Document:

Exhibit
10.3

  

GENERAL
RELEASE AGREEMENT

 

This General Release Agreement
(the “Agreement”), dated as of January 11, 2022, is made and entered into by and between Richard Perley, dba
Perltek (collectively “Contractor”) and AYRO, Inc. (formerly Austin EV, Inc.) (the “Company”).

 

For
good and valuable consideration, receipt of which is hereby acknowledged, in order to effect a mutually satisfactory and amicable cessation
of engagement from the Company and to resolve and settle finally, fully, and completely all matters and disputes that now or may exist
between them, as set forth below, Contractor and the Company agree as follows:

 

1.
Cessation of Engagement. Effective January 14, 2022 (the “Cessation Date”), Executive’s engagement
with the Company shall cease as a result of his voluntary termination of his engagement, and he shall, as of the Cessation Date, relinquish
all positions, offices, and authority with the Company and any affiliates. Contractor acknowledges and agrees that, except for the payments
described hereunder, and except as to compensation otherwise due and owing to Contractor per the Company’s normal payroll processes
through January 15, 2022, Contractor has no rights to any other compensation or remuneration of any kind due or owed from the Company,
including, but not limited, to all fees, retainers, wages, commissions, reimbursements, bonuses (including, without limitation for calendar
years 2021 or 2022), advances, separation pay, vested or unvested equity or stock options, awards, retention, and any other incentive-based
compensation or benefits to which Contractor was or may become entitled or eligible. The treatment of any outstanding equity awards shall
be determined in accordance with the terms of the Company’s 2017 Long Term Incentive Plan and the applicable award agreement.

 

2.
Independent Contractor Agreement. The independent contractor agreement between Contractor and the Company, effective August 27, 2018
(along with any statements of work and addenda thereto, including, without limitation, Statement of Work (SOW) No. 1, Statement of Work
(SOW) No. 2, and Addendum #1 to Statement of Work #2) (the “Independent Contractor Agreement”) shall terminate
forever, and no party shall have any further obligation or liability thereunder, except that Contractor acknowledges and agrees that
the following sections of the Independent Contractor Agreement shall remain in full force and effect: Section 3 (Confidentiality),
Section 5 (Ownership and License), Section 7 (Independent Contractor), Section 12 (Limit of Liability), and Section 14.2 (Choice
of Law). For the avoidance of doubt, the parties agree that, as further consideration for the promises herein, the Company agrees that
as of the Separation Date, it will waive its rights and not seek to enforce the restrictive covenants contained in Section 4.2 (Restrictive
Covenants) and 14.9 (Non-Solicitation) of the Independent Contractor Agreement.

 

3.
Characterization of Separation. The Company agrees that any public disclosure, including but not limited to any filings required
by Security and Exchange Commission rules or regulations, of Contractor’s separation from the Company shall be reviewed, authorized
and approved by Contractor prior to any such disclosure. 

 

    	1

     

    

 

4.
Consideration. In consideration of this Agreement, the release herein, and his compliance with his obligations hereunder, as well
as the surviving provisions of the Employment Agreement as set forth in Sections 2 and 3 above, the Company will provide Contractor with
a payment in the amount of $237,500, payable in a lump sum following the
expiration of eight (8) days following Effective Date (as defined below). Contractor acknowledges, understands, and agrees that (a) because
he is an independent contractor to the Company (and not an employee thereof), no federal, state, or local income, employment, or other
taxes of any kind shall be withheld or paid by the Company on behalf of Contractor with respect to any amounts payable to him hereunder
and (b) he is solely responsible for paying, according to applicable law, all such taxes.

 

5.
Transition Services. From the date hereof through the Separation Date, Contractor shall not report to the Company’s premises
and shall only perform such services as the Company may request, including, without limitation, those relating to the transition of Contractor’s
positions, offices, authority, duties, or responsibilities with the Company. Contractor also agrees to assist with the execution of all
documents and all other instruments which the Company reasonably deems necessary to accomplish any such transition.

 

6.
Cooperation. Contractor further agrees to cooperate fully and make himself reasonably available to the Company (and its representatives
and advisors) in the future in relation to any queries or requests from any regulators, taxation or governmental authorities relating
to the activities of the Company in the period prior to the Cessation Date. Contractor also agrees to cooperate fully and make himself
reasonably available as requested by the Company in any pending or future governmental or regulatory investigation, inquiry, or request
for information, or civil, criminal, or administrative proceeding or arbitration, in each case involving the Company. Contractor agrees
that, upon reasonable notice and without the necessity of the Company’s obtaining a subpoena or court order, he shall reasonably
respond to all reasonable inquiries of the Company about any matters concerning the Company or its affairs that occurred or arose during
his engagement by the Company, of which matters he has knowledge or information. To the extent such cooperation is required by the
Company as set forth herein, the Company agrees to pay Contractor a reasonable market rate, to be agreed upon by the parties as necessary,
and cover all of Contractor’s out of pocket costs, including travel, for any services provided to the Company, including but not
limited to attendance at meetings with the Company’s counsel or attendance at trial or depositions.

 

7.
Release of Claims. For and in consideration of the right to receive the consideration described in Section 4 of this Agreement, Contractor
fully and irrevocably releases and discharges the Company, including all of its affiliates, parent companies, subsidiary companies, employees,
owners, directors, officers, principals, agents, insurers, and attorneys (collectively, the “Releasees”) from
any and all actions, causes of action, suits, debts, sums of money, attorneys’ fees, costs, accounts, covenants, controversies,
agreements, promises, damages, claims, grievances, arbitrations, and demands whatsoever, known or unknown, at law or in equity, by contract
(express or implied), in tort, or pursuant to statute, or otherwise (collectively, “Claims”) arising or existing
on, or at any time prior to, the date this Agreement is signed by Contractor. Such released Claims include, without limitation, Claims
relating to or arising out of: (a) Contractor’s compensation and engagement with the Company, (b) Contractor’s cessation
from engagement with the Company, and (c) all Claims known or unknown or which could or have been asserted by Contractor against the
Company, at law or in equity, or sounding in contract (express or implied) or tort, including claims arising under any international,
federal, state, or local laws of any jurisdiction, or any other statutory, contractual or common law claims. Likewise, as further
inducement to Contractor to execute this Agreement, the Company agrees that it releases, waives, and forever discharges Contractor from
any and all actions, demands, obligations, agreements, or proceedings of any kind, whether known or unknown, at this time, arising out
of, or connected with, Contractor’s engagement with, separation from, and/or termination from the Company, or otherwise, including,
but not limited to all matters in law, in equity, in contract, or in tort, or pursuant to statute, including damages, attorney’s
fees, costs and expenses.

 

    	2

     

    

 

8.
No Legal Actions. The parties represent that neither has filed or caused to be filed any lawsuit, complaint, or charge against any
released party herein in any court, any municipal, state, federal, or international agency, governmental or law enforcement agency or
entity, or any other tribunal. To the fullest extent permitted by law, the parties agree that it or he will not sue or file a complaint
in any municipal, state, federal, or international court, or file or pursue a demand for arbitration, pursuing any claims released under
this Agreement, or assist or otherwise participate in any such proceeding. The parties represent and warrant further that it and he have
not assigned or conveyed to any other person or entity any of its or his rights, including any of the claims released in this Agreement.
The parties further expressly waive any claim to any monetary or other damages or any other form of recovery in connection with any proceeding
made by either in violation of this Agreement. 

 

9.
No Interference. Nothing in this Agreement is intended to interfere with Contractor’s right to report possible violations of
federal, state or local law or regulation to any governmental or law enforcement agency or entity (including, without limitation, the
Securities and Exchange Commission), or to make other disclosures that are protected under the whistleblower provisions of federal or
state law or regulation.

 

10.
Indemnification. Contractor shall be entitled to indemnification rights equivalent to those indemnification rights
provided to the Company’s employees, executives and/or officers for any actions engaged in by the Contractor. Further, if the Contractor
is named a party defendant in a lawsuit involving actions performed by the Contractor, the Contractor shall have the same rights of indemnification
from the Company with respect to such actions performed by him as an employee, executive, officer or consultant of the Company or its
subsidiaries and affiliates, as the rights of indemnification of employees, officers and directors of the Company he had during the time
he provided services to the Company. To the extent Contractor is covered as of the Cessation Date, the Company shall continue to cover
Contractor as an insured under its D&O Insurance policy(ies) and any subsequent “tail insurance” procured by the Company.

 

11.
Review and Consultation. Contractor acknowledges
that: (a) this Agreement is written in terms and sets forth conditions in a manner which he understands; (b) he has carefully read and
understands all of the terms and conditions of this Agreement; (c) he agrees with the terms and conditions of this Agreement; (d) he
enters into this Agreement knowingly and voluntarily; and (e) he does not waive rights or claims that may arise after the date this Agreement
is executed. This Agreement shall be deemed to have become enforceable on the date it is executed by all the parties hereto (the “Effective
Date”).

 

12.
No Further Services. Contractor agrees
that he will not seek, apply for, accept, or otherwise pursue engagement, employment, or arrangement to provide further services with
or for the Company, as an independent contractor, employee, or otherwise, except as provided herein.

 

13.
Return of Property. Contractor represents
that prior to the Separation Date, Contractor shall have returned to the Company all Company property and materials, including but not
limited to, Company files, documents, correspondence, e-mail, memoranda, models, notes, drawings, records, plans, forecasts, reports,
studies, analyses, proposals, agreements, financial information, information regarding current or prospective investors, research and
development information, sales and marketing information, intangible information stored on hard drives or thumb drives, software passwords
or codes, security passwords or codes, software code, software, databases, computer-recorded information, tangible property and equipment
(including, but not limited to, computers, laptops, iPads, mobile telephones), credit cards, entry cards, identification badges and keys,
and any materials of any kind which contain or embody any proprietary or confidential information of the Company (and all reproductions
thereof in whole or in part).

 

    	3

     

    

 

14.
Mutual Non-Disparagement. Contractor
will not make any comments to the employees, vendors, customers, suppliers of the Company or to the press or to others with the intent
to impugn, castigate or otherwise damage the reputation of the Releasees. The present officers, directors, and members of the Company
will not make any comments to the employees, vendors, customers, suppliers of the Company or to the press or to others with the intent
to impugn, castigate or otherwise damage the reputation of Contractor. 

 

15.
Confidentiality of Agreement. Contractor
agrees that he will keep both the fact of this Agreement and the terms of this Agreement confidential, and will not disclose the fact
of this Agreement or the terms of this Agreement to anyone other than Contractor’s spouse/registered domestic partner, attorney
or accountant/tax advisor, unless otherwise required to under applicable law or regulation after providing reasonable notice in writing
to the Company and a reasonable opportunity to challenge any such disclosure. Notwithstanding the above, Contractor may discuss and
disclose the substance and terms of this Agreement with Curt Smith and Brian Groh who are represented by the same counsel in connection
with this Agreement.

 

16.
Governing Law/Venue. The parties agree
that the Agreement shall be governed by and construed under the laws of the State of Texas. In the event of any dispute regarding this
Agreement or Contractor’s engagement, the parties hereby irrevocably agree to submit to the federal and state courts situated in
Texas, and Contractor agrees that he shall not challenge personal or subject matter jurisdiction in such courts. EACH OF THE PARTIES
TO THIS AGREEMENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, OR
CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT OR (II) IN ANY WAY CONNECTED WITH, OR RELATED OR INCIDENTAL TO, THE DEALINGS OF THE
PARTIES HERETO IN RESPECT OF THIS AGREEMENT, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, OR
IN EQUITY, OR OTHERWISE.

 

17.
Voluntary. This Agreement is executed
voluntarily and without any duress or undue influence on the part or behalf of the parties hereto. The parties acknowledge that they
have had ample opportunity to have this Agreement reviewed by the counsel of their choice.

 

18.
Acknowledgment. Contractor acknowledges
and agrees that the consideration provided herein is consideration to which Contractor is not otherwise entitled except pursuant to the
terms of this Agreement and are being provided in exchange for Contractor’s compliance with his obligations set forth hereunder.

 

19.
No Admission of Liability. This Agreement
shall not in any way be construed as an admission by the Company or Contractor of any acts of wrongdoing or violation of any statute,
law or legal right.

 

    	4

     

    

 

20.
No Third-Party Beneficiaries. Except
as expressly provided to the contrary in this Agreement, no third party is intended to be, and no third party shall be deemed to be,
a beneficiary of any provision of this Agreement. Contractor agrees that all Releasees shall be express third-party beneficiaries of
this Agreement (and the release of Claims contained herein) and shall be permitted to enforce the terms of this Agreement as if they
were parties hereto.

 

21.
Sole Agreement and Severability. Except
as set forth herein, this Agreement is the sole, entire and complete agreement of the parties relating in any way to the subject matter
hereof and supersedes all prior agreements and understandings among the parties with respect to such subject matter. No statements, promises
or representations have been made by any party to any other party, or relied upon, and no consideration has been offered, promised, expected
or held out other than as expressly set forth herein, provided only that the release of claims in any prior agreement or release shall
remain in full force and effect. The covenants contained in this Agreement are intended by the parties hereto as separate and divisible
provisions, and in the event that any or all of the covenants expressed herein shall be determined by a court of competent jurisdiction
to be invalid or unenforceable, the remaining parts, terms or provisions of this Agreement shall not be affected and such provisions
shall remain in full force and effect.

 

SIGNATURE
PAGE FOLLOWS

 

    	5

     

    

 

PLEASE
READ CAREFULLY. THIS GENERAL RELEASE AGREEMENT INCLUDES A RELEASE OF ANY AND ALL CLAIMS, KNOWN OR UNKNOWN, AGAINST THE
COMPANY.

 

	THE COMPANY 	 	 	CONTRACTOR
	 	 	 	 	 
	By:	/s/ Joshua Silverman             	 	 	/s/ Richard Perley
	 	 	 	 	 
	Title:	Chairman	 	Date:	13 Jan 2022
	 	 	 	 	 
	Date:	14 Jan 2022	 	 	 

 

    	6Exhibit 10.1

 

EXECUTION
VERSION

 

 

CREDIT AGREEMENT

 

dated as of January 14, 2022,

 

among

 

JBG SMITH PROPERTIES LP,

as Borrower,

 

THE
BANKS SIGNATORY HERETO,

each as a Bank,

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent,

 

BANK OF AMERICA, N.A., CAPITAL ONE, NATIONAL ASSOCIATION,

PNC CAPITAL MARKETS LLC and CITIZENS BANK, N.A.,

as Co-Syndication Agents,

 

REGIONS BANK, TD BANK, N.A.,

and THE BANK OF NEW YORK MELLON,

as Co-Documentation Agents

 

 

WELLS FARGO SECURITIES LLC and BOFA SECURITIES, INC.,

as Joint Bookrunners,

 

WELLS FARGO SECURITIES LLC, BOFA SECURITIES, INC.,

CAPITAL ONE, NATIONAL ASSOCIATION,

PNC CAPITAL MARKETS LLC and CITIZENS BANK, N.A.,

as Joint Lead Arrangers

 

WELLS FARGO SECURITIES LLC and BOFA SECURITIES, INC.,

as Co-Sustainability Structuring Agents

 

     

     

    

 

	 	TABLE OF CONTENTS	 
	 	 	Page
	 	 	 
	ARTICLE I  DEFINITIONS; ETC.	2
	 	 	 
	SECTION 1.01. 	Definitions	2
	SECTION 1.02. 	Accounting Terms	39
	SECTION 1.03. 	Computation of Time Periods	39
	SECTION 1.04. 	Rules of Construction	39
	SECTION 1.05. 	Financial Covenant Calculations	40
	SECTION 1.06. 	Rounding	40
	SECTION 1.07. 	Rates	40
	SECTION 1.08. 	Sustainability Adjustments	41
	 	 	 
	ARTICLE II  THE LOANS	42
	 	 	 
	SECTION 2.01. 	Term Loans	42
	SECTION 2.02. 	[Reserved]	43
	SECTION 2.03. 	[Reserved]	43
	SECTION 2.04. 	Advances, Generally	43
	SECTION 2.05. 	Procedures for Advances	43
	SECTION 2.06. 	Interest Periods; Renewals	44
	SECTION 2.07. 	Interest	44
	SECTION 2.08. 	Fees	45
	SECTION 2.09. 	Notes; Due at Maturity	45
	SECTION 2.10. 	Prepayments	46
	SECTION 2.11. 	Method of Payment	46
	SECTION 2.12. 	Elections, Conversions or Continuation of Loans	47
	SECTION 2.13. 	Minimum Amounts	47
	SECTION 2.14. 	Certain Notices Regarding Elections, Conversions and Continuations of Loans	47
	SECTION 2.15. 	Payments Generally	48
	SECTION 2.16. 	Changes of Commitments; Incremental Increases	48
	SECTION 2.17. 	[Reserved]	49
	SECTION 2.18. 	[Reserved]	49
	SECTION 2.19. 	Funds Transfer Disbursements	49
	SECTION 2.20. 	Extension of Maturity Date	50
	 	 	 
	ARTICLE III  YIELD PROTECTION; ILLEGALITY; ETC.	50
	 	 	 
	SECTION 3.01. 	Additional Costs	50
	SECTION 3.02. 	[Reserved]	51
	SECTION 3.03. 	Illegality	52
	SECTION 3.04. 	Treatment of Affected Loans	52
	SECTION 3.05. 	Certain Compensation	52
	SECTION 3.06. 	Capital Adequacy	53
	SECTION 3.07. 	Substitution of Banks	53
	SECTION 3.08. 	Obligation of Banks to Mitigate	55
	SECTION 3.09. 	Usury	55
	SECTION 3.10. 	Changed Circumstances	56

 

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	 	TABLE OF CONTENTS	 
	 	 	Page
	 	 	 
	ARTICLE IV  CONDITIONS PRECEDENT	59
	 	 	 
	SECTION 4.01. 	Conditions Precedent to the Loans	59
	SECTION 4.02. 	Conditions Precedent to Advances After the Initial Advance	62
	SECTION 4.03. 	Deemed Representations	62
	 	 	 
	ARTICLE V  REPRESENTATIONS AND WARRANTIES	63
	 	 	 
	SECTION 5.01. 	Existence	63
	SECTION 5.02. 	Corporate/Partnership Powers	63
	SECTION 5.03. 	Power of Officers	63
	SECTION 5.04. 	Power and Authority; No Conflicts; Compliance With Laws	63
	SECTION 5.05. 	Legally Enforceable Agreements	63
	SECTION 5.06. 	Litigation	64
	SECTION 5.07. 	Good Title to Properties	64
	SECTION 5.08. 	Taxes	64
	SECTION 5.09. 	ERISA	64
	SECTION 5.10. 	No Default on Outstanding Judgments or Orders	65
	SECTION 5.11. 	No Defaults on Other Agreements	65
	SECTION 5.12. 	Government Regulation	65
	SECTION 5.13. 	Environmental Protection	65
	SECTION 5.14. 	Solvency	66
	SECTION 5.15. 	Financial Statements	66
	SECTION 5.16. 	Valid Existence of Subsidiaries	66
	SECTION 5.17. 	Insurance	66
	SECTION 5.18. 	Accuracy of Information; Full Disclosure	66
	SECTION 5.19. 	Use of Proceeds	67
	SECTION 5.20. 	Governmental Approvals	67
	SECTION 5.21. 	Principal Offices	67
	SECTION 5.22. 	General Partner Status	67
	SECTION 5.23. 	Labor Matters	68
	SECTION 5.24. 	Organizational Documents	68
	SECTION 5.25. 	Anti-Corruption Laws and Sanctions	68
	SECTION 5.26. 	Affected Financial Institutions	68
	 	 	 
	ARTICLE VI  AFFIRMATIVE COVENANTS	68
	 	 	 
	SECTION 6.01. 	Maintenance of Existence	68
	SECTION 6.02. 	Maintenance of Records	69
	SECTION 6.03. 	Maintenance of Insurance	69
	SECTION 6.04. 	Compliance with Laws; Payment of Taxes	69
	SECTION 6.05. 	Right of Inspection	69
	SECTION 6.06. 	Compliance With Environmental Laws	70
	SECTION 6.07. 	Intentionally Omitted	70
	SECTION 6.08. 	Maintenance of Properties	70
	SECTION 6.09. 	Reporting and Miscellaneous Document Requirements	70
	SECTION 6.10. 	Guarantors	73

 

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	 	TABLE OF CONTENTS	 
	 	 	Page
	 	 	 
	ARTICLE VII NEGATIVE COVENANTS	75
	 	 	 
	SECTION 7.01. 	Mergers, Etc.	75
	SECTION 7.02. 	Distributions	76
	SECTION 7.03. 	Amendments to Organizational Documents	77
	SECTION 7.04. 	Activities of General Partner	77
	SECTION 7.05. 	Use of Proceeds	79
	SECTION 7.06. 	Transactions with Affiliates	80
	 	 	 
	ARTICLE VIII  FINANCIAL COVENANTS	80
	 	 	 
	SECTION 8.01. 	Ratio of Total Outstanding Indebtedness to Capitalization Value	80
	SECTION 8.02. 	Ratio of Combined EBITDA to Fixed Charges	81
	SECTION 8.03. 	Ratio of Unencumbered Combined EBITDA to Unsecured Interest Expense	81
	SECTION 8.04. 	Ratio of Unsecured Indebtedness to Capitalization Value of Unencumbered Assets	81
	SECTION 8.05. 	Ratio of Secured Indebtedness to Capitalization Value	81
	SECTION 8.06. 	Debt of General Partner	82
	 	 	 
	ARTICLE IX  EVENTS OF DEFAULT	82
	 	 	 
	SECTION 9.01. 	Events of Default	82
	SECTION 9.02. 	Remedies	86
	SECTION 9.03. 	Allocation of Proceeds	86
	SECTION 9.04. 	Performance by Administrative Agent	87
	SECTION 9.05. 	Rights Cumulative	87
	 	 	 
	ARTICLE X  ADMINISTRATIVE AGENT; RELATIONS AMONG BANKS	88
	 	 	 
	SECTION 10.01. 	Appointment, Powers and Immunities of Administrative Agent	88
	SECTION 10.02. 	Reliance by Administrative Agent	89
	SECTION 10.03. 	Defaults	89
	SECTION 10.04. 	Rights of Agent as a Bank	90
	SECTION 10.05. 	Indemnification of Agents	90
	SECTION 10.06. 	Non-Reliance on Agents and Other Banks	91
	SECTION 10.07. 	Failure of Administrative Agent to Act	91
	SECTION 10.08. 	Resignation or Removal of Administrative Agent	92
	SECTION 10.09. 	Amendments Concerning Agency Function	92
	SECTION 10.10. 	Liability of Administrative Agent	93
	SECTION 10.11. 	Transfer of Agency Function	93
	SECTION 10.12. 	Non-Receipt of Funds by Administrative Agent	93
	SECTION 10.13. 	Taxes	93
	SECTION 10.14. 	Pro Rata Treatment	97
	SECTION 10.15. 	Sharing of Payments Among Banks	98
	SECTION 10.16. 	Possession of Documents	98
	SECTION 10.17. 	Co-Syndication Agents, Documentation Agents and Co-Sustainability Structuring Agents	98
	SECTION 10.18. 	Certain ERISA Matters	99
	SECTION 10.19. 	Sustainability Matters	100

 

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	 	TABLE OF CONTENTS	 
	 	 	Page
	 	 	 
	ARTICLE XI  NATURE OF OBLIGATIONS	100
	 	 	 
	SECTION 11.01. 	Absolute and Unconditional Obligations	100
	SECTION 11.02. 	Non-Recourse to Principals and General Partner	100
	 	 	 
	ARTICLE XII  MISCELLANEOUS	101
	 	 	 
	SECTION 12.01. 	Binding Effect of Request for Advance	101
	SECTION 12.02. 	Amendments and Waivers	101
	SECTION 12.03. 	Survival; Termination	104
	SECTION 12.04. 	Expenses; Indemnification	105
	SECTION 12.05. 	Assignment; Participation	107
	SECTION 12.06. 	Documentation Satisfactory	111
	SECTION 12.07. 	Notices	111
	SECTION 12.08. 	Setoff	114
	SECTION 12.09. 	Table of Contents; Headings	114
	SECTION 12.10. 	Severability	114
	SECTION 12.11. 	Counterparts; Integration; Effectiveness; Electronic Execution	115
	SECTION 12.12. 	Integration	116
	SECTION 12.13. 	Governing Law	116
	SECTION 12.14. 	Waivers	116
	SECTION 12.15. 	Jurisdiction; Immunities	116
	SECTION 12.16. 	[Reserved]	117
	SECTION 12.17. 	[Reserved]	117
	SECTION 12.18. 	Intentionally Omitted.	117
	SECTION 12.19. 	USA PATRIOT Act; Anti-Money Laundering Laws	118
	SECTION 12.20. 	Defaulting Lenders	118
	SECTION 12.21. 	Use for Mortgages	120
	SECTION 12.22. 	Bottom-Up Guaranties	120
	SECTION 12.23. 	Confidentiality	120
	SECTION 12.24. 	No Advisory or Fiduciary Responsibility	122
	SECTION 12.25. 	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	122
	SECTION 12.26. 	Acknowledgement Regarding Any Supported QFCs	123
	SECTION 12.27. 	Erroneous Payments	124

 

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SCHEDULES
AND EXHIBITS

 

	SCHEDULE 1	-	Commitments
	SCHEDULE 1.08	-	Sustainability Table
	SCHEDULE 2	-	Other Investments
	SCHEDULE 2A	-	General Partner Investments
	SCHEDULE 3	-	General Partner – Debt
	SCHEDULE 5.16	-	Subsidiaries
	SCHEDULE 5.23	-	Labor Matters
	 	 	 
	EXHIBIT A	-	Disbursement Instruction Agreement
	EXHIBIT B	-	Term Loan Note
	EXHIBIT C	-	Guaranty
	EXHIBIT D	-	Solvency Certificate
	EXHIBIT E	-	Assignment and Assumption
	EXHIBIT F-1	-	Tax Compliance Certificate (Non-Partnership Foreign Banks)
	EXHIBIT F-2	-	Tax Compliance Certificates (Non-Partnership Foreign Participants)
	EXHIBIT F-3	-	Tax Compliance Certificates (Foreign Participant Partnerships)
	EXHIBIT F-4	-	Tax Compliance Certificates (Foreign Bank Partnerships)
	EXHIBIT G	-	Notice of Borrowing

 

     

     

    

 

CREDIT AGREEMENT (this “Agreement”)
dated as of January 14, 2022 among JBG SMITH PROPERTIES LP, a limited partnership organized and existing under the laws of the State
of Delaware (“Borrower”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as agent for the Banks (in such capacity, together
with its successors in such capacity, “Administrative Agent”), and the other lenders signatory hereto (said lenders
signatory hereto and the lenders who from time to time become Banks pursuant to Section 3.07 or 12.05, each a “Bank”
and collectively, the “Banks”).

 

In consideration of the premises
and the mutual agreements, covenants and conditions hereinafter set forth, Borrower, Administrative Agent and each of the Banks agree
as follows:

 

ARTICLE I

 

DEFINITIONS; ETC.

 

SECTION 1.01. Definitions.
As used in this Agreement the following terms have the following meanings (except as otherwise provided, terms defined in the singular
have a correlative meaning when used in the plural, and vice versa):

 

“1031 Property”
means any Real Property Asset that is at any time held by a “qualified intermediary” (a “QI”), as defined
in the Treasury Regulations promulgated pursuant to Section 1031 of the Code, or an “exchange accommodation titleholder”
(an “EAT”), as defined in Internal Revenue Service Revenue Procedure 2000-37, as modified by Internal Revenue Procedure
2004-51, (or in either case, by one or more Wholly Owned Subsidiaries thereof, singly or as tenants in common) which is a single purpose
entity and has entered into an “exchange agreement” or a “qualified exchange accommodation agreement” with General
Partner, Borrower or a Wholly Owned Subsidiary in connection with the acquisition (or possible disposition) of such Real Property Asset
by Borrower or a Wholly Owned Subsidiary pursuant to, and intended to qualify for tax treatment under, Section 1031 of the Code.

 

“Accession Agreement”
means an Accession Agreement substantially in the form of Annex I to the Guaranty.

 

“Additional Costs”
has the meaning specified in Section 3.01.

 

“Adjusted
Floating Overnight Daily SOFR Rate” means, for any day, an interest rate equal to the floating overnight Daily Effective
SOFR Rate, plus 0.10%; provided that if the Adjusted Floating Overnight Daily SOFR Rate as so determined would be less than
the Floor, such rate shall be deemed to be equal to the Floor for purposes of this Agreement.

 

“Adjusted Term SOFR”
means, for purposes of any calculation, the rate per annum equal to (a) Term SOFR for such calculation plus (b) the Term
SOFR Adjustment; provided that if Adjusted Term SOFR as so determined shall ever be less than the Floor, then Adjusted Term SOFR
shall be deemed to be the Floor.

 

“Administrative Agent”
has the meaning specified in the preamble.

 

    2

     

    

 

“Administrative Agent’s
Office” means Administrative Agent’s office located at 600 South 4th Street, 8th Floor, Minneapolis, Minnesota 55415,
or such other office in the United States as Administrative Agent may designate by written notice to Borrower and the Banks.

 

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

 

“Affected Bank”
has the meaning specified in Section 3.07.

 

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

 

“Affected Loan”
has the meaning specified in Section 3.04.

 

“Affiliate”
means, with respect to any Person (for purposes of this definition, the “first Person”), any other Person which
directly or indirectly controls, or is controlled by, or is under common control with, the first Person. The term “control”
means the possession, directly or indirectly, of the power, alone, to direct or cause the direction of the
management and policies of a Person, whether through the ownership of voting securities, by contract, or otherwise.

 

“Agent”
means, individually and collectively, Administrative Agent, the Co-Syndication Agents, each Documentation Agent and the Co-Sustainability
Structuring Agents.

 

“Agreement”
means this Credit Agreement.

 

“Anti-Corruption
Laws” means all Laws of any jurisdiction applicable to the General Partner and its Subsidiaries from time to time concerning
or relating to bribery or corruption, including the United States Foreign Corrupt Practices Act of 1977 and the rules and regulations
thereunder and the U.K. Bribery Act 2010 and the rules and regulations thereunder.

 

“Anti-Money Laundering
Laws” means any and all laws, statutes, regulations or obligatory government orders, decrees, ordinances or rules related
to terrorism financing, money laundering, any predicate crime to money laundering or any financial record keeping, including any applicable
provision of the PATRIOT Act 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 Lending
Office” means, for each Bank and for its Loans, the lending office of such Bank (or of an Affiliate of such Bank) designated
as such in its Administrative Questionnaire or in the applicable Assignment and Assumption, or such other office of such Bank (or of an
Affiliate of such Bank) as such Bank may from time to time specify to Administrative Agent and Borrower as the office by which its Loans
are to be made and maintained.

 

    	 	3	 

     

    

 

“Applicable Margin”
means

 

(a)             At
any time other than during the Investment Grade Pricing Period, the percentage rate set forth below corresponding to the level (each,
a “Level”) into which the ratio of Total Outstanding Indebtedness to Capitalization Value as determined in accordance with
Section 8.01 then falls:

 

	Level	 	Ratio of Total Outstanding

 Indebtedness to Capitalization 

Value	 	Term SOFR Spread and

 Daily SOFR Spread	 	 	Base Rate Spread	 
	1	 	≤35% 	 	 	1.050	%	 	 	0. 050	%
	2	 	>35% and ≤40% 	 	 	1.150	%	 	 	0.150	%
	3	 	>40% and ≤45% 	 	 	1.250	%	 	 	0.250	%
	4	 	>45% and ≤50% 	 	 	1.350	%	 	 	0.350	%
	5	 	>50%	 	 	1.650	%	 	 	0.650	%

 

The Applicable Margin
shall be determined by Administrative Agent from time to time, based on the ratio of Total Outstanding Indebtedness to Capitalization
Value as set forth in the certificate most recently delivered by Borrower pursuant to Section 6.09(3). Any adjustment to the Applicable
Margin under this clause (a) shall be effective as of the first day of the calendar month immediately following the month during
which Borrower delivers to Administrative Agent the applicable certificate pursuant to Section 6.09(3). At such time or times as
the Applicable Margin is determined under this clause (a), if Borrower fails to deliver a certificate within the applicable time period
required pursuant to such Section and such failure continues for three days following notice of such failure from Administrative
Agent to Borrower, then the Applicable Margin shall equal the percentages corresponding to Level 5 from the date of such notice until
the first day of the calendar month immediately following the month that the required certificate pursuant to Section 6.09(3) is
delivered. Notwithstanding the foregoing, for the period from the Closing Date through but excluding the date on which Administrative
Agent first determines the Applicable Margin for Loans as set forth above, the Applicable Margin shall be determined based on Level 1.
Thereafter, such Applicable Margin shall be adjusted from time to time as set forth in this definition.

 

(b)             During
the Investment Grade Pricing Period, the percentage rate set forth in the table below corresponding to the Level into which the Credit
Rating then falls:

 

	Level	 	S&P/Moody’s
 /Fitch Rating	 	Term SOFR Spread
 and Daily SOFR 
 Spread	 	 	Base Rate Spread	 
	1	 	A-/A3 or better	 	 	0.80	%	 	 	0.00	%
	2	 	BBB+/Baa1 	 	 	0.85	%	 	 	0.00	%
	3	 	BBB/Baa2 	 	 	0.95	%	 	 	0.00	%
	4	 	BBB-/Baa3 	 	 	1.20	%	 	 	0.20	%
	5	 	<BBB-/Baa3/Unrated	 	 	1.60	%	 	 	0.60	%

 

    	 	4	 

     

    

 

Any change in the
Credit Rating which would cause the Applicable Margin to be determined at a different Level shall be effective as of the first day of
the first calendar month immediately following receipt by Administrative Agent of written notice delivered by Borrower in accordance with
Section 6.09(14) that the Credit Rating has changed (or, if earlier, the date on which Borrower shall receive written notice of such
change from Administrative Agent); provided, however, if Borrower has not delivered the notice required by such Section but Administrative
Agent becomes aware that the Credit Rating has changed, then Administrative Agent may, in its reasonable discretion, adjust the Level
at which the Applicable Margin is determined effective as of the first day of the first calendar month following the date Administrative
Agent becomes aware that the Credit Rating has changed. The Applicable Margin for purposes of this clause (b) shall be determined
based on the Level corresponding to the lower of the highest two Credit Ratings; provided that if the higher two Credit Ratings are from
S&P and Moody’s, then the Applicable Margin for purposes of this clause (b) shall be determined based on the higher
of such two Credit Ratings. During any period for which Borrower has received a Credit Rating from only one Rating Agency, the Applicable
Margin for purposes of this clause (b) shall be determined based on such Credit Rating so long as such Credit Rating is from either
S&P or Moody’s. During any period during the Investment Grade Pricing Period that Borrower has (a) no Credit Rating from
any Rating Agency or (b) received a Credit Rating from only one Rating Agency that is neither S&P nor Moody’s, the Applicable
Margin for purposes of this clause (b) shall be determined based on Level 5.

 

(c)             The
provisions of clause (a) of this definition shall be subject to the last paragraph of Section 2.06.

 

(d)             It
is hereby understood and agreed that the Applicable Margin shall be adjusted from time to time based upon the Sustainability Margin Adjustment
(if any, to be calculated and applied as set forth in Section 1.08); provided that in no event shall the Applicable Margin be less
than 0.0%.

 

“Approved Fund”
means any Fund that is administered or managed by (a) a Bank, (b) an Affiliate of a Bank, or (c) an entity or an Affiliate
of any entity that administers or manages a Bank.

 

“Assignment
and Assumption” means assignment and assumption entered into by a Bank and an Eligible Assignee (with the consent of
any party whose consent is required by Section 12.05), and accepted by the Administrative Agent, in substantially the form attached
as EXHIBIT E or any other form approved by the Administrative Agent.

 

“Available Tenor”
means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if such Benchmark is a
term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period
pursuant to this Agreement or (b) otherwise, any payment period for interest calculated with reference to such Benchmark (or component
thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark,
in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the
definition of “Interest Period” pursuant to Section 3.10(c)(iv).

 

    	 	5	 

     

    

 

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

 

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

 

“Bank”
and “Banks” have the respective meanings specified in the preamble.

 

“Bank Affiliate”
means, (a) with respect to any Bank, (i) a Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such Bank or (ii) any entity (whether a corporation, partnership, trust or otherwise) that is engaged in making,
purchasing, holding or otherwise investing in bank loans and similar extensions of credit in the ordinary course of its business and is
administered or managed by such Bank or a Person directly or indirectly controlling or controlled by or under direct or indirect common
control with such Bank and (b) with respect to any Bank that is a fund which invests in bank loans and similar extensions of credit,
any other fund that invests in bank loans and similar extensions of credit and is managed by the same investment advisor as such Bank
or by a Person directly or indirectly controlling or controlled by or under direct or indirect common control with such investment advisor.

 

“Bank of America”
means Bank of America, N.A.

 

“Bank Party”
means Administrative Agent or any other Bank.

 

“Bank Reply Period”
has the meaning specified in Section 12.02.

 

“Banking Day”
means any day except a Saturday or Sunday or other day on which the Federal Reserve Bank of New York is closed, and on which commercial
banks are not authorized or required to close in New York City.

 

“Bankruptcy Code”
means 11 U.S.C. §§ 101 et seq.

 

“Base
Rate” means, at any time, the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and (c) Adjusted
Term SOFR for a one-month tenor in effect on such day plus 1.0%; each change in the Base Rate shall take effect simultaneously
with the corresponding change or changes in the Prime Rate, the Federal Funds Rate or Adjusted Term SOFR, as applicable (provided
that clause (c) shall not be applicable during any period in which Adjusted Term SOFR is unavailable or unascertainable).
Notwithstanding the foregoing, in no event shall the Base Rate be less than 1.0%.

 

    	 	6	 

     

    

 

“Base Rate Loan”
means any Loan bearing interest at a rate based upon the Base Rate as provided in Section 2.07.

 

“Base
Rate Term SOFR Determination Day” has the meaning assigned thereto in the definition of “Term SOFR”.

 

“Benchmark”
means, initially, the Term SOFR Reference Rate; provided that if a Benchmark Transition Event has occurred with respect to the
Term SOFR Reference Rate or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the
extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 3.10(c)(i).

 

“Benchmark
Replacement” means, for any Available Tenor with respect to any Benchmark Transition Event, the sum of: (a) the
alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any
selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental
Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current
Benchmark for Dollar-denominated syndicated credit facilities and (b) the related Benchmark Replacement Adjustment; provided
that, if such Benchmark Replacement as so determined would be less than the Floor, such Benchmark Replacement will be deemed to be the
Floor for the purposes of this Agreement and the other Loan Documents.

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark
Replacement for any applicable Available Tenor, the spread adjustment, or method for calculating or determining such spread adjustment,
(which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration
to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for
the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any
evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread
adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated
credit facilities.

 

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

 

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

 

    	 	7	 

     

    

 

(b)             in
the case of clause (c) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or
the published component used in the calculation thereof) has been determined and announced by or on behalf of the administrator of such
Benchmark (or such component thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof)
to be non-representative or non-compliant with or non-aligned with the International Organization of Securities Commissions (IOSCO) Principles
for Financial Benchmarks; provided that such non-representativeness, non-compliance or non-alignment will be determined by reference
to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such
component thereof) continues to be provided on such date

 

For the avoidance of doubt,
the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (a) or (b) with respect to
any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors
of such Benchmark (or the published component used in the calculation thereof).

 

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

 

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

 

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

 

(c)             a
public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used
in the calculation thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) announcing
that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative
or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks.

 

    	 	8	 

     

    

 

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

 

“Benchmark Transition
Start Date” means, in the case of a Benchmark Transition Event, the earlier of (a) the applicable Benchmark Replacement
Date and (b) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th
day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such
prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication).

 

“Benchmark
Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date has
occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan
Document in accordance with Section 3.10(c)(i) and (y) ending at the time that a Benchmark Replacement has replaced
the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 3.10(c)(i).

 

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

 

“Beneficial Ownership
Regulation” means 31 CFR § 1010.230.

 

“Benefit Plan”
means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”
as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42)
or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan”
or “plan”.

 

“BofA Securities”
means BofA Securities, Inc.

 

“Bookrunners”
means Wells Fargo Securities and BofA Securities.

 

“Borrower”
has the meaning specified in the preamble.

 

“Borrower’s
Accountants” means Deloitte LLP, any other “Big 4” accounting firm selected by Borrower (or a successor thereof),
or such other accounting firm(s) selected by Borrower and reasonably acceptable to the Required Banks.

 

“Borrower’s
Pro Rata Share” means an amount determined based on the pro rata ownership of the Equity Interests of a Person by Borrower and
Borrower’s consolidated subsidiaries.

 

“Capital
Lease” means any lease which has been or should be capitalized on the books of the lessee in accordance with GAAP. All
obligations of any Person that are or would have been treated as operating leases for purposes of GAAP prior to the effectiveness of FASB
ASC 842 shall continue to be accounted for as operating leases for purposes of all financial definitions and calculations for purpose
of the Loan Documents (whether or not such obligations were in effect on such date) notwithstanding the fact that such obligations are
required in accordance with FASB ASC 842 (on a prospective or retroactive basis or otherwise) to be treated as Capital Leases in the financial
statements of such Person.

 

    	 	9	 

     

    

 

“Capital One”
means Capital One, National Association.

 

“Capitalization
Value” means, at any time, the sum (without duplication) of:

 

(1)             with
respect to Real Property Businesses (other than UJVs and Real Property Businesses the value of which is to be included in Capitalization
Value under clauses (2) and (3) below), individually determined, the greater of (x) Combined EBITDA from such Real Property
Businesses (a) in the case of all Real Property Businesses other than hotels, for the most recently ended fiscal quarter, annualized
(i.e., multiplied by four), and (b) in the case of hotels, for the most recently ended four consecutive fiscal quarters, in both
cases, capitalized at a rate of 6.0% per annum (or, in the case of any multifamily Real Property Businesses, 5.75% per annum), and (y) 75%
of the Gross Book Value of such Real Property Businesses;

 

(2)             with
respect to Real Property Businesses (other than UJVs and Real Property Businesses the value of which is to be included in Capitalization
Value under clause (3) below) acquired during the four (4) fiscal quarters most recently ended, the Gross Book Value of such
Real Property Business (except for any such Real Property Business which Borrower has elected in a certificate of the type required by
paragraph (3) of Section 6.09 delivered to Administrative Agent be included in determinations of Capitalization Value under
the immediately preceding clause (1));

 

(3)             Capitalized
Development Costs (except with respect to any Real Property Business which Borrower has elected in a certificate of the type required
by paragraph (3) of Section 6.09 delivered to Administrative Agent prior to the relevant 18- or 24-month period, as applicable,
be included in determinations of Capitalization Value under the preceding clause (1));

 

(4)             with
respect to Other Investments, which do not have publicly traded shares, the Net Equity Value of such Other Investments;

 

(5)             with
respect to Real Property UJVs, which do not have publicly traded shares, individually determined, the greater of (x) Combined EBITDA
from such Real Property UJVs (a) in the case of all Real Property UJVs other than those owning hotels, for the most recently ended
fiscal quarter, annualized (i.e., multiplied by four), and (b) in the case of Real Property UJVs owning hotels, for the most recently
ended four consecutive fiscal quarters, in both cases, capitalized at the rate of 6.0% per annum (or, in the case of any multifamily Real
Property Businesses, 5.75% per annum), less Borrower’s Pro Rata Share of any Debt attributable to such Real Property UJVs, and (y) the
Net Equity Value of such Real Property UJVs (subject to the last sentence of this definition); and

 

    	 	10	 

     

    

 

 

(6)            without
duplication, Borrower’s Pro Rata Share of Unrestricted Cash and Cash Equivalents, the book value of notes and mortgage loans receivable,
and the Fair Market Value of publicly traded securities, at such time, all as determined in accordance with GAAP.

 

For clarity, the parties acknowledge
and agree that the calculations pursuant to clause (1)(x) and (y), clause (2), clause (3) and clause (5)(x) and (y) above
in this definition are intended to be made on a Real-Property-Asset-by-Real-Property-Asset basis. For the purposes of this definition,
(1) for any Disposition of Real Property Assets by a Real Property Business during any fiscal quarter, Combined EBITDA will be reduced
by actual Combined EBITDA generated from such asset or assets, (2) the aggregate contribution to Capitalization Value in excess of
35% of the total Capitalization Value from all Real Property Businesses and Other Investments owned by UJVs shall not be included in Capitalization
Value, and (3) the aggregate contribution to Capitalization Value from leasing commissions and management and development fees in
excess of 15% of Combined EBITDA shall not be included in Capitalization Value. To the extent that liabilities of a Real Property UJV
are Recourse to Borrower or General Partner, then for purposes of clause (5)(y) above, the Net Equity Value of such Real Property
UJV shall not be reduced by such Recourse liabilities.

 

“Capitalization Value
of Unencumbered Assets” means, at any time, the sum (without duplication) of:

 

(1)            with
respect to Real Property Businesses (other than UJVs and Real Property Businesses the value of which is to be included in Capitalization
Value under clauses (2) and (3) below), individually determined, the greater of (x) Unencumbered Combined EBITDA from such
Real Property Businesses (a) in the case of all Real Property Businesses other than hotels, for the most recently ended fiscal quarter,
annualized (i.e., multiplied by four), and (b) in the case of hotels, the most recently ended four consecutive fiscal quarters, in
both cases, capitalized at a rate of 6.0% per annum (or, in the case of any multifamily Real Property Businesses, 5.75% per annum), and
(y) 75% of the Gross Book Value of such Real Property Businesses constituting Unencumbered Assets;

 

(2)            with
respect to Real Property Businesses (other than UJVs and Real Property Businesses the value of which is to be included in Capitalization
Value under clause (3) below) constituting Unencumbered Assets acquired during the four (4) fiscal quarters most recently ended,
the Gross Book Value of such Real Property Business (except for any such Real Property Business which Borrower has elected in a certificate
of the type required by paragraph (3) of Section 6.09 delivered to Administrative Agent be included in determinations of Capitalization
Value under the immediately preceding clause (1));

 

(3)            Capitalized
Development Costs (except with respect to any Real Property Business which Borrower has elected in a certificate of the type required
by paragraph (3) of Section 6.09 delivered to Administrative Agent prior to the relevant 18- or 24-month period, as applicable,
be included in determinations of Capitalization Value under the preceding clause (1));

 

    	 	11	 

     

    

 

(4)            with
respect to Real Property UJVs, which do not have publicly traded shares, individually determined, the greater of (x) the Unencumbered
Combined EBITDA from such Real Property UJVs (a) in the case of Real Property UJVs other than those owning hotels, for the most recently
ended fiscal quarter, annualized (i.e., multiplied by four), and (b) in the case of Real Property UJVs owning hotels, for the most
recently ended four consecutive fiscal quarters, in both cases, capitalized at a rate of 6.0% per annum (or, in the case of any multifamily
Real Property Businesses, 5.75% per annum), and (y) the Net Equity Value of such Real Property UJVs constituting Unencumbered Assets;
and

 

(5)            without
duplication, Borrower’s Pro Rata Share of Unrestricted Cash and Cash Equivalents, the book value of notes and mortgage loans receivable
and the Fair Market Value of publicly traded securities that are Unencumbered Assets, at such time, all as determined in accordance with
GAAP.

 

For the purposes of this definition,
(1) for any Disposition of Real Property Assets by a Real Property Business during any fiscal quarter, Unencumbered Combined EBITDA
will be reduced by actual Unencumbered Combined EBITDA generated from such asset or assets, (2) the aggregate contribution to Capitalization
Value of Unencumbered Assets in excess of 35% of the total Capitalization Value of Unencumbered Assets from the aggregate of all Real
Property Businesses owned by UJVs, Real Property Businesses subject to Permitted Transfer Restrictions of the type described in clause
(c) of the definition thereof and notes and mortgage loans receivable that are Unencumbered Assets at such time, as determined, in
accordance with GAAP, shall not be included in Capitalization Value of Unencumbered Assets, and (3) the aggregate contribution to
Capitalization Value of Unencumbered Assets from leasing commissions and management and development fees in excess of 15% of Unencumbered
Combined EBITDA shall not be included in Capitalization Value of Unencumbered Assets.

 

“Capitalized Development
Costs” means development costs (including land and building being readied for development or redevelopment expected to commence
within the next 12 months) capitalized in accordance with GAAP. Development costs for a Real Property Business on which development has
been completed for at least 24 months or redevelopment has been completed for at least 18 months shall be excluded from Capitalized Development
Costs.

 

“Cash
or Cash Equivalents” means (a) cash; (b) marketable direct obligations issued or unconditionally guaranteed
by the United States Government or issued by an agency thereof and backed by the full faith and credit of the United States, in each case
maturing within one (1) year after the date of acquisition thereof; (c) marketable direct obligations issued by any state of
the United States of America or any political subdivision of any such state or any public instrumentality thereof maturing within ninety
(90) days after the date of acquisition thereof and, at the time of acquisition, having one of the two highest ratings obtainable from
any two of S&P, Moody’s or Fitch (or, if at any time no two of the foregoing shall be rating such obligations, then from such
other nationally recognized rating services as are reasonably acceptable to Administrative Agent); (d) domestic corporate bonds,
other than domestic corporate bonds issued by Borrower or any of its Affiliates, maturing no more than two (2) years after the date
of acquisition thereof and, at the time of acquisition, having a rating of at least A or the equivalent from any two (2) of S&P,
Moody’s or Fitch (or, if at any time no two of the foregoing shall be rating such obligations, then from such other nationally recognized
rating services as are reasonably acceptable to Administrative Agent); (e) variable-rate domestic corporate notes or medium term
corporate notes, other than notes issued by Borrower or any of its Affiliates, maturing or resetting no more than one (1) year after
the date of acquisition thereof and having a rating of at least A or the equivalent from two of S&P, Moody’s or Fitch (or, if
at any time no two of the foregoing shall be rating such obligations, then from such other nationally recognized rating services as are
reasonably acceptable to Administrative Agent); (f) commercial paper (foreign and domestic) or master notes, other than commercial
paper or master notes issued by Borrower or any of its Affiliates, and, at the time of acquisition, having a long-term rating of at least
A or the equivalent from S&P, Moody’s or Fitch and having a short-term rating of at least A-2 and P-2 from S&P and Moody’s,
respectively (or, if at any time neither S&P nor Moody’s shall be rating such obligations, then the highest rating from such
other nationally recognized rating services as are reasonably acceptable to Administrative Agent); (g) domestic and foreign certificates
of deposit or domestic time deposits or foreign deposits or bankers’ acceptances (foreign or domestic) in Dollars, Hong Kong Dollars,
Singapore Dollars, Pounds Sterling, Euros or Yen that are issued by a bank (I) which has, at the time of acquisition, a long-term
rating of at least A or the equivalent from S&P, Moody’s or Fitch (or, if at any time no two of the foregoing shall be rating
such obligations, then from such other nationally recognized rating services as are reasonably acceptable to Administrative Agent) and
(II) if a domestic bank, which is a member of the FDIC; (h) overnight securities repurchase agreements, or reverse repurchase
agreements secured by any of the foregoing types of securities or debt instruments, provided that the collateral supporting such repurchase
agreements shall have a value not less than 101% of the principal amount of the repurchase agreement plus accrued interest; and (i) money
market funds invested in investments at least 75% of which consist of the items described in clauses (a) through (h) above.

 

    	 	12	 

     

    

 

“Cash Management
Agreement” means any agreement to provide cash management services, including treasury, depository, overdraft, credit or debit
card (including non-card electronic payables), electronic funds transfer and other cash management arrangements.

 

“Citizens”
means Citizens Bank, N.A.

 

“Closing Date”
means the date on which all of the conditions precedent set forth in Section 4.01 shall be fulfilled or waived by the Banks in accordance
with Section 12.02.

 

“Code”
means the Internal Revenue Code of 1986, and the rules and regulations promulgated thereunder.

 

“Combined
EBITDA” means, for any quarter, Borrower’s Pro Rata Share of net income or loss plus Interest Expense, income taxes,
depreciation and amortization and excluding (x) the effect of extraordinary or non-recurring items (such as, without limitation,
(i) gains or losses from asset sales, (ii) gains or losses from debt restructurings or write-ups or forgiveness of indebtedness
(including prepayment premiums), and costs and expenses incurred during such period with respect to acquisitions (whether or not consummated)
during such period, (iii) severance and non-cash stock based compensation expenses and other restructuring, impairment or one-time
changes, and (iv) non-cash gains or losses from foreign currency fluctuations), and (y) other non-cash charges (such as, without
limitation, share-based compensation), all as determined in accordance with GAAP, of Consolidated Businesses and UJVs (provided, however,
that for purposes of determining the ratio of Combined EBITDA to Fixed Charges, Combined EBITDA of UJVs shall exclude UJVs that are not
Real Property UJVs), as the case may be, multiplied by four, provided however, that Combined EBITDA shall include only general and administrative
expenses that are attributable to the management and operation of the assets in accordance with GAAP and shall not include any corporate
general and administrative expenses of Borrower, General Partner, Consolidated Businesses or UJVs (e.g., salaries of corporate officers).

 

    	 	13	 

     

    

 

“Commitment”
means, with respect to each Bank, the obligation to make a Term Loan in the principal amount set forth in Schedule 1
attached hereto and incorporated herein, as such amount may be reduced or increased from time to time in accordance with the provisions
of Section 2.16 (upon the execution of an Assignment and Assumption, the definition of Commitment shall be deemed revised
to reflect the assignment being effected pursuant to each such Assignment and Assumption).

 

“Commodity Exchange
Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.).

 

“Conforming
Changes” means, with respect to either the use or administration of Adjusted Term SOFR, Term SOFR or Adjusted Floating
Overnight Daily SOFR Rate or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative
or operational changes (including changes to the definition of “Base Rate,” the definition of “Banking Day,” the
definition of “U.S. Government Securities Banking Day,” the definition of “Interest Period” or any similar or
analogous definition (or the addition of a concept of “interest period”), timing and frequency of determining rates and making
payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of
lookback periods, the applicability of Section 3.05 and other technical, administrative or operational matters) that the Administrative
Agent decides in its reasonable discretion may be appropriate to reflect the adoption and implementation of any such rate or to permit
the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative
Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines
that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent
decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

 

“Consolidated Businesses”
means, at any time, Borrower and Subsidiaries of Borrower that Borrower consolidates in its consolidated financial statements prepared
in accordance with GAAP, provided, however, that UJVs which are consolidated in accordance with GAAP are not Consolidated Businesses.

 

“Continue”,
 “Continuation” and “Continued” refer to the continuation pursuant to Section 2.12 of a SOFR
Loan as a SOFR Loan from one Interest Period to the next Interest Period.

 

“Convert”,
 “Conversion” and “Converted” refer to a conversion pursuant to Section 2.12 of a Base Rate
Loan into a SOFR Loan or a SOFR Loan into a Base Rate Loan, each of which may be accompanied by the transfer by a Bank (at its sole discretion)
of all or a portion of its applicable Loan from one Applicable Lending Office to another.

 

    	 	14	 

     

    

 

“Co-Sustainability
Structuring Agents” means each of Wells Fargo Securities, LLC and BofA Securities, Inc.

 

“Co-Syndication Agent”
means each of Bank of America, Capital One, PNC Capital and Citizens.

 

“Covered Party”
has the meaning assigned thereto in Section 12.26(a).

 

“Credit Rating”
means the rating assigned by a Rating Agency to Borrower’s senior, unsecured, non-credit enhanced long-term indebtedness.

 

“Daily
Effective SOFR Rate” means, for any day, a rate per annum equal to SOFR effective for such day.

 

“Daily SOFR Loan”
means a Loan denominated in Dollars, the rate of interest applicable to which is based upon the Adjusted Floating Overnight Daily SOFR
Rate.

 

“Debt”
means, at any time, without duplication, (i) all indebtedness and liabilities of a Person for borrowed money, secured or unsecured,
including mortgage and other notes payable (but excluding any indebtedness to the extent secured by cash or cash equivalents or marketable
securities, or defeased), as determined in accordance with GAAP, and (ii) without duplication, all liabilities of a Person consisting
of indebtedness for borrowed money, determined in accordance with GAAP, that are or would be stated and quantified as contingent liabilities
in the notes to the consolidated financial statements of such Person as of that date (excluding contingent liabilities constituting Debt
that is Without Recourse). For purposes of determining “Total Outstanding Indebtedness” and “Debt”, the term “without
duplication” shall mean (without limitation) that amounts loaned from one Person to a second Person that under GAAP would be consolidated
with the first Person shall not be treated as Debt of the second Person.

 

“Debtor Relief Laws”
means the Bankruptcy Code of the United States of America, 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.

 

“Default”
means any event which with the giving of notice or lapse of time, or both, would become an Event of Default.

 

“Defaulting
Lender” means any Bank that (a) has failed, within three Banking Days of the date required to be funded or paid, to
(i) fund any portion of its Loans or (ii) pay over to any Bank Party any other amount required to be paid by it hereunder,
unless, in the case of clause (i) above, such Bank notifies Administrative Agent in writing that such failure is the result of
such Bank’s good faith determination that a condition precedent to funding (specifically identified and including the
particular default, if any) has not been satisfied, (b) has notified Borrower or any Bank Party in writing, or has made a
public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement
(unless such writing or public statement indicates that such position is based on such Bank’s good faith determination that a
condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement
cannot be satisfied) or generally under other agreements in which it commits to extend credit, or (c) has, or has a direct or
indirect parent company that has, become the subject of a proceeding under any Debtor Relief Law or a Bail-In Action;
provided that any Bank that has become the subject of an Undisclosed Administration shall not be a Defaulting Lender.

 

    	 	15	 

     

    

 

“Default Rate”
means a rate per annum equal to: (1) with respect to Base Rate Loans, a variable rate of two percent (2%) plus the rate of interest
then in effect thereon (including the Applicable Margin); (2) with respect to Term SOFR Loans, a fixed rate of two percent (2%) plus
the rate(s) of interest in effect thereon (including the Applicable Margin) at the time of any Default or Event of Default until
the end of the then current Interest Period therefor and, thereafter, a variable rate of two percent (2%) plus the rate of interest for
a Base Rate Loan (including the Applicable Margin); and (3) with respect to Daily SOFR Loans, a fixed rate of two percent (2%) plus
the rate(s) of interest in effect thereon (including the Applicable Margin).

 

“Derivatives Contract”
means a “swap agreement” as defined in Section 101 of the Bankruptcy Code.

 

“Disbursement Instruction
Agreement” means an agreement executed by Borrower in the form of EXHIBIT A.

 

“Disposition”
means a sale (whether by assignment, transfer or Capital Lease) of an asset.

 

“Dividing Person”
has the meaning assigned to it in the definition of “Division.”

 

“Division”
means the division of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two or more
Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing Person
and pursuant to which the Dividing Person may or may not survive.

 

“Division Successor”
means any Person that, upon the consummation of a Division of a Dividing Person, holds all or any portion of the assets, liabilities and/or
obligations previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person which retains
any of its assets, liabilities and/or obligations after a Division shall be deemed a Division Successor upon the occurrence of such Division.

 

“Documentation Agents”
means Regions Bank, TD Bank, N.A. and The Bank of New York Mellon.

 

“Dollars”
or “$” means, unless otherwise qualified, dollars in lawful currency of the United States.

 

“EAT” has
the meaning given that term in the definition of “1031 Property”.

 

    	 	16	 

     

    

 

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

 

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

 

“EEA Resolution Authority”
means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including
any delegee) having responsibility for the resolution of any credit institution or investment firm established in any EEA Member Country.

 

“Elect”
and “Election” refer to elections, if any, by Borrower pursuant to Section 2.12 to have all or a portion of an
advance of the applicable Loans be outstanding as SOFR Loans.

 

“Electronic Record”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C. 7006.

 

“Electronic Signature”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C. 7006.

 

“Electronic System”
means any electronic system, including e-mail, e-fax, Intralinks®, ClearPar®, Debt Domain, Syndtrak and any other
Internet or extranet-based site, whether such electronic system is owned, operated or hosted by Administrative Agent and any of its Affiliates
or any other Person, providing for access to data protected by passcodes or other security system(s).

 

“Eligible Assignee”
means any Person that meets the requirements to be an assignee under Section 12.05(b)(iii), (v) and (vi) (subject to such
consents, if any, as may be required under Section 12.05(b)(iii)).

 

“Environmental Discharge”
means any discharge or release of any Hazardous Materials in violation of any applicable Environmental Laws.

 

“Environmental Law”
means any applicable Law relating to pollution or the environment, including Laws relating to noise or to emissions, discharges, releases
or threatened releases of Hazardous Materials into the work place, the community or the environment, or otherwise relating to the generation,
manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials.

 

“Environmental Notice”
means any written complaint, order, citation, letter, inquiry, notice or other written communication from any Person (1) affecting
or relating to Borrower’s compliance with any Environmental Law in connection with any activity or operations at any time conducted
by Borrower, (2) relating to the occurrence or presence of or exposure to or possible or threatened or alleged occurrence or presence
of or exposure to Environmental Discharges or Hazardous Materials at any of Borrower’s locations or facilities, including, without
limitation: (a) the existence of any contamination or possible or threatened contamination at any such location or facility and (b) remediation
of any Environmental Discharge or Hazardous Materials at any such location or facility or any part thereof; and (3) any violation
or alleged violation of any relevant Environmental Law.

 

    	 	17	 

     

    

 

“Equity
Interest” means, with respect to any Person, any share of capital stock of (or other ownership or profit interests in) such
Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or
other ownership or profit interests in) such Person, whether or not certificated, any security convertible into or exchangeable for any
share of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other
acquisition from such Person of such shares (or such other interests), and any other ownership or profit interest in such Person (including,
without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant,
option, right or other interest is authorized or otherwise existing on any date of determination.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, and the rules and regulations thereunder.

 

“ERISA Affiliate”
means any corporation or trade or business which is a member of the same controlled group of organizations (within the meaning of Section 414(b) of
the Code) as Borrower or General Partner or is under common control (within the meaning of Section 414(c) of the Code) with
Borrower or General Partner or is required to be treated as a single employer with Borrower or General Partner under Section 414(m) or
414(o) of the Code.

 

“Erroneous Payment”
has the meaning assigned thereto in Section 12.27(a).

 

“Erroneous Payment
Deficiency Assignment” has the meaning assigned thereto in Section 12.27(d).

 

“Erroneous Payment
Impacted Class” has the meaning assigned thereto in Section 12.27(d).

 

“Erroneous Payment
Return Deficiency” has the meaning assigned thereto in Section 12.27(d).

 

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

 

“Event of Default”
has the meaning specified in Section 9.01.

 

“Exchange Act”
means the Securities Exchange Act of 1934 (15 U.S.C. § 77 et seq.).

 

“Excluded Swap Obligation”
means, with respect to any Loan Party, any Swap Obligation if, and to the extent that, all or a portion of the liability of such Loan
Party for or the guarantee of such Loan Party of, or the grant by such Loan Party of a Lien to secure, such Swap Obligation (or any liability
or guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures
Trading Commission (or the application or official interpretation of any thereof) by virtue of such Loan Party’s failure for any
reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder
at the time the liability for or the guarantee of such Loan Party or the grant of such Lien becomes effective with respect to such Swap
Obligation (such determination being made after giving effect to any applicable keepwell, support or other agreement for the benefit of
the applicable Loan Party). If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply
only to the portion of such Swap Obligation that is attributable to swaps for which such guarantee or Lien is or becomes illegal for the
reasons identified in the immediately preceding sentence of this definition.

 

    	 	18	 

     

    

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), profits or gains, franchise
Taxes (imposed in lieu of income Taxes), and branch profits Taxes (or any similar Taxes), in each case, (i) imposed as a result of
such Recipient being organized under the laws of, or having its principal office or, in the case of any Bank, its applicable lending office
located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in
the case of a Bank, U.S. Federal withholding Taxes imposed on amounts payable to or for the account of such Bank with respect to an applicable
interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Bank acquires such interest in such Loan
or Commitment (other than pursuant to an assignment requested by Borrower under Section 3.07) or (ii) such Bank changes its
lending office, except in each case to the extent that, pursuant to Section 10.13, amounts with respect to such Taxes were payable
either to such Bank's assignor immediately before such Bank acquired the applicable interest in a Loan or Commitment or to such Bank immediately
before it changed its lending office, (c) Taxes attributable to such Recipient's failure to comply with Section 10.13 and (d) any
U.S. Federal withholding Taxes imposed under FATCA.

 

“Existing Credit
Agreement” means that certain Credit Agreement, dated as of July 18, 2017 (as amended, modified or otherwise supplemented
prior to the date hereof and all other amendments, restatements, modifications, refinancings, renewals, replacements or extensions thereof
made in compliance with the terms hereof), among the Borrower, Wells Fargo, as administrative agent and the Banks party thereto.

 

“Existing
General Partner Debt” has the meaning specified in Section 5.22.

 

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

 

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

 

    	 	19	 

     

    

 

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

 

“FDIC”
means the Federal Deposit Insurance Corporation.

 

“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, as published by the Federal Reserve Bank of New York on the Banking Day next succeeding such day, provided
that if such rate is not so published for any day which is a Banking Day, the Federal Funds Rate for such day shall be the average of
the quotation for such day on such transactions received by the Administrative Agent from three federal funds brokers of recognized standing
selected by the Administrative Agent. Notwithstanding the foregoing, if the Federal Funds Rate shall be less than zero, such rate shall
be deemed to be zero for purposes of this Agreement.

 

“Fiscal Year”
means each period from January 1 to December 31.

 

“Fitch”
means Fitch, Inc.

 

“Fixed Charges”
means, without duplication, in respect of any quarter, the sum of (i) Borrower’s Pro Rata Share of Interest Expense for such
period attributable to Debt in respect of Consolidated Businesses and Real Property UJVs, as well as to any other Debt that is Recourse
to Borrower, multiplied by four (4); and (ii) distributions during such period on preferred units of Borrower, as determined on a
consolidated basis, in accordance with GAAP, multiplied by four (4).

 

“Floor”
means, with respect to Adjusted Term SOFR, the Adjusted Floating Overnight Daily SOFR Rate or any Benchmark Replacement, a rate of interest
equal to 0.00%.

 

“Foreign Bank”
means a Bank that is not a U.S. Person.

 

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

 

“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, bonds and similar extensions of credit in the ordinary course of its activities.

 

“GAAP”
means accounting principles generally accepted in the United States of America as in effect from time to time, applied on a basis consistent
with those used in the preparation of the pro forma financial statements delivered prior to the Closing Date (captioned “Financial
Statements”) (except for changes concurred to by Borrower’s Accountants); provided that, if Borrower notifies Administrative
Agent that Borrower requests an amendment to any provision hereof or of any other Loan Document to eliminate the effect of any change
occurring after the date hereof in GAAP or in the application of any such change on the operation of such provision, or if Administrative
Agent notifies Borrower that the Required Banks request an amendment to any provision hereof for such purpose, in either case, regardless
of whether any such notice is given before or after such change in GAAP or in the application of any such change, then such provision
shall be interpreted on the basis of GAAP as in effect and applied for purposes of this Agreement immediately before such change shall
have become effective.

 

    	 	20	 

     

    

 

“General Partner”
means JBG SMITH Properties, a real estate investment trust organized and existing under the laws of the State of Maryland and the sole
general partner of Borrower.

 

“General Partner’s
Consolidated Financial Statements” means the consolidated balance sheet and related consolidated statements of operations, changes
in equity and cash flows, and footnotes thereto, of General Partner, in each case prepared in accordance with GAAP and as filed with the
SEC as SEC Reports.

 

“Good
Faith Contest” means the contest of an item if: (1) the item is diligently contested in good faith, and, if appropriate,
by proceedings timely instituted; (2) adequate reserves are established with respect to the contested item; (3) during the period
of such contest, the enforcement of any contested item is effectively stayed; and (4) the failure to pay or comply with the contested
item during the period of the contest could not reasonably be expected to result in a Material Adverse Change.

 

“Governmental
Authority” means the government of the United States or any other nation, or of 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).

 

“Gross Book Value”
means the undepreciated book value of assets comprising a business, determined in accordance with GAAP.

 

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

 

“Guarantor”
means any Person that is party to the Guaranty as a “Guarantor”.

 

“Guaranty”
means the guaranty executed and delivered pursuant to Section 6.10 and substantially in the form of EXHIBIT C.

 

“Hazardous Materials”
means any pollutant, effluents, emissions, contaminants, toxic or hazardous wastes or substances, as any of those terms are defined from
time to time in or for the purposes of any relevant Environmental Law, including asbestos fibers and friable asbestos, polychlorinated
biphenyls, and any petroleum or hydrocarbon-based products or derivatives.

 

“Incremental Increase”
has the meaning specified in Section 2.16(c).

 

    	 	21	 

     

    

 

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

 

“Initial Advance”
means the first advance of proceeds of the Loans.

 

“Interest Expense”
means, for any quarter, the consolidated interest expense, whether paid, accrued or capitalized (without deduction of consolidated interest
income) of Borrower that is attributable to Borrower’s Pro Rata Share in its Consolidated Businesses in respect of Real Property
Businesses, including, without limitation or duplication (or, to the extent not so included, with the addition of), (1) the portion
of any rental obligation in respect of any Capital Lease obligation allocable to interest expense in accordance with GAAP; (2) the
amortization of Debt discounts and premiums; (3) any payments or fees (other than upfront fees) with respect to interest rate swap
or similar agreements; and (4) the interest expense and items listed in clauses (1) through (3) above applicable to each
of the UJVs (to the extent not included above) multiplied by Borrower’s Pro Rata Share in the UJVs in respect of Real Property Businesses,
in all cases as reflected in the most recent General Partner’s Consolidated Financial Statements, provided that there shall be excluded
from Interest Expense capitalized interest covered by an interest reserve established under a loan facility (such as capitalized construction
interest provided for in a construction loan). “Interest Expense” shall not include the non-cash portion of interest expense
attributable to convertible Debt determined in accordance with ASC 470-20.

 

“Interest
Period” means, as to any Term SOFR Loan, the period commencing on the date such Term SOFR Loan is disbursed or converted to
or continued as a Term SOFR Loan and ending on the date one (1), three (3) or six (6) months thereafter, in each case as selected
by the Borrower in its Notice of Borrowing or in connection with a Conversion or Continuation and subject to availability; provided
that:

 

(a)            the
Interest Period shall commence on the date of advance of or conversion to any Term SOFR Loan and, in the case of immediately successive
Interest Periods, each successive Interest Period shall commence on the date on which the immediately preceding Interest Period expires;

 

(b)            if
any Interest Period would otherwise expire on a day that is not a Banking Day, such Interest Period shall expire on the next succeeding
Banking Day; provided that if any Interest Period would otherwise expire on a day that is not a Banking Day but is a day of the
month after which no further Banking Day occurs in such month, such Interest Period shall expire on the immediately preceding Banking
Day;

 

(c)            any
Interest Period that begins on the last Banking 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 Banking Day of the relevant calendar month at the end
of such Interest Period;

 

(d)            no
Interest Period shall extend beyond the Maturity Date, as applicable, and Interest Periods shall be selected by the Borrower so as to
permit the Borrower to make the quarterly principal installment payments pursuant to Section 2.10 without payment of any amounts
pursuant to Section 3.05; and

 

    	 	22	 

     

    

 

(e)            no
tenor that has been removed from this definition pursuant to Section 3.10(c)(iv) shall be available for specification
in any Notice of Borrowing or in connection with a Conversion or Continuation.

 

“Investment Company
Act” means the Investment Company Act of 1940 (15 U.S.C. § 80(a)(1), et seq.).

 

“Investment
Grade Pricing Period” means the period commencing on the date specified by Borrower in an irrevocable written notice
to Administrative Agent and the Banks after Borrower obtains an Investment Grade Rating from Moody’s or S&P.

 

“Investment
Grade Rating” means a Credit Rating of BBB- (or equivalent) or higher from S&P or Baa3 (or equivalent) or higher
from Moody’s.

 

“IRS” means
the United States Internal Revenue Service.

 

“JBG SMITH Businesses”
means, at any time, the General Partner, the Borrower, the Consolidated Businesses and the Borrower’s Pro Rata Share of Real Property
UJVs.

 

“KPI 1 (Renewable
Energy Procurement)” shall mean, for any Reference Year, the measurement of the amount of JBG SMITH Businesses’ electricity
for such Reference Year that is procured from (a) onsite solar generation at the JBG SMITH Businesses’ Real Property Assets
and/or (b) power purchase agreements (whether physical, virtual or retail, or any combination thereof) with respect to renewable
energy projects, expressed as a percentage of the aggregate JBG SMITH Businesses’ paid electric consumption for such Reference Year,
and determined on a basis consistent with the determination of the KPI 1 Targets as of the Closing Date, as reported on the applicable
Pricing Certificate pursuant to Section 1.08(f) and certified in the related Sustainability Metric Auditor Report for such Reference
Year. For the avoidance of doubt, KPI 1 (Renewable Energy Procurement) shall be determined, with respect to any Real Property UJV, to
include only the Borrower’s Pro Rata Share of such Real Property UJV’s onsite solar generation, power purchase agreement procurement
and aggregate paid electric consumption for the applicable Reference Year.

 

“KPI 1 Applicable
Margin Adjustment Amount” means, with respect to any period between Sustainability Pricing Adjustment Dates, with respect to
Daily SOFR Loans, Term SOFR Loans and Base Rate Loans:

 

		(a)	negative 0.01%, if the KPI 1 (Renewable Energy Procurement) for the applicable Reference Year as set forth in the Pricing Certificate
for such Reference Year is greater than or equal to the KPI 1 Target for such Reference Year; and

 

		(b)	0.00%, if (A) the KPI 1 (Renewable Energy Procurement) for the applicable Reference Year as set forth in the Pricing Certificate
for such Reference Year is less than the KPI 1 Target for such Reference Year or (B) Borrower shall fail to deliver a Pricing Certificate
(or omit to report the KPI 1 (Renewable Energy Procurement) on any Pricing Certificate or omit the Sustainability Metric Auditor Report)
for such Reference Year on or prior to the date the Pricing Certificate is required to be delivered pursuant to Section 1.08(f).

 

    	 	23	 

     

    

 

“KPI 1 Target”
means, with respect to any Reference Year, the KPI 1 Target for such Reference Year as set forth in the Sustainability Table.

 

“KPI 2 (Green Certification)”
shall mean, for any Reference Year, the measurement of the aggregate in service square feet of the JBG SMITH Businesses that are a Real
Property Business that has obtained certification from any of the following: LEED, Energy Star, The Center for Active Design’s Fitwel
rating program, International Living Future Institute (ILFI) Zero Carbon or Core Green Building certification program, or the Building
Owners and Managers Association International’s BOMA 360 certification program, and determined on a basis consistent with the determination
of the KPI 2 Targets as of the Closing Date, as reported on the applicable Pricing Certificate pursuant to Section 1.08(f) and
certified in the related Sustainability Metric Auditor Report for such Reference Year. For the avoidance of doubt, KPI 2 (Green Certification)
shall be determined (i) for each Reference Year exclusive of the square footage the JBG SMITH Businesses identified to the Co-Sustainability
Structuring Agents in writing on or prior to the Closing Date as subject to a potential sale, disposition or other transfer, and without
regard to whether such sale, disposition or other transfer is or is not consummated in such Reference Year or any other Reference Year
and (ii) with respect to any Real Property UJV, to include only the Borrower’s Pro Rata Share of such Real Property UJVs applicable
square footage.

 

“KPI 2 Applicable
Margin Adjustment Amount” means, with respect to any period between Sustainability Pricing Adjustment Dates, with respect to
Daily SOFR Loans, Term SOFR Loans and Base Rate Loans:

 

		(c)	negative 0.01%, if the KPI 2 (Green Certification) for the applicable Reference Year as set forth in the Pricing Certificate for such
Reference Year is greater than or equal to the KPI 2 Target for such Reference Year; and

 

		(d)	0.00%, if (A) the KPI 2 (Green Certification) for the applicable Reference Year as set forth in the Pricing Certificate for such
Reference Year is less than the KPI 2 Target for such Reference Year or (B) Borrower shall fail to deliver a Pricing Certificate
(or omit to report the KPI 2 (Green Certification) on any Pricing Certificate or omit the Sustainability Metric Auditor Report) for such
Reference Year on or prior to the date the Pricing Certificate is required to be delivered pursuant to Section 1.08(f).

 

“KPI 2 Target”
means, with respect to any Reference Year, the KPI 2 Target for such Reference Year as set forth in the Sustainability Table.

 

“KPI Metric Target”
means each of the KPI 1 Target and KPI 2 Target.

 

“Law” means
all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes, executive
orders, and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties,
requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having
the force of law.

 

    	 	24	 

     

    

 

“Lead Arrangers”
means Wells Fargo Securities, BofA Securities, Capital One, PNC Capital and Citizens, including, in each case, their respective designated
affiliates.

 

“Leverage
Pricing Period” means any period other than the Investment Grade Pricing Period.

 

“Lien”
means any mortgage, deed of trust, pledge, security interest, hypothecation, assignment for collateral purposes, deposit arrangement,
lien (statutory or other), or other security agreement or charge of any kind or nature whatsoever of any third party (excluding any right
of setoff but including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially
the same economic effect as any of the foregoing, and the filing of any financing statement under the Uniform Commercial Code or comparable
law of any jurisdiction to evidence any of the foregoing).

 

“Loan”
means, with respect to each Bank, its Term Loans.

 

“Loan Documents”
means this Agreement, the Notes, the Disbursement Instruction Agreement, the Solvency Certificate and any Guaranty.

 

“Loan Party”
means Borrower and each Guarantor (if any).

 

“Mandatorily Redeemable
Stock” means, with respect to any Person, any Equity Interest of such Person which by the terms of such Equity Interest (or
by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event
or otherwise, (a) matures or is mandatorily redeemable (except as a result of a change of control or asset sale so long as any rights
of the holder thereof upon the occurrence of any such event shall be subject to the prior payment in full of the Obligations and the termination
of the Commitments), pursuant to a sinking fund obligation or otherwise (other than an Equity Interest to the extent redeemable in exchange
for stock that is not Mandatorily Redeemable Stock at the option of the issuer of such Equity Interest), (b) is convertible into
or exchangeable or exercisable for Debt or Mandatorily Redeemable Stock, or (c) is redeemable at the option of the holder thereof,
in whole or in part (other than an Equity Interest which is redeemable solely in exchange for stock that is not Mandatorily Redeemable
Stock and cash in lieu of fractional shares), in the case of each of clauses (a), (b) and (c) above, on or prior to the Maturity
Date.

 

“Material
Adverse Change” means either (1) a material adverse change in the status of the business, results of operations, financial
condition, or property of General Partner, Borrower and their Subsidiaries taken as a whole or (2) any event or occurrence of whatever
nature which is likely to have a material adverse effect on the ability of Borrower and the other Loan Parties taken as a whole
to perform their obligations under the Loan Documents.

 

“Maturity Date”
means January 14, 2025, or such later date as to which the Maturity Date may be extended pursuant to Section 2.20.

 

    	 	25	 

     

    

 

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

 

“Multiemployer Plan”
means a Plan defined as such in Section 3(37) of ERISA to which contributions have been or are required to be made by Borrower or
General Partner or any ERISA Affiliate and which is covered by Title IV of ERISA.

 

“Negative Pledge”
means, with respect to a given asset, any provision of a document, instrument or agreement (other than any Loan Document) which prohibits
or purports to prohibit the creation or assumption of any Lien on such asset as security for Debt of the Person owning such asset or any
other Person (unless such prohibition does not apply to Liens securing the Obligations); provided, however, that (i) an agreement
that conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios that limit such Person’s
ability to encumber its assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets,
(ii) an agreement relating to Unsecured Indebtedness containing restrictions substantially similar to, or taken as a whole, not more
restrictive than, the restrictions contained in the Loan Documents (as determined by Borrower in good faith), (iii) Permitted Transfer
Restrictions and (iv) Permitted Sale Restrictions, in each case, shall not constitute a Negative Pledge.

 

“Net Equity Value”
means, at any time, the total assets of the applicable business less the total liabilities of such business less the amounts attributable
to the minority interest in such business, in each case as determined on a consolidated basis, in accordance with GAAP, subject to the
last sentence of the definition of Capitalization Value.

 

“Non-Consenting
Bank” means any Bank that does not approve any consent, approval, amendment or waiver that (a) requires the
consent of all Banks or all adversely affected Banks in accordance with the terms of Section 12.02 and (b) has been approved
by the Required Banks.

 

“Note”
and “Notes” have the respective meanings specified in Section 2.09.

 

“Notice of Borrowing”
means a notice substantially in the form of EXHIBIT G (or such other form reasonably acceptable to Administrative Agent and containing
the information required in the Exhibit) to be delivered to Administrative Agent pursuant to Section 2.04 evidencing Borrower’s
request for the borrowing of any Loan.

 

“Obligations”
means each and every obligation, covenant and agreement of Borrower and each other Loan Party, now or hereafter existing, contained in
this Agreement, and any of the other Loan Documents, whether for principal, reimbursement obligations, interest, fees, expenses, indemnities
or otherwise, and any amendments or supplements thereto, extensions or renewals thereof or replacements therefor, including but not limited
to all indebtedness, obligations and liabilities of Borrower or another Loan Party to Administrative Agent and any Bank now existing or
hereafter incurred under or arising out of or in connection with the Notes, this Agreement, the other Loan Documents, and any documents
or instruments executed in connection therewith, in each case, whether direct or indirect, joint or several, absolute or contingent, liquidated
or unliquidated, now or hereafter existing, renewed or restructured, whether or not from time to time decreased or extinguished and later
increased, created or incurred, and including all indebtedness of Borrower under any instrument now or hereafter evidencing or securing
any of the foregoing.

 

    	 	26	 

     

    

 

“OFAC”
means the U.S. Department of the Treasury’s Office of Foreign Assets Control.

 

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

 

“Other Investment”
means a Consolidated Business or UJV that does not own primarily Real Property Assets or publicly traded securities, including, without
limitation, those entities more particularly set forth on Schedule 2 attached hereto.

 

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made
under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest
under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to
an assignment (other than an assignment made pursuant to Section 3.07).

 

“Overnight Rate”
means, for any day, the greater of (a) the Federal Funds Rate and (b) an overnight rate determined by the Administrative Agent
in accordance with banking industry rules on interbank compensation.

 

“Parent”
means, with respect to any Bank, any Person controlling such Bank.

 

“Parent Entity”
has the meaning specified in Section 7.04.

 

“Participant”
has the meaning specified in Section 12.05(d).

 

“Participant Register”
has the meaning specified in Section 12.05(d).

 

“PATRIOT Act”
means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

 

“Payment Recipient”
has the meaning assigned thereto in Section 12.27(a).

 

“Payor”
has the meaning specified in Section 10.12.

 

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

 

“Periodic
Term SOFR Determination Day” has the meaning assigned thereto in the definition of “Term SOFR”.

 

    	 	27	 

     

    

 

“Permitted Sale Restrictions”
means obligations, encumbrances or restrictions contained in any Real Property Business or Real Property Asset sale agreement restricting
the creation of Liens on, or the sale, transfer or other disposition of Equity Interests or property that is subject to, such Real Property
Business or Real Property Asset pending such sale; provided that the encumbrances and restrictions apply only to the Subsidiary
or assets that are subject to such Real Property Business or Real Property Asset.

 

“Permitted Transfer
Restrictions” means (a) reasonable and customary restrictions on transfer, mortgage liens, pledges and changes in beneficial
ownership arising under management agreements and ground leases entered into in the ordinary course of business (including in connection
with any acquisition or development of any applicable Real Property Asset, without regard to the transaction value), including rights
of first offer or refusal arising under such agreements and leases, in each case, that limit, but do not prohibit, sale or mortgage transactions,
(b) reasonable and customary obligations, encumbrances or restrictions contained in agreements not constituting Debt entered into
with limited partners or members of Borrower or of any other Subsidiary of General Partner imposing obligations in respect of contingent
obligations to make any tax “make whole” or similar payment arising out of the sale or other transfer of assets reasonably
related to such limited partners’ or members’ interest in Borrower or such Subsidiary pursuant to “tax protection”
or other similar agreements, and (c) customary major decision rights in favor of partners or co-investors requiring approvals of
transfers, mortgage liens, pledges and changes in beneficial ownership in the ordinary course of business.

 

“Person”
means an individual, partnership, corporation, business trust, joint stock company, trust, unincorporated association, joint venture,
limited liability company, Governmental Authority or other entity of whatever nature.

 

“Plan”
means any employee benefit or other plan (other than a Multiemployer Plan) established or maintained, or to which contributions have been
or are required to be made, by Borrower or General Partner or any ERISA Affiliate and which is covered by Title IV of ERISA or to which
Section 412 of the Code applies.

 

“PNC
Capital” means PNC Capital Markets LLC.

 

“presence”,
when used in connection with any Environmental Discharge or Hazardous Materials, means and includes presence, generation, manufacture,
installation, treatment, use, storage, handling, repair, encapsulation, disposal, transportation, spill, discharge and release.

 

“Pricing Certificate”
means a certificate substantially in the form of Exhibit H executed by an officer of Borrower setting forth in reasonable detail
the calculation of KPI 1 (Renewable Energy Procurement), KPI 2 (Green Certification) and the Sustainability Margin Adjustment, in each
case, for the Reference Year covered thereby, and attaching an applicable Sustainability Metric Auditor Report with respect to KPI 1 (Renewable
Energy Procurement) and/or KPI 2 (Green Certification) for such Reference Year.

 

“Prime Rate”
means, at any time, the rate of interest per annum publicly announced from time to time by the Bank then acting as Administrative Agent
as its prime rate. Each change in the Prime Rate shall be effective as of the opening of business on the day such change in such prime
rate occurs. The parties hereto acknowledge that the rate announced publicly by the Bank acting as Administrative Agent as its prime rate
is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks.

 

    	 	28	 

     

    

 

“Principals”
means the trustees, executive officers and directors of Borrower (other than General Partner) or of General Partner at any applicable
time.

 

“Pro
Rata Share” means, with respect to each Bank, with respect to the Term Loans, a fraction the numerator of which
is such Bank’s Commitment and the denominator of which is the Total Commitments (or, after advancing the Term Loans or if the Commitments
have terminated or reduced to zero, a fraction the numerator of which is the principal amount of such Bank’s outstanding Term Loans
and the denominator of which is the aggregate outstanding principal amount of the Term Loans of all Banks); provided that, in each
case, in the case of Section 12.20 when a Defaulting Lender shall exist, “Pro Rata Share” shall disregard any
Defaulting Lender’s Commitment and outstanding Loans.

 

“Prohibited Transaction”
means any transaction set forth in Section 406 of ERISA or Section 4975 of the Code.

 

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

 

“QI” has
the meaning given that term in the definition of “1031 Property”.

 

“Qualified
Institution” means a Bank, or one or more banks, finance companies, insurance or other financial institutions which (A) has
(or, in the case of a banking institution which is a subsidiary, such banking institution’s parent has) a rating of its senior debt
obligations of not less than BBB+ by S&P or Baal by Moody’s or a comparable rating by a rating agency reasonably acceptable
to Administrative Agent and (B) has (or, in the case of a banking institution which is a subsidiary, such banking institution’s
parent has) total assets in excess of Ten Billion Dollars ($10,000,000,000), but shall exclude any natural person (or a company, investment
vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof), any Defaulting
Lender and Borrower or any of its Affiliates.

 

“Rating Agency”
means S&P, Moody’s, Fitch or any other nationally recognized securities rating agency selected by Borrower and approved by Administrative
Agent in writing.

 

“Real Property Asset”
means an asset from which income is, or upon completion expected by Borrower to be, derived predominantly from contractual rent payments
under leases with unaffiliated third party tenants, hotel operations, tradeshow operations or leasing commissions and management and development
fees, and shall include those investments in mortgages and mortgage participations owned by Borrower as to which Borrower has demonstrated
to Administrative Agent, in Administrative Agent’s reasonable discretion, that Borrower has control of the decision-making functions
of management and leasing of such mortgaged properties, has control of the economic benefits of such mortgaged properties, and holds the
right to acquire such mortgaged properties.

 

    	 	29	 

     

    

 

“Real Property Business”
means a Consolidated Business or UJV that is primarily engaged in the ownership, operation, leasing, management or development of or investment
in a Real Property Asset.

 

“Real Property UJV”
means a UJV that is a Real Property Business.

 

“Recipient”
means Administrative Agent and any Bank, as applicable.

 

“Recourse”
means, with reference to any obligation or liability, any liability or obligation that is not Without Recourse to the obligor thereunder,
directly or indirectly. For purposes hereof, a Person shall not be deemed to be “indirectly” liable for the liabilities or
obligations of an obligor solely by reason of the fact that such Person has an ownership interest in such obligor, provided that such
Person is not otherwise legally liable, directly or indirectly, for such obligor’s liabilities or obligations (e.g., by reason of
a guaranty or contribution obligation, by operation of law or by reason of such Person being a general partner of such obligor). A guaranty
of Debt issued by Borrower or General Partner (as distinguished from a Subsidiary) shall be Recourse, but a guaranty for completion of
improvements in connection with Debt shall be deemed Without Recourse, unless and except to the extent of a claim made under such guaranty
that remains unpaid.

 

“Reference Year”
means, with respect to any Pricing Certificate, the calendar year ending immediately prior to the date of such Pricing Certificate.

 

“Refinancing Mortgage”
has the meaning specified in Section 12.21.

 

“Regulation D”
means Regulation D of the Board of Governors of the Federal Reserve System, as the same may be amended or supplemented from time to time,
or any similar Law from time to time in effect.

 

“Regulation U”
means Regulation U of the Board of Governors of the Federal Reserve System, as the same may be amended or supplemented from time to time,
or any similar Law from time to time in effect.

 

“Regulatory
Change” means the occurrence after the date of this Agreement or, with respect to any Bank, such later date on which
such Bank becomes a party to this Agreement, of (a) the adoption of or taking effect of any law, rule, regulation or treaty, (b) any
change in any law, rule, regulation or treaty or in the interpretation or application thereof by any Governmental Authority or (c) compliance
by any Bank (or, for purposes of Section 3.06, by any lending office of such Bank or by such Bank's holding company, if any) with
any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date
of this Agreement; provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all
requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision
(or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall
be deemed to be a “Regulatory Change,” regardless of the date enacted, adopted or issued, provided, however, that if the applicable
Bank shall have implemented changes prior to the Closing Date in response to any such requests, rules, guidelines or directives, then
the same shall not be deemed to be a Regulatory Change with respect to such Bank.

 

    	 	30	 

     

    

 

“REIT”
means a “real estate investment trust,” as such term is defined in Section 856 of the Code.

 

“Related Party Transaction
Policy” means that certain Related Party Transaction Policy adopted by the Board of Trustees of General Partner on or prior
to the Closing Date, in the form provided to Administrative Agent and the Banks on or prior to the Closing Date.

 

“Relevant Documents”
has the meaning specified in Section 11.02.

 

“Relevant
Governmental Body” means the FRB or the Federal Reserve Bank of New York, or a committee officially endorsed or convened
by the FRB or the Federal Reserve Bank of New York, or any successor thereto.

 

“Replacement Bank”
has the meaning specified in Section 3.07.

 

“Replacement Notice”
has the meaning specified in Section 3.07.

 

“Reportable Event”
means any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the thirty (30) day notice
period is waived by the PBGC.

 

“Required
Banks” means, as of any date, Banks having at least 51% of the sum of (a) the aggregate amount of the unused Total
Commitments plus (b) the aggregate outstanding principal amount of the Term Loans; provided, however, that if the Commitments
have been terminated or reduced to zero, the “Required Banks” shall be the Banks holding at least 51% of the aggregate outstanding
principal amount of the Term Loans (excluding, however, any Defaulting Lender).

 

“Required Payment”
has the meaning set forth in Section 10.12.

 

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

 

“Responsible Officer”
means the chief executive officer, chief financial officer or chief accounting officer of General Partner.

 

“Restricted
Payment” means (1) any dividend or other distribution, direct or indirect, on account of any Equity Interest of Borrower
or any of its Subsidiaries now or hereafter outstanding, except a dividend payable solely in shares of that class of Equity Interests
to the holders of that class; (2) any redemption, conversion, exchange, retirement, sinking fund or similar payment, purchase or
other acquisition for value, direct or indirect, of any Equity Interests of Borrower or any of its Subsidiaries now or hereafter outstanding;
and (3) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire
any Equity Interests of Borrower or any of its Subsidiaries now or hereafter outstanding.

 

    	 	31	 

     

    

 

“S&P”
means Standard & Poor’s Rating Service, a division of S&P Global Inc. and any successor thereto.

 

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

 

“Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained
by OFAC (including OFAC’s Specially Designated Nationals and Blocked Persons List and OFAC’s Consolidated Non-SDN List), the
U.S. Department of State, the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s
Treasury, or other relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any
Person controlled or directly or indirectly 50% or more owned by, or acting or purporting to act for or on behalf of, directly or indirectly,
any such Person or Persons described in clauses (a) and (b), including a Person that is deemed by OFAC to be a Sanctions target based
on the ownership of such legal entity by Sanctioned Person(s) or (d) any Person otherwise a target of Sanctions, including vessels
and aircraft, that are designated under any Sanctions program.

 

“Sanctions”
means any and all economic or financial sanctions, sectoral sanctions, trade embargoes and restrictions and anti-terrorism laws, including
but not limited to those imposed, administered or enforced from time to time by the U.S. government (including those administered by OFAC
or the U.S. Department of State), the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s
Treasury, or other relevant sanctions authority with jurisdiction over the Administrative Agent, any Lender or the Borrower.

 

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

 

“SEC Reports”
means the reports required to be delivered to the SEC pursuant to the Exchange Act.

 

“Secured Indebtedness”
means, at any time, that portion of Total Outstanding Indebtedness that is not Unsecured Indebtedness.

 

“Secured Indebtedness
Adjustment” has the meaning set forth in Section 8.05.

 

“Securities Act”
means the Securities Act of 1933 (15 U.S.C. § 77 et seq.).

 

“SOFR”
means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

 

“SOFR Administrator”
means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

“SOFR Loan”
means any Loan bearing interest at a rate based on Term SOFR as provided in Section 2.07.

 

    	 	32	 

     

    

 

“Solvency Certificate”
means a certificate in substantially the form of EXHIBIT D, to be delivered by Borrower pursuant to the terms of this Agreement.

 

“Solvent”
means, when used with respect to any Person, that (1) the fair value of the property of such Person, on a going concern basis, is
greater than the total amount of liabilities (including, without limitation, contingent liabilities) of such Person; (2) the present
fair saleable value of the assets of such Person, on a going concern basis, is not less than the amount that will be required to pay the
probable liabilities of such Person on its debts as they become absolute and matured; (3) such Person does not intend to, and does
not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature; (4) 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 unreasonably small capital after giving due consideration to the prevailing practice in the industry in which
such Person is engaged; and (5) such Person has sufficient resources, provided that such resources are prudently utilized, to satisfy
all of such Person’s obligations. Contingent liabilities will be computed at the amount that, in 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.

 

“Specified Cash Management
Agreement” means any Cash Management Agreement that is made or entered into at any time, or in effect at any time now or hereafter,
whether as a result of an assignment or transfer or otherwise, between or among any Loan Party and any Specified Cash Management Bank,
and which was not prohibited by any of the Loan Documents when made or entered into.

 

“Specified Cash Management
Bank” means any Person that (a) at the time it enters into a Cash Management Agreement with a Loan Party, is a Bank or
an Affiliate of a Bank or (b) at the time it (or its Affiliate) becomes a Bank (including on the Closing Date), is a party to a Cash
Management Agreement with a Loan Party, in each case in its capacity as a party to such Cash Management Agreement.

 

“Specified Derivatives
Contract” means any Derivatives Contract that is made or entered into at any time, or in effect at any time now or hereafter,
whether as a result of an assignment or transfer or otherwise, between or among any Loan Party and any Specified Derivatives Provider,
and which was not prohibited by any of the Loan Documents when made or entered into.

 

“Specified Derivatives
Provider” means any Person that (a) at the time it enters into a Specified Derivatives Contract with a Loan Party, is a
Bank or an Affiliate of a Bank or (b) at the time it (or its Affiliate) becomes a Bank (including on the Closing Date), is a party
to a Specified Derivatives Contract with a Loan Party, in each case in its capacity as a party to such Specified Derivatives Contract.

 

“Subsidiary”
means, with respect to any Person, a corporation, partnership, joint venture, limited liability company or other entity, fifty percent
(50%) or more of the outstanding voting stock, partnership interests or membership interests, as the case may be, of which are owned,
directly or indirectly, by that Person or by one or more other Subsidiaries of that Person and over which that Person or one or more other
Subsidiaries of that Person exercise sole control. For the purposes of this definition, “voting stock” means stock having
voting power for the election of directors or trustees, as the case may be, whether at all times or only so long as no senior class of
stock has voting power for the election of directors or trustees by reason of any contingency, and “control” means the power
to direct the management and policies of a Person, directly or indirectly, whether through the ownership of voting securities, by contract
or otherwise.

 

    	 	33	 

     

    

 

“Sustainability Margin
Adjustment” means with respect to any Pricing Certificate for any period between Sustainability Pricing Adjustment Dates, an
amount (whether negative or zero), expressed as a percentage, equal to the sum of (i) the KPI 1 Applicable Margin Adjustment Amount
and (ii) the KPI 2 Applicable Margin Adjustment Amount.

 

“Sustainability Metric
Auditor” means an internationally recognized “big four” auditing firm or a reputable sustainability assurance provider
reasonably satisfactory to Administrative Agent and the Co-Sustainability Structuring Agents.

 

“Sustainability
Metric Auditor Report” means a report of the Sustainability Metric Auditor or an externally verified report reasonably acceptable
to Administrative Agent, which report shall certify or provide assurance as to the data used for the calculation of the KPI 1 (Renewable
Energy Procurement) and/or the KPI 2 (Green Certification) for the applicable Reference Year.

 

“Sustainability Pricing
Adjustment Date” has the meaning specified in Section 1.08(a).

 

“Sustainability Table”
means the Sustainability Table set forth on Schedule 1.08.

 

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

 

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

 

“Term Loan”
has the meaning specified in Section 2.01(d).

 

“Term Loan Note”
has the meaning specified in Section 2.09.

 

“Term Loans”
means, with respect to each Bank, its Term Loans.

 

“Term
SOFR” means,

 

(a)          for
any calculation with respect to a SOFR Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on
the day (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government Securities Banking
Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; provided, however,
that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable
tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate
has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the
first preceding U.S. Government Securities Banking Day for which such Term SOFR Reference Rate for such tenor was published by the Term
SOFR Administrator so long as such first preceding U.S. Government Securities Banking Day is not more than three (3) U.S. Government
Securities Banking Days prior to such Periodic Term SOFR Determination Day, and

 

    	 	34	 

     

    

 

(b)          for
any calculation with respect to a Base Rate Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day,
the “Base Rate Term SOFR Determination Day”) that is two (2) U.S. Government Securities Banking Days prior to
such day, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New
York City time) on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published
by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term
SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government
Securities Banking Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as
such first preceding U.S. Government Securities Banking Day is not more than three (3) U.S. Government Securities Banking Days prior
to such Base Rate Term SOFR Determination Day.

 

“Term SOFR Adjustment”
means, for any calculation with respect to a Base Rate Loan or a SOFR Loan, a percentage per annum as set forth below for the applicable
type of such Loan and (if applicable) Interest Period therefor:

 

Base Rate Loans:

 

	0.10%

 

SOFR Loans:

 

	Interest Period	Percentage
	One month	0.10 %
	Three months	0.15%
	Six months	0.42826%

 

“Term
SOFR Administrator” means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term
SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion).

 

“Term SOFR Reference
Rate” means the forward-looking term rate based on SOFR.

 

“Term
SOFR Loan” means a Loan denominated in Dollars, the rate of interest applicable to which is based upon Adjusted Term
SOFR.

 

“Total
Commitment” means an amount equal to the aggregate amount of all Commitments. The initial Total Commitment is $200,000,000.

 

    	 	35	 

     

    

 

“Total Outstanding
Indebtedness” means, at any time, without duplication, the sum of Debt of Borrower, Borrower’s Pro Rata Share of Debt
in respect of Consolidated Businesses, and any Debt of UJVs to the extent Recourse to Borrower, as determined on a consolidated basis
in accordance with GAAP.

 

“UJVs”
means, at any time, (1) investments of Borrower that are accounted for under the equity method in the most recent General Partner’s
Consolidated Financial Statements prepared in accordance with GAAP and (2) investments of Borrower in which Borrower owns less than
50% of the Equity Interests and that are consolidated in the most recent General Partner’s Consolidated Financial Statements prepared
in accordance with GAAP.

 

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

 

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

 

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

 

“Undisclosed
Administration” means, in relation to a Bank or its direct or indirect parent company, the appointment of an
administrator, provisional liquidator, conservator, receiver, trustee, custodian, or other similar official by a supervisory
authority or regulator under or based on the law in the country where such Bank or such parent company is subject to home
jurisdiction, if applicable law requires that such appointment not be disclosed, so long as such appointment does not result in or provide such Bank with immunity from the jurisdiction of courts within the United States.

 

“Unencumbered
Assets” means, collectively, assets, reflected in the most recent General Partner’s Consolidated Financial Statements,
owned in whole or in part, directly or indirectly, by Borrower and not subject to any Lien to secure all or any portion of Secured Indebtedness
or to any Negative Pledge, and assets of Consolidated Businesses and UJVs which are not subject to any Lien to secure all or any portion
of Secured Indebtedness or to any Negative Pledge. Notwithstanding the foregoing, a 1031 Property may constitute an Unencumbered Asset
so long as: (I) such Real Property Asset is owned in fee simple by, or is subject to a ground lease to, the applicable EAT (or a
combination of such fee simple ownership and being subject to a ground lease); (II) such Real Property Asset is located in the United
States; (III) Borrower or a Wholly Owned Subsidiary thereof (a) leases such 1031 Property from the applicable EAT (or Wholly
Owned Subsidiary thereof, as applicable) and (b) manages such 1031 Property or such Real Property Asset is subject to a third-party
management agreement, as applicable; (IV) Borrower or a Wholly Owned Subsidiary or Subsidiaries thereof is obligated to purchase
such 1031 Property (or Wholly Owned Subsidiary or Subsidiaries of the applicable EAT that owns such 1031 Property) from the applicable
EAT (or such Wholly Owned Subsidiary or Subsidiaries of the EAT, as applicable) (other than in circumstances where the 1031 Property is
disposed of by Borrower or any Subsidiary); (V) the applicable EAT is obligated to transfer such 1031 Property (or its Wholly Owned
Subsidiary or Subsidiaries that owns such 1031 Property, as applicable) to Borrower or a Wholly Owned Subsidiary thereof, directly or
indirectly (including through a QI); (VI) the applicable EAT (or Wholly Owned Subsidiary or Subsidiaries thereof that owns such 1031
Property, as applicable) acquired such 1031 Property with the proceeds of a loan made by Borrower or a Wholly Owned Subsidiary which loan
is secured either by a mortgage on such 1031 Property and/or a pledge of all of the Equity Interests of the applicable Wholly Owned Subsidiary
or Subsidiaries of an EAT that owns such 1031 Property, as applicable; and (VII) neither such 1031 Property nor, if such Real Property
Asset is owned or leased by a Subsidiary, any of Borrower’s direct or indirect ownership interests in such Subsidiary, is subject
to any liens, claims, or restrictions on transferability or assignability of any kind other than (A) pursuant to Permitted Transfer
Restrictions or Permitted Sale Restrictions or as permitted pursuant to clause (V) above, (B) the Lien of any mortgage or pledge
referred to in the preceding clause (VI), or (C) a Negative Pledge binding on the EAT in favor of Borrower or a Wholly Owned Subsidiary.
In no event shall a 1031 Property qualify as an Unencumbered Asset for a period in excess of 180 days after the date the applicable EAT
(or Wholly Owned Subsidiary or Subsidiaries thereof, as applicable) acquired ownership of such Real Property Asset (or, if such 180 day
period is subject to extension under the Code (including any Treasury Regulations), then such period as extended).

 

    	 	36	 

     

    

 

“Unencumbered Combined
EBITDA” means that portion of Combined EBITDA attributable to Unencumbered Assets; provided that Unencumbered Combined
EBITDA shall include only general and administrative expenses that are attributable to the management and operation of the Unencumbered
Assets in accordance with GAAP and shall not include any corporate general and administrative expenses of Borrower, General Partner, Consolidated
Businesses or UJVs (e.g., salaries of corporate officers).

 

“Unfunded Current
Liability” of any Plan means the amount, if any, by which the actuarial present value of accumulated plan benefits as of the
close of its most recent plan year, based upon the actuarial assumptions used by such Plan’s actuary in the most recent annual valuation
of such Plan, exceeds the Fair Market Value of the assets allocable thereto, determined in accordance with Section 412 of the Code.

 

“Unrestricted
Cash and Cash Equivalents” means Cash or Cash Equivalents owned by Borrower, and Borrower’s Pro Rata Share of any Cash
or Cash Equivalents owned by any Consolidated Businesses or UJV, that are not subject to any pledge, lien or control agreement, less amounts
placed with third parties as deposits or security for contractual obligations; provided, that Unrestricted Cash and Cash Equivalents
shall (a) not exclude Cash and Cash Equivalents subject to customary rights of set-off and statutory or common law provisions relating
to bankers’ liens, and (b) include Cash and Cash Equivalents representing the proceeds from the sale of an asset (the “Disposed
Asset”; it being understood that no Disposed Asset shall constitute a Real Property Asset from and after the date of such sale),
which proceeds have been escrowed for a period not in excess of 180 days in anticipation of the acquisition of a 1031 Property,
net of related tax obligations for the cancellation of such acquisition and transaction costs and expenses related thereto; provided
that to the extent the amount of Unrestricted Cash and Cash Equivalents attributable to this clause (b) shall exceed 50% of the aggregate
Unrestricted Cash and Cash Equivalents, such excess shall be excluded.

 

    	 	37	 

     

    

 

“Unsecured Indebtedness”
means, at any time, Total Outstanding Indebtedness that is not secured by a lien (except any Refinancing Mortgage) on assets of Borrower,
a Consolidated Business or a UJV, as the case may be.

 

“Unsecured Indebtedness
Adjustment” has the meaning set forth in Section 8.04.

 

“Unsecured Indebtedness
Subsidiary” means any Subsidiary of Borrower that is a borrower or a guarantor, or otherwise has a payment obligation in respect
of, any Unsecured Indebtedness (other than (a) subordinated intercompany Debt owing to General Partner, (b) intercompany Debt
between or among any of Borrower and its Subsidiaries, and (c) Debt of any non-Wholly Owned Subsidiary the incurrence of which was
not subject to the Control or affirmative consent of Borrower or any of its Subsidiaries; provided, however, that any non-Wholly
Owned Subsidiary of Borrower that guarantees Unsecured Indebtedness of General Partner or any Wholly Owned Subsidiary as described in
this definition shall be an Unsecured Indebtedness Subsidiary).

 

“Unsecured Interest
Expense” means, for any quarter, Borrower’s Pro Rata Share of Interest Expense attributable to Total Outstanding Indebtedness
constituting Unsecured Indebtedness.

 

“U.S. Government
Securities Banking Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities
Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for
purposes of trading in United States government securities; provided, that for purposes of notice requirements in Section 1.04,
Article II and Section 3.10, in each case, such day is also a Banking Day.

 

“U.S. Person”
means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.

 

“U.S. Tax Compliance
Certificate” has the meaning assigned to such term in Section 10.13(f)(ii)(B)(3).

 

“Wells Fargo”
means Wells Fargo Bank, National Association.

 

“Wells Fargo Securities”
means Wells Fargo Securities LLC.

 

“Wholly Owned Subsidiary”
means any Subsidiary of a Person in respect of which all of the Equity Interests (other than (x) in the case of a corporation, directors’
qualifying shares and (y) solely for purposes of Section 9.01(16), in the case of a Subsidiary which is qualified as a real
estate investment trust, Equity Interests issued to not more than 125 separate Persons solely in order to satisfy the requirements for
such qualification) are at the time directly or indirectly owned or controlled by such Person or one or more other Subsidiaries of such
Person or by such Person and one or more other Subsidiaries of such Person.

 

“Withholding Agent”
means any Loan Party and Administrative Agent.

 

    	 	38	 

     

    

 

“Without
Recourse” means, with reference to any obligation or liability, any obligation or liability for which the obligor thereunder
is not liable or obligated other than as to its interest in a designated asset or assets only, subject to such exceptions to the non-recourse
nature of such obligation or liability (such as, but not limited to, fraud, misappropriation, misapplication and environmental indemnities),
as are usual and customary in like transactions involving institutional lenders at the time of the incurrence of such obligation or liability,
and including any guaranty for completion of improvements in connection with Debt, unless and except to the extent of a claim made
under such guaranty that remains unpaid.

 

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

 

SECTION 1.02. Accounting
Terms. All accounting terms not specifically defined herein shall be construed in accordance with GAAP, and, except as otherwise provided
herein, all financial data required to be delivered hereunder shall be prepared in accordance with GAAP.

 

SECTION 1.03. Computation
of Time Periods. Except as otherwise provided herein, in this Agreement, in the computation of periods of time from a specified date
to a later specified date, the word “from” means “from and including” and words “to” and “until”
each means “to but excluding”.

 

SECTION 1.04.
Rules of Construction. When used in this Agreement: (1) “or” is not exclusive; (2) a reference to a
Law includes any amendment or modification to such Law; (3) a reference to a Person includes its permitted successors and permitted
assigns; (4) except as provided otherwise, all references to the singular shall include the plural and vice versa; (5) except
as provided in this Agreement, a reference to an agreement, instrument or document shall include such agreement, instrument or document
as the same may be amended, modified or supplemented from time to time in accordance with its terms and as permitted by the Loan Documents;
(6) all references to Articles, Sections, Schedules and Exhibits shall be to Articles, Sections, Schedules and Exhibits of this Agreement
unless otherwise indicated; (7) all Exhibits to this Agreement shall be incorporated into this Agreement; and (8) unless
explicitly set forth to the contrary, a reference to “Subsidiary” means a Subsidiary of Borrower or a Subsidiary of such Subsidiary
and a reference to an “Affiliate” means an Affiliate of Borrower. Titles and captions of Articles, Sections, subsections and
clauses in this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement. Unless otherwise indicated,
(a) all references to time are references to New York City time and (b) when any date specified herein as the due date for a
payment, notice or other deliverable is not a Banking Day, such due date shall be extended to the next following Banking Day.

 

    	 	39	 

     

    

 

SECTION 1.05. Financial
Covenant Calculations. The calculation of liabilities shall not include any fair value adjustments to the carrying value of liabilities
to record such liabilities at fair value pursuant to electing the fair value option election under FASB ASC 825-10-25 (formerly known
as FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities) or other FASB standards allowing entities to
elect fair value option for financial liabilities. Therefore, the amount of liabilities shall be the historical cost basis, which generally
is the contractual amount owed adjusted for amortization or accretion of any premium or discount. Notwithstanding anything in this Agreement
to the contrary, the financial covenants shall ignore the adoption of ASU 2016-02 such that Capital Leases shall specifically exclude
any operating leases under GAAP as in effect on the Closing Date and upon the adoption of ASU 2016-02.

 

SECTION 1.06.
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).

 

SECTION 1.07.
Rates. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with
respect to, (a) the continuation of, administration of, submission of, calculation of or any other matter related to the Term SOFR
Reference Rate, Adjusted Term SOFR, Adjusted Floating Overnight Daily SOFR Rate or Term SOFR, or any component definition thereof or rates
referred to in the definition thereof, or with respect to any alternative, successor or replacement rate thereto (including any Benchmark
Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any
Benchmark Replacement), as it may or may not be adjusted pursuant to Section 3.10(c), will be similar to, or produce the same
value or economic equivalence of, or have the same volume or liquidity as, the Term SOFR Reference Rate, Adjusted Term SOFR, Adjusted
Floating Overnight Daily SOFR Rate, Term SOFR or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect,
implementation or composition of any Conforming Changes. The Administrative Agent and its Affiliates or other related entities may engage
in transactions that affect the calculation of the Term SOFR Reference Rate, Adjusted Term SOFR, Adjusted Floating Overnight Daily SOFR
Rate, Term SOFR, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto
and such transactions may be adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable
discretion to ascertain the Term SOFR Reference Rate, Adjusted Term SOFR, Adjusted Floating Overnight Daily SOFR Rate, or Term SOFR, or
any other Benchmark, any component definition thereof or rates referred to in the definition thereof, in each case pursuant to the terms
of this Agreement, and shall have no liability to the Borrower, any Bank or any other person or entity for damages of any kind, including
direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise
and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information
source or service.

 

    	 	40	 

     

    

 

SECTION 1.08.
Sustainability Adjustments.

 

(a)          Following
the date on which Borrower provides a Pricing Certificate (together with the applicable Sustainability Metric Auditor Report) in respect
of the most recently ended Reference Year, the Applicable Margin shall be adjusted, as applicable, pursuant to the Sustainability Margin
Adjustment as set forth in such Pricing Certificate. For purposes of the foregoing, (i) the Sustainability Margin Adjustment shall
be determined as of the first day of the first month immediately following receipt by Administrative Agent of a Pricing Certificate delivered
pursuant to Section 1.08(f) based upon the KPI 1 (Renewable Energy Procurement) and KPI 2 (Green Certification) for the applicable
Reference Year set forth in such Pricing Certificate and the calculations of the Sustainability Margin Adjustment, therein (such day,
the “Sustainability Pricing Adjustment Date”) and (ii) each change in the Applicable Margin resulting from a Pricing
Certificate (or the non-delivery or delivery of an incomplete Pricing Certificate) shall be effective during the period commencing on
and including the applicable Sustainability Pricing Adjustment Date and ending on the date immediately preceding the next such Sustainability
Pricing Adjustment Date (or, in the case of non-delivery or delivery of an incomplete Pricing Certificate, the last day such Pricing Certificate
could have been delivered pursuant to the terms of Section 1.08(f)).

 

(b)          For
the avoidance of doubt, only one Pricing Certificate may be delivered in respect of any Reference Year. It is further understood and agreed
that the Term SOFR Spread and Daily SOFR Spread and the Base Rate Spread will never be reduced by more than 0.02% in the aggregate pursuant
to the Sustainability Margin Adjustment during any calendar year. For the avoidance of doubt, any adjustment to the Applicable Margin
by reference to the KPI Metric Targets in any year shall not be cumulative year-over-year. Each applicable adjustment shall only apply
until the date on which the next adjustment is due to take place.

 

(c)          It
is hereby understood and agreed that if no such Pricing Certificate is delivered, or any Pricing Certificate shall be incomplete and fail
to include the KPI 1 (Renewable Energy Procurement) or the KPI 2 (Green Certification) for the applicable Reference Year, within the period
set forth in Section 1.08(f), the Sustainability Margin Adjustment will be made to the Applicable Margin commencing on the last day
such Pricing Certificate could have been delivered pursuant to the terms of Section 1.08(f).

 

(d)          If
(i)(A) Borrower or any Bank becomes aware of any material inaccuracy in the Sustainability Margin Adjustment, the KPI 1 (Renewable
Energy Procurement) or the KPI 2 (Green Certification) as reported in a Pricing Certificate (any such material inaccuracy, a “Pricing
Certificate Inaccuracy”) and, in the case of any Bank, such Bank delivers, not later than ten (10) Business Days after
obtaining knowledge thereof, a written notice to Administrative Agent describing such Pricing Certificate Inaccuracy in reasonable detail
(which description shall be shared with each Bank and Borrower), or (B) Borrower and the Banks agree that there was a Pricing Certificate
Inaccuracy at the time of delivery of a Pricing Certificate, and (ii) a proper calculation of the Sustainability Margin Adjustment,
the KPI 1 (Renewable Energy Procurement) or the KPI 2 (Green Certification) would have resulted in no adjustment or a lesser adjustment,
as applicable, to the Applicable Margin for any period, Borrower shall be obligated to pay to Administrative Agent for the account of
the applicable Banks, as the case may be, promptly on demand by Administrative Agent (or, after the occurrence of an actual or deemed
entry of an order for relief with respect to Borrower under any Debtor Relief Laws, automatically and without further action by Administrative
Agent, any Bank), but in any event within ten (10) Business Days after Borrower has received written notice of, or has agreed in
writing that there was, a Pricing Certificate Inaccuracy, an amount equal to the excess of (1) the amount of interest and fees that
should have been paid for such period over (2) the amount of interest and fees actually paid for such period. The Borrower
shall deliver written notice of any Pricing Certificate Inaccuracy to the Administrative Agent within ten (10) Business Days after
obtaining knowledge thereof, which written notice shall describe such Pricing Certificate Inaccuracy in reasonable detail (and which description
shall be shared with each Bank).

 

    	 	41	 

     

    

 

It is understood and agreed that any Pricing Certificate
Inaccuracy shall not constitute a Default or Event of Default or otherwise result in the failure of any condition precedent to any advance
or the issuance of any Letter of Credit; provided, that, Borrower complies with the terms of this Section 1.08(d) with
respect to such Pricing Certificate Inaccuracy. Notwithstanding anything to the contrary herein, unless such amounts shall be due upon
the occurrence of an actual or deemed entry of an order for relief with respect to Borrower under any Debtor Relief Laws, (a) any
additional amounts required to be paid pursuant to the immediate preceding paragraph shall not be due and payable until a written demand
is made for such payment by Administrative Agent in accordance with such paragraph, (b) any nonpayment of such additional amounts
prior to or concurrently with such demand for payment by Administrative Agent shall not constitute a Default (whether retroactively or
otherwise) and (c) none of such additional amounts shall be deemed overdue prior to such a demand or shall accrue interest at the
Default Rate pursuant to Section 2.07 prior to such a demand.

 

(e)          Each
party hereto hereby agrees that Administrative Agent shall have no responsibility for (or liability in respect of) reviewing, auditing
or otherwise evaluating any calculation by Borrower of any Sustainability Margin Adjustment (or any of the data or computations that are
part of or related to any such calculation) set forth in any Pricing Certificate (and Administrative Agent may rely conclusively on any
such certificate, without further inquiry).

 

(f)          As
soon as available and in any event within 180 days following the end of each calendar year (commencing with the calendar year ending December 31,
2022), Borrower may deliver a Pricing Certificate to Administrative Agent (and Administrative Agent shall promptly provide a copy to each
Bank) for the most recently-ended Reference Year; provided, that, for any Reference Year Borrower may elect not to deliver
a Pricing Certificate, and such election shall not constitute a Default or Event of Default (but such failure to so deliver a Pricing
Certificate by the end of such 180-day period shall result in the Sustainability Margin Adjustment being applied as set forth in Section 1.08(c)).

 

ARTICLE II

 

THE LOANS

 

SECTION 2.01. Term
Loans. (a) Subject to the terms and conditions of this Agreement, each Bank, severally and not jointly, agrees to make loans
to Borrower as provided in this Article II. Each Loan of each Bank shall be maintained at such Bank’s Applicable Lending Office.

 

(b)          [Reserved].

 

    	 	42	 

     

    

 

(c)          [Reserved].

 

(d)          Each
of the Banks severally agrees to make loans to Borrower in Dollars (each such loan by a Bank, a “Term Loan”) on the
Closing Date, in an aggregate amount not to exceed its Commitment. Any remaining unused Total Commitments shall automatically terminate
at 5:00 p.m. (New York time) on the Closing Date. Amounts repaid or prepaid in respect of the Term Loans may not be reborrowed.

 

(e)          The
obligations of the Banks under this Agreement are several, and no Bank shall be responsible for the failure of any other Bank to make
any advance of a Loan to be made by such other Bank. However, the failure of any Bank to make any advance of each Loan to be made by it
hereunder on the date specified therefor shall not relieve any other Bank of its obligation to make any advance of its Loans specified
hereby to be made on such date.

 

SECTION 2.02. [Reserved].

 

SECTION 2.03. [Reserved].

 

SECTION 2.04. Advances,
Generally. The amount of each advance hereunder shall, subject to Section 2.13, be at least One Million Dollars ($1,000,000)
(unless less than One Million Dollars ($1,000,000) is available for disbursement pursuant to the terms hereof at the time of any advance,
in which case the amount of such advance shall be equal to such remaining availability) and in an integral multiple of One Hundred Thousand
Dollars ($100,000).

 

Each
advance shall be subject, in addition to the limitations and conditions applicable to advances of the Loans generally, to Administrative
Agent’s receipt, in accordance with the timing requirements of Section 2.05 with respect to requests for advances, a Notice
of Borrowing.

 

SECTION 2.05.
Procedures for Advances. In the case of advances of Term Loans, Borrower shall submit to Administrative Agent a Notice of Borrowing
for each advance, stating the date of the Loan, the amount of the Loan, the type of Loan and, in the case of Term SOFR Loans, the
initial Interest Period for such Term SOFR Loans, no later than (a) in the case of advances of Base Rate Loans and Daily SOFR Loans,
12:00 p.m. (New York time) on the date which is the proposed date of such Base Rate Loan or Daily SOFR Loan, and (b) in the
case of Term SOFR Loans, 12:00 p.m. (New York time) on the date which is three (3) U.S. Government Securities Banking Days prior
to the date such Term SOFR is to be made. Not later than 11:30 a.m. (New York time) on the date of each advance (or 2:00 p.m. (New
York time) in the case of a Base Rate Loan and a Daily SOFR Loan for which Borrower has made a Loan request on such date), each applicable
Bank shall, through its Applicable Lending Office and subject to the conditions of this Agreement, make the amount to be advanced by it
on such day available to Administrative Agent, at Administrative Agent’s Office and in immediately available funds for the account
of Borrower. The amount so received by Administrative Agent shall, subject to the conditions of this Agreement, be made available to Borrower,
in immediately available funds, by Administrative Agent to an account designated by Borrower.

 

    	 	43	 

     

    

 

SECTION 2.06. Interest
Periods; Renewals. In the case of the Term SOFR Loans, Borrower shall select an Interest Period in a Notice of Borrowing of any duration
in accordance with the definition of Interest Period in Section 1.01, subject to the following limitations: (1) no Interest
Period may extend beyond the applicable Maturity Date for that type of Loan; (2) if an Interest Period would end on a day which is
not a U.S. Government Securities Banking Day, such Interest Period shall be extended to the next U.S. Government Securities Banking Day,
unless such U.S. Government Securities Banking Day would fall in the next calendar month, in which event such Interest Period shall end
on the immediately preceding U.S. Government Securities Banking Day; (3) [reserved] and (4) only five (5) discrete segments
of a Bank’s applicable Term Loans bearing interest at SOFR for a designated Interest Period pursuant to a particular Election, Conversion
or Continuation, may be outstanding at any one time (each such segment of each Bank’s Term Loans corresponding to a proportionate
segment of each of the other Banks’ applicable Term Loans).

 

Upon notice to Administrative
Agent as provided in Section 2.14, Borrower may Continue any SOFR Loan on the last day of the Interest Period of the same
or different duration in accordance with the limitations provided above.

 

The
parties understand that during a Leverage Pricing Period the applicable interest rate for the Obligations and certain fees set forth herein
may be determined and/or adjusted from time to time based upon certain financial ratios and/or other information to be provided or certified
to the Banks by Borrower (the “Borrower Information”). If it is subsequently determined that any such Borrower Information
was incorrect (for whatever reason, including without limitation because of a subsequent restatement of earnings by Borrower) at the time
it was delivered to Administrative Agent, and if the applicable interest rate or fees calculated for any period during a Leverage Pricing
Period were lower than they should have been had the correct information been timely provided, then, such interest rate and such fees
for such period shall be automatically recalculated using correct Borrower Information. Administrative Agent shall promptly notify Borrower
in writing of any additional interest and fees due because of such recalculation, and Borrower shall pay such additional interest or fees
due to Administrative Agent, for the account of each Bank, within 5 Banking Days of receipt of such written notice. Any recalculation
of interest or fees required by this provision shall survive for a period of one year following the termination of this Agreement, and
this provision shall not in any way limit any of Administrative Agent’s or any Bank’s other rights under this Agreement.

 

SECTION 2.07. Interest.
Borrower shall pay interest to Administrative Agent for the account of the applicable Bank, on the outstanding and unpaid principal amount
of the Loans, at a rate per annum as follows: (1) for Base Rate Loans at a rate equal to the Base Rate plus the Applicable Margin;
(2) for Term SOFR Loans at a rate equal to Adjusted Term SOFR plus the Applicable Margin; and (3) for Daily SOFR Loans at a
rate equal to the Adjusted Floating Overnight Daily SOFR Rate plus the Applicable Margin. Any principal amount not paid when due (when
scheduled, at acceleration or otherwise) shall bear interest thereafter, payable on demand, at the Default Rate and, with respect to any
other Obligation that is not paid when due (when scheduled, at acceleration or otherwise), shall bear interest thereafter, payable on
demand, at the Default Rate applicable to Base Rate Loans.

 

The interest rate on Base
Rate Loans and Daily SOFR Loans shall change when the Base Rate or Adjusted Floating Overnight Daily SOFR Rate, as applicable, changes.
Interest on Base Rate Loans, Term SOFR Loans and Daily SOFR Loans shall not exceed the maximum amount permitted under applicable law.
Interest shall be calculated for the actual number of days elapsed on the basis of a year consisting of three hundred sixty (360) days,
except interest on Base Rate Loans shall be computed on the basis of a year of 365 or 366 days, as applicable.

 

    	 	44	 

     

    

 

Accrued interest shall be
due and payable in arrears, (x) in the case of Base Rate Loans, on the first Banking Day of each calendar month, (y) in the
case of Term SOFR Loans, at the expiration of the Interest Period applicable thereto, but no less frequently than once every three (3) months
determined on the basis of the first (1st) day of the Interest Period applicable to the Loan in question and (z) in the
case of Daily SOFR Loans, on the fifth (5th) U.S. Government Securities Banking Day of each calendar month for the preceding calendar
month; provided, however, that interest accruing at the Default Rate shall be due and payable on demand.

 

SECTION 2.08. Fees.

 

(a)          If
the Maturity Date is being extended in accordance with Section 2.20, the Borrower shall pay to the Administrative Agent for
the account of each Bank a fee equal to 0.125% of the principal amount of such Bank’s Term Loan then outstanding on the effective
date of such extension. Such fees shall be due and payable in full on and as a condition to the effective date of the applicable extension.

 

(b)          [Reserved].

 

(c)          [Reserved].

 

SECTION 2.09. Notes;
Due at Maturity. At the request of a Bank, the Term Loans made by such Bank under this Agreement shall be evidenced by a promissory
note of Borrower in the form of EXHIBIT B duly completed and executed by Borrower, in a principal amount equal to such Bank’s
Commitment, payable to such Bank for the account of its Applicable Lending Office (each such note, as the same may hereafter be amended,
modified, extended, severed, assigned, substituted, renewed or restated from time to time, including any substitute note pursuant to Section 3.07
or 12.05, a “Term Loan Note”). A particular Bank’s Term Loan Note is referred to in this Agreement as such Bank’s
 “Note”; all such Term Loan Notes are referred to collectively in this Agreement as the “Notes”.

 

The Term Loans shall mature,
and all outstanding principal and accrued interest and Obligations in respect thereof shall be paid in full, on the Maturity Date, or
as the same may be accelerated in accordance with this Agreement.

 

The date, amount, interest
rate, type and duration of Interest Periods (if applicable) of each Loan made by each Bank to Borrower, and each payment made on account
of the principal thereof, shall be evidenced by one or more accounts or records maintained by such Bank and by Administrative Agent in
the ordinary course of business. The accounts or records maintained by Administrative Agent and each Bank shall be conclusive absent manifest
error. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of 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
Bank and the accounts and records of Administrative Agent in respect of such matters, the accounts and records of Administrative Agent
shall control in the absence of manifest error.

 

    	 	45	 

     

    

 

In connection with a Refinancing
Mortgage, Borrower shall deliver to Administrative Agent, a mortgage note, payable to Administrative Agent for the account of the applicable
Banks receiving the benefit of, and which shall be secured by, the applicable Refinancing Mortgage. Such note shall be in such form as
shall be requested by Borrower, subject to Administrative Agent’s reasonable approval. Each reference in this Agreement to the “Notes”
shall be deemed to refer to and include any or all of such mortgage notes, as the context may require.

 

SECTION 2.10. Prepayments.

 

Without prepayment premium
or penalty but subject to Section 3.05, Borrower may, upon same Banking Day’s notice to Administrative Agent in the case of
the Base Rate Loans, upon at least one (1) U.S. Government Securities Banking Day’s notice to the Administrative Agent in the
case of Daily SOFR Loans, and at least three (3) U.S. Government Securities Banking Days’ notice to Administrative Agent in
the case of Term SOFR Loans, which notice shall have been received not later than 11:00 a.m. (New York time) on such applicable date,
prepay in whole or in part any of the Term Loans; provided, that (1) any partial prepayment under the foregoing shall be in
integral multiples of One Million Dollars ($1,000,000) and (2) each prepayment under the foregoing shall include, at Administrative
Agent’s option, all interest accrued on the amount of principal prepaid to (but excluding) the date of prepayment.

 

SECTION 2.11. Method
of Payment.

 

Borrower
shall make each payment under this Agreement and under the Notes not later than 1:00 p.m. (New York time) on the date when due in
Dollars to Administrative Agent at Administrative Agent’s Office in immediately available funds, without condition or deduction
for any counterclaim, defense, recoupment or setoff. Borrower shall deliver federal reference number(s) evidencing the applicable
wire transfer(s) to Administrative Agent as soon as available thereafter on such day. Administrative Agent will thereafter, on the
day of its receipt of each such payment(s), cause to be distributed to each Bank (1) such Bank’s appropriate share (based upon
the respective outstanding principal amounts and interest due under the Loans of the Banks) of the payments of principal and interest
in like funds for the account of such Bank’s Applicable Lending Office; and (2) fees payable to such Bank by Borrower in accordance
with the terms of this Agreement. In the event Administrative Agent fails to pay such amounts to such Bank within one Banking Day
of receipt of such amounts, Administrative Agent shall pay interest on such amounts until paid at a rate per annum equal to the Federal
Funds Rate from time to time in effect.

 

Except to the extent provided
in this Agreement, whenever any payment to be made under this Agreement or under the Notes is due on any day other than a Banking Day,
such payment shall be made on the next succeeding Banking Day, and such extension of time shall in such case be included in the computation
of the payment of interest and other fees, as the case may be.

 

    	 	46	 

     

    

 

SECTION 2.12. Elections,
Conversions or Continuation of Loans.

 

Subject
to the provisions of Article III and Sections 2.06 and 2.13, Borrower shall have the right to Elect to have all or a portion of any
advance of the Term Loans be Term SOFR Loans, to Convert Base Rate Loans or Daily SOFR Loans into Term SOFR Loans, to Convert Term SOFR
Loans into Base Rate Loans or Daily SOFR Loans, or to Continue Term SOFR Loans as Term SOFR Loans, at any time or from time to time, provided
that: (1) Borrower shall give Administrative Agent notice of each such Election, Conversion or Continuation as provided in Section 2.14;
and (2) a Term SOFR Loan may be Continued or Converted only on the last day of the applicable Interest Period for such Term SOFR
Loan. Except as otherwise provided in this Agreement, each Election, Continuation and Conversion shall be applicable to each Bank’s
applicable Loans in accordance with its Pro Rata Share of such Loans. Notwithstanding any contrary provision hereof, if an Event
of Default has occurred and is continuing, Administrative Agent, at the request of the Required Banks, may require, by notice to Borrower,
that (i) no outstanding Loan may be converted to or continued as a Term SOFR Loan and (ii) unless repaid, each Loan shall be
converted to a Base Rate Loan at the end of the Interest Period applicable thereto.

 

SECTION 2.13. Minimum
Amounts.

 

With respect to the Term Loans
as a whole, each Election and each Conversion thereof shall be in an amount at least equal to One Million Dollars ($1,000,000) and in
integral multiples of One Hundred Thousand Dollars ($100,000) or such lesser amount as shall be available or outstanding, as the case
may be.

 

SECTION 2.14. Certain
Notices Regarding Elections, Conversions and Continuations of Loans.

 

Notices by Borrower to Administrative
Agent of Elections, Conversions and Continuations of Term SOFR Loans shall be irrevocable and shall be effective only if received by Administrative
Agent not later than 11:00 a.m. (New York time) on the number of U.S. Government Securities Banking Days prior to the date of the
relevant Election, Conversion or Continuation specified below:

 

	Notice	Number of U.S. 

Government Securities

Banking Days Prior
	Conversions into or Continuances as Base Rate Loans or Daily SOFR Loans	Same U.S. Government Securities Banking Day
	Elections of, Conversions into or Continuations as Term SOFR Loans	Three (3)

 

Promptly following its receipt of any such notice,
Administrative Agent shall so advise the applicable Banks by facsimile. Each such notice of Election shall specify the portion of the
amount of the advance that is to be SOFR Loans (subject to Section 2.13) and the duration of the Interest Period applicable thereto
(subject to Section 2.06); each such notice of Conversion shall specify the SOFR Loans or Base Rate Loans to be Converted; and each
such notice of Conversion or Continuation shall specify the date of Conversion or Continuation (which shall be a U.S. Government Securities
Banking Day), the amount thereof (subject to Section 2.13) and the duration of the Interest Period applicable thereto (subject to
Section 2.06). In the event that Borrower fails to Elect to have any portion of an advance of the Term Loans be SOFR Loans, the portion
of such advance for which a SOFR Loan Election is not made shall constitute Base Rate Loans. Subject to the terms of the last sentence
of Section 2.12, in the event that Borrower fails to Continue Term SOFR Loans within the time period and as otherwise provided in
this Section, such Term SOFR Loans will be automatically Continued as Term SOFR Loans with an Interest Period of one month on the last
day of the then current applicable Interest Period for such Term SOFR Loans.

 

    	 	47	 

     

    

 

SECTION 2.15. Payments
Generally. If any Bank shall fail to make any payment required to be made by it pursuant to Section 10.05, then Administrative
Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply any amounts thereafter received by Administrative
Agent for the account of such Bank for the benefit of Administrative Agent to satisfy such Bank’s obligations to it under such Section until
all such unsatisfied obligations are fully paid, and/or (ii) hold any such amounts in a segregated account as cash collateral for,
and application to, any future funding obligations of such Bank under any such Section, in the case of each of clauses (i) and (ii) above,
in any order as determined by Administrative Agent in its discretion.

 

SECTION 2.16. Changes
of Commitments; Incremental Increases.

 

(a)          At
any time, Borrower shall have the right, without premium or penalty, to terminate any unused Commitments existing as of the date of such
termination, in whole or in part, from time to time, provided that: (1) Borrower shall give notice of each such termination to Administrative
Agent (which shall promptly notify each of the Banks holding such Commitments) no later than 10:00 a.m. (New York time) on the date
which is three (3) U.S. Government Securities Banking Days prior to the effectiveness of such termination (it being understood that
any notice of termination may be conditioned upon the consummation of any financing or acquisition or similar transaction and, to the
extent such condition is not satisfied by the effective date specified therein, such notice of termination may be revoked or the effective
date specified therein may be delayed); (2) (x) [reserved], (y) the Commitments of each of the Banks must be terminated
(and, in the case of a partial termination, on a pro rata basis) simultaneously with those of the other Banks, and (z) [reserved];
and (3) each partial termination of the Commitments in the aggregate shall be in an integral multiple of One Million Dollars ($1,000,000).

 

(b)          The
Commitments, to the extent terminated pursuant to Section 2.16(a), may not be reinstated.

 

    	 	48	 

     

    

 

(c)          Unless
a Default or an Event of Default has occurred and is continuing, Borrower, by written notice to Administrative Agent, may request to increase
the Commitment or enter into one or more tranches of term loans (each an “Incremental Increase”), in each case by/in
an amount not less than Fifty Million Dollars ($50,000,000) per request and not more than Two Hundred Million Dollars ($200,000,000) in
the aggregate (such that the aggregate outstanding principal amount of the Term Loans after any such Incremental Increase shall never
exceed Four Hundred Million Dollars ($400,000,000)); provided that (a) any such request shall be accompanied by a certificate
from Borrower confirming that the representations and warranties of Borrower and each other Loan Party contained in this Agreement and
the other Loan Documents shall be true and correct in all material respects on and as of the date of the requested Incremental Increase
(except in those cases where such representation or warranty expressly relates to an earlier date or is qualified as to “materiality”,
 “Material Adverse Change” or similar language (which shall be true and correct in all respects as qualified therein) and except
for changes in factual circumstances permitted hereunder), (b) any Bank which is a party to this Agreement prior to such request
for an Incremental Increase, at its sole discretion, may elect to provide a portion of such Incremental Increase but shall not have any
obligation to provide any portion of such Incremental Increase (and it being agreed and understood that Borrower or the arrangers of such
Incremental Increase shall not be required to offer to or solicit from any existing Bank the opportunity to provide a portion of such
Incremental Increase), and (c) to the extent that a Bank does not elect, or is not offered, to provide any part of a requested Incremental
Increase, the Lead Arrangers shall use commercially reasonable efforts to locate additional Qualified Institutions willing to hold commitments
for the requested Incremental Increase, and Borrower may also identify additional Qualified Institutions willing to hold commitments for
the requested Incremental Increase; provided however that Administrative Agent and, in the case of an Incremental Increase in the
aggregate Commitments, shall have the right to approve any such additional Qualified Institutions, which approval will not be unreasonably
withheld or delayed. In the event that the Banks or additional Qualified Institutions commit to any such Incremental Increase, the Commitments
of the Banks shall be increased (as applicable), the Pro Rata Shares of the Banks shall be adjusted, new Notes shall be issued, Borrower
shall make such borrowings and repayments as shall be necessary to effect the reallocation of the Loans so that the Loans are held by
the Banks in accordance with their Pro Rata Shares after giving effect to such Incremental Increase, and other changes shall be made to
the Loan Documents as may be necessary to reflect the aggregate amount, if any, by which the Banks or additional Qualified Institutions
have agreed to increase their respective Commitments or make new Commitments in response to Borrower’s request for an Incremental
Increase pursuant to this Section 2.16(c), in each case without the consent of the Banks other than those Banks providing such Incremental
Increase. The fees payable by Borrower upon any such Incremental Increase shall be agreed upon by the Lead Arrangers and Borrower at the
time of such increase. Any Incremental Increase shall rank pari passu in right of payment with the applicable Loans hereunder.
In connection with any Incremental Increase pursuant to this Section 2.16, any Bank becoming a party hereto shall (1) execute
such documents and agreements as Administrative Agent may reasonably request and (2) in the case of any Bank that is organized under
the laws of a jurisdiction outside of the United States of America, provide to Administrative Agent, its name, address, tax identification
number and/or such other information as shall be necessary for Administrative Agent to comply with “know your customer” and
Anti-Money Laundering Laws, including without limitation, the PATRIOT Act.

 

Notwithstanding the foregoing,
nothing in this Section 2.16(c) shall constitute or be deemed to constitute an agreement by any Bank to increase its Commitment
hereunder.

 

SECTION 2.17. [Reserved].

 

SECTION 2.18. [Reserved].

 

SECTION 2.19. Funds
Transfer Disbursements. Borrower hereby authorizes Administrative Agent to disburse the proceeds of any Loan made by the Banks or
any of their Affiliates pursuant to the Loan Documents as requested by an authorized representative of Borrower to any of the accounts
designated in the Disbursement Instruction Agreement.

 

    	 	49	 

     

    

 

SECTION 2.20. Extension
of Maturity Date. Subject to the terms of this Section 2.20, the Borrower shall have the right to extend the current Maturity
Date by one (1) year by executing and delivering to the Administrative Agent at least thirty (30) days but not more than one hundred
twenty (120) days prior to the current Maturity Date, a written notice of such extension (an “Extension Notice”). The
Administrative Agent shall forward to each Bank a copy of such Extension Notice delivered to the Administrative Agent promptly upon receipt
thereof. Subject to satisfaction of the following conditions on the then-current Maturity Date, the then-current Maturity Date shall be
extended for one year: (x) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or
Event of Default shall or would exist and (B) the representations and warranties made or deemed made by the Borrower and each other
Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects on and as of the
date of such extension with the same force and effect as if made on and as of such date except to the extent that such representations
and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and
correct in all material respects on and as of such earlier date) and except for changes in factual circumstances specifically and expressly
permitted under the Loan Documents (provided that, for purposes of this clause (B), any representation or warranty which is qualified
by materiality or “material adverse effect” or similar language shall be true and correct in all respects) and (y) the
Borrower shall have paid the fees payable under Section 2.08(a). At the time of effectiveness of any such extension, upon
the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Responsible Officer
certifying the matters referred to in the immediately preceding clauses (x)(A) and (x)(B). The Maturity Date may be extended only
twice pursuant to this Section 2.20.

 

ARTICLE III

 

YIELD PROTECTION; ILLEGALITY; ETC.

 

SECTION 3.01. Additional
Costs. Borrower shall pay directly to each Bank or other Recipient from time to time on demand such amounts as such Bank or other
Recipient may reasonably determine to be necessary to compensate it for any increased costs which such Bank or other Recipient determines
are attributable to its making or maintaining a Loan, or its obligation to make or maintain a Loan, or its obligation to Convert a Loan
hereunder, or any reduction in any amount receivable by such Bank or other Recipient hereunder in respect of its Loan(s) or such
obligations (such increases in costs and reductions in amounts receivable being herein called “Additional Costs”),
in each case resulting from any Regulatory Change which:

 

(1)          subjects
any Recipient to any Taxes (other than (A) Indemnified Taxes, and (B) Excluded Taxes) on its loans, loan principal, letters
of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

 

    	 	50	 

     

    

 

(2)            imposes
or modifies any reserve, special deposit, liquidity, deposit insurance or assessment, minimum capital, capital ratio or similar requirements
relating to any extensions of credit or other assets of, or any deposits with or other liabilities of, such Bank (including pursuant
to regulations issued from time to time by the FRB for determining the maximum reserve requirement (including any emergency, special,
supplemental or other marginal reserve requirement) with respect to eurocurrency funding (currently referred to as “Eurocurrency
liabilities” in Regulation D of the FRB, as amended and in effect from time to time)), or any commitment of such Bank (including
such Bank’s Commitment hereunder); or

 

(3)            imposes
any other condition, cost or expense (other than Taxes) affecting this Agreement or the Notes (or any of such extensions of credit or
liabilities).

 

Without limiting the effect
of the provisions of the first paragraph of this Section, in the event that, by reason of any Regulatory Change, any Bank becomes subject
to restrictions on the amount of such a category of liabilities or assets which it may hold, then, if such Bank so elects by notice to
Borrower (with a copy to Administrative Agent), the obligation of such Bank to permit Elections of, to Continue, or to Convert Base Rate
Loans into, Term SOFR Loans or Daily SOFR Loans shall be suspended (in which case the provisions of Section 3.04 shall be applicable)
until such Regulatory Change ceases to be in effect.

 

The obligations of Borrower
under this Section shall survive the repayment of all amounts due under or in connection with any of the Loan Documents and the termination
of the Commitments in respect of the period prior to such termination.

 

Determinations and allocations
by a Bank for purposes of this Section of the effect of any Regulatory Change pursuant to the first or second paragraph of this Section,
on its costs or rate of return of making or maintaining its Loan or portions thereof or on amounts receivable by it in respect of its
Loan or portions thereof, and the amounts required to compensate such Bank under this Section, shall be included in a calculation of such
amounts given to Borrower and shall be conclusive absent manifest error.

 

Notwithstanding
anything contained in this Article III to the contrary, Borrower shall only be obligated to pay any amounts due under this Section 3.01
or under Section 3.06 if, and a Bank shall not exercise any right under this Section 3.01 or Sections 3.03,
3.04 or 3.06 unless, the applicable Bank is generally imposing a similar charge on, or otherwise similarly enforcing its
agreements with, its other similarly situated borrowers. In addition, Borrower shall not be obligated to compensate any Bank under any
such provision for any amounts attributable to any period which is more than 180 days prior to such Bank’s delivery of notice thereof
to Borrower (except that if a Regulatory Change is retroactive, then such period shall be extended to include the period of retroactive
effect, provided that such Bank delivered notice thereof to Borrower no later than 180 days after the date on which the Regulatory Change
with such retroactive effect was made).

 

SECTION 3.02. [Reserved].

 

    	 	51	 

     

    

 

SECTION 3.03. Illegality.
Notwithstanding any other provision of this Agreement, in the event that it becomes unlawful for any Bank or its Applicable Lending Office
to honor its obligation to make or maintain a Term SOFR Loan or Daily SOFR Loan hereunder, to allow Elections or Continuations of a Term
SOFR Loan or to Convert a Base Rate Loan into a Term SOFR Loan or Daily SOFR Loan, then such Bank shall promptly notify Administrative
Agent and Borrower thereof and such Bank’s obligation to make or maintain a Term SOFR Loan or Daily SOFR Loan, or to permit Elections
of, to Continue, or to Convert its Base Rate Loan into, a Term SOFR Loan or Daily SOFR Loan shall be suspended (in which case the provisions
of Section 3.04 shall be applicable) until such time as such Bank may again make and maintain a Term SOFR Loan or Daily SOFR Loan.

 

SECTION 3.04. Treatment
of Affected Loans. If the obligations of any Bank to make or maintain a Term SOFR Loan or a Daily SOFR Loan, or to permit an Election
of a Term SOFR Loan or Daily SOFR Loan, to Continue its Term SOFR Loan, or to Convert its Base Rate Loan or Daily SOFR Loan into a Term
SOFR Loan or Daily SOFR Loan, are suspended pursuant to Section 3.01 or 3.03 (each Term SOFR Loan or Daily SOFR Loan so affected
being herein called an “Affected Loan”), such Bank’s Affected Loan shall be automatically Converted into a Base
Rate Loan (or, in the case of an Affected Loan that is a Daily SOFR Loan, the interest rate thereon shall be converted to the rate applicable
to Base Rate Loans) on the last day of the then current Interest Period for the Affected Loan (or, in the case of a Conversion or conversion
resulting from Section 3.03, on such earlier date as such Bank may specify to Borrower).

 

To the extent that such Bank’s
Affected Loan has been so Converted (or the interest rate thereon so converted), all payments and prepayments of principal which would
otherwise be applied to such Bank’s Affected Loan shall be applied instead to its Base Rate Loan (or to its Daily SOFR Loan bearing
interest at the converted rate) and such Bank shall have no obligation to Convert its Base Rate Loan into a Term SOFR Loan or Daily SOFR
Loan.

 

SECTION 3.05. Certain
Compensation. Other than in connection with a Conversion of an Affected Loan, Borrower shall pay to Administrative Agent for the account
of the applicable Bank, upon the request of such Bank through Administrative Agent which request includes a calculation of the amount(s) due,
such amount or amounts as shall be sufficient (in the reasonable opinion of such Bank) to compensate it for any loss, cost or expense
which such Bank reasonably determines is attributable to:

 

(1)            any
payment or prepayment of a Term SOFR Loan made by such Bank, or any Conversion of a Term SOFR Loan made by such Bank, in any such case
on a date other than the last day of an applicable Interest Period, whether by reason of acceleration or otherwise;

 

(2)            any
failure by Borrower for any reason to Convert a Term SOFR Loan or a Base Rate Loan or to Continue a Term SOFR Loan, as the case may be,
to be Converted or Continued by such Bank on the date specified therefor in the relevant notice under Section 2.14;

 

(3)            [reserved];
or

 

(4)            any
failure by Borrower to prepay a Term SOFR Loan on the date specified in a notice of prepayment.

 

    	 	52	 

     

    

 

A determination of any Bank
as to the amounts payable pursuant to this Section shall be conclusive absent manifest error.

 

The obligations of Borrower
under this Section shall survive the repayment of all amounts due under or in connection with any of the Loan Documents and the termination
of the Commitments in respect of the period prior to such termination.

 

SECTION 3.06. Capital
Adequacy. If any Bank shall have determined that, after the date hereof, due to any Regulatory Change or the adoption of, or any change
in, any applicable law, rule or regulation regarding capital adequacy or liquidity ratios or requirements, or any change in the interpretation
or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration
thereof, or any request or directive regarding capital adequacy or liquidity requirements (whether or not having the force of law) of
any such Governmental Authority, central bank or comparable agency, has or would have the effect of reducing the rate of return on capital
of such Bank (or its Parent) as a consequence of such Bank’s obligations hereunder to a level below that which such Bank (or its
Parent) could have achieved but for such adoption, change, request or directive (taking into consideration its policies with respect to
capital adequacy and liquidity) by an amount deemed by such Bank to be material, then from time to time, within fifteen (15) days after
demand by such Bank (with a copy to Administrative Agent), Borrower shall pay to such Bank such additional amount or amounts as will compensate
such Bank (or its Parent) for such reduction. A certificate of any Bank claiming compensation under this Section, setting forth in reasonable
detail the basis therefor, shall be conclusive absent manifest error. The obligations of Borrower under this Section shall survive
the repayment of all amounts due under or in connection with any of the Loan Documents and the termination of the Commitments in respect
of the period prior to such termination.

 

SECTION 3.07.
Substitution of Banks. If any Bank (an “Affected Bank”) (i) makes demand upon Borrower for (or if Borrower
is otherwise required to pay) Additional Costs pursuant to Section 3.01, (ii) is unable to make or maintain a Term SOFR
Loan or a Daily SOFR Loan as a result of a condition described in Section 3.03, (iii) has any increased costs as described in
Section 3.06, (iv) requires Borrower to pay any Indemnified Taxes or other amounts to such Bank or any Governmental Authority
pursuant to Section 10.13, or (v) becomes a Defaulting Lender or a Non-Consenting Bank, Borrower may, at Borrower’s
sole expense and effort within ninety (90) days of receipt of such demand or notice of the occurrence of an event described above in this
Section 3.07 (provided (A) such 90-day limit shall not be applicable for a Defaulting Lender and (B) such 90-day
period shall be extended for an additional period of 60 days if Borrower shall have attempted during such 90-day period to secure a Replacement
Bank (as defined below) and shall be diligently pursuing such attempt), give written notice (a “Replacement Notice”)
to Administrative Agent and to each Bank of Borrower’s intention to replace the Affected Bank with another financial institution
(the “Replacement Bank”) designated in such Replacement Notice; provided, that in the case of any assignment
resulting from a Bank becoming a Non-Consenting Bank, the Replacement Bank shall have consented to the applicable consent, approval, amendment
or waiver; provided, further, that in the case of an Affected Bank that is not a Defaulting Lender or Non-Consenting Bank,
if Borrower has been unable to obtain a Replacement Bank after using its commercially reasonable efforts to do so for a period of sixty
(60) days, Borrower shall be permitted to prepay in full such Affected Bank’s Loans and to terminate such Affected Bank’s
entire Commitment so long as (A) no Default or Event of Default shall have ocurrred and be continuing at the time of such prepayment
or immediately after giving effect thereto, (B) within thirty (30) days after its receipt of Borrower’s request therefor, such
Affected Bank shall not have agreed to waive the payment of the Additional Costs, Indemnified Taxes or other amounts in question
pursuant to Section 10.13 or the effect of the circumstances described in Section 3.03 or in Section 3.06
and (C) to the extent two or more Affected Banks are so prepaid and their Commitments terminated, such Affected Banks’ aggregate
Commitments so terminated shall not exceed 5% of the total Commitments before giving effect to such terminations, and such prepayments
shall be made ratably in accordance with such Affected Banks’ respective Pro Rata Shares.

 

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In the event Borrower shall
elect to make a prepayment of an Affected Bank to the extent permitted in the final proviso of the preceding paragraph, then, so long
as no Event of Default shall exist, Borrower may (notwithstanding the provisions of clause (2) of Section 2.16(a)) terminate
the Affected Bank’s entire Commitments, provided that in connection therewith it pays to the Affected Bank all outstanding
principal and accrued and unpaid interest under the Affected Bank’s Loans, together with all other amounts, if any, due from Borrower
to the Affected Bank, including all amounts properly demanded and unreimbursed under Sections 3.01, 3.05 or 10.13.
After any replacement or termination, an Affected Bank shall remain entitled to the benefits of Sections 3.01, 3.06, 10.13
and 12.04 in respect of the period prior to such termination.

 

In the event Borrower opts
to give a Replacement Notice, and if Administrative Agent shall promptly (and in any event, within thirty (30) days of its receipt of
the Replacement Notice), notify Borrower and each Bank in writing that the Replacement Bank is reasonably satisfactory to Administrative
Agent, then the Affected Bank shall, so long as no Event of Default shall exist, assign its Loans and all of its rights and obligations
under this Agreement to the Replacement Bank, and the Replacement Bank shall assume all of the Affected Bank’s rights and obligations,
pursuant to an agreement, substantially in the form of an Assignment and Assumption, executed by the Affected Bank and the Replacement
Bank. In connection with such assignment and assumption, the Replacement Bank shall pay to the Affected Bank an amount equal to the outstanding
principal amount of the Affected Bank’s Loans plus all interest accrued thereon, plus all other amounts, if any (other than the
Additional Costs in question), then due and payable to the Affected Bank; provided, however, that prior to or simultaneously
with any such assignment and assumption, Borrower shall have paid to such Affected Bank all amounts properly demanded and unreimbursed
under Sections 3.01, 3.05 and 10.13. Upon the effective date of such assignment and assumption, the Replacement Bank
shall become a Bank party to this Agreement and shall have all the rights and obligations of a Bank as set forth in such Assignment and
Assumption, and the Affected Bank shall be released from its obligations hereunder, and no further consent or action by any party shall
be required. Upon the consummation of any assignment pursuant to this Section, Notes shall be issued to the Replacement Bank by Borrower
in accordance with Section 2.09. If the Replacement Bank is not incorporated under the laws of the United States of America or a
state thereof, it shall, prior to the first date on which interest or fees are payable hereunder for its account, deliver to Borrower
and Administrative Agent a certification as to exemption from deduction or withholding of any United States federal income taxes in accordance
with Section 10.13. Each Replacement Bank shall be deemed to have made the representations contained in, and shall be bound
by the provisions of, Section 10.13. After any assignment as provided in this paragraph, an Affected Bank shall remain entitled
to the benefits of Sections 3.01, 3.06, 10.13 and 12.04 in respect of the period prior to such assignment.
The Affected Bank shall not be required to make any assignment described in this Section if, prior thereto, as a result of a waiver
by such Affected Bank or otherwise, the circumstances entitling Borrower to require such assignment cease to apply.

 

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Borrower, Administrative Agent
and the Banks shall execute such modifications to the Loan Documents as shall be reasonably required in connection with and to effectuate
the foregoing.

 

SECTION 3.08. Obligation
of Banks to Mitigate. Each Bank agrees that, as promptly as practicable after such Bank has actual knowledge of the occurrence of
an event or the existence of a condition that would cause such Bank to become an Affected Bank or that would entitle such Bank to receive
payments under Sections 3.01, 3.03, 3.06 or 10.13, it will, to the extent not inconsistent with any applicable
legal or regulatory restrictions, use reasonable efforts at the cost and expense of Borrower (i) to make, issue, fund, or maintain
the Commitment of such Bank or the affected Loans of such Bank through another lending office of such Bank, or (ii) to assign its
rights and obligations hereunder to another of its offices, branches or Affiliates, if as a result thereof the circumstances that would
cause such Bank to be an Affected Bank would cease to exist or the additional amounts that would otherwise be required to be paid to such
Bank pursuant to Sections 3.01, 3.03, 3.06 or 10.13 would be reduced and if, as reasonably determined by such
Bank in its sole discretion, the making, issuing, funding, or maintaining of such Commitment or Loans through such other lending office
or in accordance with such other measures, as the case may be, would not otherwise adversely affect such Commitment or Loans or would
not be otherwise disadvantageous to the interests of such Bank.

 

SECTION 3.09. Usury.
In no event shall the amount of interest due or payable on the Loans or other Obligations exceed the maximum rate of interest allowed
by applicable Law and, if any such payment is paid by Borrower or any other Loan Party or received by any Bank, then such excess sum shall
be credited as a payment of principal, unless Borrower shall notify the respective Bank in writing that Borrower elects to have such excess
sum returned to it forthwith. It is the express intent of the parties hereto that Borrower not pay and the Banks not receive, directly
or indirectly, in any manner whatsoever, interest in excess of that which may be lawfully paid by Borrower under applicable Law. The parties
hereto hereby agree and stipulate that the only charge imposed upon Borrower for the use of money in connection with this Agreement is
and shall be the interest specifically described in Section 2.07. Notwithstanding the foregoing, the parties hereto further
agree and stipulate that all agency fees, syndication fees, facility fees, closing fees, letter of credit fees, underwriting fees, default
charges, late charges, funding or “breakage” charges, increased cost charges, attorneys’ fees and reimbursement for
costs and expenses paid by Administrative Agent or any Bank to third parties or for damages incurred by Administrative Agent or any Bank,
in each case in connection with the transactions contemplated by this Agreement and the other Loan Documents, are charges made to compensate
Administrative Agent or any such Bank for underwriting or administrative services and costs or losses performed or incurred, and to be
performed or incurred, by Administrative Agent and the Banks in connection with this Agreement and shall under no circumstances be deemed
to be charges for the use of money. All charges other than charges for the use of money shall be fully earned and nonrefundable when due.

 

    	 	55	 

     

    

 

SECTION 3.10. Changed
Circumstances.

 

(a)            Circumstances
Affecting Benchmark Availability. Subject to clause (c) below, in connection with any request for a SOFR Loan or a conversion
to or continuation thereof or otherwise, if for any reason (i) the Administrative Agent shall determine (which determination shall
be conclusive and binding absent manifest error) that reasonable and adequate means do not exist for ascertaining Term SOFR for the applicable
Interest Period with respect to a proposed Term SOFR Loan on or prior to the first day of such Interest Period or the Adjusted Floating
Overnight Daily SOFR Rate or (ii) the Required Banks shall determine (which determination shall be conclusive and binding absent
manifest error) that Term SOFR or the Adjusted Floating Overnight Daily SOFR Rate does not adequately and fairly reflect the cost to such
Banks of making or maintaining such Loans during such Interest Period, then, in each case, the Administrative Agent shall promptly give
notice thereof to the Borrower and to each Bank. Upon notice thereof by the Administrative Agent to the Borrower, any obligation of the
Banks to make Term SOFR Loans or Daily SOFR Loans, as applicable, and any right of the Borrower to convert any Loan to or continue any
Loan as a Term SOFR Loan or Daily SOFR Loan, as applicable, shall be suspended (to the extent of the affected SOFR Loans or the affected
Interest Periods) until the Administrative Agent (with respect to clause (ii), at the instruction of the Required Banks) revokes such
notice. Upon receipt of such notice, (A) the Borrower may revoke any pending request for a borrowing of, conversion to or continuation
of SOFR Loans (to the extent of the affected SOFR Loans or the affected Interest Periods) or, failing that, the Borrower will be deemed
to have converted any such request into a request for a borrowing of or conversion to (x) Daily SOFR Loans so long as the Adjusted
Floating Overnight Daily SOFR Rate is not the subject of clauses (i) or (ii) above, or (y) Base Rate Loans if the Adjusted
Floating Overnight Daily SOFR Rate is the subject of clauses (i) or (ii) above, in each case, in the amount specified therein
and (B) any outstanding affected Term SOFR Loans will be deemed to have been converted into (x) Daily SOFR Loans so long as
the Adjusted Floating Overnight Daily SOFR Rate is not the subject of clauses (i) or (ii) above, or (y) Base Rate Loans
if the Adjusted Floating Overnight Daily SOFR Rate is the subject of clauses (i) or (ii) above, in each case, at the end of
the applicable Interest Period, or, in the case of any Daily SOFR Loan, immediately. Upon any such prepayment or conversion, the Borrower
shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts required pursuant to Section 3.05.

 

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(b)            Laws
Affecting SOFR Availability. If, after the date hereof, the introduction of, or any change in, any applicable Law or any change in
the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation
or administration thereof, or compliance by any of the Banks (or any of their respective Applicable Lending Offices) with any request
or directive (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, shall make
it unlawful or impossible for any of the Banks (or any of their respective Applicable Lending Offices) to honor its obligations hereunder
to make or maintain any SOFR Loan, or to determine or charge interest based upon SOFR, the Term SOFR Reference Rate, the Adjusted Floating
Overnight Daily SOFR Rate, Adjusted Term SOFR or Term SOFR, such Bank shall promptly give notice thereof to the Administrative Agent and
the Administrative Agent shall promptly give notice to the Borrower and the other Banks. Thereafter, until the Administrative Agent notifies
the Borrower that such circumstances no longer exist, (i) any obligation of the Banks to make Term SOFR Loans or Daily SOFR Loans,
as applciable, and any right of the Borrower to convert any Loan to a Term SOFR Loan and/or Daily SOFR Loan, as applicable, or continue
any Loan as a Term SOFR Loan or Daily SOFR Loan, as applicable, shall be suspended and (ii) if necessary to avoid such illegality,
the Administrative Agent shall compute the Base Rate without reference to clause (c) of the definition of “Base Rate”,
in each case until each such affected Bank notifies the Administrative Agent and the Borrower that the circumstances giving rise to such
determination no longer exist. Upon receipt of such notice, the Borrower shall, if necessary to avoid such illegality, upon demand from
any Bank (with a copy to the Administrative Agent), prepay or, if applicable, convert all SOFR Loans to (x) Daily SOFR Loans so long
as SOFR and the Adjusted Floating Overnight Daily SOFR Rate is not the subject of illegality, or (y) Base Rate Loans if SOFR or Adjusted
Floating Overnight Daily SOFR Rate is the subject of illegality (in each case, if necessary to avoid such illegality, the Administrative
Agent shall compute the Base Rate without reference to clause (c) of the definition of “Base Rate”), on the last day
of the Interest Period therefor, if all affected Banks may lawfully continue to maintain such affected SOFR Loans, to such day, or immediately,
if any Bank may not lawfully continue to maintain such SOFR Loans to such day. Upon any such prepayment or conversion, the Borrower shall
also pay accrued interest on the amount so prepaid or converted, together with any additional amounts required pursuant to Section 3.05.

 

(c)            Benchmark
Replacement Setting.

 

(i)            Benchmark
Replacement.

 

(A)            Notwithstanding
anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event, the Administrative
Agent and the Borrower may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement. Any such amendment
with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Banking Day after the
Administrative Agent has posted such proposed amendment to all affected Banks and the Borrower so long as the Administrative Agent has
not received, by such time, written notice of objection to such amendment from Banks comprising the Required Banks. No replacement of
a Benchmark with a Benchmark Replacement pursuant to this Section 3.10(c)(i)(A) will occur prior to the applicable Benchmark
Transition Start Date.

 

(B)            No
Derivatives Contract shall be deemed to be a “Loan Document” for purposes of this Section 3.10.

 

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

 

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(iii)          Notices;
Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Banks of (A) the
implementation of any Benchmark Replacement and (B) the effectiveness of any Conforming Changes in connection with the use, administration,
adoption or implementation of a Benchmark Replacement. The Administrative Agent will promptly notify the Borrower of the removal or reinstatement
of any tenor of a Benchmark pursuant to Section 3.10(c)(iv). Any determination, decision or election that may be made by
the Administrative Agent or, if applicable, any Bank (or group of Banks) pursuant to this Section 3.10(c), including any
determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and
any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may
be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except,
in each case, as expressly required pursuant to this Section 3.10(c).

 

(iv)          Unavailability
of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection
with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including the Term SOFR Reference
Rate) and either (1) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate
from time to time as selected by the Administrative Agent in its reasonable discretion or (2) the administrator of such Benchmark
or the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing
that any tenor for such Benchmark is not or will not be representative or in compliance with or aligned with the International Organization
of Securities Commissions (IOSCO) Principles for Financial Benchmarks, then the Administrative Agent may modify the definition of “Interest
Period” (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable, non-representative,
non-compliant or non-aligned tenor and (B) if a tenor that was removed pursuant to clause (A) above either (1) is subsequently
displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (2) is not, or is no longer,
subject to an announcement that it is not or will not be representative or in compliance with or aligned with the International Organization
of Securities Commissions (IOSCO) Principles for Financial Benchmarks for a Benchmark (including a Benchmark Replacement), then the Administrative
Agent may modify the definition of “Interest Period” (or any similar or analogous definition) for all Benchmark settings at
or after such time to reinstate such previously removed tenor.

 

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(v)           Benchmark
Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, (A) the
Borrower may revoke any pending request for a borrowing of, conversion to or continuation of SOFR Loans to be made, converted or continued
during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request
for a borrowing of or conversion to (x) Daily SOFR Loans so long as the Adjusted Floating Overnight Daily SOFR Rate is not the subject
of such unavailability, or (y) Base Rate Loans if Adjusted Floating Overnight Daily SOFR Rate is the subject of such unavailability
and (B) any outstanding affected SOFR Loans will be deemed to have been converted to (x) Daily SOFR Loans so long as the Adjusted
Floating Overnight Daily SOFR Rate is not the subject of such unavailability, or (y) Base Rate Loans if Adjusted Floating Overnight
Daily SOFR Rate is the subject of such unavailability, in each case, at the end of the applicable Interest Period. During any Benchmark
Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Base
Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the
Base Rate.

 

(vi)          Term
SOFR and Adjusted Floating Overnight Daily SOFR Rate Conforming Changes. In connection with the use or administration of Term SOFR
or the Adjusted Floating Overnight Daily SOFR Rate, the Administrative Agent will have the right to make Conforming Changes from time
to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming
Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. The
Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness of any Conforming Changes in connection with
the use or administration of Term SOFR or the Adjusted Floating Overnight Daily SOFR Rate.

 

ARTICLE IV

 

CONDITIONS PRECEDENT

 

SECTION 4.01. Conditions
Precedent to the Loans. The obligations of the Banks hereunder and the obligation of each Bank to make the Initial Advance hereunder
shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 12.02):

 

(1)            Fees
and Expenses. The payment of all fees owed to the Banks incurred in connection with the origination of the Loans and required to be
paid as of the Closing Date and all expenses (including, without limitation, the reasonable and documented out-of-pocket fees and expenses
of legal counsel of Administrative Agent) for which invoices have been presented to Borrower on or prior to the Closing Date;

 

(2)            Loan
Agreement and Notes. This Agreement (including all schedules hereto, which shall be accurate as of the Closing Date), duly executed
by Borrower, and the Notes for each of the Banks signatory hereto which has requested such Note, each duly executed by Borrower;

 

    	 	59	 

     

    

 

(3)            Pro
Forma Compliance Certificate and Financial Projections. Receipt and review of (x) customary year to date pro forma compliance
certificate of the type required by paragraph (3) of Section 6.09 and financial projections for General Partner’s consolidated
operations calculated as of the quarter ending as of September 30, 2021, and, (y) to the extent reasonably requested by the
Administrative Agent, financial projections for the General Partner’s consolidated operations;

 

(4)            Certificates
of Limited Partnership/Trust, etc. A copy of the Certificate of Limited Partnership for Borrower, a copy of the articles of trust
of General Partner and a copy of the certificate or articles of incorporation or formation, articles of organization, certificate of limited
partnership, declaration of trust or other comparable organizational instrument (if any) of each other Loan Party, each certified by the
appropriate Secretary of State or equivalent state official;

 

(5)            Agreements
of Limited Partnership/Bylaws, etc. A copy of the Agreement of Limited Partnership for Borrower, a copy of the bylaws of General
Partner and a copy of the by-laws, the operating agreement, the partnership agreement, or other comparable document in the case of ecah
other Loan Party, including all amendments thereto, each certified by the Secretary or an Assistant Secretary (or other individual performing
similar functions) of each Loan Party as being in full force and effect on the Closing Date;

 

(6)            Good
Standing Certificates. A certified copy of a certificate from the Secretary of State or equivalent state official of the states where
Borrower, General Partner and each other Loan Party are organized, dated as of the most recent practicable date, showing the good standing
or partnership qualification of Borrower, General Partner and each other Loan Party;

 

(7)            Foreign
Qualification Certificates. A certified copy of a certificate from the Secretary of State or equivalent state official of the state
where Borrower, General Partner and each other Loan Party maintain their principal places of business, dated as of the most recent practicable
date, showing the qualification to transact business in such state as a foreign limited partnership or foreign trust, as the case may
be, for Borrower, General Partner and each other Loan Party, except where the failure to be so qualified would likely cause a Material
Adverse Change to occur;

 

(8)            Resolutions.
A copy of a resolution or resolutions adopted by the Board of Trustees of General Partner and all other corporate, partnership, member
or other necessary action taken by each other Loan Party, certified by the Secretary or an Assistant Secretary of General Partner or such
other Loan Party (or other individual performing similar functions) as being in full force and effect on the Closing Date, authorizing
the Loans provided for herein and the execution, delivery and performance of the Loan Documents to be executed and delivered by General
Partner, including on behalf of Borrower, and each other Loan Party hereunder;

 

(9)            Incumbency
Certificate. A certificate, signed by the Secretary or an Assistant Secretary of General Partner and each other Loan Party (or other
individual performing similar functions) and dated the Closing Date, as to the incumbency, and containing the specimen signature or signatures,
of the Persons authorized to execute and deliver the Loan Documents to be executed and delivered by it, Borrower and each other Loan Party
hereunder;

 

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(10)          Solvency
Certificate. A Solvency Certificate, duly executed, from Borrower;

 

(11)          Opinion
of Counsel for Borrower. Favorable opinions, dated as of the Closing Date, from counsels for Borrower, General Partner and the other
Loan Parties, as to such customary matters as Administrative Agent may reasonably request;

 

(12)          Disbursement
Instruction Agreement. The Disbursement Instruction Agreement, duly executed by Borrower;

 

(13)          [Reserved];

 

(14)          Notice
of Borrowing. To the extent an advance is to be made on the Closing Date, a Notice of Borrowing in accordance with Section 2.05;

 

(15)          Certificate.
The following statements shall be true and Administrative Agent shall have received a certificate dated as of the Closing Date signed
by a Responsible Officer of Borrower stating, to the best of the certifying party’s knowledge, the following:

 

(A)            All
representations and warranties of Borrower and the other Loan Parties contained in this Agreement and in each of the other Loan Documents
are true and correct on and as of the Closing Date as though made on and as of such date, and

 

(B)            No
Default or Event of Default has occurred and is continuing.

 

(16)          KYC
Information. Administrative Agent and each Bank shall have received all documentation and other information about Borrower, General
Partner and the other Loan Parties as shall have been reasonably requested by Administrative Agent or such Bank that it shall have reasonably
determined is required by regulatory authorities under applicable “know your customer”, Anti-Money Laundering Laws and, if
the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification;
provided, that the Banks shall have requested any such know-your-customer documentation at least ten (10) Banking Days prior to the
Closing Date, and Borrower shall have delivered any such know-your-customer documentation at least seven (7) Banking Days prior to
the Closing Date; provided, further, that to the extent that any such documentation shall not be available in executed and certified form
prior to the Closing Date, Borrower shall have delivered final and complete drafts of such documentation at least seven (7) Banking
Days prior to the Closing Date (with any non-material changes to such drafts after the Closing Date and prior to the Closing Date to be
approved by Administrative Agent in its reasonable discretion);

 

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(17)          Amendment
to Existing Credit Agreement. The Administrative Agent and each Bank shall have received evidence reasonably satisfactory to it that
an amendment to the Existing Credit Agreement shall be concurrently effective on the Closing Date; and

 

(18)          Repayment
of Outstanding Term Loans. The Borrower shall have repayed any outstanding “Term A-1 Loans” under (and as defined in)
the Existing Credit Agreement.

 

SECTION 4.02. Conditions
Precedent to Advances After the Initial Advance. The obligation of each Bank to make any advance of the Loans shall be subject to
satisfaction of the following conditions precedent:

 

(1)            No
Default or Event of Default shall have occurred and be continuing;

 

(2)            Each
of the representations and warranties of Borrower and the other Loan Parties contained in this Agreement and in each of the other Loan
Documents shall be true and correct in all material respects as of the date of the advance, issuance, renewal or increase (except in those
cases where such representation or warranty expressly relates to an earlier date or is qualified as to “materiality”, “Material
Adverse Change” or similar language (which shall be true and correct in all respects) and except for changes in factual circumstances
not prohibited hereunder); and

 

(3)            Administrative
Agent shall have received a Notice of Borrowing in accordance with Section 2.05.

 

SECTION 4.03. Deemed
Representations. Each request by Borrower for, and acceptance by Borrower of, an advance of proceeds of the Loans, shall constitute
a representation and warranty by Borrower that, as of both the date of such request and the date of such advance (1) no Default or
Event of Default has occurred and is continuing as of the date of such advance, and (2) each of the representations and warranties
by Borrower and the other Loan Parties contained in this Agreement and in each of the other Loan Documents is true and correct in all
material respects (except in those cases where such representation or warranty expressly relates to an earlier date or is qualified as
to “materiality”, “Material Adverse Change” or similar language (which shall be true and correct in all respects))
on and as of such date with the same effect as if made on and as of such date, except where such representation or warranty expressly
relates to an earlier date and except for changes in factual circumstances not prohibited hereunder. In addition, the request by Borrower
for, and acceptance by Borrower of, the Initial Advance shall constitute a representation and warranty by Borrower that, as of the Closing
Date, each certificate delivered pursuant to Section 4.01 is true and correct in all material respects.

 

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ARTICLE V

 

REPRESENTATIONS AND WARRANTIES

 

Borrower represents and warrants
to Administrative Agent and each Bank as follows:

 

SECTION 5.01. Existence.
Borrower is a limited partnership duly organized, existing and in good standing under the laws of the jurisdiction of its formation, with
its principal executive office, as of the Closing Date, in the State of Maryland, and is duly qualified as a foreign limited partnership,
properly licensed, in good standing and has all requisite authority to conduct its business in each jurisdiction in which it owns properties
or conducts business except where the failure to be so qualified or to obtain such authority would not constitute a Material Adverse Change.
General Partner is a REIT duly organized, existing and in good standing under the laws of the jurisdiction of its incorporation, with
its principal executive office, as of the Closing Date, in the State of Maryland, is duly qualified as a foreign corporation or trust
and properly licensed and in good standing in each jurisdiction where the failure to qualify or be licensed would constitute a Material
Adverse Change. The common shares of General Partner are listed on the New York Stock Exchange.

 

SECTION 5.02. Corporate/Partnership
Powers. The execution, delivery and performance of this Agreement and the other Loan Documents required to be delivered by Borrower
and the other Loan Parties are within the partnership or other authority of Borrower or such Loan Party, as applicable, have been duly
authorized by all requisite action, and are not in conflict with the terms of any organizational documents of such entity, or any instrument
or agreement to which Borrower, any other Loan Party or General Partner is a party or by which Borrower, any other Loan Party or General
Partner or any of their respective assets may be bound or affected (which conflict with any such instrument or agreement would likely
cause a Material Adverse Change).

 

SECTION 5.03. Power
of Officers. The officers of General Partner executing the Loan Documents required to be delivered by it on behalf of Borrower hereunder
and the officers or other representatives of the other Loan Parties executing the Loan Documents required to be delivered by such Loan
Parties hereunder have been duly elected or appointed and were fully authorized to execute the same at the time each such Loan Document
was executed.

 

SECTION 5.04. Power
and Authority; No Conflicts; Compliance With Laws. The execution and delivery of, and the performance of the obligations required
to be performed by Borrower and the other Loan Parties under, the Loan Documents do not and will not (a) violate any provision of,
or, except for those which have been made or obtained, require any filing (other than SEC disclosure filings), registration, consent or
approval under, any Law (including, without limitation, Regulation U), order, writ, judgment, injunction, decree, determination or award
presently in effect having applicability to it, (b) result in a breach of or constitute a default under or require any consent under
any material indenture or material loan or credit agreement or any other material agreement, lease or instrument to which it may be a
party or by which it or its properties may be bound or affected except for consents which have been obtained, or (c) result in, or
require, the creation or imposition of any Lien, upon or with respect to any of its properties now owned or hereafter acquired. Borrower
and its Subsidiaries are in compliance with all Laws applicable to it and its respective properties where the failure to be in compliance
could reasonably be expected to cause a Material Adverse Change to occur.

 

SECTION 5.05. Legally
Enforceable Agreements. Each Loan Document to which Borrower or another Loan Party is party is a legal, valid and binding obligation
of Borrower or such other Loan Party, enforceable in accordance with its terms, except to the extent that such enforcement may be limited
by applicable bankruptcy, insolvency and other similar laws affecting creditors’ rights generally, as well as general principles
of equity.

 

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SECTION 5.06. Litigation.
There are no investigations, actions, suits or proceedings pending or, to its knowledge, threatened against Borrower, General Partner
or any of their Affiliates before any court or arbitrator or any Governmental Authority reasonably likely to (i) have a material
effect on Borrower’s ability to repay the Loans, (ii) except with respect to matters existing as of the Closing Date as disclosed
and specifically identified in General Partner’s SEC Reports prior to the Closing Date, result in a Material Adverse Change, or
(iii) affect the validity or enforceability of any Loan Document.

 

SECTION 5.07. Good
Title to Properties. Borrower and each Subsidiary have good, marketable and legal title to all of the properties and assets each of
them purports to own (including, without limitation, those reflected in the financial statements referred to in Sections 4.01(3) and
5.15 and only with exceptions which do not materially detract from the value of such property or assets or the use thereof in the
Loan Parties’ and each Affiliate’s businesses, and except to the extent that any such properties and assets have been encumbered
or disposed of since the date of such financial statements without violating any of the covenants contained in Article VII or elsewhere
in this Agreement) and except where failure to comply with the foregoing would likely result in a Material Adverse Change. Borrower and
its Subsidiaries enjoy peaceful and undisturbed possession of all leased property under leases which are valid and subsisting and are
in full force and effect, except to the extent that the failure to be so would not likely result in a Material Adverse Change.

 

SECTION 5.08. Taxes.
Borrower, the Loan Parties and General Partner have filed all tax returns (federal, state and local) required to be filed and have paid
all taxes, assessments and governmental charges and levies due and payable without the imposition of a penalty, including interest and
penalties, except to the extent they are the subject of a Good Faith Contest or where the failure to comply with the foregoing would not
likely result in a Material Adverse Change.

 

SECTION 5.09. ERISA.
To the knowledge of Borrower, each Plan is in compliance in all material respects with its terms and all applicable provisions of ERISA.
No Prohibited Transaction has occurred with respect to any Plan that could subject Borrower, any of its Subsidiaries, General Partner
or any ERISA Affiliate to a tax or penalty imposed under Section 4975 of the Code or Section 502(i) of ERISA in an amount
that is in excess of $250,000; except as would not likely result in a Material Adverse Change, no Reportable Event has occurred with respect
to any Plan within the last six (6) years; except as would not likely result in a Material Adverse Change, no notice of intent to
terminate a Plan has been filed nor has any Plan been terminated within the past five (5) years; except as would not likely result
in a Material Adverse Change, no Multiemployer Plan has been determined to be in “endangered status” or “critical status”;
except as would not likely result in a Material Adverse Change, none of Borrower, its Subsidiaries, General Partner or ERISA Affiliate
has partially or completely withdrawn from a Multiemployer Plan or incurred any liablity with respect to a Multiemployer Plan under Section 4201
of ERISA (or received notice under Section 4219 of ERISA of withdrawal liability with respect to Multiemployer Plan); except as would
not likely result in a Material Adverse Change, there has been no filing of a notice of reorganization, insolvency or termination, or
treatment of a plan amendment as termination, under 4041A of ERISA; to the knowledge of Borrower, there are no circumstances which constitute
grounds under Section 4042 of ERISA entitling the PBGC to institute proceedings to terminate, or appoint a trustee to administer,
a Plan, nor has the PBGC instituted any such proceedings; except as would not likely result in a Material Adverse Change, Borrower, its
Subsidiaries, General Partner and the ERISA Affiliates have met the minimum funding requirements of Section 412 of the Code and Section 302
of ERISA of each with respect to the Plans of each and except as disclosed in the most recent General Partner’s Consolidated Financial
Statements there was no Unfunded Current Liability with respect to any Plan established or maintained by each as of the last day of the
most recent plan year of each Plan; and except as would not likely result in a Material Adverse Change, Borrower, its Subsidiaries, General
Partner and the ERISA Affiliates have not incurred any liability to the PBGC under ERISA (other than for the payment of premiums under
Section 4007 of ERISA) which is due and payable for more than 45 days and has not been reserved against. None of the assets of Borrower
its Subsidiaries or General Partner under this Agreement constitute “plan assets” of any “employee benefit plan”
within the meaning of ERISA or of any “plan” within the meaning of Section 4975(e)(1) of the Code, as interpreted
by the IRS and the U.S. Department of Labor in rules, regulations, releases or bulletins or as interpreted under applicable case law.

 

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SECTION 5.10. No Default
on Outstanding Judgments or Orders. Borrower and its Subsidiaries have satisfied all judgments which are not being appealed and are
not in default with respect to any rule or regulation or any judgment, order, writ, injunction or decree applicable to Borrower or
any of its Subsidiaries, of any court, arbitrator or federal, state, municipal or other Governmental Authority, commission, board, bureau,
agency or instrumentality, domestic or foreign, in each case which failure to satisfy or which being in default is likely to result in
a Material Adverse Change.

 

SECTION 5.11. No Defaults
on Other Agreements. Except as disclosed to the Bank Parties in writing prior to the Closing Date or with respect to matters existing
as of the Closing Date as disclosed and specifically identified in General Partner’s SEC Reports prior to the Closing Date, none
of Borrower or any of its Subsidiaries, to the best of Borrower’s knowledge, is a party to any indenture, loan or credit agreement
or any lease or other agreement or instrument or subject to any partnership, trust or other restriction which is likely to result in a
Material Adverse Change. To the best of Borrower’s knowledge, none of Borrower or any of its Subsidiaries is in default in any respect
in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument
which is likely to result in a Material Adverse Change.

 

SECTION 5.12. Government
Regulation. None of Borrower, General Partner or any Loan Party is subject to regulation under the Investment Company Act.

 

SECTION 5.13. Environmental
Protection. To Borrower’s knowledge, except with respect to matters existing as of the Closing Date as disclosed and specifically
identified in General Partner’s SEC Reports prior to the Closing Date, none of the properties of Borrower, General Partner or any
Subsidiary contains any Hazardous Materials that, under any Environmental Law currently in effect, (1) would impose liability on
Borrower, General Partner or any Subsidiary that is likely to result in a Material Adverse Change, or (2) is likely to result in
the imposition of a Lien on any assets of Borrower, General Partner or any Subsidiary that is likely to result in a Material Adverse Change.
To Borrower’s knowledge, neither it nor any Subsidiaries are in violation of, or subject to any existing, pending or threatened
investigation or proceeding by any Governmental Authority under any Environmental Law that is likely to result in a Material Adverse Change.

 

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SECTION 5.14. Solvency.
Borrower and the other Loan Parties, taken as a whole, are, and upon consummation of the transactions contemplated by this Agreement,
the other Loan Documents and any other documents, instruments or agreements relating thereto, will be, Solvent.

 

SECTION 5.15. Financial
Statements. General Partner’s Consolidated Financial Statements most recently delivered to the Banks prior to the Closing Date
are in all material respects complete and fairly present in all material respects the financial condition and results of operations of
the subjects thereof as of the dates of and for the periods covered by such statements, all in accordance with GAAP (subject, in the case
of the unaudited statements, to changes resulting from normal year-end audit adjustments and the inclusion in the final audited statements
of footnotes that were not contained in the unaudited statements). There has been no Material Adverse Change since the Closing Date, or
if any of General Partner’s Consolidated Financial Statements have been delivered pursuant to Section 6.09(1) subsequent
to the Closing Date, there has been no Material Adverse Change since the date of such recently delivered General Partner’s Consolidated
Financial Statements.

 

SECTION 5.16. Valid
Existence of Subsidiaries. Each Subsidiary is (i) an entity duly organized and validly existing under the laws of the jurisdiction
of its formation and (ii) in good standing under the laws of the jurisdiction of its formation except in the case of this clause
(ii), where the failure to be so qualified would not likely cause a Material Adverse Change. As to each Subsidiary and as of the Closing
Date, its correct name, the jurisdiction of its formation, and Borrower’s direct or indirect percentage of beneficial interest therein,
are set forth on Schedule 5.16. Borrower and each of its Subsidiaries have the power to
own their respective properties and to carry on their respective businesses now being conducted, except, in the case of a Subsidiary that
does not own, directly or indirectly, any Unencumbered Asset, where the failure to have such power would not likely result in a Material
Adverse Change. Each Subsidiary is duly qualified as a foreign corporation to do business and is in good standing in every jurisdiction
in which the nature of the respective businesses conducted by it or its respective properties, owned or held under lease, make such qualification
necessary and where the failure to be so qualified would likely cause a Material Adverse Change.

 

SECTION 5.17. Insurance.
Borrower (with respect to itself and its Subsidiaries) and General Partner have in force paid insurance with financially sound and reputable
insurance companies or associations in such amounts and covering such risks as are usually carried by companies engaged in the same or
a similar business and similarly situated.

 

SECTION 5.18. Accuracy
of Information; Full Disclosure.

 

(a)            Neither
this Agreement nor any documents, financial statements, reports, notices, schedules, certificates, statements or other writings furnished
by or on behalf of Borrower to Administrative Agent or any Bank in connection with the negotiation of this Agreement or the consummation
of the transactions contemplated hereby, required herein to be furnished by or on behalf of Borrower (other than projections which are
made by Borrower in good faith) or certified as being true and correct by or on behalf of Borrower to Administrative Agent or any Bank
in connection with the negotiation of this Agreement or delivered hereunder, taken as a whole, contains any untrue statement of a material
fact or omits to state any material fact necessary to make the statements herein or therein, in the light of the circumstances under which
they were made, not misleading in any material respect; provided that, with respect to projected financial information, Borrower represents
only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time prepared. There is
no fact which Borrower has not disclosed to Administrative Agent and the Banks in writing or that is not included in General Partner’s
SEC Reports that materially affects adversely or, so far as Borrower can foresee as of the Closing Date, will materially affect adversely
the business or financial condition of Borrower or the ability of Borrower to perform this Agreement and the other Loan Documents.

 

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(b)            As
of the Closing Date, the information included in each Beneficial Ownership Certification is true and correct in all respects.

 

SECTION 5.19. Use
of Proceeds. All proceeds of the Loans will be used by Borrower (x) to refinance certain Debt outstanding under the Existing
Credit Agreement and (y) for any purpose permitted by law, including, without limitation, working capital and other general corporate
purposes. Neither the making of any Loan nor the use of the proceeds thereof nor any other extension of credit hereunder will violate
the provisions of Regulations T, U, or X of the Federal Reserve Board. Borrower is not engaged principally or as one of its important
activities in the business of extending credit for the purposes of “purchasing” or “carrying” any “margin
stock” within the respective meanings of such terms under Regulations T, U and X of the Federal Reserve Board.

 

SECTION 5.20. Governmental
Approvals. No order, consent, approval, license, authorization, or validation of, or filing, recording or registration with, or exemption
by, any governmental or public body or authority, or any subdivision thereof, is required to authorize, or is required in connection with
the execution, delivery and performance of any Loan Document or the consummation of any of the transactions contemplated thereby other
than those that have already been duly made or obtained and remain in full force and effect or those which, if not made or obtained, would
not likely result in a Material Adverse Change and those which will be made in due course as SEC disclosure filings.

 

SECTION 5.21. Principal
Offices. As of the Closing Date, the principal office, chief executive office and principal place of business of Borrower is 4747
Bethesda Avenue, Suite 200, Bethesda, Maryland 20814.

 

SECTION 5.22. General
Partner Status.

 

(1)            The
General Partner qualifies as, and has elected to be treated as, a REIT and is in compliance with all requirements and conditions imposed
under the Code to allow the General Partner to maintain its status as a REIT.

 

(2)            As
of the Closing Date, General Partner owns no assets other than ownership interests in Borrower or as disclosed on SCHEDULE 2A attached
hereto.

 

(3)            General
Partner is neither the borrower nor guarantor of any Debt except as disclosed on SCHEDULE 3 attached hereto (the “Existing General
Partner Debt”) and except for Debt of General Partner permitted by Section 7.04(b).

 

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SECTION 5.23. Labor
Matters. Except for collective bargaining agreements disclosed on Schedule 5.23 and
Multiemployer Plans disclosed in SCHEDULE 5.23, (i) as of the Closing Date, there are no collective bargaining agreements or Multiemployer
Plans covering the employees of Borrower, General Partner, or any ERISA Affiliate and (ii) neither Borrower, General Partner, nor
any ERISA Affiliate has suffered any strikes, walkouts, work stoppages or other material labor difficulty within the last five years
which could reasonably be expected to result in a Material Adverse Change.

 

SECTION 5.24. Organizational
Documents. The documents delivered pursuant to Section 4.01(4) and (5) constitute, as of the Closing Date, all of the
organizational documents of Borrower, the other Loan Parties and General Partner. Borrower represents that it has delivered to Administrative
Agent true, correct and complete copies of each such document. General Partner (or a wholly-owned Subsidiary of General Partner) is General
Partner of Borrower. General Partner holds (directly or indirectly) not less than seventy-five percent (75%) of the ownership interests
in Borrower as of the Closing Date.

 

SECTION 5.25. Anti-Corruption
Laws and Sanctions. None of General Partner, Borrower, any Subsidiary, any of their respective directors, officers, employees, Affiliates
or, to the knowledge of General Partner, any agent or representative of General Partner, Borrower or any Subsidiary that will act in any
capacity in connection with or benefit from this Agreement, (i) is a Sanctioned Person or currently the subject or target of any
Sanctions, (ii) has its assets located in a Sanctioned Country, (iii) except to the extent permitted for a Person required to
comply with Sanctions, directly or indirectly derives revenues from investments in, or transactions with, Sanctioned Persons or (iv) has
violated any anti-money laundering rule or regulation in any material respect. Each of General Partner, Borrower and its Subsidiaries,
and to the knowledge of Borrower, each director, officer, employee, agent and Affiliate of General Partner, Borrower and each such Subsidiary,
is in compliance with the Anti-Corruption Laws in all material respects. Each of General Partner and Borrower has implemented and maintains
in effect policies and procedures reasonably designed to ensure compliance with the Anti-Corruption Laws and applicable Sanctions by General
Partner, Borrower, its Subsidiaries, their respective directors, officers, employees, Affiliates and agents and representatives of General
Partner, Borrower or any Subsidiary that will act in any capacity in connection with or benefit from this Agreement.

 

SECTION 5.26. Affected
Financial Institutions. None of General Partner, Borrower or any of its or their Subsidiaries an Affected Financial Institution or
a Covered Party.

 

ARTICLE VI

 

AFFIRMATIVE COVENANTS

 

So
long as this Agreement is in effect, Borrower shall:

 

SECTION 6.01. Maintenance
of Existence. Preserve and maintain, and, except as permitted by Section 7.01, cause General Partner and each Subsidiary to preserve
and maintain, its legal existence and, if applicable, good standing in its jurisdiction of organization (except, in the case of a Subsidiary,
where the failure to maintain such good standing would not likely cause a Material Adverse Change) and, if applicable, qualify and remain
qualified as a foreign entity in each jurisdiction in which such qualification is required, except to the extent that failure to so qualify
would not likely result in a Material Adverse Change.

 

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SECTION 6.02. Maintenance
of Records. Keep adequate records and books of account, in which entries will be made in accordance with GAAP in all material respects,
except as disclosed in General Partner’s financial statements, reflecting all of its financial transactions.

 

SECTION 6.03. Maintenance
of Insurance. At all times, maintain and keep in force with respect to General Partner, Borrower, and their respective Subsidiaries,
insurance with financially sound and reputable insurance companies or associations in such amounts and covering such risks as are usually
carried by companies engaged in the same or a similar business and similarly situated, which insurance may provide for reasonable deductibles
from coverage thereof.

 

SECTION 6.04. Compliance
with Laws; Payment of Taxes.

 

(a)            Comply,
and cause General Partner and each Subsidiary to comply, in all material respects with all Laws applicable to it or to any of its properties
or any part thereof, such compliance to include, without limitation, paying before the same become delinquent all taxes, assessments and
governmental charges imposed upon it or upon any of its property, except to the extent they are the subject of a Good Faith Contest or
the failure to so comply would not cause a Material Adverse Change.

 

(b)            Borrower
shall, and shall cause General Partner to, maintain in effect and enforce policies and procedures reasonably designed to ensure compliance
with the Anti-Corruption Laws and applicable Sanctions by General Partner, Borrower, its or their Subsidiaries, its or their respective
directors, officers, employees, Affiliates, and agents and representatives of General Partner, Borrower or its or their Subsidiaries that
will act in any capacity in connection with or benefit from this Agreement.

 

SECTION 6.05. Right
of Inspection. At any reasonable time and from time to time upon reasonable notice, but not more frequently than twice in any 12-month
period provided that no Event of Default shall have occurred and be continuing, permit, and cause each Subsidiary to permit, Administrative
Agent or any Bank or any agent or representative thereof (provided that, at Borrower’s request, Administrative Agent or such
Bank, or such representative, must be accompanied by a representative of Borrower), to examine and make copies and abstracts from the
records and books of account of, and visit the properties of, Borrower and its Subsidiaries and to discuss the affairs, finances and accounts
of Borrower and its Subsidiaries with the independent accountants of Borrower (subject to limitations, if any, imposed under regulatory
or confidentiality requirements and agreements to which General Partner, Borrower or one of its Subsidiaries is subject (and not entered
into with the intent to prohibit the inspection rights set forth herein) or could otherwise reasonably be expected to contravene attorney–client
privilege or constitute attorney work product). The request by any Bank or agent or representative thereof for such an inspection shall
be made to Administrative Agent and Administrative Agent promptly shall notify all the Banks of such request (or if Administrative Agent
shall have requested the same on its behalf, Administrative Agent shall notify all the Banks thereof) and any Bank that shall so desire
may accompany Administrative Agent or such Bank, or such representative on such examination.

 

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SECTION 6.06. Compliance
With Environmental Laws. Comply, and cause General Partner and each Subsidiary to comply, in all material respects with all applicable
Environmental Laws and immediately pay or cause to be paid all costs and expenses incurred in connection with such compliance, except
to the extent there is a Good Faith Contest or the failure to so comply would not likely cause a Material Adverse Change.

 

SECTION 6.07. Intentionally
Omitted.

 

SECTION 6.08. Maintenance
of Properties. Do all things reasonably necessary to maintain, preserve, protect and keep its and its Subsidiaries’ properties
in good repair, working order and condition except where the failure to do so would not result in a Material Adverse Change.

 

SECTION 6.09. Reporting
and Miscellaneous Document Requirements. Furnish to Administrative Agent (which shall promptly distribute to each of the Banks):

 

(1)            Annual
Financial Statements. Not later than five (5) days following the filing of General Partner’s Form 10-K with the SEC
and in any event within ninety-five (95) days after the end of each Fiscal Year, General Partner’s Consolidated Financial Statements
as of the end of and for such Fiscal Year, audited by Borrower’s Accountants;

 

(2)            Quarterly
Financial Statements. Not later than five (5) days following the filing of General Partner’s Form 10-Q with the SEC
and in any event within fifty (50) days after the end of each of the first three quarters of each Fiscal Year, the unaudited General Partner’s
Consolidated Financial Statements as of the end of and for such quarter;

 

(3)            Certificate
of No Default and Financial Compliance. Within fifty (50) days after the end of each of the first three quarters of each Fiscal Year
and within ninety-five (95) days after the end of each Fiscal Year, a certificate of the chief financial officer or other appropriate
financial officer of General Partner (a) stating that, to the best of his or her knowledge, no Default or Event of Default has occurred
and is continuing, or if a Default or Event of Default has occurred and is continuing, specifying the nature thereof and the action which
is being taken with respect thereto; (b) stating that the covenants contained in Article VIII have been complied with as of
the date that such covenants are required to be tested (or specifying those that have not been complied with) and including computations
demonstrating such compliance (or non-compliance); (c) setting forth all items comprising Total Outstanding Indebtedness, Capitalization
Value, Secured Indebtedness, Combined EBITDA, Unencumbered Combined EBITDA, Interest Expense, Unsecured Interest Expense and Unsecured
Indebtedness; (d) only at the end of each Fiscal Year an estimate of Borrower’s taxable income and (e) describing any
item appearing on the balance sheet delivered pursuant to clauses (1) or (2) above, as applicable, that would not appear on
the consolidated balance sheet of Borrower;

 

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(4)            Certificate
of Borrower’s Accountants. Within ninety-five (95) days after the end of each Fiscal Year, a report with respect thereto of
Borrower’s Accountants, which report shall not be subject to (i) any “going concern” qualification or exception
(other than any such qualification or exception with respect to the Obligations being treated as short-term indebtedness resulting solely
from any Maturity Date occurring within one year from the time such opinion is delivered) or (ii) any qualification or exception
as to the scope of such audit, and shall state that such financial statements fairly present the consolidated financial position of each
of General Partner and its Subsidiaries as at the dates indicated and the consolidated results of their operations and cash flows for
the periods indicated, in conformity with GAAP applied on a basis consistent with prior years (except for changes which shall have been
disclosed in the notes to the financial statements).

 

(5)            Notice
of Litigation. Promptly after the commencement and knowledge thereof, notice of all actions, suits, and proceedings before any court
or arbitrator, in respect of the Loan Documents or affecting General Partner or Borrower or any of its Subsidiaries which, if determined
adversely to General Partner or Borrower or such Subsidiary is likely to result in a Material Adverse Change and which would be required
to be reported in Borrower’s SEC Reports;

 

(6)            Notice
of ERISA Events. Promptly after the occurrence thereof, (a) notice of any action or event described in Section 9.01(7),
(b) the establishment of (or agreement to establish) a Plan or (c) the making of contributions (or the undertaking of any obligation
or agreement to make contributions) to a Multiemployer Plan not listed on Schedule 5.23
or other incurrence of any liability with respect to a Multiemployer Plan;

 

(7)            Notices
of Defaults and Events of Default. As soon as possible and in any event within ten (10) days after Borrower becomes aware of
the occurrence of (a) a material Default, (b) any Event of Default, or (c) an event of the type described in Section 9.01(8),
in each case, a written notice setting forth the details of such Default, Event of Default or such event and the action which is proposed
to be taken with respect thereto;

 

(8)            Sales
or Acquisitions of Assets. Promptly after the occurrence thereof, written notice of any Disposition or acquisition of an individual
asset (other than acquisitions or Dispositions of investments such as certificates of deposit, Treasury securities and money market deposits
in the ordinary course of Borrower’s cash management) in excess of Five Hundred Million Dollars ($500,000,000);

 

(9)            Material
Adverse Change. As soon as is practicable and in any event within five (5) days after knowledge of the occurrence of any event
or circumstance which is likely to result in or has resulted in a Material Adverse Change and which would be required to be reported in
Borrower’s SEC Reports;

 

(10)            Environmental
and Other Notices. As soon as practicable and in any event within thirty (30) days after receipt, copies of all Environmental Notices
received by Borrower or any Subsidiary which are not received in the ordinary course of business and which relate to a previously undisclosed
situation which could reasonably be expected to result in a Material Adverse Change;

 

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(11)            Insurance
Coverage. Promptly, such information concerning Borrower’s insurance coverage as Administrative Agent may reasonably request;

 

(12)            Proxy
Statements, Etc. Promptly after the sending or filing thereof, copies of all proxy statements, financial statements and reports which
Borrower or General Partner sends to its respective shareholders, and copies of all regular, periodic and special reports, and all registration
statements, which Borrower or General Partner files with the SEC or any Governmental Authority which may be substituted therefor, or with
any national securities exchange;

 

(13)            Capital
Expenditures. If reasonably requested by Administrative Agent, a schedule of such Fiscal Year’s capital expenditures and a budget
for the next Fiscal Year’s planned capital expenditures for Borrower and each Consolidated Business that is a Real Property Business;

 

(14)            Change
in Borrower’s Credit Rating. During the Investment Grade Pricing Period, within two (2) Banking Days after Borrower’s
receipt of notice of any change in Borrower’s Credit Rating, written notice of such change;

 

(15)            General
Information. Promptly, rent rolls, capital expenditure summaries and such other information respecting the condition or operations,
financial or otherwise, of General Partner, Borrower or any properties of Borrower as Administrative Agent or any Bank may from time to
time reasonably request (in the case of non-financial information, subject to (i) limitations, if any, imposed under regulatory or
confidentiality requirements and agreements to which General Partner, Borrower, or one of its Subsidiaries is subject (and not entered
into with the intent to prohibit any request for information hereunder) or (ii) the right of Borrower to exclude any information
that could reasonably be expected to contravene attorney–client privilege or constitute attorney work product);

 

(16)            Promptly,
upon each request, such information and documentation as a Bank may request in order to comply with applicable “know your customer”
and Anti-Money Laundering Laws, including, without limitation, the PATRIOT Act and the Beneficial Ownership Regulation; and

 

(17)            Prompt
written notice of any change in the information provided in the Beneficial Ownership Certification delivered to any Bank that would result
in a change to the list of beneficial owners identified in such certification.

 

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Documents
and notices required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery, including
the Internet, e-mail or intranet websites to which Administrative Agent and each Bank have access (including a commercial, third-party
website such as www.Edgar.com <http://www.Edgar.com> or a website sponsored or hosted by Administrative Agent, General Partner or
Borrower); provided that (A) the foregoing shall not apply to notices to any Bank pursuant to Article II, (B) any
Bank has not notified Administrative Agent and Borrower that it cannot or does not want to receive electronic communications and (C) documents
required to be delivered pursuant to Sections 6.09(1), 6.09(2), 6.09(4) and 6.09(12) shall,
if not otherwise delivered to Administrative Agent, be deemed to have been delivered on the date on which such documents are filed for
public availability on the SEC’s Electronic Data Gathering and Retrieval System (it being understood that Borrower shall not be
required to provide notice to Administrative Agent or any Bank of such electronic filing of information (other than with respect to financial
statements pursuant to Section 6.09(1) or Section 6.09(2)) to satisfy its reporting obligations). Documents
or notices delivered electronically shall be deemed to have been delivered on the date on which Administrative Agent, General Partner
or Borrower posts such documents or the documents become available on a commercial website and Borrower notifies (except in such instances
where notification is not required pursuant to this paragraph) Administrative Agent of said posting and provides a link thereto; provided
that if such notice or other communication is not sent or posted during normal business hours, said posting date and time shall be deemed
to have commenced as of 9:00 a.m. New York City time on the opening of business on the next Banking Day. Administrative Agent
shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any
event shall have no responsibility to monitor compliance by Borrower with any such request for delivery. Each Bank shall be solely responsible
for requesting delivery to it of paper copies and maintaining its paper or electronic documents.

 

SECTION 6.10.
Guarantors. If (a) any Subsidiary becomes an Unsecured Indebtedness Subsidiary in respect of Debt in an aggregate principal
amount in excess of $1,000,000 or (b) General Partner becomes a borrower or guarantor of, or otherwise has a payment obligation in
respect of, any Unsecured Indebtedness (other than intercompany Debt owing to Borrower or any of its Subsidiaries) in an aggregate principal
amount in excess of $1,000,000, then, within five (5) Banking Days thereof (or such longer period as (i) Administrative Agent
may agree in its sole discretion or (ii) may be reasonably agreed to be extended by Administrative Agent to permit such Loan Party
to comply with the requirements of Section 6.10(9)), Borrower shall cause such Person to deliver to Administrative Agent each of
the following in form and substance satisfactory to Administrative Agent:

 

(1)            An
Accession Agreement (or if the Guaranty is not then in effect, a Guaranty);

 

(2)            The
certificate or articles of incorporation or formation, articles of organization, certificate of limited partnership, declaration of trust
or other comparable organizational document (if any) for such Loan Party, certified as of a recent date by the appropriate Secretary of
State or equivalent state official;

 

(3)            A
copy of such Loan Party’s by-laws, if a corporation, operating agreement, if a limited liability company, partnership agreement,
if a limited or general partnership, or other comparable document in the case of any other form of legal entity or other comparable organizational
instrument (if any), including all amendments thereto, certified by the Secretary or an Assistant Secretary (or other individual performing
similar functions) of such Loan Party, as being in full force and effect;

 

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(4)            A
certificate from the Secretary of State or equivalent state official of the state where such Loan Party is organized, dated as of a recent
date, evidencing the good standing of such Loan Party;

 

(5)            A
certified copy of a certificate, in each case dated as of a recent date, from the Secretary of State or equivalent state official of the
state (x) where such Loan Party is organized, showing the good standing or partnership qualification of such Loan Party and (y) where
such Loan Party maintains its principal place of business, showing the qualification to transact business in such state as a foreign limited
partnership, foreign trust or other foreign entity, as the case may be, except where the failure to be so qualified under this clause
(y) would likely cause a Material Adverse Change to occur;

 

(6)            A
copy of a resolution or resolutions adopted by the partners, members or directors, as required, for such Loan Party, certified by the
Secretary or an Assistant Secretary (or other individual performing similar functions) of such Loan Party as being in full force and effect,
authorizing the execution, delivery and performance of the Loan Documents to be executed and delivered by such Loan Party;

 

(7)            A
certificate, signed by the Secretary or an Assistant Secretary (or other individual performing similar functions) of such Loan Party,
as to the incumbency, and containing the specimen signature or signatures, of the Persons authorized to execute and deliver the Loan Documents
to be executed and delivered by such Loan Party;

 

(8)            If
requested by Administrative Agent, favorable opinions from counsel for such Loan Party, as to such customary matters as Administrative
Agent may reasonably request;

 

(9)            All
documentation and other information about such Loan Party as shall have been reasonably requested by Administrative Agent or any Bank
that it shall have reasonably determined is required by regulatory authorities under applicable “know your customer” and Anti-Money
Laundering Laws; and

 

(10)            Such
other usual and customary documents, agreements and instruments as Administrative Agent, or any Bank through Administrative Agent, may
reasonably request.

 

Borrower may request in writing
that Administrative Agent release, and, at Borrower’s expense, upon receipt of such request Administrative Agent shall release (pursuant
to customary release documentation or as may be reasonably requested by Borrower), a Guarantor from the Guaranty so long as: (i) such
Guarantor is not otherwise required to be a party to the Guaranty under the immediately preceding sentence; (ii) no Default under
Section 9.01(1) or Event of Default shall then be in existence or would occur as a result of such release; (iii) the representations
and warranties of Borrower and each other Loan Party contained in this Agreement and the other Loan Documents shall be true and correct
in all material respects on and as of the date of such release (except in those cases where such representation or warranty expressly
relates to an earlier date or is qualified as to “materiality”, “Material Adverse Change” or similar language
(which shall be true and correct in all respects as qualified therein) and except for changes in factual circumstances permitted hereunder);
and (iv) Administrative Agent shall have received such written request at least 10 Banking Days (or such shorter period as may be
acceptable to Administrative Agent) prior to the requested date of release. Delivery by Borrower to Administrative Agent of any such request
shall constitute a representation by Borrower that the matters set forth in the preceding sentence (both as of the date of the giving
of such request and as of the date of the effectiveness of such request) are true and correct with respect to such request.

 

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ARTICLE VII

 

NEGATIVE COVENANTS

 

So long as this Agreement
is in effect, Borrower shall not do any or all of the following:

 

SECTION 7.01. Mergers,
Etc.

 

(a)            Merge
or consolidate or permit any other Loan Party to merge or consolidate, with, or permit General Partner to merge or consolidate with any
other Person, except (i) where Borrower or General Partner, or in the case of any other Loan Party, another Loan Party, is the surviving
entity, (ii) in a transaction the purpose of which is to redomesticate such entity in another United States jurisdiction, and no
Default or Event of Default has occurred and is continuing or (iii) that a Guarantor may merge or consolidate with or into any other
Loan Party or any other Person; provided, however, that, in the case of this clause (iii):

 

(1)            (A) immediately
prior to entering into such transaction, no Default or Event of Default shall exist and (B) at the time of, and immediately thereafter
and after giving effect to such transaction, no Event of Default arising under Section 9.01(1) or 9.01(5) shall have occurred
and be continuing, nor, as the result of the occurrence of any other Event of Default, have the Obligations been accelerated pursuant
to Section 9.02;

 

(2)            if
the surviving entity is required to be a Guarantor pursuant to Section 6.10, such surviving entity shall be a Guarantor or shall
become a Guarantor in accordance with the applicable requirements of Section 6.10; and

 

(3)            in
the case of the entry into any transaction of merger or consolidation with a Person other than a Loan Party or a Subsidiary which transaction
or series of related transactions shall have a Fair Market Value in excess of $50,000,000, not later than the date on which such transaction
is entered into: (A) Borrower shall have given Administrative Agent and the Banks written notice of the entry into such transaction;
and (B) Borrower shall have delivered to Administrative Agent a pro forma compliance certificate of the type required by paragraph
(3) of Section 6.09, evidencing the continued compliance by the Loan Parties with the financial covenants contained in Article VIII,
after giving effect to such transaction or series of transactions; provided, however, that in the event that the obligation of any Guarantor
to consummate such transaction is subject to a financing condition or the obtaining of the requisite approval of the Banks under this
Agreement, the certificate required by this clause (B) shall not be required to be delivered until the date on which such transaction
is consummated;

 

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(b)            sell,
assign, lease or otherwise dispose of (whether in one transaction or in a series of transactions and whether effected pursuant to a Division
or otherwise) all or substantially all of Borrower’s or General Partner’s or any other Loan Party’s assets, except (i) in
the case of a sale, assignment or disposition (including pursuant to a Division) of all or a substantial part of the assets of a Loan
Party (other than Borrower) where Borrower or any other Loan Party is the transferee of such assets, and no Default or Event of Default
has occurred and is continuing or (ii) in the case of any such transaction or series of related transactions involving assets, capital
stock or other Equity Interests of a Guarantor being conveyed, sold, leased, subleased or otherwise transferred or disposed (including
pursuant to a Division) of to any other Person that is not a Loan Party, with such assets, capital stock or other Equity Interests having
a Fair Market Value of not more than $50,000,000, or, if more than such amount:

 

(1)            Borrower
shall have, not later than the date of such transaction or series of related transactions, (A) given Administrative Agent and the
Banks written notice of such transaction or series of related transactions and (B) delivered to Administrative Agent a pro forma
compliance certificate of the type required by paragraph (3) of Section 6.09, evidencing the continued compliance by the Loan
Parties with the financial covenants contained in Article VIII, after giving effect to such transaction or series of transactions,
and

 

(2)            immediately
prior to any such transaction or series of related transactions, and immediately thereafter and after giving effect to such transaction
or series of related transactions, no Event of Default arising under Section 9.01(1) or 9.01(5) shall have occurred and
be continuing, nor, as the result of the occurrence of any other Event of Default, have the Obligations been accelerated pursuant to Section 9.02;
provided, that, in each case described in this Section 7.01, if any Loan Party that is a limited liability company consummates
a Division, each Division Successor shall be required to comply with the obligations set forth in Section 6.10; and

 

(c)            with
respect to Borrower or General Partner or any other Loan Party, liquidate, wind up or dissolve (or suffer any liquidation or dissolution)
or discontinue its business, except that a Guarantor (other than General Partner) may liquidate, wind up or dissolve or discontinue a
business so long as the continued entity is a Loan Party if required pursuant to Section 6.10.

 

SECTION 7.02.
Distributions. Make any Restricted Payment to General Partner except that Borrower may declare and make Restricted Payments
to General Partner; provided, that:

 

(a)            if
a Default or Event of Default resulting from noncompliance with any of the provisions of Article VIII exists, Borrower shall not,
and shall not permit any Subsidiary to, declare or make any Restricted Payments to General Partner other than:

 

(i)            the
declaration and making of cash distributions to General Partner and other holders of partnership interests in Borrower with respect to
any fiscal year to the extent necessary for General Partner to distribute an aggregate amount not to exceed the minimum amount necessary
for General Partner to avoid (x) an Event of Default under Section 9.01(8)(ii) and (y) income or excise tax under
the Code; and

 

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(ii)            Borrower
may make repurchases, retirement or other acquisition of Equity Interests in General Partner, Borrower or any Subsidiary pursuant to any
employee or director equity or stock option plan entered into in the ordinary course of business;

 

(b)            if
a Default or Event of Default, in each case, specified in Section 9.01(1) or Section 9.01(5) shall exist, or if as
a result of the occurrence of any other Event of Default any of the Obligations have been accelerated pursuant to Section 9.02, Borrower
shall not, and shall not permit any Subsidiary to, make any Restricted Payments to any Person other than to Borrower or any Subsidiary
(except that, in the case of a Subsidiary that is not a Wholly Owned Subsidiary, distributions are made only to holders of Equity Interests
in such Subsidiary ratably according to the holders’ respective holdings of the type of Equity Interest in respect of which such
distributions are being made); and

 

(c)            notwithstanding
the foregoing in paragraphs (a) and (b) above, Borrower may make Restricted Payments in an amount sufficient to pay customary
and reasonable administrative and legal costs and expenses, including, without limitation, audit expenses, of the Parent Entities in connection
with the maintenance of its respective legal existence as a publicly traded company.

 

SECTION 7.03. Amendments
to Organizational Documents.

 

(a)            Amend
Borrower’s agreement of limited partnership or other organizational documents in any manner that would result in a Material Adverse
Change without the Required Banks’ consent, which consent shall not be unreasonably withheld. Without limitation of the foregoing,
no Person shall be admitted as a general partner of Borrower other than General Partner.

 

(b)            Make
any “in-kind” transfer of any of Borrower’s property or assets to any of Borrower’s constituent partners if such
transfer would result in an Event of Default, without, in each case, the Required Banks’ consent, which consent shall not be unreasonably
withheld.

 

SECTION 7.04.
Activities of General Partner.

 

(a)            General
Partner Assets. For so long as General Partner is not a Guarantor, Borrower shall not permit General Partner or any Subsidiary of
General Partner that owns, directly or indirectly, any Equity Interests of Borrower (each, a “Parent Entity”) to own
any assets other than:

 

(i)            Equity
Interests in any other Parent Entity that is a Wholly Owned Subsidiary of General Partner or Borrower;

 

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(ii)            cash
and other assets of nominal value incidental to its status as a public company or its ownership of the Equity Interests described in
clause (i) of this Section 7.04(a);

 

(iii)            assets
maintained on a temporary or pass-through basis that are held (x) for subsequent payment of dividends, repurchase or redemption of
Equity Interests in General Partner, or repayment of Debt of General Partner or other satisfaction of obligations of General Partner not
prohibited by this Agreement or any other Loan Document or (y) for contribution to Borrower or any of its Subsidiaries, in each case,
for a period not in excess of ten (10) Banking Days for any such asset;

 

(iv)            customary
contract rights (x) related to General Partner’s status as a public company and the general partner of Borrower or (y) arising
pursuant to any merger, purchase, acquisition or other similar agreement in relation to transactions permitted under this Agreement; or

 

(v)            other
assets with an aggregate book value not to exceed $50,000,000.

 

(b)            General
Partner Liabilities. For so long as General Partner is not a Guarantor, Borrower shall not permit any Parent Entity to incur, assume
or permit to exist any liabilities other than:

 

(i)            liabilities
incidental to its status as a publicly traded REIT under the Code and not constituting liabilities in respect of Debt for borrowed money
(including liabilities associated with employment contracts, executive officer and director indemnification agreements and employee benefit
matters), indemnification obligations pursuant to purchase and sale agreements, tax liabilities and legacy liabilities arising pursuant
to contracts entered into in the ordinary course of business prior to (and not in contemplation of) this Agreement or any other Loan Document;

 

(ii)            nonconsensual
obligations imposed by operation of applicable Law;

 

(iii)            other
immaterial obligations, immaterial intercompany obligations or other intercompany obligations owing by any Parent Entity to Borrower or
any Subsidiary of Borrower;

 

(iv)            customary
payment and indemnity liabilities under banker engagement letters;

 

(v)            customary
contract rights, and to the extent not constituting Debt, customary liabilities arising pursuant to merger, purchase, acquisition or similar
agreements in relation to transactions otherwise permitted hereunder;

 

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(vi)            liabilities
arising under preferred Equity Interests (other than Mandatorily Redeemable Stock) issued by the General Partner; and

 

(vii)            to
the extent not constituting Debt, (x) liabilities that may be satisfied solely by the issuance of Equity Interests (other than Mandatorily
Redeemable Stock) of the General Partner and (y) liabilities in connection with forward sale agreements and forward purchase agreements
and other stock buyback arrangements, in the case of each of clause (x) and (y), in connection with transactions otherwise permitted
hereunder.

 

(c)            Parent
Entity Business Activities. For so long as General Partner is not a Guarantor, Borrower shall not permit any Parent Entity to engage
in any business or activity other than the ownership of outstanding Equity Interests of any other Parent Entity or Borrower and Borrower’s
Subsidiaries, the issuance and sale of its Equity Interests and, in each case, activities incidental thereto or incidental to the ownership
of assets and liabilities permitted under clauses (a) and (b) above, and subject to exceptions consistent with the exceptions
set forth under clauses (a) and (b) above (subject, in clause (a)(v) above, to the maximum aggregate amount set forth in
such clause).

 

(d)            Contribution
of Indebtedness or Equity Proceeds. The Parent Entities shall cause 100% of the net cash proceeds received (including into escrow)
from the incurrence of Debt (including hybrid securities and debt securities convertible to equity) or the issuance of Equity Interests
by any Parent Entity to be contributed to Borrower within ten (10) Banking Days of receipt thereof.

 

(e)            Cure
Period and Parent Entity Guaranty Trigger Event. If at any time any of the requirements set forth in the preceding Section 7.04(a)-(d) are
not satisfied, each Parent Entity shall promptly and in any event within five (5) Banking Days of the earlier of (A) the first
date a Responsible Officer of a Parent Entity or Borrower obtains knowledge that such requirements were not satisfied or (B) the
date upon which Borrower has received written notice that such requirements were not satisfied by Administrative Agent, either (i) satisfy
such requirements or (ii) deliver to Administrative Agent each of the following in form and substance satisfactory to Administrative
Agent: (x) an Accession Agreement (or if the Guaranty is not then in effect, the Guaranty) executed by such Parent Entity and (y) the
items that would have been delivered under Section 4.01(3) through (9) if such Parent Entity had been a Loan Party on the
Closing Date.

 

SECTION 7.05.
Use of Proceeds.

 

(a)            Intentionally
Omitted.

 

(b)            Neither
General Partner nor Borrower shall use, and shall procure that none of its or their Subsidiaries shall use, any proceeds of the Loans
(a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of
value, to any Person in violation of any Anti-Corruption Laws, (b) for the purpose of funding, financing or facilitating any activities,
business or transaction of or with any Sanctioned Person, or in any Sanctioned Country or (c) in any manner that would result in
the violation of any Sanctions applicable to any party hereto.

 

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SECTION 7.06.
Transactions with Affiliates. Permit to exist or enter into, or permit any Subsidiary to permit to exist or enter into,
any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate (other
than any Parent Entity, Borrower, any other Loan Party or any Subsidiary), except:

 

(a)            transactions
upon fair and reasonable terms which are no less favorable to Borrower or such other Subsidiary than would be obtained in a comparable
arm’s length transaction with a Person that is not an Affiliate;

 

(b)            Restricted
Payments permitted under Section 7.02;

 

(c)            transactions
permitted by Section 7.04;

 

(d)            [reserved];

 

(e)            transactions
constituting investments by Borrower or any Subsidiary in any UJV that are not otherwise prohibited under the Loan Documents; and

 

(f)            transactions
permitted or approved in accordance with the Related Party Transaction Policy.

 

ARTICLE VIII

 

FINANCIAL COVENANTS

 

So long as this Agreement
is in effect, Borrower shall not permit or suffer:

 

SECTION 8.01. Ratio
of Total Outstanding Indebtedness to Capitalization Value. Total Outstanding Indebtedness to exceed sixty percent (60%) of Capitalization
Value, each measured as of the most recently ended fiscal quarter; provided, however, with respect to any fiscal quarter
in which Borrower or any of its Consolidated Businesses or UJVs have acquired Real Property Assets, the ratio of Total Outstanding Indebtedness
to Capitalization Value as of the end of such fiscal quarter and the next three (3) succeeding fiscal quarters may increase to 65%,
provided that such ratio does not exceed 60% as of the end of the fiscal quarter immediately thereafter. For purposes of this Section 8.01
only:

 

(i)            Total
Outstanding Indebtedness shall be adjusted by deducting therefrom an amount equal to Unrestricted Cash and Cash Equivalents;

 

(ii)            Capitalization
Value shall be adjusted by deducting therefrom the amount by which Total Outstanding Indebtedness is reduced under the immediately preceding
clause (i);

 

(iii)            for
purposes of determining Capitalization Value costs and expenses incurred during the applicable period with respect to acquisitions that
failed to close and were abandoned during such period shall not be deducted in determining EBITDA; and

 

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(iv)            for
purposes of clause (i) above, Unrestricted Cash and Cash Equivalents shall be (x) adjusted to deduct therefrom $10,000,000
and (y) calculated without inclusion of Borrower’s Pro Rata Share of any Cash or Cash Equivalents owned by any UJV.

 

SECTION 8.02. Ratio
of Combined EBITDA to Fixed Charges. The ratio of Combined EBITDA to Fixed Charges, each measured as of the most recently ended fiscal
quarter, to be less than 1.50 to 1.00.

 

SECTION 8.03. Ratio
of Unencumbered Combined EBITDA to Unsecured Interest Expense. The ratio of Unencumbered Combined EBITDA to Unsecured Interest Expense,
each measured as of the most recently ended fiscal quarter, to be less than 1.50 to 1.00.

 

SECTION 8.04. Ratio
of Unsecured Indebtedness to Capitalization Value of Unencumbered Assets. Unsecured Indebtedness to exceed sixty percent (60%) of
Capitalization Value of Unencumbered Assets, each measured as of the most recently ended fiscal quarter; provided, however, with respect
to any fiscal quarter in which Borrower or any of its Consolidated Businesses or UJVs has acquired Real Property Assets, the ratio of
Unsecured Indebtedness to Capitalization Value of Unencumbered Assets as of the end of such fiscal quarter and the next three (3) succeeding
fiscal quarters may increase to 65%, provided that such ratio does not exceed 60% as of the end of the fiscal quarter immediately
thereafter. For purposes of this Section 8.04 only:

 

(i)            Unsecured
Indebtedness shall be adjusted by deducting therefrom an amount equal to Unrestricted Cash and Cash Equivalents or such lesser amount
of Unrestricted Cash and Cash Equivalents as Borrower shall specify solely for this purpose (the “Unsecured Indebtedness Adjustment”);

 

(ii)            Capitalization
Value of Unencumbered Assets shall be adjusted by deducting therefrom the Unsecured Indebtedness Adjustment;

 

(iii)            for
purposes of determining Capitalization Value of Unencumbered Assets, costs and expenses incurred during the applicable period with respect
to acquisitions that failed to close and were abandoned during such period shall not be deducted in determining EBITDA; and

 

(iv)            for
purposes of clause (i) above, Unrestricted Cash and Cash Equivalents shall be (x) adjusted to deduct therefrom the sum of $10,000,000
plus the amount of any Unrestricted Cash and Cash Equivalents used to determine the Secured Indebtedness Adjustment in Section 8.05,
and (y) calculated without inclusion of Borrower’s Pro Rata Share of any Cash or Cash Equivalents owned by any UJV.

 

SECTION 8.05. Ratio
of Secured Indebtedness to Capitalization Value. The ratio of Secured Indebtedness to Capitalization Value, each measured as of the
most recently ended fiscal quarter, to exceed 50%. For purposes of this Section 8.05 only:

 

(i)            Secured
Indebtedness shall be adjusted by deducting therefrom an amount equal to Unrestricted Cash and Cash Equivalents or such lesser amount
of Unrestricted Cash and Cash Equivalents as Borrower shall specify solely for this purpose (the “Secured Indebtedness Adjustment”);

 

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(ii)            Capitalization
Value shall be adjusted by deducting therefrom the Secured Indebtedness Adjustment;

 

(iii)            for
purposes of determining Capitalization Value, costs and expenses incurred during the applicable period with respect to acquisitions that
failed to close and were abandoned during such period shall not be deducted in determining EBITDA; and

 

(iv)            for
purposes of clause (i) above, Unrestricted Cash and Cash Equivalents shall be (x) adjusted to deduct therefrom the sum of $10,000,000
plus the amount of any Unrestricted Cash and Cash Equivalents used to determine the Unsecured Indebtedness Adjustment in Section 8.04,
and (y) calculated without inclusion of Borrower’s Pro Rata Share of any Cash or Cash Equivalents owned by any UJV.

 

SECTION 8.06. Debt
of General Partner. Notwithstanding anything contained herein to the contrary, any Debt of General Partner shall be deemed to be Debt
of Borrower (provided that the same shall be without duplication), for purposes of calculating the financial covenants set forth in this
Article VIII.

 

ARTICLE IX

 

EVENTS OF DEFAULT

 

SECTION 9.01. Events
of Default. Any of the following events shall be an “Event of Default”:

 

(1)            If
Borrower shall fail to pay the principal of any Loans; or fail to pay interest accruing on any Loans as and when due and such failure
to pay shall continue unremedied for five (5) Banking Days after the due date of such amount; or fail to pay any fee or any other
amount due under this Agreement or any other Loan Document as and when due and such failure to pay shall continue unremedied for five
(5) Banking Days after notice by Administrative Agent of such failure to pay;

 

(2)            If
any representation or warranty made or deemed made by Borrower or any other Loan Party in this Agreement or in any other Loan Document
or which is contained in any certificate, document, opinion, financial or other statement furnished at any time under or in connection
with a Loan Document shall prove to have been incorrect in any material respect (or in any respect to the extent qualified by Material
Adverse Change or other materiality qualifier) on or as of the date made or deemed made;

 

(3)            If
Borrower shall fail (a) to perform or observe any term, covenant or agreement contained in Section 6.01, 6.09(7), Article VII
or Article VIII; or (b) to perform or observe any term, covenant or agreement contained in this Agreement or any other Loan
Document (other than obligations specifically referred to elsewhere in this Section 9.01) and such failure shall remain unremedied
for thirty (30) consecutive calendar days after the date upon which Borrower has received written notice of such failure from Administrative
Agent; provided, however, that if any such default under clause (b) above cannot by its nature be cured within such
thirty (30) day grace period and so long as Borrower shall have commenced cure within such thirty (30) day grace period and shall, at
all times thereafter, diligently prosecute the same to completion, Borrower shall have an additional period to cure such default; provided,
however, that, in no event is the foregoing intended to effect an extension of any Maturity Date;

 

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(4)            If
Borrower or any Subsidiary that owns, directly or indirectly, any Unencumbered Asset, shall fail (a) to pay any Debt (other than
the payment obligations described in paragraph (1) of this Section 9.01 or obligations that are Without Recourse to Borrower)
the Recourse portion of which to Borrower is an amount equal to or greater than Fifty Million Dollars ($50,000,000) when due (whether
by scheduled maturity, required prepayment, acceleration, demand or otherwise) after the expiration of any applicable grace period, or
(b) to perform or observe any material term, covenant, or condition under any agreement or instrument relating to any such Debt,
when required to be performed or observed, if the effect of such failure to perform or observe is to accelerate, or to permit the acceleration
of, after the giving of notice or the lapse of time, or both (other than in cases where, in the judgment of the Required Banks, meaningful
discussions likely to result in (i) a waiver or cure of the failure to perform or observe, or (ii) otherwise averting such acceleration
are in progress between Borrower and the obligee of such Debt), the maturity of such Debt, or any such Debt shall be declared to be due
and payable, or required to be prepaid (other than by a regularly scheduled or otherwise required prepayment, repurchase or defeasance
not triggered by such failure, or customary non-default events, such as mandatory prepayments triggered by asset sales or casualty events),
prior to the stated maturity thereof;

 

(5)            If
Borrower, General Partner, any Guarantor or any other Subsidiary (other than a Subsidiary that does not own, in whole or in part, directly
or indirectly, any Unencumbered Assets) shall (a) generally not, or be unable to, or shall admit in writing its inability to, pay
its debts as such debts become due; (b) make an assignment for the benefit of creditors, petition or apply to any tribunal for the
appointment of a custodian, receiver or trustee for it or a substantial part of its assets; (c) commence any proceeding under any
bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction, whether
now or hereafter in effect; (d) have had any such petition or application filed or any such proceeding shall have been commenced,
against it, in which an adjudication or appointment is made or order for relief is entered, or which petition, application or proceeding
remains undismissed or unstayed for a period of sixty (60) days or more; (e) be the subject of any proceeding under which all or
a substantial part of its assets may be subject to seizure, forfeiture or divestiture by any governmental entity; (f) by any act
or omission indicate its consent to, approval of or acquiescence in any such petition, application or proceeding or order for relief or
the appointment of a custodian, receiver or trustee for all or any substantial part of its property; or (g) suffer any such custodianship,
receivership or trusteeship for all or any substantial part of its property, to continue undischarged for a period of sixty (60) days
or more;

 

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(6)            If
one or more judgments, decrees or orders for the payment of money in excess of Fifty Million Dollars ($50,000,000) in the aggregate shall
be rendered against Borrower, General Partner, any Guarantor or any other Subsidiary that owns, directly or indirectly, any Unencumbered
Asset, and any such judgments, decrees or orders shall continue unsatisfied and in effect for a period of sixty (60) consecutive days
without being vacated, discharged, satisfied or stayed or bonded pending appeal (excluding (x) amounts for which insurance coverage
has not been denied by the applicable carrier and (y) judgments, decrees or orders in respect of Debt that is Without Recourse to
Borrower or General Partner), or such earlier date as any Person shall commence enforcement of such judgment, decree or order;

 

(7)            If
any of the following events shall occur or exist with respect to any Plan or Multiemployer Plan (as applicable): (a) any Prohibited
Transaction; (b) any Reportable Event; (c) the filing under Section 4041 or 4041A of ERISA of a notice of intent to terminate
any Plan or Multiemployer Plan or the termination of any Plan or Multiemployer Plan; (d) the complete or partial withdrawal from
a Multiemployer Plan (or receipt of a notice under Section 4219 of ERISA of withdrawal liability with respect to a Multiemployer
Plan) by Borrower, its Subsidiaries, General Partner or any ERISA Affiliate from a Multiemployer Plan; (e) the determination that
a Multiemployer Plan is in “endangered status” or “critical status”; (f) the receipt of a notice from a Multiemployer
Plan that it is in “reorganization” or “insolvency”; (g) receipt of notice of an application by the PBGC
to institute proceedings under Section 4042 of ERISA for the termination of, or for the appointment of a trustee to administer, any
Plan or Multiemployer Plan, or the institution by the PBGC of any such proceedings; (h) Borrower, its Subsidiaries, General Partner
or any ERISA Affiliate fails to meet the minimum funding standards under Section 412 of the Code or a condition exists which gives
rise to imposition of a lien under Section 430(k) of the Code or Section 303(k) of ERISA, and in each case above,
if either (1) such event or conditions, if any, result in Borrower, its Subsidiaries, General Partner or any ERISA Affiliate being
subject to any tax, penalty or other liability to a Plan, a Multiemployer Plan, the PBGC or otherwise (or any combination thereof), which
in the aggregate exceeds or is reasonably likely to exceed Fifty Million Dollars ($50,000,000), and the same continues unremedied or unpaid
for a period of forty-five (45) consecutive days or (2) such event or conditions, if any, is reasonably likely to result in Borrower,
its Subsidiaries, General Partner or any ERISA Affiliate being subject to any tax, penalty or other liability to a Plan, a Multiemployer
Plan, the PBGC or otherwise (or any combination thereof), which in the aggregate exceeds or may exceed Fifty Million Dollars ($50,000,000)
and such event or condition is unremedied, or such tax, penalty or other liability is not reserved against or the payment thereof otherwise
secured to the reasonable satisfaction of Administrative Agent, for a period of forty-five (45) consecutive days after notice from Administrative
Agent;

 

(8)            If
General Partner shall fail at any time to (i) maintain at least one class of its common shares which has trading privileges on the
New York Stock Exchange or the American Stock Exchange or is the subject of price quotations in the over-the-counter market as reported
by the National Association of Securities Dealers Automated Quotation System, or (ii) maintain its status as a self-directed and
self-administered REIT, and in either case such failure shall remain unremedied for thirty (30) consecutive calendar days after notice
thereto;

 

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(9)              Intentionally
Omitted;

 

(10)            If
at any time assets of Borrower or General Partner constitute Plan assets for ERISA purposes (within the meaning of C.F.R. § 2510.3-101,
as modified by Section 3(32) of ERISA);

 

(11)            Intentionally
Omitted;

 

(12)            If
Borrower or any other Loan Party shall disavow, revoke or terminate any Loan Document to which it is a party or shall otherwise challenge
or contest in any action, suit or proceeding in any court or before any Governmental Authority the validity or enforceability of any Loan
Document or any Loan Document shall cease to be in full force and effect (except, in each case, as a result of the express terms thereof
or as Administrative Agent may approve in writing);

 

(13)            If
any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, is
or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person will
be deemed to have “beneficial ownership” of all securities that such Person has the right to acquire, whether such right is
exercisable immediately or only after the passage of time), directly or indirectly, of more than 40.0% of the total voting power of the
then outstanding voting stock of General Partner;

 

(14)            If,
during any period of 12 consecutive months ending after the Closing Date, individuals who at the beginning of any such 12-month period
constituted the Board of Trustees of General Partner (together with any new trustees whose election by such Board of Trustees or whose
nomination for election by the shareholders of General Partner was approved by a vote of a majority of the trustees then still in office
who were either trustees at the beginning of such period or whose election or nomination for election was previously so approved) cease
for any reason to constitute a majority of the Board of Trustees of General Partner then in office;

 

(15)            If
General Partner shall cease to own or control, directly or indirectly, more than 50% of the outstanding Equity Interests of Borrower;
or

 

(16)            If
General Partner, or a Wholly Owned Subsidiary of General Partner, shall cease to be the sole general partner of Borrower or shall cease
to have the sole and exclusive power to exercise all management and control over Borrower substantially in the same manner as provided
for in Borrower’s partnership agreement in effect on the Closing Date.

 

Notwithstanding the foregoing,
in the event of a Default or Event of Default arising as a result of the determination of any asset, Consolidated Business or UJV as an
Unencumbered Asset at any particular time of reference, if such Default or Event of Default is capable of being cured solely by the exclusion
of such asset, Consolidated Business or UJV as an Unencumbered Asset, Borrower shall be permitted a period not to exceed fifteen (15)
days from the earlier of (x) the date upon which a Responsible Officer of Borrower obtains knowledge of such Default or Event of
Default (as applicable) or (y) the date upon which Borrower has received written notice of such Default or Event of Default from
Administrative Agent, to remove such asset, Consolidated Business or UJV as an Unencumbered Asset upon delivery by Borrower to Administrative
Agent of each of the following: (i) written notice thereof and (ii) a compliance certificate excluding such asset, Consolidated
Business or UJV as an Unencumbered Asset and evidencing compliance with the financial covenants for the periods such asset, Consolidated
Business or UJV was determined to be an Unencumbered Asset.

 

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SECTION 9.02. Remedies.
If any Event of Default shall occur and be continuing, Administrative Agent shall, upon request of the Required Banks, by notice to Borrower,
(1) terminate the applicable Commitments of such Banks, whereupon such Commitments shall terminate and such Banks shall have no further
obligation to extend credit hereunder; and/or (2) declare the unpaid balance of the applicable Loans, all interest thereon and all
other Guaranteed Obligations related to such Loans payable under this Agreement to be forthwith due and payable, whereupon such balance,
all such interest and all such Guaranteed Obligations due under this Agreement shall become and be forthwith due and payable, without
presentment, demand, protest, or further notice of any kind, all of which are hereby expressly waived by Borrower; and/or (3) exercise
any remedies provided in any of the Loan Documents or by law; provided, however, that upon the occurrence of any Event of Default
specified in Section 9.01(5), the Commitments shall automatically terminate (and the Banks shall have no further obligation to extend
credit hereunder) and the unpaid balance of the Loans, all interest thereon and all other Guaranteed Obligations payable under this Agreement
shall automatically be and become forthwith due and payable, all of which are hereby expressly waived by Borrower.

 

SECTION 9.03.
Allocation of Proceeds.

 

(a)            If
an Event of Default exists, all payments received by Administrative Agent (or any Bank as a result of its exercise of remedies permitted
under Section 12.08) under any of the Loan Documents in respect of any Guaranteed Obligations shall be applied in the following
order and priority:

 

(i)            to
payment of that portion of the Guaranteed Obligations constituting fees, indemnities, expenses and other amounts, including attorney fees
then due and payable in accordance with the Loan Documents, payable to Administrative Agent in its capacity as such, in proportion to
the respective amounts described in this clause (i) payable to the Administrative Agent;

 

(ii)            to
payment of that portion of the Guaranteed Obligations constituting fees, indemnities and other amounts then due and payable to the Banks
in accordance with the Loan Documents, including reasonable attorney fees, ratably among the Banks in proportion to the respective amounts
described in this clause (ii) payable to them;

 

(iii)            [reserved];

 

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(iv)            to
payment of that portion of the Guaranteed Obligations constituting accrued and unpaid interest on the Loans, ratably among the Banks
in proportion to the respective amounts described in this clause (iv) payable to them;

 

(v)            [reserved];

 

(vi)            to
payment of that portion of the Guaranteed Obligations constituting unpaid principal of the Loans and other payment obligations then owing
under Specified Derivatives Contracts and Specified Cash Management Agreements, ratably among the Banks, the Specified Derivatives Providers
and the Specified Cash Management Banks in proportion to the respective amounts described in this clause (vi) payable to them;
and

 

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

 

Notwithstanding the foregoing, Guaranteed Obligations
arising under Specified Derivatives Contracts and Specified Cash Management Agreements shall be excluded from the application described
above if Administrative Agent has not received written notice thereof, together with such supporting documentation as Administrative Agent
may request, from the applicable Specified Derivatives Provider or Specified Cash Management Bank, as the case may be. Each Specified
Derivatives Provider or Specified Cash Management 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 Administrative Agent pursuant to the terms
of Article X for itself and its Affiliates as if a “Bank” party hereto.

 

SECTION 9.04.
Performance by Administrative Agent. If Borrower or any other Loan Party shall fail to perform any covenant, duty or agreement
contained in any of the Loan Documents, Administrative Agent may, after notice to Borrower, perform or attempt to perform such covenant,
duty or agreement on behalf of Borrower or such other Loan Party after the expiration of any cure or grace periods set forth herein. In
such event, Borrower shall, at the request of Administrative Agent, promptly pay any amount reasonably expended by Administrative Agent
in such performance or attempted performance to Administrative Agent, together with interest thereon at the applicable Default Rate from
the date of such expenditure until paid. Notwithstanding the foregoing, neither Administrative Agent nor any Bank shall have any liability
or responsibility whatsoever for the performance of any obligation of Borrower under this Agreement or any other Loan Document.

 

SECTION 9.05.
Rights Cumulative.

 

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

 

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(b)            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 Borrower and the other 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, Administrative Agent in accordance
with Article X for the benefit of all of the Banks; provided that the foregoing shall not prohibit (i) Administrative Agent
from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder
and under the other Loan Documents, (ii) [reserved], (iii) any Specified Derivatives Provider or Specified Cash Management Bank
from exercising the rights and remedies that inure to its benefit under any Specified Deriviatives Contract or Specified Cash Management
Agreement, as applicable, (iv) any Bank from exercising setoff rights in accordance with Section 12.08 (subject to the
terms of Section 10.15), or (v) any Bank from filing proofs of claim or appearing and filing pleadings on its own behalf
during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time
there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (x) the Required Banks shall
have the rights otherwise ascribed to Administrative Agent pursuant to Article X and (y) in addition to the matters set forth
in clauses (ii), (iii) and (iv) of the preceding proviso and subject to Section 10.15, any Bank may, with the consent
of the Required Banks, enforce any rights and remedies available to it and as authorized by the Required Banks.

 

ARTICLE X

 

ADMINISTRATIVE AGENT; RELATIONS AMONG BANKS

 

SECTION 10.01.
Appointment, Powers and Immunities of Administrative Agent. Each Bank hereby irrevocably appoints and authorizes Administrative
Agent to act as its agent hereunder and under any other Loan Document with such powers as are specifically delegated to Administrative
Agent by the terms of this Agreement and any other Loan Document, together with such other powers as are reasonably incidental thereto.
Administrative Agent shall have no duties or responsibilities except those expressly set forth in this Agreement and any other Loan Document
or required by law, and shall not by reason of this Agreement be a fiduciary or trustee for any Bank except to the extent that Administrative
Agent acts as an agent with respect to the receipt or payment of funds (nor shall Administrative Agent have any fiduciary duty to Borrower
nor shall any Bank have any fiduciary duty to Borrower or to any other Bank). Administrative Agent shall not be responsible to the Banks
for any recitals, statements, representations or warranties made by Borrower or any officer, partner or official of Borrower or any other
Person contained in this Agreement or any other Loan Document, or in any certificate or other document or instrument referred to or provided
for in, or received by any of them under, this Agreement or any other Loan Document, or for the value, legality, validity, effectiveness,
genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or any other document or instrument referred to
or provided for herein or therein, for the perfection or priority of any Lien securing the Guaranteed Obligations or for any failure by
Borrower to perform any of its obligations hereunder or thereunder. None of Administrative Agent, its Affiliates or its or its
Affiliates’ officers, directors, employees, agents, trustees, administrators, managers, advisors or representatives (collectively,
the “Related Parties”): (a) makes any warranty or representation to any Bank or any other Person, or shall be responsible
to any Bank or any other Person for any statement, warranty or representation made or deemed made by Borrower, any other Loan Party or
any other Person in or in connection with this Agreement or any other Loan Document; (b) shall have any duty to ascertain or to inquire
as to the performance or observance of any of the terms, covenants or conditions of this Agreement or any other Loan Document or the satisfaction
of any conditions precedent under this Agreement or any Loan Document on the part of Borrower or other Persons, or to inspect the property,
books or records of Borrower or any other Person; and (c) shall incur any liability under or in respect of this Agreement or any
other Loan Document by acting upon any notice, consent, certificate or other instrument or writing (which may be by telephone, telecopy
or electronic mail) believed by it to be genuine and signed, sent or given by the proper party or parties. Administrative Agent may employ
agents and attorneys-in-fact and shall not be responsible, except as to money or securities received by it or its authorized agents, for
the negligence or misconduct (as finally determined by a court of competent jurisdiction) of any such agents or attorneys-in-fact selected
by it with reasonable care. Neither Administrative Agent nor any of its directors, officers, employees or agents shall be liable or responsible
for any action taken or omitted to be taken by it or them hereunder or under any other Loan Document or in connection herewith or therewith,
except for its or their own gross negligence or willful misconduct (as finally determined by a court of competent jurisdiction). Borrower
shall pay any fee agreed to by Borrower and Administrative Agent with respect to Administrative Agent’s services hereunder. Notwithstanding
anything to the contrary contained in this Agreement, Administrative Agent agrees with the Banks that Administrative Agent shall perform
its obligations under this Agreement in good faith according to the same standard of care as that customarily exercised by it in administering
its own loans of a similar type.

 

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SECTION 10.02.
Reliance by Administrative Agent. Administrative Agent shall be entitled to rely upon any certification, notice or other communication
(including any thereof by telephone, telefax or cable) believed by it to be genuine and correct and to have been signed or sent by or
on behalf of the proper Person or Persons, and upon advice and statements of legal counsel, independent accountants and other experts
selected by Administrative Agent. Administrative Agent may deem and treat each Bank as the holder of the Loan made by it for all purposes
hereof and shall not be required to deal with any Person who has acquired a participation in any Loan or participation from a Bank. As
to any matters not expressly provided for by this Agreement or any other Loan Document, Administrative Agent shall in all cases be fully
protected in acting, or in refraining from acting, hereunder in accordance with instructions signed by the Required Banks, and such instructions
of the Required Banks and any action taken or failure to act pursuant thereto shall be binding on all of the Banks and any other holder
of any of the Guaranteed Obligations; provided, however, that, notwithstanding anything in this Agreement to the contrary, Administrative
Agent shall not be required to take any action which exposes Administrative Agent to personal liability or which is contrary to this Agreement
or any other Loan Document or applicable law. Without limiting the foregoing, no Bank shall have any right of action whatsoever against
Administrative Agent as a result of Administrative Agent acting or refraining from acting under this Agreement or any of the other Loan
Documents in accordance with the instructions of the Required Banks, or where applicable, all of the Banks.

 

SECTION 10.03.
Defaults. Administrative Agent shall not be deemed to have knowledge of the occurrence of a Default or Event of Default (other
than an Event of Default pursuant to Section 9.01(1)) unless Administrative Agent has received notice from a Bank or Borrower specifying
such Default or Event of Default and stating that such notice is a “Notice of Default.” In the event that Administrative Agent
receives a Notice of Default, Administrative Agent shall give prompt notice thereof to the Banks. Administrative Agent, following consultation
with the Banks, shall (subject to Section 9.02, Section 10.07 and Section 12.02) take such action
with respect to such Default or Event of Default which is continuing as shall be directed by the Required Banks; provided that,
unless and until Administrative Agent shall have received such directions, Administrative Agent may take such action, or refrain from
taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interest of the Banks; and
provided further that Administrative Agent shall not (subject to Section 9.02) send a notice of Default, Event of Default
or acceleration to Borrower without the approval of the Required Banks. In no event shall Administrative Agent be required to take any
such action which it determines to be contrary to law. If any Bank (excluding the Bank which is also serving as Administrative
Agent) becomes aware of any Default or Event of Default, it shall promptly send to Administrative Agent such a “Notice of Default”;
provided, a Bank’s failure to provide such a “Notice of Default” to Administrative Agent shall not result in any liability
of such Bank to any other party to any of the Loan Documents.

 

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SECTION 10.04.
Rights of Agent as a Bank. With respect to its Commitment and the Loan provided by it, each Person serving as an Agent in its capacity
as a Bank hereunder shall have the same rights and powers hereunder as any other Bank and may exercise the same as though it were not
acting as such Agent, and the term any “Bank” or “Banks” shall include each Person serving as an Agent in its
capacity as a Bank. Each Person serving as an Agent and its Affiliates may (without having to account therefor to any Bank) accept deposits
from, lend money to (on a secured or unsecured basis), and generally engage in any kind of banking, trust or other business with, Borrower
(and any Affiliates of Borrower) as if it were not acting as such Agent. The Banks acknowledge that, pursuant to such business
activities, an Agent or its Affiliates may receive information regarding Borrower and its Affiliates (including information that may be
subject to confidentiality obligations in favor of such Person) and acknowledge that no Agent shall be under any obligation to provide
such information to the Banks.

 

SECTION 10.05.
Indemnification of Agents. Each Bank agrees to indemnify each Agent (to the extent not reimbursed under Section 12.04
or under the applicable provisions of any other Loan Document, but without limiting the obligations of Borrower under Section 12.04
or such provisions), for its Pro Rata Share of any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted against such Agent
in any way relating to or arising out of this Agreement, any other Loan Document or any other documents contemplated by or referred to
herein or the transactions contemplated hereby or thereby (including, without limitation, the costs and expenses which Borrower is obligated
to pay under Section 12.04) or under the applicable provisions of any other Loan Document or the enforcement of any of the
terms hereof or thereof or of any such other documents or instruments; provided that no Bank shall be liable for (1) any of the foregoing
to the extent they arise from the gross negligence or willful misconduct (as finally determined by a court of competent jurisdiction)
of the party to be indemnified, (2) any loss of principal or interest with respect to the Loan of any Bank serving as an Agent or
(3) any loss suffered by such Agent in connection with a swap or other interest rate hedging arrangement entered into with Borrower,
and that no action taken in accordance with the written directions of the Required Banks (or all of the Banks, if expressly required
hereunder) shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. The agreements in this Section shall
survive the payment of the Loans and all other amounts payable hereunder or under the other Loan Documents and the termination of this
Agreement.

 

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SECTION 10.06.
 Non-Reliance on Agents and Other Banks. Each of the Banks expressly acknowledges and agrees that no Agent nor any of its
respective Related Parties has made any representations or warranties to such Bank and that no act by any Agent hereafter taken, including
any review of the affairs of General Partner, Borrower, any other Loan Party or any other Subsidiary or Affiliate, shall be deemed to
constitute any such representation or warranty by any Agent to any Bank. Each of the Banks acknowledges that it has made its own credit
and legal analysis and decision to enter into this Agreement and the transactions contemplated hereby, independently and without reliance
upon any Agent, any other Bank or counsel to Administrative Agent, or any of their respective Related Parties, and based on the financial
statements of General Partner, Borrower, the other Loan Parties, the other Subsidiaries and other Affiliates, and inquiries of such Persons,
its independent due diligence of the business and affairs of General Partner, Borrower, the other Loan Parties, the other Subsidiaries
and other Persons, its review of the Loan Documents, the legal opinions required to be delivered to it hereunder, the advice of its own
counsel and such other documents and information as it has deemed appropriate. Each of the Banks also acknowledges that it will, independently
and without reliance upon any Agent, any other Bank or counsel to Administrative Agent or any of their respective Related Parties, and
based on such review, advice, documents and information as it shall deem appropriate at the time, continue to make its own decisions
in taking or not taking action under the Loan Documents. No Agent shall be required to keep itself informed as to the performance or
observance by Borrower or any other Loan Party of the Loan Documents or any other document referred to or provided for therein or to
inspect the properties or books of, or make any other investigation of, Borrower, any other Loan Party or any other Subsidiary. Except
for notices, reports and other documents and information expressly required to be furnished to the Banks by Administrative Agent under
this Agreement or any of the other Loan Documents, Administrative Agent shall have no duty or responsibility to provide any Bank with
any credit or other information concerning the business, operations, property, financial and other condition or creditworthiness of General
Partner, Borrower, any other Loan Party or any other Affiliate thereof which may come into possession of Administrative Agent or any
of its Related Parties. Each of the Banks acknowledges that Administrative Agent’s legal counsel in connection with the transactions
contemplated by this Agreement is only acting as counsel to Administrative Agent and is not acting as counsel to any Bank.

 

SECTION 10.07. 
Failure of Administrative Agent to Act. Except for action expressly required of Administrative Agent hereunder, Administrative
Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall have received further assurances
of the indemnification obligations of the Banks under Section 10.05 in respect of any and all liability and expense
which may be incurred by it by reason of taking or continuing to take any such action. If any indemnity furnished by the Banks to Administrative
Agent for any purpose shall, in the reasonable opinion of Administrative Agent, be insufficient or become impaired, Administrative Agent
may call for additional indemnity and cease, or not commence, to do the action indemnified against until such additional indemnity is
furnished.

 

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SECTION 10.08.
Resignation or Removal of Administrative Agent. If the Person serving as Administrative Agent is a Defaulting Lender pursuant
to clause (d) of the definition thereof, the Required Banks may, to the extent permitted by applicable law, by notice in writing
to Borrower and such Person remove such Person as Administrative Agent and appoint a successor; provided, however, that so long as no
Default under Section 9.01(1) or Section 9.01(5) or Event of Default exists, such appointment shall be subject to
Borrower’s approval (such approval not to be unreasonably withheld or delayed) (except that Borrower shall, in all events, be deemed
to have approved each Bank and any of its Affiliates as a successor Administrative Agent). If no such successor shall have been so appointed
by the Required Banks and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required
Banks) (the “Removal Closing Date”), then such removal shall nonetheless become effective in accordance with such
notice on the Removal Closing Date. Administrative Agent may resign at any time as Administrative Agent under the Loan Documents by giving
written notice thereof to the Banks and Borrower. Upon any such resignation, the Required Banks shall have the right to appoint a successor
Administrative Agent which appointment shall, provided no Default under Section 9.01(1) or Section 9.01(5) or Event
of Default exists, be subject to Borrower’s approval, which approval shall not be unreasonably withheld or delayed (except that
Borrower shall, in all events, be deemed to have approved each Bank and any of its Affiliates as a successor Administrative Agent). If
no successor Administrative Agent shall have been so appointed in accordance with the immediately preceding sentence, and shall have
accepted such appointment, within 30 days after the current Administrative Agent’s giving of notice of resignation, then the current
Administrative Agent may, on behalf of the Banks, appoint a successor Administrative Agent, which shall be a Bank, if any Bank shall
be willing to serve, and otherwise shall be a Qualified Institution; provided that if Administrative Agent shall notify Borrower and
the Banks that no Bank has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such
notice. As of the Removal Closing Date or the effectiveness of such resignation, as applicable, (1) Administrative Agent shall be
discharged from its duties and obligations hereunder and under the other Loan Documents and (2) all payments, communications and
determinations provided to be made by, to or through Administrative Agent shall instead be made to each Bank directly, until such time
as a successor Administrative Agent has been appointed as provided for above in this Section; provided, further that such the Banks so
acting directly shall be and be deemed to be protected by all indemnities and other provisions herein for the benefit and protection
of Administrative Agent as if each such Bank were itself Administrative Agent. Upon the acceptance of any appointment as Administrative
Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested
with all the rights, powers, privileges and duties of the current Administrative Agent, and the current Administrative Agent shall be
discharged from its duties and obligations under the Loan Documents. After any Administrative Agent’s resignation or removal hereunder
as Administrative Agent, the provisions of this Article X shall continue to inure to its benefit as to any actions taken or omitted
to be taken by it while it was Administrative Agent under the Loan Documents.

 

SECTION 10.09.   Amendments
Concerning Agency Function. Notwithstanding anything to the contrary contained in this Agreement, no Agent shall be bound by any
waiver, amendment, supplement or modification of this Agreement or any other Loan Document which affects its duties, rights, and/or function
hereunder or thereunder unless it shall have given its prior written consent thereto.

 

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SECTION 10.10.   Liability
of Administrative Agent. Administrative Agent shall not have any liabilities or responsibilities to Borrower on account of the failure
of any Bank to perform its obligations hereunder or to any Bank on account of the failure of Borrower to perform its obligations hereunder
or under any other Loan Document.

 

SECTION 10.11.
   Transfer of Agency Function. Without the consent of Borrower or any Bank, Administrative Agent may at any time or from time to
time transfer its functions as Administrative Agent hereunder to any of its offices wherever located in the United States, provided
that Administrative Agent shall promptly notify in writing Borrower and the Banks thereof.

 

SECTION 10.12.
   Non-Receipt of Funds by Administrative Agent. Unless Administrative Agent shall have received notice from a Bank or Borrower (either
one as appropriate being the “Payor”) prior to the date on which such Bank is to make payment hereunder to Administrative
Agent of the proceeds of a Loan or Borrower is to make payment to Administrative Agent, as the case may be (either such payment being
a “Required Payment”), which notice shall be effective upon receipt, that the Payor will not make the Required Payment
in full to Administrative Agent, Administrative Agent may assume that the Required Payment has been made in full to Administrative Agent
on such date, and Administrative Agent in its sole discretion may, but shall not be obligated to, in reliance upon such assumption, make
the amount thereof available to the intended recipient on such date. If and to the extent the Payor shall not have in fact so made the
Required Payment in full to Administrative Agent, the recipient of such payment shall repay to Administrative Agent forthwith on demand
such amount made available to it together with interest thereon, for each day from the date such amount was so made available by Administrative
Agent until the date Administrative Agent recovers such amount, at the customary rate set by Administrative Agent for the correction
of errors among the Banks for three (3) Banking Days and thereafter at the Base Rate.

 

SECTION 10.13.   
Taxes.

 

(a)              Payments
Free of Taxes. Any and all payments by or on account of any obligation of Borrower under any Loan Document shall be made without
deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith
discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding
Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount
deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax,
then the sum payable by Borrower shall be increased as necessary so that after such deduction or withholding has been made (including
such deductions and withholdings applicable to additional sums payable under this Section 10.13) the applicable Recipient
receives an amount equal to the sum it would have received had no such deduction or withholding been made.

 

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

 

(c)              Evidence
of Payments. As soon as practicable after any payment of Taxes by Borrower to a Governmental Authority pursuant to this Section 10.13,
Borrower shall deliver to Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing
such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to Administrative
Agent.

 

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

 

(e)              Indemnification
by Banks. Each Bank shall severally indemnify Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified
Taxes attributable to such Bank (but only to the extent that Borrower has not already indemnified Administrative Agent for such Indemnified
Taxes and without limiting the obligation of Borrower to do so), (ii) any Taxes attributable to such Bank's failure to comply with
the provisions of Section 12.05(b) relating to the maintenance of a Participant Register and (iii) any Excluded
Taxes attributable to such Bank, in each case, that are payable or paid by Administrative Agent in connection with any Loan Document,
and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Bank by
Administrative Agent shall be conclusive absent manifest error. Each Bank hereby authorizes Administrative Agent to set off and apply
any and all amounts at any time owing to such Bank under any Loan Document or otherwise payable by Administrative Agent to such Bank
from any other source against any amount due to Administrative Agent under this paragraph (e).

 

(f)               Status
of Banks. (i) Any Bank that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under
any Loan Document shall deliver to Borrower and Administrative Agent, at the time or times reasonably requested by Borrower or Administrative
Agent, such properly completed and executed documentation reasonably requested by Borrower or Administrative Agent as will permit such
payments to be made without withholding or at a reduced rate of withholding. In addition, any Bank, if reasonably requested by Borrower
or Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by Borrower or Administrative
Agent as will enable Borrower or Administrative Agent to determine whether or not such Bank is subject to backup withholding or information
reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission
of such documentation (other than such documentation set forth in Section 10.13(f)(ii)(A), (B) and (D) below)
shall not be required if in the applicable Bank's reasonable judgment such completion, execution or submission would subject such Bank
to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Bank.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	95	 

     

    

 

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

 

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

 

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

 

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

 

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(g)              Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any
Taxes as to which it has been indemnified pursuant to this Section 10.13 (including by the payment of additional amounts
pursuant to this Section 10.13), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent
of indemnity payments made under this Section 10.13 with respect to the Taxes giving rise to such refund), net of all reasonable
out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay
to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed
by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will any indemnified party be required to pay
any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place such indemnified party in a
less favorable net after-Tax position than such indemnified party would have been in if the Tax subject to indemnification and giving
rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with
respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its
Tax returns (or any other information relating to its Taxes that it deems confidential) to, or to apply for or seek a refund of any Taxes
on behalf of, any indemnifying party or any other Person.

 

(h)              Survival.
Each party's obligations under this Section 10.13 shall survive the resignation or replacement of Administrative Agent or
any assignment of rights by, or the replacement of, a Bank, the termination of the Commitments and the repayment, satisfaction or discharge
of all obligations under any Loan Document.

 

(i)               Defined
Terms. For purposes of this Section 10.13, the term “applicable law” includes FATCA.

 

SECTION 10.14. Pro
Rata Treatment. Except to the extent otherwise provided:

 

(a)               [reserved];

 

(b)               [reserved];

 

(c)               [reserved];

 

(d)              each
borrowing of Term Loans from the Banks under Section 2.01(d) shall be made from the Banks, each payment of the fees
under Section 2.08 shall be made for the account of the Banks, and each termination or reduction of the amount of Commitments
under Section 2.16(a) shall be applied to the Commitments of the Banks, according to the amounts of their respective
Pro Rata Shares;

 

(e)               each
payment or prepayment of principal of Term Loans shall be made for the account of the Banks according to the amounts of their respective
Pro Rata Shares; provided that, subject to Section 12.20, if immediately prior to giving effect to any such payment
in respect of Term Loans the outstanding principal amount of the Term Loans shall not be held by the Banks in accordance with their respective
Pro Rata Shares in effect at the time such Term Loans were made, then such payment shall be applied to the Term Loans in such manner
as shall result, as nearly as is practicable, in the outstanding principal amount of the Terms Loans being held by the Banks in accordance
with such respective Pro Rata Shares;

 

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(f)               each
payment of interest on the Term Loans shall be made for the account of the Banks according to the amounts of their respective Pro Rata
Shares, as applicable, then due and payable to the Banks; and

 

(g)              the
Conversion and Continuation of the Term Loans (other than Conversions provided for by Sections 3.01, 3.03 and 3.04)
shall be made pro rata among the Banks, according to the amounts of their respective Pro Rata Shares.

 

SECTION 10.15.
Sharing of Payments Among Banks. If a Bank shall obtain payment of any principal of or interest on any Loan made by it through
the exercise of any right of setoff, banker’s lien or counterclaim, or by any other means (including direct payment), and such
payment results in such Bank receiving a greater payment than it would have been entitled to had such payment been paid directly to Administrative
Agent for disbursement to the Banks, then such Bank shall promptly purchase for cash from the other Banks participations in the
Loans made by the other Banks in such amounts, and make such other adjustments from time to time as shall be equitable to the end that
all of the Banks shall share ratably the benefit of such payment; provided that (i) if any such participations are purchased
and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price
restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed
to apply to any payment made by Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained
by a Bank as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other
than to Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). To such end
the Banks shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is
rescinded or must otherwise be restored. Borrower agrees that any Bank so purchasing a participation in the Loans made by other Banks
may exercise all rights of setoff, banker’s lien, counterclaim or similar rights with respect to such participation. Nothing contained
herein shall require any Bank to exercise any such right or shall affect the right of any Bank to exercise, and retain the benefits of
exercising, any such right with respect to any other indebtedness of Borrower.

 

SECTION 10.16.   Possession
of Documents. Each Bank shall keep possession of its own Notes. Administrative Agent shall hold all the other Loan Documents and
related documents in its possession and maintain separate records and accounts with respect thereto, and shall permit the Banks and their
representatives access at all reasonable times to inspect such Loan Documents, related documents, records and accounts.

 

SECTION 10.17.   Co-Syndication
Agents, Documentation Agents and Co-Sustainability Structuring Agents. The Banks serving as Co-Syndication Agents, Documentation
Agents or Co-Sustainability Structuring Agents shall have no duties or obligations in such capacities. In addition, in acting as an Agent,
no Bank will have any responsibility except as set forth herein and shall in no event be subject to any fiduciary or other implied duties.
In addition the Co-Sustainability Structuring Agents have not assumed and will not assume any advisory, agency or fiduciary responsibility
in favor of Borrower.

 

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SECTION 10.18.    Certain
ERISA Matters.

 

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

 

(i)                such
Bank is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise for purposes of Title I of
ERISA or Section 4975 of the Code) of one or more Benefit Plans with respect to such Bank’s entrance into, participation in,
administration of and performance of the Loans, the Commitments or this Agreement;

 

(ii)               the
prohibited transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined
by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company
general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38
(a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions
determined by in-house asset managers), is applicable so as to exempt from the prohibitions of Section 406 of ERISA and Section 4975
of the Code such Bank’s entrance into, participation in, administration of and performance of the Loans, this Agreement;

 

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

 

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

 

(b)              In
addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a
Bank or (2) a Bank has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the
immediately preceding clause (a), such Bank further (x) represents and warrants, as of the date such Person became a Bank party
hereto, and (y) covenants, from the date such Person became a Bank party hereto to the date such Person ceases being a Bank party
hereto, for the benefit of, Administrative Agent, each Lead Arranger, each Bookrunner and their respective Affiliates, and not, for the
avoidance of doubt, to or for the benefit of Borrower or any other Loan Party, that none of Administrative Agent, any Lead Arranger or
any Bookrunner or any of their respective Affiliates is a fiduciary with respect to the assets of such Bank involved in such Bank’s
entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement (including in connection
with the reservation or exercise of any rights by Administrative Agent under this Agreement, any Loan Document or any documents related
hereto or thereto).

 

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SECTION 10.19.
  Sustainability Matters. The parties hereto acknowledge and agree that neither Administrative Agent nor the Co-Sustainability Structuring
Agents (a) makes any assurances whether this Agreement or any other Loan Document meets any criteria or expectations of Borrower
or any Bank with regard to environmental or social impact and sustainability performance, or whether the characteristics of the
KPI 1 (Renewable Energy Procurement) and KPI 2 (Green Certification) (including any environmental, social and sustainability criteria
or any computation methodology) meet any industry standards for sustainability-linked credit facilities, or (b) has any responsibility
for or liability in respect of reviewing, auditing or otherwise evaluating any calculation by Borrower of the KPI 1 (Renewable Energy
Procurement), the KPI 2 (Green Certification), the KPI Metric Targets or any margin or fee adjustment (or any of the data or computations
that are part of or related to any such calculation) set out in any Pricing Certificate (and Administrative Agent may rely conclusively
on any such certificate, without further inquiry, when implementing any pricing adjustment).

 

ARTICLE XI

 

NATURE OF OBLIGATIONS

 

SECTION 11.01.   Absolute
and Unconditional Obligations. Borrower acknowledges and agrees that its obligations and liabilities under this Agreement and under
the other Loan Documents shall be absolute and unconditional irrespective of (1) any lack of validity or enforceability of any of
the Guaranteed Obligations, any Specified Derivative Contract, any Specified Cash Management Agreement, any Loan Documents, or any agreement
or instrument relating thereto; (2) any change in the time, manner or place of payment of, or in any other term in respect of, all
or any of the Guaranteed Obligations, or any other amendment or waiver of or consent to any departure from any Loan Documents or any
other documents or instruments executed in connection with or related to the Guaranteed Obligations; (3) any exchange or release
of any collateral, if any, or of any other Person from all or any of the Guaranteed Obligations; or (4) any other circumstances
which might otherwise constitute a defense available to, or a discharge of, Borrower or any other Person in respect of the Guaranteed
Obligations.

 

The obligations and liabilities
of Borrower under this Agreement and the other Loan Documents shall not be conditioned or contingent upon the pursuit by any Bank or
any other Person at any time of any right or remedy against Borrower, any other Loan Party or any other Person which may be or become
liable in respect of all or any part of the Guaranteed Obligations or against any collateral or security or guarantee therefor or right
of setoff with respect thereto.

 

SECTION 11.02.   Non-Recourse
to Principals and General Partner. This Agreement and the obligations hereunder and under the other Loan Documents are fully recourse
to Borrower and the Guarantors. Unless General Partner becomes a Guarantor pursuant to Section 6.10 and subject to the limitations
described below in this Section 11.02, notwithstanding anything to the contrary contained in this Agreement, in any of the other
Loan Documents, or in any other instruments, certificates, documents or agreements executed in connection with the Loans (all of the
foregoing, for purposes of this Section, hereinafter referred to, individually and collectively, as the “Relevant Documents”),
and notwithstanding any applicable law that would make General Partner liable for the debts or obligations of Borrower, including as
a general partner, no recourse under or upon any Obligation, representation, warranty, promise or other matter whatsoever shall be had
against any of the Principals or General Partner, and each Bank expressly waives and releases, on behalf of itself and its successors
and assigns, all right to assert any liability whatsoever under or with respect to the Relevant Documents against, or to satisfy any
claim or obligation arising thereunder against, any of the Principals or General Partner or out of any assets of the Principals or General
Partner, provided, however, that nothing in this Section shall be deemed to (1) release Borrower from any liability
pursuant to, or from any of its obligations under, the Relevant Documents, or from liability for its fraudulent actions or fraudulent
omissions; (2) release General Partner from personal liability arising outside of the terms of this Agreement for its, his or her
own fraudulent actions, fraudulent omissions, misappropriation of funds, rents or insurance proceeds, gross negligence or willful misconduct;
(3) constitute a waiver of any obligation evidenced or secured by, or contained in, the Relevant Documents or affect in any way
the validity or enforceability of the Relevant Documents; or (4) limit the right of Administrative Agent and/or the Banks to proceed
against or realize upon any collateral hereafter given for the Loans or any and all of the assets of Borrower (notwithstanding the fact
that General Partner has an ownership interest in Borrower and, thereby, an interest in the assets of Borrower) or to name Borrower (or,
to the extent that the same are required by applicable law or are determined by a court to be necessary parties in connection with an
action or suit against Borrower or any collateral hereafter given for the Loans, General Partner) as a party defendant in, and to enforce
against any collateral hereafter given for the Loans and/or assets of Borrower any judgment obtained by Administrative Agent and/or the
Banks with respect to, any action or suit under the Relevant Documents so long as no judgment shall be taken (except to the extent taking
a judgment is required by applicable law or determined by a court to be necessary to preserve Administrative Agent’s and/or the
Banks’ rights against any collateral hereafter given for the Loans or Borrower, but not otherwise) or shall be enforced against
General Partner or its assets.

 

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ARTICLE XII

 

MISCELLANEOUS

 

SECTION 12.01.   Binding
Effect of Request for Advance. Borrower agrees that, by its acceptance of any advance of proceeds of the Loans under this Agreement,
it shall be bound in all respects by the request for advance submitted on its behalf in connection therewith with the same force and
effect as if Borrower had itself executed and submitted the request for advance and whether or not the request for advance is executed
and/or submitted by an authorized person.

 

SECTION 12.02.  Amendments
and Waivers.

 

(a)              Generally.
No amendment or material waiver of any provision of this Agreement or any other Loan Document nor consent to any material departure by
Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by the Required Banks and, solely
for purposes of its acknowledgment thereof, Administrative Agent (and, in the case of an amendment to any Loan Document, the written
consent of each Loan Party a party thereto), and then such waiver or consent shall be effective only in the specific instance and for
the specific purpose for which given.

 

    	 	101	 

     

    

 

(b)             Additional
Bank Consents. Notwithstanding the foregoing, no amendment, waiver or consent shall do any of the following:

 

(i)            forgive
or reduce the principal of, or interest on, the Loans or any fees due hereunder or any other amount due hereunder or under any other
Loan Document (other than a waiver of default interest and changes in calculation of the ratio of Total Outstanding Indebtedness to Capitalization
Value that may indirectly affect pricing), in each case, without the written consent of each Bank directly and adversely affected thereby;

 

(ii)           [reserved];

 

(iii)          change
the definition of “Maturity Date” or otherwise postpone any date on which a, or forgive any, scheduled payment of principal
of the Term Loans, fees payable to any Banks or any other Obligations owing to the Banks (excluding mandatory prepayments, if any), in
each case, without the written consent of each Bank directly and adversely affected thereby;

 

(iv)          [reserved];

 

(v)           change
the definition of Pro Rata Share or change Section 10.14 or 10.15 in a manner that would alter the pro rata sharing of payments
required thereby without the written consent of each Bank directly and adversely affected thereby;

 

(vi)          amend
this Section 12.02 without the written consent of each Bank directly and adversely affected thereby;

 

(vii)         increase
or decrease the Commitment of any Bank or subject any of the Banks to any additional obligations without the written consent of such
Bank (other than pursuant to Section 2.16(c) or Section 3.07 and except for a ratable decrease in the Commitments of all
Banks);

 

(viii)        waive
any default in payment under paragraph (1) of Section 9.01 or any default under paragraph (5) of Section 9.01 with
respect to Borrower, any other Loan Party or General Partner, in each case, without the written consent of all of the Banks;

 

(ix)           release
all or substantially all of the Guarantors (other than as provided in Section 6.10) without the written consent of all of the Banks;

 

(x)            change
the definition of Required Banks or except as otherwise provided in the following clause (xi), make any other modification that reduces
the number or percentage of the Banks required to make any determinations or waive any rights hereunder or to modify any provision hereof
without the written consent of all of the Banks;

 

(xi)           change
(i) [reserved], (ii) the definition of the term “Required Banks” or modify in any other manner the number or percentage
of the Banks required to make any determinations or waive any rights hereunder or to modify any provision hereof without the written
consent of each Bank or (iii) [reserved]; or

 

    	 	102	 

     

    

 

(xii)          permit
the assignment or transfer by Borrower of any of its rights or obligations hereunder or under any other Loan Document except in a transaction
permitted (with or without the Required Banks’ consent) pursuant to Section 7.01 without the written consent of all of the
Banks; and

 

provided,
that (A) no amendment, waiver or consent shall, unless in writing and signed by Administrative Agent or the Co-Sustainability Structuring
Agents, as applicable, in addition to the Banks required above, affect the rights or duties of the Administrative Agent or the Co-Sustainability
Structuring Agents, as applicable, under this Agreement or any other Loan Document or modify Article X or Section 12.24 hereof
and (B) any advance of proceeds of the Loans made prior to or without the fulfillment by Borrower of all of the conditions precedent
thereto, whether or not known to Administrative Agent and the Banks, shall not constitute a waiver of the requirement that all conditions,
including the non-performed conditions, shall be required with respect to all future advances. No failure on the part of Administrative
Agent or any Bank to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof or preclude any other
or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any
remedies provided by law. All communications from Administrative Agent to the Banks requesting the Banks’ determination, consent,
approval or disapproval (i) shall be given in the form of a written notice to each Bank and (ii) shall be accompanied by a
description of the matter or thing as to which such determination, approval, consent or disapproval is requested. Each Bank shall reply
promptly, but in any event within fifteen (15) Banking Days (or five (5) Banking Days with respect to any decision to accelerate
or stop acceleration of the Loan) after receipt of the request therefor by Administrative Agent (the “Bank Reply Period”).
Unless a Bank shall give written notice to Administrative Agent that it objects to the requested determination, approval, consent or
disapproval within the Bank Reply Period, such Bank shall be deemed to have approved or consented to such requested determination, approval,
consent or disapproval; provided that this sentence shall not apply to any determination, consent, approval or disapproval regarding
any matter requiring the consent of all Banks or all affected Banks under the first proviso of this Section.

 

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

 

(d)              Notwithstanding
the foregoing, this Agreement may be amended (or amended and restated) with only the written consent of Administrative Agent and Borrower
(a) to provide for the making of any Incremental Increase as contemplated by Section 2.16 and to permit the accrued
interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Loans and
the accrued interest and fees in respect thereof and (b) to include appropriately the Banks in respect of such Incremental Increase
in any determination of the Required Banks.

 

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(e)              Notwithstanding
the foregoing, if at any time after the date hereof, any Bank shall consent to amend or otherwise modify any provision of the Existing
Credit Agreement (or any facility refinancing, replacing, modifying, extending or increasing the revolving credit facility under the
Existing Credit Agreement) in its capacity as a “Bank” under and as defined therein, and such amended or modified provision
shall have a correlative provision under this Agreement (other than any amendment or other modification that is subject to Section 12.02(b)),
such Bank shall be deemed to have consented to amend or otherwise modify such correlative provision under this Agreement with effectiveness
automatically hereunder concurrently with the effectiveness of such amendment or other modification under the Existing Credit Agreement
(or any facility refinancing, replacing, modifying, extending or increasing the revolving credit facility under the Existing Credit Agreement)
with no further action required by such Bank.

 

SECTION 12.03.   Survival;
Termination. All covenants, agreements, representations and warranties made by Borrower herein and in the certificates or other instruments
delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and
shall survive the execution and delivery of this Agreement and the making of any Loans, regardless of any investigation made by any such
other party or on its behalf and notwithstanding that Administrative Agent or any Bank may have had notice or knowledge of any Default
or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as
long as any Guaranteed Obligations hereunder are outstanding and unpaid. At such time as (a) all of the Commitments have been terminated,
(b) [reserved], (c) none of the Banks is obligated any longer under this Agreement to make any Loans and (d) all Obligations
(other than obligations which survive as hereafter provided in this Section 12.03 and contingent indemnification obligations
that have not been asserted) have been paid and satisfied in full, this Agreement shall terminate. Promptly following such termination,
each Bank shall promptly return to Borrower any Note issued to such Bank. The provisions of Sections 3.01, 3.05, 3.06,
10.13, 12.14 and 12.15, the indemnities to which Administrative Agent and the Banks are entitled under Sections 10.05
and 12.04, and any other provision of this Agreement and the other Loan Documents (i) notwithstanding any termination
of this Agreement, or of the other Loan Documents, against events arising after such termination as well as before and (ii) at all
times after any such party ceases to be a party to this Agreement with respect to all matters and events existing on or prior to the
date such party ceased to be a party to this Agreement. Upon Borrower’s request, Administrative Agent agrees to deliver to Borrower,
at Borrower’s sole cost and expense, written confirmation of the foregoing termination.

 

    	 	104	 

     

    

 

SECTION 12.04.   Expenses;
Indemnification.

 

(a)              Borrower
agrees (a) to pay or reimburse Administrative Agent and, solely in connection with the initial closing and syndication of the facilities
hereunder, the Bookrunners, for all of its and their reasonable and documented out-of-pocket costs and expenses incurred in connection
with the preparation, negotiation and execution of, and any amendment, supplement or modification to, any of the Loan Documents (including,
without limitation, in respect of any notice given by Borrower under Section 2.16(c), whether or not the requested increase
is actually effected), and the consummation of the transactions contemplated thereby, including the reasonable and documented out-of-pocket
fees, disbursements and other charges of counsel to Administrative Agent and all reasonable and documented out-of-pocket costs and expenses
of Administrative Agent in connection with the use of IntraLinks, SyndTrak or other similar information transmission systems in connection
with the Loan Documents, (b) [reserved], (c) to pay or reimburse Administrative Agent and the Banks for all their costs and
expenses incurred in connection with the enforcement or preservation of any rights under the Loan Documents, including the reasonable
and documented out-of-pocket fees, disbursements and other charges of their respective counsel and (d) to the extent not already
covered by any of the preceding subsections, to pay or reimburse the fees and disbursements of counsel to Administrative Agent, any Lead
Arranger, any Bookrunner and any Bank incurred in connection with the representation of Administrative Agent, such Lead Arranger, any
Bookrunner or such Bank in any matter relating to or arising out of any bankruptcy or other proceeding of the type described in Section 9.01(5),
including, without limitation, (i) any motion for relief from any stay or similar order, (ii) the negotiation, preparation,
execution and delivery of any document relating to the Obligations and (iii) the negotiation and preparation of any debtor in possession
financing or any plan of reorganization of Borrower or any other Loan Party, whether proposed by Borrower, such Loan Party, the Banks
or any other Person, and whether such fees and expenses are incurred prior to, during or after the commencement of such proceeding or
the confirmation or conclusion of any such proceeding. Notwithstanding the foregoing, (i) the obligation to reimburse Administrative
Agent, the Lead Arrangers, the Bookrunners and the Banks for fees and expenses of counsel in connection with the matters described in
clauses (a), (c) and (d) above shall be limited to the reasonable and documented out-of-pocket fees, disbursements and other
charges of one counsel to Administrative Agent, the Lead Arrangers, the Bookrunners and the Banks and, if reasonably necessary, a single
local counsel for Administrative Agent and the Banks in each relevant jurisdiction and with respect to each relevant specialty, and in
the case of an actual or perceived conflict of interest, one additional counsel in each relevant jurisdiction to the affected Bank similarly
situated and (ii) except to the extent otherwise agreed among Borrower, the Lead Arrangers and Administrative Agent, Borrower is
not responsible for costs, expenses and charges incurred by the Bank Parties in connection with the administration or syndication of
the Loans (other than any administration fee payable to Administrative Agent). Other than to the extent constituting a condition to the
Closing Date set forth in Section 4.01, all reimbursement obligations pursuant to this Section 12.04(a) shall
be due and payable not later than fifteen (15) Banking Days following receipt of a reasonably detailed invoice therefor.

 

(b)              Borrower
agrees to indemnify Administrative Agent, the Co-Sustainability Structuring Agents, each Bank, Affiliates of the foregoing, and their
respective directors, officers, employees, agents and advisors (each such Person being called an “Indemnified Party”)
from, and hold each of them harmless against, any and all losses, liabilities, claims, damages or expenses incurred by any of them arising
out of or by reason of (w) the execution, delivery or performance of the Loan Documents by Borrower or the use of the proceeds of
the Loans, directly or indirectly, by Borrower, (x) any claims by brokers due to acts or omissions by Borrower, (y) any investigation
or litigation or other proceedings (including any threatened investigation or litigation or other proceedings) (an “Indemnity
Proceeding”) relating to any actual or proposed use by Borrower of the proceeds of the Loans, including without limitation,
the reasonable fees and disbursements of third-party counsel incurred in connection with any such investigation or litigation or other
proceedings or (z) third party claims or actions against any Bank or Administrative Agent relating to or arising from this Agreement
and the transactions contemplated pursuant to this Agreement; provided, however, that Borrower shall not be obligated to
indemnify any Indemnified Party for any acts or omissions of such Indemnified Party in connection with matters described in this Section 12.04
to the extent arising from (A) the gross negligence, bad faith or willful misconduct of such Indemnified Party, as determined
by a court of competent jurisdiction in a final, non-appealable judgment, (B) a material breach by such Indemnified Party of its
obligations under the Loan Documents, as determined by a court of competent jurisdiction in a final, non-appealable judgment, (C) any
dispute solely among Indemnified Parties (except in connection with claims or disputes (1) against Administrative Agent and/or any
Bookrunner or any Lead Arranger in their respective capacities relating to whether the conditions to any advance have been satisfied,
(2) against Administrative Agent, any Bookrunner and/or any Lead Arranger in their respective capacities with respect to a Defaulting
Lender or the determination of whether a Bank is a Defaulting Lender, (3) against Administrative Agent, any Bookrunner and/or any
Lead Arranger in their respective capacities as such and (4) directly resulting from any act or omission on the part of General
Partner, Borrower, any other Loan Parties or any other Subsidiary), and (D) tax and yield maintenance matters otherwise addressed
in Sections 3.01, 3.05, 3.06 and 10.13.

 

    	 	105	 

     

    

 

(c)              If
and to the extent that the obligations of Borrower under this Section are unenforceable for any reason, Borrower hereby agrees to
make the maximum contribution to the payment and satisfaction of such obligations which is permissible under applicable law.

 

(d)             The
obligations of Borrower under this Section shall survive the repayment of all amounts due under or in connection with any of the
Loan Documents and the termination of the Commitments.

 

(e)              An
Indemnified Party may conduct its own investigation and defense of, and may formulate its own strategy with respect to, any Indemnity
Proceeding covered by this Section and, as provided above, all costs and expenses incurred by such Indemnified Party shall be reimbursed
by Borrower. No action taken by legal counsel chosen by an Indemnified Party in investigating or defending against any such Indemnity
Proceeding shall vitiate or in any way impair the obligations and duties of Borrower hereunder to indemnify and hold harmless each such
Indemnified Party; provided, however, that (i) if Borrower is required to indemnify an Indemnified Party pursuant hereto
and (ii) Borrower has provided evidence reasonably satisfactory to such Indemnified Party that Borrower has the financial wherewithal
to reimburse such Indemnified Party for any amount paid by such Indemnified Party with respect to such Indemnity Proceeding, such Indemnified
Party shall not settle or compromise any such Indemnity Proceeding without the prior written consent of Borrower (which consent shall
not be unreasonably withheld or delayed).

 

    	 	106	 

     

    

 

SECTION 12.05.    Assignment;
Participation.

 

(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, provided that neither Borrower, General Partner nor any other Loan Party may,
except as otherwise provided in Section 7.01, assign or otherwise transfer any of its rights or obligations hereunder or under any
other Loan Document without the prior written consent of Administrative Agent and each Bank, and no Bank may assign or otherwise transfer
any of its rights or obligations hereunder except (i) to a Qualified Institution in accordance with the provisions of the immediately
following subsection (b), (ii) by way of participation in accordance with the provisions of the following subsection (d) or
(iii) by way of pledge or assignment of a security interest subject to the restrictions of the following subsection (e) (and,
subject to the last sentence of the immediately following subsection (b), any other attempted assignment or transfer by any party
hereto shall be null and void). Except as otherwise provided under Section 12.04, nothing in this Agreement, expressed or implied,
shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby,
Participants to the extent provided in the following subsection (d) and, to the extent expressly contemplated hereby, the Affiliates
and their respective directors, officers, employees, agents and advisors of each of Administrative Agent and the Banks) any legal or
equitable right, remedy or claim under or by reason of this Agreement.

 

(b)              Assignments
by Banks. Any Bank may at any time assign to one or more Qualified Institutions all or a portion of its rights and obligations under
this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment
shall be subject to the following conditions:

 

(i)            Minimum
Amounts.

 

   (1)        in
the case of an assignment of the entire remaining amount of an assigning Bank’s Commitment and the Loans at the time owing to it,
or contemporaneous assignments to related Approved Funds that equal at least the amount specified in the immediately following clause (2) in
the aggregate, or in the case of an assignment to a Bank, an Affiliate of a Bank or an Approved Fund, no minimum amount need be assigned;
and

 

   (2)        in
any case not described in the immediately preceding subsection (1), the aggregate amount of the Commitment (which for this purpose
includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the
Loans of the assigning Bank subject to each such assignment (in each case, determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to 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 Administrative Agent and, so long as no Event of Default shall
exist, Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however, that if,
after giving effect to such assignment, the amount of the Commitment held by such assigning Bank or the outstanding principal balance
of the Loans of such assigning Bank, as applicable, and in each case, without Participants, would be less than $10,000,000 (which minimum
amount shall be reduced pro rata as a result of a cancellation or reduction of the aggregate Commitments), then such assigning Bank shall
assign the entire amount of its Commitment and the Loans at the time owing to it.

 

    	 	107	 

     

    

 

(ii)            Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Bank’s rights
and obligations under this Agreement with respect to the Loan or the Commitment assigned.

 

(iii)           Required
Consents. No consent shall be required for any assignment except to the extent required by clause (i)(2) of this subsection (b) and,
in addition:

 

   (1)        the
consent of Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless an Event of Default shall exist
at the time of such assignment; provided that (I) Borrower shall be deemed to have consented to any such assignment unless
it shall object thereto by written notice to Administrative Agent within five (5) Banking Days after having received notice thereof
and (II) Borrower can withhold such consent if such assignment shall subject Borrower to any greater obligations under Sections 3.01
or 3.06; provided further that no such consent shall be required if such assignment is to a Person that is already a Bank with
Commitment, an Affiliate of such a Bank or an Approved Fund with respect to such a Bank;

 

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

 

   (3)        [reserved].

 

(iv)        
  Assignment and Acceptance; Notes. The parties to each assignment shall execute and
deliver to Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 for each
assignment (which fee Administrative Agent may, in its sole discretion, elect to waive), and the assignee, if it is not a Bank,
shall deliver to Administrative Agent an Administrative Questionnaire. If requested by the transferor Bank or the assignee, upon the
consummation of any assignment, the transferor Bank, Administrative Agent and Borrower shall make appropriate arrangements so that
new Notes are issued to the assignee and such transferor Bank, as appropriate.

 

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

 

(vi)          No
Assignment to Natural Persons. No such assignment shall be made to a natural person (or a company, investment vehicle or trust for,
or owned and operated for the primary benefit of, a natural person or relative(s) thereof).

 

    	 	108	 

     

    

 

(vii)         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 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 Borrower and Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by
the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to pay and satisfy in full
all payment liabilities then owed by such Defaulting Lender to Administrative Agent and the Banks hereunder (and interest accrued thereon).
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
Administrative Agent pursuant to the immediately following subsection (c), 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 Bank under this Agreement, and the assigning Bank 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 Bank’s rights and obligations under this Agreement, such Bank shall
cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 3.05 and 12.04 and the other provisions
of this Agreement and the other Loan Documents 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 Bank having been a Defaulting Lender.
Any assignment or transfer by a Bank of rights or obligations under this Agreement that does not comply with this paragraph shall be
treated for purposes of this Agreement as a sale by such Bank of a participation in such rights and obligations in accordance with the
following subsection (d).

 

 (c)            Register.
Administrative Agent, acting solely for this purpose as a non-fiduciary agent of Borrower, shall maintain at 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
Banks, and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Bank pursuant to the terms hereof
from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and Borrower,
Administrative Agent and the Banks shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Bank
hereunder for all purposes of this Agreement. The Register shall be available for inspection by Borrower and any Bank, at any reasonable
time and from time to time upon reasonable prior notice.

 

    	 	109	 

     

    

 

 (d)            Participations.
Any Bank may at any time, without the consent of, or notice to, Borrower or Administrative Agent, sell participations to any Person (other
than a natural Person or Borrower or any of Borrower’s Affiliates or Subsidiaries or any Defaulting Lender) (each, a “Participant”)
in all or a portion of such Bank’s rights and/or obligations under this Agreement (including all or a portion of its Commitment
and/or the Loans owing to it) in minimum amounts of not less than $5,000,000 prior to an Event of Default, and upon the occurrence and
during the continunance of an Event of Default, in any amount; provided that (i) such Bank’s obligations under this
Agreement shall remain unchanged, (ii) such Bank shall remain solely responsible to the other parties hereto for the performance
of such obligations and (iii) Borrower, Administrative Agent and the Banks shall continue to deal solely and directly with such
Bank in connection with such Bank’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which
a Bank sells such a participation shall provide that such Bank 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
Bank will not, without the consent of the Participant, agree to (w) increase such Bank’s Commitment, (x) extend the date
fixed for the payment of principal on the Loans or portions thereof owing to such Bank, (y) reduce the rate at which interest is
payable thereon or (z) release any Guarantor from its Obligations under the Guaranty except as contemplated by Section 6.10,
in each case, as applicable to that portion of such Bank’s rights and/or obligations that are subject to the participation. Borrower
agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.06 and 10.13 (subject, in each case, to the requirements
and limitations therein, including the requirements under Section 10.13(f) (it being understood that documentation required
under Section 10.13(f) shall be delivered to the participating Bank)) to the same extent as if it were a Bank and had acquired
its interest by assignment pursuant to subsection (b) of this Section; provided that such Participant (A) agrees
to be subject to the provisions of Section 3.07 as if it were an assignee under subsection (b) of this Section; and (B) shall
not be entitled to receive any greater payment under Sections 3.01, 3.06 or 10.13, with respect to any participation, than its participating
Bank would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Regulatory
Change that occurs after the Participant acquired the applicable participation. Each Bank that sells a participation agrees, at Borrower’s
request and expense, to use reasonable efforts to cooperate with Borrower to effectuate the provisions of Section 3.07 with respect
to any Participant. To the extent permitted by Law, each Participant also shall be entitled to the benefits of Section 12.08 as
though it were a Bank; provided that such Participant agrees to be subject to Section 10.15 as though it were a Bank. Each
Bank that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of Borrower, maintain a register on which
it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest
in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Bank
shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any
information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any
Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of
credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries
in the Participant Register shall be conclusive absent manifest error, and such Bank shall treat each Person whose name is recorded in
the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.
For the avoidance of doubt, Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining
a Participant Register.

 

    	 	110	 

     

    

 

(e)            Certain
Pledges. Any Bank may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to
secure obligations of such Bank, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central bank
having jurisdiction over such Bank; provided that no such pledge or assignment shall release such Bank from any of its obligations hereunder
or substitute any such pledgee or assignee for such Bank as a party hereto.

 

(f)            No
Registration. Each Bank agrees that, without the prior written consent of Borrower and Administrative Agent, it will not make any
assignment hereunder in any manner or under any circumstances that would require registration or qualification of, or filings in respect
of, any Loan or Note under the Securities Act or any other securities laws of the United States of America or of any other jurisdiction.

 

(g)           USA
PATRIOT Act Notice; Compliance. In order for Administrative Agent to comply with “know your customer” and Anti-Money Laundering
Laws, rules and regulations, including without limitation, the PATRIOT Act, prior to any Bank that is organized under the laws of
a jurisdiction outside of the United States of America becoming a party hereto, Administrative Agent may request, and such Bank shall
provide to Administrative Agent, its name, address, tax identification number and/or such other identification information as shall be
necessary for Administrative Agent to comply with such laws, rules and regulations.

 

SECTION 12.06. Documentation
Satisfactory. All documentation required from or to be submitted on behalf of Borrower in connection with this Agreement and the documents
relating hereto shall be subject to the prior approval of, and be satisfactory in form and substance to, Administrative Agent, its counsel
and, where specifically provided herein, the Banks. In addition, the persons or parties responsible for the execution and delivery of,
and signatories to, all of such documentation, shall be acceptable to, and subject to the approval of, Administrative Agent and its counsel
and the Banks.

 

SECTION 12.07. Notices.
(a)  Unless otherwise provided herein, communications provided for hereunder shall be in writing and shall be mailed, telecopied,
or delivered as follows:

 

If to Borrower:

 

JBG SMITH Properties LP 

4747 Bethesda Avenue 

Suite 200 

Bethesda, Maryland 20814 

Attention: Moina Banerjee, Chief Financial
Officer 

Telecopier: 240-333-3630 

Telephone: 240-333-3655 

Email: mbanerjee@jbgsmith.com

 

    	 	111	 

     

    

 

With a copy to:

 

JBG SMITH Properties LP 

4747 Bethesda Avenue 

Suite 200 

Bethesda, Maryland 20814 

Attention: Steven Museles, Chief Legal
Officer 

Telecopier: 240-333-3630 

Telephone: 240-333-3654 

Email: smuseles@jbgsmith.com

 

If to Administrative Agent:

 

Wells Fargo Bank, National Association 

333 S Grand Avenue, 9th Floor 

Los Angeles, CA 90071 

Attention: Nina Johnnie 

Telephone: 980-214-6380 

Email:
nina.c.johnnie@wellsfargo.com

 

If to Administrative Agent
under Article II:

 

Wells Fargo Bank, National Association 

CRE Agency Services 

600 South 4th Street, 8th Floor 

Minneapolis, MN 55415 

Attention: Anthony Gangelhoff 

Telecopier: 877-410-5023 

Telephone: 612-316-0109 

Email:
Anthony.Gangelhoff@wellsfargo.com

 

If to any other Bank:

 

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

 

All
such notices and other communications shall be effective (i) if mailed, upon the first to occur of receipt or the expiration of 3
days after the deposit in the United States Postal Service mail, postage prepaid and addressed to the address of Borrower or Administrative
Agent and the Banks at the addresses specified; (ii) if telecopied, when transmitted; or (iii) if hand delivered or sent by
overnight courier, when delivered; provided, however, that, non-receipt of any communication as of the result of any change of address
of which the sending party was not notified or as the result of a refusal to accept delivery shall be deemed receipt of such communication.
Notwithstanding the immediately preceding sentence, all notices or communications to Administrative Agent or any Bank under Article II
shall be effective only when actually received. Notices delivered through Electronic Systems, to the extent provided in paragraph (b) below,
shall be effective as provided in said paragraph. Failure of a Person designated to get a copy of a notice to receive such copy shall
not affect the validity of notice properly given to another Person.

 

    	 	112	 

     

    

  

(b)            Notices
and other communications to the Banks hereunder may be delivered or furnished by using Electronic Systems pursuant to procedures approved
by Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed
by Administrative Agent and the applicable Bank. Administrative Agent or Borrower may, in its discretion, agree to accept notices and
other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval
of such procedures may be limited to particular notices or communications.

 

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

 

(c)            Any
party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto
in accordance with this Section 12.07, except that each Bank must only give such notice to Administrative Agent and the Borrower.

 

(d)            Electronic
Systems.

 

(i)              Borrower
agrees that Administrative Agent may, but shall not be obligated to, make Communications (as defined below) available to the Banks by
posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar Electronic System.

 

    	 	113	 

     

    

 

(ii)             Any
Electronic System used by Administrative Agent is provided “as is” and “as available.” None of Administrative
Agent or Borrower or any of their respective Affiliates and such Affiliates’ respective directors, officers, employees, agents or
advisors (the “Communications Parties”) warrant the adequacy of such Electronic Systems and each expressly disclaims
liability for errors or omissions in the Communications. No warranty of any kind, express, implied or statutory, including any warranty
of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects,
is made by any Communications Party in connection with the Communications or any Electronic System. In no event shall any Communications
Party have any liability to the other parties hereto or any other Person or entity for damages of any kind, including direct or indirect,
special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of Borrower’s
or Administrative Agent’s transmission of communications through an Electronic System. “Communications” means,
collectively, any notice, demand, communication, information, document or other material provided by or on behalf of Borrower pursuant
to any Loan Document or the transactions contemplated therein which is distributed by Administrative Agent or any Bank by means of electronic
communications pursuant to this Section, including through an Electronic System.

 

SECTION 12.08.
Setoff.   Upon the occurrence of an Event of Default, to the extent permitted or not expressly prohibited by applicable law, Borrower
agrees that, in addition to (and without limitation of) any right of setoff, bankers’ lien or counterclaim a Bank may otherwise
have, each Bank shall be entitled, subject to receipt of the prior written consent of the Required Banks exercised in their sole discretion,
to offset balances (general or special, time or demand, provisional or final) held by it for the account of Borrower at any of such Bank’s
offices, in Dollars or in any other currency, against any amount payable by Borrower to such Bank under this Agreement or such Bank’s
Notes, or any other Loan Document, which is not paid when due (regardless of whether such balances are then due to Borrower or General
Partner), in which case it shall promptly notify Borrower and Administrative Agent thereof; provided that such Bank’s failure
to give such notice shall not affect the validity thereof. Payments by Borrower hereunder or under the other Loan Documents shall be made
without setoff or counterclaim. Notwithstanding anything to the contrary in this Section, if any Defaulting Lender shall exercise any
such right of setoff, (x) all amounts so set off shall be paid over immediately to Administrative Agent for further application in
accordance with the provisions of Section 12.20 and, pending such payment, shall be segregated by such Defaulting Lender from its
other funds and deemed held in trust for the benefit of Administrative Agent and the Banks and (y) the Defaulting Lender shall
provide promptly to Administrative Agent a statement describing in reasonable detail the Guaranteed Obligations owing to such Defaulting
Lender as to which it exercised such right of setoff.

 

SECTION 12.09. Table
of Contents; Headings. Any table of contents and the headings and captions hereunder are for convenience only and shall not affect
the interpretation or construction of this Agreement.

 

SECTION 12.10. Severability.
The provisions of this Agreement are intended to be severable. If for any reason any provision of this Agreement shall be held invalid
or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent
of such invalidity or unenforceability without in any manner affecting the validity or enforceability thereof in any other jurisdiction
or the remaining provisions hereof in any jurisdiction.

 

    	 	114	 

     

    

 

SECTION 12.11. Counterparts;
Integration; Effectiveness; Electronic Execution.

 

(a)            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, and any separate letter agreements with respect to fees payable to the Administrative Agent and/or the Lead
Arrangers, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements
and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01 this Agreement shall
become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts
hereof 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 facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as
delivery of a manually executed counterpart of this Agreement.

 

(b)            Electronic
Execution. The words “execute,” “execution,” “signed,” “signature,” “delivery”
and words of like import in or related to this Agreement, any other Loan Document or any document, amendment, approval, consent, waiver,
modification, information, notice, certificate, report, statement, disclosure, or authorization to be signed or delivered in connection
with this Agreement or any other Loan Document or the transactions contemplated hereby shall be deemed to include Electronic Signatures
or execution in the form of an Electronic Record, and contract formations on electronic platforms approved by the Administrative Agent,
deliveries 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.  Each party hereto
agrees that any Electronic Signature or execution in the form of an Electronic Record shall be valid and binding on itself and each of
the other parties hereto to the same extent as a manual, original signature.  For the avoidance of doubt, the authorization under
this paragraph may include, without limitation, use or acceptance by the parties of a manually signed paper which has been converted into
electronic form (such as scanned into PDF format), or an electronically signed paper converted into another format, for transmission,
delivery and/or retention.  Notwithstanding anything contained herein to the contrary, the Administrative Agent is under no obligation
to accept an Electronic Signature in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures
approved by it; provided that  without limiting the foregoing, (i) to the extent the Administrative Agent has agreed
to accept such Electronic Signature from any party hereto, the Administrative Agent and the other parties hereto shall be entitled to
rely on any such Electronic Signature purportedly given by or on behalf of the executing party without further verification and (ii) upon
the request of the Administrative Agent or any Bank, any Electronic Signature shall be promptly followed by an original manually executed
counterpart thereof.  Without limiting the generality of the foregoing, each party hereto hereby (A) agrees that, for all purposes,
including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation
among the Administrative Agent, the Banks and any of the Loan Parties, electronic images of this Agreement or any other Loan Document
(in each case, including with respect to any signature pages thereto)  shall have the same legal effect, validity and enforceability
as any paper original, and (B) waives any argument, defense or right to contest the validity or enforceability of the Loan Documents
based solely on the lack of paper original copies of any Loan Documents, including with respect to any signature pages thereto

 

    	 	115	 

     

    

 

SECTION 12.12. Integration.
The Loan Documents set forth the entire agreement among the parties hereto relating to the transactions contemplated thereby (except with
respect to agreements relating solely to compensation, consideration and the coordinated syndication of the Loan) and supersede any prior
oral or written statements or agreements with respect to such transactions.

 

SECTION 12.13. Governing
Law. This Agreement shall be governed by, and interpreted and construed in accordance with, the laws of the State of New York.

 

SECTION 12.14. Waivers.
To the extent permitted or not expressly prohibited by applicable law, in connection with the obligations and liabilities as aforesaid,
Borrower hereby waives (1) notice of any actions taken by any Bank Party under this Agreement, any other Loan Document or any other
agreement or instrument relating hereto or thereto except to the extent otherwise provided herein; (2) all other notices, demands
and protests, and all other formalities of every kind in connection with the enforcement of the Obligations, the omission of or delay
in which, but for the provisions of this Section 12.14, might constitute grounds for relieving Borrower of its obligations hereunder;
(3) any requirement that any Bank Party protect, secure, perfect or insure any Lien on any collateral or exhaust any right or take
any action against Borrower or any other Person or any collateral; (4) any right or claim of right to cause a marshalling of the
assets of Borrower; and (5) all rights of subrogation or contribution, whether arising by contract or operation of law (including,
without limitation, any such right arising under the Bankruptcy Code) or otherwise by reason of payment by Borrower, pursuant to this
Agreement or any other Loan Document.

 

SECTION 12.15. Jurisdiction;
Immunities. Borrower, Administrative Agent and each Bank hereby irrevocably submit to the exclusive jurisdiction of any New York State
or United States Federal court sitting in New York City, Borough of Manhattan, over any action or proceeding arising out of or relating
to this Agreement, the Notes or any other Loan Document. Borrower, Administrative Agent, and each Bank irrevocably agree that all claims
in respect of such action or proceeding may be heard and determined in such New York State or United States Federal court. Borrower, Administrative
Agent, and each Bank irrevocably consent to the service of any and all process in any such action or proceeding by the mailing of copies
of such process to Borrower, Administrative Agent or each Bank, as the case may be, at the addresses specified herein. Borrower, Administrative
Agent and each Bank agree 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. Borrower, Administrative Agent and each Bank further waive any objection
to venue in the State of New York and any objection to an action or proceeding in the State of New York on the basis of forum non conveniens.
Borrower, Administrative Agent and each Bank agree that any action or proceeding brought against Borrower, Administrative Agent or any
Bank, as the case may be, shall be brought only in a New York State court sitting in New York City, Borough of Manhattan, or a United
States Federal court sitting in New York City, Borough of Manhattan, to the extent permitted or not expressly prohibited by applicable
law.

 

    	 	116	 

     

    

 

Nothing in this Section shall
affect the right of Borrower, Administrative Agent or any Bank to serve legal process in any other manner permitted by law.

 

To
the extent that Borrower, Administrative Agent or any Bank have or hereafter may acquire any immunity from jurisdiction of any
court or from any legal process (whether from service or notice, attachment prior to judgment, attachment in aid of execution, execution
or otherwise) with respect to itself or its property, Borrower, Administrative Agent and each Bank hereby irrevocably waive such immunity
in respect of its obligations under this Agreement, the Notes and any other Loan Document.

 

BORROWER, ADMINISTRATIVE AGENT
AND EACH BANK WAIVE ANY RIGHT EACH SUCH PARTY MAY HAVE TO JURY TRIAL IN CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING BROUGHT WITH
RESPECT TO THIS AGREEMENT, THE NOTES OR THE LOAN. IN ADDITION, BORROWER HEREBY WAIVES, IN CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING
BROUGHT BY ADMINISTRATIVE AGENT OR THE BANKS WITH RESPECT TO THE NOTES, ANY RIGHT BORROWER MAY HAVE (1) TO THE EXTENT PERMITTED
OR NOT EXPRESSLY PROHIBITED BY APPLICABLE LAW, TO INTERPOSE ANY COUNTERCLAIM THEREIN (OTHER THAN A COUNTERCLAIM THAT IF NOT BROUGHT IN
THE SUIT, ACTION OR PROCEEDING BROUGHT BY ADMINISTRATIVE AGENT OR THE BANKS COULD NOT BE BROUGHT IN A SEPARATE SUIT, ACTION OR PROCEEDING
OR WOULD BE SUBJECT TO DISMISSAL OR SIMILAR DISPOSITION FOR FAILURE TO HAVE BEEN ASSERTED IN SUCH SUIT, ACTION OR PROCEEDING BROUGHT BY
ADMINISTRATIVE AGENT OR THE BANKS) OR (2) TO THE EXTENT PERMITTED OR NOT EXPRESSLY PROHIBITED BY APPLICABLE LAW, TO HAVE THE SAME
CONSOLIDATED WITH ANY OTHER OR SEPARATE SUIT, ACTION OR PROCEEDING. NOTHING HEREIN CONTAINED SHALL PREVENT OR PROHIBIT BORROWER FROM INSTITUTING
OR MAINTAINING A SEPARATE ACTION AGAINST ADMINISTRATIVE AGENT OR THE BANKS WITH RESPECT TO ANY ASSERTED CLAIM.

 

To the extent not prohibited
by applicable law, Borrower shall not assert, and Borrower hereby waives, any claim against any Bank or any Agent, 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, any Loan or
other extension of credit hereunder or the use of the proceeds thereof.

 

SECTION 12.16. [Reserved].

 

SECTION 12.17. [Reserved].

 

SECTION 12.18. Intentionally
Omitted.

 

    	 	117	 

     

    

 

SECTION 12.19. USA
PATRIOT Act; Anti-Money Laundering Laws. The Administrative Agent and each Bank hereby notifies the Borrower that pursuant to the
requirements of the PATRIOT Act or any other Anti-Money Laundering Laws, each of them 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 Bank to identify each Loan Party in accordance with the PATRIOT Act or such Anti-Money Laundering Laws.

 

SECTION 12.20. Defaulting
Lenders. Notwithstanding anything to the contrary contained in this Agreement, if any Bank becomes a Defaulting Lender, then, until
such time as such Bank is no longer a Defaulting Lender, to the extent permitted by applicable Law:

 

(a)            Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this
Agreement shall be restricted as set forth in the definition of “Required Banks” and in Section 12.02.

 

(b)            Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by Administrative Agent for the account of such
Defaulting Lender (whether voluntary or mandatory, at maturity or otherwise) or received by Administrative Agent from a Defaulting Lender
pursuant to Section 12.08 shall be applied at such time or times as may be determined by Administrative Agent as follows:
first, to the payment of any amounts owing by such Defaulting Lender to Administrative Agent hereunder; second, [reserved];
third, [reserved]; fourth, as Borrower may request (so long as no Default or Event of Default exists other than a Default
or Event of Default that will be cured by the application of such funds in accordance with this paragraph), to the funding of any Loan
in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by Administrative
Agent; fifth, if so determined by Administrative Agent and Borrower, to be held in a deposit account and released pro rata in order
to satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement; sixth,
to the payment of any amounts owing to the Banks as a result of any judgment of a court of competent jurisdiction obtained by any Bank
against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh,
so long as no Default or Event of Default exists, to the payment of any amounts owing to Borrower as a result of any judgment of a court
of competent jurisdiction obtained by Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of
its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction.

 

(c)             Certain
Fees.

 

(1)            No
Defaulting Lender shall be entitled to receive any fee payable under Section 2.08 for any period during which that Bank is a Defaulting
Lender (and Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting
Lender).

 

(2)            [Reserved].

 

(3)            [Reserved].

 

(d)            [Reserved].

 

    	 	118	 

     

    

 

(e)            Defaulting
Lender Cure. If Borrower and Administrative Agent agree in writing that a Bank is no longer a Defaulting Lender, 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, that Bank will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Banks or take such other
actions as Administrative Agent may determine to be necessary to cause the Term Loans to be held by the Banks in accordance with
their respective Pro Rata Shares as if there had been no Banks that were Defaulting Lenders, whereupon such Bank 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
Borrower while that Bank 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 non-Defaulting Lender will constitute a waiver or release of any
claim of any party hereunder arising from that Bank’s having been a Defaulting Lender.

 

(f)             [Reserved].

 

(g)            Purchase
of Defaulting Lender’s Commitment. During any period that a Bank is a Defaulting Lender, Borrower may, by Borrower giving written
notice thereof to Administrative Agent, such Defaulting Lender and the other Banks, demand that such Defaulting Lender assign its Commitment
and Loans to a Qualified Institution subject to and in accordance with the provisions of Section 12.05. No party hereto shall have
any obligation whatsoever to initiate any such replacement or to assist in finding a Qualified Institution. In addition, any Bank which
is not a Defaulting Lender may, but shall not be obligated to, in its sole discretion, acquire the face amount of all or a portion of
such Defaulting Lender’s Commitment and Loans via an assignment subject to and in accordance with the provisions of Section 12.04.
In connection with any such assignment, such Defaulting Lender shall promptly execute all documents reasonably requested to effect such
assignment, including an appropriate Assignment and Assumption and, notwithstanding Section 12.05, shall pay to Administrative Agent
an assignment fee in the amount of $3,500. The exercise by Borrower of its rights under this Section shall be at Borrower’s
sole cost and expense and at no cost or expense to Administrative Agent or the Banks provided that the foregoing shall not constitute
a waiver or release of any claim of Borrower, Administrative Agent or any Bank against any Defaulting Lender.

 

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SECTION 12.21. Use
for Mortgages. From time to time, on not less than ten (10) Banking Days’ notice, Borrower may request proceeds of the
Term Loans be used to refinance or acquire properties secured by certain secured mortgage Debt of Borrower and/or its Subsidiaries, in
which event, a portion of such Term Loans equal to the amount of the advances made hereunder in connection with such refinancing or acquisition,
at Borrower’s election, may be secured by an amended and restated mortgage on the property securing the mortgage Debt to be so refinanced
or acquired (a “Refinancing Mortgage”) and evidenced by a separate mortgage note executed by Borrower and/or one or
more Subsidiaries (provided that (i) if Borrower shall not execute such mortgage note, Borrower shall execute a guaranty of such
mortgage note and (ii) it being agreed and understood the execution of, and being obligated under, such a mortgage note and Refinancing
Mortgage, shall not cause any Subsidiary to be deemed an Unsecured Indebtedness Subsidiary for purposes of Section 6.10), as more
particularly set forth in Section 2.09, provided that no Refinancing Mortgage may encumber a property located in a Special Flood
Hazard Area as designated by the Federal Emergency Management Agency. At least seven (7) Banking Days prior to the recordation of
any Refinancing Mortgage, Administrative Agent shall provide all of the applicable Banks requested to make such refinancing or acquisition
Loans with a legal description and special flood hazard determination form for all property proposed to be encumbered thereby. Any such
Refinancing Mortgage and any other agreement, certifications, opinions and other documents will be (i) in form and substance reasonably
acceptable to Administrative Agent and its counsel, (ii) consistent in all respects with the terms of this Agreement, and (iii) subject
to being, and shall be, released or assigned by Administrative Agent at the request of Borrower (it being understood and agreed that Administrative
Agent and the Banks shall not be required to give any representations or warranties with respect to any such release or assignment, including
with respect to any aspects of the Debt secured thereby, except that it is the holder thereof and authorized to execute and deliver the
same), and Administrative Agent shall, and is authorized by the Banks to, execute and deliver any release or assignment documents reasonably
requested by, and at the expense of, Borrower. In addition, in connection with each Refinancing Mortgage, Administrative Agent, at the
request and expense of Borrower, will provide subordination, non-disturbance and attornment agreements and intercreditor and/or subordination
agreements with respect to any other Debt secured by the related mortgaged property, in each case in form and substance reasonably satisfactory
to Administrative Agent. Unless otherwise directed by Borrower, any prepayments made by Borrower shall be applied first to any and all
Loans outstanding that are not secured by a Refinancing Mortgage, and only to Loans secured by Refinancing Mortgages if there shall be
no other Loans outstanding at the time.

 

SECTION 12.22.
Bottom-Up Guaranties. At Borrower’s request from time to time, Administrative Agent shall accept “bottom-up”
guaranties of the Loans from limited partners in Borrower in such amounts and on such terms as Borrower shall request, provided that Administrative
Agent shall have reasonably satisfied itself and the Banks with respect to applicable “know your customer” and Anti-Money
Laundering Laws, including without limitation, the PATRIOT Act and other similar restrictions in respect of any such proposed guarantor.
A Person shall not be considered to be a “Guarantor” or a “Loan Party” as a result of providing such a
 “bottom-up” guaranty.

 

SECTION 12.23. Confidentiality.
Each of Administrative Agent and the Banks agrees to maintain the confidentiality of the Information (as defined below), except that Information
may be disclosed (a) to its and its Affiliates' directors, officers, employees, and agents, including accountants, legal counsel
and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of
such Information and instructed to keep such Information confidential), (b) to the extent requested by any Governmental Authority
(including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required
by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in
connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement
of rights hereunder, (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,
(ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to Borrower and its
obligations or (iii) credit and political risk insurers and brokers, (g) with the consent of Borrower, (h) a confidential
basis to any rating agency in connection with rating Borrower or the Loans or (i) to the extent such Information (x) becomes
publicly available other than as a result of a breach of this Section or (y) becomes available to Administrative Agent or any
Bank on a non-confidential basis from a source other than Borrower. For the purposes of this Section, “Information”
means all information received from Borrower relating to Borrower or its business, other than any such information that was available
to Administrative Agent or any Bank on a non-confidential basis prior to disclosure by Borrower. In addition, Administrative Agent and
the Banks may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service
providers to the lending industry and service providers to Administrative Agent and the Banks in connection with the administration of
this Agreement, the other Loan Documents, and the Commitments.

 

    	 	120	 

     

    

 

EACH BANK ACKNOWLEDGES THAT INFORMATION AS DEFINED
IN THE IMMEDIATELY PRECEDING PARAGRAPH FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING
BORROWER, ITS Affiliates and theIR respective directors, officers, employees, agents, advisors
and representatives OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE
OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND
APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

 

ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS
AND AMENDMENTS, FURNISHED BY BORROWER OR ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL
INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT BORROWER, THE OTHER LOAN PARTIES, THEIR Affiliates
and theIR respective directors, officers, employees, agents, advisors and representatives OR THEIR RESPECTIVE SECURITIES. 
ACCORDINGLY, EACH BANK REPRESENTS TO BORROWER AND ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT
CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES
AND APPLICABLE LAW.

 

    	 	121	 

     

    

 

SECTION 12.24. 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), Borrower acknowledges and agrees, and acknowledges
its Affiliates’ understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by Administrative
Agent, the Lead Arrangers, the Bookrunners, the Agents and the Banks are arm’s-length commercial transactions between Borrower and
its Affiliates, on the one hand, and Administrative Agent, the Lead Arrangers, the Bookrunners, the Agents and the Banks, on the other
hand, (B) Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate,
and (C) 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) Administrative Agent, each Lead Arranger, each Bookrunner, each Agent and each
Bank 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 Borrower or any of its Affiliates, or any other Person and (B) neither
Administrative Agent, any Lead Arranger, any Bookrunner, any Agent nor any Bank has any obligation to Borrower 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) Administrative Agent, the Lead Arrangers, the Bookrunners, the Agents and the Banks and their respective Affiliates may
be engaged in a broad range of transactions that involve interests that differ from those of Borrower and its Affiliates, and neither
Administrative Agent, any Lead Arranger, any Bookrunner, any Agent nor any Bank has any obligation to disclose any of such interests to
Borrower or its Affiliates. To the fullest extent permitted by law, Borrower hereby waives and releases any claims that it may have against
Administrative Agent, any Lead Arranger, any Bookrunner, any Agent or any Bank with respect to any breach or alleged breach of agency
or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

 

SECTION 12.25. Acknowledgement
and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any
other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected
Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of the applicable Resolution
Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)            the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an Affected Financial Institution; and

 

(b)            the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)              a
reduction in full or in part or cancellation of any such liability;

 

(ii)             a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments
of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document;
or

 

(iii)            the
variation of the terms of such liability in connection with the exercise of the Write-down and Conversion Powers of the applicable Resolution
Authority.

 

    	 	122	 

     

    

 

SECTION 12.26.
Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee
or otherwise, for Specified Derivatives Contracts or any other agreement or instrument that is a QFC (such support, “QFC Credit
Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect
to the resolution power of the FDIC under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect
of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported
QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United
States):

 

(a)            In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest
and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such
QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special
Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed
by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party
becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply
to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater
extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents
were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood
and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered
Party with respect to a Supported QFC or any QFC Credit Support.

 

(b)            As
used in this Section 12.26., the following terms have the following meanings:

 

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

 

(2)            “Covered
Entity” means any of the following:

 

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

 

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

 

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

 

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

 

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

 

    	 	123	 

     

    

 

SECTION 12.27. Erroneous
Payments.

 

(a)            Each
Bank and any other party hereto hereby severally agrees that if (i) the Administrative Agent notifies (which such notice shall
be conclusive absent manifest error) such Bank or any other Person that has received funds from the Administrative Agent or any of its
Affiliates, either for its own account or on behalf of a Bank (each such recipient, a “Payment Recipient”) that the
Administrative Agent has determined in its sole discretion that any funds received by such Payment Recipient were erroneously transmitted
to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Payment Recipient) or (ii) any
Payment Recipient receives any payment from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount
than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or
any of its Affiliates) with respect to such payment, prepayment or repayment, as applicable, (y) that was not preceded or accompanied
by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment,
prepayment or repayment, as applicable, or (z) that such Payment Recipient otherwise becomes aware was transmitted or received in
error or by mistake (in whole or in part) then, in each case, an error in payment shall be presumed to have been made (any such amounts
specified in clauses (i) or (ii) of this Section 12.27(a), whether received as a payment, prepayment or repayment of principal,
interest, fees, distribution or otherwise; individually and collectively, an “Erroneous Payment”), then, in each case,
such Payment Recipient is deemed to have knowledge of such error at the time of its receipt of such Erroneous Payment; provided that nothing
in this Section shall require the Administrative Agent to provide any of the notices specified in clauses (i) or (ii) above.
Each Payment Recipient agrees that it shall not assert any right or claim to any Erroneous Payment, and hereby waives any claim, counterclaim,
defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return
of any Erroneous Payments, including without limitation waiver of any defense based on “discharge for value” or any similar
doctrine.

 

(b)            Without
limiting the immediately preceding clause (a), each Payment Recipient agrees that, in the case of clause (a)(ii) above, it
shall promptly notify the Administrative Agent in writing of such occurrence.

 

(c)            In
the case of either clause (a)(i) or (a)(ii) above, such Erroneous Payment shall at all times remain the property of the Administrative
Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and upon demand
from the Administrative Agent such Payment Recipient shall (or, shall cause any Person who received any portion of an Erroneous Payment
on its behalf to), promptly, but in all events no later than two Banking Days thereafter, return to the Administrative Agent the amount
of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds and in the currency so received,
together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received
by such Payment Recipient to the date such amount is repaid to the Administrative Agent at the Overnight Rate.

 

    	 	124	 

     

    

 

(d)            In
the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor
by the Administrative Agent in accordance with immediately preceding clause (c), from any Bank that is a Payment Recipient or an Affiliate
of a Payment Recipient (such unrecovered amount as to such Bank, an “Erroneous Payment Return Deficiency”), then at
the sole discretion of the Administrative Agent and upon the Administrative Agent’s written notice to such Bank (i) such Bank
shall be deemed to have made a cashless assignment of the full face amount of the portion of its Loans (but not its Commitments) to the
Administrative Agent or, at the option of the Administrative Agent, the Administrative Agent’s applicable lending affiliate in an
amount that is equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such
assignment of the Loans (but not Commitments), the “Erroneous Payment Deficiency Assignment”) plus any accrued and
unpaid interest on such assigned amount, without further consent or approval of any party hereto and without any payment by the Administrative
Agent or its applicable lending affiliate as the assignee of such Erroneous Payment Deficiency Assignment. Without limitation of its rights
hereunder, the Administrative Agent may cancel any Erroneous Payment Deficiency Assignment at any time by written notice to the applicable
assigning Bank and upon such revocation all of the Loans assigned pursuant to such Erroneous Payment Deficiency Assignment shall be reassigned
to such Bank without any requirement for payment or other consideration. The parties hereto acknowledge and agree that (1) any assignment
contemplated in this clause (d) shall be made without any requirement for any payment or other consideration paid by the applicable
assignee or received by the assignor, (2) the provisions of this clause (d) shall govern in the event of any conflict with the
terms and conditions of Section 12.05 and (3) the Administrative Agent may reflect such assignments in the Register without
further consent or action by any other Person.

 

(e)            Each
party hereto hereby agrees that (x) in the event an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient
that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent (1) shall be subrogated to
all the rights of such Payment Recipient with respect to such amount and (2) is authorized to set off, net and apply any and all
amounts at any time owing to such Payment Recipient under any Loan Document, or otherwise payable or distributable by the Administrative
Agent to such Payment Recipient from any source, against any amount due to the Administrative Agent under this Section 12.27
or under the indemnification provisions of this Agreement, (y) the receipt of an Erroneous Payment by a Payment Recipient shall not
for the purpose of this Agreement be treated as a payment, prepayment, repayment, discharge or other satisfaction of any Obligations owed
by the Borrower or any other Loan Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the
amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Loan
Party for the purpose of making for a payment on the Obligations and (z) to the extent that an Erroneous Payment was in any way or
at any time credited as payment or satisfaction of any of the Obligations, the Obligations or any part thereof that were so credited,
and all rights of the Payment Recipient, as the case may be, shall be reinstated and continue in full force and effect as if such payment
or satisfaction had never been received.

 

(f)             Each
party’s obligations under this Section 12.27 shall survive the resignation or replacement of the Administrative Agent
or any transfer of right or obligations by, or the replacement of, a Bank, the termination of the Commitments or the repayment, satisfaction
or discharge of all Obligations (or any portion thereof) under any Loan Document.

 

(g)            Nothing
in this Section 12.27 will constitute a waiver or release of any claim of any party hereunder arising from any Payment Recipient’s
receipt of an Erroneous Payment.

 

    	 	125	 

     

    

 

[REMAINDER OF PAGE INTENTIONALLY BLANK]

 

    	 	126	 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Credit Agreement to be duly executed as of the day and year first above written.

 

	 	JBG SMITH PROPERTIES LP
	 	 
	 	By: 	JBG SMITH Properties, 
	 	 	a Maryland real estate investment trust, 
	 	 	its General Partner

 

	 	By:
    	/s/
    Moina Banerjee 
	 	Name:	 Moina Banerjee 
	 	Title:	 Chief Financial Officer

 

Signature Page to JBG
SMITH Credit Agreement 

 

    

     

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	as Administrative Agent and a Bank
	 	 
	 	 
	 	By: 	/s/ Matthew Ricketts
	 	Name:	Matthew Ricketts
	 	Title:	Managing Director

 

Signature Page to JBG SMITH Credit Agreement

 

     

     

    

 

	 	BANK OF AMERICA, N.A.,
	 	as a Bank
	 	 
	 	By: 	/s/ Robert T. Wratten
	 	Name:	Robert T. Wratten
	 	Title:	Sr. Vice President

 

Signature Page to JBG SMITH Credit Agreement

 

     

     

    

 

	 	CAPITAL ONE, NATIONAL ASSOCIATION,
	 	as a Bank
	 	 
	 	By: 	/s/ Andrew Moore
	 	Name:	Andrew Moore
	 	Title:	Authorized Signatory

 

Signature Page to JBG SMITH Credit Agreement

 

     

     

    

 

	 	CITIZENS BANK, N.A.,
	 	as a Bank
	 	 
	 	By: 	/s/ Donald Woods
	 	Name:	Donald Woods
	 	Title:	SVP

 

Signature Page to JBG SMITH Credit Agreement

 

     

     

    

 

	 	PNC BANK, NATIONAL ASSOCIATION,
	 	as a Bank
	 	 
	 	By: 	/s/ Katie Chowdhry
	 	Name:	Katie Chowdhry
	 	Title:	Senior Vice President

 

Signature Page to JBG SMITH Credit Agreement

 

     

     

    

 

	 	TD Bank, N.A.,
	 	as a Bank
	 	 
	 	By: 	/s/ James M. Cupelli
	 	Name:	James M. Cupelli
	 	Title:	Vice President

 

Signature Page to JBG SMITH Credit Agreement

 

     

     

    

 

	 	THE BANK OF NEW YORK MELLON,
	 	as a Bank
	 	 
	 	By: 	/s/ Carol Murray
	 	Name:	Carol Murray
	 	Title:	Director

 

Signature Page to JBG SMITH Credit Agreement

 

     

     

    

 

	 	REGIONS BANK,
	 	as a Bank
	 	 
	 	By: 	/s/ T. Barrett Vawter
	 	Name:	T. Barrett Vawter
	 	Title:	Director

 

Signature Page to JBG SMITH Credit Agreement

 

     

     

    

 

	 	United Bank,
	 	as a Bank
	 	 
	 	By: 	/s/ Paul P. Adams
	 	Name:	Paul P. Adams
	 	Title:	Senior Vice President

 

Signature Page to JBG SMITH Credit Agreement

 

     

     

    

 

	 	THE BANK OF NOVA SCOTIA,
	 	as a Bank
	 	 
	 	By: 	/s/ Sacha Boxill
	 	Name:	Sacha Boxill
	 	Title:	Director

 

Signature Page to JBG SMITH Credit Agreement

 

     

     

    

 

	 	Truist Bank,
	 	as a Bank
	 	 
	 	By: 	/s/ Craig Lockard
	 	Name:	Craig Lockard
	 	Title:	Senior Vice President

 

Signature Page to JBG SMITH Credit Agreement

 

     

     

    

 

	 	FIFTH THIRD BANK, NATIONAL ASSOCIATION, as a Bank
	 	 
	 	By: 	/s/ Casey Ciccone
	 	Name:	Casey Ciccone
	 	Title:	Senior Vice President

 

Signature Page to JBG SMITH Credit Agreement

 

     

     

    

 

	 	ASSOCIATED BANK, NATIONAL ASSOCIATION, as a Bank
	 	 
	 	By: 	/s/ Mitchell Vega
	 	Name:	Mitchell Vega
	 	Title:	Senior Vice President

 

Signature Page to JBG SMITH Credit Agreement

 

     

     

    

 

	 	GOLDMAN SACHS BANK USA,
	 	as a Bank
	 	 
	 	By: 	/s/ Rebecca Kratz
	 	Name:	Rebecca Kratz
	 	Title:	Authorized Signatory

 

Signature Page to JBG SMITH Credit Agreement

 

     

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as a Bank
	 	 
	 	By: 	/s/ Timothy J. Tillman
	 	Name:	Timothy J. Tillman
	 	Title:	Senior Vice President

 

Signature Page to JBG SMITH Credit Agreement

 

     

     

    

 

	 	LANDESBANK BADEN-WÜRTTEMBERG, NEW YORK BRANCH,
	 	as a Bank
	 	 
	 	By: 	/s/ Alexander Joerg
	 	Name:	Alexander Joerg
	 	Title:	Managing Director
	 	 
	 	By: 	/s/ Chase Cassidy
	 	Name:	Chase Cassidy
	 	Title:	Associate Director

 

Signature Page to JBG SMITH Credit Agreement

 

     

     

    

 

	 	ING Capital LLC,
	 	as a Bank
	 	 
	 	By: 	/s/ Craig R. Bender
	 	Name:	Craig R. Bender
	 	Title:	Managing Director
	 	 
	 	By: 	/s/ Sofya Shuster
	 	Name:	Sofya Shuster
	 	Title:	Director

 

Signature Page to JBG SMITH Credit Agreement

 

     

     

    

 

	 	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,
	 	as a Bank
	 	 
	 	By: 	/s/ Steven Jonassen
	 	Name:	Steven Jonassen
	 	Title:	Managing Director
	 	 
	 	By: 	/s/ Attila Coach
	 	Name:	Attila Coach
	 	Title:	Managing Director

 

Signature Page to JBG SMITH Credit Agreement

 

     

     

    

 

Schedule 1

 

COMMITMENTS

 

	Bank	 	Commitment Amount	 
	Wells Fargo Bank, National Association	 	$	16,250,000	 
	Bank of America, N.A.	 	$	21,000,000	 
	Capital One, National Association	 	$	13,500,000	 
	Citizens Bank, N.A.	 	$	13,500,000	 
	PNC Bank, National Association	 	$	13,500,000	 
	TD Bank, N.A.	 	$	19,000,000	 
	The Bank of New York Mellon	 	$	11,000,000	 
	Regions Bank	 	$	11,000,000	 
	United Bank, N.A.	 	$	24,000,000	 
	The Bank of Nova Scotia	 	$	10,000,000	 
	Truist Bank	 	$	8,750,000	 
	Fifth Third Bank, National Association	 	$	7,250,000	 
	Associated Bank, National Association	 	$	6,000,000	 
	Goldman Sachs Bank USA	 	$	6,000,000	 
	U.S. Bank National Association	 	$	6,000,000	 
	Landesbank Baden-Württenmberg, New York Branch	 	$	5,000,000	 
	ING Capital LLC	 	$	4,250,000	 
	Credit Agricole Corporate and Investment Bank	 	$	4,000,000	 
	 	 	 	 	 
	TOTAL	 	$	200,000,000	 

 

    

     

    

 

Schedule 1.08

 

SUSTAINABILITY TABLE

 

	KPI Metric	
    Annual Sustainability Targets:

    KPI 1 Targets and KPI 2 Targets

	Reference Year	2022	2023	2024	2025	2026	 
	KPI 1 (Renewable

 Energy 

Procurement)	3.0%	5.0%	15.0%	45.0%	50.0%	 
	KPI 2 (Green 

Certification)	7,265,932 square 

feet	7,629,228 square 

feet	8,010,690 square 

feet	8,411,224 square

 feet	8,831,785 square 

feet

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