Document:

exv10w1

EXHIBIT 10.1

 

CREDIT AGREEMENT

Dated as of May 2, 2011

among

CPA 16 MERGER SUB INC.

as Borrower,

CORPORATE PROPERTY ASSOCIATES 16 — GLOBAL INCORPORATED

and

CPA 16 LLC,

as Guarantors,

BANK OF AMERICA, N.A.,

as Administrative Agent, Swing Line Lender and

L/C Issuer

and

The Other Lenders Party Hereto

and

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

and

JPMORGAN SECURITIES, LLC,

as Joint Lead Arrangers and Joint Bookrunners

and

JPMORGAN CHASE BANK, N.A.,

as Syndication Agent

and

PNC BANK, NATIONAL ASSOCIATION,

RBS CITIZENS, NATIONAL ASSOCIATION

WELLS FARGO BANK, N.A.

as Documentation Agents

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	Section	 	Page
	 
	 	 	 	 
	ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS 
	 	 	 	 
	 
	 	 	 	 
	1.01. Defined Terms
	 	 	1	 
	1.02. Other Interpretive Provisions
	 	 	35	 
	1.03. Accounting Terms.
	 	 	35	 
	1.04. Rounding
	 	 	36	 
	1.05. Times of Day
	 	 	36	 
	1.06. Letter of Credit Amounts
	 	 	36	 
	 
	 	 	 	 
	ARTICLE II

THE COMMITMENTS AND CREDIT EXTENSIONS 
	 	 	 	 
	 
	 	 	 	 
	2.01. The Revolving Credit Borrowings
	 	 	37	 
	2.02. Borrowings, Conversions and Continuations of Loans.
	 	 	37	 
	2.03. Letters of Credit.
	 	 	39	 
	2.04. Swing Line Loans.
	 	 	47	 
	2.05. Prepayments.
	 	 	50	 
	2.06. Termination or Reduction of Commitments.
	 	 	51	 
	2.07. Repayment of Loans.
	 	 	52	 
	2.08. Interest.
	 	 	52	 
	2.09. Fees
	 	 	53	 
	2.10. Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate
	 	 	53	 
	2.11. Evidence of Debt.
	 	 	54	 
	2.12. Payments Generally; Administrative Agent’s Clawback.
	 	 	54	 
	2.13. Sharing of Payments by Lenders
	 	 	56	 
	2.14. Extension of Maturity Date.
	 	 	57	 
	2.15. Increase in Commitments.
	 	 	59	 
	2.16. Cash Collateral.
	 	 	60	 
	2.17. Defaulting Lenders.
	 	 	61	 
	2.18. Collateral; Borrowing Pool; Defeasance Properties.
	 	 	63	 
	 
	 	 	 	 
	ARTICLE III

TAXES, YIELD PROTECTION AND ILLEGALITY 
	 	 	 	 
	 
	 	 	 	 
	3.01. Taxes
	 	 	69	 
	3.02. Illegality
	 	 	73	 
	3.03. Inability to Determine Rates
	 	 	74	 
	3.04. Increased Costs; Reserves on Eurodollar Rate Loans.
	 	 	74	 
	3.05. Compensation for Losses
	 	 	76	 
	3.06. Mitigation Obligations; Replacement of Lenders.
	 	 	76	 
	3.07. Survival
	 	 	77	 

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	Section	 	Page
	 
	 	 	 	 
	ARTICLE IV

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS 
	 	 	 	 
	 
	 	 	 	 
	4.01. Conditions of Effectiveness
	 	 	77	 
	4.02. Conditions to All Credit Extensions
	 	 	81	 
	ARTICLE V

REPRESENTATIONS AND WARRANTIES 
	 	 	 	 
	 
	 	 	 	 
	5.01. Existence, Qualification and Power
	 	 	82	 
	5.02. Authorization; No Contravention
	 	 	82	 
	5.03. Governmental Authorization; Other Consents
	 	 	82	 
	5.04. Binding Effect
	 	 	83	 
	5.05. Financial Statements; No Material Adverse Effect
	 	 	83	 
	5.06. Litigation
	 	 	84	 
	5.07. No Default
	 	 	84	 
	5.08. Ownership of Property; Liens
	 	 	84	 
	5.09. Environmental Compliance
	 	 	84	 
	5.10. Insurance
	 	 	85	 
	5.11. Taxes
	 	 	85	 
	5.12. ERISA Compliance
	 	 	86	 
	5.13. Subsidiaries; Equity Interests; Loan Parties
	 	 	87	 
	5.14. Margin Regulations; Investment Company Act
	 	 	87	 
	5.15. Disclosure
	 	 	87	 
	5.16. Compliance with Laws
	 	 	88	 
	5.17. Taxpayer Identification Number
	 	 	88	 
	5.18. Intellectual Investment Property; Licenses, Etc
	 	 	88	 
	5.19. Solvency
	 	 	88	 
	5.20. Casualty, Etc
	 	 	88	 
	5.21. Labor Matters
	 	 	88	 
	5.22. Collateral Documents
	 	 	88	 
	5.23. Anti-Money Laundering and Economic Sanctions Laws
	 	 	89	 
	5.24. REIT Status
	 	 	89	 
	 
	 	 	 	 
	ARTICLE VI

AFFIRMATIVE COVENANTS 
	 	 	 	 
	 
	 	 	 	 
	6.01. Financial Statements
	 	 	90	 
	6.02. Certificates; Other Information
	 	 	90	 
	6.03. Notices
	 	 	93	 
	6.04. Payment of Obligations
	 	 	93	 
	6.05. Preservation of Existence, Etc
	 	 	94	 
	6.06. Maintenance of Properties
	 	 	94	 
	6.07. Maintenance of Insurance
	 	 	94	 
	6.08. Compliance with Laws
	 	 	94	 
	6.09. Books and Records
	 	 	94	 

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	Section	 	Page
	6.10. Inspection Rights
	 	 	95	 
	6.11. Use of Proceeds
	 	 	95	 
	6.12. Additional Collateral; Additional Loan Parties
	 	 	95	 
	6.13. Compliance with Environmental Laws
	 	 	96	 
	6.14. [Intentionally omitted].
	 	 	97	 
	6.15. Further Assurances
	 	 	97	 
	6.16. Maintenance of REIT Status
	 	 	97	 
	6.17. Information Regarding Collateral
	 	 	97	 
	6.18. Material Contracts
	 	 	98	 
	6.19. Compliance with Terms of Leaseholds
	 	 	98	 
	 
	 	 	 	 
	ARTICLE VII

NEGATIVE COVENANTS 
	 	 	 	 
	 
	 	 	 	 
	7.01. Liens
	 	 	98	 
	7.02. Indebtedness
	 	 	100	 
	7.03. Investments
	 	 	101	 
	7.04. Fundamental Changes
	 	 	102	 
	7.05. Dispositions
	 	 	102	 
	7.06. Restricted Payments
	 	 	103	 
	7.07. Change in Nature of Business
	 	 	104	 
	7.08. Transactions with Affiliates
	 	 	104	 
	7.09. Burdensome Agreements
	 	 	105	 
	7.10. Use of Proceeds
	 	 	105	 
	7.11. Financial Covenants
	 	 	105	 
	7.12. Fiscal Year Changes
	 	 	106	 
	7.13. Amendment, Etc. of Certain Agreements and Indebtedness
	 	 	106	 
	7.14. Prepayments, Etc. of Indebtedness
	 	 	106	 
	 
	 	 	 	 
	ARTICLE VIII

EVENTS OF DEFAULT AND REMEDIES 
	 	 	 	 
	 
	 	 	 	 
	8.01. Events of Default
	 	 	106	 
	8.02. Remedies upon Event of Default
	 	 	109	 
	8.03. Application of Funds
	 	 	109	 
	 
	 	 	 	 
	ARTICLE IX

ADMINISTRATIVE AGENT 
	 	 	 	 
	 
	 	 	 	 
	9.01. Appointment and Authority
	 	 	110	 
	9.02. Rights as a Lender
	 	 	111	 
	9.03. Exculpatory Provisions
	 	 	111	 
	9.04. Reliance by Administrative Agent
	 	 	112	 
	9.05. Delegation of Duties
	 	 	112	 
	9.06. Successor Administrative Agent
	 	 	113	 
	9.07. Non-Reliance on Administrative Agent and Other Lenders
	 	 	114	 

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	Section	 	Page
	9.08. No Other Duties, Etc
	 	 	114	 
	9.09. Administrative Agent May File Proofs of Claim
	 	 	114	 
	9.10. Collateral and Guaranty Matters
	 	 	115	 
	9.11. Secured Hedge Agreements
	 	 	116	 
	 
	 	 	 	 
	ARTICLE X

MISCELLANEOUS
	 	 	 	 
	 
	 	 	 	 
	10.01. Amendments, Etc
	 	 	116	 
	10.02. Notices; Effectiveness; Electronic Communications.
	 	 	118	 
	10.03. No Waiver; Cumulative Remedies; Enforcement
	 	 	120	 
	10.04. Expenses; Indemnity; Damage Waiver.
	 	 	121	 
	10.05. Payments Set Aside
	 	 	122	 
	10.06. Successors and Assigns.
	 	 	123	 
	10.07. Treatment of Certain Information; Confidentiality
	 	 	128	 
	10.08. Right of Setoff
	 	 	129	 
	10.09. Interest Rate Limitation
	 	 	129	 
	10.10. Counterparts; Integration; Effectiveness
	 	 	130	 
	10.11. Survival of Representations and Warranties
	 	 	130	 
	10.12. Severability
	 	 	130	 
	10.13. Replacement of Lenders
	 	 	130	 
	10.14. Governing Law; Jurisdiction; Etc.
	 	 	131	 
	10.15. WAIVER OF JURY TRIAL
	 	 	132	 
	10.16. No Advisory or Fiduciary Responsibility
	 	 	133	 
	10.17. Electronic Execution of Assignments and Certain Other Documents
	 	 	133	 
	10.18. USA PATRIOT Act
	 	 	133	 

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SCHEDULES

	 	 	 

	I

	 	Guarantors
	II

	 	Initial Eligible Investment Properties
	III

	 	Defeasance Properties
	IV

	 	Excluded Subsidiaries
	V

	 	German Investment Property Owners
	VI

	 	German Investment Properties
	VII

	 	Defeasance Escrow Agreements
	2.01

	 	Commitments and Applicable Percentages
	5.12(d)

	 	Pension Plans
	5.13

	 	Subsidiaries and Other Equity Investments; Loan Parties
	10.02

	 	Administrative Agent’s Office, Certain Addresses for Notices, Taxpayer Identification

Numbers

EXHIBITS

Form of

	 	 	 

	A

	 	Loan Notice
	B

	 	Swing Line Loan Notice
	C

	 	Note
	D

	 	Compliance Certificate
	E-1

	 	Assignment and Assumption
	E-2

	 	Administrative Questionnaire
	F

	 	Availability Certificate
	G

	 	Continuing Guaranty
	H

	 	Pledge Agreement
	I

	 	Affiliated Investor Organization Documents
	J

	 	Solvency Certificate
	K

	 	United States Tax Compliance Certificate

-v-

 

CREDIT AGREEMENT

     This CREDIT AGREEMENT (“Agreement”) is entered into as of May 2, 2011 among CPA 16
MERGER SUB INC., a Maryland corporation (the “Borrower”), CORPORATE PROPERTY ASSOCIATES 16
- GLOBAL INCORPORATED, a Maryland corporation (the “REIT”) and CPA 16 LLC, a Delaware
limited liability company (the “Operating Partnership”; and together with the REIT,
collectively the “Parent Guarantors”), each lender from time to time party hereto
(collectively, the “Lenders” and individually, a “Lender”), and BANK OF AMERICA,
N.A., as Administrative Agent, Swing Line Lender and L/C Issuer.

PRELIMINARY STATEMENTS:

     The REIT, CPA 16 Acquisition Inc., a Maryland corporation, CPA 16 Holdings Inc., a Maryland
corporation, CPA 14 Sub Inc., a Maryland corporation, W.P. Carey & Com. LLC, a Delaware limited
liability company, Carey Asset Management Corp., W.P. Carey & Co. B.V. and Corporate Property
Associates 14 Incorporated, a Maryland corporation (“CPA®:14”), have entered
into an Agreement and Plan of Merger Agreement dated as of December 13, 2010 (the “Merger
Agreement”), pursuant to which the Borrower will acquire CPA®:14 through the merger
(the “Merger”) of CPA®:14 with and into the Borrower, with the Borrower
surviving the Merger.

     In connection with the foregoing, the Borrower and the Parent Guarantors have requested that
the Lenders provide a revolving credit facility to be used to finance in part the acquisition of
CPA®:14 by the Borrower, to repay certain property level indebtedness and for general
corporate purposes, and the Lenders have indicated their willingness to lend and the L/C Issuer has
indicated its willingness to issue letters of credit, in each case, on the terms and subject to the
conditions set forth herein.

     In consideration of the mutual covenants and agreements herein contained, the parties hereto
covenant and agree as follows:

ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

     1.01. Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below:

     “Acquisition Documents” has the specified in Section 4.01(h).

     “Adjusted Appraised Value” means, with respect to the assets of the Consolidated Group
as of any date in any fiscal year, the appraised value of such assets determined on the first
Business Day of such fiscal year, as such value is adjusted on the last Business Day of the fiscal
quarter in which such date occurs to take into account acquisitions and dispositions of assets
during such fiscal quarter.

     “Adjusted Funds From Operations” means a modified computation of NAREIT defined FFO as
reported by the REIT on a quarterly basis and furnished on the SEC’s

 

 

website; provided that for purposes of determining compliance with Section
7.06(d), Adjusted Funds From Operations shall exclude impairment charges, charges from the
early extinguishment of indebtedness, deconsolidation of Subsidiaries, Advisory Fees paid in Equity
Interests of the REIT, amortization of intangibles, unrealized foreign exchange gains or losses and
other non-cash charges as evidenced by a certification of a Responsible Officer of the REIT
containing calculations in reasonable detail satisfactory to the Administrative Agent. Adjustments
for unconsolidated partnerships and joint ventures will be calculated to reflect Adjusted Funds
From Operations on the same basis.

     “Adjusted Property EBITDA” means, for any period, without duplication, the REIT’s pro
rata share of Consolidated EBITDA for such period derived from real properties owned by one or more
Subsidiaries or by one or more Unconsolidated Affiliates, as applicable, for more than two full
fiscal quarters for which financial statements have been provided to the Administrative Agent and
the Lenders, plus, to the extent deducted in calculating Consolidated Net Income for such period
but not included as an addback in the calculation of Consolidated EBITDA for such period, (i) the
Consolidated Group’s pro rata share of Total G&A Expense incurred in respect of such real
properties for such period, plus (ii) any management, advisory or similar fees in respect of such
real properties paid in Equity Interests of the REIT during such period, minus (iii) an amount
equal to (x) three percent (3.00%) of the aggregate amount of rent paid in respect of such real
properties during such period, minus (y) to the extent the aggregate amount of actual cash
management, advisory or similar fees (if any) paid in respect of such real properties and dividends
and distributions paid to the Special Membership Interest Holder in respect of the Special
Membership Interest, in each case during such period, is less than the amount set forth in
subclause (x) of this clause (iii), the aggregate amount of such cash management, advisory or
similar fees and dividends and distributions.

     “Administrative Agent” means Bank of America in its capacity as administrative agent
under any of the Loan Documents, or any successor administrative agent.

     “Administrative Agent’s Office” means the Administrative Agent’s address and, as
appropriate, account as set forth on Schedule 10.02, or such other address or account as
the Administrative Agent may from time to time notify the Borrower and the Lenders.

     “Administrative Questionnaire” means an Administrative Questionnaire in substantially
the form of Exhibit E-2 or any other form approved by the Administrative Agent.

     “Advisor” means Carey Asset Management Corp., a Delaware corporation, in its capacity
as advisor under the Advisory Agreement, or any of its successors or assigns in such capacity (but
solely to the extent any such successor or assign is an Eligible Advisor).

     “Advisory Agreement” means the Amended and Restated Advisory Agreement, dated as of
May 2, 2011, between the REIT and the Advisor, as the same may be amended, restated, supplemented
or otherwise modified from time to time in accordance with Section 7.13(iii).

-2-

 

     “Advisory Fees” means the Asset Management Fee (as defined in the Advisory Agreement)
payable by the Consolidated Group to the Advisor pursuant to the Advisory Agreement, the aggregate
amount of which shall not exceed 0.50% of the Adjusted Appraised Value of the assets of the
Consolidated Group as of the last day of each fiscal quarter of the REIT, which fee shall be
payable at the election of the Advisor in cash or in Equity Interests of the REIT and shall be paid
(i) if in cash, on the last day of each month and (ii) if in Equity Interests of the REIT, on the
last day of each fiscal quarter of the REIT.

     “Affiliate” means, with respect to any 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, however, in no event shall the
Administrative Agent or any Lender be deemed an Affiliate of the Borrower or any other Loan Party.

     “Affiliated Investor” means any Subsidiary of the Borrower that owns an Investment
Property.

     “Aggregate Capped Value” means, as of any time, the sum of the Capped Values for each
Eligible Investment Property included in the Borrowing Pool at such time; provided, that if
at any time (i) the aggregate Investment Property Net Operating Income of Eligible Investment
Properties that are lodging, cinema, self storage or other properties that are not office, retail
or industrial properties exceeds 15% of the aggregate Investment Property Net Operating Income of
all Eligible Investment Properties at such time, such excess Investment Property Net Operating
Income shall be excluded from the calculation of Aggregate Capped Value at such time, (ii) any
single Eligible Investment Property accounts for more than 15% of the aggregate Investment Property
Net Operating Income of all Eligible Investment Properties at such time, such excess Investment
Property Net Operating Income shall be excluded from the calculation of Aggregate Capped Value at
such time, (iii) the aggregate Investment Property Net Operating Income of Eligible Investment
Properties subject to Eligible Ground Leases exceeds 15% of the aggregate Investment Property Net
Operating Income of all Eligible Investment Properties at such time, such excess Investment
Property Net Operating Income shall be excluded from the calculation of Aggregate Capped Value at
such time or (iv) the aggregate Investment Property Net Operating Income of Eligible Investment
Properties located outside of the United States or Canada exceeds 10% of the aggregate Investment
Property Net Operating Income of all Eligible Investment Properties at such time, such excess
Investment Property Net Operating Income shall be excluded from the calculation of Aggregate Capped
Value at such time.

     “Aggregate Commitments” means, at any time, the aggregate amount of the Lenders’
Commitments at such time.

     “Aggregate Mortgageability Cash Flow” means, as of any time, the aggregate
Mortgageability Cash Flow from all Eligible Investment Properties included in the Borrowing Pool at
such time; provided, that if at any time (i) the aggregate Investment Property Net
Operating Income of Eligible Investment Properties that are lodging, cinema, self storage or other
properties that are not office, retail or industrial properties exceeds 15% of the aggregate

-3-

 

Investment Property Net Operating Income of all Eligible Investment Properties at such time,
such excess Investment Property Net Operating Income shall be excluded from the calculation of
Aggregate Mortgageability Cash Flow at such time, (ii) any single Eligible Investment Property
accounts for more than 15% of the aggregate Investment Property Net Operating Income of all
Eligible Investment Properties at such time, such excess Investment Property Net Operating Income
shall be excluded from the calculation of Aggregate Mortgageability Cash Flow at such time, (iii)
the aggregate Investment Property Net Operating Income of Eligible Investment Properties subject to
Eligible Ground Leases exceeds 15% of the aggregate Investment Property Net Operating Income of all
Eligible Investment Properties at such time, such excess Investment Property Net Operating Income
shall be excluded from the calculation of Aggregate Mortgageability Cash Flow at such time or (iv)
the aggregate Investment Property Net Operating Income of Eligible Investment Properties located
outside of the United States or Canada exceeds 10% of the aggregate Investment Property Net
Operating Income of all Eligible Investment Properties at such time, such excess Investment
Property Net Operating Income shall be excluded from the calculation of Aggregate Mortgageability
Cash Flow at such time.

     “Agreement” means this Credit Agreement.

     “Anti-Money Laundering Laws” means any and all laws, judgments, orders, executive
orders, decrees, ordinances, rules, regulations, statutes, case law or treaties applicable to a
Loan Party, its Subsidiaries or Affiliates, related to terrorism financing or money laundering
including any applicable provision of Title III of the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT Act) of
2001 (Title III of Pub. L. 107-56) and The Currency and Foreign Transactions Reporting Act (also
known as the “Bank Secrecy Act”, 31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and
1951-1959).

     “Applicable Percentage” means, with respect to any Lender at any time, the percentage
(carried out to the ninth decimal place) of the Aggregate Commitments represented by such Lender’s
Commitment at such time, subject to adjustment as provided in Section 2.17. If the
commitment of each Lender to make Revolving Credit Loans and the obligation of the L/C Issuer to
make L/C Credit Extensions have been terminated pursuant to Section 8.02, or if the
Commitments have expired, then the Applicable Percentage of each Lender shall be based on the
Applicable Percentage of such Lender most recently in effect, giving effect to any subsequent
assignments. The initial Applicable Percentage of each Lender is set forth opposite the name of
such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such
Lender becomes a party hereto, as applicable.

     “Applicable Rate” means (a) 2.25% for Base Rate Loans and (b) 3.25% for Eurodollar
Rate Loans and Letter of Credit Fees.

     “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 an entity that administers or manages a
Lender.

-4-

 

     “Arrangers” means, collectively, Merrill Lynch, Pierce, Fenner & Smith Incorporated
and JPMorgan Securities, LLC, in their capacities as joint bookrunners and joint lead arrangers.

     “Assignee Group” means two or more Eligible Assignees that are Affiliates of one
another or two or more Approved Funds managed by the same investment advisor.

     “Assignment and Assumption” means an assignment and assumption entered into by a
Lender and an Eligible Assignee (with the consent of any party whose consent is required by
Section 10.06(b)), and accepted by the Administrative Agent, in substantially the form of
Exhibit E-1 or any other form approved by the Administrative Agent.

     “Attributable Indebtedness” means, on any date, (a) in respect of any Capitalized
Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such
Person prepared as of such date in accordance with GAAP, (b) in respect of any Synthetic Lease
Obligation, the capitalized amount of the remaining lease or similar payments under the relevant
lease or other applicable agreement or instrument that would appear on a balance sheet of such
Person prepared as of such date in accordance with GAAP if such lease or other agreement or
instrument were accounted for as a Capitalized Lease and (c) all Synthetic Debt of such Person.

     “Audited Financial Statements” means, collectively, (i) the audited consolidated
balance sheet of the Consolidated Group for the fiscal year ended December 31, 2010, and the
related consolidated statements of income or operations, shareholders’ equity and cash flows for
such fiscal year of the Consolidated Group, including the notes thereto and (ii) the audited
consolidated balance sheet of CPA®:14 and its Consolidated Subsidiaries for the fiscal
year ended December 31, 2010, and the related consolidated statements of income or operations,
shareholders’ equity and cash flows for such fiscal year of CPA®:14 and its Consolidated
Subsidiaries, including the notes thereto.

     “Availability” means, at any time, the least of (a) the Aggregate Commitments then in
effect, (b) the Borrowing Base Amount at such time and (c) the Mortgageability Amount at such time,
in each case minus the Total Revolving Credit Outstandings at such time.

     “Availability Certificate” means a certificate executed by a Responsible Officer of
the Borrower, substantially in the form of Exhibit F (or another form acceptable to the
Administrative Agent) setting forth the calculation of Availability, in such detail as shall be
reasonably satisfactory to the Administrative Agent. All calculations of Availability in
connection with the preparation of any Availability Certificate shall originally be made by the
Borrower and certified to the Administrative Agent; provided, that the Administrative Agent
shall have the right to review and adjust, in consultation with the Borrower, any such calculation
(x) to reflect any discrepancies in any of the components of the amounts set forth therein with any
information received by the Administrative Agent or the Lenders and (y) to the extent the
Administrative Agent determines that such calculation contains errors or is not otherwise in
accordance with this Agreement.

-5-

 

     “Availability Period” means the period from and including the Closing Date to the
earliest of (i) the Maturity Date, (ii) the date of termination of the Commitments pursuant to
Section 2.06, and (iii) the date of termination of the commitment of each Lender to make
Revolving Credit Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions
pursuant to Section 8.02.

     “Bank of America” means Bank of America, N.A. and its successors.

     “Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a)
the Federal Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as
publicly announced from time to time by Bank of America as its “prime rate,” and (c) the Eurodollar
Rate plus 1.00%. The “prime rate” is a rate set by Bank of America based upon various factors
including Bank of America’s costs and desired return, general economic conditions and other
factors, and is used as a reference point for pricing some loans, which may be priced at, above, or
below such announced rate. Any change in such prime rate announced by Bank of America shall take
effect at the opening of business on the day specified in the public announcement of such change.

     “Base Rate Loan” means a Loan that bears interest based on the Base Rate.

     “Borrower” has the meaning specified in the introductory paragraph hereto.

     “Borrower Materials” has the meaning specified in Section 6.02.

     “Borrowing” means a borrowing consisting of simultaneous Revolving Credit Loans of the
same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each
of the Lenders pursuant to Section 2.01.

     “Borrowing Base Amount” means, at any time, (a) the Aggregate Capped Value at such
time, multiplied by (b) sixty percent (60%).

     “Borrowing Pool” means, as of any time, all Eligible Investment Properties at such
time.

     “Borrowing Pool Eligibility Criteria” has the meaning specified in Section
2.18(b).

     “Borrowing Pool Inclusion Request” has the meaning specified in Section
2.18(b)(i).

     “Business Day” means any day other than a Saturday, Sunday or other day on which
commercial banks are authorized to close under the Laws of, or are in fact closed in, the state
where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate
Loan, means any such day that is also a London Banking Day.

     “Capital Expenditures” means, with respect to any Person for any period, any
expenditure in respect of the purchase or other acquisition of any fixed or capital asset
(excluding normal replacements and maintenance which are properly charged to current operations).

-6-

 

     “Capitalization Rate” means eight and one-half percent (8.50%), as such percentage may
be increased by the Required Lenders pursuant to Section 2.14(c) in connection with an
extension of the Maturity Date.

     “Capitalized Leases” means all leases that have been or should be, in accordance with
GAAP, recorded as capitalized leases.

     “Capped Value” means at any time with respect to any Investment Property, an amount
equal to (i) the product of (x) the Investment Property Net Operating Income from such Investment
Property at such time, multiplied by (y) four, divided by (ii) the Capitalization Rate.

     “Carey Affiliates” means, collectively, WP Carey & Co. LLC, Carey Asset Management
Corp. or any REIT managed or advised by WP Carey & Co. LLC or a Subsidiary thereof.

     “Cash Collateralize” means to pledge and deposit with or deliver to the Administrative
Agent, for the benefit of the Administrative Agent, L/C Issuer or Swing Line Lender (as applicable)
and the Lenders, as collateral for L/C Obligations, Obligations in respect of Swing Line Loans, or
obligations of Lenders to fund participations in respect of either thereof (as the context may
require), cash or deposit account balances pursuant to documentation in form and substance
satisfactory to (a) the Administrative Agent and (b) the L/C Issuer or the Swing Line Lender (as
applicable). “Cash Collateral” has a meaning correlative to the foregoing and shall include the
proceeds of such cash collateral.

     “Cash Equivalents” means any of the following types of Investments, to the extent
owned by the REIT or a Subsidiary thereof free and clear of all Liens:

     (a) readily marketable obligations issued or directly and fully guaranteed or insured by the
United States of America or any agency or instrumentality thereof having maturities of not more
than 360 days from the date of acquisition thereof; provided that the full faith and credit
of the United States of America is pledged in support thereof;

     (b) time deposits with, or insured certificates of deposit or bankers’ acceptances of, any
commercial bank that (i) (A) is a Lender or (B) is organized under the laws of the United States of
America, any state thereof or the District of Columbia or is the principal banking subsidiary of a
bank holding company organized under the laws of the United States of America, any state thereof or
the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent
of which issues) commercial paper rated as described in clause (c) of this definition and (iii) has
combined capital and surplus of at least $750,000,000, in each case with maturities of not more
than 270 days from the date of acquisition thereof;

     (c) commercial paper issued by any Person organized under the laws of any state of the United
States of America and rated at least “Prime-1” (or the then equivalent grade) by Moody’s or at
least “A-1” (or the then equivalent grade) by S&P, in each case with maturities of not more than
270 days from the date of acquisition thereof;

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     (d) Investments, classified in accordance with GAAP as current assets of the Borrower or any
Subsidiary thereof, in money market investment programs registered under the Investment Company Act
of 1940, which are administered by financial institutions that have a rating of at least A3 from
Moody’s or A- from S&P, and the portfolios of which are limited solely to Investments of the
character, quality and maturity described in clauses (a), (b) and (c) of this definition; and

     (e) in the case of any Foreign Subsidiary of the REIT, Investments made locally of a type
comparable to those described in clauses (a) through (d) of this definition.

     “CERCLA” means the Comprehensive Environmental Response, Compensation and Liability
Act of 1980.

     “CERCLIS” means the Comprehensive Environmental Response, Compensation and Liability
Information System maintained by the U.S. Environmental Protection Agency.

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

     “Change of Control” means an event or series of events by which:

     (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its
subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary
or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and
13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to
have “beneficial ownership” of all securities that such person or group has the right to acquire,
whether such right is exercisable immediately or only after the passage of time (such right, an
“option right”)), directly or indirectly, of 35% or more of the equity securities of the
REIT entitled to vote for members of the board of directors or equivalent governing body of any
such Person on a fully-diluted basis (and taking into account all such securities that such person
or group has the right to acquire pursuant to any option right);

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     (b) during any period of 12 consecutive months, a majority of the members of the board of
directors or other equivalent governing body of the REIT cease to be composed of individuals (i)
who were members of that board or equivalent governing body on the first day of such period, (ii)
whose election or nomination to that board or equivalent governing body was approved by individuals
referred to in clause (i) above constituting at the time of such election or nomination at least a
majority of that board or equivalent governing body or (iii) whose election or nomination to that
board or other equivalent governing body was approved by individuals referred to in clauses (i) and
(ii) above constituting at the time of such election or nomination at least a majority of that
board or equivalent governing body (excluding, in the case of both clause (ii) and clause (iii),
any individual whose initial nomination for, or assumption of office as, a member of that board or
equivalent governing body occurs as a result of an actual or threatened solicitation of proxies or
consents for the election or removal of one or more directors by any person or group other than a
solicitation for the election of one or more directors by or on behalf of the board of directors);

     (c) any Person or two or more Persons acting in concert shall have acquired by contract or
otherwise, or shall have entered into a contract or arrangement that, upon consummation thereof,
will result in its or their acquisition of the power to exercise, directly or indirectly, a
controlling influence over the management or policies of the REIT (other than by virtue of the
replacement of the Advisor with an Eligible Advisor), or control over the equity securities of the
REIT entitled to vote for members of the board of directors or equivalent governing body of the
REIT on a fully-diluted basis (and taking into account all such securities that such Person or
group has the right to acquire pursuant to any option right) representing 35% or more of the
combined voting power of such securities;

     (d) (x) the REIT shall cease to be the sole managing member of the Operating Partnership or
shall cease to own, directly, (i) 80% of the voting Equity Interests of the Operating Partnership
(other than the Special Membership Interests) and (ii) Equity Interests of the Operating
Partnership representing at least 79.985% of the total economic interests of the Equity Interests
of the Operating Partnership, in each case free and clear of all Liens (other than Liens permitted
under clauses (a) and (b) of Section 7.01) or (y) any holder of an Equity Interest in the
Operating Partnership (other than the REIT) is provided with or obtains voting rights with respect
to such Equity Interest that are more expansive in any respect than the voting rights afforded to
the REIT with respect to its Equity Interests in the Operating Partnership;

     (e) the Operating Partnership shall cease to own, directly or indirectly, 100% of the Equity
Interests of the Borrower (other than the Nonvoting Common Shares), free and clear of all Liens
(other than Liens permitted under clauses (a) and (b) of Section 7.01); or

     (f) (i) the Borrower shall cease to own, directly or indirectly, 100% of the Equity Interests
of each of the Subsidiary Guarantors (other than the German Investment Property Owners) or (ii) the
REIT and the Borrower shall collectively cease to own, directly or indirectly, 100% of the Equity
Interests of each of the German Investment Property Owners, in each case free and clear of all
Liens (other than Liens permitted under clauses (a), (b) and

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(i) of Section 7.01), except for the Disposition of a Subsidiary Guarantor expressly
permitted under this Agreement.

     “Closing Date” means the first date all the conditions precedent in Section
4.01 are satisfied or waived in accordance with Section 10.01.

     “Code” means the Internal Revenue Code of 1986.

     “Collateral” means all of the “Collateral” referred to in the Collateral Documents and
all of the other property that is or is intended under the terms of the Collateral Documents to be
subject to Liens in favor of the Administrative Agent for the benefit of the Secured Parties.

     “Collateral Documents” means, collectively, the Pledge Agreement and each of the other
agreements, instruments or documents that creates or perfects or purports to create or perfect a
Lien in favor of the Administrative Agent for the benefit of the Secured Parties.

     “Commitment” means, as to each Lender, its obligation to (a) make Revolving Credit
Loans to the Borrower pursuant to Section 2.01(b), (b) purchase participations in L/C
Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount
at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on
Schedule 2.01 or in the Assignment and Assumption or New Lender Joinder Agreement pursuant
to which such Lender becomes a party hereto, as applicable, as such amount may be increased by such
Lender pursuant to Section 2.15 or otherwise adjusted from time to time in accordance with
this Agreement.

     “Compliance Certificate” means a certificate substantially in the form of Exhibit
D.

     “Consolidated Affiliate” means any Consolidated Subsidiary of the REIT that is not a
Wholly-Owned Subsidiary of the REIT.

     “Consolidated EBITDA” means, for any period, without duplication, an amount equal to
Consolidated Net Income for such period plus the following to the extent deducted in
calculating such Consolidated Net Income: (i) Consolidated Interest Expense (plus, to the extent
included in such Consolidated Interest Expense, amortization of deferred financing costs), (ii) the
provision for federal, state, local and foreign income taxes of the Consolidated Group (including
the Consolidated Group Pro Rata Share of the provision for Federal, state, local and foreign
incomes taxes of each Unconsolidated Affiliate), and (iii) depreciation and amortization expense of
the Consolidated Group (including the Consolidated Group Pro Rata Share of depreciation and
amortization expense of each Unconsolidated Affiliate); provided, that in the case of the
portion, if any, of Consolidated EBITDA attributable to any Consolidated Affiliate, such portion
shall only be included in Consolidated EBITDA to the extent of the Ownership Percentage of such
Consolidated Affiliate. Consolidated EBITDA shall be adjusted to remove any impact from straight
line rent adjustments required under GAAP.

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     “Consolidated Fixed Charge Coverage Ratio” means the ratio as of the last day of any
fiscal quarter of the REIT of (i) Consolidated EBITDA for such fiscal quarter to (ii) Consolidated
Fixed Charges for such fiscal quarter, in each case multiplied by four.

     “Consolidated Fixed Charges” means, for any period, the sum, without duplication, of
(i) Consolidated Interest Expense, (ii) scheduled payments of principal on Consolidated Total
Indebtedness (excluding any balloon payments payable on maturity of any such Consolidated Total
Indebtedness), (iii) the amount of dividends or distributions paid or required to be paid by any
member of the Consolidated Group during such period in respect of its preferred Equity Interests
and (iv) the Consolidated Group Pro Rata Share of the amount of dividends or distributions paid or
required to be paid by any Unconsolidated Affiliate during such period in respect of its preferred
Equity Interests; provided, that in the case of the portion, if any, of Consolidated Fixed
Charges attributable to any Consolidated Affiliate, such portion shall only be included in
Consolidated Fixed Charges to the extent of the Ownership Percentage of such Consolidated
Affiliate.

     “Consolidated Group” means, collectively, the REIT and its Consolidated Subsidiaries.

     “Consolidated Group Pro Rata Share” means, with respect to any Unconsolidated
Affiliate, the percentage interest held by the Consolidated Group, in the aggregate, in such
Unconsolidated Affiliate determined by calculating the percentage of Equity Interests of such
Unconsolidated Affiliate owned by the Consolidated Group.

     “Consolidated Interest Expense” means, for any period, without duplication, the sum of
(i) total interest expense (including, for the avoidance of doubt, capitalized interest and
excluding (x) capitalized interest expenses recorded under GAAP that are not related to any
Indebtedness and relate solely to equity investments in properties under construction and similar
build-to-suit properties, and (y) interest expenses related to defeasance costs and prepayments and
other similar non-recurring costs) of the Consolidated Group for such period determined on a
consolidated basis in accordance with GAAP plus (ii) the Consolidated Group Pro Rata Share of total
interest expense (including, for the avoidance of doubt, capitalized interest and excluding (x)
capitalized interest expenses recorded under GAAP that are not related to any Indebtedness and
relate solely to equity investments in properties under construction and similar build-to-suit
properties, and (y) interest expenses related to defeasance costs and prepayments and other similar
non-recurring costs) of each Unconsolidated Affiliate for such period determined in accordance with
GAAP.

     “Consolidated Net Income” means, with respect to any period, the sum of (a) the net
income (or loss) of the Consolidated Group for such period determined on a consolidated basis in
accordance with GAAP, excluding (i) any extraordinary gain (or extraordinary loss) realized during
such period by the REIT or any of its Consolidated Subsidiaries, and (ii) any nonrecurring or
non-cash charge (including impairments, Advisory Fees paid in Equity Interests of the REIT, gains
or losses from sales of assets or extinguishment of debt and unrealized gains or losses in respect
of foreign exchange) or nonrecurring or non-cash gain realized during such period by the REIT or
any of its Consolidated Subsidiaries, plus (b) the

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Consolidated Group Pro Rata Share of the net income (or loss) of each Unconsolidated Affiliate
for such period determined in accordance with GAAP, excluding (i) any extraordinary gain (or
extraordinary loss) realized during such period by such Unconsolidated Affiliate, (ii) any
nonrecurring or non-cash charge (including impairments, Advisory Fees paid in Equity Interests of
the REIT, gains or losses from sales of assets or extinguishment of debt and unrealized gains or
losses in respect of foreign exchange) or nonrecurring or non-cash gain realized during such period
by such Unconsolidated Affiliate.

     “Consolidated Subsidiaries” means, as to any Person, all Subsidiaries of such Person
that are consolidated with such Person for financial reporting purposes under GAAP.

     “Consolidated Total Indebtedness” means, as at any date of determination, the sum of
(i) the aggregate amount of all Indebtedness of the Consolidated Group that would be reflected on a
consolidated balance sheet of the Consolidated Group as of such date prepared in accordance with
GAAP plus (ii) the Consolidated Group Pro Rata Share of the aggregate amount of all Indebtedness of
each Unconsolidated Affiliate that would be reflected on a balance sheet of such Unconsolidated
Affiliate prepared in accordance with GAAP; provided, that in the case of the portion, if
any, of Consolidated Total Indebtedness attributable to any Consolidated Affiliate, such portion
shall only be included in Consolidated Total Indebtedness to the extent of the Ownership Percentage
of such Consolidated Affiliate.

     “Contractual Obligation” means, as to any Person, any provision of any security issued
by such Person or of any agreement, instrument or other undertaking to which such Person is a party
or by which it or any of its property is bound.

     “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.

     “CPA®:14” has the meaning specified in the Preliminary Statements.

     “Credit Extension” means each of the following: (a) a Borrowing, (b) a Swing Line Loan
and (c) an L/C Credit Extension.

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

     “Default” means any event or condition that constitutes an Event of Default or that,
with the giving of any notice, the passage of time, or both, would be an Event of Default.

     “Default Rate” means (a) when used with respect to Obligations other than Letter of
Credit Fees, an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate for
Base

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Rate Loans plus (iii) 2% per annum; and (b) when used with respect to Letter of Credit
Fees, a rate equal to the Applicable Rate plus 2% per annum.

     “Defaulting Lender” means, subject to Section 2.17(b), any Lender that (a) has
failed to perform any of its funding obligations hereunder, including in respect of its Loans or
participations in respect of Letters of Credit or Swing Line Loans, within three Business Days of
the date required to be funded by it hereunder, unless such obligation is the subject of a good
faith dispute, (b) has notified the Borrower, the Administrative Agent or any Lender that it does
not intend to comply with its funding obligations or has made a public statement to that effect
with respect to its funding obligations hereunder or under other agreements in which it commits to
extend credit, (c) has failed, within three Business Days after request by the Administrative
Agent, to confirm in a manner satisfactory to the Administrative Agent that it will comply with its
funding obligations hereunder, or (d) has, or has a direct or indirect parent company that has, (i)
become the subject of a proceeding under any Debtor Relief Law, (ii) had a receiver, conservator,
trustee, administrator, assignee for the benefit of creditors or similar Person charged with
reorganization or liquidation of its business or a custodian appointed for it, or (iii) taken any
action in furtherance of, or indicated its consent to, approval of or acquiescence in any such
proceeding or appointment; 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.

     “Defeasance Escrow Agent” means First American Title Insurance Company, in its
capacity as escrow agent under the Defeasance Escrow Agreements.

     “Defeasance Escrow Agreements” means the agreements listed on Schedule VII.

     “Defeasance Escrow Deposit” has the meaning specified in Section 2.18(f)(i).

     “Defeasance Properties” means each of the Initial Eligible Investment Properties
listed on Schedule III hereto which, on the Closing Date, secure Non-Recourse Indebtedness
that the Borrower intends to defease within three (3) Business Days following the Closing Date.

     “Defeasance Trigger Date” means, with respect to any Defeasance Property, the earlier
of (a) the date on which all Indebtedness existing on the Closing Date that is secured by a Lien on
such Defeasance Property is defeased in full, and all Liens on such Defeasance Property securing
such Indebtedness have been released and (b) the third Business Day following the Closing Date.

     “Disposition” or “Dispose” means the sale, transfer, license, lease or other
disposition (including any sale and leaseback transaction) of any property by any Person (or the
granting of any option or other right to do any of the foregoing), including any sale, assignment,
transfer or other disposal, with or without recourse, of any notes or accounts receivable or any
rights and claims associated therewith.

     “Dollar” and “$” mean lawful money of the United States.

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     “Domestic Subsidiary” means, with respect to any Person, a Subsidiary of such Person
organized under the laws of the United States of America, any State thereof or the District of
Columbia.

     “Economic Sanctions Laws” means any and all laws, judgments, orders, executive orders,
decrees, ordinances, rules, regulations, statutes, case law or treaties applicable to a Loan Party,
its Subsidiaries or Affiliates relating to economic sanctions and terrorism financing, including
any applicable provisions of the Trading with the Enemy Act (50 U.S.C. App. §§ 5(b) and 16, as
amended), the International Emergency Economic Powers Act, (50 U.S.C. §§ 1701-1706, as amended) and
Executive Order 13224 (effective September 24, 2001), as amended.

     “Eligible Advisor” means (i) Carey Asset Management Corp., a Delaware corporation,
(ii) any Wholly-Owned Subsidiary of WP Carey & Co. LLC consented to in writing by the
Administrative Agent (such consent not to be unreasonably withheld) to succeed to, or replace, the
then current Advisor as the advisor to the REIT and its Subsidiaries under the Advisory Agreement
or (iii) any other Person consented to in writing by each of the Lenders to succeed to, or replace,
the then current Advisor as the advisor to the REIT and its Subsidiaries under the Advisory
Agreement.

     “Eligible Assignee” means any Person that meets the requirements to be an assignee
under Section 10.06(b)(iii) and (v) (subject to such consents, if any, as may be
required under Section 10.06(b)(iii)).

     “Eligible Ground Lease” means a ground lease with respect to an Investment Property
that satisfies each of the following conditions: (a) such ground lease is in full force and effect,
(b) no default has occurred and is continuing and no terminating event has occurred by any Loan
Party or Subsidiary thereof under such ground lease, (c) such ground lease is not encumbered by any
Liens, negative pledges and/or encumbrances, and (d) such ground lease is otherwise reasonably
acceptable to the Administrative Agent.

     “Eligible Investment Properties” means, collectively, the Initial Eligible Investment
Properties and any other Investment Property which, in each case, at all times satisfies each of
the Borrowing Pool Eligibility Criteria.

     “Eligible Special Membership Interest Holder” means (i) Carey REIT, III, (ii) any
Wholly-Owned Subsidiary of WP Carey & Co. LLC consented to in writing by the Administrative Agent
(such consent not to be unreasonably withheld) as a permitted owner and holder of the Special
Membership Interests or (iii) any other Person consented to in writing by each of the Lenders as a
permitted owner and holder of the Special Membership Interests.

     “Embargoed Person” means any party that (i) is publicly identified on the most current
list of “Specially Designated Nationals and Blocked Persons” published by the U.S. Treasury
Department’s Office of Foreign Assets Control (“OFAC”) or (ii) resides, is organized or

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chartered, or has a place of business in a country or territory that is the subject of OFAC
sanctions programs.

     “Environment” means ambient air, indoor air, surface water, groundwater, drinking
water, soil, surface and subsurface strata, and natural resources such as wetlands, flora and
fauna.

     “Environmental Laws” means any and all Federal, state, local, and foreign statutes,
laws, regulations, ordinances, rules, judgments, orders, decrees, permits, agreements or
governmental restrictions relating to pollution or the protection of the Environment or of human
health (to the extent related to exposure to Hazardous Materials), including those relating to the
manufacture, generation, handling, transport, storage, treatment, Release or threat of Release of
Hazardous Materials.

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

     “Environmental Permit” means any permit, approval, identification number, license or
other authorization required under any Environmental Law.

     “Equity Interests” means, with respect to any Person, all of the shares of capital
stock of (or other ownership or profit interests in) such Person, all of the warrants, options or
other rights for the purchase or acquisition from such Person of shares of capital stock of (or
other ownership or profit interests in) such Person, all of the securities convertible into or
exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person
or warrants, rights or options for the purchase or acquisition from such Person of such shares (or
such other interests), and all of the other ownership or profit interests in such Person (including
partnership, member or trust interests therein), whether voting or nonvoting, and whether or not
such shares, warrants, options, rights or other interests are outstanding on any date of
determination.

     “ERISA” means the Employee Retirement Income Security Act of 1974.

     “ERISA Affiliate” means any trade or business (whether or not incorporated) under
common control with any Loan Party within the meaning of Section 414(b) or (c) of the Code (and
Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the
Code).

     “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the
withdrawal of any Loan Party or any ERISA Affiliate from a Pension Plan subject to Section 4063 of
ERISA during a plan year in which such entity was a “substantial employer”

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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) a complete or partial withdrawal by any Loan Party
or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in
reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Pension Plan
amendment as a termination under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of
proceedings to terminate a Pension Plan; (f) any event or condition which constitutes grounds under
Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any
Pension Plan; (g) the determination that any Pension Plan is considered an at-risk plan or a plan
in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code or
Sections 303, 304 and 305 of ERISA; (h) 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 Loan
Party or any ERISA Affiliate; or (i) a failure by any Loan Party or any ERISA Affiliate to meet all
applicable requirements under the Pension Funding Rules in respect of a Pension Plan, whether or
not waived, or the failure by any Loan Party or any ERISA Affiliate to make any required
contribution to a Multiemployer Plan.

     “Eurodollar Rate” means:

     (a) for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal
to (i) the British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by Reuters
(or such other commercially available source providing quotations of BBA LIBOR as may be designated
by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two London
Banking Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery
on the first day of such Interest Period) with a term equivalent to such Interest Period or (ii) if
such rate is not available at such time for any reason, the rate per annum determined by the
Administrative Agent to be the rate at which deposits in Dollars for delivery on the first day of
such Interest Period in same day funds in the approximate amount of the Eurodollar Rate Loan being
made, continued or converted by Bank of America and with a term equivalent to such Interest Period
would be offered by Bank of America’s London Branch to major banks in the London interbank
eurodollar market at their request at approximately 11:00 a.m. (London time) two London Banking
Days prior to the commencement of such Interest Period; and

     (b) for any interest calculation with respect to a Base Rate Loan on any date, the rate per
annum equal to (i) BBA LIBOR, at approximately 11:00 a.m., London time, determined two London
Banking Days prior to such date for Dollar deposits being delivered in the London interbank market
for a term of one month commencing that day or (ii) if such published rate is not available at such
time for any reason, the rate per annum determined by the Administrative Agent to be the rate at
which deposits in Dollars for delivery on the date of determination in same day funds in the
approximate amount of the Base Rate Loan being made or maintained and with a term equal to one
month would be offered by Bank of America’s London Branch to major banks in the London interbank
Eurodollar market at their request at the date and time of determination.

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     “Eurodollar Rate Loan” means a Revolving Credit Loan that bears interest at a rate
based on clause (a) of the definition of “Eurodollar Rate”.

     “Event of Default” has the meaning specified in Section 8.01.

     “Excluded Subsidiary” means any Subsidiary of the Borrower that (i) does not own all
or any portion of any Eligible Investment Property included in the Borrowing Pool, (ii) does not,
directly or indirectly, own all or any portion of the Equity Interests of any Subsidiary that owns
an Eligible Investment Property included in the Borrowing Pool, (iii) has Secured Indebtedness that
(x) is owed to a Person that is not an Affiliate of the REIT or any Subsidiary thereof and (y) by
its terms does not permit such Subsidiary to guarantee the Obligations of the Borrower and (iv) is
designated as an “Excluded Subsidiary” on Schedule IV hereto or in a written notice
executed by a Responsible Officer of the Borrower and delivered to the Administrative Agent at the
time such Subsidiary incurs Secured Indebtedness of the type specified in clause (iii) of this
definition.

     “Excluded Taxes” means, with respect to the Administrative Agent, any Lender, the L/C
Issuer or any other recipient of any payment to be made by or on account of any obligation of any
Loan Party hereunder or under any other Loan Documents, (a) taxes imposed on or measured by its net
income (however denominated), and franchise taxes imposed on it (in lieu of net income taxes), by a
jurisdiction (or any political subdivision thereof) as a result of such recipient being organized
or having its principal office in such jurisdiction or, in the case of any Lender, in having its
applicable Lending Office in such jurisdiction, (b) any taxes in the nature of the branch profits
tax within the meaning of Section 884 of the Code imposed by any jurisdiction in which the
recipient is treated as being engaged in business (other than solely as a result of the
transactions contemplated by this Agreement), (c) other than an assignee pursuant to a request by
the Borrower under Section 10.13, any United States federal withholding tax that is imposed
on amounts payable to such Person pursuant to any Laws enacted prior to the time such Person
becomes a party hereto (or designates a new Lending Office), except to the extent that such Person
(or its assignor, if any) was entitled, at the time of designation of a new Lending Office (or
assignment), to receive additional amounts from any Loan Party with respect to such withholding tax
pursuant to Section 3.01(a) or (c), (d) any withholding tax that is attributable to
such Person’s failure to comply with Section 3.01(e), and (e) any United States federal
withholding tax that would not have been imposed but for a failure by a Lender (or any financial
institution through which any payment is made to such Lender) to comply with the procedures,
certifications, information reporting, disclosure, or other related requirements of newly enacted
Sections 1471-1474 of the Code and any amended or successor provisions and any regulations or
official guidance thereunder that is substantively comparable.

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

     “Federal Funds Rate” means, for any day, the rate per annum equal to the
weighted average of the rates on overnight Federal funds transactions with members of the Federal
Reserve System arranged by Federal funds brokers on such day, as published by the Federal

-17-

 

Reserve Bank of New York on the Business Day next succeeding such day; provided that
(a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on
such transactions on the next preceding Business Day as so published on the next succeeding
Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the
Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole
multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined
by the Administrative Agent.

     “Fee Letter” means the letter agreement, dated October 29, 2010, among the REIT, Bank
of America and the Arrangers.

     “Foreign Investment Property” means an Investment Property that is located outside of
the United States of America.

     “Foreign Subsidiary” means, with respect to any Person, a Subsidiary of such Person
that is not a Domestic Subsidiary.

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

     “Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect
to the L/C Issuer, such Defaulting Lender’s Applicable Percentage of the outstanding L/C
Obligations other than L/C Obligations as to which such Defaulting Lender’s participation
obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the
terms hereof, and (b) with respect to the Swing Line Lender, such Defaulting Lender’s Applicable
Percentage of Swing Line Loans other than Swing Line Loans as to which such Defaulting Lender’s
participation obligation has been reallocated to other Lenders or Cash Collateralized 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 set forth
in the opinions and pronouncements of the Accounting Principles Board and the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or such other principles as may be approved by a significant segment of the
accounting profession in the United States, that are applicable to the circumstances as of the date
of determination, consistently applied.

     “German Investment Property Owners” mean, collectively, (i) CPA16 German (DE) Limited
Partnership, a Delaware limited partnership and (ii)each Subsidiary of the REIT listed on
Schedule V hereto.

     “German Investment Properties” mean, collectively, the Investment Properties listed on
Schedule VI hereto.

-18-

 

     “Governmental Authority” means the government of the United States or any other
nation, or any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government (including any supra-national bodies such as the European Union or the European Central
Bank).

     “Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise, of
such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other
obligation payable or performable by another Person (the “primary obligor”) in any manner,
whether directly or indirectly, and including any obligation of such Person, direct or indirect,
(i) to purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for
the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the
payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital,
equity capital or any other financial statement condition or liquidity or level of income or cash
flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other
obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in
respect of such Indebtedness or other obligation of the payment or performance thereof or to
protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any
assets of such Person securing any Indebtedness or other obligation of any other Person, whether or
not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or
otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any
Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related
primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not
stated or determinable, the maximum reasonably anticipated liability in respect thereof as
determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a
corresponding meaning.

     “Guarantors” means, collectively, the Parent Guarantors, each Subsidiary of the REIT
listed on Schedule I and each other Domestic Subsidiary of the REIT that becomes a
guarantor of the Obligations in accordance with Section 6.12(b), in each case to the extent
such Subsidiary is not released from its guarantee of the Obligations by the Administrative Agent
in accordance with the Guaranty Agreement.

     “Guaranty Agreement” means the Continuing Guaranty made by the Guarantors in favor of
the Administrative Agent and the Lenders, substantially in the form of Exhibit G.

     “Guaranty-Restricted Defeasance Property” means each Defeasance Property listed under
Part A. of Schedule III hereto that, on the Closing Date, secures Non-Recourse Indebtedness
of an Affiliated Investor that by its terms does not permit such Affiliated Investor, or such
Affiliated Investor’s direct or indirect parent (other than the REIT, the Operating Partnership or
the Borrower), to guaranty the Obligations, provided that such direct or indirect parent
does not (i) own an Investment Property included in the Borrowing Pool or

-19-

 

(ii) directly or indirectly own any Equity Interests of another Affiliated Investor that owns
an Investment Property included in the Borrowing Pool.

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

     “Hedge Bank” means any Person that, at the time it enters into a Swap Contract
permitted under Article VII, is a Lender or an Affiliate of a Lender, in its capacity as a
party to such Swap Contract.

     “Immaterial Subsidiary” means, as of any date, any Subsidiary of the REIT (i) whose
assets, when taken together with the assets of all other Subsidiaries of the REIT that are
designated as “Immaterial Subsidiaries” in accordance with clause (ii) of this definition, have an
aggregate book value of less than $15,000,000 and (ii) is designated as an “Immaterial Subsidiary”
in a written notice executed by a Responsible Officer of the REIT and delivered to the
Administrative Agent.

     “Implied Debt Service” means, as of any date with respect to the Total Revolving
Credit Outstandings on such date, an imputed annual amount of principal and interest that would be
due on such Total Revolving Credit Outstandings if such Total Revolving Credit Outstandings were a
fully amortizing loan with equal monthly payments of principal and interest over a period of
twenty-five years at a per annum interest rate equal to the greater of (i) three percent (3.00%) in
excess of the then most-recently published annual yield to maturity of the U.S. Treasury Constant
Maturity Series with a ten (10) year maturity, as such yield is reported on such date in the
“Federal Reserve Statistical Release H.15 — Selected Interest Rates”, or any successor
publication, published by the FRB in effect on the date of calculation and (ii) 7.00%.

     “Indebtedness” means, as to any Person at a particular time, without duplication, all
of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:

     (a) all obligations of such Person for borrowed money and all obligations of such Person
evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

     (b) the maximum amount of all direct or contingent obligations of such Person in respect of
letters of credit (including standby and commercial), bankers’ acceptances and similar instruments
(including bank guaranties, surety bonds, comfort letters, keep-well agreements and capital
maintenance agreements) to the extent such instruments or agreements support financial, rather than
performance, obligations;

-20-

 

     (c) the aggregate net obligations, if any, of such Person under all Swap Contracts, taken as a
whole; provided, that if the aggregate net amount of such obligations is less than $0, the
amount of such Person’s Indebtedness under this clause (c) shall be $0;

     (d) all obligations of such Person to pay the deferred purchase price of property or services
(other than trade accounts payable in the ordinary course of business);

     (e) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or
being purchased by such Person (including indebtedness arising under conditional sales or other
title retention agreements), whether or not such indebtedness shall have been assumed by such
Person or is limited in recourse;

     (f) all Attributable Indebtedness in respect of Capitalized Leases and Synthetic Lease
Obligations of such Person and all Synthetic Debt of such Person;

     (g) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any
payment in respect of any Equity Interest in such Person or any other Person or any warrant, right
or option to acquire such Equity Interest (other than payments to the Special Membership Interest
Holder in respect of the Special Membership Interests to the extent permitted to be paid under
Section 7.06(g)(i)), valued, in the case of a redeemable preferred interest, at the greater
of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends;
and

     (h) all Guarantees of such Person in respect of any of the foregoing.

     For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any
partnership or joint venture (other than a joint venture that is itself a corporation or limited
liability company) in which such Person is a general partner or a joint venturer, unless such
Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation under
any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such
date.

     “Indemnified Taxes” means all Taxes other than Excluded Taxes.

     “Indemnitees” has the meaning specified in Section 10.04(b).

     “Information” has the meaning specified in Section 10.07.

     “Initial Eligible Investment Properties” means the Investment Properties set forth on
Schedule II hereto, each of which is included in the Borrowing Pool on the Closing Date.

     “Initial Revolver Maturity Date” means May 2, 2014.

     “Interest Payment Date” means, (a) as to any Eurodollar Rate Loan, the last day of
each Interest Period applicable to such Loan and the Maturity Date; provided,
however, that if any Interest Period for a Eurodollar Rate Loan exceeds three months, the
respective dates that fall every three months after the beginning of such Interest Period shall
also be Interest

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Payment Dates; and (b) as to any Base Rate Loan or Swing Line Loan, the last Business Day of
each March, June, September and December and the Maturity Date.

     “Interest Period” means, as to each Eurodollar Rate Loan, the period commencing on the
date such Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan
and ending on the date one, two, three or six months thereafter, as selected by the Borrower in its
Loan Notice; provided that:

     (a) any Interest Period that would otherwise end on a day that is not a Business Day shall be
extended to the next succeeding Business Day unless such Business Day falls in another calendar
month, in which case such Interest Period shall end on the next preceding Business Day;

     (b) any Interest Period that begins on the last Business Day of a calendar month (or on a day
for which there is no numerically corresponding day in the calendar month at the end of such
Interest Period) shall end on the last Business Day of the calendar month at the end of such
Interest Period; and

     (c) no Interest Period shall extend beyond the Maturity Date.

     “Investment” means, as to any Person, any direct or indirect acquisition or investment
by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests or
other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or
assumption of debt of, or purchase or other acquisition of any other debt or equity participation
or interest in, another Person, including any partnership or joint venture interest in such other
Person and any arrangement pursuant to which the investor Guarantees Indebtedness of such other
Person, (c) the purchase or other acquisition (in one transaction or a series of transactions) of
assets of another Person that constitute a business unit or all or a substantial part of the
business of, such Person or (d) the purchase, acquisition or other investment in any real property
or real property-related assets (including, without limitation, mortgage loans and other real
estate-related debt investments, investments in land holdings and Investment Properties, and costs
to construct real property assets under development). For purposes of covenant compliance, the
amount of any Investment shall be the amount actually invested, without adjustment for subsequent
increases or decreases in the value of such Investment.

     “Investment Property” means any real property that is 100% owned by one or more
Subsidiaries of the Borrower or, in the case of the German Investment Properties, by a German
Investment Property Owner.

     “Investment Property Net Operating Income” means, with respect to any Investment
Property at any time, an amount equal to (a) the aggregate gross revenues from the operation of
such Investment Property from tenants in occupancy and paying rent during the then most recently
ended fiscal quarter of the REIT for which financial statements have been provided to the
Administrative Agent and the Lenders, minus (b) the sum of (i) all expenses and other proper
charges incurred by the Consolidated Group during such fiscal quarter in connection

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with the operation of such Investment Property (including accruals for real estate taxes and
insurance, but excluding debt service charges, income taxes, depreciation, amortization and other
non-cash expenses), which expenses and accruals shall be calculated in accordance with GAAP and
(ii) a management, advisory or similar fee in an amount equal to the greater of (x) three percent
(3.00%) of the rent payable in respect of such Investment Property during such fiscal quarter and
(y) actual management, advisory or similar fees paid in cash during such fiscal quarter.
Notwithstanding the foregoing, the Investment Property Net Operating Income with respect to any
Investment Property that has not at the time of determination been owned by one or more Affiliated
Investors for an entire fiscal quarter shall be deemed to be the Projected Investment Property NOI
of such Investment Property.

     “IP Rights” has the meaning specified in Section 5.18.

     “IRS” means the United States Internal Revenue Service.

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

     “Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit
Application, and any other document, agreement and instrument entered into by the L/C Issuer and
the Borrower (or any Subsidiary) or in favor of the L/C Issuer and relating to such Letter of
Credit.

     “Laws” means, collectively, all international, foreign, Federal, state and local
statutes, treaties, rules, guidelines, regulations, ordinances, codes 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.

     “L/C Advance” means, with respect to each Lender, such Lender’s funding of its
participation in any L/C Borrowing in accordance with its Applicable Percentage.

     “L/C Borrowing” means an extension of credit resulting from a drawing under any Letter
of Credit which has not been reimbursed on the date when made or refinanced as a Revolving Credit
Borrowing.

     “L/C Credit Extension” means, with respect to any Letter of Credit, the issuance
thereof or extension of the expiry date thereof, or the increase of the amount thereof.

     “L/C Issuer” means Bank of America in its capacity as issuer of Letters of Credit
hereunder, or any successor issuer of Letters of Credit hereunder.

-23-

 

     “L/C Obligations” means, at any date of determination, the aggregate amount available
to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed
Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn
under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance
with Section 1.06. For all purposes of this Agreement, if on any date of determination a
Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of
the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in
the amount so remaining available to be drawn.

     “Lender” has the meaning specified in the introductory paragraph hereto and, as the
context requires, includes the Swing Line Lender.

     “Lending Office” means, as to any Lender, the office or offices of such Lender
described as such in such Lender’s Administrative Questionnaire, or such other office or offices as
a Lender may from time to time notify the Borrower and the Administrative Agent.

     “Letter of Credit” means any standby letter of credit issued hereunder.

     “Letter of Credit Application” means an application and agreement for the issuance or
amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer.

     “Letter of Credit Expiration Date” means the day that is seven days prior to the
Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business
Day).

     “Letter of Credit Fee” has the meaning specified in Section 2.03(i).

     “Letter of Credit Sublimit” means, at any time, the lesser of (a) $15,000,000 and (b)
the Aggregate Commitments at such time. The Letter of Credit Sublimit is part of, and not in
addition to, the Aggregate Commitments.

     “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, easement, right-of-way or other encumbrance on title to real property, lien (statutory
or other), charge, or preference, priority or other security interest or preferential arrangement
in the nature of a security interest of any kind or nature whatsoever (including any conditional
sale or other title retention agreement, and any financing lease having substantially the same
economic effect as any of the foregoing).

     “Loan” means an extension of credit by a Lender to the Borrower under Article
II in the form of a Revolving Credit Loan or a Swing Line Loan.

     “Loan Documents” means, collectively, (a) this Agreement, (b) the Notes, (c) the
Guaranty Agreement, (d) the Collateral Documents, (e) the Fee Letter, (f) each Issuer Document, (g)
each Secured Hedge Agreement and (h) the Defeasance Escrow Agreements.

     “Loan Notice” means a notice of (a) a Revolving Credit Borrowing, (b) a conversion of
Revolving Credit Loans from one Type to the other, or (c) a continuation of Eurodollar

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Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially
in the form of Exhibit A.

     “Loan Parties” means, collectively, the Borrower and each Guarantor.

     “London Banking Day” means any day on which dealings in Dollar deposits are conducted
by and between banks in the London interbank eurodollar market.

     “Material Adverse Effect” means (a) a material adverse change in, or a material
adverse effect upon, the operations, business, assets, properties, liabilities (actual or
contingent), condition (financial or otherwise) or prospects of the REIT or the REIT and its
Subsidiaries, taken as a whole; (b) a material impairment of the rights and remedies of the
Administrative Agent or any Lender under any Loan Document, or of the ability of any Loan Party to
perform its obligations under any Loan Document to which it is a party; or (c) a material adverse
effect upon the legality, validity, binding effect or enforceability against any Loan Party of any
Loan Document to which it is a party.

     “Material Contract” means, with respect to any Person, each contract to which such
Person is a party involving aggregate consideration payable to or by such Person of $15,000,000 or
more in any year or otherwise material to the business, condition (financial or otherwise),
operations, performance, properties or prospects of such Person.

     “Maturity Date” means later of (i) the Initial Revolver Maturity Date and (ii) if the
Initial Revolver Maturity Date is extended pursuant to Section 2.14, such extended maturity
date as determined pursuant to such Section; provided, however, that, in each case,
if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day.

     “Merger” has the meaning specified in the Preliminary Statements.

     “Merger Agreement” has the meaning specified in the Preliminary Statements.

     “Minnesota Hotel Franchise License Comfort Letter” means a letter agreement in form
and substance reasonably satisfactory to the Administrative Agent among Hilton Inns Inc., a
Delaware corporation, the Minnesota Hotel Property Lessee and the Administrative Agent relating to
the pledge provided in favor of the Administrative Agent, for the benefit of the Secured Parties,
of Equity Interests of the Minnesota Hotel Property Owner.

     “Minnesota Hotel Property” means the Investment Property consisting of a Hilton hotel
located at 3900 American Blvd. West, Bloomington, Minnesota.

     “Minnesota Hotel Property Lessee” means Hotel Operator (MN) TRS 16-87, Inc., a
Delaware corporation.

     “Minnesota Hotel Property Owner” means Hotel (MN) QRS 16-84, Inc., a Delaware
corporation.

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     “MLPF&S” means Merrill Lynch, Pierce, Fenner & Smith Incorporated and its successors.

     “Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.

     “Mortgageability Amount” means, as of any date, the maximum amount of Total Revolving
Credit Outstandings that could be outstanding on such date such that the ratio of (i) Aggregate
Mortgageability Cash Flow on such date to (ii) the Implied Debt Service of such Total Revolving
Credit Outstandings would equal at least 1.60 to 1.00.

     “Mortgageability Cash Flow” means, as of any time with respect to any Eligible
Investment Property, an amount equal to the product of (i) the Investment Property Net Operating
Income for such Investment Property at such time, multiplied by (ii) four.

     “Multiemployer Plan” means any employee benefit plan of the type described in Section
4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate makes or is obligated to make
contributions, or during the preceding five plan years, has made or been obligated to make
contributions.

     “Multiple Employer Plan” means a Plan which has two or more contributing sponsors
(including any Loan Party or any ERISA Affiliate) at least two of whom are not under common
control, as such a plan is described in Section 4064 of ERISA.

     “Net Cash Proceeds” means, with respect to any issuance and sale by the REIT of any of
its Equity Interests, the excess of (i) the sum of the cash and Cash Equivalents received by the
REIT in connection with such issuance and sale, less (ii) the reasonable underwriting
discounts and commissions, and other reasonable out-of-pocket expenses, incurred by the REIT in
connection with such issuance or sale.

     “New Lender Joinder Agreement” has the meaning specified in Section 2.15(c).

     “Non-Recourse Indebtedness” means Indebtedness of a Person (i) as to which no Loan
Party (a) provides any Guarantee or credit support of any kind (including any undertaking,
Guarantee, indemnity, agreement or instrument that would constitute Indebtedness) or (b) is
directly or indirectly liable (as a guarantor or otherwise), in each case except for
typical and customary exceptions for fraud, misrepresentation, misapplication of cash, waste,
failure to pay taxes, environmental claims and liabilities, prohibited transfers, violations of
single purpose entity covenants, and other circumstances customarily excluded by institutional
lenders from exculpation provisions and/or included in separate guaranty or indemnification
agreements in non-recourse or tax-exempt financings of real estate or (ii) consisting of a
completion guaranty or similar commitment provided by such Person in connection with an investment
made by such Person.

     “Nonvoting Common Shares” means the 125 shares of non-voting common Equity Interests
of the Borrower issued and outstanding on the Closing Date.

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     “Note” means a promissory note made by the Borrower in favor of a Lender evidencing
Revolving Credit Loans or Swing Line Loans, as the case may be, made by such Lender, substantially
in the form of Exhibit C.

     “NPL” means the National Priorities List under CERCLA.

     “Obligations” means, collectively, (i) all advances to, and debts, liabilities,
obligations, covenants and duties of, any Loan Party arising under any Loan Document (other than
any Secured Hedge Agreement) or otherwise with respect to any Loan or Letter of Credit, in each
case whether direct or indirect (including those acquired by assumption), absolute or contingent,
due or to become due, now existing or hereafter arising and including interest and fees that accrue
after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding
under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of
whether such interest and fees are allowed claims in such proceeding, (ii) all advances to, and
debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Secured
Hedge Agreement and (iii) all indebtedness, liabilities, duties and obligations of any Loan Party
arising out of Bank of America or any Affiliate of Bank of America providing treasury management
services to, for the benefit of or otherwise in respect of such Loan Party, including, without
limitation, intraday credit, Automated Clearing House (ACH) services, foreign exchange services,
overdrafts and zero balance arrangements, and any instruments, agreements or other documents
executed in connection therewith.

     “OFAC” has the meaning specified in the definition of “Embargoed Person.”

     “Organization Documents” means, (a) with respect to any corporation, the certificate
or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents
with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the
certificate or articles of formation or organization and operating agreement; and (c) with respect
to any partnership, joint venture, trust or other form of business entity, the partnership, joint
venture or other applicable agreement of formation or organization and any agreement, instrument,
filing or notice with respect thereto filed in connection with its formation or organization with
the applicable Governmental Authority in the jurisdiction of its formation or organization and, if
applicable, any certificate or articles of formation or organization of such entity.

     “Other Taxes” means any and all present or future stamp or documentary Taxes or any
other excise, property or similar Taxes arising from any payment made hereunder or under any other
Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this
Agreement or any other Loan Document.

     “Outstanding Amount” means (a) with respect to any Revolving Credit Loan or Swing Line
Loan, as applicable, on any date, the aggregate outstanding principal amount thereof after giving
effect to any borrowings and prepayments or repayments of such Revolving Credit Loan or Swing Line
Loan, as the case may be, occurring on such date; and (b) with respect to any L/C Obligations on
any date, the amount of such L/C Obligations on such date

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after giving effect to any L/C Credit Extension occurring on such date and any other changes
in the aggregate amount of the L/C Obligations as of such date, including as a result of any
reimbursements by the Borrower of Unreimbursed Amounts.

     “Ownership Percentage” means, with respect to any Consolidated Affiliate at any time,
the percentage interest held by the REIT in such Consolidated Affiliate determined by calculating
the percentage of Equity Interests of such Consolidated Affiliate owned, directly or indirectly, by
the REIT at such time.

     “Parent Guarantors” has the meaning specified in the introductory paragraph hereto.

     “Participant” has the meaning specified in Section 10.06(d).

     “PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto.

     “Pension Act” means the Pension Protection Act of 2006.

     “Pension Funding Rules” means the rules of the Code and ERISA regarding minimum
required contributions (including any installment payment thereof) to Pension Plans and set forth
in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412
of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act and, thereafter,
Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

     “Pension Plan” means any employee pension benefit plan (other than a Multiemployer
Plan) that is maintained or is contributed to by any Loan Party and any ERISA Affiliate and is
either covered by Title IV of ERISA or is subject to the minimum funding standards under Section
412 of the Code.

     “Permitted Investments” means Investments by any Subsidiary of the Borrower or by any
German Investment Property Owner made pursuant to Section 7.03(c), (d), or
(e).

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

     “Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA
(including a Pension Plan), maintained by any Loan Party or any ERISA Affiliate to which any Loan
Party or any ERISA Affiliate is required to contribute on behalf of any of its employees.

     “Platform” has the meaning specified in Section 6.02.

     “Pledge Agreement” means the Pledge Agreement between the Loan Parties and the
Administrative Agent, substantially in the form of Exhibit H.

     “Pledge-Restricted Defeasance Property” means each Defeasance Property listed under
Part B. of Schedule III hereto that, on the Closing Date, secures Non-Recourse

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Indebtedness of an Affiliated Investor that by its terms does not permit the Equity Interests
of such Affiliated Investor, or the Equity Interests of such Affiliated Investor’s direct or
indirect parent (other than the REIT, the Operating Partnership or the Borrower), to be pledged as
collateral securing the Obligations, provided that such direct or indirect parent does not
own an Investment Property included in the Borrowing Pool or directly or indirectly own any Equity
Interests of another Affiliated Investor that owns an Investment Property included in the Borrowing
Pool.

     “Projected Investment Property NOI” means, with respect to any Investment Property
that has not at the time of determination been owned by one or more Affiliated Investors for an
entire fiscal quarter, the projected, pro forma Investment Property Net Operating Income for such
Investment Property for such fiscal quarter as mutually agreed by the Borrower and the
Administrative Agent based on (i) if available, historical financial statements for such Investment
Property under prior ownership for the full fiscal quarter ended immediately prior to the date of
determination or (ii) if such historical financial statements are not available, the projected
aggregate gross revenues from the operation of such Investment Property from tenants in occupancy
and paying rent for the fiscal quarter during which such determination is made (calculated on a pro
forma basis based on the assumption that such tenants were in occupancy and paying rent from and
after the first day of such fiscal quarter through and including the last day thereof).

     “Public Lender” has the meaning specified in Section 6.02.

     “Recourse Indebtedness” means Indebtedness for borrowed money in respect of which
recourse for payment (except for (i) customary exceptions for fraud, misrepresentation,
misapplication of cash, waste, failure to pay taxes, environmental claims and liabilities,
prohibited transfers, violations of single purpose entity covenants, and other circumstances
customarily excluded by institutional lenders from exculpation provisions and/or included in
separate guaranty or indemnification agreements in non-recourse or tax-exempt financings of real
estate or (ii) in respect of any completion guaranty or similar commitment provided in connection
with an investment) is to any Loan Party.

     “Register” has the meaning specified in Section 10.06(c).

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

     “Release” means any release, spill, emission, discharge, deposit, disposal, leaking,
pumping, pouring, dumping, emptying, injection or leaching into the Environment, or into, from or
through any building, structure or facility.

     “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA,
other than events for which the 30 day notice period has been waived.

     “Request for Credit Extension” means (a) with respect to a Borrowing, conversion or
continuation of Revolving Credit Loans, a Loan Notice, (b) with respect to an L/C Credit

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Extension, a Letter of Credit Application, and (c) with respect to a Swing Line Loan, a Swing
Line Loan Notice.

     “Required Lenders” means, as of any date of determination, at least two Lenders
holding more than 50% of the sum of the (a) Total Revolving Credit Outstandings (with the aggregate
amount of each Lender’s risk participation and funded participation in L/C Obligations and Swing
Line Loans being deemed “held” by such Lender for purposes of this definition) and (b) aggregate
unused Commitments; provided that the unused Commitment of, and the portion of the Total
Revolving Credit Outstandings held or deemed held by, any Defaulting Lender shall be excluded for
purposes of making a determination of Required Lenders.

     “Responsible Officer” means the chief executive officer, president, chief financial
officer, treasurer or controller of a Loan Party and solely for purposes of the delivery of
incumbency certificates pursuant to Section 4.01, the secretary or any assistant secretary
of a Loan Party. Any document delivered hereunder that is signed by a Responsible Officer of a
Loan Party shall be conclusively presumed to have been authorized by all necessary corporate,
partnership and/or other action on the part of such Loan Party and such Responsible Officer shall
be conclusively presumed to have acted on behalf of such Loan Party.

     “Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any capital stock or other Equity Interest of any
Person or any of its Subsidiaries, or any payment (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
defeasance, acquisition, cancellation or termination of any such capital stock or other Equity
Interest, or on account of any return of capital to such Person’s direct or indirect stockholders,
partners or members (or the equivalent of any thereof), or any option, warrant or other right to
acquire any such dividend or other distribution or payment.

     “Revolving Credit Borrowing” means a borrowing consisting of simultaneous Revolving
Credit Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest
Period made by each of the Lenders pursuant to Section 2.01(b).

     “Revolving Credit Loan” has the meaning specified in Section 2.01.

     “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc., and any successor thereto.

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

     “Second-Tier CFC” means a Subsidiary of the REIT (a) that is a “controlled foreign
corporation” (as defined in Section 957 of the Code) and (b) whose direct or indirect parent is
also a “controlled foreign corporation.”

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     “Secured Hedge Agreement” means any Swap Contract permitted under Article VII
that is entered into by and between any Loan Party and any Hedge Bank.

     “Secured Indebtedness” means, with respect to any Person, all Indebtedness of such
Person that is secured by a mortgage, deed of trust, lien, pledge, encumbrance, security interest
or other Lien.

     “Secured Parties” means, collectively, the Administrative Agent, the Lenders, the L/C
Issuer, the Hedge Banks, each co-agent or sub-agent appointed by the Administrative Agent from time
to time pursuant to Section 9.05, Bank of America (or any Affiliate of Bank of America) as
the provider of any treasury management services described in clause (ii) of the definition of
“Obligations”, and the other Persons the Obligations owing to which are or are purported to be
secured by the Collateral under the terms of the Collateral Documents.

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

     “Solvency Certificate” means a Solvency Certificate of the chief financial officer of
the Borrower substantially in the form of Exhibit J.

     “Special Membership Interests” means common, non-voting Equity Interests in the
Operating Partnership owned and held by the Special Membership Interest Holder.

     “Special Membership Interest Holder” means Carey REIT, III, a Maryland corporation, or
any other Eligible Special Membership Interest Holder that owns and holds the Special Membership
Interests.

     “Subsidiary” of a Person means a corporation, partnership, joint venture, limited
liability company or other business entity of which a majority of the shares of securities or other
interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency)
are at the time beneficially owned, or the management of which is otherwise controlled, directly,
or indirectly through one or more intermediaries, or both, by such Person.

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Unless otherwise specified, all references herein to a “Subsidiary” or to
“Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower.

     “Subsidiary Guarantors” means, collectively, all of the Guarantors other than the REIT
and the Operating Partnership.

     “Substituted Investment Property” has the meaning specified in Section
2.18(e).

     “Successor Special Membership Interest Holder” has the meaning specified in
Section 7.06(g).

     “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit
derivative transactions, forward rate transactions, commodity swaps, commodity options, forward
commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest
rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross-currency rate swap transactions, currency options,
spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b) any and all transactions of any kind, and
the related confirmations, which are subject to the terms and conditions of, or governed by, any
form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement (any such master
agreement, together with any related schedules, a “Master Agreement”), including any such
obligations or liabilities under any Master Agreement.

     “Swap Termination Value” means, in respect of any one or more Swap Contracts, after
taking into account the effect of any legally enforceable netting agreement relating to such Swap
Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and
termination value(s) determined in accordance therewith, such termination value(s), and (b) for any
date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market
value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily
available quotations provided by any recognized dealer in such Swap Contracts (which may include a
Lender or any Affiliate of a Lender).

     “Swing Line Borrowing” means a borrowing of a Swing Line Loan pursuant to Section
2.04.

     “Swing Line Lender” means Bank of America in its capacity as provider of Swing Line
Loans, or any successor swing line lender hereunder.

     “Swing Line Loan” has the meaning specified in Section 2.04(a).

     “Swing Line Loan Notice” means a notice of a Swing Line Borrowing pursuant to
Section 2.04(b), which, if in writing, shall be substantially in the form of Exhibit
B.

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     “Swing Line Sublimit” means the lesser of (a) $10,000,000 and (b) the Aggregate
Commitments at such time. The Swing Line Sublimit is part of, and not in addition to, the
Aggregate Commitments.

     “Synthetic Debt” means, with respect to any Person as of any date of determination
thereof, all obligations of such Person in respect of transactions entered into by such Person that
are intended to function primarily as a borrowing of funds (including any minority interest
transactions that function primarily as a borrowing) but are not otherwise included in the
definition of “Indebtedness” or as a liability on the consolidated balance sheet of such Person and
its Subsidiaries in accordance with GAAP.

     “Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a
so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or
possession of property (including sale and leaseback transactions), in each case, creating
obligations that do not appear on the balance sheet of such Person but which, upon the application
of any Debtor Relief Laws to such Person, would be characterized as indebtedness of such Person
(without regard to accounting treatment).

     “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.

     “Threshold Amount” means $25,000,000.

     “Total Asset Value” means, as of any time for the Consolidated Group, without
duplication, the sum of (a) the Unrestricted Cash Amount at such time, plus (b) with respect to
each Investment Property owned by one or more Affiliated Investors for more than two full fiscal
quarters for which financial statements have been provided to the Administrative Agent and the
Lenders, (i) Adjusted Property EBITDA for such Investment Property for the then most recently ended
two consecutive fiscal quarter period of the REIT, multiplied by (ii) two (2) and divided by (iii)
the Capitalization Rate, plus (c) with respect to each Investment Property owned by one or more
Affiliated Investors for less than two full fiscal quarters for which financial statements have
been provided to the Administrative Agent and the Lenders, the book value of such Investment
Property, plus (d) the aggregate book value of all Permitted Investments owned by the Consolidated
Group at such time, plus (e) the Consolidated Group Pro Rata Share of each of the items referenced
in clauses (a) through (d) of this definition (and the components thereof) to the extent relating
to Investment Properties, cash and Cash Equivalents or Permitted Investments, as applicable, owned
by Unconsolidated Affiliates; provided, that “Total Asset Value” shall exclude (a) any
value allocated to joint ventures between one or more members of the Consolidated Group and one or
more Carey Affiliates to the extent in excess of 35% of the Total Asset Value and (b) any value
allocated to joint ventures between one or more members of the Consolidated Group and one or more
Persons that are not Carey Affiliates to the extent in excess of 3.5% of the Total Asset Value;
provided, further, that in the case of the portion, if any, of Total Asset Value
attributable to

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any Consolidated Affiliate, such portion shall only be included in Total Asset Value to the
extent of the Ownership Percentage of such Consolidated Affiliate.

     “Total Equity Value” means, at any time, the excess of (a) the Total Asset Value at
such time, minus (b) Consolidated Total Indebtedness at such time.

     “Total G&A Expense” means, for any period, the total general and administrative
expenses of the Consolidated Group for such period, as determined in accordance with GAAP.

     “Total Revolving Credit Outstandings” means the aggregate Outstanding Amount of all
Revolving Credit Loans, Swing Line Loans and L/C Obligations.

     “Type” means, with respect to a Revolving Credit Loan, its character as a Base Rate
Loan or a Eurodollar Rate Loan.

     “UCC” means the Uniform Commercial Code as in effect in the State of New York;
provided that, if perfection or the effect of perfection or non-perfection or the priority
of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect
in a jurisdiction other than the State of New York, “UCC” means the Uniform Commercial Code
as in effect from time to time in such other jurisdiction for purposes of the provisions hereof
relating to such perfection, effect of perfection or non-perfection or priority.

     “UCP 600” means the Uniform Customs and Practice for Documentary Credits,
International Chamber of Commerce Publication No. 600 (2007 Revision).

     “Unconsolidated Affiliate” means, at any date, any Person (x) in which the
Consolidated Group, directly or indirectly, holds an Equity Interest, which investment is accounted
for in the consolidated financial statements of the Consolidated Group on an equity basis of
accounting and (y) whose financial results are not consolidated with the financial results of the
Consolidated Group under GAAP.

     “United States” and “U.S.” mean the United States of America.

     “Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i).

     “Unrestricted Cash Amount” means, as of any date, an amount equal to the aggregate
amount of cash and Cash Equivalents of the Consolidated Group on such date that are not subject to
any pledge, Lien or control agreement (excluding statutory Liens in favor of any depositary bank
where such cash is maintained).

     “Unused Fee” has the meaning specified in Section 2.09(a).

     “Voting Equity Interests” means, with respect to any Person, any class or classes of
Equity Interests pursuant to which the holders thereof have the general voting power under ordinary
circumstances to elect at least a majority of the board of directors (or comparable governing body)
of such Person.

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     “Wholly Owned Subsidiary” means, as to any Person, (a) any corporation 100% of
whose Equity Interests (other than directors’ qualifying shares) is at the time owned by such
Person and/or one or more Wholly Owned Subsidiaries of such Person and (b) any partnership,
association, joint venture, limited liability company or other entity in which such Person and/or
one or more Wholly Owned Subsidiaries of such Person have a 100% equity interest at such time.

     1.02. Other Interpretive Provisions. With reference to this Agreement and each other Loan
Document, unless otherwise specified herein or in such other Loan Document:

          (a) The definitions of terms herein shall apply equally to the singular and plural forms of
the terms defined. Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be
deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to
have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i)
any definition of or reference to any agreement, instrument or other document (including any
Organization Document) shall be construed as referring to such agreement, instrument or other
document as from time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein or in any other Loan
Document), (ii) any reference herein to any Person shall be construed to include such Person’s
successors and assigns, (iii) the words “hereto,” “herein,” “hereof” and “hereunder,” and words of
similar import when used in any Loan Document, shall be construed to refer to such Loan Document in
its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to
Articles, Sections, Preliminary Statements, Exhibits and Schedules shall be construed to refer to
Articles and Sections of, and Preliminary Statements, Exhibits and Schedules to, the Loan Document
in which such references appear, (v) any reference to any law shall include all statutory and
regulatory provisions consolidating, amending, replacing or interpreting such law and any reference
to any law or regulation shall, unless otherwise specified, refer to such law or regulation as
amended, modified or supplemented from time to time, and (vi) the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to any and
all tangible and intangible assets and properties, including cash, securities, accounts and
contract rights.

          (b) 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.”

          (c) Section headings herein and in the other Loan Documents are included for convenience of
reference only and shall not affect the interpretation of this Agreement or any other Loan
Document.

     1.03. Accounting Terms.

          (a) Generally. All accounting terms not specifically or completely defined herein
shall be construed in conformity with, and all financial data (including financial ratios

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and other financial calculations) required to be submitted pursuant to this Agreement shall be
prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time,
applied in a manner consistent with that used in preparing the Audited Financial Statements,
except as otherwise specifically prescribed herein. Notwithstanding the foregoing, for
purposes of determining compliance with any covenant (including the computation of any financial
covenant) contained herein, Indebtedness of the Consolidated Group shall be deemed to be carried at
100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC
470-20 on financial liabilities shall be disregarded.

          (b) Changes in GAAP. 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 Required 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 Required Lenders); provided
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.

          (c) Consolidation of Variable Interest Entities. All references herein to
consolidated financial statements of the REIT and its Subsidiaries or the Consolidated Group or to
the determination of any amount for the REIT and its Subsidiaries or the Consolidated Group on a
consolidated basis or any similar reference shall, in each case, be deemed to include each variable
interest entity that the REIT or the Consolidated Group, as applicable, is required to consolidate
pursuant to FASB ASC 810 as if such variable interest entity were a Subsidiary as defined herein.

     1.04. Rounding. Any financial ratios required to be maintained by the Borrower pursuant to this
Agreement shall be calculated by dividing the appropriate component by the other component,
carrying the result to one place more than the number of places by which such ratio is expressed
herein and rounding the result up or down to the nearest number (with a rounding-up if there is no
nearest number).

     1.05. Times of Day. Unless otherwise specified, all references herein to times of day shall be
references to Eastern time (daylight or standard, as applicable).

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

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ARTICLE II

THE COMMITMENTS AND CREDIT EXTENSIONS

     2.01. The Revolving Credit Borrowings. Subject to the terms and conditions set forth herein,
each Lender severally agrees to make loans (each such loan, a “Revolving Credit Loan”) to
the Borrower from time to time, on any Business Day during the Availability Period, in an aggregate
amount not to exceed at any time outstanding the amount of such Lender’s Commitment;
provided, however, that after giving effect to any Revolving Credit Borrowing, (i)
the Total Revolving Credit Outstandings shall not exceed the least of (x) the Borrowing Base Amount
at such time, (y) the Mortgageability Amount at such time and (z) the Aggregate Commitments at such
time and (ii) the aggregate Outstanding Amount of the Revolving Credit Loans of any Lender, plus
such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such
Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed
such Lender’s Commitment. Within the limits of each Lender’s Commitment, and subject to the other
terms and conditions hereof, the Borrower may borrow under this Section 2.01, prepay under
Section 2.05, and reborrow under this Section 2.01. Revolving Credit Loans may be
Base Rate Loans or Eurodollar Rate Loans, as further provided herein.

     2.02. Borrowings, Conversions and Continuations of Loans.

          (a) Each Revolving Credit Borrowing, each conversion of Revolving Credit Loans from one Type
to the other, and each continuation of Eurodollar Rate Loans shall be made upon the Borrower’s
irrevocable notice to the Administrative Agent, which may be given by telephone. Each such notice
must be received by the Administrative Agent not later than 11:00 a.m. (i) three Business Days
prior to the requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate
Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans, and (ii) one Business Day
prior to the requested date of any Borrowing of Base Rate Loans. Each telephonic notice by the
Borrower pursuant to this Section 2.02(a) must be confirmed promptly by delivery to the
Administrative Agent of a written Loan Notice, appropriately completed and signed by a Responsible
Officer of the Borrower. Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans
shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof.
Except as provided in Sections 2.03(c) and 2.04(c), each Borrowing of or conversion
to Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in
excess thereof. Each Loan Notice (whether telephonic or written) shall specify (i) whether the
Borrower is requesting a Revolving Credit Borrowing, a conversion of Revolving Credit Loans from
one Type to the other, or a continuation of Eurodollar Rate Loans, (ii) the requested date of the
Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii)
the principal amount of Revolving Credit Loans to be borrowed, converted or continued, (iv) the
Type of Revolving Credit Loans to be borrowed or to which existing Revolving Credit Loans are to be
converted, and (v) if applicable, the duration of the Interest Period with respect thereto. If the
Borrower fails to specify a Type of Revolving Credit Loan in a Loan Notice or if the Borrower fails
to give a timely notice requesting a conversion or continuation, then the applicable Revolving
Credit Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to
Base Rate Loans shall be

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effective as of the last day of the Interest Period then in effect with respect to the
applicable Eurodollar Rate Loans. If the Borrower requests a Borrowing of, conversion to, or
continuation of Eurodollar Rate Loans in any such Loan Notice, but fails to specify an Interest
Period, it will be deemed to have specified an Interest Period of one month. Notwithstanding
anything to the contrary herein, a Swing Line Loan may not be converted to a Eurodollar Rate Loan.

          (b) Following receipt of a Loan Notice, the Administrative Agent shall promptly notify each
Lender of the amount of its Applicable Percentage of the applicable Revolving Credit Loans, and if
no timely notice of a conversion or continuation is provided by the Borrower, the Administrative
Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans
described in Section 2.02(a). Each Lender shall make the amount of its Revolving Credit
Loan available to the Administrative Agent in immediately available funds at the Administrative
Agent’s Office not later than 1:00 p.m. on the Business Day specified in the applicable Loan
Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if
such Borrowing is the initial Credit Extension, Section 4.01), the Administrative Agent
shall make all funds so received available to the Borrower in like funds as received by the
Administrative Agent either by (i) crediting the account of the Borrower on the books of Bank of
America with the amount of such funds or (ii) wire transfer of such funds, in each case in
accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by
the Borrower; provided, however, that if, on the date a Loan Notice with respect to
a Revolving Credit Borrowing is given by the Borrower, there are L/C Borrowings outstanding, then
the proceeds of such Revolving Credit Borrowing, first, shall be applied to the payment in
full of any such L/C Borrowings, and second, shall be made available to the Borrower as
provided above.

          (c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted
only on the last day of an Interest Period for such Eurodollar Rate Loan. During the existence of
a Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans without
the consent of the Required Lenders.

          (d) The Administrative Agent shall promptly notify the Borrower and the Lenders of the
interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of
such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent
shall notify the Borrower and the Lenders of any change in Bank of America’s prime rate used in
determining the Base Rate promptly following the public announcement of such change.

          (e) After giving effect to all Revolving Credit Borrowings, all conversions of Revolving
Credit Loans from one Type to the other, and all continuations of Revolving Credit Loans as the
same Type, there shall not be more than five (5) Interest Periods in effect in respect of the
Revolving Credit Loans.

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     2.03. Letters of Credit.

          (a) The Letter of Credit Commitment. (i) Subject to the terms and conditions set
forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth
in this Section 2.03, (1) from time to time on any Business Day during the period from the
Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account
of the REIT or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it,
in accordance with Section 2.03(b), and (2) to honor compliant drawings under the Letters
of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the
account of the REIT or its Subsidiaries and any drawings thereunder; provided that after
giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total
Revolving Credit Outstandings shall not exceed the least of the (1) the Borrowing Base Amount at
such time, (2) the Mortgageability Amount at such time and (3) the Aggregate Commitments at such
time, (y) the aggregate Outstanding Amount of the Revolving Credit Loans of any Lender,
plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations,
plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans
shall not exceed such Lender’s Commitment, and (z) the Outstanding Amount of the L/C Obligations
shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or
amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that the L/C
Credit Extension so requested complies with the conditions set forth in the proviso to the
preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof,
the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the
Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit
that have expired or that have been drawn upon and reimbursed.

          (ii) The L/C Issuer shall not issue any Letter of Credit if, subject to Section
2.03(b)(iii), the expiry date of the requested Letter of Credit would occur more than
twelve months after the date of issuance or last extension, unless the Administrative Agent
and the L/C Issuer have approved such expiry date; provided that in no event will
any Letter of Credit have an expiry date that is later than the first anniversary of the
Maturity Date.

          (iii) The L/C Issuer shall not be under any obligation to issue any Letter of Credit
if:

          (A) any order, judgment or decree of any Governmental Authority or arbitrator
shall by its terms purport to enjoin or restrain the L/C Issuer from issuing that
Letter of Credit, or any Law applicable to the L/C Issuer or any request or
directive (whether or not having the force of law) from any Governmental Authority
with jurisdiction over the L/C Issuer shall prohibit, or request that the L/C Issuer
refrain from, the issuance of letters of credit generally or that Letter of Credit
in particular or shall impose upon the L/C Issuer with respect to that Letter of
Credit any restriction, reserve or capital requirement (for which the L/C Issuer is
not otherwise compensated hereunder) not in effect on the Closing Date, or shall
impose upon the L/C

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Issuer any unreimbursed loss, cost or expense which was not applicable on the
Closing Date and which the L/C Issuer in good faith deems material to it;

          (B) the issuance of that Letter of Credit would violate one or more policies of
the L/C Issuer applicable to letters of credit generally;

          (C) except as otherwise agreed by the Administrative Agent and the L/C Issuer,
that Letter of Credit is in an initial stated amount less than $500,000;

          (D) that Letter of Credit is to be denominated in a currency other than
Dollars; or

          (E) any Lender is at that time a Defaulting Lender, unless the L/C Issuer has
entered into arrangements, including the delivery of Cash Collateral, satisfactory
to the L/C Issuer (in its sole discretion) with the Borrower or such Lender to
eliminate the L/C Issuer’s actual or potential Fronting Exposure (after giving
effect to Section 2.17(a)(iv)) with respect to the Defaulting Lender arising
from that Letter of Credit and all other L/C Obligations as to which the L/C Issuer
has actual or potential Fronting Exposure with respect to such Defaulting Lender, as
it may elect in its sole discretion.

          (iv) The L/C Issuer shall not amend any Letter of Credit if the L/C Issuer would not be
permitted at such time to issue that Letter of Credit in its amended form under the terms
hereof.

          (v) The L/C Issuer shall be under no obligation to amend any Letter of Credit if (A)
the L/C Issuer would have no obligation at such time to issue that Letter of Credit in its
amended form under the terms hereof, or (B) the beneficiary of that Letter of Credit does
not accept the proposed amendment to that Letter of Credit.

          (vi) The L/C Issuer shall act on behalf of the Lenders with respect to any Letters of
Credit issued by it and the documents associated therewith, and the L/C Issuer shall have
all of the benefits and immunities (A) provided to the Administrative Agent in Article
IX with respect to any acts taken or omissions suffered by the L/C Issuer in connection
with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents
pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used
in Article IX included the L/C Issuer with respect to such acts or omissions, and
(B) as additionally provided herein with respect to the L/C Issuer.

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          (b) Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of
Credit. (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the
request of the Borrower delivered to the L/C Issuer (with a copy to the Administrative Agent) in
the form of a Letter of Credit Application, appropriately completed and signed by a Responsible
Officer of the Borrower. Such Letter of Credit Application must be received by the L/C Issuer and
the Administrative Agent not later than 11:00 a.m. at least two Business Days (or such later date
and time as the Administrative Agent and the L/C Issuer may agree in a particular instance in their
sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In
the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit
Application shall specify in form and detail satisfactory to the L/C Issuer: (A) the proposed
issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount
thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the
documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text
of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the
purpose and nature of the requested Letter of Credit; and (H) such other matters as the L/C Issuer
may require. In the case of a request for an amendment of any outstanding Letter of Credit, such
Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer: (1)
the Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a
Business Day); (3) the nature of the proposed amendment; and (4) such other matters as the L/C
Issuer may require. Additionally, the Borrower shall furnish to the L/C Issuer and the
Administrative Agent such other documents and information pertaining to such requested Letter of
Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or the
Administrative Agent may require.

          (ii) Promptly after receipt of any Letter of Credit Application, the L/C Issuer will
confirm with the Administrative Agent (by telephone or in writing) that the Administrative
Agent has received a copy of such Letter of Credit Application from the Borrower and, if
not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Unless the
L/C Issuer has received written notice from any Lender, the Administrative Agent or any Loan
Party, at least one Business Day prior to the requested date of issuance or amendment of the
applicable Letter of Credit, that one or more applicable conditions contained in Article
IV shall not then be satisfied, then, subject to the terms and conditions hereof, the
L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the
Borrower (or the REIT or the applicable Subsidiary) or enter into the applicable amendment,
as the case may be, in each case in accordance with the L/C Issuer’s usual and customary
business practices. Immediately upon the issuance of each Letter of Credit, each Lender
shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the
L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product
of such Lender’s Applicable Percentage times the amount of such Letter of Credit.

          (iii) If the Borrower so requests in any applicable Letter of Credit Application, the
L/C Issuer may, in its sole discretion, agree to issue a Letter of Credit that has automatic
extension provisions (each, an “Auto-Extension Letter of Credit”); provided
that any such Auto-Extension Letter of Credit must permit the L/C Issuer to

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prevent any such extension at least once in each twelve-month period (commencing with
the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary
thereof not later than a day (the “Non-Extension Notice Date”) in each such
twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless
otherwise directed by the L/C Issuer, the Borrower shall not be required to make a specific
request to the L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit
has been issued, the Lenders shall be deemed to have authorized (but may not require) the
L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date
not later than the Letter of Credit Expiration Date; provided, however, that
the L/C Issuer shall not permit any such extension if (A) the L/C Issuer has determined that
it would not be permitted, or would have no obligation at such time to issue such Letter of
Credit in its revised form (as extended) under the terms hereof (by reason of the provisions
of clause (ii) or (iii) of Section 2.03(a) or otherwise), or (B) it has received
notice (which may be by telephone or in writing) on or before the day that is seven Business
Days before the Non-Extension Notice Date (1) from the Administrative Agent that the
Required Lenders have elected not to permit such extension or (2) from the Administrative
Agent, any Lender or the Borrower that one or more of the applicable conditions specified in
Section 4.02 is not then satisfied, and in each such case directing the L/C Issuer
not to permit such extension.

          (iv) Promptly after its delivery of any Letter of Credit or any amendment to a Letter
of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C
Issuer will also deliver to the Borrower and the Administrative Agent a true and complete
copy of such Letter of Credit or amendment.

          (v) If the expiry date of any Letter of Credit would occur after the Maturity Date, the
Borrower hereby agrees that it will at least thirty (30) days prior to the Maturity Date
(or, in the case of a Letter of Credit issued or extended on or after thirty (30) days prior
to the Maturity Date, on the date of such issuance or extension, as applicable) Cash
Collateralize such Letter of Credit.

          (c) Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from
the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the
L/C Issuer shall notify the Borrower and the Administrative Agent thereof. Not later than 11:00
a.m. on the date of any payment by the L/C Issuer under a Letter of Credit (each such date, an
“Honor Date”), the Borrower shall reimburse the L/C Issuer through the Administrative Agent
in an amount equal to the amount of such drawing. If the Borrower fails to so reimburse the L/C
Issuer by such time, the Administrative Agent shall promptly notify each Lender of the Honor Date,
the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such
Lender’s Applicable Percentage thereof. In such event, the Borrower shall be deemed to have
requested a Revolving Credit Borrowing of Base Rate Loans to be disbursed on the Honor Date in an
amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in
Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the

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unutilized portion of the Commitments and the conditions set forth in Section 4.02 (other than
the delivery of a Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent
pursuant to this Section 2.03(c)(i) may be given by telephone if immediately confirmed in
writing; provided that the lack of such an immediate confirmation shall not affect the
conclusiveness or binding effect of such notice.

          (ii) Each Lender shall upon any notice pursuant to Section 2.03(c)(i) make
funds available (and the Administrative Agent may apply Cash Collateral provided for this
purpose) for the account of the L/C Issuer at the Administrative Agent’s Office in an amount
equal to its Applicable Percentage of the Unreimbursed Amount not later than 1:00 p.m. on
the Business Day specified in such notice by the Administrative Agent, whereupon, subject to
the provisions of Section 2.03(c)(iii), each Lender that so makes funds available
shall be deemed to have made a Base Rate Loan to the Borrower in such amount. The
Administrative Agent shall remit the funds so received to the L/C Issuer.

          (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a
Revolving Credit Borrowing of Base Rate Loans because the conditions set forth in
Section 4.02 cannot be satisfied or for any other reason, the Borrower shall be
deemed to have incurred from the L/C Issuer an L/C Borrowing in the amount of the
Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable
on demand (together with interest) and shall bear interest at the Default Rate. In such
event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer
pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of its
participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in
satisfaction of its participation obligation under this Section 2.03.

          (iv) Until each Lender funds its Revolving Credit Loan or L/C Advance pursuant to this
Section 2.03(c) to reimburse the L/C Issuer for any amount drawn under any Letter of
Credit, interest in respect of such Lender’s Applicable Percentage of such amount shall be
solely for the account of the L/C Issuer.

          (v) Each Lender’s obligation to make Revolving Credit Loans or L/C Advances to
reimburse the L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this
Section 2.03(c), shall be absolute and unconditional and shall not be affected by
any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right
which such Lender may have against the L/C Issuer, the Borrower or any other Person for any
reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other
occurrence, event or condition, whether or not similar to any of the foregoing;
provided, however, that each Lender’s obligation to make Revolving Credit
Loans pursuant to this Section 2.03(c) is subject to the conditions set forth in
Section 4.02 (other than delivery by the Borrower of a Loan Notice ). No such
making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrower to
reimburse the L/C Issuer for the

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amount of any payment made by the L/C Issuer under any Letter of Credit, together with
interest as provided herein.

          (vi) If any Lender fails to make available to the Administrative Agent for the account
of the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing
provisions of this Section 2.03(c) by the time specified in Section
2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C
Issuer shall be entitled to recover from such Lender (acting through the Administrative
Agent), on demand, such amount with interest thereon for the period from the date such
payment is required to the date on which such payment is immediately available to the L/C
Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate
determined by the L/C Issuer in accordance with banking industry rules on interbank
compensation, plus any administrative, processing or similar fees customarily charged by the
L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest
and fees as aforesaid), the amount so paid shall constitute such Lender’s Loan included in
the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case
may be, as of the date of such Borrowing or L/C Advance. A certificate of the L/C Issuer
submitted to any Lender (through the Administrative Agent) with respect to any amounts owing
under this Section 2.03(c)(vi) shall be conclusive absent manifest error.

          (d) Repayment of Participations. (i) At any time after the L/C Issuer has made a
payment under any Letter of Credit and has received from any Lender such Lender’s L/C Advance or
proceeds of such Lender’s Revolving Credit Loan in respect of such payment in accordance with
Section 2.03(c), if the Administrative Agent receives for the account of the L/C Issuer any
payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from
the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the
Administrative Agent), the Administrative Agent will distribute to such Lender its Applicable
Percentage thereof in the same funds as those received by the Administrative Agent.

          (ii) If any payment received by the Administrative Agent for the account of the L/C
Issuer pursuant to Section 2.03(c)(i) and paid to the Lenders entitled thereto is
required to be returned under any of the circumstances described in Section 10.05
(including pursuant to any settlement entered into by the L/C Issuer in its discretion),
each Lender shall pay to the Administrative Agent for the account of the L/C Issuer its
Applicable Percentage thereof on demand of the Administrative Agent, plus interest
thereon from the date of such demand to the date such amount is returned by such Lender, at
a rate per annum equal to the Federal Funds Rate from time to time in effect. The
obligations of the Lenders under this clause shall survive the payment in full of the
Obligations and the termination of this Agreement.

          (e) Obligations Absolute. The obligation of the Borrower to reimburse the L/C Issuer
for each drawing under each Letter of Credit and to repay each L/C Borrowing and each Revolving
Credit Loan made pursuant to Section 2.03(c) shall be absolute, unconditional

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and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement
under all circumstances, including the following:

          (i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or
any other Loan Document;

          (ii) the existence of any claim, counterclaim, setoff, defense or other right that the
REIT or any Subsidiary thereof may have at any time against any beneficiary or any
transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such
transferee may be acting), the L/C Issuer, any Lender or any other Person, whether in
connection with this Agreement, the transactions contemplated hereby or by such Letter of
Credit or any agreement or instrument relating thereto, or any unrelated transaction;

          (iii) any draft, demand, certificate or other document presented under such Letter of
Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any
statement therein being untrue or inaccurate in any respect; or any loss or delay in the
transmission or otherwise of any document required in order to make a drawing under such
Letter of Credit;

          (iv) any payment by the L/C Issuer under such Letter of Credit against presentation of
a draft or certificate that does not strictly comply with the terms of such Letter of
Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person
purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of
creditors, liquidator, receiver or other representative of or successor to any beneficiary
or any transferee of such Letter of Credit, including any arising in connection with any
proceeding under any Debtor Relief Law; or

          (v) any other circumstance or happening whatsoever, whether or not similar to any of
the foregoing, including any other circumstance that might otherwise constitute a defense
available to, or a discharge of, the REIT or any of its Subsidiaries.

     The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto
that is delivered to it and, in the event of any claim of noncompliance with the Borrower’s
instructions or other irregularity, the Borrower will immediately notify the L/C Issuer. The
Borrower shall be conclusively deemed to have waived any such claim against the L/C Issuer and its
correspondents unless such notice is given as aforesaid.

          (f) Role of L/C Issuer. Each Lender and the Borrower agree that, in paying any
drawing under a Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any
document (other than any sight draft, certificates and documents expressly required by the Letter
of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the
authority of the Person executing or delivering any such document. None of the L/C Issuer, the
Administrative Agent, any of their respective Related Parties nor

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any correspondent, participant or assignee of the L/C Issuer shall be liable to any Lender for
(i) any action taken or omitted in connection herewith at the request or with the approval of the
Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted in the absence of
gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or
enforceability of any document or instrument related to any Letter of Credit or Issuer Document.
The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee
with respect to its use of any Letter of Credit; provided, however, that this
assumption is not intended to, and shall not, preclude the Borrower’s pursuing such rights and
remedies as it may have against the beneficiary or transferee at law or under any other agreement.
None of the L/C Issuer, the Administrative Agent, any Lender, any of their respective Related
Parties nor any correspondent, participant or assignee of the L/C Issuer shall be liable or
responsible for any of the matters described in clauses (i) through (v) of Section 2.03(e);
provided, however, that anything in such clauses to the contrary notwithstanding,
the Borrower may have a claim against the L/C Issuer, and the L/C Issuer may be liable to the
Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or
exemplary, damages suffered by the Borrower which the Borrower proves were caused by the L/C
Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful failure to pay under
any Letter of Credit after the presentation to it by the beneficiary of a sight draft and
certificate(s) strictly complying with the terms and conditions of a Letter of Credit (other than
as a result of an order of a court of competent jurisdiction). In furtherance and not in
limitation of the foregoing, the L/C Issuer may accept documents that appear on their face to be in
order, without responsibility for further investigation, regardless of any notice or information to
the contrary, and the L/C Issuer shall not be responsible for the validity or sufficiency of any
instrument transferring or assigning or purporting to transfer or assign a 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.

          (g) Applicability of ISP and UCP 600. Unless otherwise expressly agreed by the L/C
Issuer and the Borrower when a Letter of Credit is issued, the rules of the ISP or UCP 600 shall
apply to such Letter of Credit.

          (h) Letter of Credit Fees. The Borrower shall pay to the Administrative Agent for the
account of each Lender in accordance with its Applicable Percentage a Letter of Credit fee (the
“Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate
times the daily amount available to be drawn under such Letter of Credit; provided,
however, any Letter of Credit Fees otherwise payable for the account of a Defaulting Lender
with respect to any Letter of Credit as to which such Defaulting Lender has not provided Cash
Collateral satisfactory to the L/C Issuer pursuant to this Section 2.03 shall be payable,
to the maximum extent permitted by applicable Law, to the other Lenders in accordance with the
upward adjustments in their respective Applicable Percentages allocable to such Letter of Credit
pursuant to Section 2.17(a)(iv), with the balance of such fee, if any, payable to the L/C
Issuer for its own account. For purposes of computing the daily amount available to be drawn under
any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with
Section 1.06. Letter of Credit Fees shall be (i) due and payable on the last Business Day
of each March, June, September and December, commencing with the first such date to occur after the
issuance of such Letter of Credit, on the Letter of Credit Expiration

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Date and thereafter on demand and (ii) computed on a quarterly basis in arrears. If there is
any change in the Applicable Rate during any quarter, the daily amount available to be drawn under
each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each
period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to
the contrary contained herein, upon the occurrence and during the continuance of any Event of
Default arising under Section 8.01(a)(i) or, upon request of the Required Lenders while any
other Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate.

          (i) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. The
Borrower shall pay directly to the L/C Issuer for its own account a fronting fee with respect to
each Letter of Credit, at a rate per annum equal to 0.125%, computed on the daily amount available
to be drawn under such Letter of Credit on a quarterly basis in arrears. Such fronting fee shall
be due and payable on the tenth Business Day after the end of each March, June, September and
December in respect of the most recently-ended quarterly period (or portion thereof, in the case of
the first payment), commencing with the first such date to occur after the issuance of such Letter
of Credit, on the Letter of Credit Expiration Date and thereafter on demand. For purposes of
computing the daily amount available to be drawn under any Letter of Credit, the amount of such
Letter of Credit shall be determined in accordance with Section 1.06. In addition, the
Borrower shall pay directly to the L/C Issuer for its own account the customary issuance,
presentation, amendment and other processing fees, and other standard costs and charges, of the L/C
Issuer relating to letters of credit as from time to time in effect. Such customary fees and
standard costs and charges are due and payable on demand and are nonrefundable.

          (j) Conflict with Issuer Documents. In the event of any conflict between the terms
hereof and the terms of any Issuer Document, the terms hereof shall control.

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

     2.04. Swing Line Loans.

          (a) The Swing Line. Subject to the terms and conditions set forth herein, the Swing
Line Lender agrees, in reliance upon the agreements of the other Lenders set forth in this
Section 2.04, to make loans (each such loan, a “Swing Line Loan”) to the Borrower
from time to time on any Business Day during the Availability Period in an aggregate amount not to
exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that
such Swing Line Loans, when aggregated with the Applicable Percentage of the Outstanding Amount of
Revolving Credit Loans and L/C Obligations of the Lender acting as

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Swing Line Lender, may exceed the amount of such Lender’s Commitment; provided,
however, that after giving effect to any Swing Line Loan, (i) the Total Revolving Credit
Outstandings shall not exceed the least of (x) the Borrowing Base Amount at such time, (y) the
Mortgageability Amount at such time and (z) the Aggregate Commitments at such time, and (ii) the
aggregate Outstanding Amount of the Revolving Credit Loans of any Lender at such time, plus
such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations at such time,
plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans
at such time shall not exceed such Lender’s Commitment, and provided further that
the Borrower shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing
Line Loan. Within the foregoing limits, and subject to the other terms and conditions hereof, the
Borrower may borrow under this Section 2.04, prepay under Section 2.05, and
reborrow under this Section 2.04. Each Swing Line Loan shall bear interest only at a rate
based on the Base Rate. Immediately upon the making of a Swing Line Loan, each Lender shall be
deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line
Lender a risk participation in such Swing Line Loan in an amount equal to the product of such
Lender’s Applicable Percentage times the amount of such Swing Line Loan.

          (b) Borrowing Procedures. Each Swing Line Borrowing shall be made upon the Borrower’s
irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by
telephone. Each such notice must be received by the Swing Line Lender and the Administrative Agent
not later than 1:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be
borrowed, which shall be a minimum of $100,000, and (ii) the requested borrowing date, which shall
be a Business Day. Each such telephonic notice must be confirmed promptly by delivery to the Swing
Line Lender and the Administrative Agent of a written Swing Line Loan Notice, appropriately
completed and signed by a Responsible Officer of the Borrower. Promptly after receipt by the Swing
Line Lender of any Swing Line Loan Notice, the Swing Line Lender will confirm with the
Administrative Agent (by telephone or in writing) that the Administrative Agent has also received
such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative Agent
(by telephone or in writing) of the contents thereof. Unless the Swing Line Lender has received
notice (by telephone or in writing) from the Administrative Agent (including at the request of any
Lender) prior to 2:00 p.m. on the date of the proposed Swing Line Borrowing (A) directing the Swing
Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the first
proviso to the first sentence of Section 2.04(a), or (B) that one or more of the applicable
conditions specified in Article IV is not then satisfied, then, subject to the terms and
conditions hereof, the Swing Line Lender will, not later than 3:00 p.m. on the borrowing date
specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the
Borrower at its office by crediting the account of the Borrower on the books of the Swing Line
Lender in immediately available funds or, if specified by the Borrower in the Swing Line Notice
delivered to the Swing Line Lender, by transfer of immediately available funds to a bank specified
by the Borrower, for credit to an account at such bank specified by the Borrower, in such Swing
Line Notice.

          (c) Refinancing of Swing Line Loans. (i) The Swing Line Lender at any time in its
sole and absolute discretion may request, on behalf of the Borrower (which hereby

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irrevocably authorizes the Swing Line Lender to so request on its behalf), that each Lender
make a Base Rate Loan in an amount equal to such Lender’s Applicable Percentage of the amount of
Swing Line Loans then outstanding. Such request shall be made in writing (which written request
shall be deemed to be a Loan Notice for purposes hereof) and in accordance with the requirements of
Section 2.02, without regard to the minimum and multiples specified therein for the
principal amount of Base Rate Loans, but subject to the unutilized portion of the Aggregate
Commitments and the conditions set forth in Section 4.02. The Swing Line Lender shall
furnish the Borrower with a copy of the applicable Loan Notice promptly after delivering such
notice to the Administrative Agent. Each Lender shall make an amount equal to its Applicable
Percentage of the amount specified in such Loan Notice available to the Administrative Agent in
immediately available funds (and the Administrative Agent may apply Cash Collateral available with
respect to the applicable Swing Line Loan) for the account of the Swing Line Lender at the
Administrative Agent’s Office not later than 1:00 p.m. on the day specified in such Loan Notice,
whereupon, subject to Section 2.04(c)(ii), each Lender that so makes funds available shall
be deemed to have made a Base Rate Loan to the Borrower in such amount. The Administrative Agent
shall remit the funds so received to the Swing Line Lender.

          (ii) If for any reason any Swing Line Loan cannot be refinanced by such a Revolving
Credit Borrowing in accordance with Section 2.04(c)(i), the request for Base Rate
Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a request
by the Swing Line Lender that each of the Lenders fund its risk participation in the
relevant Swing Line Loan and each Lender’s payment to the Administrative Agent for the
account of the Swing Line Lender pursuant to Section 2.04(c)(i) shall be deemed
payment in respect of such participation.

          (iii) If any Lender fails to make available to the Administrative Agent for the account
of the Swing Line Lender any amount required to be paid by such Lender pursuant to the
foregoing provisions of this Section 2.04(c) by the time specified in Section
2.04(c)(i), the Swing Line Lender shall be entitled to recover from such Lender (acting
through the Administrative Agent), on demand, such amount with interest thereon for the
period from the date such payment is required to the date on which such payment is
immediately available to the Swing Line Lender at a rate per annum equal to the greater of
the Federal Funds Rate and a rate determined by the Swing Line Lender in accordance with
banking industry rules on interbank compensation, plus any administrative, processing or
similar fees customarily charged by the Swing Line Lender in connection with the foregoing.
If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid
shall constitute such Lender’s Loan included in the relevant Borrowing or funded
participation in the relevant Swing Line Loan, as the case may be, as of the date of such
Borrowing or the required date of funding of such participations. A certificate of the
Swing Line Lender submitted to any Lender (through the Administrative Agent) with respect to
any amounts owing under this clause (iii) shall be conclusive absent manifest error.

          (iv) Each Lender’s obligation to make Revolving Credit Loans or to purchase and fund
risk participations in Swing Line Loans pursuant to this

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Section 2.04(c) shall be absolute and unconditional and shall not be affected by any
circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right
which such Lender may have against the Swing Line Lender, the Borrower or any other Person
for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other
occurrence, event or condition, whether or not similar to any of the foregoing;
provided, however, that each Lender’s obligation to make Revolving Credit
Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in
Section 4.02. No such funding of risk participations shall relieve or otherwise
impair the obligation of the Borrower to repay Swing Line Loans, together with interest as
provided herein.

          (d) Repayment of Participations. (i) At any time after any Lender has purchased and
funded a risk participation in a Swing Line Loan or made a Revolving Credit Loan pursuant to
Section 2.04(c), if the Swing Line Lender receives any payment on account of such Swing Line Loan,
the Swing Line Lender will distribute to such Lender its Applicable Percentage thereof in the same
funds as those received by the Swing Line Lender.

          (ii) If any payment received by the Swing Line Lender in respect of principal or
interest on any Swing Line Loan and paid to the Lenders is required to be returned by the
Swing Line Lender under any of the circumstances described in Section 10.05
(including pursuant to any settlement entered into by the Swing Line Lender in its
discretion), each Lender shall pay to the Swing Line Lender its Applicable Percentage
thereof on demand of the Administrative Agent, plus interest thereon from the date
of such demand to the date such amount is returned, at a rate per annum equal to the Federal
Funds Rate. The Administrative Agent will make such demand upon the request of the Swing
Line Lender. The obligations of the Lenders under this clause shall survive the payment in
full of the Obligations and the termination of this Agreement.

          (e) Interest for Account of Swing Line Lender. The Swing Line Lender shall be
responsible for invoicing the Borrower for interest on the Swing Line Loans. Until each Lender
funds its Base Rate Loan or risk participation pursuant to this Section 2.04 to refinance
such Lender’s Applicable Percentage of any Swing Line Loan, interest in respect of such Applicable
Percentage shall be solely for the account of the Swing Line Lender.

          (f) Payments Directly to Swing Line Lender. The Borrower shall make all payments of
principal and interest in respect of the Swing Line Loans directly to the Swing Line Lender.

     2.05. Prepayments.

          (a) Optional. (i) The Borrower may, upon notice to the Administrative Agent, at any
time or from time to time voluntarily prepay Revolving Credit Loans in whole or in part without
premium or penalty; provided that (A) such notice must be received by the Administrative
Agent not later than 11:00 a.m. (1) three Business Days prior to any date of prepayment of
Eurodollar Rate Loans and (2) on the date of prepayment of Base Rate Loans;

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(B) any prepayment of Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a
whole multiple of $1,000,000 in excess thereof; and (C) any prepayment of Base Rate Loans shall be
in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each
case, if less, the entire principal amount thereof then outstanding. Each such notice shall
specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid and, if
Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative
Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of
such Lender’s ratable portion of such prepayment (based on such Lender’s Applicable Percentage).
If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment
amount specified in such notice shall be due and payable on the date specified therein. Any
prepayment of a Eurodollar Rate Loan pursuant to this Section 2.05(a) shall be accompanied
by all accrued interest on the amount prepaid.

          (ii) The Borrower may, upon notice to the Swing Line Lender (with a copy to the
Administrative Agent), at any time or from time to time, voluntarily prepay Swing Line Loans
in whole or in part without premium or penalty; provided that (A) such notice must
be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m.
on the date of the prepayment, and (B) any such prepayment shall be in a minimum principal
amount of $100,000. Each such notice shall specify the date and amount of such prepayment.
If such notice is given by the Borrower, the Borrower shall make such prepayment and the
payment amount specified in such notice shall be due and payable on the date specified
therein.

          (b) Mandatory. (i) If for any reason the sum of the Total Revolving Credit
Outstandings at any time exceeds the least of (A) the Borrowing Base Amount at such time, (B) the
Mortageability Amount at such time and (C) the Aggregate Commitments then in effect, the Borrower
shall immediately prepay Revolving Credit Loans, Swing Line Loans and L/C Borrowings and/or Cash
Collateralize the L/C Obligations (other than the L/C Borrowings) in an aggregate amount equal to
such excess.

          (ii) Prepayments made pursuant to this Section 2.05(b), Section
2.18(c), Section 2.18(d) or Section 2.18(f)(ii), and all amounts, if
any, received by the Administrative Agent from the Defeasance Escrow Agent in respect of the
Defeasance Escrow Deposit, first, shall be applied ratably to the L/C Borrowings and
the Swing Line Loans, second, shall be applied ratably to the outstanding Revolving
Credit Loans, and, third, shall be used to Cash Collateralize the remaining L/C
Obligations. Upon a drawing under any Letter of Credit that has been Cash Collateralized,
the funds held as Cash Collateral shall be applied (without any further action by or notice
to or from the Borrower or any other Loan Party) to reimburse the L/C Issuer or the Lenders,
as applicable.

     2.06. Termination or Reduction of Commitments.

          (a) Optional. The Borrower may, upon notice to the Administrative Agent, terminate
the Aggregate Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit, or from time
to time permanently reduce the Aggregate Commitments, the Letter of

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Credit Sublimit or the Swing Line Sublimit; provided that (i) any such notice shall be
received by the Administrative Agent not later than 11:00 a.m. five Business Days prior to the date
of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of
$5,000,000 or any whole multiple of $1,000,000 in excess thereof and (iii) the Borrower shall not
terminate or reduce (A) the Aggregate Commitments if, after giving effect thereto and to any
concurrent prepayments hereunder, the Total Revolving Credit Outstandings would exceed the least of
(1) the Borrowing Base Amount at such time, (2) the Mortgageability Amount at such time and (3) the
Aggregate Commitments (as so reduced), (B) the Letter of Credit Sublimit if, after giving effect
thereto, the Outstanding Amount of L/C Obligations not fully Cash Collateralized hereunder would
exceed the Letter of Credit Sublimit, or (C) the Swing Line Sublimit if, after giving effect
thereto and to any concurrent prepayments hereunder, the Outstanding Amount of Swing Line Loans
would exceed the Swing Line Sublimit. If after giving effect to any reduction or termination of
Aggregate Commitments under this Section 2.06, the Letter of Credit Sublimit or the Swing
Line Sublimit exceeds the Revolving Credit Facility at such time, the Letter of Credit Sublimit or
the Swing Line Sublimit, as the case may be, shall be automatically reduced by the amount of such
excess.

          (b) Application of Commitment Reductions; Payment of Fees. The Administrative Agent
will promptly notify the Lenders of any termination or reduction of the Letter of Credit Sublimit,
the Swing Line Sublimit or the Aggregate Commitments under this Section 2.06. Upon any
reduction of the Aggregate Commitments, the Commitment of each Lender shall be reduced by such
Lender’s Applicable Percentage of such reduction amount. All fees in respect of the Revolving
Credit Facility accrued until the effective date of any termination of the Revolving Credit
Facility shall be paid on the effective date of such termination.

     2.07. Repayment of Loans.

          (a) Revolving Credit Loans. The Borrower shall repay to the Lenders on the Maturity
Date the aggregate principal amount of all Revolving Credit Loans outstanding on such date.

          (b) Swing Line Loans. The Borrower shall repay each Swing Line Loan on the earlier to
occur of (i) the date five Business Days after such Swing Line Loan is made and (ii) the Maturity
Date.

     2.08. Interest.

          (a) Subject to the provisions of Section 2.08(b), (i) each Eurodollar Rate Loan shall
bear interest on the outstanding principal amount thereof for each Interest Period at a rate per
annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate; (ii)
each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the
applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable
Rate; and (iii) each Swing Line Loan shall bear interest on the outstanding principal amount
thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus
the Applicable Rate applicable to Base Rate Loans.

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          (b) (i) While any Event of Default arising under Section 8.01(a)(i) exists, or upon
the request of the Required Lenders while any other Event of Default exists, the Borrower shall pay
interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest
rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable
Laws.

          (ii) Accrued and unpaid interest on past due amounts (including interest on past due
interest) shall be due and payable upon demand.

          (c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date
applicable thereto and at such other times as may be specified herein. Interest hereunder shall be
due and payable in accordance with the terms hereof before and after judgment, and before and after
the commencement of any proceeding under any Debtor Relief Law.

     2.09. Fees. In addition to certain fees described in Sections 2.03(h) and (i)
and Section 2.14(b):

          (a) Unused Fee. The Borrower shall pay to the Administrative Agent for the account of
each Lender in accordance with its Applicable Percentage, an unused line fee (the “Unused
Fee”) equal to 0.50% per annum times the actual daily amount by which the Aggregate
Commitments exceeds the sum of (i) the Outstanding Amount of Revolving Credit Loans (excluding, for
the avoidance of doubt, Swing Line Loans) and (ii) the Outstanding Amount of L/C Obligations,
subject to adjustment as provided in Section 2.17. The Unused Fee shall accrue at all
times during the Availability Period, including at any time during which one or more of the
conditions in Article IV is not met, and shall be due and payable quarterly in arrears on
the last Business Day of each March, June, September and December, commencing with the first such
date to occur after the Closing Date, and on the last day of the Availability Period. The Unused
Fee shall be calculated quarterly in arrears.

          (b) Other Fees. The Loan Parties shall pay or cause to be paid to the Arrangers and
the Administrative Agent for their own respective accounts fees in the amounts and at the times
specified in the Fee Letter. Such fees shall be fully earned when paid and shall not be refundable
for any reason whatsoever.

     2.10. Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate.

          All computations of interest for Base Rate Loans (including Base Rate Loans determined by
reference to the Eurodollar 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 fees and interest shall be made on
the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as
applicable, 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,

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subject to Section 2.12(a), bear interest for one day. Each determination by the
Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all
purposes, absent manifest error.

     2.11. Evidence of Debt.

          (a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or
records maintained by such Lender and by the Administrative Agent in the ordinary course of
business. The accounts or records maintained by the Administrative Agent and each Lender shall be
conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the
Borrower and the interest and payments thereon. Any failure to so record or any error in doing so
shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any
amount owing with respect to the Obligations. In the event of any conflict between the accounts
and records maintained by any Lender and the accounts and records of the Administrative Agent in
respect of such matters, the accounts and records of the Administrative Agent shall control in the
absence of manifest error. Upon the request of any Lender made through the Administrative Agent,
the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note,
which shall evidence such Lender’s Loans in addition to such accounts or records. Each Lender may
attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and
maturity of its Loans and payments with respect thereto.

          (b) In addition to the accounts and records referred to in Section 2.11(a), the
Administrative Agent shall maintain in accordance with its usual practice accounts or records
evidencing the purchases and sales by such Lender of participations in Letters of Credit and Swing
Line Loans. In the event of any conflict between the accounts and records maintained by the
Administrative Agent and the accounts and records of any Lender in respect of such matters, the
accounts and records of the Administrative Agent shall control in the absence of manifest error.

     2.12. Payments Generally; Administrative Agent’s Clawback.

          (a) General. All payments to be made by the Borrower shall be made without condition
or deduction for any counterclaim, defense, recoupment or setoff. Each prepayment of a Eurodollar
Rate Loan shall be accompanied by any additional amounts required pursuant to Section 3.05.
Subject to Section 2.17, each prepayment of a Loan shall be paid to the Lenders in
accordance with their respective Applicable Percentages. Except as otherwise expressly provided
herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the
account of the respective Lenders to which such payment is owed, at the Administrative Agent’s
Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified
herein. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage
(or other applicable share as provided herein) of such payment in like funds as received by wire
transfer to such Lender’s Lending Office. All payments received by the Administrative Agent after
2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest
or fee shall continue to accrue. If any payment to be made by the Borrower shall come due on a day
other

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than a Business Day, payment shall be made on the next following Business Day, and such
extension of time shall be reflected in computing interest or fees, as the case may be.

          (b) (i) Funding by Lenders; Presumption by Administrative Agent. Unless the
Administrative Agent shall have received notice from a Lender prior to the proposed date of any
Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to
12:00 noon on the date of such Borrowing) that such Lender will not make available to the
Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume
that such Lender has made such share available on such date in accordance with Section 2.02
(or, in the case of a Borrowing of Base Rate Loans, that such Lender has made such share available
in accordance with and at the time required by Section 2.02) and may, in reliance upon such
assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has
not in fact made its share of the applicable Borrowing available to the Administrative Agent, then
the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith
on demand such corresponding amount in immediately available funds with interest thereon, for each
day from and including the date such amount is made available to the Borrower to but excluding the
date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such
Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation, plus any administrative,
processing or similar fees customarily charged by the Administrative Agent in connection with the
foregoing, and (B) in the case of a payment to be made by the Borrower, the interest rate
applicable to Base Rate Loans. If the Borrower and such Lender shall pay such interest to the
Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly
remit to the Borrower the amount of such interest paid by the Borrower for such period. If such
Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so
paid shall constitute such Lender’s Loan included in such Borrowing as of the date of such
Borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may
have against a Lender that shall have failed to make such payment to the Administrative Agent.

          (ii) Payments by Borrower; Presumptions by Administrative Agent. Unless the
Administrative Agent shall have received notice from the Borrower prior to the time at which
any payment is due the Administrative Agent for the account of the Lenders or the L/C Issuer
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, in
reliance upon such assumption, distribute to the Lenders or the L/C Issuer, as the case may
be, the amount due. In such event, if the Borrower has not in fact made such payment, then
each of the Lenders or the L/C Issuer, as the case may be, severally agrees to repay to the
Administrative Agent forthwith on demand the amount so distributed to such Lender or the L/C
Issuer, in immediately available funds with interest thereon, for each day from and
including the date such amount is distributed to it to but excluding the date of payment to
the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by
the Administrative Agent in accordance with banking industry rules on interbank
compensation.

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     A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount
owing under this subsection (b) shall be conclusive, absent manifest error.

          (c) Failure to Satisfy Conditions Precedent. If any Lender makes available to the
Administrative Agent funds for any Revolving Credit Loan to be made by such Lender as provided in
the foregoing provisions of this Article II, and such funds are not made available to the
Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set
forth in Article IV are not satisfied or waived in accordance with the terms hereof, the
Administrative Agent shall return such funds (in like funds as received from such Lender) to such
Lender, without interest.

          (d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make
Revolving Credit Loans, to fund participations in Letters of Credit and Swing Line Loans and to
make payments pursuant to Section 10.04(c) are several and not joint. The failure of any
Lender to make any Loan, to fund any such participation or to make any payment under Section
10.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding
obligation to do so on such date, and no Lender shall be responsible for the failure of any other
Lender to so make its Loan, to purchase its participation or to make its payment under Section
10.04(c).

          (e) Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain
the funds for any Revolving Credit Loan in any particular place or manner or to constitute a
representation by any Lender that it has obtained or will obtain the funds for any Loan in any
particular place or manner.

          (f) Insufficient Funds. If at any time insufficient funds are received by and
available to the Administrative Agent to pay fully all amounts of principal, L/C Borrowings,
interest and fees then due hereunder, such funds shall be applied (i) first, toward payment
of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance
with the amounts of interest and fees then due such parties, and (ii) second, toward
payment of principal and L/C Borrowings then due hereunder, ratably among the parties entitled
thereto in accordance with the amounts of principal and L/C Borrowings then due such parties.

     2.13. Sharing of Payments by Lenders. If any Lender shall, by exercising any right of setoff or
counterclaim or otherwise, obtain payment in respect of (a) Obligations due and payable to such
Lender hereunder and under the other Loan Documents at such time in excess of its ratable share
(according to the proportion of (i) the amount of such Obligations due and payable to such Lender
at such time to (ii) the aggregate amount of the Obligations due and payable to all Lenders
hereunder and under the other Loan Documents at such time) of payments on account of the
Obligations due and payable to all Lenders hereunder and under the other Loan Documents at such
time obtained by all the Lenders at such time or (b) Obligations owing (but not due and payable) to
such Lender hereunder and under the other Loan Documents at such time in excess of its ratable
share (according to the proportion of (i) the amount of such Obligations owing (but not due and
payable) to such Lender at such time to (ii) the aggregate amount of the Obligations owing (but not
due and payable) to all Lenders

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hereunder and under the other Loan Documents at such time) of payment on account of the Obligations
owing (but not due and payable) to all Lenders hereunder and under the other Loan Documents at such
time obtained by all of the Lenders at such time then the Lender receiving such greater proportion
shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value)
participations in the Loans and subparticipations in L/C Obligations and Swing Line Loans of the
other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all
such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of
Obligations then due and payable to the Lenders or owing (but not due and payable) to the Lenders,
as the case may be, provided that:

          (i) if any such participations or subparticipations are purchased and all or any
portion of the payment giving rise thereto is recovered, such participations or
subparticipations shall be rescinded and the purchase price restored to the extent of such
recovery, without interest; and

          (ii) the provisions of this Section shall not be construed to apply to (x) any payment
made by or on behalf of the Borrower pursuant to and in accordance with the express terms of
this Agreement (including the application of funds arising from the existence of a
Defaulting Lender), (y) the application of Cash Collateral provided for in Section
2.16, or (z) any payment obtained by a Lender as consideration for the assignment of or
sale of a participation in any of its Loans or subparticipations in L/C Obligations or Swing
Line Loans to any assignee or participant, other than an assignment to the REIT or any
Affiliate thereof (as to which the provisions of this Section shall apply).

     The Borrower consents to the foregoing and agrees, to the extent it may effectively do so
under applicable law, that any Lender acquiring a participation pursuant to the foregoing
arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to
such participation as fully as if such Lender were a direct creditor of the Borrower in the amount
of such participation.

     2.14. Extension of Maturity Date.

          (a) Notification of Extension. The Borrower may, by written notice to the
Administrative Agent (such notice, an “Extension Notice”) not earlier than 90 days and not
later than 30 days prior to the Initial Revolver Maturity Date, elect to extend the Maturity Date
for an additional twelve (12) months from the Initial Revolver Maturity Date. The Administrative
Agent shall distribute any such Extension Notice promptly to the Lenders following its receipt
thereof.

          (b) Conditions Precedent to Effectiveness of Maturity Date Extension. As conditions
precedent to such extension, the Borrower shall, on or prior to the Initial Revolver Maturity Date,
satisfy each of the following requirements for such extension to become effective:

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          (i) The Administrative Agent shall have received an Extension Notice within the period
required under clause (a) above;

          (ii) On the date of such Extension Notice and both immediately before and immediately
after giving effect to such extension of the Maturity Date, no Default shall have occurred
and be continuing;

          (iii) The Borrower shall have paid to the Administrative Agent, for the pro rata
benefit of the Lenders based on their respective Applicable Percentages as of such date, an
extension fee in an amount equal to 0.35% of the Aggregate Commitments as in effect on the
Initial Revolver Maturity Date (it being agreed that such Extension Fee shall be fully
earned when paid and shall not be refundable for any reason);

          (iv) The Administrative Agent shall have received a certificate of the REIT dated as of
the Initial Revolver Maturity Date signed by a Responsible Officer of the REIT (i) (x)
certifying and attaching the resolutions adopted by each Loan Party approving or consenting
to such extension or (y) certifying that, as of the Initial Revolver Maturity Date, the
resolutions delivered to the Administrative Agent and the Lenders on the Closing Date (which
resolutions include approval for an extension of the Maturity Date for an additional twelve
(12) months from the Initial Revolver Maturity Date) are and remain in full force and effect
and have not been modified, rescinded or superseded since the date of adoption and (ii)
certifying that, before and after giving effect to such extension, (A) the representations
and warranties contained in Article V and the other Loan Documents are true and correct in
all material respects on and as of the Initial Revolver Maturity Date, except (x) to the
extent that such representations and warranties specifically refer to an earlier date, in
which case they are true and correct as of such earlier date, (y) any representation or
warranty that is already by its terms qualified as to “materiality”, “Material Adverse
Effect” or similar language shall be true and correct in all respects as of such date after
giving effect to such qualification and (z) for purposes of this Section 2.14, the
representations and warranties contained in subsections (a) and (b) of Section 5.05
shall be deemed to refer to the most recent statements furnished pursuant to subsections (a)
and (b), respectively, of Section 6.01, and (B) no Default exists; and

          (v) The Borrower and the other Loan Parties shall have delivered to the Administrative
Agent such reaffirmations of their respective obligations under the Loan Documents (after
giving effect to the extension), and acknowledgments and certifications that they have no
claims, offsets or defenses with respect to the payment or performance of any of the
Obligations, including, without limitation, reaffirmations of each of the Pledge Agreement
and the Guaranty Agreement, executed by the Loan Parties party thereto.

          (c) Increase in Capitalization Rate. If the Borrower requests an extension of the
Maturity Date in accordance with the provisions of clause (a) of this Section 2.14, the
Required Lenders may (but shall not be obligated to), on a one-time basis, increase the

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percentage set forth in the definition of “Capitalization Rate” by up to 0.50%, which increase
shall become effective on the Initial Revolver Maturity Date. Any such increase in the
Capitalization Rate shall be evidenced by a written notice executed by the Required Lenders and
delivered to the Administrative Agent (which shall forward to the Borrower) within ten (10) days
prior to the Initial Revolver Maturity Date.

     2.15. Increase in Commitments.

          (a) Notice of Election to Increase. Provided there exists no Default, upon written
notice to the Administrative Agent, the Borrower may from time to time elect to increase the
Aggregate Commitments by an amount (in the aggregate for all such increases) not exceeding
$30,000,000; provided that any such increase shall be in a minimum amount of $10,000,000. The
Administrative Agent shall promptly inform the Lenders of such notice of election made by the
Borrower.

          (b) Lender Elections to Increase. Each Lender shall notify the Administrative Agent
if it desires to increase its Commitment and, if so, whether by an amount equal to, greater than,
or less than its Applicable Percentage of such requested increase.

          (c) Notification by Administrative Agent; Additional Lenders. The Administrative
Agent shall notify the Borrower and each Lender of the Lenders’ responses to each request made
hereunder. To achieve the full amount of a requested increase, the Arrangers shall, if requested
by the Borrower in writing, use their best efforts to identify one or more additional Eligible
Assignees that are willing to provide Commitments and become Lenders. Any such Eligible Assignee
shall become a Lender by executing a joinder agreement in form and substance satisfactory to the
Administrative Agent and its counsel (a “New Lender Joinder Agreement”).

          (d) Effective Date and Allocations. If the Aggregate Commitments are increased in
accordance with this Section, the Administrative Agent and the Borrower shall determine the
effective date (the “Increase Effective Date”) and the final allocation of such increase.
The Administrative Agent shall promptly notify the Borrower and the Lenders of the final allocation
of such increase and the Increase Effective Date.

          (e) Conditions to Effectiveness of Increase. As conditions precedent to such
increase, (i) the Borrower shall deliver to the Administrative Agent a certificate of the REIT
dated as of the Increase Effective Date (in sufficient copies for each Lender) signed by a
Responsible Officer of the REIT (x) (1) certifying and attaching the resolutions adopted by each
Loan Party approving or consenting to such increase or (2) certifying that, as of the Increase
Effective Date, the resolutions delivered to the Administrative Agent and the Lenders on the
Closing Date (which resolution include approval for an increase of the Aggregate Commitments by an
amount of up to $30,000,000) are and remain in full force and effect and have not been modified,
rescinded or superseded since the date of adoption, and (y) certifying that, before and after
giving effect to such increase, (A) the representations and warranties contained in Article
V and the other Loan Documents are true and correct on and as of the

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Increase Effective Date, except to the extent that (1) such representations and warranties
specifically refer to an earlier date, in which case they are true and correct as of such earlier
date, (2) any representation or warranty that is already by its terms qualified as to
“materiality”, “Material Adverse Effect” or similar language shall be true and correct in all
respects as of such date after giving effect to such qualification and (3) that for purposes of
this Section 2.15, the representations and warranties contained in subsections (a) and (b)
of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant
to clauses (a) and (b), respectively, of Section 6.01, and (B) no Default exists, (ii) the
Administrative Agent shall have received (x) a New Lender Joinder Agreement duly executed by the
Borrower and each Eligible Assignee that is becoming a Lender in connection with such increase,
which New Lender Joinder Agreement shall be acknowledged and consented to in writing by the
Administrative Agent, the Swing Line Lender and the L/C Issuer and (y) written confirmation from
each existing Lender, if any, participating in such increase of the amount by which its Commitment
will be increased, which confirmation shall be acknowledged and consented to in writing by the
Swing Line Lender and the L/C Issuer and (iii) the Borrower shall have paid to the Arrangers the
fee required to be paid pursuant to the Fee Letter in connection therewith. The Borrower shall
prepay any Loans outstanding on the Increase Effective Date (and pay any additional amounts
required pursuant to Section 3.05) to the extent necessary to keep the outstanding
Revolving Credit Loans ratable with any revised Applicable Percentages arising from any nonratable
increase in the Commitments under this Section.

          (f) Conflicting Provisions. This Section shall supersede any provisions in
Section 2.13 or 10.01 to the contrary.

     2.16. Cash Collateral.

          (a) Certain Credit Support Events. Upon the request of the Administrative Agent or
the L/C Issuer (i) if the L/C Issuer has honored any full or partial drawing request under any
Letter of Credit and such drawing has resulted in an L/C Borrowing, or (ii) if, as of the Letter of
Credit Expiration Date, any L/C Obligation for any reason remains outstanding, the Borrower shall,
in each case, immediately Cash Collateralize the then Outstanding Amount of all L/C Obligations.
At any time that there shall exist a Defaulting Lender, immediately upon the request of the
Administrative Agent, the L/C Issuer or the Swing Line Lender, the Borrower shall deliver to the
Administrative Agent Cash Collateral in an amount sufficient to cover all Fronting Exposure (after
giving effect to Section 2.17(a)(iv) and any Cash Collateral provided by all Defaulting
Lenders). If at any time the Administrative Agent determines that any funds held as Cash
Collateral are subject to any right or claim of any Person other than the Administrative Agent or
that the total amount of such funds is less than the aggregate Outstanding Amount of all L/C
Obligations, the Borrower will, forthwith upon demand by the Administrative Agent, pay to the
Administrative Agent, as additional funds to be deposited as Cash Collateral, an amount equal to
the excess of (x) such aggregate Outstanding Amount over (y) the total amount of funds, if any,
then held as Cash Collateral that the Administrative Agent determines to be free and clear of any
such right and claim. Upon the drawing under any Letter of Credit for which funds are on deposit
as Cash

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Collateral, such funds shall be applied, to the extent permitted under applicable Laws, to
reimburse the L/C Issuer.

          (b) Grant of Security Interest. All Cash Collateral (other than credit support not
constituting funds subject to deposit) shall be maintained in blocked, interest bearing deposit
accounts at Bank of America. The Borrower, and to the extent provided by any Lender, such Lender,
hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the
Administrative Agent, the L/C Issuer and the Lenders (including the Swing Line Lender), and agrees
to maintain, a first priority security interest in all such cash, such deposit accounts and all
balances therein, and all other property so provided as collateral pursuant hereto, and in all
proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be
applied pursuant to Section 2.16(c). 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 as herein provided, or that the total amount of such Cash Collateral is less than the
applicable Fronting Exposure and other obligations secured thereby, the Borrower or the relevant
Defaulting Lender 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.

          (c) Application. Notwithstanding anything to the contrary contained in this
Agreement, Cash Collateral provided under any of this Section 2.16 or Sections
2.04, 2.05, 2.06, 2.17 or 8.02 in respect of Letters of Credit
or Swing Line Loans shall be held and applied to the satisfaction of the specific L/C Obligations,
Swing Line Loans, obligations to fund participations therein (including, as to Cash Collateral
provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for
which the Cash Collateral was so provided, prior to any other application of such property as may
be provided for herein.

          (d) Release. Cash Collateral (or the appropriate portion thereof) provided to reduce
Fronting Exposure or other obligations shall be released promptly following (i) the elimination of
the applicable Fronting Exposure or other obligations giving rise thereto (including by the
termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee
following compliance with Section 10.06(b)(vi))) or (ii) the Administrative Agent’s good
faith determination that there exists excess Cash Collateral; provided, however,
(x) that Cash Collateral furnished by or on behalf of a Loan Party shall not be released during the
continuance of a Default (and following application as provided in this Section 2.16 may be
otherwise applied in accordance with Section 8.03), and (y) the Person providing Cash
Collateral and the L/C Issuer or Swing Line Lender, as applicable, may agree that Cash Collateral
shall not be released but instead held to support future anticipated Fronting Exposure or other
obligations.

     2.17. Defaulting Lenders.

          (a) Adjustments. Notwithstanding anything to the contrary contained in this
Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no
longer a Defaulting Lender, to the extent permitted by applicable Law:

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          (i) Waivers and Amendments. That 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 Section 10.01.

          (ii) Reallocation of Payments. Any payment of principal, interest, fees or
other amounts received by the Administrative Agent for the account of that Defaulting Lender
(whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise,
and including any amounts made available to the Administrative Agent by that Defaulting
Lender pursuant to Section 10.08), shall be applied at such time or times as may be
determined by the Administrative Agent as follows: first, to the payment of any amounts
owing by that Defaulting Lender to the Administrative Agent hereunder; second, to the
payment on a pro rata basis of any amounts owing by that Defaulting Lender to the L/C Issuer
or Swing Line Lender hereunder; third, if so determined by the Administrative Agent or
requested by the L/C Issuer or Swing Line Lender, to be held as Cash Collateral for future
funding obligations of that Defaulting Lender of any participation in any Swing Line Loan or
Letter of Credit; fourth, as the Borrower may request (so long as no Default exists), to the
funding of any Revolving Credit Loan in respect of which that 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 non-interest bearing deposit account and released in order to satisfy
obligations of that Defaulting Lender to fund Revolving Credit Loans under this Agreement;
sixth, to the payment of any amounts owing to the Lenders, the L/C Issuer or Swing Line
Lender as a result of any judgment of a court of competent jurisdiction obtained by any
Lender, the L/C Issuer or Swing Line Lender against that Defaulting Lender as a result of
that Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as
no 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 that
Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under
this Agreement; and eighth, to that 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 L/C Borrowings in respect of which that Defaulting Lender
has not fully funded its appropriate share and (y) such Loans or L/C Borrowings were made at
a time when the conditions set forth in Section 4.02 were satisfied or waived, such
payment shall be applied solely to pay the Loans of, and L/C Borrowings 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 Borrowings owed to, that Defaulting Lender. Any payments, prepayments or
other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay
amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section
2.17(a)(ii) shall be deemed paid to and redirected by that Defaulting Lender, and each
Lender irrevocably consents hereto.

          (iii) Certain Fees. That Defaulting Lender (x) shall not be entitled to
receive any Unused Fee pursuant to Section 2.09(a) for any period during which that
Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such

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fee that otherwise would have been required to have been paid to that Defaulting
Lender) and (y) shall be limited in its right to receive Letter of Credit Fees as provided
in Section 2.03(h).

          (iv) Reallocation of Applicable Percentages to Reduce Fronting Exposure.
During any period in which there is a Defaulting Lender, for purposes of computing the
amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund
participations in Letters of Credit or Swing Line Loans pursuant to Sections 2.03
and 2.04, the “Applicable Percentage” of each non-Defaulting Lender shall be
computed without giving effect to the Commitment of that Defaulting Lender;
provided, that, (i) each such reallocation shall be given effect only if, at the
date the applicable Lender becomes a Defaulting Lender, no Default exists; and (ii) the
aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund
participations in Letters of Credit and Swing Line Loans shall not exceed the positive
difference, if any, of (1) the Commitment of that non-Defaulting Lender minus (2)
the aggregate Outstanding Amount of the Revolving Credit Loans of that Lender.

          (b) Defaulting Lender Cure. If the Borrower, the Administrative Agent, the Swing Line
Lender and the L/C Issuer agree in writing in their sole discretion that a Defaulting Lender should
no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties
hereto, whereupon as of the effective date specified in such notice and subject to any conditions
set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender
will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or
take such other actions as the Administrative Agent may determine to be necessary to cause the
Revolving Credit Loans and funded and unfunded participations in Letters of Credit and Swing Line
Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages
(without giving effect to Section 2.17(a)(iv)), whereupon that 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.

     2.18. Collateral; Borrowing Pool; Defeasance Properties.

          (a) Collateral. The obligations of the Borrower and Guarantors under the Loan
Documents shall be secured by a perfected first priority security interest in favor of the
Administrative Agent, for the benefit of the Secured Parties, in the Collateral.

          (b) Requirements for Investment Properties to be Included in the Borrowing Pool.
Prior to any Investment Property being included in the Borrowing Pool (and, in the case of the
requirements set forth in clauses (iii) through (xii) below, at all times that such Investment
Property is included in the Borrowing Pool as provided in Section 2.18(c)), each of the
following requirements shall have been satisfied with respect to

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such Investment Property (such requirements being referred to herein as the “Borrowing Pool
Eligibility Criteria”):

          (i) The Borrower shall have provided the Administrative Agent and the Lenders with a
written request for such Investment Property to be admitted into the Borrowing Pool, which
request shall be accompanied by (x) reasonably detailed property diligence materials
consistent with such diligence materials provided by the Borrower with respect to the
Initial Investment Properties (including, without limitation, historical operating
statements and third party reports) with respect to such Investment Property, (y) a
description of such Investment Property and (z) such additional documents and information as
reasonably requested by the Administrative Agent (such written request, together with the
accompanying materials specified herein, is referred to herein as the “Borrowing Pool
Inclusion Request”).

          (ii) The Administrative Agent shall have approved the inclusion of such Investment
Property in the Borrowing Pool, which approval shall not be unreasonably withheld or
delayed.

          (iii) The Affiliated Investor that owns such Investment Property shall be a
Wholly-Owned Subsidiary of the Borrower (or, in the case of the German Investment
Properties, a Wholly-Owned Subsidiary of the REIT and the Borrower together), and all of the
Equity Interests of such Affiliated Investor (together with all of the Equity Interests of
any direct or indirect Subsidiary of the Borrower that owns Equity Interests of such
Affiliated Investor) shall be pledged as Collateral in favor of the Administrative Agent,
for the benefit of the Secured Parties, pursuant to the Collateral Documents;
provided that (x) in the case of an Affiliated Investor that owns a
Pledge-Restricted Defeasance Property (and does not own any other Investment Property
included in the Borrowing Pool), the Equity Interests of such Affiliated Investor and the
Equity Interests of such Affiliated Investor’s direct or indirect parent, shall not be
required to be subject to such pledge until the occurrence of the Defeasance Trigger Date
with respect to such Pledged-Restricted Defeasance Property; provided,
further, that each such Subsidiary of the Borrower that owns Equity Interests of
such Affiliated Investor directly or indirectly does not (i) own an Investment Property
included in the Borrowing Pool or (ii) directly or indirectly own any Equity Interests of
another Affiliated Investor that owns an Investment Property included in the Borrowing Pool)
and (y) in the case of the Minnesota Hotel Property, (A) the Equity Interests of the
Minnesota Hotel Property Lessee shall additionally be required to be subject to such pledge
and (B) on and at all times after the sixtieth (60th) day following the Closing
Date, the Minnesota Hotel Franchise License Comfort Letter shall be in full force and
effect.

          (iv) Except in the case of Foreign Investment Properties, the Affiliated Investor that
owns such Investment Property must be organized under the laws of, and have its principal
place of business and chief executive office located in, the United States of America, any
State thereof or the District of Columbia.

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          (v) The Affiliated Investor that owns such Investment Property shall be a Subsidiary
Guarantor, and each Subsidiary of the Borrower that directly or indirectly owns any Equity
Interests in such Affiliated Investor shall be a Subsidiary Guarantor; provided,
that (x) in the case of an Affiliated Investor that owns a Guaranty-Restricted Defeasance
Property (and does not own any other Investment Property included in the Borrowing Pool),
such Affiliated Investor, and any direct or indirect Subsidiary of the Borrower that owns
the Equity Interests of such Affiliated Investor, shall not be required to be a Guarantor
until the occurrence of the Defeasance Trigger Date with respect to such Guaranty-Restricted
Defeasance Property; provided, further, that each such Subsidiary of the
Borrower that owns Equity Interests of such Affiliated Investor directly or indirectly does
not (i) own an Investment Property included in the Borrowing Pool or (ii) directly or
indirectly own any Equity Interests of another Affiliated Investor that owns an Investment
Property included in the Borrowing Pool) and (y) in the case of the Minnesota Hotel
Property, the Minnesota Hotel Property Lessee shall additionally be required to be a
Subsidiary Guarantor.

          (vi) Such Investment Property shall be located in the United States, Canada, the United
Kingdom, Germany or France.

          (vii) Such Investment Property shall be free and clear of all negative pledges or any
restrictions on the ability of the Affiliated Investor that owns such Investment Property to
transfer or encumber such Investment Property; provided, that in the case of a
Defeasance Property, this clause (vii) shall not apply until the occurrence of the
Defeasance Trigger Date with respect to such Defeasance Property.

          (viii) The Affiliated Investor that owns such Investment Property shall not have any
Indebtedness (other than the Obligations and other Indebtedness permitted to be incurred by
such Affiliated Investor under Section 7.02) and shall be Solvent and not subject to
any proceedings under any Debtor Relief Law.

          (ix) After giving effect to the inclusion of such Investment Property in the Borrowing
Pool, the minimum aggregate occupancy for all Investment Properties included in the
Borrowing Pool shall be at least 80% (determined on a percentage square feet occupied
basis).

          (x) Such Investment Property shall not be subject to any ground leases (other than
Eligible Ground Leases).

          (xi) After giving effect to the inclusion of such Investment Property in the Borrowing
Pool, Aggregate Capped Value shall equal at least $125,000,000.

          (xii) There shall not exist any Lien or other encumbrance on (x) such Investment
Property (or any income therefrom), other than Liens permitted under Section
7.01(a), (b), (c) or (f) and, additionally in the case of a
Defeasance Property (solely during the period commencing on the Closing Date and ending on
the Defeasance Trigger Date for such Defeasance Property), Liens permitted under

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Section 7.01(i), (y) any other assets or property of the Affiliated Investor
that owns such Investment Property, other than Liens permitted under Section 7.01 or
(z) any of the Equity Interests of the Affiliated Investor that owns such Investment
Property (or any direct or indirect Subsidiary of the Borrower that owns Equity Interests of
such Affiliated Investor), including any right to receive distributions or other amounts in
respect of such Equity Interests, other than Liens permitted under Section 7.01(a)
or (b).

          (xiii) The Administrative Agent and the Lenders shall have received an Availability
Certificate presenting the Borrower’s computation of Availability after giving effect to the
inclusion of such Investment Property in the Borrowing Pool, together with the items set
forth in clauses (i) through (vi) of Section 6.02(f).

          (xiv) The Administrative Agent and the Lenders shall have received a copy of the
limited liability company operating agreement, partnership agreement, bylaws or other
similar organizational documents of the Affiliated Investor who owns such Investment
Property and each Subsidiary of the Borrower that directly or indirectly owns any Equity
Interests in such Affiliated Investor, which organizational documents shall be (x) in form
and substance reasonably satisfactory to the Administrative Agent (it being agreed that
organizational documents substantially in the form of the Organization Documents attached as
Exhibit I hereto are satisfactory to the Administrative Agent) and (y) certified by
a Responsible Officer of the Borrower as being true, correct and complete.

          (xv) The Administrative Agent shall have received such additional information regarding
such Investment Property as reasonably requested by the Administrative Agent (on behalf of
itself or any Lender).

          (c) Removal of Investment Properties from the Borrowing Pool as a Result of Failure to
Satisfy Borrowing Pool Eligibility Criteria. If, following the inclusion of any Investment
Property in the Borrowing Pool (i) such Investment Property at any time fails to satisfy any of the
Borrowing Pool Eligibility Criteria set forth in Section 2.18(b)(iii) through (xii)
or (ii) the Administrative Agent determines that any event or circumstance has occurred with
respect to such Investment Property that the Administrative Agent reasonably determines to be
materially adverse to such Investment Property or the applicable Affiliated Investor and, in each
case, such failure, event or circumstance is not cured within 30 days after notice to the Borrower
from the Administrative Agent, then following such period such Investment Property shall
immediately be removed from the Borrowing Pool. In addition, in the event that the minimum
aggregate occupancy for all Investment Properties included in the Borrowing Pool at any time is
less than 80% (determined on a percentage square feet occupied basis), Investment Properties that
are partially or fully vacant but still producing rental income and that otherwise satisfy the
other Borrowing Pool Eligibility Criteria will be removed from the Borrowing Pool to the extent
necessary to cause the occupancy rate for all Eligible Investment Properties included in the
Borrowing Pool calculated on an aggregate basis to equal at least 80%. The Administrative Agent
shall promptly provide the Borrower and the Lenders with notice of any such removal pursuant to the
prior two sentences. If, after

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giving effect to any such removal of the applicable Investment Property from the Borrowing
Pool, the Total Revolving Credit Outstandings exceed the least of (i) Borrowing Base Amount at such
time, (ii) the Mortgageability Amount at such time and (iii) the Aggregate Commitments at such
time, the Borrower shall immediately prepay Revolving Credit Loans, Swing Line Loans and L/C
Borrowings and/or Cash Collateralize the L/C Obligations (other than the L/C Borrowings) in an
aggregate amount equal to such excess in the manner specified in Section 2.05(b)(ii).

          (d) Removal of Investment Properties Included in the Borrowing Pool by the Borrower.
An Investment Property may be removed from the Borrowing Pool by the Borrower upon the completion
of the following conditions precedent to the satisfaction of the Administrative Agent:

          (i) The Borrower shall have delivered to the Administrative Agent and the Lenders on or
prior to the date that is five (5) Business Days prior to the date on which such release is
to be effected, a written notice of its desire to remove such Investment Property from the
Borrowing Pool (a “Borrowing Pool Release Notice”).

          (ii) If the release of such Investment Property from the Borrowing Pool occurs on or
prior to the first anniversary of the Closing Date, then after giving pro forma effect to
the release of such Investment Property from the Borrowing Pool, the aggregate amount of
Capped Values from all Investment Properties released from the Borrowing Pool since the
Closing Date (other than Substituted Investment Properties) shall not exceed twenty percent
(20%) of the Aggregate Capped Value on the Closing Date.

          (iii) On or before the date that is two (2) Business Days prior to the date of the
proposed release, the Borrower shall have submitted to the Administrative Agent and the
Lenders a certificate executed by a Responsible Officer of the Borrower certifying to the
Administrative Agent and the Lenders (x) that immediately after giving effect to such
release, no Default has occurred and is continuing and (y) a calculation showing compliance
with Section 2.18(d)(ii), if applicable.

          (iv) On or before the date that is two (2) Business Days prior to the date of the
proposed release, the Borrower shall have submitted to the Administrative Agent and the
Lenders an Availability Certificate (together with the items set forth in clauses (i)
through (vi) of Section 6.02(f)) giving pro forma effect to the proposed release of
such Investment Property from the Borrowing Pool. If, after giving effect to the proposed
release of such Investment Property from the Borrowing Pool, the Total Revolving Credit
Outstandings would exceed the least of (x) the Borrowing Base Amount at such time, (y) the
Mortgageability Amount at such time and (z) the Aggregate Commitments at such time, the
Borrower shall, simultaneously with or prior to the consummation of such release, prepay
Revolving Credit Loans, Swing Line Loans and L/C Borrowings and/or Cash Collateralize the
L/C Obligations (other than the L/C Borrowings) in an aggregate amount equal to such excess
in the manner specified in Section 2.05(b)(ii).

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          (e) Substitution of Investment Property Included in the Borrowing Pool. The Borrower
may substitute an Investment Property included in the Borrowing Pool (such Investment Property
being referred to herein as a “Substituted Investment Property”) with another Eligible
Investment Property (such Investment Property being referred to herein as a “Replacement
Investment Property”) upon the completion of the following conditions precedent to the
satisfaction of the Administrative Agent:

          (i) The Borrower shall have delivered to the Administrative Agent and the Lenders on or
prior to the date that is five (5) Business Days prior to the date on which such
substitution is to be effected, a written notice of its desire to substitute such
Substituted Investment Property with such Replacement Investment Property, together with the
items required in clauses (x), (y) and (z) of the definition of Borrowing Pool Inclusion
Request with respect to such Replacement Investment Property.

          (ii) Such Replacement Property shall satisfy all of the Borrowing Pool Eligibility
Criteria (other than clause (i) thereof).

          (iii) On or before the date that is two (2) Business Days prior to the date of the
proposed substitution, the Borrower shall have submitted to the Administrative Agent and the
Lenders a certificate executed by a Responsible Officer of the Borrower certifying to the
Administrative Agent and the Lenders that immediately after giving effect to such
substitution, no Default has occurred and is continuing.

          (iv) On or before the date that is two (2) Business Days prior to the date of the
proposed substitution, the Borrower shall have submitted to the Administrative Agent and the
Lenders an Availability Certificate (together with the items set forth in clauses (i)
through (vi) of Section 6.02(f)) giving pro forma effect to the proposed
substitution. After giving effect to the proposed substitution, the Total Borrowing
Outstandings shall not exceed the least of (x) the Borrowing Base Amount at such time, (y)
the Mortgageability Amount at such time and (z) the Aggregate Commitments at such time.

          (f) Defeasance Properties.

          (i) On the Closing Date, the Borrower shall deposit $71,116,425.63 (the “Defeasance
Escrow Deposit”) with the Defeasance Escrow Agent, which deposit shall be held by the
Defeasance Escrow Agent in accordance with the terms and conditions of the Defeasance Escrow
Agreements. The Borrower hereby grants to the Administrative Agent, for the benefit of the
Secured Parties, a first priority security interest in all of its right, title and interest
in and to the Defeasance Escrow Deposit and the Defeasance Escrow Agreements.

          (ii) If, within three (3) Business Days following the Closing Date, (x) all
Indebtedness that is secured by a Lien on any Defeasance Property has not been

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defeased in full (solely with proceeds of the Defeasance Escrow Deposit released to or
on behalf of the Borrower by the Defeasance Escrow Agent, or any securities or other
property purchased therefrom) and (y) all Liens securing such Indebtedness have not been
terminated and released, in each case pursuant to documentation reasonably satisfactory to
the Administrative Agent, then such Defeasance Property shall automatically be removed from
the Borrowing Pool (without any further action on the part of the Administrative Agent or
any other Person). If, after giving effect to any such removal of a Defeasance Property
from the Borrowing Pool, the Total Revolving Credit Outstandings exceed the least of (i)
Borrowing Base Amount at such time, (ii) the Mortgageability Amount at such time and (iii)
the Aggregate Commitments at such time, the Borrower shall immediately prepay Revolving
Credit Loans, Swing Line Loans and L/C Borrowings and/or Cash Collateralize the L/C
Obligations (other than the L/C Borrowings) in an aggregate amount equal to such excess,
less any amount in respect of the Defeasance Escrow Deposit received by the Administrative
Agent from the Defeasance Escrow Agent in accordance with the terms of the Defeasance Escrow
Agreements that has not previously been applied by the Administrative Agent to repay
Obligations. Any such prepayment shall be applied in the manner specified in Section
2.05(b)(ii).

ARTICLE III

TAXES, YIELD PROTECTION AND ILLEGALITY

     3.01. Taxes.

          (a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. Any
and all payments by or on account of any obligation of any Loan Party hereunder or under any other
Loan Document shall be made free and clear of and without reduction or withholding for any
Indemnified Taxes or Other Taxes unless required by applicable Laws. If applicable Laws require
the applicable withholding agent to withhold or deduct any Indemnified Taxes (including Other
Taxes) from any payment, then (A) the applicable withholding agent shall withhold or make such
deductions, (B) the applicable withholding agent shall timely pay the full amount withheld or
deducted to the relevant Governmental Authority in accordance with applicable Laws, and (C) the sum
payable by the applicable Loan Party shall be increased as necessary so that after any required
withholding or all required deductions (including deductions applicable to additional sums payable
under this Section) have been made, the Administrative Agent, each affected Lender or the L/C
Issuer, as the case may be, receives an amount equal to the sum it would have received had no such
withholding or deduction been made.

          (b) Payment of Other Taxes by the Loan Parties. Without limiting the provisions of
subsection (a) above, the relevant Loan Party shall timely pay any Other Taxes to the relevant
Governmental Authority in accordance with applicable Laws.

          (c) Tax Indemnifications. (i) Without limiting the provisions of subsection (a) or
(b) above, the Borrower shall, and does hereby, indemnify the Administrative Agent and each Lender,
and shall make payment in respect thereof within 10

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days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes
(including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts
payable under this Section) paid by the Administrative Agent or such Lender, as the case may be,
and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. The Borrower shall also, and does hereby, indemnify the Administrative Agent, and shall
make payment in respect thereof within 10 days after demand therefor, for any amount which a Lender
for any reason fails to pay indefeasibly to the Administrative Agent as required by clause (ii) of
this subsection. A certificate as to the amount of any 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.

          (ii) To the extent required by any applicable Law, the Administrative Agent may deduct
or withhold from any payment to any Lender an amount equivalent to any applicable
withholding tax. Without limiting the provisions of subsection (a) or (b) above, if any
Governmental Authority asserts a claim that the Borrower or the Administrative Agent did not
properly withhold tax from amounts paid to or for the account of any Lender (because the
appropriate form was not delivered or was not properly executed or because such Lender
failed to notify the Borrower or the Administrative Agent of a change in circumstances that
rendered the exemption from, or reduction of, withholding tax ineffective, or for any other
reason), then each Lender shall, and does hereby, indemnify and hold harmless the Borrower
and the Administrative Agent, and shall make payment in respect thereof within 10 days after
demand therefor, fully for all amounts paid, directly or indirectly, by the Administrative
Agent as Taxes or otherwise, and any and all related losses, claims, liabilities, penalties,
interest and expenses (including the fees, charges and disbursements of any counsel for the
Borrower or the Administrative Agent), whether or not such Tax was correctly or legally
asserted. A certificate as to the amount of such payment or liability delivered to any
Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender
hereby authorizes the Administrative Agent to set off and apply any and all amounts at any
time owing to such Lender under this Agreement or any other Loan Document against any amount
due the Administrative Agent under this clause (ii). The agreements in this clause (ii)
shall survive the resignation and/or replacement of the Administrative Agent, any assignment
of rights by, or the replacement of, a Lender, the termination of the Aggregate Commitments
and the repayment, satisfaction or discharge of all other Obligations.

          (d) Evidence of Payments. As soon as practicable, after any payment of Indemnified
Taxes or Other Taxes paid by a Loan Party to a Governmental Authority as provided in this
Section 3.01, such Loan Party shall deliver to the Administrative Agent the original or a
certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy
of any return required by Laws to report such payment or other evidence of such payment reasonably
satisfactory to the Administrative Agent.

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          (e) Status of Lenders. Each Lender shall, at such times as are reasonably requested
by the Borrower or the Administrative Agent, provide the Borrower and the Administrative Agent with
any documentation prescribed by Law, or reasonably requested by the Borrower or the Administrative
Agent, certifying as to any entitlement of such Lender to an exemption from, or reduction in, any
withholding Tax with respect to any payments to be made to such Lender under the Loan Documents.
Each such Lender shall, whenever a lapse in time or change in circumstances renders such
documentation expired, obsolete or inaccurate, deliver promptly to the Borrower and the
Administrative Agent updated or other appropriate documentation (including any new documentation
reasonably requested by the applicable withholding agent) or promptly notify the Borrower and the
Administrative Agent of its inability to do so. Unless the applicable withholding agent has
received forms or other documents satisfactory to it indicating that payments under any Loan
Document to or for a Lender are not subject to withholding tax or are subject to such Tax at a rate
reduced by an applicable tax treaty, the Borrower, the Administrative Agent or other applicable
withholding agent shall withhold amounts required to be withheld by applicable Law from such
payments at the applicable statutory rate.

     Without limiting the generality of the foregoing:

          (i) Each Lender that is a United States person (as defined in Section 7701(a)(30) of
the Code) shall deliver to the Borrower and the Administrative Agent on or before the date
on which it becomes a party to this Agreement two properly completed and duly signed
original copies of Internal Revenue Service Form W-9 (or any successor form) certifying that
such Lender is exempt from U.S. federal backup withholding.

          (ii) Each Lender that is not a United States person (as defined in Section 7701(a)(30)
of the Code) shall deliver to the Borrower and the Administrative Agent on or before the
date on which it becomes a party to this Agreement (and from time to time thereafter when
required by Law or upon the reasonable request of the Borrower or the Administrative Agent)
whichever of the following is applicable:

          (I) two properly completed and duly signed original copies of Internal Revenue
Service Form W-8BEN (or any successor forms) claiming eligibility for benefits of an
income tax treaty to which the United States of America is a party,

          (II) two properly completed and duly signed original copies of Internal Revenue
Service Form W-8ECI (or any successor forms),

          (III) in the case of a Lender claiming the benefits of the exemption for
portfolio interest under Section 881(c) of the Code, (x) a certificate, in
substantially the form of Exhibit K (any such certificate a “United
States Tax Compliance Certificate”), or any other form approved by the
Administrative Agent, to the effect that such Lender is not (A) a “bank” within the
meaning of Section 881(c)(3)(A) of the Code, (B) a “10 percent

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shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the
Code, or (C) a “controlled foreign corporation” described in Section 881(c)(3)(C) of
the Code, and that no payments in connection with the Loan Documents are effectively
connected with such Lender’s conduct of a U.S. trade or business and (y) two
properly completed and duly signed original copies of Internal Revenue Service Form
W-8BEN (or any successor forms),

          (IV) to the extent a Lender is not the beneficial owner (for example, where
such Lender is a partnership, or is a Lender that has granted a participation),
Internal Revenue Service Form W-8IMY (or any successor forms) of such Lender,
accompanied by a Form W-8ECI, W-8BEN, United States Tax Compliance Certificate, Form
W-9, Form W-8IMY (or other successor forms) or any other required information from
each beneficial owner, as applicable (provided that if such Lender is a
partnership (and not a participating Lender) and one or more beneficial owners are
claiming the portfolio interest exemption, the United States Tax Compliance
Certificate shall be provided by such Lender on behalf of such beneficial owner(s)),
or

          (V) any other form prescribed by applicable requirements of U.S. federal income
tax 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 requirements of Law to permit the Borrower and the
Administrative Agent to determine the withholding or deduction required to be made.

     Each Lender shall, from time to time after the initial delivery by such Lender of the forms
described above, whenever a lapse in time or change in such Lender’s circumstances renders such
forms, certificates or other evidence so delivered expired, obsolete or inaccurate, promptly (1)
deliver to the Borrower and the Administrative Agent (in such number of copies as shall be
requested by the recipient) renewals, amendments or additional or successor forms, properly
completed and duly executed by such Lender, together with any other certificate or statement of
exemption required in order to confirm or establish such Lender’s status or that such Lender is
entitled to an exemption from or reduction in U.S. federal withholding tax or (2) notify
Administrative Agent and the Borrower of its inability to deliver any such forms, certificates or
other evidence.

     Notwithstanding any other provision of this clause (e), a Lender shall not be required to
deliver any form that such Lender is not legally eligible to deliver.

          (f) Treatment of Certain Refunds. Unless required by applicable Law, at no time shall
the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender,
or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from funds
paid for the account of such Lender, as the case may be. If the Administrative Agent or any Lender
determines, in its sole discretion, that it has received a refund of any Indemnified Taxes or Other
Taxes as to which it has been indemnified by a Loan Party or with respect to which a Loan Party has
paid additional amounts pursuant to this

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Section, it shall pay to such Loan Party an amount equal to such refund (but only to the
extent of indemnity payments made, or additional amounts paid, by such Loan Party under this
Section with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of
all out-of-pocket expenses (including Taxes) incurred by the Administrative Agent or such Lender,
as the case may be, and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund net of any Taxes payable by the Administrative Agent or
Lender), provided that the applicable Loan Party, upon the request of the Administrative
Agent or such Lender, agrees to repay the amount paid over to such Loan Party (plus any penalties
(other than those stated to be imposed as a result of the gross negligence or willful misconduct of
the Administrative Agent or such Lender), interest or other charges imposed by the relevant
Governmental Authority to Administrative Agent or such Lender in the event the Administrative Agent
or such Lender is required to repay such refund to such Governmental Authority. This subsection
shall not be construed to require the Administrative Agent or any Lender to make available its tax
returns (or any other information relating to its taxes that it deems confidential) to the Borrower
or any other Person or to file for or otherwise pursue on behalf of any Loan Party any refund of
any Indemnified Taxes or Other Taxes.

          (g) Payments made by Administrative Agent. For the avoidance of doubt, any payments
made by the Administrative Agent to any Lender shall be treated as payments made by the applicable
Loan Party.

          (h) Lender treated as Partnership. If any Lender is treated as partnership for
purposes of an applicable Indemnified Tax or Other Tax, any withholding made by such Lender shall
be treated as if such withholding had been made by the Borrower or the Administrative Agent.

          (i) L/C Issuer and Swing Line Lenders. For purposes of this Section 3.01, the
term “Lender” shall include the L/C Issuer and the Swing Line Lender.

     3.02. Illegality. If any Lender determines that any Law has made it unlawful, or that any
Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending
Office to make, maintain or fund Loans whose interest is determined by reference to the Eurodollar
Rate, or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental
Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or
to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender
to the Borrower through the Administrative Agent, (i) any obligation of such Lender to make or
continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be
suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining Base
Rate Loans the interest rate on which is determined by reference to the Eurodollar Rate component
of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to
avoid such illegality, be determined by the Administrative Agent without reference to the
Eurodollar Rate component of the Base Rate, in each case until such Lender notifies the
Administrative Agent and the Borrower that the circumstances giving rise to such determination no
longer exist. Upon receipt of such notice, (x) the Borrower shall, upon demand from such Lender
(with a copy to

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the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such
Lender to Base Rate Loans (the interest rate on which Base Rate Loans of such Lender shall, if
necessary to avoid such illegality, be determined by the Administrative Agent without reference to
the Eurodollar Rate component of the Base Rate), either on the last day of the Interest Period
therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day,
or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans and
(y) if such notice asserts the illegality of such Lender determining or charging interest rates
based upon the Eurodollar Rate, the Administrative Agent shall during the period of such suspension
compute the Base Rate applicable to such Lender without reference to the Eurodollar Rate component
thereof until the Administrative Agent is advised in writing by such Lender that it is no longer
illegal for such Lender to determine or charge interest rates based upon the Eurodollar Rate. Upon
any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so
prepaid or converted.

     3.03. Inability to Determine Rates. If the Required Lenders determine that for any reason in
connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof
that (a) Dollar deposits are not being offered to banks in the London interbank eurodollar market
for the applicable amount and Interest Period of such Eurodollar Rate Loan, (b) adequate and
reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period
with respect to a proposed Eurodollar Rate Loan or in connection with an existing or proposed Base
Rate Loan, or (c) the Eurodollar Rate for any requested Interest Period with respect to a proposed
Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding
such Loan, the Administrative Agent will promptly so notify the Borrower and each Lender.
Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be
suspended, and (y) in the event of a determination described in the preceding sentence with respect
to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component
in determining the Base Rate shall be suspended, in each case until the Administrative Agent (upon
the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the
Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of
Eurodollar Rate Loans or, failing that, will be deemed to have converted such request into a
request for a Borrowing of Base Rate Loans in the amount specified therein.

     3.04 Increased Costs; Reserves on Eurodollar Rate Loans.

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

          (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan,
insurance charge or similar requirement against assets of, deposits with or for the account
of, or credit extended or participated in by, any Lender (except any reserve requirement
contemplated by Section 3.04(e)) or the L/C Issuer; or

          (ii) impose on any Lender or the L/C Issuer or the London interbank market any other
condition, cost or expense affecting this Agreement or Eurodollar Rate Loans made by such
Lender or any Letter of Credit or participation therein;

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and the result of any of the foregoing shall be to increase the cost to such Lender of making
or maintaining any Loan the interest on which is determined by reference to the Eurodollar Rate
(or, in the case of clause (ii) above, any Loan), or of maintaining its obligation to make any such
Loan, or to increase the cost to such Lender or the L/C Issuer of participating in, issuing or
maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue
any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or
the L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon request of
such Lender or the L/C Issuer, the Borrower will pay to such Lender or the L/C Issuer, as the case
may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer, as the
case may be, for such additional costs incurred or reduction suffered.

          (b) Capital Requirements. If any Lender or the L/C Issuer determines that any Change
in Law affecting such Lender or the L/C Issuer or any Lending Office of such Lender or such
Lender’s or the L/C Issuer’s holding company, if any, regarding capital requirements has or would
have the effect of reducing the rate of return on such Lender’s or the L/C Issuer’s capital or on
the capital of such Lender’s or the L/C Issuer’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, or the Letters of Credit issued by the L/C Issuer, to a level below
that which such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding company could
have achieved but for such Change in Law (taking into consideration such Lender’s or the L/C
Issuer’s policies and the policies of such Lender’s or the L/C Issuer’s holding company with
respect to capital adequacy), then from time to time the Borrower will pay to such Lender or the
L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or
the L/C Issuer or such Lender’s or the L/C Issuer’s holding company for any such reduction
suffered.

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

          (d) Delay in Requests. Failure or delay on the part of any Lender or the L/C Issuer
to demand compensation pursuant to the foregoing provisions of this Section shall not constitute a
waiver of such Lender’s or the L/C Issuer’s right to demand such compensation, provided
that the Borrower shall not be required to compensate a Lender or the L/C Issuer pursuant to the
foregoing provisions of this Section for any increased costs incurred or reductions suffered more
than nine months prior to the date that such Lender or the L/C Issuer, as the case may be, notifies
the Borrower of the Change in Law giving rise to such increased costs or reductions and of such
Lender’s or the L/C Issuer’s intention to claim compensation therefor (except that, if the Change
in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period
referred to above shall be extended to include the period of retroactive effect thereof).

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          (e) Reserves on Eurodollar Rate Loans. The Borrower shall pay to each Lender, as long
as such Lender shall be required to maintain reserves with respect to liabilities or assets
consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency
liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan
equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by
such Lender in good faith, which determination shall be conclusive), which shall be due and payable
on each date on which interest is payable on such Loan, provided the Borrower shall have
received at least 10 days’ prior notice (with a copy to the Administrative Agent) of such
additional interest from such Lender. If a Lender fails to give notice 10 days prior to the
relevant Interest Payment Date, such additional interest shall be due and payable 10 days from
receipt of such notice.

     3.05. Compensation for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the
Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss,
cost or expense incurred by it as a result of:

          (a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate
Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary,
mandatory, automatic, by reason of acceleration, or otherwise);

          (b) any failure by the Borrower (for a reason other than the failure of such Lender to make a
Loan) to prepay, borrow, continue or convert into any Loan other than a Base Rate Loan on the date
or in the amount notified by the Borrower; or

          (c) any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest
Period therefor as a result of a request by the Borrower pursuant to Section 10.13;

including any loss of anticipated profits and any loss or expense arising from the liquidation or
reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the
deposits from which such funds were obtained. The Borrower shall also pay any customary
administrative fees charged by such Lender in connection with the foregoing.

For purposes of calculating amounts payable by the Borrower to the Lenders under this Section
3.05, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the
Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank
eurodollar market for a comparable amount and for a comparable period, whether or not such
Eurodollar Rate Loan was in fact so funded.

A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender
as specified in this Section and delivered to the Borrower shall be conclusive absent manifest
error.

     3.06. Mitigation Obligations; Replacement of Lenders.

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     (a) Designation of a Different Lending Office. If any Lender requests compensation
under Section 3.04, or the Borrower is required to pay any additional amount to any Lender,
the L/C Issuer, or any Governmental Authority for the account of any Lender or the L/C Issuer
pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02,
then such Lender or the L/C Issuer shall, as applicable, use reasonable efforts to designate a
different Lending Office for funding or booking its Loans hereunder or to assign its rights and
obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of
such Lender or the L/C Issuer, such designation or assignment (i) would eliminate or reduce amounts
payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or
eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each
case, would not subject such Lender or the L/C Issuer, as the case may be, to any unreimbursed cost
or expense and would not otherwise be disadvantageous to such Lender or the L/C Issuer, as the case
may be. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender
or the L/C Issuer in connection with any such designation or assignment.

          (b) Replacement of Lenders. If any Lender requests compensation under Section
3.04, or if the Borrower is required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 3.01, the Borrower
may replace such Lender in accordance with Section 10.13.

     3.07. Survival. All of the Borrower’s obligations under this Article III shall survive termination of
the Aggregate Commitments, repayment of all other Obligations hereunder, and resignation of the
Administrative Agent.

ARTICLE IV

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

     4.01. Conditions of Effectiveness. The effectiveness of this Agreement and the obligation of the L/C Issuer and each Lender to make
the initial Credit Extensions hereunder are subject to satisfaction of the following conditions
precedent:

          (a) The Administrative Agent’s receipt of the following, each of which shall be originals, or
e-mail (in a .pdf format) or telecopies (followed promptly by originals) unless otherwise
specified, each properly executed by a Responsible Officer or a duly authorized officer of the
signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental
officials, a recent date before the Closing Date) and each in form and substance satisfactory to
the Administrative Agent and each of the Lenders:

          (i) executed counterparts of this Agreement and the Guaranty Agreement, sufficient in
number for distribution to the Administrative Agent, each Lender and the Borrower;

          (ii) a Note duly executed by the Borrower in favor of each Lender requesting a Note;

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          (iii) the Pledge Agreement, duly executed by each Loan Party that is a party thereto,
together with:

          (A) certificates or instruments representing the Certificated Securities (as
defined in the Pledge Agreement) accompanied by all endorsements and/or powers
required by the Pledge Agreement,

          (B) evidence that all proper financing statements have been or
contemporaneously therewith will be duly filed under the Uniform Commercial Code of
all jurisdictions that the Administrative Agent reasonably may deem necessary or
desirable in order to perfect the Liens created under the Pledge Agreement, covering
the Collateral described in the Pledge Agreement,

          (C) completed requests for information listing all effective financing
statements filed in the jurisdictions referred to in clause (B) above that name any
Loan Party as debtor, together with copies of such other financing statements, and

          (D) evidence that all other actions, recordings and filings that the
Administrative Agent reasonably may deem necessary or desirable in order to perfect
the Liens created under the Pledge Agreement have been taken (including receipt of
duly executed payoff letters and UCC-3 terminations, if any);

          (iv) such certificates of resolutions or other action, incumbency certificates and/or
other certificates of Responsible Officers of each Loan Party as the Administrative Agent
may require evidencing the identity, authority and capacity of each Responsible Officer
thereof authorized to act as a Responsible Officer in connection with this Agreement and the
other Loan Documents to which such Loan Party is a party;

          (v) such documents and certifications as the Administrative Agent may reasonably
require to evidence that each Loan Party is duly organized or formed, and each Loan Party is
validly existing, in good standing and qualified to engage in business in each jurisdiction
where its ownership, lease or operation of properties or the conduct of its business
requires such qualification, except to the extent that failure to do so could not reasonably
be expected to have a Material Adverse Effect;

          (vi) favorable opinions of Clifford Chance US LLP and Reed Smith LLP, counsel to the
Loan Parties, addressed to the Administrative Agent and each Lender, as to such matters
concerning the Loan Parties and the Loan Documents as the Administrative Agent may
reasonably request;

          (vii) [Intentionally Omitted];

          (viii) [Intentionally Omitted];

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          (ix) a certificate of a Responsible Officer of the REIT either (A) attaching copies of
all consents, licenses and approvals required in connection with the execution, delivery and
performance by each Loan Party and the validity against such Loan Party of the Loan
Documents to which it is a party, and such consents, licenses and approvals shall be in full
force and effect, or (B) stating that no such consents, licenses or approvals are so
required;

          (x) a certificate signed by a Responsible Officer of the REIT (A) certifying that (1)
the conditions specified in this Section 4.01 have been satisfied (other than those
conditions contingent upon the satisfaction of the Administrative Agent and/or the Lenders
with respect to certain items received by them under this Section 4.01) and (2) no action,
suit, investigation or proceeding is pending or, to the knowledge of any Loan Party,
threatened in any court or before any arbitrator or Governmental Authority that could
reasonably be expected to be adversely determined and, if adversely determined, could
reasonably be expected to have a Material Adverse Effect and (B) attaching copies of the
operating agreements, partnership agreements or other applicable organizational documents of
each Person whose Equity Interests are included in the Collateral, which organizational
documents shall be in form and substance reasonably satisfactory to the Administrative
Agent;

          (xi) an Availability Certificate duly certified by the chief executive officer, chief
financial officer, treasurer or controller of the Borrower, together with the items set
forth in clauses (i) through (vi) of Section 6.02(f);

          (xii) a Solvency Certificate from the REIT certifying that each Loan Party is Solvent
after giving effect to the Merger and the Credit Extensions to occur on the Closing Date;

          (xiii) evidence that all insurance required to be maintained pursuant to the Loan
Documents has been obtained and is in effect (and the amount, types and terms and conditions
of all such insurance shall be satisfactory to the Administrative Agent), together with the
certificates of insurance and endorsements, naming the Administrative Agent, on behalf of
the Secured Parties, as an additional insured under each policy of liability insurance
maintained with respect to all of the Initial Eligible Investment Properties;

          (xiv) the financial statements referenced in Sections 5.05(a), (b) and
(d);

          (xv) a certified copy of the Acquisition Documents, duly executed by the parties
thereto, together with all agreements, instruments and other documents delivered in
connection therewith as the Administrative Agent shall reasonably request;

          (xvi) the Defeasance Escrow Agreements, duly executed by each of the parties thereto;

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          (xvii) certified copy of a certificate of merger or other confirmation reasonably
satisfactory to the Lenders of the consummation of the Merger from the Secretary of State of
the State of Maryland;

          (xviii) evidence satisfactory to the Administrative Agent and the Lenders that the
initial Credit Extensions hereunder in connection with the Merger and the application of the
proceeds thereof do not violate any of the regulations of the FRB (including, without
limitation, Regulation U of the FRB); and

          (xix) such other assurances, certificates, documents, consents or opinions as the
Administrative Agent, the L/C Issuer, the Swing Line Lender or any Lender reasonably may
require.

          (b) (i) All fees required to be paid to the Administrative Agent and the Arrangers on or
before the Closing Date shall have been paid and (ii) all fees required to be paid to the Lenders
on or before the Closing Date shall have been paid.

          (c) [intentionally omitted]

          (d) There shall not have occurred since December 31, 2010 any event or condition that has had
or could reasonably be expected, either individually or in the aggregate, to have a Material
Adverse Effect.

          (e) Unless waived by the Administrative Agent, the Borrower shall have paid all reasonable
fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if
requested by the Administrative Agent) to the extent invoiced at least one Business Day prior to
the Closing Date, plus such reasonable additional amounts of such fees, charges and disbursements
as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to
be incurred by it through the closing proceedings (provided that such estimate shall not
thereafter preclude a final settling of accounts between the Borrower and the Administrative
Agent).

          (f) The Merger Agreement shall be in full force and effect.

          (g) The Merger shall have been consummated strictly in accordance with the terms of the Merger
Agreement, without any material waiver or amendment not consented to by the Lenders of any term,
provision or condition set forth therein, and in compliance with all applicable requirements of
Law.

          (h) The Administrative Agent shall have received true and complete copies of the Merger
Agreement and each agreement, certificate, instrument, letter or other document related thereto
(including in each case each exhibit, schedule, annex or attachment thereto) (the “Acquisition
Documents”), and all representations and warranties of the REIT, the Borrower, W.P. Carey & Co.
LLC and CPA®:14 set forth in the Merger Agreement shall have been true and correct in
all material respects (or, to the extent any such representation and warranty is by its terms
qualified as to materiality, “Material Adverse Effect” or similar language, in all respects) as of
the time such representations and warranties were made, and

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all such representations and warranties shall be true and correct in all material respects (or, to
the extent any such representation and warranty is by its terms qualified as to materiality,
“Material Adverse Effect” or similar language, in all respects) as of the Closing Date as if such
representations and warranties were made on and as of such date, unless stated to relate to a
specific earlier date, in which case such representations and warranties shall be true and correct
in all material respects (or, to the extent any such representation and warranty is by its terms
qualified as to materiality, “Material Adverse Effect” or similar language, in all respects) as of
such earlier date.

Without limiting the generality of the provisions of the last paragraph of Section 9.03,
for purposes of determining compliance with the conditions specified in this Section 4.01,
each Lender that has signed this Agreement shall be deemed to have consented to, approved or
accepted or to be satisfied with, each document or other matter required thereunder to be consented
to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall
have received written notice from such Lender prior to the proposed Closing Date specifying its
objection thereto.

     4.02. Conditions to All Credit Extensions. The obligation of each Lender to honor any Request for Credit Extension (other than a Loan
Notice requesting only a conversion of Revolving Credit Loans to the other Type, or a continuation
of Eurodollar Rate Loans) is subject to the following conditions precedent:

          (a) The representations and warranties of the Borrower and each other Loan Party contained in
Article V or any other Loan Document, or which are contained in any document furnished at
any time under or in connection herewith or therewith, shall be true and correct in all material
respects on and as of the date of the proposed Credit Extension, except (i) to the extent that such
representations and warranties specifically refer to an earlier date, in which case they shall be
true and correct as of such earlier date, (ii) any representation or warranty that is already by
its terms qualified as to “materiality”, “Material Adverse Effect” or similar language shall be
true and correct in all respects as of such date after giving effect to such qualification and
(iii) for purposes of this Section 4.02, the representations and warranties contained in
subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent
statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01;

          (b) No Default shall exist, or would result from such proposed Credit Extension or from the
application of the proceeds thereof;

          (c) The Administrative Agent and, if applicable, the L/C Issuer or the Swing Line Lender shall
have received a Request for Credit Extension in accordance with the requirements hereof;

          (d) No Material Adverse Effect shall have occurred; and

          (e) After giving effect to the proposed Credit Extension, the Total Revolving Credit
Outstandings shall not exceed the least of (i) the Borrowing Base Amount at

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such time, (ii) the Mortgageability Amount at such time and (iii) the Aggregate Commitments at such time.

     Each Request for Credit Extension (other than a Loan Notice requesting only a conversion of
Revolving Credit Loans to the other Type or a continuation of Eurodollar Rate Loans) submitted by
the Borrower shall be deemed to be a representation and warranty that the conditions specified in
Sections 4.02(a), (b), (d) and (e) have been satisfied on and as of
the date of the applicable Credit Extension.

ARTICLE V

REPRESENTATIONS AND WARRANTIES

     The Borrower and each Parent Guarantor each represents and warrants to the Administrative
Agent and the Lenders that:

     5.01. Existence, Qualification and Power. Each Loan Party, and each of its Subsidiaries, (a) is duly organized or formed, validly existing
and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or
organization except, solely in the case of a Subsidiary of the REIT that is not a Loan Party, to
the extent that the failure of such Subsidiary to be duly organized or formed and in good standing
could not reasonably be expected to have a Material Adverse Effect, (b) has all requisite power and
authority and all requisite governmental licenses, authorizations, consents and approvals to (i)
own or lease its assets and carry on its business and (ii) execute, deliver and perform its
obligations under the Loan Documents and Acquisition Documents to which it is a party, grant the
Liens granted by such Loan Party pursuant to the Collateral Documents and consummate the Merger
and the transactions contemplated by the Loan Documents, and (c) is duly qualified and is licensed
and, as applicable, in good standing under the Laws of each jurisdiction where its ownership, lease
or operation of properties or the conduct of its business requires such qualification or license;
except in each case referred to in clause (b)(i) or (c), to the extent that failure to do so could
not reasonably be expected to have a Material Adverse Effect.

     5.02. Authorization; No Contravention. The execution, delivery and performance by each Loan Party of, and the consummation by each
Loan Party of the transactions contemplated by, each Loan Document and Acquisition Document to
which such Person is a party, and the granting by each Loan Party of the Liens granted by it
pursuant to the Collateral Documents, have been duly authorized by all necessary corporate or other
organizational action, and do not and will not (a) contravene the terms of any of such Person’s
Organization Documents; (b) conflict with or result in any breach or contravention of, or the
creation of any Lien under, or require any payment to be made under (i) any Contractual Obligation
to which such Person is a party or affecting such Person or the properties of such Person or any of
its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any
arbitral award to which such Person or its property is subject; or (c) violate any Law.

     5.03. Governmental Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice to, or filing
with, any Governmental Authority or any other Person is necessary or required in connection with
(a) the execution,

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delivery or performance by, or enforcement against, any Loan Party of this
Agreement or any other Loan Document or Acquisition Document, or for the consummation of the Merger
or the transactions contemplated by the Loan Documents, (b) the grant by any Loan Party of the
Liens granted by it pursuant to the Collateral Documents, (c) the perfection or maintenance of
the Liens created under the Collateral Documents (including the first priority nature thereof) or
(d) the exercise by the Administrative Agent or any Lender of its rights under the Loan Documents
or the remedies in respect of the Collateral pursuant to the Collateral Documents. All applicable
waiting periods in connection with the Merger have expired without any action having been taken by
any Governmental Authority restraining, preventing or imposing materially adverse conditions upon
the Merger or the rights of the Loan Parties or their Subsidiaries freely to transfer or otherwise
dispose of, or to create any Lien on, any properties now owned or hereafter acquired by any of
them. The Merger has been consummated in accordance with the Merger Agreement and applicable Law.

     5.04. Binding Effect. This Agreement has been, and each other Loan Document, when delivered hereunder, will have been,
duly executed and delivered by each Loan Party that is party thereto. This Agreement constitutes,
and each other Loan Document when so delivered will constitute, a legal, valid and binding
obligation of each Loan Party, enforceable against each Loan Party that is party thereto in
accordance with its terms.

     5.05. Financial Statements; No Material Adverse Effect.

          (a) The Audited Financial Statements (i) were prepared in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein and (ii)
fairly present the financial condition of the Consolidated Group and of CPA®:14 and its
Consolidated Subsidiaries as of the date thereof and their results of operations, cash flows and
changes in shareholders’ equity for the period covered thereby in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein.

          (b) The unaudited consolidated balance sheets of the Consolidated Group and of
CPA®:14 and its Consolidated Subsidiaries, each dated September 30, 2010, and the
related consolidated statements of income or operations, shareholders’ equity and cash flows for
the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein and (ii)
fairly present the financial condition of the Consolidated Group and of CPA®:14 and its
Consolidated Subsidiaries as of the date thereof and their results of operations, cash flows and
changes in shareholders’ equity for the period covered thereby, subject, in the case of clauses (i)
and (ii), to the absence of footnotes and to normal year-end audit adjustments.

          (c) Since December 31, 2010, there has been no event or circumstance, either individually or
in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.

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          (d) The consolidated pro forma balance sheet of the Consolidated Group as at September 30,
2010, and the related consolidated pro forma statements of income and cash flows of the
Consolidated Group for the nine months then ended, certified by the chief financial officer or
treasurer of the REIT, copies of which have been furnished to each Lender, fairly present the
consolidated pro forma financial condition of the Consolidated Group as at such date and the
consolidated pro forma results of operations of the Consolidated
Group for the period ended on such date, in each case giving effect to the Merger, all in
accordance with GAAP.

     5.06. Litigation. There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of
either of the Parent Guarantors or the Borrower after due and diligent investigation, threatened or
contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against
the REIT or any of its Subsidiaries or against any of their properties or revenues that (a) purport
to affect or pertain to this Agreement, any other Loan Document, the Merger Agreement, the Merger
or any of the transactions contemplated hereby or thereby, or (b) either individually or in the
aggregate, if determined adversely, could reasonably be expected to have a Material Adverse Effect.

     5.07. No Default. Neither any Loan Party nor any Subsidiary thereof is in default under or with respect to any
Contractual Obligation that could, either individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect. No Default has occurred and is continuing or would result from
the consummation of the transactions contemplated by this Agreement or any other Loan Document.

     5.08. Ownership of Property; Liens. Each Loan Party and each of its Subsidiaries has good record and marketable title in fee simple
to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of
its business, except for such defects in title as could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. The property of each Loan Party and its
Subsidiaries is subject to no Liens, other than Liens permitted by Section 7.01.

     5.09. Environmental Compliance.

          (a) The Loan Parties and their respective Subsidiaries conduct in the ordinary course of
business a review of the effect of existing Environmental Laws and claims alleging potential
liability or responsibility for violation of any Environmental Law in connection with the initial
acquisition of an Investment Property and any subsequent refinancing of an Investment Property, and
as a result thereof the Parent Guarantors and the Borrower have reasonably concluded that such
Environmental Laws and claims could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

          (b) To the knowledge of the Borrower and the Parent Guarantors, (i) none of the properties
currently or formerly owned or operated by any Loan Party or any of its Subsidiaries is listed or
formally proposed for listing on the NPL or on the CERCLIS or any analogous foreign, state or local
list or is adjacent to any such property; (ii) there are no and never have been any underground or
above-ground storage tanks or any surface

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impoundments, septic tanks, pits, sumps or lagoons in
which Hazardous Materials are being or have been treated, stored or disposed of on any property
currently owned or operated by any Loan Party or any of its Subsidiaries; (iii) there is no
asbestos or asbestos-containing material on, at or in any property currently owned or operated by
any Loan Party or any of its Subsidiaries; and (iv) Hazardous Materials have not been Released on,
at, under or from any property currently owned or operated by any Loan Party or any of its
Subsidiaries in violation of applicable Environmental Law, in each case with respect to items (i),
(ii), (iii) or (iv) in a manner, form or amount which could reasonably be expected to result in a Material Adverse
Effect.

          (c) To the knowledge of the Borrower and the Parent Guarantors, neither any Loan Party nor any
of its Subsidiaries is undertaking, and has not completed, either individually or together with
other potentially responsible parties, any investigation or assessment or remedial or response
action relating to any actual or threatened Release of Hazardous Materials at, on, under, or from
any site, location or operation, either voluntarily or pursuant to the order of any Governmental
Authority or the requirements of any Environmental Law, except such investigations or actions which
could not reasonably be expected to result in a Material Adverse Effect.

          (d) To the knowledge of the Borrower and the Parent Guarantors, the Loan Parties and their
respective Subsidiaries: (i) are, and within the period of all applicable statutes of limitation
have been, in compliance in all material respects with all applicable Environmental Laws; (ii) hold
or have required in the respective leases of an Investment Property the applicable tenant to hold
all Environmental Permits required for any of such tenant’s current operations or for any
Investment Property that is included in the Borrowing Pool; (iii) are, and within the period of all
applicable statutes of limitation have been, in compliance with all of their Environmental Permits;
and (iv) to the extent within the control of the Loan Parties and their respective Subsidiaries,
each of their tenants’ Environmental Permits will be timely renewed and complied with, any
additional Environmental Permits that may be required of any of them will be timely obtained and
complied with, without material expense to any Loan Party or Subsidiary thereof, and compliance
with any Environmental Law that is applicable to any of them will be timely attained and
maintained, without material expense to any Loan Party or Subsidiary thereof.

     5.10. Insurance. The properties of each Loan Party and its Subsidiaries are insured with financially sound and
reputable insurance companies not Affiliates of the REIT, in such amounts, with such deductibles
and covering such risks as are customarily carried by companies engaged in similar businesses and
owning similar properties in localities where such Loan Party or the applicable Subsidiary
operates.

     5.11. Taxes. Each Loan Party, and each of its Subsidiaries, has timely filed all federal, state and other
material tax returns and reports required to be filed, and has timely paid all federal, state and
other material Taxes (whether or not shown on a tax return), including in its capacity as a
withholding agent, levied or imposed upon it or its properties, income or assets otherwise due and
payable, except those Taxes which are being contested in good faith by appropriate proceedings
diligently conducted and for which adequate reserves

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have been provided in accordance with GAAP. There is no proposed tax assessment against any Loan Party or any Subsidiary thereof that, if made,
could reasonably be expected to have a Material Adverse Effect. Neither any Loan Party nor any
Subsidiary thereof is party to any tax sharing agreement. Except as could not be reasonably
expected to, individually or in the aggregate, result in a Material Adverse Effect, neither any
Loan Party nor any of its Subsidiaries has ever “participated” in a “listed transaction” within the
meaning of Treasury Regulation Section 1.6011-4.

     5.12. ERISA Compliance.

          (a) Each Plan is in compliance in all material respects with the applicable provisions of
ERISA, the Code and other Federal or state laws. Each Pension Plan that is intended to be a
qualified plan under Section 401(a) of the Code has received a favorable determination letter from
the Internal Revenue Service to the effect that the form of such Plan is qualified under Section
401(a) of the Code and the trust related thereto has been determined by the Internal Revenue
Service to be exempt from federal income tax under Section 501(a) of the Code, or an application
for such a letter is currently being processed by the Internal Revenue Service. To the best
knowledge of the Parent Guarantors and the Borrower, nothing has occurred that would prevent or
cause the loss of such tax-qualified status.

          (b) There are no pending or, to the best knowledge of the Parent Guarantors and the Borrower,
threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to
any Plan that could reasonably be expected to have a Material Adverse Effect. There has been no
prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan
that has resulted or could reasonably be expected to result in a Material Adverse Effect.

          (c) Except as could not, either individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect, (i) no ERISA Event has occurred, and neither the REIT nor any ERISA
Affiliate is aware of any fact, event or circumstance that could reasonably be expected to
constitute or result in an ERISA Event with respect to any Pension Plan or Multiemployer Plan; (ii)
as of the most recent valuation date for any Pension Plan, the funding target attainment percentage
(as defined in Section 430(d)(2) of the Code) is 60% or higher and neither the REIT nor any ERISA
Affiliate knows of any facts or circumstances that could reasonably be expected to cause the
funding target attainment percentage for any such Plan to drop below 60% as of the most recent
valuation date; (iii) neither the REIT nor any ERISA Affiliate has incurred any liability to the
PBGC other than for the payment of premiums, and there are no premium payments which have become
due that are unpaid; (iv) neither the REIT nor any ERISA Affiliate has engaged in a transaction
that is subject to Section 4069 or Section 4212(c) of ERISA; and (v) no Pension Plan has been
terminated by the plan administrator thereof or by the PBGC, and no event or circumstance has
occurred or exists that could reasonably be expected to cause the PBGC to institute proceedings
under Title IV of ERISA to terminate any Pension Plan.

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          (d) Neither the REIT nor any ERISA Affiliate maintains or contributes to, or has any
unsatisfied obligation to contribute to, or liability under, any active or terminated Pension Plan
or Multiemployer Plan other than those listed on Schedule 5.12(d) hereto.

     5.13. Subsidiaries; Equity Interests; Loan Parties. As of the Closing Date, no Loan Party has any Subsidiaries other than those specifically
disclosed in Part (a) of Schedule 5.13, and all of the outstanding Equity Interests in such
Subsidiaries have been validly issued, are fully paid and non-assessable and are owned by a Loan
Party in the amounts specified on Part (a) of Schedule 5.13 free and clear of all Liens
except (i) in the case of Equity Interests of the Borrower or a Guarantor, those permitted under
Section 7.01(a), (b) or (i) and (ii) in the case of Equity Interests of any
Subsidiary of the REIT other than the Borrower or a Guarantor,
those permitted under Section 7.01. No Loan Party has any equity investments in any other
corporation or entity other than those specifically disclosed in Part (b) of Schedule 5.13.
All of the outstanding Equity Interests in each Loan Party have been validly issued, are fully
paid and non-assessable. Set forth on Part (c) of Schedule 5.13 is a complete and accurate
list of all Loan Parties, showing as of the Closing Date (as to each Loan Party) the jurisdiction
of its incorporation or organization, the address of its chief executive office and principal place
of business, the type of organization it is and its U.S. taxpayer identification number or, in the
case of any non-U.S. Loan Party that does not have a U.S. taxpayer identification number, its
unique identification number issued to it by the jurisdiction of its incorporation or organization.
The copy of the charter of each Loan Party and each amendment thereto provided pursuant to
Section 4.01(a)(v) is a true and correct copy of each such document, each of which is valid
and in full force and effect.

     5.14. Margin Regulations; Investment Company Act.

          (a) The Borrower is not engaged and will not engage, principally or as one of its important
activities, in the business of purchasing or carrying margin stock (within the meaning of
Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying
margin stock.

          (b) None of the REIT, any Person Controlling the REIT, or any Subsidiary of the REIT is or is
required to be registered as an “investment company” under the Investment Company Act of 1940.

     5.15. Disclosure. The Parent Guarantors and the Borrower have disclosed to the Administrative Agent and the
Lenders all corporate or other restrictions to which they or any of their respective Subsidiaries
is subject, and all other matters known to any of them, that, individually or in the aggregate,
could reasonably be expected to result in a Material Adverse Effect. No report, financial
statement, certificate or other information furnished (whether in writing or orally) by or on
behalf of any Loan Party to the Administrative Agent or any Lender in connection with the
transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or
under any other Loan Document contained any material misstatement of fact or omitted to state any
material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading; provided that, with respect to projected financial
information, the Parent Guarantors and the

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Borrower represent only that such information was
prepared in good faith based upon assumptions believed to be reasonable at the time.

     5.16. Compliance with Laws. Each Loan Party, and each Subsidiary thereof, is in compliance in all material respects with the
requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its
properties, except in such instances in which (a) such requirement of Law or order, writ,
injunction or decree is being contested in good faith by appropriate proceedings diligently
conducted or (b) the failure to comply therewith, either individually or in the aggregate, could
not reasonably be expected to have a Material Adverse Effect.

     5.17. Taxpayer Identification Number. Each Loan Party’s true and correct U.S. taxpayer identification number (or the equivalent
thereof, in the case of a Loan Party that is not organized under the laws of the United States, any
State thereof or the District of Columbia) is set forth on Schedule 10.02.

     5.18. Intellectual Investment Property; Licenses, Etc. Each Loan Party, and each of its Subsidiaries, owns, or possesses the right to use, all of the
trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses
and other intellectual property rights (collectively, “IP Rights”) that are necessary for
the operation of its businesses, without conflict with the rights of any other Person, in each case
except as could not reasonably be expected to have a Material Adverse Effect. No slogan or other
advertising device, product, process, method, substance, part or other material now employed, or
now contemplated to be employed, by any Loan Party or any of its Subsidiaries infringes upon any
rights held by any other Person, except as could not reasonably be expected to have a Material
Adverse Effect. No claim or litigation regarding any of the foregoing is pending or, to the best
knowledge of the Parent Guarantors and the Borrower, threatened, which, either individually or in
the aggregate, could reasonably be expected to have a Material Adverse Effect.

     5.19. Solvency. Each Loan Party is, individually and together with its Subsidiaries on a consolidated basis,
Solvent.

     5.20. Casualty, Etc. Neither the businesses nor the properties of any Loan Party or any of its Subsidiaries are
affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm,
hail, earthquake, embargo, act of God or of the public enemy or other casualty (whether or not
covered by insurance), condemnation or eminent domain proceeding that, either individually or in
the aggregate, could reasonably be expected to have a Material Adverse Effect.

     5.21. Labor Matters. There are no collective bargaining agreements covering the employees of any Loan Party or any of
its Subsidiaries or any ERISA Affiliates as of the Closing Date.

     5.22. Collateral Documents. The provisions of the Collateral Documents are effective to create in favor of the
Administrative Agent for the benefit of the Secured Parties a legal, valid and enforceable first
priority Lien on all right, title and interest of the respective

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Loan Parties in the Collateral
described therein. Except for filings completed prior to the Closing Date and as contemplated
hereby and by the Collateral Documents, no filing or other action will be necessary to perfect or
protect such Liens.

     5.23. Anti-Money Laundering and Economic Sanctions Laws.

          (a) No Loan Party, none of its Subsidiaries and, to the knowledge of each Loan Party, none of
its Affiliates and none of the respective officers, directors, brokers or agents of such Loan
Party, such Subsidiary or Affiliate (i) has violated or is in violation of any applicable
Anti-Money Laundering Law or (ii) has engaged or engages in any transaction, investment,
undertaking or activity that conceals the identity, source or destination of the proceeds from any
category of offenses designated in any applicable law, regulation or other
binding measure implementing the “Forty Recommendations” and “Nine Special Recommendations”
published by the Organisation for Economic Cooperation and Development’s Financial Action Task
Force on Money Laundering.

          (b) No Loan Party, none of its Subsidiaries and, to the knowledge of each Loan Party, none of
its Affiliates and none of the respective officers, directors, brokers or agents of such Loan
Party, such Subsidiary or such Affiliate that is acting or benefiting in any capacity in connection
with the Loans is an Embargoed Person.

          (c) Except as otherwise authorized by OFAC, no Loan Party, none of its Subsidiaries and, to
the knowledge of each Loan Party, none of its Affiliates and none of the respective officers,
directors, brokers or agents of such Loan Party, such Subsidiary or such Affiliate acting or
benefiting in any capacity in connection with the Loans (i) conducts any business or engages in
making or receiving any contribution of funds, goods or services to or for the benefit of any
Embargoed Person, (ii) deals in, or otherwise engages in any transaction related to, any property
or interests in property blocked pursuant to any applicable Economic Sanctions Laws or (iii)
engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of
evading or avoiding, or attempts to violate, any of the applicable prohibitions set forth in any
Economic Sanctions Laws.

     5.24. REIT Status. Each of the REIT and the Borrower is qualified as a Real Estate Investment Trust.

ARTICLE VI

AFFIRMATIVE COVENANTS

     So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation
hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, the
REIT shall, and shall (except in the case of the covenants set forth in Sections 6.01,
6.02 and 6.03) cause each of its Subsidiaries to:

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     6.01. Financial Statements. Deliver to the Administrative Agent and each Lender, in form and detail satisfactory to the
Administrative Agent and the Required Lenders:

          (a) as soon as available, but in any event within 90 days after the end of each fiscal year of
the REIT (or, if earlier, 15 days after the date required to be filed with the SEC (without giving
effect to any extension permitted by the SEC)) (commencing with the fiscal year ending December 31,
2011, a consolidated balance sheet of the Consolidated Group as at the end of such fiscal year, and
the related consolidated statements of income or operations, changes in shareholders’ equity, and
cash flows for such fiscal year, setting forth in each case in comparative form the figures as of
the end of and for the previous fiscal year, all in reasonable detail and prepared in accordance
with GAAP, audited and accompanied by a report and opinion of an independent certified public
accountant of nationally recognized standing reasonably acceptable to the Required Lenders, which
report and opinion shall be prepared in accordance with generally accepted auditing standards and
shall not be subject to any “going concern” or like qualification or exception or any qualification
or exception as to the scope of such audit; and

          (b) as soon as available, but in any event within 45 days after the end of each of the first
three fiscal quarters of each fiscal year of the REIT (or, if earlier, 5 days after the date
required to be filed with the SEC (without giving effect to any extension permitted by the SEC))
(commencing with the fiscal quarter ending June 30, 2011), a consolidated balance sheet of the
Consolidated Group as at the end of such fiscal quarter, and the related consolidated statements of
income or operations for such fiscal quarter and for the portion of the REIT’s fiscal year then
ended, and the related consolidated statements of changes in shareholders’ equity and cash flows
for the portion of the REIT’s fiscal year then ended, in each case setting forth in comparative
form, as applicable, the figures as of the end of and for the corresponding fiscal quarter of the
previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable
detail, certified by the chief executive officer, chief financial officer, treasurer or controller
of the REIT as fairly presenting the financial condition, results of operations, shareholders’
equity and cash flows of the Consolidated Group in accordance with GAAP, subject only to normal
year-end audit adjustments and the absence of footnotes.

As to any information contained in materials furnished pursuant to Section 6.02(c), the
REIT shall not be separately required to furnish such information under Section 6.01(a) or
(b) above, but the foregoing shall not be in derogation of the obligation of the REIT to
furnish the information and materials described in Sections 6.01(a) and (b) above
at the times specified therein.

     6.02. Certificates; Other Information. Deliver to the Administrative Agent and each Lender, in form and detail satisfactory to the
Administrative Agent and the Required Lenders:

          (a) concurrently with the delivery of the financial statements referred to in Sections
6.01(a) and (b), a duly completed Compliance Certificate signed by the chief executive
officer, chief financial officer, treasurer or controller of the REIT (which delivery may, unless
the Administrative Agent, or a Lender requests executed originals, be by

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electronic communication including fax or email and shall be deemed to be an original authentic counterpart thereof for all
purposes);

          (b) promptly after the same are available, copies of each annual report, proxy or financial
statement or other report or communication sent to the stockholders or other equityholders of the
REIT, the Operating Partnership or the Borrower, and copies of all annual, regular, periodic and
special reports and registration statements which any Loan Party may file or be required to file
with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, or with any national
securities exchange, and in any case not otherwise required to be delivered pursuant hereto;

          (c) promptly after the furnishing thereof, copies of any statement or report furnished to any
holder of Recourse Indebtedness of any Loan Party pursuant to the terms of any indenture, loan or
credit or similar agreement and not otherwise required to be furnished pursuant to Section
6.01 or any other clause of this Section 6.02;

          (d) promptly, and in any event within five Business Days after receipt thereof by any Loan
Party, copies of each notice or other correspondence received from the
SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any
investigation or possible investigation or other inquiry by such agency regarding financial or
other operational results of any Loan Party;

          (e) promptly after the assertion or occurrence thereof, notice of any action or proceeding
against or of any noncompliance by any Loan Party or any of its Subsidiaries with any Environmental
Law or Environmental Permit that could reasonably be expected to have a Material Adverse Effect;

          (f) concurrently with the delivery of the financial statements referred to in Sections
6.01(a) and (b), or more frequently if requested by the Administrative Agent upon the
occurrence and during the continuance of a Default, an Availability Certificate, together with a
calculation (certified by a Responsible Officer of the Borrower) of (i) the aggregate Investment
Property Net Operating Income from Eligible Investment Properties that are lodging, cinema,
self-storage or other properties that are not office, retail or industrial properties as a
percentage of the aggregate Investment Property Net Operating Income of all Eligible Investment
Properties, (ii) the Investment Property Net Operating Income of each Eligible Investment Property
as a percentage of the aggregate Investment Property Net Operating Income of all Eligible
Investment Properties, (iii) the Investment Property Net Operating Income from Eligible Investment
Properties subject to Eligible Ground Leases as a percentage of the aggregate Investment Property
Net Operating Income of all Eligible Investment Properties, (iv) the Investment Property Net
Operating Income from Eligible Investment Properties located outside of the United States or Canada
as a percentage of the aggregate Investment Property Net Operating Income of all Eligible
Investment Properties, (v) Aggregate Capped Value and (vi) the percentage of the aggregate
occupancy for all Investment Properties included in the Borrowing Pool (determined on a percentage
square feet occupied basis); and

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          (g) promptly, such additional information regarding the business, financial, legal or
corporate affairs of any Loan Party, or compliance with the terms of the Loan Documents, as the
Administrative Agent or any Lender may from time to time reasonably request.

     Documents required to be delivered pursuant to Section 6.01(a) or (b) (to the
extent any such documents are included in materials otherwise filed with the SEC) may be delivered
electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which
the REIT posts such documents, or provides a link thereto on the REIT’s website on the Internet at
the website address listed on Schedule 10.02; or (ii) on which such documents are posted on
the REIT’s behalf on an Internet or intranet website, if any, to which each Lender and the
Administrative Agent have access (whether a commercial, third-party website or whether sponsored by
the Administrative Agent); provided that: (i) the REIT shall deliver paper copies of such
documents to the Administrative Agent or any Lender upon its request to the REIT to deliver such
paper copies until a written request to cease delivering paper copies is given by the
Administrative Agent or such Lender and (ii) the REIT shall notify the Administrative Agent and
each Lender (by telecopier or electronic mail) of the posting of any such documents and provide to
the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such
documents. The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to
above, and in any event shall have no responsibility to monitor compliance by the REIT with any
such request by a Lender for delivery, and each Lender shall be solely responsible for requesting
delivery to it or maintaining its copies of such documents.

     The Borrower and each Parent Guarantor hereby acknowledge that (a) the Administrative Agent
and/or the Arrangers will make available to the Lenders and the L/C Issuer materials and/or
information provided by or on behalf of any Loan Party hereunder (collectively, “Borrower
Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic
system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”)
may have personnel who do not wish to receive material non-public information with respect to the
REIT or its Affiliates, or the respective securities of any of the foregoing, and who may be
engaged in investment and other market-related activities with respect to such Persons’ securities.
Each of the Borrower and each Parent Guarantor hereby agrees that it will identify that portion of
the Borrower Materials that may be distributed to the Public Lenders and that (w) all such Borrower
Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that
the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower
Materials “PUBLIC,” the Loan Parties shall be deemed to have authorized the Administrative Agent,
the Arrangers, the L/C Issuer and the Lenders to treat such Borrower Materials as not containing
any material non-public information (although it may be sensitive and proprietary) with respect to
any Loan Party or its securities for purposes of United States Federal and state securities laws
(provided, however, that to the extent such Borrower Materials constitute
Information, they shall be treated as set forth in Section 10.07); (y) all Borrower
Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform
designated “Public Side Information;” and (z) the Administrative Agent and the Arrangers shall be
entitled to treat any

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Borrower Materials that are not marked “PUBLIC” as being suitable only for
posting on a portion of the Platform not designated “Public Side Information.”

     6.03. Notices. Promptly notify the Administrative Agent and each Lender:

          (a) of the occurrence of any Default;

          (b) of any matter that has resulted or could reasonably be expected to result in a Material
Adverse Effect, including any of the following that could reasonably be expected to result in a
Material Adverse Effect: (i) breach or non-performance of, or any default under, a Contractual
Obligation of any Loan Party or any Subsidiary thereof; (ii) any dispute, litigation,
investigation, proceeding or suspension between any Loan Party or any Subsidiary thereof and any
Governmental Authority; or (iii) the commencement of, or any material development in, any
litigation or proceeding affecting any Loan Party or any Subsidiary thereof, including pursuant to
any applicable Environmental Laws;

          (c) of the occurrence of any ERISA Event; or

          (d) of any material change in accounting policies or financial reporting practices by any Loan
Party or any Subsidiary thereof.

     Each notice pursuant to this Section 6.03 shall be accompanied by a statement of a
Responsible Officer of the REIT setting forth details of the occurrence referred to therein and
stating what action the REIT and the other Loan Parties have taken and/or propose to take with
respect thereto. Each notice pursuant to Section 6.03(a) shall describe with particularity
any and all provisions of this Agreement and any other Loan Document that have been breached.

     6.04. Payment of Obligations. (a) Pay and discharge as the same shall become due and payable (i) all federal, state and
other material Tax liabilities, assessments and governmental charges or levies upon it or its
properties or assets, unless the same are being contested in good faith by appropriate proceedings
diligently conducted (which proceedings have the effect of preventing the forfeiture or sale of the
property or assets subject to any such Lien) and adequate reserves in accordance with GAAP are
being maintained by the REIT or such Subsidiary; (ii) all lawful material claims which, if unpaid,
would by law become a Lien (other than a Lien permitted under Section 7.01) upon its
property; and (iii) all Indebtedness, as and when due and payable, but subject to any subordination
provisions contained in any instrument or agreement evidencing such Indebtedness, except to the
extent that the failure to pay such Indebtedness would not constitute an Event of Default under
Section 8.01(e); and (b) timely file all material tax returns required to be filed.

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     6.05. Preservation of Existence, Etc. (a) Preserve, renew and maintain in full force and effect its legal existence and good
standing under the Laws of the jurisdiction of its organization except (i) in a transaction
permitted by Section 7.04 or 7.05 or (ii) solely in the case of a Subsidiary of the
Borrower that is not a Loan Party, the failure to do so could not reasonably be expected to have a
Material Adverse Effect; (b) take all reasonable action to maintain all rights, privileges,
permits, licenses and franchises necessary or desirable in the normal conduct of its business,
except to the extent that failure to do so could not reasonably be expected to have a Material
Adverse Effect; and (c) preserve or renew all of its registered patents, trademarks, trade names
and service marks, the non-preservation of which could reasonably be expected to have a Material
Adverse Effect.

     6.06. Maintenance of Properties. (a) Maintain, preserve and protect all of its properties and equipment necessary in the
operation of its business in good working order and condition, ordinary wear and tear excepted; (b)
make all necessary repairs thereto and renewals and replacements thereof; and (c) use the standard
of care typical in the industry for similar facilities in similar locations in the operation and
maintenance of its facilities, except in the case of clauses (a), (b) and (c) where the failure to
do so could not reasonably be expected to have a Material Adverse Effect.

     6.07. Maintenance of Insurance. Maintain or cause to be maintained with financially sound and reputable insurance companies not
Affiliates of the REIT, insurance with respect to its properties and business against loss or
damage of the kinds customarily insured against by Persons engaged in the same or similar business,
of such types and in such amounts as are customarily carried under similar circumstances by such other Persons and all such insurance that
is maintained by the REIT and its Subsidiaries shall to the extent relating to Eligible Investment
Properties included in the Borrowing Pool, name the Administrative Agent as additional insured on
behalf of the Secured Parties (in the case of liability insurance). The Borrower shall provide the
Administrative Agent prompt (or prior, to the extent practicable) written notice of the
termination, lapse or cancellation of any insurance in which the Administrative Agent is required
to be named as an additional insured pursuant to this Section 6.07.

     6.08. Compliance with Laws. Comply in all material respects with the requirements of all Laws and all orders, writs,
injunctions and decrees applicable to it or to its business or property, except in such instances
in which (a) such requirement of Law or order, writ, injunction or decree is being contested in
good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith
could not reasonably be expected to have a Material Adverse Effect.

     6.09. Books and Records. (a) Maintain proper books of record and account, in which full, true and correct entries in
conformity with GAAP consistently applied shall be made of all financial transactions and matters
involving the assets and business of the REIT or such Subsidiary, as the case may be; and (b)
maintain such books of record and account in material conformity with all applicable requirements
of any Governmental Authority having regulatory jurisdiction over the REIT or such Subsidiary, as
the case may be.

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     6.10. Inspection Rights. Permit representatives and independent contractors of the Administrative Agent and each Lender
to visit and inspect any of its properties, to examine its corporate, financial and operating
records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and
accounts with its directors, officers, and independent public accountants, all at the expense of
the Borrower and at such reasonable times during normal business hours and as often as may be
reasonably desired, upon reasonable advance notice to the Borrower, provided that except as
provided in the following proviso the Borrower shall not be obligated to reimburse the
Administrative Agent or any Lender (or any representative thereof) for more than one visit,
inspection or examination conducted during any fiscal year of the Borrower; provided,
however, that when an Event of Default exists the Administrative Agent or any Lender (or
any of their respective representatives or independent contractors) may do any of the foregoing at
the expense of the Borrower at any time during normal business hours and without advance notice.

     6.11. Use of Proceeds. Use the proceeds of the Credit Extensions solely to finance in part the acquisition of
CPA®:14 by the REIT by funding the cash elections made by CPA®:14
shareholders pursuant to the Merger, to repay certain property level indebtedness and for general
corporate purposes, in each case not in contravention of any Law or of any Loan Document.

     6.12. Additional Collateral; Additional Loan Parties.

          (a) Additional Collateral. With respect to (i) any property acquired after the Closing
Date that is intended to be subject to the Lien created by any of the Collateral
Documents but is not so subject and (ii) any Affiliated Investor who owns an Investment
Property that is included in the Borrowing Pool after the Closing Date, promptly (and in any event
within 20 days after such acquisition or the inclusion of such Investment Property in the Borrowing
Pool, as applicable) (i) cause the owner of such property (or, in the case of a Subsidiary of the
Borrower that, directly or indirectly, owns any Equity Interests of an Affiliated Investor whose
Investment Property is included in the Borrowing Pool, such Subsidiary) to execute a joinder to the
Pledge Agreement, in form and substance reasonably satisfactory to the Administrative Agent), (ii)
execute and deliver to the Administrative Agent such amendments or supplements to the relevant
Collateral Documents or such other documents as the Administrative Agent shall reasonably deem
necessary or advisable to grant to the Administrative Agent, for its benefit and for the benefit of
the other Secured Parties, a Lien on such property (or, in the case of an Affiliated Investor whose
Investment Property is included in the Borrowing Pool after the Closing Date, all of the Equity
Interests held by the Borrower or any of its Subsidiaries, directly or indirectly, in such
Affiliated Investor) subject to no Liens other than Liens permitted under clauses (a) and
(b) of Section 7.01, (iii) deliver to the Administrative Agent (x) the items
referenced in Sections 4.01(a)(iii), (iv) and (v), with respect to the
owner of such property or the direct and indirect owners of Equity Interests of such Affiliated
Investor, as applicable, and (y) a favorable opinion of counsel (which counsel shall be reasonably
acceptable to the Administrative Agent), addressed to the Administrative Agent and each Lender, as
to such matters concerning the owner of such property or the direct and indirect owners of Equity
Interests of such Affiliated Investor, as applicable, and the Loan Documents as the Administrative
Agent may reasonably request and (iv) take all actions

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necessary to cause such Lien to be duly perfected in accordance with all applicable Laws, including, without limitation, the delivery of
the certificates (if any) representing Equity Interests (together with undated stock powers or
other appropriate instruments of transfer executed and delivered in blank by a duly authorized
officer of the holder(s) of such Equity Interests) and the filing of financing statements in such
jurisdictions as may be reasonably requested by the Administrative Agent; provided, that
notwithstanding the foregoing, neither the Borrower nor any Subsidiary thereof shall be required to
pledge (i) more than 66% of the total voting power of all outstanding Voting Equity Interests of
any Subsidiary that is a first-tier controlled foreign corporation (as defined in Section 957(a) of
the Code) to the extent the pledge of a greater percentage of such Voting Equity Interests would
result in adverse tax consequences to the Borrower and (ii) any of the Voting Equity Interests of
any Second-Tier CFC to the extent that a pledge of such Voting Equity Interests would result in
adverse tax consequences to the Borrower. The Borrower shall otherwise take such actions and
execute and/or deliver to the Administrative Agent such documents as the Administrative Agent shall
reasonably require to confirm the validity, perfection and priority of the Lien of the Collateral
Documents on such properties.

          (b) Additional Guarantors. With respect to (i) any Person that becomes a Subsidiary
of the REIT after the Closing Date (other than any such Subsidiary (x) which, when taken together
with all other Subsidiaries of the REIT that are not Guarantors, is an Immaterial Subsidiary, (y)
that is an Excluded Subsidiary or (z) that is a Foreign Subsidiary), (ii) any Subsidiary of the
Borrower that ceases to be an Immaterial Subsidiary or Excluded Subsidiary after the Closing Date
for a period of more than 90 days, (iii) any Subsidiary of the Borrower that owns any Investment
Property that is included in the Borrowing Pool after the Closing Date and/or (iv) any Subsidiary
of the Borrower that owns, directly or indirectly, any Equity Interests of any Affiliated Investor that owns an Investment Property that is included
in the Borrowing Pool after the Closing Date, within 20 days after such time that such Person
becomes a Subsidiary (other than an Immaterial Subsidiary or an Excluded Subsidiary) or ceases to
be an Immaterial Subsidiary or Excluded Subsidiary or such Investment Property is included in the
Borrowing Pool, as applicable, (w) cause such Person to execute a joinder agreement to the Guaranty
Agreement in form and substance reasonably satisfactory to the Administrative Agent, (x) as and to
the extent requested by the Administrative Agent, deliver to the Administrative Agent the items
referenced in Section 4.01(a)(iv) and (v) with respect to such Person, (y) as and
to the extent requested by the Administrative Agent, deliver to the Administrative Agent a
favorable opinion of counsel to such Person (which counsel shall be reasonably acceptable to the
Administrative Agent), addressed to the Administrative Agent and each Lender, as to such matters
concerning such Person and the Loan Documents as the Administrative Agent may reasonably request
and (z) provide the Administrative Agent with the U.S. taxpayer identification for such Person (or
the equivalent thereof, in the event such Person is not organized under the laws of the United
States, any State thereof or the District of Columbia).

     6.13. Compliance with Environmental Laws. Comply in all material respects with all applicable Environmental Laws and Environmental Permits
held by it; obtain and renew, or require the applicable tenant to obtain and renew, all
Environmental Permits necessary for its operations; and conduct any investigation, study, sampling
and testing, and undertake any

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cleanup, response or other corrective action required under and in
material compliance with Environmental Law necessary to remediate all Hazardous Materials at, on,
under or emanating from any of the properties owned, leased or operated by it in accordance with
the requirements of all Environmental Laws, except, in each case, where the failure to do so could
not reasonably be expected to result in a Material Adverse Effect; provided,
however, that the Loan Parties and their Subsidiaries shall not be required to undertake
any such cleanup, removal, remedial or other action to the extent that its obligation to do so is
being contested in good faith and by proper proceedings and appropriate reserves are being
maintained with respect to such circumstances in accordance with GAAP.

     6.14. [Intentionally omitted].

     6.15. Further Assurances. Promptly upon request by the Administrative Agent, or any Lender through the Administrative
Agent, (a) correct any material defect or error that may be discovered in any Loan Document or in
the execution, acknowledgment, filing or recordation thereof, and (b) do, execute, acknowledge,
deliver, record, re-record, file, re-file, register and re-register any and all such further acts,
deeds, certificates, assurances and other instruments as the Administrative Agent, or any Lender
through the Administrative Agent, may reasonably require from time to time in order to (i) carry
out more effectively the purposes of the Loan Documents, (ii) to the fullest extent permitted by
applicable law, subject any Loan Party’s or any of its Subsidiaries’ properties, assets, rights or
interests to the Liens now or hereafter intended to be covered by any of the Collateral Documents,
(iii) perfect and maintain the validity, effectiveness and priority of any of the Collateral
Documents and any of the Liens intended to be created thereunder and (iv) assure, convey, grant,
assign, transfer, preserve, protect and confirm more effectively unto the Secured Parties the
rights granted or now or hereafter intended to be granted to the Secured Parties under any Loan
Document or under any other instrument executed in connection with any Loan Document to which any Loan Party or
any of its Subsidiaries is or is to be a party, and cause each of its Subsidiaries to do so.

     6.16. Maintenance of REIT Status. Each of the REIT and the Borrower will at all times continue to be (i) qualified as a “REIT” as
defined in Section 856 of the Code and (ii) entitled to a dividends paid deduction under Section
857 of the Code with respect to dividends paid by it with respect to each taxable year for which it
claims a deduction on its Form 1120-REIT filed with the U.S. Internal Revenue Service for such
year.

     6.17. Information Regarding Collateral.

          Not effect any change (i) in any Loan Party’s legal name, (ii) in the location of any Loan
Party’s chief executive office, (iii) in any Loan Party’s identity or organizational structure,
(iv) in any Loan Party’s Federal Taxpayer Identification Number (or equivalent thereof) or
organizational identification number, if any, or (v) in any Loan Party’s jurisdiction of
organization (in each case, including by merging with or into any other entity, reorganizing,
dissolving, liquidating, reorganizing or organizing in any other jurisdiction), until (A) it shall
have given the Administrative Agent not less than ten Business Days’ prior written notice (in the
form of certificate signed by a Responsible Officer), or such lesser

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notice period agreed to by the Administrative Agent, of its intention so to do, clearly describing such change and providing such
other information in connection therewith as the Administrative Agent may reasonably request and
(B) it shall have taken all action reasonably satisfactory to the Administrative Agent to maintain
the perfection and priority of the security interest of the Administrative Agent for the benefit of
the Secured Parties in the Collateral, if applicable. Each Loan Party agrees to promptly provide
the Administrative Agent with certified Organization Documents reflecting any of the changes
described in the preceding sentence.

     6.18. Material Contracts. Perform and observe all the terms and provisions of each Material Contract to be performed or
observed by it, maintain each Material Contract in full force and effect and, enforce each Material
Contract in accordance with its terms, except, in any case, where (x) the Borrower or such
Subsidiary determines in its reasonable business judgment that it will agree to a workout, deliver
a deed-in-lieu or allow such Material Contract to expire or that it will not enforce such Material
Contract, or (y) the failure to do so, either individually or in the aggregate, could not
reasonably be expected to have a Material Adverse Effect.

     6.19. Compliance with Terms of Leaseholds. Make all payments and otherwise perform all obligations in respect of all material leases of
real property to which the Borrower or any of its Subsidiaries is a party, keep such leases in full
force and effect and not allow such leases to lapse or be terminated or any rights to renew such
leases to be forfeited or cancelled, except, in any case, where (x) the Borrower or such Subsidiary
determines in its reasonable business judgment that it will allow such lease to lapse or be
terminated, or (y) the failure to do so, either individually or in the aggregate, could not be
reasonably likely to have a Material Adverse Effect.

ARTICLE VII

NEGATIVE COVENANTS

     So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation
hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, the
REIT shall not, nor shall it permit any of its Subsidiaries to, directly or indirectly:

     7.01. Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues,
whether now owned or hereafter acquired, or sign or file or suffer to exist under the Uniform
Commercial Code of any jurisdiction a financing statement that names any Loan Party or any of its
Subsidiaries as debtor (or authorize the filing of any such financing statement), or assign any
accounts or other right to receive income, other than the following:

          (a) Liens pursuant to any Loan Document;

          (b) Liens for taxes not yet due or Liens for taxes which are being contested in good faith and
by appropriate proceedings diligently conducted (which proceedings have

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the effect of preventing the forfeiture or sale of the property or assets subject to any such Lien), if adequate reserves
with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

          (c) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens
arising in the ordinary course of business which are not overdue for a period of more than 30 days
or which are being contested in good faith and by appropriate proceedings diligently conducted
(which proceedings have the effect of preventing the forfeiture or sale of the property or assets
subject to any such Lien), if adequate reserves with respect thereto are maintained on the books of
the applicable Person in accordance with GAAP;

          (d) pledges or deposits in the ordinary course of business in connection with workers’
compensation, unemployment insurance and other social security legislation, other than any Lien
imposed by ERISA;

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

          (f) easements, rights-of-way, restrictions and other similar encumbrances affecting real
property which, in the aggregate, are not substantial in amount, and which do not in any case
materially detract from the value of the property subject thereto or materially interfere with the
ordinary conduct of the business of the applicable Person;

          (g) Liens securing judgments for the payment of money not constituting an Event of Default
under Section 8.01(h);

          (h) Liens securing Indebtedness permitted under Section 7.02(c) or (d);
provided that (i) such Liens do not at any time encumber any Collateral or any Investment
Property included in the Borrowing Pool (or any income therefrom), (ii) such Liens do not encumber
any property other than the property financed by such Indebtedness and any assets, rights or
interests related thereto and (iii) the Indebtedness secured thereby does not exceed the cost or
fair market value (as determined by the holder of the Indebtedness secured by such Lien on the date
of the incurrence thereof), whichever is lower, of the property being acquired on the date of
acquisition;

          (i) Liens on any Defeasance Property (or on the Equity Interests of the Affiliated Investor
that owns such Defeasance Property, or such Affiliated Investor’s direct or indirect parent (other
than the REIT, the Operating Partnership or the Borrower) provided that such direct or indirect
parent does not (A) own an Investment Property included in the Borrowing Pool or (B) directly or
indirectly own any Equity Interests of another Affiliated Investor that owns an Investment Property
included in the Borrowing Pool) on the Closing Date securing Indebtedness permitted under
Section 7.02(d); provided that (i) such Liens do not encumber any property other
than such Defeasance Property and such Equity Interests and any assets, rights or interests related
thereto and (ii) on or prior to the third Business Day

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following the Closing Date, either (x) all
such Liens on such Defeasance Property and Equity Interests are terminated and all Indebtedness
secured thereby is defeased in full or (y) such Defeasance Property is removed from the Borrowing
Pool and all payments required to made to the Administrative Agent under Section 2.18(f) in
connection therewith have been made; and

          (j) Liens on any property owned solely by an Excluded Subsidiary; provided, that such
Liens are permitted to exist on such property under the terms and provisions of the documentation
evidencing or governing all Non-Recourse Indebtedness of such Excluded Subsidiary;

provided, that notwithstanding the foregoing clauses of this Section 7.01, in no
event shall any Liens (other than Liens permitted by clauses (a), (b), (c), (f) and (i) above)
encumber any of the Collateral or any of the Investment Properties included in the Borrowing Pool
(or any income therefrom).

     7.02. Indebtedness. Create, incur, assume or suffer to exist any Indebtedness, except:

          (a) the Obligations (other than Obligations arising under Secured Hedge Agreements);

          (b) obligations (contingent or otherwise) existing or arising under any Swap Contract,
provided that (i) such obligations are (or were) entered into by such Person in the
ordinary course of business for the purpose of directly mitigating risks associated with
fluctuations in interest rates or foreign exchange rates and (ii) such Swap Contract does not
contain any provision exonerating the non-defaulting party from its obligation to make payments to
the defaulting party on outstanding transactions;

          (c) Recourse Indebtedness of the REIT and its Subsidiaries (other than Indebtedness under the
Loan Documents) owing to Persons that are not members of the Consolidated Group in an aggregate
outstanding principal amount at any time not to exceed $75,000,000;

          (d) Non-Recourse Indebtedness of the REIT and its Subsidiaries; provided, that after
giving pro forma effect to the incurrence thereof, the Loan Parties are in compliance with the
financial covenants contained in Section 7.11(a) through (c); and

          (e) intercompany loans and advances to the extent expressly permitted under Section
7.03(b), (h) or (i); provided that all such intercompany Indebtedness
owed by any Loan Party shall be unsecured and subordinated in right of payment to the payment in
full of the Obligations pursuant to the terms of any applicable promissory notes or an intercompany
subordination agreement, in each case, in form and substance reasonably satisfactory to
Administrative Agent;

provided, that notwithstanding the foregoing clauses of this Section 7.02, in no
event shall any Affiliated Investor that owns an Investment Property included in the Borrowing Pool
be an

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obligor with respect to any Indebtedness (other than (x) Indebtedness permitted under clause
(a) above and (y) in the case of an Affiliated Investor that owns a Defeasance Property,
Indebtedness permitted under clause (c) or (d) above during the period commencing on the Closing
Date and ending on the third Business Day thereafter).

     7.03. Investments. Make or hold any Investments, except:

          (a) Investments held by the REIT or its Subsidiaries in the form of cash or Cash Equivalents;

          (b) Investments of any Loan Party or any Subsidiary thereof in any Loan Party;

          (c) Investments in land holdings so long as, after giving effect to any such Investment, the
aggregate amount of Investments made pursuant to this clause (c), taken together with the aggregate
amount of Investments made pursuant to clauses (d) and (e) of this Section 7.03, does not
at any time exceed 5% of the Total Asset Value at such time;

          (d) Investments (whether originated or acquired by the REIT or a Subsidiary thereof)
consisting of commercial mortgage loans and commercial real estate-related notes receivable so long
as the aggregate amount of Investments made pursuant to this clause (d), taken together with the
aggregate amount of Investments made pursuant to clauses (c) and (e) of this Section 7.03,
does not at any time exceed 5% of the Total Asset Value at such time;

          (e) Investments in respect of costs to construct Investment Properties under development so
long as the aggregate amount of Investments made pursuant to this clause (e), taken together with
the aggregate amount of Investments made pursuant to clauses (c) and (d) of this Section
7.03, does not at any time exceed 5% of the Total Asset Value at such time;

          (f) Investments in income producing Investment Properties not constituting (i) Investments in
land holdings, (ii) commercial mortgage loans and commercial real estate-related notes receivable
and (iii) Investments in respect of costs to construct Investment Properties under development;

          (g) Investments in Swap Contracts permitted by Section 7.02;

          (h) Investments of the REIT and its Subsidiaries in (x) any Subsidiary not otherwise permitted
under this Section 7.03 or (y) any Unconsolidated Affiliate that is a joint venture between
one or more members of the Consolidated Group and one or more Carey Affiliates; provided,
that in the case of each of clauses (x) and (y), after giving pro forma effect to such Investment
the Loan Parties are in compliance with each of the financial covenants contained in Section
7.11;

          (i) Investments of the REIT and its Subsidiaries in any Unconsolidated Affiliate that is a
joint venture between one or more members of the Consolidated Group and one or more Persons that
are not Carey Affiliates; provided, that the aggregate amount of

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Investments made by the Loan Parties and their Subsidiaries in such Unconsolidated Affiliates does not at any time exceed
5% of Total Asset Value at such time; and

          (j) warrants referred to in Section 7.06(h).

     7.04. Fundamental Changes. Merge, dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in
one transaction or in a series of transactions) all or substantially all of its assets (whether now
owned or hereafter acquired) to or in favor of any Person, except that, so long as no Default
exists or would result therefrom:

          (a) any Subsidiary of the Borrower may merge with (i) the Borrower, provided that the
Borrower shall be the continuing or surviving Person or (ii) any one or more other Subsidiaries of
the Borrower, provided that (i) if any Subsidiary Guarantor is merging with another
Subsidiary of the Borrower that is not a Subsidiary Guarantor, such Subsidiary Guarantor shall be
the continuing or surviving Person and (ii) if any Subsidiary Guarantor party to the Pledge
Agreement is merging with another Subsidiary Guarantor that is not party to the Pledge Agreement,
the surviving Subsidiary Guarantor must also be a party to the Pledge Agreement;

          (b) any Subsidiary of the Borrower may Dispose of all or substantially all of its assets (upon
voluntary liquidation or otherwise) to another Subsidiary of the Borrower; provided that
(i) if the transferor in such a transaction is a Subsidiary Guarantor, then the transferee must be
another Subsidiary Guarantor, (ii) if the transferor is a party to the Pledge Agreement, then the
transferee must be a party to the Pledge Agreement and (iii) if the Equity Interests of the
transferor constitute Collateral, then the Equity Interests of the transferee must constitute
Collateral;

          (c) the Borrower may consummate the Merger and all related transactions described in the Form
S-4 of the REIT filed with the SEC in connection with the Merger; and

          (d) Dispositions permitted by Section 7.05(d), (e) or (f) shall be
permitted.

     7.05. Dispositions. Make any Disposition or enter into any agreement to make any Disposition, or, in the case of any
Subsidiary of the REIT, issue, sell or otherwise dispose of any of such Subsidiary’s Equity
Interests to any Person, except:

          (a) Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in
the ordinary course of business;

          (b) Dispositions of property by any Subsidiary of the Borrower to another Subsidiary of the
Borrower; provided that (i) if the transferor is a party to the Pledge Agreement, then the
transferee must be a party to the Pledge Agreement and (ii) if the property subject to such
Disposition includes any Collateral, then, after giving effect to such Disposition, such property
shall continue to constitute Collateral;

          (c) Dispositions permitted by Section 7.04;

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          (d) (i) the Disposition of an Eligible Investment Property included in the Borrowing Pool, but
only to the extent that such Investment Property is removed from the Borrowing Pool in accordance
with Section 2.18(d) or (e) and (ii) the sale or other Disposition of all, but not
less than all, of the Equity Interests of any Subsidiary of the Borrower that owns an Eligible
Investment Property included in the Borrowing Pool, but only to the extent that (x) the Investment
Property owned by such Subsidiary is removed from the Borrowing Pool in accordance with Section
2.18(d) or (e), and (y) such Subsidiary does not own (1) any Investment Property
included in the Borrowing Pool or (2) Equity Interests, directly or indirectly, of any Affiliated
Investor that owns any Investment Property included in the Borrowing Pool;

          (e) Dispositions of assets (other than Equity Interests of the Operating Partnership or a
Subsidiary thereof) not constituting an Investment Property included in the Borrowing Pool;

          (f) the sale or other Disposition of all, but not less than all, of the issued and outstanding
Equity Interests of any Subsidiary of the Borrower that does not own (i) any Investment Property
included in the Borrowing Pool or (ii) Equity Interests, directly or indirectly, of any Affiliated
Investor that owns any Investment Property included in the Borrowing Pool;

          (g) the issuance, sale or other Disposition of common Equity Interests of the Operating
Partnership as consideration for the purchase by a Subsidiary of the REIT of an Investment
Property, but solely to the extent that, after giving effect thereto, a Change of Control has not
occurred; and

          (h) in connection with a purchase or redemption by the Operating Partnership of Special
Membership Interests permitted under Section 7.06(g), the Operating Partnership shall be
permitted to reissue the Special Membership Interests to a successor or replacement Eligible
Special Membership Interest Holder.

     7.06. Restricted Payments. Declare or make, directly or indirectly, any Restricted
Payment, or incur any obligation (contingent or otherwise) to do so, except that the following
shall be permitted:

          (a) each Subsidiary of the Borrower and each German Investment Property Owner may make
Restricted Payments pro rata to the holders of its Equity Interests;

          (b) the REIT and each Subsidiary thereof may declare and make dividend payments or other
distributions payable solely in the common stock or other common Equity Interests of such Person;

          (c) (i) the REIT and each Subsidiary thereof may purchase, redeem or otherwise acquire Equity
Interests issued by it with the proceeds received from the substantially concurrent issue of new
shares of its common stock or other common Equity
Interests and (ii) so long as no Event of Default under Section 8.01(a), (f)
or (g) has occurred and is continuing or would result therefrom, the REIT may purchase,
redeem or otherwise

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acquire Equity Interests issued by it pursuant to its regular share redemption
program as described in its periodic filings with the SEC;

          (d) the REIT shall be permitted to declare and pay pro rata dividends on its Equity Interests
or make pro rata distributions with respect thereto in cash in an amount (excluding the amount of
any noncash dividends or distributions made by the REIT in connection with its dividend
reinvestment program) for any fiscal year of the REIT equal to the greater of (i) 95% of Adjusted
Funds From Operations for such fiscal year and (ii) such amount that will result in the REIT
receiving the necessary amount of funds required to be delivered to its equityholders in order for
the REIT to maintain its status as a real estate investment trust under the Code;

          (e) the Borrower and the Operating Partnership shall each be permitted to dividend or
distribute to the holders of its Equity Interests such amounts as is necessary for the REIT to
receive the amount it is entitled to dividend or distribute pursuant to Section 7.06(d);

          (f) On or prior to May 13, 2011, the Borrower shall be permitted to dividend or distribute to
the Operating Partnership in the aggregate for all dividends and distributions made in reliance on
this clause (g), an amount equal to $534,368,916, and the Operating Partnership shall be permitted
to utilize the proceeds thereof to make a contemporaneous dividend or distribution of like amount
to the REIT, provided that such proceeds are used by the REIT contemporaneously to fund, in
part, cash elections made by CPA®:14 shareholders under the Merger Agreement;

          (g) the Operating Partnership shall be permitted to (i) declare and pay dividends to the
Special Membership Interest Holder with respect to the Special Membership Interests in an amount
for any fiscal quarter of the REIT not to exceed the lesser of (x) 10% of available cash of the
Consolidated Group for such fiscal quarter and (y) 0.50% of the Adjusted Appraised Value of the
assets of the Consolidated Group as of the last day of such fiscal quarter and (ii) purchase,
redeem or otherwise acquire all of the Special Membership Interests held by the Special Membership
Interest Holder in connection with the replacement by the REIT of such Special Membership Interest
Holder with another Eligible Special Membership Interest Holder; provided, that the
consents required pursuant to the definition of Eligible Special Membership Interest Holder have
been obtained; and

          (h) any Loan Party or Subsidiary thereof shall be permitted to exercise rights under a warrant
received by such Loan Party or Subsidiary from a third party.

     7.07. Change in Nature of Business. Engage in any material line of business substantially
different from those lines of business conducted by the Loan Parties on the Closing Date or any
business substantially related or incidental thereto.

     7.08. Transactions with Affiliates. Enter into any transaction of any kind with any
Affiliate of the REIT, whether or not in the ordinary course of business, other than on fair and
reasonable terms substantially as favorable to the REIT or a Subsidiary thereof as would be

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obtainable by the REIT or such Subsidiary at the time in a comparable arm’s length transaction with
a Person other than an Affiliate; provided that the foregoing restriction shall not apply
to (i) transactions between or among the Loan Parties, (ii) Investments, Dispositions and
Restricted Payments expressly permitted hereunder, (iii) so long as no Event of Default under
Section 8.01(a), (f) or (g) shall have occurred and be continuing or would
result therefrom, the payment of Advisory Fees to the Advisor pursuant to the terms of the Advisory
Agreement in an amount for any fiscal quarter of the REIT not to exceed 0.50% of the Adjusted
Appraised Value of the assets of the Consolidated Group as of the last day of such fiscal quarter
and (iv) transactions existing prior to the Closing Date (but not any amendment or modification
thereto to the extent any such amendment or modification would be disadvantageous in any material
respect to the REIT or the applicable Subsidiary).

     7.09. Burdensome Agreements. Enter into any Contractual Obligation (other than this
Agreement or any other Loan Document) that (a) limits the ability of (i) any Subsidiary of the REIT
to make Restricted Payments to the REIT, the Borrower or any Guarantor or to otherwise transfer
property to the REIT, the Borrower or any Guarantor; provided, however, that this
clause (i) shall not prohibit any limitation on Restricted Payments by a Subsidiary of the Borrower
that is not a Guarantor in favor of any holder of Indebtedness permitted under Section
7.02(c) or (d), (ii) any Affiliated Investor that owns an Investment Property included
in the Borrowing Pool to Guarantee the Indebtedness of the Borrower under this Agreement or (iii)
the REIT or any Subsidiary of the REIT to create, incur, assume or suffer to exist Liens on the
property of such Person; provided, however, that this clause (iii) shall not
prohibit any negative pledge incurred or provided in favor of any holder of Indebtedness permitted
under Section 7.02(c) or (d) solely to the extent any such negative pledge relates
to the property (which in any event shall not include Collateral or any Investment Property
included in the Borrowing Pool) financed by or the subject of such Indebtedness.

     7.10. Use of Proceeds.

          (a) Use the proceeds of any Credit Extension, whether directly or indirectly, and whether
immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of
Regulation U of the FRB) (other than any acquisition of margin stock of CPA®:14 by the
Borrower pursuant to the Merger) or to extend credit to others for the purpose of purchasing or
carrying margin stock or to refund indebtedness originally incurred for such purpose.

          (b) With respect to the proceeds of the initial Credit Extension used to finance the funding
of cash elections made by CPA®:14 shareholders pursuant to the Merger, permit the use or
application of such proceeds to result in a violation of or be inconsistent with any provision of
any Regulation of the FRB (including, without limitation, Regulation U of the FRB).

     7.11. Financial Covenants.

          (a) Minimum Total Equity Value. Permit the Total Equity Value at the end of any
fiscal quarter of the REIT to be less than the sum of (i) $1,190,000,000 and

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(ii) 75% of the Net
Cash Proceeds received by the REIT from issuances and sales of Equity Interests of the REIT
occurring after the Closing Date (other than any such Net Cash Proceeds received in connection with
any dividend reinvestment program).

          (b) Consolidated Leverage Ratio. Permit Consolidated Total Indebtedness as of the
last day of any fiscal quarter of the REIT to be greater than (i) to the extent the last day of
such fiscal quarter occurs prior to the second anniversary of the Closing Date, 65% of the Total
Asset Value at such time, (ii) to the extent the last day of such fiscal quarter occurs during the
period commencing on the second anniversary of the Closing Date and ending on the third anniversary
of the Closing Date, 62.5% of the Total Asset Value at such time and (iii) to the extent the last
day of such fiscal quarter occurs thereafter, 60% of the Total Asset Value at such time.

          (c) Consolidated Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Coverage
Ratio as of the end of any fiscal quarter of the REIT to be less than 1.50 to 1.00.

     7.12. Fiscal Year Changes. Make any change in its fiscal year.

     7.13. Amendment, Etc. of Certain Agreements and Indebtedness. Directly or indirectly,
amend or otherwise change, cancel, terminate or waive in any respect (i) the terms of any
Organization Document of any Loan Party or (ii) any terms or provisions of (x) any Indebtedness
incurred pursuant to Section 7.02(c) or (y) any Non-Recourse Indebtedness if an Event of
Default exists or would result therefrom, in each case other than amendments and modifications that
are not adverse in any material respect to the Borrower, any of the other Loan Parties, any
Subsidiary, the Administrative Agent or the Lenders or (iii) any of the terms or provisions of the
Advisory Agreement, other than amendments and modification that are not adverse in any material
respect to the REIT, the Administrative Agent or the Lenders.

     7.14. Prepayments, Etc. of Indebtedness. Prepay, redeem, purchase, defease or otherwise
satisfy prior to the scheduled maturity thereof in any manner (i) any Recourse Indebtedness, except
the prepayment of the Credit Extensions in accordance with the terms of this Agreement or (ii) any
Non-Recourse Indebtedness if an Event of Default exists either immediately prior to or after giving
effect thereto.

ARTICLE VIII

EVENTS OF DEFAULT AND REMEDIES

     8.01. Events of Default. Any of the following shall constitute an Event of Default:

          (a) Non-Payment. The Borrower or any other Loan Party fails to (i) pay when and as
required to be paid herein, any amount of principal of any Loan or any L/C Obligation or deposit
any funds as Cash Collateral in respect of L/C Obligations, or (ii) pay
within three days after the same becomes due, any interest on any Loan or on any L/C
Obligation, or any fee due hereunder, or (iii) pay within five days after the same becomes due, any
other amount payable hereunder or under any other Loan Document; or

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          (b) The Borrower or either Parent Guarantor fails to perform or observe any term, covenant or
agreement contained in any of Section 2.03(b)(v), 6.01, 6.02, 6.03,
6.05, 6.07, 6.10, 6.11 or Article VII, or any of the Loan
Parties fails to perform or observe any term, covenant or agreement contained in the Guaranty
Agreement or the Pledge Agreement; or

          (c) Other Defaults. Any Loan Party fails to perform or observe any other covenant or
agreement (not specified in Section 8.01(a) or (b) above) contained in any Loan
Document on its part to be performed or observed and such failure continues for 30 days after the
earlier of (i) a Responsible Officer thereof obtaining actual knowledge of such failure and (ii)
the Borrower receiving notice of such failure from the Administrative Agent (which notice shall be
given at the request of any Lender); or

          (d) Representations and Warranties. Any representation, warranty, certification or
statement of fact made or deemed made by or on behalf of the Borrower or any other Loan Party
herein, in any other Loan Document, or in any document delivered in connection herewith or
therewith shall be incorrect or misleading in any material respect when made or deemed made; or

          (e) Cross-Default. (i) Any Loan Party or any Subsidiary (other than any Immaterial
Subsidiary) thereof (A) fails to make any payment when due (whether by scheduled maturity, required
prepayment, acceleration, demand, or otherwise) in respect of any Recourse Indebtedness or
Guarantee of Recourse Indebtedness (other than Recourse Indebtedness hereunder or Guarantees
thereof) having an aggregate principal amount (including undrawn committed or available amounts and
including amounts owing to all creditors under any combined or syndicated credit arrangement) of
more than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition
relating to any such Recourse Indebtedness or any such Guarantee or contained in any instrument or
agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which
default or other event is to cause, or to permit the holder or holders of such Recourse
Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf
of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if
required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased
or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such
Recourse Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable
or cash collateral in respect thereof to be demanded; or

          (f) Insolvency Proceedings, Etc. Any Loan Party institutes or consents to the
institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit
of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian,
conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of
its property; or any receiver, trustee, custodian, conservator, liquidator,
rehabilitator or similar officer is appointed without the application or consent of such
Person and the appointment continues undischarged or unstayed for 60 calendar days; or any
proceeding under any Debtor Relief Law relating to any such Person or to all or any material

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part
of its property is instituted without the consent of such Person and continues undismissed or
unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or

          (g) Inability to Pay Debts; Attachment. (i) Any Loan Party becomes unable or admits
in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ
or warrant of attachment or execution or similar process is issued or levied against all or any
material part of the property of any such Person and is not released, vacated or fully bonded
within 30 days after its issue or levy; or

          (h) Judgments. There is entered against any Loan Party or any Subsidiary thereof (i)
one or more final judgments or orders for the payment of money (excluding any judgment entered
solely against a Subsidiary of the REIT that is not a Loan Party in respect of Non-Recourse
Indebtedness of such Subsidiary) in an aggregate amount (as to all such judgments and orders)
exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as
to which the insurer is rated at least “A” by A.M. Best Company, has been notified of the potential
claim and does not dispute coverage), or (ii) any one or more non-monetary final judgments that
have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such
judgment or order, or (B) there is a period of 15 consecutive days during which a stay of
enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or

          (i) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer
Plan which has resulted or could reasonably be expected to result in liability of any Loan Party to
such Pension Plan, such Multiemployer Plan or the PBGC in an aggregate amount in excess of the
Threshold Amount, or (ii) any Loan Party or any ERISA Affiliate fails to pay when due, after the
expiration of any applicable grace period, any installment payment with respect to its withdrawal
liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess
of the Threshold Amount; or

          (j) Invalidity of Loan Documents. Any provision of any Loan Document, at any time
after its execution and delivery and for any reason other than as expressly permitted hereunder or
thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect;
or any Loan Party or any other Person contests in any manner the validity or enforceability of any
provision of any Loan Document; or any Loan Party denies that it has any or further liability or
obligation under any provision of any Loan Document, or purports to revoke, terminate or rescind
any provision of any Loan Document; or

          (k) Change of Control. There occurs any Change of Control; or

          (l) Collateral Documents. Any Collateral Document after delivery thereof shall for
any reason cease to create a valid and perfected first priority Lien (subject to Liens permitted by
Section 7.01) on the Collateral purported to be covered thereby; or

          (m) REIT Status. The REIT or the Borrower shall, for any reason, fail to be qualified
as a “REIT” as defined in Section 856 of the Code.

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     8.02. Remedies upon Event of Default. If any Event of Default occurs and is continuing,
the Administrative Agent shall, at the request of, or may, with the consent of, the Required
Lenders, take any or all of the following actions:

          (a) declare the commitment of each Lender to make Loans and any obligation of the L/C Issuer
to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be
terminated;

          (b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and
unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document
to be immediately due and payable, without presentment, demand, protest or other notice of any
kind, all of which are hereby expressly waived by the Borrower;

          (c) require that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to
the then Outstanding Amount thereof); and

          (d) exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies
available to it, the Lenders and the L/C Issuer under the Loan Documents;

provided, however, that upon the occurrence of an actual or deemed entry of an
order for relief with respect to any Loan Party under the Bankruptcy Code of the United States, the
obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit
Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and
all interest and other amounts as aforesaid shall automatically become due and payable, and the
obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid shall
automatically become effective, in each case without further act of the Administrative Agent or any
Lender.

     8.03. Application of Funds. After the exercise of remedies provided for in Section
8.02 (or after the Loans have automatically become immediately due and payable and the L/C
Obligations have automatically been required to be Cash Collateralized as set forth in the proviso
to Section 8.02), any amounts received on account of the Obligations shall, subject to the
provisions of Sections 2.16 and 2.17, be applied by the Administrative Agent in the
following order:

     First, to payment of that portion of the Obligations constituting fees, indemnities,
expenses and other amounts (including fees, charges and disbursements of counsel to the
Administrative Agent and amounts payable under Article III) payable to the Administrative
Agent in its capacity as such;

     Second, to payment of that portion of the Obligations constituting fees, indemnities
and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders
and the L/C Issuer (including fees, charges and disbursements of counsel to the
respective Lenders and the L/C Issuer arising under the Loan Documents and amounts payable
under Article III, ratably among them in proportion to the respective amounts described in
this clause Second payable to them;

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     Third, to payment of that portion of the Obligations constituting accrued and unpaid
Letter of Credit Fees, Unused Fees and interest on the Loans, L/C Borrowings and other Obligations
arising under the Loan Documents, ratably among the Lenders and the L/C Issuer in proportion to the
respective amounts described in this clause Third payable to them;

     Fourth, to payment of that portion of the Obligations constituting unpaid principal of
the Loans and L/C Obligations and Obligations then owing of the type described in clauses (ii) and
(iii) of the definition of “Obligations,” ratably among the applicable Secured Parties in
proportion to the respective amounts described in this clause Fourth held by them;

     Fifth, to the Administrative Agent for the account of the L/C Issuer, to Cash
Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters
of Credit to the extent not otherwise Cash Collateralized by the Borrower pursuant to Sections
2.03 and 2.16; and

     Last, the balance, if any, after all of the Obligations have been indefeasibly paid in
full, to the Borrower or as otherwise required by Law.

     Subject to Sections 2.03(c) and 2.16, amounts used to Cash Collateralize the
aggregate undrawn amount of Letters of Credit pursuant to clause Fifth above shall be
applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on
deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired or
cancelled, such remaining amount shall be applied to the other Obligations, if any, in the order
set forth above.

     Notwithstanding the foregoing, Obligations arising under Secured Hedge Agreements 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 Hedge Bank. Each Hedge Bank 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 IX for itself and its Affiliates as if a “Lender” party hereto.

ARTICLE IX

ADMINISTRATIVE AGENT

     9.01. Appointment and Authority.

     (a) Each of the Lenders and the L/C Issuer hereby irrevocably appoints Bank of America to act
on its behalf as the Administrative Agent hereunder and under the other Loan Documents and
authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers
as are delegated to the Administrative Agent by the terms hereof or
thereof, together with such actions and powers as are reasonably incidental thereto. The
provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders, the
L/C Issuer and the other Secured Parties, and neither the Borrower nor any other Loan Party shall
have rights as a third party beneficiary of any of such provisions.

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     (b) The Administrative Agent shall also act as the “collateral agent” under the Loan
Documents, and each of the Lenders (including in its capacity as a potential Hedge Bank) and the
L/C Issuer hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent
of such Lender and such L/C Issuer for purposes of acquiring, holding and enforcing any and all
Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, together
with such powers and discretion as are reasonably incidental thereto. In this connection, the
Administrative Agent, as “collateral agent,” and any co-agents, sub-agents and attorneys-in-fact
appointed by the Administrative Agent pursuant to Section 9.05 for purposes of holding or
enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral
Documents, or for exercising any rights and remedies thereunder at the direction of the
Administrative Agent), shall be entitled to the benefits of all provisions of this Article
IX and Article X (including Section 10.04(c), as though such co-agents,
sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents) as if set
forth in full herein with respect thereto.

     9.02. Rights as a Lender. The Person serving as the Administrative Agent hereunder shall
have the same rights and powers in its capacity as a Lender as any other Lender and may exercise
the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall,
unless otherwise expressly indicated or unless the context otherwise requires, include the Person
serving as the Administrative Agent hereunder in its individual capacity. Such Person and its
Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other
advisory capacity for and generally engage in any kind of business with the REIT or any Subsidiary
or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and
without any duty to account therefor to the Lenders.

     9.03. Exculpatory Provisions. The Administrative Agent shall not have any duties or
obligations except those expressly set forth herein and in the other Loan Documents. Without
limiting the generality of the foregoing, the Administrative Agent:

          (a) shall not be subject to any fiduciary or other implied duties, regardless of whether a
Default has occurred and is continuing;

          (b) shall not have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan
Documents that the Administrative Agent is required to exercise as directed in writing by the
Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided
for herein or in the other Loan Documents), provided that the Administrative Agent shall
not be required to take any action that, in its opinion or the opinion of its counsel, may expose
the Administrative Agent to liability or that is contrary to any Loan Document or applicable law;
and

          (c) shall not, except as expressly set forth herein and in the other Loan Documents, have any
duty to disclose, and shall not be liable for the failure to disclose, any information relating to
the REIT or any of its Affiliates that is communicated to or obtained by the Person serving as the
Administrative Agent or any of its Affiliates in any capacity.

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          (d) The Administrative Agent shall not be liable for any action taken or not taken by it (i)
with the consent or at the request of the Required Lenders (or such other number or percentage of
the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall
be necessary, under the circumstances as provided in Sections 10.01 and 8.02) or
(ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent
shall be deemed not to have knowledge of any Default unless and until notice describing such
Default is given to the Administrative Agent by the Borrower, a Lender or the L/C Issuer.

          (e) The Administrative Agent shall not be responsible for or have any duty to ascertain or
inquire into (i) any statement, warranty or representation made in or in connection with this
Agreement or any other Loan Document, (ii) the contents of any certificate, report or other
document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set
forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability,
effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement,
instrument or document, or the creation, perfection or priority of any Lien purported to be created
by the Collateral Documents, (v) the value or the sufficiency of any Collateral, or (v) the
satisfaction of any condition set forth in Article IV or elsewhere herein, other than to
confirm receipt of items expressly required to be delivered to the Administrative Agent.

     9.04. Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely
upon, and shall not incur any liability for relying upon, any notice, request, certificate,
consent, statement, instrument, document or other writing (including any electronic message,
Internet or intranet website posting or other distribution) believed by it to be genuine and to
have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent
also may rely upon any statement made to it orally or by telephone and believed by it to have been
made by the proper Person, and shall not incur any liability for relying thereon. In determining
compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of
Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the
Administrative Agent may presume that such condition is satisfactory to such Lender or the L/C
Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender
or the L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit. The
Administrative Agent may consult with legal counsel (who may be counsel for the Borrower),
independent accountants and other experts selected by it, and shall not be liable for any action
taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

     9.05. Delegation of Duties. The Administrative Agent may perform any and all of its duties
and exercise its rights and powers hereunder or under any other Loan Document by
or through any one or more sub-agents appointed by the Administrative Agent. The Administrative
Agent and any such sub-agent may perform any and all of its duties and exercise its rights and
powers by or through their respective Related Parties. The exculpatory provisions of this Article
shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any
such sub-agent, and shall apply to their respective activities in

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connection with the syndication
of the credit facilities provided for herein as well as activities as Administrative Agent.

     9.06. Successor Administrative Agent. (a) The Administrative Agent may at any time give
notice of its resignation to the Lenders, the L/C Issuer and the Borrower. Upon receipt of any
such notice of resignation, the Required Lenders shall have the right, in consultation with the
Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an
Affiliate of any such bank with an office in the United States. If no such successor shall have
been so appointed by the Required Lenders and shall have accepted such appointment within 30 days
after the retiring Administrative Agent gives notice of its resignation, then the retiring
Administrative Agent may on behalf of the Lenders and the L/C Issuer, appoint a successor
Administrative Agent meeting the qualifications set forth above; provided that if the
Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has
accepted such appointment, then such resignation shall nonetheless become effective in accordance
with such notice and (a) the retiring Administrative Agent shall be discharged from its duties and
obligations hereunder and under the other Loan Documents (except that in the case of any collateral
security held by the Administrative Agent on behalf of the Lenders or the L/C Issuer under any of
the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral
security until such time as a successor Administrative Agent is appointed) and (b) all payments,
communications and determinations provided to be made by, to or through the Administrative Agent
shall instead be made by or to each Lender and the L/C Issuer directly, until such time as the
Required Lenders appoint a successor Administrative Agent as provided for above in this Section.
Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor
shall succeed to and become vested with all of the rights, powers, privileges and duties of the
retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be
discharged from all of its duties and obligations hereunder or under the other Loan Documents (if
not already discharged therefrom as provided above in this Section). The fees payable by the
Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor
unless otherwise agreed between the Borrower and such successor. After the retiring Administrative
Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article
and Section 10.04 shall continue in effect for the benefit of such retiring Administrative
Agent, its sub-agents and their respective Related Parties in respect of any actions taken or
omitted to be taken by any of them while the retiring Administrative Agent was acting as
Administrative Agent.

     Any resignation by Bank of America as Administrative Agent pursuant to this Section shall also
constitute its resignation as L/C Issuer and Swing Line Lender. Upon the acceptance of a
successor’s appointment as Administrative Agent hereunder, (i) such successor shall succeed to and
become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer and
Swing Line Lender, (ii) the retiring L/C Issuer and Swing
Line Lender shall be discharged from all of their respective duties and obligations hereunder
or under the other Loan Documents, and (iii) the successor L/C Issuer shall issue letters of credit
in substitution for the Letters of Credit, if any, outstanding at the time of such succession or
make other arrangements satisfactory to the retiring L/C Issuer to effectively assume the
obligations of the retiring L/C Issuer with respect to such Letters of Credit.

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     (b) The Administrative Agent, or any successor Administrative Agent appointed, may be removed
by the Required Lenders at any time that the Administrative Agent (or such successor) is a
Defaulting Lender. In the event of the removal of the Administrative Agent pursuant to the
foregoing sentence, a successor Administrative Agent shall be appointed in accordance with the
terms of Section 9.06(a) as if such Administrative Agent (or successor) had resigned.

     9.07. Non-Reliance on Administrative Agent and Other Lenders. Each Lender and the L/C
Issuer acknowledges that it has, independently and without reliance upon the Administrative Agent
or any other Lender or any of their Related Parties and based on such documents and information as
it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.
Each Lender and the L/C Issuer also acknowledges that it will, independently and without reliance
upon the Administrative Agent or any other Lender or any of their Related Parties and based on such
documents and information as it shall from time to time deem appropriate, continue to make its own
decisions in taking or not taking action under or based upon this Agreement, any other Loan
Document or any related agreement or any document furnished hereunder or thereunder.

     9.08. No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the
Arrangers, the Syndication Agent or the Documentation Agent listed on the cover page hereof shall
have any powers, duties or responsibilities under this Agreement or any of the other Loan
Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or the L/C
Issuer hereunder.

     9.09. Administrative Agent May File Proofs of Claim. In case of the pendency of any
proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party,
the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall
then be due and payable as herein expressed or by declaration or otherwise and irrespective of
whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and
empowered, by intervention in such proceeding or otherwise

          (a) to file and prove a claim for the whole amount of the principal and interest owing and
unpaid in respect of the Loans, the L/C Obligations and all other Obligations that are owing and
unpaid and to file such other documents as may be necessary or advisable in order to have the
claims of the Lenders, the L/C Issuer and the Administrative Agent (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer and
the Administrative Agent and their respective agents and counsel and all other amounts due the
Lenders, the L/C Issuer and the
Administrative Agent under Sections 2.03(h) and (i), 2.09 and
10.04) allowed in such judicial proceeding; and

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

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and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Lender and the L/C Issuer to make such
payments to the Administrative Agent and, if the Administrative Agent shall consent to the making
of such payments directly to the Lenders and the L/C Issuer, to pay to the Administrative Agent any
amount due for the reasonable compensation, expenses, disbursements and advances of the
Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent
under Sections 2.09 and 10.04.

     Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or
consent to or accept or adopt on behalf of any Lender or the L/C Issuer any plan of reorganization,
arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or the
L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or
the L/C Issuer or in any such proceeding.

     9.10. Collateral and Guaranty Matters. Each of the Lenders (including in its capacity as a
potential Hedge Bank) and the L/C Issuer irrevocably authorizes the Administrative Agent, at its
option and in its discretion,

          (a) to release any Lien on (x) any property granted to or held by the Administrative Agent
under any Loan Document (i) upon termination of the Aggregate Commitments and payment in full of
all Obligations (other than (A) contingent indemnification obligations and (B) obligations and
liabilities under Secured Hedge Agreements as to which arrangements satisfactory to the applicable
Hedge Bank shall have been made) and the expiration, cancellation or termination of all Letters of
Credit (other than Letters of Credit as to which other arrangements satisfactory to the
Administrative Agent and the L/C Issuer shall have been made), (ii) that is sold or to be sold as
part of or in connection with any sale permitted hereunder or under any other Loan Document to a
Person that is not a Loan Party or (iii) if approved, authorized or ratified in writing in
accordance with Section 10.01 or (y) any Equity Interests of a Subsidiary granted to or
held by the Administrative Agent under any Loan Document if such Subsidiary (A) does not own an
Investment Property that is included in the Borrowing Pool and (B) does not, directly or
indirectly, own any Equity Interests of any Affiliated Investor that owns an Investment Property
included in the Borrowing Pool; and

          (b) to release any Guarantor that is a Subsidiary of the Borrower from its obligations under
the Guaranty Agreement and any other Loan Documents if such Person (i) ceases to be a Subsidiary as
a result of a transaction permitted hereunder or (ii) becomes an Immaterial Subsidiary or an
Excluded Subsidiary as a result of a transaction permitted hereunder and in accordance with the
terms hereof.

     Upon request by the Administrative Agent at any time, the Required Lenders will confirm in
writing the Administrative Agent’s authority to release any Guarantor that is a Subsidiary of the
Borrower from its obligations under the Guaranty Agreement and any other Loan Documents pursuant to
this Section 9.10. In each case specified in this Section 9.10, the Administrative
Agent will, at the Borrower’s expense, execute and deliver to the applicable Loan Party such
documents as such Loan Party may reasonably request to evidence the

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release of such item of
Collateral from the assignment and security interest granted under the Collateral Documents, or to
release such Guarantor that is a Subsidiary of the Borrower from its obligations under the Guaranty
Agreement and any other Loan Documents, in each case in accordance with the terms of the Loan
Documents and this Section 9.10.

     9.11. Secured Hedge Agreements. Except as otherwise expressly set forth herein or in
the Guaranty or any Collateral Document, no Hedge Bank that obtains the benefits of Section
8.03, any Guaranty or any Collateral by virtue of the provisions hereof or of any Guaranty or
any Collateral 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 the
Collateral (including the release or impairment of any Collateral) 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 IX 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, Obligations arising under Secured Hedge Agreements unless the
Administrative Agent has received written notice of such Obligations, together with such supporting
documentation as the Administrative Agent may request, from the applicable Hedge Bank.

ARTICLE X

MISCELLANEOUS

     10.01. Amendments, Etc. No amendment or waiver of any provision of this Agreement or any
other Loan Document, and no consent to any departure by the Borrower or any other Loan Party
therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower or
the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and
each such waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given; provided, however, that no such amendment, waiver or
consent shall:

          (a) waive any condition set forth in Section 4.01, without the written consent of each
Lender;

          (b) extend (except as provided in Section 2.14) or increase the Commitment of any
Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without the
written consent of such Lender;

          (c) postpone any date fixed by this Agreement or any other Loan Document for any payment
(excluding mandatory prepayments) of principal, interest, fees or
other amounts due the Lenders (or any of them) hereunder or under such other Loan Document
without the written consent of each Lender entitled to such payment;

          (d) reduce the principal of, or the rate of interest specified herein on, any Loan or L/C
Borrowing, or (subject to clause (iv) of the second proviso to this Section 10.01) any fees
or other amounts payable hereunder or under any other Loan Document, without the written consent of
each Lender entitled to such amount; provided, however, that only the

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consent of
the Required Lenders shall be necessary (i) to amend the definition of “Default Rate” or to waive
any obligation of the Borrower to pay interest or Letter of Credit Fees at the Default Rate or (ii)
to amend any financial covenant hereunder (or any defined term used therein) even if the effect of
such amendment would be to reduce the rate of interest on any Loan or L/C Borrowing or to reduce
any fee payable hereunder;

          (e) change any provision of this Section 10.01 or the definition of “Required Lenders”
or any other provision hereof specifying the number or percentage of Lenders required to amend,
waive or otherwise modify any rights hereunder or make any determination or grant any consent
hereunder, without the written consent of each Lender;

          (f) change any of the terms or provisions in any Loan Document requiring pro rata payments,
distributions, commitment reductions or sharing of payments without the consent of each Lender;
provided, that with the consent of the Required Lenders, such terms and provisions may be
amended on customary terms in connection with an “amend and extend” transaction;

          (g) release the Borrower or any Guarantor from its obligations under this Agreement or any
other Loan Document, without the written consent of each Lender, except as expressly provided in
the Loan Documents; or

          (h) release all or substantially all of the Collateral in any transaction or series of related
transactions, without the written consent of each Lender, except as expressly provided in the Loan
Documents;

and provided, further, that (i) no amendment, waiver or consent shall, unless in
writing and signed by the L/C Issuer in addition to the Lenders required above, affect the rights
or duties of the L/C Issuer under this Agreement or any Issuer Document relating to any Letter of
Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing
and signed by the Swing Line Lender in addition to the Lenders required above, affect the rights or
duties of the Swing Line Lender under this Agreement; (iii) no amendment, waiver or consent shall,
unless in writing and signed by the Administrative Agent in addition to the Lenders required above,
affect the rights or duties of the Administrative Agent under this Agreement or any other Loan
Document; and (iv) the Fee Letter may be amended, or rights or privileges thereunder waived, in a
writing executed only by the parties thereto. 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 Commitment of any Defaulting Lender may not be increased or extended
without the consent of such 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 consent of such Defaulting Lender.

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     10.02. Notices; Effectiveness; Electronic Communications.

     (a) Notices
Generally. Except in the case of notices and other communications expressly permitted to be
given by telephone (and except as provided in subsection (b) below), all notices and other
communications provided for herein shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by telecopier as follows, and all
notices and other communications expressly permitted hereunder to be given by telephone shall be
made to the applicable telephone number, as follows:

          (i) if to a Loan Party, the Administrative Agent, the L/C Issuer or the Swing Line
Lender, to the address, telecopier number, electronic mail address or telephone number
specified for such Person on Schedule 10.02; and

          (ii) if to any other Lender, to the address, telecopier number, electronic mail address
or telephone number specified in its Administrative Questionnaire (including, as
appropriate, notices delivered solely to the Person designated by a Lender on its
Administrative Questionnaire then in effect for the delivery of notices that may contain
material non-public information relating to the Borrower).

Notices and other communications sent by hand or overnight courier service, or mailed by certified
or registered mail, shall be deemed to have been given when received; notices and other
communications sent by telecopier shall be deemed to have been given when sent (except that, if not
given during normal business hours for the recipient, shall be deemed to have been given at the
opening of business on the next business day for the recipient). Notices and other communications
delivered through electronic communications to the extent provided in subsection (b) below shall be
effective as provided in such subsection (b).

     (b) Electronic Communications. Notices and other communications to the Lenders and
the L/C Issuer hereunder may be delivered or furnished by electronic communication (including
e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative
Agent, provided that the foregoing shall not apply to notices to any Lender or the L/C
Issuer pursuant to Article II if such Lender or the L/C Issuer, as applicable, has notified
the Administrative Agent that it is incapable of receiving notices under such Article by electronic
communication. The Administrative Agent or the Borrower may, in their discretion, agree to accept
notices and other communications to it hereunder by electronic communications pursuant to
procedures approved by it, provided that approval of such procedures may be limited to
particular notices or communications.

     Unless the Administrative Agent otherwise prescribes, (i) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), provided that if such notice or other
communication is not sent during the normal business hours of the recipient, such notice or
communication shall be deemed to have been sent at the opening of business on the next business day
for the recipient, and (ii) notices or communications posted to an Internet or intranet website
shall be deemed received upon the deemed receipt by the intended

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recipient at its e-mail address as
described in the foregoing clause (i) of notification that such notice or communication is
available and identifying the website address therefor.

     (c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT
PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR
THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE
BORROWER MATERIALS. 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 ANY AGENT PARTY IN CONNECTION WITH THE
BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its
Related Parties (collectively, the “Agent Parties”) have any liability to any Loan Party,
any Lender, the L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses
of any kind (whether in tort, contract or otherwise) arising out of any Loan Party’s or the
Administrative Agent’s transmission of Borrower Materials through the Internet. In addition, in no
event shall any Agent Party have any liability to any Loan Party, any Lender, the L/C Issuer or any
other Person for indirect, special, incidental, consequential or punitive damages (as opposed to
direct or actual damages).

     (d) Change of Address, Etc. Each of the Borrower, the Administrative Agent, the L/C
Issuer and the Swing Line Lender may change its address, telecopier or telephone number for notices
and other communications hereunder by notice to the other parties hereto. Each other Lender may
change its address, telecopier or telephone number for notices and other communications hereunder
by notice to the Borrower, the Administrative Agent, the L/C Issuer and the Swing Line Lender. In
addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that
the Administrative Agent has on record (i) an effective address, contact name, telephone number,
telecopier number and electronic mail address to which notices and other communications may be sent
and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to
cause at least one individual at or on behalf of such Public Lender to at all times have selected
the “Private Side Information” or similar designation on the content declaration screen of the
Platform in order to enable such Public Lender or its delegate, in accordance with such Public
Lender’s compliance procedures and applicable Law, including United States Federal and state
securities Laws, to make reference to Borrower Materials that are not made available through the
“Public Side Information” portion of the Platform and that may contain material non-public information with respect to one or more members of the Consolidated Group or their
respective securities for purposes of United States Federal or state securities laws.

     (e) Reliance by Administrative Agent, L/C Issuer and Lenders. The Administrative
Agent, the L/C Issuer and the Lenders shall be entitled to rely and act upon any notices (including
telephonic Loan Notices and Swing Line Loan Notices) purportedly given by or on behalf of a Loan
Party even if (i) such notices were not made in a manner specified herein, were incomplete or were
not preceded or followed by any other form of

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notice specified herein, or (ii) the terms thereof,
as understood by the recipient, varied from any confirmation thereof. The Borrower shall indemnify
the Administrative Agent, the L/C Issuer, each Lender and the Related Parties of each of them from
all losses, costs, expenses and liabilities resulting from the reliance by such Person on each
notice purportedly given by or on behalf of a Loan Party. All telephonic notices to and other
telephonic communications with the Administrative Agent may be recorded by the Administrative
Agent, and each of the parties hereto hereby consents to such recording.

     10.03. No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender, the L/C
Issuer or the Administrative Agent to exercise, and no delay by any such Person in exercising, any
right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a
waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and
provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies,
powers and privileges provided by law.

     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 Section 8.02 for the benefit of all the Lenders and
the L/C Issuer; provided, however, that the foregoing shall not prohibit (a) 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, (b) the L/C Issuer or the Swing Line Lender from exercising the rights and remedies that
inure to its benefit (solely in its capacity as L/C Issuer or Swing Line Lender, as the case may
be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in
accordance with Section 10.08 (subject to the terms of Section 2.13), or (d) 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 (i) the Required Lenders shall have the
rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in
addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject
to Section 2.13, any Lender may, with the consent of the Required Lenders, enforce any
rights and remedies available to it and as authorized by the Required Lenders.

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     10.04. Expenses; Indemnity; Damage Waiver.

          (a) Costs and Expenses. The
Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent,
MLPF&S and their respective Affiliates (including the reasonable documented fees, charges and
disbursements of counsel for the Administrative Agent and MLPF&S), in connection with the
syndication of the credit facilities provided for herein, the preparation, negotiation, execution,
delivery and administration of this Agreement and the other Loan Documents or any amendments,
modifications or waivers of the provisions hereof or thereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses
incurred by the L/C Issuer in connection with the issuance, amendment, renewal or extension of any
Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred
by the Administrative Agent, any Lender or the L/C Issuer (including the fees, charges and
disbursements of any counsel for the Administrative Agent, any Lender or the L/C Issuer) in
connection with the enforcement or protection of its rights (A) in connection with this Agreement
and the other Loan Documents, including its rights under this Section, or (B) in connection with
Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses
incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of
Credit.

          (b) Indemnification by the Borrower. The Borrower shall indemnify the Administrative
Agent (and any sub-agent thereof), the Arrangers, each Lender and the L/C Issuer, and each Related
Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities
and related expenses (including the fees, charges and disbursements of any counsel for any
Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time charges
and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee
or asserted against any Indemnitee by any third party or by the Borrower or any other Loan Party
arising out of, in connection with, or as a result of (i) the execution or delivery of this
Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby,
the performance by the parties hereto or thereto of their respective obligations hereunder or
thereunder or the consummation of the transactions contemplated hereby or thereby, or, in the case
of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the
administration of this Agreement and the other Loan Documents (including in respect of any matters
addressed in Section 3.01), (ii) any Loan or Letter of Credit or the use or proposed use of
the proceeds therefrom (including any refusal by the L/C Issuer 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 at, on, under or emanating from any property owned, leased or operated by the
Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the
Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation,
investigation or 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 or any other Loan Party or
the Borrower’s or such Loan Party’s directors, shareholders or creditors, and regardless of whether
any Indemnitee is a party thereto; provided that such indemnity shall not, as to any
Indemnitee, be available to the extent that such losses, claims, damages, liabilities or
related expenses are determined by a court of competent jurisdiction by final and nonappealable

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judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee.

          (c) Reimbursement by Lenders. To the extent that the Borrower for any reason fails to
indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it
to the Administrative Agent (or any sub-agent thereof), the Arrangers, the L/C Issuer or any
Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative
Agent (or any such sub-agent), the Arrangers, the L/C Issuer or such Related Party, as the case may
be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed
expense or indemnity payment is sought) of such unpaid amount, provided that the
unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case
may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent), the
Arrangers or the L/C Issuer in its capacity as such, or against any Related Party of any of the
foregoing acting for the Administrative Agent (or any such sub-agent), the Arrangers or L/C Issuer
in connection with such capacity. The obligations of the Lenders under this subsection (c) are
subject to the provisions of Section 2.12(d).

          (d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by
applicable law, neither the REIT nor any Subsidiary thereof shall assert, and the Parent Guarantors
and the Borrower hereby waive, any claim against any Indemnitee, on any theory of liability, for
special, indirect, consequential or punitive damages (as opposed to direct or actual damages)
arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or
any agreement or instrument contemplated hereby or thereby, the transactions contemplated hereby or
thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred
to in subsection (b) above shall be liable for any damages arising from the use by unintended
recipients of any information or other materials distributed to such unintended recipients by such
Indemnitee through telecommunications, electronic or other information transmission systems in
connection with this Agreement or the other Loan Documents or the transactions contemplated hereby
or thereby other than for direct or actual damages resulting from the gross negligence or willful
misconduct of such Indemnitee as determined by a final and nonappealable judgment of a court of
competent jurisdiction.

          (e) Payments. All amounts due under this Section shall be payable not later than ten
Business Days after demand therefor.

          (f) Survival. The agreements in this Section shall survive the resignation of the
Administrative Agent, the L/C Issuer and the Swing Line Lender, the replacement of any Lender, the
termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the
other Obligations.

     10.05. Payments Set Aside. To the extent that any payment by or on behalf of any Loan
Party is made to the Administrative Agent, the L/C Issuer or any Lender, or the
Administrative Agent, the L/C Issuer or any Lender exercises its right of setoff, and such payment
or the proceeds of such setoff or any part thereof is subsequently invalidated,

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declared to be
fraudulent or preferential, set aside or required (including pursuant to any settlement entered
into by the Administrative Agent, the L/C Issuer or such Lender in its discretion) to be repaid to
a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief
Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof
originally intended to be satisfied shall be revived and continued in full force and effect as if
such payment had not been made or such setoff had not occurred, and (b) each Lender and the L/C
Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share
(without duplication) of any amount received by such Lender or the L/C Issuer from and so recovered
from or repaid by the Administrative Agent, plus interest thereon from the date of such
demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from
time to time in effect. The obligations of the Lenders and the L/C Issuer under clause (b) of the
preceding sentence shall survive the payment in full of the Obligations and the termination of this
Agreement.

     10.06. Successors and Assigns. (a) Successors and Assigns Generally. The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns permitted hereby, except that the Borrower may not
assign or otherwise transfer any of its rights or obligations hereunder without the prior written
consent of the Administrative Agent (and any attempted such assignment or transfer without such
consent shall be null and void) and each Lender and no Lender may assign or otherwise transfer any
of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions
of Section 10.06(b), (ii) by way of participation in accordance with the provisions of
Section 10.06(d), or (iii) by way of pledge or assignment, or grant of a security interest,
subject to the restrictions of Section 10.06(f) (and 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
subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related
Parties of each of the Administrative Agent, the L/C Issuer 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
assignees all or a portion of its rights and obligations under this Agreement (including all or a
portion of its Commitment and the Loans (including for purposes of this Section 10.06(b),
participations in L/C Obligations and in Swing Line 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 the
assigning Lender’s Commitment and the Loans at the time
owing to it or in the case of an assignment to a Lender, an Affiliate of a
Lender or an Approved Fund, no minimum amount need be assigned; and

          (B) in any case not described in subsection (b)(i)(A) of this Section, the
amount of the Commitment (which for this purpose includes

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Loans outstanding
thereunder) or, if the Commitment is not then in effect, the principal outstanding
balance of the Loans of the assigning Lender subject to each such assignment,
determined as of the date the Assignment and Assumption with respect to such
assignment is delivered to the Administrative Agent or, if “Trade Date” is specified
in the Assignment and Assumption, as of the Trade Date, shall not be less than
$5,000,000, unless each of the Administrative Agent and, so long as no Default has
occurred and is continuing, the Borrower otherwise consents (each such consent not
to be unreasonably withheld or delayed); provided, however, that
concurrent assignments to members of an Assignee Group and concurrent assignments
from members of an Assignee Group to a single Eligible Assignee (or to an Eligible
Assignee and members of its Assignee Group) will be treated as a single assignment
for purposes of determining whether such minimum amount has been met;

          (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 Loans or the Commitment assigned, except that this
clause (ii) shall not apply to the Swing Line Lender’s rights and obligations in respect of
Swing Line Loans;

          (iii) Required Consents. No consent shall be required for any assignment
except to the extent required by subsection (b)(i)(B) of this Section and, in addition:

          (A) the consent of the Borrower (such consent not to be unreasonably withheld
or delayed) shall be required unless (1) an Event of Default has occurred and is
continuing at the time of such assignment or (2) such assignment is to a Lender, an
Affiliate of a Lender or an Approved Fund;

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

          (C) the consent of the L/C Issuer (such consent not to be unreasonably withheld
or delayed) shall be required for any assignment; and

          (D) the consent of the Swing Line Lender (such consent not to be unreasonably
withheld or delayed) shall be required for any assignment.

          (iv) Assignment and Assumption. The parties to each assignment shall execute
and deliver to the Administrative Agent an Assignment and Assumption, together with a
processing and recordation fee in the amount of $3,500; provided, however,
that the Administrative Agent may, in its sole discretion, elect to waive such

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processing
and recordation fee in the case of any assignment. The assignee, if it is not a Lender,
shall deliver to the Administrative Agent an Administrative Questionnaire.

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

          (vi) 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 such 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 or any Lender hereunder (and
interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share
of all Loans and participations in Letters of Credit and Swing Line Loans in accordance with
its Applicable 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 subsection
(c) of this Section, from and after the effective date specified in each Assignment and Assumption,
the assignee thereunder shall be a party to this Agreement and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by
such Assignment and Assumption, be released from its obligations under this Agreement (and, in the
case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations
under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be
entitled to the benefits of Sections 3.01, 3.04, 3.05 and 10.04
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’s having been a Defaulting Lender. Upon
request, the Borrower (at its expense) shall execute and deliver a Note to (i) the assignee
Lender and/or (ii) in the case of a partial assignment by a Lender of its rights or obligations
under this Agreement, the assigning Lender. Any assignment or transfer by a Lender of rights or
obligations under this Agreement that does not comply with this subsection shall be treated

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for
purposes of this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with Section 10.06(d).

          (c) Register. The Administrative Agent, acting solely for this purpose as a
non-fiduciary agent of the Borrower (and such agency being solely to the extent required to comply
with Treasury Regulation 5f.103-1(c)), shall maintain at the Administrative Agent’s 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 related interest
amounts) of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from
time to time (the “Register”). The entries in the Register shall be conclusive absent
manifest error and the Borrower, the Administrative Agent and the Lenders shall treat each Person
whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all
purposes of this Agreement, notwithstanding notice to the contrary. In addition, the
Administrative Agent shall maintain on the Registrar information regarding the designation, and
revocation of designation, of any Lender as a Defaulting Lender. The Register shall be available
for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon
reasonable prior notice.

          (d) Participations. Any Lender may at any time, without the consent of, or notice to,
the Borrower or the Administrative Agent, sell participations to any Person (other than a natural
person, a Defaulting Lender 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 Commitment and/or the Loans (including such
Lender’s participations in L/C Obligations and/or Swing Line 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 Lenders and the L/C Issuer shall continue to
deal solely and directly with such Lender in connection with such Lender’s rights and obligations
under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a
participation shall provide that such Lender shall retain the sole right to enforce this Agreement
and to approve any amendment, modification or waiver of any provision of this Agreement;
provided that such agreement or instrument may provide that such Lender will not, without
the consent of the Participant, agree to any amendment, waiver or other modification described in
the first proviso to Section 10.01 that affects such Participant. Subject to subsection
(e) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of
Sections 3.01, 3.04 and 3.05 (subject to the requirements and limitations
of such Sections) to the same extent as if it were a Lender and had acquired its interest by
assignment pursuant to Section 10.06(b); provided, that such Participant agrees to
be subject to the provisions of Section 3.06(a) as if it were an assignee under Section
10.06(b). To the extent permitted by law, each Participant also shall
be entitled to the benefits of Section 10.08 as though it were a Lender,
provided such Participant agrees to be subject to Section 2.13 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

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address of
each Participant and the principal amounts (and related interest amounts) of each participant’s
interest in the Loans or other obligations under this Agreement (the “Participant
Register”). 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.

          (e) Limitations upon Participant Rights. A Participant shall not be entitled to
receive any greater payment under Section 3.01 or 3.04 than the applicable Lender
would have been entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the Borrower’s prior written
consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to
the benefits of Section 3.01 unless the Borrower is notified of the Participation sold to
such Participant and such Participant agrees, for the benefit of the Borrower, to comply with
Section 3.01(e) as though it were a Lender.

          (f) Certain Pledges. Any Lender may at any time pledge or assign, or grant a security
interest in, all or any portion of its rights under this Agreement (including under its Note, if
any) to secure obligations of such Lender, including any pledge or assignment, or grant of a
security interest, to secure obligations to a Federal Reserve Bank; provided that no such
pledge or assignment or grant shall release such Lender from any of its obligations hereunder or
substitute any such pledgee or assignee or grantee for such Lender as a party hereto.

          (g) Resignation as L/C Issuer or Swing Line Lender after Assignment. Notwithstanding
anything to the contrary contained herein, if at any time Bank of America assigns all of its
Commitment and Revolving Credit Loans pursuant to Section 10.06(b), Bank of America shall
resign as L/C Issuer and Swing Line Lender (which resignation shall become effective 30 days
following written notice by Bank of America to the Borrower and the Lenders of its resignation).
In the event of any such resignation as L/C Issuer and Swing Line Lender, the Borrower shall be
entitled to appoint from among the Lenders a successor L/C Issuer and Swing Line Lender hereunder;
provided, however, that (i) no failure by the Borrower to appoint any such
successor, or by any such appointed successor to accept such appointment, shall affect the
resignation of Bank of America as L/C Issuer and Swing Line Lender and (ii) the Required Lenders,
and not the Borrower, shall have the exclusive right to appoint any such successor in the event
that either (x) the Borrower does not appoint a successor that has accepted such appointment within
ten (10) Business Days following the resignation of Bank of America or (y) an Event of Default has
occurred and is continuing at the time of such appointment. If Bank of America resigns as L/C
Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder
with respect to all Letters of Credit outstanding as of the effective date of its resignation as
L/C Issuer and all L/C
Obligations with respect thereto (including the right to require the Lenders to make Base Rate
Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)). If
Bank of America resigns as Swing Line Lender, it shall retain all the rights of the Swing Line
Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the
effective date of such resignation, including the right to require the Lenders to make

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Base Rate
Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section
2.04(c). Upon the appointment of a successor L/C Issuer and/or Swing Line Lender and the
acceptance by such successor of such appointment, (a) such successor shall succeed to and become
vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing
Line Lender, as the case may be, and (b) the successor L/C Issuer shall issue letters of credit in
substitution for the Letters of Credit, if any, outstanding at the time of such succession or make
other arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of
America with respect to such Letters of Credit.

     10.07. Treatment of Certain Information; Confidentiality. Each of the Administrative
Agent, the Lenders and the L/C Issuer agrees to maintain the confidentiality of the Information (as
defined below), except that Information may be disclosed (a) to its Affiliates and to its and its
Affiliates’ respective partners, directors, officers, employees, agents, trustees, advisors and
representatives (it being understood that the Persons to whom such disclosure is made will be
informed of the confidential nature of such Information and instructed to keep such Information
confidential), (b) to the extent requested by any regulatory authority purporting to have
jurisdiction over it (including any self-regulatory authority, such as the National Association of
Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any
subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the
exercise of any remedies hereunder or under any other Loan Document or any action or proceeding
relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or
thereunder, (f) subject to an agreement containing provisions substantially the same as those of
this Section, to (i) any assignee of or Participant in, or any prospective assignee of or
Participant in, any of its rights or obligations under this Agreement or any Eligible Assignee
invited to be a Lender pursuant to Section 2.15 or (ii) any actual or prospective
counterparty (or its advisors) to any swap or derivative transaction relating to any Loan Party and
its obligations, (g) with the consent of the Borrower or (h) to the extent such Information (i)
becomes publicly available other than as a result of a breach of this Section or (ii) becomes
available to the Administrative Agent, any Lender, the L/C Issuer or any of their respective
Affiliates on a nonconfidential basis from a source other than the Borrower.

     For purposes of this Section, “Information” means all information received from the REIT or
any Subsidiary thereof relating to the REIT or any Subsidiary thereof or any of their respective
businesses, other than any such information that is available to the Administrative Agent, any
Lender or the L/C Issuer on a nonconfidential basis prior to disclosure by the REIT or any
Subsidiary thereof, provided that, in the case of information received from the REIT or any
Subsidiary thereof after the date hereof, such information is clearly identified at the time of
delivery as confidential. Any Person required to maintain the confidentiality of Information as
provided in this Section shall be considered to have complied with its obligation to do so if such
Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own confidential
information.

     Each of the Administrative Agent, the Lenders and the L/C Issuer acknowledges that (a) the
Information may include material non-public information concerning the REIT or a

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Subsidiary
thereof, as the case may be, (b) it has developed compliance procedures regarding the use of
material non-public information and (c) it will handle such material non-public information in
accordance with applicable Law, including United States Federal and state securities Laws.

     10.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, each
Lender, the L/C Issuer and each of their respective Affiliates are hereby authorized at any time
and from time to time, to the fullest extent permitted by applicable law, to set off and apply any
and all deposits (general or special, time or demand, provisional or final, in whatever currency)
at any time held and other obligations (in whatever currency) at any time owing by such Lender, the
L/C Issuer or any such Affiliate to or for the credit or the account of the REIT or any other Loan
Party against any and all of the obligations of the REIT or such Loan Party now or hereafter
existing under this Agreement or any other Loan Document to such Lender or the L/C Issuer,
irrespective of whether or not such Lender or the L/C Issuer shall have made any demand under this
Agreement or any other Loan Document and although such obligations of the REIT or such Loan Party
may be contingent or unmatured or are owed to a branch or office of such Lender or the L/C Issuer
different from the branch or office holding such deposit or obligated on such indebtedness;
provided, that in the event that any Defaulting Lender shall exercise any such right of
setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for
further application in accordance with the provisions of Section 2.17 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 and the Lenders, and (y) the Defaulting Lender
shall provide promptly to the Administrative Agent a statement describing in reasonable detail the
Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The
rights of each Lender, the L/C Issuer and their respective Affiliates under this Section are in
addition to other rights and remedies (including other rights of setoff) that such Lender, the L/C
Issuer or their respective Affiliates may have. Each Lender and the L/C Issuer agrees to notify
the Borrower and the Administrative Agent promptly after any such setoff and application,
provided that the failure to give such notice shall not affect the validity of such setoff
and application.

     10.09. Interest Rate Limitation. Notwithstanding anything to the contrary contained in any
Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the
maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If
the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum
Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such
unpaid principal, refunded to the Borrower. In determining whether the interest contracted for,
charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person
may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal
as an expense, fee, or premium rather
than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize,
prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the
contemplated term of the Obligations hereunder.

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     10.10. Counterparts; Integration; Effectiveness. This Agreement may be executed in
counterparts (and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract.
This Agreement and the other Loan Documents constitute the entire contract among the parties
relating to the subject matter hereof and thereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof and thereof. Except as
provided in Section 4.01, this Agreement shall become effective when it shall have been
executed by the Administrative Agent and when the Administrative Agent shall have received
counterparts hereof that, when taken together, bear the signatures of each of the other parties
hereto. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or
other electronic imaging means shall be effective as delivery of a manually executed counterpart of
this Agreement.

     10.11. Survival of Representations and Warranties. All representations and warranties made
hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or
in connection herewith or therewith shall survive the execution and delivery hereof and thereof.
Such representations and warranties have been or will be relied upon by the Administrative Agent
and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or
on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice
or knowledge of any Default at the time of any Credit Extension, and shall continue in full force
and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied
or any Letter of Credit shall remain outstanding.

     10.12. Severability. If any provision of this Agreement or the other Loan Documents is
held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the
remaining provisions of this Agreement and the other Loan Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the
illegal, invalid or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the illegal, invalid or unenforceable provisions. The
invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. Without limiting the foregoing provisions of this
Section 10.12, if and to the extent that the enforceability of any provisions in this
Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in
good faith by the Administrative Agent, the L/C Issuer or the Swing Line Lender, as applicable,
then such provisions shall be deemed to be in effect only to the extent not so limited.

     10.13. Replacement of Lenders. If (i) any Lender requests compensation under Section
3.04, or (ii) if the Borrower is required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 3.01, or (iii) if,
in connection with any proposed amendment, waiver or consent in respect of any Loan
Document requiring the consent of all Lenders, the consent of the Required Lenders is obtained, but
the consent of any other Lender is not obtained or (iv) if any Lender is a Defaulting Lender or (v)
if any other circumstance exists hereunder that gives the Borrower the right to replace a Lender as
a party hereto, then the Borrower may, at its sole expense and

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effort, upon notice to such Lender
and the Administrative Agent, require such Lender to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in, and consents required by, Section
10.06), all of its interests, rights and obligations under this Agreement and the other Loan
Documents to an assignee that shall assume such obligations (which assignee may be another Lender,
if a Lender accepts such assignment), provided that:

          (a) the Borrower shall have paid to the Administrative Agent the assignment fee specified in
Section 10.06(b);

          (b) such Lender shall have received payment of an amount equal to 100% of the outstanding
principal of its Loans and L/C Advances from the assignee and any amounts payable by the Borrower
pursuant to Section 3.01, 3.04 or 3.05 from the Borrower (it being
understood that the Assignment and Assumption relating to such assignment shall provide that any
interest and fees that accrued prior to the effective date of the assignment shall be for the
account of the replaced Lender and such amounts that accrue on and after the effective date of the
assignment shall be for the account of the replacement Lender);

          (c) in the case of any such assignment resulting from a claim for compensation under
Section 3.04 or payments required to be made pursuant to Section 3.01, such
assignment will result in a reduction in such compensation or payments thereafter; and

          (d) such assignment does not conflict with applicable Laws.

     A Lender shall not be required to make any such assignment or delegation if, prior thereto, as
a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to
require such assignment and delegation cease to apply. Each Lender agrees that, if the Borrower
elects to replace such Lender in accordance with this Section 10.13, it shall promptly
execute and deliver to the Administrative Agent an Assignment and Assumption to evidence the
assignment and shall deliver to the Administrative Agent any Note (if a Note has been issued in
respect of such Lender’s Loans) subject to such Assignment and Assumption; provided that the
failure of any such Lender to execute an Assignment and Assumption shall not render such assignment
invalid and such assignment shall be recorded in the Register.

     10.14. Governing Law; Jurisdiction; Etc.(a) GOVERNING LAW. THIS AGREEMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

          (b) SUBMISSION TO JURISDICTION. EACH OF THE PARENT GUARANTORS AND THE BORROWER
IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE
JURISDICTION OF THE COURTS OF THE STATE OF YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED
STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY
THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT, OR FOR RECOGNITION OR

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ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION 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 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 THE L/C
ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENT AGAINST EITHER OF THE PARENT GUARANTORS OR THE BORROWER OR ANY OF THEIR RESPECTIVE
PROPERTIES IN THE COURTS OF ANY JURISDICTION.

          (c) WAIVER OF VENUE. EACH OF THE PARENT GUARANTORS AND THE BORROWER IRREVOCABLY AND
UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT
MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF
THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION
OR PROCEEDING IN ANY SUCH COURT.

          (d) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS
IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02. NOTHING IN THIS AGREEMENT WILL AFFECT
THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

     10.15. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PERSON HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT

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AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

     10.16. No Advisory or Fiduciary Responsibility. In connection with all aspects of each
transaction contemplated hereby (including in connection with any amendment, waiver or other
modification hereof or of any other Loan Document), each of the Parent Guarantors and the Borrower
acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the
arranging and other services regarding this Agreement provided by the Administrative Agent and the
Arrangers are arm’s-length commercial transactions between the REIT and its Affiliates, on the one
hand, and the Administrative Agent and the Arrangers, on the other hand, (B) each of the Parent
Guarantors and the Borrower has consulted its own legal, accounting, regulatory and tax advisors to
the extent it has deemed appropriate, and (C) each of the Parent Guarantors and the Borrower is
capable of evaluating, and understands and accepts, the terms, risks and conditions of the
transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative Agent
and the Arrangers each is and has been acting solely as a principal and, except as expressly agreed
in writing by the relevant parties, has not been, is not, and will not be acting as an advisor,
agent or fiduciary for the REIT or any of its Affiliates, or any other Person and (B) neither the
Administrative Agent nor the Arrangers have any obligation to the REIT or any of its Affiliates
with respect to the transactions contemplated hereby except those obligations expressly set forth
herein and in the other Loan Documents; and (iii) the Administrative Agent and the Arrangers and
their respective Affiliates may be engaged in a broad range of transactions that involve interests
that differ from those of the REIT and its Affiliates, and neither the Administrative Agent nor the
Arrangers have any obligation to disclose any of such interests to the REIT or any of its
Affiliates. To the fullest extent permitted by law, each of the Parent Guarantors and the Borrower
hereby waives and releases any claims that it may have against the Administrative Agent and the
Arrangers with respect to any breach or alleged breach of agency or fiduciary duty in connection
with any aspect of any transaction contemplated hereby.

     10.17. Electronic Execution of Assignments and Certain Other Documents. The words
“execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption or in
any amendment or other modification hereof (including waivers and consents) shall be deemed to
include electronic signatures or the keeping of records in electronic form, each of which shall be
of the same legal effect, validity or enforceability as a manually executed signature or the use of
a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act,
the New York State Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act.

     10.18. USA PATRIOT Act. Each Lender that is subject to the Act (as hereinafter defined),
and the Administrative Agent (for itself and not on behalf of any Lender), hereby
notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub.
L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify
and record information that identifies each Loan Party, which information includes the name and
address of each Loan Party and other information that will allow such Lender or the

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Administrative
Agent, as applicable, to identify each Loan Party in accordance with the Act. The Borrower shall,
promptly following a request by the Administrative Agent or any Lender, provide all documentation
and other information that the Administrative Agent or such Lender requests in order to comply with
its ongoing obligations under applicable “know your customer” and anti-money laundering rules and
regulations, including the Act.

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     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first above written.

	 	 	 	 	 
	 	CPA 16 MERGER SUB INC.,

as Borrower

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	Name:  	Brooks G. Gordon	 
	 	Title:  	Director	 
	 
	 	CPA 16 LLC,

as a Parent Guarantor

By: CORPORATE PROPERTY ASSOCIATES 16 — GLOBAL

INCORPORATED, as its managing member

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	Name:  	Brooks G. Gordon	 
	 	Title:  	Director	 
	 
	 	CORPORATE PROPERTY
 ASSOCIATES 16 — GLOBAL

INCORPORATED, as a Parent Guarantor

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	Name:  	Brooks G. Gordon	 
	 	Title:  	Director	 
	 

S-1

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as

Administrative Agent

 	 
	 	By:  	/s/ Eyal Namordi	 
	 	Name:  	Eyal Namordi	 
	 	Title:  	Senior Vice President	 
	 

S-2

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as a Lender, 
L/C Issuer
and Swing Line Lender

 	 
	 	By:  	/s/ Eyal Namordi	 
	 	Name:  	Eyal Namordi	 
	 	Title:  	Senior Vice President	 
	 

S-3

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

as a Lender

 	 
	 	By:  	/s/ Stephen Hartigan	 
	 	Name:  	Stephen Hartigan	 
	 	Title:  	Senior Credit Banker	 
	 

S-4

 

	 	 	 	 	 
	 	RBS CITIZENS, N.A.,

as a Lender

 	 
	 	By:  	/s/ Michelle L. Lyles	 
	 	Name:  	Michelle L. Lyles	 
	 	Title:  	Assistant Vice President	 
	 

S-5

 

	 	 	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION,

as a Lender

 	 
	 	By:  	/s/ Brian P. Kelly	 
	 	Name:  	Brian P. Kelly	 
	 	Title:  	Vice President	 
	 

	 	 	 	 	 

S-6

 

	 	 	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL
 ASSOCIATION, as a
Lender

 	 
	 	By:  	/s/ Anthony A. Filorimo	 
	 	Name:  	Anthony A. Filorimo	 
	 	Title:  	Vice President 	 
	 

S-7

 

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON,

as a Lender

 	 
	 	By:  	/s/ Carol Murray	 
	 	Name:  	Carol Murray	 
	 	Title:  	Managing Director	 
	 

S-8

 

	 	 	 	 	 
	 	CAPITAL ONE, N.A.,

as a Lender

 	 
	 	By:  	/s/ Frederick H. Denecke	 
	 	Name:  	Frederick H. Denecke	 
	 	Title:  	Vice President	 
	 

S-9

 

	 	 	 	 	 
	 	COMERICA BANK,

as a Lender

 	 
	 	By:  	/s/ Charles Weddell	 
	 	Name:  	Charles Weddell	 
	 	Title:  	Vice President	 
	 

S-10exv10w2

EXHIBIT 10.2

CONTINUING GUARANTY

          CONTINUING GUARANTY (as amended, modified, restated and/or supplemented from time to time,
this “Guaranty”), dated as of May 2, 2011 made by and among each of the undersigned
guarantors (each, a “Guarantor” and collectively, the “Guarantors”) in favor of
BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, together with any successor
administrative agent, the “Administrative Agent”), for the benefit of the Secured Parties.
Except as otherwise defined herein, all capitalized terms used herein and defined in the Credit
Agreement (as defined below) shall be used herein as therein defined.

W I T N E S S E T H :

          WHEREAS, Corporate Property Associates 16 — Global Incorporated, a Maryland corporation (the
“REIT”), CPA 16 LLC, a Delaware limited liability company (the “Operating
Partnership”, and together with the REIT, the “Parent Guarantors”), CPA 16 Merger Sub
Inc., a Maryland corporation (the “Borrower”), the lenders from time to time party thereto
(the “Lenders”) and the Administrative Agent have entered into a Credit Agreement, dated as
of the date hereof (as amended, modified, restated and/or supplemented from time to time, the
“Credit Agreement”), providing for the making of Loans to the Borrower, and the issuance of
Letters of Credit for the account of the REIT and/or one or more of its Subsidiaries, all as
contemplated therein;

          WHEREAS, each Guarantor is the REIT, the Operating Partnership or a direct or indirect
Subsidiary of the Borrower or the REIT;

          WHEREAS, it is a condition precedent to the effectiveness of the Credit Agreement and the
making of Loans to the Borrower, and the issuance of Letters of Credit for the account of the REIT
and/or one or more of its Subsidiaries, that each Guarantor shall have executed and delivered this
Guaranty to the Administrative Agent; and

          WHEREAS, each Guarantor will obtain substantial direct and indirect benefits from the
incurrence of Loans by the Borrower and the issuance of Letters of Credit for the account of the
REIT and/or one or more of its Subsidiaries under the Credit Agreement and, accordingly, desires to
execute this Guaranty in order to satisfy the condition described in the preceding paragraph and to
induce the Lenders to make Loans to the Borrower and the L/C Issuer to issue Letters of Credit for
the account of the REIT and/or one or more of its Subsidiaries;

          NOW, THEREFORE, in consideration of the foregoing and other benefits accruing to each
Guarantor, the receipt and sufficiency of which are hereby acknowledged, each Guarantor hereby
makes the following representations and warranties to the Administrative Agent for the benefit of
the Secured Parties and hereby covenants and agrees with each other Guarantor and the
Administrative Agent for the benefit of the Secured Parties as follows:

     1. Guaranty. Each Guarantor, jointly and severally with the other Guarantors, hereby absolutely,
irrevocably and unconditionally guarantees, as a guaranty of payment and performance and not as a
guaranty of collection, prompt payment when due, whether at stated maturity, by required
prepayment, upon acceleration, demand or otherwise, and at all times

1

 

thereafter, of all of the Obligations, including without limitation (i) the principal of, and premium, if any, and interest
on, the Loans made to, the Borrower under the Credit Agreement, and all reimbursement obligations
and all payments and disbursements made by the L/C Issuer and the Lenders with respect to Letters
of Credit, (ii) all renewals, extensions, amendments, refinancings and other modifications thereof,
(iii) all out-of-pocket expenses incurred by any Secured Party (including the fees, charges and
disbursements of any counsel for any Secured Party) in connection with the collection or
enforcement thereof, and whether recovery upon such Obligations may be or hereafter become
unenforceable or shall be an allowed or disallowed claim under any proceeding or case commenced by
or against the Borrower or any other Loan Party under the Bankruptcy Code (Title 11, United States
Code), any successor statute or any other liquidation, conservatorship, bankruptcy, assignment for
the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or
similar debtor relief laws of the United States or other applicable jurisdictions from time to time
in effect and affecting the rights of creditors generally (collectively, “Debtor Relief
Laws”), and including interest that accrues after the commencement by or against the Borrower
or any other Loan Party of any proceeding under any Debtor Relief Laws, (iv) all advances to, and
debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Secured
Hedge Agreement and (v) all indebtedness, liabilities, duties and obligations of any Loan Party
arising out of Bank of America or any Affiliate of Bank of America providing treasury management
services to, for the benefit of or otherwise in respect of such Loan Party, including, without
limitation, intraday credit, Automated Clearing House (ACH) services, foreign exchange services,
overdrafts and zero balance arrangements, and any instruments, agreements or other documents
executed in connection therewith (collectively, the “Guaranteed Obligations”). The books
and records of the Administrative Agent or the Secured Parties showing the amount of the Guaranteed
Obligations shall be admissible in evidence in any action or proceeding, and shall be binding upon
the Guarantors and conclusive for the purpose of establishing the amount of the Guaranteed
Obligations. This Guaranty shall not be affected by the genuineness, validity, regularity or
enforceability of the Guaranteed Obligations or any instrument or agreement evidencing any
Guaranteed Obligations, or by the existence, validity, enforceability, perfection, non-perfection
or extent of any collateral therefor, or by any fact or circumstance relating to the Guaranteed
Obligations which might otherwise constitute a defense to the obligations of any Guarantor under
this Guaranty, and each Guarantor hereby irrevocably waives any defenses it may now have or
hereafter acquire in any way relating to any or all of the foregoing. Furthermore, this Guaranty
shall remain in full force and effect without regard to, and shall not be affected or impaired,
without limitation, by, any invalidity, irregularity or unenforceability in whole or in part
(including with respect to any netting provision) of any Secured Hedge Agreement or any
confirmation, instrument or agreement required thereunder or related thereto, or any transaction
entered into thereunder, or any limitation on the method or terms of payment thereunder which may
now or in the future be caused or imposed in any manner whatsoever.

          Anything contained in this Guaranty to the contrary notwithstanding, it is the intention of
each Guarantor and the Secured Parties that the obligations of each Guarantor hereunder at any time
shall be limited to an aggregate amount equal to the largest amount that would not render its
obligations hereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548
of the Bankruptcy Code (Title 11, United States Code) or any comparable provisions of any similar
federal or state law. To that end, but only in the event and to the extent that after giving
effect to Section 20 of this Guaranty, such Guarantor’s obligations

2

 

with respect to the Guaranteed Obligations or any payment made pursuant to such Guaranteed Obligations would, but for
the operation of the first sentence of this paragraph, be subject to avoidance or recovery in any
such proceeding under applicable Debtor Relief Laws after giving effect to Section 20 of
this Guaranty, the amount of such Guarantor’s obligations with respect to the Guaranteed
Obligations shall be limited to the largest amount which, after giving effect thereto, would not,
under applicable Debtor Relief Laws, render such Guarantor’s obligations with respect to the
Guaranteed Obligations unenforceable or avoidable or otherwise subject to recovery under applicable
Debtor Relief Laws. To the extent any payment actually made pursuant to the Guaranteed Obligations
exceeds the limitation of the first sentence of this paragraph and is otherwise subject to
avoidance and recovery in any such proceeding under applicable Debtor Relief Laws, the amount
subject to avoidance shall in all events be limited to the amount by which such actual payment
exceeds such limitation, and the Guaranteed Obligations as limited by the first sentence of this
paragraph shall in all events remain in full force and effect and be fully enforceable against such
Guarantor. The first sentence of this paragraph is intended solely to preserve the rights of the
Secured Parties hereunder against such Guarantor in such proceeding to the maximum extent permitted
by applicable Debtor Relief Laws and neither such Guarantor, the Borrower, any other Guarantor nor
any other Person shall have any right or claim under such sentence that would not otherwise be
available under applicable Debtor Relief Laws in such proceeding.

     2. No Setoff or Deductions; Taxes; Payments. Each Guarantor shall make all payments hereunder
without setoff or counterclaim and free and clear of and without deduction for any taxes, levies,
imposts, duties, charges, fees, deductions, withholdings, compulsory loans, restrictions or
conditions of any nature now or hereafter imposed or levied by any jurisdiction or any political
subdivision thereof or taxing or other authority therein unless such Guarantor is compelled by law
to make such deduction or withholding. If any such obligation (other than one arising with respect
to Excluded Taxes) is imposed upon a Guarantor with respect to any amount payable by it hereunder,
such Guarantor will pay to the Administrative Agent for the benefit of the Secured Parties for
application to the Guaranteed Obligations in accordance with the terms of the Loan Documents or, if
the Loan Documents do not provide for the application of such amount, to be held by the
Administrative Agent as collateral security for any Guaranteed Obligations thereafter existing, on
the date on which such amount is due and payable hereunder, such additional amount in Dollars as
shall be necessary to enable the Secured Parties to receive the same net amount which the Secured
Parties would have received on such due date had no such obligation been imposed upon such
Guarantor. Each Guarantor will deliver promptly to the Secured Parties certificates or other valid
vouchers for all taxes or other charges deducted from or paid with respect to payments made by such
Guarantor hereunder. The obligations of the Guarantors under this paragraph shall survive the
payment in full of the Guaranteed Obligations and termination of this Guaranty. The obligations
hereunder shall not be affected by any acts of any Governmental Authority affecting any Guarantor
or any other Loan Party, including but not limited to, any restrictions on the conversion of
currency or repatriation or control of funds or any total or partial expropriation of any
Guarantor’s or any other Loan Party’s property, or by economic, political, regulatory or other
events in the countries where any Guarantor or any other Loan Party is located.

     3. Rights of Secured Parties. Each Guarantor consents and agrees that the Secured Parties may, at
any time and from time to time, without notice or demand to or consent of such

3

 

Guarantor, and without affecting the enforceability or continuing effectiveness hereof: (a) amend, extend, renew,
compromise, discharge, accelerate or otherwise change the times for payment or the terms of the
Guaranteed Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail
to perfect, sell, impair, or otherwise dispose of any security, or any Lien granted, for the
payment of this Guaranty or any Guaranteed Obligations; (c) apply such security and direct the
order or manner of sale thereof as provided in the Loan Documents; and (d) release or substitute
any other Guarantor or one or more of any endorsers or other guarantors of any of the Guaranteed
Obligations. Without limiting the generality of the foregoing, each Guarantor consents to the
taking of, or failure to take, any action which might in any manner or to any extent vary the risks
of the Guarantors under this Guaranty or which, but for this provision, might operate as a
discharge of one or more of the Guarantors. . 

     4. Certain Waivers. Each Guarantor waives (a) any defense arising by reason of any disability or
other defense of the Borrower, any other Loan Party or any other guarantor of the Guaranteed
Obligations or any part thereof, or the cessation from any cause whatsoever (including any act or
omission of any Secured Party) of the liability of the Borrower, other than the defense of payment
in full in cash or immediately available funds of all the Guaranteed Obligations; (b) any defense
based on any claim that such Guarantor’s obligations exceed or are more burdensome than those of
the Borrower; (c) the benefit of any statute of limitations affecting such Guarantor’s liability
hereunder; (d) any right to require any Secured Party to proceed against the Borrower or any other
Loan Party, proceed against or exhaust any security for any of the Guaranteed Obligations, or
pursue any other remedy in the power of any Secured Party; (e) any benefit of and any right to
participate in any security now or hereafter held by any Secured Party; and (f) to the full extent
permitted by law, any and all other defenses or benefits that may be derived from or afforded by
applicable law limiting the liability of or exonerating guarantors or sureties. Each Guarantor
expressly waives all setoffs and counterclaims and all presentments, demands for payment or
performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of
dishonor and all other notices or demands of any kind or nature whatsoever with respect to the
Guaranteed Obligations, and all notices of acceptance of this Guaranty or of the existence,
creation or incurrence of new or additional Guaranteed Obligations.

     5. Obligations Independent. The obligations of each Guarantor hereunder are those of primary
obligor, and not merely as surety, and are independent of the Guaranteed Obligations and the
obligations of any other guarantor of the Guaranteed Obligations or any part thereof, and a
separate action may be brought against any Guarantor to enforce this Guaranty whether or not the
Borrower or any other Person is joined as a party. For the avoidance of doubt, all obligations of
each Guarantor under this Guaranty are joint and several obligations of all the Guarantors.

     6. Subrogation. No Guarantor shall exercise any right of subrogation, contribution, indemnity,
reimbursement or similar rights with respect to any payments it makes under this Guaranty until all
of the Guaranteed Obligations and any amounts payable under this Guaranty have been indefeasibly
paid and performed in full in immediately available funds, all Commitments are terminated and all
Letters or Credit have been cancelled, have expired or terminated or have been collateralized to
the satisfaction of the Administrative Agent and the L/C Issuer. If any amounts are paid to any
Guarantor in violation of the foregoing limitation,

4

 

then such amounts shall be held in trust by such Guarantor for the benefit of the Secured Parties and shall forthwith be paid to the
Administrative Agent for the benefit of the Secured Parties for application to the Guaranteed
Obligations in accordance with the terms of the Loan Documents or, if the Loan Documents do not
provide for the application of such amount, to be held by the Administrative Agent as collateral
security for any Guaranteed Obligations thereafter existing, whether matured or unmatured.

     7. Termination; Reinstatement. This Guaranty is a continuing, absolute, unconditional and
irrevocable guaranty of all Guaranteed Obligations now or hereafter existing and shall remain in
full force and effect until all of the Guaranteed Obligations and any amounts payable under this
Guaranty have been indefeasibly paid and performed in full in immediately available funds, all
Commitments are terminated and all Letters or Credit have been cancelled, have expired or
terminated or have been collateralized to the satisfaction of the Administrative Agent and the L/C
Issuer. In the event that this Guaranty is terminated in accordance with the prior sentence, the
Administrative Agent shall execute and deliver to any Guarantor, at such Guarantor’s expense, all
documents that such Guarantor shall reasonably request to evidence such termination.
Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived,
as the case may be, if any payment by or on behalf of the Borrower or a Guarantor is made, or a
Secured Party exercises its right of setoff, in respect of the Guaranteed Obligations and such
payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to
be fraudulent or preferential, set aside or required (including pursuant to any settlement entered
into by a Secured Party in its discretion) to be repaid to a trustee, receiver or any other party,
in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment
had not been made or such setoff had not occurred and whether or not the Secured Parties are in
possession of or have released this Guaranty and regardless of any prior revocation, rescission,
termination or reduction. The obligations of the Guarantors under this paragraph shall survive
termination of this Guaranty.

     8. Release of Liability of Guarantor Upon Sale or Dissolution. At the request and at the sole
expense of the Borrower, in the event that (i) any Guarantor (other than a Parent Guarantor)
becomes an Excluded Subsidiary or an Immaterial Subsidiary as a result of a transaction permitted
under the Credit Agreement or (ii) all of the capital stock or other Equity Interests of any
Guarantor is sold or otherwise disposed of (including by way of the merger or consolidation of such
Guarantor with or into another Person) or liquidated (except to the extent that such sale or
disposition is to the Borrower, a Guarantor or a Person required under the Credit Agreement to be a
Guarantor) in any such case in compliance with the requirements of Section 7.05 of the Credit
Agreement and the proceeds of such sale, disposition or liquidation are applied in accordance with
the provisions of the Credit Agreement, to the extent applicable, then such Guarantor shall, upon
becoming an Excluded Subsidiary or an Immaterial Subsidiary or upon the consummation of such sale
or other disposition, as applicable, be released from its obligations under this Guaranty and the
Administrative Agent shall, upon the request and at the sole expense of the Borrower, provide the
Borrower with written confirmation of such release and shall take such further actions as
reasonably requested by the Borrower to evidence such release; provided, that the Borrower
shall have delivered to the Administrative Agent, at least five Business Days prior to the date of
the proposed release, a written request for release, together with a certificate signed by a
Responsible Officer of the Borrower certifying that such Guarantor is an Excluded

5

 

Subsidiary or an Immaterial Subsidiary or such sale or disposition, as applicable, is as a result of a transaction
permitted under the Credit Agreement.

     9. Stay of Acceleration. In the event that acceleration of the time for payment of any of the
Guaranteed Obligations is stayed, in connection with any case commenced by or against the Borrower
or any other Loan Party under any Debtor Relief Laws, or otherwise, all such amounts shall
nonetheless be payable by the Guarantors who are not subject to such automatic stay immediately
upon demand by the Administrative Agent.

     10. Expenses. The Guarantors shall pay on demand all out-of-pocket expenses incurred by any
Secured Party (including the fees, charges and disbursements of any counsel for any Secured Party),
and shall pay on demand all fees and time charges for attorneys who may be employees of any Secured
Party, in any way relating to the enforcement or protection of the rights of the Secured Parties
(or any of them) under this Guaranty or in respect of the Guaranteed Obligations, including any
incurred during any “workout” or restructuring in respect of the Guaranteed Obligations and any
incurred in the preservation, protection or enforcement of any rights of any Secured Party in any
proceeding any Debtor Relief Laws. The obligations of the Guarantors under this paragraph shall
survive the payment in full of the Guaranteed Obligations and termination of this Guaranty.

     11. Modifications; Miscellaneous. Neither this Guaranty nor any provision hereof may be changed,
waived, discharged or terminated except in a writing signed by each Guarantor directly affected
thereby (it being understood that the addition or release of any Guarantor hereunder shall not
constitute a change, waiver, discharge or termination affecting any Guarantor other than the
Guarantor so added or released) and the Administrative Agent (with the consent of the Required
Lenders or all of the Lenders, to the extent required by Section 10.01 of the Credit Agreement).
No failure by any Secured Party to exercise, and no delay in exercising, any right, remedy or power
hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right,
remedy or power hereunder preclude any other or further exercise thereof or the exercise of any
other right, power or remedy. The remedies herein provided are cumulative and not exclusive of any
remedies provided by law or in equity. The unenforceability or invalidity of any provision of this
Guaranty shall not affect the enforceability or validity of any other provision herein. This
Guaranty is not intended to supersede or otherwise affect any other guaranty now or hereafter given
by any Guarantor for the benefit of the Secured Parties (or any of them) or any term or provision
thereof.

     12. Condition of Loan Parties. Each Guarantor acknowledges and agrees that it has the sole
responsibility for, and has adequate means of, obtaining from the Loan Parties and any other
guarantor of the Guaranteed Obligations such information concerning the financial condition,
business and operations of the Loan Parties and any such other guarantors as such Guarantor
requires, and that no Secured Party has any duty, and no Guarantor is relying on any Secured Party
at any time, to disclose to such Guarantor any information relating to the business, operations or
financial condition of any Loan Party or any other guarantor of the Guaranteed Obligations (such
Guarantor waiving any duty on the part of the Secured Parties to disclose such information and any
defense relating to the failure to provide the same).

6

 

     13. Setoff. In addition to any rights now or hereafter granted under applicable law (including,
without limitation, Section 151 of the New York Debtor and Creditor Law) and not by way of
limitation of any such rights, upon the occurrence and during the continuance of an Event of
Default, each Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized,
at any time or from time to time, to set off and to appropriate and apply any and all deposits
(general or special) and any other indebtedness at any time held or owing by such Lender, the L/C
Issuer or any of their respective Affiliates to or for the credit or the account of any Guarantor,
against and on account of the obligations and liabilities of such Guarantor to such Lender or the
L/C Issuer under this Guaranty, irrespective of whether or not such Lender or the L/C Issuer shall
have made any demand hereunder and although said obligations, liabilities, deposits or claims, or
any of them, shall be contingent or unmatured or are owed to a branch or office of such Lender
different from the branch or office holding such deposit or obligated on such indebtedness;
provided, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x)
all amounts so set off shall be paid over immediately to the Administrative Agent for further
application in accordance with the provisions of Section 2.17 of the Credit Agreement 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 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. The
rights of each Lender, the L/C Issuer and their respective Affiliates under this Section are in
addition to other rights and remedies (including other rights of setoff) that such Lender, the L/C
Issuer or their respective Affiliates may have. Each Lender and the L/C Issuer (by its acceptance
of the benefits hereof) acknowledges and agrees to promptly notify the Borrower and the
Administrative Agent after any such set-off and application; provided, that the failure to
give such notice shall not affect the validity of such set-off and application.

     14. Representations and Warranties. Each Guarantor represents and warrants that (a) it is duly
organized and in good standing under the laws of the jurisdiction of its organization and has full
capacity and right to make and perform this Guaranty, and all necessary authority has been
obtained; (b) this Guaranty constitutes its legal, valid and binding obligation enforceable in
accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium or similar laws affecting the enforceability of
creditors’ rights generally and by general principles of equity (regardless of whether enforcement
is sought at law or in equity); (c) the making and performance of this Guaranty does not and will
not violate the provisions of any applicable law, regulation, judgment or order, and does not and
will not result in the breach of, or constitute a default or require any consent under, any
agreement, instrument, or document to which it is a party or by which it or any of its property may
be bound or affected, except, in each case under this clause (c), as could not reasonably be
expected to have a Material Adverse Effect; and (d) all consents, approvals, licenses and
authorizations of, and filings and registrations with, any Governmental Authority required under
applicable law and regulations for the making and performance of this Guaranty have been obtained
or made and are in full force and effect. In addition, each Guarantor represents and warrants that
(x) until all of the Guaranteed Obligations and any amounts payable under this Guaranty have been
indefeasibly paid and performed in full in immediately available funds, all Commitments are
terminated and all Letters or Credit have been cancelled, have expired or terminated or have been
collateralized to the satisfaction of the Administrative Agent

7

 

and the L/C Issuer, such Guarantor will take, or will refrain from taking, as the case may be, all actions that are necessary to be
taken or not taken so that no violation of any provision, covenant or agreement contained in the
Credit Agreement, and so that no Event of Default, is caused by the actions of such Guarantor or
any of its Subsidiaries; and (y) an executed (or conformed) copy of each of the Loan Documents has
been made available to a senior officer of such Guarantor and such officer is familiar with the
contents thereof.

     15. Indemnification and Survival. Without limitation on any other obligations of any Guarantor or
remedies of any Secured Party under this Guaranty, each Guarantor shall, to the full extent
permitted by law, indemnify, defend and save and hold harmless each Secured Party from and against,
and shall pay on demand, any and all damages, losses, liabilities and expenses (including
attorneys’ fees and expenses and the allocated cost and disbursements of internal legal counsel)
that may be suffered or incurred by such Secured Party in connection with or as a result of any
failure of any Guaranteed Obligations to be the legal, valid and binding obligations of the
Borrower enforceable against the Borrower in accordance with their terms; provided that
such indemnity shall not, as to any Secured Party, be available to the extent that such losses,
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 Secured Party. The obligations of the Guarantors under this paragraph shall survive the
payment in full of the Guaranteed Obligations and termination of this Guaranty.

     16. Guaranty Enforceable by Administrative Agent. This Guaranty may be enforced only by the action
of the Administrative Agent, in each case acting upon the instructions of the Required Lenders (to
the extent required under the Credit Agreement) and no other Secured Party will have any right
individually to seek to enforce or to enforce this Guaranty or to realize upon the security to be
granted by the Loan Documents, it being understood and agreed that such rights and remedies may be
exercised by the Administrative Agent, for the benefit of the Secured Parties, upon the terms of
this Guaranty and the other Loan Documents. It is understood and agreed that the agreement in this
Section 16 is solely for the benefit of the Secured Parties.

     17. Obligations of Guarantors Independent. The obligations of each Guarantor hereunder are
independent of the obligations of any other Guarantor, any other guarantor or any Guaranteed
Obligations, and a separate action or actions may be brought and prosecuted against each Guarantor
whether or not action is brought against any other Guarantor, the Borrower or any other Person and
whether or not any other Guarantor, the Borrower or any other Person may be joined in any such
action or actions.

     18. Subordination of Indebtedness Held by Guarantors. Any indebtedness of any Loan Party now or
hereafter held by any Guarantor is hereby subordinated to the prior payment in full in immediately
available funds of all the Guaranteed Obligations, and such indebtedness of any Loan Party to any
Guarantor, if the Administrative Agent, after an Event of Default has occurred and is continuing,
so requests, shall be collected, enforced and received (to the extent that such Guarantor receives
any amounts it is entitled to retain) by such Guarantor as trustee for the Secured Parties, shall
be segregated from all other property or funds of such Guarantor and shall be paid over to the
Administrative Agent for the benefit of the Secured Parties for

8

 

application to the Guaranteed
Obligations in accordance with the terms of the Loan Documents or, if the Loan Documents do not
provide for the application of such amount, to be held by the Administrative Agent as collateral
security for any Guaranteed Obligations thereafter existing, but without affecting or impairing in
any manner the liability of such Guarantor under the other provisions of this Guaranty. In the
event that any Guarantor receives any payment of any indebtedness described in the first sentence
of this Section 18 prior to the payment in full in immediately available funds of all Guaranteed
Obligations and during the existence of an Event of Default, and such Guarantor is entitled to
retain such payment, such payment of such indebtedness which has been received by such Guarantor
shall be received by such Guarantor as trustee for the Secured Parties, shall be segregated from
all other property or funds of such Guarantor and shall be paid over to the Administrative Agent
for the benefit of the Secured Parties for application to the Guaranteed Obligations in accordance
with the terms of the Loan Documents or, if the Loan Documents do not provide for the application
of such amount, to be held by the Administrative Agent as collateral security for any Guaranteed
Obligations thereafter existing. Prior to the transfer by any Guarantor of any note or negotiable
instrument evidencing any indebtedness of any Loan Party to such Guarantor, such Guarantor shall
mark such note or negotiable instrument with a legend that the same is subject to this
subordination. Without limiting the generality of the foregoing, each Guarantor hereby agrees with
the Secured Parties that it will not exercise any right of subrogation which it may at any time
otherwise have as a result of this Guaranty (whether contractual, under Section 509 of the
Bankruptcy Code or otherwise) until all of the Guaranteed Obligations and any amounts payable under
this Guaranty have been indefeasibly paid and performed in full in immediately available funds, all
Commitments are terminated and all Letters or Credit have been cancelled, have expired or
terminated or have been collateralized to the satisfaction of the Administrative Agent and the L/C
Issuer; provided that if any amount shall be paid to any Guarantor on account of such
subrogation rights prior to such time and such Guarantor is entitled to receive and retain the
same, such amount shall be held in trust for the benefit of the Secured Parties and shall forthwith
be paid to the Administrative Agent for the benefit of the Secured Parties to be credited and
applied to the Guaranteed Obligations, whether matured or unmatured, in accordance with the terms
of the Loan Documents or, if the Loan Documents do not provide for the application of such amount,
to be held by the Administrative Agent as collateral security for any Guaranteed Obligations
thereafter existing. Upon the indefeasible payment in full in immediately available funds of all
of the Guaranteed Obligations and any amounts payable under this Guaranty, the termination of all
Commitments and at such time as all Letters or Credit have been cancelled, have expired or
terminated or have been collateralized to the satisfaction of the Administrative Agent and the L/C
Issuer, each Guarantor shall be subrogated to the rights of the Secured Parties to receive payments
or distributions applicable to the Guaranteed Obligations until all Indebtedness of the Borrower
held by such Guarantor shall be paid in full.

     19. Additional Guarantors. Any Person that is required to become a party to this Guaranty after
the date hereof pursuant to the Credit Agreement shall become a Guarantor hereunder by executing
and delivering a joinder agreement in the form attached hereto as Annex I.

     20. Contribution. At any time a payment in respect of the Guaranteed Obligations is made under
this Guaranty, the right of contribution of each Guarantor against each other Guarantor shall be
determined as provided in the immediately following sentence, with the right

9

 

of contribution of each Guarantor to be revised and restated as of each date on which a payment (a “Relevant
Payment”) is made on the Guaranteed Obligations under this Guaranty. At any time that a
Relevant Payment is made by a Guarantor that results in the aggregate payments made by such
Guarantor in respect of the Guaranteed Obligations to and including the date of the Relevant
Payment exceeding such Guarantor’s Contribution Percentage (as defined below) of the aggregate
payments made by all Guarantors in respect of the Guaranteed Obligations to and including the date
of the Relevant Payment (such excess, the “Aggregate Excess Amount”), each such Guarantor
shall have a right of contribution against each other Guarantor who either has not made any
payments or has made payments in respect of the Guaranteed Obligations to and including the date of
the Relevant Payment in an aggregate amount less than such other Guarantor’s Contribution
Percentage of the aggregate payments made to and including the date of the Relevant Payment by all
Guarantors in respect of the Guaranteed Obligations (the aggregate amount of such deficit, the
“Aggregate Deficit Amount”) in an amount equal to (x) a fraction the numerator of which is
the Aggregate Excess Amount of such Guarantor and the denominator of which is the Aggregate Excess
Amount of all Guarantors multiplied by (y) the Aggregate Deficit Amount of such other Guarantor. A
Guarantor’s right of contribution pursuant to the preceding sentences shall arise at the time of
each computation, subject to adjustment at the time of each computation; provided, that no
Guarantor may take any action to enforce such right until all of the Guaranteed Obligations and any
amounts payable under this Guaranty have been indefeasibly paid and performed in full in
immediately available funds, all Commitments are terminated and all Letters or Credit have been
cancelled, have expired or terminated or have been collateralized to the satisfaction of the
Administrative Agent and the L/C Issuer, it being expressly recognized and agreed by all parties
hereto that any Guarantor’s right of contribution arising pursuant to this Section 20 against any
other Guarantor shall be expressly junior and subordinate to such other Guarantor’s obligations and
liabilities in respect of the Guaranteed Obligations and any other obligations owing under this
Guaranty. As used in this Section 20, (i) each Guarantor’s “Contribution Percentage” shall
mean the percentage obtained by dividing (x) the Adjusted Net Worth (as defined below) of such
Guarantor by (y) the aggregate Adjusted Net Worth of all Guarantors; (ii) the “Adjusted Net
Worth” of each Guarantor shall mean the greater of (x) the Net Worth (as defined below) of such
Guarantor and (y) zero; and (iii) the “Net Worth” of each Guarantor shall mean the amount
by which the fair saleable value of such Guarantor’s assets on the date of any Relevant Payment
exceeds its existing debts and other liabilities (including contingent liabilities, but without
giving effect to any Guaranteed Obligations arising under this Guaranty) on such date. All parties
hereto recognize and agree that, except for any right of contribution arising pursuant to this
Section 20, each Guarantor who makes any payment in respect of the Guaranteed Obligations shall
have no right of contribution or subrogation against any other Guarantor in respect of such payment
until all of the Guaranteed Obligations have been indefeasibly paid and performed in full in cash,
all Commitments are terminated and all Letters or Credit have been cancelled, have expired or
terminated or have been collateralized to the satisfaction of the Administrative Agent and the L/C
Issuer. Each of the Guarantors recognizes and acknowledges that the rights to contribution arising
hereunder shall constitute an asset in favor of the party entitled to such contribution. In this
connection, each Guarantor has the right to waive its contribution right against any Guarantor to
the extent that after giving effect to such waiver such Guarantor would remain solvent, in the
determination of the Administrative Agent or the Required Lenders.

10

 

     21. Counterparts. This Guaranty may be executed in any number of counterparts and by the different
parties hereto on separate counterparts, each of which when so executed and delivered shall be an
original, but all of which shall together constitute one and the same instrument. A set of
counterparts executed by all the parties hereto shall be lodged with the Borrower and the
Administrative Agent.

     22. Headings Descriptive. The headings of the several Sections of this Guaranty are inserted for
convenience only and shall not in any way affect the meaning or construction of any provision of
this Guaranty.

     23. Governing Law; Assignment; Jurisdiction; Notices. This Guaranty shall be governed by, and
construed in accordance with, the internal laws of the State of New York. This Guaranty shall
(a) bind the Guarantor and its successors and assigns, provided that no Guarantor may assign its
rights or obligations under this Guaranty (and any attempted such assignment without such consent
shall be null and void), and (b) inure to the benefit of the Secured Parties and their respective
successors and assigns and the Lenders may, in accordance with Section 10.06 of the Credit
Agreement and without affecting the obligations of any Guarantor hereunder, assign, sell or grant
participations in the Guaranteed Obligations and this Guaranty, in whole or in part. Each
Guarantor hereby irrevocably (i) submits to the non-exclusive jurisdiction of courts of the State
of New York sitting in New York County and of the United States District Court of the Southern
District of New York, and any appellate court from any thereof, in any action or proceeding arising
out of or relating to this Guaranty, (ii) waives to the fullest extent permitted by law any defense
asserting an inconvenient forum in connection therewith and (iii) waives, to the fullest extent
permitted by applicable law, any objection it may now or hereafter have to the laying of venue of
any action or proceeding or arising out of relating to this Guaranty or any other Loan Document in
any court referred to in clause (i). Each of the parties hereto (x) agrees that a final judgment
in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law, and (y) consents to the service of
process out of any of the aforementioned courts, in the manner provided in Section 10.02 of the
Credit Agreement, to (A) in the case of the Administrative Agent, at the address provided in the
Credit Agreement and (B) in the case of a Guarantor, at its address set forth opposite its
signature page below. All notices and other communications to any Guarantor under this Guaranty
shall be in writing and delivered in the manner set forth in Section 10.02 of the Credit Agreement.
All notices and other communications shall be in writing and addressed to such party at (i) in the
case of any Secured Party, as provided in the Credit Agreement, and (ii) in the case of any
Guarantor, at its address set forth opposite its signature below.

     24. WAIVER OF JURY TRIAL; FINAL AGREEMENT. TO THE EXTENT ALLOWED BY APPLICABLE LAW, EACH GUARANTOR
AND THE ADMINISTRATIVE AGENT EACH IRREVOCABLY WAIVES TRIAL BY JURY WITH RESPECT TO ANY ACTION,
CLAIM, SUIT OR PROCEEDING ON, ARISING OUT OF OR RELATING TO THIS GUARANTY OR THE GUARANTEED
OBLIGATIONS. This Guaranty and the other Loan Documents constitute the entire contract among the
parties relating to the subject matter hereof and thereof and supersede any and all previous
agreements and understandings, oral or written, relating to the subject matter hereof and thereof.

11

 

25. DAMAGE WAIVER. To the fullest extent permitted by applicable law, no Guarantor shall assert,
and each Guarantor hereby waives, any claim against any Indemnitee, on any theory of liability, for
special, indirect, consequential or punitive damages (as opposed to direct or actual damages)
arising out of, in connection with, or as a result of, this Guaranty, any other Loan Document or
any agreement or instrument contemplated hereby or thereby, the transactions contemplated hereby or
thereby, any Loan or Letter of Credit or the use of proceeds thereof.

12

 

     IN WITNESS WHEREOF, each Guarantor has caused this Guaranty to be executed and delivered
as of the date first above written.

Address:

	 	 	 	 	 	 	 

	c/o W.P. Carey & Co. LLC	 	CORPORATE PROPERTY ASSOCIATES	 	 
	50 Rockefeller Plaza	 	16 - GLOBAL INCORPORATED	 	 
	New York, NY 10020
	 	 	 	 	 	 
	Fax No.: 
	 	By:	 	/s/
Brooks G. Gordon 
	 	 
	Email: 
	 	 	 	 

Name: Brooks G. Gordon
	 	 
	Attention: 
	 	 	 	Title: Director	 	 

	 	 	 	 	 
	 	CPA 16 LLC

By: CORPORATE PROPERTY ASSOCIATES 16 —

GLOBAL INCORPORATED, as its managing member

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	AFD (KV) LLC

By: STORAGE (DE) QRS 14-23, INC., as its

managing member

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	APPLIED FOUR (DE) QRS 14-75, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	APPLIED UTAH (UT) QRS 14-76, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 

 

 

	 	 	 	 	 
	 	ASSEMBLY (MD)

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Trustee 	 
	 
	 	AUTOSAFE AIRBAG 12 (CA) LP

By: INITIATOR (CA) QRS 12-53, INC., as its

general partner

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	AUTOSAFE AIRBAG 14 (CA) LP

By: INITIATOR (CA) QRS 14-62, INC., as its

general partner

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	BANDWIDTH (UT) QRS 14-58, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	BEVERAGE (GER) QRS 16-141 LLC

By: CRATE (GER) QRS 16-142 LLC, as its

managing member

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 

[Signature Page to Joinder to Guaranty]

 

 

	 	 	 	 	 
	 	BP(IL)GP QRS 14-97, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	BP(IL) L.P.

By: BP(IL)GP QRS 14-97, INC., as its

general partner

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	BP(IL) TRUST

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Trustee 	 
	 
	 	CAN (WI) QRS 12-34, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	CAN-TWO (DE) QRS 12-67, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	COLD (DE) QRS 12-50, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 

[Signature Page to Joinder to Guaranty]

 

 

	 	 	 	 	 
	 	CPA16 GERMAN (DE) LIMITED PARTNERSHIP

By: CPA16 GERMAN GP (DE) QRS 16-155, INC.,

as its general partner

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	CPA16 GERMAN GP (DE) QRS 16-155, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	CRATE (GER) QRS 16-142 LLC

By: CPA16 GERMAN (DE) LIMITED PARTNERSHIP,

as managing member

By: CPA16 GERMAN GP (DE) QRS 16-155, Inc.,

its general partner

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	CTS(IN) QRS 12-63, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 

[Signature Page to Joinder to Guaranty]

 

 

	 	 	 	 	 
	 	CUPS (DE) LP

By: PLATES (DE) QRS 14-63, INC., as its

general partner

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	DELAWARE FRAME (TX), LP

By: FRAME (TX) QRS 14-25, INC., as its

general partner

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	DEVELOP (TX) LP

By: POPCORN (TX) QRS 14-43, INC., as its

general partner

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	DOUGH (DE) QRS 14-77, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	DOUGH (MD)

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Trustee 	 
	 

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	 	DYNE (DE) LP

By: METAL (DE) QRS 14-67 INC., as its

general partner

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	FABRIC (DE) GP

By: LEATHER (DE) QRS 14-72, INC., as its

general partner

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	FIT(TX)GP QRS 12-60, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	FIT(TX) LP

By: FIT(TX)GP QRS 12-60, INC., as its

general partner

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 

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	 	FIT(TX) TRUST

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Trustee 	 
	 
	 	FRAME (TX) QRS 14-25, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	GERB (CT) QRS 14-73, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	HOTEL (MN) QRS 16-84, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	HOTEL OPERATOR (MN) TRS 16-87, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	INITIATOR (CA) QRS 12-53, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	INITIATOR (CA) QRS 14-62, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 

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	 	JEN (MA) QRS 12-54, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	KSM LIVINGSTON (NJ) QRS 16-76, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	LEATHER (DE) QRS 14-72, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	LEI (GER) QRS 16-134 LLC

By: POLD (GER) QRS 16-133, LLC

By: CPA16 GERMAN (DE) LIMITED PARTNERSHIP,

its managing member

By: CPA16 GERMAN GP (DE) QRS 16-155, Inc.,

its general partner

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 

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	 	LINCOLN (DE) LP

 	 
	 	By: LTI (DE) QRS 14-81, INC., as its

general partner

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	LPD (CT) QRS 16-132, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	LPORT 2 (WA) QRS 16-147, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	LTI (DE) QRS 14-81, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	LTI TRUST (MD)

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Trustee 	 
	 
	 	META (CA) QRS 14-6, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 	 	 
	 	 	 
	 	 	 
	 

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	 	METAL (DE) QRS 14-67, INC.
 	 
	 	 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	MORE APPLIED FOUR (DE) LLC

By: APPLIED FOUR (DE) QRS 14-75, INC., as

its managing member

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	MORE APPLIED UTAH (UT) LLC

By: APPLIED UTAH (UT) QRS 14-76, INC., as

its managing member

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	NETWORK (UT) LLC

By: BANDWIDTH (UT) QRS 14-58, INC., as its

managing member

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	PLATES (DE) QRS 14-63, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 

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	 	POLD (GER) QRS 16-133 LLC

By: CPA16 GERMAN (DE) LIMITED PARTNERSHIP,

as its managing member

By: CPA16 GERMAN GP (DE) QRS 16-155, Inc.,

as its general partner

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	POPCORN (TX) QRS 14-43, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	PRINT (WI) QRS 12-40, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	PWE (MULTI) QRS 14-85, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 	 	 
	 	 	 
	 	 	 
	 

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	 	SHO LANDLORD (FL) QRS 16-104, INC.
 	 
	 	 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	STORAGE (DE) QRS 14-23, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	TEL (VA) QRS 12-15, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	URSA (VT) QRS 12-30, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	VINYL (DE) QRS 14-71, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	WINDOUGH (DE) LP

By: DOUGH (DE) QRS 14-77, INC., as its

general partner

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	 	 
	 	 	 
	 

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	 	620 EIGHTH INVESTOR NYT (NY) QRS 16-150,

INC.
 	 
	 	 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	AIR (IL) QRS 14-48, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	ALUM (CANADA) QRS 16-103, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	ALUSA-LP (DE) QRS 16-73, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	AMTOLL (NM) QRS 14-39, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	BB 11 (MD)

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Trustee 	 
	 
	 	BB 12 (MD)

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Trustee 	 
	 

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	 	BDF (CT) QRS 16-82, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	BILL-GP (TX) QRS 14-56, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	BLOCKS (GER) QRS 16-89, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	BM-LP (TX) QRS 14-57, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	BPLAST TWO MEMBER (IN) QRS 16-151, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	 	 
	 	 	 
	 

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	 	BPLAST TWO MANAGER (IN) QRS 16-152, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	CAREY 16 LENDING CORP.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	CASTING MEMBER (GER) QRS 16-108 LLC

By: CPA16 GERMAN (DE) LIMITED PARTNERSHIP,

its managing member

By: CPA16 GERMAN GP (DE) QRS 16-155, Inc.,

its general partner

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	CC (MULTI) TRUST

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Trustee 	 
	 
	 	CHASSIS (GER) 16-118, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	COCO-DORM (PA) QRS 16-52, INC.

 	 
	 	By:  	 
	 	 	Name: 	Brooks G. Gordon	 
	 	 	
Title: 	Director	 
	 	 	 	 
	 	 	 	 
	 

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	 	COCO-DORM (PA) TRUST

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Trustee 	 
	 
	 	CONDUCTOR (CA) QRS 14-11, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	CONTAINER FINANCE (FINLAND) QRS 16-62, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	CV GP (DUTCH ) QRS 14-111, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	CV GP (DUTCH ) QRS 16-148, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	 	 
	 	 	 
	 

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	 	 DELMO (PA) QRS 12-10
 	 
	 	 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Trustee 	 
	 
	 	DES-TECH GP (TN) QRS 16-49, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	DES-TECH LP (TN) QRS 16-50, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	DRILL (DE) TRUST

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Trustee 	 
	 
	 	DSG GP (PA) QRS 14-103, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	DSG LP (PA) TRUST

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Trustee 	 
	 
	 	 	 
	 	 	 
	 	 	 
	 

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	 	ELL (GER) QRS 16-37, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	FINISTAR LP (DE) QRS 16-29, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	FOOD (DE) QRS 12-49, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	FRO 16 (NC) LLC

By: CPA 16 MERGER SUB INC., its managing

member

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	GREENS SHAREHOLDER (FINLAND) QRS 16-16, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	H2 LENDER (GER) QRS 16-101, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon	 
	 	 	Name: 	Brooks G. Gordon

 	 
	 	 	Title:	Director	 
	 	 	 	 
	 

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	 	H2 INVESTOR (GER) QRS 16-100, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  
 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	HAMMER (DE) TRUST

 	 
	 	By:  	/s/
Brooks G. Gordon  
 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Trustee 	 
	 
	 	HAMMER (DE) LP QRS 12-65, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  
 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	HAMMER (DE) LP QRS 14-100, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  
 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	HINCK 16 LP (DE) QRS 16-47, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  
 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	ICE (TX) QRS 12-29, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  
 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 

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	 	IJOBBERS (DE) QRS 14-41, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	KPH (UK) QRS 16-42, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	LABELS-BEN (DE) QRS 16-28, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	LEARN GP (PA) QRS 14-88, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	LONGBOOM (FINLAND) QRS 16-131, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	LONGBOOM FINANCE (FINLAND) QRS 16-130, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name: 	Brooks G. Gordon

 	 
	 	 	Title:	Director	 
	 	 	 	 
	 

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MAGS (UK) QRS 16-2, INC.

    	 
	 	 	 
	 	By:  	
/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	MALA-IDS (DE) QRS 16-71, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	MCM MANAGER (TN) QRS 16-115, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	MCM MEMBER (TN) QRS 16-116, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	MEMPHIS HOTEL OWNER (TN) QRS 16-122, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	MK LP BEN (DE) QRS 16-46, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:
Title:  	Brooks G. Gordon

Director	 
	 	 	 	 
	 	 	 	 
	 

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	 	MK GP BEN (DE) QRS 16-45, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	MK (NY) TRUST

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Trustee 	 
	 
	 	MK-LP (DE) QRS 16-44, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	NAIL (DE) TRUST

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Trustee 	 
	 
	 	NCE (OH) LLC

By: PRODUCT (OH) QRS 14-64, INC., its

managing member

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 

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	 	NURSERY (WA) QRS 16-135, INC.
 	 
	 	 	 
	 	By:  	
/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	PANEL (UK) QRS 14-54, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	PET 14 (MD)

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Trustee 	 
	 
	 	PF (GER) QRS 16-96 LLC

By: CPA16 GERMAN (DE) LIMITED PARTNERSHIP,

it managing member

By: CPA16 GERMAN GP (DE) QRS 16-155, Inc.,

its general partner

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	PG (MULTI-16) TRUST

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Trustee 	 
	 
	 	PG-BEN (CAN) QRS 16-9, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name: 	Brooks G. Gordon

 	 
	 	 	Title:	Director	 
	 	 	 	 
	 

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	 	PG CALGARY (DE) TRUST

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Trustee 	 
	 
	 	PIPES (UK) QRS 16-59, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	PLANTS SHAREHOLDER (SWEDEN) QRS 16-15, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	PLASTIC II (IL) QRS 16-27, INC.

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	PLIERS (DE) TRUST

 	 
	 	By:  	/s/
Brooks G. Gordon  	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Trustee 	 
	 

[Signature Page to Joinder to Guaranty]

 

 

	 	 	 	 	 
	 	POHJ MANAGING MEMBER (FINLAND) QRS 16-20,
INC.
 	 
	 	 	 
	 	By:  	
/s/ Brooks G. Gordon 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	POLY LP (MD) TRUST

 	 
	 	By:  	/s/ Brooks G. Gordon 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Trustee 	 
	 
	 	PORTS (FINLAND) QRS 16-63, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	PRODUCT (OH) QRS 14-64, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	PUMP (MO) QRS 14-52, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	RI (CA) QRS 12-59, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 

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	 	RRC (TX) TRUST
 	 
	 	 	 
	 	By:  	
/s/ Brooks G. Gordon 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Trustee 	 
	 
	 	SEALTEX (DE) QRS 16-69, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	SFCO (GA) QRS 16-127, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	STOR-MOVE UH 16 BUSINESS TRUST

 	 
	 	By:  	/s/ Brooks G. Gordon 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Trustee 	 
	 
	 	SUN (SC) QRS 12-68, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	TEACH (PA)

 	 
	 	By:  	/s/ Brooks G. Gordon 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Trustee 	 
	 

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	 	TECH (GER) QRS 16-144, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	TEETH FINANCE (FINLAND) QRS 16-106, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	TEETH MEMBER (FINLAND) QRS 16-107, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	TITO (FI) QRS 16-6, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	TONER (DE) QRS 14-96, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	TOWER 14 (DE)

 	 
	 	By:  	/s/ Brooks G. Gordon 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Trustee 	 
	 

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	 	UTI-SAC (CA) QRS 16-34, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	VALVES MEMBER GERMANY (DE) QRS 16-65 LLC

By: CPA16 GERMAN (DE) LIMITED PARTNERSHIP,

as its managing member

By: CPA16 GERMAN GP (DE) QRS 16-155, Inc.,

its general partner

 	 
	 	By:  	/s/ Brooks G. Gordon 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 
	 	WORK (GER) QRS 16-117, INC.

 	 
	 	By:  	/s/ Brooks G. Gordon 	 
	 	 	Name:  	Brooks G. Gordon 	 
	 	 	Title:  	Director 	 
	 

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Accepted and Agreed to:

	 	 	 	 	 

	BANK OF AMERICA, N.A.,	 	 
	as Administrative Agent	 	 
	 
	 	 	 	 
	By:
	 	/s/ Eyal Namordi
	 
	 	 

	Name:
	 	Eyal Namordi
	Title:
	 	Senior Vice President

[Signature Page to Joinder to Guaranty]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}]]