following terms and conditions:

 

(a)         The Borrower shall have provided the Administrative Agent (which the Administrative Agent shall promptly forward to the Lenders)
with written notice of its intention to remove any specified Collateral Pool Property from the Collateral at least three (3) Business
Days prior to the requested release (which notice may be revoked by the Borrower at any time);

 

(b)         No fewer than two (2) Collateral Pool Properties, shall remain in the pool of Collateral Pool Properties with a Collateral Pool
Value greater than or equal to $800,000,000 following any such removal in accordance with Section 6.14(b) and Section 6.14(c),
and all such remaining Collateral Pool Properties shall continue to satisfy the requirements for “Eligible Real Estate”;

 

(c)         The Borrower shall submit to the Administrative Agent (which the Administrative Agent shall promptly forward to the Lenders) with
such request an executed Borrowing Base Certificate and a Compliance Certificate prepared using the financial statements of the
Parent most recently provided or required to be provided to the Administrative Agent under Section 5.01 adjusted in the best good
faith estimate of the Borrower solely to give effect to the proposed release and demonstrating compliance with the financial covenants
set forth in Section 6.14 after giving effect to such release and the mandatory prepayments pursuant to Section 2.11;

 

(d)         all release documents to be executed by the Administrative Agent shall be in form and substance reasonably satisfactory to the
Administrative Agent;

 

(e)         The Borrower shall pay all reasonable costs and expenses of the Administrative Agent in connection with such release, including
without limitation, reasonable attorney’s fees;

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(f)          The Borrower shall make the mandatory prepayments required by Section 2.11;

 

(g)         With respect to a release of any Initial Collateral Pool Property: (i) Borrower shall, at Borrower’s sole cost and expense,
legally subdivide such Initial Collateral Pool Property from the balance of the Initial Collateral Pool Properties (to the extent
not already legally subdivided); (ii) title to the balance of the Initial Collateral Pool Properties (exclusive of the Initial
Collateral Pool Property for which a release is requested) shall remain insured by the Title Company pursuant to an endorsement
to the Title Policy issued by the Title Company in form reasonably satisfactory to Administrative Agent in the full amount of
the Obligations; (iii) the balance of the Initial Collateral Pool Properties (exclusive of the Initial Collateral Pool Property
for which a release is requested) shall continue to have adequate, insurable legal pedestrian and vehicular access to a public
way as determined by the Administrative Agent in its reasonable discretion; (iv) the balance of the Initial Collateral Pool Properties
(exclusive of the Initial Collateral Pool Property for which a release is requested) shall comply with all applicable zoning and
land use laws and requirements, as evidenced by an updated zoning report in form reasonably satisfactory to Administrative Agent
or as otherwise reasonably determined by the Administrative Agent; and (vi) if required by the Administrative Agent in its reasonable
discretion, Borrower shall deliver to Administrative Agent an update of the survey in form reasonably satisfactory to Administrative
Agent; and

 

(h)         without limiting or affecting any other provision hereof, any release of a Collateral Pool Property will not cause the Borrowers
to be in violation of the financial covenants set forth in Section 6.14.

 

SECTION
4A.05.     Additional Subsidiary Guarantors. As and to the extent that the Borrower shall request that certain Real Estate
directly or indirectly owned by a Wholly Owned Subsidiary of the Borrower be included as a Collateral Pool Property as contemplated
by Section 4A.03 and such Real Estate is approved for inclusion as a Collateral Pool Property in accordance with the terms hereof,
the Borrower shall cause the applicable Subsidiary that owns such Real Estate directly to execute and deliver to Administrative
Agent a Joinder Agreement, whereby such Subsidiary shall become a Subsidiary Guarantor. Each such Subsidiary shall be authorized
to be a Subsidiary Guarantor hereunder and to execute such Security Documents as Administrative Agent may require. The Borrower
shall further cause all representations, covenants and agreements in the Loan Documents with respect to a Subsidiary Guarantor
to be true and correct with respect to each such Subsidiary. In connection with the delivery of such Joinder Agreement, the Borrower
shall deliver to the Administrative Agent such organizational agreements, resolutions, consents, opinions, know-your-customer
information and other documents and instruments as the Administrative Agent or any Lender may reasonably require.

 

SECTION
4A.06.     Release of Certain Subsidiary Guarantors. In the event that all Collateral Pool Properties directly or indirectly
owned by a Subsidiary Guarantor shall have been released as Collateral for the Obligations in accordance with the terms of this
Agreement, then such Subsidiary Guarantor shall cease to be a Subsidiary Guarantor and shall be deemed to be fully released by
Administrative Agent and the Lenders from all Obligations, and from any other liability under this Agreement and the Subsidiary
Guaranty, without the need of any further action from the Administrative Agent or any Lender; provided that, the Administrative
Agent shall, at Borrower’s request, execute and deliver all applicable customary release documentation reasonably requested
by Borrower.

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SECTION
4A.07. Release of Collateral. Upon the refinancing or repayment of the Obligations in full, then the Administrative Agent
shall release the Collateral from the Lien and security interest of the Security Documents.

 

SECTION
4A.08. MIRE Event. Notwithstanding anything to the contrary set forth herein, no MIRE Event may be closed until the date
on which the Administrative Agent shall have received confirmation from each Lender that such Lender has completed any necessary
flood insurance due diligence to its reasonable satisfaction; provided that no Lender shall unreasonably delay, withhold or condition
such confirmation. For purposes hereof, “MIRE Event” means, any increase, extension or renewal of any of the Commitments
or Loans (including any increase of Revolving Commitments pursuant to Section 2.04 or otherwise, but excluding (i) any continuation
or conversion of Loans, (ii) the making of any Loan or (iii) the issuance, renewal or extension of Letters of Credit).

 

ARTICLE
V

Affirmative Covenants

 

Until
the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder
shall have been paid in full and all Letters of Credit shall have expired or terminated, in each case, without any pending draw,
and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that:

 

SECTION
5.01.     Financial Statements; Ratings Change and Other Information. The Borrower
will furnish to the Administrative Agent and each Lender, including their Public-Siders:

 

(a)         within 90 days after the end of each fiscal year of the Parent and the Borrower (commencing with the fiscal year ended December
31, 2021), each of their audited consolidated balance sheets and related statements of operations, stockholders’ equity
and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous
fiscal year, all reported on by PricewaterhouseCoopers LLP or other independent public accountants of recognized national standing
(without a “going concern” or like qualification commentary or exception and without any qualification or exception
as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects
the financial condition and results of operations of the Parent, the Borrower, as applicable, and their respective consolidated
Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;

 

(b)         within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the Parent and the Borrower (commencing
with the fiscal quarter ended March 31, 2021), each of their consolidated and consolidating balance sheets and related statements
of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion
of the fiscal year, setting forth in each case in comparative form the figures as of the end of and for the corresponding period
or periods of the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects
the financial condition and results of operations of the Parent, the Borrower, as applicable, and their respective consolidated
Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments
and the absence of footnotes;

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(c)         concurrently with any delivery of financial statements under clause (a) or (b) above, a (i) a Compliance Certificate (A) certifying
as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed
to be taken with respect thereto, (B) setting forth reasonably detailed calculations demonstrating compliance with the financial
covenants set forth in Section 6.14) and (C) stating whether any change in GAAP or in the application thereof has occurred since
the date of the audited financial statements referred to in Section 3.04 and, if any such change has occurred, specifying the
effect of such change on the financial statements accompanying such certificate, (ii) a Borrowing Base Certificate; (iii) an operating
summary with respect to each Collateral Pool Property including without limitation, a quarterly and year-to-date statement of
Collateral Pool NOI and a leasing/occupancy status report together with a current Rent Roll for such Collateral Pool Property;
(iv) a listing of all Real Estate; and (v) copies of all appraisals obtained by the Borrower or any other Loan Party with respect
to the Real Estate other than the Collateral Pool Properties since the delivery of the prior Compliance Certificate;

 

(d)         concurrently with any delivery of financial statements under clause (a) above, a certificate of the accounting firm that reported
on such financial statements stating whether they obtained knowledge during the course of their examination of such financial
statements of any Default (which certificate may be limited to the extent required by accounting rules or guidelines);

 

(e)         promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials
filed by the Parent, the Borrower or any Subsidiary with the SEC or any Governmental Authority succeeding to any or all of the
functions of said Commission, or with any national securities exchange, or distributed by the Parent or the Borrower to its shareholders
generally, as the case may be;

 

(f)          promptly after receipt thereof by the Parent, the Borrower or any Subsidiary, copies of each notice or other correspondence received
from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation
or other inquiry by the SEC or such other agency regarding financial or other operational results of the Borrower or any Subsidiary
thereof;

 

(g)         promptly following any request therefor, copies of any detailed audit reports, management letters or recommendations submitted
to the board of directors (or the audit committee of the board of directors) of the Parent or the Borrower by independent accountants
in connection with the accounts or books of the Parent, the Borrower or any Subsidiary, or any audit of any of them as the Administrative
Agent or any Lender (through the Administrative Agent) may reasonably request;

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(h)         [reserved]; and

 

(i)          promptly following any request therefor, (x) such other information regarding the operations, business affairs and financial condition
of the Parent, the Borrower or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or
any Lender (through the Administrative Agent) may reasonably request and (y) information and documentation reasonably requested
by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money
laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation.

 

Documents
required to be delivered pursuant to Section 5.01(a), (b) or (e) (to the extent any such documents are included in materials otherwise
filed with the SEC) may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date (i)
on which such materials are publicly available as posted on the Electronic Data Gathering, Analysis and Retrieval system (EDGAR);
or (ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which
each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether made available by the
Administrative Agent); provided that: (A) upon written request by the Administrative Agent (or any Lender through the Administrative
Agent) to the Borrower, the Borrower shall deliver paper copies of such documents to the Administrative Agent or such Lender until
a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (B) the Borrower shall
notify the Administrative Agent and each Lender (by telecopier or electronic mail) of the posting of any such documents and provide
to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. The Administrative Agent
shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any
event shall have no responsibility to monitor compliance by the Borrower with any such request by a Lender for delivery, and each
Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such document
to it and maintaining its copies of such documents.

 

SECTION
5.02.     Notices of Material Events. The Borrower will furnish to the Administrative
Agent and each Lender prompt written notice of the following:

 

(a)         the occurrence of any Default;

 

(b)         the filing or commencement of any Proceeding by or before any arbitrator or Governmental Authority against or affecting the Parent,
the Borrower or any Affiliate thereof, including pursuant to any applicable Environmental Laws, that, if adversely determined,
could reasonably be expected to result in a Material Adverse Effect;

 

(c)         the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be
expected to result in liability of the Parent, the Borrower and their respective Subsidiaries in an aggregate amount exceeding
$5,000,000;

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(d)         notice of any action arising under any Environmental Law or of any noncompliance by the Parent, the Borrower or any Subsidiary
with any Environmental Law or any permit, approval, license or other authorization required thereunder that, if adversely determined,
could reasonably be expected to result in a Material Adverse Effect;

 

(e)         any material change in accounting or financial reporting practices by the Parent, the Borrower or any Subsidiary;

 

(f)          [reserved];

 

(g)         notice of any Liens, set-offs or other claims against any Collateral Pool Property that if adversely determined, could reasonably
be expected to result in a Material Adverse Effect or could materially impair the value of such Collateral Pool Property;

 

(h)         any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect; and

 

(i)          any change in the information provided in the Beneficial Ownership Certification delivered to such Lender that would result in
a change to the list of beneficial owners identified in such certification.

 

Each
notice delivered under this Section (i) shall be in writing, (ii) shall contain a heading or a reference line that reads “Notice
under Section 5.02 of Mack-Cali Realty, L.P. Revolving Credit and Term Loan Agreement dated May 6, 2021” and (iii) shall
be accompanied by a statement of a Financial Officer or other executive officer of the Borrower setting forth the details of the
event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

 

SECTION
5.03.     Existence; Conduct of Business. The Borrower will, and will cause
the Parent and each of its Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force
and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business;
provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03.
The Parent shall maintain its status as a REIT under the Code. The Parent shall own substantially all of its properties and conduct
substantially all of its business through the Borrower and Subsidiaries of the Borrower.

 

SECTION
5.04.     Payment of Obligations. Subject to Section 5.13 with respect to Collateral
Pool Properties, the Borrower will, and will cause the Parent and each of its Subsidiaries to, pay its obligations, including
Tax liabilities, that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default,
except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Parent, the
Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c)
the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect.

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SECTION
5.05.     Maintenance of Properties. The Borrower will, and will cause each
of its Subsidiaries to keep and maintain all property material to the conduct of its business in good working order and condition,
ordinary wear and tear excepted. Without limiting the generality of the foregoing, (i) the Borrower will cause all of the Collateral
Pool Properties to be maintained and kept in good condition, repair and working order (ordinary wear and tear excepted) and supplied
with all necessary equipment, and (ii) will cause to be made all necessary repairs, renewals, replacements, betterments and improvements
of such Collateral Pool Property, except in each case under (i) or (ii) above to the extent the failure to do so would not result
in a Material Adverse Effect. The Borrower shall cause the Loan Parties to promptly and diligently comply with the reasonably
and necessary recommendations of the Environmental Engineer concerning the maintenance, operation or upkeep of the Collateral
Pool Properties contained in the building inspection and environmental reports delivered to the Administrative Agent or otherwise
obtained by the Loan Parties with respect to the Collateral Pool Property, that are required by Environmental Laws.

 

SECTION
5.06.     Books and Records; Inspection Rights. The Borrower will, and will
cause the Parent and each of its Subsidiaries to, keep proper books of record and account in which full, true and correct entries
are made of all dealings and transactions in relation to its business and activities. The Borrower will, and will cause the Parent
and each of its Subsidiaries to, permit the Lenders, coordinated through the Administrative Agent, (a) on an annual basis as a
group, or more frequently if required by law or by regulatory requirements of a Lender or if an Event of Default shall have occurred
and be continuing, to visit and inspect any of the properties of the Borrower, Partner or any of their respective Subsidiaries,
and to examine the books of account of the Borrower, Parent and their respective Subsidiaries (and to make copies thereof and
extracts therefrom) and (b) to discuss the affairs, finances and accounts of the Borrower, Partner and their respective Subsidiaries
with, and to be advised as to the same by, its officers, all at such reasonable times and intervals during normal business hours
as the Administrative Agent may request; provided that the Borrower shall only be responsible for the costs and expenses incurred
by the Administrative Agent and the Lenders in connection with such inspections after the occurrence and during the continuance
of an Event of Default; and provided further that the Administrative Agent and each Lender agrees to treat any non-public information
delivered or made available by the Borrower to it in accordance with Section 9.12 and Section 9.13.

 

SECTION
5.07.     Compliance with Laws. The Borrower will, and will cause the Parent
and each of its Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority applicable
to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect. The Borrower will maintain in effect and enforce policies and procedures designed to ensure
compliance by the Parent, the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption
Laws and applicable Sanctions.

 

SECTION
5.08.     Use of Proceeds and Letters of Credit. The proceeds of the Revolving
Loans will be used only for general corporate purposes of the Borrower and its Subsidiaries; provided that a portion of
the proceeds of the Revolving Loans may be used to repay the outstanding Senior Unsecured Notes if the proceeds of the Term Loans
are not sufficient to repay the outstanding Senior Unsecured Notes in full on the Effective Date. The proceeds of the Term Loans
will be used only for the repayment of the outstanding Senior Unsecured Notes. No part of the proceeds of any Loan will be used,
whether directly or indirectly, for any purpose that entails a violation of any of the regulations of the Federal Reserve Board,
including Regulations T, U and X. Letters of Credit will be issued only to support general corporate purposes of the Borrower
and its Subsidiaries in the ordinary course of business. The Borrower will not request any Borrowing or Letter of Credit, and
the Borrower shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees
and agents shall not use, the proceeds of any Borrowing or Letter of Credit (A) in furtherance of an offer, payment, promise to
pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption
Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned
Person, or in any Sanctioned Country, except to the extent permitted for a Person required to comply with Sanctions, or (C) in
any manner that would result in the violation of any Sanctions applicable to any party hereto.

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SECTION
5.09.     Accuracy of Information. The Borrower will ensure that any information,
including financial statements or other documents, furnished to the Administrative Agent or the Lenders in connection with this
Agreement or any amendment or modification hereof or waiver hereunder contains no material misstatement of fact or omits to state
any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading, and the furnishing of such information shall be deemed to be a representation and warranty by the Borrower on the
date thereof as to the matters specified in this Section.

 

SECTION
5.10.     Environmental Matters. The Parent and the Borrower shall, and shall
cause each other Loan Party and each other Subsidiary to, comply with all Environmental Laws the failure with which to comply
could reasonably be expected to have a Material Adverse Effect. The Parent and the Borrower shall comply, and shall cause each
other Loan Party and each other Subsidiary to comply, and the Borrower shall use, and shall cause each other Loan Party and each
other Subsidiary to use, commercially reasonable efforts to cause all other Persons occupying, using or present on the Collateral
Pool Properties to comply, with all Environmental Laws the failure with which to comply could reasonably be expected to have a
Material Adverse Effect. The Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to,
promptly take all actions and pay or arrange to pay all costs necessary for it and for the Collateral Pool Properties to comply
all Environmental Laws and all Governmental Approvals (including actions to remove and dispose of all Hazardous Materials and
to clean up the Collateral Pool Properties as required under Environmental Laws), in each case, the failure with which to comply
could reasonably be expected to have a Material Adverse Effect. The Parent and the Borrower shall, and shall cause each other
Loan Party and each other Subsidiary to, promptly take all actions necessary to prevent the imposition of or remove any Liens
on any of their respective properties arising out of or related to any Environmental Laws to the extent such Lien relates to a
Collateral Pool Property or to the extent the failure to take such actions, or remove such Liens, with respect to any other Real
Estate, could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Parent and the
Borrower shall use commercially reasonable efforts to provide any additional environmental reports or information related to any
potential Environmental Liability at a Collateral Pool Property at the reasonable request of the Administrative Agent (including
as directed by the Required Lenders), including the obtaining of additional environmental reports during an Event of Default.
Nothing in this Section shall impose any obligation or liability whatsoever on the Administrative Agent or any Lender.

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SECTION
5.11.     Management. The Borrower shall not, and shall not permit any other
Loan Party to, enter into any Management Agreement with a third-party manager for any Collateral Pool Property without the prior
written consent of the Administrative Agent and the Required Lenders (which shall not be unreasonably withheld, conditioned or
delayed). No such approved Management Agreement shall be modified in any material respect or terminated without the Administrative
Agent’s and the Required Lenders’ prior written approval, such approval not to be unreasonably withheld, conditioned
or delayed. The Administrative Agent or the Required Lenders may condition any approval of a new manager upon the execution and
delivery to the Administrative Agent of collateral assignment of such Management Agreement to the Administrative Agent and a subordination
of the manager’s rights thereunder to the rights of the Administrative Agent and the Lenders under the Loan Documents. The
Management Agreements disclosed to the Administrative Agent pursuant to Section 3.19 relating to the Collateral Pool Properties
on the Effective Date and additional agreements on the same form are approved by the Administrative Agent.

 

SECTION
5.12.     Mortgages; Other Collateral. The Borrower shall use commercially
reasonable efforts to cause, or shall cause the Title Company to cause, (i) all real property interests related to the Collateral
Pool Properties, and (ii) all personal property related to such Collateral Pool Properties, in each case owned or held by any
Loan Party (and in which a security interest can be perfected by the filing of UCC financing statements describing said property
as “all assets” of the debtor or containing a similar description, including, without limitation, any and all construction
drawings, construction plans and architectural renderings relating thereto and any Leases, rents, leasing agreements, and, unless
such agreements expressly prohibit the grant of a security interest in such Loan Party’s rights thereunder, management contracts
and franchise agreements (whether or not any such property is included in the real property interests covered under clause (i))),
other than vehicles subject to certificates of title, to, in each case, be subject at all times to first priority (subject only
to Permitted Encumbrances), perfected and, in the case of the real property interests in each Collateral Pool Property, title
insured Liens in favor of the Administrative Agent to secure the Obligations pursuant to the terms and conditions of the Mortgages
and the other Security Documents, including, with respect to any such Collateral Pool Property acquired subsequent to the Effective
Date, such other additional security documents as the Administrative Agent shall reasonably request (including to the extent reasonably
requested by Administrative Agent, additional Mortgages or other Security Documents, appropriate UCC-1 financing statements, certified
resolutions and other organizational and authorizing documents or such Person, opinions of counsel to such Person (which shall
cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to above and
the perfection of the Administrative Agent’s Liens thereunder)), all in form, content and scope reasonably satisfactory
to the Administrative Agent. The Borrower will, and will cause the other Loan Parties to, reasonably cooperate with the Administrative
Agent and the Lenders and execute (or cause to be executed) such further instruments and documents as the Lenders or the Administrative
Agent shall reasonably request to carry out to their reasonable satisfaction the transactions contemplated by this Agreement and
the other Loan Documents. Notwithstanding anything herein to the contrary, all additional Security Documents, instruments and
documents requested by Administrative Agent or any Lender must be reasonably necessary, consistent with the terms of the Agreement
and must not impose any additional material obligations on any Loan Party.

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SECTION
5.13.     Collateral Pool Properties. Without limiting the further covenants
contained in the Security Documents, at all times the Borrower shall use commercially reasonable efforts to cause each other Loan
Party or the applicable tenant, to:

 

(a)         Pay (or cause to be paid) when due all real estate and personal property taxes, assessments, water rates or sewer rents, ground
rents, maintenance charges, impositions, and any other charges, including vault charges and license fees for the use of vaults,
chutes and similar areas adjoining any Collateral Pool Property, now or hereafter levied or assessed or imposed against any Collateral
Pool Property or any part thereof (except those which are being contested in good faith by appropriate proceedings diligently
conducted and where the failure to pay any of the foregoing could reasonably be expected to have a Material Adverse Effect);

 

(b)         promptly pay (or cause to be paid) when due all bills and costs for labor, materials, and specifically fabricated materials incurred
in connection with any Collateral Pool Property (except those which are being contested in good faith by appropriate proceedings
diligently conducted and where the failure to pay any of the foregoing could reasonably be expected to have a Material Adverse
Effect), and in any event never permit to be created or exist in respect of any Collateral Pool Property or any part thereof any
other or additional Lien or security interest other than Permitted Encumbrances and other Liens permitted hereunder; and

 

(c)         operate the Collateral Pool Properties in a good and workmanlike manner and in all material respects in accordance with all applicable
laws in accordance with the Borrower’s or such other Loan Party’s prudent business judgment, except where the failure
to do so would not reasonably be expected to have a Material Adverse Effect.

 

SECTION
5.14.     SPE/Separateness Covenants. The Borrower shall cause each Subsidiary
Guarantor that owns a Collateral Pool Property to comply with the requirements set forth in this Section 5.14 in all material
respects. No such Subsidiary Guarantor shall, in any material respect, so long as such Subsidiary Guarantor owns any Collateral
Pool Property:

 

(i)           engage in any business or activity other than the ownership, operation and maintenance of each Collateral Pool Property owned
by it, and activities incidental thereto;

 

(ii)          acquire or own any assets other than (A) the Collateral Pool Property or Collateral Pool Properties owned by it, and (B) such
incidental personal property as may be necessary for the operation of such the Collateral Pool Property or Collateral Pool Properties;
provided, however, the Administrative Agent acknowledges and consents to the Harborside 6 fee owner also owning the Harborside
Hudson Street parcel which is used in connection with one or more of the Initial Collateral Pool Properties and not just Harborside
6;

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(iii)         except as otherwise permitted pursuant to this Agreement, merge into or consolidate with any Person, or dissolve, terminate, liquidate
in whole or in part, transfer or otherwise dispose of all or substantially all of its assets or change its legal structure;

 

(iv)         fail to observe all material organizational formalities, or fail to preserve its existence as an entity duly organized, validly
existing and in good standing under the applicable laws of the jurisdiction of its organization or formation, or amend, modify
or terminate any of the provisions of its organizational or other corporate governance documents in a manner contrary to, or inconsistent
with, the covenants set forth in this Section 5.14;

 

(v)          own any Subsidiary, or make any investment in, any Person;

 

(vi)         commingle its assets with the assets of any other Person;

 

(vii)        incur any debt, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than (A) the Obligations,
(B) trade and operational Indebtedness incurred in the ordinary course of business with trade creditors, provided such Indebtedness
is (I) unsecured, (II) not evidenced by a note, (III) on commercially reasonable terms and conditions, and (IV) due not more than
ninety (90) days past the date incurred and paid on or prior to such date, except to the extent that such trade and operational
Indebtedness is being disputed in good faith, (C) financing leases and purchase money Indebtedness incurred in the ordinary course
of business relating to personal property on commercially reasonable terms and conditions, and/or (D) Indebtedness permitted pursuant
to Section 6.01;

 

(viii)       fail to maintain its records, books of account, bank accounts, financial statements, accounting records and other entity documents
separate and apart from those of any other Person; except that such Subsidiary Guarantor’s financial position, assets, liabilities,
net worth and operating results may be included in the consolidated financial statements of Parent;

 

(ix)         maintain its assets in such a manner that it will be costly or difficult to segregate, ascertain or identify its individual assets
from those of any other Person;

 

(x)          except as expressly contemplated by or provided in the Loan Documents, assume or guaranty the debts of any other Person, hold
itself out to be responsible for the debts of any other Person, or otherwise pledge its assets for the benefit of any other Person
or hold out its credit as being available to satisfy the obligations of any other Person;

 

(xi)         make any loans or advances to any Person;

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(xii)         fail to file its own tax returns to the extent it is (I) not part of a consolidated group filing a consolidated tax return, (II)
not treated as a division for tax purposes of another taxpayer, or (III) otherwise required to file pursuant to applicable laws;

 

(xiii)        fail either to hold itself out to the public as a legal entity separate and distinct from any other Person or to conduct its business
solely in its own name or fail to correct any known misunderstanding regarding its separate identity;

 

(xiv)        if it is a partnership or limited liability company, without the unanimous written consent of all of its partners or members,
as applicable, and the written consent of 100% of the directors or managers, as applicable, of such Subsidiary Guarantor, (A)
file or consent to the filing of any petition, either voluntary or involuntary, to take advantage of any bankruptcy, insolvency
or creditors’ rights laws, (B) seek or consent to the appointment of a receiver, liquidator or any similar official, (C)
take any action that might cause such entity to become insolvent, or (D) make an assignment for the benefit of creditors;

 

(xv)         fail to allocate shared expenses (including, without limitation, shared office space and services performed by an employee of
an Affiliate) among the Persons sharing such expenses and to use separate stationery, invoices and checks;

 

(xvi)        fail to remain Solvent (if the contribution rights that each Loan Party will have against the other Loan Parties and the subrogation
rights such Subsidiary Guarantor may have, if any, against the Borrower or any other Loan Party are taken into account);

 

(xvii)       acquire debt or equity securities or any other debt or payment obligations of its partners, members, shareholders or other Affiliates,
as applicable.

 

Notwithstanding
any provision herein to the contrary, nothing in this Section 5.14 is intended to or shall be construed to require any Loan Party
or any other Person to make any contribution of capital or otherwise contribute any funds to any Subsidiary Guarantor or any other
Person in order to satisfy the requirements of this Section 5.14.

 

SECTION
5.15.     Insurance and Casualty.

 

(a)         General Requirements. The Borrower will, and will cause each of its Subsidiaries to, maintain with financially sound and
reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged
in the same or similar businesses operating in the same or similar locations.

 

(b)         Required Insurance Coverage on Collateral Pool Properties. Without limiting the generality of the foregoing, the Borrower,
at its expense, shall maintain and provide, or cause the applicable Loan Party to maintain and provide, to the Administrative
Agent copies of policies or other satisfactory evidence of insurance providing the following with respect to each Collateral Pool
Property:

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(i)           Commercial General Liability Insurance with limits of not less than $1,000,000 per occurrence combined single limit and $2,000,000
in the aggregate for the policy period, or in whatever higher amounts as may be reasonably required by the Administrative Agent
from time to time by notice to the Borrower (with deductibles acceptable to the Administrative Agent), and extended to cover:
(a) Contractual Liability assumed by the Borrower with defense provided in addition to policy limits for indemnities of the named
insured, (b) if any of the work is subcontracted, Independent Contractors Liability providing coverage in connection with such
portion of the work which may be subcontracted, (c) Broad Form Property Damage Liability, (d) Products & Completed Operations
for coverage, such coverage to apply for two years following completion of construction, (e) waiver of subrogation against all
parties named additional insured, (f) severability of interest provision, and (g) Personal Injury & Advertisers Liability.

 

(ii)          Umbrella/Excess Liability in excess of Commercial General Liability, Automobile Liability and Employers’ Liability coverages
which is at least as broad as these underlying policies with a limit of liability of $10,000,000.00.

 

(iii)         All-Risk Property (Special Cause of Loss) Insurance including, without limitation, coverage for loss or damage to the Real Estate
and Buildings by fire and other perils including windstorm, earthquake/earth movement and malicious mischief, building ordinance
extension endorsement (including cost of demolition, increased costs of construction and the value of the undamaged portion of
the building and soft costs coverage), and boiler and machinery coverage (if separate policy, that policy must include loss of
rents or business interruption coverage), as specified by the Administrative Agent. The policy shall be in an amount not less
than the full insurable value on a replacement cost basis of the insured Real Estate and Buildings and personal property related
thereto (without deduction for depreciation). If the policy is a blanket policy covering the Real Estate and Buildings and one
or more other properties, the policy must specify the dollar amount of the total blanket limit of the policy that is allocated
to each property, and the amount so allocated to the Real Estate and Buildings must not be less than the full insurable value
on a replacement cost basis. During any construction period, such policy shall be written in the so-called “Builder’s
Risk Completed Value Non-Reporting Form” with no coinsurance requirement and shall contain a provision granting the insured
permission to occupy prior to completion. Such policy shall not contain an exclusion for terrorist losses. However, if such an
exclusion exists in the All-Risk policy, a separate Terrorism policy covering Certified Acts of Terrorism must be evidenced to
the Administrative Agent in an amount equal to the full replacement cost of the Real Estate and Buildings, or the amount of the
Loans, whichever is less. This policy must also list the Administrative Agent as mortgagee and loss payee.

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(iv)         If at any time, the Buildings or any part thereof, lies within a “special flood hazard area” as designated on maps
prepared by FEMA, a one hundred year flood plain or other area identified by the Administrative Agent as having a high or moderate
risk of flooding, a flood insurance policy or policies (whether or not coverage is available from the National Flood Insurance
Program and whether or not required by the Flood Laws), in form and substance, (x) with respect to a flood insurance policy provided
through the National Flood Insurance Program in an amount equal to minimum amount of coverage required by the Flood Laws (the
“Regulatory Amount”) and a private flood insurance policy for any amounts in excess of the Regulatory
Amount, acceptable to the Administrative Agent and all of the Lenders, or (y) with respect to a private flood insurance policy
covering any portion of the Regulatory Amount, acceptable to the Administrative Agent and all of the Lenders, covering the Buildings
and contents (to the extent the contents secure the Obligations), for the duration of the Loans in an amount at least equal to
the full insurable value on a replacement cost basis (without deduction for depreciation) of the Buildings and contents, if applicable,
or the amount of the Obligations, whichever is less. Notwithstanding anything in this Agreement to the contrary, for a private
flood insurance policy covering any portion of the Regulatory Amount, a Lender may require a copy of the complete private insurance
policy as the only acceptable proof of coverage for such Lender.

 

(v)          If reasonably required by the Administrative Agent for any future Collateral Pool Property located in a high-risk seismic zone,
Earthquake Insurance in an amount equal to the probable maximum loss set forth in the PML Report of the Real Estate and Buildings.

 

(vi)         Rent loss or business interruption insurance against loss of income (including, but not limited to, rent, cost reimbursements
and all other amounts payable by tenants under Leases or otherwise derived by the applicable Loan Party from the operation of
the applicable Collateral Pool Property) arising out of damage to or destruction of the Real Estate and Buildings by fire or other
peril (including earthquake if required) insured against under each policy. The amount of the policy shall be in the amount equal
to one year’s projected rentals or gross revenue.

 

(vii)        Such other insurance coverages in such amounts as the Administrative Agent may reasonably require, which may include, without
limitation, errors and omissions insurance with respect to the contractors, architects and engineers.

 

(c)         Policy Requirements; Insurance Consultant. All insurance policies shall (i) be issued by an insurance company licensed
to do business in the state where the applicable Collateral Pool Property is located having a rating of “A-” VIII
or better by A.M. Best Co., in Best’s Rating Guide, (ii) name “JPMorgan Chase Bank, N.A., in its capacity as the Administrative
Agent for itself and each Lender” as additional insured on all liability insurance and as mortgagee and loss payee on all
All-Risk Property, flood insurance, earthquake insurance and rent loss or business interruption insurance, (iii) be endorsed to
show that the applicable Loan Party’s insurance shall be primary and all insurance carried by the Administrative Agent is
strictly excess and secondary and shall not contribute with such Loan Party’s insurance, (iv) provide that the Administrative
Agent is to receive thirty (30) days written notice prior to non-renewal or cancellation, (v) be evidenced by a certificate of
insurance to be provided to the Administrative Agent (and promptly forwarded by the Administrative Agent to the Lenders) along
with a copy of the policy for All-Risk Property coverage or such other evidence of insurance acceptable to the Administrative
Agent in its reasonable discretion, (vi) include either policy or binder numbers on the ACORD form, and (vii) be in form and amounts
reasonably acceptable to the Administrative Agent and all Lenders; provided, however, that with respect to any flood
insurance required hereunder, acceptable proof of coverage shall consist of a copy of the insurance policy, the declarations page
of the insurance policy or an application plus proof of premium payment (with a copy of the policy or declarations page provided
to the Administrative Agent within 30 days thereafter) and shall not include ACORD or other forms of certificates of insurance.
The Administrative Agent, at its option and upon notice to the Borrower, may retain, at the Borrower’s expense, an insurance
consultant to review the insurance for the Real Estate and Buildings to confirm that it complies with the terms and conditions
set forth herein.

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(d)         Evidence of Insurance; Payment of Premiums. The Borrower shall deliver to the Administrative Agent, at least five (5) days
before the expiration of an existing policy, evidence reasonably acceptable to the Administrative Agent of the continuation of
the coverage of the expiring policy. If the Administrative Agent has not received satisfactory evidence of such continuation of
coverage in the time frame herein specified, the Administrative Agent shall have the right, but not the obligation, to (and at
the written direction of the Required Lenders shall) purchase such insurance for the Administrative Agent’s and the Lenders’
interests only. Any amounts so disbursed by the Administrative Agent pursuant to this Section shall be repaid by the Borrower
within 10 days after written demand therefor. Nothing contained in this Section shall require the Administrative Agent to incur
any expense or take any action hereunder, and inaction by the Administrative Agent shall never be considered a waiver of any right
accruing to the Administrative Agent on account on this Section. The payment by the Administrative Agent of any insurance premium
for insurance which the Borrower is obligated to provide hereunder but which the Administrative Agent believes has not been paid,
shall be conclusive between the parties as to the legality and amounts so paid. The Borrower agrees to pay, or cause the applicable
Loan Party to pay, all premiums on such insurance as they become due, and will not permit any condition to exist on or with respect
to any Collateral Pool Property which would wholly or partially invalidate any insurance thereon.

 

(e)         Collateral Protection. Unless the Borrower provides the Administrative Agent with evidence satisfactory to the Administrative
Agent of the insurance coverage required by this Agreement, the Administrative Agent may (and at the written direction of the
Required Lenders shall) purchase insurance at the Borrower’s expense to protect the Administrative Agent’s and the
Lenders’ interests in the applicable Collateral Pool Property. This insurance may, but need not, protect the applicable
Loan Party’s interest in such Collateral Pool Property. The coverages that the Administrative Agent purchases may not pay
any claim that the Borrower or any Loan Party makes or any claim that is made against the Borrower or any Loan Party in connection
with any Collateral Pool Property. The Borrower or the Administrative Agent (as appropriate) may later cancel any insurance purchased
by the Administrative Agent, but only after the Administrative Agent receives satisfactory evidence that the Borrower or a Loan
Party has obtained insurance as required by this Agreement. If the Administrative Agent purchases insurance for any Collateral
Pool Property, the Borrower will be responsible for the costs of that insurance, including any charges imposed by the Administrative
Agent in connection with the placement of insurance, until the effective date of the cancellation or expiration of such insurance.
The costs of the insurance may, at the Administrative Agent’s discretion, be added to the Borrower’s total principal
obligation owing to the Administrative Agent and the Lenders, and in any event shall be secured by the Liens on the Collateral
Pool Properties created by the Loan Documents. It is understood and agreed that (i) the costs of insurance obtained by the Administrative
Agent may be more than the costs of insurance the Borrower may be able to obtain on its own and (ii) in the case of flood insurance,
the amount of coverage may be more than required by the Flood Laws.

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(f)          No Liability; Assignment. The Administrative Agent shall not by the fact of approving, disapproving, accepting, preventing,
obtaining or failing to obtain any such insurance, incur any liability for the form or legal sufficiency of insurance contracts,
solvency of insurers, or payment of losses, and the Borrower, on behalf of itself and the other Loan Parties, hereby expressly
assumes full responsibility therefor and all liability, if any, thereunder. The Borrower hereby absolutely assigns and transfers
to the Administrative Agent, for the benefit of the Lenders, all of the Borrower’s and the other Loan Party’s right,
title and interest in and to any unearned premiums paid on policies and any claims thereunder and the Administrative Agent and/or
the Lenders shall have the right, but not the obligation, to assign any then existing claims under the same to any purchaser of
the any Collateral Pool Property at any foreclosure sale; provided, however, that so long as no Event of Default exists and is
continuing hereunder, the Borrower shall have the right under a license granted hereby, and the Administrative Agent hereby grants
to the Borrower a license, to exercise rights under said policies and in and to said premiums subject to the provisions of this
Agreement. Said license shall be revoked automatically upon the occurrence and during the continuance of an Event of Default hereunder.
In the event of a foreclosure of any Mortgage, or other transfer of title to any Collateral Pool Property in extinguishment in
whole or in part of the Loans, all right, title and interest of the Borrower and the other Loan Parties in and to the insurance
policies then in force and all proceeds payable thereunder shall thereupon vest in the purchaser at such foreclosure or the Administrative
Agent, on behalf of the Lenders or other transferee in the event of such other transfer of title.

 

(g)         No Separate Insurance. The Borrower shall not carry any separate insurance on the any Collateral Pool Property concurrent
in kind or form with any insurance required hereunder or contributing in the event of loss without the Administrative Agent’s
prior written consent, and any such policy shall have attached a standard non-contributing mortgagee clause, with loss payable
to the Administrative Agent, for the benefit of the Lenders, and shall otherwise meet all other requirements set forth herein.

 

(h)         Casualty Loss.

 

(i)           If all or any part of any Collateral Pool Property shall be damaged or destroyed by fire or other casualty, the Borrower shall
give prompt written notice to the Administrative Agent (which the Administrative Agent shall promptly forward to the Lenders)
and make a claim to the insurance carrier. With respect to any such casualty loss for which the Borrower has an insurance claim
that exceeds Five Million Dollars ($5,000,000), the Borrower and the other Loan Parties hereby authorize and empower the Administrative
Agent, at the Administrative Agent’s option and in the Administrative Agent’s sole discretion as attorney-in-fact
for the Borrower and the other Loan Parties, to make proof of loss, to adjust and compromise any claim under insurance policies,
to appear in and prosecute any action arising from such insurance policies, to collect and receive insurance proceeds, and to
deduct therefrom the Administrative Agent’s expenses incurred in the collection of such proceeds; provided, however, that
the foregoing authorization and empowerment of the Administrative Agent to act as attorney-in-fact for the Borrower and the other
Loan Parties shall not become effective until the occurrence and during the continuance of an Event of Default or until such time
as the Borrower or any other Loan Party fails to diligently pursue the collection of such insurance proceeds in the Administrative
Agent’s reasonable opinion. The foregoing appointment is irrevocable, coupled with an interest, and continuing so long as
the Commitments or Obligations remain outstanding, and such rights, powers and privileges shall be exclusive in the Administrative
Agent (for the benefit of the Lenders), its successors and assigns.

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(ii)          As sole loss payee on all policies of casualty insurance with respect to a Collateral Pool Property, the Administrative Agent
shall receive all insurance proceeds from any casualty loss with respect to a Collateral Pool Property, and shall hold the same
in an interest-bearing account pending disposition in accordance with this Section. The Borrower, on behalf of itself and the
other Loan Parties, authorizes the Administrative Agent to deduct from such insurance proceeds received by the Administrative
Agent all of the Administrative Agent’s costs and expenses (including, without limitation, reasonable attorneys’ fees)
incurred in connection with the collection thereof (the remainder of such insurance proceeds being referred to herein as “Net
Casualty Proceeds”).

 

(iii)         Intentionally omitted.

 

(iv)         The Administrative Agent shall cause the Net Casualty Proceeds, not otherwise used to make a mandatory prepayment pursuant to
Section 2.11, from any casualty loss affecting a Collateral Pool Property to be disbursed for the cost of reconstruction of such
Collateral Pool Property if all of the following conditions are satisfied within ninety (90) days after the insurance proceeds
are paid to the Administrative Agent: (A) the Borrower satisfies the Administrative Agent that the reconstruction can be completed
within a reasonable period of time after such casualty loss (but in no event later than the Revolving Maturity Date) and that
after giving effect to such reconstruction such Collateral Pool Property will be restored to substantially the same condition
immediately prior to the casualty loss; (B) the Borrower satisfies the Administrative Agent that the Net Casualty Proceeds are
sufficient to pay all costs of reconstruction, and if insufficient, the Borrower deposits with the Administrative Agent additional
funds to make up such insufficiency; (C) the Borrower delivers to the Administrative Agent all plans and specifications and construction
contracts for the work of reconstruction and such plans and specifications and construction contracts are in form and content
reasonably acceptable to the Administrative Agent and with a contractor reasonably acceptable to the Administrative Agent; and
(D) the Borrower delivers to the Administrative Agent satisfactory evidence that upon completion of the reconstruction the Occupancy
Rate of such Collateral Pool Property will be at least 80% of the Occupancy Rate as existed immediately prior to such casualty
loss. The disbursement of Net Casualty Proceeds pursuant to this clause (iv) shall be in accordance with customary disbursement
procedures and shall not be available after the occurrence and during the continuance of an Event of Default. Any Net Casualty
Proceeds not required to reconstruct a Collateral Pool Property shall be delivered to the Borrower after expiration of the lien
period for the work of reconstruction (or, at the Borrower’s option, after delivery of title insurance to the Administrative
Agent, for the benefit of the Lenders, over such liens where the lien period has not so expired). Upon the occurrence and during
the continuance of an Event of Default or in the event the Borrower is unable to satisfy the conditions set forth in subclauses
(A) through (D) hereof by the required date, the Administrative Agent, on behalf of the Lenders, shall have the right (but not
the obligation) to (and at the direction of the Required Lenders shall) apply all Net Casualty Proceeds held by it to the payment
of the Obligations. The Borrower shall have the obligation to promptly and diligently complete the work of reconstruction necessitated
by any casualty loss and restore the applicable Collateral Pool Property to substantially the same condition immediately prior
to such casualty provided the applicable Net Casualty Proceeds are made available to the Borrower for such purpose.

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SECTION
5.16.     Condemnation and Other Awards. Promptly upon receiving written notice
of the institution or threatened institution of any proceeding for the condemnation of any Collateral Pool Property or any part
thereof, the Borrower shall notify the Administrative Agent of such fact (which notice shall be promptly forwarded by the Administrative
Agent to the Lenders). The Borrower shall, or shall cause the applicable Loan Party to, then file or defend its rights thereunder
and prosecute the same with due diligence to its final disposition; provided, however, that the Borrower and the
other Loan Parties shall not enter into any settlement of such proceeding without the prior approval of the Administrative Agent
and the Required Lenders (which approval shall not be unreasonably withheld, conditioned or delayed). The Administrative Agent
shall be entitled, at its option, to appear in any such proceeding in its own name, on behalf of the Lenders, and upon the occurrence
and during the continuation of an Event of Default or if the Borrower or the other Loan Parties fail to diligently prosecute such
proceeding after receiving written demand by Lender or Administrative Agent and a reasonable opportunity within which to proceed,
(a) the Administrative Agent shall be entitled, at its option, to appear in and prosecute any such proceeding or to make any compromise
or settlement in connection with such condemnation on behalf of the Borrower and the other Loan Parties, and (b) the Borrower,
on behalf of itself and the other Loan Parties, hereby irrevocably constitutes and appoints the Administrative Agent as its attorney-in-fact,
and such appointment is coupled with an interest, to commence, appear in and prosecute such action or proceeding or to make such
compromise or settlement in connection with any such condemnation on its and the other Loan Parties’ behalf. The foregoing
appointment is irrevocable and continuing so long as any Commitment or Obligation remains outstanding, and such rights, powers
and privileges shall be exclusive in the Administrative Agent (for the benefit of the Lenders), its successors and assigns. If
any Collateral Pool Property or any material part thereof is taken or materially diminished in value in connection with such condemnation,
or if a consent settlement is entered, by or under threat of such proceeding, the award or settlement payable to the Borrower
or other Loan Party by virtue of its interest in such Collateral Pool Property, shall be, and by these presents is, assigned,
transferred and set over unto the Administrative Agent; provided, however, that, so long as no Default or Event
of Default shall have occurred and be continuing, Borrower shall have the exclusive right to receive the award or settlement payable
to Borrower in connection with any such condemnation in cases in which such award or settlement is valued at less than $5,000,000.
Any such award or settlement shall be first applied to reimburse the Administrative Agent and the Lenders for all costs and expenses,
including reasonable attorneys’ fees, incurred in connection with the collection of such award or settlement. The balance
of such award or settlement (the “Net Condemnation Proceeds”) shall be paid to the Administrative Agent,
for the benefit of the Lenders for application in the manner set forth in Section 2.11 as if such award or settlement constituted
insurance proceeds from a casualty loss; provided, however, that the Administrative Agent shall have no obligation
to make Net Condemnation Proceeds available for construction or reconstruction of any Collateral Pool Property unless the Administrative
Agent has reasonably determined that such Collateral Pool Property as so constructed or reconstructed after giving effect to the
condemnation would have a value that is not materially less than its value would have been had there been no such condemnation
and the conditions set forth in clauses (A) through (D) of Section 5.15 shall be satisfied. To the extent of any award received
by the Borrower with respect to any such condemnation, the Borrower shall have the obligation to promptly and diligently complete
the work of reconstruction necessitated by any condemnation and restore the applicable Collateral Pool Property to substantially
as near to the equivalent of its condition (to the extent practicable in light of such condemnation) immediately prior to such
condemnation provided the applicable Net Condemnation Proceeds are made available to the Borrower or the applicable other Loan
Party for such purpose; provided, however, that Borrower shall not be obligated to complete the work of reconstruction
necessitated by any condemnation and restore the affected Property to the equivalent of its condition immediately prior to such
condemnation unless the Administrative Agent shall make available to the Borrower all Net Condemnation Proceeds received by the
Administrative Agent in connection with such condemnation in accordance with this Agreement.

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SECTION
5.17.     Leases; Material Contracts. (a) The Borrower and its Subsidiaries
shall use commercially reasonable efforts to cause each Collateral Pool Property to be leased at no less than fair market rents
and terms.  All Collateral Pool Property commercial Leases of over 100,000 square feet (each a “Major Lease”),
and material amendments thereof, shall be subject to the prior written reasonable approval of Administrative Agent and the Required
Lenders, which approval may be conditioned upon Administrative Agent’s and the Required Lenders’ receipt of (i) subordination,
non-disturbance and attornment agreements and (ii) tenant estoppel certificates, in each case in form and substance reasonably
acceptable to Administrative Agent and the Required Lenders.  Administrative Agent and the Required Lenders shall make commercially
reasonable efforts to provide written approval or disapproval of, or comments to, a proposed Major Lease (or material amendment
thereof) within ten (10) Business Days after the Borrower initially requests Administrative Agent and the Required Lenders to
approve such a Major Lease (or material amendment thereof) or within seven (7) Business Days after the Borrower responds to any
comments so made by Administrative Agent or the Required Lenders to such proposed Major Lease (or material amendment thereof). 
In the event that Administrative Agent or the Required Lenders do not approve, expressly disapprove or provide comments to such
proposed Major Lease (or material amendment thereof), as applicable, within such 10 Business Day or 7 Business Day period, Borrower
shall deliver a second request for approval which shall contain a reference or heading line that reads in bold “Second
Request for Major Lease Approval under Section 5.17 of Mack-Cali Realty, L.P. Revolving Credit and Term Loan Agreement dated May
6, 2021. Deemed Approval after 5 Business Days.” and if Administrative Agent or the Required Lenders continue to fail
to approve, expressly disapprove or provide comments to such proposed Major Lease (or material amendment thereof) subsequent to
Borrower’s delivery of a second notice within five (5) Business Days, then such proposed Major Lease (or material amendment
thereof) shall be deemed approved.

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(b)         The Borrower shall use commercially reasonable efforts to (and shall cause the Subsidiary Guarantors to) (i) duly and punctually
observe, perform and discharge in all material respects the obligations, terms, covenants, conditions and warranties of the Borrower
or such Subsidiary Guarantor as landlord under the Leases and (ii) enforce the performance of each and every material obligation,
term, covenant, condition and agreement in the Leases to be performed by any tenant; except, with respect to the foregoing (i)
and (ii), where the failure to do so, individually or in the aggregate, would not reasonably be expected to have a Material Adverse
Effect.

 

(c)         The Parent and the Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, duly and punctually perform
and comply in all material respects with any and all material representations, warranties, covenants and agreements expressed
as binding upon any such Person under any Material Contract.

 

SECTION
5.18.     Post-Closing Deliverables.

 

(a)           Within
60 days of the Effective Date, with respect to each Initial Collateral Pool Property, the Borrower shall have use commercially
reasonable efforts to have delivered estoppel certificates and subordination and attornment agreements (including nondisturbance
agreements if and to the extent agreed by Administrative Agent in its discretion) to the Administrative Agent, dated within thirty
(30) days prior to the date of delivery thereof and in form and content satisfactory to Administrative Agent, from the tenants
and subtenants representing 70% of the in place monthly rent of the Initial Collateral Pool Properties taken as a whole.

 

(b)           Within
45 days of the Effective Date, the Borrower shall procure and provide, or cause the applicable Loan Party to procure and provide,
to the Administrative Agent copies of flood insurance policies, in form and substance satisfactory to the Administrative Agent,
in an amount equal to $100,000,000 in excess of the Regulatory Amount for all Initial Collateral Pool Properties taken as a whole.
The requirements of this Section 5.18(b) are in addition to the insurance requirements set forth in Section 5.15.

 

(c)           Within
15 days of the Effective Date, the Borrower shall deliver (i) a final zoning report issued by The Planning & Zoning Resource
Company updating its draft dated April 30, 2021 addressed to Administrative Agent and the Lenders and based on the final survey
of the Initial Collateral Pool Properties, (ii) a final ALTA/NSPS survey issued by Control Point Associates, Inc. updating its
most version dated May 5, 2021 addressed and certified to Administrative Agent and the Lenders, each in form reasonably satisfactory
to Administrative Agent, and (iii) an estoppel certificate from each party that is a Subsidiary Guarantor or Affiliate of Borrower
and the property owner’s association, if applicable, to that certain Reciprocal Operation and Easement Agreement for the
Harborside Financial Center recorded in Deed Book 4936 Page 1 (as amended) in the form required under Section 6.23 thereof.

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ARTICLE
VI

Negative Covenants

 

Until
the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have
been paid in full and all Letters of Credit have expired or terminated, in each case, without any pending draw, and all LC Disbursements
shall have been reimbursed, the Borrower covenants and agrees with the Lenders that:

 

SECTION
6.01.     Indebtedness. The Parent and the Borrower will not, and will not
permit any Subsidiary (excluding RRLP and its subsidiaries) to, create, incur, assume or permit to exist any Indebtedness, except:

 

(a)          Indebtedness created hereunder;

 

(b)          Indebtedness existing on the date hereof and set forth in Schedule 6.01 and extensions, renewals and replacements of any such
Indebtedness that do not increase the outstanding principal amount thereof (except by the amount of any accrued interest and premiums
with respect to such Indebtedness and transaction fees, costs and expenses in connection with such extension, renewal or replacement
thereof);

 

(c)          additional unsecured Recourse Indebtedness of the Parent and the Borrower in aggregate outstanding principal amount not to exceed
$40,000,000;

 

(d)          Indebtedness of a Subsidiary (other than a Subsidiary that owns a Collateral Pool Property) that is Without Recourse to the Parent
or the Borrower and that would not result in a breach of the financial covenants set forth in Section 6.14 (calculated on a pro
forma basis after giving effect thereto);

 

(e)          Indebtedness (i) of the Borrower to any Wholly Owned Subsidiary, (ii) of any Wholly Owned Subsidiary to the Borrower or any other
Wholly Owned Subsidiary and (iii) of RRLP to the Borrower;

 

(f)          Guarantees by the Parent or the Borrower of Customary Recourse Exceptions in connection with construction financings of their
Subsidiaries;

 

(g)         Indebtedness of the Borrower or any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or
capital assets, including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such
assets or secured by a Lien on any such assets prior to the acquisition thereof, and extensions, renewals and replacements of
any such Indebtedness that do not increase the outstanding principal amount thereof; provided that (i) such Indebtedness
is incurred prior to or within 90 days after such acquisition or the completion of such construction or improvement and (ii) the
aggregate principal amount of Indebtedness permitted by this clause (g) shall not exceed such amount as would result in a
breach of the financial covenants set forth in Section 6.14 (calculated on a pro forma basis after giving effect thereto);

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(h)         Indebtedness
of any Person that becomes a Subsidiary after the date hereof; provided that (i) such Indebtedness exists at the time
such Person becomes a Subsidiary and is not created in contemplation of or in connection with such Person becoming a Subsidiary
and (ii) the aggregate principal amount of Indebtedness permitted by this clause (h) shall not exceed such amount as would
result in a breach of the financial covenants set forth in Section 6.14 (calculated on a pro forma basis after giving effect thereto);

 

SECTION
6.02.     Liens. The Parent and the Borrower will not, and will not permit
any Subsidiary (excluding RRLP and its subsidiaries) to, create, incur, assume or permit to exist any Lien on any property or
asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights
in respect of any thereof, except:

 

(a)         Permitted Encumbrances;

 

(b)         any Lien on any property or asset of the Borrower or any Subsidiary (other than a Subsidiary that owns a Collateral Pool Property)
existing on the date hereof and set forth in Schedule 6.02; provided that (i) such Lien shall not apply to any Collateral
Pool Property and (ii) such Lien shall secure only those obligations which it secures on the date hereof and extensions, renewals
and replacements thereof that do not increase the outstanding principal amount thereof (except by the amount of any accrued interest
and premiums with respect to such Indebtedness and transaction fees, costs and expenses in connection with such extension, renewal
or replacement thereof);

 

(c)         any Lien on any property or asset of any Subsidiary (other than a Subsidiary that owns a Collateral Pool Property) that secures
Indebtedness permitted by Section 6.01; and

 

(d)         any Lien existing on any property or asset prior to the acquisition thereof by the Borrower or any Subsidiary or existing on any
property or asset of any Person that becomes a Subsidiary after the date hereof prior to the time such Person becomes a Subsidiary;
provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming
a Subsidiary, as the case may be, (ii) such Lien shall not apply to any Collateral Pool Property and (iii) such Lien shall secure
only those obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case
may be, and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof (except
by the amount of any accrued interest and premiums with respect to such Indebtedness and transaction fees, costs and expenses
in connection with such extension, renewal or replacement thereof).

 

Notwithstanding
the foregoing, the Parent and the Borrower will not, and will not permit any Subsidiary to, create, incur, assume or permit to
exist any Lien on any of their Equity Interests in RRT or RRLP now owned or hereafter acquired by it, or assign or sell any income
or revenues (including accounts receivable) or rights in respect of any thereof.

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SECTION
6.03.     Fundamental Changes. (a) The Parent and the Borrower will not, and
will not permit any Subsidiary (other than subsidiaries of RRLP) to, merge into or consolidate with any other Person, or permit
any other Person to merge into or consolidate with it, or otherwise Dispose of all, or substantially all, of its assets, or all
or substantially all of the stock of any of its Subsidiaries (in each case, whether now owned or hereafter acquired), or liquidate
or dissolve, or divide into two or more Persons, including becoming a Delaware Divided LLC (whether or not the original Person
survives such division), or create, or reorganize into, one or more series pursuant to a Delaware LLC Division or otherwise, except
that, if at the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing (i)
any Subsidiary (other than a Subsidiary that owns a Collateral Pool Property) may merge into the Borrower in a transaction in
which the Borrower is the surviving corporation and there is no Change in Control, (ii) any Person (other than a Subsidiary that
owns a Collateral Pool Property) may merge into any Subsidiary in a transaction in which the surviving entity is a Subsidiary
and there is no Change in Control, (iii) any Subsidiary (other than a Subsidiary that owns a Collateral Pool Property) may Dispose
of its assets to the Borrower or to another Subsidiary and (iv) any Subsidiary (other than a Subsidiary that owns a Collateral
Pool Property) may liquidate or dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the
best interests of the Borrower and is not materially disadvantageous to the Lenders.

 

(b)         The Parent and the Borrower will not, and will not permit any of its Subsidiaries to, engage to any material extent in any business
other than businesses of the type conducted by the Borrower and its Subsidiaries on the date of execution of this Agreement and
businesses reasonably related thereto.

 

(c)         The Borrower and the Parent will not permit their fiscal years to end on a day other than December 31 or change the Borrower’s
or the Parent’s method of determining its fiscal quarters.

 

(d)         The Parent shall not directly own or acquire any Real Estate, and the Parent shall not conduct any substantial business activities
other than the direct or indirect ownership of Equity Interests in the Borrower, its Subsidiaries and ancillary or incidental
business in connection therewith.

 

SECTION
6.04.     Sale of Assets. The Parent and the Borrower will not, and will not
permit any of their Subsidiaries to sell, dispose or transfer any Real Estate if a Default or an Event of Default will occur as
a result of such sale, disposal or transfer or if an Event of Default will exist after giving effect thereto. Notwithstanding
the foregoing, if such sale, disposal or transfer involves a Collateral Pool Property, the Borrower shall comply with the requirements
of Section 4A.04 for release of such Collateral Pool Property, including any Minimum Release Price requirements with respect to
such Collateral Pool Property set forth Schedule 2.11.

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SECTION
6.05.     Investments, Loans, Advances, Guarantees and Acquisitions. The Borrower
will not, and will not permit any of its Subsidiaries (other than RRLP and its subsidiaries) to, purchase, hold or acquire (including
pursuant to any merger with any Person that was not a wholly owned Subsidiary prior to such merger) any capital stock, evidences
of indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or
permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or any other
interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of
any other Person constituting a business unit, except:

 

(a)          Permitted Investments;

 

(b)          investments in Real Estate and other properties and assets existing on the date hereof;

 

(c)          investments by the Borrower in the capital stock of its Subsidiaries;

 

(d)          loans or advances (i) made by the Borrower to any Wholly Owned Subsidiary and made by any Wholly Owned Subsidiary to the Borrower
or any other Wholly Owned Subsidiary and (ii) made by the Borrower to RRLP;

 

(e)          Guarantees constituting Indebtedness permitted by Section 6.01(b) and Section 6.01(f);

 

(f)           investments with Eligible Cash 1031 Proceeds following any 1031 Asset Disposition;

 

(g)          investments by the Borrower to acquire all of the capital stock of its joint venture partner in the Hyatt Hotel JV; and

 

(h)          at any time after the Term Loans have been paid in full, (i) additional Real Estate and (ii) investments with Eligible Cash 1031
Proceeds following any Asset Disposition other than a 1031 Asset Disposition.

 

SECTION
6.06.     Swap Agreements. The Borrower will not, and will not permit any of
its Subsidiaries to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which
the Borrower or any Subsidiary has actual exposure (other than those in respect of Equity Interests of the Borrower or any of
its Subsidiaries), and (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed
to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability
or investment of the Borrower or any Subsidiary.

 

SECTION
6.07.     Restricted Payments. The Borrower will not, and will not permit any
of its Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except (a) repurchases
or redemptions of its operating partnership units by the Borrower in an amount not to exceed $25,000,000 in the aggregate during
the term of this Agreement so long as no Default or Event of Default has occurred and is continuing at the time of such repurchase
or would occur after giving effect thereto, (b) Subsidiaries may declare and pay Restricted Payments with respect to their Equity
Interests, (c) the Borrower may make Restricted Payments pursuant to and in accordance with stock option plans or other benefit
plans for management or employees of the Borrower and its Subsidiaries, (d) Restricted Payments in the minimum amount necessary
under the Code for the Parent or any Subsidiary to maintain its status as a REIT and to avoid incurring any income or excise tax
imposed by the Code (and the Borrower and its Subsidiaries may declare and make cash distributions to the Parent for such purpose),
(e) any Restricted Payment required pursuant to the RRLP JV Agreement.

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SECTION
6.08.     Transactions with Affiliates. The Parent and the Borrower will not,
and will not permit any of its Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease
or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except
(a) in the ordinary course of business at prices and on terms and conditions not less favorable to the Parent, the Borrower or
such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or
among the Parent, the Borrower and their Wholly Owned Subsidiaries not involving any other Affiliate, (c) any Restricted Payment
permitted by Section 6.07 and (d) existing Affiliate transactions set forth on Schedule 6.08.

 

SECTION
6.09.     Restrictive Agreements. The Borrower will not, and will not permit
any of its Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that
prohibits, restricts or imposes any condition upon (a) the ability of the Borrower or any Subsidiary to create, incur or permit
to exist any Lien upon any of its property or assets, or (b) the ability of any Subsidiary to pay dividends or other distributions
with respect to any shares of its capital stock or to make or repay loans or advances to the Borrower or any other Subsidiary
or to Guarantee Indebtedness of the Borrower or any other Subsidiary; provided that (i) the foregoing shall not apply to
restrictions and conditions imposed by law or by this Agreement, (ii) the foregoing shall not apply to restrictions contained
in the RRLP JV Agreement, (iii) the foregoing shall not apply to restrictions and conditions existing on the date hereof identified
on Schedule 6.09 (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any
such restriction or condition), (iv) the foregoing shall not apply to customary restrictions and conditions contained in agreements
relating to the sale of a Subsidiary pending such sale; provided that such restrictions and conditions apply only to the Subsidiary
that is to be sold and such sale is permitted hereunder, (v) clause (a) of the foregoing shall not apply to restrictions or conditions
imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply
only to the property or assets securing such Indebtedness and (vi) clause (a) of the foregoing shall not apply to customary provisions
in leases and other contracts restricting the assignment thereof.

 

SECTION
6.10.     Changes to Organizational Documents. The Parent and the Borrower
will not and will not permit any other Loan Party to, amend, modify or waive its certificate of formation, limited liability company
agreement or other organizational documents or any Material Contract without the consent of the Required Lenders if such amendment,
modification, or waiver would reasonably be expected to have a Material Adverse Effect.

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SECTION
6.11.     Collateral Pool Properties. The Borrower shall not, and shall not
permit any other Loan Party, directly or indirectly, to:

 

(a)         use or occupy or conduct any activity on, or knowingly permit the use or occupancy of or the conduct of any activity on any Collateral
Pool Properties by any tenant, in any manner which violates any applicable law or which constitutes a public or private nuisance
in any manner which would have a Material Adverse Effect or which makes void, voidable, or cancelable any insurance then in force
with respect thereto or makes the maintenance of insurance in accordance with Section 5.15 commercially unreasonable (including
by way of increased premium);

 

(b)         without the prior written consent of the Administrative Agent and the Required Lenders (which consent shall not be unreasonably
withheld, conditioned or delayed), except in connection with any construction, development or redevelopment of any real estate,
initiate or permit any zoning reclassification of any Collateral Pool Property or seek any variance under existing zoning ordinances
applicable to any Collateral Pool Property or in any event use or knowingly permit the use of any Collateral Pool Property in
such a manner which would result in such use becoming a nonconforming use under applicable zoning ordinances or other applicable
law if such nonconforming use would reasonably be expected to have a Material Adverse Effect;

 

(c)         without the prior written consent of Administrative Agent and the Required Lenders (which consent shall not be unreasonably withheld,
conditioned or delayed), except in connection with any construction, development or redevelopment of any real estate, (i) impose
any material easement, restrictive covenant, or encumbrance upon any Collateral Pool Property, other than the easements entered
into the ordinary course of business and that would customarily be agreed to by a reasonably prudent land owner, (ii) execute
or file any subdivision plat or condominium declaration affecting any Collateral Pool Property, or (iii) consent to the annexation
of any Collateral Pool Property to any municipality;

 

(d)         do any act which would reasonably be expected to materially decrease the value of any Collateral Pool Property as reflected in
the most-recent Appraisal (including by way of negligent act);

 

(e)         subject to any prior grants or transfer of mineral rights and related rights, without the prior written consent of all the Lenders
(which consent shall not be unreasonably withheld or delayed), take any affirmative action to permit any drilling or exploration
for or extraction, removal or production of any mineral, hydrocarbon, gas, natural element, compound or substance (including sand
and gravel) from the surface or subsurface of any Collateral Pool Property regardless of the depth thereof or the method of mining
or extraction thereof; and

 

(f)          without the prior consent of all the Lenders (which consent shall not be unreasonably withheld, conditioned or delayed), surrender
the leasehold estate created by any applicable ground lease (accepted by the Administrative Agent and the Lenders) respecting
a Collateral Pool Property or terminate or cancel any such ground lease or materially modify, change, supplement, alter, or amend
any such ground lease, either orally or in writing.

 

SECTION
6.12.     Environmental Matters. Neither the Parent nor the Borrower shall,
and neither the Parent nor the Borrower shall permit any other Loan Party, any other Subsidiary or any other Person to, use, generate,
discharge, emit, manufacture, handle, process, store, release, transport, remove, dispose of or clean up any Hazardous Materials
on, under or from the Collateral Pool Properties in violation of any Environmental Law or in a manner that could reasonably be
expected to lead to any environmental claim or pose a material risk to human health, safety or the environment, in each case,
if such violation, claim or risk could reasonably be expected to have a Material Adverse Effect. Nothing in this Section shall
impose any obligation or liability whatsoever on the Administrative Agent or any Lender.

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SECTION
6.13.     Payments and Modifications of Subordinate Debt. The Borrower will
not, and will not permit any of the Subsidiary Guarantors to, make or offer to make any payment, prepayment, repurchase or redemption
of or otherwise optionally or voluntarily defease or segregate funds (whether scheduled or voluntary) with respect to principal
or interest on any Indebtedness which is subordinate to the Obligations pursuant to its express terms or a written agreement,
other than mandatory scheduled payments of principal and interest.

 

SECTION
6.14.     Financial Covenants.

 

(a)         Maximum Collateral Pool Leverage Ratio. The Borrower shall not permit the ratio of the sum of the Total Revolving Exposure
plus the aggregate outstanding principal amount of the Term Loans (after giving effect to any requested Borrowing) to exceed the
lesser of: (a) 40% of the Collateral Pool Value and (b) an amount which would produce a Collateral Pool Debt Service Coverage
Ratio of (i) from the Effective Date until delivery of the financial statements for the quarter ended June 30, 2021, 1.40 to 1.00
and (ii) from and after delivery of the financial statements for the quarter ended June 30, 2021, 1.75 to 1.00.

 

(b)         Minimum Collateral Pool Value. The Borrower shall not permit the Collateral Pool Value to be less than $800,000,000.

 

(c)         Minimum Number of Collateral Pool Properties. The Borrower shall not permit there to be fewer than two (2) Collateral Pool
Properties at any time; at all times the Collateral Pool Properties must include Harborside 2 & 3 and Harborside 5 or such
other properties in substitution thereof subject to the prior approval of the Required Lenders and each Arranger.

 

(d)         Maximum Total Leverage Ratio. The Borrower shall not permit the ratio of Total Indebtedness to Total Asset Value to exceed
65%.

 

(e)         Minimum Debt Service Coverage Ratio. The Borrower shall not permit the ratio of Consolidated Adjusted Net Income for the
period of four (4) fiscal quarters then ended to Consolidated Debt Service for such period to be less than (a) from the Effective
Date through the first anniversary of the Effective Date, 1.10 to 1.00, (b) from the first anniversary of the Effective Date through
the second anniversary of the Effective Date, 1.20 to 1.00, and (c) thereafter, 1.40 to 1.00.

 

(f)          Minimum Tangible Net Worth. The Borrower shall not permit Tangible Net Worth to be less than the sum of (a) 80% of Tangible
Net Worth as of December 31, 2020 plus (b) 80% of net cash proceeds of equity issuances by the Parent or the Borrower after December
31, 2020.

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ARTICLE
VII

Events of Default

 

SECTION
7.01.     Events of Default. If any of the following events (“Events
of Default”) shall occur:

 

(a)         the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when
and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;

 

(b)         the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause
(a) of this Article) payable under this Agreement or any other Loan Document, when and as the same shall become due and payable,
and such failure shall continue unremedied for a period of five (5) Business Days;

 

(c)         any representation or warranty made or deemed made by or on behalf of the Parent, the Borrower or any Subsidiary in or in connection
with this Agreement, any other Loan Document, or any amendment or modification hereof or thereof or waiver hereunder or thereunder,
or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement,
any other Loan Document, or any amendment or modification hereof or thereof or waiver hereunder or thereunder, shall prove to
have been incorrect in any material respect (or if such representation or warranty is qualified by materiality, in any respect)
when made or deemed made;

 

(d)         the Borrower shall fail to observe or perform any covenant, condition or agreement contained in Sections 5.02, 5.03 (with respect
to the Parent’s or the Borrower’s existence) or 5.08 or in Article VI;

 

(e)         the Borrower shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those
specified in Section 7.01(a), (b) or (d)) or any other Loan Document, and such failure shall continue unremedied for a period
of 30 days (or five (5) Business Days in the case of any failure to maintain insurance required by Section 5.15) after notice
thereof from the Administrative Agent to the Borrower (which notice will be given at the request of any Lender);

 

(f)          the Parent, the Borrower or any Subsidiary shall fail to make any payment (whether of principal or interest and regardless of
amount) in respect of any Material Indebtedness, when and as the same shall become due and payable beyond any applicable grace
or cure period provided for in the applicable agreement or instrument under which such Material Indebtedness was created;

 

(g)         any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables
or permits after the expiration of any applicable grace or cure period, and delivery of any applicable required notice provided
in the applicable agreement or instrument under which such Material Indebtedness was created, the holder or holders of any Material
Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the
prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall
not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing
such Indebtedness;

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(h)         an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization
or other relief in respect of the Parent, the Borrower or any Subsidiary or its debts, or of a substantial part of its assets,
under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the
appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Parent, the Borrower or any
Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed
for 60 days or an order or decree approving or ordering any of the foregoing shall be entered;

 

(i)          the Parent, the Borrower or any Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation,
reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or
hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding
or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for the Parent, the Borrower or any Subsidiary or for a substantial part of its
assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make
a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;

 

(j)          the Parent, the Borrower or any Subsidiary shall become unable, admit in writing its inability or fail generally to pay its debts
as they become due;

 

(k)         one or more judgments for the payment of money in an aggregate amount in excess of $25,000,000 (to the extent not paid, fully
bonded or covered by a solvent and unaffiliated insurer that has been notified of such judgment and has not denied or failed to
acknowledge coverage) shall be rendered against the Parent, the Borrower, any Subsidiary or any combination thereof and the same
shall remain undischarged for a period of 30 consecutive days during which execution shall not be effectively stayed, or any action
shall be legally taken by a judgment creditor to attach or levy upon any assets of the Parent, the Borrower or any Subsidiary
to enforce any such judgment;

 

(l)          an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events
that have occurred, could reasonably be expected to result in liability of the Parent, the Borrower and its Subsidiaries in an
aggregate amount exceeding $25,000,000;

 

(m)        a Change in Control shall occur; or

 

(n)         any material provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly
permitted hereunder or thereunder or satisfaction in full of all Obligations, ceases to be in full force and effect; or the Borrower
or any other Person contests in writing the validity or enforceability of any provision of any Loan Document; or the Borrower
denies in writing that it has any or further liability or obligation under any Loan Document, or purports in writing to revoke,
terminate or rescind any Loan Document; or any Security Document shall for any reason fail to create a valid and perfected (if
and to the extent required to be perfected hereunder and under the applicable Security Document) security interest in any material
portion of the Collateral purported to be covered thereby, with the priority required by the applicable Security Document, except
(A) as permitted by the terms of any Loan Document, (B) as a result of the release of such security interest in accordance with
the terms of any Loan Document or (C) as a result of the failure of the Administrative Agent to maintain the possession of certificates,
promissory notes or other instruments actually delivered to it representing Collateral pledged under a Security Document or to
file applicable Uniform Commercial Code financing statements.

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SECTION
7.02.     Remedies Upon an Event of Default. If an Event of Default occurs
(other than an event with respect to the Borrower described in Sections 7.01(h) or 7.01(i)), and at any time thereafter during
the continuance of such Event of Default, the Administrative Agent may with the consent of the Required Lenders, and shall at
the request of the Required Lenders, by notice to the Borrower, take any or all of the following actions, at the same or different
times:

 

(a)         terminate the Commitments, and thereupon the Commitments shall terminate immediately;

 

(b)         declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to
be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to
be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder
and under any other Loan Document, shall become due and payable immediately, without presentment, demand, protest or other notice
of any kind, all of which are hereby waived by the Borrower;

 

(c)         require that the Borrower provide cash collateral as required in Section 2.06(j); and

 

(d)         exercise on behalf of itself, the Lenders and the Issuing Banks all rights and remedies available to it, the Lenders and the Issuing
Banks under the Loan Documents and Applicable Law.

 

If
an Event of Default described in Sections 7.01(h) or 7.01(i) occurs with respect to the Borrower, the Commitments shall automatically
terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations
of the Borrower accrued hereunder and under any other Loan Document, shall automatically become due and payable, and the obligation
of the Borrower to cash collateralize the LC Exposure as provided in clause (c) above shall automatically become effective, in
each case, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.

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In
addition to any other rights and remedies granted to the Administrative Agent and the Lenders in the Loan Documents, the Administrative
Agent on behalf of the Lenders may exercise all rights and remedies of a secured party under the New York Uniform Commercial Code
or any other applicable law. Without limiting the generality of the foregoing, the Administrative Agent, without demand of performance
or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below)
to or upon any Loan Party or any other Person (all and each of which demands, defenses, advertisements and notices are hereby
waived by the Borrower on behalf of itself and its Subsidiaries), may in such circumstances forthwith collect, receive, appropriate
and realize upon the Collateral, or any part thereof, or consent to the use by any Loan Party of any cash collateral arising in
respect of the Collateral on such terms as the Administrative Agent deems reasonable, and/or may forthwith sell, lease, assign
give an option or options to purchase or otherwise dispose of and deliver, or acquire by credit bid on behalf of the Lenders,
the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale
or sales, at any exchange, broker’s board or office of the Administrative Agent or any Lender or elsewhere, upon such terms
and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery,
all without assumption of any credit risk. The Administrative Agent or any Lender shall have the right upon any such public sale
or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral
so sold, free of any right or equity of redemption in any Loan Party, which right or equity is hereby waived and released by the
Borrower on behalf of itself and its Subsidiaries. The Borrower further agrees on behalf of itself and its Subsidiaries, at the
Administrative Agent’s request, to assemble the Collateral and make it available to the Administrative Agent at places which
the Administrative Agent shall reasonably select, whether at the premises of the Borrower, another Loan Party or elsewhere. The
Administrative Agent shall apply the net proceeds of any action taken by it pursuant to this Article VII, after deducting all
reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of any of
the Collateral or in any other way relating to the Collateral or the rights of the Administrative Agent and the Lenders hereunder,
including reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the obligations of the Loan
Parties under the Loan Documents, in such order as set forth in Section 7.03, and only after such application and after the payment
by the Administrative Agent of any other amount required by any provision of law, including Section 9-615(a)(3) of the New York
Uniform Commercial Code, need the Administrative Agent account for the surplus, if any, to any Loan Party. To the extent permitted
by applicable law, the Borrower on behalf of itself and its Subsidiaries waives all Liabilities it may acquire against the Administrative
Agent or any Lender arising out of the exercise by them of any rights hereunder. If any notice of a proposed sale or other disposition
of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 days before such
sale or other disposition.

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SECTION
7.03.     Application of Payments. Notwithstanding anything herein to the contrary,
following the occurrence and during the continuance of an Event of Default, and notice thereof to the Administrative Agent by
the Borrower or the Required Lenders:

 

(a)          all payments received on account of the Obligations shall, subject to Section 2.20, be applied by the Administrative Agent as
follows:

 

(i)           first, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts payable
to the Administrative Agent (including fees and disbursements and other charges of counsel to the Administrative Agent payable
under Section 9.03 and amounts pursuant to Section 2.12(c) payable to the Administrative Agent in its capacity as such);

 

(ii)          second, to payment of that portion of the Obligations constituting fees, expenses, indemnities and other amounts (other
than principal, reimbursement obligations in respect of LC Disbursements, interest and Letter of Credit fees) payable to the Lenders
and the Issuing Banks (including fees and disbursements and other charges of counsel to the Lenders and the Issuing Banks payable
under Section 9.03) arising under the Loan Documents, ratably among them in proportion to the respective amounts described in
this clause (ii) payable to them;

 

(iii)         third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit fees and charges
and interest on the Loans and unreimbursed LC Disbursements, ratably among the Lenders and the Issuing Banks in proportion to
the respective amounts described in this clause (iii) payable to them;

 

(iv)         fourth, (A) to payment of that portion of the Obligations constituting unpaid principal of the Loans and unreimbursed LC
Disbursements and (B) to cash collateralize that portion of LC Exposure comprising the undrawn amount of Letters of Credit to
the extent not otherwise cash collateralized by the Borrower pursuant to Section 2.06 or 2.20, ratably among the Lenders and the
Issuing Banks in proportion to the respective amounts described in this clause (iv) payable to them; provided that (x) any
such amounts applied pursuant to subclause (B) above shall be paid to the Administrative Agent for the ratable account of the
applicable Issuing Banks to cash collateralize Obligations in respect of Letters of Credit, (y) subject to Section 2.06 or 2.20,
amounts used to cash collateralize the aggregate amount of Letters of Credit pursuant to this clause (iv) shall be used to satisfy
drawings under such Letters of Credit as they occur and (z) upon the expiration of any Letter of Credit (without any pending drawings),
the pro rata share of cash collateral shall be distributed to the other Obligations, if any, in the order set forth in this Section
7.03;

 

(v)          fifth, to the payment in full of all other Obligations, in each case ratably among the Administrative Agent, the Lenders
and the Issuing Banks based upon the respective aggregate amounts of all such Obligations owing to them in accordance with the
respective amounts thereof then due and payable; and

 

(vi)         finally, the balance, if any, after all Obligations have been indefeasibly paid in full, to the Borrower or as otherwise
required by law.

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(b)          If any amount remains on deposit as cash collateral after all Letters of Credit have either been fully drawn or expired (without
any pending drawings), such remaining amount shall be applied to the other Obligations, if any, in the order set forth above.

 

ARTICLE
VIII

The Administrative Agent

 

SECTION
8.01.     Authorization and Action. (a) Each Lender and each Issuing Bank hereby
irrevocably appoints the entity named as Administrative Agent in the heading of this Agreement and its successors and assigns
to serve as the administrative agent and collateral agent under the Loan Documents and each Lender and each Issuing Bank authorizes
the Administrative Agent to take such actions as agent on its behalf and to exercise such powers under this Agreement and the
other Loan Documents as are delegated to the Administrative Agent under such agreements and to exercise such powers as are reasonably
incidental thereto. Without limiting the foregoing, each Lender and each Issuing Bank hereby authorizes the Administrative Agent
to execute and deliver, and to perform its obligations under, each of the Loan Documents to which the Administrative Agent is
a party, and to exercise all rights, powers and remedies that the Administrative Agent may have under such Loan Documents.

 

(b)         As to any matters not expressly provided for herein and in the other Loan Documents (including enforcement or collection), the
Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain
from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required
Lenders (or such other number or percentage of the Lenders as shall be necessary, pursuant to the terms in the Loan Documents),
and, unless and until revoked in writing, such instructions shall be binding upon each Lender and each Issuing Bank; provided,
however, that the Administrative Agent shall not be required to take any action that (i) the Administrative Agent in good
faith believes exposes it to liability unless the Administrative Agent receives an indemnification and is exculpated in a manner
satisfactory to it from the Lenders and the Issuing Banks with respect to such action or (ii) is contrary to this Agreement or
any other Loan Document or applicable law, including any action that may be in violation of the automatic stay under any requirement
of law relating to bankruptcy, insolvency or reorganization or relief of debtors or that may affect a forfeiture, modification
or termination of property of a Defaulting Lender in violation of any requirement of law relating to bankruptcy, insolvency or
reorganization or relief of debtors; provided, further, that the Administrative Agent may seek clarification or
direction from the Required Lenders prior to the exercise of any such instructed action and may refrain from acting until such
clarification or direction has been provided. Except as expressly set forth in the Loan Documents, the Administrative Agent shall
not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower,
any Subsidiary or any Affiliate of any of the foregoing that is communicated to or obtained by the Person serving as Administrative
Agent or any of its Affiliates in any capacity. Nothing in this Agreement shall require the Administrative Agent to expend or
risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise
of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it.

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(c)          In performing its functions and duties hereunder and under the other Loan Documents, the Administrative Agent is acting solely
on behalf of the Lenders and the Issuing Banks (except in limited circumstances expressly provided for herein relating to the
maintenance of the Register), and its duties are entirely mechanical and administrative in nature. Without limiting the generality
of the foregoing:

 

		(i)	the
                                         Administrative Agent does not assume and shall not be deemed to have assumed any obligation
                                         or duty or any other relationship as the agent, fiduciary or trustee of or for any Lender
                                         or Issuing Bank other than as expressly set forth herein and in the other Loan Documents,
                                         regardless of whether a Default or an Event of Default has occurred and is continuing
                                         (and it is understood and agreed that the use of the term “agent”
                                         (or any similar term) herein or in any other Loan Document with reference to the Administrative
                                         Agent is not intended to connote any fiduciary duty or other implied (or express) obligations
                                         arising under agency doctrine of any applicable law, and that such term is used as a
                                         matter of market custom and is intended to create or reflect only an administrative relationship
                                         between contracting parties); additionally, each Lender agrees that it will not assert
                                         any claim against the Administrative Agent based on an alleged breach of fiduciary duty
                                         by the Administrative Agent in connection with this Agreement and/or the transactions
                                         contemplated hereby; and

 

		(ii)	nothing
                                         in this Agreement or any Loan Document shall require the Administrative Agent to account
                                         to any Lender for any sum or the profit element of any sum received by the Administrative
                                         Agent for its own account;

 

(d)          The Administrative Agent may perform any of its duties and exercise its rights and powers hereunder or under any other Loan Document
by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent
may perform any of their respective duties and exercise their respective rights and powers through their respective Related Parties.
The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative
Agent and any such sub-agent, and shall apply to their respective activities pursuant to this Agreement. The Administrative Agent
shall not be responsible for the negligence or misconduct of any sub-agent except to the extent that a court of competent jurisdiction
determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct
in the selection of such sub-agent.

 

(e)          None of any Arranger Syndication Agent, or Documentation Agent shall have obligations or duties whatsoever in such capacity under
this Agreement or any other Loan Document and shall incur no liability hereunder or thereunder in such capacity, but all such
persons shall have the benefit of the indemnities provided for hereunder.

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(f)           In case of the pendency of any proceeding with respect to any Loan Party under any Federal, state or foreign bankruptcy, insolvency,
receivership or similar law now or hereafter in effect, the Administrative Agent (irrespective of whether the principal of any
Loan or any reimbursement obligation in respect of an LC Disbursement shall then be due and payable as herein expressed or by
declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall
be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:

 

		(i)	to
                                         file and prove a claim for the whole amount of the principal and interest owing and unpaid
                                         in respect of the Loans, LC Disbursements and all other Obligations that are owing and
                                         unpaid and to file such other documents as may be necessary or advisable in order to
                                         have the claims of the Lenders, the Issuing Banks and the Administrative Agent (including
                                         any claim under Sections 2.12, 2.13, 2.15, 2.17 and 9.03) allowed in such judicial proceeding;
                                         and

 

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

 

and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such proceeding is hereby
authorized by each Lender and each Issuing Bank to make such payments to the Administrative Agent and, in the event that the Administrative
Agent shall consent to the making of such payments directly to the Lenders or the Issuing Banks, to pay to the Administrative
Agent any amount due to it, in its capacity as the Administrative Agent, under the Loan Documents (including under Section 9.03).
Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on
behalf of any Lender or Issuing Bank any plan of reorganization, arrangement, adjustment or composition affecting the Obligations
or the rights of any Lender or Issuing Bank or to authorize the Administrative Agent to vote in respect of the claim of any Lender
or Issuing Bank in any such proceeding.

 

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

 

SECTION
8.02.     Administrative Agent’s Reliance, Limitation of Liability, Etc.
(a) Neither the Administrative Agent nor any of its Related Parties shall be (i) liable for any action taken or omitted to
be taken by such party, the Administrative Agent or any of its Related Parties under or in connection with this Agreement or the
other Loan Documents (x) with the consent of or at the request of the Required Lenders (or such other number or percentage of
the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith to be necessary, under the circumstances
as provided in the Loan Documents) or (y) in the absence of its own gross negligence or willful misconduct (such absence to be
presumed unless otherwise determined by a court of competent jurisdiction by a final and non-appealable judgment) or (ii) responsible
in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any
officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document
referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any other
Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other
Loan Document (including, for the avoidance of doubt, in connection with the Administrative Agent’s reliance on any Electronic
Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature
page) or for any failure of any Loan Party to perform its obligations hereunder or thereunder.

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(b)         The Administrative Agent shall be deemed not to have knowledge of any (i) notice of any of the events or circumstances set
forth or described in Section 5.02 unless and until written notice thereof stating that it is a “notice under Section 5.02”
in respect of this Agreement and identifying the specific clause under said Section is given to the Administrative Agent by the
Borrower, or (ii) notice of any Default or Event of Default unless and until written notice thereof (stating that it is a “notice
of Default” or a “notice of an Event of Default”) is given to the Administrative Agent by the Borrower, a Lender
or an Issuing Bank. Further, the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into
(i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate,
report or other document delivered thereunder or in connection therewith, (iii) the performance or observance of any of the covenants,
agreements or other terms or conditions set forth in any Loan Document or the occurrence of any Default or Event of Default, (iv)
the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument
or document, (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm
receipt of items (which on their face purport to be such items) expressly required to be delivered to the Administrative Agent
or satisfaction of any condition that expressly refers to the matters described therein being acceptable or satisfactory to the
Administrative Agent, or (vi) the creation, perfection or priority of Liens on the Collateral.

 

(c)         Without limiting the foregoing, the Administrative Agent (i) may treat the payee of any promissory note as its holder until such
promissory note has been assigned in accordance with Section 9.04, (ii) may rely on the Register to the extent set forth in Section
9.04(b), (iii) may consult with legal counsel (including counsel to the Borrower), independent public accountants and other experts
selected by it, and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the
advice of such counsel, accountants or experts, (iv) makes no warranty or representation to any Lender or Issuing Bank and shall
not be responsible to any Lender or Issuing Bank for any statements, warranties or representations made by or on behalf of any
Loan Party in connection with this Agreement or any other Loan Document, (v) in determining compliance with any condition hereunder
to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender
or an Issuing Bank, may presume that such condition is satisfactory to such Lender or Issuing Bank unless the Administrative Agent
shall have received notice to the contrary from such Lender or Issuing Bank sufficiently in advance of the making of such Loan
or the issuance of such Letter of Credit and (vi) shall be entitled to rely on, and shall incur no liability under or in respect
of this Agreement or any other Loan Document by acting upon, any notice, consent, certificate or other instrument or writing (which
writing may be a fax, any electronic message, Internet or intranet website posting or other distribution) or any statement made
to it orally or by telephone and believed by it to be genuine and signed or sent or otherwise authenticated by the proper party
or parties (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker thereof).

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SECTION
8.03.     Posting of Communications. (a) The Borrower agrees that the
Administrative Agent may, but shall not be obligated to, make any Communications available to the Lenders and the Issuing Banks
by posting the Communications on IntraLinksTM, DebtDomain, SyndTrak, ClearPar or any other electronic platform chosen by
the Administrative Agent to be its electronic transmission system (the “Approved Electronic Platform”).

 

(b)         Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures
and policies implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user
ID/password authorization system) and the Approved Electronic Platform is secured through a per-deal authorization method whereby
each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders, each of the Issuing Banks
and the Borrower acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure,
that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are
added to the Approved Electronic Platform, and that there may be confidentiality and other risks associated with such distribution.
Each of the Lenders, each of the Issuing Banks and the Borrower hereby approves distribution of the Communications through the
Approved Electronic Platform and understands and assumes the risks of such distribution.

 

(c)         THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”. THE APPLICABLE
PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED
ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS.
NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION
WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY ARRANGER, ANY SYNDICATION
AGENT, ANY DOCUMENTATION AGENT OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE PARTIES”)
HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER, ANY ISSUING BANK OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING
DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE)
ARISING OUT OF ANY LOAN PARTY’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET
OR THE APPROVED ELECTRONIC PLATFORM.

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“Communications”
means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf
of any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative
Agent, any Lender or any Issuing Bank by means of electronic communications pursuant to this Section, including through an Approved
Electronic Platform.

 

(d)         Each Lender and each Issuing Bank agrees that notice to it (as provided in the next sentence) specifying that Communications have
been posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender for purposes
of the Loan Documents. Each Lender and Issuing Bank agrees (i) to notify the Administrative Agent in writing (which could be in
the form of electronic communication) from time to time of such Lender’s or Issuing Bank’s (as applicable) email address
to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such email
address.

 

(e)         Each of the Lenders, each of the Issuing Banks and the Borrower agrees that the Administrative Agent may, but (except as may be
required by applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance
with the Administrative Agent’s generally applicable document retention procedures and policies.

 

(f)          Nothing herein shall prejudice the right of the Administrative Agent, any Lender or any Issuing Bank to give any notice or other
communication pursuant to any Loan Document in any other manner specified in such Loan Document.

 

SECTION
8.04.     The Administrative Agent Individually. With respect to its Commitments,
Loans, Letter of Credit Commitments and Letters of Credit, the Person serving as the Administrative Agent shall have and may exercise
the same rights and powers hereunder and is subject to the same obligations and liabilities as and to the extent set forth herein
for any other Lender or Issuing Bank, as the case may be. The terms “Issuing Banks”, “Lenders”, “Required
Lenders” and any similar terms shall, unless the context clearly otherwise indicates, include the Administrative Agent in
its individual capacity as a Lender, Issuing Bank or as one of the Required Lenders, as applicable. The Person serving as the
Administrative Agent and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor
or in any other advisory capacity for and generally engage in any kind of banking, trust or other business with, the Borrower,
any Subsidiary or any Affiliate of any of the foregoing as if such Person was not acting as the Administrative Agent and without
any duty to account therefor to the Lenders or the Issuing Banks.

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SECTION
8.05.     Successor Administrative Agent. (a) The Administrative Agent
may resign at any time by giving 30 days’ prior written notice thereof to the Lenders, the Issuing Banks and the Borrower,
whether or not a successor Administrative Agent has been appointed. Upon any such resignation, the Required Lenders shall have
the right to appoint a successor Administrative Agent. If no successor Administrative Agent shall have been so appointed by the
Required Lenders, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent’s giving
of notice of resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Banks, appoint
a successor Administrative Agent, which shall be a bank with an office in New York, New York or an Affiliate of any such bank.
In either case, such appointment shall be subject to the prior written approval of the Borrower (which approval may not be unreasonably
withheld and shall not be required while an Event of Default has occurred and is continuing). Upon the acceptance of any appointment
as Administrative Agent by a successor Administrative Agent, such successor Administrative Agent shall succeed to, and become
vested with, all the rights, powers, privileges and duties of the retiring Administrative Agent. Upon the acceptance of appointment
as Administrative Agent by a successor Administrative Agent, the retiring Administrative Agent shall be discharged from its duties
and obligations under this Agreement and the other Loan Documents. Prior to any retiring Administrative Agent’s resignation
hereunder as Administrative Agent, the retiring Administrative Agent shall take such action as may be reasonably necessary to
assign to the successor Administrative Agent its rights as Administrative Agent under the Loan Documents.

 

(b)         Notwithstanding paragraph (a) of this Section, in the event no successor Administrative Agent shall have been so appointed and
shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its intent to resign,
the retiring Administrative Agent may give notice of the effectiveness of its resignation to the Lenders, the Issuing Banks and
the Borrower, whereupon, on the date of effectiveness of such resignation stated in such notice, (i) the retiring Administrative
Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents; provided that, solely
for purposes of maintaining any security interest granted to the Administrative Agent under any Security Document for the benefit
of the secured parties referenced therein, the retiring Administrative Agent shall continue to be vested with such security interest
as collateral agent for the benefit of such secured parties, and continue to be entitled to the rights set forth in such Security
Document and Loan Document, and, in the case of any Collateral in the possession of the Administrative Agent, shall continue to
hold such Collateral, in each case until such time as a successor Administrative Agent is appointed and accepts such appointment
in accordance with this Section (it being understood and agreed that the retiring Administrative Agent shall have no duty or obligation
to take any further action under any Security Document, including any action required to maintain the perfection of any such security
interest), and (ii) the Required Lenders shall succeed to and become vested with all the rights, powers, privileges and duties
of the retiring Administrative Agent; provided that (A) all payments required to be made hereunder or under any other Loan
Document to the Administrative Agent for the account of any Person other than the Administrative Agent shall be made directly
to such Person and (B) all notices and other communications required or contemplated to be given or made to the Administrative
Agent shall directly be given or made to each Lender and each Issuing Bank. Following the effectiveness of the Administrative
Agent’s resignation from its capacity as such, the provisions of this Article and Section 9.03, as well as any exculpatory,
reimbursement and indemnification provisions set forth in any other Loan Document, shall continue in effect for the benefit of
such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted
to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent and in respect of the matters
referred to in the proviso under clause (i) above.

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SECTION
8.06.     Acknowledgements of Lenders and Issuing Banks. (a) Each Lender
and each Issuing Bank represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility,
(ii) it is engaged in making, acquiring or holding commercial loans and in providing other facilities set forth herein as may
be applicable to such Lender or Issuing Bank, in each case in the ordinary course of business, and is making the Loans hereunder
as commercial loans in the ordinary course of its business and not for the purpose of purchasing, acquiring or holding any other
type of financial instrument (and each Lender and each Issuing Bank agrees not to assert a claim in contravention of the foregoing),
(iii) it has, independently and without reliance upon the Administrative Agent, any Arranger, any Syndication Agent, any Documentation
Agent or any other Lender or Issuing Bank, or any of the Related Parties of any of the foregoing, and based on such documents
and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender,
and to make, acquire or hold Loans hereunder and (iv) it is sophisticated with respect to decisions to make, acquire and/or hold
commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or such Issuing Bank, and
either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to
provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities.
Each Lender and each Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent,
any Arranger or any other Lender or Issuing Bank, or any of the Related Parties of any of the foregoing, and based on such documents
and information (which may contain material, non-public information within the meaning of the United States securities laws concerning
the Borrower and its Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking
or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished
hereunder or thereunder.

 

(b)         Each Lender, by delivering its signature page to this Agreement on the Effective Date, or delivering its signature page to an
Assignment and Assumption or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed to
have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered
to, or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Effective Date.

 

(c)         (i) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined
in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether
as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”)
were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or
a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative
Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with
interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender
to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted
by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense
or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return
of any Payments received, including without limitation any defense based on “discharge for value” or any similar doctrine.
A notice of the Administrative Agent to any Lender under this Section 8.06(c) shall be conclusive, absent manifest error.

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

 

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

 

(iv)         Each party’s obligations under this Section 8.06(c) shall survive the resignation or replacement of the Administrative Agent
or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment,
satisfaction or discharge of all Obligations under any Loan Document.

 

SECTION
8.07.     Collateral Matters. (a) Except with respect to the exercise
of setoff rights in accordance with Section 9.08 or with respect to a secured party’s right to file a proof of claim in
an insolvency proceeding, no Lender or Issuing Bank shall have any right individually to realize upon any of the Collateral or
to enforce any Guarantee of the Obligations, it being understood and agreed that all powers, rights and remedies under the Loan
Documents may be exercised solely by the Administrative Agent on behalf of the secured parties referenced in the Security Documents
in accordance with the terms thereof.

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(b)         Each Lender and Issuing Bank irrevocably authorize the Administrative Agent, at its option and in its discretion, to subordinate
any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such
property that is permitted by Section 6.02(a). The Administrative Agent shall not be responsible for or have a duty to ascertain
or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence,
priority or perfection of the Administrative Agent’s Lien thereon or any certificate prepared by any Loan Party in connection
therewith, nor shall the Administrative Agent be responsible or liable to the Lenders or any other secured party for any failure
to monitor or maintain any portion of the Collateral.

 

SECTION
8.08.     Credit Bidding. Each Lender and Issuing Bank hereby irrevocably authorize
the Administrative Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Obligations (including
by accepting some or all of the Collateral in satisfaction of some or all of the Obligations pursuant to a deed in lieu of foreclosure
or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of
the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including under Sections 363, 1123
or 1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions to which a Loan Party is subject, or (b) at any
other sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of)
the Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable law. In connection with any
such credit bid and purchase, the Obligations owed to the Lenders and Issuing Banks shall be entitled to be, and shall be, credit
bid by the Administrative Agent at the direction of the Required Lenders on a ratable basis (with Obligations with respect to
contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon
the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating
the contingent interests) for the asset or assets so purchased (or for the equity interests or debt instruments of the acquisition
vehicle or vehicles that are issued in connection with such purchase). In connection with any such bid, (i) the Administrative
Agent shall be authorized to form one or more acquisition vehicles and to assign any successful credit bid to such acquisition
vehicle or vehicles, (ii) each of the Lenders’ and Issuing Banks’ ratable interests in the Obligations which were
credit bid shall be deemed without any further action under this Agreement to be assigned to such vehicle or vehicles for the
purpose of closing such sale, (iii) the Administrative Agent shall be authorized to adopt documents providing for the governance
of the acquisition vehicle or vehicles (provided that any actions by the Administrative Agent with respect to such acquisition
vehicle or vehicles, including any disposition of the assets or equity interests thereof, shall be governed, directly or indirectly,
by, and the governing documents shall provide for, control by the vote of the Required Lenders or their permitted assignees under
the terms of this Agreement or the governing documents of the applicable acquisition vehicle or vehicles, as the case may be,
irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders
contained in Section 9.02 of this Agreement), (iv) the Administrative Agent on behalf of such acquisition vehicle or vehicles
shall be authorized to issue to each of the Lenders and Issuing Banks, ratably on account of the relevant Obligations which were
credit bid, interests, whether as equity, partnership interests, limited partnership interests or membership interests, in any
such acquisition vehicle and/or debt instruments issued by such acquisition vehicle, all without the need for any Lender or Issuing
Bank or acquisition vehicle to take any further action, and (v) to the extent that Obligations that are assigned to an acquisition
vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better, because the amount
of Obligations assigned to the acquisition vehicle exceeds the amount of Obligations credit bid by the acquisition vehicle or
otherwise), such Obligations shall automatically be reassigned to the Lenders and Issuing Banks pro rata with their original interest
in such Obligations and the equity interests and/or debt instruments issued by any acquisition vehicle on account of such Obligations
shall automatically be cancelled, without the need for any Lender or Issuing Bank or any acquisition vehicle to take any further
action. Notwithstanding that the ratable portion of the Obligations of each Lender are deemed assigned to the acquisition vehicle
or vehicles as set forth in clause (ii) above, each Lender and Issuing Bank shall execute such documents and provide such information
regarding the Lenders and Issuing Banks (and/or any designee of the Lenders and Issuing Banks which will receive interests in
or debt instruments issued by such acquisition vehicle) as the Administrative Agent may reasonably request in connection with
the formation of any acquisition vehicle, the formulation or submission of any credit bid or the consummation of the transactions
contemplated by such credit bid.

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SECTION
8.09.     Certain ERISA Matters. (a) Each Lender (x) represents and warrants,
as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party
hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and each Arranger
and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan
Party, that at least one of the following is and will be true:

 

(i)           such Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans
in connection with the Loans, the Letters of Credit or the Commitments,

 

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

 

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

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

 

(b)         In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has
provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a),
such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Administrative Agent, and each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for
the benefit of the Borrower or any other Loan Party, that none of the Administrative Agent, or any Arranger or any of their respective
Affiliates is a fiduciary with respect to the Collateral or the assets of such Lender (including in connection with the reservation
or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto
or thereto).

 

(c)         The Administrative Agent and each Arranger hereby informs the Lenders that each such Person is not undertaking to provide investment
advice or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person
has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest
or other payments with respect to the Loans, the Letters of Credit, the Commitments, this Agreement and any other Loan Documents
(ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments for an amount less than the amount
being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or
other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring
fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative
agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate
transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early
termination fees or fees similar to the foregoing.

 

ARTICLE
IX

Miscellaneous

 

SECTION
9.01.     Notices. (a) Except in the case of notices and other communications
expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided
for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered
mail or sent by telecopy, as follows:

 

(i)           if to the Borrower or any Guarantor, to it at Mack-Cali Realty Corporation, Harborside 3, 210 Hudson Street, Suite 400, Jersey
City, New Jersey 07311, Attention: Gary Wagner, Esq., General Counsel, and David Smetana, Chief Financial Officer, with a copy
to Blake Hornick, Esq., Seyfarth Shaw LLP, 620 Eighth Avenue, Suite 3200, New York, NY 10018, or to such other address for notice
as the Borrower or any Guarantor shall have last furnished in writing to the Administrative Agent;

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(ii)          if to the Administrative Agent, to JPMorgan Chase Bank, N.A., JPMorgan Loan Services, 10 South Dearborn, Floor L2S Chicago, Illinois
60603 (Fax No. 1 (312) 233-2257); and

 

(iii)         if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

 

Notices
sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when
received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business
hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient).
Notices delivered through Approved Electronic Platforms, to the extent provided in paragraph (b) below, shall be effective as
provided in said paragraph (b).

 

(b)         Notices and other communications to the Borrower, any Loan Party, the Lenders and the Issuing Banks hereunder may be delivered
or furnished by using Approved Electronic Platforms pursuant to procedures approved by the Administrative Agent; provided that
the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable
Lender. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it
hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be
limited to particular notices or communications.

 

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

 

(d)         Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other
parties hereto.

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SECTION
9.02.     Waivers; Amendments. (a) No failure or delay by the Administrative
Agent, any Issuing Bank or any Lender in exercising any right or power hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right
or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies
of the Administrative Agent, the Issuing Banks and the Lenders hereunder are cumulative and are not exclusive of any rights or
remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any Loan
Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then
such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting
the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of
any Default, regardless of whether the Administrative Agent, any Lender or any Issuing Bank may have had notice or knowledge of
such Default at the time.

 

(b)         Subject to Section 2.04, Sections 2.14(b), (c) and (d) and Section 9.02(c) below, neither this Agreement nor any provision hereof
may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the
Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders; provided that no such
agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal
amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the
written consent of each Lender affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan
or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such
payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby,
(iv) change Sections 2.09(c) or 2.18 in a manner that would alter the ratable reduction of Commitments or the pro rata sharing
of payments required thereby, without the written consent of each Lender, (v) change the payment waterfall provisions of Section
2.20(b) or 7.03 without the written consent of each Lender, (vi) change any of the provisions of this Section or the definition
of “Supermajority Lenders’, “Required Lenders” or “Required Facility Lenders” or any other
provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make
any determination or grant any consent hereunder, without the written consent of each Lender, (vii) except as provided in Article
4A, (A) release all or substantially all of the Collateral, (B) release a Collateral Pool Property from the Lien or security title
of the Security Documents encumbering the same, or (C) release any Guarantor from its Guaranty, in each case without the written
consent of each Lender, or (viii) change Section 2.06(c) in a manner that would permit the expiration of any Letter of Credit
to occur after the Revolving Maturity Date without the consent of each Revolving Lender; provided further that no such
agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent or the Issuing Banks hereunder
without the prior written consent of the Administrative Agent or the Issuing Banks, as the case may be; and provided further that no such agreement shall amend or modify the provisions of Section 2.06 without the prior written consent of the Administrative
Agent and the Issuing Banks.

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(c)         If the Administrative Agent and the Borrower acting together identify any ambiguity, omission, mistake, typographical error or
other defect in any provision of this Agreement or any other Loan Document, then the Administrative Agent and the Borrower shall
be permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error or other
defect, and such amendment shall become effective without any further action or consent of any other party to this Agreement.
The Administrative Agent shall provide a copy of any such amendment to the Lenders promptly after execution thereof.

 

SECTION
9.03.     Expenses; Limitation of Liability; Indemnity, Etc. (a) Expenses.
The Borrower shall pay (i) all reasonable out of pocket expenses incurred by the Administrative Agent and its Affiliates, including
the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the syndication of
the credit facilities provided for herein, the preparation and administration of this Agreement and the other Loan Documents or
any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby
or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by any Issuing Bank in connection with the
issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket
expenses incurred by the Administrative Agent, any Issuing Bank or any Lender, including the fees, charges and disbursements of
any counsel for the Administrative Agent, any Issuing Bank or any Lender, in connection with the enforcement or protection of
its rights in connection with this Agreement and the other Loan Documents, including its rights under this Section, or in connection
with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout,
restructuring or negotiations in respect of such Loans or Letters of Credit.

 

(b)         Limitation of Liability. To the extent permitted by applicable law (i) the Borrower and any Loan Party shall not assert,
and the Borrower and each Loan Party hereby waives, any claim against the Administrative Agent, any Arranger, any Syndication
Agent, any Documentation Agent, any Issuing Bank and any Lender, and any Related Party of any of the foregoing Persons (each such
Person being called a “Lender-Related Person”) for any Liabilities arising from the use by others of
information or other materials (including, without limitation, any personal data) obtained through telecommunications, electronic
or other information transmission systems (including the Internet), and (ii) no party hereto shall assert, and each such party
hereby waives, any Liabilities against any other party hereto, on any theory of liability, for special, indirect, consequential
or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement,
any other Loan Document, or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of
Credit or the use of the proceeds thereof; provided that, nothing in this Section 9.03(b) shall relieve the Borrower and each
Loan Party of any obligation it may have to indemnify an Indemnitee, as provided in Section 9.03(c), against any special, indirect,
consequential or punitive damages asserted against such Indemnitee by a third party.

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(c)         Indemnity. The Borrower shall indemnify the Administrative Agent, each Arranger, each Syndication Agent, each Documentation
Agent, each Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called
an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all Liabilities and related
expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any
Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan
Document, or any agreement or instrument contemplated hereby or thereby, (ii) the performance by the parties hereto of their respective
obligations hereunder or thereunder or the consummation of the Transactions or any other transactions contemplated hereby, (iii)
any action taken in connection with this Agreement, including, but not limited to, the payment of principal, interest and fees,
(iv) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by an Issuing Bank to honor a demand
for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the
terms of such Letter of Credit), (v) any actual or alleged presence or release of Hazardous Materials on or from any property
owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower
or any of its Subsidiaries, or (vi) any actual or prospective Proceeding relating to any of the foregoing, whether or not such
Proceeding is brought by the Borrower or any other Loan Party or its or their respective equity holders, Affiliates, creditors
or any other third Person and whether based on contract, tort or any other theory and regardless of whether any Indemnitee is
a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such Liabilities
or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted primarily
from the gross negligence or willful misconduct of such Indemnitee. This Section 9.03(c) shall not apply with respect to Taxes
other than any Taxes that represent losses, claims or damages arising from any non-Tax claim.

 

(d)         Lender Reimbursement. Each Lender severally agrees to pay any amount required to be paid by the Borrower under paragraphs
(a), (b) or (c) of this Section 9.03 to the Administrative Agent and each Issuing Bank, and each Related Party of any of the foregoing
Persons (each, an “Agent-Related Person”) (to the extent not reimbursed by the Borrower and without
limiting the obligation of the Borrower to do so), ratably according to their respective Applicable Percentage in effect on the
date on which such payment is sought under this Section (or, if such payment is sought after the date upon which the Commitments
shall have terminated and the Loans shall have been paid in full, ratably in accordance with such Applicable Percentage immediately
prior to such date), from and against any and all Liabilities and related expenses, including the fees, charges and disbursements
of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted
against such Agent-Related Person in any way relating to or arising out of the Commitments, this Agreement, any of the other Loan
Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby
or any action taken or omitted by such Agent-Related Person under or in connection with any of the foregoing; provided
that the unreimbursed expense or Liability or related expense, as the case may be, was incurred by or asserted against such Agent-Related
Person in its capacity as such; provided further that no Lender shall be liable for the payment of any portion of such
Liabilities, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction
to have resulted primarily from such Agent-Related Party’s gross negligence or willful misconduct. The agreements in this
Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.

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(e)         Payments. All amounts due under this Section 9.03 shall be payable within thirty (30) days after written demand therefor.

 

SECTION
9.04.     Successors and Assigns. (a) The provisions of this Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby
(including any Affiliate of an Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may not assign or
otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted
assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise
transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied,
shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted
hereby (including any Affiliate of an Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in
paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative
Agent, the Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)         (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Persons (other than an
Ineligible Institution) all or a portion of its rights and obligations under this Agreement (including all or a portion of its
Commitment, participations in Letters of Credit and the Loans at the time owing to it) with the prior written consent (such consent
not to be unreasonably withheld or delayed) of:

 

(A)          the Borrower; provided that the Borrower shall be deemed to have consented to an assignment of all or a portion of the
Loans and Commitments unless it shall have objected thereto by written notice to the Administrative Agent within ten (10) Business
Days after having received written notice thereof provided that no consent of the Borrower shall be required for an assignment
to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee;

 

(B)           the Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment of all
or any portion of (i) the Term Loans to a Lender, an Affiliate of a Lender or an Approved Fund or (ii) the Revolving Commitment
to an assignee that is a Lender (other than a Defaulting Lender) with a Revolving Commitment immediately prior to giving effect
to such assignment; and

 

(C)           each Issuing Bank; provided that no consent of the Issuing Banks shall be required for an assignment of all or any portion
of the Term Loans.

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(ii)          Assignments shall be subject to the following additional conditions:

 

(A)          except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of
the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitments or Loans of the assigning Lender
subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered
to the Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise
consent; provided that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing;

 

(B)           each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and
obligations under this Agreement; provided that this clause shall not be construed to prohibit the assignment of a proportionate
part of all the assigning Lender’s rights and obligations in respect of one Class of Commitments or Loans;

 

(C)           the parties to each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and Assumption or (y) to
the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic
Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, together with
a processing and recordation fee of $3,500; and

 

(D)           the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which
the assignee designates one or more Credit Contacts to whom all syndicate-level information (which may contain material non-public
information about the Borrower, the Loan Parties and their related parties or their respective securities) will be made available
and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including
Federal and state securities laws.

 

For
the purposes of this Section 9.04(b), the term “Approved Fund” and “Ineligible Institution”
have the following meanings:

 

“Approved
Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing
in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a)
a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

 

“Ineligible
Institution” means (a) a natural person, (b) a Defaulting Lender or its Lender Parent, (c) a holding company, investment
vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof or (d) the Borrower
or any of its Affiliates; provided that, with respect to clause (c), such holding company, investment vehicle or trust
shall not constitute an Ineligible Institution if it (x) has not been established for the primary purpose of acquiring any Loans
or Commitments, (y) is managed by a professional advisor, who is not such natural person or a relative thereof, having significant
experience in the business of making or purchasing commercial loans, and (z) has assets greater than $25,000,000 and a significant
part of its activities consist of making or purchasing commercial loans and similar extensions of credit in the ordinary course
of its business.

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(iii)         Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified
in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender
thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under
this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations
under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections
2.15, 2.16, 2.17 and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not
comply with this Section shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights
and obligations in accordance with paragraph (c) of this Section.

 

(iv)         The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices
a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the
Lenders, and the Commitment of, and principal amount (and stated interest) of the Loans and LC Disbursements owing to, each Lender
pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be
conclusive, absent manifest error, and the Borrower, the Administrative Agent, the Issuing Banks and the Lenders shall treat each
Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, any Issuing Bank and any
Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(v)          Upon its receipt of (x) a duly completed Assignment and Assumption executed by an assigning Lender and an assignee or (y) to the
extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform
as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, the assignee’s completed
Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred
to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the
Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register;
provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant
to Section 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(d), the Administrative Agent shall have no obligation to accept such Assignment
and Assumption and record the information therein in the Register unless and until such payment shall have been made in full,
together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been
recorded in the Register as provided in this paragraph.

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(c)         Any Lender may, without the consent of, or notice to, the Borrower, the Administrative Agent or the Issuing Banks, sell participations
to one or more banks or other entities (a “Participant”), other than an Ineligible Institution, in all
or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment
and/or the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged;
(B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations; and (C) the
Borrower, the Administrative Agent, the Issuing Banks and the other Lenders shall continue to deal solely and directly with such
Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant
to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement
and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument
may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver
described in the first proviso to Section 9.02(b) that affects such Participant. The Borrower agrees that each Participant shall
be entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the requirements and limitations therein, including the
requirements under Sections 2.17(f) and (g) (it being understood that the documentation required under Section 2.17(f) shall be
delivered to the participating Lender and the information and documentation required under 2.17(g) will be delivered to the Borrower
and the Administrative Agent)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant
to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Section 2.19 as
if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under
Section 2.15 or 2.17, with respect to any participation, than its participating Lender would have been entitled to receive, except
to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired
the applicable participation. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use
reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 2.19(b) with respect to any Participant.
To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender;
provided that such Participant agrees to be subject to Section 2.18(c) as though it were a Lender. Each Lender that sells a participation
shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name
and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans
or other obligations under the Loan Documents (the “Participant Register”); provided that no
Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant
or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations
under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment,
Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.
The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose
name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding
any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall
have no responsibility for maintaining a Participant Register.

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(d)         Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section
shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of
a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for
such Lender as a party hereto.

 

SECTION
9.05.     Survival. All covenants, agreements, representations and warranties
made by the Borrower herein and in the other Loan Documents and in the certificates or other instruments delivered in connection
with or pursuant to this Agreement or any other Loan Documents shall be considered to have been relied upon by the other parties
hereto and shall survive the execution and delivery of this Agreement and the making of any Loans and issuance of any Letters
of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative
Agent, any Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty
at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued
interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit
is outstanding and so long as the Commitments have not expired or terminated. The provisions of Sections 2.15, 2.16, 2.17 and
9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated
hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination
of this Agreement or any provision hereof.

 

SECTION
9.06.     Counterparts; Integration; Effectiveness; Electronic Execution. (a) This
Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents
and any separate letter agreements with respect to (i) fees payable to the Administrative Agent and (ii) the reductions of
the Letter of Credit Commitment of any Issuing Bank constitute the entire contract among the parties relating to the subject matter
hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.
Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative
Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures
of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns.

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

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SECTION
9.07.     Severability. Any provision of this Agreement held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity,
illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof;
and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

 

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

 

SECTION
9.09.     Governing Law; Jurisdiction; Consent to Service of Process. (a) This
Agreement and the other Loan Documents shall be construed in accordance with and governed by the law of the State of New York,
except to the extent that the Mortgages and Assignments of Leases and Rents provide for such instruments to be governed by the
law of the state where the applicable Collateral Pool Properties are located.

 

(b)         Each of the Lenders and the Administrative Agent hereby irrevocably and unconditionally agrees that, notwithstanding the governing
law provisions of any applicable Loan Document, any claims brought against the Administrative Agent by any Lender relating to
this Agreement, any other Loan Document, the Collateral or the consummation or administration of the transactions contemplated
hereby or thereby shall be construed in accordance with and governed by the law of the State of New York.

     144

     

    

(c)         Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction
of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court
lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan), and any appellate
court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document or
the transactions relating hereto or thereto, or for recognition or enforcement of any judgment, and each of the parties hereto
hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may (and any such claims,
cross-claims or third party claims brought against the Administrative Agent or any of its Related Parties may only) be heard and
determined in such Federal (to the extent permitted by law) or New York State court. Each of the parties hereto agrees that a
final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law. Nothing in this Agreement or in any other Loan Document shall affect any right
that the Administrative Agent, any Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to
this Agreement or any other Loan Document against the Borrower, any Loan Party or its properties in the courts of any jurisdiction.

 

(d)         Each of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively
do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of
or relating to this Agreement or any other Loan Document in any court referred to in paragraph (c) of this Section. Each of the
parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the
maintenance of such action or proceeding in any such court.

 

(e)         Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01. Nothing
in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

 

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

 

SECTION
9.11.     Headings. Article and Section headings and the Table of Contents
used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or
be taken into consideration in interpreting, this Agreement.

     145

     

    

SECTION
9.12.     Confidentiality. Each of the Administrative Agent, the Issuing Banks
and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed
(a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other
advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of
such Information and instructed to keep such Information confidential), (b) to the extent requested by any Governmental Authority
(including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required
by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in
connection with the exercise of any remedies hereunder or under any other Loan Document or any suit, action or proceeding relating
to this Agreement or the enforcement of rights hereunder or under any other Loan Document, (f) subject to an agreement containing
provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee
of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or
its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) on a confidential basis
to (1) any rating agency in connection with rating the Borrower or its Subsidiaries or the credit facilities provided for herein
or (2) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of identification numbers
with respect to the credit facilities provided for herein, (h) with the consent of the Borrower or (h) to the extent such Information
(i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative
Agent, any Issuing Bank or any Lender on a non-confidential basis from a source other than the Borrower. For the purposes of this
Section, “Information” means all information received from the Borrower relating to the Borrower or
its business, other than any such information that is available to the Administrative Agent, any Issuing Bank or any Lender on
a non-confidential basis prior to disclosure by the Borrower and other than information pertaining to this Agreement routinely
provided by arrangers to data service providers, including league table providers, that serve the lending industry; provided that,
in the case of information received from the Borrower after the date hereof, such information is clearly identified at the time
of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall
be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own confidential information.

 

SECTION
9.13.     Material Non-Public Information.

 

(a)         EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12 FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE
MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT
IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL
NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

     146

     

    

(b)         ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT
TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC
INFORMATION ABOUT THE BORROWER, THE OTHER LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY,
EACH LENDER REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE
A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE
PROCEDURES AND APPLICABLE LAW.

 

SECTION
9.14.     Interest Rate Limitation. Notwithstanding anything herein to the
contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are
treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the
maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved
by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder,
together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest
and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section
shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased
(but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the NYFRB Rate to the
date of repayment, shall have been received by such Lender.

 

SECTION
9.15.     No Fiduciary Duty, etc. (a) The Borrower acknowledges and agrees,
and acknowledges its Subsidiaries’ understanding, that no Credit Party will have any obligations except those obligations
expressly set forth herein and in the other Loan Documents and each Credit Party is acting solely in the capacity of an arm’s
length contractual counterparty to the Borrower with respect to the Loan Documents and the transactions contemplated herein and
therein and not as a financial advisor or a fiduciary to, or an agent of, the Borrower or any other person. The Borrower agrees
that it will not assert any claim against any Credit Party based on an alleged breach of fiduciary duty by such Credit Party in
connection with this Agreement and the transactions contemplated hereby. Additionally, the Borrower acknowledges and agrees that
no Credit Party is advising the Borrower as to any legal, tax, investment, accounting, regulatory or any other matters in any
jurisdiction. The Borrower shall consult with its own advisors concerning such matters and shall be responsible for making its
own independent investigation and appraisal of the transactions contemplated herein or in the other Loan Documents, and the Credit
Parties shall have no responsibility or liability to the Borrower with respect thereto.

 

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

     147

     

    

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

 

SECTION
9.16.     USA PATRIOT Act. Each Lender that is subject to the requirements
of the USA PATRIOT Act of 2001 (the “Patriot Act”) hereby notifies the Borrower that pursuant to the
requirements of the Patriot Act, 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 Patriot Act.

 

SECTION
9.17.     Acknowledgement and Consent to Bail-In of Affected Financial Institutions.
Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any
such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document
may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and
acknowledges and agrees to be bound by:

 

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

 

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

 

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

 

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

     148

     

    

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

 

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

 

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

 

[Signature
Pages to Follow]

     149

     

    

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

 

	 	MACK-CALI REALTY, L.P.

 

By: Mack-Cali Realty Corporation, its general partner

	 	 	 	 
	 	 	By:	/s/
Gary T. Wagner

	 	 	 	Name:
     Gary T. Wagner
	 	 	 	Title:    General
    Counsel and Secretary

 

[Signature Page to Mack-Cali Credit Agreement]

     

     

    

	 	JPMORGAN
    CHASE BANK, N.A., individually and as Administrative Agent,
	 	 	 
	 	By:	/s/
Paul Choi

	 	 	Name: 
    Paul Choi
	 	 	Title:    Authorized
    Signer

 

[Signature Page to Mack-Cali Credit Agreement]

     

     

    

	 	CAPITAL
    ONE, NATIONAL ASSOCIATION
	 	 	 
	 	By:	/s/
Jessica W. Phillips

	 	 	Name:
     Jessica W. Phillips
	 	 	Title:    Authorized
    Signatory

 

[Signature Page to Mack-Cali Credit Agreement]

     

     

    

	 	BANK
    OF AMERICA, N.A.
	 	 	 
	 	By:	/s/
Thomas W. Nowak

	 	 	Name:
     Thomas W. Nowak
	 	 	Title:    Vice
    President

 

[Signature Page to Mack-Cali Credit Agreement]

     

     

    

	 	GOLDMAN
    SACHS BANK USA
	 	 	 
	 	By:	/s/
Kevin Raisch

	 	 	Name:
     Kevin Raisch
	 	 	Title:    Authorized
    Signatory

 

[Signature Page to Mack-Cali Credit Agreement]

     

     

    

	 	THE
    BANK OF NEW YORK MELLON
	 	 	 
	 	By:	/s/
Abdullah Dahman

	 	 	Name:
     Abdullah Dahman
	 	 	Title:    Director

 

[Signature Page to Mack-Cali Credit Agreement]

     

     

    

	 	ASSOCIATED
    BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	/s/
Mitchell Vega

	 	 	Name:
     Mitchell Vega
	 	 	Title:    Vice
    President

 

[Signature Page to Mack-Cali Credit Agreement]

     

     

    

	 	PEOPLE’S
    UNITED BANK, N.A.
	 	 	 
	 	By:	/s/
David R. Jablonowski

	 	 	Name:
     David R. Jablonowski
	 	 	Title:    Senior
    Vice President

 

[Signature Page to Mack-Cali Credit Agreement]

     

     

    

SCHEDULE
1.1

 

1031
Asset Disposition Eligible Real Estate

 

	1.	Block
                                         171, Lots 1A, 38 & 43, Johnson Road (Vacant Land), Morris Plains, NJ.

 

	2.	Block
                                         9, Lots 12.01 and 12.02, Block 9.03, Lot 12.02 (Vacant Land), West Windsor, NJ.

 

	3.	101
                                         Hudson Street, Jersey City, NJ.

 

	4.	23
                                         Main Street, Holmdel, NJ.

    1 

     

    

SCHEDULE
1.2

 

Eligible
Real Estate Qualification Documents

 

With
respect to any parcel of Real Estate of a Subsidiary Guarantor or the Borrower proposed to be included in the Collateral, each
of the following, each in form substantially similar to the form previously delivered to Administrative Agent (to the extent applicable)
unless (x) waived by the Administrative Agent and the Required Lenders or (y) or previously delivered and approved as Required
Lender CPP Deliverables:

 

Description
of Property. A summary description of the Real Estate (including a structure chart showing the ownership of such Real Estate
if not directly owned by a Wholly Owned Subsidiary) and a Rent Roll.

 

Security
Documents. Such Security Documents relating to such Real Estate as the Administrative Agent shall reasonably and customarily
require, duly executed and delivered by the respective parties thereto. Without limiting the foregoing, such Security Documents
shall include (i) duly executed, acknowledged, and/or sworn to, as required, counterparts of the Mortgages and Assignment of Leases
and Rents, which Mortgages shall have been delivered to the Title Company and released for recordation in the official records
of the city or county in which such Real Estate is located, with the Administrative Agent agreeing that the principal amount secured
by any Mortgage recorded in a jurisdiction with a material mortgage or similar tax shall be limited to an amount reasonably approved
by the Administrative Agent, and (ii) UCC-1 financing statements which shall have been furnished for filing in all filing offices
that Administrative Agent may reasonably require.

 

Enforceability
Opinion. If required by the Administrative Agent, the favorable legal opinion of counsel to the Borrower and/or Subsidiary
Guarantor, from counsel reasonably acceptable to the Administrative Agent and qualified to practice in the State in which such
Real Estate is located, addressed to the Lenders and the Administrative Agent covering the authorization, enforceability and perfection
of such Security Documents and such other matters as the Administrative Agent shall reasonably request.

 

Perfection
of Liens. Evidence reasonably satisfactory to the Administrative Agent that the Security Documents are effective to create
in favor of the Administrative Agent a legal, valid and enforceable first lien or security title and security interest in such
Real Estate and that all filings, recordings, deliveries of instruments and other actions necessary or desirable to protect and
preserve such liens or security title or security interests have been duly effected.

 

Survey
and Taxes. The ALTA survey of such Real Estate, together with the surveyor certification with respect thereto and evidence
of payment of all real estate taxes, assessments and municipal charges on such Real Estate which on the date of determination
are required to have been paid under Section 5.13(a).

 

Title
Insurance; Title Exception Documents. The Title Policy (or “marked” commitment/pro forma policy for a Title Policy)
covering such Real Estate, including all endorsements thereto, and together with proof of payment of all fees and premiums for
such policy, and true and accurate copies of all documents listed as exceptions under such policy and a copy of any applicable
ground lease.

 

UCC
Certification. A certification from the Title Company, records search firm, or counsel satisfactory to the Administrative
Agent that a search of the appropriate public records disclosed no conditional sales contracts, security agreements, chattel mortgages,
leases of personalty, financing statements or title retention agreements which affect any property, rights or interests of such
Subsidiary Guarantor or the Borrower that are or are intended to be subject to the security interest, security title, assignments,
and mortgage liens created by the Security Documents relating to such Real Estate except to the extent that the same are discharged
and removed prior to or simultaneously with the inclusion of the Real Estate in the Collateral.

    2 

     

    

Management
Agreement. A true copy of each Management Agreement, if any, relating to such Real Estate, which shall be in form and substance
reasonably satisfactory to the Administrative Agent, which Administrative Agent has a right to approve pursuant to the Credit
Agreement.

 

Lease
Form. The form of Lease, if any, to be used by such Subsidiary Guarantor or such Borrower in connection with future leasing
of such Collateral Pool Property, which shall be in form and substance reasonably satisfactory to the Administrative Agent.

 

Certificates
of Insurance. Each of (i) a current certificate of insurance as to the insurance maintained by the Borrower or the Subsidiary
Guarantors on such Real Estate (including flood insurance if necessary) from the insurer or an independent insurance broker dated
as of the date of determination, identifying insurers, types of insurance, insurance limits, and policy terms; (ii) certified
copies of all policies evidencing such insurance (or certificates therefor signed by the insurer or an agent authorized to bind
the insurer); and (iii) such further information and certificates from the Borrower or the Subsidiary Guarantors, or their insurers
and insurance brokers as the Administrative Agent may reasonably request, all of which shall be in compliance with the requirements
of this Agreement.

 

Physical
Condition Report. For any Real Estate which has been completed for more than six (6) months, a Physical Condition Report,
together with any seismic probable maximum loss assessment to the extent customarily required for similar property, with appropriate
reliance letters if such reports are not addressed to the Administrative Agent, from a firm or firms of professional engineers
or architects selected by the Borrower and reasonably acceptable to Administrative Agent (the “Inspector”)
reasonably satisfactory in form and content to the Administrative Agent and the Required Lenders, dated not more than three hundred
sixty (360) days prior to the inclusion of such Real Estate in the Collateral, addressing such matters as the Administrative Agent
and the Required Lenders may reasonably require; provided, that the Administrative Agent shall rely on property condition
reports and seismic probable maximum loss assessments previously obtained by the Borrower, so long as such reports and assessment
and the Administrative Agent’s reliance thereon is commercially reasonable.

 

Hazardous
Substance Assessments. A hazardous waste or other environmental site assessment report addressed to the Administrative Agent
(or the subject of a reliance letter addressed to, and in a form reasonably satisfactory to, the Administrative Agent) concerning
Hazardous Materials and asbestos on such Real Estate dated or updated not more than three hundred sixty (360) days prior to the
inclusion of such Real Estate in the Collateral, from the Environmental Engineer, such report to contain no qualifications except
those that are acceptable to the Administrative Agent and the Required Lenders in their reasonable discretion and to otherwise
be in form and substance reasonably satisfactory to the Administrative Agent in its sole discretion; provided, that the
Administrative Agent shall rely on such hazardous waste or other environmental site assessment report previously obtained by the
Borrower, so long as such reports and the Administrative Agent’s reliance thereon is commercially reasonable.

 

Zoning
and Land Use Compliance. Such evidence regarding zoning and land use compliance as the Administrative Agent may reasonably
request.

 

Certificate
of Occupancy. Either (a) if reasonably available to the Borrower and required by applicable law, a copy of the certificate(s)
of occupancy issued to such Subsidiary Guarantor or the Borrower for such parcel of Real Estate permitting the use and occupancy
of the Building thereon (or, if reasonably available to Borrower, a copy of the certificates of occupancy issued for such parcel
of Real Estate and evidence reasonably satisfactory to the Administrative Agent that any previously issued certificate(s) of occupancy
is not required to be reissued to such Subsidiary Guarantor or the Borrower) or (b) other evidence reasonably satisfactory to
the Administrative Agent (including a statement from the applicable jurisdiction) that no certificates of occupancy are available
and necessary to the use and occupancy thereof) and that there are no violations of law with respect to occupancy.

    3 

     

    

Appraisal.
An Appraisal of such Real Estate, in form and substance satisfactory to the Administrative Agent and the Required Lenders as provided
in Section 4A.02 and dated not more than ninety (90) days prior to the inclusion of such Real Estate in the Collateral.

 

Budget.
If requested by Administrative Agent, an operating and capital expenditure budget for such Real Estate in form and substance reasonably
satisfactory to the Administrative Agent.

 

Operating
Statements. Operating statements for such Real Estate in the form of such statements delivered to the Lenders under Section
5.01(c) covering the last three (3) fiscal years and the interim period ending on the most recent fiscal quarter, to the extent
the Borrower or any Subsidiary owned such Real Estate during that period or the Borrower or any Subsidiary actually receives such
statements from the prior owner.

 

Environmental
Disclosure. Such evidence regarding compliance with Section 3.06(b) as Administrative Agent may reasonably require.

 

New
Subsidiary Guarantor Documents. With respect to Real Estate owned (directly or indirectly) by a Subsidiary that is not already
a Subsidiary Guarantor, the Joinder Agreement with such Subsidiary and such other documents, instruments, reports, assurances,
or opinions as the Administrative Agent may reasonably require.

 

Know
Your Customer. Such information as the Administrative Agent and the Lenders shall request with respect to applicable “know
your customer” and anti-money laundering rules and regulations, including the Patriot Act.

 

Additional
Documents. Such other agreements, documents, certificates, reports or assurances as the Administrative Agent may reasonably
require.

    4 

     

    

SCHEDULE
2.01A

 

Commitments

 

Revolving
Commitments

 

	Lender	 	Commitment	 
	JPMORGAN CHASE BANK, N.A.	 	$	78,125,000	 
	CAPITAL ONE, NATIONAL ASSOCIATION	 	$	43,750,000	 
	BANK OF AMERICA, N.A.	 	$	31,250,000	 
	GOLDMAN SACHS BANK USA	 	$	31,250,000	 
	THE BANK OF NEW YORK MELLON	 	$	31,250,000	 
	ASSOCIATED BANK, NATIONAL ASSOCIATION	 	$	18,750,000	 
	PEOPLE’S UNITED BANK, N.A.	 	$	15,625,000	 
	TOTAL	 	$	250,000,000	 

 

Revolving Commitments

 

	Lender	 	Commitment	 
	JPMORGAN CHASE BANK, N.A.	 	$	46,875,000	 
	CAPITAL ONE, NATIONAL ASSOCIATION	 	$	26,250,000	 
	BANK OF AMERICA, N.A.	 	$	18,750,000	 
	GOLDMAN SACHS BANK USA	 	$	18,750,000	 
	THE BANK OF NEW YORK MELLON	 	$	18,750,000	 
	ASSOCIATED BANK, NATIONAL ASSOCIATION	 	$	11,250,000	 
	PEOPLE’S UNITED BANK, N.A.	 	$	9,375,000	 
	TOTAL	 	$	150,000,000	 

    5 

     

    

SCHEDULE
2.01B

 

Letter
of Credit Commitments

 

	Lender	 	Commitment	 
	JPMORGAN CHASE BANK, N.A.	 	$	25,000,000	 
	CAPITAL ONE, NATIONAL ASSOCIATION	 	$	25,000,000	 
	TOTAL	 	$	50,000,000	 

    6 

     

    

SCHEDULE
2.06

 

Existing
Letters of Credit

 

	Existing Letters of Credit	 	 	 
	 	 	 	 
	1.	 	Liberty Mutual OCIP – Portside:	 	$	1,038,000.00	 
	2.	 	Liberty Mutual OCIP – Quarry Place	 	$	992,338.00	 
	3.	 	Liberty Mutual OCIP – Program III	 	$	4,900,000.00	 
	4.	 	Liberty Mutual OCIP – The Charlotte	 	$	3,578,742.32	 
	5.	 	Liberty Mutual OCIP – 320 & 321 University Ave Parking Lot, Newark	 	$	100,200.00	 
	 	 	 	 	 	 	 
	Pending Applications for Letters of Credit	 	 	 	 
	 	 	 	 	 
	6.	 	Capitol Grille	 	$	22,500.00	 
	7.	 	The Charlotte	 	$	36,000.00	 

    7 

     

    

SCHEDULE
2.11

 

Minimum
Release Prices

 

	Collateral Pool Property	 	Minimum Release Price	 
	Harborside 1 
  
150 Hudson
    Street,

 Jersey City, New Jersey 

(Block 11603; Lots 15, 16 and 17) 	 	$	42,080,000	 
	Harborside 2&3 
  
200 Hudson Street
    and 210 Hudson Street,
 Jersey City, New Jersey
 a/k/a Plaza II (Block 11603; Lot 18) and
 210 Hudson Street, Jersey
    City, New Jersey; 

a/k/a Plaza III (Block 11603, Lot 18) 	 	$	401,600,000	*
	Harborside 5 
  
185 Hudson Street,

    Jersey City, New Jersey 

a/k/a Plaza V (Block 11603; Lot 30) 	 	$	285,600,000	 
	Harborside 6 
  
135 Greene Street,

    Jersey City, New Jersey 

a/k/a Plaza IV-A (Block 11607; Lot 1) 	 	$	77,520,000	 
	Harborside Hudson Street 
  
Private road (Block 11603; Lot 28) 	 	$	0	 

 

*
Notwithstanding anything herein to the contrary, for the Minimum Release Price for Harborside 2&3, Borrower can also release
Lot 17 and Harborside Hudson Street.

    8 

     

    

SCHEDULE
3.05

 

Collateral
Pool Properties

 

	1.	150
                                         Hudson Street, Jersey City, New Jersey 07302; Block 11603, Lots 15, 16 & 17 (Harborside
                                         1).

 

	2.	200
                                         Hudson Street, Jersey City, New Jersey 07302; Block 11603, Lot 18 and 210 Hudson Street,
                                         Jersey City, New Jersey 07302; Block 11603, Lot 18 (Harborside 2 & 3).

 

	3.	185
                                         Hudson Street, Jersey City, New Jersey 07302; Block 11603; Lot 30 (Harborside 5).

 

	4.	135
                                         Greene Street, Jersey City, New Jersey 07302; Block 11607, Lot 1 (Harborside 6).

 

	5.	Hudson
                                         Street, Private Road, Jersey City, New Jersey 07302; Block 11603; Lot 28 (Harborside
                                         Hudson Street).

    9 

     

    

SCHEDULE
3.06

 

Disclosed
Matters

 

None.

    10 

     

    

SCHEDULE
3.18

 

Subsidiaries

 

The
following Subsidiaries are material and include Subsidiary Guarantors that own fee and leasehold interests in properties that
are Collateral Pool Properties and Roseland Residential Trust:

 

	Subsidiary	Jurisdiction
    of 

Incorporation	General
Partner, Member or 

Shareholders

                                                                                                                                                                                                            

	Roseland
    Residential Trust	Maryland	Mack-Cali
Realty, L.P.

                                                                                                                                                                                         

                                                                                                                                                                                        Mack-Cali
Property Trust
 (a wholly owned subsidiary
of Mack-Cali Realty, L.P.)

                                                                                                                                                                                         

                                                                                                                                                                                        Mack-Cali Texas Property, L.P. (of which the general partner is Mack-Cali Sub XVII, Inc., a wholly owned
subsidiary of Mack-Cali Realty Corporation)

                                                                                                                                                                                         

	Mack-Cali
    Plaza I L.L.C.	New
    Jersey	Mack-Cali Realty, L.P.

                                                                                 

	M-C
    Plaza II & III LLC	New
    Jersey	Mack-Cali Realty, L.P.

                                                                                 

	M-C
    Plaza V LLC	New
    Jersey	Mack-Cali
    Realty, L.P.
	Cal-Harbor
    V Urban Renewal Associates L.P.	New
    Jersey	Mack-Cali
    Sub X, Inc.
	Cal-Harbor
    V Leasing Associates L.L.C.	New
    Jersey	Mack-Cali
    Realty, L.P.
	Cali
    Harborside (Fee) Associates L.P.	New
    Jersey	Mack-Cali
    Sub X, Inc.
	Cal-Harbor
    VII Urban Renewal Associates L.P.	New
    Jersey	Mack-Cali
    Sub XI, Inc.
	Cal-Harbor
    VII Leasing Associates L.L.C.	New
    Jersey	Mack-Cali
    Realty, L.P.
	M-C
    Harborside Promenade LLC	New
    Jersey	Mack-Cali
    Realty, L.P.

    11 

     

    

The
following Subsidiaries are material and Subsidiary Guarantors but own a fee or leasehold interest in property that is not a Collateral
Pool Property:

 

	Subsidiary	Jurisdiction
    of 

Incorporation	General
                                         Partner, Member or 

Shareholders

        

	M-C
    Plaza IV LLC	New
    Jersey	Mack-Cali
    Realty, L.P.
	Cal-Harbor
    IV Urban Renewal Associates L.P.	New
    Jersey	Mack-Cali
    Sub X, Inc.

 

The
following Subsidiaries are material but are not Subsidiary Guarantors and own properties that are not Collateral Pool Properties
because such properties are encumbered by a mortgage, but they are covered by the reps and warranties under the Credit Agreement:

 

	Subsidiary	Jurisdiction
    of 

Incorporation	General
                                         Partner, Member or 

Shareholders

        

	101
    Hudson Realty L.L.C.	New
    Jersey	101
                                         Hudson Holding L.L.C.

                                         (of which Mack-Cali Realty, L.P. is the sole member)

         

	111
    River Realty L.L.C.	New
    Jersey	111
    River SPE Holdings L.L.C.

    (of which Mack-Cali Realty, L.P. is the sole member)

 

The
following Subsidiaries are individually immaterial to the Borrower’s business taken as a whole and are not Subsidiary Guarantors
but are included on this Schedule 3.18 for informational purposes. Such Subsidiaries may or may not be encumbered, including entities
under JV agreements (as indicated by * below) or sale contracts (as indicated by ** below):

 

	Subsidiary	Jurisdiction
    of 

Incorporation	General
                                         Partner, Member or 

Shareholders

        

	Cal-Harbor
                                         So. Pier Urban Renewal Associates L.P.*

         
	New
    Jersey	M-C
                                         So. Pier L.L.C.

                                         (of which Mack-Cali Realty, L.P. is the sole member)

         

	Harborside
                                         Land LLC*

         
	New
    Jersey	Mack-Cali
    Realty, L.P.
	Harborside
                                         Hotel LLC*

         
	New
    Jersey	Mack-Cali
                                         Services, Inc. (of which Mack-Cali Realty, L.P. is the sole shareholder)

         

    12 

     

    

	One
    Campus Associates, L.L.C.*	New
    Jersey	M-C
                                         3 Campus LLC

                                         (of which the managing member is 3 Campus Realty L.L.C., a wholly owned subsidiary of
                                         Mack-Cali Realty, L.P.)

         

	The
    Offices at Crystal Lake, LLC*	New
    Jersey	MC
                                         Roseland Crystal Lake L.L.C.

                                         (a joint venture which is an indirectly owned subsidiary of Mac-Cali Realty, L.P.)

         

	Columbia
                                         Road Owner LLC*

         
	New
    Jersey	Columbia
    Road Partners LLC

    (a joint venture which is an indirectly owned subsidiary of Mac-Cali Realty, L.P.)
	M-C
    Hudson LLC	New
    Jersey	Mack-Cali
    Realty, L.P.
	Parsippany
    Hanover Realty II L.L.C.	New
    Jersey	Mack-Cali
    Realty, L.P.
	Hanover
    3201 Realty L.L.C.	New
    Jersey	Mack-Cali
    Realty, L.P.
	Mack-Cali
    East Lakemont L.L.C. (f/k/a Mack-Cali Properties Co. #3 L.L.C.)	New
    Jersey	Mack-Cali
    Realty, L.P.
	Palladium
Realty L.L.C. ** 

        (under
        sale contract for four acres of parcel)

         
	New
    Jersey	Mack-Cali
    Realty, L.P.
	MC
    University Parking L.L.C.	New
    Jersey	Mack-Cali
    Realty, L.P.
	C.W.
    Associates L.L.C.	New
    Jersey	Mack-Cali Realty, L.P.

                                                                                 

	Horizon
    Center Realty Associates L.L.C.**	New
    Jersey	Mack-Cali
    Property Trust
	4
    Gatehall Realty L.L.C.**	New
    Jersey	Mack-Cali
    Realty, L.P.
	One
                                         River Associates, L.P.**

         
	New
    Jersey	MC
    One River General L.L.C. (of which Mack-Cali Realty, L.P. is the sole member)

    13 

     

    

	Red
    Bank HMS L.L.C.**	New
    Jersey	Mack-Cali
    Realty, L.P.
	Mack-Cali
                                         Holmdel L.L.C.**

         
	New
    Jersey	Mack-Cali Texas Property L.P. (of which Mack-Cali Sub XVII, Inc. is the general partner, of which Mack-Cali Realty Corporation is the sole stockholder)

                                                                                 

	Wall
    34 Realty L.L.C.**	New
    Jersey	Mack-Cali Realty, L.P.

                                                                                 

	7
                                         Giralda Realty L.L.C.**

         
	New
                                         Jersey

         
	Mack-Cali
    Realty, L.P.

 

The
following Subsidiaries are individually immaterial to the Borrower’s business taken as a whole and are not Subsidiary Guarantors
but are included on this Schedule 3.18 for informational purposes and they do not own property and are not Subsidiary Guarantors:

 

	101
                                         Hudson Hospitality L.L.C.

         
	New
    Jersey	Mack-Cali
                                         Services, Inc. (of which Mack-Cali Realty, L.P. is the sole shareholder)

         

	District
                                         Kitchen Hospitality L.L.C.

         
	New
    Jersey	Mack-Cali
    Services, Inc. (of which Mack-Cali Realty, L.P. is the sole shareholder)

    

	Hanover
                                         Hospitality L.L.C.

         
	New
    Jersey	Mack-Cali
                                         Services, Inc. (of which Mack-Cali Realty, L.P. is the sole shareholder)

         

	Harborside
                                         Hospitality L.L.C.

         
	New
    Jersey	Mack-Cali
                                         Services, Inc. (of which Mack-Cali Realty, L.P. is the sole shareholder)

         

	M-C
                                         Jersey City Hospitality L.L.C.

         
	New
    Jersey	Mack-Cali
                                         Services, Inc. (of which Mack-Cali Realty, L.P. is the sole shareholder)

         

	MC
                                         Piggyback Hospitality L.L.C.

         
	New
    Jersey	Mack-Cali
                                         Services, Inc. (of which Mack-Cali Realty, L.P. is the sole shareholder)

         

	MC
                                         Sylvan/Campus Hospitality L.L.C.

         
	New
    Jersey	Mack-Cali
                                         Services, Inc. (of which Mack-Cali Realty, L.P. is the sole shareholder)

         

    14 

     

    

	MC
                                         Parsippany Hospitality Corp.

         
	New
    Jersey	Mack-Cali
                                         Services, Inc. (of which Mack-Cali Realty, L.P. is the sole shareholder)

         

	Garden
                                         State Café Licensing L.L.C.

         
	New
    Jersey	Mack-Cali
    Services, Inc. (of which Mack-Cali Realty, L.P. is the sole shareholder)
	Harborside
                                         Café L.L.C.

         
	New
    Jersey	Mack-Cali
                                         Services, Inc. (of which Mack-Cali Realty, L.P. is the sole shareholder)

         

	MC
                                         Harborside Restaurant L.L.C.

         
	New
    Jersey	Mack-Cali
                                         Services, Inc. (of which Mack-Cali Realty, L.P. is the sole shareholder)

         

	Quality
                                         Education for Kids, Inc.

         
	New
    Jersey	N/A
	Garden
                                         State Vehicle Leasing L.L.C.

         
	New
    Jersey	Mack-Cali
    Realty, L.P.
	Mack-Cali
                                         E Commerce L.L.C.

         
	New
    Jersey	Mack-Cali
    Realty, L.P.
	Mack-Cali
                                         Realty Acquisition Corp.

         
	New
    Jersey	Mack-Cali
    Realty, L.P.
	Mack-Cali
                                         Services, Inc.

         
	New
    Jersey	Mack-Cali
    Realty, L.P.
	MC
                                         Free WI-FI L.L.C.

         
	New
    Jersey	Mack-Cali
    Realty, L.P.
	MC
                                         Piggyback Services L.L.C.

         
	New
    Jersey	Mack-Cali
                                         Services, Inc. (of which Mack-Cali Realty, L.P. is the sole shareholder)

         

	Cal-Harbor
    VI Urban Renewal Associates L.P.	New
    Jersey	Mack-Cali
    Sub XI, Inc.

    15 

     

    

SCHEDULE
3.19

 

Collateral
Pool Property Exceptions

 

None.

    16 

     

    

SCHEDULE
6.01

 

Existing
Indebtedness

 

	1.	Indenture,
                                         dated as of March 16, 1999, by and among Mack-Cali Realty, L.P., as issuer, Mack-Cali
                                         Realty Corporation, as guarantor, and Wilmington Trust Company, as trustee, as supplemented
                                         by that certain Supplemental Indenture No. 15, dated as of April 9, 2012.

 

	2.	Indenture,
                                         dated as of March 16, 1999, by and among Mack-Cali Realty, L.P., as issuer, Mack-Cali
                                         Realty Corporation, as guarantor, and Wilmington Trust Company, as trustee, as supplemented
                                         by that certain Supplemental Indenture No. 17, dated as of May 8, 2012.

 

	3.	Amended
                                         and Restated Revolving Credit and Term Loan Agreement, dated as of January 25, 2017,
                                         as amended, by and among Mack-Cali-Realty, L.P., JPMorgan Chase Bank, N.A., individually
                                         and as Administrative Agent and Fronting Bank, and certain other parties as provided
                                         therein.

 

	4.	Permanent
                                         mortgage of $3.8 million on Port Imperial South Retail with initial maturity on December
                                         1, 2021, from American General Life & A/G PC.

 

	5.	Permanent
                                         mortgage of $59.0 million on Portside I with initial maturity on August 1, 2023, from
                                         CBRE Capital Markets/Freddie Mac.

 

	6.	Permanent
                                         mortgage of $43.0 million on Signature Place with initial maturity on August 1, 2024,
                                         from Nationwide Life Insurance Co.

 

	7.	Permanent
                                         mortgage of $265.0 million on Liberty Towers with initial maturity on October 1, 2024,
                                         from American General Life Insurance Co.

 

	8.	Permanent
                                         mortgage of $97.0 million on Portside II with initial maturity on March 10, 2026, from
                                         New York Life Insurance Co.

 

	9.	Permanent
                                         mortgage of $131.0 million on BLVD 425 with initial maturity on August 10, 2026, from
                                         New York Life Insurance Co.

 

	10.	Permanent
                                         mortgage of $117.0 million on BLVD 401 with initial maturity on August 10, 2026, from
                                         New York Life Insurance Co.

 

	11.	Permanent
                                         mortgage of $250.0 million on 101 Hudson with initial maturity on October 11, 2026, from
                                         Wells Fargo CMBS.

 

	12.	Permanent
                                         mortgage of $41.0 million on Quarry Place with initial maturity on August 5, 2027, from
                                         Natixis.

 

	13.	Permanent
                                         mortgage of $165.0 million on BLVD 475 with initial maturity on November 10, 2027, from
                                         Northwestern Mutual Life Insurance Co.

    17 

     

    

	14.	Permanent
                                         mortgage of $100.0 million on RiverHouse 11 with initial maturity on January 1, 2029,
                                         from Northwestern Mutual Life Insurance Co.

 

	15.	Permanent
                                         mortgage of $160.0 million on Soho Lofts with initial maturity on July 1, 2029, from
                                         New York Community Bank.

 

	16.	Permanent
                                         mortgage of $150.0 million on 111 River St. with initial maturity on September 1, 2029,
                                         from Athene Annuity and Life Co.

 

	17.	Permanent
                                         mortgage of $33.0 million on Port Imperial South Garage with initial maturity on December
                                         1, 2029, from American General Life & A/G PC.

 

	18.	Permanent
                                         mortgage of $72.0 million on Emery with initial maturity on January 1, 2031.

 

	19.	Permanent
                                         mortgage of $94.0 million on Marriott Hotels with initial maturity on April 9, 2022,
                                         from Fifth Third Bank & Santander.

 

	20.	Construction
                                         loan of $60.3 million on RiverHouse 9 with initial maturity on December 19, 2022, from
                                         Bank of New York Mellon.

 

	21.	Construction
                                         loan of $50.4 million on Upton with initial maturity on March 26, 2023, from People’s
                                         United Bank.

 

	22.	Construction
                                         loan of $183.9 million on The Charlotte with initial maturity on December 1, 2024, from
                                         QuadReal Finance.

 

	23.	Permanent
                                         mortgage of $63.0 million on 145 Front St. with initial maturity on December 10, 2026,
                                         from MUFG Union Bank.

    18 

     

    

SCHEDULE
6.02

 

Existing
Liens

 

None.

    19 

     

    

SCHEDULE
6.08

 

Existing
Affiliate Transactions

 

Pursuant
to that certain Amended and Restated Discretionary Demand Promissory Note, dated June 28, 2019, between Mack-Cali Realty, L.P.,
a Delaware limited partnership, as lender (“MC Lender”) and Roseland Residential, L.P., a Delaware limited
partnership, as borrower (“RRLP Borrower”), MC Lender may elect to make to RRLP Borrower one or more advances
in the maximum principal amount of $50,000,000. Roseland Residential Trust, a Maryland real estate investment trust of which MC
Lender is the majority equityholder, is the sole general partner of RRLP.

    20 

     

    

SCHEDULE
6.09

 

Existing
Restrictions

 

The
following include restrictions regarding Subsidiaries with assets subject to mortgages:

 

	1.	Permanent
                                         mortgage of $150.0 million on 111 River St. with initial maturity on September 1, 2029,
                                         from Athene Annuity and Life Co.

 

	2.	Permanent
                                         mortgage of $250.0 million on 101 Hudson with initial maturity on October 11, 2026, from
                                         Wells Fargo CMBS.

 

The following include restrictions regarding Subsidiaries subject to joint venture agreements:

 

	1.	Second
Amended and Restated Limited Partnership Agreement of Cal-Harbor So. Pier  Urban Renewal Associates L.P., dated September 14,
2016.

 

	2.	Amended
and Restated Limited Liability Company Agreement of Harborside Land LLC,  dated September 14, 2016.

 

	3.	Amended
and Restated Limited Liability Company Agreement of Harborside Hotel LLC,  dated September 14, 2016.

 

	4.	Amended
and Restated Limited Liability Company Agreement of One Campus Associates,  L.L.C., dated December 26, 2000.

 

	5.	Amended
and Restated Operating Agreement of The Offices at Crystal Lake, LLC, dated  October 15, 2003.

 

	6.	Limited
Liability Company Agreement of Columbia Road Owner LLC, dated December  29, 2016.

    21 

     

    

Exhibit
a

 

[form
of]

ASSIGNMENT
AND ASSUMPTION

 

This
Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth
below and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert
name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the
meanings given to them in the Revolving Credit and Term Loan Agreement identified below (as amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged
by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated
herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

 

For
an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably
purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement,
as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and
obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto
to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations
of the Assignor under the respective facilities identified below (including any letters of credit and guarantees included in such
facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any
other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection
with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby
or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory
claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i)
above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively
as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except
as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor.

 

	1.	Assignor:	______________________________
	2.	Assignee:	______________________________

    [and is an Affiliate/Approved Fund of [identify Lender]1 ]
	3.	Borrower(s):	Mack-Cali
    Realty, L.P.
	4.	Administrative
    Agent:	JP
    Morgan Chase Bank, N.A., as the administrative agent under the Credit Agreement
	5.	Credit
    Agreement:	The
    Revolving Credit and Term Loan Agreement dated as of May 6, 2021 among Mack-Cali Realty, L.P., the Lenders parties thereto,
    JPMorgan Chase Bank, N.A., as Administrative Agent, and the other agents parties thereto

 

 

	1	Select as applicable.

    Ex. A-1

     

    

	6.	Assigned
    Interest:	 

 

	Facility 
 Assigned2	 	 	Aggregate Amount of 
 Commitment/Loans for 
 all Lenders	 	Amount of 
 Commitment/Loans 
 Assigned	 	 	Percentage Assigned of 
 Commitment/Loans3	 
	 	 	 	$	 	$	 	 		%
	 	 	 	$	 	$	 	 		%
	 	 	 	$	 	$	 	 		%

 

Effective
Date: _____________ ___, 20___ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF
TRANSFER IN THE REGISTER THEREFOR.]

 

The
Assignee agrees to deliver to the Administrative Agent a completed Administrative Questionnaire in which the Assignee designates
one or more Credit Contacts to whom all syndicate-level information (which may contain material non-public information about the
Borrower, the Loan Parties and their Related Parties or their respective securities) will be made available and who may receive
such information in accordance with the Assignee’s compliance procedures and applicable laws, including Federal and state
securities laws.

 

The
terms set forth in this Assignment and Assumption are hereby agreed to:

 

	 	ASSIGNOR
	 	 	 	 
	 	[NAME
    OF ASSIGNOR]
	 	 	 	 
	 	 	By:	 
	 	 	 	Title:
	 	 	 	 
	 	ASSIGNEE
	 	 	 	 
	 	[NAME
    OF ASSIGNEE]
	 	 	 	 
	 	 	By:	 
	 	 	 	Title:

 

 

2
        Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under
this Assignment (e.g., “Revolving Commitment,” “Term Loan Commitment,” “Revolving Loans,”
etc.)

3
        Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

    Ex. A-2

     

    

	[Consented to and]4 Accepted:	 
	 	 	 
	JPMorgan
    Chase Bank, N.A., as Administrative Agent	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	[Consented to:]5	 
	 	 	 
	[Name
    of relevant party]	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

 

4
To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.

5
To be added only if the consent of the Borrower and/or other parties (e.g. Issuing Banks) is required by the terms of the
Credit Agreement.

    Ex. A-3

     

    

ANNEX
1

 

REVOLVING
CREDIT AND TERM LOAN AGREEMENT

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

 

1.        Representations
and Warranties.

 

1.1       Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned
Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has
taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated
hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection
with the Credit Agreement, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit
Agreement or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or
any other Person obligated in respect of the Credit Agreement, (iv) any requirements under applicable law for the Assignee to
become a lender under the Credit Agreement or to charge interest at the rate set forth therein from time to time or (v) the performance
or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations
under the Credit Agreement.

 

1.2.       Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under
the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement and under applicable law that
are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective
Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest,
shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the
type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire
the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, together
with copies of the most recent financial statements delivered pursuant to Section 5.01 thereof, as applicable, and such other
documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment
and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently
and without reliance on the Administrative Agent, any Arranger or any other Lender and their respective Related Parties, and (vi)
attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit
Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on
the Administrative Agent, any Arranger, the Assignor or any other Lender and their respective Related Parties, and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not
taking action under the Credit Agreement, and (ii) it will perform in accordance with their terms all of the obligations which
by the terms of the Credit Agreement are required to be performed by it as a Lender.

    Annex. 1-1

     

    

2.       Payments.
From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including
payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective
Date and to the Assignee for amounts which have accrued from and after the Effective Date.

 

3.       General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together
shall constitute one instrument. Acceptance and adoption of the terms of this Assignment and Assumption by the Assignee and the
Assignor by Electronic Signature or delivery of an executed counterpart of a signature page of this Assignment and Assumption
by any Approved Electronic Platform shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption.
This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York.

    Annex 1-2

     

    

EXHIBIT
B

[FORM OF] 

BORROWING
REQUEST

 

JPMorgan Chase Bank, N.A.,
 as Administrative Agent
 500 Stanton Christiana Road, Ops 2  

3rd Floor  

Newark, DE 19713
 Fax: (302) 634-3301
 Attention: JPMorgan Loan Services, Loan

and Agency Services Group  

 

[Date]

 

Ladies
and Gentlemen:

 

Reference
is hereby made to the Revolving Credit and Term Loan Agreement dated as of 6, 2021 (as amended, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Mack-Cali Realty L.P., each lender from time to time
party thereto and JPMorgan Chase Bank, N.A. as Administrative Agent. Unless otherwise defined herein, terms defined in the Credit
Agreement and used herein shall have the meanings given to them in the Credit Agreement. This notice constitutes a Borrowing Request
and the Borrower hereby gives you notice, pursuant to Section 2.03 of the Credit Agreement, that it requests a Borrowing under
the Credit Agreement, and in that connection the Borrower specifies the following information with respect to such Borrowing:

 

	 	(A)	Aggregate
    principal amount of Borrowing:6 $_________________
	 	(B)	Class
    of Borrowing: 7 ________________
	 	(C)	Date
    of Borrowing (which is a Business Day): ________________
	 	(D)	Type
    of Borrowing:8 ____________________________________
	 	(E)	Interest
    Period:9 _____________________

 

 

6           Must comply with Section 2.02(c) of the Credit Agreement.

7           Specify Revolving Borrowing or Term Borrowing.

8           Specify ABR Borrowing or Eurodollar Borrowing. If no election as to the Type of Borrowing is
specified, then the requested Borrowing shall be an ABR Borrowing.

9           Applicable to Eurodollar Borrowings only. Shall be subject to the definition of “Interest
Period” and can be a period of one, three or six months (or, with the consent of each Lender under the applicable Facility,
twelve months). Cannot extend beyond the Maturity Date. If an Interest Period is not specified, then the Borrower shall be deemed
to have selected an Interest Period of one month’s duration.

    Ex. B-1

     

    

	 	[(F)	Location
    and number of the Borrower’s account to which proceeds of the requested Borrowing are to be disbursed: [NAME OF BANK]
    (Account No.: ______________)]

 

The
Borrower hereby certifies that the conditions specified in paragraphs (a) and (b) of Section 4.02 of the Credit Agreement have
been satisfied and that, after giving effect to the Borrowing requested hereby, [the Total Revolving Credit Exposure] 10[the
aggregate amount of all Term Loans] 11 shall not exceed the maximum amount thereof specified in Section 2.01 of the
Credit Agreement.

 

	 	Very truly yours,
	 	 	 
	 	Mack-Cali Realty, L.P.
	 	 	 
	 	By:	   
	 	 	Name:
	 	 	Title:

 

 

10
        For Revolving Borrowings.

11
        For Term Borrowings. 

    Ex. B-2

     

    

exhibit
C

[FORM OF] 

INTEREST
ELECTION REQUEST

 

JPMorgan Chase Bank, N.A.,
 as Administrative Agent
 [00 Stanton Christiana Road, Ops 2  

3rd Floor  

Newark, DE 19713
 Fax: (302) 634-3301
 Attention: JPMorgan Loan Services, Loan

and Agency Services Group  

 

[Date]

 

Ladies
and Gentlemen:

 

Reference
is hereby made to the Revolving Credit and Term Loan Agreement dated as of 6, 2021 (as amended, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Mack-Cali Realty L.P., each lender from time to time
party thereto and JPMorgan Chase Bank, N.A. as Administrative Agent. Unless otherwise defined herein, terms defined in the Credit
Agreement and used herein shall have the meanings given to them in the Credit Agreement. This notice constitutes an Interest Election
Request and the Borrower hereby gives you notice, pursuant to Section 2.08 of the Credit Agreement, that it requests to convert
an existing Borrowing under the Credit Agreement, and in that connection the Borrower specifies the following information with
respect to such conversion requested hereby:

 

	 	(A)	List
    date, Type, Class, principal amount and Interest Period (if applicable) of existing Borrowing: ___________
	 	(B)	Aggregate
    principal amount of resulting Borrowing:12 $_________________
	 	(C)	Effective
    date of interest election (which is a Business Day):________________
	 	(D)	Type
    of Borrowing:13 ____________________________________

 

 

12         Must comply with
Section 2.02(c) of the Credit Agreement.

13         Specify ABR Borrowing
or Eurodollar Borrowing.

    Ex. C-1

     

    

	 	(E)	Interest
    Period and last day thereof (if a Eurodollar Borrowing):14 _____________________

 

	 	Very truly yours,
	 	 	 
	 	Mack-Cali Realty, L.P.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

14
         Applicable to Eurodollar Borrowings only. Shall be subject to the definition of “Interest Period” and can be a period
of one, three or six months (or, with the consent of each Lender under the applicable Facility, twelve months). Cannot extend
beyond the Maturity Date. If an Interest Period is not specified, then the Borrower shall be deemed to have selected an Interest
Period of one month’s duration.

    Ex. C-2

     

    

EXHIBIT
D-1

[FORM OF]

U.S.
TAX COMPLIANCE CERTIFICATE

 

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

 

Reference
is hereby made to the Revolving Credit and Term Loan Agreement dated as of 6, 2021 (as amended, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Mack-Cali Realty L.P., each lender from time to time
party thereto and JPMorgan Chase Bank, N.A. as Administrative Agent.

 

Pursuant
to the provisions of Section 2.17(f)(ii)(B)(3) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record and beneficial owner of the Loan(s) (as well as any promissory note(s) evidencing such Loan(s)) in respect of which it
is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a
ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled
foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The
undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form
W-8BEN or IRS Form W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this
certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned
shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective
certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar
years preceding such payments.

 

Unless
otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement.

 

	[NAME
    OF LENDER]	 
	 	 	 
	By:	   	 
	 	Name:	 
	 	Title:	 

 

Date: ________ __, 20[  ]

    Ex. D-1

     

    

EXHIBIT
D-2

[FORM OF]

U.S.
TAX COMPLIANCE CERTIFICATE

 

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

 

Reference
is hereby made to the Revolving Credit and Term Loan Agreement dated as of 6, 2021 (as amended, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Mack-Cali Realty L.P., each lender from time to time
party thereto and JPMorgan Chase Bank, N.A. as Administrative Agent.

 

Pursuant
to the provisions of Section 2.17(f)(ii)(B)(4) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within
the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning
of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described
in Section 881(c)(3)(C) of the Code.

 

The
undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS
Form W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate
changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished
such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is
to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless
otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement.

 

	[NAME
    OF LENDER]	 
	 	 	 
	By:	    	 
	 	Name:	 
	 	Title:	 

    Ex. D-2

     

    

EXHIBIT
D-3

[FORM OF]

U.S.
TAX COMPLIANCE CERTIFICATE

 

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

 

Reference
is hereby made to the Revolving Credit and Term Loan Agreement dated as of 6, 2021 (as amended, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Mack-Cali Realty L.P., each lender from time to time
party thereto and JPMorgan Chase Bank, N.A. as Administrative Agent.

 

Pursuant
to the provisions of Section 2.17(f)(ii)(B)(4) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members
are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of
its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course
of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members
is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct
or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C)
of the Code.

 

The
undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of
its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an
IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial
owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the
information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned
shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar
year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless
otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement.

 

	[NAME
                                         OF Participant]	 
	 	 	 
	By:	   	 
	 	Name:	 
	 	Title:	 

 

Date: ________ __, 20[  ]

    Ex. D-3

     

    

EXHIBIT
D-4

[FORM OF]

U.S.
TAX COMPLIANCE CERTIFICATE

 

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

 

Reference
is hereby made to the Revolving Credit and Term Loan Agreement dated as of 6, 2021 (as amended, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Mack-Cali Realty L.P., each lender from time to time
party thereto and JPMorgan Chase Bank, N.A. as Administrative Agent.

 

Pursuant
to the provisions of Section 2.17(f)(ii)(B)(4) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record owner of the Loan(s) (as well as any promissory note(s) evidencing such Loan(s)) in respect of which it is providing this
certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any promissory
note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other
Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant
to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of
the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning
of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation
related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The
undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms
from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or Form W-8BEN-E or
(ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS W-8BEN-E from each of such partner’s/member’s beneficial
owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the
information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative
Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed
and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in
either of the two calendar years preceding such payments.

 

Unless
otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement.

 

	[NAME
    OF LENDER]	 
	 	 	 
	By:	       	 
	 	Name:	 
	 	Title:	 

 

Date: ________ __, 20[  ]

    Ex. D-4

     

    

EXHIBIT
E-1

 

[FORM
OF] 

REVOLVING
CREDIT NOTE

 

	$______________	_________, 20__

 

FOR
VALUE RECEIVED, the undersigned, MACK-CALI REALTY, L.P., a Delaware limited partnership (the “Borrower”) hereby
unconditionally promises to pay to the order of ___________________________ (the “Lender”), in care of JPMORGAN
CHASE BANK, N.A., as Administrative Agent (the “Administrative Agent”), to its address at [10 South
Dearborn, Floor L2S, Chicago, IL 60603-2300,] or at such other address as may be specified by the Administrative Agent to the
Borrower, the principal sum of ___________________ AND ___/100 DOLLARS ($_____________), or such lesser amount as may be the then
outstanding and unpaid balance of all Revolving Loans made by the Lender to the Borrower pursuant to, and in accordance with the
terms of, the Credit Agreement (as defined below).

 

The
Borrower further agrees to pay interest at said office, in like money, on the unpaid principal amount owing hereunder from time
to time on the dates and at the rates and at the times specified in the Credit Agreement.

 

This
Revolving Credit Note is one of the “Revolving Credit Notes” referred to in that certain Revolving Credit and Term
Loan Agreement dated as of May 6, 2021 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among the Borrower, the financial institutions party thereto and their assignees under Section 9.04
thereof, and the Administrative Agent, and is subject to, and entitled to, all provisions and benefits thereof. Capitalized terms
used herein and not defined herein shall have the respective meanings given to such terms in the Credit Agreement. The Credit
Agreement, among other things, (a) provides for the making of Revolving Loans by the Lender to the Borrower in an aggregate amount
not to exceed the Dollar amount first above mentioned, (b) permits the prepayment of the Revolving Loans by the Borrower subject
to certain terms and conditions and (c) provides for the acceleration of the Revolving Loans upon the occurrence of certain specified
events.

 

The
Borrower hereby waives presentment, demand, protest and notice of any kind. No failure to exercise, and no delay in exercising
any rights hereunder on the part of the holder hereof shall operate as a waiver of such rights.

 

Time
is of the essence for this Revolving Credit Note.

 

[This
Revolving Credit Note is given in replacement of the Revolving Credit Note dated ________ __, 20__, in the original principal
amount of $_______ previously delivered to the Lender under the Credit Agreement. THIS REVOLVING CREDIT NOTE IS NOT INTENDED TO
BE, AND SHALL NOT BE CONSTRUED TO BE, A NOVATION OF ANY OF THE OBLIGATIONS OWING UNDER OR IN CONNECTION WITH THE OTHER REVOLVING
CREDIT NOTE.]15

 

THIS
REVOLVING CREDIT NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

 

 

15
         Language to be included in case of an assignment and need to issue a replacement note to an existing Lender, either because
such Lender’s Revolving Commitment has increased or decreased from what it was initially. 

    Ex. E-1 - 1

     

    

Delivery
of an executed counterpart of a signature page of this Revolving Credit Note that is an Electronic Signature transmitted by telecopy,
emailed .pdf or any other electronic means that reproduces an image of an actual executed signature page shall be effective as
delivery of a manually executed counterpart of this Revolving Credit Note in accordance with Section 9.06(b) of the Credit Agreement.

 

[Signature
on Next Page]

    Ex. E-1 - 2

     

    

IN
WITNESS WHEREOF, the undersigned has executed and delivered this Revolving Credit Note under seal as of the date written above.

 

	 	MACK-CALI REALTY, L.P.
	 	 	 
	 	By:	    
	 	Name:	 
	 	Title:	 

    Ex. E-1 - 3

     

    

EXHIBIT
E-2

 

[FORM
OF]

TERM
NOTE

 

	$______________	_________, 20__

 

FOR
VALUE RECEIVED, the undersigned, MACK-CALI REALTY, L.P., a Delaware limited partnership (the “Borrower”) hereby
unconditionally promises to pay to the order of ___________________________ (the “Lender”), in care of JPMORGAN
CHASE BANK, N.A., as Administrative Agent (the “Administrative Agent”), to its address at [10 South
Dearborn, Floor L2S, Chicago, IL 60603-2300,] or at such other address as may be specified by the Administrative Agent to the
Borrower, the principal sum of ___________________ AND ___/100 DOLLARS ($_____________), or such lesser amount as may be the then
outstanding and unpaid balance of all Term Loans made by the Lender to the Borrower pursuant to, and in accordance with the terms
of, the Credit Agreement (as defined below).

 

The
Borrower further agrees to pay interest at said office, in like money, on the unpaid principal amount owing hereunder from time
to time on the dates and at the rates and at the times specified in the Credit Agreement.

 

This
Term Note is one of the “Term Notes” referred to in that certain Revolving Credit and Term Loan Agreement dated as
of May 6, 2021 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
by and among the Borrower, the financial institutions party thereto and their assignees under Section 9.04 thereof, and the Administrative
Agent, and is subject to, and entitled to, all provisions and benefits thereof. Capitalized terms used herein and not defined
herein shall have the respective meanings given to such terms in the Credit Agreement. The Credit Agreement, among other things,
(a) provides for the making of Term Loans by the Lender to the Borrower in an aggregate amount not to exceed the Dollar amount
first above mentioned, (b) permits the prepayment of the Term Loans by the Borrower subject to certain terms and conditions and
(c) provides for the acceleration of the Term Loans upon the occurrence of certain specified events.

 

The
Borrower hereby waives presentment, demand, protest and notice of any kind. No failure to exercise, and no delay in exercising
any rights hereunder on the part of the holder hereof shall operate as a waiver of such rights.

 

Time
is of the essence for this Term Note.

 

[This
Term Note is given in replacement of the Term Note dated ________ __, 20__, in the original principal amount of $_______ previously
delivered to the Lender under the Credit Agreement. THIS TERM NOTE IS NOT INTENDED TO BE, AND SHALL NOT BE CONSTRUED TO BE, A
NOVATION OF ANY OF THE OBLIGATIONS OWING UNDER OR IN CONNECTION WITH THE OTHER TERM NOTE.]16

 

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

 

 

16
        Language to be included in case of an assignment and need to issue a replacement note to an existing Lender, either because
such Lender’s Term Loan Commitment has increased or decreased from what it was initially. 

    Ex. E-2 - 1

     

    

Delivery
of an executed counterpart of a signature page of this Term Note that is an Electronic Signature transmitted by telecopy, emailed
..pdf or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery
of a manually executed counterpart of this Term Note in accordance with Section 9.06(b) of the Credit Agreement.

 

[Signature
on Next Page]

    Ex. E-2 - 2

     

    

IN
WITNESS WHEREOF, the undersigned has executed and delivered this Term Note under seal as of the date written above.

 

	 	MACK-CALI REALTY, L.P.
	 	 	 
	 	By:	   
	 	Name:	 
	 	Title:	 

    Ex. E-2 - 3

     

    

EXHIBIT
F

 

[FORM
OF] 

COMPLIANCE
CERTIFICATE

 

For
the Fiscal [Quarter][Year] ended _______________, ____

 

To:        JPMorgan
Chase Bank, N.A., as Administrative Agent

 

Ladies
and Gentlemen:

 

Reference
is made to that certain Revolving Credit and Term Loan Agreement dated as of May 6, 2021 (as amended, restated, extended, supplemented
or otherwise modified in writing from time to time, the “Credit Agreement”; the terms defined therein
being used herein as therein defined), among Mack-Cali Realty, L.P., a Delaware limited partnership (the “Borrower”),
the Lenders parties thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent.

 

The
undersigned Financial Officer hereby certifies as of the date hereof that [he][she] is the ___________________ of the Borrower,
and that, as such, [he][she] is authorized to execute and deliver this Compliance Certificate (this “Certificate”)
to the Administrative Agent on the behalf of the Borrower pursuant to Section [2.04][4.01(d)(viii)][4.02(d)][4A.03(v)][4A.04(c)][5.01(c)]
of the Credit Agreement, and not in [his][her] personal capacity, and that:

 

1.          [To
the knowledge of the undersigned, no Default has occurred and is continuing on and as of the date of this Certificate.] [To the
knowledge of the undersigned, the following is a list of each Default that has occurred and is continuing on and as of the date
of this Certificate and the actions taken or proposed to be taken with respect thereto:]

 

2.          The
representations and warranties of the Borrower set forth in the Credit Agreement remain true and correct in all material respects
(except for representations and warranties that are qualified by materiality, which remain true and correct in all respects) on
and as of the date of this Certificate (except for representations and warranties made as of an earlier date (which remain true
and correct in all material respects as of such earlier date) and except for changes in factual circumstances not prohibited by
the Credit Agreement).

 

3.          Since
the date of the last Compliance Certificate delivered pursuant to Section 5.01(c) of the Credit Agreement, no event, development
or circumstance has occurred which has had, or would reasonably be expected to have, a Material Adverse Effect.

 

4.          Attached
hereto as Schedule 1 are reasonably detailed calculations demonstrating compliance with the financial covenants set forth
in Section 6.14 of the Credit Agreement.

 

5.          The
financial covenant analyses and information set forth on the schedules attached hereto are true and correct in all material respects
on and as of the date of this Certificate.

 

[Use
the following paragraph 6 for fiscal year-end financial statements]

 

6.          The
Borrower has delivered the year-end audited financial statements required by Section 5.01(a) of the Credit Agreement for the fiscal
year of the Borrower and the Parent ended as of the above date, together with the report of an independent certified public accountant
required by such section.

    Ex. F-1

     

    

[Use
the following paragraph 6 for fiscal quarter-end financial statements]

 

6.          The
Borrower has delivered the financial statements required by Section 5.01(b) of the Credit Agreement for the fiscal quarter of
the Borrower and the Parent ended as of the above date. Such financial statements fairly present in all material respects the
financial condition and results of operations of Parent and its consolidated Subsidiaries on a consolidated basis in accordance
with GAAP consistently applied as of such date and for such period, subject to normal year-end audit adjustments and the absence
of footnotes.

 

7.          [No
change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in Section
3.04 of the Credit Agreement.] [The following is a list of each change in GAAP or in the application thereof that has occurred
since the date of the audited financial statements referred to in Section 3.04 of the Credit Agreement and the effect of such
change on the financial statements referred to in paragraph (1):]

 

8.          [No
material change in the accounting or financial reporting practices of the Parent or the Borrower has occurred since the date of
the last Compliance Certificate delivered pursuant to Section 5.01(c) of the Credit Agreement.] [The following is a list of each
material change in the accounting or financial reporting practices of the Parent or the Borrower that has occurred since the date
of the last Compliance Certificate delivered pursuant to Section 5.01(c) of the Credit Agreement:]

    Exhibit F–2

     

    

IN
WITNESS WHEREOF, the undersigned has executed this Compliance Certificate as of ________, ________.

 

	 	MACK-CALI REALTY, L.P.
	 	 	 
	 	By:	    
	 		Name:
	 		Title:

    Exhibit F–3

     

    

SCHEDULE
1

 

Financial
Covenant Compliance Calculations

    Exhibit F-4

     

    

EXHIBIT
G

 

[FORM
OF] 

BORROWING
BASE CERTIFICATE

 

TO:         JPMorgan
Chase Bank, N.A., as Administrative Agent

 

RE: That
certain Revolving Credit and Term Loan Agreement dated as of May 6, 2021 (as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, the “Credit Agreement;” the terms defined therein being
used herein as therein defined), among Mack-Cali Realty, L.P. (the “Borrower”), the Lenders parties
thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent.

 

This
Borrowing Base Certificate is submitted by the Borrower to Administrative Agent pursuant to the provisions of Section [2.03 and
Section 4.02(c)][2.04][2.21][4.01(d)(ix)][4A.03(v)][4A.04(c)][5.01(c)] of the Credit Agreement. Capitalized terms used herein
which are not otherwise specifically defined shall have the same meaning herein as in the Credit Agreement.

 

The
undersigned hereby certifies to the Lenders and the Administrative Agent that:

 

1.          Schedule
1 attached hereto accurately and completely sets forth the calculations required to establish compliance with the financial covenants
set forth in Sections 6.14(a), 6.14(b) and 6.14(c) after giving effect to any requested Borrowing and/or any other transaction
on such date; and

 

2.          As
of the date hereof (a) no Default or Event of Default exists and (b) the representations and warranties made or deemed made by
the Borrower and each other Loan Party in the Loan Documents to which any of them is a party are true and correct in all material
respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty
is true and correct in all respects) except to the extent that such representation and warranties expressly relate solely to an
earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except
in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have
been true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances expressly
permitted under the Credit Agreement.

 

The
Borrower hereby further certifies, warrants and represents to Administrative Agent and the Lenders that to the best of the Borrower’s
knowledge, the financial information provided by the Borrower to the Administrative Agent herein is true and accurate in all material
respects.

 

[Remainder
of page intentionally left blank]

    Exhibit G–1

     

    

IN
WITNESS WHEREOF, the undersigned has executed this Borrowing Base Certificate as of _______________, __________.

 

	 	MACK-CALI REALTY, L.P.
	 	 	 
	 	By:	   
	 	Name:	 
	 	Title:	 

    Exhibit G–2

     

    

SCHEDULE
1

 

Borrowing
Base Calculations

    Exhibit G –Schedule 1

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