Document:

Exhibit 10.1

    

     

    

    SCIENCE APPLICATIONS INTERNATIONAL CORPORATION

    THIRD AMENDED AND RESTATED

    2012 LONG TERM PERFORMANCE PLAN

    

    

    SECTION 1. Purpose.

    

    

    The purpose of this Science Applications International Corporation Third Amended and Restated 2012 Long Term Performance Plan, the successor to the Engility
        Holdings, Inc. Second Amended and Restated 2012 Long Term Performance Plan (the “Plan”), is to benefit the
        Corporation’s stockholders by encouraging high levels of performance by individuals who contribute to the success of the Corporation and its Subsidiaries and to enable the
        Corporation and its Subsidiaries to attract, motivate, retain and reward talented and experienced individuals. This purpose is to be accomplished by providing eligible individuals with an opportunity to obtain or increase a proprietary interest in
        the Corporation and/or by providing eligible individuals with additional incentives to join or remain with the Corporation and its Subsidiaries.

    

    

    SECTION 2. Definitions; Rules of Construction.

    

    

    (a) Defined Terms. The terms defined in this Section shall have the following meanings for purposes of this Plan:

    

    

    “Award” means an
        award granted pursuant to Section 4.

    

    

    “Award Agreement”
        means an agreement described in Section 6 by the Corporation for the benefit of a Participant, setting forth (or incorporating by reference) the terms and conditions of an Award granted to a Participant.

    

    

    “Beneficiary”
        means a person or persons (including a trust or trusts) validly designated by a Participant or, in the absence of a valid designation, entitled by will or the laws of descent and distribution, to receive the benefits specified in the Award
        Agreement and under this Plan in the event of a Participant’s death.

    

    

    “Board of Directors”
        or “Board” means the Board of Directors of the Corporation.

    

    

    “Change in Control”
        means change in control as defined in Section 7(c).

    

    

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

    

    

    “Committee” means
        the Committee described in Section 8(a), or the Board if the Board takes an action in place of such Committee.

    

    

    “Corporation”
        means Science Applications International Corporation.

    

    

    “Director” means a
        member of the Board of Directors of the Corporation.

    

    

    “Employee” means
        any person, including an officer (whether or not also a director) in the regular full-time employment of the Corporation or any of its Subsidiaries who, in the opinion of the Committee is, or is expected to be, primarily responsible for the
        management, growth or protection of some part or all of the business of the Corporation or any of its Subsidiaries, but excludes, (i) in the case of an Incentive Stock Option, an Employee of any Subsidiary that is not a “subsidiary corporation” of the Corporation as defined in Code Section 424(f), and (ii) any Employee who was employed by the
        Corporation or any of Subsidiaries as of immediately prior to the consummation of the Corporation’s acquisition of Engility Holdings, Inc.

    

    

    “Exchange Act”
        means the Securities Exchange Act of 1934, as amended from time to time.

    

    

    “Executive Officer”
        means executive officer as defined in Rule 3b-7 under the Exchange Act. If the Board has designated the executive officers of the Corporation for purposes of reporting under the Exchange Act, the designation shall be conclusive for purposes of this
        Plan.

    

    

    “Fair Market Value”
        means the closing price of the relevant security as reported on the composite tape of New York Stock Exchange issues (or if, at the date of determination, the security is not so listed or if the principal market on which it is traded is not the New
        York Stock Exchange, such other reporting system as shall be selected by the Committee) on the relevant date, or, if no sale of the security is reported for that date, the next preceding day for which there is a reported sale. The Committee shall
        determine the Fair Market Value of any security that is not publicly traded, using criteria as it shall determine, in its sole direction, to be appropriate for the valuation.

    

    

    
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    “First Quarter”
        shall mean the period of calendar days during a given Performance Period that is equal to the lesser of (i) 25% of the full number of calendar days falling within such Performance Period or (ii) 90 days.

    

    

    “Insider” means
        any person who is subject to Section 16(b) of the Exchange Act.

    

    

    “Minimum Ownership Stock”
        means any Award of shares of Stock of the Corporation that are issued, in accordance with Section 4(a)(5), in lieu of cash compensation in order to satisfy applicable stock ownership guidelines from time to time in effect.

    

    

    “Non-Employee Director”
        means a Director who is not an Employee.

    

    

    “Option” means a
        Nonqualified Stock Option or an Incentive Stock Option as described in Section 4(a)(1) or (2).

    

    

    “Participant”
        means a person who is granted an Award, pursuant to this Plan, that remains outstanding.

    

    

    “Performance-Based Awards”
        is defined in Section 4(b).

    

    

    “Performance Goals”
        means one or more of the following criteria or any combination thereof, as determined by the Committee: (i) consolidated income before or after taxes (including income before interest, taxes, depreciation and amortization); (ii) EBT, EBIT or
        EBITDA; (iii) operating income or operating margin; (iv) net income; (v) net income or earnings per share of Stock; (vi) book value per share of Stock; (vii) return on equity or assets; (viii) expense management (including without limitation, total
        general and administrative expense percentages); (ix) return on investment or on invested capital; (x) improvements in capital structure; (xi) profitability of an identifiable business unit or product; (xii) maintenance or improvement of profit
        margins; (xiii) stock price; (xiv) market share; (xv) revenue or sales (including, without limitation, net loans charged off, average finance receivables and days sales outstanding); (xvi) costs (including, without limitation, total general and
        administrative expense percentage); (xvii) cash flow or net funds provided (including cash flow yield or cash flow per share); (xviii) working capital; (xix) total debt (including, without limitation, total debt as a multiple of EBIT or EBITDA),
        (xx) new business, recompete business and/or related win rates or business development targets; (xxi) orders or funded backlog, or book-to-bill ratios, and (xxi) total stockholder return. The foregoing criteria may relate to the Corporation, one or
        more of its Subsidiaries, one or more of their respective divisions or business units, or any combination of the foregoing, and may be applied on an absolute basis and/or be relative to one or more peer group companies or indices, or any
        combination thereof, and may be determined in accordance with GAAP or a non-GAAP or adjusted GAAP basis, all as the Committee shall determine.

    

    

    “Performance Period”
        means, with respect to any Performance Goal, the time period established by the Committee for the achievement of the performance targets in respect thereof.

    

    

    “Rule 16b-3” means
        Rule 16b-3 under Section 16 of the Exchange Act, as amended from time to time.

    

    

    “Share Units”
        means the number of units under an Award (or portion thereof) that is payable solely in cash or is actually paid in cash, determined by reference to the number of shares of Stock by which the Award (or portion thereof) is measured.

    

    

    “Stock” means
        shares of Common Stock of the Corporation, par value $0.01 per share, subject to adjustments made under Section 7 or by operation of law.

    

    

    “Subsidiary”
        means, as to any person, any corporation, association, partnership, joint venture or other business entity of which 50% or more of the voting stock or other equity interests (in the case of entities other than corporations), is owned or controlled
        (directly or indirectly) by that entity, or by one or more of the Subsidiaries of that entity, or by a combination thereof.

    

    

    (b) Rules of Construction. For purposes of this Plan and the Award Agreements, unless otherwise expressly provided or the context otherwise requires, the
        terms defined in this Plan include the plural and the singular, and pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms.

    

    

    
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    SECTION 3. Eligibility.

    

    

    Any one or more Awards may be granted to any Employee, Director or any other non-Employee who provides services to or on behalf of the Corporation or any of
        its Subsidiaries, who is designated by the Committee to receive an Award, other than any Employee who was employed by the Corporation or any of Subsidiaries as of immediately prior to the consummation of the Corporation’s acquisition of Engility
        Holdings, Inc.

    

    

    SECTION 4. Awards.

    

    

    (a) Type of Awards. The Committee may from time to time grant any of the following types of Awards, either singly, in tandem or in combination with other
        Awards:

    

    

    (1) Nonqualified Stock Options. A Nonqualified Stock Option is an Award in the form of an option to purchase Stock that is not intended to comply with the
        requirements of Code Section 422. Except with respect to Substitute Awards described in Section 7(d), the exercise price of each Nonqualified Stock Option granted under this Plan shall not be less than the Fair Market Value of the Stock on the date
        that the Option is granted.

    

    

    (2) Incentive Stock Options. An Incentive Stock Option is an Award in the form of an option to purchase Stock that is intended to comply with the requirements
        of Code Section 422 or any successor section thereof. The exercise price of each Incentive Stock Option granted under this Plan shall not be less than the Fair Market Value of the Stock on the date the Option is granted. If a Participant on the
        date an Incentive Stock Option is granted owns, directly or indirectly within the meaning of Code Section 424(d), stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Corporation, the
        exercise price per share of the Incentive Stock Option shall not be less than one hundred and ten percent (110%) of the Fair Market Value per share of the Stock at the time of grant, and such Incentive Stock Option shall not be exercisable after
        the expiration of five (5) years from the date such Incentive Stock Option is granted. To the extent that the aggregate Fair Market Value of Stock with respect to which one or more incentive stock options first become exercisable by a Participant
        in any calendar year exceeds $100,000, taking into account both Stock subject to Incentive Stock Options under this Plan and stock subject to incentive stock options under all other plans of the Corporation or of other entities referenced in Code
        Section 422(d)(1), the options shall be treated as Nonqualified Stock Options. For this purpose, the Fair Market Value of the Stock subject to options shall be determined as of the date the Options were granted.

    

    

    (3) Stock Appreciation Rights. A Stock Appreciation Right is an Award in the form of a right to receive, upon surrender of the right, but without other
        payment, an amount based on the appreciation in the value of the Stock or the Option over a base price established in the Award, payable in cash, Stock or such other form or combination of forms of payout, at times and upon conditions (which may
        include a Change in Control), as may be approved by the Committee. Except with respect to Substitute Awards described in Section 7(d), the minimum base price of a Stock Appreciation Right granted under this Plan shall not be less than the Fair
        Market Value of the underlying Stock on the date the Stock Appreciation Right is granted.

    

    

    (4) Restricted Stock. Restricted Stock is an Award of issued shares of Stock of the Corporation (other than Minimum Ownership Stock) that are subject to
        restrictions on transfer and/or such other restrictions on incidents of ownership as the Committee may determine.

    

    

    (5) Restricted Stock Units. A Restricted Stock Unit means rights granted to a Participant under Section 4(a) representing a number of hypothetical shares of
        Stock. Each Restricted Stock Unit shall represent the right of a Grantee to receive a payment upon vesting of the Restricted Stock Unit or on any later date specified by the Committee equal to the Fair Market Value of a share of Stock as of the
        date the Restricted Stock Unit was granted, the vesting date or such other date as determined by the Committee at the time the Restricted Stock Unit was granted. The Committee may, at the time a Restricted Stock Unit is granted, provide a
        limitation on the amount payable in respect of each Restricted Stock Unit. The Committee may provide for the settlement of Restricted Stock Units in cash or with Stock having a Fair Market Value equal to the payment to which the Participant has
        become entitled.

    

    

    (6) Other Share-Based Awards. The Committee may from time to time grant Awards under this Plan that provide the Participants with Stock or the right to
        purchase or receive Stock, or provide other incentive Awards (including, but not limited to, Minimum Ownership Stock, Share Units, phantom stock or units, performance stock or units, bonus stock, dividend equivalent units, or similar securities or
        rights) that have a value derived from the value of, or an exercise or conversion privilege at a price related to, or that are otherwise payable in shares of Stock. The Awards shall be in a form determined by the Committee, provided that the Awards
        shall not be inconsistent with the other express terms of this Plan applicable to such Awards.

    

    

    
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    (b) Special Performance-Based Awards. Without limiting the generality of the foregoing, Awards denominated in cash or any of the type of Awards listed in
        Section 4(a) may be granted as awards that satisfy the requirements for “performance-based compensation”
        within the meaning of Code Section 162(m) (“Performance-Based Awards”), the grant, vesting, exercisability
        or payment of which may depend on the degree of achievement of the Performance Goals relative to preestablished targeted levels for the Corporation or any of its Subsidiaries, divisions or other business units. Performance-Based Awards shall be
        subject to the requirements of clauses (1) through (7) below, except that notwithstanding anything contained in this Section 4(b) to the contrary, any Option or Stock Appreciation Right intended to qualify as a Performance-Based Award shall not be
        subject to the requirements of clauses (2), (4), (5) and (6) below (with such Awards hereinafter referred to as a “Qualifying Option” or a “Qualifying Stock Appreciation Right”, respectively). An Award that is
        intended to satisfy the requirements of this Section 4(b) shall be designated as a Performance-Based Award at the time of grant.

    

    

    (1) Eligible Class. The eligible class of persons for Awards under this Section 4(b) shall be all Employees.

    

    

    (2) Performance Goals. The performance goals for any Awards under this Section 4(b) (other than Qualifying Options and Qualifying Stock Appreciation Rights)
        shall be, on an absolute or relative basis, one or more of the Performance Goals. The Committee shall establish the Performance Goals and the Performance Periods for which they must be satisfied in order for a Participant to receive any portion of
        the Award. The specific performance target(s) with respect to Performance Goal(s) must be established by the Committee no later than the last day of the First Quarter of a given Performance Period (or such other date as may be required or permitted
        under Section 162(m) of the Code) and while the performance relating to the Performance Goal(s) remains substantially uncertain. The Committee may establish different performance objectives for each Performance Period, and may provide for multiple,
        overlapping Performance Periods hereunder. The Committee may provide, at the time when performance objectives are established with respect to a Performance Period (or at such later date as may be permitted under Section 162(m) of the Code), for the
        adjustment of such performance objectives as it deems equitable in recognition of unusual or infrequently occurring events affecting the Corporation, gain or loss on a disposal of a business segment, changes in applicable tax laws or accounting
        principles, or such other factors as the Committee may determine to be appropriate.

    

    

    (3) Individual Limits. The maximum number of shares of Stock subject to all Qualifying Options and Qualifying Stock Appreciation Rights granted during a
        calendar year to any Employee shall be 700,000, and the maximum number of shares of Stock or Share Units that are subject to other Performance-Based Awards granted during a calendar year to an Employee shall be 700,000, in each case subject to
        adjustment as provided in Section 7. The maximum cash value of all Performance-Based Awards whose value is not determined by reference to shares of Stock that may be granted under the Plan in any calendar year is $5,000,000. Awards that are
        cancelled during the year shall be counted against these limits to the extent required by Code Section 162(m).

    

    

    (4) Committee Certification. Before any Performance-Based Award under this Section 4(b) (other than Qualifying Options and Qualifying Stock Appreciation
        Rights) is paid, the Committee must certify in writing (by resolution or otherwise) that the applicable Performance Goal(s) and any other material terms of the Performance-Based Award were satisfied; provided, however, that a Performance-Based
        Award may be paid without regard to the satisfaction of the applicable Performance Goal in the event of the Participant’s death or permanent disability or in the event of a
        Change in Control as provided in Section 7(b).

    

    

    (5) Terms and Conditions of Awards; Committee Discretion to Reduce Performance Awards. The Committee shall have discretion to determine the conditions,
        restrictions or other limitations, in accordance with the terms of this Plan and Code Section 162(m), on the payment of individual Performance-Based Awards under this Section 4(b). The Committee may reserve the right to reduce the amount payable in
        accordance with any standards or on any other basis (including the Committee’s discretion), as the Committee may impose.

    

    

    (6) Interpretation. Except as specifically provided in this Section 4(b), the provisions of this Section 4(b) shall be interpreted and administered by the
        Committee in a manner consistent with the requirements for exemption of Performance-Based Awards granted to Executive Officers as “performance-based compensation” under Code Section 162(m) and regulations and other interpretations issued by the Internal Revenue Service thereunder.

    

    

    (c) Non-Employee Directors. The Board may provide that all or a portion of a Non-Employee Director’s annual retainer, meeting fees and/or other awards or compensation as determined by the Board, be payable (either automatically or at the election of a Non-Employee Director) in the form of Non-Qualified Stock Options, Stock
        Appreciation Rights, Restricted Stock or Other Share-Based Awards, including unrestricted Stock and Share Units. The Board shall determine the terms and conditions of any such Awards, including the terms and conditions which shall apply upon a
        termination of the Non-Employee Director’s service as a member of the Board, and shall have full power and authority in its discretion to administer such Awards, subject to the
        terms of the Plan and applicable law.

    

    

    
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    SECTION 5. Shares of Stock Available Under Plan.

    

    

    (a) Aggregate Limits on Shares. (i) Subject to adjustment as provided in Section 5(b), Section 5(c) or Section 7, the maximum number of shares of Stock that
        may be granted pursuant to all Awards under the Plan after January 14, 2019 is 1,573,683, minus any shares
        of Stock subject to Awards granted after May 1, 2016 under the Plan (the “Share Reserve”); and (ii) the
        maximum number of shares of Stock that may be issued pursuant to all Awards of Incentive Stock Options is 1,573,683.

    

    

    (b) Share Usage for Full Value Awards. Solely for purposes of calculating the number of shares of Stock available for Award grants pursuant to Section
        5(a)(i), each share of Stock subject to Awards granted pursuant to the Plan shall be counted as one and sixty eight one-hundredths (1.68) shares, other than Awards of Options and Stock Appreciation Rights which shall continue to be counted as one
        (1) share.

    

    

    (c) Addbacks of Shares. Any unexercised, unconverted or undistributed portion of any expired, cancelled, terminated or forfeited Award shall again be
        available for grants of Awards under Section 5(a), whether or not the Participant has received benefits of ownership (such as dividends or dividend equivalents or voting rights) during the period in which the Participant’s ownership was restricted or otherwise not vested. To the extent an Award is settled in cash in lieu of issuing shares of Stock subject thereto, the number of shares of Stock subject to such an
        Award (or portion thereof) may again be available for grants of Awards under the Plan. In the event that withholding tax liabilities arising from an Award other than an Option or Stock Appreciation Right are satisfied by the tendering of shares
        (either actually or by attestation) or by the withholding of shares by the Corporation, the shares so tendered or withheld shall again be available for grants of Awards under the Plan. The foregoing provisions of this Section 5(c) shall be added
        back on the basis set forth in Section 5(d) below. For the avoidance of doubt, the following shares of Stock shall not become available for Awards under the Plan: (1) shares tendered by Participants or withheld by the Corporation as full or partial
        payment to the Corporation upon exercise of Options or other Awards granted under the Plan; (2) shares of Stock reserved for issuance upon the grant of Stock Appreciation Rights, to the extent the number of reserved shares exceeds the number of
        shares actually issued upon exercise of the Stock Appreciation Rights under the Plan; (3) shares withheld by, or otherwise remitted to, the Corporation to satisfy a Participant’s
        tax withholding obligations upon the exercise of Options or Stock Appreciation Rights under the Plan; and (4) shares of Stock reacquired by the Corporation on the open market or otherwise using cash proceeds from the exercise of Options under the
        Plan.

    

    

    (d) Any shares of Stock that again become available for grant pursuant to Section 5(c) shall be added back as (i) one (1) share for every one (1) share
        subject to Options or Stock Appreciation Rights granted under the Plan, and (ii) as 1.68 shares for every one (1) share subject to Awards other than Options or Stock Appreciation Rights granted under the Plan.

    

    

    (e) Treasury Shares; No Fractional Shares. The Stock which may be issued (which term includes Stock reissued or otherwise delivered) pursuant to an Award
        under this Plan may be treasury or authorized but unissued Stock or Stock acquired, subsequently or in anticipation of a transaction under this Plan, in the open market or in privately negotiated transactions to satisfy the requirements of this
        Plan. No fractional shares shall be issued but fractional interests may be accumulated and any such accumulated fractional interests shall be rounded down to the nearest whole share.

    

    

    (f) Consideration. The Stock issued under this Plan may be issued (subject to Section 10(d)) for any lawful form of consideration, the value of which equals
        the par value of the Stock or such greater or lesser value as the Committee, consistent with Sections 10(d) and 4(a)(1), (2) and (3), may require.

    

    

    (g) Purchase or Exercise Price; Withholding. The exercise or purchase price (if any) of the Stock issuable pursuant to any Award and any withholding
        obligation under applicable tax laws shall be paid at or prior to the time of the delivery of such Stock in cash or, subject to the Committee’s express authorization and the
        restrictions, conditions and procedures as the Committee may impose, any one or combination of (i) cash, (ii) the delivery of shares of Stock, or (iii) a reduction in the amount of Stock or other amounts otherwise issuable or payable pursuant to
        such Award. In the case of a payment by the means described in clause (ii) or (iii) above, the Stock to be so delivered or offset shall be determined by reference to the Fair Market Value of the Stock on the date as of which the payment or offset
        is made, and any shares of Stock so tendered or withheld for taxes will be at the minimum statutory rate, or if permitted by the Corporation, such other rate as will not cause adverse accounting consequences and is permitted under applicable
        withholding rules.

    

    

    
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    (h) Cashless Exercise. The Committee may also permit the exercise of the Award and payment of any applicable withholding tax in respect of an Award by
        delivery of written notice, subject to the Corporation’s receipt of a third party payment in full in cash (or in such other form as permitted under Section 5(f)) for the exercise
        price and the applicable withholding at or prior to the time of issuance of Stock, in the manner and subject to the procedures as may be established by the Committee.

    

    

    (i) Limitations on Director Grants. Notwithstanding anything herein to the contrary, the aggregate value of all compensation paid or granted, as applicable,
        to any individual for service as a Non-Employee Director with respect to any calendar year, including equity Awards granted and cash fees paid by the Corporation to such Non-Employee Director, shall not exceed five hundred thousand dollars
        ($500,000) in value, calculating the value of any equity Awards granted during such calendar year based on the grant date fair value of such Awards for financial reporting purposes. The Board may make exceptions to the applicable limit in this
        Section 10.3 for individual Non-Employee Directors in extraordinary circumstances, such as where any such individual Non-Employee Directors are serving on a special litigation, transactions or other special committee of the Board, as the Board may
        determine in its discretion, provided that the Non-Employee Director receiving such additional compensation may not participate in the decision to award such compensation involving such Non-Employee Director.

    

    

    SECTION 6. Award Agreements.

    

    

    Each Award under this Plan shall be evidenced by an Award Agreement in a form approved by the Committee setting forth the number of shares of Stock or Share
        Units, as applicable, subject to the Award, and the price (if any) and term of the Award and, in the case of Performance-Based Awards, the applicable Performance Goals, if any. The Award Agreement shall also set forth (or incorporate by reference)
        other material terms and conditions applicable to the Award as determined by the Committee consistent with the limitations of this Plan.

    

    

    (a) Incorporated Provisions. Award Agreements shall be subject to the terms of this Plan and shall be deemed to include the following terms:

    

    

    (1) Transferability: Unless otherwise designated by the Committee, an Award shall not be assignable or transferable, except by will or by the laws of descent
        and distribution, and during the lifetime of a Participant the Award shall be exercised only by such Participant or by his or her guardian or legal representative; provided, that the Committee shall not have the authority to provide for transfers
        for consideration. An Award exercisable after the death of a Participant may be exercised by the legatees, personal representatives or distributees of the Participant. The designation of a Beneficiary hereunder shall not constitute a transfer
        prohibited by the foregoing provisions.

    

    

    (2) Rights as Stockholder: A Participant shall have no rights as a holder of Stock with respect to any unissued securities covered by an Award until the date
        the Participant becomes the holder of record of these securities. Except as provided in Section 7, no adjustment or other provision shall be made for dividends or other stockholder rights, except to the extent that the Award Agreement provides for
        dividend equivalents or similar economic benefits.

    

    

    (3) Withholding: The Participant shall be responsible for payment of any taxes or similar charges required by law to be withheld from an Award or an amount
        paid in satisfaction of an Award and these obligations shall be paid by the Participant on or prior to the payment of the Award. In the case of an Award payable in cash, the withholding obligation shall be satisfied by withholding the applicable
        amount and paying the net amount in cash to the Participant. In the case of an Award paid in shares of Stock, a Participant shall satisfy the withholding obligation as provided in Section 5(g). (4) Maximum Term of Awards. No Option or Stock
        Appreciation Right may be exercised or converted to any extent or remain outstanding and unexercised, unconverted or unvested more than ten years after the date such Option or Stock Appreciation Right was initially granted. The Committee may
        provide, at or after grant, that the period of time over which an Option, other than an Incentive Stock Option, or Stock Appreciation Right may be exercised shall be automatically extended if on the scheduled expiration of such Award, the
        Participant’s exercise of such Award would violate applicable securities law or any insider trading policy of the Corporation; provided, however, that during the extended
        exercise period the Option or Stock Appreciation Right may only be exercised to the extent such Award was exercisable in accordance with its terms immediately prior to such scheduled expiration date; provided further, however, that such extended
        exercise period shall end not later than thirty (30) days after the exercise of such Option or Stock Appreciation Right first would no longer violate such laws.

    

    

    
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    (b) Other Provisions. Award Agreements may include other terms and conditions as the Committee shall approve, including but not limited to the following:

    

    

    (1) Termination of Employment: A provision describing the treatment of an Award in the event of the retirement, disability, death or other termination of a
        Participant’s employment with or services to the Corporation, including any provisions relating to the vesting, exercisability, forfeiture or cancellation of the Award in these
        circumstances, subject, in the case of Performance-Based Awards, to the requirements for “performance-based compensation” under Code Section 162(m).

    

    

    (2) Vesting; Effect of Termination; Change in Control: Any other terms consistent with the terms of this Plan as are necessary and appropriate to effect the
        Award to the Participant, including but not limited to the vesting provisions, any requirements for continued employment, any other restrictions or conditions (including performance requirements) of the Award, and the method by which (consistent
        with Section 7) the restrictions or conditions lapse, and the effect on the Award of a Change in Control. Unless otherwise provided by the Committee in the applicable Award Agreement, (1) the minimum vesting period for Awards of Restricted Stock
        shall be three years from the date of grant (or one year in the case of Restricted Stock Awards that are Performance-Based Awards) and (2) the vesting period of an Award of Restricted Stock may not be accelerated to a date that is within such
        minimum vesting period except in the event of the Participant’s death, permanent disability or retirement or in the event of a Change in Control; provided, however, that the
        foregoing limitations shall not apply to Awards to Non-Employee Directors (in their capacity as such).

    

    

    (3) Replacement and Substitution: Any provisions permitting or requiring the surrender of outstanding Awards or securities held by the Participant in whole or
        in part in order to exercise or realize rights under or as a condition precedent to other Awards, or in exchange for the grant of new or amended Awards under similar or different terms; provided, that except in connection with an adjustment
        contemplated by Section 7, no such provisions of an Award Agreement shall permit a “Repricing” as defined
        in Section 8(d).

    

    

    (4) Dividends and Dividend Equivalents: Any provisions providing for the payment of dividends or dividend equivalents on unissued shares of Stock or unpaid
        Share Units underlying an Award, on either a current or deferred or contingent basis, and either in cash or in additional shares of Stock; provided, however, that except under the circumstances set forth in Section 7 below, dividend equivalents may
        not be paid with respect to Awards of Options or Stock Appreciation Rights, and any dividend or dividend equivalent rights granted with respect to Other Share-Based Awards, including Performance-Based Awards and restricted stock units, shall not be
        paid unless and until the underlying shares of Stock to which such dividend or dividend equivalent rights relate vest.

    

    

    (c) Contract Rights, Forms and Signatures. Any obligation of the Corporation to any Participant with respect to an Award shall be based solely upon
        contractual obligations created by this Plan and an Award Agreement. No Award shall be enforceable until the Award Agreement has been signed on behalf of the Corporation by an Executive Officer (other than the recipient) or his or her delegate. By
        accepting receipt of the Award Agreement, a Participant shall be deemed to have accepted and consented to the terms of this Plan and any action taken in good faith under this Plan by and within the discretion of the Committee, the Board of
        Directors or their delegates, including but not limited to the incorporation of any applicable clawback policy adopted by the Board or the Committee at any time. Unless the Award Agreement otherwise expressly provides, there shall be no third party
        beneficiaries of the obligations of the Corporation to the Participant under the Award Agreement.

    

    

    SECTION 7. Adjustments; Change in Control; Acquisitions.

    

    

    (a) Adjustments. If there shall occur any recapitalization, stock split (including a stock split in the form of a stock dividend), reverse stock split,
        merger, combination, consolidation, or other reorganization or any extraordinary dividend or other extraordinary distribution in respect of the Stock (whether in the form of cash, Stock or other property), or any split-up, spin-off, extraordinary
        redemption, or exchange of outstanding Stock, or there shall occur any other similar corporate transaction or event in respect of the Stock, or a sale of substantially all the assets of the Corporation as an entirety, then the Committee shall, in
        the manner and to the extent, if any, as it deems appropriate and equitable to the Participants and consistent with the terms of this Plan, and taking into consideration the effect of the event on the holders of the Stock:

    

    

    (1) proportionately adjust any or all of:

    

    

    (A) the number and type of shares of Stock and Share Units which thereafter may be made the subject of Awards (including the specific maximum limits and
        numbers of shares of Stock or Share Units set forth elsewhere in this Plan),

    

    

    (B) the number and type of shares of Stock, other property, Share Units or cash subject to any or all outstanding Awards,

    

    

    (C) the grant, purchase or exercise price, or conversion ratio of any or all outstanding Awards, or of the Stock, other property or Share Units underlying the
        Awards,

    

    

    
      7

      
        

    

    

    

    (D) the securities, cash or other property deliverable upon exercise or conversion of any or all outstanding Awards,

    

    

    (E) subject to Section 4(b), the performance targets or standards appropriate to any outstanding Performance-Based Awards, or

    

    

    (F) any other terms as are affected by the event; and/or

    

    

    (2) provide for:

    

    

    (A) an appropriate and proportionate cash settlement or distribution, or

    

    

    (B) the substitution or exchange of any or all outstanding Awards, or the cash, securities or property deliverable on exercise, conversion or vesting of the
        Awards.

    

    

    The Committee shall act prior to an event described in this paragraph (a) (including at the time of an Award by means of more specific provisions in the Award
        Agreement) if deemed necessary or appropriate to permit the Participant to realize the benefits intended to be conveyed by an Award in respect of the Stock in the case of an event described in paragraph (a).

    

    

    (b) Change in Control. The Committee may, in the Award Agreement, provide for the effect of a Change in Control on an Award. Such provisions may include, but
        are not limited to any one or more of the following with respect to any or all Awards: (i) the specific consequences of a Change in Control on the Awards; (ii) a reservation of the Committee’s right to determine in its discretion at any time that there shall be full acceleration or no acceleration of benefits under the Awards; (iii) that only certain or limited benefits under the Awards shall be accelerated; (iv)
        that the Awards shall be accelerated for a limited time only; or (v) that acceleration of the Awards shall be subject to additional conditions precedent (such as a termination of employment following a Change in Control).

    

    

    In addition to any action required or authorized by the terms of an Award, the Committee may take any other action it deems appropriate to ensure the
        equitable treatment of Participants in the event of a Change in Control, including but not limited to any one or more of the following with respect to any or all Awards: (i) the acceleration or extension of time periods for purposes of exercising,
        vesting in, or realizing gain from, the Awards; (ii) the waiver of conditions on the Awards that were imposed for the benefit of the Corporation, (iii) provision for the cash settlement of the Awards for their equivalent cash value (based solely on
        the Fair Market Value of the Award), as determined by the Committee, as of the date of the Change in Control; or (iv) such other modification or adjustment to the Awards as the Committee deems appropriate to maintain and protect the rights and
        interests of Participants upon or following the Change in Control, including the cancellation of any Options or Stock Appreciation Rights whose exercise price (or base price, as the case may be) is less than the Fair Market Value of a share of
        Stock on the date of the Change in Control. The Committee also may accord any Participant a right to refuse any acceleration of exercisability, vesting or benefits, whether pursuant to the Award Agreement or otherwise, in such circumstances as the
        Committee may approve.

    

    

    Notwithstanding the foregoing provisions of this Section 7(b) or any provision in an Award Agreement to the contrary, if any Award to any Insider is
        accelerated to a date that is less than six months after the date of the Award, the Committee may prohibit a sale of the underlying Stock (other than a sale by operation or law in exchange for or through conversion into other securities), and the
        Corporation may impose legend and other restrictions on the Stock to enforce this prohibition.

    

    

    (c) Change in Control Definition. For purposes of this Plan, with respect to any Award other than an Award issued pursuant to an Award Agreement that
        separately defines the term “change in control,” a change in control shall include and be deemed to occur
        upon the following events:

    

    

    (1) The acquisition by any person or group (including a group within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act), other than the
        Corporation or any of its Subsidiaries, of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of a majority of the combined voting power of the Corporation’s
        then outstanding voting securities, other than by any employee benefit plan maintained by the Corporation;

    

    

    (2) The sale of all or substantially all of the assets of the Corporation or any successor thereto;

    

    

    (3) The consummation of a merger, combination, consolidation, recapitalization, or other reorganization of the Corporation with one or more other entities
        that are not Subsidiaries if, as a result of the consummation of such transaction less than 50 percent of the outstanding voting securities of the surviving or resulting corporation shall immediately after the event be beneficially owned in the
        aggregate by the stockholders of the Corporation immediately prior to the event; or

    

    

    
      8

      
        

    

    

    

    (4) The election, including the filling of vacancies, during any period of 24 months or less, of 50 percent or more, of the members of the Board, without the
        approval of Continuing Directors, as constituted at the beginning of such period. “Continuing Directors”
        shall mean any director of the Corporation who either (i) is a member of the Board on January 14, 2019, or (ii) is nominated for election to the Board by a majority of the Board which is comprised of Directors who were, at the time of such
        nomination, Continuing Directors; provided , however, that no individual shall be considered a Continuing Director if such individual initially assumed office
        as a result of the actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board (a “Proxy Contest”) including by reason of any agreement intended to avoid or settle any Proxy Contest; or

    

    

    Notwithstanding the foregoing, unless otherwise provided in the applicable Award Agreement, solely for the purpose of determining the timing of any payments
        pursuant to any Award constituting a “deferral of compensation” subject to Section 409A of the Code, a
        Change in Control shall mean a “change in the ownership” of the Corporation, a “change in the effective control” of the Corporation, or a “change

        in the ownership of a substantial portion of the assets” of the Corporation as such terms are defined in Section 1.409A-3(i)(5) of the Treasury Regulations.

    

    

    (d) Business Acquisitions. Awards may be granted under this Plan on the terms and conditions as the Committee considers appropriate, which may differ from
        those otherwise required by this Plan to the extent necessary to reflect a substitution for or assumption of stock incentive awards held by employees of other entities who become employees of the Corporation or a Subsidiary as the result of a
        merger of the employing entity with, or the acquisition of the property or stock of the employing entity by, the Corporation or a Subsidiary (an “Acquisition”), directly or indirectly (such awards, “Substitute Awards”). Substitute Awards shall not be counted against the limitations set forth in Section 5(a) nor be added back pursuant to Section 5(c), provided that Substitute Awards issued in connection with the assumption of, or in
        substitution for, Incentive Stock Options shall be counted against the limits set forth in Section 5(a)(ii) of the Plan. Additionally, in the event that a company acquired by the Corporation or any Subsidiary or with which the Corporation or any
        Subsidiary combines has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as
        adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to
        such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan; provided that Awards using such available shares shall not be made after the date awards or grants could
        have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not Employees or Directors prior to such acquisition or combination.

    

    

    SECTION 8. Administration.

    

    

    (a) Committee Authority and Structure. This Plan and all Awards granted under this Plan shall be administered by the Compensation Committee of the Board or
        such other committee of the Board or subcommittee of the Compensation Committee as may be designated by the Board and constituted so as to permit this Plan to comply with the disinterested administration requirements of Rule 16b-3 under the
        Exchange Act and the “outside director” requirement of Code Section 162(m). The members of the Committee
        shall be designated by the Board. A majority of the members of the Committee (but not fewer than two) shall constitute a quorum. The vote of a majority of a quorum or the unanimous written consent of the Committee shall constitute action by the
        Committee.

    

    

    (b) Selection and Grant. The Committee shall have the authority to determine the individuals (if any) to whom Awards will be granted under this Plan, the type
        of Award or Awards to be made, and the nature, amount, pricing, timing, and other terms of Awards to be made to any one or more of these individuals, subject to the terms of this Plan.

    

    

    (c) Construction and Interpretation. The Committee shall have the power to interpret and administer this Plan and Award Agreements, and to adopt, amend and
        rescind related rules and procedures. All questions of interpretation and determinations with respect to this Plan, the number of shares of Stock, Options, Stock Appreciation Rights, or units or other Awards granted, and the terms of any Award
        Agreements, the adjustments required or permitted by Section 7, and other determinations hereunder shall be made by the Committee and its determination shall be final and conclusive upon all parties in interest. In the event of any conflict between
        an Award Agreement and any non-discretionary provisions of this Plan, the terms of this Plan shall govern.

    

    

    
      9

      
        

    

    

    

    (d) Express Authority to Change Terms of Awards. The Committee may, at any time, alter or amend any or all Award Agreements under this Plan in any manner that
        would be authorized for a new Award under this Plan, including but not limited to any manner set forth in Section 9 (subject to any applicable limitations thereunder), except that no amendment or cancellation of an Award may effect a Repricing of
        such Award, except in connection with an adjustment pursuant to Section 7 or with the prior approval of the Corporation’s shareholders. A “Repricing” means any of the following: (i) changing the terms of an Award to lower its exercise price or base price, (ii) cancelling an
        Award with an exercise price or base price in exchange for other Awards with a lower exercise price or base price, or (iii) cancelling an Award with an exercise price or base price at a time when such price is equal to or greater than the Fair
        Market Value of the underlying Stock in exchange for other Awards, cash or property. Without limiting the Committee’s authority under this plan (including Sections 7 and 9), but
        subject to any express limitations of this Plan (including the prohibitions on Repricing set forth in this Section 8(d)), the Committee shall have the authority to accelerate the exercisability or vesting of an Award, to extend the term or waive
        early termination provisions of an Award (subject to the maximum ten-year term under Section 6(a)(4)), and to waive the Corporation’s rights with respect to an Award or
        restrictive conditions of an Award (including forfeiture conditions), in any case in such circumstances as the Committee deems appropriate.

    

    

    (e) Rule 16b-3 Conditions; Bifurcation of Plan. It is the intent of the Corporation that this Plan and Awards hereunder satisfy and be interpreted in a
        manner, that, in the case of Participants who are or may be Insiders, satisfies any applicable requirements of Rule 16b-3, so that these persons will be entitled to the benefits of Rule 16b-3 or other exemptive rules under Section 16 under the
        Exchange Act and will not be subjected to avoidable liability thereunder as to Awards intended to be entitled to the benefits of Rule 16b-3. If any provision of this Plan or of any Award would otherwise frustrate or conflict with the intent
        expressed in this Section 8(e), that provision to the extent possible shall be interpreted and deemed amended so as to avoid such conflict. To the extent of any remaining irreconcilable conflict with this intent, the provision shall be deemed
        disregarded as to Awards intended as Rule 16b-3 exempt Awards. Notwithstanding anything to the contrary in this Plan, the provisions of this Plan may at any time be bifurcated by the Board or the Committee in any manner so that certain provisions
        of this Plan or any Award Agreement intended (or required in order) to satisfy the applicable requirements of Rule 16b-3 are only applicable to Insiders and to those Awards to Insiders intended to satisfy the requirements of Rule 16b-3.

    

    

    (f) Delegation and Reliance. The Committee may delegate to the officers or employees of the Corporation the authority to make grants hereunder and to
        otherwise execute and deliver those instruments and documents, to do all acts and things, and to take all other steps deemed necessary, advisable or convenient for the effective administration of this Plan in accordance with its terms and purpose,
        except that the Committee may not delegate any discretionary authority to grant or amend an award or with respect to substantive decisions or functions regarding this Plan or Awards as these relate to the material terms of Performance-Based Awards
        to Executive Officers or to the timing, eligibility, pricing, amount or other material terms of Awards to Insiders. In making any determination or in taking or not taking any action under this Plan, the Board and the Committee may obtain and may
        rely upon the advice of experts, including professional advisors to the Corporation. No director, officer, employee or agent of the Corporation shall be liable for any such action or determination taken or made or omitted in good faith.

    

    

    (g) Exculpation and Indemnity. Neither the Corporation nor any member of the Board of Directors or of the Committee, nor any other person participating in any
        determination of any question under this Plan, or in the interpretation, administration or application of this Plan, shall have any liability to any party for any action taken or not taken in good faith under this Plan or for the failure of an
        Award (or action in respect of an Award) to satisfy Code requirements as to incentive stock options or to realize other intended tax consequences, to qualify for exemption or relief under Rule 16b-3 or to comply with any other law, compliance with
        which is not required on the part of the Corporation.

    

    

    SECTION 9. Amendment and Termination of this Plan.

    

    

    The Board of Directors may at any time amend, suspend or discontinue this Plan, subject to any stockholder approval that may be required under applicable law.
        Notwithstanding the foregoing, no such action by the Board or the Committee shall, in any manner adverse to a Participant other than as expressly permitted by the terms of an Award Agreement, affect any Award then outstanding and evidenced by an
        Award Agreement without the consent in writing of the Participant or, to the extent applicable, a Beneficiary, a Participant’s family member or a trust (or similar estate
        planning entity) established for the benefit of a Participant and/or one or more of the Participant’s family members entitled to an Award. Notwithstanding the above, any
        amendment that would (i) materially increase the aggregate number of shares of Stock or other equity interest(s) that may be issued hereunder, (ii) materially modify the requirements as to eligibility for participation in this Plan, (iii) effect a
        Repricing, or (iv) otherwise require shareholder approval under the listing standards of the New York Stock Exchange (or such other principal market in which the Corporation’s
        shares are traded) or any other law or regulation, shall be subject to shareholder approval.

    

    

    
      10

      
        

    

    

    

    SECTION 10. Miscellaneous.

    

    

    (a) Unfunded Plans. This Plan shall be unfunded. Neither the Corporation nor the Board of Directors nor the Committee shall be required to segregate any
        assets that may at any time be represented by Awards made pursuant to this Plan. Neither the Corporation, the Committee, nor the Board of Directors shall be deemed to be a trustee of any amounts to be paid or securities to be issued under this
        Plan.

    

    

    (b) Rights of Employees.

    

    

    (1) No Right to an Award. Status as an Employee shall not be construed as a commitment that any one or more Awards will be made under this Plan to an Employee
        or to Employees generally. Status as a Participant shall not entitle the Participant to any additional Award.

    

    

    (2) No Assurance of Employment or Other Service Relationship. Nothing contained in this Plan (or in any other documents related to this Plan or to any Award)
        shall confer upon any Employee or Participant any right to continue in the employ or other service of the Corporation or any Subsidiary or constitute any contract (of employment or otherwise) or limit in any way the right of the Corporation or any
        Subsidiary to change a person’s compensation or other benefits or to terminate the employment or services of a person with or without cause.

    

    

    (c) Effective Date; Duration. This Plan has been adopted by the Board of Directors of the Corporation and will amend and restate the previous plan as set
        forth herein effective as of January 14, 2019. This Plan shall remain in effect until any and all Awards under this Plan have been exercised, converted or terminated under the terms of this Plan and applicable Award Agreements. Notwithstanding the
        foregoing, no Award may be granted under this Plan after the tenth anniversary of May 26, 2016; provided, however, that any Award granted prior to such date may be amended after such date in any manner that would have been permitted hereunder prior
        to such date.

    

    

    (d) Compliance with Laws. This Plan, Award Agreements, and the grant, exercise, conversion, operation and vesting of Awards, and the issuance and delivery of
        shares of Stock and/or other securities or property or the payment of cash under this Plan, Awards or Award Agreements, are subject to compliance with all applicable federal and state laws, rules and regulations (including but not limited to state
        and federal insider trading, registration, reporting and other securities laws and federal margin requirements) and to such approvals by any listing, regulatory or governmental authority as may be necessary or, in the opinion of counsel for the
        Corporation, advisable in connection therewith. Any securities delivered under this Plan shall be subject to such restrictions (and the person acquiring such securities shall, if requested by the Corporation, provide such evidence, assurance and
        representations to the Corporation as to compliance with any of such restrictions) as the Corporation may deem necessary or desirable to assure compliance with all applicable legal requirements.

    

    

    (e) Awards to Non-U.S. Participants. The Committee shall have the power and authority to determine which service providers outside the United States shall be
        eligible to participate in the Plan. Without amending the Plan, the Committee may grant Awards to eligible persons who are foreign nationals and/or reside outside the United States on such terms and conditions different from those specified in this
        Plan as may in the judgment of the Committee be necessary or desirable to foster and promote achievement of the purposes of this Plan. The Committee may adopt, amend or rescind rules, procedures or sub-plans relating to the operation and
        administration of the Plan to accommodate the specific requirements of local laws, procedures, and practices.

    

    

    (f) Section 409A. Notwithstanding other provisions of the Plan or any Award Agreements thereunder, no Award shall be granted, deferred, accelerated, extended,
        paid out or modified under this Plan in a manner that would result in the imposition of an additional tax under Section 409A of the Code upon a Participant. In the event that it is reasonably determined by the Board or Committee that, as a result
        of Section 409A of the Code, payments in respect of any Award under the Plan may not be made at the time contemplated by the terms of the Plan or the relevant Award agreement, as the case may be, without causing the Participant holding such Award
        to be subject to taxation under Section 409A of the Code, the Corporation will make such payment on the first day that would not result in the Participant incurring any tax liability under Section 409A of the Code; which, if the Participant is a “specified employee” within the meaning of the Section 409A, shall be the first day following the six-month
        period beginning on the date of Participant’s termination of Employment. Notwithstanding the foregoing, each Participant is solely responsible and liable for the satisfaction of
        all taxes and penalties that may be imposed on him or her, or in respect of any payment or benefit delivered in connection with the Plan (including any taxes and penalties under Section 409A of the Code), and the Corporation shall not have any
        obligation to indemnify or otherwise hold any Participant harmless from any or all such taxes or penalties.

    

    

    
      11

      
        

    

    

    

    (g) Applicable Law. This Plan, Award Agreements and any related documents and matters shall be governed by, and construed in accordance with, the laws of the
        State of Delaware and applicable Federal law.

    

    

    (h) Non-Exclusivity of Plan. Nothing in this Plan shall limit or be deemed to limit the authority of the Corporation, the Board or the Committee to grant
        awards or authorize any other compensation, with or without reference to the Stock, under any other plan or authority.

    

    

    (i) Corporation Clawback Policy. Notwithstanding any provision of the Plan or any Award Agreement to the contrary, the Corporation may require the Participant
        to return shares of Stock (or the value of such Stock when originally released to Participant), dividends paid thereon and any other amount required by law to be returned, in the event that such repayment is required in order to comply with any
        Corporation compensation recovery (or other clawback) policy as then in effect or any laws or regulations relating to restatements of the Corporation’s publicly-reported
        financial results.

    

    

  

  12EX-10.1

 Exhibit 10.1 

Execution Version 
  

 
  

REVOLVING CREDIT AND TERM LOAN AGREEMENT 

Dated as of January 14, 2019 

among 
 SPIRIT REALTY, L.P., 

a Delaware limited partnership, 
 as
Borrower, 
 VARIOUS FINANCIAL INSTITUTIONS 

as Lenders, 
 and 

JPMORGAN CHASE BANK, N.A., 
 as
Administrative Agent 
 JPMORGAN CHASE BANK, N.A. and 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 

as Joint Bookrunners and Joint Lead Arrangers for the Revolving Facility, 

THE BANK OF NOVA SCOTIA, SUNTRUST ROBINSON HUMPHREY, INC., 

U.S. BANK NATIONAL ASSOCIATION and WELLS FARGO SECURITIES, LLC, 

as Joint Lead Arrangers for the Revolving Facility 

BANK OF AMERICA, N.A., 
 as
Syndication Agent for the Revolving Facility 
 THE BANK OF NOVA SCOTIA, SUNTRUST BANK, 

U.S. BANK NATIONAL ASSOCIATION and WELLS FARGO BANK, N.A., 

as Co-Documentation Agents for the Revolving Facility 

ASSOCIATED BANK, NATIONAL ASSOCIATION, 

CAPITAL ONE, NATIONAL ASSOCIATION, CITIZENS BANK, N.A., FIFTH THIRD BANK, AN OHIO 

BANKING CORPORATION, MIZUHO BANK, LTD., MORGAN STANLEY SENIOR FUNDING, INC., 

REGIONS BANK and ROYAL BANK OF CANADA, 

as Managing Agents for the Revolving Facility 

JPMORGAN CHASE BANK, N.A. and U.S. BANK NATIONAL ASSOCIATION, 

as Joint Bookrunners and Joint Lead Arrangers for the Term Facility 

FIFTH THIRD BANK, AN OHIO BANKING CORPORATION, REGIONS CAPITAL MARKETS, 

and ROYAL BANK OF CANADA, 
 as Joint
Lead Arrangers for the Term Facility 
 U.S. BANK NATIONAL ASSOCIATION, 

as Syndication Agent for the Term Facility 

FIFTH THIRD BANK, AN OHIO BANKING CORPORATION, REGIONS BANK and 

ROYAL BANK OF CANADA, 
 as Co-Documentation Agents for the Term Facility 
 ASSOCIATED BANK, NATIONAL ASSOCIATION, BANK OF AMERICA,
N.A., 
 THE BANK OF NOVA SCOTIA, CAPITAL ONE, NATIONAL ASSOCIATION, 

CITIZENS BANK, N.A., MIZUHO BANK, LTD., SUNTRUST BANK and 

WELLS FARGO BANK, N.A., 
 as
Managing Agents for the Term Facility 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I Definitions
	  	 	1	 
			
	 Section 1.1
	 	Definitions	  	 	1	 
	 Section 1.2
	 	Accounting Matters	  	 	38	 
	 Section 1.3
	 	Interpretation	  	 	39	 
	 Section 1.4
	 	Financial Attributes of Non-Wholly Owned Subsidiaries	  	 	39	 
	 Section 1.5
	 	Interest Rates; LIBOR Notification	  	 	40	 
		
	 ARTICLE II Credit Facility
	  	 	40	 
			
	 Section 2.1A
	 	Revolving Loans	  	 	40	 
	 Section 2.1B
	 	Term Loans	  	 	42	 
	 Section 2.2
	 	Letters of Credit	  	 	43	 
	 Section 2.3
	 	Competitive Bid Procedure	  	 	50	 
	 Section 2.4
	 	Rates and Payment of Interest on Loans	  	 	52	 
	 Section 2.5
	 	Number of Interest Periods	  	 	54	 
	 Section 2.6
	 	Repayment of Loans	  	 	54	 
	 Section 2.7
	 	Prepayments; Reborrowings	  	 	54	 
	 Section 2.8
	 	Continuation	  	 	55	 
	 Section 2.9
	 	Conversion	  	 	56	 
	 Section 2.10
	 	Notes	  	 	56	 
	 Section 2.11
	 	Reductions of the Commitments	  	 	57	 
	 Section 2.12
	 	Extension of Revolving Maturity Date	  	 	58	 
	 Section 2.13
	 	Expiration Date of Letters of Credit Past Revolving Commitment Termination	  	 	59	 
	 Section 2.14
	 	Amount Limitations	  	 	59	 
	 Section 2.15
	 	Increase in Commitments	  	 	59	 
	 Section 2.16
	 	Funds Transfer Disbursements	  	 	62	 
		
	 ARTICLE III Payments, Fees and Other General Provisions
	  	 	63	 
			
	 Section 3.1
	 	Payments	  	 	63	 
	 Section 3.2
	 	Pro Rata Treatment	  	 	63	 
	 Section 3.3
	 	Sharing of Payments, Etc.	  	 	64	 
	 Section 3.4
	 	Several Obligations	  	 	65	 
	 Section 3.5
	 	Fees	  	 	65	 
	 Section 3.6
	 	Computations	  	 	67	 
	 Section 3.7
	 	Usury	  	 	67	 
	 Section 3.8
	 	Statements of Account	  	 	68	 
	 Section 3.9
	 	Defaulting Lenders	  	 	68	 
	 Section 3.10
	 	Taxes	  	 	72	 
		
	 ARTICLE IV Intentionally Omitted
	  	 	76	 
		
	 ARTICLE V Yield Protection, Etc.
	  	 	76	 
			
	 Section 5.1
	 	Additional Costs; Capital Adequacy	  	 	76	 
	 Section 5.2
	 	Suspension of LIBOR Loans; Alternate Rate of Interest	  	 	78	 
	 Section 5.3
	 	Illegality	  	 	79	 
	 Section 5.4
	 	Compensation	  	 	79	 
	 Section 5.5
	 	Treatment of Affected Loans	  	 	80	 

  
 i 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 Section 5.6
	 	Affected Lenders	  	 	81	 
	 Section 5.7
	 	Change of Lending Office	  	 	81	 
	 Section 5.8
	 	Assumptions Concerning Funding of LIBOR Loans	  	 	82	 
		
	 ARTICLE VI Conditions Precedent
	  	 	82	 
			
	 Section 6.1
	 	Initial Conditions Precedent	  	 	82	 
	 Section 6.2
	 	Conditions Precedent to All Loans and Letters of Credit	  	 	84	 
		
	 ARTICLE VII Representations and Warranties
	  	 	85	 
			
	 Section 7.1
	 	Representations and Warranties	  	 	85	 
	 Section 7.2
	 	Survival of Representations and Warranties, Etc.	  	 	91	 
		
	 ARTICLE VIII Affirmative Covenants
	  	 	92	 
			
	 Section 8.1
	 	Preservation of Existence and Similar Matters	  	 	92	 
	 Section 8.2
	 	Compliance with Applicable Law	  	 	92	 
	 Section 8.3
	 	Maintenance of Property	  	 	94	 
	 Section 8.4
	 	Conduct of Business	  	 	93	 
	 Section 8.5
	 	Insurance	  	 	93	 
	 Section 8.6
	 	Payment of Taxes and Claims	  	 	93	 
	 Section 8.7
	 	Books and Records; Inspections	  	 	93	 
	 Section 8.8
	 	Use of Proceeds	  	 	94	 
	 Section 8.9
	 	Environmental Matters	  	 	94	 
	 Section 8.10
	 	Further Assurances	  	 	95	 
	 Section 8.11
	 	Material Contracts	  	 	95	 
	 Section 8.12
	 	REIT Status	  	 	95	 
	 Section 8.13
	 	Exchange Listing	  	 	95	 
	 Section 8.14
	 	Guarantors	  	 	95	 
		
	 ARTICLE IX Information
	  	 	96	 
			
	 Section 9.1
	 	Quarterly Financial Statements	  	 	96	 
	 Section 9.2
	 	Year-End Statements	  	 	96	 
	 Section 9.3
	 	Compliance Certificate	  	 	97	 
	 Section 9.4
	 	Other Information	  	 	97	 
	 Section 9.5
	 	Electronic Delivery of Certain Information	  	 	99	 
	 Section 9.6
	 	Public/Private Information	  	 	101	 
	 Section 9.7
	 	USA Patriot Act Notice; Compliance	  	 	102	 
		
	 ARTICLE X Negative Covenants
	  	 	102	 
			
	 Section 10.1
	 	Financial Covenants	  	 	102	 
	 Section 10.2
	 	Negative Pledge	  	 	103	 
	 Section 10.3
	 	Restrictions on Intercompany Transfers	  	 	104	 
	 Section 10.4
	 	Merger, Consolidation, Sales of Assets and Other Arrangements	  	 	103	 
	 Section 10.5
	 	Plans	  	 	105	 
	 Section 10.6
	 	Fiscal Year	  	 	105	 
	 Section 10.7
	 	Modifications of Organizational Documents and Material Contracts	  	 	105	 
	 Section 10.8
	 	Subordinated Debt Prepayments; Amendments	  	 	106	 

  
 ii 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 Section 10.9
	 	Transactions with Affiliates	  	 	106	 
	 Section 10.10
	 	Environmental Matters	  	 	107	 
	 Section 10.11
	 	Derivatives Contracts	  	 	107	 
	 Section 10.12
	 	Sanctions, Anti-Corruption, Anti-Money Laundering	  	 	107	 
		
	 ARTICLE XI Default
	  	 	108	 
			
	 Section 11.1
	 	Events of Default	  	 	108	 
	 Section 11.2
	 	Remedies Upon Event of Default	  	 	111	 
	 Section 11.3
	 	Remedies Upon Default	  	 	112	 
	 Section 11.4
	 	Marshaling; Payments Set Aside	  	 	112	 
	 Section 11.5
	 	Allocation of Proceeds	  	 	113	 
	 Section 11.6
	 	Letter of Credit Collateral Account	  	 	114	 
	 Section 11.7
	 	Rescission of Acceleration by Requisite Lenders	  	 	115	 
	 Section 11.8
	 	Performance by Administrative Agent	  	 	116	 
	 Section 11.9
	 	Rights Cumulative	  	 	116	 
		
	 ARTICLE XII The Administrative Agent
	  	 	117	 
			
	 Section 12.1
	 	Appointment and Authorization	  	 	117	 
	 Section 12.2
	 	Administrative Agent as Lender	  	 	118	 
	 Section 12.3
	 	Approvals of Lenders	  	 	118	 
	 Section 12.4
	 	Notice of Events of Default	  	 	119	 
	 Section 12.5
	 	Administrative Agent’s Reliance	  	 	119	 
	 Section 12.6
	 	Indemnification of Administrative Agent	  	 	120	 
	 Section 12.7
	 	Lender Credit Decision, Etc.	  	 	121	 
	 Section 12.8
	 	Successor Administrative Agent	  	 	121	 
	 Section 12.9
	 	Titled Agents	  	 	122	 
	 Section 12.10
	 	Specified Derivatives Contracts	  	 	123	 
	 Section 12.11
	 	Certain ERISA Matters	  	 	123	 
		
	 ARTICLE XIII Miscellaneous
	  	 	124	 
			
	 Section 13.1
	 	Notices	  	 	124	 
	 Section 13.2
	 	Expenses	  	 	126	 
	 Section 13.3
	 	Setoff	  	 	127	 
	 Section 13.4
	 	Litigation; Jurisdiction; Other Matters; Waivers	  	 	127	 
	 Section 13.5
	 	Successors and Assigns	  	 	130	 
	 Section 13.6
	 	Amendments and Waivers	  	 	134	 
	 Section 13.7
	 	No Fiduciary Duty, Etc.	  	 	137	 
	 Section 13.8
	 	Confidentiality	  	 	138	 
	 Section 13.9
	 	Indemnification	  	 	139	 
	 Section 13.10
	 	Termination; Survival	  	 	140	 
	 Section 13.11
	 	Severability of Provisions	  	 	140	 
	 Section 13.12
	 	GOVERNING LAW	  	 	141	 
	 Section 13.13
	 	Counterparts	  	 	141	 
	 Section 13.14
	 	Obligations with Respect to Loan Parties and Subsidiaries	  	 	141	 
	 Section 13.15
	 	Independence of Covenants	  	 	141	 
	 Section 13.16
	 	Limitation of Liability	  	 	141	 
	 Section 13.17
	 	Entire Agreement	  	 	142	 

  
 iii 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 Section 13.18
	 	Construction	  	 	142	 
	 Section 13.19
	 	Headings	  	 	142	 
	 Section 13.20
	 	Time	  	 	142	 
	 Section 13.21
	 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	142	 

  
 iv 

			
	SCHEDULE 1.1(a)	  	Commitment Amounts and Commitment Percentages
	SCHEDULE 1.1(b)	  	List of Loan Parties
	SCHEDULE 1.1(c)	  	Permitted Liens
	SCHEDULE 7.1(b)	  	Ownership Structure
	SCHEDULE 7.1(f)(i)	  	List of Properties
	SCHEDULE 7.1(f)(ii)	  	List of Eligible Assets
	SCHEDULE 7.1(g)	  	Indebtedness and Guaranties
	SCHEDULE 7.1(h)	  	Material Contracts
	SCHEDULE 7.1(i)	  	Litigation
	SCHEDULE 7.1(s)	  	Affiliate Transactions
	EXHIBIT A	  	Form of Assignment and Assumption Agreement
	EXHIBIT B	  	Form of Disbursement and Rate Management Authorization and Instruction Agreement
	EXHIBIT C	  	Form of Guaranty
	EXHIBIT D	  	Form of Notice of Borrowing
	EXHIBIT E	  	Form of Notice of Continuation
	EXHIBIT F	  	Form of Notice of Conversion
	EXHIBIT G	  	[Reserved]
	EXHIBIT H	  	Form of Revolving Note
	EXHIBIT I	  	Form of Term Note
	EXHIBIT J	  	Form of Competitive Bid Note
	EXHIBITS K	  	Forms of U.S. Tax Compliance Certificates
	EXHIBIT L	  	Form of Compliance Certificate

  
 v 

 REVOLVING CREDIT AND TERM LOAN AGREEMENT 

THIS REVOLVING CREDIT AND TERM LOAN AGREEMENT (this “Agreement”), dated as of January 14, 2019, is by and among
SPIRIT REALTY, L.P., a Delaware limited partnership (the “Borrower”), each of the financial institutions initially a signatory hereto together with their successors and assignees under Section 13.5
(the “Lenders”), and JPMORGAN CHASE BANK, N.A., as Administrative Agent (together with its successors or assigns, the “Administrative Agent”), with the Joint Bookrunners and/or Joint Lead Arrangers for
each Facility listed on the cover page hereto (collectively, the “Arrangers”), the Syndication Agents for each Facility listed on the cover page hereto (collectively, the “Syndication Agents”), the Co-Documentation Agents for each Facility listed on the cover page hereto (collectively, the “Documentation Agents”) and the Managing Agents for each Facility listed on the cover page hereto.

 WHEREAS, the Administrative Agent, the Issuing Banks and the Lenders desire to make available to the Borrower a revolving credit facility
in the initial amount of $800,000,000, which will include an up to $60,000,000 letter of credit subfacility, and a term loan facility in the initial amount of $420,000,000 in each such case, on the terms and conditions contained herein. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the
parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Section 1.1
Definitions. 
 In addition to terms defined elsewhere herein, the following terms shall have the following meanings for the purposes of
this Agreement: 
 “Accession Agreement” means an Accession Agreement substantially in the form of Annex I to the
Guaranty. 
 “Additional Costs” has the meaning given to such term in Section 5.1(b). 

“Adjusted EBITDA” means, for any given period, (a) the EBITDA of Spirit REIT and its Subsidiaries determined on a
consolidated basis for such period minus (b) the Reserve for Replacements. Spirit REIT’s Ownership Share of the Adjusted EBITDA of its Unconsolidated Affiliates will be included when determining the Adjusted EBITDA of Spirit
REIT. 
 “Adjusted LIBO Rate” means, with respect to any LIBOR Loan 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., as contractual representative of the Lenders under this Agreement, or
any successor Administrative Agent appointed pursuant to Section 12.8. 

  
 [Signature Page to Spirit
Revolving Credit and Term Loan Agreement] 
  
 1 

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

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

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified; provided that, for the avoidance of doubt, in no event shall Spirit MTA REIT or any of its direct and indirect subsidiaries be deemed to be an
Affiliate of the Borrower or any of its Subsidiaries. 
 “Agreement” has the meaning set forth in the introductory
paragraph hereof. 
 “Agreement Date” means the date as of which this Agreement is dated. 

“Anti-Corruption Laws” means all laws, rules and regulations of any jurisdiction applicable to the Borrower or any of its
Affiliates from time to time concerning or relating to bribery, money-laundering or corruption. 
 “Applicable Facility
Fee” means the percentage set forth in the table below corresponding to the Level at which “Applicable Margin” is then determined under the Ratings Based Pricing Grid. Any change in the applicable Level at which the Applicable
Margin is determined shall result in a corresponding and simultaneous change in the Applicable Facility Fee. The provisions of this definition shall be subject to Section 2.4(c). 

 

							
	 Applicable Facility
Fee
	 
	 Level
	  	 Credit Rating
	  	Facility Fee	 
	1	  	A-/A3 (or higher)	  	 	0.125	% 
	2	  	BBB+/Baa1	  	 	0.15	% 
	3	  	BBB/Baa2	  	 	0. 20	% 
	4	  	BBB-/Baa3	  	 	0.25	% 
	5	  	BB+/Ba1 (or lower)	  	 	0.30	% 

 “Applicable Law” means all international, foreign, federal, state and local statutes,
treaties, rules, guidelines, regulations, ordinances, codes, executive orders, and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the
enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having
the force of law. 
 “Applicable Margin” shall be determined based upon the applicable Ratings Based Pricing Grid below;
provided that if the Borrower makes a Ratio Based Pricing Grid Election, the Applicable Margin shall be determined based upon the ratio of Total Indebtedness to Total Asset Value as set forth in the applicable Ratio Based Pricing Grid below
(and initially will be based upon such ratio as of the last day of the most recently ended fiscal quarter for which financial statements are available on the date of the Ratio Based Pricing Grid Election). 

  
 [Signature Page to Spirit
Revolving Credit and Term Loan Agreement] 
  
 2 

 While pricing is based on the Ratings Based Pricing Grid, the Applicable Margin shall be
determined based upon the Credit Ratings given to the Borrower by S&P, Moody’s and Fitch, as follows: If the Borrower has at least two of such Credit Ratings, then the Applicable Margin will be based on the highest such Credit Rating unless
the difference between the highest Credit Rating and the lowest Credit Rating is two or more rating levels, in which case the Applicable Margin will be based on the Credit Rating level that is one level below the highest Credit Rating. If at any
time the Borrower has three (3) Credit Ratings, and such Credit Ratings are split, then: (A) if the difference between the highest and the lowest such Credit Ratings is one ratings category (e.g. Baa2 by Moody’s and BBB- by S&P or Fitch), the Applicable Margin shall be the rate per annum that would be applicable if the highest of the Credit Ratings were used; and (B) if the difference between such Credit Ratings is two
ratings categories (e.g. Baa1 by Moody’s and BBB- by S&P or Fitch) or more, the Applicable Margin shall be the rate per annum that would be applicable if the average of the two (2) highest Credit
Ratings were used, provided that if such average is not a recognized rating category, then the Applicable Margin shall be the rate per annum that would be applicable if the second highest Credit Rating of the three were used. If the Borrower has
only one of such Credit Ratings (and such Credit Rating is from Moody’s or S&P), then such Credit Rating shall apply. If the Borrower has neither a Credit Rating from Moody’s nor S&P, then the highest pricing will apply. 

Ratings Based Pricing Grid for Revolving Loans 
  

											
	 Level
	  	 Credit Ratings

(S&P/ Moody’s/ Fitch)
	  	Applicable
Margin (LIBOR
Loans)
(bps)	 	 	Applicable
Margin (Base
Rate Loans)
(bps)	 
	1	  	3A- / A3 / A-	  	 	0.775	% 	 	 	0.00	% 
	2	  	BBB+ / Baa1 / BBB+	  	 	0.825	% 	 	 	0.00	% 
	3	  	BBB / Baa2 / BBB	  	 	0.90	% 	 	 	0.00	% 
	4	  	BBB- / Baa3 / BBB-	  	 	1.10	% 	 	 	0.10	% 
	5	  	< BBB- / Baa3 / BBB- or unrated	  	 	1.45	% 	 	 	0.45	% 

 Ratings Based Pricing Grid for Term Loans 

 

											
	 Level
	  	 Credit Ratings

(S&P/ Moody’s/ Fitch)
	  	Applicable
Margin (LIBOR
Loans)
(bps)	 	 	Applicable
Margin (Base
Rate Loans)
(bps)	 
	1	  	3A- / A3 / A-	  	 	0.85	% 	 	 	0.00	% 
	2	  	BBB+ / Baa1 / BBB+	  	 	0.90	% 	 	 	0.00	% 
	3	  	BBB / Baa2 / BBB	  	 	1.00	% 	 	 	0.00	% 
	4	  	BBB- / Baa3 / BBB-	  	 	1.25	% 	 	 	0.25	% 
	5	  	< BBB- / Baa3 / BBB- or unrated	  	 	1.65	% 	 	 	0.65	% 

  
 [Signature Page to Spirit
Revolving Credit and Term Loan Agreement] 
  
 3 

 Ratio Based Pricing Grid for Revolving Loans 

 

											
	 Level
	  	 Ratio of Total

Indebtedness to
 Total Asset
Value
	  	Applicable
Margin for
LIBOR Loans	 	 	Applicable
Margin for
Base Rate
Loans	 
	1	  	Less than 0.45 to 1.00	  	 	1.30	% 	 	 	0.30	% 
	2	  	Greater than or equal to 0.45 to 1.00 but less than 0.50 to 1.00	  	 	1.45	% 	 	 	0.45	% 
	3	  	Greater than or equal to 0.50 to 1.00 but less than 0.55 to 1.00	  	 	1.60	% 	 	 	0.60	% 
	4	  	Greater than or equal to 0.55 to 1.00	  	 	1.80	% 	 	 	0.80	% 

 Ratio Based Pricing Grid for Term Loans 

 

											
	 Level
	  	 Ratio of Total

Indebtedness to
 Total Asset
Value
	  	Applicable
Margin for
LIBOR Loans	 	 	Applicable
Margin for
Base Rate
Loans	 
	1	  	Less than 0.45 to 1.00	  	 	1.25	% 	 	 	0.25	% 
	2	  	Greater than or equal to 0.45 to 1.00 but less than 0.50 to 1.00	  	 	1.35	% 	 	 	0.35	% 
	3	  	Greater than or equal to 0.50 to 1.00 but less than 0.55 to 1.00	  	 	1.50	% 	 	 	0.50	% 
	4	  	Greater than or equal to 0.55 to 1.00	  	 	1.70	% 	 	 	0.70	% 

 Each change in the Applicable Margin shall be effective commencing on the next Business Day following the
earlier to occur of (A) the Administrative Agent’s receipt of notice from the Borrower of an applicable change in the Credit Rating levels and (B) the Administrative Agent’s actual knowledge of an applicable change in the Credit
Rating levels (or, if the Ratio Based Pricing 

  
 [Signature Page to Spirit
Revolving Credit and Term Loan Agreement] 
  
 4 

 
Grid is applicable, one Business Day after the delivery of the Compliance Certificate for each quarter). If the Borrower fails to deliver a Compliance Certificate pursuant to
Section 9.3, the Applicable Margin under the Ratio Based Pricing Grid shall equal the percentages corresponding to Level 4 until the first Business Day of the calendar month immediately following the month that the
required Compliance Certificate is delivered. 
 “Approved Electronic Platform” has the meaning set forth in
Section 9.5(c). 
 “Approved Fund” means any Fund that is administered or managed by (a) a
Lender, (b) an Affiliate of a Lender, or (c) an entity or an Affiliate of any entity that administers or manages a Lender. 

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

“Assignment and Assumption” means an Assignment and Assumption Agreement entered into by a Lender and an Eligible Assignee
(with the consent of any party whose consent is required by Section 13.5), and accepted by the Administrative Agent, in substantially the form of Exhibit A or any other form (including electronic records generated by
use of an electronic platform) approved by the Administrative Agent. 
 “Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule. 
 “Bankruptcy Code” means the Bankruptcy Code of 1978. 

“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 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 Base Rate is being used as an alternate rate of interest pursuant to Section 5.2, then the Base Rate shall
be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above. For the avoidance of doubt, if the Base Rate as determined pursuant to the foregoing would be less than 1.00%, such rate shall be
deemed to be 1.00% for purposes of this Agreement. 
 “Base Rate Loan” means a Loan (or any portion thereof) bearing
interest at a rate based on the Base Rate. 

  
 [Signature Page to Spirit
Revolving Credit and Term Loan Agreement] 
  
 5 

 “Beneficial Ownership Certification” means a certification regarding
beneficial ownership or control as required by the Beneficial Ownership Regulation. 
 “Beneficial Ownership Regulation”
means 31 C.F.R. § 1010.230. 
 “Benefit Arrangement” means at any time an employee benefit plan within the meaning of
Section 3(3) of ERISA which is not a Plan or a Multiemployer Plan and which is maintained or otherwise contributed to by the Borrower. 

“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”. 

“Borrower” has the meaning set forth in the introductory paragraph hereof and shall include the Borrower’s successors
and permitted assigns. 
 “Borrower Information” has the meaning given to such term in
Section 2.4(c). 
 “Business Day” means (a) any day other than a Saturday, Sunday or other
day on which commercial banks in New York City or in the state where the headquarters of the Borrower is located are authorized or required to be closed under the laws of such jurisdiction, or are in fact closed and (b) to the extent such day
relates to a LIBOR Loan or a LIBOR Daily Loan, a day on which the London interbank market is open for dealings in Dollars. 

“Capitalization Rate” means seven percent (7.00%). 

“Capitalized Lease Obligations” means obligations under a lease (or other arrangement conveying the right to use property) to
pay rent or other amounts that are required to be capitalized for financial reporting purposes in accordance with GAAP. The amount of a Capitalized Lease Obligation is the capitalized amount of such obligation as would be required to be reflected on
a balance sheet of the applicable Person prepared in accordance with GAAP as of the applicable date. 
 “Cash
Collateralize” means, to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the applicable Issuing Bank or the Revolving Lenders, as collateral for Letter of Credit Liabilities or obligations of Lenders to
fund participations in respect of Letter of Credit Liabilities, cash or deposit account balances or, if the Administrative Agent and the applicable Issuing Bank shall agree in their sole discretion, other credit support, in each case pursuant to
documentation in form and substance satisfactory to the Administrative Agent and the applicable Issuing Bank. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and
other credit support. 
 “Cash Equivalents” means: (a) securities issued, guaranteed or insured by the United States
of America or any of its agencies with maturities of not more than one (1) year from the date acquired; (b) certificates of deposit with maturities of not more than one (1) year from the date acquired issued by a United States federal
or state chartered commercial bank of recognized 

  
 [Signature Page to Spirit
Revolving Credit and Term Loan Agreement] 
  
 6 

 
standing, or a commercial bank organized under the laws of any other country which is a member of the Organisation for Economic Cooperation and Development, or a political subdivision of any such
country, acting through a branch or agency, which bank has capital and unimpaired surplus in excess of $500,000,000 and which bank or its holding company has a short-term commercial paper rating of at least A-2 or the equivalent by S&P or Fitch or at least P-2 or the equivalent by Moody’s; (c) reverse repurchase agreements with terms of not more than seven
(7) days from the date acquired, for securities of the type described in clause (a) above and entered into only with commercial banks having the qualifications described in clause (b) above; (d) commercial paper issued by any
Person incorporated under the laws of the United States of America or any State thereof and rated at least A-2 or the equivalent thereof by S&P or Fitch or at least
P-2 or the equivalent thereof by Moody’s, in each case with maturities of not more than one (1) year from the date acquired; and (e) investments in money market funds registered under the
Investment Company Act of 1940 that have net assets of at least $500,000,000 and at least eighty-five percent (85%) of whose assets consist of securities and other obligations of the type described in clauses (a) through (d) above. 

“Class” when used in reference to any Loan or borrowing, refers to whether such Loan or borrowing is a Revolving Loan, a
Competitive Loan or a Term Loan. 
 “Commitment” means, as to a Lender, such Lender’s Revolving Commitment and/or Term
Commitment, as the context may require. 
 “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. §1 et
seq.). 
 “Communications” has the meaning given to such term in Section 9.5(e). 

“Competitive Bid” means an offer by a Revolving Lender to make a Competitive Loan in accordance with
Section 2.3. 
 “Competitive Bid Note” means has the meaning given to such term in
Section 2.10(a). 
 “Competitive Bid Rate” means, with respect to any Competitive Bid, the Margin
or the Fixed Rate, as applicable, offered by the Lender making such Competitive Bid. 
 “Competitive Bid Request” means a
request by the Borrower for Competitive Bids in accordance with Section 2.3. 
 “Competitive
Loan” means a Loan made pursuant to Section 2.3. 
 “Compliance Certificate” has the
meaning given to such term in Section 9.3. 
 “Connection Income Taxes” means Other Connection
Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 

“Continue”, “Continuation” and “Continued” each refers to the continuation of a LIBOR Loan
from one (1) Interest Period to another Interest Period pursuant to Section 2.8. 

  
 [Signature Page to Spirit
Revolving Credit and Term Loan Agreement] 
  
 7 

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

“Convert”, “Conversion” and “Converted” each refers to the conversion of a Loan of one Type
into a Loan of another Type pursuant to Section 2.9. 
 “Credit Event” means any of the
following: (a) the making (or deemed making) of any Loan and (b) the issuance of a Letter of Credit or the amendment of a Letter of Credit that extends the maturity, or increases the Stated Amount, of such Letter of Credit. 

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

“Debtor Relief Laws” means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the
benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar Applicable Laws relating to the relief of debtors in the United States of America or other applicable jurisdictions from time to time in effect.

 “Default” means any of the events specified in Section 11.1, whether or not there has been
satisfied any requirement for the giving of notice, the lapse of time, or both. 
 “Defaulting Lender” means, subject to
Section 3.9(f), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies
the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default,
shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any Issuing Bank, or any other Lender any other amount required to be paid by it hereunder (including in respect of its
participation in Letters of Credit) within two (2) Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent or any Issuing Bank in writing that it does not intend to comply with its funding obligations
hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s good faith determination
that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days
after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall
cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the
subject of a proceeding under any Debtor Relief Law or the subject of a Bail-In Action, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of
creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity;

  
 [Signature Page to Spirit
Revolving Credit and Term Loan Agreement] 
  
 8 

 
provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company
thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States of America or from the enforcement of judgments or writs of
attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting
Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 3.9(f)) upon delivery
of written notice of such determination to the Borrower, the Issuing Banks and each Lender. 
 “Derivatives Contract” means
a “swap agreement” as defined in Section 101 of the Bankruptcy Code. 
 “Derivatives Termination Value”
means, in respect of any one or more Derivatives Contracts, after taking into account the effect of any legally enforceable netting agreement or provision relating thereto, (a) for any date on or after the date such Derivatives Contracts have
been terminated or closed out, the termination amount or value determined in accordance therewith, and (b) for any date prior to the date such Derivatives Contracts have been terminated or closed out, the then-current mark-to-market value for such Derivatives Contracts, determined based upon one (1) or more mid-market quotations or estimates
provided by Chatham Financial Corp. or any other recognized dealer or advisory services firm specializing in debt and Derivatives Contracts and markets (which may include the Administrative Agent, any Lender, any Specified Derivatives Provider or
any Affiliate of any of them). 
 “Development Asset” means a Property currently under development that has not achieved an
Occupancy Rate of eighty-five percent (85%) or more or, subject to the last sentence of this definition, on which the on-site improvements (other than tenant improvements on unoccupied space) related to the
Property have not been substantially completed. With respect to Properties, the term “Development Asset” shall include real property of the type described in the immediately preceding sentence that satisfies both of the following
conditions: (i) it is to be (but has not yet been) acquired by Spirit REIT, the Borrower, any Subsidiary or any Unconsolidated Affiliate upon completion of construction pursuant to a contract in which the seller of such real property is
required to develop or renovate prior to, and as a condition precedent to, such acquisition, and (ii) a third party is developing such property using the proceeds of a loan that is Guaranteed by, or is otherwise recourse to, Spirit REIT, the
Borrower, any Subsidiary or any Unconsolidated Affiliate. A Development Asset on which all on-site improvements (other than tenant improvements on unoccupied space) of such Development Asset have been
completed for at least twelve (12) months shall cease to constitute a Development Asset notwithstanding the fact that such Development Asset has not achieved an Occupancy Rate of at least eighty-five percent (85%). For the avoidance of doubt,
any Property (a) that is being repositioned or redeveloped for a period of not more than nine (9) months or (b) on which the underlying tenant or borrower is paying rent or debt service to Spirit REIT or a Subsidiary, is an Eligible
Asset and not a Development Asset. 

  
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 “Disbursement and Rate Management Agreement” means a Disbursement and Rate
Management Authorization and Instruction Agreement substantially in the form of Exhibit B (or such other form as may be approved in writing by the Administrative Agent (such approval not to be unreasonably withheld, delayed
or conditioned) to be executed and delivered by the Borrower pursuant to Section 6.1(a). 
 “Documentation
Agents” has the meaning set forth in the introductory paragraph hereof. 
 “Dollars” or “$” means
the lawful currency of the United States of America. 
 “EEA Financial Institution” means (a) any institution
established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition,
or (c) any institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

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

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

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

“Effective Date” means the later of (a) the Agreement Date and (b) the date on which all of the conditions
precedent set forth in Section 6.1 shall have been fulfilled or waived. 

  
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 “Eligible Asset” means a Property which satisfies all of the following
requirements: (a) such Property is fully developed as a retail, office or industrial Property (including, without limitation, any such Property fully developed as a data center, distribution center, call center, daycare, education center or
hotel) (provided that Properties being repositioned or redeveloped for a period of not more than nine months shall be considered fully developed); (b) such Property is wholly owned (directly or indirectly) in fee simple, or leased under
a Ground Lease, by the Borrower or a Wholly Owned Subsidiary; (c) such Property is located in a State of the United States of America or in the District of Columbia; (d) regardless of whether such Property is owned by the Borrower or a
Subsidiary, the Borrower has the right directly, or indirectly through a Subsidiary, to take the following actions without the need to obtain the consent of any Person: (i) to create Liens on such Property as security for Indebtedness of the
Borrower or such Subsidiary, as applicable, and (ii) to sell, transfer or otherwise dispose of such Property; (e) neither such Property nor if such Property is owned by a Subsidiary, any of the Borrower’s direct or indirect ownership
interest in such Subsidiary, is subject to (i) any Lien other than Permitted Liens (but not Permitted Liens described in clause (g) of the definition of that term except to the extent agreed to by the parties to this Agreement prior to the
effectiveness hereof) or (ii) any Negative Pledge (other than as permitted by Section 10.2); (f) if such Property is owned or leased by a Subsidiary, then such Subsidiary shall not have incurred or be liable for any
recourse Indebtedness unless such Subsidiary has guaranteed all obligations of the Borrower hereunder, provided that a Property may be an Eligible Asset notwithstanding this clause (f) so long as the aggregate amount of recourse
Indebtedness of Subsidiaries that have not guaranteed the obligations of the Borrower hereunder either (i) does not exceed, in the aggregate for all such Subsidiaries, $25,000,000 or (ii) relates solely to contingent recourse obligations
under a typical environmental indemnity or “bad-boy” carve-out guaranty; and (g) such Property is free of all structural defects or major architectural
deficiencies, title defects, environmental conditions or other adverse matters except for defects, deficiencies, conditions or other matters that, individually or collectively, are not material to the profitable operation of such Property. 

“Eligible Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and (d) any
other Person (other than a natural person) approved by the Administrative Agent (such approval not to be unreasonably withheld or delayed). 

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

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

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

“ERISA Event” means, with respect to the ERISA Group, (a) any “reportable event” as defined in
Section 4043 of ERISA with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the withdrawal of a member of the ERISA Group from a Plan subject to
Section 4063 of ERISA during a plan year in which it was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA;
(c) the incurrence by a member of the ERISA Group of any liability with respect to the withdrawal or partial withdrawal from any Multiemployer Plan; (d) the incurrence by any member of the ERISA Group of any liability under Title IV
of ERISA with respect to the termination of any Plan or Multiemployer Plan; (e) the institution of proceedings to terminate a Plan or Multiemployer Plan by the PBGC; (f) the failure by any member of the ERISA Group to make when due
required contributions to a Multiemployer Plan or Plan unless such failure is cured within 30 days or the filing pursuant to Section 412(c) of the Internal Revenue Code or Section 302(c) of ERISA of an application for a waiver of the
minimum funding standard; (g) any other event or condition that might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or Multiemployer
Plan or the imposition of liability under Section 4069 or 4212(c) of ERISA; (h) the receipt by any member of the ERISA Group of any notice or the receipt by any Multiemployer Plan from any member of the ERISA Group of any notice,
concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent (within the meaning of Section 4245 of ERISA), in reorganization (within the meaning of Section 4241 of
ERISA), or in “critical” status (within the meaning of Section 432 of the Internal Revenue Code or Section 305 of ERISA); (i) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but
not delinquent under Section 4007 of ERISA, upon any member of the ERISA Group or the imposition of any Lien in favor of the PBGC under Title IV of ERISA; or (j) a determination that a Plan is, or is reasonably expected to be, in “at
risk” status (within the meaning of Section 430 of the Internal Revenue Code or Section 303 of ERISA). 

  
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Revolving Credit and Term Loan Agreement] 
  
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 “ERISA Group” means the Borrower, any Subsidiary and all members of a
controlled group of corporations and all trades or businesses (whether or not incorporated) under common control, which, together with the Borrower or any Subsidiary, are treated as a single employer under Section 414 of the Internal Revenue
Code. 
 “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. 

“Eurodollar Competitive Loan” means a Competitive Loan that is a LIBOR Loan. 

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

  
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such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 5.6) or (ii) such Lender changes its Lending
Office, except in each case to the extent that, pursuant to Section 3.10, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such
Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.10(g) and (d) any Taxes imposed under FATCA. 

“Existing Credit Agreements” means (a) that certain Credit Agreement, dated as of March 31, 2015, as amended to
date, by and among Borrower, the various financial institutions a party thereto, as lenders, Wells Fargo Bank, National Association, as administrative agent, and certain other titled agents parties thereto and (b) that certain Term Loan
Agreement dated as of November 3, 2015, as amended to date, by and among Borrower, the various financial institutions party thereto, as lenders, Bank of America, N.A., as administrative agent, and certain other titled agents party thereto. 

“Extended Letter of Credit” has the meaning given to such term in Section 2.2(b). 

“Facility” means the Revolving Facility and/or the Term Facility, as the context may require. 

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

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

“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended or
successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the
Internal Revenue Code and any intergovernmental agreement entered into in connection with the implementation of such Sections of the Internal Revenue Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to such
intergovernmental agreement. 
 “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 the NYFRB shall set forth on its public 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 zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

“Fee Letter” means collectively, those certain fee letters entered into on or prior to the Agreement Date, by and among the
Borrower and one or more of the Administrative Agent and/or the Arrangers. 

  
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Revolving Credit and Term Loan Agreement] 
  
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 “Fees” means the fees and commissions provided for or referred to in
Section 3.5 and any other fees payable by the Borrower hereunder or under any other Loan Document. 

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

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

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

“Fixed Rate Loan” means a Competitive Loan bearing interest at a Fixed Rate. 

“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. 

“Fronting Exposure” means, at any time there is a Defaulting Lender, with respect to each Issuing Bank, such Defaulting
Lender’s Revolving Commitment Percentage of the outstanding Letter of Credit Liabilities other than Letter of Credit Liabilities as to which such Defaulting Lender’s participation obligation has been reallocated to other Revolving Lenders
or Cash Collateralized by a Defaulting Lender or the Borrower in accordance with the terms hereof. 
 “Fund” means any
Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

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

  
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 “Governmental Approvals” means all authorizations, consents, approvals,
licenses and exemptions of, registrations and filings with, and reports to, all Governmental Authorities. 
 “Governmental
Authority” means any national, state or local government (whether domestic or foreign), any political subdivision thereof or any other governmental, quasi-governmental, judicial, administrative,
public or statutory instrumentality, authority, body, agency, bureau, commission, board, department or other entity (including the Federal Deposit Insurance Corporation, the Comptroller of the Currency or the Federal Reserve Board, any central bank
or any comparable authority) or any arbitrator with authority to bind a party at law. 
 “Ground Lease” means a ground
lease containing terms and conditions customarily required by mortgagees making a loan secured by the interest of the holder of the leasehold estate demised pursuant to a ground lease, including the following: (a) a remaining term (including
any unexercised extension options exercisable at the ground lessee’s sole election with no veto or approval rights by ground lessor or any lender to such ground lessor other than customary requirements regarding no event of default) of thirty
(30) years or more from the Agreement Date; (b) the right of the lessee to mortgage and encumber its interest in the leased property, and to amend the terms of any such mortgage or encumbrance, in each case, without the consent of the
lessor, or if the consent of lessor is required, such consent cannot be unreasonably withheld, conditioned or delayed, whether by contract or applicable law, or is subject to satisfaction of objective criteria not constituting a discretionary
approval; (c) the obligation of the lessor to give the holder of any mortgage Lien on such leased property written notice of any defaults on the part of the lessee and agreement of such lessor that such lease will not be terminated until such
holder has had a reasonable opportunity to cure or complete foreclosures, and fails to do so; (d) acceptable transferability of the lessee’s interest under such lease, including ability to sublease; (e) acceptable limitations on the
use of the leased property; and (f) clearly determinable rental payment terms which in no event contain profit participation rights. 

“Guaranteed Obligations” means, collectively, (a) the Obligations and (b) all existing or future payment and other
obligations owing by any Loan Party under any Specified Derivatives Contract (other than any Excluded Swap Obligation). 

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

“Guaranty”, “Guaranteed”, “Guarantying” or to “Guarantee” as applied to
any obligation means and includes: (a) a guaranty (other than by endorsement of negotiable instruments for collection in the ordinary course of business), directly or indirectly, in any manner, of any part or all of such obligation, or
(b) an agreement, direct or indirect, contingent or otherwise, and whether or not constituting a guaranty, the practical effect of which is to assure the payment or performance (or payment of damages in the event of nonperformance) of any part
or all of such obligation whether by: (i) the purchase of securities or obligations, (ii) the purchase, sale or lease (as lessee or lessor) of property or the purchase or sale of services primarily for the purpose of enabling the obligor
with respect to such obligation to make any payment or performance (or payment of damages in the event of nonperformance) of or on account of any part or all of such obligation, or to assure the owner of such obligation against loss, (iii) the
supplying of funds to or 

  
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in any other manner investing in the obligor with respect to such obligation, (iv) repayment of amounts drawn down by beneficiaries of letters of credit (including Letters of Credit), or
(v) the supplying of funds to or investing in a Person on account of all or any part of such Person’s obligation under a Guaranty of any obligation or indemnifying or holding harmless, in any way, such Person against any part or all of
such obligation. Obligations under guaranties of customary exceptions constituting Nonrecourse Indebtedness shall not be deemed to give rise to Indebtedness or otherwise constitute a Guaranty except as otherwise provided in the definition of
“Nonrecourse Indebtedness”. As the context requires, “Guaranty” shall also mean the guaranty executed and delivered pursuant to Section 6.1 or 8.14 and substantially in the form of
Exhibit C. 
 “Hazardous Materials” means all or any of the following: (a) substances that
are defined or listed in, or otherwise classified pursuant to, any applicable Environmental Laws as “hazardous substances”, “hazardous materials”, “hazardous wastes”, “toxic substances” or any other
formulation intended to define, list or classify substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, “TCLP” toxicity, or “EP toxicity”;
(b) oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or production of crude oil, natural gas or
geothermal resources; (c) any flammable substances or explosives or any radioactive materials; (d) asbestos in any form; (e) toxic mold; and (f) electrical equipment which contains any oil or dielectric fluid containing levels of
polychlorinated biphenyls in excess of fifty parts per million. 
 “Impacted Interest Period” has the meaning assigned to
it in the definition of “LIBO Rate.” 
 “Indebtedness” means, with respect to a Person, at the time of
computation thereof, all of the following (without duplication): all monetary obligations of such Person (i) for borrowed money, (ii) represented by notes payable, or drafts accepted, in each case representing extensions of credit,
(iii) evidenced by bonds, debentures, notes or similar instruments, (iv) constituting purchase money indebtedness, conditional sales contracts, title retention debt instruments or other similar instruments, upon which interest charges are
customarily paid or that are issued or assumed as full or partial payment for property or for services rendered; (v) in respect of Capitalized Lease Obligations; (vi) in respect of reimbursement obligations under letters of credit or
acceptances, in each case to the extent drawn upon; (vii) in respect of Off-Balance Sheet Obligations that constitute Indebtedness; (viii) to purchase, redeem, retire, defease or otherwise make any
payment in respect of any Mandatorily Redeemable Stock, valued at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; (ix) in respect of net obligations under any Derivatives Contract not
entered into as a hedge against interest rate risk in respect of existing Indebtedness, in an amount equal to the Derivatives Termination Value thereof (but in no event less than zero); (x) in respect of Indebtedness of other Persons that such
Person has guaranteed or that is otherwise recourse to such Person (except for guaranties of customary exceptions for fraud, misapplication of funds, environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy and other similar
customary exceptions to non-recourse liability and contingent guarantees the conditions for which have not accrued); and (xi) in respect of Indebtedness of another Person secured by (or for which the
holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property or assets owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness

  
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or other payment obligation. Indebtedness of a Person shall include Indebtedness of any other Person to the extent such Indebtedness is recourse to such first Person. For the avoidance of doubt,
Indebtedness shall not include (i) regular quarterly dividends or year-end dividends to maintain REIT status, (ii) trade payables and accrued expenses (including deferred tax liabilities) incurred in
the ordinary course of business or for which reserves in accordance with GAAP or otherwise reasonably acceptable to the Administrative Agent have been provided or (iii) any agreement, commitment or arrangement for the sale of Equity Interests
issued by Spirit REIT at a future date that could be discharged solely by (x) delivery of Spirit REIT’s Equity Interests, or, (y) solely at Spirit REIT’s option made at any time, payment of the cash value of such Equity Interests
at the time, irrespective of the form or duration of such agreement, commitment or arrangement; provided, however, that during the period of time, if any, following an election by Spirit REIT to pay the cash value of such Equity Interest and prior
to payment of such cash value, the obligation to pay such cash value shall be included as “Indebtedness” hereunder (it being understood and agreed that the amount of such Indebtedness shall be calculated based on the closing price of
Spirit REIT’s Equity Interests on the date of such election, irrespective of the market price of Spirit REIT’s Equity Interests at any time following such election, including at the time of payment). 

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

“Interest Expense” means, with respect to a Person and for any period, without duplication, total interest expense of such
Person, including capitalized interest not funded under a construction loan interest reserve account, determined on a consolidated basis in accordance with GAAP for such period. Spirit REIT’s Ownership Share of the Interest Expense of its
Unconsolidated Affiliates will be included when determining the Interest Expense of Spirit REIT. 
 “Interest Period”
means, (a) with respect to each LIBOR Loan, each period commencing on the date such LIBOR Loan is made, is Converted from a Base Rate Loan or is Continued for a new Interest Period on the last day of the preceding Interest Period for such Loan,
and ending on the numerically corresponding day in the first, third or sixth (or twelfth, with the consent of the applicable Lender in respect of a Eurodollar Competitive Loan) calendar month thereafter, as applicable, as the Borrower may select in
a Notice of Borrowing, Notice of Continuation or Notice of Conversion, as the case may be, and (b) with respect to any Fixed Rate Loan, the period (which shall not be less than 30 days or more than 360 days) commencing on the date of such Loan
and ending on the date specified in the applicable Competitive Bid Request, except that each Interest Period that commences on the last Business Day of a calendar month (or on any day for which there is no numerically corresponding day in the
appropriate subsequent calendar month) shall end on the last Business Day of the appropriate subsequent calendar month. Notwithstanding the foregoing: (i) if any Interest Period for a Loan would otherwise end after the applicable Maturity Date,
such Interest Period shall end on the applicable Maturity Date; and (ii) each Interest Period that would otherwise end on a day that is not a Business Day shall end on the immediately following Business Day (or, if such immediately following
Business Day falls in the next calendar month, on the immediately preceding Business Day). 
 “Internal Revenue Code” means
the Internal Revenue Code of 1986. 

  
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 “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. 

“Investment” means, with respect to any Person, any acquisition or investment (whether or not of a controlling interest) by
such Person, by means of any of the following: (a) the purchase or other acquisition of any Equity Interest in another Person, (b) a loan, advance or extension of credit to, capital contribution to, Guaranty of Indebtedness of, or purchase
or other acquisition of any Indebtedness of, another Person, including any partnership or joint venture interest in such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of
another Person that constitute the business or a division or operating unit of another Person. Any commitment to make an Investment in any other Person, as well as any option of another Person to require an Investment in such Person, shall
constitute an Investment. Except as expressly provided otherwise, for purposes of determining compliance with any covenant contained in a Loan Document, the amount of any Investment shall be the amount actually invested minus the
amount received from such investment, without adjustment for subsequent increases or decreases in the value of such Investment. 

“Issuing Bank” means each of JPMorgan Chase Bank, N.A., Bank of America, N.A., The Bank of Nova Scotia, SunTrust Bank, U.S.
Bank National Association and Wells Fargo Bank, N.A. or another Revolving Lender which agrees to be an Issuing Bank and is reasonably satisfactory to the Borrower and Administrative Agent, in each case in such Person’s capacity as an issuer of
Letters of Credit pursuant to Section 2.2. 
 “L/C Commitment Amount” means the lesser of
$60,000,000 and the aggregate amount of the Revolving Commitments. 
 “L/C Disbursement” has the meaning given to such term
in Section 3.9(b). 
 “Lender” means each financial institution from time to time party hereto as
a “Lender”, together with its respective successors and permitted assigns, and, as the context requires, includes each Issuing Bank; provided that the term “Lender”, except as otherwise expressly provided herein, shall
exclude any Lender (or its Affiliates) in its capacity as a Specified Derivatives Provider. 
 “Lender Parties” means,
collectively, the Administrative Agent, the Lenders, the Issuing Banks, the Specified Derivatives Providers, each co-agent or sub-agent appointed by the Administrative
Agent from time to time pursuant to Section 11.5, any other holder from time to time of any of the Obligations and, in each case, their respective successors and permitted assigns. 

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

  
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 “Letter of Credit” has the meaning given to such term in
Section 2.2(a). 
 “Letter of Credit Collateral Account” means a special deposit account
maintained by the Administrative Agent, for the benefit of the Administrative Agent, the Issuing Banks and the Revolving Lenders, and under the sole dominion and control of the Administrative Agent. 

“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 1.1(a), 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. 
 “Letter of Credit
Documents” means, with respect to any Letter of Credit, collectively, any application or other agreement submitted or entered into by the Borrower for the issuance of such Letter of Credit, any certificate or other document presented in
connection with a drawing under such Letter of Credit and any other agreement, instrument or other document governing or providing for (a) the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or
(b) any collateral security for any of such obligations. 
 “Letter of Credit Liabilities” means, without duplication,
at any time and in respect of any Letter of Credit (a) the Stated Amount of such Letter of Credit plus (b) the aggregate unpaid principal amount of all Reimbursement Obligations of the Borrower at such time due and payable in
respect of all drawings made under such Letter of Credit. For purposes of this Agreement, a Revolving Lender (other than the Lender then acting as Issuing Bank for such Letter of Credit) shall be deemed to hold a Letter of Credit Liability in an
amount equal to its participation interest under Section 2.2 in such Letter of Credit, and the Lender then acting as the Issuing Bank for such Letter of Credit shall be deemed to hold a Letter of Credit Liability in an
amount equal to its retained interest in such Letter of Credit after giving effect to the acquisition by the Revolving Lenders (other than the Lender then acting as the Issuing Bank for such Letter of Credit) of their participation interests under
such Section. 
 “LIBO Rate” means, with respect to any LIBOR Loan 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. 

  
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 “LIBO Screen Rate” means, for any day and time, with respect to any LIBOR
Loan 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 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 zero, such rate shall be deemed to be zero for the purposes of this Agreement. 
 “LIBOR Daily Floating Rate” means
for any day, a fluctuating rate of interest per annum, which can change on each Business Day, equal to LIBO Rate or a comparable or successor rate which rate is approved by the Administrative Agent, as published on the applicable Reuters screen page
(or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) at or about 11:00 a.m., London time on such Business Day, for Dollar deposits with a term equivalent to a one
(1) month term beginning on that date; provided that: (i) to the extent a comparable or successor rate is approved by the Administrative Agent in connection herewith, the approved rate shall be applied in a manner consistent with market
practice and in a non-discriminatory manner in comparison to the Administrative Agent’s other borrowers; provided, further that to the extent such market practice is not administratively feasible for the
Administrative Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent and (ii) if the LIBOR Daily Floating Rate shall be less than zero, such rate shall be deemed to be zero for
purposes hereof. 
 “LIBOR Daily Loan” means a Revolving Loan (or any portion thereof) (other than a Base Rate Loan or a
LIBOR Loan) bearing interest at a rate based on the LIBOR Daily Floating Rate. 
 “LIBOR Loan” means a Loan (or any portion
thereof) (other than a Base Rate Loan or a LIBOR Daily Loan) bearing interest at a rate based on the Adjusted LIBO Rate or any Competitive Loan bearing interest at a rate based on the LIBO Rate. 

“Lien” as applied to the property of any Person means: (a) any security interest, encumbrance, mortgage, deed to secure
debt, deed of trust, assignment of leases and rents, pledge, lien, hypothecation, assignment, charge or lease constituting a Capitalized Lease Obligation, conditional sale or other title retention agreement, or other security title or encumbrance of
any kind in respect of any property of such Person, or upon the income, rents or profits therefrom; (b) any arrangement, express or implied, under which any property of such Person is transferred, sequestered or otherwise identified for the
purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to the payment of the general, unsecured creditors of such Person; and (c) the filing of any financing statement under the UCC or
its equivalent in any jurisdiction, other than any precautionary filing not otherwise constituting or giving rise to a Lien, including a financing statement filed (i) in respect of a lease not constituting a Capitalized Lease Obligation
pursuant to Section 9-505 (or a successor provision) of the UCC or its equivalent as in effect in an applicable jurisdiction or (ii) in connection with a sale or other disposition of accounts or
other assets not prohibited by this Agreement in a transaction not otherwise constituting or giving rise to a Lien. 

“Loan” means a Revolving Loan, a Term Loan or a Competitive Loan, as the context may require. 

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

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

“Managing Agents” means the “Managing Agents” listed on the cover page hereto. 

“Mandatorily Redeemable Stock” means, with respect to any Person, any Equity Interest of such Person which by the terms of
such Equity Interest (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise, (a) matures or is mandatorily redeemable, pursuant to a sinking
fund obligation or otherwise (other than an Equity Interest to the extent redeemable in exchange for common stock or other equivalent common Equity Interests at the option of the issuer of such Equity Interest), (b) is convertible into or
exchangeable or exercisable for Indebtedness or Mandatorily Redeemable Stock, or (c) is redeemable at the option of the holder thereof, in whole or in part (other than an Equity Interest which is redeemable solely in exchange for common stock
or other equivalent common Equity Interests), in the case of each of clauses (a) through (c), on or prior to the Termination Date. 

“Margin” means, with respect to any Competitive Loan bearing interest at a rate based on the LIBO Rate, the marginal rate of
interest, if any, to be added to or subtracted from the LIBO Rate to determine the rate of interest applicable to such Loan, as specified by the Lender making such Loan in its related Competitive Bid. 

“Marketable Securities” means (a) common or preferred Equity Interests of Persons located in, and formed under the laws
of, any State of the United States of America or the District of Columbia, which Equity Interests are subject to price quotations (quoted at least daily) on The NASDAQ Stock Market’s National Market System or have trading privileges on the New
York Stock Exchange, the American Stock Exchange or another recognized national United States securities exchange and (b) securities evidencing Indebtedness issued by Persons located in, and formed under the laws of, any State of the United
States or America or the District of Columbia, which Persons have a Credit Rating of BBB- or higher from S&P or Fitch, Baa3 or higher from Moody’s, or an equivalent or higher rating from another
Rating Agency. 
 “Material Adverse Effect” means a materially adverse effect on (a) the business, assets,
liabilities, condition (financial or otherwise) or results of operations of the Borrower and its Subsidiaries taken as a whole, (b) the ability of the Borrower to perform its obligations under the Loan Documents (taken as a whole) to which it
is a party, (c) the ability of the Loan Parties (taken as a whole) to perform their obligations under the Loan Documents (taken as a whole) to which they are party, (d) the validity or enforceability of the Loan Documents (taken as a
whole), (e) the rights and remedies of the Lenders, the Issuing Banks and the Administrative Agent under any of the Loan Documents or (f) the timely payment of the principal of or interest on the Loans or the timely payment of all
Reimbursement Obligations. 

  
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Revolving Credit and Term Loan Agreement] 
  
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 “Material Contract” means any contract or other arrangement (other than
Loan Documents and Specified Derivatives Contracts), whether written or verbal, to which the Borrower, any Subsidiary or any other Loan Party is a party as to which the breach, nonperformance, cancellation or failure to renew by any party thereto
could reasonably be expected to have a Material Adverse Effect; provided, however, that each of (i) the Second Amended and Restated Property Management and Services Agreement, dated as of May 20, 2014 (as amended, restated,
amended and restated, supplemented or otherwise modified from time to time), by and among Spirit Master Funding, LLC, Spirit Realty, L.P., Midland Loan Services, and the other parties party thereto from time to time and (ii) the Asset
Management Agreement, dated as of May 31, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time), by and between Spirit MTA REIT and Spirit Realty, L.P. shall, in each case, be deemed not to be a
Material Contract for all purposes under this Agreement. 
 “Material Subsidiary” means any Subsidiary to which more than
ten percent (10%) of Total Asset Value is attributable on an individual basis, provided that any entity that is jointly owned by a third party unaffiliated with Spirit REIT, the Borrower or their respective Subsidiaries as party of a joint
venture shall not be a Material Subsidiary. 
 “Maturity Date” means the Revolving Maturity Date or the Term Maturity Date,
as the context may require. 
 “Moody’s” means Moody’s Investors Service, Inc. and its successors. 

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

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

  
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interest but including an appropriate accrual for property taxes and insurance) related to the ownership, operation or maintenance of such Property, including property taxes, assessments and the
like, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses, marketing expenses, and general and administrative expenses (including an appropriate allocation for legal, accounting, advertising, marketing and other
expenses incurred in connection with such Property, but specifically excluding (x) any of the foregoing to the extent included in imputed management fee referred to in clause (iv) below as reasonably determined by the Borrower,
(y) any general overhead expenses of Spirit REIT and its Subsidiaries and (z) any property management fees), in each case to the extent not covered by the tenant as required in the lease agreement, minus (iii) the
Reserve for Replacements for such Property as of the end of such period, minus (iv) an imputed management fee in an amount equal to the greater of actual management fees incurred or 1% of the gross revenues for such Property for
such period, minus (v) all rents received from tenants or licensees or guarantors of any of the foregoing (A) that are in default of payment or other material monetary obligations under their lease for sixty (60) days or more
or (B) that are subject to any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution, liquidation or similar debtor relief proceeding and, with respect to tenants or licensees or any guarantor thereof in
bankruptcy or similar proceedings, have filed a motion to reject their lease or license respectively in such proceeding. 
 For purposes of
determining Net Operating Income, to the extent that greater than five percent (5%) of Net Operating Income is attributable to leases where the mortgagee, tenant or licensee or any guarantor thereunder is subject to any bankruptcy, reorganization,
arrangement, insolvency, readjustment of debt, dissolution, liquidation or similar debtor relief proceeding, such excess shall be excluded. Additionally, Net Operating Income shall be adjusted to remove any impact from straight line rent leveling
adjustments required under GAAP and amortization of above and below market rent intangibles pursuant to FASB ASC 805. 
 “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time. 

“Nonrecourse Indebtedness” means, with respect to a Person, Indebtedness for borrowed money in respect of which recourse for
payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy and other customary exceptions to nonrecourse liability) is contractually limited to
specific assets of such Person encumbered by a Lien securing such Indebtedness. 
 “Note” means a Revolving Note, a Term
Note or a Competitive Bid Note. 
 “Notice of Borrowing” means a notice substantially in the form of
Exhibit D (or such other form reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to
(a) Section 2.1A(b) evidencing the Borrower’s request for a borrowing of Revolving Loans or (b) Section 2.1B(b) evidencing the Borrower’s request for a Borrowing of Term Loans. 

“Notice of Continuation” means a notice substantially in the form of Exhibit E (or such other form
reasonably acceptable to the Administrative Agent and containing the information required in such Exhibit) to be delivered to the Administrative Agent pursuant to Section 2.8 evidencing the Borrower’s request for the
Continuation of a LIBOR Loan. 

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

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

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

“Obligations” means, individually and collectively: (a) the aggregate principal balance of, and all accrued and unpaid
interest on, all Loans; (b) all Reimbursement Obligations and all other Letter of Credit Liabilities; and (c) all other indebtedness, liabilities, obligations, covenants and duties of the Borrower and the other Loan Parties owing to the
Administrative Agent, the Issuing Banks or any Lender of every kind, nature and description, under or in respect of this Agreement or any of the other Loan Documents, including the Fees and indemnification obligations, whether direct or indirect,
absolute or contingent, due or not due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any promissory note. For the avoidance of doubt, “Obligations” shall not include any indebtedness, liabilities,
obligations, covenants or duties in respect of Specified Derivatives Contracts. 
 “Occupancy Rate” means, with respect to
a Property at any time, the ratio, expressed as a percentage, of (a) the net rentable square footage of such Property occupied by tenants that are not Affiliates of the Borrower pursuant to binding leases as to which no monetary default has
occurred and has continued unremedied for thirty (30) or more days to (b) the aggregate net rentable square footage of such Property. 

“Off-Balance Sheet Obligations” means, with respect to a Person: (a) obligations
of such Person in respect of any financing transaction or series of financing transactions (including factoring arrangements) pursuant to which such Person or any Subsidiary of such Person has sold, conveyed or otherwise transferred, or granted a
security interest in, accounts, payments, receivables, rights to future lease payments or residuals or similar rights to payment to a special purpose Subsidiary or Affiliate of such Person; (b) obligations of such Person under a sale and
leaseback transaction that does not create a liability on the balance sheet of such Person; (c) obligations of such Person under any so-called “synthetic” lease transaction; (d) obligations
of such Person under any other transaction which is the functional equivalent of, or takes the place of, a borrowing but which does not constitute a liability on the balance sheet of such Person; and (e) in the case of Spirit REIT, liabilities
and obligations of Spirit REIT, any Subsidiary or any other 

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

“OFAC” has the meaning given to such term in Section 7.1(y). 

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

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

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

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

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

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

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

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

“Person” means any natural person, corporation, limited partnership, general partnership, joint stock company, limited
liability company, limited liability partnership, joint venture, association, company, trust, bank, trust company, land trust, business trust or other organization, whether or not a legal entity, or any other nongovernmental entity, or any
Governmental Authority. 
 “Plan” means at any time an employee pension benefit plan (other than a Multiemployer Plan)
which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Internal Revenue Code and either (a) is maintained, or contributed to, by any member of the ERISA Group for employees of any member
of the ERISA Group or (b) has at any time within the preceding six years been maintained, or contributed to, by any Person that was at such time a member of the ERISA Group for employees of any Person that was at such time a member of the ERISA
Group. 
 “Plan Asset Regulations” means 29 CFR § 2510.3-101 et seq., as
modified by Section 3(42) of ERISA, as amended from time to time. 
 “Post-Default Rate” means, in respect of any
principal of any Loan or any Reimbursement Obligation, the rate otherwise applicable plus an additional two percent (2.0)% per annum and with respect to any other Obligation, a rate per annum equal to the Base Rate as in effect from
time to time plus the Applicable Margin for Base Rate Loans that are Revolving Loans plus two percent (2.0%). 

“Preferred Dividends” means, for any period and without duplication, all Restricted Payments paid during such period on
Preferred Equity Interests issued by Spirit REIT or a Subsidiary. Preferred Dividends shall not include dividends or distributions (a) paid or payable solely in Equity Interests (other than Mandatorily Redeemable Stock) payable to holders of
such class of Equity Interests, (b) paid or payable to Spirit REIT or a Subsidiary, or (c) constituting or resulting in the redemption of Preferred Equity Interests, other than scheduled redemptions not constituting balloon, bullet or
similar redemptions in full. 

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

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

“Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding
$10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract participant” under the Commodity
Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange
Act. 
 “Qualified Plan” means a Benefit Arrangement that is intended to be
tax-qualified under Section 401(a) of the Internal Revenue Code. 

  
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 “Rating Agency” means S&P, Fitch, Moody’s or any other nationally
recognized securities rating agency selected by the Borrower and approved of by the Administrative Agent in writing (which approval shall not be unreasonably withheld, conditioned or delayed). 

“Ratio Based Pricing Grid Election” means a one-time, irrevocable election made by
the Borrower in a written notice to the Administrative Agent to have the Applicable Margin determined based upon the Ratio Based Pricing Grid described in the definition of “Applicable Margin”, which election may be made only if the
Borrower ceases to have both a Credit Rating of Baa3 or higher from Moody’s and a Credit Rating of BBB- or higher from S&P (including a result of the discontinuance of Credit Ratings for the Borrower
from such Rating Agency). 
 “Recipient” means (a) the Administrative Agent, (b) any Lender and (c) any
Issuing Bank, as applicable. 
 “Register” has the meaning given to such term in Section 13.5(c).

 “Regulatory Change” means, with respect to any Lender, any change effective after the Agreement Date in Applicable Law
(including Regulation D of the Board of Governors of the Federal Reserve System) or the adoption or making after such date of any interpretation, directive or request applying to a class of banks, including such Lender, of or under any Applicable
Law (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) by any Governmental Authority or monetary authority charged with the interpretation or administration thereof or compliance by any Lender
with any request or directive regarding capital adequacy or liquidity. Notwithstanding anything herein to the contrary, (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives
thereunder or issued in connection therewith and (b) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the
United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Regulatory Change”, regardless of the date enacted, adopted, issued or implemented. 

“Reimbursement Obligation” means the absolute, unconditional and irrevocable obligation of the Borrower to reimburse the
applicable Issuing Bank for any drawing honored by such Issuing Bank under a Letter of Credit. 
 “REIT” means a Person
qualifying for treatment as a “real estate investment trust” under Section 856 of the Internal Revenue Code. 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, shareholders, directors,
officers, employees, agents, counsel, other advisors and representatives of such Person and of such Person’s Affiliates. 

“Requisite Facility Lenders” means, as of any date with respect to any Facility, the holders of more than 50% of (a) the
sum of the total Term Exposures and unused Term Commitments (if any) or (b) the total Revolving Commitments, as the case may be, outstanding under such Facility (or, in the case of the Revolving Facility, after termination of all of the
Revolving Commitments, the holders of more than 50% of the total Revolving Credit Exposures) at such time; provided that (i) in determining such percentage at any given time, all then existing 

  
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Defaulting Lenders will be disregarded and excluded, and (ii) at all times when two (2) or more Lenders (excluding Defaulting Lenders) are party to the applicable Facility under this
Agreement, the term “Requisite Facility Lenders” shall in no event mean less than two (2) Lenders party to such Facility. For purposes of this definition, a Revolving Lender (other than the applicable Issuing Bank) shall be deemed to
hold a Letter of Credit Liability to the extent such Revolving Lender has acquired a participation therein under the terms of this Agreement and has not failed to perform its obligations in respect of such participation. 

“Requisite Lenders” means, as of any date, Lenders having Term Exposures, unused Term Commitments (if any), and Revolving
Commitments (or, after termination of all of the Revolving Commitments, Revolving Credit Exposures) representing more than 50% of the sum of the total Term Exposures, unused Term Commitments (if any), and Revolving Commitments (or Revolving Credit
Exposures) at such time; provided that (i) in determining such percentage at any given time, all then existing Defaulting Lenders will be disregarded and excluded, and (ii) at all times when two (2) or more Lenders (excluding
Defaulting Lenders) are party to this Agreement, the term “Requisite Lenders” shall in no event mean less than two (2) Lenders. For purposes of this definition, a Revolving Lender (other than the applicable Issuing Bank) shall be
deemed to hold a Letter of Credit Liability to the extent such Revolving Lender has acquired a participation therein under the terms of this Agreement and has not failed to perform its obligations in respect of such participation. 

“Reserve for Replacements” means, for any period and with respect to any Property, an amount equal to (i) (a) the
aggregate square footage of all completed space of such Property that is not subject to “triple net” leases, multiplied by (b) $0.10, multiplied by
(c) the number of days in such period divided by (ii) three hundred sixty-five (365). If the term Reserve for Replacements is used without reference to any specific Property, then it shall be determined
on an aggregate basis with respect to all Properties and the applicable Ownership Shares of all Properties of all Unconsolidated Affiliates. 

“Responsible Officer” means with respect to the Borrower or any Subsidiary, the chief executive officer, chief financial
officer, treasurer or controller or any other financial officer of the Borrower or such Subsidiary, and, solely for purposes of notices given pursuant to Article II, any other officer or employee of such Person so designated by any of the
foregoing officers in a notice to the Administrative Agent (and with respect to which the Administrative Agent has received a certificate of incumbency) or any other officer or employee of the applicable Loan Party designated in or pursuant to an
agreement between the applicable Loan Party and the Administrative Agent. 
 “Restricted Payment” means (a) any
dividend or other distribution, direct or indirect, on account of any Equity Interest of Spirit REIT or any of its Subsidiaries now or hereafter outstanding, except a dividend payable solely in shares of that class of Equity Interests to the holders
of that class; (b) any redemption, conversion, exchange, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any Equity Interests of Spirit REIT or any of its Subsidiaries now or
hereafter outstanding; and (c) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire any Equity Interests of Spirit REIT or any of its Subsidiaries now or hereafter outstanding.

  
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 “Revolving Commitment” means, as to each Lender, such Lender’s
obligation to make Revolving Loans pursuant to Section 2.1A, to issue (in the case of an Issuing Bank) and to participate (in the case of the other Lenders) in Letters of Credit pursuant to
Section 2.2(i), in an amount up to, but not exceeding the amount set forth for such Lender on Schedule 1.1(a) as such Lender’s “Revolving Commitment Amount” or as set forth in any applicable Assignment
and Assumption, or agreement executed by a Person becoming a Lender in accordance with Section 2.15(a), as the same may be reduced from time to time pursuant to Section 2.11(a) or increased or
reduced as appropriate to reflect any assignments to or by such Lender effected in accordance with Section 13.5 or increased as appropriate to reflect any increase effected in accordance with
Section 2.15(a). 
 “Revolving Commitment Percentage” means, as to each Lender with a Revolving
Commitment, the ratio, expressed as a percentage, of (a) the amount of such Lender’s Revolving Commitment to (b) the aggregate amount of the Revolving Commitments of all Revolving Lenders; provided that if at the time of
determination the Revolving Commitments have been terminated or been reduced to zero (0), the “Revolving Commitment Percentage” of each Lender with a Revolving Commitment shall be the “Revolving Commitment Percentage” of such
Lender in effect immediately prior to such termination or reduction (after giving effect to any assignments made by or to such Lender). 

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

“Revolving Facility” means the Revolving Commitments and Revolving Loans. 

“Revolving Lender” means a Lender having a Revolving Commitment, or if the Revolving Commitments have terminated,
holding any Revolving Loans. 
 “Revolving Loan” means a loan made by a Revolving Lender to the Borrower pursuant to
Section 2.1A(a). 
 “Revolving Maturity Date” means March 31, 2023, subject to extension as
provided in Section 2.12, or if the Revolving Commitments are earlier terminated pursuant to Section 2.11 or Section 11.2, such earlier termination date. 

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

“Sanctions” has the meaning given to such term in Section 7.1(y). 

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

  
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 “Secured Indebtedness” means, with respect to a Person as of a given date,
the aggregate principal amount of all Indebtedness of such Person outstanding on such date that is secured in any manner by any Lien on any property and, in the case of Spirit REIT, shall include (without duplication) Spirit REIT’s Ownership
Share of the Secured Indebtedness of its Unconsolidated Affiliates, net of cash and Cash Equivalents held in any cash collateral and/or lender reserve account (which shall not include reserves and impounds for property operating expenses), which
account is subject to a Lien or a Negative Pledge in relation to such Indebtedness or the disposition of which account is restricted in any way in relation to such Indebtedness. 

“Securities Act” means the Securities Act of 1933. 

“Solvent” means, when used with respect to any Person (or group of Persons), that (a) the fair value and the fair
salable value of its (or their) assets (excluding any Indebtedness due from any Affiliate of such Person (or group of Persons)) are each in excess of the fair valuation of its (or their) total liabilities (including all contingent liabilities
computed at the amount which, in light of all facts and circumstances existing at such time, represents the amount that could reasonably be expected to become an actual and matured liability); (b) such Person is (or group of Persons are) able to pay
its (or their) debts or other obligations in the ordinary course as they mature; and (c) such Person (or group of Persons) has capital not unreasonably small to carry on its (or their) business and all business in which it proposes (or they
propose) to be engaged. 
 “Specified Derivatives Contract” means any Derivatives Contract that is made or entered into at
any time, or in effect at any time now or hereafter, whether as a result of an assignment or transfer or otherwise, between or among any Loan Party and any Specified Derivatives Provider, and which was not prohibited by any of the Loan Documents
when made or entered into. 
 “Specified Derivatives Provider” means any Person that (a) at the time it enters into a
Specified Derivatives Contract with a Loan Party, is a Lender or an Affiliate of a Lender or (b) at the time it (or its Affiliate) becomes a Lender (including on the Effective Date), is a party to a Specified Derivatives Contract with a Loan
Party, in each case in its capacity as a party to such Specified Derivatives Contract. 
 “Spirit REIT” means Spirit Realty
Capital, Inc., a Maryland corporation. 
 “S&P” means Standard & Poor’s Ratings Services, a
Standard & Poor’s Financial Services LLC business, or any successor. 
 “Stated Amount” means the amount
available to be drawn by a beneficiary under a Letter of Credit from time to time, as such amount may be increased or reduced from time to time in accordance with the terms of such Letter of Credit. 

“Statutory Reserve Rate” means 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 for eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D). Such reserve percentage shall include those imposed pursuant to Regulation D. LIBOR 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. 

  
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 “Subordinated Debt” means Indebtedness for money borrowed of the Borrower
or any of its Subsidiaries that is subordinated in right of payment and otherwise to the Loans and the other Guaranteed Obligations in a manner reasonably satisfactory to the Administrative Agent. 

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

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

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

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

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

“Term Commitment” means, as to each Lender, such Lender’s obligation to make Term Loans pursuant to
Section 2.1B, in an amount up to, but not exceeding the amount set forth for such Lender on Schedule 1.1(a) as such Lender’s “Term Commitment Amount” or as set forth in any applicable Assignment and
Assumption, or agreement executed by a Person becoming a Lender in accordance with Section 2.15(b), as the same may be reduced from time to time pursuant to Section 2.11(b) or (c), increased
or reduced as appropriate to reflect any assignments to or by such Lender effected in accordance with Section 13.5 or increased as appropriate to reflect any increase effected in accordance with
Section 2.15(b). 
 “Term Commitment Percentage” means, as to each Lender with a Term Commitment,
the ratio, expressed as a percentage, of (a) the amount of such Lender’s Term Commitment to (b) the aggregate amount of the Term Commitments of all Term Lenders; provided that if at the time of determination the Term Commitments have
been terminated or been reduced to zero (0), the “Term Commitment Percentage” of each Lender with a Term Commitment shall be the “Term Commitment Percentage” of such Lender in effect immediately prior to such termination or
reduction (after giving effect to any assignments made by or to such Lender). 

  
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 “Term Exposure” means, as to any Term Lender at any time, the aggregate
principal amount of its outstanding Term Loans at such time. 
 “Term Facility” means the Term Commitments and the Term
Loans. 
 “Term Lender” means a Lender having a Term Commitment and/or holding any Term Loans. 

“Term Loan” means a loan made by a Term Lender to the Borrower pursuant to Section 2.1B(a). 

“Term Loan Agreement” means, the Term Loan Agreement, dated as of the date hereof by and among the Borrower, Bank of America,
N.A., as administrative agent and the various financial institutions party thereto. 
 “Term Maturity Date” means
March 31, 2024. 
 “Term Note” means a promissory note made by the Borrower, substantially in the form of Exhibit I,
payable to a Term Lender in a principal amount equal to the amount of such Lender’s Term Commitment. 
 “Termination
Date” means, as of any date, the later of the Term Maturity Date and the then-current Revolving Maturity Date. 
 “Titled
Agent” has the meaning given to such term in Section 12.9. 
 “Total Asset Value” means,
at a given time, the sum (without duplication) of all of the following of Spirit REIT and its Subsidiaries determined on a consolidated basis in accordance with GAAP applied on a consistent basis: 

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

(c) the GAAP book value for any Property acquired by the Borrower or such Subsidiary during the fiscal quarter most recently ended and owned as
of the end of such fiscal quarter; plus 

  
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 (d) for any Property owned as of the end of the fiscal quarter most recently ended that is
below 85% Occupancy, but that has been less than 85% Occupancy for no more than 12 months, the greater of (i) 50% of the unimpaired GAAP book value of such Property, or (ii) the most recent fiscal quarter’s Net Operating Income from
such Property multiplied by four and divided by the Capitalization Rate; plus 
 (e) the GAAP book value of all Development
Assets owned as of the end of the fiscal quarter most recently ended; plus 
 (f) the GAAP book value of Unimproved Land owned
as of the end of the fiscal quarter most recently ended; plus 
 (g) the GAAP book value of Traditional Mortgage Receivables or
notes receivable owned as of the end of the fiscal quarter most recently ended; plus 
 (h) management fees and distributions
on Preferred Equity Interests paid to Spirit REIT and its Subsidiaries by Spirit MTA REIT during the fiscal quarter most recently ended multiplied by four (4), and then multiplied by seven (7). 

Spirit REIT’s Ownership Share of assets held by Unconsolidated Affiliates (excluding assets of the type described in the immediately preceding clause
(a)) shall be included in the calculation of Total Asset Value consistent with the above described treatment for assets owned by the Borrower or a consolidated Subsidiary. For purposes of determining Total Asset Value: Net Operating Income from
Development Assets, and Properties disposed of by the Borrower, any Subsidiary or any Unconsolidated Affiliate, as applicable, during the fiscal quarter most recently ended and from Properties acquired by the Borrower, any Subsidiary or any
Unconsolidated Affiliate, as applicable, during the fiscal quarter most recently ended shall, in each such case, be excluded from the immediately preceding clause (b). 

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

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

  
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 “Total Indebtedness” means, as to any Person as of a given date and without
duplication: (a) all Indebtedness of such Person and its Subsidiaries determined on a consolidated basis, and (b) such Person’s Ownership Share of the Indebtedness of any Unconsolidated Affiliate of such Person, net of cash and Cash
Equivalents held in any cash collateral account and/or lender reserve account (which shall not include reserves and impounds for property operating expenses), subject to a Lien or a Negative Pledge or the disposition of which is restricted in any
way. 
 “Traditional Mortgage Receivable” means any Indebtedness owing to the Borrower or its Subsidiaries which is secured
by a first-priority mortgage or deed of trust on commercial real estate having a value in excess of the amount of such Indebtedness and which has been designated by the Borrower as a “Traditional Mortgage Receivable” in its most recent
Compliance Certificate; provided that any such Indebtedness owed by an Unconsolidated Affiliate shall be reduced by the Borrower’s or such Subsidiary’s, as applicable, Ownership Share of such Indebtedness. 

“Type” with respect to any Loan, refers to whether such Loan or portion thereof is a LIBOR Loan, a Base Rate Loan or (if a
Revolving Loan) a LIBOR Daily Loan, or with respect to a Competitive Loan, refers to whether such Loan or portion thereof is a Fixed Rate Loan or a Eurodollar Competitive Loan. 

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

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

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

(a) Unencumbered NOI for such fiscal quarter multiplied by four divided by the
Capitalization Rate, plus 
 (b) cash, Cash Equivalents (other than tenant deposits and other cash and cash equivalents that
are subject to a Lien other than a Permitted Lien (but not any Permitted Lien described in clause (g) of such definition) or a Negative Pledge (except for those permitted under Section 10.2) or the disposition of which
is restricted in any way), and cash contained in any accounts established by or for the benefit of the Borrower or its Subsidiaries to effectuate a tax-deferred exchange in connection with the purchase and/or
sale of Property; plus 
 (c) the GAAP book value of all Unencumbered Pool Assets that are Eligible Assets acquired during such
fiscal quarter, plus 
 (d) the GAAP book value of Traditional Mortgage Receivables or notes receivable owned as of the end of
such fiscal quarter (in each case, not subject to a Lien other than a Permitted Lien (but not any Permitted Lien described in clause (g) of such definition) or a Negative Pledge (except for those permitted under
Section 10.2) or the disposition of which is restricted in any way). 

  
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 For purposes of determining Unencumbered Asset Value: (i) Unencumbered NOI from
Unencumbered Pool Assets disposed of by Spirit REIT or any Subsidiary during the relevant fiscal quarter and from Unencumbered Pool Assets acquired by Spirit REIT or any Subsidiary during such fiscal quarter shall, in each case, be excluded from
clause (a) above; (ii) to the extent the amount of Unencumbered Asset Value attributable to Unencumbered Pool Assets subject to Ground Leases would exceed 10% of Unencumbered Asset Value, such excess shall be excluded; and (iii) to the
extent the amount of Unencumbered Asset Value attributable to the sum of Traditional Mortgage Receivables and notes receivable would exceed 15% of Unencumbered Asset Value, such excess shall be excluded. Marketable Securities (other than Cash
Equivalents), Common Stock, Preferred Equity Interests and similar equity interests shall not be included when determining the Unencumbered Asset Value. 

“Unencumbered NOI” means, for any fiscal quarter: 

(a) Net Operating Income for such fiscal quarter from all Properties that are Eligible Assets (provided that with respect to Properties
not owned for the full quarter, only the Net Operating Income for the period during which such Properties are owned by the Borrower or a Subsidiary shall be included); plus 

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

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

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

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

“Unsecured Interest Expense” means, with respect to a Person and for any period, the cash portion of all Interest Expense of
such Person for such period attributable to Unsecured Indebtedness of such Person. 
 “U.S. Person” means any Person that
is a “United States Person” as defined in Section 7701(a)(30) of the Internal Revenue Code. 

  
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 “U.S. Tax Compliance Certificate” has the meaning given to such term in
Section 3.10(g)(ii)(B)(III). 
 “Warehouse Entity” means a wholly-owned (directly or indirectly)
Subsidiary that the Borrower has identified as an intended future issuer under the Master Funding securitizations programs sponsored by Spirit REIT. 

“Wholly Owned Subsidiary” means any Subsidiary of a Person in respect of which all of the Equity Interests (other than, in
the case of a corporation, directors’ qualifying shares) are at the time directly or indirectly owned or controlled by such Person or one or more other Subsidiaries of such Person or by such Person and one or more other Subsidiaries of such
Person. 
 “Withdrawal Liability” means any liability as a result of a complete or partial withdrawal from a Multiemployer
Plan as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “Withholding Agent” means
(a) the Borrower, (b) any other Loan Party, and (c) the Administrative Agent, as applicable. 
 “Write-Down and
Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the
applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 

Section 1.2 Accounting Matters. 
 (a)
Unless otherwise indicated, all accounting terms, ratios and measurements shall be interpreted or determined in accordance with GAAP from time to time; provided that, if at any time any change in GAAP would affect the computation of any
financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Requisite Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement
to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the appropriate Lenders pursuant to Section 13.6); provided further that, until so amended, (i) such
ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this
Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. Notwithstanding the preceding sentence, the calculation of
liabilities shall not include any fair value adjustments to the carrying value of liabilities to record such liabilities at fair value pursuant to electing the fair value option election under FASB ASC 825-10-25 (formerly known as FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities) or other FASB standards allowing entities to elect fair value option for financial liabilities. 

(b) Notwithstanding anything to the contrary contained in Section 1.2(a) or in the definition of “Capitalized
Lease Obligations,” in the event of an accounting change requiring all leases to be capitalized, only those leases (assuming for purposes hereof that such leases were in existence on the date hereof) that would constitute capital leases in
conformity with GAAP on the date hereof shall be considered capital leases, and all calculations and deliverables under this Agreement or any other Loan Document shall be made or delivered, as applicable, in accordance therewith. 

  
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 Section 1.3 Interpretation. 

For purposes of this Agreement and each other Loan Document, unless otherwise specified or the context otherwise requires, (a) any
reference to a “Section”, an “Article”, an “Exhibit” or a “Schedule” is to a section, article, exhibit or schedule of the document in which such reference appears; (b) any reference to any document,
instrument or agreement (including this Agreement) (i) includes all exhibits, schedules and other attachments hereto or thereto, (ii) includes all documents, instruments or agreements issued or executed in replacement hereof or thereof, to
the extent permitted hereby or thereby and (iii) means such document, instrument or agreement, or replacement or predecessor hereto or thereto, as amended, supplemented, restated or otherwise modified from time to time (except to the extent
prohibited hereby or thereby); (c) any reference to any law or regulation includes all statutory and regulatory provisions consolidating, amending, supplementing, replacing or interpreting such law or regulation; (d) each term stated in either
the singular or plural includes the singular and plural; (e) a pronoun stated in the masculine, feminine or neuter gender includes the masculine, the feminine and the neuter; (f) any reference to an “Affiliate” means an Affiliate
of Spirit REIT; (g) titles and captions of Articles, Sections, subsections and clauses in this Agreement are for convenience only and neither limit nor amplify the provisions of this Agreement; (h) the words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”; (i) in the computation of periods of time from a specified date to a later specified date, the word “from”
means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including;” and
(k) all references to time are references to Central time daylight or standard, as applicable. Any reference herein to a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, shall be deemed
to apply to a division of or by a limited liability company, limited partnership or trust, or an allocation of assets to a series of a limited liability company, limited partnership or trust (or the unwinding of such a division or allocation), as if
it were a merger, transfer, consolidation, amalgamation, assignment, sale or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability company, limited partnership or trust shall constitute a
separate Person hereunder (and each division of any limited liability company, limited partnership or trust that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity). 

Section 1.4 Financial Attributes of Non-Wholly Owned Subsidiaries. 

When determining the Applicable Margin and compliance by the Borrower with any financial covenant contained in any of the Loan Documents
(a) only the Ownership Share of Spirit REIT of the financial attributes of a Subsidiary that is not a Wholly Owned Subsidiary shall be included and (b) Spirit REIT’s Ownership Share of the Borrower shall be deemed to be one hundred
percent (100%). 

  
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 Section 1.5 Interest Rates; LIBOR Notification. 

The interest rate on LIBOR Loans is determined by reference to the LIBO Rate, which is derived from the London interbank offered rate. The
London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the
end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting
the London interbank offered rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate
on LIBOR Loans. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of the London interbank offered rate. In the event that the London
interbank offered rate is no longer available or in certain other circumstances as set forth in Section 5.2(b) of this Agreement, such Section 5.2(b) provides a mechanism for determining an
alternative rate of interest. The Administrative Agent will notify the Borrower, pursuant to Section 5.2(b), in advance of any change to the reference rate upon which the interest rate on LIBOR 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 the London interbank offered rate 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, whether the composition or characteristics of any such alternative, successor or replacement
reference rate, as it may or may not be adjusted pursuant to Section 5.2(b), 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. 
 ARTICLE II 

CREDIT FACILITY 
 Section 2.1A
Revolving Loans. 
 (a) Making of Revolving Loans. Subject to the terms and conditions set forth in this Agreement, including
Section 2.14, each Revolving Lender severally and not jointly agrees to make Revolving Loans in Dollars to the Borrower during the period from the Effective Date to the Revolving Maturity Date, in an aggregate principal
amount at any one time outstanding up to, but not exceeding, such Lender’s Revolving Commitment. Each borrowing of Revolving Loans shall be in the amount of $1,000,000 or a higher integral multiple of $100,000 (or such lesser amount as may be
necessary to repay draws under any Letter of Credit). Notwithstanding the immediately preceding sentence but subject to Section 2.14, a borrowing of Revolving Loans may be in the aggregate amount of the unused Revolving
Commitments. Within the foregoing limits and subject to the terms and conditions of this Agreement, the Borrower may borrow, repay and reborrow Revolving Loans. Each Competitive Loan shall be made in accordance with the procedures set forth in
Section 2.3. 
 (b) Requests for Revolving Loans. Not later than 11:00 a.m., New York City time on the
Business Day of a borrowing of Revolving Loans that are to be Base Rate Loans or LIBOR Daily Loans and at least three (3) Business Days prior to a borrowing of Revolving Loans that are to be LIBOR Loans, the Borrower shall deliver to the
Administrative Agent a Notice of Borrowing. Each Notice of Borrowing shall specify the aggregate principal amount of the Revolving Loans to 

  
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be borrowed, the date such Revolving Loans are to be borrowed (which must be a Business Day), the Type of the requested Revolving Loans and, if such Revolving Loans are to be LIBOR Loans, the
initial Interest Period for such Revolving Loans. Each Notice of Borrowing shall be irrevocable once given and binding on the Borrower. Prior to delivering a Notice of Borrowing, the Borrower may (without specifying whether a Revolving Loan will be
a Base Rate Loan, a LIBOR Loan or a LIBOR Daily Loan) request that the Administrative Agent provide the Borrower with the most recent LIBO Rate or LIBOR Daily Floating Rate available to the Administrative Agent. The Administrative Agent shall
provide such quoted rate to the Borrower on the date of such request or as soon as possible thereafter. 
 (c) Funding of Revolving
Loans. Promptly after receipt of a Notice of Borrowing under the immediately preceding subsection (b), the Administrative Agent shall notify each Revolving Lender of the proposed borrowing. Each Revolving Lender shall deposit an amount
equal to the Revolving Loan to be made by such Revolving Lender to the Borrower with the Administrative Agent at the Principal Office, in immediately available funds not later than 11:00 a.m., New York City time on the date of such proposed
Revolving Loans (or 2:00 p.m., New York City time, in the case of a Base Rate Loan or LIBOR Daily Loan requested on such date). Subject to fulfillment of all applicable conditions set forth herein, the Administrative Agent shall promptly make
available to the Borrower in the account specified in the Disbursement and Rate Management Agreement, the proceeds of such amounts so received by the Administrative Agent. 

(d) Assumptions Regarding Funding by Revolving Lenders. With respect to Revolving Loans to be made after the Effective Date, unless the
Administrative Agent shall have been notified by any Revolving Lender that such Revolving Lender will not make available to the Administrative Agent a Revolving Loan to be made by such Revolving Lender in connection with any borrowing, the
Administrative Agent may assume that such Revolving Lender will make the proceeds of such Revolving Loan available to the Administrative Agent in accordance with this Section, and the Administrative Agent may (but shall not be obligated to), in
reliance upon such assumption, make available to the Borrower the amount of such Revolving Loan to be provided by such Revolving Lender. In such event, if such Revolving Lender does not make available to the Administrative Agent the proceeds of such
Revolving Loan, then such Revolving Lender and the Borrower severally agree to pay to the Administrative Agent on demand the amount of such Revolving Loan with interest thereon, for each day from the date such Revolving Loan is made available to the
Borrower to the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Revolving Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation and (ii) in the case of a payment to be made by the Borrower, the interest rate applicable to such Loan. If the Borrower and such Revolving Lender shall pay the amount of such interest to the
Administrative Agent for the same or overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Revolving Lender pays to the Administrative Agent the
amount of such Revolving Loan, the amount so paid shall constitute such Revolving Lender’s Revolving Loan included in the borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Revolving
Lender that shall have failed to make available the proceeds of a Revolving Loan to be made by such Revolving Lender. 

  
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 Section 2.1B Term Loans. 

(a) Making of Term Loans. Subject to the terms and conditions set forth in this Agreement, including
Section 2.14, each Term Lender severally and not jointly agrees to make a Term Loan in Dollars to the Borrower on the Effective Date in a principal amount equal to such Lender’s Term Commitment. After the Effective
Date, subject to the foregoing and to Section 2.7(d) and Section 2.14, the Borrower may prepay Term Loans under Section 2.7(d), and reborrow Term Loans under this
Section 2.1B. Unless otherwise agreed by the Administrative Agent, each such borrowing of Term Loans after the Effective Date shall be in the amount of $25,000,000 or a higher integral multiple of $1,000,000. 

(b) Requests for Term Loans. Not later than 11:00 a.m., New York City time on the Business Day of a borrowing of Term Loans that are to
be Base Rate Loans and at least three (3) Business Days prior to a borrowing of Term Loans that are to be LIBOR Loans, the Borrower shall deliver to the Administrative Agent a Notice of Borrowing. Each Notice of Borrowing shall specify the
aggregate principal amount of the Term Loans to be borrowed, the date such Term Loans are to be borrowed (which must be a Business Day), the Type of the requested Term Loans and, if such Term Loans are to be LIBOR Loans, the initial Interest Period
for such Term Loans. Each Notice of Borrowing shall be irrevocable once given and binding on the Borrower. Prior to delivering a Notice of Borrowing, the Borrower may (without specifying whether a Term Loan will be a Base Rate Loan or a LIBOR Loan)
request that the Administrative Agent provide the Borrower with the most recent LIBO Rate available to the Administrative Agent. The Administrative Agent shall provide such quoted rate to the Borrower on the date of such request or as soon as
possible thereafter. 
 (c) Funding of Term Loans. Promptly after receipt of a Notice of Borrowing under the immediately preceding
subsection (b), the Administrative Agent shall notify each Term Lender of the proposed borrowing. Each Term Lender shall deposit an amount equal to the Term Loan to be made by such Term Lender to the Borrower with the Administrative Agent at the
Principal Office, in immediately available funds not later than 11:00 a.m., New York City time on the date of such proposed Term Loans (or 2:00 p.m., New York City time, in the case of a Base Rate Loan requested on such date). Subject to fulfillment
of all applicable conditions set forth herein, the Administrative Agent shall promptly make available to the Borrower in the account specified in the Disbursement and Rate Management Agreement, the proceeds of such amounts so received by the
Administrative Agent. 
 (d) Assumptions Regarding Funding by Term Lenders. With respect to Term Loans to be made after the Effective
Date, unless the Administrative Agent shall have been notified by any Term Lender that such Term Lender will not make available to the Administrative Agent a Term Loan to be made by such Term Lender in connection with any borrowing, the
Administrative Agent may assume that such Term Lender will make the proceeds of such Term Loan available to the Administrative Agent in accordance with this Section, and the Administrative Agent may (but shall not be obligated to), in reliance upon
such assumption, make available to the Borrower the amount of such Term Loan to be provided by such Term Lender. In such event, if such Term Lender does not make available to the Administrative Agent the proceeds of such Term Loan, then such Term
Lender and the Borrower severally agree to pay to the Administrative Agent on demand the amount of such Term Loan with interest thereon, for each day from the date such Term Loan 

  
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is made available to the Borrower to the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Term Lender, the greater of the Federal Funds Rate
and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation and (ii) in the case of a payment to be made by the Borrower, the interest rate applicable to such Loan. If the Borrower and
such Term Lender shall pay the amount of such interest to the Administrative Agent for the same or overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If
such Term Lender pays to the Administrative Agent the amount of such Term Loan, the amount so paid shall constitute such Term Lender’s Term Loan included in the borrowing. Any payment by the Borrower shall be without prejudice to any claim the
Borrower may have against a Term Lender that shall have failed to make available the proceeds of a Term Loan to be made by such Term Lender. 

Section 2.2 Letters of Credit. 
 (a)
Letters of Credit. Subject to the terms and conditions of this Agreement, including Section 2.14, the Issuing Banks, on behalf of the Revolving Lenders, agree to issue for the account of the Borrower during the
period from the Effective Date to the date five (5) Business Days prior to the Revolving Maturity Date, one or more standby letters of credit (each a “Letter of Credit”) up to a maximum aggregate Stated Amount at any one
time outstanding not to exceed the L/C Commitment Amount; provided that an Issuing Bank shall not be obligated to issue any Letter of Credit if, after giving effect to such issuance, (i) the aggregate amount of all outstanding Letter of
Credit Liabilities pursuant to Letters of Credit issued by such Issuing Bank would exceed its Letter of Credit Commitment, (ii) the total Letter of Credit Liabilities would exceed the L/C Commitment Amount, (iii) a Lender’s Revolving
Credit Exposure would exceed its Revolving Commitment or (iv) the sum of the total Revolving Credit Exposures of all Lenders plus the aggregate principal amount of outstanding Competitive Loans would 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 (iii) above shall not be satisfied. Notwithstanding anything herein to the contrary, the Issuing Bank shall have no obligation hereunder to issue, and shall
not issue, any Letter of Credit the proceeds of which would be made available to any Person (i) to fund any activity or business of or with any Person subject to Sanctions, or in any country or territory that, at the time of such funding, is
the subject of any Sanctions, (ii) in any manner that would result in a violation of any Sanctions by any party to this Agreement or (iii) in any manner that would result in a violation of one or more policies of such Issuing Bank
applicable to letters of credit generally. 
 (b) Terms of Letters of Credit. At the time of issuance, the amount, form, terms and
conditions of each Letter of Credit, and the form of any drafts or acceptances thereunder, shall be subject to approval by the applicable Issuing Bank and the Borrower (such approval not to be unreasonably withheld, conditioned or delayed).
Notwithstanding the foregoing, in no event may (i) the expiration date of any Letter of Credit extend beyond the date that is five (5) Business Days prior to the Revolving Maturity Date, or (ii) any Letter of Credit have an initial
duration in excess of one (1) year; provided that a Letter of Credit may contain a provision providing for the automatic extension of the expiration date in the absence of a notice of non-renewal
from the applicable 

  
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Issuing Bank, but in no event shall any such provision permit the extension of the current expiration date of such Letter of Credit beyond the earlier of (x) the date that is five
(5) Business Days prior to the Revolving Maturity Date and (y) the date one (1) year after the current expiration date. Notwithstanding the foregoing, a Letter of Credit may, as a result of its express terms or as the result of the
effect of an automatic extension provision, have an expiration date of not more than one year beyond the Revolving Maturity Date (any such Letter of Credit being referred to as an “Extended Letter of Credit”), so long as the
Borrower delivers to the Administrative Agent for its benefit and the benefit of the applicable Issuing Bank and the Lenders no later than five (5) Business Days prior to the Revolving Maturity Date, Cash Collateral for such Letter of Credit
for deposit into the Letter of Credit Collateral Account in an amount equal to the Stated Amount of such Letter of Credit; provided, that the obligations of the Borrower under this Section in respect of such Extended Letters of Credit shall
survive the termination of this Agreement and shall remain in effect until no such Extended Letters of Credit remain outstanding. If the Borrower fails to provide Cash Collateral with respect to any Extended Letter of Credit by the date five
(5) Business Days prior to the Revolving Maturity Date, such failure shall be treated as a drawing under such Extended Letter of Credit (in an amount equal to the maximum Stated Amount of such Letter of Credit), which shall be reimbursed (or
participations therein funded) by the Lenders in accordance with the immediately following subsections (i) and (j), with the proceeds being utilized to provide Cash Collateral for such Letter of Credit. The obligations of the Borrower under
this Section in respect of such Extended Letters of Credit shall survive the termination of this Agreement and shall remain in effect until no such Extended Letters of Credit remain outstanding. If the Borrower fails to provide Cash Collateral with
respect to any Extended Letter of Credit by the date five (5) Business Days prior to the Revolving Maturity Date, such failure shall be treated as a drawing under such Extended Letter of Credit (in an amount equal to the maximum Stated Amount
of such Letter of Credit), which shall be reimbursed (or participations therein funded) by the Revolving Lenders in accordance with the immediately following subsections (i) and (j), with the proceeds being utilized to provide Cash Collateral
for such Extended Letter of Credit. The initial Stated Amount of each Letter of Credit shall be at least $50,000 (or such lesser amount as may be acceptable to the applicable Issuing Bank, the Administrative Agent and the Borrower). 

(c) Requests for Issuance of Letters of Credit. The Borrower shall give the applicable Issuing Bank and the Administrative Agent written
notice at least five (5) Business Days prior to the requested date of issuance of a Letter of Credit (or such shorter period as the such Issuing Bank may agree), such notice to describe in reasonable detail the proposed terms of such Letter of
Credit and the nature of the transactions or obligations proposed to be supported by such Letter of Credit, and in any event shall set forth with respect to such Letter of Credit the proposed (i) initial Stated Amount, (ii) beneficiary,
(iii) expiration date, and (iv) desired Issuing Bank. The Borrower shall also execute and deliver such customary applications and agreements for standby letters of credit on the applicable Issuing Bank’s standard form, and other forms
as requested from time to time by the applicable Issuing Bank. Provided the Borrower has given the notice prescribed by the first sentence of this subsection and delivered such applications and agreements referred to in the preceding sentence,
subject to the other terms and conditions of this Agreement, including the satisfaction of any applicable conditions precedent set forth in Section 6.2, the applicable Issuing Bank shall issue the requested Letter of Credit
on the requested date of issuance for the benefit of the stipulated beneficiary, but in no event prior to the date five (5) Business Days (or such shorter period as agreed by the applicable Issuing Bank) following the date after which the
applicable Issuing Bank has received all of the items required to be delivered to it under this subsection. No 

  
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Issuing Bank shall at any time be obligated to issue any Letter of Credit if such issuance would conflict with, or cause such Issuing Bank or any Revolving Lender to exceed any limits imposed by,
any Applicable Law. References herein to “issue” and derivations thereof with respect to Letters of Credit shall also include extensions or modifications of any outstanding Letters of Credit, unless the context otherwise requires. Upon the
written request of the Borrower, an Issuing Bank shall deliver to the Borrower a copy of each Letter of Credit issued by such Issuing Bank within a reasonable time after the date of issuance thereof. To the extent any term of a Letter of Credit
Document is inconsistent with a term of any Loan Document (excluding any certificate or other document presented by a beneficiary in connection with a drawing under such Letter of Credit), the term of such Loan Document shall control. 

(d) Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of
any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the
Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided that an Issuing Bank’s
failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each
applicable Issuing Bank for the amount of each demand for payment under such Letter of Credit, such payment to be made on or before the later of (i) the Business Day following receipt by the Borrower from the applicable Issuing Bank of notice
of such demand for payment, and (ii) to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind (such date, the “Honor
Date”); provided that if the Borrower does not make such payment on the applicable Honor Date, such unreimbursed drawing shall be deemed to be a Revolving Loan under this Agreement, with each Revolving Lender funding its
portion of such Revolving Loan pursuant to clause (e) below. Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Issuing Bank, such Issuing Bank shall
promptly pay to each Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such Revolving Lender’s Revolving Commitment Percentage of such payment. 

(e) Manner of Reimbursement. Upon its receipt of a notice referred to in the immediately preceding subsection (d), the Borrower
shall advise the Administrative Agent and the applicable Issuing Bank whether or not the Borrower intends to borrow a Revolving Loan hereunder to finance its obligation to reimburse the applicable Issuing Bank for the amount of the related demand
for payment and, if it does, the Borrower shall submit a timely request for such borrowing as provided in the applicable provisions of this Agreement. If the Borrower fails to so advise the Administrative Agent and the applicable Issuing Bank, or if
the Borrower fails to reimburse the applicable Issuing Bank for a demand for payment under a Letter of Credit issued by such Issuing Bank by the date of such payment, the failure of which such Issuing Bank shall promptly notify the Administrative
Agent, then whether or not the applicable conditions contained in Article VI would permit the making of Revolving Loans, such unpaid Reimbursement Obligation shall automatically be converted into Revolving Loans (which
shall initially be Base Rate Loans and shall accrue interest at the Base Rate plus the Applicable Margin applicable thereto 

  
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unless and until Converted in accordance with Section 2.9) in an amount equal to the unpaid Reimbursement Obligation and the Administrative Agent shall give each
Revolving Lender prompt notice of the amount of the Revolving Loan to be made available to the Administrative Agent not later than 12:00 noon, New York City time; provided that if under Applicable Law such unpaid Reimbursement Obligations
cannot be automatically converted into Revolving Loans, then the provisions of subsection (j) of this Section shall apply. The amount limitations set forth in the second sentence of Section 2.1(a) shall not apply to
any borrowing of Base Rate Loans under this subsection. 
 (f) Effect of Letters of Credit on Revolving Commitments. Upon the issuance
by an Issuing Bank of any Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Commitment of each Revolving Lender shall be deemed to be utilized with respect to such Letter of Credit for all purposes
of this Agreement in an amount equal to the product of (i) such Revolving Lender’s Revolving Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) any related
Reimbursement Obligations then outstanding. 
 (g) Issuing Banks’ Duties Regarding Letters of Credit; Unconditional Nature of
Reimbursement Obligations. In examining documents presented in connection with drawings under Letters of Credit and making payments under such Letters of Credit against such documents, each Issuing Bank shall only be required to use the same
standard of care as it uses in connection with examining documents presented in connection with drawings under letters of credit in which it has not sold participations and making payments under such letters of credit. The Borrower assumes all risks
of the acts and omissions of, or misuse of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, none of the Issuing Banks, the Administrative Agent or the Revolving
Lenders shall be responsible for, and the Borrower’s obligations in respect of Letters of Credit shall not be affected in any manner by, (i) the form, validity, sufficiency, accuracy, genuineness or legal effects of any document submitted
by any party in connection with the application for and issuance of or any drawing honored under any Letter of Credit even if such document should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged;
(ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit, or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid
or ineffective for any reason; (iii) failure of the beneficiary of any Letter of Credit to comply fully with conditions required in order to draw upon such Letter of Credit; (iv) errors, omissions, interruptions or delays in transmission
or delivery of any messages, by mail, cable, telex, telecopy, electronic mail or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any
document required in order to make a drawing under any Letter of Credit, or of the proceeds thereof; (vii) the misapplication by the beneficiary of any Letter of Credit, or of the proceeds of any drawing under any Letter of Credit; or
(viii) any consequences arising from causes beyond the control of the Issuing Banks, the Administrative Agent or the Revolving Lenders. None of the above shall affect, impair or prevent the vesting of any of the Issuing Banks’ or the
Administrative Agent’s rights or powers hereunder. Any action taken or omitted to be taken by an Issuing Bank under or in connection with any Letter of Credit issued by it, if taken or omitted in the absence of gross negligence or willful
misconduct (as determined by a court of competent jurisdiction in a final, non-appealable judgment), shall not create against such Issuing Bank any liability to the Borrower,

  
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the Administrative Agent or any Lender. The obligation of the Borrower to reimburse the applicable Issuing Bank for any drawing made under any Letter of Credit issued by such Issuing Bank, and to
repay any Revolving Loan made pursuant to the second sentence of Section 2.2(e) above, shall be absolute, unconditional and irrevocable and shall be paid strictly in accordance with the terms of this Agreement and any other
applicable Letter of Credit Document under all circumstances whatsoever, including the following circumstances: (A) any lack of validity or enforceability of any Letter of Credit Document or any term or provisions therein; (B) any
amendment or waiver of or any consent to departure from all or any of the Letter of Credit Documents; (C) the existence of any claim, setoff, defense or other right which the Borrower may have at any time against any Issuing Bank, the
Administrative Agent, any Lender, any beneficiary of a Letter of Credit or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or in the Letter of Credit Documents or any unrelated transaction;
(D) any breach of contract or dispute between the Borrower, any Issuing Bank, the Administrative Agent, any Lender or any other Person; (E) any demand, statement or other document presented under a Letter of Credit proving to be forged,
fraudulent, invalid or insufficient in any respect or any statement therein or made in connection therewith being untrue or inaccurate in any respect whatsoever; (F) any non-application or misapplication
by the beneficiary of a Letter of Credit or of the proceeds of any drawing under such Letter of Credit; (G) payment by an Issuing Bank under any Letter of Credit issued by it against presentation of a draft or certificate which does not
strictly comply with the terms of such Letter of Credit; and (H) any other act, omission to act, delay or circumstance whatsoever that might, but for the provisions of this Section, constitute a legal or equitable defense to or discharge of the
Borrower’s Reimbursement Obligations. Notwithstanding anything to the contrary contained in this Section or Section 13.9, but not in limitation of the Borrower’s unconditional obligation to reimburse the
applicable Issuing Bank for any drawing made under a Letter of Credit issued by such Issuing Bank as provided in this Section and to repay any Revolving Loan made pursuant to the second sentence of the immediately preceding subsection (e), the
Borrower shall have no obligation to indemnify the Administrative Agent, any Issuing Bank or any Lender in respect of any liability incurred by the Administrative Agent, such Issuing Bank or such Lender arising solely out of the gross negligence or
willful misconduct of the Administrative Agent, such Issuing Bank or such Lender in respect of a Letter of Credit as determined by a court of competent jurisdiction in a final, non-appealable judgment. Except
as otherwise provided in this Section, nothing in this Section shall affect any rights the Borrower may have with respect to the gross negligence or willful misconduct of the Administrative Agent, any Issuing Bank or any Lender with respect to any
Letter of Credit. 
 (h) Amendments, Etc. The issuance by an Issuing Bank of any amendment, supplement or other modification to any
Letter of Credit (excluding any amendment that reduces the amount of such Letter of Credit) issued by it shall be subject to the same conditions applicable under this Agreement to the issuance of new Letters of Credit (including that the request
therefor be made through the applicable Issuing Bank and the Administrative Agent), and no such amendment, supplement or other modification shall be issued unless either (i) the respective Letter of Credit affected thereby would have complied
with such conditions had it originally been issued hereunder in such amended, supplemented or modified form or (ii) the Administrative Agent and the Revolving Lenders, if any, required by Section 13.6 shall have
consented thereto. In connection with any such amendment, supplement or other modification, the Borrower shall pay the fees, if any, payable under the last sentence of Section 3.5(c). 

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

(j) Payment Obligation of Revolving Lenders. Each Revolving Lender severally agrees to pay to the Administrative Agent, for the account
of the applicable Issuing Bank, on demand in immediately available funds in Dollars, the amount of such Lender’s Revolving Commitment Percentage of each drawing paid by such Issuing Bank under each Letter of Credit issued by such Issuing Bank
to the extent such amount is not reimbursed by the Borrower pursuant to the immediately preceding subsection (d); provided that in respect of any drawing under any Letter of Credit, the maximum amount that any Revolving Lender shall be
required to fund, whether as a Revolving Loan or as a participation, shall not exceed such Revolving Lender’s Revolving Commitment Percentage of such drawing except as otherwise provided in Section 3.9(d). If the
notice referenced in the second sentence of Section 2.2(e) is received by a Revolving Lender not later than 11:00 a.m., New York City time on a Business Day. then such Lender shall make such payment available to the
Administrative Agent not later than 2:00 p.m., New York City time on the date of demand therefor; otherwise, such payment shall be made available to the Administrative Agent not later than 1:00 p.m., New York City time on the next succeeding
Business Day. Each Revolving Lender’s obligation to make such payments to the Administrative Agent under this subsection, and the Administrative Agent’s right to receive the same for the account of the applicable Issuing Bank, shall be
absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including (i) the failure of any other Revolving Lender to make its payment under this subsection, (ii) the financial condition of
the Borrower or any other Loan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 11.1(e) or (f), (iv) the termination of the Revolving
Commitments, or (v) the delivery of Cash Collateral in respect of any Extended Letter of Credit. Each such payment to the Administrative Agent for the account of any Issuing Bank shall be made without any offset, abatement, withholding or
deduction whatsoever. 

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

(l) Extended Letters of Credit. Each Revolving Lender confirms that its obligations under the immediately preceding subsections
(i) and (j) shall be reinstated in full and apply if the delivery of any Cash Collateral in respect of any Extended Letter of Credit is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a
trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise. 
 (m) Replacement and
Resignation of an Issuing Bank; Designation of Additional Issuing Banks. (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 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 3.5(d) (unless such replaced Issuing Bank is a Defaulting Lender). From and after the effective date of any such replacement, (x) the successor Issuing Bank shall have all the rights and obligations
of Issuing Banks under this Agreement with respect to Letters of Credit to be issued thereafter and (y) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Banks, 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. 

(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 Lenders, in which case, such resigning Issuing Bank shall be replaced in accordance with Section 2.2(m)(i) above. 

(iii) The Borrower may, at any time and from time to time, with the consent of the Administrative Agent (which consent shall
not be unreasonably withheld), designate as additional Issuing Banks one or more Revolving Lenders that agree to serve in such capacity as provided below. The acceptance by a Revolving Lender of an appointment as an Issuing Bank hereunder shall be
evidenced by an agreement, which shall be in form and substance reasonably satisfactory to the Administrative Agent, executed by the Borrower, the Administrative Agent and such designated Revolving Lender and, from and after the effective date of
such agreement, (i) such Revolving Lender shall have all the rights and obligations of an Issuing Bank under this Agreement, and (ii) references herein to the term “Issuing Bank” shall be deemed to include such Revolving Lender
in its capacity as an issuer of Letters of Credit hereunder. 

  
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 (n) 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 2.3 Competitive Bid Procedure. 

(a) Requests for Bids by the Borrower. Subject to the terms and conditions set forth herein, from time to time during the period from
the Effective Date until the Revolving Maturity Date the Borrower may request Competitive Bids and may (but shall not have any obligation to) accept Competitive Bids and borrow Competitive Loans; provided that the sum of the total Revolving
Credit Exposures of all Lenders plus the aggregate principal amount of outstanding Competitive Loans at any time shall not exceed the total Revolving Commitments. To request Competitive Bids, the Borrower shall notify the Administrative Agent of
such request, in the case of a Eurodollar Competitive Loan, not later than 11:00 a.m., New York City time, four Business Days before the date of the proposed borrowing of the Competitive Loan and, in the case of a Fixed Rate Loan, not later than
10:00 a.m., New York City time, one Business Day before the date of the proposed borrowing of the Competitive Loan; provided that the Borrower may submit up to (but not more than) three (3) Competitive Bid Requests on the same day, but a
Competitive Bid Request shall not be made within five Business Days after the date of any previous Competitive Bid Request, unless any and all such previous Competitive Bid Requests shall have been withdrawn or all Competitive Bids received in
response thereto rejected. Each such Competitive Bid Request shall be submitted in a form approved by the Administrative Agent and signed by an officer of the Borrower. Each such Competitive Bid Request shall specify the following information: 

(i) the aggregate principal amount of the requested Competitive Loan; 

(ii) the date of the proposed borrowing of the requested Competitive Loan, which shall be a Business Day; 

(iii) whether such borrowing is to be a Eurodollar Competitive Loan or a Fixed Rate Loan; 

  
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 (iv) the maturity date of such borrowing, which date shall not be
(A) less than one month or more than 1 year after the date of such borrowing, if a Eurodollar Competitive Loan or (B) less than 30 days or more than 360 days after the date of such borrowing, if a Fixed Rate Loan; 

(v) the Interest Period to be applicable to such borrowing, which shall be a period contemplated by the definition of the term
“Interest Period”; and 
 (vi) the location and number of the Borrower’s account to which funds are to be
disbursed. 
 Promptly following receipt of a Competitive Bid Request in accordance with this Section, the Administrative Agent shall notify the Revolving
Lenders of the details thereof by telecopy or electronic mail, inviting the Lenders to submit Competitive Bids. 
 (b) Making of Bids by
Lenders. Each Revolving Lender may (but shall not have any obligation to) make one or more Competitive Bids to the Borrower in response to a Competitive Bid Request. Each Competitive Bid by a Lender must be in a form approved by the
Administrative Agent and must be received by the Administrative Agent by telecopy or electronic mail, in the case of a Eurodollar Competitive Loan, not later than 9:30 a.m., New York City time, three Business Days before the proposed borrowing date
of such Competitive Loan, and in the case of a Fixed Rate Loan, not later than 9:30 a.m., New York City time, one Business Day before the proposed borrowing date of such Competitive Loan. Competitive Bids that do not conform substantially to the
form approved by the Administrative Agent may be rejected by the Administrative Agent, and the Administrative Agent shall notify the applicable Lender as promptly as practicable. Each Competitive Bid shall specify (i) the principal amount
(which shall be a minimum of $5,000,000 and an integral multiple of $1,000,000 and which may equal the entire principal amount of the Competitive Loan requested by the Borrower) of the Competitive Loan or Loans that the Lender is willing to make,
(ii) the Competitive Bid Rate or Competitive Bid Rates at which the Lender is prepared to make such Loan or Loans (expressed as a percentage rate per annum in the form of a decimal to no more than four decimal places) and (iii) the
Interest Period applicable to each such Loan and the last day thereof. 
 (c) Notification of Bids by Administrative Agent. The
Administrative Agent shall promptly notify the Borrower by telecopy or electronic mail of the Competitive Bid Rate and the principal amount specified in each Competitive Bid and the identity of the Lender that shall have made such Competitive Bid.

 (d) Acceptance of Bids by the Borrower. Subject only to the provisions of this paragraph, the Borrower may accept or reject any
Competitive Bid. The Borrower shall notify the Administrative Agent by telephone, confirmed by telecopy or electronic mail in a form approved by the Administrative Agent, whether and to what extent it has decided to accept or reject each Competitive
Bid, in the case of a Eurodollar Competitive Loan, not later than 10:30 a.m., New York City time, three Business Days before the date of the proposed borrowing of the Competitive Loan, and in the case of a Fixed Rate Loan, not later than 10:30 a.m.,
New York City time, on the proposed borrowing date of the Competitive Loan; provided that (i) the failure of the Borrower to give such notice shall be deemed to be a rejection of each Competitive Bid, (ii) the Borrower shall

  
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not accept a Competitive Bid made at a particular Competitive Bid Rate if the Borrower rejects a Competitive Bid made at a lower Competitive Bid Rate, (iii) the aggregate amount of the
Competitive Bids accepted by the Borrower shall not exceed the aggregate amount of the requested Competitive Loan specified in the related Competitive Bid Request, (iv) to the extent necessary to comply with clause (iii) above, the
Borrower may accept Competitive Bids at the same Competitive Bid Rate in part, which acceptance, in the case of multiple Competitive Bids at such Competitive Bid Rate, shall be made pro rata in accordance with the amount of each such Competitive
Bid, and (v) except pursuant to clause (iv) above, no Competitive Bid shall be accepted for a Competitive Loan unless such Competitive Loan is in a minimum principal amount of $5,000,000 and an integral multiple of $1,000,000; provided
further that if a Competitive Loan must be in an amount less than $5,000,000 because of the provisions of clause (iv) above, such Competitive Loan may be for a minimum of $1,000,000 or any integral multiple thereof, and in calculating the pro
rata allocation of acceptances of portions of multiple Competitive Bids at a particular Competitive Bid Rate pursuant to such clause (iv) the amounts shall be rounded to integral multiples of $1,000,000 in a manner determined by the Borrower. A
notice given by the Borrower pursuant to this paragraph shall be irrevocable. 
 (e) Notification of Acceptances by the Administrative
Agent. The Administrative Agent shall promptly notify each bidding Lender by telecopy or electronic mail whether or not its Competitive Bid has been accepted (and, if so, the amount and Competitive Bid Rate so accepted), and each successful
bidder will thereupon become bound, subject to the terms and conditions hereof, to make the Competitive Loan in respect of which its Competitive Bid has been accepted. 

(f) Bids by the Administrative Agent. If the Administrative Agent shall elect to submit a Competitive Bid in its capacity as a Lender,
it shall submit such Competitive Bid directly to the Borrower at least one quarter of an hour earlier than the time by which the other Lenders are required to submit their Competitive Bids to the Administrative Agent pursuant to paragraph
(b) of this Section. 
 Section 2.4 Rates and Payment of Interest on Loans. 

(a) Rates. The Borrower promises to pay to the Administrative Agent for the account of each applicable Lender interest on the unpaid
principal amount of each Loan (other than Competitive Loans, which shall bear interest as provided in Section 2.3 above) made by such Lender for the period from the date of the making of such Loan to the date such Loan
shall be paid in full, at the following per annum rates: 
 (i) during such periods as such Loan is a Base Rate Loan, at the
Base Rate (as in effect from time to time), plus the Applicable Margin for Base Rate Loans for such Loan; 

(ii) during such periods as such Loan is a LIBOR Loan, at the Adjusted LIBO Rate for such Loan for the Interest Period
therefor, plus the Applicable Margin for LIBOR Loans for such Loan; and 
 (iii) during such periods as such
Loan (if a Revolving Loan) is a LIBOR Daily Loan, at the LIBOR Daily Floating Rate (as in effect from time to time) plus the Applicable Margin for LIBOR Loans for such Loan. 

  
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 Notwithstanding the foregoing, while an Event of Default exists under
Section 11.1(a), 11.1(e) or 11.1(f), or in the case of any other Event of Default, at the direction of the Requisite Lenders, the Borrower shall pay to the Administrative Agent for the account of each Lender
and the Issuing Banks, as the case may be, interest at the Post-Default Rate on the outstanding principal amount of any Loan made by such Lender, on all Reimbursement Obligations and on any other amount payable by the Borrower hereunder or under the
Notes held by such Lender to or for the account of such Lender (including accrued but unpaid interest to the extent permitted under Applicable Law). 

(b) Payment of Interest. All accrued and unpaid interest on the outstanding principal amount of each Loan shall be payable (i) (A)
if such Loan is a Base Rate Loan or a LIBOR Daily Loan, monthly in arrears on the first (1st) day of each month, commencing with the first
(1st) full calendar month occurring after the Agreement Date and upon any Conversion of a Base Rate Loan or a LIBOR Daily Loan to a LIBOR Loan on the principal amount so Converted, (B) if
such Loan is a LIBOR Loan, in arrears on the last day of the applicable Interest Period (and, in the case of Interest Periods longer than three (3) months, on each three (3) month anniversary of the commencement of such Interest Period in
arrears), and (C) with respect to any Fixed Rate Loan, the last day of the Interest Period applicable to such Loan and, in the case of a Fixed Rate Loan with an Interest Period of more than 90 days’ duration (unless otherwise specified in
the applicable Competitive Bid Request), each successive date of such Interest Period that occurs at intervals of 90 days’ duration after the first day of such Interest Period, and any other dates that are specified in the applicable
Competitive Bid Request as interest payment dates with respect to such Loan and (ii) on any date on which the principal balance of such Loan is due and payable in full (whether at maturity, due to acceleration or otherwise). Interest payable at
the Post-Default Rate in accordance with Section 2.4(a) above shall be payable from time to time on demand by Administrative Agent. All determinations by the Administrative Agent of an interest rate hereunder shall be
conclusive and binding on the Lenders and the Borrower for all purposes, absent manifest error. 
 (c) Borrower Information Used to
Determine Applicable Interest Rates. The parties understand that the applicable interest rate for the Obligations and certain fees set forth herein may be determined and/or adjusted from time to time based upon certain financial ratios and/or
other information to be provided or certified to the Lenders by the Borrower (the “Borrower Information”). If it is subsequently determined that any such Borrower Information was incorrect (for whatever reason, including
because of a subsequent restatement of earnings by the Borrower) at the time it was delivered to the Administrative Agent, and if the applicable interest rate or fees calculated for any period were lower than they should have been had the correct
information been timely provided, then, such interest rate and such fees for such period shall be automatically recalculated using correct Borrower Information. The Administrative Agent shall promptly notify the Borrower in writing of any
additional interest and fees due because of such recalculation, and the Borrower shall pay such additional interest or fees due to the Administrative Agent, for the account of each Lender, within five (5) Business Days of receipt of such
written notice. Any recalculation of interest or fees required by this provision shall survive the termination of this Agreement for one (1) year, and this provision shall not in any way limit any of the Administrative Agent’s, any
Issuing Bank’s, or any Lender’s other rights under this Agreement. 

  
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 Section 2.5 Number of Interest Periods. 

There may be no more than (a) eight (8) different Interest Periods for LIBOR Loans that are Revolving Loans outstanding at the same time
and (b) eight (8) different Interest Periods for LIBOR Loans that are Term Loans outstanding at the same time. 
 Section 2.6 Repayment of
Loans. 
 The Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Revolving
Loans on the Revolving Maturity Date. The Borrower shall repay the then unpaid principal amount of each Competitive Loan on the last day of the Interest Period applicable to such Loan. The Borrower shall repay the entire outstanding principal amount
of, and all accrued but unpaid interest on, the Term Loans on the Term Maturity Date. 
 Section 2.7 Prepayments; Reborrowings. 

(a) Optional. Subject to Section 5.4, the Borrower may prepay any Loan at any time without premium or penalty;
provided that the Borrower shall not have the right to prepay any Competitive Loan without the prior consent of the Lender thereof. The Borrower shall give the Administrative Agent at least three (3) Business Days prior written notice of the
prepayment of any Loan. Each voluntary prepayment of Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess thereof. 

(b) Mandatory Prepayment of Revolving Loans. 

(i) Revolving Commitment Overadvance. If at any time the aggregate principal amount of all outstanding Revolving Loans,
together with the aggregate amount of all Letter of Credit Liabilities, exceeds the aggregate amount of the Revolving Commitments, the Borrower shall immediately upon demand pay to the Administrative Agent for the account of the Lenders then holding
Revolving Commitments (or if the Revolving Commitments have been terminated, then holding outstanding Revolving Loans and/or Letter of Credit Liabilities), the amount of such excess. 

(ii) Application of Mandatory Prepayments. Amounts paid under the preceding subsection (b)(i) shall be applied to
pay all amounts of principal outstanding on the Revolving Loans (and to such Revolving Loans as the Borrower may direct or, in the absence of such direction or if an Event of Default exists, first to Base Rate Loans and then successively to LIBOR
Loans with the shortest remaining Interest Periods) and any Reimbursement Obligations pro rata in accordance with Section 3.2 and if any Letters of Credit are outstanding at such time, the remainder, if any, shall be
deposited into the Letter of Credit Collateral Account for application to any Reimbursement Obligations. 
 (c) Mandatory Prepayment of
Term Loans. 
 (i) Term Commitment Overadvance. If at any time the aggregate principal amount of all outstanding
Term Loans exceeds the aggregate amount of the Term Commitments, the Borrower shall immediately upon demand pay to the Administrative Agent for the account of the Lenders then holding outstanding Term Loans the amount of such excess. 

  
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 (ii) Application of Mandatory Prepayments. Amounts paid under the
preceding subsection (c)(i) shall be applied to pay all amounts of principal outstanding on the Term Loans (and to such Term Loans as the Borrower may direct or, in the absence of such direction or if an Event of Default exists, first to Base
Rate Loans and then successively to LIBOR Loans with the shortest remaining Interest Periods) pro rata in accordance with Section 3.2. 

(d) Reborrowings of Term Loans. If the Borrower makes a prepayment of Term Loans pursuant to clause (a) above and elects in
the applicable Notice of Prepayment to reserve the right to make reborrowings of Term Loans hereunder on account of such prepayment, the Borrower may, for a period of up to 30 days after the date of such prepayment, reborrow an amount equal to or
less than the amount of such prepayment; provided that reborrowings may not be made in connection with more than two prepayments in any 12-month period and, unless otherwise agreed by the Administrative
Agent, such reborrowing shall be in the amount of $25,000,000 or a higher integral multiple of $1,000,000. To the extent that, at the end of the 30th day after any prepayment with respect to which
the Borrower reserved the right to make reborrowings, the aggregate amount of the Term Commitments exceeds the sum of (i) the aggregate outstanding principal amount of the Term Loans plus (ii) all prepayments made during the period after
the date of such prepayment through such 30th day, the Term Commitments shall be permanently reduced automatically by an amount equal to such excess (rounded upward, if necessary, to an integral
multiple of $1,000,000). A Notice of Borrowing delivered in connection with a reborrowing pursuant to this clause (d) shall be in substantially the form of Exhibit D and shall certify that (x) such reborrowing will be made on
or before the 30th day after such prepayment and (y) such reborrowing complies with all applicable requirements hereunder. 

(e) All Prepayments. Any prepayment of Loans shall be accompanied by (i) accrued interest on the amount prepaid and (ii) any
amount payable pursuant to Section 5.4. 
 (f) No Effect on Derivatives Contracts. No repayment or
prepayment of the Loans pursuant to this Section shall affect any of the Borrower’s obligations under any Derivatives Contracts entered into with respect to the Loans. 

Section 2.8 Continuation. 
 So long
as no Default or Event of Default exists, the Borrower may on any Business Day, with respect to any LIBOR Loan, elect to maintain such LIBOR Loan or any portion thereof as a LIBOR Loan by selecting a new Interest Period for such LIBOR Loan. Each
Continuation of a LIBOR Loan shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount, and each new Interest Period selected under this Section shall commence on the last day of the
immediately preceding Interest Period. Each selection of a new Interest Period shall be made by the Borrower giving to the Administrative Agent a Notice of Continuation not later than 11:00 a.m., New York City time three (3) Business Days
prior to the date of any such Continuation. Such notice by the Borrower of a Continuation shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Continuation,

  
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specifying (a) the proposed date of such Continuation, (b) the LIBOR Loans and portions thereof subject to such Continuation and (c) the duration of the selected Interest Period,
all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. Each Notice of Continuation shall be irrevocable by and binding on the Borrower once given. Promptly after receipt of a
Notice of Continuation, the Administrative Agent shall notify each Lender of the proposed Continuation. If the Borrower shall fail to select in a timely manner a new Interest Period for any LIBOR Loan in accordance with this Section, such Loan will
automatically, on the last day of the current Interest Period therefor, continue as a LIBOR Loan with an Interest Period of one (1) month; provided, however that if an Event of Default exists, such Loan will automatically, on the
last day of the current Interest Period therefor, Convert into a Base Rate Loan notwithstanding the first sentence of Section 2.9 or the Borrower’s failure to comply with any of the terms of such Section. This Section
shall not apply to Competitive Loans, which may not be Continued. 
 Section 2.9 Conversion. 

The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy,
electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan or a LIBOR Daily Loan may not be Converted into a LIBOR Loan if an
Event of Default exists. Each Conversion of Base Rate Loans or LIBOR Daily Loans into LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount. Each such Notice of Conversion shall
be given not later than 11:00 a.m., New York City time three (3) Business Days prior to the date of any proposed Conversion. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender holding Loans
being Converted of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying
(a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into
a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given. This Section shall not apply to Competitive Loans, which may not be Converted. 

Section 2.10 Notes. 
 (a)
Notes. Upon the request of any Revolving Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Revolving Note, which shall evidence such Lender’s
Revolving Loans in addition to the accounts or records referred to below. Upon the request of any Term Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Term
Note, which shall evidence such Lender’s Term Loans in addition to the accounts or records referred to below. If requested by a Lender, the Competitive Loans made by each Revolving Lender shall, in addition to this Agreement, also be evidenced
by a promissory note, substantially in the form of Exhibit J (a “Competitive Bid Note”), payable to such Revolving Lender in a principal amount equal to the amount of its Competitive Loan. 

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

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

Section 2.11 Reductions of the Commitments. 

(a) Voluntary Reduction of Revolving Commitments. The Borrower shall have the right to terminate or reduce the aggregate unused amount
of the Revolving Commitments (for which purpose use of the Revolving Commitments shall be deemed to include the aggregate amount of all Letter of Credit Liabilities and the aggregate principal amount of all outstanding Competitive Loans) at any time
and from time to time without penalty or premium upon not less than five (5) Business Days prior written notice to the Administrative Agent of each such termination or reduction, which notice shall specify the effective date thereof and the
amount of any such reduction (which in the case of any partial reduction of the Revolving Commitments shall not be less than $10,000,000 and integral multiples of $5,000,000 in excess of that amount in the aggregate) and shall be effective only upon
receipt by the Administrative Agent (“Revolving Commitment Reduction Notice”); provided, however, (a) the Borrower may not reduce the aggregate amount of the Revolving Commitments
below $100,000,000 unless the Borrower terminates the Revolving Commitments in full and (b) if such reduction or termination is being made in connection with the closing of another transaction, then it may be made conditional on
the closing of such other transaction. Promptly after receipt of a Revolving Commitment Reduction Notice, the Administrative Agent shall notify each Revolving Lender of the proposed termination or Revolving Commitment reduction. The Revolving
Commitments, once reduced or terminated pursuant to this Section, may not be increased (except pursuant to Section 2.15(a)) or reinstated. The Borrower shall pay all interest and fees on the Revolving Loans accrued to the
date of such reduction or termination of the Revolving Commitments to the Administrative Agent for the account of the Revolving Lenders, including any applicable compensation due to each Revolving Lender in accordance with
Section 5.4. Each notice delivered by the Borrower pursuant to this Section 2.11(a) shall be irrevocable; provided that a notice of termination of the Revolving 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. 

  
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 (b) Mandatory Reduction of Term Commitment. If any event described in the second
sentence of Section 2.7(d) occurs, then the aggregate Term Commitments shall be reduced as described in such sentence. 
 (c)
Voluntary Reductions of Term Commitments. The Borrower shall have the right to terminate or reduce the aggregate unused amount of the Term Commitments at any time and from time to time without penalty or premium upon not less than five
(5) Business Days prior written notice to the Administrative Agent of each such termination or reduction, which notice shall specify the effective date thereof and the amount of any such reduction (which in the case of any partial reduction of
the Term Commitments shall be in the amount of $10,000,000 or a higher integral multiple of $5,000,000) and shall be effective only upon receipt by the Administrative Agent (“Term Commitment Reduction Notice”); provided that if such
reduction or termination is being made in connection with the closing of another transaction, then it may be made conditional on the closing of such other transaction. Promptly after receipt of a Term Commitment Reduction Notice, the Administrative
Agent shall notify each Term Lender of the proposed termination or Term Commitment reduction. The Term Commitments, once reduced or terminated pursuant to this Section, may not be increased or reinstated (except pursuant to Section 2.15(b)).
The Borrower shall pay all interest and fees on the Term Loans accrued to the date of such reduction or termination of the Term Commitments to the Administrative Agent for the account of the Term Lenders, including any applicable compensation due to
each Term Lender in accordance with Section 5.4. Each notice delivered by the Borrower pursuant to this Section 2.11(c) shall be irrevocable; provided that a notice of termination of the Term Commitments delivered by the Borrower may state
that such notice is conditioned upon the effectiveness of other credit facilities or indentures, 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. 
 Section 2.12 Extension of Revolving Maturity Date. 

The Borrower shall have the right, exercisable two (2) times, to request that the Administrative Agent and the Revolving Lenders extend
the Revolving Maturity Date by six (6) months per extension. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least thirty (30) days, but not more than one hundred twenty (120) days,
prior to the then current Revolving Maturity Date, a written request for such extension (an “Extension Request”). The Administrative Agent shall notify the Revolving Lenders if it receives an Extension Request promptly upon
receipt thereof. Subject to satisfaction of the following conditions for each extension, the Revolving Maturity Date shall be extended by six (6) months (to September 30, 2023, in the case of the first extension, and to March 31,
2024, in the case of the second extension): (x) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist, and (B) the representations and warranties made or deemed
made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such
representation or warranty shall be true and correct in all respects) on and as of the date of such extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly
relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such
representation or warranty 

  
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shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents,
(y) the Borrower shall have paid the Fees payable under Section 3.5(c) and all expenses of the Administrative Agent payable pursuant to Section 13.2 that have been invoiced at least two
(2) Business Days prior to such extension date and (z) each of the Guarantors has reaffirmed in writing that its Guaranty remains in full force and effect. At any time prior to the effectiveness of any such extension, upon the
Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from the chief executive officer or chief financial officer certifying the matters referred to in the immediately preceding clauses (x)(A),
(x)(B) and (z). 
 Section 2.13 Expiration Date of Letters of Credit Past Revolving Commitment Termination. 

If on the date the Revolving Commitments are terminated or reduced to zero (0) (whether voluntarily, by reason of the occurrence of an Event of
Default or otherwise) there are any Letters of Credit outstanding hereunder and the aggregate Stated Amount of such Letters of Credit exceeds the balance of available funds on deposit in the Letter of Credit Collateral Account, then the Borrower
shall, on such date, pay to the Administrative Agent, for its benefit and the benefit of the Revolving Lenders and the Issuing Banks, for deposit into the Letter of Credit Collateral Account, an amount of money equal to the amount of such excess.

 Section 2.14 Amount Limitations. 

Notwithstanding any other term of this Agreement or any other Loan Document, no Revolving Lender shall be required to make a Revolving Loan,
the Issuing Banks shall not be required to issue any Letter of Credit and no reduction of the Revolving Commitments pursuant to Section 2.11 shall take effect, if immediately after the making of such Revolving Loan, the
issuance of such Letter of Credit or such reduction in the Revolving Commitments, (a) any Lender’s Revolving Credit Exposure would exceed its Revolving Commitment or (b) the aggregate principal amount of all outstanding Revolving
Loans and Competitive Loans, together with the aggregate amount of all Letter of Credit Liabilities, would exceed the aggregate amount of the Revolving Commitments at such time. Notwithstanding any other term of this Agreement or any other Loan
Document, no Term Lender shall be required to make a Term Loan if immediately after the making of such Term Loan (a) any Lender’s Term Exposure would exceed its Term Commitment or (b) the aggregate Term Exposures of all Lenders would
exceed the aggregate amount of the Term Commitments at such time. 
 Section 2.15 Increase in Commitments. 

(a) Revolving Commitments. The Borrower shall have the right, exercisable up to four (4) times, to request increases in the
aggregate amount of the Revolving Commitments by providing written notice to the Administrative Agent, which notice shall be irrevocable once given; provided that after giving effect to any and all such increases the aggregate amount of the
Revolving Commitments shall not exceed One Billion Two Hundred Million Dollars ($1,200,000,000). Each such increase in the Revolving Commitments must be an aggregate minimum amount of $25,000,000 (or such lesser amount as the Borrower and the
Administrative Agent may agree in writing) and integral multiples of $5,000,000 in excess thereof. The 

  
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Administrative Agent, in consultation with the Borrower, shall manage all aspects of the syndication of such increase in the Revolving Commitments, including decisions as to the selection of the
existing Lenders and/or other banks, financial institutions and other institutional lenders to be approached with respect to such increase and the allocations of the increase in the Revolving Commitments among such existing Lenders and/or other
banks, financial institutions and other institutional lenders and the Fees to be paid for such increased Revolving Commitments; provided, that, the consent of the Borrower (not to be unreasonably withheld, conditioned or delayed) shall be
required for all banks, financial institutions and institutional lenders that agree to provide any such increase in the event the consent of the Borrower would be required if such bank, financial institution or institutional lender were to become a
Lender pursuant to Section 13.5(b)(iii)(A). No Lender shall be obligated in any way whatsoever to increase its Revolving Commitment or provide a new Revolving Commitment, and any new Lender becoming a party to this
Agreement in connection with any such requested increase must be an Eligible Assignee subject to and in accordance with the provisions of Section 13.5(b). If a new Revolving Lender becomes a party to this Agreement, or if
any existing Revolving Lender is increasing its Revolving Commitment, such Lender shall on the date it becomes a Revolving Lender hereunder (or in the case of an existing Revolving Lender, increases its Revolving Commitment) (and as a condition
thereto) purchase from the other Revolving Lenders its Revolving Commitment Percentage (determined with respect to the Revolving Lenders’ respective Revolving Commitments and after giving effect to the increase of Revolving Commitments) of any
outstanding Revolving Loans, by making available to the Administrative Agent for the account of such other Revolving Lenders, in same day funds, an amount equal to (A) the portion of the outstanding principal amount of such Revolving Loans to
be purchased by such Lender, plus (B) the aggregate amount of payments previously made by the other Revolving Lenders under Section 2.2(j) that have not been repaid, plus (C) interest
accrued and unpaid to and as of such date on such portion of the outstanding principal amount of such Revolving Loans. The Borrower shall pay to the Revolving Lenders amounts payable, if any, to such Revolving Lenders under
Section 5.4 as a result of the prepayment of any such Revolving Loans. Effecting the increase of the Revolving Commitments under this Section is subject to the following conditions precedent: (w) no Default or Event of
Default shall exist on the effective date of such increase, (x) the representations and warranties made or deemed made by the Borrower and any other Loan Party in any Loan Document to which such Loan Party is a party shall be true and correct
in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on the effective date of such increase except to the
extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or
warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted
hereunder, (y) payment of any and all Fees required in connection with such increased Revolving Commitments, and (z) the Administrative Agent shall have received each of the following, in form and substance reasonably satisfactory to the
Administrative Agent: (i) if not previously delivered to the Administrative Agent, copies certified by the Secretary or Assistant Secretary of (A) all partnership or other necessary action taken by the Borrower to authorize such increase
and (B) all partnership or other necessary action taken by each Guarantor authorizing the guaranty of such increase; and (ii) an opinion of counsel to the Borrower and the Guarantors, and addressed to the Administrative Agent

  
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and the Lenders covering such matters as reasonably requested by the Administrative Agent; and (iii) to the extent requested by the applicable Lender, a new Revolving Note executed by the
Borrower, payable to such new Revolving Lenders and replacement Revolving Notes executed by the Borrower, payable to any existing Revolving Lenders increasing their Revolving Commitments, in the amount of such Revolving Lender’s Revolving
Commitment at the time of the effectiveness of the applicable increase in the aggregate amount of the Revolving Commitments. In connection with any increase in the aggregate amount of the Revolving Commitments pursuant to this
Section 2.15(a), any Revolving Lender becoming a party hereto shall (1) execute such documents and agreements as the Administrative Agent may reasonably request and (2) in the case of any Lender that is organized
under the laws of a jurisdiction outside of the United States of America, provide to the Administrative Agent its name, address, tax identification number and/or such other information as shall be necessary for the Administrative Agent to comply
with “know your customer” and anti-money laundering rules and regulations, including the Patriot Act. 
 (b) Term
Commitments. The Borrower shall have the right, exercisable up to four (4) times, to request increases in the aggregate amount of the Term Commitments by providing written notice to the Administrative Agent, which notice shall be
irrevocable once given; provided that after giving effect to any and all such increases the aggregate amount of the Term Commitments shall not exceed Six Hundred and Twenty Million Dollars ($620,000,000). Each such increase in the Term
Commitments shall be in the amount of $15,000,000 or a higher integral multiple of $5,000,000 (or, in each case, such lesser amount as the Borrower and the Administrative Agent may agree in writing). The Administrative Agent, in consultation with
the Borrower, shall manage all aspects of the syndication of such increase in the Term Commitments, including decisions as to the selection of the existing Lenders and/or other banks, financial institutions and other institutional lenders to be
approached with respect to such increase and the allocations of the increase in the Term Commitments among such existing Lenders and/or other banks, financial institutions and other institutional lenders and the Fees to be paid for such increased
Term Commitments; provided, that, the consent of the Borrower (not to be unreasonably withheld, conditioned or delayed) shall be required for all banks, financial institutions and institutional lenders that agree to provide any such increase
in the event the consent of the Borrower would be required if such bank, financial institution or institutional lender were to become a Lender pursuant to Section 13.5(b)(iii)(A). No Lender shall be obligated in any way
whatsoever to increase its Term Commitment or provide a new Term Commitment, and any new Lender becoming a party to this Agreement in connection with any such requested increase must be an Eligible Assignee subject to and in accordance with the
provisions of Section 13.5(b). If a new Term Lender becomes a party to this Agreement, or if any existing Term Lender is increasing its Term Commitment, such Lender shall on the date it becomes a Term Lender hereunder (or
in the case of an existing Term Lender, increases its Term Commitment) (and as a condition thereto) purchase from the other Term Lenders its Term Commitment Percentage (determined with respect to the Term Lenders’ respective Term Commitments
and after giving effect to the increase of Term Commitments) of any outstanding Term Loans, by making available to the Administrative Agent for the account of such other Term Lenders, in same day funds, an amount equal to (A) the portion of the
outstanding principal amount of such Term Loans to be purchased by such Lender, plus (B) interest accrued and unpaid to and as of such date on such portion of the outstanding principal amount of such Term Loans. The Borrower shall
pay to the Term Lenders amounts payable, if any, to such Lenders under Section 5.4 as a result of the prepayment of any such Loans. Effecting 

  
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the increase of the Term Commitments under this Section is subject to the following conditions precedent: (w) no Default or Event of Default shall exist on the effective date of such
increase, (x) the representations and warranties made or deemed made by the Borrower and any other Loan Party in any Loan Document to which such Loan Party is a party shall be true and correct in all material respects (except in the case of a
representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on the effective date of such increase except to the extent that such representations and warranties
expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such
representation or warranty shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted hereunder, (y) payment of any and all Fees required in
connection with such increased Term Commitments, and (z) the Administrative Agent shall have received each of the following, in form and substance reasonably satisfactory to the Administrative Agent: (i) if not previously delivered to the
Administrative Agent, copies certified by the Secretary or Assistant Secretary of (A) all partnership or other necessary action taken by the Borrower to authorize such increase and (B) all partnership or other necessary action taken by
each Guarantor authorizing the guaranty of such increase; and (ii) an opinion of counsel to the Borrower and the Guarantors, and addressed to the Administrative Agent and the Lenders covering such matters as reasonably requested by the
Administrative Agent; and (iii) to the extent requested by the applicable Lender, a new Term Note executed by the Borrower, payable to such new Lenders and replacement Term Notes executed by the Borrower, payable to any existing Term Lenders
increasing their Term Commitments, in the amount of such Lender’s Term Commitment at the time of the effectiveness of the applicable increase in the aggregate amount of the Term Commitments. In connection with any increase in the aggregate
amount of the Term Commitments pursuant to this Section 2.15(b), any Term Lender becoming a party hereto shall (1) execute such documents and agreements as the Administrative Agent may reasonably request and
(2) in the case of any Lender that is organized under the laws of a jurisdiction outside of the United States of America, provide to the Administrative Agent its name, address, tax identification number and/or such other information as shall be
necessary for the Administrative Agent to comply with “know your customer” and anti-money laundering rules and regulations, including the Patriot Act. 

Section 2.16 Funds Transfer Disbursements. 

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

  
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 ARTICLE III 

PAYMENTS, FEES AND OTHER GENERAL PROVISIONS 

Section 3.1 Payments. 
 (a)
Payments by Borrower. Except to the extent otherwise provided herein, all payments of principal, interest, Fees and other amounts to be made by the Borrower under this Agreement, the Notes or any other Loan Document shall be made in Dollars,
in immediately available funds, without setoff, deduction or counterclaim (excluding Taxes required to be withheld pursuant to Section 3.10), to the Administrative Agent at the Principal Office, not later than 1:00 p.m.,
New York City time on the date on which such payment shall become due (each such payment made after such time on such due date to be deemed to have been made on the next succeeding Business Day). Subject to Section 11.5,
the Borrower shall, at the time of making each payment under this Agreement or any other Loan Document, specify to the Administrative Agent the amounts payable by the Borrower hereunder to which such payment is to be applied. Each payment received
by the Administrative Agent for the account of a Lender under this Agreement or any Note shall be paid to such Lender by wire transfer of immediately available funds in accordance with the wiring instructions provided by such Lender to the
Administrative Agent from time to time, for the account of such Lender at the applicable Lending Office of such Lender. Each payment received by the Administrative Agent for the account of an Issuing Bank under this Agreement shall be paid to such
Issuing Bank by wire transfer of immediately available funds in accordance with the wiring instructions provided by such Issuing Bank to the Administrative Agent from time to time, for the account of such Issuing Bank. If the due date of any payment
under this Agreement or any other Loan Document would otherwise fall on a day that is not a Business Day such date shall be extended to the next succeeding Business Day (unless, in the case of payment of interest on a LIBOR Loan, such next
succeeding Business Day is the first Business Day of a calendar month, in which case such payment shall be made on the next preceding Business Day) and interest shall continue to accrue at the rate, if any, applicable to such payment for the period
of such extension. 
 (b) Presumptions Regarding Payments by Borrower. Unless the Administrative Agent shall have received notice from
the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or an Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower
has made such payment on such date in accordance herewith and may (but shall not be obligated to), in reliance upon such assumption, distribute to the Lenders or such Issuing Bank, as the case may be, the amount due. In such event, if the Borrower
has not in fact made such payment, then each of the Lenders or such Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent on demand that amount so distributed to such Lender or such Issuing Bank, with interest
thereon, for each day from the date such amount is distributed to it to the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation. 
 Section 3.2 Pro Rata Treatment. 

Except to the extent otherwise provided herein: (a) each borrowing from the Revolving Lenders under
Sections 2.1A(a), 2.2(d) and 2.2(e) shall be made by the Revolving Lenders, each payment of the fees under Sections 3.5(a), 3.5(b), 3.5(c) and the first sentence of
3.5(d) shall be made for the account of the Revolving Lenders, and each termination or reduction of the amount of the Revolving Commitments under Section 2.11(a) shall be applied to the respective Revolving
Commitments of the Revolving Lenders, pro rata according to the amounts of their respective Revolving Commitments; (b) each payment or prepayment of principal of Revolving Loans shall be made for the account of the Revolving Lenders pro rata in
accordance with the respective unpaid principal amounts of the Revolving Loans held by them, provided that, subject to Section 3.9, if 

  
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immediately prior to giving effect to any such payment in respect of any Revolving Loans the outstanding principal amount of the Revolving Loans shall not be held by the Revolving Lenders pro
rata in accordance with their respective Revolving Commitments in effect at the time such Revolving Loans were made, then such payment shall be applied to the Revolving Loans in such manner as shall result, as nearly as is practicable, in the
outstanding principal amount of the Revolving Loans being held by the Revolving Lenders pro rata in accordance with such respective Revolving Commitments; (c) each payment of interest on Revolving Loans (excluding additional interest pursuant
to Section 5.1(b)) shall be made for the account of the Revolving Lenders pro rata in accordance with the amounts of interest on such Revolving Loans then due and payable to the respective Lenders; (d) the Conversion
and Continuation of Revolving Loans of a particular Type (other than Conversions provided for by Section 5.5) shall be made pro rata among the Revolving Lenders according to the amounts of their respective Revolving Loans and the
then current Interest Period for each Lender’s portion of each such Loan of such Type shall be coterminous; and (e) the Revolving Lenders’ participation in, and payment obligations in respect of, Letters of Credit under
Section 2.2, shall be in accordance with their respective Revolving Commitment Percentages. Except to the extent otherwise provided herein: (a) each borrowing from the Term Lenders under Sections 2.1B(a) and 2.7(d)
shall be made by the Term Lenders, each payment of the fees under Section 3.5(a) shall be made for the account of the Term Lenders, and each termination or reduction of the amount of the Term Commitments under Sections 2.11(b) and
(c) shall be applied to the respective Term Commitments of the Term Lenders, pro rata according to the amounts of their respective Term Commitments; (b) each payment or prepayment of principal of Term Loans shall be made for the account of
the Term Lenders pro rata in accordance with the respective unpaid principal amounts of the Term Loans held by them, provided that, subject to Section 3.9, if immediately prior to giving effect to any such payment in respect of any Term Loans
the outstanding principal amount of the Term Loans shall not be held by the Term Lenders pro rata in accordance with their respective Term Commitments in effect at the time such Term Loans were made, then such payment shall be applied to the Term
Loans in such manner as shall result, as nearly as is practicable, in the outstanding principal amount of the Term Loans being held by the Term Lenders pro rata in accordance with such respective Term Commitments; (c) each payment of interest
on Term Loans (excluding additional interest pursuant to Section 5.1(c)) shall be made for the account of the Term Lenders pro rata in accordance with the amounts of interest on such Term Loans then due and payable to the respective Lenders;
and (d) the Conversion and Continuation of Term Loans of a particular Type (other than Conversions provided for by Section 5.5) shall be made pro rata among the Term Lenders according to the amounts of their respective Term Loans and the
then current Interest Period for each Lender’s portion of each such Loan of such Type shall be coterminous. 
 Section 3.3 Sharing of Payments,
Etc. 
 If a Lender shall obtain payment of any principal of, or interest on, any Loan made by it to the Borrower under this Agreement or
shall obtain payment on any other Obligation owing by the Borrower or any other Loan Party through the exercise of any right of set-off, banker’s lien, counterclaim or similar right or otherwise or
through voluntary prepayments directly to a Lender or other payments made by or on behalf of the Borrower or any other Loan Party to a Lender not in accordance with the terms of this Agreement and such payment should be distributed to the Lenders in
accordance with Section 3.2 or Section 11.5, as applicable, such Lender shall promptly purchase from the other Lenders participations in (or, if and to the extent specified by such Lender,

  
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direct interests in) the Loans made by the other Lenders or other Obligations owed to such other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable,
to the end that all the Lenders shall share the benefit of such payment (net of any reasonable expenses which may actually be incurred by such Lender in obtaining or preserving such benefit) in accordance with the requirements of
Section 3.2 or Section 11.5, as applicable; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such
participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to
and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant. To such end, all the Lenders shall
make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. The Borrower agrees that any Lender so purchasing a participation (or direct interest) in
the Loans or other Obligations owed to such other Lenders may exercise all rights of set-off, banker’s lien, counterclaim or similar rights with respect to such participation as fully as if such Lender
were a direct holder of Loans in the amount of such participation. Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise and retain the benefits of exercising, any such right
with respect to any other indebtedness or obligation of the Borrower. 
 Section 3.4 Several Obligations. 

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

(a) Closing Fee. On the Effective Date, the Borrower agrees to pay to the Administrative Agent and each Lender all loan fees as have
been agreed to in writing by the Borrower and the Administrative Agent. 
 (b) Facility Fee and Unused Fee. The Borrower agrees to
pay to the Administrative Agent for the account of the Revolving Lenders: 
 (i) During the period from the Effective Date
until the earlier of (A) the date of the Ratio Based Pricing Grid Election and (B) the date on which the Revolving Commitment terminates, a facility fee equal to the daily aggregate amount of the Revolving Commitments (whether or not
utilized) multiplied by a rate per annum equal to the Applicable Facility Fee. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during
the term of this Agreement and on the date of the Ratio Based Pricing Grid Election and the date of termination of the Revolving Commitments. The Borrower acknowledges that the fee payable hereunder is a bona fide facility fee and is intended as
reasonable compensation to the Lenders for committing to make funds available to the Borrower as described herein and for no other purposes. 

  
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 (ii) During the period from the date of the Ratio Based Pricing Grid
Election until the date on which the Revolving Commitment terminates, an unused fee equal to (x) the sum of the daily amount by which the aggregate amount of the Revolving Commitments exceeds the sum of (1) the total Revolving Credit
Exposures of all Lenders and (2) the aggregate principal balance of the Competitive Loans outstanding under this Agreement multiplied by (y) the applicable per annum unused fee percentage specified in the
table below. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the date of the termination of the Revolving Commitments.
The Borrower acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrower as described herein and for no other purposes.

  

					
	 Unused Fee
	 
	 Unused Amount
	  	Unused Fee
Percentage	 
	 Less than or equal to 50% of the aggregate amount of Revolving Commitments
	  	 	0.15	% 
	 Greater than 50% of the aggregate amount of Revolving Commitments
	  	 	0.25	% 

 (c) Revolving Credit Extension Fee. If the Borrower exercises its right to extend the Revolving
Maturity Date in accordance with Section 2.12, the Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender a fee for each extension equal to six and one-quarter hundredths of one percent
(0.0625%) of the amount of such Revolving Lender’s Revolving Commitment (whether or not utilized). Such fee shall be fully earned and due and payable in full on the date such extension is effective. 

(d) Letter of Credit Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender a letter of
credit fee at a rate per annum equal to the Applicable Margin for LIBOR Loans that are Revolving Loans multiplied by the daily average Stated Amount of each Letter of Credit for the period from the date of issuance
of such Letter of Credit to (x) the date such Letter of Credit expires or is cancelled or terminated or (y) the date such Letter of Credit is drawn in full. In addition to such fees, the Borrower shall pay to each Issuing Bank solely for
its own account, a fronting fee in respect of each Letter of Credit issued by such Issuing Bank equal to one-eighth of one percent (0.125%) of the initial Stated Amount of such Letter of Credit;
provided, however, in no event shall the aggregate amount of such fee in respect of any Letter of Credit be less than One Thousand Five Hundred Dollars ($1,500). The fees provided for in this subsection shall be nonrefundable and
payable, in the case of the fee provided for in the first sentence, in arrears (i) quarterly on the first day of January, April, July and October, (ii) on the Revolving Maturity Date, (iii) on the date the Revolving Commitments are
terminated 

  
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or reduced to zero and (iv) thereafter from time to time on demand of the Administrative Agent and in the case of the fee provided for in the second sentence, at the time of issuance of such
Letter of Credit. The Borrower shall pay directly to the applicable Issuing Bank from time to time on demand all commissions, charges, costs and expenses in the amounts customarily charged or incurred by such Issuing Bank from time to time in like
circumstances with respect to the issuance, amendment, renewal or extension of any Letter of Credit or any other transaction relating thereto. 

(e) Administrative and Other Fees. The Borrower agrees to pay the administrative and other fees of the Administrative Agent as provided
in the Fee Letter and as may be otherwise agreed to in writing from time to time by the Borrower and the Administrative Agent. 
 Section 3.6
Computations. 
 All computations of interest for Base Rate Loans determined by reference to the Prime Rate shall be made on the basis of
a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of interest and Fees shall be made on the basis of a 360-day year and actual days elapsed (which results in more
interest being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which such Loan is made, and shall not accrue on a Loan, or any portion thereof, for the
day on which such Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall bear interest for one day. Each determination by Administrative Agent of an interest rate or fee hereunder shall
be conclusive and binding for all purposes, absent demonstrable error. 
 Section 3.7 Usury. 

In no event shall the amount of interest due or payable on the Loans or other Obligations exceed the maximum rate of interest allowed by
Applicable Law and, if any such payment is paid by the Borrower or any other Loan Party or received by any Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the respective Lender in writing
that the Borrower elects to have such excess sum returned to it forthwith. It is the express intent of the parties hereto that the Borrower not pay and the Lenders not receive, directly or indirectly, in any manner whatsoever, interest in excess of
that which may be lawfully paid by the Borrower under Applicable Law. The parties hereto hereby agree and stipulate that the only charge imposed upon the Borrower for the use of money in connection with this Agreement is and shall be the interest
specifically described in Section 2.4(a)(i) through (iii) and, with respect to Competitive Loans, in Section 2.3. Notwithstanding the foregoing, the parties hereto further agree and
stipulate that all agency fees, syndication fees, facility fees, closing fees, letter of credit fees, underwriting fees, default charges, late charges, funding or “breakage” charges, increased cost charges, attorneys’ fees and
reimbursement for costs and expenses paid by the Administrative Agent or any Lender to third parties or for damages incurred by the Administrative Agent or any Lender, in each case, in connection with the transactions contemplated by this Agreement
and the other Loan Documents, are charges made to compensate the Administrative Agent or any such Lender for underwriting or administrative services and costs or losses performed or incurred, and to be performed or incurred, by the Administrative
Agent and the Lenders in connection with this Agreement and shall under no circumstances be deemed to be charges for the use of money. All charges other than charges for the use of money shall be fully earned and nonrefundable when due. 

  
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 Section 3.8 Statements of Account. 

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

Notwithstanding anything to the contrary contained in this Agreement, if any Revolving Lender becomes a Defaulting Lender, then, until such
time as such Revolving Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law: 
 (a) Waivers and
Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Requisite Lenders and Requisite Facility Lenders and
in Section 13.6. 
 (b) Defaulting Lender Waterfall. Any payment of principal, interest, Fees or other
amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article XI or otherwise) or received by the Administrative Agent from a Defaulting Lender
pursuant to Section 13.3 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative
Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Issuing Banks hereunder; third, to Cash Collateralize the Issuing Banks’ Fronting Exposures with respect to such
Defaulting Lender in accordance with subsection (e) below; fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund
its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to
(x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the Issuing Banks’ future Fronting Exposures with respect to such Defaulting Lender
with respect to future Letters of Credit issued under this Agreement, in accordance with subsection (e) below; sixth, to the payment of any amounts owing to the Lenders or the Issuing Banks as a result of any judgment of a court of
competent jurisdiction obtained by any Lender or any Issuing Bank against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default
exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its
obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or amounts
owing by such Defaulting Lender under Section 2.2(j) in respect of Letters of Credit (such amounts “L/C Disbursements”), in respect of which such Defaulting Lender has not fully funded its
appropriate 

  
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share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Article VI were satisfied or waived, such payment shall be
applied solely to pay the Loans of, and L/C Disbursements owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Disbursements owed to, such
Defaulting Lender until such time as all Loans and funded and unfunded participations in Letter of Credit Liabilities are held by the Revolving Lenders pro rata in accordance with their respective Revolving Commitment Percentages (determined without
giving effect to the immediately following subsection (d)). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant
to this subsection shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 
 (c)
Certain Fees. 
 (i) Each Defaulting Lender shall be entitled to receive the Fee payable under
Section 3.5(b)(i) for any period during which that Lender is a Defaulting Lender only to extent allocable to the sum of (1) the outstanding principal amount of the Revolving Loans funded by it, and (2) its
Revolving Commitment Percentage of the Stated Amount of Letters of Credit for which it has provided Cash Collateral pursuant to the immediately following subsection (e). Each Defaulting Lender shall not be entitled to receive the Fee payable
under Section 3.5(b)(ii) for any period during which that Lender is a Defaulting Lender. 
 (ii)
Each Defaulting Lender shall be entitled to receive the Fee payable under Section 3.5(d) for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Revolving Commitment Percentage of
the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to the immediately following subsection (e). 

(iii) With respect to any Fee not required to be paid to any Defaulting Lender pursuant to the immediately preceding
clauses (i) or (ii) (other than the portion of any such fee payable under such preceding clause (ii)), the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such Fee otherwise
payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in Letter of Credit Liabilities that has been reallocated to such Non-Defaulting Lender pursuant to the immediately
following subsection (d), (y) pay to each Issuing Bank, as applicable, the amount of any such Fee otherwise payable to such Defaulting Lender to the extent allocable to such Issuing Bank’s Fronting Exposure to such Defaulting Lender
that has not been Cash Collateralized by the Borrower, and (z) not be required to pay the remaining amount of any such Fee. 
 (d)
Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in Letter of Credit Liabilities shall be reallocated among the Non-Defaulting
Lenders in accordance with their respective Revolving Commitment Percentages (determined without regard to such Defaulting Lender’s Revolving Commitment) but only to the extent that such reallocation does not cause the aggregate Revolving
Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Commitment. No reallocation hereunder shall constitute a waiver or
release of any claim of any party hereunder against a Defaulting Lender arising from that Revolving Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. 

  
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 (e) Cash Collateral. 

(i) If the reallocation described in the immediately preceding subsection (d) above cannot, or can only partially, be
effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, Cash Collateralize each Issuing Bank’s Fronting Exposure in accordance with the procedures set forth in this subsection. 

(ii) At any time that there shall exist a Defaulting Lender, within one (1) Business Day following the written request of
the Administrative Agent or any Issuing Bank (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize such Issuing Bank’s Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to the
immediately preceding subsection (d) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the aggregate Fronting Exposure of such Issuing Bank with respect to Letters of Credit issued by such Issuing Bank and
outstanding at such time. 
 (iii) The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender,
hereby grant to the Administrative Agent, for the benefit of the Issuing Banks, and agree to maintain, a first priority security interest in all such Cash Collateral as security for the Defaulting Lenders’ obligation to fund participations in
respect of Letter of Credit Liabilities, to be applied pursuant to the immediately following clause (iv). If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the
Administrative Agent and the Issuing Banks as herein provided, or that the total amount of such Cash Collateral is less than the aggregate Fronting Exposure of the Issuing Banks with respect to Letters of Credit issued and outstanding at such time,
the Borrower will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by
the Defaulting Lender). 
 (iv) Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral
provided under this Section in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of Letter of Credit Liabilities (including, as to Cash Collateral provided
by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein. 

(v) Cash Collateral (or the appropriate portion thereof) provided to reduce an Issuing Bank’s Fronting Exposure shall no
longer be required to be held as Cash Collateral pursuant to this subsection following (x) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the applicable Revolving Lender), or
(y) the determination by the Administrative Agent and the Issuing 

  
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Banks that there exists excess Cash Collateral; provided that, subject to the immediately preceding subsection (b), the Person providing Cash Collateral and the applicable Issuing
Bank may (but shall not be obligated to) agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations and provided, further, that to the extent that such Cash Collateral was provided by
the Borrower, such Cash Collateral shall remain subject to the security interest granted pursuant to the Loan Documents for so long as there still exists a Defaulting Lender. 

(f) Defaulting Lender Cure. If (x) with respect to any Revolving Lender, the Borrower, the Administrative Agent and the Issuing
Banks agree in writing that such Revolving Lender is no longer a Defaulting Lender, and (y) with respect to any Term Lender, the Borrower and the Administrative Agent agree in writing that such Term Lender is no longer a Defaulting Lender,
then, in either case, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash
Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders (other than Competitive Loans) or take such other actions as the Administrative Agent may determine to be necessary to
cause the Loans and funded and unfunded participations in Letters of Credit (if applicable) to be held pro rata by the applicable Lenders in accordance with their respective Revolving Commitment Percentages (determined without giving effect to the
immediately preceding subsection (d)) or Term Commitment Percentages, as applicable, whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to Fees accrued or
payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to
Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

(g) New Letters of Credit. So long as any Revolving Lender is a Defaulting Lender, no Issuing Bank shall be required to issue, extend,
renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure, or all Fronting Exposure has been Cash Collateralized by the Borrower, after giving effect thereto. 

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

  
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 Section 3.10 Taxes. 

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

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

  
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Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any amount at any time owing to such Lender under any
Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this subsection. The provisions of this subsection shall continue to inure to the benefit of
an Administrative Agent following its resignation as Administrative Agent. 
 (f) Evidence of Payments. As soon as practicable after
any payment of Taxes by the Borrower or any other Loan Party to a Governmental Authority pursuant to this Section, the Borrower or such other Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued
by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(g) Status of Lenders. 

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

  
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 (B) any Foreign Lender shall, to the extent it is legally entitled to do so,
deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon
the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 
 (I) in the
case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, an electronic copy (or an original if requested by the Borrower or
the Administrative Agent) of an executed IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or reduction
of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income”
article of such tax treaty; 
 (II) an electronic copy (or an original if requested by the Borrower or the Administrative
Agent) of an executed IRS Form W-8ECI; 
 (III) in the case of a Foreign Lender
claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Internal Revenue Code, (x) a certificate substantially in the form of Exhibit K-1 to the effect that
such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Internal
Revenue Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or W-8BEN-E, as applicable; or 

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

  
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upon the reasonable request of the Borrower or the Administrative Agent), an electronic copy (or an original if requested by the Borrower or the Administrative Agent) of any other form prescribed
by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrower or the
Administrative Agent to determine the withholding or deduction required to be made; and 
 (D) if a payment made to a Lender
under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the
Internal Revenue Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by Applicable Law and at such time or times reasonably requested by the Borrower or the Administrative
Agent such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may
be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold
from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

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

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

ARTICLE IV 

INTENTIONALLY OMITTED 

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

(a) Capital Adequacy. If any Lender determines that any Regulatory Change affecting such Lender or any Lending Office of such Lender or
such Lender’s holding company, if any, regarding capital or liquidity ratios or requirements, has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if
any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, to a level below that which such Lender or such Lender’s holding company could have
achieved but for such Regulatory Change (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender such
additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 
 (b)
Additional Costs. In addition to, and not in limitation of the immediately preceding subsection, if any Regulatory Change 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; 

  
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 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 (such
increases in costs and reductions in amounts receivable being herein called “Additional Costs”). 
 (c) Lender’s Suspension
of LIBOR Loans. Without limiting the effect of the provisions of the immediately preceding subsections (a) and (b), if by reason of any Regulatory Change, any Lender either (i) incurs Additional Costs based on or measured by the
excess above a specified level of the amount of a category of deposits or other liabilities of such Lender that includes deposits by reference to which the interest rate on LIBOR Loans is determined as provided in this Agreement or a category of
extensions of credit or other assets of such Lender that includes LIBOR Loans or (ii) becomes subject to restrictions on the amount of such a category of liabilities or assets that it may hold, then, unless the Borrower is timely paying all
such Additional Costs, if such Lender so elects by notice to the Borrower (with a copy to the Administrative Agent) the obligation of such Lender to make or Continue, or to Convert Base Rate Loans into, LIBOR Loans hereunder shall be suspended until
such Regulatory Change ceases to be in effect (in which case the provisions of Section 5.5 shall apply). 
 (d)
Notification and Determination of Additional Costs. Each of the Administrative Agent, each Issuing Bank and each Lender, as the case may be, agrees to notify the Borrower (and in the case of an Issuing Bank and or a Lender, to notify the
Administrative Agent) of any event occurring after the Agreement Date entitling the Administrative Agent, such Issuing Bank or such Lender to compensation under any of the preceding subsections of this Section as promptly as practicable;
provided that the failure of the Administrative Agent, an Issuing Bank or any Lender to give such notice shall not release the Borrower from any of its obligations hereunder, except that, the Borrower shall not be responsible for such
compensation or requirement to make any other payments if the Borrower is not notified within two hundred seventy (270) days following the date of the effectiveness or implementation (which may be retroactive, in which case such 270-day period shall still, for the avoidance of doubt, be measured from the applicable date of the effectiveness or implementation thereof) by the applicable Governmental Authority of the Regulatory Change giving
rise thereto. The Administrative Agent, each Issuing Bank and each Lender, as the case may be, agrees to furnish to the Borrower (and in the case of an Issuing Bank or a Lender to the Administrative Agent as well) a certificate setting forth the
basis and amount of each request for compensation under this Section. Determinations by the Administrative Agent, an Issuing Bank or a Lender, as the case may be, of the effect of any Regulatory Change shall be conclusive and binding for all
purposes, absent manifest error. The Borrower shall pay the Administrative Agent, the applicable Issuing Bank and or the applicable Lender, as the case may be, the amount shown as due on any such certificate within ten (10) Business Days after
receipt thereof. 
 (e) Notwithstanding the foregoing provisions of this Section, a Lender shall not be entitled to compensation pursuant to
this Section in respect of any Competitive Loan if the Regulatory Change that would otherwise entitle it to such compensation shall have been publicly announced prior to submission of the Competitive Bid pursuant to which such Loan was made. 

  
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 Section 5.2 Suspension of LIBOR Loans; Alternate Rate of Interest. 

(a) Anything herein to the contrary notwithstanding, if, on or prior to the determination of the LIBO Rate or the Adjusted LIBO Rate or the
LIBOR Daily Floating Rate for any Interest Period: 
 (i) the Administrative Agent shall determine (which determination shall
be conclusive absent manifest error) that reasonable and adequate means do not exist for ascertaining the LIBO Rate or the Adjusted LIBO Rate or the LIBOR Daily Floating Rate (including because the LIBO Screen Rate is not available or published on a
current basis) for such Interest Period; 
 (ii) the Administrative Agent reasonably determines (which determination shall be
conclusive absent manifest error) that quotations of interest rates for the relevant deposits referred to in the definition of LIBO Rate or LIBOR Daily Floating Rate are not being provided in the relevant amounts or for the relevant maturities for
purposes of determining rates of interest for LIBOR Loans or LIBOR Daily Loans as provided herein; or 
 (iii) the
Administrative Agent is advised by the Requisite Lenders (or, in the case of a Eurodollar Competitive Loan, the Lender that is required to make such Loan) or reasonably determines (which determination shall be conclusive) that the relevant rates of
interest referred to in the definition of the LIBO Rate or the LIBOR Daily Floating Rate upon the basis of which the rate of interest for LIBOR Loans for such Interest Period or LIBOR Daily Loans is to be determined are not likely to adequately
cover the cost to any Lender of making or maintaining LIBOR Loans for such Interest Period; 
 then the Administrative Agent shall give the Borrower and
each Lender prompt notice thereof and, so long as such condition remains in effect, the Lenders shall be under no obligation to, and shall not, make additional LIBOR Loans or LIBOR Daily Loans, Continue LIBOR Loans or Convert Loans into LIBOR Loans
or LIBOR Daily Loans and the Borrower shall, on the last day of each current Interest Period for each outstanding LIBOR Loan, either prepay such Loan or Convert such Loan into a Base Rate Loan. 

(b) If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the
circumstances set forth in clause (a)(i) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in clause (a)(i) have not arisen but either (w) the supervisor for the administrator of the LIBO
Screen Rate has made a public statement that the administrator of the LIBO Screen Rate is insolvent (and there is no successor administrator that will continue publication of the LIBO Screen Rate), (x) the administrator of the LIBO Screen Rate has
made a public statement identifying a specific date after which the LIBO Screen Rate will permanently or indefinitely cease to be published by it (and there is no successor administrator that will continue publication of the LIBO Screen Rate), (y)
the supervisor for the administrator of the LIBO Screen Rate has made a public statement identifying 

  
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a specific date after which the LIBO Screen Rate will permanently or indefinitely cease to be published or (z) the supervisor for the administrator of the LIBO Screen Rate or a Governmental
Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Screen Rate may no longer be used for determining interest rates for loans, then the Administrative Agent and
the Borrower shall endeavor to establish an alternate rate of interest to the LIBO Rate and the LIBOR Daily Floating Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans
in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable (but for the avoidance of doubt, such related
changes shall not include a reduction of the Applicable Margin); provided that, if such alternate rate of interest as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. Notwithstanding
anything to the contrary in Section 13.6, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within
five Business Days of the date a copy of such amendment is provided to the Lenders, a written notice from the Requisite Lenders stating that such Requisite Lenders object to such amendment. Until an alternate rate of interest shall be determined in
accordance with this clause (b) (but, in the case of the circumstances described in clause (ii)(w), clause (ii)(x) or clause (ii)(y) of the first sentence of this Section 5.2(b), only to the extent the LIBO Screen Rate for
such Interest Period is not available or published at such time on a current basis), (x) any Notice of Continuation or Notice of Conversion that requests the conversion of any Revolving Loan to, or continuation of any Revolving Loan as, a LIBOR Loan
or LIBOR Daily Loan shall be ineffective, (y) if any Notice of Borrowing requests a LIBOR Loan or LIBOR Daily Loan, such Loan shall be made as an Base Rate Loan and (z) any request by the Borrower for a Eurodollar Competitive Loan shall be
ineffective. 
 Section 5.3 Illegality. 

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

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

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

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

(c) any failure by the Borrower to borrow any Competitive Loan after accepting the Competitive Bid to make such Loan. 

The amount of compensation payable pursuant to the foregoing subsection (a) or (b) shall be equal to the then present value of (A) the amount of
interest that would have accrued on such LIBOR Loan for the remainder of the Interest Period at the rate applicable to such LIBOR Loan, less (B) the amount of interest that would accrue on the same LIBOR Loan for the same period if LIBOR were
set on the date on which such LIBOR Loan was repaid, prepaid or Converted or the date on which the Borrower failed to borrow, Convert or Continue such LIBOR Loan, as applicable, calculating present value by using as a discount rate the LIBO Rate
quoted on such date. Upon the Borrower’s request, the Administrative Agent shall provide the Borrower with a statement setting forth the basis for requesting such compensation and the method for determining the amount thereof. Any such
statement shall be conclusive absent manifest error. 
 Section 5.5 Treatment of Affected Loans. 

If the obligation of any Lender to make LIBOR Loans or LIBOR Daily Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans or
LIBOR Daily Loans shall be suspended pursuant to Section 5.2 or Section 5.3, then such Lender’s LIBOR Loans shall be automatically Converted into Base Rate Loans on (x) the last day(s) of
the then current Interest Period(s) for such LIBOR Loans (or, in the case of a Conversion required by Section 5.3, on such earlier date as such may be required by Applicable Law) or (y) such date of suspension for such
LIBOR Daily Loan and, unless and until such Lender or the Administrative Agent, as applicable, gives notice as provided below that the circumstances specified in Section 5.2 or Section 5.3 that
gave rise to such Conversion no longer exist: 
 (a) to the extent that such Lender’s LIBOR Loans have been so Converted, all payments
and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Loans or LIBOR Daily Loans shall be applied instead to its Base Rate Loans; and 

(b) all Loans that would otherwise be made or Continued by such Lender as LIBOR Loans or LIBOR Daily Loans shall be made or Continued instead
as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans or LIBOR Daily Loans shall remain as Base Rate Loans. 

If such Lender or the Administrative Agent, as applicable, gives notice to the Borrower (with a copy to the Administrative Agent, as applicable) that the
circumstances specified in Section 5.2 or 5.3 that gave rise to the Conversion of such Lender’s LIBOR Loans or LIBOR Daily Loans pursuant to this Section no longer exist (which such Lender or the Administrative Agent,
as applicable, agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans or LIBOR Daily Loans made by other Lenders are outstanding, then such Lender’s Base 

  
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Rate Loans shall be automatically Converted, (x) on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans or (y) the next succeeding Business Day
for such outstanding LIBOR Daily Loans, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans or LIBOR Daily Loans and by such Lender are held pro rata (as to principal amounts, Types and
Interest Periods) in accordance with their respective Commitments. 
 Section 5.6 Affected Lenders. 

If (a) a Lender requests compensation pursuant to Section 3.10 or 5.1, and the Requisite Lenders are not
also doing the same, or (b) the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 5.3 but the obligation of the
Requisite Lenders shall not have been suspended under such Section or (c) any Lender refuses to consent to any amendment, waiver or other modification of any Loan Document requested by the Borrower that requires the consent of a greater
percentage of the Lenders than the Requisite Lenders or the consent of each affected Lender, or all Lenders, and such amendment, waiver or other modification is consented to by the Requisite Lenders, all other affected Lenders or all other Lenders
(as applicable), then, so long as there does not then exist any Default, the Borrower may demand that such Lender (the “Affected Lender”), and upon such demand the Affected Lender shall promptly, assign its Commitment and
Loans (other than any outstanding Competitive Loans held by it) to an Eligible Assignee subject to and in accordance with the provisions of Section 13.5(b) for a purchase price equal to (x) the aggregate principal
balance of all Loans (other than Competitive Loans) then owing to the Affected Lender, plus (y) the aggregate amount of payments previously made by the Affected Lender under Section 2.2(j) that
have not been repaid, plus (z) any accrued but unpaid interest thereon and accrued but unpaid fees owing to the Affected Lender, or any other amount as may be mutually agreed upon by such Affected Lender and Eligible Assignee
subject to and in accordance with the provisions of Section 13.5(b); provided, that the Borrower shall only demand the Affected Lender to assign its Commitment pursuant to subsection (a) above if such assignment
will result in lower costs for the Borrower at the time of the assignment. Each of the Administrative Agent and the Affected Lender shall reasonably cooperate in effectuating the replacement of such Affected Lender under this Section, but at no time
shall the Administrative Agent, such Affected Lender, any other Lender or any Titled Agent be obligated in any way whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. The exercise by the Borrower of its rights
under this Section shall be at the Borrower’s sole cost and expense and at no cost or expense to the Administrative Agent, the Affected Lender or any of the other Lenders. The terms of this Section shall not in any way limit the Borrower’s
obligation to pay to any Affected Lender compensation owing to such Affected Lender pursuant to this Agreement (including pursuant to Sections 3.10, 5.1 or 5.4) with respect to any period up to the date of
replacement. 
 Section 5.7 Change of Lending Office. 

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

  
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 Section 5.8 Assumptions Concerning Funding of LIBOR Loans. 

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

ARTICLE VI 
 CONDITIONS
PRECEDENT 
 Section 6.1 Initial Conditions Precedent. 

The obligation of the Lenders to effect or permit the occurrence of the first Credit Event hereunder, whether as the making of a Loan or the
issuance of a Letter of Credit, is subject to the reasonable satisfaction or waiver of the following conditions precedent: 
 (a) The
Administrative Agent shall have received each of the following, in form and substance reasonably satisfactory to the Administrative Agent: 

(i) counterparts of this Agreement executed by each of the parties hereto; 

(ii) to the extent requested by the Lenders, a Revolving Note and/or a Term Note made by the Borrower, payable to each
applicable Lender and complying with the terms of Section 2.10(a); 
 (iii) the Guaranty executed
by each of the Guarantors initially to be a party thereto; 
 (iv) an opinion of each of (A) Latham & Watkins
LLP, counsel to the Borrower and the other Loan Parties and (B) Ballard Spahr LLP, Maryland counsel to Spirit REIT, addressed to the Administrative Agent and the Lenders and covering the matters reasonably required by the Administrative Agent;

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

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

  
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 (vii) a certificate of incumbency signed by the Secretary or Assistant
Secretary (or other individual performing similar functions) of each Loan Party with respect to each of the officers of such Loan Party authorized to execute and deliver the Loan Documents to which such Loan Party is a party, and in the case of the
Borrower, authorized to execute and deliver on behalf of the Borrower Notices of Borrowing, requests for Letters of Credit, Notices of Conversion and Notices of Continuation; 

(viii) copies certified by the Secretary or Assistant Secretary (or other individual performing similar functions) of each Loan
Party of (A) the by-laws of such Loan Party, if a corporation, the operating agreement, if a limited liability company, the partnership agreement, if a limited or general partnership, or other comparable
document in the case of any other form of legal entity and (B) all corporate, partnership, member or other necessary action taken by such Loan Party to authorize the execution, delivery and performance of the Loan Documents to which it is a
party; 
 (ix) a Compliance Certificate calculated on a pro forma basis for the Borrower’s fiscal quarter ending
September 30, 2018; 
 (x) a completed Disbursement and Rate Management Agreement effective as of the Agreement Date;

 (xi) evidence that all indebtedness, liabilities or obligations owing by the Loan Parties under each of the Existing
Credit Agreements shall have been paid in full and any Liens securing such indebtedness, liabilities or other obligations have been released; 

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

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

(xv) UCC, tax, judgment and lien search reports with respect to each Loan Party in all necessary or appropriate jurisdictions
indicating that there are no liens of record other than Permitted Liens; provided that with respect to county-level real property searches, such searches may be dated up to six (6) months prior to the date hereof and cover certain (but not
all) Unencumbered Pool Assets as identified to the Administrative Agent prior to the Agreement Date; and 
 (xvi) such other
documents, agreements and instruments as the Administrative Agent, or any Lender through the Administrative Agent, may reasonably request; 

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

  
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 (c) no litigation, action, suit, investigation or other arbitral, administrative or judicial
proceeding shall be pending or threatened which could reasonably be expected to (A) result in a Material Adverse Effect or (B) restrain or enjoin, impose materially burdensome conditions on, or otherwise materially and adversely affect,
the ability of the Borrower or any other Loan Party to fulfill its obligations under the Loan Documents to which it is a party; 
 (d) the
Borrower, the other Loan Parties and the other Subsidiaries shall have received all approvals, consents and waivers, and shall have made or given all necessary filings and notices as shall be required to consummate the transactions contemplated
hereby without the occurrence of any default under, conflict with or violation of (A) any Applicable Law or (B) any agreement, document or instrument to which any Loan Party is a party or by which any of them or their respective properties
is bound; 
 (e) (i) the Borrower and each other Loan Party shall have provided all information requested by the Administrative Agent
and each Lender in order to comply with applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act and (ii) to the extent the Borrower qualifies as a “legal entity customer”
under the Beneficial Ownership Regulation, at least five days prior to the Effective Date, any Lender that has requested, in a written notice to the Borrower at least 10 days prior to the Effective Date, a Beneficial Ownership Certification in
relation to the Borrower shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature page to this Agreement, the condition set forth in this clause (ii) shall be
deemed to be satisfied); and 
 (f) there shall not have occurred or exist any other material disruption of financial or capital markets that
could reasonably be expected to materially and adversely affect the transactions contemplated by the Loan Documents. 
 Section 6.2 Conditions
Precedent to All Loans and Letters of Credit. 
 In addition to satisfaction or waiver of the conditions precedent contained in
Section 6.1, the obligations of (i) Lenders to make any Loans and (ii) any Issuing Bank to issue any Letter of Credit are each subject to the further conditions precedent that: (a) no Default shall exist as
of the date of the making of such Loan or date of issuance of such Letter of Credit or would exist immediately after giving effect thereto, and no violation of the limits described in Section 2.14 would occur after giving
effect thereto; (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except in the case
of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of the making of such Loan or date of issuance of such Letter of Credit with the
same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in
all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and except for changes in
factual circumstances specifically and expressly permitted hereunder and (c) in the case of the borrowing of Loans, the Administrative Agent shall have received a timely Notice of Borrowing, and in the case of the issuance of a Letter of
Credit, the applicable 

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

REPRESENTATIONS AND WARRANTIES 

Section 7.1 Representations and Warranties. 

In order to induce the Administrative Agent and each Lender to enter into this Agreement and to make Loans and, in the case of each Issuing
Bank, to issue Letters of Credit, the Borrower represents and warrants to the Administrative Agent, the Issuing Banks and each Lender as follows: 

(a) Organization; Power; Qualification. Each of the Borrower, the other Loan Parties and the other Subsidiaries is a corporation,
partnership or other legal entity, duly organized or formed, validly existing and in good standing under the jurisdiction of its incorporation or formation, has the power and authority to own or lease its respective properties and to carry on its
respective business as now being and hereafter proposed to be conducted and is duly qualified and is in good standing as a foreign corporation, partnership or other legal entity, and authorized to do business, in each jurisdiction in which the
character of its properties or the nature of its business requires such qualification or authorization and where the failure to be so qualified or authorized could reasonably be expected to have, in each instance, a Material Adverse Effect. 

(b) Ownership Structure. Part I of Schedule 7.1(b) is, as of the Agreement Date, a complete and correct list
of all Subsidiaries of Spirit REIT and Borrower setting forth for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) each Person holding any Equity Interest in such Subsidiary, (iii) the nature of the
Equity Interests held by each such Person and (iv) the percentage of ownership of such Subsidiary represented by such Equity Interests. As of the Agreement Date, except as disclosed in such Schedule, (A) each of the Spirit REIT and
Borrower and their Subsidiaries owns, free and clear of all Liens (other than Permitted Liens), and has the unencumbered right to vote, all outstanding Equity Interests in each Person shown to be held by it on such Schedule, (B) all of the
issued and outstanding capital stock of each such Person organized as a corporation is validly issued, fully paid and non-assessable and (C) there are no outstanding subscriptions, options, warrants,
commitments, preemptive rights or agreements of any kind (including any stockholders’ or voting trust agreements) for the issuance, sale, registration or voting of, or outstanding securities convertible into, any additional shares of

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

  
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 (g) Existing Indebtedness; Total Indebtedness. Part I of
Schedule 7.1(g) is, as of the Agreement Date, a complete and correct listing of all Indebtedness under clause (i) of the definition of “Indebtedness” (including all Guarantees in respect of such Indebtedness)
of each of the Borrower, the other Loan Parties and the other Subsidiaries, and if such Indebtedness is secured by any Lien, a description of all of the property subject to such Lien. As of the Agreement Date, the Borrower, the other Loan Parties
and the other Subsidiaries have performed and are in compliance with all of the terms of such Indebtedness and all instruments and agreements relating thereto, and no default or event of default, or event or condition which with the giving of
notice, the passage of time, or both, would constitute a default or event of default, exists with respect to any such Indebtedness, except any such defaults or events of default, which individually or in the aggregate, could not reasonably be
expected to have a Material Adverse Effect. Part II of Schedule 7.1(g) is, as of the Agreement Date, a complete and correct listing of all Total Indebtedness of the Borrower, the other Loan Parties and the other
Subsidiaries (excluding any Indebtedness set forth on Part I of such Schedule). 
 (h) Material Contracts.
Schedule 7.1(h) is, as of the Agreement Date, a true, correct and complete listing of all Material Contracts. Each of the Borrower, the other Loan Parties and the other Subsidiaries that are parties to any Material Contract
has performed and is in compliance with all of the terms of such Material Contract, and no material default or material event of default, or event or condition which with the giving of notice, the lapse of time, or both, would constitute such a
default or event of default, exists with respect to any such Material Contract. 
 (i) Litigation. Except as set forth on
Schedule 7.1(i), there are no actions, suits or proceedings pending (nor, to the knowledge of any Loan Party, are there any actions, suits or proceedings threatened in writing, nor is there any basis therefor known to any
Loan Party) against or in any other way relating adversely to or affecting the Borrower, any other Loan Party, any other Subsidiary or any of their respective property in any court or before any arbitrator of any kind or before or by any other
Governmental Authority which, (i) could reasonably be expected to have a Material Adverse Effect or (ii) in any manner draws into question the validity or enforceability of the Loan Documents taken as a whole. There are no strikes, slow
downs, work stoppages or walkouts or other labor disputes in progress or threatened relating to any Loan Party or any other Subsidiary, that individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

(j) Taxes. All federal and state income tax returns and other material tax returns of the Borrower, each other Loan Party and each other
Subsidiary required by Applicable Law to be filed have been duly filed (except for any such returns the non-filing of which would not result in any material fine or penalty or would not otherwise reasonably be
expected to have a Material Adverse Effect); and all federal and state income taxes and other material taxes, assessments and other governmental charges or levies upon, each Loan Party, each other Subsidiary and their respective properties, income,
profits and assets which are due and payable have been paid, except any such nonpayment which is at the time permitted under Section 8.6. As of the Agreement Date, none of the United States federal income tax returns of the
Borrower, any other Loan Party or any other Subsidiary is under audit. All charges, accruals and reserves on the books of the Borrower, the other Loan Parties and the other Subsidiaries in respect of any material taxes or other governmental charges
are in accordance with GAAP. 

  
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 (k) Financial Statements. The Borrower has furnished to each Lender copies of
(i) the audited consolidated balance sheet of Spirit REIT and its consolidated Subsidiaries for the fiscal year ended December 31, 2017, and the related audited consolidated statements of operations, shareholders’ equity and cash flow
for the fiscal years ended on such dates, with the opinion thereon of Ernst & Young LLP and (ii) the unaudited consolidated balance sheet of Spirit REIT and its consolidated Subsidiaries for the fiscal quarter ended September 30,
2018 and the related unaudited consolidated statements of operations, shareholders’ equity and cash flows for the fiscal quarter ended on such date. Such financial statements (including in each case related schedules and notes) are complete and
correct in all material respects and present fairly, in accordance with GAAP consistently applied throughout the periods involved, the consolidated financial position of Spirit REIT and its consolidated Subsidiaries as at their respective dates and
the results of operations and the cash flow for such periods. Neither Spirit REIT nor any of its Subsidiaries has on the Agreement Date any material contingent liabilities, liabilities, liabilities for taxes, unusual or long-term commitments or
unrealized or forward anticipated losses from any unfavorable commitments that would be required to be set forth in its financial statements or notes thereto, except as referred to or reflected or provided for in said financial statements. 

(l) No Material Adverse Change. Since December 31, 2017, there has been no event, change, circumstance or occurrence that could
reasonably be expected to have a Material Adverse Effect. Each of the Borrower, the other Loan Parties and the other Subsidiaries is Solvent. 

(m) Intentionally Omitted. 

(n) ERISA. 

(i) Each Benefit Arrangement is in compliance with the applicable provisions of ERISA, the Internal Revenue Code and other
Applicable Laws in all material respects. Except with respect to Multiemployer Plans, each Qualified Plan (A) has received a favorable determination from the Internal Revenue Service applicable to such Qualified Plan’s current remedial
amendment cycle (as defined in Revenue Procedure 2007-44 or “2007-44” for short), (B) has timely filed for a favorable determination letter from the
Internal Revenue Service during its staggered remedial amendment cycle (as defined in 2007-44) and such application is currently being processed by the Internal Revenue Service, (C) had filed for a
determination letter prior to its “GUST remedial amendment period” (as defined in 2007-44) and received such determination letter and the staggered remedial amendment cycle first following the GUST
remedial amendment period for such Qualified Plan has not yet expired, or (D) is maintained under a prototype plan and may rely upon a favorable opinion letter issued by the Internal Revenue Service with respect to such prototype plan. To the
best knowledge of the Borrower, nothing has occurred which would cause the loss of its reliance on each Qualified Plan’s favorable determination letter or opinion letter. 

(ii) With respect to any retiree welfare benefit arrangement, all amounts have been accrued on Spirit REIT’s financial
statements in accordance with FASB ASC 715. The “benefit obligation” of all Plans does not exceed the “fair market value of plan assets” for such Plans by more than $50,000,000 all as determined by and with such terms defined in
accordance with FASB ASC 715. 

  
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 (iii) Except as could not reasonably be expected, individually or in the
aggregate, to have a Material Adverse Effect: (i) no ERISA Event has occurred or is expected to occur; (ii) there are no pending, or to the best knowledge of the Borrower, threatened, claims, actions or lawsuits or other action by any
Governmental Authority, plan participant or beneficiary with respect to a Benefit Arrangement or Plan; (iii) there are no violations of the fiduciary responsibility rules with respect to any Benefit Arrangement or Plan; and (iv) no member
of the ERISA Group has engaged in a non-exempt “prohibited transaction,” as defined in Section 406 of ERISA and Section 4975 of the Internal Revenue Code, in connection with any Plan, that
would subject Spirit REIT or the Borrower to a tax on prohibited transactions imposed by Section 502(i) of ERISA or Section 4975 of the Internal Revenue Code. 

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

(p) Intentionally Omitted. 

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

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

(t) Intentionally Omitted. 

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

  
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 (v) Intentionally Omitted. 

(w) Accuracy and Completeness of Information. All written information, reports and other papers and data (other than financial
projections and other forward looking statements) furnished to the Administrative Agent or any Lender by, on behalf of, or at the direction of, the Borrower, any other Loan Party or any other Subsidiary were, at the time the same were so furnished,
complete and correct in all material respects, to the extent necessary to give the recipient a true and accurate knowledge of the subject matter, or, in the case of financial statements, present fairly, in accordance with GAAP consistently applied
throughout the periods involved, the financial position of the Persons involved as at the date thereof and the results of operations for such periods (subject, as to interim statements, to changes resulting from normal
year-end and audit adjustments and absence of full footnote disclosure). All financial projections and other forward looking statements prepared by or on behalf of the Borrower, any other Loan Party or any
other Subsidiary that have been or may hereafter be made available to the Administrative Agent or any Lender were or will be prepared in good faith based on reasonable assumptions. As of the Agreement Date, no fact is known to any Loan Party which
has had, or may in the future have (so far as any Loan Party can reasonably foresee), a Material Adverse Effect which has not been set forth in the financial statements referred to in Section 7.1(k) or in such information,
reports or other papers or data or otherwise disclosed in writing to the Administrative Agent and the Lenders. No document furnished or written statement made to the Administrative Agent or any Lender in connection with the negotiation, preparation
or execution of, or pursuant to, this Agreement or any of the other Loan Documents contains or will contain any untrue statement of a material fact, or omits or will omit to state a material fact necessary in order to make the statements contained
therein not materially misleading. As of the Effective Date, to the best knowledge of the Borrower, the information included in any Beneficial Ownership Certification provided on or prior to the Effective Date (if any) to any Lender in connection
with this Agreement is true and correct in all respects. 
 (x) Not Plan Assets; No Prohibited Transactions. None of the assets of the
Borrower, any other Loan Party or any other Subsidiary constitutes “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. Assuming that no Lender funds any amount payable
by it hereunder with “plan assets,” as that term is defined in 29 C.F.R. 2510.3-101, the execution, delivery and performance of this Agreement and the other Loan Documents, and the extensions of
credit and repayment of amounts hereunder, do not and will not constitute “prohibited transactions” under ERISA or the Internal Revenue Code. 

(y) OFAC. None of the Borrower, any of the other Loan Parties, any of the other Subsidiaries, or, to the Borrower’s actual
knowledge, any director, officer, employee thereof or any other Affiliate of the Borrower: (i) is a person named on the list of Specially Designated Nationals or Blocked Persons maintained by the U.S. Department of the Treasury’s Office of
Foreign Assets Control (“OFAC”) available at http://www.treas.gov/offices/enforcement/ofac/index.shtml, or as otherwise published from time to time; (ii) is (A) an agency of the government of a country, (B) an
organization controlled by a country, or (C) a person resident in a country that is subject to a sanctions program identified on the list maintained by OFAC and available at http://www.treas.gov/offices/enforcement/ofac/index.shtml, or as
otherwise published from time to time, as such program may be applicable to such agency, organization or person; or (iii) derives any of its assets or operating income from investments in or transactions with any such country,

  
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agency, organization or person; and none of the proceeds from any Loan, and no Letter of Credit, will be used to finance any operations, investments or activities in, or make any payments to, any
such country, agency, organization, or person or in violation of Anti-Corruption Laws; or (iv) is the subject of any sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control, the United
Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom (collectively, “Sanctions”), or located, organized or resident in a country or territory that is the subject of Sanctions. 

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

(bb) Money Laundering Laws. The operations of Spirit REIT and its Subsidiaries are and have been conducted at all times in compliance in
all material respects with applicable financial record keeping and reporting requirements of the U.S. Currency and Foreign Transactions Reporting Act of 1977, as amended by the Patriot Act, and any related or similar rules, regulations or guidelines
issued, administered or enforced by any governmental or regulatory authorities having jurisdiction over Spirit REIT or any of its Subsidiaries (collectively, the “Money Laundering Laws”), and no action,
suit or proceeding by or before any court or governmental or regulatory authorities or any arbitrator involving the Spirit REIT or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the actual knowledge of the
Borrower, threatened in writing which would reasonably be expected to result in a Material Adverse Effect. 
 (cc) Anti-Corruption
Laws. Spirit REIT and its Subsidiaries have conducted their businesses in compliance in all material respects with Anti-Corruption Laws and have instituted and maintained, and will continue to comply with, and to maintain and enforce, reasonable
policies and procedures designed to promote and achieve compliance in all material respects with, such laws. The Company shall maintain and enforce reasonable policies and procedures with respect to itself and its Subsidiaries designed to ensure
compliance in all material respects with applicable Money Laundering Laws. 
 Section 7.2 Survival of Representations and Warranties, Etc. 

All statements contained in any certificate, financial statement or other instrument delivered by or on behalf of any Loan Party or any other
Subsidiary to the Administrative Agent or any Lender pursuant to or in connection with this Agreement or any of the other Loan Documents (including any such statement made in or in connection with any amendment thereto or any statement contained in
any certificate, financial statement or other instrument delivered by or on behalf of any Loan Party prior to the Agreement Date and delivered to the Administrative Agent or any Lender in connection with the underwriting or closing the transactions
contemplated hereby) shall constitute representations and warranties made by the Borrower under this Agreement. All representations and warranties made under this Agreement and the other Loan Documents shall be deemed to be made at and as of the
Agreement Date, the Effective Date, the 

  
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date on which any extension of the Revolving Maturity Date is effectuated pursuant to Section 2.12, the date on which any increase of the Revolving Commitments or Term
Commitments is effectuated pursuant to Section 2.15 and at and as of the date of the occurrence of each Credit Event, except to the extent that such representations and warranties expressly relate solely to an earlier date
(in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true
and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted hereunder. All such representations and warranties shall survive the effectiveness of this Agreement,
the execution and delivery of the Loan Documents and the making of the Loans and the issuance of the Letters of Credit 
 ARTICLE VIII

 AFFIRMATIVE COVENANTS 

Until the Commitments have expired or been terminated, all Letters of Credit have expired or been cancelled (without any pending drawing), and
all Obligations (other than Obligations in respect of (i) Specified Derivatives Contracts and (ii) contingent indemnification and reimbursement obligations that are not yet due and payable and for which no claim has been asserted) are paid
in full, the Borrower shall comply with the following covenants: 
 Section 8.1 Preservation of Existence and Similar Matters. 

Except as otherwise permitted under Section 10.4, the Borrower shall, and shall cause each other Loan Party and each
other Subsidiary to, preserve and maintain its respective existence, rights, franchises, licenses and privileges in the jurisdiction of its incorporation or formation and qualify and remain qualified and authorized to do business in each
jurisdiction in which the character of its properties or the nature of its business requires such qualification and authorization and where the failure to maintain or to be so authorized and qualified could reasonably be expected to have a Material
Adverse Effect. 
 Section 8.2 Compliance with Applicable Law. 

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

  
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 Section 8.4 Conduct of Business. 

The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, carry on its respective businesses as described in
Section 7.1(u) and not enter into any line of business not engaged in by Spirit REIT and its Subsidiaries as of the Agreement Date. 

Section 8.5 Insurance. 
 In addition
to the requirements of any of the other Loan Documents, the Borrower and each other Loan Party and each other Subsidiary shall maintain, or cause their respective tenants or borrowers to maintain (provided that the applicable Loan Party or
Subsidiary is named as a loss payee and additional insured thereunder), insurance (on a replacement cost basis) with financially sound and reputable insurance companies against such risks and in such amounts as is customarily maintained by Persons
engaged in similar businesses or as may be required by Applicable Law. The Borrower shall from time to time deliver to the Administrative Agent upon request a detailed list, together with copies of all policies of the insurance then in effect,
stating the names of the insurance companies, the amounts and rates of the insurance, the dates of the expiration thereof and the properties and risks covered thereby. 

Section 8.6 Payment of Taxes and Claims. 

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

Section 8.7 Books and Records; Inspections. 

The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, keep proper books of record and account in which full,
true and correct in all material respects entries shall be made of all dealings and transactions in relation to its business and activities. The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, permit
representatives of the Administrative Agent (on behalf of any Lender) to visit and inspect any of their respective properties, to examine and make abstracts from any of their respective books and records and to discuss their respective affairs,
finances and accounts with their respective officers, employees and independent public accountants (in the presence of an officer of the Borrower), all at such reasonable times during business hours and as often as may reasonably be requested and so
long as no Event of Default exists, with reasonable prior written notice to the Borrower; provided that notwithstanding the foregoing, if no Event of Default exists, there shall be no more than one (1) such inspection in any fiscal year of the
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to reimburse the Administrative Agent and the Lenders for their costs and expenses incurred in connection with the exercise of their rights under this Section only if such exercise occurs while a
Default or Event of Default exists. The Borrower hereby authorizes and instructs its accountants to discuss the financial affairs of the Borrower, any other Loan Party or any other Subsidiary with the Administrative Agent or any Lender so long as an
officer of the Borrower has the opportunity to be present for such discussions. 
 Section 8.8 Use of Proceeds. 

The Borrower will use the proceeds of Revolving Loans only (a) for the payment of pre-development
and development costs incurred in connection with Properties owned by the Borrower or any Subsidiary; (b) to finance acquisitions otherwise permitted under this Agreement; (c) to finance capital expenditures, equity investments and the
repayment of Indebtedness of Spirit REIT and its Subsidiaries; and (d) to provide for the general working capital needs of Spirit REIT and its Subsidiaries and for other general corporate purposes of Spirit REIT, the Borrower and its
Subsidiaries. The Borrower shall only use Letters of Credit for the same purposes for which it may use the proceeds of Loans. The Borrower will use the proceeds of Term Loans only to repay existing Indebtedness under the term loan evidenced by the
Existing Credit Agreements. The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, use any part of such proceeds to purchase or carry, or to reduce or retire or refinance any credit incurred to purchase or
carry, any margin stock (within the meaning of Regulation U or Regulation X of the Board of Governors of the Federal Reserve System) or to extend credit to others for the purpose of purchasing or carrying any such margin stock. The
Borrower and the other Loan Parties shall comply with Regulations T, U and X of the Board of Governors of the Federal Reserve System. 
 Section 8.9
Environmental Matters. 
 Except as could not reasonably be expected to result in a Material Adverse Effect: (i) the Borrower shall,
and shall cause each other Loan Party and each other Subsidiary to, comply with all Environmental Laws; (ii) the Borrower shall comply, and shall cause each other Loan Party and each other Subsidiary to comply, and the Borrower shall use, and
shall cause each other Loan Party and each other Subsidiary to use, commercially reasonable efforts to cause all other Persons occupying, using or present on the Properties to comply, with all Environmental Laws; (iii) the Borrower shall, and
shall cause each other Loan Party and each other Subsidiary to, enter into agreements requiring each of their respective tenants or borrowers to promptly take all actions and pay or arrange to pay all costs necessary for it and for the Properties to
comply with all Environmental Laws and all Governmental Approvals, including, to the extent required to comply with all Environmental Laws, actions to remove and dispose of all Hazardous Materials and to clean up the Properties as required under
Environmental Laws, or in the case of vacant properties, the Borrower and each other Loan Party and each other Subsidiary to take such action itself; and (iv) the Borrower shall, and shall cause each other Loan Party and each other Subsidiary
to, enter into agreements requiring each of their respective tenants or borrowers to promptly take all actions necessary to prevent the imposition of any Liens (other than Permitted Liens) on any of their respective properties arising out of or
related to any Environmental Laws, or in the case of vacant properties, the Borrower and each other Loan Party and each other Subsidiary to take such action itself. Nothing in this Section shall impose any obligation or liability whatsoever on the
Administrative Agent or any Lender. 

  
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 Section 8.10 Further Assurances. 

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

Section 8.11 Material Contracts. 

The Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, duly and punctually perform and comply with any and all
material representations, warranties, covenants and agreements expressed as binding upon any such Person under any Material Contract, except for any non-performance or
non-compliance that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. The Borrower shall not, and shall not permit any other Loan Party or any other
Subsidiary to, do or knowingly permit to be done anything to impair materially the value of any of the Material Contracts. 
 Section 8.12 REIT
Status. 
 The Borrower shall cause Spirit REIT to maintain its status as, and continue to qualify as, a REIT. 

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

(a) The Borrower shall (within the time period specified in the following subsection (b), if applicable) cause Spirit REIT and each
Material Subsidiary (other than an Excluded Subsidiary) that meets the following conditions to be a party to the Guaranty: (i) such Material Subsidiary becomes obligated in respect of any Indebtedness for borrowed money or Capitalized Lease
Obligations of Spirit REIT or the Borrower or (ii) (A) such Material Subsidiary owns an Unencumbered Pool Asset and (B) such Material Subsidiary, or any Subsidiary that directly or indirectly owns any Equity Interest in such Material
Subsidiary, has incurred, acquired or suffered to exist any Indebtedness for borrowed money or Capitalized Lease Obligations other than Nonrecourse Indebtedness; provided that one or more Subsidiaries that have, or have a parent company that
has, Indebtedness described above in this clause (B) shall not be required to be a party to the Guaranty so long as the aggregate amount of all such Indebtedness of all such Subsidiaries does not exceed $25,000,000. 

  
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 (b) Within five (5) Business Days after any Person becomes a Subsidiary that is
required to be a party to the Guaranty pursuant to the foregoing subsection (a) (whether as a result of the acquisition or creation thereof, such Person ceasing to be an Excluded Subsidiary, the addition of a Property to the Unencumbered Pool that
is owned by such Person or otherwise), the Borrower shall deliver to the Administrative Agent each of the following in form and substance reasonably satisfactory to the Administrative Agent: (i) an Accession Agreement executed by such Person
and (ii) the items that would have been delivered under subsections (iv) through (viii) and (xvii) of Section 6.1(a) and under Section 6.1(e) if such Person had been a Material
Subsidiary on the Agreement Date. 
 (c) If any Person that is a party to the Guaranty (other than Spirit REIT) ceases to be required to be a
Guarantor in accordance with subsection (a) above, the Borrower may request that such Person be released from the Guaranty. Such release shall be granted so long as (i) no Default or Event of Default exists and (ii) all
representations and warranties continue to be accurate in all material respects, except to extent such representations and warranties are qualified by materiality, in which case such representations and warranties shall continue to be accurate in
all respects. 
 ARTICLE IX 

INFORMATION 
 Until the
Commitments have expired or been terminated, all Letters of Credit have expired or been cancelled (without any pending drawing), and all Obligations (other than Obligations in respect of (i) Specified Derivatives Contracts and
(ii) contingent indemnification and reimbursement obligations that are not yet due and payable and for which no claim has been asserted) are paid in full, the Borrower shall furnish to the Administrative Agent for distribution to each of the
Lenders: 
 Section 9.1 Quarterly Financial Statements. 

As soon as available and in any event within five (5) days after the filing of Spirit REIT’s
10-Q with the SEC (but in no event later than forty-five (45) days after the end of each of the first, second and third fiscal quarters of Spirit REIT, the unaudited consolidated financial statements of
Spirit REIT and its Subsidiaries (including a consolidated balance sheet, income statement and statement of cash flows) as at the end of such period and setting forth in each case in comparative form the figures as of the end of and for the
corresponding periods of the previous fiscal year, all of which shall be certified by a Responsible Officer of Spirit REIT, in his or her opinion, to present fairly, in accordance with GAAP and in all material respects (except, for the lack of
footnotes and subject to normal year-end and audit adjustments), the consolidated financial position of Spirit REIT and its Subsidiaries as at the date thereof and the results of operations for such period.

 Section 9.2 Year-End Statements. 

As soon as available and in any event within five (5) days after the filing of Spirit REIT’s
10-K with the SEC (but in no event later than ninety (90) days after the end of each fiscal year of Spirit REIT), the audited consolidated financial statements of Spirit REIT and its Subsidiaries
(including a consolidated balance sheet, income statement and statement of cash flows) as at the end of such fiscal year setting forth in comparative form the figures as at the end of and for the previous fiscal year, all of which shall be
(a) certified by the chief executive officer or chief financial officer of Spirit REIT, in his or her opinion, to present fairly, in accordance with GAAP 

  
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and in all material respects, the financial position of Spirit REIT and its Subsidiaries as at the date thereof and the result of operations for such period, and (b) accompanied by the
report thereon of Ernst & Young LLP or any other independent certified public accountants of recognized national standing reasonably acceptable to the Administrative Agent, whose report shall not be subject to (i) any “going
concern” or like qualification or exception or (ii) any qualification or exception as to the scope of such audit. 
 Section 9.3
Compliance Certificate. 
 At the time the financial statements are furnished pursuant to Sections 9.1 and 9.2, a
certificate substantially in the form of Exhibit L (a “Compliance Certificate”) executed on behalf of the Borrower by a Responsible Officer of Spirit REIT (a) setting forth in reasonable detail as of the end of
such fiscal quarter or fiscal year, as the case may be, (i) the calculations required to establish whether Spirit REIT was in compliance with the covenants contained in Section 10.1 and (ii) a list of all assets
included in calculations of Unencumbered Asset Value of the Unencumbered Pool Assets and whether any such assets have been added or removed from such calculation since the previous list delivered to Administrative Agent; (b) stating that, to
his or her knowledge, no Default or Event of Default exists, or, if such is not the case, specifying such Default or Event of Default and its nature, when it occurred and the steps being taken by the Borrower with respect to such event, condition or
failure; and (c) setting forth a statement of newly acquired Properties, including the Net Operating Income, cost and mortgage debt, if any, of each such Property. 

Section 9.4 Other Information. 
 (a)
Promptly upon receipt thereof, copies of all reports, if any, submitted to Spirit REIT or its Board of Directors by its independent public accountants, including any management report; 

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

(d) Intentionally Omitted; 
 (e)
Intentionally Omitted; 
 (f) Intentionally Omitted; 

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

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

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

(m) Intentionally Omitted; 
 (n)
Prompt notice of any order, judgment or decree in excess of $5,000,000 having been entered against any Loan Party or any other Subsidiary or any of their respective properties or assets; 

(o) Intentionally Omitted; 
 (p)
Together with delivery of each Compliance Certificate, notice of the acquisition, incorporation or other creation of any Subsidiary, the purpose for such Subsidiary, the nature of the assets and liabilities thereof and whether such Subsidiary is a
Wholly Owned Subsidiary of the Borrower and/or Spirit REIT, in each case, in respect of any such Subsidiary acquired, incorporated or created during the fiscal period to which such Compliance Certificate relates; 

(q) Intentionally Omitted; 
 (r)
Promptly, upon any change in Spirit REIT’s Credit Rating, a certificate stating that Spirit REIT’s Credit Rating has changed and the new Credit Rating that is in effect; 

(s) Intentionally Omitted; 

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

(v) From time to time and promptly upon each request, (i) such data, certificates, reports, statements, opinions of counsel, documents or
further information regarding any Property or the business, assets, liabilities, financial condition, results of operations or business prospects of the Borrower, any of its Subsidiaries, or any other Loan Party as the Administrative Agent or any
Lender may reasonably request, which information may upon the Borrower’s written request be subject to a customary agreement regarding confidential treatment to the extent not publically made available by Spirit REIT or its Subsidiaries and
(ii) such other information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money laundering rules and regulations, including
the Patriot Act and the Beneficial Ownership Regulation, if applicable. 
 Section 9.5 Electronic Delivery of Certain Information. 

(a) Documents required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery, including, the
Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website or a website sponsored or hosted by the Administrative Agent or
the Borrower); provided that the foregoing shall not apply to (i) notices to any Lender (or the Issuing Banks) pursuant to Article II and (ii) any Lender that has notified the Administrative Agent and the Borrower that it
cannot or does not want to receive electronic communications; provided, further, that notwithstanding anything to the contrary herein, information required to be delivered pursuant to Sections 9.1, 9.2, 9.4(b),
9.4(f) and 9.4(m) shall be deemed to have been delivered on the date on which (i) such information is actually available for review by the Lenders and (ii) is posted by the Borrower on the Borrower’s website and
Administrative Agent is provided notice of same or on the SEC’s website at http://www.sec.gov. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic
delivery pursuant to procedures approved by it for all or particular notices or communications. Documents or notices delivered electronically shall be deemed to have been delivered twenty-four (24) hours after the date and time on which the
Administrative Agent or the Borrower posts such 

  
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documents or the documents become available on a commercial website and the Administrative Agent or the Borrower notifies each Lender of said posting and provides a link thereto provided if such
notice or other communication is not sent or posted during the normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of 11:00 a.m., New York City time on the opening of business on the next business
day for the recipient. Notwithstanding anything contained herein, the Borrower shall deliver paper copies of any documents to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper
copies is given by the Administrative Agent or such Lender. The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no
responsibility to monitor compliance by the Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents. 

(b) Documents required to be delivered pursuant to Article II may be delivered electronically to a website provided for such purpose by
the Administrative Agent pursuant to the procedures provided to the Borrower by the Administrative Agent. 
 (c) The Borrower agrees that the
Administrative Agent may, but shall not be obligated to, make any Communications available to the Lenders 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”). 
 (d) Although the
Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user
ID/password authorization system) and the Approved Electronic Platform is secured through a per-deal authorization method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders, 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. 
 (e) THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”. THE
APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM
AND THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM
FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE 

  
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APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY ARRANGER, ANY TITLED AGENT OR ANY OF THEIR RESPECTIVE
RELATED PARTIES (COLLECTIVELY, “APPLICABLE PARTIES”) HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER, 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. 

“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. 
 (f) 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. 
 (g) 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. 
 (h) 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 9.6 Public/Private Information. 

The Borrower shall cooperate with the Administrative Agent in connection with the publication of certain materials and/or information provided
by or on behalf of the Borrower. Documents required to be delivered pursuant to the Loan Documents shall be delivered by or on behalf of the Borrower to the Administrative Agent and the Lenders (collectively, “Information
Materials”) pursuant to this Article and the Borrower shall designate Information Materials (a) that are either available to the public or not material with respect to the Borrower and its Subsidiaries or any of their respective
securities for purposes of United States federal and state securities laws, as “Public Information” and (b) that are not Public Information as “Private Information”; provided that any Information Materials that are not
designated as Public Information or Private Information shall be considered Private Information. 

  
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 Section 9.7 USA Patriot Act Notice; Compliance. 

The Patriot Act and federal regulations issued with respect thereto require all financial institutions to obtain, verify and record certain
information that identifies individuals or business entities that open an “account” with such financial institution. Consequently, a Lender (for itself and/or as agent for all Lenders hereunder) may from time-to-time request, and the Borrower shall, and shall cause the other Loan Parties to, provide promptly upon any such request to such Lender, such Loan Party’s name, address, tax identification number
and/or such other identification information as shall be necessary for such Lender to comply with federal law. An “account” for this purpose may include a deposit account, cash management service, a transaction or asset account, a credit
account, a loan or other extension of credit, and/or other financial services product. 
 ARTICLE X 

NEGATIVE COVENANTS 
 Until
the Commitments have expired or been terminated, all Letters of Credit have expired or been cancelled (without any pending drawing), and all Obligations (other than Obligations in respect of (i) Specified Derivatives Contracts and
(ii) contingent indemnification and reimbursement obligations that are not yet due and payable and for which no claim has been asserted) are paid in full, the Borrower shall comply, or cause Spirit REIT to comply, with the following covenants:

 Section 10.1 Financial Covenants. 

(a) Ratio of Total Indebtedness to Total Asset Value. The Borrower shall not permit the ratio of (i) Total Indebtedness of Spirit
REIT and its Subsidiaries to (ii) Total Asset Value to exceed 0.60 to 1.00 as of the last day of any fiscal quarter. 
 (b) Ratio of
Adjusted EBITDA to Fixed Charges. The Borrower shall not permit the ratio of (i) Adjusted EBITDA of Spirit REIT and its Subsidiaries for any fiscal quarter to (ii) Fixed Charges of Spirit REIT and its Subsidiaries for such fiscal
quarter to be less than 1.50:1.00 as of the last day of such fiscal quarter. 
 (c) Ratio of Secured Indebtedness to Total Asset
Value. The Borrower shall not permit the ratio of (i) Secured Indebtedness of Spirit REIT and its Subsidiaries to (ii) Total Asset Value to exceed 0.50:1.00 at any time. 

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

(e) Ratio of Unsecured Indebtedness to Unencumbered Asset Value. The Borrower shall not permit the ratio of (i) Unsecured
Indebtedness of Spirit REIT and its Subsidiaries to (ii) Unencumbered Asset Value to exceed 0.60:1.00 as of the last day of any fiscal quarter. 

(f) [Reserved]. 

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

Section 10.2 Negative Pledge. 
 The
Borrower shall not, and shall not permit any other Loan Party or Subsidiary to, (a) create, assume, incur, permit or suffer to exist any Lien on any Unencumbered Pool Asset or any direct or indirect ownership interest of the Borrower or Spirit
REIT in any Person owning any Unencumbered Pool Asset, now owned or hereafter acquired, except for Permitted Liens (but not Permitted Liens described in clause (g) of such definition) or (b) permit any Unencumbered Pool Asset or any direct
or indirect ownership interest of the Borrower or Spirit REIT in any Person owning an Unencumbered Pool Asset, to be subject to a Negative Pledge, except for any Negative Pledge contained in (i) the Term Loan Agreement (and the provisions
thereof) or (ii) any other agreement (or provision thereof) in favor of the holders of Indebtedness that is pari passu with the Obligations on terms no more onerous in any material respect than those set forth in this Agreement. Prior to
securitization, the Borrower shall not, and shall not permit any Warehouse Entity to, (a) create, assume, incur, permit or suffer to exist any Lien on any asset of such Warehouse Entity or any direct or indirect ownership interest of the
Borrower or Spirit REIT in any Person owning such asset, now owned or hereafter acquired, except for Permitted Liens (but not Permitted Liens described in clause (g) of such definition) or (b) permit any asset of such Warehouse Entity or
any direct or indirect ownership interest of the Borrower or Spirit REIT or in any Person owning such asset, to be subject to a Negative Pledge, except for any Negative Pledge contained in (i) the Term Loan Agreement (and the provisions
thereof) or (ii) any other agreement (or provision thereof) in favor of the holders of Indebtedness that is pari passu with the Obligations on terms no more onerous in any material respect than those set forth in this Agreement. 

Section 10.3 Restrictions on Intercompany Transfers. 

The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary (other than (i) a Warehouse Entity following
securitization pursuant to the terms of the securitization documents or (ii) an Excluded Subsidiary holding title assets subject to Secured Indebtedness pursuant to the terms of the Secured Indebtedness documents), to create or otherwise cause
or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Subsidiary to: (a) pay dividends or make any other distribution on any of such 

  
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Subsidiary’s capital stock or other equity interests owned by the Borrower or any Subsidiary; (b) pay any Indebtedness owed to the Borrower or any Subsidiary; (c) make loans or
advances to the Borrower or any Subsidiary; or (d) transfer any of its property or assets to the Borrower or any Subsidiary; other than (i) with respect to clauses (a) through (d) those encumbrances or restrictions (x) contained
in any Loan Document or (y) contained in any other agreement that evidences Unsecured Indebtedness containing encumbrances or restrictions on the actions described above that are substantially similar to or less restrictive than those contained
in the Loan Documents or, (ii) with respect to clause (d), (x) restrictions contained in any agreement relating to the sale of a Subsidiary (other than the Borrower) or the assets of a Subsidiary pending sale, or relating to Secured
Indebtedness secured by a Lien on assets that Spirit REIT, the Borrower, any other Loan Party or any other Subsidiary may create, incur, assume, or permit or suffer to exist and as permitted by the Loan Documents; provided that in any such
case, the restrictions apply only to the Subsidiary or the assets that are the subject of such sale or Lien, as the case may be or (y) customary provisions restricting assignment of any agreement entered into by Spirit REIT, the Borrower, any
other Loan Party or any other Subsidiary in the ordinary course of business. 
 Section 10.4 Merger, Consolidation, Sales of Assets and Other
Arrangements. 
 The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, (a) merge or
consolidate with another Person; (b) liquidate, windup or dissolve itself (or suffer any liquidation or dissolution); (c) convey, sell, lease, sublease, transfer or otherwise dispose of, in one transaction or a series of transactions, all
or any substantial part of its business or assets, or the capital stock of or other Equity Interests in any of its Subsidiaries, whether now owned or hereafter acquired; or (d) acquire a Substantial Amount of the assets of, or make an
Investment of a Substantial Amount in, any other Person; provided that: 
 (i) any Subsidiary may merge with a Loan
Party so long as the survivor is or becomes a Loan Party; 
 (ii) any Subsidiary (A) may sell, transfer or dispose of
its assets to a Loan Party or (B) that is not a Loan Party may sell, transfer or dispose of its assets to another Subsidiary; 

(iii) a Loan Party (other than the Borrower or any Loan Party that owns an Unencumbered Pool Asset) and any Subsidiary that is
not (and is not required to be) a Loan Party may convey, sell, transfer or otherwise dispose of, in one transaction or a series of transactions, all or any substantial part of its business or assets, or the capital stock of or other Equity Interests
in any of its Subsidiaries, and immediately thereafter liquidate, provided that immediately prior to any such conveyance, sale, transfer, disposition or liquidation and immediately thereafter and after giving effect thereto, no Default or
Event of Default is or would exist; 
 (iv) any Loan Party and any other Subsidiary may, directly or indirectly,
(A) acquire (whether by purchase, acquisition of Equity Interests of a Person, or as a result of a merger or consolidation) a Substantial Amount of the assets of, or make an Investment of a Substantial Amount in, any other Person and
(B) sell, lease or otherwise transfer, whether by one or a series of transactions, a Substantial Amount of assets (including capital 

  
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stock or other securities of Subsidiaries) to any other Person, so long as, in each case, (1) the Borrower shall have given the Administrative Agent and the Lenders at least five
(5) Business Days prior written notice of such consolidation, merger, acquisition, Investment, sale, lease or other transfer; (2) immediately prior thereto, and immediately thereafter and after giving effect thereto, no Default or Event of
Default is or would be in existence, including a Default or Event of Default resulting from a breach of Section 10.1; (3) in the case of a consolidation or merger involving the Borrower, the Borrower shall be the
survivor thereof; (4) in the case of a consolidation or merger involving a Loan Party (other than the Borrower) that owns an Unencumbered Pool Asset, such Loan Party shall be the survivor thereof or the survivor thereof shall immediately become
a Loan Party, and (4) at the time the Borrower gives notice pursuant to clause (1) of this subsection, the Borrower shall have delivered to the Administrative Agent for distribution to each of the Lenders a Compliance Certificate,
calculated on a pro forma basis, evidencing the continued compliance by the Loan Parties with the terms and conditions of this Agreement and the other Loan Documents, including the financial covenants contained in
Section 10.1, after giving effect to such consolidation, merger, acquisition, Investment, sale, lease or other transfer; and 

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

 Section 10.5 Plans. 
 The
Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, permit any of its respective assets to become or be deemed to be “plan assets” within the meaning of ERISA, the Internal Revenue Code and the
respective regulations promulgated thereunder. 
 Section 10.6 Fiscal Year. 

The Borrower shall not, and shall not permit any other Loan Party or other Subsidiary to, change its fiscal year from that in effect as of the
Agreement Date. 
 Section 10.7 Modifications of Organizational Documents and Material Contracts. 

The Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, amend, supplement, restate or otherwise modify or
waive the application of any provision of its certificate or articles of incorporation or formation, by-laws, operating agreement, declaration of trust, partnership agreement or other applicable organizational
document if such amendment, supplement, restatement or other modification (a) is adverse to the interest of the Administrative Agent, the Issuing Banks or the Lenders or (b) could reasonably be expected to have a Material Adverse Effect.
The Borrower shall not enter into, and shall not permit any Subsidiary or other Loan Party to enter into, any amendment or modification to any Material Contract which could 

  
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reasonably be expected to have a Material Adverse Effect or default in the performance of any obligations of any Loan Party or other Subsidiary in any Material Contract that could reasonably be
expected to have a Material Adverse Effect or permit any Material Contract to be canceled or terminated prior to its stated maturity if doing so could reasonably be expected to have a Material Adverse Effect. For the avoidance of doubt, any Material
Contract that constitutes Indebtedness may be refinanced, replaced, repaid or otherwise modified prior to its stated maturity. 
 Section 10.8
Subordinated Debt Prepayments; Amendments. 
 The Borrower shall not, and shall not permit any other Loan Party or other Subsidiary to,
prepay any principal of, or accrued interest on, any Subordinated Debt or otherwise make any voluntary or optional payment with respect to any principal of, or accrued interest on, any Subordinated Debt prior to the originally scheduled maturity
date thereof or otherwise redeem or acquire for value any Subordinated Debt, in each case, other than as expressly permitted pursuant to the applicable subordination provisions. Further, except as expressly permitted pursuant to the applicable
subordination provisions, the Borrower shall not, and shall not permit any other Loan Party or other Subsidiary to, amend or modify, or permit the amendment or modification of, any agreement or instrument evidencing any Subordinated Debt where such
amendment or modification provides for the following or which has any of the following effects: 
 (a) increases the rate of interest
accruing on such Subordinated Debt; 
 (b) increases the amount of any scheduled installment of interest, or shortens the date on which any
such installment of interest becomes due; 
 (c) shortens the weighted average life to maturity of such Subordinated Debt; 

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

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

  
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 Section 10.10 Environmental Matters. 

Except as could not reasonably be expected to result in a Material Adverse Effect, the Borrower shall not, and shall not permit any other Loan
Party, any other Subsidiary or any other Person to, use, generate, discharge, emit, manufacture, handle, process, store, release, transport, remove, dispose of or clean up any Hazardous Materials on, under or from any of the Properties in violation
of any Environmental Law or in a manner that could reasonably be expected to lead to any environmental claim or pose a risk to human health, safety or the environment. Nothing in this Section shall impose any obligation or liability whatsoever on
the Administrative Agent or any Lender. 
 Section 10.11 Derivatives Contracts. 

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

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

  
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 ARTICLE XI 

DEFAULT 
 Section 11.1 Events of
Default. 
 Each of the following shall constitute an Event of Default, whatever the reason for such event and whether it shall be
voluntary or involuntary or be effected by operation of Applicable Law or pursuant to any judgment or order of any Governmental Authority: 

(a) Default in Payment. The Borrower or any Loan Party shall fail to pay (i) any amount due on the applicable Maturity Date,
(ii) any principal of any of the Loans or any Reimbursement Obligation when due (whether upon demand, at maturity, by reason of acceleration or otherwise) under this Agreement or any of the other Loan Documents, or (iii) any interest or
any other amount due (whether upon demand, at maturity, by reason of acceleration or otherwise) under this Agreement, any other Loan Document within five (5) Business Days of the same being due. 

(b) Default in Performance. 

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

(c) Misrepresentations. Any written statement, representation or warranty made or deemed made by or on behalf of any Loan Party under
this Agreement or under any other Loan Document, or any amendment hereto or thereto, or in any other writing or statement at any time furnished by, or at the direction of, any Loan Party to the Administrative Agent, any Issuing Bank or any Lender,
shall at any time prove to have been incorrect or misleading in any material respect when furnished or made or deemed made. 
 (d)
Indebtedness Cross Default. 
 (i) Spirit REIT, the Borrower, any other Loan Party or any other Subsidiary shall fail
to make any payment when due and payable in respect of any Indebtedness (other than the Loans and Reimbursement Obligations) having an aggregate outstanding principal amount (or, in the case of any Derivatives Contract, having, without regard to the
effect of any close-out netting provision, a Derivatives Termination Value), in each case individually or in the aggregate with all other Indebtedness as to which such a failure exists, of (1) $75,000,000 or
more with respect to recourse Indebtedness, and/or (2) $250,000,000 

  
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or more with respect to Nonrecourse Indebtedness (“Material Indebtedness”); provided, that notice from the Borrower of the intent to execute a deed-in-lieu of foreclosure (or otherwise deliver the collateral securing the facility to lender), judicial foreclosure or other similar satisfaction of such Nonrecourse
Indebtedness shall be a cure to such Event of Default; or 
 (ii) Subject to the proviso at the end of clause (d)(i) above,
(x) the maturity of any Material Indebtedness shall have been accelerated in accordance with the provisions of any indenture, contract or instrument evidencing, providing for the creation of or otherwise concerning such Material Indebtedness or
(y) any Material Indebtedness shall have been required to be prepaid, repurchased, redeemed or defeased prior to the stated maturity thereof; or 

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

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

(f) Involuntary Bankruptcy Proceeding. A case or other proceeding shall be commenced against Spirit REIT, the Borrower or any Material
Subsidiary (other than an Excluded Subsidiary) in any court of competent jurisdiction seeking: (i) relief under the Bankruptcy Code or other federal bankruptcy laws (as now or hereafter in effect) or under any other Applicable Laws, domestic or
foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; or (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of such
Person, or of all or any substantial part of the assets, domestic or foreign, of such Person, and in the case of either clause (i) or (ii) such case or proceeding shall continue undismissed or unstayed for a period of sixty
(60) consecutive days, or an order granting the remedy or other relief requested in such case or proceeding (including an order for relief under such Bankruptcy Code or such other federal bankruptcy laws) shall be entered. 

  
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 (g) Revocation of Loan Documents. Any Loan Party shall (or shall attempt to) disavow,
revoke or terminate any Loan Document to which it is a party or shall otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental Authority the validity or enforceability of any Loan Document or any Loan
Document shall cease to be in full force and effect (except as a result of the express terms thereof). 
 (h) Judgment. A judgment or
order for the payment of money or for an injunction or other non-monetary relief (other than those related to actions contemplated by the proviso to clause (d)(i) above) shall be entered against the Borrower,
any other Loan Party, or any other Subsidiary by any court or other tribunal and (i) such judgment or order shall continue for a period of sixty (60) days without being paid, stayed or dismissed through appropriate appellate proceedings
and (ii) either (A) the amount of such judgment or order for which insurance has not been acknowledged in writing by the applicable insurance carrier (or the amount as to which the insurer has denied liability) exceeds, individually or
together with all other such judgments or orders entered against the Borrower, any other Loan Party or any other Subsidiary, $75,000,000, or (B) in the case of an injunction or other non-monetary relief,
such injunction or judgment or order could reasonably be expected to have a Material Adverse Effect. 
 (i) Attachment. A warrant,
writ of attachment, execution or similar process shall be issued against any property of the Borrower, any other Loan Party or any other Subsidiary, which exceeds, individually or together with all other such warrants, writs, executions and
processes, $75,000,000 in amount and such warrant, writ, execution or process shall not be paid, discharged, vacated, stayed or bonded for a period of twenty (20) days. 

(j) ERISA. Any ERISA Event shall have occurred that results or could reasonably be expected to result in liability to Spirit REIT or the
Borrower aggregating in excess of $75,000,000; or (ii) the “benefit obligation” of all Plans exceeds the “fair market value of plan assets” for such Plans by more than $75,000,000, all as determined, and with such terms
defined, in accordance with FASB ASC 715. 
 (k) Loan Documents. An Event of Default (as defined therein) shall occur under any of the
other Loan Documents. 
 (l) Change of Control/Change in Management. 

(i) Any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934 (the “Exchange Act”)), is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act,
except that a Person will be deemed to have “beneficial ownership” of all securities that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of
more than thirty-five (35%) of the total voting power of the then outstanding voting stock of Spirit REIT (other than (A) those mutual funds or other similar entities permitted by Spirit REIT to do so under pass-through interpretation of their
equity ownership or (B) those which do not receive the contractual rights to appoint directors of Spirit REIT in connection with the acquisition of voting stock (including for this purpose stock convertible to voting stock or any combination
thereof), unless such right is obtained in connection with a merger or acquisition resulting in such person or group receiving the right (directly or indirectly) to appoint a majority of the board of directors of Spirit REIT); 

  
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 (ii) During any period of twelve (12) consecutive months ending after
the Agreement Date, individuals who at the beginning of any such twelve (12) month period constituted the Board of Directors of Spirit REIT (together with any new directors whose election by such Board or whose nomination for election by the
shareholders of Spirit REIT was approved by a vote of a majority of the directors then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any
reason to constitute a majority of the Board of Directors of Spirit REIT then in office; 
 (iii) Spirit REIT ceases to own
and control, directly or indirectly, at least fifty-one percent (51%) of the outstanding Equity Interests of the Borrower; or 

(iv) Spirit REIT or a Wholly Owned Subsidiary of Spirit REIT ceases to be the sole general partner of the Borrower or ceases to
have the sole and exclusive power to exercise all management and control over the Borrower. 
 Section 11.2 Remedies Upon Event of Default. 

Upon the occurrence of an Event of Default the following provisions shall apply: 

(a) Acceleration; Termination of Facilities. 

(i) Automatic. Upon the occurrence of an Event of Default specified in Sections 11.1(e) or
11.1(f), (1)(A) the principal of, and all accrued interest on, the Loans and the Notes at the time outstanding, (B) an amount equal to the Stated Amount of all Letters of Credit outstanding as of the date of the occurrence of such Event
of Default for deposit into the Letter of Credit Collateral Account, and (C) all of the other Obligations, including the other amounts owed to the Lenders and the Administrative Agent under this Agreement, the Notes or any of the other Loan
Documents shall become immediately and automatically due and payable without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the Borrower on behalf of itself and the other Loan Parties, and
(2) the Commitments and the obligation of the Issuing Banks to issue Letters of Credit hereunder, shall all immediately and automatically terminate. 

(ii) Optional. If any other Event of Default shall exist, the Administrative Agent may, and at the direction of the
Requisite Lenders shall: (1) declare (A) the principal of, and accrued interest on, the Loans and the Notes at the time outstanding, (B) an amount equal to the Stated Amount of all Letters of Credit outstanding as of the date of the
occurrence of such Event of Default for deposit into the Letter of Credit Collateral Account, and (C) all of the other Obligations, including the other amounts owed to the Lenders and the Administrative Agent under this Agreement, the Notes or
any of the other Loan Documents to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by the Borrower on
behalf of itself and the other Loan Parties, and (2) terminate the Commitments and the obligation of the Issuing Banks to issue Letters of Credit hereunder. 

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

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

(e) Remedies in Respect of Specified Derivatives Contracts. Notwithstanding any other provision of this Agreement or other Loan
Document, each Specified Derivatives Provider shall have the right, with prompt notice to the Administrative Agent, but without the approval or consent of or other action by the Administrative Agent, the Issuing Banks or the Lenders, and without
limitation of other remedies available to such Specified Derivatives Provider under contract or Applicable Law, to undertake any of the following: (a) in the case of a Specified Derivatives Provider, to declare an event of default, termination
event or other similar event under any Specified Derivatives Contract and to create an “Early Termination Date” (as defined therein) in respect thereof, (b) in the case of a Specified Derivatives Provider, to determine net termination
amounts in respect of any and all Specified Derivatives Contracts in accordance with the terms thereof, and to set off amounts among such contracts, (c) in the case of a Specified Derivatives Provider, to set off or proceed against deposit
account balances, securities account balances and other property and amounts held by such Specified Derivatives Provider and (d) to prosecute any legal action against the Borrower, any Loan Party or other Subsidiary to enforce or collect net
amounts owing to such Specified Derivatives Provider pursuant to any Specified Derivatives Contract. 
 Section 11.3 Remedies Upon Default. 

Upon the occurrence of a Default specified in Section 11.1(e) and (f), the Commitments and the obligation of
the Issuing Banks to issue Letters of Credit shall immediately and automatically terminate. 
 Section 11.4 Marshaling; Payments Set Aside. 

No Lender Party shall be under any obligation to marshal any assets in favor of any Loan Party or any other party or against or in payment of
any or all of the Guaranteed Obligations. To the extent that any Loan Party makes a payment or payments to a Lender Party, or a Lender Party enforces its security interest or exercises its right of setoff, and such payment or payments or the

  
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proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver
or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such recovery, the Guaranteed Obligations, or part thereof originally intended to be satisfied, and all Liens, rights and
remedies therefor, shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred. 

Section 11.5 Allocation of Proceeds. 

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

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

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

(f) to the payment of that portion of the Guaranteed Obligations constituting unpaid principal of the Loans, Reimbursement Obligations, other
Letter of Credit Liabilities and payment obligations then owing under Specified Derivatives Contracts, ratably among the Lenders, the Issuing Banks and the Specified Derivatives Providers in proportion to the respective amounts described in this
clause (f) payable to them; provided, however, to the extent that any amounts available for distribution pursuant to this clause are attributable to the issued but undrawn amount of an outstanding Letter of Credit, such amounts shall be paid to
the Administrative Agent for deposit into the Letter of Credit Collateral Account; and 
 (g) the balance, if any, after all of the
Guaranteed Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by Applicable Law. 

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

Section 11.6 Letter of Credit Collateral Account. 

(a) As collateral security for the prompt payment in full when due of all Letter of Credit Liabilities and the other Obligations, the Borrower
hereby pledges and grants to the Administrative Agent, for the ratable benefit of the Administrative Agent, the Issuing Banks and the Revolving Lenders as provided herein, a security interest in all of its right, title and interest in and to the
Letter of Credit Collateral Account and the balances from time to time in the Letter of Credit Collateral Account (including the investments and reinvestments therein provided for below). The balances from time to time in the Letter of Credit
Collateral Account shall not constitute payment of any Letter of Credit Liabilities until applied by the applicable Issuing Bank as provided herein. Anything in this Agreement to the contrary notwithstanding, funds held in the Letter of Credit
Collateral Account shall be subject to withdrawal only as provided in this Section. 
 (b) Amounts on deposit in the Letter of Credit
Collateral Account shall be invested and reinvested by the Administrative Agent in such Cash Equivalents as the Administrative Agent shall determine in its sole discretion. All such investments and reinvestments shall be held in the name of and be
under the sole dominion and control of the Administrative Agent for the ratable benefit of the Administrative Agent, the Issuing Banks and the Revolving Lenders; provided, that all earnings on such investments will be credited to and retained
in the Letter of Credit Collateral Account. The Administrative Agent shall exercise reasonable care in the custody and preservation of any funds held in the Letter of Credit Collateral Account and shall be deemed to have exercised such care if such
funds are accorded treatment substantially equivalent to that which the Administrative Agent accords other funds deposited with the Administrative Agent, it being understood that the Administrative Agent shall not have any responsibility for taking
any necessary steps to preserve rights against any parties with respect to any funds held in the Letter of Credit Collateral Account. 
 (c)
If a drawing pursuant to any Letter of Credit occurs on or prior to the expiration date of such Letter of Credit, the Borrower and the Revolving Lenders authorize the Administrative Agent to use the monies deposited in the Letter of Credit
Collateral Account to reimburse the applicable Issuing Bank for the payment made by such Issuing Bank to the beneficiary with respect to such drawing. 

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

  
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 (e) So long as no Default exists, and to the extent amounts on deposit in or credited to the
Letter of Credit Collateral Account exceed the aggregate amount of the Letter of Credit Liabilities then due and owing, the Administrative Agent shall, from time to time, at the request of the Borrower, deliver to the Borrower within ten
(10) Business Days after the Administrative Agent’s receipt of such request from the Borrower, against receipt but without any recourse, warranty or representation whatsoever, such amount of the credit balances in the Letter of Credit
Collateral Account as exceeds the aggregate amount of Letter of Credit Liabilities at such time. Upon the expiration, termination or cancellation of an Extended Letter of Credit for which the Revolving Lenders reimbursed (or funded participations
in) a drawing deemed to have occurred under the fourth sentence of Section 2.2(b) for deposit into the Letter of Credit Collateral Account but in respect of which the Revolving Lenders have not otherwise received payment
for the amount so reimbursed or funded, the Administrative Agent shall promptly remit to the Revolving Lenders the amount so reimbursed or funded for such Extended Letter of Credit that remains in the Letter of Credit Collateral Account, pro rata in
accordance with the respective unpaid reimbursements or funded participations of the Revolving Lenders in respect of such Extended Letter of Credit, against receipt but without any recourse, warranty or representation whatsoever. When all of the
Obligations shall have been indefeasibly paid in full and no Letters of Credit remain outstanding, the Administrative Agent shall deliver to the Borrower, against receipt but without any recourse, warranty or representation whatsoever, the balances
remaining in the Letter of Credit Collateral Account. 
 (f) The Borrower shall pay to the Administrative Agent from time to time such fees
as the Administrative Agent normally charges for similar services in connection with the Administrative Agent’s administration of the Letter of Credit Collateral Account and investments and reinvestments of funds therein. 

Section 11.7 Rescission of Acceleration by Requisite Lenders. 

If at any time after acceleration of the maturity of the Loans and the other Obligations, the Borrower shall pay all arrears of interest and
all payments on account of principal of the Obligations which shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by Applicable Law, on overdue interest, at the rates specified in this
Agreement) and all Events of Default and Defaults (other than nonpayment of principal of and accrued interest on the Obligations due and payable solely by virtue of acceleration) shall become remedied or waived to the satisfaction of the Requisite
Lenders, then by written notice to the Borrower, the Requisite Lenders may elect, in the sole discretion of such Requisite Lenders, to rescind and annul the acceleration and its consequences. The provisions of the preceding sentence are intended
merely to bind all of the Lenders to a decision which may be made at the election of the Requisite Lenders, and are not intended to benefit the Borrower and do not give the Borrower the right to require the Lenders to rescind or annul any
acceleration hereunder, even if the conditions set forth herein are satisfied. 

  
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 Section 11.8 Performance by Administrative Agent. 

If the Borrower or any other Loan Party shall fail to perform any covenant, duty or agreement contained in any of the Loan Documents, the
Administrative Agent may, after notice to the Borrower, perform or attempt to perform such covenant, duty or agreement on behalf of the Borrower or such other Loan Party after the expiration of any cure or grace periods set forth herein. In such
event, the Borrower shall, at the request of the Administrative Agent, promptly pay any amount reasonably expended by the Administrative Agent in such performance or attempted performance to the Administrative Agent, together with interest thereon
at the applicable Post-Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, neither the Administrative Agent nor any Lender shall have any liability or responsibility whatsoever for the performance of any
obligation of the Borrower under this Agreement or any other Loan Document. 
 Section 11.9 Rights Cumulative. 

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

(b) Enforcement by Administrative Agent. Notwithstanding anything to the contrary contained herein or in any other Loan Document, the
authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be
instituted and maintained exclusively by, the Administrative Agent in accordance with Article XI for the benefit of all the Lenders and the Issuing Banks; provided that the foregoing shall not prohibit (i) the
Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (ii) an Issuing Bank from exercising the
rights and remedies that inure to its benefit (solely in its capacity as an Issuing Bank) hereunder or under the other Loan Documents, (iii) any Specified Derivatives Provider from exercising the rights and remedies that inure to its benefit
under any Specified Derivatives Contract, (iv) any Lender from exercising setoff rights in accordance with Section 13.3 (subject to the terms of Section 3.3), or (v) any Lender from
filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting
as Administrative Agent hereunder and under the other Loan Documents, then (x) the Requisite Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Article XI and (y) in addition
to the matters set forth in clauses (ii), (iv) and (v) of the preceding proviso and subject to Section 3.3, any Lender may, with the consent of the Requisite Lenders, enforce any rights and remedies available to it and
as authorized by the Requisite Lenders. 

  
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 ARTICLE XII 

THE ADMINISTRATIVE AGENT 

Section 12.1 Appointment and Authorization. 

Each Lender hereby irrevocably appoints and authorizes the Administrative Agent to take such action as contractual representative on such
Lender’s behalf and to exercise such powers under this Agreement and the other Loan Documents as are specifically delegated to the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental
thereto. Not in limitation of the foregoing, each Lender authorizes and directs the Administrative Agent to enter into the Loan Documents for the benefit of the Lenders. Each Lender hereby agrees that, except as otherwise set forth herein, any
action taken by the Requisite Lenders in accordance with the provisions of this Agreement or the Loan Documents, and the exercise by the Requisite Lenders of the powers set forth herein or therein, together with such other powers as are reasonably
incidental thereto, shall be authorized and binding upon all of the Lenders. Nothing herein shall be construed to deem the Administrative Agent a trustee or fiduciary for any Lender or to impose on the Administrative Agent duties or obligations
other than those expressly provided for herein. Without limiting the generality of the foregoing, the use of the terms “Agent”, “Administrative Agent”, “agent” and similar terms in the Loan Documents with reference to
the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead, use of such terms is merely a matter of market custom, and is intended to
create or reflect only an administrative relationship between independent contracting parties. The Administrative Agent shall deliver or otherwise make available to each Lender, promptly upon receipt thereof by the Administrative Agent, copies of
each of the financial statements, certificates, notices and other documents delivered to the Administrative Agent pursuant to Article IX that the Borrower is not otherwise required to deliver directly to the Lenders. The
Administrative Agent will furnish to any Lender, upon the request of such Lender, a copy (or, where appropriate, an original) of any document, instrument, agreement, certificate or notice furnished to the Administrative Agent by the Borrower, any
other Loan Party or any other Affiliate of the Borrower, pursuant to this Agreement or any other Loan Document not already delivered or otherwise made available to such Lender pursuant to the terms of this Agreement or any such other Loan Document.
As to any matters not expressly provided for by the Loan Documents (including enforcement or collection of any of the Obligations), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required
to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Requisite Lenders (or all of the Lenders if explicitly required under any other provision of this Agreement), and
such instructions shall be binding upon all Lenders and all holders of any of the Obligations; provided that, notwithstanding anything in this Agreement to the contrary, the Administrative Agent shall not be required to take any action which
exposes the Administrative Agent to personal liability or which is contrary to this Agreement or any other Loan Document or Applicable Law. Not in limitation of the foregoing, the Administrative Agent may exercise any right or remedy it or the
Lenders may have under any Loan Document upon the occurrence of a Default or an Event of Default unless the Requisite Lenders have directed the Administrative Agent otherwise. Without limiting the foregoing, no Lender shall have any right of action
whatsoever against the Administrative Agent as a result of the Administrative Agent acting or refraining from acting under this Agreement or any of the other Loan Documents in accordance with the instructions of the Requisite Lenders, or where
applicable, all the Lenders. 

  
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Revolving Credit and Term Loan Agreement] 
  
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 Section 12.2 Administrative Agent as Lender. 

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

Section 12.3 Approvals of Lenders. 

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

  
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Revolving Credit and Term Loan Agreement] 
  
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 Section 12.4 Notice of Events of Default. 

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

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

  
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 Section 12.6 Indemnification of Administrative Agent. 

Each Lender agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of
the Borrower to do so) pro rata in accordance with such Lender’s respective Pro Rata Share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought), from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, reasonable out-of-pocket costs and expenses of any kind or nature whatsoever which may at any time be
imposed on, incurred by, or asserted against the Administrative Agent (in its capacity as Administrative Agent but not as a Lender) in any way relating to or arising out of the Loan Documents, any transaction contemplated hereby or thereby or any
action taken or omitted by the Administrative Agent under the Loan Documents (collectively, “Indemnifiable Amounts”); provided that no Lender shall be liable for any portion of such Indemnifiable Amounts to the extent
resulting from the Administrative Agent’s gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment; provided, further,
that no action taken in accordance with the directions of the Requisite Lenders (or all of the Lenders, if expressly required hereunder) shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without
limiting the generality of the foregoing, each Lender agrees to reimburse the Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) promptly upon demand for its Pro Rata
Share (determined as of the time that the applicable reimbursement is sought) of any out-of-pocket expenses (including the reasonable fees and expenses of the counsel to
the Administrative Agent) incurred by the Administrative Agent in connection with the preparation, negotiation, execution, administration, or enforcement (whether through negotiations, legal proceedings, or otherwise) of, or legal advice with
respect to the rights or responsibilities of the parties under, the Loan Documents, any suit or action brought by the Administrative Agent to enforce the terms of the Loan Documents and/or collect any Obligations, any “lender liability”
suit or claim brought against the Administrative Agent and/or the Lenders, and any claim or suit brought against the Administrative Agent and/or the Lenders arising under any Environmental Laws, including, without duplication, any amount required to
be paid by the Borrower under Sections 13.2 or 13.9. Such out-of-pocket expenses (including counsel fees) shall be advanced by the Lenders on the request
of the Administrative Agent notwithstanding any claim or assertion that the Administrative Agent is not entitled to indemnification hereunder upon receipt of an undertaking by the Administrative Agent that the Administrative Agent will reimburse the
Lenders if it is actually and finally determined by a court of competent jurisdiction that the Administrative Agent is not so entitled to indemnification. The agreements in this Section shall survive the payment of the Loans and all other
Obligations and the termination of this Agreement. If the Borrower shall reimburse the Administrative Agent for any Indemnifiable Amount following payment by any Lender to the Administrative Agent in respect of such Indemnifiable Amount pursuant to
this Section, the Administrative Agent shall share such reimbursement on a ratable basis with each Lender making any such payment. 

  
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Revolving Credit and Term Loan Agreement] 
  
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 Section 12.7 Lender Credit Decision, Etc. 

Each of the Lenders and each Issuing Bank expressly acknowledges and agrees that neither the Administrative Agent nor any of its Related
Parties has made any representations or warranties to such Issuing Bank or such Lender and that no act by the Administrative Agent hereafter taken, including any review of the affairs of the Borrower, any other Loan Party or any other Subsidiary or
Affiliate, shall be deemed to constitute any such representation or warranty by the Administrative Agent to any Issuing Bank or any Lender. Each of the Lenders and each Issuing Bank acknowledges that it has made its own credit and legal analysis and
decision to enter into this Agreement and the transactions contemplated hereby, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent, or any of their respective Related Parties,
and based on the financial statements of the Borrower, the other Loan Parties, the other Subsidiaries and other Affiliates, and inquiries of such Persons, its independent due diligence of the business and affairs of the Borrower, the other Loan
Parties, the other Subsidiaries and other Persons, its review of the Loan Documents, the legal opinions required to be delivered to it hereunder, the advice of its own counsel and such other documents and information as it has deemed appropriate.
Each of the Lenders and each Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent or any of their respective Related Parties, and based
on such review, advice, documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under the Loan Documents. The Administrative Agent shall not be required to keep itself
informed as to the performance or observance by the Borrower or any other Loan Party of the Loan Documents or any other document referred to or provided for therein or to inspect the properties or books of, or make any other investigation of, the
Borrower, any other Loan Party or any other Subsidiary. Except for notices, reports and other documents and information expressly required to be furnished to the Lenders and the Issuing Banks by the Administrative Agent under this Agreement or any
of the other Loan Documents, the Administrative Agent shall have no duty or responsibility to provide any Lender or any Issuing Bank with any credit or other information concerning the business, operations, property, financial and other condition or
creditworthiness of the Borrower, any other Loan Party or any other Affiliate thereof which may come into possession of the Administrative Agent or any of its Related Parties. Each of the Lenders and each Issuing Bank acknowledges that the
Administrative Agent’s legal counsel in connection with the transactions contemplated by this Agreement is only acting as counsel to the Administrative Agent and is not acting as counsel to any Lender or any Issuing Bank. 

Section 12.8 Successor Administrative Agent. 

The Administrative Agent may resign at any time as Administrative Agent under the Loan Documents by giving written notice thereof to the
Lenders and the Borrower. Upon any such resignation, the Requisite Lenders shall have the right to appoint a successor Administrative Agent which appointment shall, provided no Default exists, be subject to the Borrower’s approval, which
approval shall not be unreasonably withheld or delayed (except that the Borrower shall, in all events, be deemed to have approved each Lender and any of its Affiliates as a successor Administrative Agent). If no successor Administrative Agent shall
have been so appointed in accordance with the immediately preceding sentence, and shall have accepted such appointment, within thirty (30) days after the current Administrative Agent’s giving of notice of resignation,

  
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Revolving Credit and Term Loan Agreement] 
  
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then the current Administrative Agent may, on behalf of the Lenders and the Issuing Banks, appoint a successor Administrative Agent, which shall be a Lender, if any Lender shall be willing to
serve, and otherwise shall be an Eligible Assignee; provided that if the Administrative Agent shall notify the Borrower and the Lenders that no Lender has accepted such appointment, then such resignation shall nonetheless become effective in
accordance with such notice and (1) the Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (2) all payments, communications and determinations provided to be made by,
to or through the Administrative Agent shall instead be made to each Lender and each Issuing Bank directly, until such time as a successor Administrative Agent has been appointed as provided for above in this Section; provided,
further, that such Lenders and such Issuing Bank so acting directly shall be and be deemed to be protected by all indemnities and other provisions herein for the benefit and protection of the Administrative Agent as if each such Lender or
each Issuing Bank were itself the Administrative Agent. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested
with all the rights, powers, privileges and duties of the current Administrative Agent, and the current Administrative Agent shall be discharged from its duties and obligations under the Loan Documents. Any resignation by an Administrative Agent
shall also constitute the resignation as an Issuing Bank by the Lender then acting as Administrative Agent (the “Resigning Lender”). Upon the acceptance of a successor’s appointment as Administrative Agent hereunder
(i) the Resigning Lender shall be discharged from all duties and obligations of an Issuing Bank hereunder and under the other Loan Documents and (ii) any successor Issuing Bank shall issue letters of credit in substitution for all Letters
of Credit issued by the Resigning Lender as Issuing Banks outstanding at the time of such succession (which letters of credit issued in substitutions shall be deemed to be Letters of Credit issued hereunder) or make other arrangements satisfactory
to the Resigning Lender to effectively assume the obligations of the Resigning Lender with respect to such Letters of Credit. After any Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this Article
XII shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under the Loan Documents. Notwithstanding anything contained herein to the contrary, the Administrative Agent may
assign its rights and duties under the Loan Documents to any of its Affiliates by giving the Borrower and each Lender prior written notice. 

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

  
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Revolving Credit and Term Loan Agreement] 
  
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 Section 12.10 Specified Derivatives Contracts. 

No Specified Derivatives Provider that obtains the benefits of Section 11.5 by virtue of the provisions hereof or of
any Loan Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of any Loan Document other than in its capacity as a Lender and, in
such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory
arrangements have been made with respect to, Specified Derivatives Contracts unless the Administrative Agent has received written notice of such Specified Derivatives Contracts, together with such supporting documentation as the Administrative Agent
may request, from the applicable Specified Derivatives Provider. 
 Section 12.11 Certain ERISA Matters. 

(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for
the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true: 
 (i) such
Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans in connection with the Loans, 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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Revolving Credit and Term Loan Agreement] 
  
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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 not 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, any Arranger or any other Titled Agent or any of their respective Affiliates is a fiduciary with respect to 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, each Arranger and each other Titled Agent hereby informs the Lenders that each such Person is not undertaking to
provide investment advice or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate
thereof (i) may receive interest or other payments with respect to the Loans, the 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 XIII 

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

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

Attention: Carl Wade 

  
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Revolving Credit and Term Loan Agreement] 
  
 124 

 with copies to: 

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

Attention: Rochelle Thomas 
 and

 Latham & Watkins LLP 

330 N. Wabash Avenue, Suite 2800 

Chicago, IL 60611 
 Attention:
Brad Kotler 
 Telephone Number: (312) 876-7651 

If to the Administrative Agent: 

JPMorgan Chase Bank, N.A. 
 10
South Dearborn, 7th Floor 
 Chicago, IL 60603-2003 

Attention: Josh Talley 
 Telecopy
Number: (312) 732-1453 
 Telephone Number: (312) 233-2257

     with a copy to: 

JPMorgan Chase Bank, N.A. 
 Chase
Tower, 20th Floor 
 201 N. Central 

Phoenix, AZ 85004 
 Attention:
Ryan Dempsey 
 Telecopy Number: (602) 221-1372 

Telephone Number: (602) 221-2117 

If to the Administrative Agent under Article II: 

JPMorgan Chase Bank, N.A. 
 10
South Dearborn, 7th Floor 
 Chicago, IL 60603-2003 

Attention: Josh Talley 
 Telecopy
Number: (312) 732-1453 
 Telephone Number: (312) 233-2257

  
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Revolving Credit and Term Loan Agreement] 
  
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 If to JPMorgan Chase Bank, N.A. as an Issuing Bank: 

JPMorgan Chase Bank, N.A. 
 10
South Dearborn, 7th Floor 
 Chicago, IL 60603-2003 

Attention: Josh Talley 
 Telecopy
Number: (312) 732-1453 
 Telephone Number: (312) 233-2257

     with a copy to: 

JPMorgan Chase Bank, N.A. 
 Chase
Tower, 20th Floor 
 201 N. Central 

Phoenix, AZ 85004 
 Attention:
Ryan Dempsey 
 Telecopy Number: (602) 221-1372 

Telephone Number: (602) 221-2117 

If to any other Lender or Issuing Bank: 

To such Lender’s or Issuing Bank’s address or telecopy number as set forth in the applicable Administrative Questionnaire 

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

  
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 Section 13.2 Expenses. 

The Borrower agrees (a) to pay or reimburse the Administrative Agent for all of its reasonable, documented (i.e., invoiced to Borrower by
Administrative Agent), out-of-pocket costs and expenses incurred in connection with the preparation, negotiation and execution of, and any amendment, supplement or
modification to, any of the Loan Documents (including due diligence expenses and reasonable travel expenses related to closing), and the consummation of the transactions contemplated hereby and thereby, including the reasonable and documented (i.e.,
invoiced to the Borrower by Administrative Agent) fees and disbursements of counsel to the Administrative Agent and all costs and expenses of the Administrative Agent in connection with the use of IntraLinks, SyndTrak or other similar information
transmission systems in connection with the Loan Documents and of the Administrative Agent in connection with the review of Properties for inclusion in calculations of the Unencumbered Pool and the Administrative Agent’s other activities under
Article IV and the reasonable and documented (i.e., invoiced to the Borrower by the applicable party) fees and disbursements of counsel to the Administrative Agent relating to all such activities, (b) to pay or
reimburse each Issuing Bank for all reasonable, documented (i.e., invoiced to the Borrower by such Issuing Bank) expenses incurred by such Issuing Bank in connection with the issuance, amendment, extension, reinstatement or renewal of any Letter of
Credit or any demand for payment thereunder, (c) to pay or reimburse the Administrative Agent, the Issuing Banks and the Lenders for all their documented (i.e., invoiced to the Borrower by the applicable party) costs and expenses reasonably
incurred in connection with the enforcement, “workout” or preservation of any rights under the Loan Documents, including the reasonable fees and disbursements of their respective counsel (including the reasonable allocated fees and
expenses of in-house counsel) and any payments in indemnification or otherwise payable by the Lenders to the Administrative Agent pursuant to the Loan Documents, (d) without duplication of amounts payable
under Sections 3.10(c) and 3.10(d), to pay, and indemnify and hold harmless the Administrative Agent, the Issuing Banks and the Lenders from, any and all recording and filing fees and any and all liabilities with respect to, or
resulting from any failure to pay or delay in paying, documentary, stamp, excise and other similar taxes, if any, which may be payable or determined to be payable in connection with the execution and delivery of any of the Loan Documents, or
consummation of any amendment, supplement or modification of, or any waiver or consent under or in respect of, any Loan Document and (e) to the extent not already covered by any of the preceding subsections, to pay or reimburse the fees and
disbursements of counsel to the Administrative Agent, any Issuing Bank and any Lender incurred in connection with the representation of the Administrative Agent, such Issuing Bank or such Lender in any matter relating to or arising out of any
bankruptcy or other proceeding of the type described in Sections 11.1(e) or 11.1(f), including (i) any motion for relief from any stay or similar order, (ii) the negotiation, preparation, execution and
delivery of any document relating to the Obligations and (iii) the negotiation and preparation of any debtor-in-possession financing or any plan of reorganization
of the Borrower or any other Loan Party, whether proposed by the Borrower, such Loan Party, the Lenders or any other Person, and whether such fees and expenses are incurred prior to, during or after the commencement of such proceeding or the
confirmation or conclusion of any such proceeding. If the Borrower shall fail to pay any amounts required to be paid by it pursuant to this Section, the Administrative Agent and/or the Lenders may pay such amounts on behalf of the Borrower and such
amounts shall be deemed to be Obligations owing hereunder. Notwithstanding the foregoing, in the case of legal fees and expenses, the Borrower’s reimbursement obligations under this Section shall be limited to the fees, disbursements and other

  
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charges of one counsel to the Indemnified Parties (other than in connection with a dispute among any Indemnified Parties resulting from claims against any Titled Agent in its capacity or in
fulfilling its role such or any similar role hereunder or in connection herewith) and, if reasonably necessary, one additional local counsel for the Indemnified Parties in each relevant jurisdiction and one additional special counsel for the
Indemnified Parties in each relevant specialty, and in the case of an actual or perceived conflict of interest, one additional counsel (and, if applicable, one additional local counsel in each relevant jurisdiction and one additional special counsel
in each relevant specialty) to the affected Indemnified Parties similarly situated and taken as a whole. 
 Section 13.3 Setoff. 

Subject to Section 3.3 and in addition to any rights now or hereafter granted under Applicable Law and not by way of
limitation of any such rights, the Borrower hereby authorizes the Administrative Agent, each Issuing Bank, each Lender, each Affiliate of the Administrative Agent, any Issuing Bank or any Lender, and each Participant, at any time or from time to
time while an Event of Default exists, without notice to the Borrower or to any other Person, any such notice being hereby expressly waived, but in the case of an Issuing Bank, a Lender, an Affiliate of an Issuing Bank or a Lender, or a Participant,
subject to receipt of the prior written consent of the Requisite Lenders exercised in their sole discretion, to set off and to appropriate and to apply any and all deposits (general or special, including indebtedness evidenced by certificates of
deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by the Administrative Agent, such Issuing Bank, such Lender, any Affiliate of the Administrative Agent, such Issuing Bank or such Lender, or such
Participant, to or for the credit or the account of the Borrower against and on account of any of the Obligations, irrespective of whether or not any or all of the Loans and all other Obligations have been declared to be, or have otherwise become,
due and payable as permitted by Section 11.2, and although such Obligations shall be contingent or unmatured. Notwithstanding anything to the contrary in this Section, if any Defaulting Lender shall exercise any such right
of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 3.9 and, pending such payment, shall be segregated
by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Banks and the Lenders and (y) such Defaulting Lender shall provide promptly to the Administrative Agent a statement
describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. 
 Section 13.4
Litigation; Jurisdiction; Other Matters; Waivers. 
 (a) EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG
THE BORROWER, THE ADMINISTRATIVE AGENT, ANY ISSUING BANK OR ANY OF THE LENDERS WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE
LAW, EACH OF THE LENDERS, THE ADMINISTRATIVE AGENT, EACH ISSUING BANK AND THE BORROWER HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR
AGAINST ANY PARTY HERETO ARISING OUT OF THIS AGREEMENT, ANY OTHER 

  
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LOAN DOCUMENT OR THE FEE LETTER OR IN CONNECTION WITH OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT, ANY ISSUING
BANK OR ANY OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN DOCUMENTS. 
 (b) THE BORROWER AND EACH OTHER LOAN PARTY
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER,
ANY ISSUING BANK, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK
COUNTY, BOROUGH OF MANHATTAN AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY
SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH
FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.
NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY ISSUING BANK MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH
ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE ADMINISTRATIVE AGENT, ANY
ISSUING BANK OR ANY LENDER OR THE ENFORCEMENT BY THE ADMINISTRATIVE AGENT, ANY ISSUING BANK OR ANY LENDER OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 

(c) THE BORROWER HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS ISSUED THEREIN, AND AGREES THAT
SERVICE OF SUCH SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO THE BORROWER AT ITS ADDRESS FOR NOTICES PROVIDED FOR HEREIN. SHOULD THE BORROWER FAIL TO APPEAR OR ANSWER ANY SUMMONS,

  
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COMPLAINT, PROCESS OR PAPERS SO SERVED WITHIN THIRTY (30) DAYS AFTER THE MAILING THEREOF, THE BORROWER SHALL BE DEEMED IN DEFAULT AND AN ORDER AND/OR JUDGMENT MAY BE ENTERED AGAINST IT AS
DEMANDED OR PRAYED FOR IN SUCH SUMMONS, COMPLAINT, PROCESS OR PAPERS. 
 (d) THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH
PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS, THE TERMINATION OR EXPIRATION OF
ALL LETTERS OF CREDIT AND THE TERMINATION OF THIS AGREEMENT. 
 Section 13.5 Successors and Assigns. 

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

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

  
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 (B) in any case not described in the immediately preceding
subsection (A), the aggregate amount of the applicable Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the
assigning Lender subject to each such assignment (in each case, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the
Assignment and Assumption, as of the Trade Date) shall not be less than $5,000,000 in the case of any assignment of such Commitment, unless each of the Administrative Agent and, so long as no Default or Event of Default shall exist, the Borrower
otherwise consents (each such consent not to be unreasonably withheld or delayed); provided that if, after giving effect to such assignment, the amount of the applicable Commitment held by such assigning Lender or the outstanding principal
balance of the Loans of such assigning Lender, as applicable, would be less than $5,000,000, then such assigning Lender shall assign the entire amount of its applicable Commitment and the Loans at the time owing to it. 

(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the
assigning Lender’s rights and obligations under this Agreement with respect to the Loan or Commitment assigned; 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. 
 (iii) Required Consents.
No consent shall be required for any assignment except to the extent required by clause (i)(B) of this subsection (b) and, in addition: 

(A) the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) a
Default or Event of Default shall exist at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that the Borrower shall be deemed to have consented to any such
assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof; 

(B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for
assignments in respect of a Revolving Commitment if such assignment is to a Person that is not already a Lender with a Commitment, an Affiliate of such a Lender or an Approved Fund with respect to such a Lender; and 

(C) the consent of each Issuing Bank with any outstanding Letter of Credit Commitment at such time, if any, which consent shall
not be unreasonably withheld or delayed, shall be required for any assignment in respect of a Revolving Commitment, if such assignment is to a Person that is not already a Revolving Lender. 

(iv) Assignment and Acceptance; Notes. The parties to each assignment shall execute and deliver to the Administrative
Agent an Assignment and Assumption, together with a processing and recordation fee of $4,500 ($7,500 if such Lender is a Defaulting Lender at such time) for each assignment (which fee the Administrative Agent may, in its

  
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sole discretion, elect to waive), and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. If requested by the transferor Lender or the
Assignee, upon the consummation of any assignment, the transferor Lender, the Administrative Agent and the Borrower shall make appropriate arrangements so that new Notes are issued to the Assignee and such transferor Lender, as appropriate. 

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

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

(vii) Amendments to Schedule 1.1(a). The Administrative Agent may unilaterally amend Schedule 1.1(a) attached
hereto to reflect any assignment effected hereunder. 
 (viii) Certain Additional Payments. In connection with any
assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional
payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions,
including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby
irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, the Issuing Banks and each other Lender hereunder (and interest accrued thereon), and (y) acquire
(and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit in accordance with its Revolving Commitment Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations
of any Defaulting Lender hereunder shall become effective under Applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement
until such compliance occurs. 
 Subject to acceptance and recording thereof by the Administrative Agent pursuant to the immediately following
subsection (c), after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and
obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an
Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of
Sections 5.4, 13.2 and 13.9 and the other 

  
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provisions of this Agreement and the other Loan Documents as provided in Section 13.10. with respect to facts and circumstances occurring prior to the effective date of
such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender
having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a
participation in such rights and obligations in accordance with the immediately following subsection (d). 
 (c) Register. The
Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at the Principal Office a copy of each Assignment and Assumption delivered to it and a register for
the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the
terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(d) Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower, the Administrative Agent or any
Issuing Bank, sell participations to any Person (other than a natural Person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights
and/or obligations under this Agreement (including all or a portion of its Commitments and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender
shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the Issuing Banks and the Lenders shall continue to deal solely and directly with such Lender
in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement
and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to (w) increase such
Lender’s Commitment, (x) extend the date fixed for the payment of principal on the Loans or portions thereof owing to such Lender, (y) reduce the rate at which interest is payable thereon or (z) release any Guarantor from its
Obligations under the Guaranty except as contemplated by Section 8.14, in each case, as applicable to that portion of such Lender’s rights and/or obligations that are subject to the participation. The Borrower agrees
that each Participant shall be entitled to the benefits of Sections 3.10, 5.1, 5.4 (subject to the requirements and limitations therein, including the requirements under
Section 3.10(g) (it being understood that the documentation required under Section 3.10(g) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had
acquired its interest by assignment pursuant to subsection (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Section 5.6 as if it were an assignee under
subsection (b) of this Section; and (B) shall not be entitled to receive any greater payment under Sections 5.1 or 3.10, with respect to any participation, than its participating Lender would have
been entitled to receive. Each Lender that sells a participation agrees, at the 

  
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Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 5.6 with respect to any
Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 13.3 as though it were a Lender; provided that such Participant agrees to be subject to
Section 3.3 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on
which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in
any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in
registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each
Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as
Administrative Agent) shall have no responsibility for maintaining a Participant Register. 
 (e) Certain Pledges. Any Lender may at
any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no
such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

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

(a) Generally. Except as otherwise expressly provided in this Agreement (including Sections 2.15, 5.2(b) and
13.6(d) hereof), (i) any consent or approval required or permitted by this Agreement or any other Loan Document to be given by the Lenders may be given, (ii) any term of this Agreement or of any other Loan Document may be amended,
(iii) the performance or observance by the Borrower, any other Loan Party or any other Subsidiary of any terms of this Agreement or such other Loan Document may be waived, and (iv) the existence and/or

  
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continuance of any Default may be waived (either generally or in a particular instance and either retroactively or prospectively) with, but only with, the written consent of the Requisite Lenders
(or the Administrative Agent at the written direction of the Requisite Lenders), and, in the case of an amendment to any Loan Document, the written consent of each Loan Party which is party thereto. Subject to the immediately following
subsection (b), (i) any term of this Agreement or of any other Loan Document relating solely to the rights or obligations of the Revolving Lenders (including Section 6.2 with respect to any Revolving Loan), and not any
other Lenders, may be amended, and the performance or observance by the Borrower or any other Loan Party or any Subsidiary of any such terms may be waived (either generally or in a particular instance and either retroactively or prospectively) with,
and only with, the written consent of the Requisite Facility Lenders under the Revolving Facility (and, in the case of an amendment to any Loan Document, the written consent of each Loan Party which is a party thereto) and (ii) any term of this
Agreement or of any other Loan Document relating solely to the rights or obligations of the Term Lenders (including Section 6.2 with respect to any Term Loan), and not any other Lenders, may be amended, and the performance or observance by the
Borrower or any other Loan Party or any Subsidiary of any such terms may be waived (either generally or in a particular instance and either retroactively or prospectively) with, and only with, the written consent of the Requisite Facility Lenders
under the Term Facility (and, in the case of an amendment to any Loan Document, the written consent of each Loan Party which is a party thereto). Notwithstanding anything to the contrary contained in this Section, the Fee Letter may only be amended,
and the performance or observance by any Loan Party thereunder may only be waived, in a writing executed by the parties to such Fee Letter. 

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

(i) increase (or reinstate) or extend the Commitments of a Lender (except in accordance with
Section 2.12) or subject a Lender to any additional obligations without the written consent of such Lender; 

(ii) reduce the principal of, or interest that has accrued or the rates of interest that will be charged on the outstanding
principal amount of, any Loans or other Obligations without the written consent of each Lender directly affected thereby; provided, however, only the written consent of the Requisite Lenders shall be required for the waiver of interest
payable at the Post-Default Rate, retraction of the imposition of interest at the Post-Default Rate and amendment of the definition of “Post-Default Rate”; 

(iii) reduce the amount of any Fees payable to a Lender without the written consent of such Lender; 

(iv) modify the definitions of “Revolving Maturity Date” (except in accordance with
Section 2.12) or “Revolving Commitment Percentage”, otherwise postpone any date fixed for, or forgive, any payment of principal of, or interest on, any Revolving Loans or for the payment of Fees or any other
Obligations owing to the Revolving Lenders, or extend the expiration date of any Letter of Credit beyond the Revolving Maturity Date, in each case, without the written consent of each Revolving Lender; 

  
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 (v) modify the definitions of “Term Maturity Date” or “Term
Commitment Percentage”, otherwise postpone any date fixed for, or forgive, any payment of principal of, or interest on, any Term Loans or for the payment of Fees or any other Obligations owing to the Term Lenders, in each case, without the
written consent of each Term Lender; 
 (vi) amend this Section or amend the definitions of the terms used in this Agreement
or the other Loan Documents insofar as such definitions affect the substance of this Section without the written consent of each Lender; 

(vii) modify the definition of the term “Requisite Lenders” or “Requisite Facility Lenders” or modify in
any other manner the number or percentage of the Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof without the written consent of each Lender; 

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

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

(x) amend, or waive the Borrower’s compliance with, Section 2.14 without the written consent of
each Lender affected thereby. 
 (c) Amendment of Administrative Agent’s Duties, Etc. No amendment, waiver or consent unless in
writing and signed by the Administrative Agent, in addition to the Lenders required hereinabove to take such action, shall affect the rights or duties of the Administrative Agent under this Agreement or any of the other Loan Documents. Any
amendment, waiver or consent relating to Section 2.3 or the obligations of an Issuing Bank under this Agreement or any other Loan Document shall, in addition to the Lenders required hereinabove to take such action, require
the written consent of such Issuing Bank. Any amendment, waiver or consent with respect to any Loan Document that (i) diminishes the rights of a Specified Derivatives Provider in a manner or to an extent dissimilar to that affecting the Lenders
or (ii) increases the liabilities or obligations of a Specified Derivatives Provider shall, in addition to the Lenders required hereinabove to take such action, require the consent of the Lender that is (or having an Affiliate that is) such
Specified Derivatives Provider. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms
requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitments of any Defaulting Lender may not be increased, reinstated or
extended without the written consent of such Defaulting Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other
affected Lenders shall require the written consent of such Defaulting Lender. No waiver shall extend to or affect any obligation not expressly waived or impair any right consequent thereon and any amendment, waiver or consent shall be effective only
in the specific instance and for the specific purpose set forth therein. No course of dealing or delay or omission on the part of the Administrative Agent 

  
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or any Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto. Any Event of Default occurring hereunder shall continue and shall continue to exist
until such time as such Event of Default is waived in writing in accordance with the terms of this Section, notwithstanding any attempted cure or other action by the Borrower, any other Loan Party or any other Person subsequent to the occurrence of
such Event of Default. Except as otherwise explicitly provided for herein or in any other Loan Document, no notice to or demand upon the Borrower shall entitle the Borrower to other or further notice or demand in similar or other circumstances. 

(d) Technical Amendments. Notwithstanding anything to the contrary in this Section 13.6, if the Administrative
Agent and the Borrower have jointly identified an ambiguity, omission, mistake or defect in any provision of this Agreement or an inconsistency between provisions of this Agreement, the Administrative Agent and the Borrower shall be permitted to
amend such provision or provisions to cure such ambiguity, omission, mistake, defect or inconsistency so long as to do so would not adversely affect the interests of the Lenders and the Issuing Banks and the Administrative Agent provides notice to
Lenders of such amendment. Any such amendment shall become effective without any further action or consent of any of other party to this Agreement. 

Section 13.7 No Fiduciary Duty, Etc. 

(a) The Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that no Lender Party will have any obligations
except those obligations expressly set forth herein and in the other Loan Documents and each Lender Party is acting solely in the capacity of an arm’s length contractual counterparty to the Borrower with respect to the Loan Documents and the
transactions contemplated herein and therein and not as a financial advisor or a fiduciary to, or an agent of, the Borrower or any other person. The Borrower agrees that it will not assert any claim against any Lender Party based on an alleged
breach of fiduciary duty by such Lender Party in connection with this Agreement and the transactions contemplated hereby. Additionally, the Borrower acknowledges and agrees that no Lender Party is advising the Borrower as to any legal, tax,
investment, accounting, regulatory or any other matters in any jurisdiction. The Borrower shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the
transactions contemplated herein or in the other Loan Documents, and the Credit Parties shall have no responsibility or liability to the Borrower with respect thereto. 

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

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

Section 13.8 Confidentiality. 
 The
Administrative Agent, each Issuing Bank and each Lender shall maintain the confidentiality of all Information (as defined below) but in any event may make disclosure: (a) to its Affiliates and to its and its Affiliates’ other respective
Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential); (b) subject to an agreement containing
provisions substantially the same as those of this Section, to (i) any actual or proposed assignee, Participant or other transferee in connection with a potential transfer of any Commitment or participation therein as permitted hereunder, or
(ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations; (c) as required or requested by any Governmental Authority (including any self-regulatory
authority) or representative thereof or pursuant to legal process or in connection with any legal proceedings, or as otherwise required by Applicable Law; (d) to the Administrative Agent’s, such Issuing Bank’s or such Lender’s
independent auditors and other professional advisors (provided they shall be notified of the confidential nature of the information); (e) in connection with the exercise of any remedies under any Loan Document (or any Specified Derivatives
Contract) or any action or proceeding relating to any Loan Document (or any Specified Derivatives Contract) or the enforcement of rights hereunder or thereunder; (f) to the extent such Information (i) becomes publicly available other than
as a result of a breach of this Section actually known by the Administrative Agent, such Issuing Bank or such Lender to be a breach of this Section or (ii) becomes available to the Administrative Agent, any Issuing Bank, any Lender or any
Affiliate of the Administrative Agent, any Issuing Bank or any Lender on a non-confidential basis from a source other than the Borrower or any Affiliate of the Borrower; (g) to the extent requested by, or
required to be disclosed to, any nationally recognized rating agency or regulatory or similar authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners) having or purporting to have jurisdiction
over it; (h) to bank trade publications, such information to consist of deal terms and other information customarily found in such publications; (i) to any other party hereto; and (j) with the prior written consent of the Borrower.
Notwithstanding the foregoing, the Administrative Agent, each Issuing Bank and each Lender may disclose any such confidential information, without notice to the Borrower or any other Loan Party, to Governmental Authorities in connection with any
regulatory examination of the Administrative Agent, such Issuing Bank or such Lender or in accordance with the regulatory compliance policy of the Administrative Agent, such Issuing Bank or such Lender. As used in this Section, the term
“Information” means all information received from the Borrower, any other Loan Party, any other 

  
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Subsidiary or Affiliate relating to any Loan Party or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or any Issuing
Bank on a non-confidential basis prior to disclosure by the Borrower, any other Loan Party, any other Subsidiary or any Affiliate and other than information pertaining to this Agreement routinely provided by
arrangers to data service providers, including league table providers, that serve the lending industry. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its
obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

Section 13.9 Indemnification. 
 (a)
The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Issuing Bank, each Lender and each Related Party of any of the foregoing Persons (each such Person being called an
“Indemnified Party”) against, and hold each Indemnified Party harmless from, and shall pay or reimburse any such Indemnified Party for, any and all losses, claims (including Environmental Claims), damages, liabilities and
related expenses (including the documented (i.e., invoiced) fees, charges and disbursements of any counsel for any Indemnified Party (which counsel may be employees of any Indemnified Party)), incurred by any Indemnified Party or asserted against
any Indemnified Party by any Person (including the Borrower, any other Loan Party or any other Subsidiary but other than such Indemnified Party and its Related Parties), arising out of, in connection with, or as a result of (i) the execution or
delivery of this Agreement, any other Loan Document or any other agreement, letter or instrument delivered in connection with the transactions contemplated hereby or by the other Loan Documents, the performance by the parties hereto or thereto of
their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by any
Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of
Hazardous Materials on or from any property owned or operated by the Borrower, any other Loan Party or any other Subsidiary, or any Environmental Claim related in any way to the Borrower, any other Loan Party or any other Subsidiary, (iv) any
actual or prospective claim, litigation, investigation or proceeding (an “Indemnity Proceeding”) relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by
the Borrower, any other Loan Party or any other Subsidiary, and regardless of whether any Indemnified Party is a party thereto, or (v) any claim (including any Environmental Claims), investigation, litigation or other proceeding (whether or not
the Administrative Agent, any Issuing Bank or any Lender is a party thereto) and the prosecution and defense thereof, arising out of or in any way connected with the Loans, this Agreement, any other Loan Document, or any documents contemplated by or
referred to herein or therein or the transactions contemplated hereby or thereby, including documented (i.e., invoiced) attorneys and consultant’s fees, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE
COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; provided that such indemnity shall not, as to any Indemnified Party, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined
by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnified Party. Notwithstanding the foregoing, in the case of legal

  
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fees and expenses, reimbursement obligations hereunder shall be limited to the documented (i.e., invoiced) fees, disbursements and other charges of one counsel to the Indemnified Parties (other
than in connection with a dispute among Indemnified Parties resulting from claims against any Titled Agent in its capacity or in fulfilling its role as an administrative agent or arranger or any similar role hereunder or in connection herewith) and,
if reasonably necessary, one local counsel for the Indemnified Parties in each relevant jurisdiction and one special counsel with respect to each relevant specialty, and in the case of an actual or perceived conflict of interest, one additional
counsel (and, if applicable, one additional local counsel in each relevant jurisdiction and one additional special counsel in each relevant specialty) to the affected Indemnified Parties similarly situated and taken as a whole. This Section shall
not apply with respect to Taxes other than any Taxes that represent losses, claims, damages etc. arising from any non-Tax claim. 

(b) If and to the extent that the obligations of the Borrower under this Section are unenforceable for any reason, the Borrower hereby agrees
to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under Applicable Law. 
 (c) The
Borrower’s obligations under this Section shall survive any termination of this Agreement and the other Loan Documents and the payment in full in cash of the Obligations, and are in addition to, and not in substitution of, any of the other
obligations set forth in this Agreement or any other Loan Document to which it is a party. 
 References in this Section 13.9 to
“Lender” or “Lenders” shall be deemed to include such Persons (and their Affiliates) in their capacity as Specified Derivatives Providers. 

Section 13.10 Termination; Survival. 

This Agreement shall terminate at such time as (a) all of the Commitments have been terminated, (b) all Letters of Credit have
terminated or expired or been canceled (other than Extended Letters of Credit in respect of which the Borrower has satisfied the requirements to provide Cash Collateral as required in Section 2.3(b)), (c) none of the
Lenders is obligated any longer under this Agreement to make any Loans and no Issuing Bank is obligated under this Agreement to issue Letters of Credit and (d) all Obligations (other than obligations which survive as provided in the following
sentence) have been paid and satisfied in full. The indemnities to which the Administrative Agent, the Issuing Banks and the Lenders are entitled under the provisions of Sections 3.10, 5.1, 5.4, 12.6, 13.2 and
13.9 and any other provision of this Agreement and the other Loan Documents, and the provisions of Section 13.4, shall continue in full force and effect and shall protect the Administrative Agent, the Issuing Banks
and the Lenders (i) notwithstanding any termination of this Agreement, or of the other Loan Documents, against events arising after such termination as well as before and (ii) at all times after any such party ceases to be a party to this
Agreement with respect to all matters and events existing on or prior to the date such party ceased to be a party to this Agreement. 

Section 13.11 Severability of Provisions. 

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

  
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 Section 13.12 GOVERNING LAW. 

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

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

Section 13.14 Obligations with Respect to Loan Parties and Subsidiaries. 

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

Section 13.15 Independence of Covenants. 

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

None of the Administrative Agent, any Issuing Bank, any Lender, or any of their respective Related Parties shall have any liability with
respect to, and the Borrower hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, consequential or punitive damages suffered or incurred by the Borrower in connection with, arising out of,
or in any way related to, this Agreement, any of the other Loan Documents or any of the transactions contemplated by this Agreement or any of the other Loan Documents. 

  
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 Section 13.17 Entire Agreement. 

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

The Administrative Agent, each Issuing Bank, the Borrower and each Lender acknowledge that each of them has had the benefit of legal counsel of
its own choice and has been afforded an opportunity to review this Agreement and the other Loan Documents with its legal counsel and that this Agreement and the other Loan Documents shall be construed as if jointly drafted by the Administrative
Agent, each Issuing Bank, the Borrower and each Lender. 
 Section 13.19 Headings. 

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

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

Section 13.21 Acknowledgement and Consent to Bail-In of EEA Financial Institutions. 

Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties,
each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and
agrees to be bound by: 
 (a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 
 (b) the effects of any Bail-In Action on any such liability, including, if applicable: 
 (i) a reduction in full
or in part or cancellation of any such liability; 

  
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 (ii) a conversion of all, or a portion of, such liability into shares or
other instruments of ownership in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu
of any rights with respect to any such liability under this Agreement or any other Loan Document; or 
 (iii) the variation
of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority. 

[Signatures on Following Pages] 

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

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

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

  
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	LENDERS:	 	 JPMORGAN CHASE BANK, N.A.,

as Administrative Agent, as Lender and as Issuing Bank

			
		 	By:	 	 /s/ Ryan M. Dempsey

		 		 	Name: Ryan M. Dempsey
		 		 	Title:   Authorized Officer

  
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	BANK OF AMERICA, N.A., as Lender and as Issuing Bank
		
	By:	 	 /s/ Helen Chan

		 	 Name: Helen Chan
 Title:   Vice
President

  
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	U.S. BANK NATIONAL ASSOCIATION, as Lender and as Issuing Bank
		
	By:	 	 /s/ Matthew K. Mains

		 	 Name: Matthew K. Mains
 Title:
  Senior Vice President

  
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	SUNTRUST BANK, as Lender and as Issuing Bank
		
	By:	 	 /s/ Nick Preston

		 	 Name: Nick Preston
 Title:
  Director

  
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	THE BANK OF NOVA SCOTIA, as Lender and as Issuing Bank
		
	By:	 	 /s/ Chad Hale

		 	 Name: Chad Hale
 Title:
  Director & Execution Head,
             REGAL

  
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	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Lender and as Issuing Bank
		
	By:	 	 /s/ Matthew Kuhn

		 	 Name: Matthew Kuhn
 Title:   Vice
President

  
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	REGIONS BANK
		
	By:	 	 /s/ T. Barrett Vawter

		 	 Name: T. Barrett Vawter
 Title:   Vice
President

  
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	ROYAL BANK OF CANADA
		
	By:	 	 /s/ Brian Gross

		 	 Name: Brian Gross
 Title:   Authorized
Signatory

  
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	FIFTH THIRD BANK, AN OHIO BANKING CORPORATION
		
	By:	 	 /s/ Casey Ciccone

		 	 Name: Casey Ciccone
 Title:   Vice
President

  
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	MIZUHO BANK, LTD.
		
	By:	 	 /s/ John Davies

		 	 Name: John Davies
 Title:   Authorized
Signatory

  
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	CITIZENS BANK, N.A.
		
	By:	 	 /s/ Michelle Dawson

		 	 Name: Michelle Dawson
 Title:   Vice
President

  
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	CAPITAL ONE, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Barbara Heubner

		 	 Name: Barbara Heubner
 Title:   Vice
President

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

		 	 Name: Michael King
 Title:
  Authorized Signatory

  
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	ASSOCIATED BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Greg Warsek

		 	 Name: Greg Warsek
 Title:   Sr. Vice
President

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