Document:

Exhibit

Execution Version 

AMENDMENT TO AMENDED AND RESTATED 
SUPPLY AND OFFTAKE AGREEMENT
THIS AMENDMENT TO AMENDED AND RESTATED SUPPLY AND OFFTAKE AGREEMENT (this “Amendment”) is made and entered into as of December 5, 2018, by and among Par Hawaii Refining, LLC f/k/a Hawaii Independent Energy, LLC (the “Company”), Par Petroleum, LLC (the “Guarantor”) and J. Aron & Company LLC (“Aron”) (each referred to individually as a “Party” and collectively, the “Parties”).
RECITALS
A.    The Company owns and operates a crude oil refinery and related assets located in Kapolei, Hawaii (the “Refinery”) for the processing and refining of crude oil and other feedstocks and the recovery therefrom of refined products.
B.    The Parties have entered into an Amended and Restated Supply and Offtake Agreement, dated as of December 21, 2017 (as from time to time amended, modified, supplemented, extended, renewed and/or restated, the “S&O Agreement”), pursuant and subject to which Aron has agreed to supply crude oil to the Company to be processed at the Refinery and purchase refined products from the Company produced at the Refinery. 
C.    The Parties have agreed to amend the S&O Agreement pursuant to the terms set forth herein.
AGREEMENTS
NOW, THEREFORE, in consideration of the foregoing premises, the mutual promises and covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, subject to the terms and conditions hereinafter set forth, agree as follows:
		
	Section 1
	Definitions; Interpretation

Section 1.1    Defined Terms.  All capitalized terms used in this Amendment (including in the Recitals hereto) and not otherwise defined herein shall have the meanings assigned to them in the S&O Agreement.
Section 1.2    Interpretation.  The rules of construction set forth in Section 1.2 of the S&O Agreement shall be applicable to this Amendment and are incorporated herein by this reference.
		
	SECTION 2
	Amendment

Section 2.1    Amendment to S&O Agreement as of Effective Date.  Upon the effectiveness of this Amendment, the S&O Agreement is amended as follows:
(a)    By amending Section 1.1 of the S&O Agreement by inserting, in the appropriate alphabetical order, the following new definitions:

 

“Eagle Island” means Eagle Island, LLC.
“Eligible IES Receivable” has the meaning specified in Section 11.8.
“First Additional Posting Date” means the Purchase Agreement Closing Date.
“IES Downstream” means IES Downstream, LLC.
“IES Entity” means IES Downstream or any Affiliate of IES Downstream.
“IES Transition Documents” means, collectively, the Topping Unit Purchase Agreement, the Transition Terminalling Agreement and any other agreements executed by the Company (or any of its Affiliates) and/or any IES Entity pursuant to or in connection with any of the foregoing.
“Included Crude Pipelines” means the Crude Oil pipelines or sections thereof owned or leased by the Company or by a third party that is listed on Schedule U, as such schedule may from time to time be amended by the Parties.
“Included Crude Tanks” means the Crude Oil storage tanks owned and operated by the Company or by third parties as further identified and described on Schedule E, including, as applicable with respect to the inventory report provided by such third party, any related facilities or pipelines used in connection with such tanks, including, without limitation, the Crude Storage Tanks.
“Included Third Party Crude Tanks” means any Included Crude Tanks other than the Crude Storage Tanks.
“Included Utility” means any of (i) Hawaiian Electric Co. Ltd., (ii) Maui Electric Company Ltd., (iii) Hawaii Electric Light Co. and (iv) Kauai Island Utility Cooperative.
“Included Pipelines” means the Included Crude Pipelines and the Included Product Pipelines.
“Long-Term Dedicated Storage” has the meaning specified in the Long-Term Terminalling Agreement.
“Long-Term Terminalling Agreement” means the Terminalling Agreement as defined in the Topping Unit Purchase Agreement, as amended, supplemented or otherwise modified from time to time.
“Purchase Agreement Closing” means the Closing as defined in the Topping Unit Purchase Agreement.
“Purchase Agreement Closing Date” means the Closing Date as defined in the Topping Unit Purchase Agreement.
“Purchase Agreement Closing Inventory Sales Agreement” means the purchase and sale agreement, in form and in substance mutually agreeable to the Parties, dated as of the 

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Purchase Agreement Closing Date, pursuant to which the Company is selling and transferring to Aron certain Hydrocarbon inventories at storage locations that, as of the Purchase Agreement Closing Date, will become Included Locations under this Agreement, free and clear of all Liens, other than Permitted S&O Liens.
“Refinery Access Agreement” means the “Refinery Access Agreement” (as defined in the Topping Unit Purchase Agreement) that is to be entered into as of the Purchase Agreement Closing Date.
“Refinery Property Lease” means the “Refinery Property Lease” (as defined in the Topping Unit Purchase Agreement) that is to be entered into as of the Purchase Agreement Closing Date.
“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interest of the Company, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interest, or on account of any return of capital to the Company’s stockholders, partners or members (or the equivalent Person thereof).
“Second Additional Posting Date” means March 1, 2019.
“Services Agreement” means the Services Agreement, dated as of the Purchase Agreement Closing Date, by and among IES Downstream, Eagle Island and the Company.
“Third Additional Posting Date” means June 3, 2019.
“Topping Unit Crude Tank” has the meaning specified in Section 2.7(a).
“Topping Unit Product Tank” has the meaning specified in Section 2.7(b).
“Topping Unit Purchase Agreement” means that certain Topping Unit Purchase Agreement, dated as of August 29, 2018, by and among IES Downstream, Eagle Island, the Company and, for the limited purposes specified therein, Par Pacific Holdings, Inc., as amended, supplemented or otherwise modified from time to time.
“Topping Unit Refinery Assets” means, collectively, the Topping Units, the Facilities and Equipment and the Transferred Real Property (each as defined in the Topping Unit Purchase Agreement).
“Topping Unit Tank” has the meaning specified in Section 2.7(c).
“Topping Units” has the meaning specified in the Topping Unit Purchase Agreement.
“Transition Crude Tank” has the meaning specified in Section 5.13(a).
“Transition Crude Volumes” has the meaning specified in Section 5.13.
“Transition Product Tank” has the meaning specified in Section 8.11(a).

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“Transition Product Volumes” has the meaning specified in Section 8.11.
“Transition Terminalling Agreement” has the meaning specified in the Topping Unit Purchase Agreement.
“Transition Termination Plan” means a written plan, in form and substance satisfactory to Aron, which shall be prepared by the Company and reasonably acceptable to Aron, providing for the prompt, prudent and efficient removal or other disposition of all Crude Oil and Products (whether owned by Aron or the Company) held at any of the tanks or other infrastructure subject to the Transition Terminalling Agreement in the event that the Topping Unit Purchase Agreement is terminated prior to the occurrence of the “Closing” as contemplated thereby (a “Purchase Agreement Termination”), which plan may include (without limitation) the further processing and sale of such materials and/or the withdrawal of such materials from such tanks and infrastructure and shipment thereof to Included Locations hereunder; provided that, without limiting the foregoing, such plan provide for the complete withdrawal or other disposition of all such materials no later than 45 days following the Purchase Agreement Termination.
(b)    By amending Section 1.1 of the S&O Agreement by amending and restating the following definitions in their entirety to read as follows:
“Aron Procurement Contract” means a procurement contract entered into by Aron for the purchase or sale of Crude Oil to be processed or sold at the Refinery, which may be (i) a contract with any Third Party Supplier or third party purchaser of Crude Oil (other than the Company or an Affiliate of the Company) or a contract with the Company (or an Affiliate of the Company) or such other contract to the extent the Parties deem such contract to be an Aron Procurement Contract for purposes hereof or (ii) a contract with the Company entered into pursuant to Section 5.3(g)(i) which shall provide for the purchase by Aron from the Company of Crude Oil delivered to Aron at the Crude Intake Point; provided that any transaction entered into under the Master Agreement shall not constitute an Aron Procurement Contract or otherwise result in a transaction subject to this Agreement.
“Base Agreements” means any agreements from time to time entered into between the Company and a third party pursuant to which the Company acquires any rights to use Included Pipelines or the Included Tanks, including, without limitation, the Transition Terminalling Agreement, Long-Term Terminalling Agreement, the Refinery Access Agreement, the Services Agreement and the Refinery Property Lease; provided that the Refinery Property Lease shall cease to be a Base Agreement upon fee transfer to the Company of the Main Premises (as defined in the Topping Unit Purchase Agreement).
“Best Available Inventory Data” means daily inventory reports produced by the Company or third parties in respect of the Included Crude Tanks, Included Product Tanks and Included Pipelines, in the form specified in Schedule H.
“Crude Delivery Point” means the outlet flange of the Included Crude Tanks.

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“Crude Intake Point” means the inlet flange of the Included Crude Tanks.
“Crude Storage Tanks” means any of the tanks at the Refinery listed on Schedule E that store Crude Oil and are owned by the Company.
“Estimated Monthly Forward Volume” has the meaning specified in Section 31.7(a).
“Included Locations” means, collectively, the Included Crude Tanks, the Included Crude Pipelines, and the Product Storage Facilities, as more particularly described on Schedule E and Schedule U. 
“Included Tanks” means the Included Crude Tanks and Included Product Tanks, as more particularly described on Schedule E.
“Operational Volume Range” means the range of operational volumes for any given set of associated Included Crude Tanks for each type of Crude Oil and for any given set of associated Product Storage Facilities for each group of Products, between the minimum volume and the maximum volume, as set forth on Schedule D.
“Permitted S&O Liens” means: (a) Liens for taxes, assessments, judgments, governmental charges or levies, either not yet delinquent or the non-payment of which is being diligently contested in good faith by appropriate proceedings and for which adequate reserves have been made; (b) Liens of mechanics, laborers, suppliers, workers, materialmen, and other similar liens incurred in the ordinary course of business for sums not yet due or being diligently contested in good faith by appropriate proceedings, if such reserve or appropriate provision, if any, as shall be required by GAAP shall have been made therefore; (c) Liens securing rental, storage, throughput, transportation, handling or other similar fees or charges owing from time to time to carriers, bailees, transporters or warehousemen, solely to the extent of such fees or charges; and (d) Liens (1) incurred in the ordinary course of business in connection with the purchase of goods, which Liens arise by operation of law in favor of the seller of such goods, only attach to such goods and cease to be in effect upon payment in full of the purchase price for such goods, and (2) in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of such goods; provided that, notwithstanding the foregoing, “Permitted S&O Liens” shall not include (x) Liens securing (i) amounts owing in connection with or as a result of any termination or early termination of any Base Agreement or other similar agreement relating to any Included Location owned and/or operated by any third party, (ii) any take-or-pay obligations of the Company in connection with or pursuant to any Base Agreement or other similar agreement relating to any Included Location owned and/or operated by any third party or (iii) any minimum or guaranteed amounts or other non-ordinary course fees or other amounts payable in connection with or pursuant to any Base Agreement or other similar agreement relating to any Included Location owned and/or operated by any third party or (y) any other Liens expressly waived pursuant to the terms of any Required Storage and Transportation Arrangement. 

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“Pipeline Cutoff Date” means, with respect to any third party Included Pipeline, the date and time by which a shipper on such Included Pipeline is required to provide its nominations to the entity that schedules and tracks Crude Oil or Products, as applicable, in such Included Pipeline for the next shipment period for which nominations are then due.
“Product Linefill” means, at any time and for any grade of Product or Crude Oil, the aggregate volume of linefill of that Product or Crude Oil on the Included Pipelines for which Aron is treated as the exclusive owner by the Included Pipelines; provided that such volume shall be determined by using the volumes reported on the monthly or daily statements, as applicable, from the Included Pipelines.
“Refinery” has the meaning specified in the recitals hereto; provided that from and after the Purchase Agreement Closing, the term “Refinery” shall also include the Topping Unit Refinery Assets.
“Required Storage and Transportation Arrangements” means such designations, acknowledgments and other binding contractual arrangements hereafter entered into, in form and substance reasonably satisfactory to Aron, pursuant to which the Company (or its Affiliates) hereafter shall provide Aron with the Company’s (or its Affiliates’) full right to use the third party Included Pipelines and third party Included Tanks, pursuant to the terms and conditions of the Base Agreements or such other agreements creating the Company’s rights in and to such facilities and the rights of existing third parties; provided that, without limiting the generality of the foregoing, Aron may require that the terms and conditions of any such contractual arrangement provide that (a) any third party thereto waive any Lien or charge that might apply to or be deemed to apply to any Crude Oil and/or Products of which Aron is the owner as contemplated by this Agreement and the other Transaction Documents, or to subordinate such Lien or charge to the Lien granted to Aron under the Lien Documents, and (b) the Company (or its Affiliate) agrees to provide Aron with such further documentation as it may reasonably request in order to confirm such waiver or subordination.
“Transaction Document” means any of this Agreement, Marketing and Sales Agreement, the Inventory Sales Agreements, the Storage Facilities Agreement, the Step-Out Inventory Sales Agreement, the Required Storage and Transportation Arrangements, the Fee Letter, any SPM Master Buy/Sell Crude Confirmation, any SPM Master Buy/Sell Product Confirmation, the Lien Documents, the Guaranty and any other agreement or instrument contemplated hereby or executed in connection herewith, including any guarantees or other credit support documents as may be from time to time provided by the Company and/or its Affiliates; provided that, it is agreed that the Master Agreement is not and shall not be deemed to constitute a Transaction Document.

“Volume Determination Procedures” means (a) in respect of determining the NSV of Crude Oil in the Crude Storage Tanks or Products in the Included Company Product 

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Tanks, the Company’s ordinary daily and month-end procedures, which may include manual gauging by an Independent Inspection Company (as provided in Section 12.5) of each Crude Storage Tank or Included Company Product Tank at the end of each calendar quarter to ensure that the automated tank level readings are accurate to within a tolerance of two inches; provided that if the automated reading cannot be calibrated to be within such tolerance, the Company shall use the manual gauge reading in its calculation of month-end inventory; (b) in respect of determining the NSV of Products in the Included Third Party Product Tanks or Crude Oil in the Included Third Party Crude Tanks, using the volumes reported on the most recently available daily reports or monthly statements in respect of such tanks; and (c) in respect of the linefill in the Company-owned Included Pipelines, such pipelines shall be deemed full, except when products owned by third parties are flowing through such pipelines.
(c)    By amending (i) the defined term “Eligible Receivables” in Section 1.1 of the S&O Agreement by deleting the “.” at the end thereof and inserting the following in its place: “; provided further that an Account for which any IES Entity is an account debtor shall constitute an Eligible Receivable only to the extent such Account constitutes an Eligible IES Receivable” and (ii) each of the defined terms “ABL Facility”, “Acknowledgment Agreement”, “Collateral Trust and Intercreditor Agreement” “Master Agreement” and “Pledge and Security Agreement” in Section 1.1 of the S&O Agreement by deleting “the date hereof” and inserting “Restatement Effective Date” in place thereof.
(d)    By amending Section 2.4 of the S&O Agreement by deleting “Included Product Pipeline” from the eighth and ninth lines thereof and inserting “Included Pipeline” in place thereof.
(e)    By inserting immediately after Section 2.6 of the S&O Agreement, a new Section 2.7 reading in its entirety as follows:
2.7  Additional Terms and Conditions Relating to Occurrence of Purchase Agreement Closing.  The following additional terms and conditions shall apply in connection with the occurrence of the Purchase Agreement Closing:
(a) With respect to any Crude Oil delivered under an Aron Procurement Contract on or after the Purchase Agreement Closing Date that is intended to be processed at the Topping Units, all deliveries of such Crude Oil to Aron shall be made to a Crude Intake Point at one of the Crude Oil storage tanks designated as Long-Term Dedicated Storage under the Long-Term Terminalling Agreement (each, a “Topping Unit Crude Tank”) and it shall be a condition to any such delivery and the inclusion of such Topping Unit Crude Tank as an Included Location that Required Storage and Transportation Arrangements shall be in effect with respect to the Long-Term Terminalling Agreement and such Topping Unit Crude Tank from and after the Purchase Agreement Closing Date and Schedule E hereto shall have been amended to reflect the addition of such Topping Unit Crude Tank;

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(b) With respect to any Products produced at the Topping Units and stored in any of the Product storage tanks designated as Long-Term Dedicated Storage under the Long-Term Terminalling Agreement (each, a “Topping Unit Product Tank”), it shall be a condition to the inclusion of such Topping Unit Product Tank as an Included Location that Required Storage and Transportation Arrangements shall be in effect with respect to the Long-Term Terminalling Agreement and such Topping Unit Product Tank from and after the Purchase Agreement Closing Date and Schedule E hereto shall have been amended to reflect the addition of such Topping Unit Product Tank; provided further that, at the time any such Transition Crude Tank becomes an Included Location hereunder, the Company hereby transfers, and shall be deemed to have transferred, to Aron, via in-tank transfer, good and valid title to all Crude Oil then being held in such Transition Crude Tank by the Company;
(c) Without limiting any other provisions of this Agreement relating to the Required Storage and Transportation Arrangements referred to in clauses (a) and (b) above (including the terms and conditions of Section 2.4 hereof), no Topping Unit Crude Tank or Topping Unit Product Tank (each, a “Topping Unit Tank”) shall be an Included Location on or after the Purchase Agreement Closing Date unless the following conditions have been satisfied:
(i) the satisfaction of Aron’s Policies and Procedures as contemplated by clause (iii) of Section 2.4 hereof with respect to such Topping Unit Tank;
(ii) the execution and effectiveness of agreements or other instruments, in form and substance satisfactory to Aron, among Aron, the Company and the appropriate IES Entity or Entities granting to Aron the exclusive right to use, and hold Crude Oil and/or Products in, such Topping Unit Tank and related infrastructure in accordance with the Long-Term Terminalling Agreement;
(iii) receipt by Aron of written confirmation, in form and substance satisfactory to Aron, under which (1) any party that held or holds any Lien on Hydrocarbons or other inventory of any IES Entity acknowledges and agrees that it has no Lien or other claim on the Crude Oil or Product volumes in such Topping Unit Tank and (2) any party that holds any Lien on any such Topping Unit Tank and related infrastructure acknowledges and recognizes Aron’s ownership of the Crude Oil and/or Product volumes in such Topping Unit Tank and agrees to such other intercreditor and access provisions as Aron deems necessary or appropriate with respect to such Crude Oil and Product volumes and Aron’s rights thereto;
(iv) receipt by Aron of a bailee’s letter, in form and substance satisfactory to Aron, from the Operator under the Long-Term Terminalling 

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Agreement, recognizing Aron’s Lien on any Hydrocarbons or other inventory owned by the Company that may be held in the tanks and other infrastructure covered by the Long-Term Terminalling Agreement (to the extent not being used to hold Hydrocarbons owed by Aron) and agreeing to certain terms and condition with respect thereto; 
(v) Aron shall have access to daily inventory reporting for such Topping Unit Tank the form, substance and reliability of which Aron has determined to be acceptable, which shall include (without limitation) inventory reports in the form set forth on Schedule H reporting (1) with respect to Crude Oil, the total number of Crude Oil Barrels run each day as required for purposes of the definition of Estimated Daily Net Crude Sales in Section 10.1(c)(i) hereof and (2) with respect to Products, such daily information as required for purposes of the definition of Estimated Daily Net Product Sales in Section 10.1(c)(ii) hereof; 
(vi) receipt by Aron of written confirmation satisfactory to Aron that following August 29, 2018 and prior to the Purchase Agreement Closing, (1) all Hydrocarbons (other than tank bottoms) have been removed from such Topping Unit Tank or, to the extent not removed, title thereto shall have been transferred as contemplated by clause (3) below, (2) such Topping Unit Tank has been maintained in accordance with applicable Pipeline and Hazardous Materials Safety Administration Regulations including, without limitation, applicable API standards, and (3) good title to any tank bottoms and any other Hydrocarbons in such Topping Unit Tank has been transferred to the Company (free and clear of any Liens (other than Permitted S&O Liens));
(vii) the Company has provided to Aron confirmation, in form and substance satisfactory to Aron, that all Transaction Documents remain in full force and effect;
(viii) to the extent required by Aron, updated and amended UCC filings shall have been filed;
(ix) the Company shall have provided certified board resolutions authorizing any amendments to this Agreement or any other Transaction Documents, the execution of any additional Transaction Documents and the execution of any other transactions under the foregoing contemplated by or relating to the Topping Unit Purchase Agreement, the transactions contemplated thereby or the occurrence of the Purchase Agreement Closing;
(x) the Company shall have delivered to Aron a certificate signed by an appropriate officer of the Company certifying as to incumbency, due authorization, board approval and resolutions;

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(xi) the Company shall have delivered to Aron an opinion of counsel, in form and substance satisfactory to Aron, covering such matters as Aron shall reasonably request in connection with the occurrence of the Purchase Agreement Closing and the Transaction Documents, including (without limitation): good standing; existence and due qualification; power and authority; due authorization and execution; enforceability; and no conflicts;
(xii) the Company shall have delivered to Aron insurance certificates evidencing the effectiveness of the insurance policies and endorsements required by Article 16 below;
(xiii) Aron shall have received evidence from the Company, in form and substance satisfactory to Aron, confirming that the Company’s requested FTZ boundary modification has been effected;
(xiv) Aron shall have received evidence from the Company, in form and substance satisfactory to Aron, that, substantially simultaneously with the Purchase Agreement Closing, Eagle Island shall have merged with and into the Company with the Company as the surviving Person;
(xv) Aron shall have received evidence from the Company, in form and substance satisfactory to Aron, that all applicable anti-trust waiting periods have been terminated or have expired with respect to the transactions contemplated by the Topping Unit Purchase Agreement;
(xvi) Aron shall have received evidence from the Company, in form and substance satisfactory to Aron, confirming that the Company’s requested permitting application with respect to the transactions contemplated by the Topping Unit Purchase Agreement has been completed;
(xvii) the Purchase Agreement Closing Inventory Sales Agreement shall have been duly executed by the Company and, pursuant thereto, the Company shall have agreed to transfer to Aron all right, title and interest in and to certain Hydrocarbon inventories at storage locations that, as of the Purchase Agreement Closing Date, will become Included Locations under this Agreement, free and clear of all Liens, other than Permitted S&O Liens;
(xviii) all representations and warranties of the Company and its Affiliates contained in the Transaction Documents shall be true and correct on and as of the Purchase Agreement Closing Date; and
(xix) Aron shall have received from the Company payment of or reimbursement for all fees, costs, and expenses (including all reasonable attorneys’ fees and expenses) incurred by Aron in connection with the negotiation, preparation and execution of any Transaction Documents (or 

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any amendments of any Transaction Documents) in anticipation of or connection with the Purchase Agreement Closing and all other documents and transactions being executed in connection therewith.
In addition to (and without limiting) the foregoing items, the Company covenants and agrees that it will promptly enter into such further amendments to this Agreement or the Transaction Documents or execute such additional Transaction Documents and take such other actions as Aron may deem necessary or appropriate based on the final structure or any other aspects of the transactions consummated or to be consummated on the Purchase Agreement Closing Date, including without limitation any further amendments or additional Transaction Documents relating to the operation of the Topping Units by a Subsidiary of the Company.
(f)    By amending and restating Section 4.3 of the S&O Agreement to read in its entirety as follows:
4.3    Initial Margin Amount.  
(a)     The Company shall post with Aron on the Commencement Date and maintain during the Term cash in the amount of $7,033,475 or, from and after the Additional Posting Date, such greater amounts as are required under Section 4.3(b) below (each such amount, an “Initial Margin Amount”); provided, as further agreed by the Parties, all or a portion of such amount may be posted by Aron holding back a portion of the amount payable to the Company under the Company Inventory Sales Agreement.
(b)    The Company further agrees that:
(i) on the First Additional Posting Date, the Company shall post with Aron cash in an additional amount of $1,250,000, so that the Company shall have posted and shall thereafter maintain from and after the First Additional Posting Date to but not including the Second Additional Posting Date an Initial Margin Amount of $8,283,475 in total; 
(ii) on the Second Additional Posting Date, the Company shall post with Aron in cash an additional amount of $500,000, so that the Company shall have posted and shall thereafter maintain from and after the Second Additional Posting Date to but not including the Third Additional Posting Date an Initial Margin Amount of $8,783,475 in total; and
(iii) on the Third Additional Posting Date, the Company shall post with Aron in cash an additional amount of $750,000, so that the Company shall have posted and shall thereafter maintain for the remainder of the Term an Initial Margin Amount of $9,533,475 in total.

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(c)    The Initial Margin Amount shall (i) constitute credit support for all of the Company’s obligations under the Transaction Documents, (ii) be subject to the applicable provisions of this Agreement, including Section 13.4(a), and (iii) except as otherwise applied in accordance with the terms of the Transaction Documents, be returned to the Company only if the Transaction Documents have been terminated and all the Company’s obligations under the Transactions Documents have been satisfied in full.
(g)    By amending Section 5.1 of the S&O Agreement by (i) deleting “ninety-four thousand (94,000)” from the seventh and eighth lines thereof and inserting “one-hundred fifty thousand (150,000)” in place thereof and (ii) deleting “Crude Storage Tanks” from the tenth and eleventh lines thereof and inserting “Included Crude Tanks” in place thereof.
(h)    By amending Section 5.3(g) of the S&O Agreement by deleting “Crude Storage Tanks” from (i) the eighth line of Section 5.3(g)(i) and (ii) the fourth, fifth, tenth and eleventh lines of Section 5.3(g)(ii), and inserting “Included Crude Tanks” in place thereof.
(i)    By amending Section 5.5(a) of the S&O Agreement by adding a new sentence at the end thereof, reading in its entirety as follows: “Pursuant to the Required Storage and Transportation Arrangements, Aron shall have the exclusive right (to the extent that such exclusive right can be granted) to inject (except for such injections by the Company otherwise contemplated hereby), store, transport and withdraw Crude Oil in and on the Included Crude Pipelines and the Included Crude Tanks (other than Crude Storage Tanks) to the same extent as the Company’s rights to do so prior to the implementation of the Required Storage and Transportation Arrangements.”
(j)    By amending Section 5.5(b) of the S&O Agreement by deleting “Crude Storage Tanks” from the second, sixth, seventh and ninth lines thereof and inserting “Included Crude Tanks” in place thereof.
(k)    By amending Section 5.6(a) of the S&O Agreement by deleting “Storage Facilities” from the third line thereof and inserting “Included Locations” in place thereof.
(l)    By amending Section 5.10(a) of the S&O Agreement by deleting “Included Product Pipelines” from the fourth and fifth lines thereof and inserting “Included Pipelines” in place thereof.
(m)    By inserting immediately after Section 5.12 of the S&O Agreement, a new Section 5.13 reading in its entirety as follows:
5.13  Transition Crude Procurements. Prior to the occurrence of the Purchase Agreement Closing, and in connection with the Company’s supplying Crude Oil to IES Downstream pursuant to the terms of Exhibit O to the Transition Terminalling Agreement, the Company may from time to time request that Aron enter Aron Procurement Contracts with respect to volumes being supplied by the Company 

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thereunder (“Transition Crude Volumes”).  Without limiting any other obligations of the Company, or any other rights and remedies of Aron, hereunder or under any other Transaction Document, any Aron Procurement Contract entered into with respect to any Transition Crude Volumes shall be subject to the following additional terms, conditions and provisions:
(a) All deliveries of Crude Oil to Aron under any such Aron Procurement Contract shall be made to a Crude Intake Point at one of the Crude Oil storage tanks subject to the Transition Terminalling Agreement (each, a “Transition Crude Tank”) and it shall be a condition to the inclusion of such Transition Crude Tank as an Included Location hereunder and any such delivery that Required Storage and Transportation Arrangements shall be in effect with respect to the Transition Terminalling Agreement and such Transition Crude Tank prior to and at the time of such delivery and Schedule E hereto shall have been amended to reflect the addition of such Transition Crude Tank;
(b) Without limiting any other provisions of this Agreement relating to the Required Storage and Transportation Arrangements referred to in clause (a) above (including the terms and conditions of Section 2.4 hereof), no delivery shall be made to any Transition Crude Tank prior to:
(i) the satisfaction of Aron’s Policies and Procedures as contemplated by clause (iii) of Section 2.4 hereof with respect to such Transition Crude Tank;

(ii) the execution and effectiveness of agreements or other instruments, in form and substance satisfactory to Aron, among Aron, the Company and the appropriate IES Entity or Entities granting to Aron the exclusive right to use, and hold Crude Oil in, such Transition Crude Tank and related infrastructure in accordance with the Transition Terminalling Agreement;

(iii) receipt by Aron of written confirmation, in form and substance satisfactory to Aron, under which (1) any party that held or holds any Lien on Hydrocarbons or other inventory of any IES Entity acknowledges and agrees that it has no Lien or other claim on the Crude Oil volumes in such Transition Crude Tank and (2) any party that holds any Lien on the Transition Crude Tank and related infrastructure acknowledges and recognizes Aron’s ownership of the Crude Oil volumes in such Transition Crude Tank and agrees to such other intercreditor and access provisions as Aron deems necessary or appropriate with respect to such Crude Oil volumes and Aron’s rights thereto; 

(iv) receipt by Aron of a bailee’s letter, in form and substance satisfactory to Aron, from the Operator under the Transition Terminalling 

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Agreement, recognizing Aron’s Lien on any Hydrocarbons or other inventory owned by the Company that may be held in the tanks and other infrastructure covered by the Transition Terminalling Agreement (to the extent not being used to hold Hydrocarbons owed by Aron) and agreeing to certain terms and condition with respect thereto;

(v) Aron shall have access to daily inventory reporting for such Transition Crude Tank the form, substance and reliability of which Aron has determined to be acceptable which shall include (without limitation) inventory reports in the form set forth on Schedule H reporting the total number of Crude Oil Barrels run each day as required for purposes of the definition of Estimated Daily Net Crude Sales in Section 10.1(c)(i) hereof; and

(vi) receipt by Aron of written confirmation satisfactory to Aron that following August 29, 2018 and prior to such delivery at the Crude Intake Point, (1) all Hydrocarbons (other than Crude Oil tank bottoms) have been removed from such Transition Crude Tank or, to the extent not removed, title thereto shall have been transferred as contemplated by clause (3) below, (2) such Transition Crude Tank has been maintained in accordance with applicable Pipeline and Hazardous Materials Safety Administration Regulations including, without limitation, applicable API standards, and (3) good title to any tank bottoms and any other Crude Oil in such Transition Crude Tank has been transferred to the Company (free and clear of any Liens (other than Permitted S&O Liens)).

(n)    By amending Section 6.1 of the S&O Agreement by deleting “Crude Storage Tank” from the third line thereof and inserting “Included Crude Tank” in place thereof.
(o)    By amending and restating Section 6.3(b) of the S&O Agreement to read in its entirety as follows:
(b) “Monthly Net Crude Run” means, for any month, the greater of (1) the result of the following calculation: (i) the Ending In-Tank Crude Inventory located at the Crude Storage Tanks for the prior month, plus (ii) the Aron Crude Purchases delivered and received at the Crude Storage Tanks for such month, plus (iii) the aggregate quantity of Other Barrels that are actually delivered and received at the Crude Storage Tanks during such month, plus (iv) the aggregate quantity of Crude Oil Barrels that were delivered from Kapolei Refinery West to Kapolei Refinery and received at the Crude Storage Tanks for such month for the Material #WESTTOEAST (as shown in the Inventory Report) minus (v) the aggregate quantity of Crude Oil Barrels that were delivered from the Crude Storage Tanks at Kapolei Refinery to Kapolei Refinery West and received at the Included Third Party Crude Tanks for such month for the Material #EASTTOWEST (as shown in the Inventory Report) minus (vi) the 

14

Ending In-Tank Crude Inventory located at the Crude Storage Tanks for such month, and (2) zero (0).
(p)    By amending and restating Section 7.1 of the S&O Agreement to read in its entirety as follows:
7.1 Target Inventory Levels. Monthly inventory targets for Crude Oil and Products shall be set pursuant to this Article 7. Such monthly inventory targets for Crude Oil and Products shall be subject to the minimum and maximum inventory levels in Schedule D for each Pricing Group; provided that the Company may set monthly inventory targets for a Pricing Group below the applicable minimum inventory level but in no event less than the applicable Target Month End Crude Volume or Target Month End Product Volume for such Pricing Group. The Company represents and warrants that the respective Target Month End Crude Volumes and Target Month End Product Volumes that the Company sets for each month during the Term hereof shall be the Company’s good faith estimate, at the time it sets such targets, of the Ending In-Tank Crude Inventory and the Ending In-Tank Product Inventories at the end of such month.
(q)    By amending and restating Section 7.3(b) of the S&O Agreement to read in its entirety as follows:
(b)    For each month and each type of Product, the Company shall from time to time (but subject to any applicable notification deadlines specified on Schedule D hereto) specify an aggregate quantity and grade that shall be the “Target Month End Product Volume” for that month, which shall represent a volume which may be zero or a positive number taking into account the estimates provided pursuant to Section 7.3(a) (except that the Target Month End Product Volume for each type of Product as of the Commencement Date and as of the end of the first month of the Term shall be the respective volumes specified as such on Schedule I hereto).
(r)    By amending the Section 7.3(c) of the S&O Agreement by deleting the “.” at the end thereof and inserting the following in its place: “, except as otherwise permitted under Section 7.1.”
(s)    By inserting immediately after Section 8.10 of the S&O Agreement, a new Section 8.11 reading in its entirety as follows:
8.11  Transition Product Volumes.  Prior to the occurrence of the Purchase Agreement Closing, and in connection with the processing of Crude Oil supplied by the Company to IES Downstream pursuant to the terms of Exhibit O to the Transition Terminalling Agreement, the Company may from time to time request that Aron purchase volumes of Product resulting from such processing (“Transition Product Volumes”).  Without limiting any other obligations of the Company, or any other rights and remedies of Aron, hereunder or under any other Transaction Document, 

15

any purchase by Aron of Transition Product Volumes hereunder shall be subject to the following additional terms, conditions and provisions:
(a) All such Transition Product Volumes shall be delivered via a Product Intake Point at one of the Product storage tanks subject to the Transition Terminalling Agreement (each, a “Transition Product Tank”) and it shall be a condition to the inclusion of such Transition Product Tank as an Included Location hereunder and any purchase by Aron of Products held therein that Required Storage and Transportation Arrangements shall be in effect with respect to the Transition Terminalling Agreement and such Transition Product Tank prior to and at the time of any such purchase and Schedule E hereto shall have been amended to reflect the addition of such Transition Product Tank; provided further that, at the time any such Transition Product Tank becomes an Included Location hereunder, the Company hereby transfers, and shall be deemed to have transferred, to Aron, via in-tank transfer, good and valid title to all Product then being held in such Transition Product Tank by the Company;
(b) Without limiting any other provisions of this Agreement relating to the Required Storage and Transportation Arrangements referred to in clause (a) above (including the terms and conditions of Section 2.4 hereof), no purchase by Aron of any Product in or being delivered to any Transaction Product Tank shall be made prior to:
(i) the satisfaction of Aron’s Policies and Procedures as contemplated by clause (iii) of Section 2.4 hereof with respect to such Transition Product Tank;
(ii) the execution and effectiveness of agreements or other instruments, in form and substance satisfactory to Aron, among Aron, the Company and the appropriate IES Entity or Entities granting to Aron the exclusive right to use, and hold Product in, such Transition Product Tank and related infrastructure in accordance with the Transition Terminalling Agreement;
(iii) receipt by Aron of written confirmation, in form and substance satisfactory to Aron, under which (1) any party that held or holds any Lien on Hydrocarbons or other inventory of any IES Entity acknowledges and agrees that it has no Lien or other claim on the Product volumes in such Transition Product Tank and (2) any party that holds any Lien on the Transition Product Tank and related infrastructure acknowledges and recognizes Aron’s ownership of the Product volumes in such Transition Product Tank and agrees to such other intercreditor and access provisions as Aron deems necessary or appropriate with respect to such Product volumes and Aron’s rights thereto;

16

(iv) receipt by Aron of a bailee’s letter, in form and substance satisfactory to Aron, from the Operator under the Transition Terminalling Agreement, recognizing Aron’s Lien on any Hydrocarbons or other inventory owned by the Company that may be held in the tanks and other infrastructure covered by the Transition Terminalling Agreement (to the extent not being used to hold Hydrocarbons owed by Aron) and agreeing to certain terms and condition with respect thereto; 
(v) Aron shall have access to daily inventory reporting for such Transition Product Tank the form, substance and reliability of which Aron has determined to be acceptable, which shall include (without limitation) inventory reports in the form set forth on Schedule H reporting such daily information as required for purposes of the definition of Estimated Daily Net Product Sales in Section 10.1(c)(ii) hereof; and
(vi) receipt by Aron of written confirmation satisfactory to Aron that, prior to the purchase by Aron of any such Product Volumes, (1) all Hydrocarbons (other than Product tank bottoms) have been removed from such Transition Product Tank or, to the extent not removed, title thereto shall have been transferred as contemplated by clause (3) below, (2) such Transition Product Tank has been maintained in accordance with applicable Pipeline and Hazardous Materials Safety Administration Regulations including, without limitation, applicable API standards, and (3) good title to any tank bottoms and any other Products in such Transition Product Tank has been transferred to the Company (free and clear of any Liens (other than Permitted S&O Liens)).
(t)    By amending Section 9.2 of the S&O Agreement by deleting “Crude Storage Tanks” from the fourth line thereof and inserting “Included Crude Tanks” in place thereof.
(u)    By amending Section 9.5 of the S&O Agreement by (i) deleting “Crude Storage Tank” from the third line of Section 9.5(a) and the third line of Section 9.5(b) and inserting “Included Crude Tank” in place thereof, (ii) deleting “Included Product Pipelines” from the fourth line of Section 9.5(a) and the fourth line of Section 9.5(b) and inserting “Included Pipelines” in place thereof, and (iii) deleting “Product Storage Tank” from the fourth line of Section 9.5(a) and the third line of Section 9.5(b) and inserting “Included Product Tank” in place thereof.
(v)    By amending Section 10.1(b)(ii) of the S&O Agreement by deleting “Crude Storage Tanks” from the third line thereof and inserting “Included Crude Tanks” in place thereof.
(w)    By inserting immediately after Section 10.1(b)(ii) of the S&O Agreement, a new subsection 10.1(b)(iii) reading in its entirety as follows:

17

(iii) The Company shall provide Aron with all relevant transfer data for Crude Oil Barrels that are in transit between Included Crude Tanks at the Kapolei Refinery (as identified in Schedule E) and the Kapolei Refinery West (as identified in Schedule E).
(x)    By amending and restating Section 10.1(c)(i) of the S&O Agreement to read in its entirety as follows:
(i)    “Estimated Daily Net Crude Sales” “Estimated Daily Net Crude Sales” for any day shall be the estimate for that day of the Crude Oil volume, excluding any Other Barrels, that equals the Ending Inventory for the Material “#CRUDERUN” (as shown in the Inventory Report), plus the Ending Inventory for the Material #CRUDERUNWEST (as shown in the Inventory Report) plus any Barrels reported for the Material “#EASTTOWEST” and “#WESTTOEAST” (as shown in the Inventory Report) which will equal the sum of total number of Crude Oil Barrels run for such day and the net change (which may be positive or negative) in the Crude Oil Barrels that are in transit between Included Crude Tanks at the Kapolei Refinery (as identified in Schedule E) and the Kapolei Refinery West (as identified in Schedule E), excluding any Other Barrels;
(y)    By inserting immediately after Section 11.7 of the S&O Agreement, a new Section 11.8 reading in its entirety as follows:
11.8  Eligible IES Receivables.   “Eligible IES Receivables” means Accounts owing by IES to the Company (“IES Receivables”) that (i) arise prior to June 30, 2019 and (ii) satisfy all of the criteria set forth in the definition of Eligible Receivables; provided that, notwithstanding anything set forth herein to the contrary, to constitute an Eligible IES Receivable, the following additional terms and conditions shall be satisfied:
(a) on any date of determination, the aggregate amount of Eligible IES Receivables shall not exceed the aggregate amount of the then outstanding accounts receivable owing by any Included Utility to IES under a fuel supply contract between IES and an Included Utility arising in the ordinary course of business and otherwise meeting all the requirements for an “Eligible Receivable” set forth in the definition thereof (other than the fact that such Account is owing by such Included Utility to IES) (such accounts receivable owing by any Included Utility to IES, a “Utility Receivable”) which Utility Receivable also satisfies the conditions specified in clauses (b) and (c) below;
(b) Aron shall have received written evidence, in form and substance satisfactory to Aron, confirming such Utility Receivables are free and clear of any and all Liens in favor of any third party (and, if deemed necessary or 

18

appropriate by Aron, such evidence shall include lien releases or other forms of acknowledgment from or by former lienholders); and
(c) such further credit enhancements with respect to such IES Receivables shall have been implemented and remain in effect as Aron shall, in its sole judgment, deem necessary or appropriate, which may include, without limitation, (i) the relevant Included Utility’s written agreement to pay all amounts due with respect to such Utility Receivables to the Company’s designated bank account over which Aron has a perfected first priority Lien; (ii) IES pledging to the Company, and granting to the Company a perfected first priority security interest in and lien on, such Utility Receivables to secure IES’s obligation to the Company under all IES Receivables; and (iii) an enforceable agreement from IES to the effect that each such IES Receivable will be paid by IES when due without setoff, deduction or counterclaim; provided that the sufficiency of such further credit enhancements shall be determined by Aron in its sole discretion; 
provided that, the aggregate amount of Eligible IES Receivables shall not be subject to the limitation set forth in clause (w)(I) of the definition of “Eligible Receivables”.
The Company further agrees that the reports provided to Aron pursuant to Section 11.7(a) above shall be further modified, in form and substance reasonably satisfactory to Aron, to reflect the current total amount of Eligible IES Receivables and such other details relating thereto as Aron deems necessary or appropriate.
(z)    By inserting immediately after Section 12.4 of the S&O Agreement, a new Section 12.5 reading in its entirety as follows:
12.5    The Company shall, at end of each calendar quarter (or at such other time as Aron may agree), provide for manual gauging by an Independent Inspection Company of each Crude Storage Tank or Included Company Product Tank to ensure that the automated tank level readings are accurate to within a tolerance of two inches; provided that if the automated reading cannot be calibrated to be within such tolerance, the Company shall use the manual gauge reading in its calculation of inventory until such time as the automated gauge can be repaired so that it can be calibrated to within such tolerance.
(aa)    By amending Section 17.6 of the S&O Agreement by (i) deleting “Included Product Pipelines” from the second, third and fifth lines thereof and inserting “Included Pipelines” in place thereof and (ii) deleting “Included Product Tanks” from the third, fifth and sixth lines thereof and inserting “Included Tanks” in place thereof.
(bb)    By amending Section 18.2(e) of the S&O Agreement by (i) deleting “Included Product Pipelines” from the eighth line thereof and inserting “Included Pipelines” in place 

19

thereof and (ii) deleting “Included Product Tanks” from the eighth and ninth lines thereof and inserting “Included Tanks” in place thereof.
(cc)    By inserting immediately after Section 18.2(u) of the S&O Agreement, a Section 18.2(v) reading in its entirety as follows:
(v)    Restricted Payments.  The Company will not declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that the Company may make Restricted Payments in the form of cash distributions at any time:
(i)    if, at the time of and after giving effect to such Restricted Payment, (A) the Liquidity of the Company would be at least $20,000,000 with at least $8,750,000 of such Liquidity consisting of cash and cash equivalents, and (B) no Default or Event of Default shall have occurred and be continuing at the time or would result therefrom.  On or prior to any Business Day on which any Restricted Payment under this Section 18.2(v)(i) is made (but no more than 15 Business Days preceding such Business Day), the chief executive officer, president, chief financial officer, or vice president-finance of the Company shall deliver a certificate to Aron notifying Aron of such Restricted Payment, providing a summary in reasonable detail of the calculation of the amount thereof, and certifying that at the time Restricted Payment is made the Company shall be in compliance with this Section 18.2(v)(i). Promptly after effecting any Restricted Payment under this Section 18.2(v)(i), the chief executive officer, president, chief financial officer, or vice president-finance of the Company shall deliver a certificate to Aron certifying Aron that such Restricted Payment has been made in compliance with this Section 18.2(v)(i); and
(ii)    in the amounts (A) necessary to enable any holder of the Equity Interests of the Company (a “Member”) to pay its federal and state income tax obligations; (B) necessary to enable Par Pacific Holdings, Inc. (“Par Pacific”) to pay its Federal and state income taxes, in each case (without duplication) attributable to allocations of income and gains, offset by losses and deductions, allocable by the Company to such Member and by such Member to Par Pacific; and (C) equal to the Federal and state income taxes that the Company would owe (or is estimated to owe) for such quarter if the Company were a standalone income tax filer and reporting entity without taking into account any utilization of any net operating loss carryforwards or other tax attributes of Par Pacific; provided that the amount of Restricted Payments paid pursuant to Section 18.2(v)(ii)(A) and Section 18.2(v)(ii)(B) to enable such Member and Par Pacific to pay Federal and state income taxes at any time shall not exceed the amount of such Federal and state income taxes actually owing by such Member and Par Pacific at such time for the respective period attributable and after giving effect to such allocations of income, gains, losses and 

20

deductions. The Company shall notify Aron promptly upon making any such Restricted Payment under this Section 18.2(v)(ii).
(dd)    By inserting immediately after Section 18.4 of the S&O Agreement, new Sections 18.5 and 18.6 reading in their entirety as follows:
18.5  Additional Covenants Relating to IES Transition Documents.  In connection with the IES Transition Documents and the transactions contemplated thereby, and without limiting any other covenants, agreements or obligations of the Company hereunder or under the other Transaction Documents, the Company covenants to and agrees with Aron as follows:
(a) The Company will not agree to any amendments or other modifications to any of the IES Transition Documents that (i) adversely affect, or could adversely affect, any of Aron’s rights and remedies under this Agreement or the other Transaction Documents, including without limitation any rights of Aron to have access to any Hydrocarbons it owns or upon which it has a Lien or to cause or arrange for the disposition, removal and/or shipment thereof or (ii) would permit any third party that does not as of August 29, 2018 hold any Lien on any of the tanks or other infrastructure subject to the Transition Terminalling Agreement to be granted or acquire any such Lien.
(b) The Company will promptly (and in any case within one Business Day) after execution (in the case of an amendment or modification) or delivery or receipt (in the case of a notice, correspondence or communication) (i) notify Aron of any amendment or modification to any of the IES Transition Documents or any notice, correspondence or other communication to or from the Company and any other party to any of the IES Transition Documents and (ii) subject to any confidentiality limitations, provide true and complete copies of such amendment, modification, notice, correspondence or other communication to Aron.
(c) Without limiting the Company’s obligation under clause (b) above, the Company will promptly (and in any case within one Business Day) after delivery or receipt, subject to any confidentiality limitations, provide to Aron true and complete copy of any notices, correspondence or other communications to or from any Governmental Authority in any way relating to the IES Transition Documents or the transactions contemplated thereby.
(d) (i) The Company shall not agree to any amendment, modification, consent or waiver to the Transition Terminalling Agreement that would reasonably be expected to adversely affect in any material respect Aron or any rights Aron may have with respect to the Transition Terminalling Agreement, in each case, without the consent of Aron. (ii) The Company shall not agree to any early termination of the Transition Terminalling Agreement without the consent of Aron.

21

(e) In the event of a Purchase Agreement Termination, the Company shall promptly and diligently, in consultation with Aron, implement the Transition Termination Plan; provided that, without limiting any other obligations of the Company hereunder or under the other Transaction Documents, the Company shall be responsible for all costs, expenses and losses incurred or resulting from the implementation of the Transition Termination Plan and shall promptly indemnify Aron for any such costs, expense and losses that Aron incurs.
18.6  Additional Covenants.  
(a) (i) The Company shall not agree to any amendment, modification, consent or waiver to the Long-Term Terminalling Agreement that would reasonably be expected to adversely affect in any material respect Aron or any rights Aron may have with respect to the Long-Term Terminalling Agreement, in each case, without the consent of Aron. (ii) The Company shall not agree to any early termination of the Long-Term Terminalling Agreement without the consent of Aron.
(b) The Company shall (i) provide to Aron at least 3 Business Days’ prior written notice of any anticipated change in the storage tanks that are available under the Long-Term Terminalling Agreement, including without limitation, any changes occurring pursuant to Schedule K to the Long-Term Terminalling Agreement, (ii) notify Aron concurrently with or promptly after any change (whether or not anticipated) to any storage tanks available under the Long-Term Terminalling Agreement having become effective and (iii) promptly execute such amendments to this Agreement (including the Schedules hereto) and other documents, and take such other actions, as Aron shall request in order to reflect any such changes or to confirm Aron’s rights with respect to any Hydrocarbons stored the tanks affected by such changes.
Section 2.2    S&O Agreement Schedules. The S&O Agreement is amended by replacing, in its entirety, the Schedules C, D, H, M, R, T and U attached to the S&O Agreement with the Schedules C, D, H, M, R, T and U attached hereto; provided that the amendment and restatement of Schedule D shall be deemed to be effective as of December 1, 2018.
Section 2.3    References Within S&O Agreement.  Each reference in the S&O Agreement to “this Agreement” and the words “hereof,” “hereto,” “herein,” “hereunder,” or words of like import, and each reference in any other Transaction Document to “the S&O Agreement” and the words “thereof,” “thereto,” “therein,” “thereunder” or words of like import, in each case, shall mean and be a reference to the S&O Agreement as heretofore amended and as amended by this Amendment. 
		
	SECTION 3
	Representations and Warranties

To induce the other Party to enter into this Amendment, each Party hereby represents and warrants that (i) it has the corporate, governmental or other legal capacity, authority and power to execute this Amendment, to deliver this Amendment and to perform its obligations under the S&O 

22

Agreement, as amended hereby, and has taken all necessary action to authorize the foregoing; (ii) the execution, delivery and performance of this Amendment does not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or Governmental Authority applicable to it or any of its assets or subject; (iii) all governmental and other consents required to have been obtained by it with respect to this Amendment have been obtained and are in full force and effect; (iv) its obligations under the S&O Agreement, as amended hereby, constitute its legal, valid and binding obligations, enforceable in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application regardless of whether enforcement is sought in a proceeding in equity or at law) and (v) no Event of Default with respect to it has occurred and is continuing.
		
	SECTION 4
	Reaffirmation

All of the terms and provisions of the S&O Agreement shall, as amended and modified hereby, remain in full force and effect. Each of the Company and the Guarantor hereby agrees that the amendments and modifications herein contained shall in no manner affect (other than expressly provided herein) or impair the Obligations or the Liens securing the payment and performance thereof. Each the Company and the Guarantor hereby ratifies and confirms all of its respective obligations and liabilities under the Transaction Documents to which it is a party, as expressly modified herein, and the Guarantor ratifies and confirms that such obligations and liabilities extend to and continue in effect with respect to, and continue to guarantee the Obligations of the Company under the Transaction Documents, as expressly modified herein.
		
	SECTION 5
	Miscellaneous

Section 5.1    S&O Agreement Otherwise Not Affected.  Except for the amendments pursuant hereto, the S&O Agreement remains unchanged.  As amended pursuant hereto, the S&O Agreement remains in full force and effect and is hereby ratified and confirmed in all respects.  The execution and delivery of, or acceptance of, this Amendment and any other documents and instruments in connection herewith by either Party shall not be deemed to create a course of dealing or otherwise create any express or implied duty by it to provide any other or further amendments, consents or waivers in the future.  For all purposes of the S&O Agreement and the other Transaction Documents, this Amendment shall constitute a “Transaction Document.”
Section 5.2    No Reliance.  Each Party hereby acknowledges and confirms that it is executing this Amendment on the basis of its own investigation and for its own reasons without reliance upon any agreement, representation, understanding or communication by or on behalf of any other Person.
Section 5.3    Costs and Expenses.  In connection with the transaction contemplated by the Topping Unit Purchase Agreement and the amendments contemplated hereby, Aron and the Company entered into that letter agreement, dated October 23, 2018 (the “Expense Reimbursement Agreement”), pursuant to which the Company shall reimburse Aron for all “Transaction Expenses” as defined therein.

23

Section 5.4    Binding Effect.  This Amendment shall be binding upon, inure to the benefit of and be enforceable by the Company, Aron and their respective successors and assigns.
Section 5.5    Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED UNDER THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER STATE.
Section 5.6    Amendments.  This Amendment may not be modified, amended or otherwise altered except by written instrument executed by the Parties’ duly authorized representatives.
Section 5.7    Effectiveness; Counterparts.  
(a)    This Amendment shall be binding on the Parties as of the date on which it has been fully executed by the Parties. This Amendment may be executed in any number of counterparts and by different Parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement.
(b)    It is a condition to Aron’s execution of this Amendment that, concurrently with such execution:
(i)    the Company shall have delivered to Aron:
(i)    a certificate, in form and substance reasonably satisfactory to Aron,  signed by an appropriate officer of each of the Company and the Guarantor certifying as to its organizational documents, incumbency, due authorization and/or board or other limited liability company approvals and resolutions authorizing and approving the amendments contemplated hereby;
(ii)    a certificate, in form and substance reasonably satisfactory to Aron, signed by an Authorized Officer of each of the Company and the Guarantor certifying that, as of the date hereof, (i) no Event of Default or Default with respect to the Company and the Guarantor has occurred and is continuing and (ii) the representations and warranties of the Company and the Guarantor set forth in this Amendment and each other Transaction Document are true and correct in all material respects (except for any representation and warranty that is qualified by materiality which such representation and warranty shall be true and correct in all respects);
(iii)    to the extent required pursuant to 2.1(e) of this Amendment, the Company shall have paid to Aron the increased portion of the Initial Margin Amount;
(iv)    a duly executed amendment to the Fee Letter; and
(ii)    the Company shall have agreed to a Transition Termination Plan that is in form and substance acceptable to Aron.

24

Section 5.8    Interpretation.  This Amendment is the result of negotiations between the Parties and has been reviewed by counsel to each of the Parties, and is the product of all Parties hereto.  Accordingly, this Amendment shall not be construed against either Party merely because of such Party’s involvement in the preparation hereof.
[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

25

IN WITNESS WHEREOF, each Party hereto has caused this Agreement to be executed by its duly authorized representative as of the date first above written.

J. ARON & COMPANY LLC

By:    /s/ Harsha Rajamani
Title:    Attorney-in-fact

PAR HAWAII REFINING, LLC

By:    /s/ William Monteleone
Title:    Chief Financial Officer

26

PAR PETROLEUM, LLC

By:    /s/ William Monteleone
Title:    Chief Financial Officer

27EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
  

 
  

Deal CUSIP 30226JAA1 

Revolving Loan CUSIP 30226JAB9 

Tranche 1 Term Loan CUSIP 30226JAC7 

Tranche 2 Term Loan CUSIP 30226JAD5 

AMENDED AND RESTATED CREDIT AGREEMENT 

DATED AS OF DECEMBER 7, 2018 

AMONG 
 EXTRA SPACE
STORAGE LP, 
 EXTRA SPACE STORAGE INC., 

THE LENDERS, 
 U.S. BANK
NATIONAL ASSOCIATION, 
 AS ADMINISTRATIVE AGENT, 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

BANK OF AMERICA, N.A., 

solely with respect to the Revolving Facility and the Tranche 1 Term Loan Facility, and 

PNC BANK, NATIONAL ASSOCIATION, 

solely with respect to the Tranche 2 Term Loan Facility, 

AS CO-SYNDICATION AGENTS, 

TD BANK, and 
 PNC BANK,
NATIONAL ASSOCIATION, JPMORGAN CHASE BANK, N.A., BMO 
 HARRIS BANK N.A., BANK OF THE WEST, CITIBANK, N.A., COMPASS BANK AND 

REGIONS BANK, 
 solely with
respect to the Revolving Facility and the Tranche 1 Term Loan Facility 
 AS CO-DOCUMENTATION
AGENTS, 
 and 
 U.S.
BANK NATIONAL ASSOCIATION, 
 WELLS FARGO SECURITIES, LLC, 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 

solely with respect to the Revolving Facility and the Tranche 1 Term Loan Facility, and 

PNC CAPITAL MARKETS LLC, 

solely with respect to the Tranche 2 Term Loan Facility, 

AS JOINT LEAD ARRANGERS AND JOINT BOOK RUNNERS 
  

 
  

 Table of Contents 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 1.1.
	 	Definitions	  	 	1	 
	 1.2.
	 	Rules of Interpretation	  	 	35	 
		
	 ARTICLE II THE CREDITS
	  	 	36	 
			
	 2.1.
	 	Commitment	  	 	36	 
	 2.2.
	 	Required Payments; Termination	  	 	36	 
	 2.3.
	 	Ratable Loans; Types of Advances	  	 	37	 
	 2.4.
	 	[Reserved]	  	 	37	 
	 2.5.
	 	Fees	  	 	37	 
	 2.6.
	 	Minimum Amount of Each Advance	  	 	38	 
	 2.7.
	 	Reductions in Aggregate Revolving Commitment; Optional Principal Payments	  	 	38	 
	 2.8.
	 	Method of Selecting Types and Interest Periods for New Advances	  	 	38	 
	 2.9.
	 	Conversion and Continuation of Outstanding Advances; Maximum Number of Interest Periods	  	 	39	 
	 2.10.
	 	Interest Rates	  	 	40	 
	 2.11.
	 	Rates Applicable After Event of Default	  	 	40	 
	 2.12.
	 	Method of Payment; Repayment of Term Loans	  	 	41	 
	 2.13.
	 	Noteless Agreement; Evidence of Indebtedness	  	 	41	 
	 2.14.
	 	Telephonic Notices	  	 	42	 
	 2.15.
	 	Interest Payment Dates; Interest and Fee Basis	  	 	42	 
	 2.16.
	 	Notification of Advances, Interest Rates, Prepayments and Commitment Reductions	  	 	42	 
	 2.17.
	 	Lending Installations	  	 	43	 
	 2.18.
	 	Non-Receipt of Funds by the Administrative Agent	  	 	43	 
	 2.19.
	 	Facility LCs	  	 	43	 
	 2.20.
	 	Replacement of Lender	  	 	48	 
	 2.21.
	 	Limitation of Interest	  	 	49	 
	 2.22.
	 	Defaulting Lenders	  	 	50	 
	 2.23.
	 	Extensions of Revolving Commitments	  	 	53	 
	 2.24.
	 	Increase Option	  	 	54	 
	 2.25.
	 	Bid Rate Loans	  	 	56	 
		
	 ARTICLE III YIELD PROTECTION; TAXES
	  	 	59	 
			
	 3.1.
	 	Yield Protection	  	 	59	 
	 3.2.
	 	Changes in Capital Adequacy Regulations	  	 	60	 
	 3.3.
	 	Availability of Types of Advances; Adequacy of Interest Rate	  	 	61	 
	 3.4.
	 	Funding Indemnification	  	 	62	 
	 3.5.
	 	Taxes	  	 	62	 
	 3.6.
	 	Selection of Lending Installation; Mitigation Obligations; Lender Statements; Survival of Indemnity	  	 	66	 

  
 i 

							
	 ARTICLE IV CONDITIONS PRECEDENT
	  	 	66	 
			
	 4.1.
	 	Initial Credit Extension	  	 	66	 
	 4.2.
	 	Each Credit Extension	  	 	68	 
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES
	  	 	69	 
			
	 5.1.
	 	Existence and Standing	  	 	69	 
	 5.2.
	 	Authorization and Validity	  	 	69	 
	 5.3.
	 	No Conflict; Government Consent	  	 	69	 
	 5.4.
	 	Financial Statements	  	 	70	 
	 5.5.
	 	Taxes	  	 	70	 
	 5.6.
	 	Litigation and Contingent Obligations	  	 	70	 
	 5.7.
	 	Subsidiaries	  	 	70	 
	 5.8.
	 	ERISA	  	 	70	 
	 5.9.
	 	Accuracy of Information	  	 	71	 
	 5.10.
	 	Regulation U	  	 	71	 
	 5.11.
	 	Compliance With Laws	  	 	71	 
	 5.12.
	 	Ownership of Properties	  	 	71	 
	 5.13.
	 	Environmental Matters	  	 	71	 
	 5.14.
	 	Investment Company Act	  	 	72	 
	 5.15.
	 	Insurance	  	 	72	 
	 5.16.
	 	Solvency	  	 	72	 
	 5.17.
	 	Anti-Corruption and AML Laws; Sanctions; Anti-Terrorism Laws	  	 	72	 
	 5.18.
	 	EEA Financial Institution	  	 	73	 
		
	 ARTICLE VI COVENANTS
	  	 	73	 
			
	 6.1.
	 	Financial Reporting	  	 	73	 
	 6.2.
	 	Use of Proceeds	  	 	74	 
	 6.3.
	 	Notice of Material Events	  	 	75	 
	 6.4.
	 	Conduct of Business	  	 	75	 
	 6.5.
	 	Taxes	  	 	76	 
	 6.6.
	 	Insurance	  	 	76	 
	 6.7.
	 	Compliance with Laws	  	 	76	 
	 6.8.
	 	Maintenance of Properties	  	 	76	 
	 6.9.
	 	Books and Records; Inspection	  	 	76	 
	 6.10.
	 	Indebtedness	  	 	77	 
	 6.11.
	 	Merger, Consolidation, Sales of Assets and Divisions	  	 	77	 
	 6.12.
	 	Investments	  	 	78	 
	 6.13.
	 	Liens on Eligible Properties	  	 	78	 
	 6.14.
	 	Affiliates	  	 	78	 
	 6.15.
	 	Restricted Payments	  	 	78	 
	 6.16.
	 	Financial Covenants	  	 	79	 
	 6.17.
	 	Guarantors	  	 	80	 
	 6.18.
	 	PATRIOT Act Compliance; Etc.	  	 	82	 
	 6.19.
	 	Maintenance of REIT Status; Exchange Listing	  	 	82	 

  
 ii 

							
	 ARTICLE VII DEFAULTS
	  	 	82	 
		
	 ARTICLE VIII ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES
	  	 	84	 
			
	 8.1.
	 	Acceleration; Remedies	  	 	84	 
	 8.2.
	 	Application of Funds	  	 	86	 
	 8.3.
	 	Amendments	  	 	86	 
	 8.4.
	 	Preservation of Rights	  	 	87	 
		
	 ARTICLE IX GENERAL PROVISIONS
	  	 	88	 
			
	 9.1.
	 	Survival of Representations	  	 	88	 
	 9.2.
	 	Governmental Regulation	  	 	88	 
	 9.3.
	 	Headings	  	 	88	 
	 9.4.
	 	Entire Agreement	  	 	88	 
	 9.5.
	 	Several Obligations; Benefits of this Agreement	  	 	88	 
	 9.6.
	 	Expenses; Indemnification	  	 	88	 
	 9.7.
	 	Numbers of Documents	  	 	90	 
	 9.8.
	 	Accounting	  	 	90	 
	 9.9.
	 	Severability of Provisions	  	 	90	 
	 9.10.
	 	Nonliability of Lenders	  	 	90	 
	 9.11.
	 	Confidentiality	  	 	91	 
	 9.12.
	 	Nonreliance	  	 	92	 
	 9.13.
	 	Disclosure	  	 	92	 
	 9.14.
	 	USA PATRIOT ACT NOTIFICATION	  	 	92	 
	 9.15.
	 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	92	 
	 9.16.
	 	Joinder by the REIT	  	 	92	 
		
	 ARTICLE X THE ADMINISTRATIVE AGENT
	  	 	93	 
			
	 10.1.
	 	Appointment; Nature of Relationship	  	 	93	 
	 10.2.
	 	Powers	  	 	93	 
	 10.3.
	 	General Immunity	  	 	93	 
	 10.4.
	 	No Responsibility for Loans, Recitals, etc.	  	 	93	 
	 10.5.
	 	Action on Instructions of Lenders	  	 	94	 
	 10.6.
	 	Employment of Administrative Agents and Counsel	  	 	94	 
	 10.7.
	 	Reliance on Documents; Counsel	  	 	94	 
	 10.8.
	 	Administrative Agent’s Reimbursement and Indemnification	  	 	94	 
	 10.9.
	 	Notice of Event of Default	  	 	95	 
	 10.10.
	 	Rights as a Lender	  	 	95	 
	 10.11.
	 	Lender Credit Decision, Legal Representation	  	 	96	 
	 10.12.
	 	Successor Administrative Agent	  	 	96	 
	 10.13.
	 	Administrative Agent and Arranger Fees	  	 	97	 
	 10.14.
	 	Delegation to Affiliates	  	 	97	 
	 10.15.
	 	[Reserved]	  	 	97	 

  
 iii 

							
	 10.16.
	 	Guarantor Releases	  	 	97	 
	 10.17.
	 	Co-Syndication Agents, etc.	  	 	98	 
	 10.18.
	 	No Advisory or Fiduciary Responsibility	  	 	98	 
	 10.19.
	 	Certain ERISA Matters	  	 	98	 
		
	 ARTICLE XI SETOFF; RATABLE PAYMENTS
	  	 	99	 
			
	 11.1.
	 	Setoff	  	 	99	 
	 11.2.
	 	Ratable Payments	  	 	100	 
		
	 ARTICLE XII BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS
	  	 	100	 
			
	 12.1.
	 	Successors and Assigns	  	 	100	 
	 12.2.
	 	Participations	  	 	102	 
	 12.3.
	 	Assignments	  	 	103	 
		
	 ARTICLE XIII NOTICES
	  	 	105	 
			
	 13.1.
	 	Notices; Effectiveness; Electronic Communication	  	 	105	 
		
	 ARTICLE XIV COUNTERPARTS; INTEGRATION; EFFECTIVENESS; ELECTRONIC EXECUTION;
ELECTRONIC RECORDS
	  	 	106	 
			
	 14.1.
	 	Counterparts; Effectiveness	  	 	106	 
	 14.2.
	 	Electronic Execution of Assignments	  	 	107	 
	 14.3.
	 	Electronic Records	  	 	107	 
		
	 ARTICLE XV CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY
TRIAL
	  	 	107	 
			
	 15.1.
	 	CHOICE OF LAW	  	 	107	 
	 15.2.
	 	CONSENT TO JURISDICTION	  	 	107	 
	 15.3.
	 	WAIVER OF JURY TRIAL	  	 	108	 
		
	 ARTICLE XVI AMENDMENT AND RESTATEMENT; DEPARTING LENDERS
	  	 	108	 

  
 iv 

 SCHEDULES 

PRICING SCHEDULE 
 SCHEDULE 1 – Commitments

 SCHEDULE 5.7 – Subsidiaries 
 SCHEDULE
5.12 – Certain Permitted Liens 
 SCHEDULE 6.12 – Investments 

SCHEDULE A – Additional Eligible Ground Leases 

EXHIBITS 
 EXHIBIT A – Intentionally
Omitted 
 EXHIBIT B – Form of Compliance Certificate 

EXHIBIT C – Form of Assignment and Assumption Agreement 

EXHIBIT D-1 – Form of Borrowing Notice 

EXHIBIT D-2 – Form of Conversion/Continuation Notice 

EXHIBIT D-3 – Form of Payment Notice 

EXHIBIT E-1 – Form of Revolving Note 

EXHIBIT E-2 – Form of Tranche 1 Term Loan Note 

EXHIBIT E-3 – Form of Trance 2 Term Loan Note 

EXHIBIT E-4 – Form of Bid Rate Note 

EXHIBIT F – Form of Increasing Lender Supplement 

EXHIBIT G – Form of Augmenting Lender Supplement 

EXHIBIT H – List of Closing Documents 
 EXHIBIT I-1 – Form of Bid Rate Quote Request 
 EXHIBIT I-2 – Form of Bid
Rate Quote 

  
 v 

 EXHIBIT I-3 – Form of Bid Rate Quote Acceptance 

EXHIBIT J – Form of Designation Agreement 

  
 vi 

 AMENDED AND RESTATED CREDIT AGREEMENT 

This Amended and Restated Credit Agreement (the “Agreement”), dated as of December 7, 2018, is among Extra Space Storage LP, a
Delaware limited partnership, the Lenders and U.S. Bank National Association, a national banking association, as an LC Issuer and as Administrative Agent and joined in by Extra Space Storage Inc., a Maryland corporation, for the purposes set forth
in Section 9.16. The parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 
 1.1.
Definitions. As used in this Agreement: 
 “Absolute Rate” has the meaning given that term in
Section 2.25(c)(ii)(C). 
 “Absolute Rate Auction” means a solicitation of Bid Rate Quotes setting forth Absolute Rates
pursuant to Section 2.25. 
 “Absolute Rate Loan” means a Bid Rate Loan, the interest rate on which is determined on the
basis of an Absolute Rate pursuant to an Absolute Rate Auction. 
 “Acquisition” means any transaction, or any series of related
transactions, consummated on or after the date of this Agreement, by which the Borrower or any of its Subsidiaries (a) acquires any going-concern business or all or substantially all of the assets of any firm, corporation or limited liability
company, or division thereof, whether through purchase of assets, merger or otherwise or (b) acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes) of the securities
of a corporation which have ordinary voting power for the election of directors (other than securities having such power only by reason of the happening of a contingency) or a majority (by percentage or voting power) of the outstanding ownership
interests of a partnership or limited liability company. 
 “Additional Specified Income” means, as of any date of determination
for any applicable Test Period, the sum of (a) cash distributions and cash royalties received by the REIT or any of its Subsidiaries (other than any Captive Insurance Subsidiary) with respect to Tenant Insurance Operating Income during such
Test Period in respect of Properties that are not 100% owned in fee simple, or leased under an Eligible Ground Lease, by the REIT or any of its Subsidiaries, plus (b) Management Fee EBITDA for such Test Period. 

“Adjusted EBITDA” means, for any given period, (a) the EBITDA of the REIT and its Subsidiaries determined on a consolidated
basis for such period minus (b) Reserve for Replacements. 
 “Administrative Agent” means U.S. Bank in its capacity as
contractual representative of the Lenders pursuant to Article X, and not in its individual capacity as a Lender, and any successor Administrative Agent appointed pursuant to Article X. 

“Administrative Questionnaire” means, with respect to each Lender, an administrative questionnaire in the form prepared by the
Administrative Agent. 

  
 1 

 “Advance” means a borrowing hereunder of (a) Revolving Loans made by some or
all of the Revolving Lenders, of the same Type and, in the case of Eurodollar Loans, for the same Interest Period, and (b) a Term Loan made, converted or continued on the same Borrowing Date or date of conversion or continuation, as applicable,
and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect. 
 “Affected Lender” is defined in
Section 2.20. 
 “Affiliate” of any Person means any other Person directly or indirectly controlling, controlled by or under
common control with such Person, including, without limitation, such Person’s Subsidiaries. A Person shall be deemed to control another Person if the controlling Person owns 10% or more of any class of voting securities (or other ownership
interests) of the controlled Person or possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the controlled Person, whether through ownership of stock, by contract or otherwise. 

“Aggregate Outstanding Credit Exposure” means, at any time, the aggregate of the Outstanding Credit Exposure of all the Lenders at
such time. 
 “Aggregate Outstanding Revolving Credit Exposure” means, at any time, the aggregate of the Revolving Exposure of all
the Lenders at such time. 
 “Aggregate Revolving Commitments” means the aggregate of the Revolving Commitments of all the
Lenders, as reduced or increased from time to time pursuant to the terms hereof. As of the date of this Agreement, the Aggregate Revolving Commitments are $650,000,000. 

“Agreement” means this Credit Agreement, as it may be amended or modified and in effect from time to time. 

“Alternate Base Rate” means, for any day, a rate of interest per annum equal to the highest of (a) 0.0%, (b) the Prime Rate for such
day, (c) the sum of the Federal Funds Effective Rate for such day plus 0.50% per annum and (d) the Eurodollar Rate (without giving effect to the Applicable Margin) for a one month Interest Period on such day (or if such day is not a
Business Day, the immediately preceding Business Day) for Dollars plus 1.0%, provided that, for the avoidance of doubt, the Eurodollar Rate for any day shall be based on the rate reported by the applicable financial information service
at approximately 11:00 a.m. London time on such day. 
 “Amendment No. 2 Effective Date” means June 29, 2017. 

“Anti-Corruption and AML Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or its
Subsidiaries from time to time concerning or relating to bribery or corruption or anti-money laundering. 
 “Applicable Fee Rate”
means the percentage rate per annum at which Facility Fees are accruing on the Aggregate Revolving Commitment (without regard to usage) at such time as set forth in the Pricing Schedule. 

  
 2 

 “Applicable Margin” means, with respect to Advances of any Type at any time, the
percentage rate per annum which is applicable at such time with respect to Advances of such Type as set forth in the Pricing Schedule. 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or
(c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Approved Participant” is defined in
Section 12.2(c). 
 “Arranger” means each of (a) U.S. Bank, (b) Wells Fargo Securities, LLC, (c) solely with
respect to the Revolving Facility and the Tranche 1 Term Loan Facility, Merrill Lynch, Pierce, Fenner & Smith Incorporated, together with its affiliates, and (d) solely with respect to the Tranche 2 Term Loan Facility, PNC Capital
Markets LLC and its successors, in each case, in its capacity as Joint Lead Arranger and Joint Book Runner. 
 “Article” means an
article of this Agreement unless another document is specifically referenced. 
 “Augmenting Lender” is defined in
Section 2.24. 
 “Authorized Officer” means any of the Chief Executive Officer, Chief Financial Officer, Chief Legal Officer,
Executive Vice President or Treasurer of the REIT, acting singly. 
 “Authorized Signatory” means, with respect to any Person, any
manager, trustee, officer or other Person, in each case which is identified on an incumbency certificate delivered to the Administrative Agent as authorized to execute documents on behalf of such Person or such Person’s general partner. 

“Available Aggregate Revolving Commitment” means, at any time, the Aggregate Revolving Commitments at such time minus the
Aggregate Outstanding Revolving Credit Exposure at such time. 
 “Bail-In Action” means
the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55
of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation
Schedule. 
 “Base Rate” means, for any day, a rate per annum equal to (a) the Alternate Base Rate for such day plus
(b) the Applicable Margin, in each case changing when and as the Alternate Base Rate changes. 
 “Base Rate Advance” means an
Advance which, except as otherwise provided in Section 2.11, bears interest at the Base Rate. 

  
 3 

 “Base Rate Loan” means a Loan which, except as otherwise provided in
Section 2.11, bears interest at the Base Rate. 
 “Beneficial Ownership Certification” means a certification regarding
beneficial ownership as required by the Beneficial Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31 C.F.R.
§ 1010.230. 
 “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in 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.” 
 “Bid Rate
Borrowing” has the meaning given that term in Section 2.25(b). 
 “Bid Rate Loan” means a loan made by a Lender under
Section 2.25(f). 
 “Bid Rate Note” means a promissory note of the Borrower substantially in the form of Exhibit E-4, payable to a Lender (or its registered assigns) as originally in effect and otherwise duly completed. 

“Bid Rate Quote” means an offer in accordance with Section 2.25(c) by a Lender to make a Bid Rate Loan with one single
specified interest rate. 
 “Bid Rate Quote Request” has the meaning given that term in Section 2.25(b). 

“Borrower” means Extra Space Storage LP, a Delaware limited partnership, and its successors and assigns. 

“Borrowing Date” means a date on which an Advance is made or a Facility LC is issued hereunder. 

“Borrowing Notice” is defined in Section 2.8. 

“Business Day” means (a) with respect to any borrowing, payment or rate selection of Eurodollar Advances, a day (other than a
Saturday or Sunday) on which banks generally are open in New York City, New York and Salt Lake City, Utah for the conduct of substantially all of their commercial lending activities, interbank wire transfers can be made on the Fedwire system and
dealings in Dollars are carried on in the London interbank market and (b) for all other purposes, a day (other than a Saturday or Sunday) on which banks generally are open in New York City, New York and Salt Lake City, Utah for the conduct of
substantially all of their commercial lending activities and interbank wire transfers can be made on the Fedwire system. 

“Capitalization Rate” means 6.75%. 

“Capitalized Lease Obligation” means obligations under a lease that is required to be capitalized for financial reporting purposes
in accordance with GAAP. The amount of a Capitalized Lease Obligation is the capitalized amount of such obligation determined in accordance with GAAP. 

  
 4 

 “Captive Insurance Subsidiary” means any Wholly Owned Subsidiary that (a) has
no Subsidiaries other than Captive Insurance Subsidiaries, (b) is a captive insurance company established for the primary purpose of entering into Tenant Insurance Contracts and (c) is subject to regulation as an insurance company. 

“Cash Collateralize” means to deposit in the Facility LC Collateral Account or to pledge and deposit with or deliver to the
Administrative Agent, for the benefit of one or more of the LC Issuers or Lenders, as collateral for LC Obligations or obligations of Lenders to fund participations in respect of LC Obligations, cash or deposit account balances or, if the
Administrative Agent and the LC Issuers shall agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and the LC Issuer. “Cash
Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. 

“Cash Equivalents” means (a) 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; (b) 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 Investors Service, Inc. (or, if at any time no two of the foregoing shall be rating such obligations, then from such other nationally recognized rating services as may be acceptable
to the Administrative Agent) and not listed for possible downgrade in Credit Watch published by S&P; (c) commercial paper, other than commercial paper issued by the REIT or any of its affiliates, maturing no more than ninety (90) days
after the date of creation thereof and, at the time of acquisition, having a rating of at least A-1 or P-1 from either S&P or Moody’s (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 may be acceptable to the Administrative Agent); (d) domestic and Eurodollar certificates of deposit
or time deposits or bankers’ acceptances maturing within ninety (90) days after the date of acquisition thereof, overnight securities repurchase agreements, or reverse repurchase agreements secured by any of the foregoing types of
securities or debt instruments issued, in each case, by any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia or Canada which at the time of acquisition (i) has (or, in the
case of a bank which is a subsidiary, such bank’s parent has) a rating of its senior unsecured debt obligations of not less than Baa-2 by Moody’s or a comparable rating by a rating agency acceptable
to the Administrative Agent and (ii) has total assets in excess of Ten Billion Dollars ($10,000,000,000); and (e) money market mutual funds invested in the securities listed above. 

“Cash Management Services” means any banking services that are provided to the Borrower or any Subsidiary by the Administrative
Agent, any LC Issuer or any other Lender or any Affiliate of any of the foregoing, including without limitation: (a) credit cards, (b) credit card processing services, (c) debit cards, (d) purchase cards, (e) stored value
cards, (f) automated clearing house or wire transfer services, or (g) treasury management, including controlled disbursement, consolidated account, lockbox, overdraft, return items, sweep and interstate depository network services. 

  
 5 

 “Change in Law” means the adoption of or change in any law, rule, regulation,
policy, interpretation, or directive (whether or not having the force of law) or in the interpretation, promulgation, implementation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the
interpretation or administration thereof (including, notwithstanding the foregoing, all requests, rules, guidelines or directives (a) in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act or (b) promulgated by
the Bank for International Settlements, the Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority) or the United States financial regulatory authorities, in each case of clauses (a) and (b),
regardless of the date enacted, adopted, issued, promulgated or implemented), or compliance by any Lender or applicable Lending Installation or any LC Issuer with any request or directive (whether or not having the force of law) of any such
authority, central bank or comparable agency. 
 “Change of Control” means: 

(a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended (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 unconditional right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 25.0% of the total voting power of the then outstanding voting stock of the
REIT; 
 (b) during any period of 12 consecutive months ending after the Effective Date, individuals who at the beginning of any such 12-month period constituted the Board of Directors of the REIT (together with any new directors whose election by such Board or whose nomination for election by the shareholders of the REIT was approved by a vote of
a majority of the directors then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board of
Directors of the REIT then in office; 
 (c) the REIT or a Wholly Owned Subsidiary of the REIT shall cease to be the sole general partner of
the Borrower or shall cease to have the sole and exclusive power to exercise all management and control over the Borrower; or 
 (d) the
REIT shall cease to own and control, directly or indirectly, of record and beneficially, at least 75% of the outstanding Equity Interests of the Borrower free and clear of all Liens (other than Permitted Liens of the type referred to in clause
(f) of the definition of Permitted Liens). 
 “Class”, when used in reference to any Loan or Advance, refers to whether such
Loan, or the Loans comprising such Advance, are Revolving Loans, Tranche 1 Term Loans or Tranche 2 Term Loans. 

  
 6 

 “Co-Syndication Agent” means each of
(a) Wells Fargo Bank, National Association, (b) solely with respect to the Revolving Facility and the Tranche 1 Term Loan Facility, Bank of America, N.A., and (c) solely with respect to the Tranche 2 Term Loan Facility, PNC Bank,
National Association, each in its capacity as Co-Syndication Agent. 
 “Code” means the
Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time. 
 “Collateral Shortfall Amount” is
defined in Section 8.1(a). 
 “Commitment” means, for each Lender, the sum of such Lender’s Revolving Commitment and
Term Loan Commitments, in an amount not exceeding the amount set forth in Schedule 1, as it may be modified (a) pursuant to Section 2.7, (b) as a result of any assignment that has become effective pursuant to Section 12.3(c) or
(c) otherwise from time to time pursuant to the terms hereof. 
 “Commodity Exchange Act” means the Commodity Exchange Act (7
U.S.C. §1 et seq.), as amended from time to time, and any successor statute. 
 “Consolidated Leverage Ratio” means the ratio
of Total Indebtedness to Total Asset Value, in each case, of the REIT and its Subsidiaries. 
 “Contingent Obligation” of a Person
means any agreement, undertaking or arrangement by which such Person assumes, guarantees, endorses, contingently agrees to purchase or provide funds for the payment of, or otherwise becomes or is contingently liable upon, the obligation or liability
of any other Person, or agrees to maintain the net worth or working capital or other financial condition of any other Person, or otherwise assures any creditor of such other Person against loss, including, without limitation, any comfort letter,
operating agreement, take-or-pay contract or the obligations of any such Person as general partner of a partnership with respect to the liabilities of the partnership.

 “Conversion/Continuation Notice” is defined in Section 2.9. 

“Credit Extension” means the making of an Advance or the issuance of a Facility LC hereunder. 

“Customary Recourse Exceptions” means, with respect to any Indebtedness, personal recourse that is limited to fraud,
misrepresentation, misapplication of cash, waste, environmental claims and liabilities, prohibited transfers, violations of single-purpose entity covenants, voluntary insolvency proceedings and other circumstances customarily excluded by
institutional lenders from exculpation provisions and/or included in separate guaranty or indemnification agreements in non-recourse financing of real property. 

“Customer Advance” means any amount advanced by the REIT or any of its Subsidiaries on behalf of any customer of the REIT or any of
its Subsidiaries, in each case pursuant to and in accordance with the provisions of a Management Contract between such customer and the REIT or any of its Subsidiaries in the ordinary course of business. “Customer Advances” means all such
Customer Advances. 

  
 7 

 “Customer Deposit Account” means any deposit account or securities account
maintained by the REIT or any of its Affiliates pursuant to any Management Contract, in each case for the purpose of holding funds of the customer of the REIT or any of its Subsidiaries which is a party to such Management Contract. “Customer
Deposit Accounts” means all such Customer Deposit Accounts. 
 “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 an event which but for the lapse of time or the giving of
notice, or both, would constitute an Event of Default. 
 “Defaulting Lender” means, subject to Section 2.22(b), any Lender
that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days after the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in
writing that such failure is the result of such Lender’s good faith determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in
such writing) has not been satisfied or waived, or (ii) pay to the Administrative Agent, the LC Issuer or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Facility LCs) within
two (2) Business Days after the date when due, (b) has notified the Borrower, the Administrative Agent or any LC Issuer in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to
that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s good faith determination that a condition precedent to funding (which
condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative
Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this
clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law,
(ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit
Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting
Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender
with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any
contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and
such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.22(b)) upon delivery of written notice of such determination to the Borrower, each LC Issuer and each Lender. 

 

  
 8 

 “Departing Lender” means each “Lender” under and as defined in the
Existing Credit Agreement that executes and delivers to the Administrative Agent a Departing Lender Signature Page. 
 “Departing
Lender Signature Page” means each signature page to this Agreement on which it is indicated that the Departing Lender executing the same shall cease to be a party to the Existing Credit Agreement on the Effective Date and shall not constitute a
“Lender” for purposes of this Agreement. 
 “Deposits” is defined in Section 11.1. 

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

“Derivatives Termination Value” means, in respect of any one or more Derivatives Contracts, after taking into account the effect of
any legally enforceable netting agreement relating to such Derivatives Contracts, (a) for any date on or after the date such Derivatives Contracts have been closed out and termination value(s) determined in accordance therewith, such
termination value(s), and (b) for any date prior to the date referenced in clause (a) the amount(s) determined as the mark-to-market value(s) for such
Derivatives Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Derivatives Contracts (which may include the
Administrative Agent or any Lender). 
 “Designated Lender” means a special purpose corporation which is an Affiliate of, or
sponsored by, a Lender, that is engaged in making, purchasing or otherwise investing in commercial loans in the ordinary course of its business and that issues (or the parent of which issues) commercial paper rated at least P-1 (or the then equivalent grade) by Moody’s or A-1 (or the then equivalent grade) by S&P that, in either case, (a) is organized under the laws of the United
States of America or any state thereof, (b) shall have become a party to this Agreement pursuant to Section 12.1(b) and (c) is not otherwise a Lender. 

  
 9 

 “Designating Lender” has the meaning given that term in Section 12.1(b). 

“Designation Agreement” means a Designation Agreement between a Lender and a Designated Lender and accepted by the Administrative
Agent, substantially in the form of Exhibit J or such other form as may be agreed to by such Lender, such Designated Lender and the Administrative Agent. 

“Development Property” means, as of any date of determination and subject to the last sentence of this definition, a Property that
is currently under development or on which the improvements (other than tenant improvements on unoccupied space) related to the development have not been completed (or, if such developments or improvements have been completed, such Property has not
reached the expiration of the Initial Development Period with respect to such Property). The term “Development Property” shall include, without limitation, real property of the type described in the immediately preceding sentence that
satisfies both of the following conditions: (a) it has been acquired by the REIT, the Borrower, any Subsidiary or any Unconsolidated Affiliate upon completion of construction pursuant to a contract in which the seller of such real property is
required to develop or renovate prior to, and as a condition precedent to, such acquisition and (b) a third party is developing such Property using the proceeds of a loan that is Guaranteed by, or is otherwise recourse to, the REIT, the
Borrower, any Subsidiary or any Unconsolidated Affiliate.    Any Property described above that meets the foregoing conditions (i) shall constitute a Development Property at all times during the Initial Development Period for
such Property notwithstanding the fact that such Property is no longer under development or that the improvements (other than tenant improvements on unoccupied space) related to the development thereof have been completed and (ii) shall cease
to constitute a Development Property upon the expiration of the Initial Development Period for such Property and shall thereupon become a Lease Up Property. 

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

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

“Division” means the division of 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. 
 “Dollar” and “$” means the lawful currency of the
United States of America. 

  
 10 

 “Domestic Subsidiary” means any Subsidiary organized under the laws of the United
States, any State thereof or the District of Columbia. 
 “EBITDA” means, with respect to a Person for any period and without
duplication: (a) net income (loss) of such Person for such period determined on a consolidated basis excluding the following (but only to the extent included in determining net income (loss) for such period): (i) depreciation and amortization;
(ii) Interest Expense; (iii) income tax expense; (iv) gains and losses from the sale of Properties (but not from the sale of Properties developed for the purpose of sale) and the early extinguishment of Indebtedness;
(v) acquisition transaction costs related to the acquisition of Properties (whether or not such transaction is consummated) and not permitted to be capitalized pursuant to GAAP; (vi) other non-cash
charges and losses (except to the extent that such non-cash charges or losses are reserved for cash payments to be made in the future); (vii) Preferred Dividends and other Restricted Payments to non-controlling holders of Equity Interests of the REIT; (viii) equity in net income (loss) of its Unconsolidated Affiliates; (ix) other non-recurring cash charges
and losses (including any non-cash charges or losses resulting from reserves for cash payments to be made in the future), in an aggregate amount not to exceed the greater of (A) $1,000,000 or (B) one
percent (1%) of EBITDA (calculated before the add-back or adjustment pursuant to this clause (ix)), in any consecutive four quarter period; and (x) realized gains and losses resulting from fluctuations in
currency exchange ratios; plus (b) such Person’s Ownership Share of EBITDA of its Unconsolidated Affiliates. EBITDA shall be adjusted to remove any impact from straight line rent leveling adjustments required under GAAP and amortization of
intangibles pursuant to FASB ASC 805. 
 “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 EEA Financial Institution. 
 “Effective
Date” means the date on which the conditions specified in Section 4.1 are satisfied or waived. 
 “Eligible Assignee”
means any Person except a natural Person (or holding company, investment vehicle or trust for, or owned and operated for the primary benefit of a natural Person), the Borrower, any of the Borrower’s Affiliates or Subsidiaries or any Defaulting
Lender or any of its Subsidiaries. 
 “Eligible Ground Lease” means a ground lease containing the following terms and conditions:
(a) a remaining term (inclusive solely of any unexercised extension option that is controlled exclusively by the Eligible Property Entity that is the ground lessee thereunder) of 30 

  
 11 

 
years or more from the Effective Date (or such shorter period as the Required Lenders may agree, it being acknowledged and agreed that the ground leases listed on Schedule A attached hereto shall
constitute Eligible Ground Leases notwithstanding their shorter terms), (b) the right of the lessee to mortgage and encumber its interest in the leased property without the consent of the lessor, (c) the obligation of the lessor to give the
holder of any mortgage Lien on such leased property written notice of any defaults on the part of the lessee and agreement of such lessor that such lease will not be terminated until such holder has had a reasonable opportunity to cure or complete
foreclosures, and fails to do so, (d) reasonable transferability of the lessee’s interest under such lease, including without limitation, the ability to sublease, (e) is permitted to be used as a Self-Storage Property at all times,
(f) clearly determinable rental payment terms which in no event contain profit participation rights and (g) right of a lender to obtain a new ground lease from the landlord on the terms of the old ground lease upon termination of the old
ground lease for any reason (including, without limitation, in the event such ground lease is rejected in a bankruptcy proceeding). 

“Eligible Property” means a Property which satisfies all of the following requirements: (a) such Property is a Self-Storage
Property; (b) such Property is 100% owned in fee simple, or leased under an Eligible Ground Lease, by an Eligible Property Entity and is located in any State of the United States or in the District of Columbia; (c) neither such Property,
nor any interest of such Eligible Property Entity therein (and if such Property is owned by an Eligible Property Entity that is a Subsidiary of the Borrower, none of the Borrower’s direct or indirect ownership interests in such Eligible
Property Entity) is subject to any Lien other than Permitted Liens (excluding Permitted Liens of the type described in clauses (g) and (h) of the definition thereof) or subject to any Negative Pledge; and (d) such Property is free of all
structural defects or major architectural deficiencies, title defects, environmental conditions or other adverse matters except for defects, deficiencies, conditions or other matters individually or collectively which are not material to the
profitable operation of such Property. 
 “Eligible Property Entity” means (a) the Borrower, (b) each Subsidiary of the
Borrower that is a Guarantor, and (c) upon and at all times following the Investment Grade Election, each Wholly Owned Subsidiary of the Borrower (if any) that is not a borrower or guarantor of, nor otherwise has a payment obligation in respect
of, any Unsecured Indebtedness, nor shall any of its property be subject to a Negative Pledge; provided that no Excluded Subsidiary shall be an Eligible Property Entity. 

“Environmental Laws” means any and all federal, state, local and foreign statutes, laws, judicial decisions, regulations,
ordinances, rules, judgments, orders, decrees, plans, injunctions, permits, concessions, grants, franchises, licenses, agreements and other governmental restrictions relating to (a) the protection of the environment, (b) personal injury or
property damage relating to the release or discharge of Hazardous Materials, (c) emissions, discharges or releases of pollutants, contaminants, hazardous substances or wastes into surface water, ground water or land, or (d) the
manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants, hazardous substances or wastes or the clean-up or other remediation thereof. 

“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 

  
 12 

 
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 any such share, warrant, option, right or other interest is exercisable on the date of determination. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any rule or regulation issued
thereunder. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is
treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 

“ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued
thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the failure with respect to any Plan to satisfy the “minimum funding standard” (as defined in
Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with
respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the
PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect
to the withdrawal or partial withdrawal of the Borrower or any of its ERISA Affiliates from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from
the Borrower or any ERISA Affiliate of any notice, concerning the imposition upon the Borrower or any of its ERISA Affiliates of withdrawal liability under Section 4201 of ERISA or a determination that a Multiemployer Plan is, or is expected to
be, insolvent, within the meaning of Title IV of ERISA. 
 “EU” means the European Union. 

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

“Eurodollar Advance” means an Advance which, except as otherwise provided in Section 2.11, bears interest at the applicable
Eurodollar Rate. 
 “Eurodollar Auction” means a solicitation of Bid Rate Quotes setting forth Eurodollar Margin Loans based on
the Eurodollar Rate pursuant to Section 2.25. 
 “Eurodollar Base Rate” means, with respect to a Eurodollar Advance for the
relevant Interest Period, the greater of (a) in the case of any Loan other than, subject to the last sentence of Section 2.10, a Term Loan or portion thereof that has been identified by the Borrower to the

  
 13 

 
Administrative Agent in writing as being subject to a Derivatives Contract with a Lender (or an Affiliate of a Lender) that provides a hedge against interest rate risk, zero percent (0.0%) and
(b) the applicable interest settlement rate for deposits in Dollars administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) appearing on the applicable Reuters Screen (or on any
successor or substitute page on such screen) as of 11:00 a.m. (London time) on the Quotation Date for such Interest Period, and having a maturity equal to such Interest Period, provided that, if the applicable Reuters Screen (or any successor
or substitute page) is not available to the Administrative Agent for any reason, the applicable Eurodollar Base Rate for the relevant Interest Period shall instead be the applicable interest settlement rate for deposits in Dollars administered by
ICE Benchmark Administration (or any other Person that takes over the administration of such rate) as reported by any other generally recognized financial information service selected by the Administrative Agent as of 11:00 a.m. (London time) on the
Quotation Date for such Interest Period, and having a maturity equal to such Interest Period, provided that, if no such interest settlement rate administered by ICE Benchmark Administration (or any other Person that takes over the
administration of such rate) is available to the Administrative Agent, the applicable Eurodollar Base Rate for the relevant Interest Period shall instead be the rate determined by the Administrative Agent to be the rate at which U.S. Bank or one of
its Affiliate banks offers to place deposits in Dollars with first-class banks in the interbank market at approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period, in the approximate amount of
U.S. Bank’s relevant Eurodollar Loan and having a maturity equal to such Interest Period. 
 “Eurodollar Loan” means a Loan
which, except as otherwise provided in Section 2.11, bears interest at the applicable Eurodollar Rate. 
 “Eurodollar Margin
Loan” means a Bid Rate Loan the interest rate on which is determined on the basis of the Eurodollar Rate pursuant to a Eurodollar Auction. 

“Eurodollar Rate” means, with respect to a Eurodollar Advance for the relevant Interest Period, the sum of (a) the quotient of
(i) the Eurodollar Base Rate applicable to such Interest Period, divided by (ii) one minus the Reserve Requirement (expressed as a decimal) applicable to such Interest Period, plus (b) the Applicable Margin. 

“Event of Default” is defined in Article VII. 

“Excluded Subsidiary” means any Subsidiary (a) holding title to assets that are or are to become collateral for any Secured
Indebtedness of such Subsidiary, (b) that is prohibited from guarantying the Indebtedness of any other Person pursuant to (i) any document, instrument or agreement evidencing such Secured Indebtedness or (ii) a provision of such
Subsidiary’s organizational documents which provision was included in such Subsidiary’s organizational documents as a condition to the extension of such Secured Indebtedness, (c) that is prohibited by law or governmental regulations
from guarantying the Obligations or (d) that is a Foreign Subsidiary or a Foreign Subsidiary Holding Company. 
 “Excluded Swap
Obligation” means, with respect to any Guarantor, any Swap Obligation if, and only to the extent that, all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation
(or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or 

  
 14 

 
order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof), including by virtue of such Guarantor’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 guarantee of such Guarantor or the grant of such security interest becomes effective with respect to such Swap
Obligation. 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 security interest is or
becomes illegal. 
 “Excluded Taxes” means, in the case of each Lender or applicable Lending Installation, each LC Issuer, and the
Administrative Agent, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case (i) imposed on it, by the respective jurisdiction under the laws of which such Lender, such
LC Issuer or the Administrative Agent is incorporated or is organized or in which its principal executive office is located or in which the applicable Lending Installation of the Administrative Agent, such LC Issuer or such Lender is located, or
(ii) that are Other Connection Taxes, (b) in the case of a Non-U.S. Lender, any U.S. federal withholding Tax that is imposed on amounts payable to such
Non-U.S. Lender pursuant to the laws in effect at the time such Non-U.S. Lender becomes a party to this Agreement or designates a new Lending Installation, except in
each case to the extent that, pursuant to Section 3.5(a), amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed
its Lending Installation, (c) Taxes attributable to such Lender’s, the LC Issuer’s or the Administrative Agent’s failure to comply with Section 3.5(f), and (d) any U.S. federal withholding Taxes imposed by FATCA. 

“Exhibit” refers to an exhibit to this Agreement, unless another document is specifically referenced. 

“Existing Credit Agreement” means that certain Credit Agreement, dated as of October 14, 2016, among the Borrower, the REIT,
the lenders party thereto and U.S. Bank, as administrative agent, as the same may have been amended, restated, modified or supplemented prior to the date of this Agreement. 

“Extension Request” is defined in Section 2.23. 

“Facility” means the Revolving Facility, the Tranche 1 Term Loan Facility or the Tranche 2 Term Loan Facility, any Incremental Term
Loan facility or any or all of them, as the context requires. 
 “Facility Fee” is defined in Section 2.5(a). 

“Facility LC” is defined in Section 2.19(a) 

“Facility LC Application” is defined in Section 2.19(c). 

“Facility LC Collateral Account” is defined in Section 2.19(k). 

  
 15 

 “Facility Termination Date” means each of the Revolving Loan Termination Date and
the Term Loan Termination Dates. 
 “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, any intergovernmental agreement between a non-U.S. jurisdiction and the United States with respect to the foregoing and any law, regulation or practice adopted pursuant to any such intergovernmental
agreement. 
 “Federal Funds Effective Rate” means, for any day, an interest 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 for such day (or, if such day is not a Business Day, for the immediately preceding Business Day) by the Federal Reserve Bank of New York, or, if
such rate is not so published for any day which is a Business Day, the average of the quotations at approximately 10:00 a.m. (Chicago time) on such day on such transactions received by the Administrative Agent from three (3) Federal funds
brokers of recognized standing selected by the Administrative Agent in its sole discretion. For the avoidance of doubt, if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 “Fee Letters” is defined in Section 10.13. 

“Fixed Charges” means, with respect to a Person and for a given period: (a) the cash Interest Expense of such Person for such
period (excluding write-offs of unamortized capitalized interest resulting from the early prepayment of Indebtedness), plus (b) the aggregate of all regularly scheduled principal payments on Indebtedness for borrowed money payable by such
Person during such period (excluding balloon, bullet or similar payments of principal due upon the stated maturity of Indebtedness), plus (c) the aggregate amount of all Preferred Dividends accrued for payment during such period. The
REIT’s Ownership Share of the Fixed Charges of its Unconsolidated Affiliates will be included when determining the Fixed Charges of the REIT. 

“Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary. 

“Foreign Subsidiary Holding Company” means any Domestic Subsidiary (a) substantially all of the assets of which consist of the
Equity Interests or Indebtedness of one or more Foreign Subsidiaries or (b) that is treated as a disregarded entity for U.S. federal income tax purposes, and all assets of which are either operating assets located outside of the United States
or are Equity Interests or Indebtedness of one or more Foreign Subsidiaries. 
 “Fronting Exposure” means, at any time there is a
Defaulting Lender, with respect to the LC Issuers, such Defaulting Lender’s ratable share of the LC Obligations with respect to Facility LCs issued by the LC Issuers other than LC Obligations as to which such Defaulting Lender’s
participation obligation has been reallocated to other Revolving Lenders or Cash Collateralized in accordance with the terms hereof. 

  
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 “Fund” means any Person (other than a natural person) that is (or will be) engaged
in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 

“GAAP” means generally accepted accounting principles in the United States recognized as such in the opinions and pronouncements of
the Accounting Principles Board and the American Institute of Certified Public Accountants and Board or in such other statements by such other entity as may be approved by a significant segment of the accounting profession within the United States,
in each case as are in effect from time to time and which are applicable to the circumstances as of the date of determination. 

“Governmental Authority” means the government of the United States of America 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, without limitation, any supra-national bodies such as the European Union or the European Central Bank) and any group or body charged with setting financial accounting or regulatory capital rules or standards (including,
without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervisory Practices or any successor or similar authority to any of the foregoing). 

“Guaranteed” or to “Guarantee” as applied to any obligation means and includes: (a) a guaranty (other than by
endorsement of negotiable instruments for collection in the ordinary course of business), directly or indirectly, in any manner, of any part or all of such obligation, or (b) an agreement, direct or indirect, contingent or otherwise, and
whether or not constituting a guaranty, the practical effect of which is to assure the payment or performance (or payment of damages in the event of nonperformance) of any part or all of such obligation whether by: (i) the purchase of
securities or obligations, (ii) the purchase, sale or lease (as lessee or lessor) of property or the purchase or sale of services primarily for the purpose of enabling the obligor with respect to such obligation to make any payment or
performance (or payment of damages in the event of nonperformance) of or on account of any part or all of such obligation, or to assure the owner of such obligation against loss, (iii) the supplying of funds to or in any other manner investing
in the obligor with respect to such obligation, (iv) repayment of amounts drawn down by beneficiaries of letters of credit (including Facility LCs), or (v) the supplying of funds to or investing in a Person on account of all or any part of
such Person’s obligation under a Guarantee of any obligation or indemnifying or holding harmless, in any way, such Person against any part or all of such obligation. 

“Guarantor” means (a) the REIT, (b) each Subsidiary of the REIT that owns, directly or indirectly, any Equity Interests in
the Borrower (any such Subsidiary, collectively with the REIT, the “Parent Guarantors”), (c) each Subsidiary of the REIT that is a borrower or a guarantor of, or otherwise has a payment obligation in respect of, any Unsecured Indebtedness,
(d) prior to the Investment Grade Election, each other Subsidiary of the REIT (i) with ownership interests in any Eligible Property, (ii) that generates any Unencumbered Management Fee EBITDA or (iii) which is a Material
Subsidiary, and (e) each Subsidiary of the REIT (other than any Subsidiary described in clause (b) above) that owns, directly or indirectly, any Equity Interests in any Subsidiary described in clause (d) above or in any Captive
Insurance Subsidiary, either on the 

  
 17 

 
date hereof or pursuant to the terms of Section 6.17, and their respective successors and assigns; provided that no Excluded Subsidiary shall be required to be a Guarantor. From and
after the Investment Grade Election, the Guarantors described in clauses (d) and (e) above will no longer be required to act as Guarantors. 

“Guaranty” means that certain Amended and Restated Guaranty dated as of the Effective Date, executed by each of the Guarantors in
favor of the Administrative Agent, for the ratable benefit of the Lenders, as amended, restated, supplemented or otherwise modified, renewed or replaced from time to time pursuant to the terms hereof and thereof. 

“Hazardous Material” means any explosive or radioactive substances or wastes, any hazardous or toxic substances, wastes or other
pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and any other substances or wastes of any nature regulated pursuant to any
Environmental Law. 
 “Highest Lawful Rate” means, on any day, the maximum non-usurious
rate of interest permitted for that day by applicable federal or state law stated as a rate per annum. 
 “Increasing Lender” is
defined in Section 2.24. 
 “Incremental Term Loan” is defined in Section 2.24. 

“Incremental Term Loan Amendment” is defined in Section 2.24. 

“Incremental Term Loan Commitment” is defined in Section 2.24. 

“Incremental Term Loan Termination Date” means, with respect to an Incremental Term Loan Commitments, the termination date for such
Incremental Term Loan Commitments as set forth in the applicable Incremental Term Loan Amendment. 
 “Indebtedness” means, with
respect to a Person, at the time of computation thereof, all of the following (without duplication): (a) all obligations of such Person in respect of money borrowed; (b) all obligations of such Person (other than trade debt incurred in the
ordinary course of business), whether or not for money borrowed (i) represented by notes payable, or drafts accepted, in each case representing extensions of credit, (ii) evidenced by bonds, debentures, notes or similar instruments, or
(iii) constituting purchase money indebtedness, conditional sales contracts, title retention debt instruments or other similar instruments, upon which interest charges are customarily paid or that are issued or assumed as full or partial
payment for property; (c) Capitalized Lease Obligations of such Person; (d) all reimbursement obligations of such Person under any letters of credit or acceptances (whether or not the same have been presented for payment), excluding such
obligations which have been cash collateralized (all such cash collateral, “Restricted LC Cash Collateral”); (e) all Off Balance Sheet Liabilities of such Person; (f) net obligations under any Derivatives Contract not entered into as
a hedge against interest rate risk in respect of existing Indebtedness in an amount equal to the Derivatives Termination Value thereof; and (g) all Indebtedness of other Persons which (i) such Person has Guaranteed or is otherwise recourse
to such Person or (ii) is secured by a Lien on any property of such Person. Notwithstanding the foregoing, a Guarantee of Customary Recourse Exceptions shall not constitute Indebtedness. 

  
 18 

 “Indemnified Taxes” means Taxes imposed on or with respect to any payment made by
or on account of any obligation of any Loan Party under any Loan Document, other than Excluded Taxes and Other Taxes. 
 “Initial
Development Period” means, with respect to any Development Property, the consecutive 12-month period commencing on the date such Development Property is issued a permanent certificate of occupancy (or its
equivalent) (which period shall, for the avoidance of doubt, include any period during which such certificate of occupancy shall be effective prior to the date of acquisition of such Property by the REIT, the Borrower, any Subsidiary or any
Unconsolidated Affiliate). 
 “Initial Ownership Period” means, with respect to any Property, the consecutive 12-month period commencing on the date such Property was acquired by the REIT, the Borrower, any Subsidiary or any Unconsolidated Affiliate. 

“Interest Differential” is defined in Section 3.4. 

“Interest Expense” means, with respect to a Person and for any period, without duplication, total interest expense of such Person
(including capitalized interest not funded under a construction loan interest reserve account to the extent required pursuant to GAAP to be included as interest expense), determined on a consolidated basis in accordance with GAAP for such period.
The REIT’s Ownership Share of the Interest Expense of its Unconsolidated Affiliates will be included in when determining the Interest Expense of the REIT. 

“Interest Period” means, (a) with respect to a Eurodollar Advance, a period of one (1), two (2), three (3) or six
(6) months (or, if available to all applicable Lenders, twelve (12) months or periods shorter than one month) commencing on a Business Day selected by the Borrower pursuant to this Agreement (such Interest Period shall end on the day which
corresponds numerically to such date one (1), two (2), three (3) or six (6) months (or twelve (12) months or such otherwise applicable end date) thereafter, provided, however, that if there is no such numerically corresponding
day in such next, second, third, sixth or twelfth succeeding month, such Interest Period shall end on the last Business Day of such next, second, third, sixth or twelfth succeeding month) and (b) with respect to each Bid Rate Loan, the period
commencing on the date such Bid Rate Loan is made and ending on any Business Day not less than 7 days nor more than 270 days thereafter, as the Borrower may select as provided in Section 2.25(b). If an Interest Period would otherwise end on a
day which is not a Business Day, such Interest Period shall end on the next succeeding Business Day, provided, however, that if said next succeeding Business Day falls in a new calendar month, such Interest Period shall end on the immediately
preceding Business Day. 
 “Investment” of a Person means (a) any loan, advance (other than commission, travel and other
advances to officers and employees made in the ordinary course of business), extension of credit (other than accounts receivable arising in the ordinary course of business) or contribution of capital by such Person; (b) stocks, bonds, mutual
funds, partnership interests, notes, debentures or other securities (including warrants or options to purchase securities) acquired by such Person; and (c) structured notes, derivative financial instruments and other similar instruments or
contracts acquired by such Person. 

  
 19 

 “Investment Grade Election” means, in the event that the Borrower obtains a debt
rating of BBB-/Baa3 or better from two nationally recognized rating agencies, at least one of which must be either S&P or Moody’s, the Borrower’s one-time
irrevocable election, by written notice to the Administrative Agent, to determine the Applicable Margins and Applicable Fee Rates by reference to the “Rating-Based Pricing” tables in the Pricing Schedule. 

“Joint Venture Negotiations” means the negotiation by the REIT or any Subsidiary with a Person that is not an Affiliate of the REIT
regarding (a) the contribution or other transfer of all of the Equity Interests of any Subsidiary or all or substantially all of its assets to a Person that is not a Subsidiary of the REIT, or (b) the transfer of a portion of the Equity
Interests, or the issuance of additional Equity Interests, of such Subsidiary, in either case, to form a Person that is not a Subsidiary of the REIT. 

“LC Fee” is defined in Section 2.19(d). 

“LC Honor Date” is defined in Section 2.19(e). 

“LC Issuer” means (a) U.S. Bank, (b) Wells Fargo Bank, National Association, (c) Bank of America, N.A., (or in the
case of each of clauses (a) through (c), any subsidiary or affiliate of such Lender designated by such Lender), and (d) each other Lender that agrees to become an LC Issuer, in each case, in its capacity as issuer of Facility LCs
hereunder. 
 “LC Obligations” means, at any time, the sum, without duplication, of (a) the aggregate undrawn stated amount
under all Facility LCs outstanding at such time plus (b) the aggregate unpaid amount at such time of all Reimbursement Obligations. 

“Lease Up Property” means, as of any date of determination, a Property that (a) constituted a Development Property as of the
date of expiration of the Initial Development Period for such Property or (b) constituted a Newly Acquired Property and did not have an Occupancy Rate of 85.0% or more as of the date of expiration of the Initial Ownership Period for such
Property. Any Property described in the foregoing sentence shall cease to constitute a Lease Up Property upon the earlier to occur of (i) the date the Borrower shall cease to include such Property on the list of Lease Up Properties delivered
with the Borrower’s quarterly and annual compliance certificates pursuant to the Loan Documents (which removal shall be irrevocable) and (ii) the date that is eighteen (18) months after the expiration of the Initial Development Period
or Initial Ownership Period, as applicable, for such Property. 
 “Lenders” means the lending institutions listed on the signature
pages of this Agreement or a Designated Lender and their respective successors and permitted assigns; provided, however, that the term “Lender” shall exclude each Designated Lender when used in reference to any Loan other
than a Bid Rate Loan, the Commitments or terms relating to any Loan other than a Bid Rate Loan and shall further exclude each Designated Lender for all other purposes under the Loan Documents except that any Designated Lender which funds a Bid Rate
Loan shall, subject to Section 12.1, have only the rights (including the rights given to a Lender contained in Section 9.6) and obligations of a Lender associated with holding such Bid Rate Loan. For the avoidance of doubt, the term
“Lenders” excludes any Departing Lenders. 

  
 20 

 “Lending Installation” means, with respect to a Lender or the Administrative
Agent, the office, branch, subsidiary or affiliate of such Lender or the Administrative Agent listed on the signature pages hereof (in the case of the Administrative Agent) or on its Administrative Questionnaire (in the case of a Lender) or
otherwise selected by such Lender or the Administrative Agent pursuant to Section 2.17. 
 “Lien” means any mortgage, pledge,
hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other
title retention agreement, any easement, right of way or other encumbrance on title to real property, and any capital lease having substantially the same economic effect as any of the foregoing), in each case, in the nature of security; provided
that in no event shall an operating lease in and of itself be deemed to constitute a Lien. 
 “Loan” means a Revolving Loan, a
Term Loan or a Bid Rate Loan. 
 “Loan Documents” means this Agreement, the Facility LC Applications, the Guaranty, any Note or
Notes executed by the Borrower in connection with this Agreement and payable to a Lender, and any other document or agreement, now or in the future, executed by the Borrower for the benefit of the Administrative Agent or any Lender in connection
with this Agreement. 
 “Loan Party” or “Loan Parties” means, individually or collectively, the Borrower and the
Guarantors. 
 “Management Contract” means a management contract or advisory agreement under which the REIT or one of its
Subsidiaries provides management and advisory services to a Subsidiary of the REIT, an Unconsolidated Affiliate or a third party, consisting of management of properties or provision of advisory services on property acquisition and dispositions and
related transactional matters. 
 “Management Fee” means, with respect to each parcel (or group of related parcels) of real
property for any period, the aggregate sum of revenues (other than any Tenant Insurance Revenue) for such period earned by the REIT and its Subsidiaries pursuant to GAAP from providing management services under Management Contracts for such parcel
(or group of related parcels) of real property. 
 “Management Fee EBITDA” means, for any period, an amount equal to (a) the
actual Management Fees earned by the REIT and its Subsidiaries pursuant to Management Contracts in full force and effect for such period, minus (b) management fee expenses at an amount equal to fifty percent (50%) of the Management Fees
calculated in accordance with clause (a). 
 “Mandatorily Redeemable Stock” means, with respect to any Person, any Equity Interest
of such Person which by the terms of such Equity Interest (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise, (a) matures or is mandatorily
redeemable, pursuant to a sinking fund 

  
 21 

 
obligation or otherwise (other than an Equity Interest to the extent redeemable in exchange for common stock or other equivalent common Equity Interests at the option of the issuer of such Equity
Interest), (b) is convertible into or exchangeable or exercisable for Indebtedness or Mandatorily Redeemable Stock, or (c) is redeemable at the option of the holder thereof, in whole or in part (other than an Equity Interest which is redeemable
solely in exchange for common stock or other equivalent common Equity Interests), in the case of each of clauses (a) through (c), on or prior to the latest of the Term Loan Termination Dates. 

“Material Acquisition” means any acquisition or series of related acquisitions of (a) all or substantially all of the assets of
a Person or an operating unit or line of business of a Person or (b) all or substantially all of the Equity Interests of a Person, in any such case, that involves the payment of consideration by the REIT and its Subsidiaries (including
assumption of Indebtedness) in excess of $500,000,000. 
 “Material Adverse Change” means, since December 31, 2017, any
event, development, change or occurrence that could reasonably be expected to have a Material Adverse Effect. 
 “Material Adverse
Effect” means a materially adverse effect on (a) the business, assets, liabilities, condition (financial or otherwise), or results of operations of the REIT and its Subsidiaries taken as a whole, (b) the ability of (i) the REIT,
(ii) the Borrower or (iii) the Guarantors taken as a whole, in each case to perform their respective obligations under any Loan Document to which they are a party, (c) the validity or enforceability of any of the Loan Documents, or
(d) the rights and remedies of the Lenders and the Administrative Agent under any of the Loan Documents. 
 “Material
Indebtedness” means Indebtedness of the Borrower or any Subsidiary in an outstanding principal amount of $100,000,000 or more in the aggregate (or the equivalent thereof in any currency other than Dollars). 

“Material Indebtedness Agreement” means any agreement under which any Material Indebtedness was created or is governed or which
provides for the incurrence of Indebtedness in an amount which would constitute Material Indebtedness (whether or not an amount of Indebtedness constituting Material Indebtedness is outstanding thereunder). 

“Material Subsidiary” means any Subsidiary of the REIT having assets (including any Equity Interests in any direct or indirect
Subsidiary of the REIT that is a Material Subsidiary) which, as of the most recent fiscal quarter of the REIT, for the period of four consecutive fiscal quarters then ended for which financial statements have been delivered pursuant to the Loan
Documents (or, if prior to the date of the delivery of the first financial statements to be delivered pursuant to the Loan Documents, the most recent financial statements referred to in Section 5.4), contributed greater than five percent (5.0%)
of Total Asset Value as of such date (inclusive of any Total Asset Value attributable to Subsidiaries of such Subsidiary). 
 “Minimum
Collateral Amount” means, with respect to a Defaulting Lender, at any time, an amount equal to 105% of the Fronting Exposure of the LC Issuer with respect to such Defaulting Lender for all Facility LCs issued and outstanding at such time. 

  
 22 

 “Minimum Yield” means, with respect to any Term Loan, the Applicable Margin then
applicable to such Term Loan. 
 “Modify” and “Modification” are defined in Section 2.19(a). 

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

“Mortgage Receivable” means a promissory note secured by a Lien in an interest in real property of which the REIT, the Borrower or
any Subsidiary is the holder and retains the right of collection of all payments thereunder. 
 “Multiemployer Plan” means a Plan
maintained pursuant to a collective bargaining agreement or any other arrangement to which the Borrower or any ERISA Affiliate is a party to which more than one employer is obligated to make contributions. 

“Negative Pledge” means, with respect to a given asset, any provision of a document, instrument or agreement (other than any Loan
Document) which prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security for Indebtedness under or in respect of the Loan Documents; provided, however, that (a) an agreement that conditions a
Person’s ability to encumber its assets upon the maintenance of one or more specified ratios that limit such Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of
specific assets, shall not constitute a Negative Pledge, (b) any change of control or similar restriction set forth in an Unconsolidated Affiliate agreement shall not constitute a Negative Pledge, and (c) any other prohibition on the
creation or assumption of Liens in an instrument or other agreement evidencing Indebtedness shall not constitute a Negative Pledge if such prohibition allows for the pledge of any property or asset to secure the Obligations in favor of the
Administrative Agent subject to an equal and ratable Lien in favor of the holders of any such Indebtedness (including such prohibition and allowance contained in (i) Section 10.5 of that certain Note Purchase Agreement, dated June 29,
2017, relating to the Borrower’s $300,000,000 3.95% Senior Notes due August 24, 2027 and (ii) Section 10.5 of that certain Note Purchase Agreement, dated May 25, 2018, relating to the Borrower’s $300,000,000 4.39%
Senior Notes due July 17, 2028, in each case, as in effect on the date of this Agreement). 
 “Net Operating Income” or
“NOI” means, for any Property and for a given period, the following (without duplication and determined on a correct and consistent basis with prior periods): (a) rents and other revenues or income received in the ordinary course from the
operation of such Property (including proceeds from rent loss or business interruption insurance (but not in excess of the actual rent otherwise payable)) but excluding receipts from tenant insurance and reinsurance (other than Tenant Insurance
Operating Income in respect of Properties that are 100% owned in fee simple, or leased under an Eligible Ground Lease, by the REIT or any of its Subsidiaries), sales tax and pre-paid rents and revenues and
security deposits except to the extent applied in satisfaction of tenants’ obligations for rent, minus (b) all expenses paid (excluding interest expense and income taxes but including an appropriate accrual for property taxes and
insurance) related to the ownership, operation or maintenance of such Property, including but not limited to property taxes, assessments and the like, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses, marketing
expenses and other property level expenses, but specifically excluding general and administrative expenses of 

  
 23 

 
the REIT and its Subsidiaries and any property management fees, minus (c) the Reserve for Replacements for such Property as of the end of such period, minus (d) the actual management
fees with respect to such Property paid to Persons other than the REIT or any of its Subsidiaries. With respect to any Property which was a Lease Up Property at any time during the twelve-month period with respect to which Net Operating Income is
being calculated (the “Calculation Period”), then such Net Operating Income for such Property shall be the annualized Net Operating Income for the period commencing on the first day of the full fiscal quarter after which such Property
ceased to be a Lease Up Property and ending on the last day of the applicable Calculation Period. 
 “Newly Acquired Property”
means, as of any date of determination, a Property that (a) was acquired during the previous 12 months and (b) is not a Development Property; provided that, if such Property does not have an Occupancy Rate of 85.0% or more as of the date
of expiration of the Initial Ownership Period for such Property, such Property shall constitute a Lease Up Property. 
 “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time. 

“Non-U.S. Lender” means a Lender or an LC Issuer that is not a United States person as
defined in Section 7701(a)(30) of the Code. 
 “Note” is defined in Section 2.13(d). 

“Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, all LC Obligations, all obligations in
connection with Cash Management Services, all Rate Management Obligations provided to the Borrower or any Subsidiary (other than an Excluded Subsidiary) by the Administrative Agent, any LC Issuer or any other Lender or any Affiliate of any of the
foregoing, all accrued and unpaid fees, and all expenses, reimbursements, indemnities and other obligations of the Borrower to the Lenders or to any Lender, the Administrative Agent, the LC Issuers or any indemnified party arising under the Loan
Documents (including interest and fees accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding); provided, that obligations in respect
of Cash Management Services and Rate Management Obligations shall only constitute “Obligations” if owed to the Administrative Agent or if the Administrative Agent shall have received notice from the relevant Lender not later than sixty
(60) days after such Cash Management Services or Rate Management Obligations have been provided; provided, further, that “Obligations” shall exclude all Excluded Swap Obligations. 

“Occupancy Rate” means, with respect to a Property at any time, the ratio, expressed as a percentage, of (a) the net rentable
square footage of such Property actually leased by tenants that are not affiliates of the Borrower and paying rent at rates not materially less than rates generally prevailing at the time the applicable lease was entered into, to (b) the
aggregate net rentable square footage of such Property. 
 “OFAC” means the U.S. Department of the Treasury’s Office of
Foreign Assets Control, and any successor thereto. 

  
 24 

 “Off Balance Sheet Liabilities” means, with respect to any Person, (a) any
repurchase obligation or liability, contingent or otherwise, of such Person with respect to any accounts or notes receivable sold, transferred or otherwise disposed of by such Person, (b) any repurchase obligation or liability, contingent or
otherwise, of such Person with respect to property or assets leased by such Person as lessee and (c) all obligations, contingent or otherwise, of such Person under any synthetic lease, tax retention operating lease, off balance sheet loan or
similar off balance sheet financing if the transaction giving rise to such obligation (i) is considered indebtedness for borrowed money for tax purposes but is classified as an operating lease or (ii) does not (and is not required to
pursuant to GAAP) appear as a liability on the balance sheet of such Person. 
 “Other Connection Taxes” means, with respect to
any Lender or applicable Lending Installation, the LC Issuer, or the Administrative Agent, Taxes imposed as a result of a present or former connection between such Person and the jurisdiction imposing such Tax (other than connections arising from
such Person having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold
or assigned an interest in any Loan or Loan Document). 
 “Other Taxes” means all present or future stamp, court or documentary,
intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect
to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.20). 

“Outstanding Credit Exposure” means, as to any Lender at any time, the sum of (a) the aggregate amount of its Revolving
Exposure outstanding at such time, plus (b) the outstanding principal amount of its Term Loans outstanding at such time, plus (c) the unfunded portion of the Term Loan Commitments outstanding at such time. 

“Ownership Share” means, with respect to any Subsidiary of a Person (other than a Wholly Owned Subsidiary) or any Unconsolidated
Affiliate of a Person at any time, the greater of (a) such Person’s relative nominal direct and indirect ownership interest (expressed as a percentage) in such Subsidiary or Unconsolidated Affiliate at such time or (b) such
Person’s relative direct and indirect economic interest (calculated as a percentage) in such Subsidiary or Unconsolidated Affiliate determined in accordance with the applicable provisions of the declaration of trust, articles or certificate of
incorporation, articles of organization, partnership agreement, joint venture agreement or other applicable organizational document of such Subsidiary or Unconsolidated Affiliate at such time.     

“Parent Guarantor” has the meaning specified in the definition of “Guarantor”. 

“Participant” is defined in Section 12.2(a). 

“Participant Register” is defined in Section 12.2(c). 

  
 25 

 “PATRIOT Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), as amended from time to time, and any successor statute. 

“Payment Date” means the first day of each calendar quarter, provided, that if such day is not a Business Day, the Payment
Date shall be the immediately succeeding Business Day. 
 “Payment Notice” is defined in Section 2.7. 

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

“Permitted Liens” means, with respect to any asset or property of a Person, (a) Liens securing taxes, assessments and other
charges or levies imposed by any Governmental Authority (excluding any Lien imposed pursuant to any of the provisions of ERISA or pursuant to any environmental laws), which, in each case, are not at the time required to be paid or discharged under
Section 6.5; (b) the claims of materialmen, mechanics, carriers, warehousemen or landlords for labor, materials, supplies or rentals incurred in the ordinary course of business which (i) are not more than sixty (60) days past due,
(ii) are being contested in good faith by appropriate proceedings, with respect to which adequate reserves have been set aside in accordance with GAAP or (iii) could not reasonably be expected, individually or in the aggregate, to have a
Material Adverse Effect; (c) Liens consisting of deposits or pledges made, in the ordinary course of business, in connection with, or to secure payment of, obligations under workers’ compensation, unemployment insurance or similar
applicable laws; (d) Liens consisting of encumbrances in the nature of zoning restrictions, easements, and rights or restrictions of record on the use of real property, which do not materially detract from the value of such property or impair
the intended use thereof in the business of such Person; (e) the rights of tenants under leases or subleases not interfering with the ordinary conduct of business of such Person; (f) Liens in favor of the Administrative Agent for its
benefit and the benefit of the Lenders and the other holders of Obligations; (g) Liens in existence on the Effective Date and disclosed on Schedule 5.12; (h) Liens securing Secured Indebtedness; and (i) judgment and attachment Liens that
do not constitute an Event of Default pursuant to Section 7.8. 
 “Person” means any natural person, corporation, limited
partnership, general partnership, joint stock company, limited liability company, limited liability partnership, joint venture, association, company, trust, bank, trust company, land trust, business trust or other organization, whether or not a
legal entity, or any other nongovernmental entity, or any Governmental Authority. 
 “Plan” means an employee pension benefit plan
which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Code as to which the Borrower or any ERISA Affiliate may have any liability. 

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

  
 26 

 “Preferred Equity Interests” means, with respect to any Person, Equity Interests
in such Person which are entitled to preference or priority over any other Equity Interest in such Person in respect of the payment of dividends or distribution of assets upon liquidation or both (including, without limitation, any trust preferred
securities or similar securities). 
 “Pricing Schedule” means the Schedule attached hereto identified as such. 

“Prime Rate” means a rate per annum equal to the prime rate of interest announced from time to time by U.S. Bank or its parent
(which is not necessarily the lowest rate charged to any customer), changing when and as said prime rate changes. 
 “Pro Rata
Share” means, (a) with respect to any Revolving Lender, a portion equal to a fraction the numerator of which is such Lender’s Revolving Commitment and the denominator of which is the Aggregate Revolving Commitments, provided,
however, if all of the Revolving Commitments are terminated pursuant to the terms of this Agreement, then “Pro Rata Share” with respect to any Revolving Lender means the percentage obtained by dividing (i) such Lender’s
Revolving Exposure at such time by (ii) the Aggregate Outstanding Revolving Credit Exposure at such time; provided, further, that when a Defaulting Lender shall exist, “Pro Rata Share” shall be adjusted in accordance with the
provisions of Section 2.22, (b) with respect to any Tranche 1 Term Loan Lender, a portion equal to a fraction the numerator of which is such Lender’s outstanding principal amount of Tranche 1 Term Loans and the denominator of which is the
aggregate outstanding principal amount of the Tranche 1 Term Loans of all Lenders and (c) with respect to any Tranche 2 Term Loan Lender, a portion equal to a fraction the numerator of which is such Lender’s outstanding principal amount of
Tranche 2 Term Loans and the denominator of which is the aggregate outstanding principal amount of the Tranche 2 Term Loans of all Lenders. 

“Property” means a parcel (or group of related parcels) of real property owned (or leased under a ground lease) by the REIT, the
Borrower, any Subsidiary or any Unconsolidated Affiliate. 
 “PTE” means a prohibited transaction class exemption issued by the
U.S. Department of Labor, as any such exemption may be amended from time to time. 
 “Purchasers” is defined in
Section 12.3(a). 
 “Quotation Date” means, in relation to any Interest Period for which an interest rate is to be
determined, two (2) Business Days before the first day of that period. 
 “Rate Management Obligations” means any and all
obligations of the Borrower or any Subsidiary (other than an Excluded Subsidiary), whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and
substitutions therefor), under (a) any and all Derivatives Contracts, and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any Derivatives Contracts. 

“Register” is defined in Section 12.3(d). 

  
 27 

 “Regulation D” means Regulation D of the Board of Governors of the Federal Reserve
System as from time to time in effect and any successor thereto or other regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to member banks of the Federal Reserve System. 

“Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as from time to time in effect and any
successor or other regulation or official interpretation of said Board of Governors relating to the extension of credit by banks for the purpose of purchasing or carrying margin stocks applicable to member banks of the Federal Reserve System. 

“Reimbursement Obligations” means, at any time, the aggregate of all obligations of the Borrower then outstanding under
Section 2.19 to reimburse the LC Issuers for amounts paid by the LC Issuers in respect of any one or more drawings under Facility LCs. 

“REIT” means Extra Space Storage Inc., a Maryland corporation, and its permitted successors. 

“Reports” is defined in Section 9.6(a). 

“Required Lenders” means Lenders in the aggregate having greater than 50% of the aggregate amount of (a) the Aggregate
Revolving Commitments at such time plus (b) the outstanding principal amount of the Term Loans at such time, plus (c) the unfunded portion of the Term Loan Commitments outstanding at such time; provided that if the
Aggregate Revolving Commitments and unfunded Term Loan Commitments have been terminated, “Required Lenders” shall mean Lenders in the aggregate holding greater than 50% of the Aggregate Outstanding Credit Exposure. The Outstanding Credit
Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any time. 
 “Reserve for Replacements”
means, for any period and with respect to any Property, an amount equal to (a) the aggregate net rentable square footage of all completed space of such Property (other than any such completed space used solely for recreational vehicle parking)
times (b) $0.15 times (c) the number of days in such period divided by (d) 365. If the term Reserve for Replacements is used without reference to any specific Property, then it shall be determined on an aggregate basis with respect to all
Properties and the applicable Ownership Shares of all Properties of all Unconsolidated Affiliates. 
 “Reserve Requirement” means,
with respect to an Interest Period, the maximum aggregate reserve requirement (including all basic, supplemental, marginal and other reserves) which is imposed under Regulation D on Eurocurrency liabilities. 

“Restricted LC Cash Collateral” has the meaning set forth in the definition of “Indebtedness”. 

“Restricted Payment” means (a) any dividend or other distribution on account of any Equity Interest of the Borrower or any of
its Subsidiaries, except a dividend or other distribution payable solely in shares of that class of Equity Interests to the holders of that class; (b) any redemption, conversion, exchange, retirement, sinking fund or similar payment, purchase
or 

  
 28 

 
other acquisition for value, direct or indirect, of any Equity Interests of the Borrower or any of its Subsidiaries, except a redemption or exchange of Equity Interests of the Borrower for common
stock of the REIT; and (c) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire any Equity Interests of the Borrower or any of its Subsidiaries. 

“Revolving Commitment” means, for each Lender, the obligation, if any, of such Lender to make Revolving Loans to, and participate in
Facility LCs issued upon the application of, the Borrower, expressed as an amount representing the maximum possible aggregate amount of such Lender’s Revolving Exposure hereunder. The initial amount of each Lender’s Revolving Commitment is
set forth on Schedule 1, as it may be modified (a) pursuant to Section 2.7, (b) as a result of any assignment that has become effective pursuant to Section 12.3(c), or (c) otherwise from time to time pursuant to the terms hereof.
As of the date of this Agreement, the aggregate amount of the Lenders’ Revolving Commitments is $650,000,000. 
 “Revolving
Exposure” means, with respect to any Lender at any time, the sum of (a) the aggregate principal amount of such Lender’s Revolving Loans outstanding at such time, plus (b) an amount equal to its Pro Rata Share of the
outstanding LC Obligations at such time. 
 “Revolving Facility” means the revolving credit facility evidenced by this Agreement.

 “Revolving Lender” means, as of any date of determination, a Lender with a Revolving Commitment or, if the Revolving
Commitments have terminated or expired, a Lender with Revolving Exposure. 
 “Revolving Loan” means a loan made pursuant to
Section 2.1(a) (or any conversion or continuation thereof). 
 “Revolving Loan Termination Date” means January 31, 2023,
any later date as may be specified in accordance with Section 2.23 or any earlier date on which the Aggregate Revolving Commitments are reduced to zero or otherwise terminated pursuant to the terms hereof. 

“Risk-Based Capital Guidelines” means (a) the risk-based capital guidelines in effect in the United States on the date of this
Agreement, including transition rules, and (b) the corresponding capital regulations promulgated by regulatory authorities outside the United States, including transition rules, and, in each case, any amendments to such regulations. 

“S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business,
or any successor. 
 “Sanctioned Country” means, at any time, any country, region or territory which is itself the subject or
target of any comprehensive Sanctions. 
 “Sanctioned Person” means, at any time, (a) any Person or group listed in any
Sanctions-related list of designated Persons maintained by OFAC or the U.S. Department of State, the United Nations Security Council, the European Union or any EU member state, (b) any Person or group operating, organized or resident in a
Sanctioned Country, (c) any agency, political subdivision or instrumentality of the government of a Sanctioned Country, or (d) any Person owned, directly or indirectly, by any of the above. 

 

  
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 “Sanctions” means economic or financial sanctions or trade embargoes imposed,
administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of
the United Kingdom. 
 “Schedule” refers to a specific schedule to this Agreement, unless another document is specifically
referenced. 
 “Section” means a numbered section of this Agreement, unless another document is specifically referenced. 

“Secured Indebtedness” means, with respect to a Person as of a given date, the aggregate principal amount of all Indebtedness of
such Person under clauses (a), (b), (c), (d) and (g) of the definition of Indebtedness, in each case that is outstanding on such date and is secured in any manner by any Lien on any property, and in the case of the REIT, shall include (without
duplication) the REIT’s Ownership Share of the Secured Indebtedness of its Unconsolidated Affiliates; provided that any Indebtedness that is secured solely by a pledge of Equity Interests shall not be deemed to constitute Secured Indebtedness.

 “Self-Storage Property” means any Property primarily operated as a self-storage facility. 

“Stated Rate” is defined in Section 2.21. 

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

“Substantial Portion” means, with respect to the Property of the REIT and its Subsidiaries, Properties which represent more than 15%
of the consolidated assets of the REIT and its Subsidiaries taken as a whole or Properties which are responsible for more than 15% of the consolidated net income of the REIT and its Subsidiaries taken as a whole, in each case, as would be shown in
the consolidated financial statements of the REIT and its Subsidiaries as at the beginning of the twelve-month period ending with the month in which such determination is made (or if financial statements have not been delivered hereunder for that
month which begins the twelve-month period, then the financial statements delivered hereunder for the quarter ending immediately prior to that month). 

“swap” means any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the
Commodity Exchange Act. 

  
 30 

 “Swap Counterparty” means, with respect to any Derivatives Contract with the
Administrative Agent, any LC Issuer or any other Lender or any Affiliate of any of the foregoing, any Person or entity that is or becomes a party to such Derivatives Contract. 

“Swap Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any Derivatives Contract between the
Administrative Agent, any LC Issuer or any other Lender or any Affiliate of any of the foregoing and one or more Swap Counterparties. 

“Taxes” means any and all present or future taxes, duties, levies, imposts, deductions, fees, assessments, charges or withholdings
imposed by any Governmental Authority, including interest, additions to tax and penalties applicable thereto. 
 “Tenant Insurance
Contract” means an insurance or reinsurance contract or agreement under which any Captive Insurance Subsidiary provides insurance or reinsurance in respect of tenant insurance related to a Self-Storage Property. 

“Tenant Insurance Operating Income” means, for any period, an amount equal to (a) the Tenant Insurance Revenue for such period
minus (b) actual or attributable tenant insurance and reinsurance expenses (excluding royalty expenses paid to the REIT or any of its Wholly Owned Subsidiaries) of the applicable Captive Insurance Subsidiaries pursuant to Tenant Insurance
Contracts for such period. 
 “Tenant Insurance Revenue” means, for any period, the aggregate revenues for such period earned by
the Captive Insurance Subsidiaries from providing tenant insurance or reinsurance services under Tenant Insurance Contracts. 
 “Term
Lender” means, as of any date of determination, a Lender having a Term Loan Commitment or outstanding Term Loan as of such date. 

“Term Loan” means a Tranche 1 Term Loan, an Incremental Term Loan and/or a Tranche 2 Term Loan, as the context requires. 

“Term Loan Commitments” means, for each Lender, such Lender’s Tranche 1 Term Loan Commitment, Incremental Term Loan Commitment
and/or Tranche 2 Term Loan Commitment. 
 “Term Loan Termination Date” means the Tranche 1 Term Loan Termination Date, each
Incremental Term Loan Termination Date and/or the Tranche 2 Term Loan Termination Date, as the context requires. 
 “Test Period”
means, as of any date of determination, the four fiscal quarter period ending on the last day of the most recently ended fiscal quarter prior to such date for which financial statements have been delivered or are required to be delivered pursuant to
the Loan Documents. 
 “Total Asset Value” means, at a given time, the sum (without duplication) of all of the following of the
REIT and its Subsidiaries determined on a consolidated basis in accordance with GAAP applied on a consistent basis: (a) unrestricted cash and Cash Equivalents (which, for the avoidance of doubt, shall exclude (i) tenant deposits,
(ii) Restricted LC Cash Collateral and (iii) 

  
 31 

 
other cash and Cash Equivalents that are subject to a Lien or a Negative Pledge or the disposition of which is expressly restricted in any way) as of the last day of the applicable Test Period;
plus (b)(i) Net Operating Income for all Properties (excluding Development Properties, Newly Acquired Properties, Unimproved Land and Lease Up Properties) for the applicable Test Period divided by (ii) the Capitalization Rate;
plus (c)(i) Additional Specified Income for the applicable Test Period multiplied by (ii) 8; plus (d)(i) cash distributions and cash royalties received by the REIT or any of its Subsidiaries (other than any Captive Insurance
Subsidiary) with respect to Tenant Insurance Operating Income during such Test Period in respect of Development Properties, Newly Acquired Properties and Lease Up Properties that are 100% owned in fee simple, or leased under an Eligible Ground
Lease, by the REIT or any of its Subsidiaries divided by (ii) the Capitalization Rate; plus (e) the undepreciated GAAP book value of all Lease Up Properties; plus (f) the undepreciated GAAP book value of all Newly
Acquired Properties, plus (g) the undepreciated GAAP book value of Development Properties and Unimproved Land (less any GAAP impairment charges specific to any such asset), plus (h) the GAAP book value of Mortgage Receivables
as of the last day of the applicable Test Period, plus (i) all other assets of the REIT and its Subsidiaries (the value of which is determined in accordance with GAAP but excluding assets classified as intangible under GAAP). The
Borrower’s Ownership Share of assets held by Unconsolidated Affiliates shall be included in the calculation of Total Asset Value consistent with the above described treatment for assets owned by the Borrower or a Subsidiary. For purposes of
determining Total Asset Value, (A) to the extent the amount of Total Asset Value pursuant to clause (c) above would exceed 10.0% of Total Asset Value, such excess shall be excluded, (B) to the extent the amount of Total Asset Value
attributable to assets under clause (i) above would exceed 5.0% of Total Asset Value, such excess shall be excluded and (C) to the extent the amount of Total Asset Value attributable to Development Properties, Unimproved Land,
Unconsolidated Affiliates’ Properties, Lease Up Properties and Mortgage Receivables would exceed 30% of Total Asset Value, such excess shall be excluded. 

“Total Indebtedness” means, as to any Person as of a given date and without duplication: (a) all Indebtedness of such Person
and its Subsidiaries determined on a consolidated basis and (b) such Person’s Ownership Share of the Indebtedness of any Unconsolidated Affiliate of such Person. 

“Tranche 1 Term Loan” means a loan made pursuant to Section 2.1(b) (or any conversion or continuation thereof). 

“Tranche 1 Term Loan Commitment” means, for each Lender, the obligation, if any, of such Lender to make Tranche 1 Term Loans to the
Borrower, as set forth in Schedule 1, as it may be modified (a) as a result of any assignment that has become effective pursuant to Section 12.3(c) or (b) otherwise from time to time pursuant to the terms hereof. As of the date of
this Agreement, the aggregate amount of the Lenders’ Tranche 1 Term Loan Commitments is $480,000,000. After advancing the Tranche 1 Term Loan, each reference to a Lender’s Tranche 1 Term Loan Commitment shall refer to that Lender’s
Pro Rata Share of the Tranche 1 Term Loans (and for the avoidance of doubt, it is acknowledged and agreed that (i) $430,000,000 of the Tranche 1 Term Loans were drawn (as “Five-Year Term Loans”) pursuant to the Existing Credit Agreement,
and (ii) an additional $50,000,000 of the Tranche 1 Term Loans are being funded on the Effective Date. 

  
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 “Tranche 1 Term Loan Facility” means the $480,000,000 approximately five-year term
loan facility evidenced by this Agreement. 
 “Tranche 1 Term Loan Lender” means, as of any date of determination a Lender having
a Tranche 1 Term Loan Commitment. 
 “Tranche 1 Term Loan Termination Date” means January 31, 2024 or any earlier date on
which the Tranche 1 Term Loans are due in full pursuant to the terms hereof. 
 “Tranche 2 Term Loan” means a loan made pursuant
to Section 2.1(c) (or any conversion or continuation thereof). 
 “Tranche 2 Term Loan Commitment” means, for each Lender,
the obligation, if any, of such Lender to make Tranche 2 Term Loans to the Borrower, as set forth in Schedule 1, as it may be modified (a) as a result of any assignment that has become effective pursuant to Section 12.3(c) or
(b) otherwise from time to time pursuant to the terms hereof. As of the date of this Agreement, the aggregate amount of the Lenders’ Tranche 2 Term Loan Commitments is $220,000,000. After advancing the Tranche 2 Term Loan, each reference
to a Lender’s Tranche 2 Term Loan Commitment shall refer to that Lender’s Pro Rata Share of the Tranche 2 Term Loans (and for the avoidance of doubt, except to the extent any additional funds are required to be provided by any Term Lender
pursuant to Section 2.1(c) to effect a reallocation of the Tranche 2 Term Loans as required by Article XVI hereof, it is acknowledged and agreed that the Tranche 2 Term Loans were fully drawn (as “Seven-Year Term Loans”) pursuant to
the Existing Credit Agreement and no Term Lender shall have any further commitment to fund Tranche 2 Term Loans on or after the Effective Date). 

“Tranche 2 Term Loan Facility” means the $220,000,000 approximately five-year term loan facility evidenced by this Agreement. 

“Tranche 2 Term Loan Lender” means, as of any date of determination, a Lender having a Tranche 2 Term Loan Commitment. 

“Tranche 2 Term Loan Termination Date” means October 13, 2023 or any earlier date on which the Tranche 2 Term Loans are due in
full pursuant to the terms hereof. 
 “Transferee” is defined in Section 12.3(e). 

“Type” means, with respect to any Advance, its nature as a Base Rate Advance or a Eurodollar Advance and with respect to any Loan,
its nature as a Base Rate Loan or a Eurodollar Loan. 
 “U.S. Bank” means U.S. Bank National Association, a national banking
association, in its individual capacity, and its successors. 
 “Unconsolidated Affiliate” means, with respect to any Person, any
other Person in which such Person holds any direct or indirect Equity Interest and which is accounted for in the financial statements of such Person on an equity basis of accounting and whose financial results would not be consolidated under GAAP
with the financial results of such Person on the consolidated financial statements of such Person. Unless otherwise specified, any reference to an Unconsolidated Affiliate shall mean an Unconsolidated Affiliate of the REIT. 

 

  
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 “Unencumbered Additional Specified Income” means, as of any date of determination
for any applicable Test Period, the sum of (a) Unencumbered Tenant Insurance Operating Income for such Test Period in respect of Properties that are not 100% owned in fee simple, or leased under an Eligible Ground Lease, by the Borrower or any
Wholly Owned Subsidiary of the Borrower, plus (b) Unencumbered Management Fee EBITDA for such Test Period. 
 “Unencumbered
Adjusted NOI” means, for any period, NOI from all Eligible Properties (excluding Development Properties, Newly Acquired Properties, Unimproved Land and Lease Up Properties) for such period. 

“Unencumbered Asset Value” means, as of any date of determination, (a)(i) the Unencumbered Adjusted NOI for the applicable Test
Period divided by (ii) the Capitalization Rate; plus (b) the undepreciated GAAP book value of all Newly Acquired Properties that constitute Eligible Properties; plus (c) the undepreciated GAAP book value of all Lease Up Properties
that constitute Eligible Properties; plus (d) the undepreciated GAAP book value of Development Properties and Unimproved Land (less any GAAP impairment charges specific to any such asset) that constitute Eligible Properties; plus (e)(i)
Unencumbered Additional Specified Income for the applicable Test Period multiplied by (ii) 8; plus (f)(i) Unencumbered Tenant Insurance Operating Income for such Test Period in respect of Development Properties, Newly Acquired Properties and Lease
Up Properties that are 100% owned in fee simple, or leased under an Eligible Ground Lease, by the Borrower or any Wholly Owned Subsidiary of the Borrower divided by (ii) the Capitalization Rate; plus (g)(i) Unencumbered Tenant Insurance
Operating Income for such Test Period in respect of Properties (other than Eligible Properties and other than Properties subject to the preceding clause (f)) that are 100% owned in fee simple, or leased under an Eligible Ground Lease, by any Wholly
Owned Subsidiary of the Borrower divided by (ii) the Capitalization Rate. For purposes of determining Unencumbered Asset Value, (A) to the extent the amount of Unencumbered Asset Value pursuant to clauses (c) and (d) above would
exceed 15.0 % of Unencumbered Asset Value, such excess shall be excluded, and (B) to the extent the amount of Unencumbered Asset Value pursuant to clauses (e) and (g) above would exceed 10.0% of Unencumbered Asset Value, such excess
shall be excluded. 
 “Unencumbered Leverage Ratio” means the ratio of Unsecured Indebtedness to Unencumbered Asset Value, in each
case, of the REIT and its Subsidiaries. 
 “Unencumbered Management Fee EBITDA” means, for any period, Management Fee EBITDA for
such period generated by Eligible Property Entities. 
 “Unencumbered Tenant Insurance Operating Income” means, for any period,
cash distributions and cash royalties received by any Eligible Property Entity with respect to Tenant Insurance Operating Income during such period. 

“Unimproved Land” means real estate currently entitled for development but in respect of which no development (other than
(a) improvements that are not material and are temporary in nature and (b) improvements not made by the REIT, the Borrower, any Subsidiary or any Unconsolidated Affiliate that the Borrower or one of its Subsidiaries plans to remove,
demolish or redevelop in connection with any future development) has occurred. 

  
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 “Unsecured Indebtedness” means, with respect to a Person, Indebtedness of such
Person that is not Secured Indebtedness. 
 “Wholly Owned Subsidiary” means any Subsidiary of a Person in respect of which all of
the Equity Interests (other than, in the case of a corporation, directors’ qualifying shares) are at the time directly or indirectly owned or controlled by such Person or one or more other Subsidiaries of such Person or by such Person and one
or more other Subsidiaries of such Person. Unless otherwise specified, any reference to a Wholly Owned Subsidiary shall mean a Wholly Owned Subsidiary of the REIT. The Borrower shall be deemed to be a Wholly Owned Subsidiary of the REIT for all
purposes under the Loan Documents. 
 “Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the
write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in
the EU Bail-In Legislation Schedule. 
 The foregoing definitions shall be equally applicable to
both the singular and plural forms of the defined terms. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class and Type
(e.g., a “Eurodollar Revolving Loan”). Advances also may be classified and referred to by Class (e.g., a “Revolving Advance”) or by Type (e.g., a “Eurodollar Advance”) or by Class and Type (e.g., a “Eurodollar
Revolving Advance”). 
 1.2. Rules of Interpretation. Whenever the context may require, any pronoun shall include the
corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be
construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such
agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be
construed to include such Person’s successors and assigns (subject to any restrictions on assignments as set forth herein), (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and
Schedules to, this Agreement, and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash,
securities, accounts and contract rights. Unless otherwise noted, all references to currency in this Agreement and in the other Loan Documents are references to U.S. Dollars. 

  
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 ARTICLE II 

THE CREDITS 
 2.1.
Commitment. Each Lender severally agrees, on the terms and conditions set forth in this Agreement: 
 (a) From and including the date
of this Agreement and prior to the Revolving Loan Termination Date, to make Revolving Loans to the Borrower in Dollars by making immediately available funds available to the Administrative Agent’s designated account, not later than the time
specified by the Administrative Agent, and to participate in Facility LCs issued upon the request of the Borrower, provided that, after giving effect to the making of each such Loan and the issuance of each such Facility LC, (i) such
Lender’s Revolving Exposure shall not exceed its Revolving Commitment and (ii) at such time Aggregate Outstanding Revolving Credit Exposure shall not exceed the Aggregate Revolving Commitments; 

(b) on the date of this Agreement, to make Tranche 1 Term Loans, and continue to maintain such Lender’s existing “Five-Year Term
Loans” (as defined under the Existing Credit Agreement) as Tranche 1 Term Loans, to the Borrower in Dollars in an amount such that such Lender’s Tranche 1 Term Loans outstanding are equal to such Lender’s Tranche 1 Term Loan
Commitment as of the Effective Date (and to the extent of (i) any Tranche 1 Term Loans not funded as “Five-Year Term Loans” prior to the Effective Date (which the Lenders acknowledge is understood to be $50,000,000 to be funded on the
Effective Date), or (ii) any additional funds required by any Lender to effect the applicable reallocation described in Article XVI hereof, each Lender shall make immediately available funds available to the Administrative Agent’s
designated account not later than the time specified by the Administrative Agent on the Effective Date); and 
 (c) on the date of this
Agreement, to make Tranche 2 Term Loans, or continue to maintain such Lender’s existing “Seven-Year Term Loans” (as defined under the Existing Credit Agreement) as Tranche 2 Term Loans, to the Borrower in Dollars in an amount such
that such Lender’s Tranche 2 Term Loans outstanding are equal to such Lender’s Tranche 2 Term Loan Commitment as of the Effective Date (and to the extent any additional funds are required by such Lender to effect the applicable
reallocation described in Article XVI hereof, such Lender shall make such immediately available funds available to the Administrative Agent’s designated account not later than the time specified by the Administrative Agent on the Effective
Date). 
 Subject to the terms of this Agreement, the Borrower may borrow, repay and reborrow the Revolving Loans at any time prior to the Revolving Loan
Termination Date. Amounts repaid in respect of Term Loans may not be reborrowed. Unless previously terminated, (i) any unfunded Tranche 1 Term Loan Commitments and Tranche 2 Term Loan Commitments shall terminate at 5:00 p.m. (Chicago time) on
the date of this Agreement, and (ii) the Revolving Commitments shall terminate on the Revolving Loan Termination Date. The LC Issuer will issue Facility LCs hereunder on the terms and conditions set forth in Section 2.19. 

2.2. Required Payments; Termination. If at any time (a) the Aggregate Outstanding Revolving Credit Exposure exceeds the Revolving
Commitments of all Lenders or (b) the Aggregate Outstanding Revolving Credit Exposure plus the aggregate outstanding principal 

  
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amount of all Bid Rate Loans exceeds the Revolving Commitments of all Lenders, the Borrower shall immediately make a payment on the Revolving Loans or Cash Collateralize LC Obligations in an
account with the Administrative Agent pursuant to Section 2.19(k) sufficient to eliminate such excess. If at any time the aggregate principal amount of all outstanding Bid Rate Loans exceeds one-half of
the Aggregate Revolving Commitments at such time, then the Borrower shall immediately pay to the Administrative Agent for the accounts of the applicable Lenders the amount of such excess. On the Revolving Loan Termination Date, the Borrower shall
(i) pay the outstanding principal amount of all Revolving Loans and Bid Rate Loans and all interest thereon, (ii) pay all outstanding Reimbursement Obligations and all interest thereon, (iii) pay all fees related to the Revolving
Facility, and (iv) Cash Collateralize all then outstanding Facility LCs in amount equal to 105% of the stated amounts of all such Facility LCs in accordance with Section 2.19(k). 

2.3. Ratable Loans; Types of Advances. Each Revolving Advance hereunder shall consist of Revolving Loans made from the several Revolving
Lenders ratably according to their Pro Rata Shares. The Revolving Advances may be Base Rate Advances or Eurodollar Advances, or a combination thereof, selected by the Borrower in accordance with Sections 2.8 and 2.9. Each Tranche 1 Term Loan Advance
hereunder shall consist of Tranche 1 Term Loans made from the several Tranche 1 Term Loan Lenders ratably according to their Pro Rata Shares on the funding date for each such Advance. Each Tranche 2 Term Loan Advance hereunder shall consist of
Tranche 2 Term Loans made from the several Tranche 2 Term Loan Lenders ratably according to their Pro Rata Shares on the funding date for each such Advance. The Term Loan Advances may be Base Rate Advances or Eurodollar Advances. 

2.4. [Reserved]. 

2.5. Fees. 
 (a)
Facility Fee. The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender according to its Pro Rata Share a facility fee (the “Facility Fee”) at a per annum rate equal to the Applicable Fee Rate
on the Aggregate Revolving Commitments (without regard to usage) from the date hereof to and including the Revolving Loan Termination Date, payable in arrears on each Payment Date hereafter and on the Revolving Loan Termination Date. 

(b) Bid Rate Loan Fees. The Borrower agrees to pay to the Administrative Agent a fee equal to $500 at the time of each Bid Rate Quote
Request made hereunder for services rendered by the Administrative Agent in connection with the Bid Rate Loans. 
 (c) Revolving Credit
Extension Fee. If the Borrower exercises its right to extend the Revolving Loan Termination Date in accordance with Section 2.23, the Borrower shall pay to the Administrative Agent for the account of each Revolving Lender a fee equal to
0.0625% of the amount of such Revolving Lender’s Revolving Commitment (whether or not utilized). Such fee shall be due and payable in full on the effective date of such extension. 

  
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 2.6. Minimum Amount of Each Advance. Each Eurodollar Revolving Advance shall be in
the minimum amount of $2,500,000 and incremental amounts in integral multiples of $250,000, and each Base Rate Revolving Advance shall be in the minimum amount of $1,000,000 and incremental amounts in integral multiples of $100,000, provided,
however, that any Base Rate Revolving Advance may be in the amount of the Available Aggregate Revolving Commitment. Each Advance of Term Loans shall be in minimum amounts as required pursuant to Section 2.1(b) or (c), as applicable. 

2.7. Reductions in Aggregate Revolving Commitment; Optional Principal Payments. 

(a) Termination or Reduction of Revolving Commitments. The Borrower may, upon not less than five (5) Business Days’ prior
written notice to the Administrative Agent by 2:00 p.m. (Chicago time) in the form of Exhibit D-3 (a “Payment Notice”), which notice shall specify the amount of any such reduction, terminate or
permanently reduce the Aggregate Revolving Commitments of the Revolving Lenders in whole, or in part ratably among the Revolving Lenders; provided, however, that (i) any such reduction shall be in a minimum amount of $10,000,000 and incremental
amounts in integral multiples of $1,000,000; and (ii) the amount of the Aggregate Revolving Commitments of the Revolving Lenders may not be reduced below the Aggregate Outstanding Revolving Credit Exposure plus the aggregate principal amount of
all outstanding Bid Rate Loans. All accrued Facility Fees shall be payable on the effective date of any termination of Revolving Commitments. If any such termination is being made in connection with the consummation of another transaction, then such
termination may be made contingent on the closing of such other transaction. 
 (b) Optional Principal Payments. The Borrower may from
time to time pay, without penalty or premium, all outstanding Base Rate Advances of a particular Class of Loans (other than Bid Rate Loans), or, in a minimum aggregate amount of $1,000,000 and incremental amounts in integral multiples of
$100,000 (or the aggregate amount of the outstanding Loans of the applicable Class at such time), any portion of the aggregate outstanding Base Rate Advances (other than Bid Rate Loans) upon same day notice by 2:00 p.m. (Chicago time) to the
Administrative Agent. The Borrower may from time to time pay, subject to the payment of any funding indemnification amounts required by Section 3.4 but without any other penalty or premium, all outstanding Eurodollar Advances of a particular
Class of Loans, or, in a minimum aggregate amount of $2,500,000 and incremental amounts in integral multiples of $250,000 (or the aggregate amount of the outstanding Loans of the applicable Class at such time), any portion of the aggregate
outstanding Eurodollar Advances upon at least two (2) Business Days’ prior written notice to the Administrative Agent by 2:00 p.m. (Chicago time). A Bid Rate Loan may only be prepaid with the prior written consent of the Lender holding
such Bid Rate Loan. If any optional payment in full of any Class of Loans is being made in connection with the consummation of another transaction, then such optional payment may be made contingent on the closing of such other transaction. 

2.8. Method of Selecting Types and Interest Periods for New Advances. The Borrower shall select the Type and Class of Advance and,
in the case of each Eurodollar Advance, the Interest Period applicable thereto from time to time. The Borrower shall give the Administrative Agent irrevocable notice in the form of Exhibit D-1 (a
“Borrowing Notice”) not later than 11:00 a.m. (Mountain time) on the Borrowing Date of each Base Rate Advance and two (2) Business Days before the Borrowing Date for each Eurodollar Advance specifying: 

 

	 	(a)	 the Borrowing Date, which shall be a Business Day, of such Advance, 

  
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	 	(b)	 the aggregate amount of such Advance, 

 

	 	(c)	 the Type and Class of Advance selected, and 

 

	 	(d)	 in the case of each Eurodollar Advance, the Interest Period applicable thereto. 

Not later than 1:00 p.m. (Mountain time) on each Borrowing Date, each applicable Lender shall make available its Loan or Loans in funds immediately available
to the Administrative Agent at its address specified pursuant to Article XIII. The Administrative Agent will make the funds so received from the applicable Lenders available to the Borrower at the Administrative Agent’s aforesaid address. 

2.9. Conversion and Continuation of Outstanding Advances; Maximum Number of Interest Periods. Base Rate Advances shall continue as Base
Rate Advances unless and until such Base Rate Advances are converted into Eurodollar Advances pursuant to this Section 2.9 or are repaid in accordance with Section 2.7. Each Eurodollar Advance shall continue as a Eurodollar Advance until
the end of the then applicable Interest Period therefor, at which time such Eurodollar Advance shall be automatically converted into a Eurodollar Advance with a one (1) month Interest Period unless (a) such Eurodollar Advance is or was
repaid in accordance with Section 2.7 or (b) the Borrower shall have given the Administrative Agent a Conversion/Continuation Notice (as defined below) requesting that, at the end of such Interest Period, such Eurodollar Advance continue
as a Eurodollar Advance for the same or another Interest Period. Subject to the terms of Section 2.6, the Borrower may elect from time to time to convert all or any part of a Base Rate Advance into a Eurodollar Advance. The Borrower shall give
the Administrative Agent irrevocable notice in the form of Exhibit D-2 (a “Conversion/Continuation Notice”) of each conversion of a Base Rate Advance into a Eurodollar Advance, conversion of a
Eurodollar Advance to a Base Rate Advance, or continuation of a Eurodollar Advance not later than 11:00 a.m. (Chicago time) at least two (2) Business Days prior to the date of the requested conversion or continuation, specifying: 

 

	 	(i)	 the requested date, which shall be a Business Day, of such conversion or continuation, 

 

	 	(ii)	 the amount and Type of the Advance which is to be converted or continued, and 

 

	 	(iii)	 the amount of such Advance which is to be converted into or continued as a Eurodollar Advance and the duration
of the Interest Period applicable thereto. 

 After giving effect to all Advances, all conversions of Advances from one Type to another
and all continuations of Advances of the same Type, there shall be no more than fifteen (15) Interest Periods in effect hereunder. 

Notwithstanding anything to the contrary in this Agreement, any Lender may exchange, continue or roll over all or a portion of its Loans in
connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the Borrower, the Administrative Agent and such Lender. 

  
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 2.10. Interest Rates. Each Base Rate Advance shall bear interest on the outstanding
principal amount thereof, for each day from and including the date such Advance is made, to but excluding the date it becomes due or is converted into a Eurodollar Advance pursuant to Section 2.9 hereof, at a rate per annum equal to the Base
Rate for such day; provided, that if a Base Rate Advance is due as a result of an Event of Default or is otherwise outstanding during the continuance of an Event of Default, the Base Rate shall continue to apply thereto plus such other
amounts as required under Section 2.11. Changes in the rate of interest on that portion of any Advance maintained as a Base Rate Advance will take effect simultaneously with each change in the Alternate Base Rate. Each Eurodollar Advance shall
bear interest on the outstanding principal amount thereof from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such Interest Period at the interest rate determined by the Administrative
Agent as applicable to such Eurodollar Advance based upon the Borrower’s selections under Sections 2.8 and 2.9 and the Pricing Schedule. No Interest Period in respect of any Loan of any Class may end after the Facility Termination Date
applicable to such Class. With respect to any Term Loan or portion thereof that has been identified by the Borrower to the Administrative Agent in writing as being subject to a Derivatives Contract with a Lender (or an Affiliate of a Lender) that
provides a hedge against interest rate risk, if the Lenders would at any time be paid interest on any Term Loan that is less than the Minimum Yield, the Borrower will pay such Lenders, in addition to and at the same time as the interest payable
pursuant to Section 2.15, the positive difference, if any, between the Minimum Yield and the actual interest payable on the outstanding balance of such Term Loan during such Interest Period. 

2.11. Rates Applicable After Event of Default. Notwithstanding anything to the contrary contained in Sections 2.8, 2.9 or 2.10, during
the continuance of a Default or Event of Default the Required Lenders may elect, by sending notice to the Administrative Agent and the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of
Section 8.3 requiring unanimous consent of the Lenders to changes in interest rates), to declare that no Advance may be made as, converted into or continued as a Eurodollar Advance. During the continuance of an Event of Default the Required
Lenders may elect, by sending notice to the Administrative Agent and the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.3 requiring unanimous consent of the Lenders to
changes in interest rates), to declare that (a) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2.00% per annum, (b) each
Base Rate Advance shall bear interest at a rate per annum equal to the Base Rate in effect from time to time plus 2.00% per annum, (c) the LC Fee shall be increased by 2.00% per annum and (d) each other fee or other amount (other
than principal of any Loan) not paid when due shall thereafter accrue interest at the Base Rate plus 2.00% per annum, provided that, during the continuance of an Event of Default under Sections 7.2, 7.6 or 7.7, the interest rates set forth in
clauses (a) and (b) above and the increase in the LC Fee and unpaid fees and other amounts set forth in clauses (c) and (d) above shall be applicable automatically to all Credit Extensions without any election or action on the part of the
Administrative Agent or any Lender. After an Event of Default has been waived, the interest rate applicable to advances and the LC Fee shall revert to the rates applicable prior to the occurrence of an Event of Default. 

 

  
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 2.12. Method of Payment; Repayment of Term Loans. 

(a) Each Advance shall be repaid and each payment of interest thereon shall be paid in Dollars. All payments of the Obligations under this
Agreement and the other Loan Documents shall be made, without setoff, deduction, or counterclaim, in immediately available funds to the Administrative Agent at the Administrative Agent’s address specified pursuant to Article XIII, or at any
other Lending Installation of the Administrative Agent specified in writing by the Administrative Agent to the Borrower, by 1:00 p.m. (Chicago time) on the date when due and shall (except (i) in the case of Reimbursement Obligations for which
the LC Issuer has not been fully indemnified by the Lenders or (ii) as otherwise specifically required hereunder) be applied ratably by the Administrative Agent among the applicable Lenders. Each payment delivered to the Administrative Agent
for the account of any Lender shall be delivered promptly by the Administrative Agent to such Lender in the same type of funds that the Administrative Agent received at its address specified pursuant to Article XIII or at any Lending Installation
specified in a notice received by the Administrative Agent from such Lender. Each reference to the Administrative Agent in this Section 2.12 shall also be deemed to refer, and shall apply equally, to the LC Issuer, in the case of payments
required to be made by the Borrower to the LC Issuer pursuant to Section 2.19(f). 
 (b) The Borrower hereby unconditionally promises to
pay to the Administrative Agent for the account of each Revolving Lender the then unpaid principal amount of each Revolving Loan on the Revolving Loan Termination Date. To the extent not previously paid, all unpaid Term Loans shall be paid in full
in cash by the Borrower to the applicable Term Lenders on the applicable Term Loan Termination Date. The Borrower shall repay the entire outstanding principal amount of, and all accrued interest on, each Bid Rate Loan on the last day of the Interest
Period of such Bid Rate Loan. 
 2.13. Noteless Agreement; Evidence of Indebtedness. (a) Each Lender shall maintain in
accordance with its usual practice an account or accounts evidencing the Indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable and paid to
such Lender from time to time hereunder. 
 (b) The Administrative Agent shall also maintain accounts in which it will record (i) the
amount of each Loan made hereunder, the Type thereof and the Interest Period with respect thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder,
(iii) the original stated amount of each Facility LC and the amount of LC Obligations outstanding at any time, and (iv) the amount of any sum received by the Administrative Agent hereunder from the Borrower and each Lender’s share
thereof. 
 (c) The entries maintained in the accounts maintained pursuant to paragraphs (a) and (b) above shall be prima facie
evidence of the existence and amounts of the Obligations therein recorded; provided, however, that (i) the failure of the Administrative Agent or any Lender to maintain such accounts or any error therein shall not in any manner affect
the obligation of the Borrower to repay the Obligations in accordance with their terms and (ii) the Register maintained by the Administrative Agent pursuant to Section 12.3(d) shall control in the event of any inconsistency with the
accounts maintained pursuant to paragraphs (a) and (b) above. 

  
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 (d) Any Lender may request that its Loans be evidenced by a promissory note representing its
Revolving Loans, Term Loans and Bid Rate Loans of the applicable Class, respectively, substantially in the form of Exhibit E-1, E-2,
E-3 or E-4, as applicable (each a “Note”). In such event, the Borrower shall prepare, execute and deliver to such Lender such Note or Notes payable to such
Lender (or its registered assigns) in a form supplied by the Administrative Agent. Thereafter, the Loans evidenced by such Note or Notes and interest thereon shall at all times (prior to any assignment pursuant to Section 12.3) be represented
by one or more Notes payable to the payee named therein (or its registered assigns), except to the extent that any such Lender subsequently returns any such Note for cancellation and requests that such Loans once again be evidenced as described in
clauses (b) (i) and (ii) above. 
 2.14. Telephonic Notices. The Borrower hereby authorizes the Lenders and the Administrative
Agent to extend, convert or continue Advances, effect selections of Types of Advances and to transfer funds based on telephonic notices made by any Person or Persons the Administrative Agent or any Lender in good faith believes to be acting on
behalf of the Borrower, it being understood that the foregoing authorization is specifically intended to allow Borrowing Notices and Conversion/Continuation Notices to be given telephonically. The Borrower agrees to deliver promptly to the
Administrative Agent a written confirmation (which may include e-mail) of each telephonic notice authenticated by an Authorized Signatory of the Borrower. If the written confirmation differs in any material
respect from the action taken by the Administrative Agent and the Lenders, the records of the Administrative Agent and the Lenders shall govern absent manifest error. The parties agree to prepare appropriate documentation to correct any such error
within ten (10) days after discovery by any party to this Agreement. 
 2.15. Interest Payment Dates; Interest and Fee Basis.
Interest accrued on each Base Rate Advance shall be payable on each Payment Date, commencing with the first such Payment Date to occur after the date hereof and at maturity. Interest accrued on each Eurodollar Advance shall be payable on the last
day of its applicable Interest Period, on any date on which the Eurodollar Advance is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each Eurodollar Advance having an Interest Period longer than three
(3) months shall also be payable on the last day of each three-month interval during such Interest Period. Interest accrued pursuant to Section 2.11 shall be payable on demand. Interest on all Advances and fees shall be calculated for
actual days elapsed on the basis of a 360-day year, except that interest computed by reference to the Alternate Base Rate shall be calculated for actual days elapsed on the basis of a 365/366-day year. Interest shall be payable for the day an Advance is made but not for the day of any payment on the amount paid if payment is received prior to 1:00 p.m. (Chicago time) at the place of payment. If
any payment of principal of or interest on an Advance shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day. 

2.16. Notification of Advances, Interest Rates, Prepayments and Commitment Reductions. Promptly after receipt thereof, the
Administrative Agent will notify each applicable Lender of the contents of each Commitment reduction notice, Borrowing Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder. Promptly after notice from any LC Issuer,
the Administrative Agent will notify each Revolving Lender of the contents of each request for issuance of a Facility LC hereunder. The Administrative Agent will notify each applicable Lender and the Borrower of the interest rate applicable to each
Eurodollar Advance promptly upon determination of such interest rate and will give each applicable Lender and the Borrower prompt notice of each change in the Alternate Base Rate. 

  
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 2.17. Lending Installations. Each Lender may book its Advances and its participation
in any LC Obligations and each LC Issuer may book the Facility LCs of such LC Issuer at any Lending Installation selected by such Lender or such LC Issuer, as the case may be, and may change its Lending Installation from time to time. All terms of
this Agreement shall apply to any such Lending Installation and the Loans, Facility LCs, participations in LC Obligations and any Notes issued hereunder shall be deemed held by each Lender or each LC Issuer, as the case may be, for the benefit of
any such Lending Installation. Each Lender and each LC Issuer may, by written notice to the Administrative Agent and the Borrower in accordance with Article XIII, designate replacement or additional Lending Installations through which Loans will be
made by it or Facility LCs will be issued by it and for whose account Loan payments or payments with respect to Facility LCs are to be made. 

2.18. Non-Receipt of Funds by the Administrative Agent. Unless the Borrower or a Lender, as the
case may be, notifies the Administrative Agent prior to the date on which it is scheduled to make payment to the Administrative Agent of (a) in the case of a Lender, the proceeds of a Loan or (b) in the case of the Borrower, a payment of
principal, interest or fees to the Administrative Agent for the account of the Lenders, that it does not intend to make such payment, the Administrative Agent may assume that such payment has been made. The Administrative Agent may, but shall not be
obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption. If such Lender or the Borrower, as the case may be, has not in fact made such payment to the Administrative Agent, the recipient of
such payment shall, on demand by the Administrative Agent, repay to the Administrative Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made
available by the Administrative Agent until the date the Administrative Agent recovers such amount at a rate per annum equal to (i) in the case of payment by a Lender, the Federal Funds Effective Rate for such day for the first three
(3) days and, thereafter, the interest rate applicable to the relevant Loan or (ii) in the case of payment by the Borrower, the interest rate applicable to the relevant Loan. 

2.19. Facility LCs. 

(a) Issuance. Each LC Issuer hereby agrees, on the terms and conditions set forth in this Agreement, to issue standby letters of credit
denominated in Dollars (each, a “Facility LC”) and to renew, extend, increase, decrease or otherwise modify any Facility LC issued by such LC Issuer (“Modify,” and each such action a “Modification”), from time to time
from and including the date of this Agreement and prior to the Revolving Loan Termination Date upon the request of the Borrower; provided that immediately after each such Facility LC is issued or Modified, (i) the aggregate outstanding
LC Obligations shall not exceed $50,000,000; (ii) the aggregate outstanding LC Obligations with respect to all Facility LCs issued by any LC Issuer shall not exceed the lesser of (A) $25,000,000 (or such greater amount as the applicable LC
Issuer shall agree) and (B) the Revolving Commitment of such LC Issuer, and (iii) the Aggregate Outstanding Revolving Credit Exposure shall not exceed the Aggregate Revolving Commitments. No Facility LC shall have an expiry date later than
the earlier to occur of (x) the fifth Business Day prior to the Revolving Loan Termination Date and (y) one (1) year after its issuance; provided, however, that the expiry date of a Facility LC may be up to one (1) year later

  
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than the fifth Business Day prior to the Revolving Loan Termination Date if the Borrower has posted on or before the fifth Business Day prior to the Revolving Loan Termination Date cash
collateral in the Facility LC Collateral Account on terms reasonably satisfactory to the Administrative Agent in an amount equal to 105% of the LC Obligations with respect to such Facility LC. 

(b) Participations. Upon the issuance or Modification by any LC Issuer of a Facility LC, such LC Issuer shall be deemed, without further
action by any party hereto, to have unconditionally and irrevocably sold to each Revolving Lender, and each Revolving Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from such LC
Issuer, a participation in such Facility LC (and each Modification thereof) and the related LC Obligations in proportion to its Pro Rata Share. 

(c) Notice. Subject to Section 2.19(a), the Borrower shall give the Administrative Agent and the applicable LC Issuer notice prior
to 1:00 p.m. (Chicago time) at least five (5) Business Days prior to the proposed date of issuance or Modification of each Facility LC, specifying the beneficiary, the proposed date of issuance (or Modification) and the expiry date of such
Facility LC, and describing the proposed terms of such Facility LC and the nature of the transactions proposed to be supported thereby. Upon receipt of such notice, the Administrative Agent shall promptly notify each Revolving Lender of the contents
thereof and of the amount of such Lender’s participation in such proposed Facility LC. The issuance or Modification by any LC Issuer of any Facility LC shall, in addition to the conditions precedent set forth in Article IV, be subject to the
conditions precedent that such Facility LC shall be reasonably satisfactory to such LC Issuer and that the Borrower shall have executed and delivered such application agreement and/or such other instruments and agreements relating to such Facility
LC as such LC Issuer shall have reasonably requested (each, a “Facility LC Application”). No LC Issuer shall have any independent duty to ascertain whether the conditions set forth in Article IV have been satisfied; provided,
however, that no LC Issuer shall issue a Facility LC if, on or before the proposed date of issuance, such LC Issuer shall have received notice from the Administrative Agent or the Required Lenders that any such condition has not been satisfied
or waived. In the event of any conflict between the terms of this Agreement and the terms of any Facility LC Application, the terms of this Agreement shall control. 

(d) LC Fees. The Borrower shall pay to the Administrative Agent, for the account of the Revolving Lenders ratably in accordance with
their respective Pro Rata Shares, with respect to each Facility LC, a letter of credit fee at a per annum rate equal to the Applicable Margin for Eurodollar Loans in effect from time to time on the average daily undrawn stated amount under such
Facility LC, such fee to be payable in arrears on each Payment Date (the “LC Fee”). The Borrower shall also pay to each LC Issuer for its own account (i) a fronting fee in an amount agreed upon between such LC Issuer and the Borrower,
such fee to be payable in arrears on each Payment Date, and (ii) on demand, all amendment, drawing and other fees regularly charged by such LC Issuer to its letter of credit customers and all reasonable and documented out-of-pocket expenses incurred by such LC Issuer in connection with the issuance, Modification, administration or payment of any Facility LC. 

(e) Administration; Reimbursement by Lenders. Upon receipt of any demand for payment under any Facility LC from the beneficiary of such
Facility LC, the applicable LC Issuer shall notify the Administrative Agent and the Administrative Agent shall promptly notify 

  
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the Borrower and each other Revolving Lender as to the amount to be paid by such LC Issuer as a result of such demand and the proposed payment date (the “LC Honor Date”). The
responsibility of each LC Issuer to the Borrower and each Revolving Lender shall be only to determine that the documents (including each demand for payment) delivered under each Facility LC in connection with such presentment shall be in conformity
in all material respects with such Facility LC. Each LC Issuer shall endeavor to exercise the same care in the issuance and administration of the Facility LCs as it does with respect to letters of credit in which no participations are granted, it
being understood that in the absence of any gross negligence or willful misconduct by any LC Issuer, each Revolving Lender shall be unconditionally and irrevocably liable without regard to the occurrence of any Event of Default or any condition
precedent whatsoever, to reimburse such LC Issuer on demand for (i) such Lender’s Pro Rata Share of the amount of each payment made by such LC Issuer under each Facility LC to the extent such amount is not reimbursed by the Borrower
pursuant to Section 2.19(f) below and there are not funds available in the Facility LC Collateral Account to cover the same, plus (ii) interest on the foregoing amount to be reimbursed by such Lender, for each day from the date of
LC Issuer’s demand for such reimbursement (or, if such demand is made after 11:00 a.m. (Chicago time) on such date, from the next succeeding Business Day) to the date on which such Lender pays the amount to be reimbursed by it, at a rate of
interest per annum equal to the Federal Funds Effective Rate for the first three (3) days and, thereafter, at a rate of interest equal to the rate applicable to Base Rate Advances. 

(f) Reimbursement by Borrower. The Borrower shall be irrevocably and unconditionally obligated to reimburse each LC Issuer (i) if
the Borrower shall have received notice of the applicable LC Honor Date at or before 10:30 a.m. (Chicago time) on such LC Honor Date, on or before the applicable LC Honor Date or (ii) if the Borrower shall have received notice of the applicable
LC Honor Date after 10:30 a.m. (Chicago time) on the applicable LC Honor Date, the date one Business Day after the Borrower has received notice from such LC Issuer of such LC Honor Date (such required date of payment, the “LC Required Payment
Date”), in each case, for any amounts to be paid by the LC Issuer upon any drawing under any Facility LC (such amount, the “Reimbursement Amount”), without presentment, demand, protest or other formalities of any kind; provided
that (A) neither the Borrower nor any Revolving Lender shall hereby be precluded from asserting any claim for direct (but not consequential) damages suffered by the Borrower or such Lender to the extent, but only to the extent, caused by
(x) the willful misconduct or gross negligence of the applicable LC Issuer in determining whether a request presented under any Facility LC issued by it complied with the terms of such Facility LC or (y) the applicable LC Issuer’s
failure to pay under any Facility LC issued by it after the presentation to it of a request strictly complying with the terms and conditions of such Facility LC; and (B) if Borrower has not paid the Reimbursement Amount with respect to Facility
LC on or prior to the LC Required Payment Date (and the applicable LC Issuer shall promptly notify the Administrative Agent of such failure) and (i) if the applicable conditions set forth in Section 4.2 (other than the condition that no
Default exists; provided that it is understood and agreed that no Advance shall be made pursuant to this clause (f) at any time an Event of Default has occurred and is continuing) would permit the making of Revolving Loans, the Borrower shall
be deemed to have requested a borrowing of Revolving Loans (which shall be Base Rate Loans) in an amount equal to the unpaid Reimbursement Amount and the Administrative Agent shall give each Lender prompt notice of the amount of the Revolving Loan
to be made available to the Administrative Agent and (ii) if such conditions would not permit the 

  
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making of Revolving Loans, the provisions of Section 2.19(e) shall apply. All such amounts paid by the LC Issuer and remaining unpaid by the Borrower after the applicable LC Required Payment
Date shall bear interest, payable on demand, for each day until paid at a rate per annum equal to (after giving effect to any Revolving Loan pursuant to the preceding sentence) the sum of 2.00% per annum plus the rate applicable to Base Rate
Advances for each such day after such LC Required Payment Date. The LC Issuer will pay to each Revolving Lender ratably in accordance with its Pro Rata Share all amounts received by it from the Borrower for application in payment, in whole or in
part, of the Reimbursement Obligation in respect of any Facility LC issued by the LC Issuer, but only to the extent such Lender has made payment to the LC Issuer in respect of such Facility LC pursuant to Section 2.19(e). 

(g) Obligations Absolute. The Borrower’s obligations under this Section 2.19 shall be absolute and unconditional under any and
all circumstances and irrespective of any setoff, counterclaim or defense to payment which the Borrower may have or have had against any LC Issuer, any Revolving Lender or any beneficiary of a Facility LC. The Borrower further agrees with the LC
Issuers and the Revolving Lenders that the LC Issuers and the Revolving Lenders shall not be responsible for, and the Borrower’s Reimbursement Obligation in respect of any Facility LC shall not be affected by, among other things, the validity
or genuineness of documents or of any endorsements thereon, even if such documents should in fact prove to be in any or all respects invalid, fraudulent or forged, or any dispute between or among the Borrower, any of its Affiliates, the beneficiary
of any Facility LC or any financing institution or other party to whom any Facility LC may be transferred or any claims or defenses whatsoever of the Borrower or of any of its Affiliates against the beneficiary of any Facility LC or any such
transferee. No LC Issuer shall be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Facility LC other than any such error, omission,
interruption or delay in transmission, dispatch or delivery arising out of the gross negligence or willful misconduct of such LC Issuer as determined in a final, non-appealable judgment by a court of competent
jurisdiction. The Borrower agrees that any action taken or omitted by any LC Issuer or any Revolving Lender under or in connection with each Facility LC and the related drafts and documents, if done without gross negligence or willful misconduct,
shall be binding upon the Borrower and shall not put any LC Issuer or any Revolving Lender under any liability to the Borrower. Nothing in this Section 2.19(g) is intended to limit the right of the Borrower to make a claim against any LC Issuer
for damages as contemplated by the proviso to the first sentence of Section 2.19(f). 
 (h) Actions of LC Issuer. Each LC Issuer
shall be entitled to rely, and shall be fully protected in relying, upon any Facility LC, draft, writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, facsimile, telex, teletype or electronic mail message,
statement, order or other document believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal counsel, independent accountants and other experts selected by
such LC Issuer. Each LC Issuer shall be fully justified in failing or refusing to take any action under this Agreement unless it shall first have received such advice or concurrence of the Required Lenders as it reasonably deems appropriate or it
shall first be indemnified to its reasonable satisfaction by the Revolving Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. Notwithstanding any other provision
of this Section 2.19, each LC Issuer shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement in accordance with a request of the Required Lenders, and such request and any action taken or failure to
act pursuant thereto shall be binding upon the Revolving Lenders and any future holders of a participation in any Facility LC. 
  

  
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 (i) Indemnification. The Borrower hereby agrees to indemnify and hold harmless each
Lender, each LC Issuer and the Administrative Agent, and their respective directors, officers, agents and employees from and against any and all claims and damages, losses, liabilities, reasonable and documented costs or expenses (including
reasonable and documented counsel fees and disbursements) which such Lender, the LC Issuer or the Administrative Agent may incur (or which may be claimed against such Lender, the LC Issuer or the Administrative Agent by any Person whatsoever) by
reason of or in connection with the issuance, execution and delivery or transfer of or payment or failure to pay under any Facility LC or any actual or proposed use of any Facility LC, including, without limitation, any claims, damages, losses,
liabilities, costs or expenses (including reasonable and documented counsel fees and disbursements (which shall be limited to the reasonable and documented fees, charges and disbursements of (i) one primary counsel and any special and local
counsel for the Administrative Agent, the LC Issuers and the Lenders and (ii) in the event of any actual or potential conflicts of interest, one additional primary counsel and any additional special and local counsel, in each case, for all
similarly situated LC Issuers and Lenders)) which any LC Issuer may incur (A) by reason of or in connection with the failure of any other Lender to fulfill or comply with its obligations to such LC Issuer hereunder (but nothing herein contained
shall affect any rights the Borrower may have against any Defaulting Lender) or (B) by reason of or on account of such LC Issuer issuing any Facility LC which specifies that the term “Beneficiary” included therein includes any
successor by operation of law of the named Beneficiary, but which Facility LC does not require that any drawing by any such successor Beneficiary be accompanied by a copy of a legal document, satisfactory to such LC Issuer, evidencing the
appointment of such successor Beneficiary; provided that the Borrower shall not be required to indemnify any Lender, any LC Issuer or the Administrative Agent for any claims, damages, losses, liabilities, costs or expenses to the extent, but
only to the extent, caused by (x) the willful misconduct or gross negligence of the applicable LC Issuer in determining whether a request presented under any Facility LC complied with the terms of such Facility LC or (y) the applicable LC
Issuer’s failure to pay under any Facility LC after the presentation to it of a request strictly complying with the terms and conditions of such Facility LC. Nothing in this Section 2.19(i) is intended to limit the obligations of the
Borrower under any other provision of this Agreement. 
 (j) Lenders’ Indemnification. Each Revolving Lender shall,
ratably in accordance with its Pro Rata Share, indemnify each LC Issuer, its affiliates and their respective directors, officers, agents and employees (to the extent not reimbursed by the Borrower) against any cost, expense (including reasonable
counsel fees and disbursements), claim, demand, action, loss or liability (except such as result from such indemnitees’ gross negligence or willful misconduct or such LC Issuer’s failure to pay under any Facility LC after the presentation
to it of a request strictly complying with the terms and conditions of the Facility LC) that such indemnitees may suffer or incur in connection with this Section 2.19 or any action taken or omitted by such indemnitees hereunder. 

(k) Facility LC Collateral Account. The Borrower agrees that it will, upon the reasonable request of the Administrative Agent or the
Required Lenders and until the final expiration date of any Facility LC and thereafter as long as any amount is payable to the LC 

  
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Issuers or the Lenders in respect of any Facility LC, maintain a special collateral account pursuant to arrangements satisfactory to the Administrative Agent (the “Facility LC Collateral
Account”), in the name of such Borrower but under the sole dominion and control of the Administrative Agent, for the benefit of the Revolving Lenders and in which such Borrower shall have no interest other than as set forth in Section 8.1.
The Borrower hereby pledges, assigns and grants to the Administrative Agent, on behalf of and for the ratable benefit of the Revolving Lenders and the LC Issuers, a security interest in all of the Borrower’s right, title and interest in and to
all funds which may from time to time be on deposit in the Facility LC Collateral Account to secure the prompt and complete payment and performance of the Obligations. The Administrative Agent will invest any funds on deposit from time to time in
the Facility LC Collateral Account in certificates of deposit of U.S. Bank having a maturity not exceeding thirty (30) days. Nothing in this Section 2.19(k) shall either obligate the Administrative Agent to require the Borrower to deposit
any funds in the Facility LC Collateral Account or limit the right of the Administrative Agent to release any funds held in the Facility LC Collateral Account in each case other than as required by Section 2.22 or Section 8.1. 

(l) Rights as a Lender. In its capacity as a Revolving Lender, each LC Issuer shall have the same rights and obligations as any other
Revolving Lender. 
 (m) Separate Reimbursement Agreement. In the event any LC Issuer enters into a separate reimbursement agreement
with the Borrower covering the Facility LCs and the terms of such reimbursement agreement conflict with or contradict the terms of this Agreement, the terms of this Agreement shall control. 

2.20. Replacement of Lender. If the Borrower is required pursuant to Sections 3.1, 3.2 or 3.5 to make any additional payment to any
Lender or if any Lender’s obligation to make or continue, or to convert Base Rate Advances into Eurodollar Advances shall be suspended pursuant to Section 3.3 or if any Lender declines to approve an amendment or waiver that is approved by
the Required Lenders or becomes a Defaulting Lender (any Lender so affected an “Affected Lender”), the Borrower may elect, if any of such issue or event is still in effect, to replace such Affected Lender as a Lender party to this
Agreement, provided that no Default or Event of Default shall have occurred and be continuing at the time of such replacement, and provided further that concurrently with such replacement, (a) an Eligible Assignee (in each
case, subject to any consent that would be required pursuant to Section 12.3(b) for an assignment to such Eligible Assignee) which does not suffer from and is not impacted by the issue or event causing the replacement of the Affected Lender,
shall agree, as of such date, to purchase for cash at par the Advances and other Obligations due to the Affected Lender under this Agreement and the other Loan Documents pursuant to an assignment substantially in the form of Exhibit C and to become
a Lender for all purposes under this Agreement and to assume all obligations of the Affected Lender to be terminated as of such date and to comply with the requirements of Section 12.3 applicable to assignments, and (b) the Borrower shall
pay to such Affected Lender in same day funds on the day of such replacement (i) all interest, fees and other amounts then accrued but unpaid to such Affected Lender by the Borrower hereunder to and including the date of termination, including
without limitation payments due to such Affected Lender under Sections 3.1, 3.2, 3.4 and 3.5, but excluding any amount paid by the replacement lender under clause (a), and (ii) an amount, if any, equal to the payment which would have been due
to such Lender on the day of such replacement under Section 3.4 had the Loans of such Affected Lender been prepaid on such date rather than sold to the replacement Lender. 

  
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 2.21. Limitation of Interest. The Borrower, the Administrative Agent and the Lenders
intend to strictly comply with all applicable laws, including applicable usury laws. Accordingly, the provisions of this Section 2.21 shall govern and control over every other provision of this Agreement or any other Loan Document which
conflicts or is inconsistent with this Section 2.21, even if such provision declares that it controls. As used in this Section 2.21, the term “interest” includes the aggregate of all charges, fees, benefits or other compensation
which constitute interest under applicable law, provided that, to the maximum extent permitted by applicable law, (a) any non-principal payment shall be characterized as an expense or as
compensation for something other than the use, forbearance or detention of money and not as interest, and (b) all interest at any time contracted for, reserved, charged or received shall be amortized, prorated, allocated and spread, in equal
parts during the full term of this Agreement. In no event shall the Borrower or any other Person be obligated to pay, or any Lender have any right or privilege to reserve, receive or retain, (i) any interest in excess of the maximum amount of
nonusurious interest permitted under the applicable laws (if any) of the United States or of any applicable state, or (ii) total interest in excess of the amount which such Lender could lawfully have contracted for, reserved, received, retained
or charged had the interest been calculated for the full term of this Agreement at the Highest Lawful Rate. On each day, if any, that the interest rate (the “Stated Rate”) called for under this Agreement or any other Loan Document exceeds
the Highest Lawful Rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the Highest Lawful Rate for that day, and shall remain fixed at the Highest Lawful Rate for each day thereafter until the
total amount of interest accrued equals the total amount of interest which would have accrued if there were no such ceiling rate as is imposed by this sentence. Thereafter, interest shall accrue at the Stated Rate unless and until the Stated Rate
again exceeds the Highest Lawful Rate when the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate. The daily interest rates to be used in calculating interest at the Highest Lawful
Rate shall be determined by dividing the applicable Highest Lawful Rate per annum by the number of days in the calendar year for which such calculation is being made. None of the terms and provisions contained in this Agreement or in any other Loan
Document which directly or indirectly relate to interest shall ever be construed without reference to this Section 2.21, or be construed to create a contract to pay for the use, forbearance or detention of money at an interest rate in excess of
the Highest Lawful Rate. If the term of any Loan or any other Obligation outstanding hereunder or under the other Loan Documents is shortened by reason of acceleration of maturity as a result of any Event of Default or by any other cause, or by
reason of any required or permitted prepayment, and if for that (or any other) reason any Lender at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at
the Highest Lawful Rate, then and in any such event all of any such excess interest shall be canceled automatically as of the date of such acceleration, prepayment or other event which produces the excess, and, if such excess interest has been paid
to such Lender, it shall be credited pro tanto against the then-outstanding principal balance of the Borrower’s Obligations to such Lender, effective as of the date or dates when the event occurs which causes it to be excess interest, until
such excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any remaining balance of such excess shall be promptly refunded to its payor. 

 

  
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 2.22. Defaulting Lenders. 

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

(i) 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 Lenders. 
 (ii)
Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VII or
otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 11.1 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts
owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the LC Issuers hereunder; third, to Cash Collateralize the LC
Issuers’ Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.22(d); fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of
which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit
account (including the Facility LC Collateral Account) and released pro rata in order to (A) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (B) Cash Collateralize
the LC Issuers’ future Fronting Exposure with respect to such Defaulting Lender with respect to future Facility LCs issued under this Agreement, in accordance with Section 2.22(d); sixth, to the payment of any amounts owing to the
Lenders, the LC Issuers as a result of any judgment of a court of competent jurisdiction obtained by any Lender, any LC Issuer against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this
Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender
as a result of such Defaulting Lender’s breach of its obligations under this Agreement; eighth, if so determined by the Administrative Agent, distributed to the Lenders other than the Defaulting Lender until the ratio of the Revolving
Exposures of such Lenders to the Aggregate Outstanding Revolving Credit Exposures of all Revolving Lenders equals such ratio immediately prior to the Defaulting Lender’s failure to fund any portion of any Loans or participations in Facility
LCs; and ninth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or Facility LC issuances in respect of
which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Facility LCs were issued at a time when the conditions set forth in Section 4.2 were satisfied or

  
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waived, such payment shall be applied solely to pay the Credit Extensions of all Non-Defaulting Lenders that are Revolving Lenders on a pro rata basis
prior to being applied to the payment of any Credit Extensions of such Defaulting Lender until such time as all Loans and funded and unfunded participations in LC Obligations are held by the Lenders pro rata in accordance with the Commitments
without giving effect to Section 2.22(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this
Section 2.22(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

(iii) Certain Fees. 

(A) Each Defaulting Lender that is a Revolving Lender shall be entitled to receive a Facility Fee for any period during which that Revolving
Lender is a Defaulting Lender only to extent allocable to the sum of (x) the outstanding principal amount of the Revolving Loans funded by it, and (y) its ratable share of the stated amount of Facility LCs for which it has provided Cash
Collateral pursuant to Section 2.22(d). 
 (B) Each Defaulting Lender that is a Revolving Lender shall be entitled to receive LC Fees
for any period during which that Revolving Lender is a Defaulting Lender only to the extent allocable to its ratable share of the stated amount of Facility LCs for which it has provided Cash Collateral pursuant to Section 2.22(d). 

(C) With respect to any Facility Fee or LC Fee not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the
Borrower shall (x) pay to each Non-Defaulting Lender that is a Revolving Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s
participation in LC Obligations that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to the LC Issuer the amount of any such fee otherwise payable to such
Defaulting Lender to the extent allocable to the LC Issuer’s Fronting Exposure to such Defaulting Lender which has not be Cash Collateralized by the Borrower, and (z) not be required to pay the remaining amount of any such fee. 

(iv) Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s
participation in LC Obligations shall be reallocated among the Non-Defaulting Lenders that are Revolving Lenders in accordance with their respective Pro Rata Shares (calculated without regard to such
Defaulting Lender’s Revolving Commitment) but only to the extent that (A) the conditions set forth in Section 4.2 are satisfied at the time of such reallocation (and unless the Borrower shall have otherwise notified the Administrative
Agent at such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (B) such reallocation does not cause the aggregate Revolving Exposure of any
Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Commitment. Subject to Section 9.15, 

  
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no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender,
including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. 

(v) Cash Collateral. If the reallocation described in clause (iv) above cannot, or can only partially, be effected,
the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, Cash Collateralize the LC Issuers’ Fronting Exposure in accordance with the procedures set forth in Section 2.22(d). 

(b) Defaulting Lender Cure. If the Borrower, the Administrative Agent and the LC Issuers agree in writing that a Lender is no longer a
Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash
Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and
unfunded participations in Facility LCs to be held pro rata by the Lenders in accordance with the Commitments (without giving effect to Section 2.22(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided that no
adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed
by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

(c) New Facility LCs. So long as any Lender is a Defaulting Lender, the LC Issuers shall not be required to issue, extend, renew or
increase any Facility LC unless it is satisfied that it will have no Fronting Exposure (other than any Fronting Exposure that is Cash Collateralized by the Borrower) after giving effect thereto. 

(d) Cash Collateral. At any time that there shall exist a Defaulting Lender, within one (1) Business Day following the written
request of any LC Issuer (with a copy to the Administrative Agent) the Borrower shall Cash Collateralize such LC Issuer’s Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to Section 2.22(a)(iv) and
any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount. 
 (i)
Grant of Security Interest. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to the Administrative Agent, for the benefit of the LC Issuers, and agrees to maintain, a first priority
security interest in all such Cash Collateral as security for the Defaulting Lender’s obligation to fund participations in respect of LC Obligations, to be applied pursuant to clause (ii) below. If at any time the Administrative Agent
determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent and the LC Issuers as 

  
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herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower will, promptly upon demand by the Administrative Agent, pay or provide
to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender). 

(ii) Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under
this Section 2.22 in respect of Facility LCs shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of LC Obligations (including, as to Cash Collateral provided by a Defaulting Lender,
any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such Cash Collateral as may otherwise be provided for herein. 

(iii) Termination of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce the LC
Issuers’ Fronting Exposure shall no longer be required to be held as Cash Collateral pursuant to this Section 2.22(d) following (A) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender
status of the applicable Lender), or (B) the determination by the Administrative Agent that there exists excess Cash Collateral; provided that, subject to this Section 2.22 the Person providing Cash Collateral and the Administrative
Agent may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations and provided further that to the extent that such Cash Collateral was provided by the Borrower, such Cash Collateral shall
remain subject to the security interest granted pursuant to the Loan Documents. 
 2.23. Extensions of Revolving Commitments. The
Borrower shall have the right, exercisable two times, to request that the Administrative Agent and the Revolving Lenders agree to extend the Revolving Loan Termination Date by one six-month period. The
Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 30 days but not more than 120 days prior to the current Revolving Loan Termination Date, a written request for such extension (an “Extension
Request”). The Administrative Agent shall notify the Revolving Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Revolving Loan Termination Date shall be extended
for six months effective upon receipt by the Administrative Agent of the Extension Request and payment of the fee referred to in the following clause (b): (a) immediately prior to such extension and immediately after giving effect thereto,
(i) no Default or Event of Default shall be in existence; (ii) no Material Adverse Change shall have occurred and (iii) the representations and warranties contained in Article V are (A) with respect to any representations or
warranties that contain a materiality qualifier, true and correct in all respects as of such date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty
shall have been true and correct in all respects on and as of such earlier date and (B) with respect to any representations or warranties that do not contain a materiality qualifier, true and correct in all material respects as of such date,
except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier date,
(b) the Borrower shall have paid the fees payable under Section 2.5(c) and (c) 

  
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the Borrower shall have delivered to the Administrative Agent a certificate from an Authorized Signatory of the Borrower certifying the matters referred to in the preceding clause (a). Once the
foregoing conditions have been satisfied, the Administrative Agent shall promptly notify the Borrower and the Revolving Lenders of the new Revolving Loan Termination Date. 

2.24. Increase Option. The Borrower may from time to time until the Revolving Loan Termination Date elect to increase the Revolving
Commitments, enter into one or more tranches of additional Term Loans, or one or more tranches of commitments (each an “Incremental Term Loan Commitment”) to make additional, Term Loans (each an “Incremental Term Loan”), in each
case in minimum increments of $50,000,000 or such lower amount as the Borrower and the Administrative Agent agree upon, so long as, after giving effect thereto, the Aggregate Outstanding Credit Exposure does not exceed $2,000,000,000. The Borrower
may arrange for any such increase or tranche to be provided by one or more Lenders (each Lender so agreeing to an increase in its Revolving Commitment or to participate in such Incremental Term Loan Commitments or Incremental Term Loans, an
“Increasing Lender”), or by one or more new banks, financial institutions or other entities that are Eligible Assignees (each such new bank, financial institution or other entity, an “Augmenting Lender”), to increase their
existing Revolving Commitments, or to participate in such Incremental Term Loan Commitments or Incremental Term Loans, or extend Revolving Commitments, as the case may be; provided that (a) each Augmenting Lender and each Increasing
Lender shall, to the extent consent would be required for an assignment of such Commitments or such Loans to such Augmenting Lender or Increasing Lender pursuant to Section 12.3, be subject to the approval of the Borrower, the Administrative
Agent and/or the LC Issuers, in each case not to be unreasonably withheld, delayed or conditioned, and (b) (i) in the case of an Increasing Lender, the Borrower and such Increasing Lender execute an agreement substantially in the form of
Exhibit F hereto, and (ii) in the case of an Augmenting Lender, the Borrower and such Augmenting Lender execute an agreement substantially in the form of Exhibit G hereto. No consent of any Lender (other than the Lenders participating
in the increase or any Incremental Term Loan) shall be required for any increase in Revolving Commitments, Incremental Term Loan Commitments or Incremental Term Loans pursuant to this Section 2.24. Increases and new Revolving Commitments,
Incremental Term Loan Commitments and Incremental Term Loans created pursuant to this Section 2.24 shall become effective on the date agreed by the Borrower, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders,
and the Administrative Agent shall notify each Lender thereof. Notwithstanding the foregoing, no increase in the Revolving Commitments (or in the Revolving Commitment of any Lender) or tranche of Incremental Term Loan Commitments or Incremental Term
Loans shall become effective under this paragraph unless, (A) on the proposed date of the effectiveness of, and after giving effect to, such increase or such Incremental Term Loan Commitments or Incremental Term Loans, (x) the conditions
set forth in paragraphs (a), (b) and (c) of Section 4.2 shall be satisfied or waived by the Required Lenders and the Administrative Agent shall have received a certificate to that effect dated such date and executed by an Authorized
Signatory of the Borrower and (y) the Borrower shall be in compliance (on a pro forma basis reasonably acceptable to the Administrative Agent) with the covenants contained in Section 6.16 and (B) the Administrative Agent shall have
received documents consistent with those delivered on the Effective Date as to the limited partnership power and authority of the Borrower to borrow hereunder after giving effect to such increase, as well as such documents as the Administrative
Agent may reasonably request (including, without limitation, customary opinions of counsel and affirmations of Loan Documents and updated financial projections, reasonably acceptable to the Administrative

  
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Agent). On the effective date of any increase in the Revolving Commitments or any new Incremental Term Loan Commitments becoming effective or any Incremental Term Loans being made, (1) each
relevant Increasing Lender and Augmenting Lender providing a Revolving Commitment shall make available to the Administrative Agent such amounts in immediately available funds as the Administrative Agent shall determine, for the benefit of the other
Lenders, as being required in order to cause, after giving effect to such increase and the use of such amounts to make payments to such other Lenders, each Lender’s portion of the outstanding Revolving Loans of all the Lenders to equal its Pro
Rata Share of such outstanding Revolving Loans, and (2) unless the balancing in clause (1) can be made with Revolving Loans only from the applicable Increasing Lenders and Augmenting Lenders (and except in the case of any Incremental Term
Loan Commitments or Incremental Term Loans), the Borrower shall be deemed to have repaid and reborrowed all outstanding Revolving Loans as of the date of any increase in the Revolving Commitments (with such reborrowing to consist of the Types of
Revolving Loans, with related Interest Periods if applicable, specified in a notice delivered by the Borrower, in accordance with the requirements of Section 2.3). The deemed payments made pursuant to clause (2) of the immediately
preceding sentence shall be accompanied, in respect of Eurodollar Loans, by payment of all accrued interest on the amount prepaid and shall be subject to indemnification by the Borrower pursuant to the provisions of Section 3.4 if the deemed
payment occurs other than on the last day of the related Interest Periods. All Incremental Term Loans (including Incremental Term Loans funded pursuant to Incremental Term Loan Commitments) (aa) shall rank pari passu in right of payment with the
Revolving Loans and the initial Term Loans, (bb) shall not mature earlier than the Tranche 2 Term Loan Termination Date (but may have amortization prior to such date) and (cc) shall be treated substantially the same as (and in any event no more
favorably than) the Revolving Loans and the initial Term Loans; provided that (I) the terms and conditions applicable to any tranche of Incremental Term Loans maturing after the Tranche 2 Term Loan Termination Date may provide for material
additional or different financial or other covenants or prepayment requirements applicable only during periods after the Tranche 2 Term Loan Termination Date and (II) the Incremental Term Loans may be priced differently than the Revolving Loans
and the initial Term Loans. Incremental Term Loans may be made hereunder pursuant to an amendment or restatement (an “Incremental Term Loan Amendment”) of this Agreement and, as appropriate, the other Loan Documents, executed by the
Borrower, each Increasing Lender participating in such tranche, each Augmenting Lender participating in such tranche, if any, and the Administrative Agent. The Incremental Term Loan Amendment may, without the consent of any other Lenders, effect
such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section 2.24. Each Augmenting Lender and each Increasing
Lender shall fund the applicable Incremental Term Loans in accordance with the requirements of the applicable Incremental Term Loan Amendment. Nothing contained in this Section 2.24 shall constitute, or otherwise be deemed to be, a commitment
on the part of any Lender to increase its Revolving Commitment hereunder, or provide Incremental Term Loans, at any time. In connection with any increase in the aggregate amount of the Revolving Commitments, effectiveness of Incremental Term Loan
Commitments or issuance of Incremental Term Loans pursuant to this Section 2.24 any Lender becoming a party hereto shall (AA) execute such documents and agreements as the Administrative Agent may reasonably request and (BB) provide to the
Administrative Agent, its name, address, tax identification number and/or such other information as shall be necessary for the Administrative Agent to comply with “know your customer” and anti-money laundering rules and regulations,
including without limitation, the PATRIOT Act. 

  
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 This Section shall supersede any provision in Section 8.3 to the contrary. 

2.25. Bid Rate Loans. 
 (a)
Bid Rate Loans. From and after the Investment Grade Election and to but excluding the Revolving Loan Termination Date, the Borrower may, as set forth in this Section, request the Revolving Lenders to make offers to make Bid Rate Loans to the
Borrower in Dollars. The aggregate principal amount of Bid Rate Loans outstanding at any time, shall not exceed the lesser of (i) one-half of the Aggregate Revolving Commitments and (ii) the
Aggregate Revolving Commitments minus Aggregate Outstanding Revolving Credit Exposure (determined without giving effect to outstanding Bid Rate Loans). The Revolving Lenders may, but shall have no obligation to, make such offers and the Borrower
may, but shall have no obligation to, accept any such offers in the manner set forth in this Section. 
 (b) Requests for Bid Rate
Loans. When the Borrower wishes to request from the Revolving Lenders offers to make Bid Rate Loans, it shall give the Administrative Agent notice (a “Bid Rate Quote Request”) so as to be received no later than 1:00 p.m. (Chicago time)
on (i) the Business Day immediately preceding the date of borrowing proposed therein, in the case of an Absolute Rate Auction and (ii) the date four (4) Business Days prior to the proposed date of borrowing, in the case of a
Eurodollar Auction. The Administrative Agent shall deliver to each Revolving Lender a copy of each Bid Rate Quote Request promptly upon receipt thereof by the Administrative Agent. The Borrower may request offers to make Bid Rate Loans for up to
three (3) different Interest Periods in any one Bid Rate Quote Request; provided that if granted each separate Interest Period shall be deemed to be a separate borrowing (a “Bid Rate Borrowing”). Each Bid Rate Quote Request shall be
substantially in the form of Exhibit I-1 and shall specify as to each Bid Rate Borrowing all of the following: 

(A) the proposed date of such Bid Rate Borrowing, which shall be a Business Day; 

(B) the aggregate amount of such Bid Rate Borrowing which shall be in a minimum amount of $10,000,000 and integral multiples of
$500,000 in excess thereof which shall not cause the outstanding principal amount of all Bid Rate Loans, after giving effect to the application of the proceeds of the such Bid Rate Borrowing, to exceed the limit specified in Section 2.25(a);

 (C) whether the Bid Rate Quote Request is for Eurodollar Margin Loans or Absolute Rate Loans; and 

(D) the duration of the Interest Period applicable thereto, which shall not extend beyond the Revolving Loan Termination Date.

 The Borrower shall not deliver any Bid Rate Quote Request within five (5) Business Days of the giving of any other Bid Rate Quote
Request and the Borrower shall not deliver more than one (1) Bid Rate Quote Request in any calendar month. 

  
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 (c) Bid Rate Quotes. 

(i) Each Revolving Lender may submit one or more Bid Rate Quotes, each containing an offer to make a Bid Rate Loan in response
to any Bid Rate Quote Request; provided that, if the Borrower’s request under Section 2.25(b) specified more than one Interest Period, such Revolving Lender may make a single submission containing only one Bid Rate Quote for each such
Interest Period. Each Bid Rate Quote must be submitted to the Administrative Agent not later than 10:30 a.m. (Chicago time) (A) on the proposed date of borrowing, in the case of an Absolute Rate Auction and (B) on the date three
(3) Business Days prior to the proposed date of borrowing, in the case of a Eurodollar Auction, and in either case the Administrative Agent shall disregard any Bid Rate Quote received after such time; provided that any Revolving Lender then
acting as the Administrative Agent or that is an Affiliate of the Administrative Agent may submit a Bid Rate Quote only if it notifies the Borrower of the terms of the offer contained therein not later than 30 minutes prior to the latest time by
which the Revolving Lenders must submit applicable Bid Rate Quotes. Any Bid Rate Quote so made shall be irrevocable except with the consent of the Administrative Agent given at the request of the Borrower. Such Bid Rate Loans may be funded by a
Revolving Lender’s Designated Lender (if any) as provided in Section 12.1(b); however, such Revolving Lender shall not be required to specify in its Bid Rate Quote whether such Bid Rate Loan will be funded by such Designated Lender. 

(ii) Each Bid Rate Quote shall be substantially in the form of Exhibit I-2 and shall
specify: 
 (A) the proposed date of borrowing and the Interest Period therefor; 

(B) the principal amount of the Bid Rate Loan for which each such offer is being made; provided that the aggregate principal amount of all Bid
Rate Loans for which a Revolving Lender submits Bid Rate Quotes (x) may be greater or less than the Revolving Commitment of such Revolving Lender but (y) shall not exceed the principal amount of the Bid Rate Borrowing for a particular
Interest Period for which offers were requested; provided further that any Bid Rate Quote shall be in a minimum amount of $1,000,000 and integral multiples of $500,000 in excess thereof; 

(C) in the case of an Absolute Rate Auction, the rate of interest per annum (rounded upwards, if necessary, to the nearest one-hundredth of one percent (0.01%)) offered for each such Absolute Rate Loan (the “Absolute Rate”); 

(D) in the case of a Eurodollar Auction, the margin above or below the applicable Eurodollar Rate (the “Eurodollar Margin”) offered
for each such Eurodollar Margin Loan, expressed as a percentage to be added to (or subtracted from) the applicable Eurodollar; and 
 (E) the
identity of the quoting Revolving Lender. 

  
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 Unless otherwise agreed by the Administrative Agent and the Borrower, no Bid Rate Quote shall contain
qualifying, conditional or similar language or propose terms other than or in addition to those set forth in the applicable Bid Rate Quote Request and, in particular, no Bid Rate Quote may be conditioned upon acceptance by the Borrower of all (or
some specified minimum) of the principal amount of the Bid Rate Loan for which such Bid Rate Quote is being made. 
 (d) Notification by
Administrative Agent. The Administrative Agent shall, as promptly as practicable after the Bid Rate Quotes are submitted (but in any event not later than 11:30 a.m. (Chicago time) (i) on the proposed date of borrowing, in the case of an
Absolute Rate Auction or (ii) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a Eurodollar Auction), notify the Borrower of the terms (A) of any Bid Rate Quote submitted by a Revolving
Lender that is in accordance with Section 2.25(c) and (B) of any Bid Rate Quote that amends, modifies or is otherwise inconsistent with a previous Bid Rate Quote submitted by such Revolving Lender with respect to the same Bid Rate Quote
Request. Any such subsequent Bid Rate Quote shall be disregarded by the Administrative Agent unless such subsequent Bid Rate Quote is submitted solely to correct a manifest error in such former Bid Rate Quote. The Administrative Agent’s notice
to the Borrower shall specify (x) the aggregate principal amount of the Bid Rate Borrowing for which offers have been received and (y) the principal amounts and Absolute Rates or Eurodollar Margins, as applicable, so offered by each
Revolving Lender (identifying the Revolving Lender that made such Bid Rate Quote). 
 (e) Acceptance by Borrower. 

(i) Not later than 12:30 p.m. (Chicago time) (A) on the proposed date of borrowing, in the case of an Absolute Rate
Auction and (B) on the date three (3) Business Days prior to the proposed date of borrowing, in the case of a Eurodollar Auction, the Borrower shall notify the Administrative Agent of its acceptance or nonacceptance of the Bid Rate Quotes
so notified to it pursuant to Section 2.25(d). which notice shall be in the form of Exhibit I-3. In the case of acceptance, such notice shall specify the aggregate principal amount of Bid Rate Quotes for
each Interest Period that are accepted. The failure of the Borrower to give such notice by such time shall constitute nonacceptance. The Borrower may accept any Bid Rate Quote in whole or in part; provided that: 

(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed the applicable amount set forth in the related Bid Rate Quote
Request; 
 (B) the aggregate principal amount of each Bid Rate Borrowing shall comply with the provisions of Section 2.25(b)(B) and
together with all other Bid Rate Loans then outstanding shall not cause the outstanding principal amount of all Bid Rate Loans, after giving effect to the application of the proceeds of the such Bid Rate Borrowing, to exceed the limit specified in
Section 2.25(a); 
 (C) acceptance of Bid Rate Quotes may be made only in ascending order of Absolute Rates or Eurodollar Margins, as
applicable, in each case beginning with the lowest rate so offered; 

  
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 (D) any acceptance in part by the Borrower shall be in a minimum amount of $1,000,000 and
integral multiples of $500,000 in excess thereof for the applicable Bid Rate Borrowing; and 
 (E) the Borrower may not accept any Bid Rate
Quote that fails to comply with Section 2.25(c) or otherwise fails to comply with the requirements of this Agreement. 

(ii) If Bid Rate Quotes are made by two or more Revolving Lenders with the same Absolute Rates or Eurodollar Margins, as
applicable, for a greater aggregate principal amount than the amount in respect of which Bid Rate Quotes are permitted to be accepted for the related Interest Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes
are accepted shall be allocated by the Administrative Agent among such Revolving Lenders in proportion to the aggregate principal amount of such Bid Rate Quotes. Determinations by the Administrative Agent of the amounts of Bid Rate Loans shall be
conclusive in the absence of manifest error. 
 (f) Obligation to Make Bid Rate Loans. The Administrative Agent shall promptly (and in
any event not later than (i) 1:30 p.m. (Chicago time) on the proposed date of borrowing of Absolute Rate Loans and (ii) on the date three (3) Business Days prior to the proposed date of borrowing of Eurodollar Margin Loans) notify each
Revolving Lender as to whose Bid Rate Quote has been accepted and the amount and rate thereof. A Revolving Lender who is notified that it has been selected to make a Bid Rate Loan may designate its Designated Lender (if any) to fund such Bid Rate
Loan on its behalf, as described in Section 12.1(b). Any Designated Lender which funds a Bid Rate Loan shall on and after the time of such funding become the obligee in respect of such Bid Rate Loan and be entitled to receive payment thereof
when due. No Revolving Lender shall be relieved of its obligation to fund a Bid Rate Loan, and no Designated Lender shall assume such obligation, prior to the time the applicable Bid Rate Loan is funded. Any Revolving Lender whose offer to make any
Bid Rate Loan has been accepted shall, not later than 2:30 p.m. (Chicago time) on the date specified for the making of such Loan, make the amount of such Loan available to the Administrative Agent at its Lending Installation in immediately available
funds, for the account of the Borrower. The amount so received by the Administrative Agent shall, subject to the terms and conditions of this Agreement, be made available to the Borrower not later than 3:30 p.m. (Chicago time) on such date by
depositing the same, in immediately available funds, in an account of the Borrower designated by the Borrower. 
 (g) No Effect on
Revolving Commitment. The amount of any Bid Rate Loan made by any Revolving Lender shall not constitute a utilization of such Revolving Lender’s Revolving Commitment. 

ARTICLE III 
 YIELD
PROTECTION; TAXES 
 3.1. Yield Protection. If, after the date of this Agreement, there occurs any Change in Law which: 

  
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 (a) subjects any Lender or any applicable Lending Installation, any LC Issuer, or the
Administrative Agent to any Taxes (other than with respect to Indemnified Taxes, Excluded Taxes, and Other Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or
capital attributable thereto, or 
 (b) imposes or increases or deems applicable any reserve, assessment, insurance charge, special deposit
or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender or any applicable Lending Installation or any LC Issuer (other than reserves and assessments taken into account in determining the
interest rate applicable to Eurodollar Advances), or 
 (c) imposes any other condition (other than Taxes) the result of which is to increase
the cost to any Lender or any applicable Lending Installation or any LC Issuer of making, funding or maintaining its Eurodollar Loans, or of issuing or participating in Facility LCs, or reduces any amount receivable by any Lender or any applicable
Lending Installation or any LC Issuer in connection with its Eurodollar Loans, Facility LCs or participations therein, or requires any Lender or any applicable Lending Installation or any LC Issuer to make any payment calculated by reference to the
amount of Eurodollar Loans, Facility LCs or participations therein held or interest or LC Fees received by it, by an amount deemed material by such Lender or the LC Issuer as the case may be, 

and the result of any of the foregoing is to increase the cost to such Person of making or maintaining its Loans or Commitment or of issuing or participating
in Facility LCs or to reduce the amount received by such Person in connection with such Loans or Commitment, Facility LCs or participations therein, then, within fifteen (15) days after demand by such Person, the Borrower shall pay such Person,
as the case may be, such additional amount or amounts as will compensate such Person for such increased cost or reduction in amount received. Failure or delay on the part of any such Person to demand compensation pursuant to this Section 3.1
shall not constitute a waiver of such Person’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Person pursuant to this Section 3.1 for any increased costs or reductions suffered
more than 180 days prior to the date that such Person notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Person’s intention to claim compensation therefor; provided further, that if
the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. 

3.2. Changes in Capital Adequacy Regulations. If a Lender or an LC Issuer determines that the amount of capital or liquidity required or
expected to be maintained by such Lender or such LC Issuer, any Lending Installation of such Lender or such LC Issuer, or any corporation or holding company controlling such Lender or such LC Issuer is increased as a result of (a) a Change in
Law or (b) any change on or after the date of this Agreement in the Risk-Based Capital Guidelines, then, within fifteen (15) days after demand by such Lender or such LC Issuer, the Borrower shall pay such Lender or such LC Issuer the
amount necessary to compensate for any shortfall in the rate of return on the portion of such increased capital or liquidity which such Lender or such LC Issuer determines is attributable to this Agreement, its Outstanding Credit Exposure or its
Commitment and issue or participate in Facility LCs, as the case may be, hereunder (after taking into account such Lender’s or such LC Issuer’s policies as to capital adequacy and liquidity), in each case that is attributable to such
Change in Law or 

  
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change in the Risk-Based Capital Guidelines, as applicable. Failure or delay on the part of such Lender or such LC Issuer to demand compensation pursuant to this Section 3.2 shall not
constitute a waiver of such Lender’s or such LC Issuer’s right to demand such compensation; provided that the Borrower shall not be required to compensate any Lender or any LC Issuer pursuant to this Section 3.2 for any
shortfall suffered more than 180 days prior to the date that such Lender or such LC Issuer notifies the Borrower of the Change in Law or change in the Risk-Based Capital Guidelines giving rise to such shortfall and of such Lender’s or such LC
Issuer’s intention to claim compensation therefor; provided further, that if the Change in Law or change in Risk-Based Capital Guidelines giving rise to such shortfall is retroactive, then the
180-day period referred to above shall be extended to include the period of retroactive effect thereof. 

3.3. Availability of Types of Advances; Adequacy of Interest Rate. 

(a) If the Administrative Agent, in consultation with the Lenders, determines that the interest rate applicable to Eurodollar Advances is not
ascertainable or the Required Lenders give the Administrative Agent notice that the interest rate applicable to Eurodollar Advances does not adequately and fairly reflect the cost of making or maintaining Eurodollar Advances by such Lender, then the
Administrative Agent shall give notice to the Borrower and the Lenders of such circumstance, and the Borrower’s right to request Eurodollar Advances shall be suspended and any affected Eurodollar Advances shall be converted to Base Rate
Advances at the end of the current Interest Period applicable thereto (if not repaid prior to the end of such Interest Period), until the Administrative Agent gives notice to the Borrower and the Lenders that such circumstance no longer exists. 

(b) Notwithstanding the foregoing, in the event the Administrative Agent determines (which determination shall be conclusive absent manifest
error) that (i) the circumstances set forth in Section 3.3(a) have arisen and such circumstances are unlikely to be temporary, (ii) ICE Benchmark Administration (or any Person that takes over the administration of such rate)
discontinues its administration and publication of interest settlement rates for deposits in Dollars, or (iii) the supervisor for the administrator of the interest settlement rate described in clause (ii) of this Section 3.3(b) or a
Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which such interest settlement rate shall no longer be used for determining interest rates for loans, then the
Administrative Agent and the Borrower shall seek to jointly agree upon an alternate reference rate to be used in clause (b) of the definition of the Eurodollar Base Rate that gives due consideration to the then prevailing market convention for
determining a rate of interest for syndicated loans in the United States at such time, and the Administrative Agent and the Borrower shall enter into an amendment to this Agreement to reflect such alternate reference rate and such other related
changes to this Agreement as may be applicable. Notwithstanding anything to the contrary in Section 8.3, such amendment shall become effective without any further action or consent of any Lender so long as the Administrative Agent shall not
have received, within five Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment. After either
(A) the Administrative Agent has made the determination described in clause (i) or (ii) of this Section 3.3(b) or (B) the specific date described in clause (iii) of this Section 3.3(b) has occurred and until an
alternate rate of interest shall be determined in accordance with this Section 3.3(b), (x) any request pursuant to Section 2.9 that requests the conversion of any Advance to, or continuation of any Advance as, a Eurodollar Advance shall be
ineffective and any such Advance shall be continued as or converted to, as the case may be, a Base Rate Advance, and (y) if any request pursuant to Section 2.8 requests a Eurocurrency Advance, such Advance shall be made as a Base Rate
Advance. 

  
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 3.4. Funding Indemnification. If (a) any payment of a Eurodollar Advance or a
Bid Rate Loan occurs on a date which is not the last day of the applicable Interest Period, whether because of acceleration, prepayment or otherwise, (b) a Eurodollar Advance is not made on the date specified by the Borrower for any reason
other than (i) default by the Lenders or (ii) a notice under Section 3.3, (c) a Eurodollar Loan is converted other than on the last day of the Interest Period applicable thereto, (d) the Borrower fails to borrow, convert,
continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto for any reason other than a notice under Section 3.3, or (e) any Eurodollar Loan is assigned other than on the last day of the Interest
Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.20, the Borrower will indemnify each Lender for such Lender’s reasonable and documented costs and expenses and Interest Differential (as determined by
such Lender) incurred as a result of such prepayment. The term “Interest Differential” shall mean that sum equal to the greater of zero or the financial loss incurred by the Lender resulting from prepayment, calculated as the difference
between the amount of interest such Lender would have earned (from the investments in money markets as of the Borrowing Date of such Advance) had prepayment not occurred and the interest such Lender will actually earn (from like investments in money
markets as of the date of prepayment) as a result of the redeployment of funds from the prepayment. Because of the short-term nature of this facility, Borrower agrees that Interest Differential shall not be discounted to its present value. 

The Borrower hereby acknowledges that the Borrower shall be required to pay Interest Differential with respect to any portion of the principal balance paid or
that becomes due before its scheduled due date, whether voluntarily, involuntarily, or otherwise, including, without limitation, any principal payment made following default, demand for payment, acceleration, collection proceedings, foreclosure,
sale or other disposition of collateral, bankruptcy or other insolvency proceedings, eminent domain, condemnation or otherwise. Such prepayment fee shall at all times be an Obligation as well as an undertaking by the Borrower to the Lenders whether
arising out of a voluntary or mandatory prepayment. 
 3.5. Taxes. 

(a) Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or
withholding for any Taxes, except as required by applicable law. If any applicable law requires the deduction or withholding of any Tax from any such payment by any Loan Party or the Administrative Agent, then the applicable Loan Party or the
Administrative 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 or
Other Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this
Section 3.5) the applicable Lender, the applicable LC Issuer or the Administrative Agent receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

  
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 (b) The Loan Parties shall timely pay to the relevant Governmental Authority in accordance
with applicable law or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 
 (c) The Loan
Parties shall indemnify each Lender, each LC Issuer or the Administrative Agent, within fifteen (15) days after demand therefor, for the full amount of any Indemnified Taxes and Other Taxes (including Indemnified Taxes and Other Taxes imposed
or asserted on or attributable to amounts payable under this Section 3.5) payable or paid by such Lender, such LC Issuer or the Administrative Agent or required to be withheld or deducted from a payment to such Lender, such LC Issuer or the
Administrative Agent and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes and Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as
to the amount of such payment or liability delivered to the Borrower by a Lender or an LC Issuer (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or an LC Issuer, shall be
conclusive absent manifest error. 
 (d) Each Lender and each LC Issuer shall severally indemnify the Administrative Agent, within fifteen
(15) days after demand therefor, for (i) any Indemnified Taxes and Other Taxes attributable to such Lender or such LC Issuer (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such
Indemnified Taxes and Other Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.2(c) relating to the maintenance of a
Participant Register, and (iii) any Excluded Taxes attributable to such Lender or such LC Issuer, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender or any LC Issuer
by the Administrative Agent shall be conclusive absent manifest error. Each Lender and each LC Issuer hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender or such LC Issuer under any
Loan Document or otherwise payable by the Administrative Agent to the Lender or such LC Issuer from any other source against any amount due to the Administrative Agent under this paragraph (d). 

(e) As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section 3.5, such
Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment
reasonably satisfactory to the Administrative Agent. 
 (f)(i) Any Lender or any LC Issuer that is entitled to an exemption from or reduction
of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and
executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, 

  
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any Lender or LC Issuer, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the
Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender or such LC Issuer 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 3.5(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the
applicable Lender’s or LC Issuer’s reasonable judgment such completion, execution or submission would subject such Lender or such LC Issuer to any material unreimbursed cost or expense or would materially prejudice the legal or commercial
position of such Lender or such LC Issuer. 
 (ii) Without limiting the generality of the foregoing, 

(A) any Lender and any LC Issuer that is a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the
Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender, or such LC Issuer becomes an LC Issuer, under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the
Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender or such LC Issuer is exempt from U.S. federal backup withholding Tax; 

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

(w) in the case of a Non-U.S. Lender claiming the benefits of an income Tax treaty to which the United
States is a party (1) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS 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 (2) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form 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; 
 (x) executed copies of IRS Form
W-8ECI; 
 (y) in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio
interest under Section 881(c) of the Code, (1) a certificate in form and substance reasonably satisfactory to the Borrower and the Administrative Agent to the effect that such Non-U.S. Lender is not
a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation”
described in Section 881(c)(3)(C) of the Code and (2) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E; or 

  
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 (z) to the extent a Non-U.S. Lender is not the
beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8IMY or IRS Form W-9, and/or other certification documents from each
beneficial owner, as applicable. 
 (C) any Non-U.S. Lender shall, to the extent it is legally
entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a Lender
or an LC Issuer under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the 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 the Borrower or the Administrative Agent to determine the withholding or deduction
required to be made; and 
 (D) if a payment made to a Lender or an LC Issuer under any Loan Document would be subject to U.S. federal
withholding Tax imposed by FATCA if such Lender or such LC Issuer were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender or
such LC Issuer shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable
law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply
with their obligations under FATCA and to determine that such Lender or such LC Issuer has complied with such Lender’s or such LC Issuer’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. 
 (iii) Each
Lender and each LC Issuer agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative
Agent in writing of its legal inability to do so. 
 (g) 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 3.5 (including by the payment of additional amounts pursuant to this Section 3.5), 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 3.5 with respect to the Taxes giving rise to such refund), net of all out-of-pocket
expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall
repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such
refund to such Governmental Authority. 

  
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Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph
(g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to
such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make
available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

(h) Each party’s obligations under this Section 3.5 shall survive the resignation or replacement of the Administrative Agent or any
assignment of rights by, or the replacement of, a Lender or an LC Issuer, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

(i) For purposes of this Section 3.5, the term “applicable law” includes FATCA. 

3.6. Selection of Lending Installation; Mitigation Obligations; Lender Statements; Survival of Indemnity. To the extent reasonably
possible, each Lender shall designate an alternate Lending Installation with respect to its Eurodollar Loans to reduce any liability of the Borrower to such Lender under Sections 3.1, 3.2 and 3.5 or to avoid the unavailability of Eurodollar Advances
under Section 3.3, so long as such designation is not, in the judgment of such Lender, disadvantageous to such Lender. Each Lender shall deliver a written statement of such Lender to the Borrower (with a copy to the Administrative Agent) as to
the amount due, if any, under Section 3.1, 3.2, 3.4 or 3.5. Such written statement shall set forth in reasonable detail the calculations upon which such Lender determined such amount and shall be final, conclusive and binding on the Borrower in
the absence of manifest error. Determination of amounts payable under such Sections in connection with a Eurodollar Loan shall be calculated as though each Lender funded its Eurodollar Loan through the purchase of a deposit of the type and maturity
corresponding to the deposit used as a reference in determining the Eurodollar Rate applicable to such Loan, whether in fact that is the case or not. Unless otherwise provided herein, the amount specified in the written statement of any Lender shall
be payable on demand after receipt by the Borrower of such written statement. The obligations of the Borrower under Sections 3.1, 3.2, 3.4 and 3.5 shall survive payment of the Obligations and termination of this Agreement. 

ARTICLE IV 

CONDITIONS PRECEDENT 

4.1. Initial Credit Extension. The Lenders shall not be required to make the initial Credit Extension hereunder unless each of the
following conditions is satisfied: 
 (a) The Administrative Agent shall have received executed counterparts of each of this Agreement and
the Guaranty. 

  
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 (b) The Administrative Agent shall have received a certificate, signed by an Authorized
Signatory of the Borrower, stating that on the date of the initial Credit Extension (i) no Default or Event of Default has occurred and is continuing, (ii) no Material Adverse Change has occurred, and (iii) the representations and
warranties contained in Article V are (A) with respect to any representations or warranties that contain a materiality qualifier, true and correct in all respects as of such date, except to the extent any such representation or warranty is
stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all respects on and as of such earlier date and (B) with respect to any representations or warranties that do not
contain a materiality qualifier, true and correct in all material respects as of such date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall
have been true and correct in all material respects on and as of such earlier date. 
 (c) The Administrative Agent shall have received a
written opinion of the Borrower’s counsel, in form and substance reasonably acceptable to the Administrative Agent, addressed to the Lenders. The Borrower’s counsel shall be reasonably acceptable to the Administrative Agent. 

(d) The Administrative Agent shall have received any Notes requested by a Lender pursuant to Section 2.13 payable to such requesting
Lender (or its registered assigns). 
 (e) The Administrative Agent shall have received such documents and certificates relating to the
organization, existence and good standing of the Borrower and each initial Guarantor, the authorization of the transactions contemplated hereby and any other legal matters relating to the Borrower and such Guarantors, the Loan Documents or the
transactions contemplated hereby, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel and as further described in the list of closing documents attached as Exhibit H. 

(f) If the initial Credit Extension will be the issuance of a Facility LC, the Administrative Agent shall have received a properly completed
Facility LC Application. 
 (g) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the
Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder.

 (h) There shall not have occurred a Material Adverse Change. 

(i) The Administrative Agent shall have received evidence of all governmental, equity holder and third party consents and approvals necessary
in connection with the contemplated financing and all applicable waiting periods, if any, shall have expired without any action being taken by any authority that would be reasonably likely to restrain, prevent or impose any material adverse
conditions on the REIT and its Subsidiaries, taken as a whole. 
 (j) No action, suit, investigation or proceeding is pending or, to the
knowledge of the REIT or the Borrower, threatened in any court or before any arbitrator or Governmental Authority that would reasonably be expected to result in a Material Adverse Effect or which seeks to prevent, enjoin or delay the making of any
Credit Extensions. 

  
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 (k) The Administrative Agent shall have received: (i) pro forma financial
statements giving effect to the initial Credit Extensions contemplated hereby, which demonstrate, in the Administrative Agent’s reasonable judgment, together with all other information then available to the Administrative Agent, that the
Borrower can repay its debts and satisfy its other obligations as and when they become due, together with a compliance certificate signed by an Authorized Signatory of the Borrower calculating (and showing compliance with) the financial covenants
set forth in Section 6.16 as of the Effective Date, (ii) such information as the Administrative Agent may reasonably request to confirm the tax, legal, and business assumptions made in such pro forma financial statements,
(iii) unaudited consolidated financial statements of the REIT and its Subsidiaries for the fiscal quarter ended September 30, 2018, and (iv) audited consolidated financial statements of the REIT and its Subsidiaries for the fiscal
years ended December 31, 2016 and December 31, 2017. 
 (l) The Administrative Agent shall have received evidence of current
insurance coverage in compliance with the terms of Sections 5.15 and 6.6. 
 (m) Upon the reasonable request of any Lender made at least ten
Business Days prior to the Effective Date, the Borrower must have provided to such Lender the documentation and other information so requested in connection with applicable “know your customer” and anti-money-laundering rules and
regulations, including the PATRIOT Act, in each case at least five Business Days prior to the Effective Date. 
 (n) The Administrative Agent
shall have received due diligence responses to its requests regarding the Eligible Properties, including a list of the Eligible Properties and the NOI attributable thereto. 

(o) At least five days prior to the Effective Date, if the Borrower qualifies as a “legal entity customer” under the Beneficial
Ownership Regulation, the Borrower shall deliver a Beneficial Ownership Certification in relation to Borrower to each applicable Lender that requests such Beneficial Ownership Certification. 

4.2. Each Credit Extension. The Lenders shall not be required to make any Credit Extension unless on the applicable Borrowing Date: 

(a) There exists no Default or Event of Default, nor would a Default or Event of Default result from such Credit Extension. 

(b) The representations and warranties contained in Article V are (i) with respect to any representations or warranties that contain a
materiality qualifier, true and correct in all respects as of such Borrowing Date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been
true and correct in all respects on and as of such earlier date and (ii) with respect to any representations or warranties that do not contain a materiality qualifier, true and correct in all material respects as of such Borrowing Date, except
to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier date. 

  
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 (c) There shall not have occurred a Material Adverse Change. 

Each Borrowing Notice or request for issuance of a Facility LC with respect to each such Credit Extension shall constitute a representation
and warranty by the Borrower that the conditions contained in Sections 4.2(a) and (b) have been satisfied. 
 ARTICLE V 

REPRESENTATIONS AND WARRANTIES 

The Borrower represents and warrants to the Lenders that: 

5.1. Existence and Standing. Each of the REIT and its Subsidiaries is a corporation, partnership (in the case of Subsidiaries only),
limited liability company, trust or voluntary association duly and properly incorporated, formed or established, as the case may be, validly existing and (to the extent such concept applies to such entity) in good standing under the laws of its
jurisdiction of incorporation, organization or establishment and has all requisite authority to conduct its business in each jurisdiction in which its business is conducted. 

5.2. Authorization and Validity. Each Loan Party has the power and authority and legal right to execute and deliver the Loan Documents
to which it is a party and to perform its obligations thereunder. The execution and delivery by each Loan Party of the Loan Documents to which it is a party and the performance of its obligations thereunder have been duly authorized by proper
organizational proceedings, and the Loan Documents to which each Loan Party is a party constitute legal, valid and binding obligations of such Loan Party enforceable against such Loan Party in accordance with their terms, except as enforceability
may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights. 
 5.3. No Conflict;
Government Consent. Neither the execution and delivery by any Loan Party of the Loan Documents to which it is a party, nor the consummation of the transactions therein contemplated, nor compliance with the provisions thereof will violate
(a) any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on the REIT or any of its Subsidiaries or (b) the REIT’s or any Loan Party’s articles or certificate of incorporation, partnership
agreement, certificate of partnership, articles or certificate of organization, by-laws, or operating or other management agreement, as the case may be, or (c) the provisions of any material indenture,
instrument or agreement to which the REIT or any of its Subsidiaries is a party or is subject, or by which it, or its Property, is bound, or conflict with or constitute a default thereunder, or result in, or require, the creation or imposition of
any Lien in, of or on the Property of the REIT or a Subsidiary pursuant to the terms of any such material indenture, instrument or agreement. No order, consent, adjudication, approval, license, authorization, or validation of, or filing, recording
or registration with, or exemption by, or other action in respect of any governmental or public body or authority, or any subdivision thereof, which has not been obtained by the REIT or any of its Subsidiaries, is required to be obtained by the REIT
or any of its Subsidiaries in connection with the execution and delivery of the Loan Documents, the borrowings under this Agreement, the performance by the REIT of any payment Obligations or the legality, validity, binding effect or enforceability
of any of the Loan Documents. 

  
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 5.4. Financial Statements. The December 31, 2017 audited consolidated financial
statements of the REIT and its Subsidiaries, and their unaudited financial statements dated as of September 30, 2018, heretofore delivered to the Lenders were prepared in accordance with GAAP as in effect on the date such statements were
prepared and fairly present in all material respects the consolidated financial condition and operations of the REIT and its Subsidiaries at such date and the consolidated results of their operations for the period then ended. 

5.5. Taxes. The REIT and its Subsidiaries have filed all United States federal and material state income Tax returns and all other
material Tax returns which are required to be filed by them and have paid all United States federal and material state income Taxes and all other material Taxes due from the REIT and its Subsidiaries, including, without limitation, pursuant to any
assessment received by the REIT or any of its Subsidiaries, except in each case for Taxes, if any, as are being contested in good faith and as to which adequate reserves have been provided in accordance with GAAP. No Tax Liens (other than Permitted
Liens) have been filed and no claims are being asserted with respect to any such Taxes. The charges, accruals and reserves on the books of the REIT and its Subsidiaries in respect of any Taxes or other governmental charges are adequate. 

5.6. Litigation and Contingent Obligations. There is no litigation, arbitration, governmental investigation, proceeding or inquiry
pending or, to the knowledge of any Authorized Officer, threatened against or affecting the REIT or any of its Subsidiaries which could reasonably be expected to have a Material Adverse Effect or which seeks to prevent, enjoin or delay the making of
any Credit Extensions. Other than any liability incident to any litigation, arbitration or proceeding which could not reasonably be expected to have a Material Adverse Effect, the REIT has no material Contingent Obligations not provided for or
disclosed in the most recent financial statements referred to in Section 5.4 or delivered pursuant to Section 6.1(a) or Section 6.1(b). 

5.7. Subsidiaries. Schedule 5.7 contains an accurate list of all Subsidiaries of the REIT as of the date of this Agreement, setting
forth their respective jurisdictions of organization and the percentage of their respective capital stock or other ownership interests owned by the REIT or other Subsidiaries. All of the issued and outstanding shares of capital stock or other
ownership interests of such Subsidiaries have been (to the extent such concepts are relevant with respect to such ownership interests) duly authorized and issued and are fully paid and non-assessable. 

5.8. ERISA. With respect to each Plan, the REIT and all ERISA Affiliates have paid all required minimum contributions and installments
on or before the due dates provided under Section 430(j) of the Code and could not reasonably be subject to a lien under Section 430(k) of the Code or Title IV of ERISA. Neither the REIT nor any ERISA Affiliate has filed, pursuant to
Section 412(c) of the Code or Section 302(c) of ERISA, an application for a waiver of the minimum funding standard. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events
for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The REIT is not an entity deemed to hold “plan assets” within the meaning of 29 C.F.R. §
2510.3-

  
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101, as modified by Section 3(42) of ERISA, of an employee benefit plan (as defined in Section 3(3) of ERISA) which is subject to Title I of ERISA or any plan (within the meaning of
Section 4975 of the Code) which is subject to Section 4975 of the Code. Neither the execution of this Agreement nor the making of Credit Extensions hereunder gives rise to a nonexempt prohibited transaction within the meaning of
Section 406 of ERISA or Section 4975 of the Code that could reasonably be expected to result in a Material Adverse Effect. The REIT is not subject to any law, rule or regulation which is substantially similar to the prohibited transaction
provisions of Section 406 of ERISA or Section 4975 of the Code. 
 5.9. Accuracy of Information. 

(a) The information, exhibits and reports furnished by the REIT or any of its Subsidiaries to the Administrative Agent or to any Lender in
connection with the negotiation of, or compliance with, the Loan Documents, taken as a whole, do not contain any material misstatement of fact or omitted to state a material fact or any fact necessary to make the statements contained therein not
misleading. 
 (b) As of the Effective Date, the information included in any Beneficial Ownership Certification delivered as of the Effective
Date is true and correct in all respects. 
 5.10. Regulation U. Margin stock (as defined in Regulation U) constitutes less than 25%
of the value of those assets of the REIT and its Subsidiaries which are subject to any limitation on sale, pledge, or other restriction hereunder. 

5.11. Compliance With Laws. Except as could not reasonably be expected to have a Material Adverse Effect, the REIT and its
Subsidiaries are in compliance with all applicable statutes, rules, regulations, orders and restrictions of any domestic or foreign government or any instrumentality or agency thereof having jurisdiction over the conduct of their respective
businesses or the ownership of their respective Property. 
 5.12. Ownership of Properties. Except as set forth in Schedule 5.12, on
the date of this Agreement, the REIT and its Subsidiaries will have good title (and, with respect to each Eligible Property, and other asset included in the Unencumbered Asset Value, or the Equity Interests of any Eligible Property Entity, free of
all Liens and Negative Pledges other than those permitted by Section 6.13) to all of the Property and assets reflected in the REIT’s most recent consolidated financial statements provided to the Administrative Agent as owned by the REIT
and its Subsidiaries. 
 5.13. Environmental Matters. Except as could not reasonably be expected to have a Material Adverse Effect,
the Property and operations of the REIT and its Subsidiaries are in compliance with applicable Environmental Laws and none of REIT or any of its Subsidiaries is subject to any liability under Environmental Laws. Neither the REIT nor any Subsidiary
has received any notice to the effect that its Property and/or operations are not in material compliance with any of the requirements of applicable Environmental Laws or are the subject of any federal or state investigation evaluating whether any
remedial action is needed to respond to a release of any Hazardous Material, which non-compliance or remedial action could reasonably be expected to have a Material Adverse Effect. 

  
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 5.14. Investment Company Act. Neither the REIT nor any Subsidiary is an
“investment company” or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended. 

5.15. Insurance. The REIT maintains, and has caused each Subsidiary to maintain, with financially sound and reputable insurance
companies insurance on all their Properties, liability insurance and environmental insurance in such amounts, subject to such deductibles and self-insurance retentions and covering such Properties and risks as is consistent with sound business
practice. 
 5.16. Solvency. 

(a) Immediately after the consummation of the transactions to occur on the Effective Date and immediately following the making of each Credit
Extension, if any, made on the Effective Date and after giving effect to the application of the proceeds of such Credit Extensions, (i) the fair value of the assets of the REIT and its Subsidiaries on a consolidated basis, at a fair valuation,
will exceed the debts and liabilities, subordinated, contingent or otherwise, of the REIT and its Subsidiaries on a consolidated basis; (ii) the present fair saleable value of the assets of the REIT and its Subsidiaries on a consolidated basis
will be greater than the amount that will be required to pay the probable liability of the REIT and its Subsidiaries on a consolidated basis on their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other
liabilities become absolute and matured; (iii) the REIT and its Subsidiaries on a consolidated basis will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and
matured; and (iv) the REIT and its Subsidiaries on a consolidated basis will not have unreasonably small capital with which to conduct the businesses in which they are engaged as such businesses are now conducted and are proposed to be
conducted after the Effective Date. 
 (b) The REIT does not intend to, or to permit any of its Subsidiaries to, and does not believe that it
or any of its Subsidiaries will, incur debts beyond its ability to pay such debts as they mature, taking into account the timing of and amounts of cash to be received by it or any such Subsidiary and the timing of the amounts of cash to be payable
on or in respect of its Indebtedness or the Indebtedness of any such Subsidiary. 
 5.17. Anti-Corruption and AML Laws; Sanctions;
Anti-Terrorism Laws. 
 (a) The REIT, its Subsidiaries and their respective officers and employees and to the knowledge of the REIT, its
directors and agents, are in compliance in all material respects with Anti-Corruption and AML Laws and applicable Sanctions. None of the REIT, any Subsidiary or to the knowledge of the REIT or such Subsidiary any of their respective directors,
officers or employees, is a Sanctioned Person. The use of the proceeds of any Loan or Facility LC or other transactions contemplated hereby will not violate Anti-Corruption and AML Laws or applicable Sanctions. 

(b) Neither the making of the Loans hereunder nor the use of the proceeds thereof will violate the PATRIOT Act, the Trading with the Enemy Act,
as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or successor statute
thereto. The REIT and its Subsidiaries are in compliance in all material respects with the PATRIOT Act. 

  
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 5.18. EEA Financial Institution. No Loan Party is an EEA Financial
Institution. 
 ARTICLE VI 

COVENANTS 
 During
the term of this Agreement, unless the Required Lenders shall otherwise consent in writing: 
 6.1. Financial Reporting. The REIT will
maintain, for itself and each Subsidiary, a system of accounting established and administered in accordance with GAAP, and furnish to the Administrative Agent and the Lenders (or, in the case of clause (c), to the Administrative Agent, and the
Administrative Agent shall promptly furnish to the Lenders): 
 (a) Within 90 days after the close of each of its fiscal years, commencing
with the fiscal year ending December 31, 2018, an audit report, with no going concern or like qualification, exception or modifier and no scope of audit qualification or exception, certified by Ernst & Young LLP or another independent
certified public accountants reasonably acceptable to the Required Lenders, prepared in accordance with GAAP on a consolidated basis for itself and its consolidated Subsidiaries, including balance sheets as of the end of such period, related income
statements, and a statement of cash flows, accompanied by any management letter prepared by said accountants and delivered to the REIT. 

(b) Within 45 days after the close of the first three (3) quarterly periods of each of its fiscal years for itself and its Subsidiaries,
consolidated unaudited balance sheets as at the close of each such period and income statements and a statement of cash flows for the period from the beginning of such fiscal year to the end of such quarter, all certified by an Authorized Signatory
of the Borrower. 
 (c) Together with the financial statements required under Sections 6.1(a) and (b), a compliance certificate in
substantially the form of Exhibit B signed by an Authorized Signatory of the Borrower (i) showing sufficient detail for the independent calculation of the financial covenants set forth in Section 6.16 and showing any other calculations
necessary to determine compliance with this Agreement, (ii) stating that no Default or Event of Default exists, or if any Default or Event of Default exists, stating the nature and status thereof, (iii) including a list of all
(A) Eligible Properties (and the NOI attributable to each such Eligible Property), Development Properties and Lease Up Properties as of the last day of the reporting period for such compliance certificate and (B) Guarantors added or
released since the date of the prior compliance certificate, (iv) setting forth any material change in the application of GAAP by, any accounting policies of, or financial reporting practices by, the REIT and its Subsidiaries during such
reporting period, in each case, which impacts the calculation of the covenants set forth in Section 6.16, (v) including a list of all Subsidiaries as of the end of the applicable reporting period, and (vi) in the case of compliance
certificates delivered for the fiscal quarter ending December 31, 2018, pro forma financial statements for such period giving effect to the credit facility hereunder and the application of proceeds thereof as of the Effective Date. 

  
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 (d) Promptly upon the furnishing thereof to the shareholders of the REIT, copies of all
financial statements, reports and proxy statements so furnished. 
 (e) Promptly upon the filing thereof, copies of all registration
statements and annual, quarterly, monthly or other regular reports which the REIT or any of its Subsidiaries files with the U.S. Securities and Exchange Commission. 

(f) As soon as available, but in any event no later than ninety (90) days after the beginning of each fiscal year of the REIT, either an
annual budget or a proforma covenant forecast for the REIT and its Subsidiaries for such fiscal year. 
 (g) On or promptly after any time at
which the Borrower or any Subsidiary becomes subject to the Beneficial Ownership Regulation, if requested by any Lender, a completed Beneficial Ownership Certification in form and substance reasonably acceptable to the Administrative Agent and a
representation and warranty to the Lenders that the information included in such Beneficial Ownership Certification is true and correct in all respects as of the date of its delivery. 

(h) Such other business or financial information (including environmental reports) maintained on the REIT, the Borrower, any Eligible Property
Entity, any Eligible Property, or in respect of the calculation of covenants set forth in Section 6.16 and supporting information reasonably relating to such calculations, in each case, as the Administrative Agent or any Lender may from time to
time reasonably request. 
 Any financial statement or other deliverable required to be furnished pursuant to Section 6.1(a), (b), (d),
(e) or (h) shall be deemed to have been furnished on the date on which the REIT has filed such financial statement or other deliverable with the U.S. Securities and Exchange Commission and is available on the EDGAR website on the Internet at
www.sec.gov or any successor government website that is freely and readily available to the Administrative Agent and the Lenders without charge; provided that the Borrower shall give notice of any such filing to the Administrative Agent (who
shall then give notice of any such filing to the Lenders). Notwithstanding the foregoing, the Borrower shall deliver paper or electronic copies of any such financial statement or other deliverable to the Administrative Agent if the Administrative
Agent requests the Borrower to furnish (or cause to be furnished) such paper or electronic copies until written notice to cease delivering such paper or electronic copies is given by the Administrative Agent. 

6.2. Use of Proceeds. The REIT and the Borrower will, and will cause each Subsidiary to, use the proceeds of the Credit Extensions for
general corporate purposes (including, among others, to refinance certain existing Indebtedness from time to time). Neither the REIT nor the Borrower will, nor will it permit any Subsidiary to, use any of the proceeds of the Advances to purchase or
carry any “margin stock” (as defined in Regulation U). The Borrower will not request any Loan or Facility LC, and the Borrower shall not use, and the Borrower shall ensure that the REIT and its Subsidiaries and its or their respective
directors, officers, employees and agents shall not use, the proceeds of any Loan or Facility LC (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 and AML Laws or (b) in any manner that would result in the violation of any applicable Sanctions. 

  
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 6.3. Notice of Material Events. The Borrower will give notice in writing to
the Administrative Agent (and the Administrative Agent shall promptly notify the Lenders thereof) promptly and in any event within three (3) Business Days after an Authorized Officer obtains knowledge thereof, of the occurrence of any of the
following: 
 (a) any Default or Event of Default; 

(b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority (including pursuant to
any applicable Environmental Laws) against or affecting the REIT or any Affiliate thereof that could reasonably be expected to result in a Material Adverse Effect or which seeks to prevent, enjoin or delay the making of any Credit Extensions; 

(c) with respect to a Plan, (i) any failure to pay all required minimum contributions and installments on or before the due dates provided
under Section 430(j) of the Code or (ii) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA, of an application for a waiver of the minimum funding standard; 

(d) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, would reasonably be expected to
result in a Material Adverse Effect; 
 (e) from and after an Investment Grade Election, any change in the REIT’s debt ratings from a
nationally recognized ratings agency; 
 (f) any change in the information provided in any Beneficial Ownership Certification that would
result in a change to the list of beneficial owners identified in parts (c) or (d) of such certification; and 
 (g) any other
development, financial or otherwise, which would reasonably be expected to have a Material Adverse Effect. 
 Each notice delivered under
this Section 6.3 shall be accompanied by a statement of an Authorized Signatory of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

6.4. Conduct of Business. The REIT and the Borrower will, and will cause each Subsidiary to: 

(a) Carry on and conduct its business in primarily the same manner and in primarily the same fields of enterprise as it is presently conducted
and reasonable extensions thereof; and 

  
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 (b) Do all things necessary to (i) remain duly incorporated or organized, validly
existing and (ii) (to the extent such concept applies to such entity) in good standing as a domestic corporation, partnership or limited liability company in its jurisdiction of incorporation or organization, as the case may be, and maintain all
requisite authority to conduct its business in each jurisdiction in which its business is conducted. 
 6.5. Taxes. The REIT and the
Borrower will, and will cause each Subsidiary to, timely file complete and correct United States federal and applicable foreign, state and local tax returns required by law and pay when due all taxes, assessments and governmental charges and levies
upon it or its income, profits or Property, except those (a) which are being contested in good faith by appropriate proceedings, with respect to which adequate reserves have been set aside in accordance with GAAP or (b) which could not
reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 
 6.6. Insurance. The REIT and the
Borrower will, and will cause each Subsidiary to, maintain with financially sound and reputable insurance companies insurance on all their Property and other assets, liability insurance and other insurance in such amounts, subject to such
deductibles and self-insurance retentions and covering such Property and other assets and risks as is consistent with sound business practice, and the Borrower will furnish to the Administrative Agent upon reasonable request an insurance certificate
together with such other information reasonably acceptable to the Administrative Agent setting forth the insurance carried. 
 6.7.
Compliance with Laws. The REIT and the Borrower will, and will cause each Subsidiary to, comply with all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject including, without
limitation, all Environmental Laws, Anti-Corruption and AML Laws and applicable Sanctions, except noncompliance which could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. The REIT and the Borrower
will maintain in effect and enforce policies and procedures designed to ensure compliance by the REIT, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption and AML Laws and applicable Sanctions. 

6.8. Maintenance of Properties. The REIT and the Borrower (i) will, and will cause each Subsidiary to, do all things necessary to
maintain, preserve, protect and keep the Eligible Properties owned by it in good repair, working order and condition in all material respects, ordinary wear and tear excepted, and make all necessary and proper repairs, renewals and replacements so
that its business carried on in connection therewith may be properly conducted at all times and (ii) will, and will cause the Subsidiaries to, do all things necessary to maintain, preserve, protect and keep their Properties, in the aggregate,
in good repair, working order and condition, ordinary wear and tear excepted, and, in the aggregate, make all necessary and proper repairs, renewals and replacements so that its business carried on in connection therewith may be properly conducted
at all times. 
 6.9. Books and Records; Inspection. The REIT and the Borrower will, and will cause each of its Subsidiaries to, keep
proper books of record and account in which entries (which entries shall be full, true and correct in all material respects) are made of all dealings and transactions in relation to its business and activities. The REIT and the Borrower will, and
will cause each Subsidiary to, permit the Administrative Agent and simultaneously with the Administrative Agent, any Lender, by their respective representatives and agents, at the Borrower’s expense, to inspect any of the Property, books and
financial records of the REIT and each Subsidiary, to examine and make copies of the books of accounts and other financial 

  
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records of the REIT and each Subsidiary, and to discuss the affairs, finances and accounts of the REIT and each Subsidiary with, and to be advised as to the same by, their respective officers at
such reasonable times and intervals as the Administrative Agent or any Lender may designate; provided that (a) unless an Event of Default has occurred and is continuing, no more than one such inspection or examination shall occur in any
calendar year, and (b) the Borrower shall not be required to pay the expenses of any inspection or examination by any Lender. 
 6.10.
Indebtedness. The REIT and the Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary to, incur, assume, or otherwise become obligated in respect of any Indebtedness after the Effective Date if immediately prior
to the assumption, incurring or becoming obligated in respect thereof, or immediately thereafter and after giving effect thereto, a Default or Event of Default is or would be in existence, including without limitation, a Default or Event of Default
resulting from a violation of any of the covenants contained in Section 6.16. 
 6.11. Merger, Consolidation, Sales of Assets
and Divisions. 
 The REIT and the Borrower shall not, and shall not permit any other Loan Party or any other Subsidiary
to: (a) enter into any transaction of merger or consolidation; (b) liquidate, windup or dissolve itself (or suffer any liquidation or dissolution); or (c) Dispose of, in one transaction or a series of transactions, all or any part of
its business or assets, or the capital stock of or other Equity Interests in any of its Subsidiaries, whether now owned or hereafter acquired; provided, however, that: 

(i) any Subsidiary may merge with a Loan Party so long as such Loan Party is the survivor; 

(ii) any Subsidiary may sell, transfer or dispose of its assets to a Loan Party; 

(iii) any of the actions described in the immediately preceding clauses (a) through (c) may be taken with respect to any
Subsidiary or any other Loan Party (other than the REIT and the Borrower) so long as immediately prior to the taking of such action, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or would be in
existence, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in Section 6.16; 

(iv) the REIT, the Borrower, the other Loan Parties and the other Subsidiaries may lease and sublease their respective assets,
as lessor or sublessor (as the case may be), in the ordinary course of their business; and 
 (i) a Person may merge with and
into the REIT or the Borrower so long as (A) the REIT or the Borrower is the survivor of such merger, (B) immediately prior to such merger, and immediately thereafter and after giving effect thereto, no Default or Event of Default is or
would be in existence and (C) the Borrower shall have given the Administrative Agent and the Lenders at least 10 Business Days’ prior written notice of such merger, such notice to include a certification as to the matters described in the
immediately preceding clause (B) (except that such prior notice shall not be required in the case of the merger of a Subsidiary with and into the Borrower or a Subsidiary (other than the Borrower) with and into the REIT). 

  
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 6.12. Investments. The Borrower will not, nor will it permit any Subsidiary to, make
or suffer to exist any Investments (including without limitation, any Acquisition, and loans and advances to, and other Investments in, Subsidiaries), or commitments therefor, or to create any Subsidiary or to become or remain a partner in any
partnership or joint venture, except: 
 (a) Investments in cash and Cash Equivalents; 

(b) existing Investments in Subsidiaries and other Investments in existence on the date hereof and described in Schedule 6.12; 

(c) Investments constituting Derivatives Contracts, if any, in each case, that are non-speculative in
nature; 
 (d) Investments constituting Customer Advances; and 

(e) any other Investment so long as (i) at the time of entering into the obligation to make such Investment, no Default or Event of
Default shall be in existence or could reasonably be expected to arise or result therefrom after giving effect to such Investment, and (ii) at the time of, and immediately thereafter and after giving effect to, the making of such Investment,
(A) no Event of Default specified in Sections 7.2, 7.6 or 7.7 shall have occurred and be continuing, nor, as a result of the occurrence of any other Event of Default, have the Obligations been accelerated pursuant to Section 8.1, and
(B) the Borrower shall be in compliance with the covenants contained in Section 6.16. 
 6.13. Liens on Eligible
Properties. The Borrower will not, nor will it permit any Subsidiary to, create, incur, or suffer to exist any Lien or Negative Pledge (other than Liens of the type described in clauses (a) through (f) and clause (i) of the definition
of Permitted Liens) in, of or on any Eligible Property, any other asset included in the Unencumbered Asset Value, or the Equity Interests of any Eligible Property Entity. 

6.14. Affiliates. Neither the REIT nor the Borrower will, and will not permit any Subsidiary to, enter into any transaction (including,
without limitation, the purchase or sale of any Property or service) with, or make any payment or transfer to, any Affiliate except (a) upon fair and reasonable terms no less favorable to the REIT or such Subsidiary than the REIT or such
Subsidiary would obtain in a comparable arms-length transaction; and (b) transactions between and among the REIT and its Wholly-Owned Subsidiaries. 

6.15. Restricted Payments. The REIT and the Borrower shall not, and shall not permit any of their Subsidiaries to, declare or make any
Restricted Payment so long as any Default or Event of Default exists or would result therefrom. Notwithstanding the foregoing, unless a Default or Event of Default specified in Sections 7.2, 7.6 or 7.7 shall have occurred and be continuing, or if as
a result of the occurrence of any other Event of Default the Obligations have been accelerated pursuant to Section 8.1, the Borrower and its Subsidiaries and any other 

  
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Subsidiary of the REIT may pay dividends and distributions to the REIT and other holders of partnership interests in the Borrower with respect to any fiscal year ending during the term of this
Agreement to the extent necessary for the REIT to distribute, and the REIT may so distribute, dividends and distributions to its shareholders in an aggregate amount not to exceed the amount required to be distributed for the REIT (a) to remain
in compliance with Section 6.19 and (b) avoid the payment of U.S. federal or state income or excise tax. Subsidiaries other than the Borrower may, at any time, make Restricted Payments (i) to the Borrower and the other Subsidiaries
that are Guarantors or (ii) to Subsidiaries that are not Guarantors if such Restricted Payments are made by Subsidiaries that are not Guarantors. 

6.16. Financial Covenants. For purposes of determining compliance with the following financial covenants, (i) only the REIT’s
Ownership Share of the financial attributes of a non-Wholly Owned Subsidiary shall be considered and (ii) each such covenant shall be calculated on a consolidated basis for the REIT, the Borrower, and the
Subsidiaries. 
 (a) Maximum Consolidated Leverage Ratio. The REIT and the Borrower will not permit the Consolidated Leverage Ratio to
be greater than 0.60 to 1.00 at any time; provided that, at the Borrower’s election upon delivery of written notice to the Administrative Agent, prior to the delivery of a compliance certificate for any applicable four-quarter period
pursuant to Section 6.1(c) during which the Borrower completes a Material Acquisition and, at the Borrower’s election, for the subsequent consecutive fiscal quarter, and provided that, at the time of completion of such Material
Acquisition, no Default or Event of Default has occurred and is continuing (other than as a result of the Consolidated Leverage Ratio to be greater than 0.60 to 1.00 but less than or equal to 0.65 to 1.00) such Consolidated Leverage Ratio shall not
be greater than 0.65 to 1.00 at any time; provided further that any such temporary increase to the maximum Consolidated Leverage Ratio shall not be available (i) for more than four fiscal quarters in total (whether or not consecutive)
during the term of this Agreement, or (ii) for more than two consecutive fiscal quarters. 
 (b) Minimum Fixed Charge Coverage
Ratio. The REIT and the Borrower will not permit the ratio, determined as of the end of each of the REIT’s fiscal quarters for the then most-recently ended four (4) fiscal quarters, of (i) Adjusted EBITDA to (ii) Fixed
Charges to be less than 1.50 to 1.00. 
 (c) Maximum Secured Indebtedness. The REIT and the Borrower will not permit the ratio of
Secured Indebtedness to Total Asset Value to be greater than 0.40 to 1.00 at any time. 
 (d) Maximum Unencumbered Leverage Ratio. The
REIT and the Borrower will not permit the Unencumbered Leverage Ratio to be greater than 0.60 to 1.00 at any time; provided that, at the Borrower’s election upon delivery of written notice to the Administrative Agent, prior to the delivery of a
compliance certificate for any applicable four-quarter period pursuant to Section 6.1(c) during which the Borrower completes a Material Acquisition and, at the Borrower’s election, for the subsequent consecutive fiscal quarter, and
provided that, at the time of completion of such Material Acquisition, no Default or Event of Default has occurred and is continuing (other than as a result of the Unencumbered Leverage Ratio to be greater than 0.60 to 1.00 but less than or equal to
0.65 to 1.00) such Unencumbered Leverage Ratio shall not be greater than 0.65 to 1.00 at any time; provided further that any such temporary increase to the maximum Unencumbered Leverage Ratio shall not be available (i) for more than four fiscal
quarters in total (whether or not consecutive) during the term of this Agreement, or (ii) for more than two consecutive fiscal quarters. 

  
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 6.17. Guarantors. 

(a) If during any fiscal quarter, by way of Division or otherwise, (i) a Subsidiary that should be a Parent Guarantor is organized or
acquired, (ii) a Subsidiary that is not already a Guarantor and is not an Excluded Subsidiary becomes a borrower or a guarantor of, or otherwise becomes obligated to make any payment in respect of, any Unsecured Indebtedness, or
(iii) prior to the Investment Grade Election, a Subsidiary, including any Division Successor, that is not already a Guarantor (A) obtains an ownership interest in any Eligible Property, (B) generates any Unencumbered Management Fee
EBITDA, (C) is not an Excluded Subsidiary and becomes a Material Subsidiary, or (D) is not a Parent Guarantor and becomes an owner, directly or indirectly, of any Equity Interests in any Captive Insurance Subsidiary or in any Subsidiary
that is a Guarantor or is otherwise described in this clause (iii), then not later than the date of the delivery of the financial statements required to be delivered pursuant to Sections 6.1(a) or (b), as applicable, with respect to such fiscal
quarter (or, to the extent that as of such initial required delivery date, any such Subsidiary or its assets are the subject of Joint Venture Negotiations, not later than the date of the delivery of the financial statements required to be delivered
pursuant to Sections 6.1(a) or (b), as applicable, with respect to the immediately succeeding fiscal quarter), the Borrower shall provide the Administrative Agent with written notice thereof and shall cause each such Subsidiary to deliver to the
Administrative Agent a joinder to the Guaranty (in the form contemplated thereby) pursuant to which such Subsidiary agrees to be bound by the terms and provisions thereof, such Guaranty joinders to be accompanied by an updated Schedule 5.7 hereto
designating such Subsidiary as such and the appropriate corporate, limited liability company, limited partnership or equivalent resolutions and other associated documentation and legal opinions that would have been delivered under Sections 4.1(c)
and (e) if such Subsidiary had been a Subsidiary on the Effective Date, in each case in form and substance reasonably satisfactory to the Administrative Agent and its counsel, and such other documentation as the Administrative Agent may
reasonably request. 
 (b) The Borrower may request in writing that the Administrative Agent release a Guarantor, other than any Parent
Guarantor, from the Guaranty so long as: (i) such Guarantor either (1) owns no Eligible Property, nor any direct or indirect equity interest in any Subsidiary that owns an Eligible Property or (2) has ceased to be a Subsidiary of the
REIT pursuant to a transaction otherwise not prohibited pursuant to the Loan Documents or has become an Excluded Subsidiary; (ii) such Guarantor is not otherwise required to be a party to the Guaranty under the immediately preceding subsection
(a); (iii) no Default or Event of Default shall then be in existence or would occur as a result of such release, including without limitation, a Default or Event of Default resulting from a violation of any of the covenants contained in
Section 6.16; (iv) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except in the case of
a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of such release with the same force and effect as if made on and as of such date
except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a
representation or warranty qualified by 

  
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materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically
and expressly permitted under the Loan Documents; and (v) the Administrative Agent shall have received such written request (which such request shall include a certificate of an Authorized Signatory of the Borrower certifying the matters
referred to in the immediately preceding clauses (i) through (iv)) at least 10 Business Days (or such shorter period as may be acceptable to the Administrative Agent) prior to the requested date of release. Delivery by the Borrower to the
Administrative Agent of any such request shall constitute a representation by the 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. Upon satisfaction of the conditions set forth above, the applicable Guarantor shall be automatically released on the requested release date without any other notice to or from the
Administrative Agent or any Lender. 
 (c) If the Investment Grade Election is made, the Administrative Agent shall promptly release all of
the Guarantors described in clauses (d) and (e) of the definition of “Guarantor” from their obligations under the Guaranty (the “Investment Grade Release”), subject to satisfaction of the following conditions: 

(i) the Borrower shall have delivered to the Administrative Agent, on or prior to the date that is five (5) Business Days
(or such shorter period of time as agreed to by the Administrative Agent) before the date on which the Investment Grade Release is to be effected, written notice that it is requesting the Investment Grade Release, which notice shall identify the
Subsidiary to be released and the proposed effective date for the Investment Grade Release; and 
 (ii) On the date the
Investment Grade Release is to become effective, the Administrative Agent shall have received a certificate signed by an Authorized Signatory of the Borrower, certifying that: 

(A) the Investment Grade Election have been made; 

(B) no Guarantor to be released is a borrower or guarantor of, or otherwise has a payment obligation in respect of, any
Unsecured Indebtedness; and 
 (C) at the time of the delivery of notice requesting such release, on the proposed effective
date of the Investment Grade Release and immediately before and immediately after giving effect to the Investment Grade Release, (x) no Default or Event of Default has occurred and is continuing or would result therefrom and (y) (1) no
Default or Event of Default has occurred and is continuing and (2) the representations and warranties contained in Article V are (I) with respect to any representations or warranties that contain a materiality qualifier, true and
correct in all respects as of such date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all respects on and as
of such earlier date and (II) with respect to 

  
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any representations or warranties that do not contain a materiality qualifier, true and correct in all material respects as of such date, except to the extent any such representation or warranty
is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier date. 

(d) Upon the release of any Person pursuant to this Section 6.17, the Administrative Agent shall (to the extent applicable) deliver to the
Loan Parties, upon the Loan Parties’ request and at the Loan Parties’ expense, such documentation as is reasonably requested by the Borrower (and reasonably satisfactory to the Administrative Agent) or is necessary to evidence the release
of such Person from its obligations under the Loan Documents. 
 6.18. PATRIOT Act Compliance; Etc.. The REIT and the Borrower
shall, and shall cause each Subsidiary to, provide such information (including each Subsidiary’s name, address, and tax identification number) and take such actions as are reasonably requested by the Administrative Agent or any Lender in order
to assist the Administrative Agent and the Lenders in maintaining compliance with “know your customer” and anti-money laundering rules and regulations including, without limitation, the PATRIOT Act. 

6.19. Maintenance of REIT Status; Exchange Listing. The REIT shall maintain its status as, and election to be treated as, a “real
estate investment trust” under the Code. The REIT shall maintain at least one class of common shares of the REIT having trading privileges on the New York Stock Exchange or NYSE Amex Equities or which is subject to price quotations on The
NASDAQ Stock Market’s National Market System. 
 ARTICLE VII 

DEFAULTS 
 The
occurrence of any one or more of the following events shall constitute an Event of Default (each, an “Event of Default”): 
 7.1.
Any representation or warranty made or deemed made by or on behalf of the REIT or any of its Subsidiaries to the Lenders or the Administrative Agent under or in connection with this Agreement, any Credit Extension, or any certificate or information
delivered in connection with this Agreement or any other Loan Document shall be materially false on the date made or confirmed. 
 7.2.
Nonpayment of (a) principal of any Loan or any Reimbursement Obligation when due or (b) any interest upon any Loan, any Facility Fee or LC Fee, or any other obligation under any of the Loan Documents within three (3) Business Days
after the same becomes due. 
 7.3. (a) The breach by the REIT or any of its Subsidiaries of any of the terms or provisions of
Section 6.2, 6.3(a), 6.4(b)(i) (solely with respect to the REIT, any other Parent Guarantor or the Borrower), 6.10, 6.11, 6.12, 6.13, 6.14, 6.15, 6.16, 6.17, 6.18 or 6.19; or (b) the breach by the REIT or any of its Subsidiaries of
Section 6.4(b)(i) (solely with respect to any Loan Party (other than the REIT, any other Parent Guarantor or the Borrower)) or any of the terms or provisions of Section 6.1 which is not remedied within ten (10) Business Days after the
earlier of (i) any Authorized Officer becoming aware of any such breach and (ii) the Administrative Agent notifying the Borrower of any such breach. 

  
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 7.4. The breach by the REIT or any of its Subsidiaries (other than a breach which
constitutes an Event of Default under another Section of this Article VII) of any of the terms or provisions of this Agreement or any other Loan Document which is not remedied within thirty (30) days after the earlier of (a) any Authorized
Officer becoming aware of any such breach and (b) the Administrative Agent notifying the Borrower of any such breach. 
 7.5. (a)
Failure of the REIT or any of its Subsidiaries to pay when due (after giving effect to all grace periods) any payment (whether of principal, interest or any other amount) in respect of any Material Indebtedness, (b) the default by the REIT or
any of its Subsidiaries in the performance (beyond the applicable grace period with respect thereto, if any) of any term, provision or condition contained in any Material Indebtedness Agreement, or any other event shall occur or condition exist, the
effect of which default, event or condition under this clause (b) is to cause, or to permit the holder(s) of such Material Indebtedness or the lender(s) under any Material Indebtedness Agreement to cause, any portion of such Material
Indebtedness to become due prior to its stated maturity or any commitment to lend under any Material Indebtedness Agreement to be terminated prior to its stated expiration date, or (c) any portion of Material Indebtedness of the REIT or any of
its Subsidiaries shall be declared to be due and payable or required to be prepaid or repurchased (other than by a regularly scheduled payment) prior to the stated maturity thereof. 

7.6. The REIT, the Borrower, any Eligible Property Entity or any Material Subsidiary shall (a) have an order for relief entered with
respect to it under the Federal bankruptcy laws as now or hereafter in effect, (b) make an assignment for the benefit of creditors, (c) apply for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee,
examiner, liquidator or similar official for it or any Substantial Portion of its Properties, (d) institute any proceeding seeking an order for relief under the Federal bankruptcy laws as now or hereafter in effect or seeking to adjudicate it a
bankrupt or insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file
an answer or other pleading denying the material allegations of any such proceeding filed against it, (e) take any formal corporate, limited liability company or partnership action to authorize or effect any of the foregoing actions set forth
in this Section 7.6, (f) fail to contest in good faith any appointment or proceeding described in Section 7.7; or (g) admit in writing its inability to pay, its debts generally as they become due. 

7.7. Without the application, approval or consent of the REIT, the Borrower, any Eligible Property Entity or any Material Subsidiary, a
receiver, trustee, examiner, liquidator or similar official shall be appointed for the REIT, the Borrower, any Eligible Property Entity or any Material Subsidiary or any Substantial Portion of its Properties, or a proceeding described in
Section 7.6(d) shall be instituted against the REIT, the Borrower, any Eligible Property Entity or any Material Subsidiary and such appointment continues undischarged or such proceeding continues undismissed or unstayed for a period of sixty
(60) consecutive days. 

  
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 7.8. Any court, government or governmental agency shall condemn, seize or otherwise
appropriate, or take custody or control of, all or any portion of the Property of the REIT or any of its Subsidiaries which, when taken together with all other Property of the REIT, the Borrower and the REIT’s Subsidiaries so condemned, seized,
appropriated, or taken custody or control of, during the twelve-month period ending with the month in which any such action occurs, constitutes a Substantial Portion. 

7.9. One or more (a) judgments or orders for the payment of money in excess of $100,000,000 (or the equivalent thereof in currencies other
than Dollars) in the aggregate, or (b) nonmonetary judgments or orders which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, which judgment(s), in any such case, shall remain unstayed,
undischarged, undismissed, unvacated or unsatisfied for a period of thirty (30) consecutive days. 
 7.10. (a) With respect to a Plan,
the REIT, the Borrower or an ERISA Affiliate is subject to a lien in excess of $100,000,000 pursuant to Section 430(k) of the Code or Section 302(c) of ERISA or Title IV of ERISA, or (b) an ERISA Event shall have occurred that when
taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect. 
 7.11.
Any Change of Control shall occur. 
 7.12. Any Loan Document shall fail to remain in full force or effect (other than as the result of the
application of the specific provisions of such Loan Document) or any action shall be taken to discontinue or to assert the invalidity or unenforceability of any Guaranty, or any Guarantor shall deny that it has any further liability under any
Guaranty to which it is a party, or shall give notice to such effect. 
 ARTICLE VIII 

ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES 

8.1. Acceleration; Remedies. 

(a) If any Event of Default described in Section 7.6 or 7.7 occurs with respect to the REIT, the Borrower or any other Loan Party, the
obligations of the Lenders to make Loans hereunder and the obligation and power of the LC Issuer to issue Facility LCs shall automatically terminate and the Obligations under this Agreement and the other Loan Documents shall immediately become due
and payable without any election or action on the part of the Administrative Agent, the LC Issuer or any Lender and the Borrower will be and become thereby unconditionally obligated, without any further notice, act or demand, to pay to the
Administrative Agent an amount in immediately available funds, which funds shall be held in the Facility LC Collateral Account, equal to the difference of (i) the amount of LC Obligations at such time, less (ii) the amount on deposit in
the Facility LC Collateral Account at such time which is free and clear of all rights and claims of third parties and has not been applied against the Obligations under this Agreement and the other Loan Documents (such difference, the
“Collateral Shortfall Amount”). If any other Event of Default occurs, the Administrative Agent may, and at the request of the Required Lenders shall, (A) terminate or suspend the obligations of the Lenders to make Loans hereunder and
the obligation and power of the LC Issuer to issue Facility LCs, or declare the Obligations under this Agreement and the other Loan Documents to 

  
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be due and payable, or both, whereupon the Obligations under this Agreement and the other Loan Documents shall become immediately due and payable, without presentment, demand, protest or notice
of any kind, all of which the Borrower hereby expressly waives, and (B) upon notice to the Borrower and in addition to the continuing right to demand payment of all amounts payable under this Agreement, make demand on the Borrower to pay, and
the Borrower will, forthwith upon such demand and without any further notice or act, pay to the Administrative Agent the Collateral Shortfall Amount, which funds shall be deposited in the Facility LC Collateral Account. 

(b) If at any time while any Event of Default is continuing, the Administrative Agent determines that the Collateral Shortfall Amount at such
time is greater than zero, the Administrative Agent may make demand on the Borrower to pay, and the Borrower will, forthwith upon such demand and without any further notice or act, pay to the Administrative Agent the Collateral Shortfall Amount,
which funds shall be deposited in the Facility LC Collateral Account. 
 (c) At any time while any Event of Default is continuing, the
Administrative Agent may at any time or from time to time after funds are deposited in the Facility LC Collateral Account, apply such funds to the payment of the Obligations under this Agreement and the other Loan Documents and any other amounts as
shall from time to time have become due and payable by the Borrower to the Lenders or the LC Issuer under the Loan Documents, as provided in Section 8.2. 

(d) At any time while any Event of Default is continuing, neither the Borrower nor any Person claiming on behalf of or through the Borrower
shall have any right to withdraw any of the funds held in the Facility LC Collateral Account. After all of the Obligations under this Agreement and the other Loan Documents have been indefeasibly paid in full and the Commitments have been
terminated, any funds remaining in the Facility LC Collateral Account shall be returned by the Administrative Agent to the Borrower or paid to whomever may be legally entitled thereto at such time. 

(e) If, within thirty (30) days after acceleration of the maturity of the Obligations under this Agreement and the other Loan Documents or
termination of the obligations of the Lenders to make Loans and the obligation and power of the LC Issuer to issue Facility LCs hereunder as a result of any Event of Default (other than any Event of Default as described in Section 7.6 or 7.7
with respect to the Borrower) and before any judgment or decree for the payment of the Obligations due under this Agreement and the other Loan Documents shall have been obtained or entered, the Required Lenders (in their sole discretion) shall so
direct, the Administrative Agent shall, by notice to the Borrower, rescind and annul such acceleration and/or termination. 
 (f) During the
continuation of any Event of Default, the Administrative Agent may, and at the request of the Required Lenders shall, exercise all rights and remedies under the Loan Documents and enforce all other rights and remedies under applicable law. 

  
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 8.2. Application of Funds. After the exercise of remedies provided for in
Section 8.1 (or after the Obligations under this Agreement and the other Loan Documents have automatically become immediately due and payable as set forth in the first sentence of Section 8.1(a)), any amounts received by the Administrative
Agent on account of the Obligations shall be applied by the Administrative Agent in the following order: 
 (a) First, to payment of fees,
indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; 

(b) second, to payment of fees, indemnities and other reimbursable expenses (other than principal, interest, LC Fees and Facility Fees) payable
to the Lenders and the LC Issuer (including fees, charges and disbursements of counsel to the respective Lenders and the LC Issuer as required by Section 9.6 and amounts payable under Article III); 

(c) third, to payment of accrued and unpaid LC Fees, Facility Fees and interest on the Loans and Reimbursement Obligations, ratably among the
applicable Lenders and the LC Issuer in proportion to the respective amounts described in this Section 8.2(c) payable to them; 
 (d)
fourth, to payment of all other Obligations ratably among the applicable Lenders (or, in the case of Rate Management Obligations and obligations in connection with Cash Management Services, any applicable Affiliates of the Lenders with respect to
such Obligations); 
 (e) fifth, to the Administrative Agent for deposit to the Facility LC Collateral Account in an amount equal to the
Collateral Shortfall Amount (as defined in Section 8.1(a)), if any; and 
 (f) last, the balance, if any, to the Borrower or as
otherwise required by law; 
 provided, however, that, notwithstanding anything to the contrary set forth above, Excluded Swap Obligations
with respect to any Guarantor shall not be paid with amounts received from such Guarantor or its assets, but appropriate adjustments shall be made with respect to payments from other Loan Parties to preserve the allocation to Obligations otherwise
set forth above in this Section 8.2. 
 8.3. Amendments. Subject to the provisions of this Section 8.3, the Required Lenders
(or the Administrative Agent with the consent in writing of the Required Lenders) and the Borrower may enter into agreements supplemental hereto for the purpose of adding or modifying any provisions to this Agreement or the Guaranty or changing in
any manner the rights of the Lenders or the Borrower hereunder or thereunder or waiving any Default or Event of Default hereunder; provided, however, that no such supplemental agreement shall: 

(a) without the consent of each Lender directly affected thereby, (i) extend the final maturity of any Loan (in each case, other than an
extension pursuant to the provisions of Section 2.23); (ii) extend the expiry date of any Facility LC to a date after the Revolving Loan Termination Date, unless such Facility LC is (or is required to be) Cash Collateralized on the
Revolving Loan Termination Date; (iii) postpone any regularly scheduled payment of principal of any Loan or forgive all or any portion of the principal amount thereof or any Reimbursement Obligation related thereto, or reduce the rate or extend
the time of payment of interest or fees 

  
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(excluding any waiver of application of the interest rate applicable under Section 2.11, which shall only require the consent of Required Lenders) thereon or Reimbursement Obligations
related thereto; (iv) extend or increase the amount of the Commitment of such Lender hereunder; or (v) amend Section 8.2. 

(b) without the consent of all of the Lenders, reduce the percentage specified in the definition of Required Lenders. 

(c) without the consent of all of the Lenders, amend this Section 8.3 or Section 11.2; provided, that the foregoing limitation
in respect of Section 11.2 shall not prohibit each Lender directly affected thereby from consenting to the extension of the final maturity date of its Loans or expiry date of its Facility LCs beyond the Revolving Loan Termination Date as
contemplated by Section 8.3(a) above. 
 (d) without the consent of all of the Lenders, release (i) any Parent Guarantor or
(ii) all or substantially all of the Guarantors of the Obligations, other than as expressly permitted under the Loan Documents (including pursuant to Section 6.17(b) or (c)). 

No amendment of any provision of this Agreement relating to the Administrative Agent shall be effective without the written consent of the
Administrative Agent, and no amendment of any provision relating to any LC Issuer shall be effective without the written consent of such LC Issuer. The Administrative Agent may (i) waive payment of the fee required under Section 12.3(c)
and (ii) implement any flex provisions contained in any Fee Letter or any commitment letter delivered in connection with the transaction which is the subject of this Agreement without obtaining the consent of any other party to this Agreement
so long as, in the case of any implementation of any flex provisions, the Administrative Agent’s actions would not require consent of all of the Lenders pursuant to the foregoing provisions of this Section 8.3. Notwithstanding anything to
the contrary herein, the Administrative Agent may, with the consent of the Borrower only, amend, modify or supplement this Agreement or any of the other Loan Documents to cure any ambiguity, omission, mistake, defect or inconsistency of a technical
or immaterial nature, as determined in good faith by the Administrative Agent. 
 8.4. Preservation of Rights. No delay or omission of
the Lenders, the LC Issuer or the Administrative Agent to exercise any right under the Loan Documents shall impair such right or be construed to be a waiver of any Event of Default or an acquiescence therein, and the making of a Credit Extension
notwithstanding the existence of an Event of Default or the inability of the Borrower to satisfy the conditions precedent to such Credit Extension shall not constitute any waiver or acquiescence. Any single or partial exercise of any such right
shall not preclude other or further exercise thereof or the exercise of any other right, and no waiver, amendment or other variation of the terms, conditions or provisions of the Loan Documents whatsoever shall be valid unless in writing signed by
the Lenders required pursuant to Section 8.3, and then only to the extent in such writing specifically set forth. All remedies contained in the Loan Documents or by law afforded shall be cumulative and all shall be available to the
Administrative Agent, the LC Issuer and the Lenders until the Obligations have been paid in full. 

  
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 ARTICLE IX 

GENERAL PROVISIONS 

9.1. Survival of Representations. All representations and warranties of the Borrower contained in this Agreement shall survive the
making of the Credit Extensions herein contemplated. 
 9.2. Governmental Regulation. Anything contained in this Agreement to the
contrary notwithstanding, neither the LC Issuer nor any Lender shall be obligated to extend credit to the Borrower in violation of any limitation or prohibition provided by any applicable statute or regulation. 

9.3. Headings. Section headings in the Loan Documents are for convenience of reference only, and shall not govern the interpretation of
any of the provisions of the Loan Documents. 
 9.4. Entire Agreement. The Loan Documents embody the entire agreement and
understanding among the Borrower, the Administrative Agent, the LC Issuers and the Lenders and supersede all prior agreements and understandings among the Borrower, the Administrative Agent, the LC Issuers and the Lenders relating to the subject
matter thereof other than those contained in the Fee Letters and any flex-pricing provisions contained in any commitment letter entered into in connection with the transaction which is the subject of this Agreement, all of which shall survive and
remain in full force and effect during the term of this Agreement. 
 9.5. Several Obligations; Benefits of this Agreement. The
respective obligations of the Lenders hereunder are several and not joint and no Lender shall be the partner or agent of any other (except to the extent to which the Administrative Agent is authorized to act as such). The failure of any Lender to
perform any of its obligations hereunder shall not relieve any other Lender from any of its obligations hereunder. This Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement
and their respective successors and permitted assigns, provided, however, that the parties hereto expressly agree that the Arrangers shall enjoy the benefits of the provisions of Sections 9.6, 9.10 and 10.11 to the extent specifically
set forth therein and shall have the right to enforce such provisions on its own behalf and in its own name to the same extent as if it were a party to this Agreement. 

9.6. Expenses; Indemnification. 

(a) The Borrower shall reimburse the Administrative Agent and each Arranger upon demand for all reasonable and documented expenses paid or
incurred by the Administrative Agent or such Arranger, including, without limitation, filing and recording costs and fees, costs of any environmental review, and consultants’ fees, travel expenses and reasonable and documented fees, charges and
disbursements of one primary outside counsel and any special or local counsel to and/or the allocated costs of in-house counsel of the Administrative Agent and the Arrangers incurred from time to time, in
connection with the due diligence, preparation, administration, negotiation, execution, delivery, syndication, distribution (including, without limitation, via DebtX and any other internet service selected by the Administrative Agent), review,
amendment, modification, and administration of the Loan 

  
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Documents. The Borrower also agrees to reimburse the Administrative Agent, the Arrangers, the LC Issuers and the Lenders for any costs, internal charges and out-of-pocket expenses, including, without limitation, filing and recording costs and fees, costs of any environmental review, and consultants’ fees, travel expenses and reasonable fees, charges and
disbursements of outside counsel (which, in the case of legal counsel, shall be limited to the reasonable fees, charges and disbursements of (i) one primary counsel and any special and local counsel for the Administrative Agent, the Arrangers
and the Lenders (including the LC Issuers) and (ii) in the event of any actual or potential conflicts of interest, one additional primary counsel and any additional special and local counsel, in each case, for all similarly situated Lenders
(including the LC Issuers, if similarly situated)) to the Administrative Agent, the Arrangers, the LC Issuers and the Lenders and/or the allocated costs of in-house counsel incurred from time to time, paid or
incurred by the Administrative Agent, any Arranger, any LC Issuer or any Lender in connection with the collection and enforcement of the Loan Documents. Expenses being reimbursed by the Borrower under this Section 9.6(a) include, without
limitation, reasonable and documented costs and expenses incurred in connection with the Reports described in the following sentence. The Borrower acknowledges that from time to time U.S. Bank may prepare and may distribute to the Lenders (but shall
have no obligation or duty to prepare or to distribute to the Lenders) certain audit reports (the “Reports”) pertaining to the Borrower’s assets for internal use by U.S. Bank from information furnished to it by or on behalf of the
Borrower, after U.S. Bank has exercised its rights of inspection pursuant to this Agreement. 
 (b) The Borrower hereby further agrees to
indemnify and hold harmless the Administrative Agent, each Arranger, each LC Issuer, each Lender, their respective affiliates, and each of their directors, officers and employees, agents and advisors (each, an “Indemnitee”) against all
losses, claims, damages, penalties, judgments, liabilities and expenses (including, without limitation, reasonable attorneys’ fees (which, in the case of legal counsel, shall be limited to the reasonable fees, charges and disbursements of
(i) one primary counsel and any special and local counsel for the Administrative Agent and the Lenders (including the LC Issuers) and (ii) in the event of any actual or potential conflicts of interest, one additional primary counsel and
any additional special and local counsel, in each case, for all similarly situated Lenders (including the LC Issuers, if similarly situated)), charges and disbursements and settlement costs (including, without limitation, all reasonable and
documented expenses of litigation or preparation therefor) whether or not the Administrative Agent, any Arranger, any LC Issuer, any Lender or any affiliate is a party thereto) which any such Indemnitee may pay or incur arising out of or relating to
this Agreement, the other Loan Documents, the transactions contemplated hereby, the Borrower’s use of loan proceeds, any actual or alleged presence or release of Hazardous Materials on or from any Property owned or operated by Borrower or any
of its Subsidiaries, any environmental liability related in any way to Borrower or any of its Subsidiaries, or any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort
or any other theory, whether brought by a third party or by Borrower or any of its Subsidiaries, or the direct or indirect application or proposed application of the proceeds of any Credit Extension hereunder except to the extent that they are
determined in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the applicable Indemnitee. The obligations of the Borrower
under this Section 9.6 shall survive the termination of this Agreement. This Section 9.6(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 

  
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 9.7. Numbers of Documents. All statements, notices, closing documents, and requests
hereunder shall be furnished to the Administrative Agent with sufficient counterparts so that the Administrative Agent may furnish one to each of the Lenders. 

9.8. Accounting. Except as provided to the contrary herein, all accounting terms used herein shall be interpreted and all accounting
determinations hereunder shall be made in accordance with GAAP, except that any calculation or determination which is to be made on a consolidated basis shall be made for the Borrower and all of its Subsidiaries, including those Subsidiaries, if
any, which are unconsolidated on the Borrower’s audited financial statements; provided, however that, notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be
construed, and all computations of amounts and ratios referred to herein shall be made without giving effect to (a) any election under Accounting Standards Codification
Section 825-10-25 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or
other liabilities of the Borrower or any of its Subsidiaries at “fair value”, as defined therein, or (b) any treatment of Indebtedness in respect of convertible debt instruments under Financial Accounting Standards Codification
Subtopic 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described
therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and the
Borrower, the Administrative Agent or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of
such change in GAAP (subject to the approval of the Required Lenders), provided that, until so amended, such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and the Borrower shall
provide to the Administrative Agent and the Lenders reconciliation statements showing the difference in such calculation, together with the delivery of quarterly and annual financial statements required hereunder. For the avoidance of doubt,
notwithstanding any other provision contained in the Loan Documents, the definitions set forth in the Loan Documents and any financial calculations required thereby shall be computed to exclude any change to lease accounting rules from those in
effect pursuant to Financial Accounting Standards Board Accounting Standards Codification 840 (Leases) and other related lease accounting guidance as in effect on the Effective Date. 

9.9. Severability of Provisions. Any provision in any Loan Document that is held to be inoperative, unenforceable, or invalid in any
jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to
this end the provisions of all Loan Documents are declared to be severable. 
 9.10. Nonliability of Lenders. The
relationship between the Borrower on the one hand and the Lenders, the LC Issuers and the Administrative Agent on the other hand shall be solely that of borrower and lender. Neither the Administrative Agent, any Arranger, any LC Issuer nor any
Lender shall have any fiduciary responsibilities to the Borrower. Neither the Administrative Agent, any Arranger, any LC Issuer nor any Lender undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in connection
with any phase of the Borrower’s business or operations. The Borrower agrees that neither the Administrative Agent, 

  
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any Arranger, any LC Issuer nor any Lender shall have liability to the Borrower (whether sounding in tort, contract or otherwise) for losses suffered by the Borrower in connection with, arising
out of, or in any way related to, the transactions contemplated and the relationship established by the Loan Documents, or any act, omission or event occurring in connection therewith, unless it is determined in a final non-appealable judgment by a court of competent jurisdiction that such losses resulted from the gross negligence or willful misconduct of the party from which recovery is sought. Neither the Administrative Agent,
any Arranger, any LC Issuer nor any Lender shall have any liability with respect to, and the Borrower hereby waives, releases and agrees not to sue for, any special, indirect, consequential or punitive damages suffered by the Borrower in connection
with, arising out of, or in any way related to the Loan Documents or the transactions contemplated thereby. It is agreed that each Arranger shall, in its capacity as such, have no duties or responsibilities under the Agreement or any other Loan
Document. Each Lender acknowledges that it has not relied and will not rely on any Arranger in deciding to enter into the Agreement or any other Loan Document or in taking or not taking any action. 

9.11. Confidentiality. The Administrative Agent and each Lender agrees to hold any confidential information which it may receive from
the REIT or any Subsidiaries in connection with this Agreement in confidence, except for disclosure (a) to its Affiliates and to the Administrative Agent and any other Lender and their respective Affiliates, and, in each case, their respective
employees, directors, and officers, (b) to legal counsel, accountants, and other professional advisors to the Administrative Agent or such Lender; provided that any such Person to whom confidential information is disclosed shall either have a
legal obligation to keep, or shall agree to keep, such information confidential, (c) as provided in Section 12.3(e), (d) to regulatory officials, (e) to any Person as requested pursuant to or as required by law, regulation, subpoena
or legal process, (f) to any Person in connection with any legal proceeding to which it is a party and which relates to the Loan Documents, (g) to its direct or indirect contractual counterparties in swap agreements or to legal counsel,
accountants and other professional advisors to such counterparties, provided that any such Person to whom confidential information is disclosed shall either have a legal obligation to keep, or shall agree to keep, such information confidential,
(h) to rating agencies if requested or required by such agencies in connection with a rating relating to the Advances hereunder, (i) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to
this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (j) of information pertaining to this Agreement which is the type of information routinely provided by arrangers to data service providers including
league table providers that serve the lending industry, and (k) to the extent such information (A) becomes publicly available other than as a result of a breach of this Section 9.11 or (B) becomes available to the Administrative
Agent, any LC Issuer or any other Lender on a non-confidential basis from a source other than the Borrower or another source that the applicable Administrative Agent, LC Issuer or Lender know has a
confidentiality or non-disclosure agreement with the REIT or any Subsidiary. Without limiting Section 9.4, the Borrower agrees that the terms of this Section 9.11 shall set forth the entire agreement
between the Borrower and the Administrative Agent and each Lender with respect to any confidential information previously or hereafter received by the Administrative Agent or such Lender in connection with this Agreement, and this Section 9.11
shall supersede any and all prior confidentiality agreements entered into by the Administrative Agent or any Lender with respect to such confidential information. 

  
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 9.12. Nonreliance. Each Lender hereby represents that it is not relying on or looking
to any margin stock (as defined in Regulation U) for the repayment of the Credit Extensions provided for herein. 
 9.13. Disclosure.
The Borrower and each Lender hereby acknowledge and agree that U.S. Bank and/or its Affiliates from time to time may hold investments in, make other loans to or have other relationships with the Borrower and its Affiliates. 

9.14. USA PATRIOT ACT NOTIFICATION. The following notification is provided to Borrower pursuant to Section 326 of the PATRIOT Act:

 Each Lender that is subject to the requirements of the PATRIOT Act hereby notifies the Borrower and each other Loan Party that pursuant to the
requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies such Loan Party, which information includes the name and address of such Loan Party and other information that will allow such Lender to
identify such Loan Party in accordance with the PATRIOT Act. 
 9.15. Acknowledgement and Consent to
Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party
hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and
consents to, and acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down and Conversion Powers by an EEA Resolution
Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

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

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

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent 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 any EEA Resolution Authority. 
 9.16. Joinder by the REIT. By
its execution of this Agreement, the REIT agrees to comply with the covenants applicable to it as set forth in this Agreement. 

  
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 ARTICLE X 

THE ADMINISTRATIVE AGENT 

10.1. Appointment; Nature of Relationship. U.S. Bank National Association is hereby appointed by each of the Lenders and each of the LC
Issuers as its contractual representative (herein referred to as the “Administrative Agent”) hereunder and under each other Loan Document, and each of the Lenders irrevocably authorizes the Administrative Agent to act as the contractual
representative of such Lender or such LC Issuer with the rights and duties expressly set forth herein and in the other Loan Documents. The Administrative Agent agrees to act as such contractual representative upon the express conditions contained in
this Article X. Notwithstanding the use of the defined term “Administrative Agent,” it is expressly understood and agreed that the Administrative Agent shall not have any fiduciary responsibilities to any Lender or any LC Issuer by reason
of this Agreement or any other Loan Document and that the Administrative Agent is merely acting as the contractual representative of the Lenders and the LC Issuers with only those duties as are expressly set forth in this Agreement and the other
Loan Documents. In its capacity as contractual representative of the Lenders and the LC Issuers, the Administrative Agent (a) does not hereby assume any fiduciary duties to any of the Lenders or the LC Issuers, (b) is acting as an
independent contractor, the rights and duties of which are limited to those expressly set forth in this Agreement and the other Loan Documents. Each of the Lenders and each of the LC Issuers hereby agrees to assert no claim against the
Administrative Agent on any agency theory or any other theory of liability for breach of fiduciary duty, all of which claims each Lender and each LC Issuer hereby waives. 

10.2. Powers. The Administrative Agent shall have and may exercise such powers under the Loan Documents as are specifically delegated to
the Administrative Agent by the terms of each thereof, together with such powers as are reasonably incidental thereto. The Administrative Agent shall have no implied duties to the Lenders or the LC Issuers, or any obligation to the Lenders to take
any action thereunder except any action specifically provided by the Loan Documents to be taken by the Administrative Agent. 
 10.3.
General Immunity. Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be liable to the Borrower, the LC Issuers, the Lenders or any Lender or LC Issuer 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 to the extent such action or inaction is determined in a final non-appealable judgment by a court of
competent jurisdiction to have arisen from the gross negligence or willful misconduct of such Person. 
 10.4. No Responsibility for
Loans, Recitals, etc. Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be responsible for or have any duty to ascertain, inquire into, or verify (a) any statement, warranty or
representation made in connection with any Loan Document or any borrowing hereunder; (b) the performance or observance of any of the covenants or agreements of any obligor under any Loan Document, including, without limitation, any agreement by
an obligor to furnish information directly to each Lender or each LC Issuer; (c) the satisfaction of any condition specified in Article IV, except receipt of items required to be delivered solely to the Administrative Agent; (d) the
existence or possible existence of any Default or Event of Default; (e) the validity, enforceability, effectiveness, sufficiency or genuineness of any Loan Document or any other instrument or writing furnished in connection therewith;
(f) the value, sufficiency, creation, perfection or priority of any Lien in any collateral security; or (g) the financial condition of the Borrower or any guarantor of any of the Obligations or of any of the Borrower’s or any such
guarantor’s respective Subsidiaries. 

  
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 10.5. Action on Instructions of Lenders. The Administrative Agent shall in all cases
be fully protected in acting, or in refraining from acting, hereunder and under any other Loan Document in accordance with written instructions signed by the Required Lenders (or such greater number of Lenders which may be expressly required under
this Agreement), and such instructions and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders and the LC Issuers. The Lenders and the LC Issuers hereby acknowledge that the Administrative Agent shall be under
no duty to take any discretionary action permitted to be taken by it pursuant to the provisions of this Agreement or any other Loan Document unless it shall be requested in writing to do so by the Required Lenders. The Administrative Agent shall be
fully justified in failing or refusing to take any action hereunder and under any other Loan Document unless it shall first be indemnified to its satisfaction by the Lenders pro rata against any and all liability, cost and expense that it may incur
by reason of taking or continuing to take any such action. 
 10.6. Employment of Administrative Agents and Counsel. The
Administrative Agent may execute any of its duties as Administrative Agent hereunder and under any other Loan Document by or through employees, agents, and
attorneys-in-fact and shall not be answerable to the Lenders or the LC Issuers, except as to money or securities received by it or its authorized agents, for the default
or misconduct of any such agents or attorneys-in-fact selected by it with reasonable care. The Administrative Agent shall be entitled to advice of counsel concerning the
contractual arrangement between the Administrative Agent and the Lenders and the LC Issuers and all matters pertaining to the Administrative Agent’s duties hereunder and under any other Loan Document. 

10.7. Reliance on Documents; Counsel. The Administrative Agent shall be entitled to rely upon any Note, notice, consent, certificate,
affidavit, letter, telegram, facsimile, telex, electronic mail message, statement, paper or document believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons, and, in respect to legal matters, upon the
opinion of counsel selected by the Administrative Agent, which counsel may be employees of the Administrative Agent. For purposes of determining compliance with the conditions specified in Sections 4.1 and 4.2, each Lender and each LC Issuer that
has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender or an LC
Issuer unless the Administrative Agent shall have received notice from such Lender or such LC Issuer prior to the applicable date specifying its objection thereto. 

10.8. Administrative Agent’s Reimbursement and Indemnification. The Lenders agree to reimburse and indemnify the
Administrative Agent ratably in proportion to their respective Pro Rata Shares (determined without excluding the Defaulting Lenders) (a) for any amounts not reimbursed by the Borrower for which the Administrative Agent is entitled to
reimbursement by the Borrower under the Loan Documents, (b) for any other expenses incurred by the Administrative Agent on behalf of the Lenders and the LC Issuers, in connection with the preparation, execution, delivery, administration and
enforcement of the Loan Documents 

  
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(including, without limitation, for any expenses incurred by the Administrative Agent in connection with any dispute between the Administrative Agent and any Lender or any LC Issuer or between
two or more of the Lenders or the LC Issuers) and (c) for any 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 the Administrative Agent in any way relating to or arising out of the Loan Documents or any other document delivered in connection therewith or the transactions contemplated thereby (including, without limitation, for any such
amounts incurred by or asserted against the Administrative Agent in connection with any dispute between the Administrative Agent and any Lender or any LC Issuer or between two or more of the Lenders and the LC Issuers), or the enforcement of any of
the terms of the Loan Documents or of any such other documents, provided that (i) no Lender shall be liable for any of the foregoing to the extent any of the foregoing is found in a final
non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Administrative Agent and (ii) any indemnification required pursuant to
Section 3.5(d) shall, notwithstanding the provisions of this Section 10.8, be paid by the relevant Lender in accordance with the provisions thereof. The obligations of the Lenders under this Section 10.8 shall survive payment of the
Obligations and termination of this Agreement. 
 10.9. Notice of Event of Default. The Administrative Agent shall not be deemed to
have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the Administrative Agent has received written notice from a Lender or the Borrower referring to this Agreement describing such Default or Event of Default
and stating that such notice is a “notice of default”. In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give prompt notice thereof to the Lenders and the LC Issuers; provided that,
except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is
communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. 
 10.10. Rights as a
Lender. In the event the Administrative Agent is a Lender or an LC Issuer, the Administrative Agent shall have the same rights and powers hereunder and under any other Loan Document with respect to its Commitment and its Loans as any Lender or
any LC Issuer and may exercise the same as though it were not the Administrative Agent, and the term “LC Issuer” or “LC Issuers” shall, at any time when the Administrative Agent is an LC Issuer and the “Lender” or
“Lenders” shall, at any time when the Administrative Agent is a Lender, unless the context otherwise indicates, include the Administrative Agent in its individual capacity. The Administrative Agent and its Affiliates may accept deposits
from, lend money to, and generally engage in any kind of trust, debt, equity or other transaction, in addition to those contemplated by this Agreement or any other Loan Document, with the Borrower or any of its Subsidiaries in which the Borrower or
such Subsidiary is not restricted hereby from engaging with any other Person. 

  
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 10.11. Lender Credit Decision, Legal Representation. 

(a) Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent, any Arranger or any other Lender
and based on the financial statements prepared by the Borrower and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and the other Loan Documents. Each Lender
also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Arranger or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under this Agreement and the other Loan Documents. Except for any notice, report, document or other information expressly required to be furnished to the Lenders by the Administrative Agent or the Arrangers
hereunder, neither the Administrative Agent nor any Arranger shall have any duty or responsibility (either initially or on a continuing basis) to provide any Lender with any notice, report, document, credit information or other information
concerning the affairs, financial condition or business of the Borrower or any of its Affiliates that may come into the possession of the Administrative Agent or any Arranger (whether or not in their respective capacity as Administrative Agent or
Arranger) or any of their Affiliates. 
 (b) Each Lender further acknowledges that it has had the opportunity to be represented by legal
counsel in connection with its execution of this Agreement and the other Loan Documents, that it has made its own evaluation of all applicable laws and regulations relating to the transactions contemplated hereby, and that the counsel to the
Administrative Agent represents only the Administrative Agent and not the Lenders in connection with this Agreement and the transactions contemplated hereby. 

10.12. Successor Administrative Agent. The Administrative Agent may resign at any time by giving written notice thereof to the Lenders
and the Borrower, such resignation to be effective upon the appointment of a successor Administrative Agent or, if no successor Administrative Agent has been appointed, thirty (30) days after the retiring Administrative Agent gives notice of
its intention to resign. The Administrative Agent may be removed upon 30 days’ prior written notice from the Required Lenders and, provide no Default or Event of Default exists, the Borrower, if the Administrative Agent is found by a court of
competent jurisdiction in a final, non-appealable judgment to have committed gross negligence or willful misconduct in the course of performing its duties under the Loan Documents or if it constitutes a
Defaulting Lender, such removal to be effective on the date specified by the Required Lenders or the Borrower, as applicable. Upon any such resignation or removal, the Required Lenders shall have the right to appoint, with the prior written consent
of the Borrower (such consent not to be unreasonably withheld or delayed; provided that such consent of the Borrower shall not be required if an Event of Default has occurred and is continuing) on behalf of the Borrower and the Lenders, a
successor Administrative Agent. If no successor Administrative Agent shall have been so appointed by the Required Lenders within fifteen (15) days after the resigning Administrative Agent’s giving notice of its intention to resign, then
the resigning Administrative Agent may appoint, on behalf of the Borrower and the Lenders, a successor Administrative Agent. Notwithstanding the previous sentence, the Administrative Agent may at any time without the consent of the Borrower or any
Lender, appoint any of its Affiliates which is a commercial bank as a successor Administrative Agent hereunder. If the Administrative Agent has resigned or been removed and no successor Administrative Agent has been appointed, the Lenders may
perform all the duties of the Administrative Agent hereunder and the Borrower shall make all payments in respect of the Obligations to the applicable Lender and for all other purposes shall deal directly with the Lenders. No successor Administrative
Agent shall be deemed to be appointed hereunder until such successor Administrative Agent has accepted the 

  
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appointment. Any such successor Administrative Agent shall be a commercial bank having capital and retained earnings of at least $100,000,000. 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 resigning or removed Administrative Agent.
Upon the effectiveness of the resignation or removal of the Administrative Agent, the resigning or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the Loan Documents. After the effectiveness of
the resignation or removal of an Administrative Agent, the provisions of this Article X shall continue in effect for the benefit of such Administrative Agent in respect of any actions taken or omitted to be taken by it while it was acting as the
Administrative Agent hereunder and under the other Loan Documents. In the event that there is a successor to the Administrative Agent by merger, or the Administrative Agent assigns its duties and obligations to an Affiliate pursuant to this
Section 10.12, then the term “Prime Rate” as used in this Agreement shall mean the prime rate, base rate or other analogous rate of the new Administrative Agent. 

10.13. Administrative Agent and Arranger Fees. The REIT and the Borrower agree to pay to the Administrative Agent and each Arranger, for
their respective accounts, the fees agreed to by the REIT, the Borrower and the Administrative Agent or such Arranger pursuant to those certain letter agreements dated as of October 18, 2018 between the Borrower and (a) the Administrative
Agent, (b) Wells Fargo Securities, LLC, (c) Merrill Lynch, Pierce, Fenner & Smith Incorporated, together with its affiliates, and (d) PNC Capital Markets LLC (collectively, the “Fee Letters”), or as otherwise agreed
from time to time. 
 10.14. Delegation to Affiliates. The Borrower and the Lenders agree that the Administrative Agent may delegate
any of its duties under this Agreement to any of its Affiliates. Any such Affiliate (and such Affiliate’s directors, officers, agents and employees) which performs duties in connection with this Agreement shall be entitled to the same benefits
of the indemnification, waiver and other protective provisions to which the Administrative Agent is entitled under Articles IX and X. 

10.15. [Reserved]. 
 10.16.
Guarantor Releases. The Lenders hereby empower and authorize the Administrative Agent to execute and deliver to the Borrower on their behalf any agreements, documents or instruments as shall be necessary or appropriate to evidence or effect
any releases of a Guarantor made in accordance with the Loan Documents or which shall otherwise have been approved by the Required Lenders (or, if required by the terms of Section 8.3, all of the Lenders) in writing. In addition, the Lenders
authorize the Administrative Agent to release any Guarantor from its obligations under the Loan Documents if such Person is no longer required to be a Guarantor hereunder or if such Person is sold, transferred or assigned in accordance with and to
the extent permitted by the terms of this Agreement. Upon the request of the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release any Guarantor from its obligations under
the Loan Documents pursuant to the foregoing. In each case as specified hereto, the Administrative Agent may (and each Lender hereby authorizes the Administrative Agent to), at the Borrower’s expense, execute and deliver to the applicable Loan
Party such documents as such Loan Party may reasonably request to evidence the release of a Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents. 

  
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 10.17. Co-Syndication Agents, etc.
Neither any of the Lenders identified in this Agreement as a “co-agent” nor any of the Co-Syndication Agents shall have any right, power, obligation,
liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such. Without limiting the foregoing, none of such Lenders shall have or be deemed to have a fiduciary relationship with any Lender. Each Lender
hereby makes the same acknowledgments with respect to such Lenders as it makes with respect to the Administrative Agent in Section 10.11. 

10.18. 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), the Borrower acknowledges and agrees that: (a) (i) the arranging and other services regarding this Agreement provided by the Lenders are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Lenders, on the other hand, (ii) the Borrower has consulted its own legal, accounting, regulatory and
tax advisors to the extent it has deemed appropriate, and (iii) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents;
(b) (i) each of the Lenders is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any
of its Affiliates, or any other Person and (ii) no Lender has any obligation to the 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 (c) each of the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and no Lender has any obligation to
disclose any of such interests to the Borrower or its Affiliates. To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may have against each of the Lenders with respect to any breach or alleged
breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 
 10.19. Certain
ERISA Matters. 
 (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party
hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of the Administrative Agent and not, for the avoidance of doubt, to or for the
benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true: 
 (i) such Lender
is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration and performance of the Loans, the
Facility LCs, the Commitments or this Agreement, 

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

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

(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole
discretion, and such Lender. 
 (b) In addition, unless either (1) sub-clause (i) in the
immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately
preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases
being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets
of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Facility LCs, the Commitments and this Agreement (including in connection with the reservation or exercise of any
rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto). 
 ARTICLE XI

 SETOFF; RATABLE PAYMENTS 

11.1. Setoff. Without limitation of, any rights of the Lenders under applicable law, if the Borrower becomes insolvent, however
evidenced, or any Event of Default occurs, Borrower authorizes each Lender to offset and apply all deposits, credits and deposit accounts (including all account balances, whether provisional or final and whether or not collected or available, but in
all events excluding amounts held in Customer Deposit Accounts) of the Borrower with such Lender or any Affiliate of such Lender (the “Deposits”) toward the payment of the Obligations 

  
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owing to such Lender, whether or not the Obligations, or any part thereof, shall then be due and regardless of the existence or adequacy of any collateral, guaranty or any other security, right
or remedy available to such Lender or the Lenders; provided, that in the event that any Defaulting Lender shall exercise such right of setoff, (a) all amounts so set off shall be paid over immediately to the Administrative Agent for
further application in accordance with the provisions of Section 2.22 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the LC
Issuer, and the Lenders, and (b) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.

 11.2. Ratable Payments. If any Lender, whether by setoff or otherwise, has payment made to it upon its Outstanding Credit Exposure
(other than payments received pursuant to Section 3.1, 3.2, 3.4 or 3.5) in a greater proportion than that received by any other Lender, such Lender agrees, promptly upon demand, to purchase a portion of the Aggregate Outstanding Credit Exposure
held by the other Lenders so that after such purchase each Lender will hold its Pro Rata Share of the Aggregate Outstanding Credit Exposure. If any Lender, whether in connection with setoff or amounts which might be subject to setoff or otherwise,
receives collateral or other protection for its Obligations or such amounts which may be subject to setoff, such Lender agrees, promptly upon demand, to take such action necessary such that all Lenders share in the benefits of such collateral or
other protection ratably in proportion to their respective Pro Rata Shares of the Aggregate Outstanding Credit Exposure. In case any such payment is disturbed by legal process, or otherwise, appropriate further adjustments shall be made. 

ARTICLE XII 
 BENEFIT
OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS 
 12.1. Successors and Assigns. 

(a) The terms and provisions of the Loan Documents shall be binding upon and inure to the benefit of the Borrower and the Lenders and their
respective successors and assigns permitted hereby, except that (i) the Borrower shall not have the right to assign its rights or obligations under the Loan Documents without the prior written consent of each Lender, and (ii) no Lender
shall have the right to assign its rights or obligations under the Loan Documents except (A) pursuant to an assignment made in compliance with Section 12.3, and (B) pursuant to a participation must be made in compliance with
Section 12.2. Any attempted assignment or transfer by any party not made in compliance with this Section 12.1 shall be null and void, unless such attempted assignment or transfer is treated as a participation in accordance with the terms
of this Agreement. The parties to this Agreement acknowledge that clause (ii) of this Section 12.1 relates only to absolute assignments and this Section 12.1 does not prohibit assignments creating security interests, including,
without limitation, (A) any pledge or assignment by any Lender of all or any portion of its rights under this Agreement and any Note to a Federal Reserve Bank or (B) in the case of a Lender which is a Fund, any pledge or assignment of all
or any portion of its rights under this Agreement and any Note to its trustee in support of its obligations to its trustee; provided, however, that no such pledge or assignment creating a security interest shall release the transferor
Lender from its obligations hereunder, and no Person to whom such pledge or assignment is made shall have the right to become a Lender hereunder, unless and until the 

  
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parties thereto have complied with the provisions of Section 12.3. The Administrative Agent may treat the Person which made any Loan or which holds any Note as the owner thereof for all
purposes hereof unless and until such Person complies with Section 12.3; provided, however, that the Administrative Agent may in its discretion (but shall not be required to) follow instructions from the Person which made any Loan
or which holds any Note to direct payments relating to such Loan or Note to another Person. Any assignee of the rights to any Loan or any Note agrees by acceptance of such assignment to be bound by all the terms and provisions of the Loan Documents.
Any request, authority or consent of any Person, who at the time of making such request or giving such authority or consent is the owner of the rights to any Loan (whether or not a Note has been issued in evidence thereof), shall be conclusive and
binding on any subsequent holder or assignee of the rights to such Loan. 
 (b) Any Lender (each, a “Designating Lender”) may at
any time while the Borrower has been assigned an investment grade Rating from either S&P or Moody’s designate one Designated Lender to fund Bid Rate Loans on behalf of such Designating Lender subject to the terms of this Section 12.1,
and the provisions of Sections 12.2 and 12.3 shall not apply to such designation. No Lender may designate more than one Designated Lender. The parties to each such designation shall execute and deliver to the Administrative Agent for its acceptance
a Designation Agreement. Upon such receipt of an appropriately completed Designation Agreement executed by a Designating Lender and a designee representing that it is a Designated Lender, the Administrative Agent will accept such Designation
Agreement and give prompt notice thereof to the Borrower, whereupon (i) if requested by such Designating Lender, the Borrower shall execute and deliver to the Designating Lender a Bid Rate Note payable to the Designated Lender, (ii) from
and after the effective date specified in the Designation Agreement, the Designated Lender shall become a party to this Agreement with a right to make Bid Rate Loans on behalf of its Designating Lender pursuant to Section 2.25 after the
Borrower has accepted a Bid Rate Loan (or portion thereof) of the Designating Lender, and (iii) the Designated Lender shall not be required to make payments with respect to any obligations in this Agreement except to the extent of excess cash
flow of such Designated Lender which is not otherwise required to repay obligations of such Designated Lender which are then due and payable; provided, however, that regardless of such designation and assumption by the Designated Lender, the
Designating Lender shall be and remain obligated to the Borrower, the Administrative Agent and the Lenders for each and every of the obligations of the Designating Lender and its related Designated Lender with respect to this Agreement, including,
without limitation, any indemnification obligations under Section 10.8 and any sums otherwise payable to the Borrower by the Designated Lender. Each Designating Lender shall serve as the agent of the Designated Lender and shall on behalf of,
and to the exclusion of, the Designated Lender: (A) receive any and all payments made for the benefit of the Designated Lender and (B) give and receive all communications and notices and take all actions hereunder, including, without
limitation, votes, approvals, waivers, consents and amendments under or relating to this Agreement and the other Loan Documents. Any such notice, communication, vote, approval, waiver, consent or amendment shall be signed by the Designating Lender
as agent for the Designated Lender and shall not be signed by the Designated Lender on its own behalf and shall be binding on the Designated Lender to the same extent as if signed by the Designated Lender on its own behalf. The Borrower, the
Administrative Agent and the Lenders may rely thereon without any requirement that the Designated Lender sign or acknowledge the same. No Designated Lender may assign or transfer all or any portion of its interest hereunder or under any

  
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other Loan Document, other than assignments to the Designating Lender which originally designated such Designated Lender. The Borrower, the Lenders and the Administrative Agent each hereby agrees
that it will not institute against any Designated Lender or join any other Person in instituting against any Designated Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any federal or state bankruptcy or
similar law, until the later to occur of (x) one year and one day after the payment in full of the latest maturing commercial paper note issued by such Designated Lender and (y) the Revolving Loan Termination Date. In connection with any
such designation, the Designating Lender shall pay to the Administrative Agent an administrative fee for processing such designation in the amount of $1,000. 

12.2. Participations. 
 (a)
Permitted Participants; Effect. Any Lender may at any time sell to one or more entities (“Participants”) participating interests in any Outstanding Credit Exposure owing to such Lender, any Note held by such Lender, any Commitment
of such Lender or any other interest of such Lender under the Loan Documents. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under the Loan Documents shall remain unchanged, such
Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, such Lender shall remain the owner of its Outstanding Credit Exposure and the holder of any Note issued to it in evidence thereof for all
purposes under the Loan Documents, all amounts payable by the Borrower under this Agreement shall be determined as if such Lender had not sold such participating interests, and the Borrower and the Administrative Agent shall continue to deal solely
and directly with such Lender in connection with such Lender’s rights and obligations under the Loan Documents. 
 (b) Voting
Rights. Each Lender shall retain the sole right to approve, without the consent of any Participant, any amendment, modification or waiver of any provision of the Loan Documents provided that each such Lender may agree in its participation
agreement with its Participant that such Lender will not vote to approve any amendment, modification or waiver with respect to any Outstanding Credit Exposure or Commitment in which such Participant has an interest which would require consent of the
applicable Lender pursuant to the terms of Section 8.3(a). 
 (c) Benefit of Certain Provisions; Participant Register. The
Borrower agrees that each Participant in respect of which the sale of such interest to such Participant is made with the prior written consent of the Borrower (which consent shall expressly set forth such setoff rights) (an “Approved
Participant”) shall have the right of setoff provided in Section 11.1 in respect of its participating interest in amounts owing under the Loan Documents to the same extent as if the amount of its participating interest were owing directly
to it as a Lender under the Loan Documents, provided that each Lender shall retain the right of setoff provided in Section 11.1 with respect to the amount of participating interests sold to each Participant. The Lenders agree to share
with each Approved Participant, and each Approved Participant, by exercising the right of setoff provided in Section 11.1, agrees to share with each Lender, any amount received pursuant to the exercise of its right of setoff, such amounts to be
shared in accordance with Section 11.2 as if each Approved Participant were a Lender. The Borrower further agrees that each Participant shall be entitled to the benefits of Sections 3.1, 3.2, 3.4, 3.5, 9.6 and 9.10 to the same extent as if it
were a Lender and had acquired its interest by assignment pursuant to Section 

  
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12.3, provided that (i) a Participant shall not be entitled to receive any greater payment under Section 3.1, 3.2, 3.4, 9.6 or 9.10 than the Lender who sold the participating
interest to such Participant would have received had it retained such interest for its own account, unless the sale of such interest to such Participant is made with the prior written consent of the Borrower (which consent shall expressly set forth
such right to greater payment); and (ii) a Participant shall not be entitled to receive any greater payment under Section 3.5 than the Lender who sold the participating interest to such Participant would have received had it retained such
interest for its own account and (iii) in the case of Section 3.5, such Participant agrees to comply with the provisions of Section 3.5 to the same extent as if it were a Lender (it being understood that the documentation required
under Section 3.5(f) shall be delivered to the participating Lender). Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a
register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in any Outstanding Credit Exposure, any Note, any Commitment or any other obligations under the
Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a
Participant’s interest in any Outstanding Credit Exposure, any Note, any Commitment or any other obligations under the Loan Documents) to any Person except to the extent that such disclosure is necessary to establish that such Outstanding
Credit Exposure, any Note, any Commitment or any other obligations under the Loan Documents is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive
absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of
doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

12.3. Assignments. 
 (a)
Permitted Assignments. Any Lender may at any time assign to one or more Eligible Assignees (“Purchasers”) all or any part of its rights and obligations under the Loan Documents. Such assignment shall be substantially in the form of
Exhibit C or in such other form reasonably acceptable to the Administrative Agent as may be agreed to by the parties thereto. Each such assignment with respect to a Purchaser which is not a Lender or an Affiliate of a Lender or an Approved Fund
shall either be in an amount equal to the entire applicable Commitment and applicable Loans of the assigning Lender or (unless each of the Borrower and the Administrative Agent otherwise consents) be in an aggregate amount not less than $10,000,000.
The amount of the assignment shall be based on the Commitment or the Loans (if the applicable Commitment has been terminated) subject to the assignment, determined as of the date of such assignment or as of the “Trade Date,” if the
“Trade Date” is specified in the assignment. 
 (b) Consents. The consent of the Borrower shall be required prior to an
assignment becoming effective unless the Purchaser is an existing Lender, an Affiliate of a Lender or an Approved Fund, provided that the consent of the Borrower shall not be required if an Event of Default has occurred and is continuing;
provided further that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice
thereof. 

  
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The consent of the Administrative Agent shall be required prior to an assignment becoming effective. The consent of each LC Issuer shall be required prior to an assignment of a Revolving
Commitment becoming effective. Any consent required under this Section 12.3(b) other than with respect to any LC Issuer shall not be unreasonably withheld or delayed. 

(c) Effect; Assignment Effective Date. Upon (i) delivery to the Administrative Agent of an assignment, together with any consents
required by Sections 12.3(a) and 12.3(b), and (ii) payment of a $3,500 fee to the Administrative Agent for processing such assignment (unless such fee is waived by the Administrative Agent), such assignment shall become effective on the
effective date specified in such assignment. The assignment shall contain a representation by the Purchaser to the effect that none of the consideration used to make the purchase of the Commitment and Loans under the applicable assignment agreement
constitutes “plan assets” as defined under ERISA and that the rights and interests of the Purchaser in and under the Loan Documents will not be “plan assets” under ERISA. On and after the effective date of such assignment, such
Purchaser shall for all purposes be a Lender party to this Agreement and any other Loan Document executed by or on behalf of the Lenders and shall have all the rights and obligations of a Lender under the Loan Documents, to the same extent as if it
were an original party thereto, and the transferor Lender shall be released with respect to the Commitment and Loans assigned to such Purchaser without any further consent or action by the Borrower, the Lenders or the Administrative Agent. In the
case of an assignment covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a Lender hereunder but shall continue to be entitled to the benefits of, and subject to, those provisions of
this Agreement and the other Loan Documents which survive payment of the Obligations and termination of the applicable agreement. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this
Section 12.3 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 12.2. Upon the consummation of any assignment to a Purchaser pursuant to
this Section 12.3(c), the transferor Lender, the Administrative Agent and the Borrower shall, if the transferor Lender or the Purchaser desires that its Loans be evidenced by Notes, make appropriate arrangements so that new Notes or, as
appropriate, replacement Notes are issued to such transferor Lender and new Notes or, as appropriate, replacement Notes, are issued to such Purchaser, in each case in principal amounts reflecting their respective Commitments, as adjusted pursuant to
such assignment. 
 (d) Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain
at one of its offices in the United States of America, a copy of each Assignment and Assumption Agreement delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts
(and stated interest) of the Loans owing to, each Lender, and participations of each Lender in Facility LCs, pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest
error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available
for inspection by the Borrower and each Lender at any reasonable time and from time to time upon reasonable prior notice. 

  
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 (e) Dissemination of Information. The Borrower authorizes each Lender to disclose to
any Participant or Purchaser or any other Person acquiring an interest in the Loan Documents by operation of law (each a “Transferee”) and any prospective Transferee any and all information in such Lender’s possession; provided
that each Transferee and prospective Transferee agrees to be bound by Section 9.11 of this Agreement. 
 ARTICLE XIII 

NOTICES 
 13.1.
Notices; Effectiveness; Electronic Communication. 
 (a) Notices Generally. Except in the case of notices and other
communications expressly permitted to be given by telephone (and except as provided in paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier
service, mailed by certified or registered mail or sent by facsimile as follows: 
 (i) if to the Borrower, to it at c/o Extra Space
Storage, Inc., 2795 East Cottonwood Parkway, Suite 400, Salt Lake City, Utah 84121, Attention: Scott Stubbs, Chief Financial Officer and Executive Vice President; 

(ii) if to the Administrative Agent, to it at U.S. Bank National Association, 170 South Main Street, Suite 600, Salt Lake City, UT 84101,
Attention: Michelle Pearce, Facsimile: 801-534-6122; 

(iii) if to U.S. Bank in its capacity as an LC Issuer, to it at U.S. Bank National Association, 170 South Main Street, Suite 600, Salt Lake
City, UT 84101, Attention: Michelle Pearce, Facsimile: 801-534-6122; 

(iv) if to Wells Fargo Bank, National Association, in its capacity as an LC Issuer, to it at Wells Fargo Bank, 401 B Street, Suite 1100, San
Diego, CA 92101, Attention: Dale Northup, Telephone: 619-699-3025, E-mail: Dale.a.northup@wellsfargo.com, with a copy to
Patty Cabrera at pcabrera@wellsfargo.com; 
 (v) if to Bank of America, N.A. in its capacity as an LC Issuer, to it at Bank of America,
N.A., 901 Main Street, 20th Floor, Dallas, TX 75202, Attention: Joanne Merrill, Facsimile: 214-209-1571; 

(vi) if to an LC Issuer (other than U.S. Bank) or a Lender, to it at its address (or facsimile number) of which notice has been provided to
the Administrative Agent (it being understood that such Lenders’ Administrative Questionnaire shall constitute such notice to the Administrative Agent) and the Borrower. 

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

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

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

(c) Change of Address, Etc. Any party hereto may change its address or facsimile number for notices and other communications hereunder
by notice to the other parties hereto given in the manner set forth in this Section 13.1. 
 ARTICLE XIV 

COUNTERPARTS; INTEGRATION; EFFECTIVENESS; ELECTRONIC EXECUTION; ELECTRONIC RECORDS 

14.1. Counterparts; 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. Except as provided in Article IV, this Agreement shall become effective when it shall have been executed by the
Administrative Agent, and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the parties hereto, and thereafter shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 

  
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 14.2. Electronic Execution of Assignments. The words “execution,”
“signed,” “signature,” and words of like import in any assignment and assumption agreement shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal
effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global
and National Commerce Act, or any other state laws based on the Uniform Electronic Transactions Act. 
 14.3. Electronic Records. The
Borrower hereby acknowledges the receipt of a copy of this Agreement and all other Loan Documents. The Administrative Agent, the Borrower and each Lender may create a microfilm or optical disk or other electronic image of this Agreement and any or
all of the Loan Documents. The Borrower, the Administrative Agent and each Lender may store the electronic image of this Agreement and Loan Documents in its electronic form and then destroy the paper original as part of the Borrower’s, the
Administrative Agent’s and each Lender’s normal business practices, with the electronic image deemed to be an original and of the same legal effect, validity and enforceability as the paper originals. The Administrative Agent and each
Lender are authorized, when appropriate, to convert any note into a “transferable record” under the Uniform Electronic Transactions Act. 

ARTICLE XV 
 CHOICE
OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL 
 15.1. CHOICE OF LAW. THE LOAN DOCUMENTS (OTHER THAN THOSE
CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A STATE OTHER THAN THE STATE OF NEW
YORK) OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. 
 15.2. CONSENT TO
JURISDICTION. THE BORROWER HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT SITTING IN NEW YORK, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND THE
BORROWER, THE ADMINISTRATIVE AGENT, EACH LC ISSUER AND EACH LENDER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR
HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE ADMINISTRATIVE AGENT, ANY LC ISSUER OR ANY LENDER TO BRING
PROCEEDINGS AGAINST THE BORROWER IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY THE BORROWER AGAINST THE ADMINISTRATIVE AGENT, ANY LC ISSUER OR ANY LENDER OR ANY AFFILIATE OF THE ADMINISTRATIVE AGENT, ANY LC ISSUER OR ANY LENDER
INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK. 

  
 107 

 15.3. WAIVER OF JURY TRIAL. THE BORROWER, THE ADMINISTRATIVE AGENT, EACH LC ISSUER
AND EACH LENDER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT OR THE
RELATIONSHIP ESTABLISHED THEREUNDER. 
 ARTICLE XVI 

AMENDMENT AND RESTATEMENT; DEPARTING LENDERS 

The Borrower, the Lenders and the Administrative Agent agree that, upon (i) the execution and delivery of this Agreement by each of the
parties hereto and (ii) satisfaction (or waiver by the aforementioned parties) of the conditions precedent set forth in Section 4.1, the terms and provisions of the Existing Credit Agreement shall be and hereby are amended, superseded and
restated in their entirety by the terms and provisions of this Agreement. This Agreement is not intended to and shall not constitute a novation of the Existing Credit Agreement or the Indebtedness created thereunder. The commitments to extend credit
of each Lender that is a party to the Existing Credit Agreement shall, on the Effective Date, automatically be deemed amended and the only commitments to extend credit shall be those hereunder. Without limiting the foregoing, upon the effectiveness
hereof: (a) all loans and letters of credit incurred under the Existing Credit Agreement which are outstanding on the Effective Date shall continue as Loans and Facility LCs under (and shall be governed by the terms of) this Agreement and the
other Loan Documents, (b) all references in the “Loan Documents” (as defined in the Existing Credit Agreement) to the “Administrative Agent”, the “Credit Agreement” and the “Loan Documents” shall be
deemed to refer to the Administrative Agent, this Agreement and the Loan Documents, respectively, (c) all obligations constituting “Obligations” under the Existing Credit Agreement with any Lender or any Affiliate of any Lender which
are outstanding on the Effective Date shall continue as Obligations under this Agreement and the other Loan Documents, (d) any “Note” under the Existing Credit Agreement shall be deemed for all purposes superseded and replaced by the
Note (if any) issued to such Lender under this Agreement, (e) any obligations under the “Fee Letters” (as defined in the Existing Credit Agreement) shall be of no further force and effect and such Fee Letters are hereby terminated,
(f) each Departing Lender’s “Commitment” under the Existing Credit Agreement shall be terminated and “Obligations” owing to it under and in connection with the Existing Credit Agreement shall be repaid, and each
Departing Lender shall not be a Lender hereunder, and (g) the Administrative Agent shall make such reallocations, sales, assignments or other relevant actions in respect of each Lender’s credit and loan exposure under the Existing Credit
Agreement as are necessary in order that each such Lender’s Outstanding Credit Exposure hereunder reflects such Lender’s Pro Rata Share of the Aggregate Outstanding Credit Exposure on the Effective Date (and the termination and repayment
of “Commitments” and “Obligations” of Departing Lenders), and the Borrower hereby agrees to compensate each Lender for 

  
 108 

 
reasonable and documented costs and out-of-pocket expenses incurred by such Lender in connection with the sale and
assignment of any Eurodollar Loans on the terms and in the manner set forth in Section 3.4 hereof. Each Lender hereby confirms the Administrative Agent’s authority to enter into such additional reaffirmations of, or any amendments to,
amendments and restatements of, or other modifications to, the other existing Loan Documents as the Administrative Agent shall approve in its sole discretion, in connection with the amendment and restatement of the Existing Credit Agreement so long
as such amendments, restatements or other modifications do not contain any material modifications adverse to the Lenders (and, for the avoidance of doubt, such modifications may include the addition of Loan Parties and other changes that are
otherwise permitted by the Administrative Agent’s authority under or with respect to such existing Loan Documents or are consistent with changes in provisions included in this Agreement as compared to the provisions of the Existing Credit
Agreement). 
 Signature Pages Follow 

  
 109 

 IN WITNESS WHEREOF, the Borrower, the Lenders, the LC Issuer and the Administrative Agent
have executed this Agreement as of the date first above written. 
  

			
	EXTRA SPACE STORAGE LP,
	as the Borrower

 
			
		
	By:	 	ESS Holdings Business Trust I
	Its:	 	General Partner

 
			
		
	By:	 	 /s/ P. Scott Stubbs

			
	Name:	 	P. Scott Stubbs
	Title:	 	Trustee

 Signature Page to 

Extra Space Storage LP 

Amended and Restated Credit Agreement 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,

as a Lender, as LC Issuer and as Administrative
Agent

 
			
		
	By:	 	 /s/ Benjamin Kuruvila

			
	Name:	 	Benjamin Kuruvila
	Title:	 	Vice President

 Signature Page to 

Extra Space Storage LP 

Amended and Restated Credit Agreement 

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as a Lender and as LC Issuer

			
		
	By:	 	 /s/ Dale Northup

 
			
	Name:	 	Dale Northup
	Title:	 	Senior Vice President

 Signature Page to 

Extra Space Storage LP 

Amended and Restated Credit Agreement 

 
			
	 BANK OF AMERICA, N.A.,
 as a
Lender and as LC Issuer

		
	By:	 	 /s/ Lance Buxkemper

			
	Name:	 	Lance Buxkemper
	Title:	 	Senior Vice President

 Signature Page to 

Extra Space Storage LP 

Amended and Restated Credit Agreement 

 
			
	 PNC BANK, NATIONAL ASSOCIATION,

as a Lender

		
	By:	 	 /s/ Tyler Lowry

 
			
	Name:	 	Tyler Lowry
	Title:	 	Senior Vice President

 Signature Page to 

Extra Space Storage LP 

Amended and Restated Credit Agreement 

 
			
	 TD BANK,
 as a
Lender

		
	By:	 	 /s/ Benjamin Kruger

			
	Name:	 	Benjamin Kruger
	Title:	 	Vice President, Senior Lender

 Signature Page to 

Extra Space Storage LP 

Amended and Restated Credit Agreement 

 
			
	 JPMORGAN CHASE BANK, N.A.,

as a Lender

		
	By:	 	 /s/ Christian Lunt

			
	Name:	 	Christian Lunt
	Title:	 	Executive Director

 Signature Page to 

Extra Space Storage LP 

Amended and Restated Credit Agreement 

 
			
	 BMO HARRIS BANK N.A.,
 as a
Lender

		
	By:	 	 /s/ Kevin Fennell

	Name: Kevin Fennell
	Title:   Director

 Signature Page to 

Extra Space Storage LP 

Amended and Restated Credit Agreement 

 
			
	 BANK OF THE WEST,
 as a
Lender

		
	By:	 	 /s/ Sarah Burns

	Name: Sarah Burns
	Title:   Vice President

 Signature Page to 

Extra Space Storage LP 

Amended and Restated Credit Agreement 

 
			
	 CITIBANK, N.A.,
 as a
Lender

		
	By:	 	 /s/ David Bouton

	Name: David Bouton
	Title:   Authorized Signatory

 Signature Page to 

Extra Space Storage LP 

Amended and Restated Credit Agreement 

 
			
	 COMPASS BANK,
 as a
Lender

		
	By:	 	 /s/ Brian Tuerff

	Name: Brian Tuerff
	Title:   Senior Vice President

 Signature Page to 

Extra Space Storage LP 

Amended and Restated Credit Agreement 

 
			
	 REGIONS BANK,
 as a
Lender

		
	By:	 	 /s/ Paul E. Burgan

	Name: Paul E. Burgan
	Title: Vice President

 Signature Page to 

Extra Space Storage LP 

Amended and Restated Credit Agreement 

 
			
	 BRANCH BANKING AND TRUST COMPANY,

as a Lender

		
	By:	 	 /s/ Brad Bowen

	Name: Brad Bowen
	Title: Senior Vice President

 Signature Page to 

Extra Space Storage LP 

Amended and Restated Credit Agreement 

 
			
	 ASSOCIATED BANK NATIONAL ASSOCIATION,

        as a Lender

		
	By:	 	 /s/ Mitchell Vega

	Name: Mitchell Vega
	Title: Vice President

 Signature Page to 

Extra Space Storage LP 

Amended and Restated Credit Agreement 

 
			
	 MORGAN STANLEY BANK N.A.,
 as
a Lender

		
	By:	 	 /s/ Michael King

	Name: Michael King
	Title: Authorized Signatory

 Signature Page to 

Extra Space Storage LP 

Amended and Restated Credit Agreement 

 
			
	 BARCLAYS BANK PLC,
 as a
Departing Lender for purposes of Article XVI

		
	By:	 	 /s/ Sean Duggan

	Name: Sean Duggan
	Title: Associate

 Signature Page to 

Extra Space Storage LP 

Amended and Restated Credit Agreement 

 Joinder by the REIT 

The undersigned, as the REIT under the foregoing Agreement, hereby joins in and executes this Agreement for the purposes set forth in Section 9.16. 

 

			
	 EXTRA SPACE STORAGE INC.,
 as
the REIT

		
	By:	 	 /s/ P. Scott Stubbs

	Name: P. Scott Stubbs
	Title:   Chief Financial Officer
	            Executive Vice President

 Signature Page to 

Extra Space Storage LP 

Amended and Restated Credit Agreement 

 PRICING SCHEDULE 
  

	I.	 Leverage-Based Pricing 

From the Effective Date until the Investment Grade Election, the Applicable Margin and the Applicable Fee Rate shall be determined as set forth
below. 
  

	 	A.	 Revolving Loans 

 

									
	 Level
	  	 Consolidated

Leverage Ratio
	  	 Applicable

Margin for
 Eurodollar
Rate
 Loans
	  	 Applicable

Margin for Base
 Rate
Loans
	  	 Applicable Fee

Rate

	1	  	< 35%	  	1.050%	  	0.050%	  	0.150%
	2	  	3 35% but < 40%	  	1.100%	  	0.100%	  	0.150%
	3	  	3 40% but < 45%	  	1.150%	  	0.150%	  	0.200%
	4	  	3 45% but < 50%	  	1.250%	  	0.250%	  	0.200%
	5	  	3 50% but < 55%	  	1.300%	  	0.300%	  	0.300%
	6	  	3 55%	  	1.500%	  	0.500%	  	0.300%

  

	 	B.	 Tranche 1 Term Loans and Tranche 2 Term Loans 

 

							
	 Level
	  	 Consolidated

Leverage Ratio
	  	 Applicable

Margin for
 Eurodollar
Rate
 Loans
	  	 Applicable Margin

for Base Rate Loans

	1	  	< 35%	  	1.200%	  	0.200%
	2	  	3 35% but < 40%	  	1.250%	  	0.250%
	3	  	3 40% but < 45%	  	1.350%	  	0.350%
	4	  	3 45% but < 50%	  	1.400%	  	0.400%
	5	  	3 50% but < 55%	  	1.500%	  	0.500%
	6	  	3 55%	  	1.700%	  	0.700%

 For the purposes of Section I (Leverage-Based Pricing) of this Schedule, “Financials” means the
annual or quarterly financial statements of the Borrower delivered pursuant to Section 6.1(a) or (b). 
 Until the Investment Grade
Election, the Applicable Margin and Applicable Fee Rate shall be determined in accordance with the foregoing table based on the Borrower’s Consolidated Leverage Ratio as reflected in the then most recent Financials. Adjustments, if

 
any, to the Applicable Margin and Applicable Fee Rate shall be effective from and after the first Business Day immediately following the date on which the delivery of such Financials is required
until the first Business Day immediately following the next such date on which delivery of such Financials of the REIT and its Subsidiaries is so required. If the Borrower fails to deliver the Financials to the Administrative Agent at the time
required pursuant to Section 6.1, then the Applicable Margin and Applicable Fee Rate shall be the highest Applicable Margin and Applicable Fee Rate set forth in the foregoing table until five (5) days after such Financials are so
delivered. 
 Notwithstanding the foregoing, Level 2 shall be deemed to be applicable until the Administrative Agent’s receipt of
the applicable Financials for the Borrower’s first fiscal quarter ending after the Effective Date, and adjustments to the Level then in effect shall thereafter be effected in accordance with the preceding paragraph. 

 

	II.	 Rating-Based Pricing 

From and after the Investment Grade Election, the Applicable Margin and the Applicable Fee Rate shall be determined as set forth below. 

 

	 	A.	 Revolving Loans 

 

									
	 Level
	  	 Rating
	  	 Applicable

Margin for

Eurodollar

Loans
	  	 Applicable

Margin for
 Base
Rate
 Loans
	  	 Applicable

Fee Rate

	1	  	A or higher/A2 or higher	  	0.750%	  	0.00%	  	0.100%
	2	  	A-/A3	  	0.775%	  	0.00%	  	0.125%
	3	  	BBB+/Baa1	  	0.825%	  	0.00%	  	0.150%
	4	  	BBB/Baa2	  	0.900%	  	0.00%	  	0.200%
	5	  	BBB-/Baa3	  	1.100%	  	0.100%	  	0.250%
	6	  	<BBB-/Baa3	  	1.450%	  	0.450%	  	0.300%

  

	 	B.	 Tranche 1 Term Loans and Tranche 2 Term Loans 

 

							
	 Level
	  	 Rating
	  	 Applicable

Margin for

Eurodollar

Loans
	  	 Applicable

Margin for
 Base
Rate
 Loans

	1	  	A or higher/A2 or higher	  	0.800%	  	0.00%
	2	  	A-/A3	  	0.850%	  	0.00%
	3	  	BBB+/Baa1	  	0.900%	  	0.00%
	4	  	BBB/Baa2	  	1.000%	  	0.00%
	5	  	BBB-/Baa3	  	1.250%	  	0.250%
	6	  	<BBB-/Baa3	  	1.650%	  	0.650%

 For the purposes of Section II (Rating-Based Pricing) of this Schedule, the following terms
have the following meanings, subject to the final two paragraphs of this Section II: 
 “Moody’s Rating” means, at any time,
the rating issued by Moody’s and then in effect with respect to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement. 

“Rating” means, as applicable, each of the Moody’s Rating, the S&P Rating and any other rating issued by another nationally
recognized ratings agency and then in effect with respect to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement, as applicable. 

“S&P Rating” means, at any time, the rating issued by S&P and then in effect with respect to the Borrower’s senior
unsecured long-term debt securities without third-party credit enhancement. 
 The Applicable Margin and Applicable Fee Rate shall be
determined in accordance with the foregoing table based on the Borrower’s Level as determined from its then-current Ratings. The credit rating in effect on any date for the purposes of this Schedule is that in effect at the close of business on
such date. If the Ratings differ by one level, then the applicable level will be the higher Rating. If the Ratings differ by two or more levels, then the applicable level will be the level corresponding to the midpoint between the two Ratings
(unless there is no midpoint, in which case the applicable level will be one level below the level corresponding to the higher Rating). If the Borrower obtains debt ratings from a third nationally recognized ratings agency, the applicable level will
be the lower of the highest two ratings (provided that one of the two highest ratings must be from either S&P or Moody’s). If the Borrower does not maintain debt ratings from at least two nationally recognized rating agencies,
Level 5 shall exist. Once the Borrower has made the Investment Grade Election, the Leverage-Based Pricing tables above shall cease to be available. 

Any change in the Borrower’s Rating which would cause it to move to a different level shall be effective as of the first Business Day
following receipt by the Administrative Agent of written notice delivered by the Borrower in accordance with the Loan Documents that the Borrower’s Rating has changed; provided, however, if the Borrower has not delivered such required
notice but the Administrative Agent becomes aware that the Borrower’s Rating has changed, then the Administrative Agent may, in its sole discretion, adjust the level effective as of the first Business Day following the date upon which the
Administrative Agent becomes aware that the Borrower’s Rating has changed. 

 SCHEDULE 1 

Commitments 
  

																	
	 Lender:
	  	Revolving
Commitment:	 	  	Tranche 1
Term Loan
Commitment:	 	  	Tranche 2
Term Loan
Commitment:	 	  	Total
Commitment:	 
	 U.S. Bank National Association
	  	$	56,000,000	 	  	$	49,000,000	 	  	$	45,000,000	 	  	$	150,000,000	 
	 Wells Fargo Bank, National Association
	  	$	56,000,000	 	  	$	39,000,000	 	  	$	45,000,000	 	  	$	140,000,000	 
	 Bank of America, N.A.
	  	$	56,000,000	 	  	$	69,000,000	 	  	$	0	 	  	$	125,000,000	 
	 PNC Bank, National Association
	  	$	53,000,000	 	  	$	37,000,000	 	  	$	45,000,000	 	  	$	135,000,000	 
	 TD Bank
	  	$	52,000,000	 	  	$	23,000,000	 	  	$	45,000,000	 	  	$	120,000,000	 
	 JPMorgan Chase Bank, N.A.
	  	$	52,000,000	 	  	$	43,000,000	 	  	$	0	 	  	$	95,000,000	 
	 BMO Harris Bank N.A.
	  	$	52,000,000	 	  	$	43,000,000	 	  	$	0	 	  	$	95,000,000	 
	 Bank of the West
	  	$	52,000,000	 	  	$	23,000,000	 	  	$	20,000,000	 	  	$	95,000,000	 
	 Citibank, N.A.
	  	$	52,000,000	 	  	$	43,000,000	 	  	$	0	 	  	$	95,000,000	 
	 Compass Bank
	  	$	52,000,000	 	  	$	43,000,000	 	  	$	0	 	  	$	95,000,000	 
	 Regions Bank
	  	$	52,000,000	 	  	$	33,000,000	 	  	$	0	 	  	$	85,000,000	 
	 Branch Banking and Trust Company
	  	$	20,000,000	 	  	$	30,000,000	 	  	$	0	 	  	$	50,000,000	 
	 Associated Bank, National Association
	  	$	15,000,000	 	  	$	5,000,000	 	  	$	20,000,000	 	  	$	40,000,000	 
	 Morgan Stanley Bank N.A.
	  	$	30,000,000	 	  	$	0	 	  	$	0	 	  	$	30,000,000	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total Commitments
	  	$	650,000,000	 	  	$	480,000,000	 	  	$	220,000,000	 	  	$	1,350,000,000	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

 Schedule 5.7 

Subsidiaries 
  

							
	 Entity Name
	  	Domestic
Jurisdiction	  	%	 
	 AG/BPG Cerritos RV, LLC
	  	Delaware	  	 	100	 
	 AMS IV Las Vegas Investments, LLC
	  	Delaware	  	 	100	 
	 ASSC HT LLC
	  	Ohio	  	 	100	 
	 ASSC MH LLC
	  	Ohio	  	 	100	 
	 ASSC WH LLC
	  	Ohio	  	 	100	 
	 ASSC WL LLC
	  	Ohio	  	 	100	 
	 BREN Storage, LLC
	  	Georgia	  	 	100	 
	 Edgewater Reit Acquisition (MD) LLC
	  	Maryland	  	 	100	 
	 EP Rhino, LLC
	  	Delaware	  	 	100	 
	 ES-HC JV Holding I LLC
	  	Delaware	  	 	95	 
	 ES-HC Storage of Belleville LLC
	  	Delaware	  	 	95	 
	 ES-HC Storage of Crum Lynne LLC
	  	Delaware	  	 	95	 
	 ESM Reinsurance Limited
	  	Bermuda	  	 	100	 
	 ESP 135 LLC
	  	Delaware	  	 	100	 
	 ESP Maryland GP 1 LLC
	  	Delaware	  	 	100	 
	 ESP Maryland Two LLC
	  	Delaware	  	 	100	 
	 ESP Seven Subsidiary LLC
	  	Delaware	  	 	100	 
	 ESS Baltimore LLC
	  	Delaware	  	 	100	 
	 ESS Holdings Business Trust I
	  	Massachusetts	  	 	100	 
	 ESS Holdings Business Trust II
	  	Massachusetts	  	 	100	 
	 ESS HORNE STORAGE LLC
	  	Delaware	  	 	80	 
	 ESS of Plantation LLC
	  	Florida	  	 	100	 
	 ESS Prisa III LLC
	  	Delaware	  	 	100	 
	 ESS PRISA III Owner LLC
	  	Delaware	  	 	100	 
	 ESS Properties 114 LLC
	  	Delaware	  	 	100	 
	 ESS Properties 116 LLC
	  	Delaware	  	 	100	 
	 ESS PROPERTIES 151 LLC
	  	Delaware	  	 	100	 
	 ESS SSTI 2015, L.P.
	  	Delaware	  	 	100	 
	 ESS SSTI 2015, TRS, Inc.
	  	Delaware	  	 	100	 
	 ESS Statutory Trust I
	  	Delaware	  	 	100	 
	 ESS Statutory Trust II
	  	Delaware	  	 	100	 
	 ESS Statutory Trust III
	  	Delaware	  	 	100	 
	 ESS STORAGE ACQUISITION EIGHT LLC
	  	Delaware	  	 	100	 
	 ESS STORAGE ACQUISITION ELEVEN LLC
	  	Delaware	  	 	100	 
	 ESS STORAGE ACQUISITION FIFTEEN LLC
	  	Delaware	  	 	100	 
	 ESS STORAGE ACQUISITION FIVE LLC
	  	Delaware	  	 	100	 
	 ESS STORAGE ACQUISITION FOUR LLC
	  	Delaware	  	 	100	 
	 ESS STORAGE ACQUISITION FOURTEEN LLC
	  	Delaware	  	 	100	 
	 ESS STORAGE ACQUISITION NINE LLC
	  	Delaware	  	 	100	 

							
	 ESS STORAGE ACQUISITION ONE LLC
	  	Delaware	  	 	100	 
	 ESS STORAGE ACQUISITION SEVEN LLC
	  	Delaware	  	 	100	 
	 ESS STORAGE ACQUISITION SIX LLC
	  	Delaware	  	 	100	 
	 ESS STORAGE ACQUISITION TEN LLC
	  	Delaware	  	 	100	 
	 ESS STORAGE ACQUISITION THIRTEEN LLC
	  	Delaware	  	 	100	 
	 ESS STORAGE ACQUISITION THREE LLC
	  	Delaware	  	 	100	 
	 ESS STORAGE ACQUISITION TWELVE LLC
	  	Delaware	  	 	100	 
	 ESS STORAGE ACQUISITION TWO LLC
	  	Delaware	  	 	100	 
	 ESS Storage Broomfield 120th Ave LLC
	  	Delaware	  	 	80	 
	 ESS Storage Denver Cherry Creek LLC
	  	Delaware	  	 	80	 
	 ESS Storage Houston Bellfort LLC
	  	Texas	  	 	80	 
	 ESS Storage San Antonio LLC
	  	Texas	  	 	80	 
	 ESS SUSA Holdings LLC
	  	Delaware	  	 	100	 
	 ESS U-Storage Investment LLC
	  	Delaware	  	 	100	 
	 ESS WCOT FL LLC
	  	Delaware	  	 	100	 
	 ESS WCOT GP LLC
	  	Delaware	  	 	100	 
	 ESS WCOT LLC
	  	Delaware	  	 	100	 
	 ESS WCOT Owner LLC
	  	Delaware	  	 	100	 
	 ESS WCOT Santa Fe LLC
	  	Delaware	  	 	100	 
	 ESS WCOT TX LP
	  	Delaware	  	 	100	 
	 ESS-GS Broadway LLC
	  	Delaware	  	 	100	 
	 ESS-GS Hillsboro-73rd LLC
	  	Delaware	  	 	100	 
	 ESS-GS Vancouver-139th LLC
	  	Delaware	  	 	100	 
	 ESS-H BAYCHESTER ASSOCIATES, LLC
	  	Delaware	  	 	100	 
	 ESS-H BLOOMFIELD INVESTMENT LLC
	  	Delaware	  	 	100	 
	 ESS-H CHEMICAL ROAD INVESTMENTS, LLC
	  	Delaware	  	 	100	 
	 ESS-H ELMONT ASSOCIATES LLC
	  	Delaware	  	 	100	 
	 EXR USPF VI West Liddell GP, LLC
	  	Delaware	  	 	100	 
	 EXR USPF VI West Liddell Owner, LP
	  	Delaware	  	 	100	 
	 Extra Space Development LLC
	  	Utah	  	 	100	 
	 Extra Space East One LLC
	  	Delaware	  	 	100	 
	 Extra Space Management, Inc.
	  	Utah	  	 	100	 
	 Extra Space of Minnetonka LLC
	  	Delaware	  	 	100	 
	 Extra Space of Annapolis LLC
	  	Delaware	  	 	100	 
	 Extra Space of Annapolis Member LLC
	  	Delaware	  	 	100	 
	 Extra Space of Arlington LLC
	  	Virginia	  	 	100	 
	 Extra Space of Austin Bluffs LLC
	  	Delaware	  	 	100	 
	 EXTRA SPACE OF AUSTIN LAMAR BLVD LLC
	  	Delaware	  	 	100	 
	 EXTRA SPACE OF AUSTIN LAMAR BLVD MEMBER LLC
	  	Delaware	  	 	100	 
	 Extra Space of Avenel LLC
	  	New Jersey	  	 	100	 
	 Extra Space of Bensalem LLC
	  	Pennsylvania	  	 	100	 
	 Extra Space of Berkeley LLC
	  	Delaware	  	 	100	 
	 Extra Space of Bluegrass, LLC
	  	Kentucky	  	 	100	 

							
	 Extra Space of Cambridge LLC
	  	Massachusetts	  	 	100	 
	 Extra Space of Capitol Heights LLC
	  	Maryland	  	 	100	 
	 Extra Space of Castle Rock LLC
	  	Delaware	  	 	100	 
	 Extra Space of Castro Valley LLC
	  	Delaware	  	 	100	 
	 Extra Space of Central Valley LLC
	  	Delaware	  	 	100	 
	 Extra Space of Clarendon LLC
	  	Virginia	  	 	100	 
	 Extra Space of Cockeysville LLC
	  	Maryland	  	 	100	 
	 Extra Space of Coconut Point LLC
	  	Florida	  	 	100	 
	 Extra Space of Doylestown LLC
	  	Delaware	  	 	100	 
	 Extra Space of Eastern Avenue LLC
	  	Maryland	  	 	100	 
	 Extra Space of Edgewood LLC
	  	Maryland	  	 	100	 
	 Extra Space of Edgewood Pulaski Hwy LLC
	  	Maryland	  	 	100	 
	 Extra Space of Freeport LLC
	  	Delaware	  	 	100	 
	 Extra Space of Ft Washington LLC
	  	Delaware	  	 	100	 
	 Extra Space of Ft Washington Member LLC
	  	Delaware	  	 	100	 
	 Extra Space of Glen Burnie LLC
	  	Maryland	  	 	100	 
	 Extra Space of Hanover New Ridge Road LLC
	  	Maryland	  	 	100	 
	 Extra Space of Hilo LLC
	  	Hawaii	  	 	100	 
	 Extra Space of Hollis Street LLC
	  	California	  	 	100	 
	 Extra Space of Honolulu Ahua Street LLC
	  	Hawaii	  	 	100	 
	 Extra Space of Honolulu Keahole Street LLC
	  	Hawaii	  	 	100	 
	 Extra Space of Honolulu King Street LLC
	  	Hawaii	  	 	100	 
	 Extra Space of Howard Street-Baltimore LLC
	  	Maryland	  	 	100	 
	 Extra Space of Howard Street-Baltimore Member LLC
	  	Delaware	  	 	100	 
	 Extra Space of Kapolei Farrington Hwy LLC
	  	Hawaii	  	 	100	 
	 Extra Space of Kapolei LLC
	  	Delaware	  	 	100	 
	 Extra Space of Lanham LLC
	  	Maryland	  	 	100	 
	 Extra Space of Laurel Heights LLC
	  	Maryland	  	 	100	 
	 Extra Space of Lihue LLC
	  	Hawaii	  	 	100	 
	 Extra Space of Lomita Boulevard LLC
	  	California	  	 	100	 
	 EXTRA SPACE OF LOS ANGELES SLAUSON AVE LLC
	  	Delaware	  	 	100	 
	 Extra Space of Massachusetts Three LLC
	  	Utah	  	 	100	 
	 Extra Space of Metuchen, LLC
	  	New Jersey	  	 	100	 
	 Extra Space of Morrisville LP
	  	Pennsylvania	  	 	100	 
	 Extra Space of Nanuet Two LLC
	  	New York	  	 	100	 
	 Extra Space of North Hollywood Coldwater Canyon LLC
	  	Delaware	  	 	100	 
	 Extra Space of Ogden Avenue, LLC
	  	Illinois	  	 	100	 
	 Extra Space of Pasadena LLC
	  	Maryland	  	 	100	 
	 Extra Space of Pasadena Smallwood Road, LLC
	  	Maryland	  	 	100	 
	 Extra Space of Pennsylvania LLC
	  	Utah	  	 	100	 
	 Extra Space of Pennsylvania Two LLC
	  	Utah	  	 	100	 
	 Extra Space of Pico Rivera LLC
	  	California	  	 	100	 
	 Extra Space of Randallstown LLC
	  	Maryland	  	 	100	 

							
	 Extra Space of Renard Court, LLC
	  	Delaware	  	 	100	 
	 Extra Space of Richmond Meeker Ave LLC
	  	Delaware	  	 	100	 
	 Extra Space of Rockville LLC
	  	Delaware	  	 	100	 
	 Extra Space of San Leandro LLC
	  	Delaware	  	 	100	 
	 Extra Space of San Pablo LLC
	  	Delaware	  	 	100	 
	 Extra Space of Sandy Springs LLC
	  	Georgia	  	 	100	 
	 Extra Space of Sheridan Avenue LLC
	  	Colorado	  	 	100	 
	 Extra Space of Simi Valley Two LLC
	  	California	  	 	100	 
	 Extra Space of Somerville LLC
	  	Massachusetts	  	 	100	 
	 EXTRA SPACE OF SUNLAND FOOTHILL BLVD LLC
	  	Delaware	  	 	100	 
	 Extra Space of Tacoma LLC
	  	Washington	  	 	100	 
	 Extra Space of Union LLC
	  	New Jersey	  	 	100	 
	 Extra Space of Van Nuys Raymer LLC
	  	Delaware	  	 	100	 
	 Extra Space of Wahiawa LLC
	  	Hawaii	  	 	100	 
	 Extra Space of Washington DC Blair Road LLC
	  	Delaware	  	 	100	 
	 Extra Space of Whittier LLC
	  	California	  	 	100	 
	 Extra Space of Woburn LLC
	  	Massachusetts	  	 	100	 
	 EXTRA SPACE PROPERTIES 100 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 101 LLC
	  	Delaware	  	 	100	 
	 EXTRA SPACE PROPERTIES 102 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 103 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 104 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 105 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 106 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 107 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 109 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 110 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 111 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 112 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 113 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 120 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 121 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 122 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 123 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 124 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 125 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 126 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 127 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 128 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 129 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 130 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 131 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 132 LLC
	  	Delaware	  	 	100	 

							
	 Extra Space Properties 133 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 134 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties 136 LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Eighteen LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Eighty Eight LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Eighty Five LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Eighty Four LLC
	  	Maryland	  	 	100	 
	 Extra Space Properties Eighty LLC
	  	Delaware	  	 	100	 
	 EXTRA SPACE PROPERTIES EIGHTY NINE LLC
	  	Florida	  	 	100	 
	 Extra Space Properties Eighty One LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Eighty Seven LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Eighty Six LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Eighty Three LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Fifty One LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Fifty Seven LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Fifty Three LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Fifty Two LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Five LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Forty Five LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Forty LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Forty Seven LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Fourteen LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Ninety Eight LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Ninety Five LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Ninety Four GP LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Ninety Four LP
	  	Pennsylvania	  	 	100	 
	 Extra Space Properties Ninety LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Ninety Nine LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Ninety One LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Ninety Seven LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Ninety Six LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Ninety Three LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Ninety Two LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties One LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Seven L.P.
	  	Utah	  	 	100	 
	 Extra Space Properties Seventy Eight LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Seventy Four LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Seventy LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Seventy One LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Seventy Seven LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Seventy Six LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Seventy Three LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Seventy Two LLC
	  	Delaware	  	 	100	 

							
	 Extra Space Properties Sixteen LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Sixty Five LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Sixty Four LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Sixty One LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Sixty Three LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Ten LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Thirty Four LLC
	  	New York	  	 	100	 
	 Extra Space Properties Thirty LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Thirty One LLC
	  	California	  	 	100	 
	 Extra Space Properties Twenty Eight LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Twenty Five LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Twenty Four LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Twenty Seven LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Twenty Six LLC
	  	Delaware	  	 	100	 
	 Extra Space Properties Two LLC
	  	Delaware	  	 	100	 
	 Extra Space Storage LLC
	  	Delaware	  	 	100	 
	 Extra Space Storage LP
	  	Delaware	  	 	100	 
	 Extra Space V LLC
	  	Delaware	  	 	100	 
	 HAMPSHIRE DREAM TEAM HAZLET, LLC
	  	New Jersey	  	 	100	 
	 HPFVIII ELMONT MEMBER LLC
	  	Delaware	  	 	100	 
	 HSRE-ESP I LLC
	  	Delaware	  	 	100	 
	 HSRE-ESP TRS I, LLC
	  	Delaware	  	 	100	 
	 Lindbergh Investments, LLC
	  	Georgia	  	 	100	 
	 Madison County Self Storage, LLC
	  	Delaware	  	 	100	 
	 Oakdale Investments, LLC
	  	Georgia	  	 	100	 
	 Parklawn Storage Partners, L.P.
	  	Tennessee	  	 	100	 
	 Self Storage Company LLC
	  	Utah	  	 	100	 
	 Self Storage Reit II, LLC
	  	Delaware	  	 	100	 
	 Self Storage Reit, LLC
	  	Delaware	  	 	100	 
	 South Philadelphia Acquisition, LP
	  	Delaware	  	 	100	 
	 Southwest Colonial, LLC
	  	Delaware	  	 	100	 
	 Spacesavers, LLC
	  	Delaware	  	 	100	 
	 SSTI 1000 E 95TH ST, LLC
	  	Delaware	  	 	100	 
	 SSTI 10490 Colonel CT, LLC
	  	Delaware	  	 	100	 
	 SSTI 1117 Bowman RD, LLC
	  	Delaware	  	 	100	 
	 SSTI 1120 S Las Vegas Blvd, LLC
	  	Delaware	  	 	100	 
	 SSTI 120 Northpoint Dr, LLC
	  	Delaware	  	 	100	 
	 SSTI 15 LANDINGS DR, LLC
	  	Delaware	  	 	100	 
	 SSTI 1533 Ashley River RD, LLC
	  	Delaware	  	 	100	 
	 SSTI 1625 West Chandler BLVD, LLC
	  	Delaware	  	 	100	 
	 SSTI 1742 Pass Rd, LLC
	  	Delaware	  	 	100	 
	 SSTI 1990 NW Federal Hwy 1, LLC
	  	Delaware	  	 	100	 
	 SSTI 201 Fulton CT, LLC
	  	Delaware	  	 	100	 

							
	 SSTI 2016 LEBANON RD, LLC
	  	Delaware	  	 	100	 
	 SSTI 2025 N Rancho Dr, LLC
	  	Delaware	  	 	100	 
	 SSTI 2244 S Western AVE, LLC
	  	Delaware	  	 	100	 
	 SSTI 2300 GRANT AVE, LLC
	  	Delaware	  	 	100	 
	 SSTI 2343 Savannah HWY, LLC
	  	Delaware	  	 	100	 
	 SSTI 2526 Ritchie ST, LLC
	  	Delaware	  	 	100	 
	 SSTI 2619 Austell RD, LLC
	  	Delaware	  	 	100	 
	 SSTI 2727 MISSOURI AVE, LLC
	  	Delaware	  	 	100	 
	 SSTI 281 Richwood RD, LLC
	  	Delaware	  	 	100	 
	 SSTI 298 Red Cedar ST, LLC
	  	Delaware	  	 	100	 
	 SSTI 30 Terrace RD, LLC
	  	Delaware	  	 	100	 
	 SSTI 3015 Ricks Industrial Park DR, LLC
	  	Delaware	  	 	100	 
	 SSTI 3155 W ANN RD, LLC
	  	Delaware	  	 	100	 
	 SSTI 3803 S Priest Dr, LLC
	  	Delaware	  	 	100	 
	 SSTI 4257 Buford DR, LLC
	  	Delaware	  	 	100	 
	 SSTI 4435 Skippack PIKE, LLC
	  	Delaware	  	 	100	 
	 SSTI 4761 GULF BREEZE PKWY, LLC
	  	Delaware	  	 	100	 
	 SSTI 4770 S Pecos Ave, LLC
	  	Delaware	  	 	100	 
	 SSTI 512 Percival RD, LLC
	  	Delaware	  	 	100	 
	 SSTI 5219 Plank RD, LLC
	  	Delaware	  	 	100	 
	 SSTI 550 MAIN ST, LLC
	  	Delaware	  	 	100	 
	 SSTI 5525 W ROOSEVELT RD, LLC
	  	Delaware	  	 	100	 
	 SSTI 5550 Timuquana RD, LLC
	  	Delaware	  	 	100	 
	 SSTI 5701 W OGDEN AVE, LLC
	  	Delaware	  	 	100	 
	 SSTI 5970 Centennial CIR, LLC
	  	Delaware	  	 	100	 
	 SSTI 6010 Monticello Dr, LLC
	  	Delaware	  	 	100	 
	 SSTI 6047 WOODROW BEAN DR, LLC
	  	Delaware	  	 	100	 
	 SSTI 6195 South Kanner HWY, LLC
	  	Delaware	  	 	100	 
	 SSTI 69 MALLORY AVE, LLC
	  	Delaware	  	 	100	 
	 SSTI 75 Brookline RD, LLC
	  	Delaware	  	 	100	 
	 SSTI 782 King George BLVD, LLC
	  	Delaware	  	 	100	 
	 SSTI 815 LaSalle AVE, LLC
	  	Delaware	  	 	100	 
	 SSTI 8337 Tara BLVD, LLC
	  	Delaware	  	 	100	 
	 SSTI 890 St. Peters Church Rd, LLC
	  	Delaware	  	 	100	 
	 SSTI 9252 E GUADALUPE RD, LLC
	  	Delaware	  	 	100	 
	 SSTI 99 2nd AVE, LLC
	  	Delaware	  	 	100	 
	 SSTI Acquisitions, LLC
	  	Delaware	  	 	100	 
	 SSTI Evergreen Portfolio Acquisitions, LLC
	  	Delaware	  	 	100	 
	 Storage Acquisition Framingham Concord Street, L.L.C.
	  	Delaware	  	 	100	 
	 Storage Acquisition Nashua Chestnut Street, LLC
	  	Delaware	  	 	100	 
	 Storage Acquisition Waltham Willow Street LLC
	  	Delaware	  	 	100	 
	 Storage Advantage, LLC
	  	Delaware	  	 	100	 
	 Storage Associates Holdco LLC
	  	Delaware	  	 	100	 

							
	 Storage Associates Malcolm LLC
	  	Delaware	  	 	100	 
	 Storage Development Herndon, L.L.C.
	  	Delaware	  	 	100	 
	 Storage Domains LLC
	  	Utah	  	 	100	 
	 Storage Partners of Warrington, LP
	  	Delaware	  	 	100	 
	 Storage Portfolio Bravo II LLC
	  	Delaware	  	 	100	 
	 Storage USA Franchise LLC
	  	Tennessee	  	 	100	 
	 Storage USA, L.L.C.
	  	Delaware	  	 	100	 
	 Strategic Storage Property Management, LLC
	  	Delaware	  	 	100	 
	 Sunrise—SPC, LLC
	  	California	  	 	100	 
	 SUSA—TN, LLC
	  	Tennessee	  	 	100	 
	 SUSA Holdings LP
	  	Tennessee	  	 	100	 
	 SUSA Member Bravo II LLC
	  	Delaware	  	 	100	 
	 SUSA MT. VERNON, LLC
	  	New York	  	 	100	 
	 SUSA Subsidiary LLC
	  	Delaware	  	 	100	 
	 SUSA Ypsilanti, L.L.C.
	  	Delaware	  	 	100	 
	 T.O. Blvd. Storage Partners, LLC
	  	California	  	 	100	 
	 Tulfra Hampshire Self Storage, LLC
	  	New Jersey	  	 	100	 
	 U Lock, LLC
	  	Delaware	  	 	100	 
	 USA Bay Area Self Storage GP, LLC
	  	Texas	  	 	100	 
	 USA Bay Area Self Storage, LP
	  	Texas	  	 	100	 
	 USA Charleston LV Self Storage, LLC
	  	Delaware	  	 	100	 
	 USA Durango LV Self Storage, LLC
	  	Delaware	  	 	100	 
	 USA Greenville SC Self Storage GP, LLC
	  	South Carolina	  	 	100	 
	 USA Greenville SC Self Storage, LP
	  	South Carolina	  	 	100	 
	 USA Hollywood Self Storage, LLC
	  	Tennessee	  	 	100	 
	 USA Self Storage I, LLC
	  	Delaware	  	 	100	 
	 USA Self Storage Operating Partnership, LP
	  	Maryland	  	 	100	 
	 USA Senate Avenue Self Storage, LLC
	  	Delaware	  	 	100	 
	 USA SF Self Storage, LLC
	  	Delaware	  	 	100	 
	 USA SS REIT II Operating Partnership, L.P.
	  	Delaware	  	 	100	 
	 WW MADISON REALTY LIMITED LIABILITY COMPANY
	  	New Jersey	  	 	100	 

 Schedule 5.12 

Certain Permitted Liens 

None. 

 Schedule 6.12 

Investments 
 None. 

 SCHEDULE A 

Additional Eligible Ground Leases 
 601
Cedar Street, Berkeley, California (Site #1371) 

 EXHIBIT A 

[INTENTIONALLY OMITTED] 

  
 EXH. A-1 

 EXHIBIT B 

FORM OF COMPLIANCE CERTIFICATE 
  

	To:	 The Lenders parties to the 

	 	 Credit Agreement Described Below 

This Compliance Certificate is furnished pursuant to that certain Amended and Restated Credit Agreement dated as of December 7, 2018 (as
amended, modified, renewed or extended from time to time, the “Agreement”) among Extra Space Storage LP (the “Borrower”), Extra Space Storage Inc., the lenders party thereto and U.S. Bank National Association, as Administrative
Agent for the Lenders and as an LC Issuer. Unless otherwise defined herein, capitalized terms used in this Compliance Certificate have the meanings ascribed thereto in the Agreement. 

THE UNDERSIGNED HEREBY CERTIFIES THAT: 

1. I am an Authorized Signatory with respect to the Borrower; 

2. I have reviewed the terms of the Agreement and I have examined (or caused to be examined) the books and records of the REIT and the
Borrower and conducted (or caused to be conducted) such other examinations and investigations as are reasonably necessary to provide this Compliance Certificate; 

3. The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or event which
constitutes a Default or Event of Default as of the date of this Certificate, except as set forth below; and 
 4. Schedule I attached
hereto sets forth financial data and computations evidencing the Borrower’s compliance with certain covenants of the Agreement, all of which data and computations are true, complete and correct. 

[5. Schedule II attached hereto sets forth the determination of the interest rates to be paid for Advances, the LC Fee rates,
and the facility fee rate commencing on the first day of the first fiscal month immediately following the date on which delivery hereof is required pursuant to Section 6.1(c) of the Agreement. ] 

[6. Schedule III attached hereto sets forth a list of all Eligible Properties (and the NOI attributable to each such Eligible
Property), Development Properties and Lease Up Properties as of the last day of the reporting period covered by this Certificate.] 

[7. Schedule IV attached hereto sets forth a list of all Guarantors added or released since the date of the prior compliance
certificate.] 

  
 EXH. B-1 

 Described below are the exceptions, if any, to paragraph 3 by listing, in detail, the nature
of the condition or event, the period during which it has existed and the action which the Borrower has taken, is taking, or proposes to take with respect to each such condition or event: 

 

			
	                [	  	 
		
		  	 
		
		  	 
		
		  	 

 The foregoing certifications, together with the computations set forth in Schedule I hereto and the financial
statements delivered with this Certificate in support hereof, are made and delivered this [__] day of [_______], 20[__]. 

 

			
	[NAME OF AN AUTHORIZED SIGNATORY WITH RESPECT TO THE BORROWER]

 
			
		
	By:	 	 
	 Name:
 Title:

  
 EXH. B-2 

 SCHEDULE I TO COMPLIANCE CERTIFICATE 

Compliance as of
[                    ], 20[    ] with 

Provisions of Section 6.16 of 

the Agreement 
 [insert
relevant calculations] 

 SCHEDULE II TO COMPLIANCE CERTIFICATE 

Borrower’s Applicable Margin Calculation 

 SCHEDULE III TO COMPLIANCE CERTIFICATE 

Eligible Properties, Development Properties and Lease Up Properties 

 SCHEDULE IV TO COMPLIANCE CERTIFICATE 

Guarantors Added or Released 

 EXHIBIT C 

FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT 

This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered
into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein
shall have the meanings given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Terms and Conditions set forth in Annex 1 attached
hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases
and assumes from the Assignor, subject to and in accordance with the Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below, all of the Assignor’s rights and
obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of the Assignor’s
outstanding rights and obligations under the respective facilities identified below (including without limitation any letters of credit and guaranties included in such facilities and, to the extent permitted to be assigned under applicable law, all
claims (including without limitation contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity), suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any
Person whether known or unknown arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby, in each case to the extent related to the amount and
percentage interest identified below) (the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by
the Assignor. 
  

					
	1.	  	 Assignor:
	  	[                                     
                           ]
			
	2.	  	 Assignee:
	  	        [                            
                                ][and is an Affiliate/ Approved Fund
of [identify Lender]]11
			
	3.	  	 Borrower(s):
	  	 Extra Space Storage LP

 

	1 	 Select as applicable. 

  
 EXH. C-1 

					
	4.	  	 Administrative Agent:
	  	U.S. Bank National Association, as the agent under the Credit Agreement.
			
	5.	  	 Credit Agreement:
	  	The $1,350,000,000 Amended and Restated Credit Agreement dated as of December 7, 2018 among Extra Space Storage LP, Extra Space Storage Inc., the Lenders party thereto, U.S. Bank National Association, as Administrative Agent,
and the other agents party thereto.
			
	6.	  	 Assigned Interest:
	  	

  

							
	Facility Assigned	  	Aggregate Amount of
Commitment/Loans
for all Lenders2	  	Amount of
Commitment/Loans
Assigned3	  	Percentage Assigned of
Commitment/Loans4
	
[____________]5
	  	$[____________]	  	$[____________]	  	[_______]%
	 [____________]
	  	$[____________]	  	$[____________]	  	[_______]%
	 [____________]
	  	$[____________]	  	$[____________]	  	[_______]%

					
			
	7.	  	 Trade Date:
	  	
[____________________]6

	
	  
 Effective Date: [____________________],
20[__] [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER BY THE ADMINISTRATIVE AGENT.]

  
  

	2 	 Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the
Trade Date and the Effective Date. 

	3 	 Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the
Trade Date and the Effective Date. 

	4 	 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.

	5 	 Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being
assigned under this Assignment (e.g. “Revolving Commitment,” “Term Loan Commitment,”, etc.). 

	6 	 Insert if satisfaction of minimum amounts is to be determined as of the Trade Date. 

  
 EXH. C-2 

 The Assignee, if not already a Lender, agrees to deliver to the Administrative Agent a
completed Administrative Questionnaire in which the Assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower
or its securities) will be made available and who may receive such information in accordance with the Assignee’s compliance procedures and applicable laws, including Federal and state securities laws. 

The terms set forth in this Assignment and Assumption are hereby agreed to: 
  

			
		  	 ASSIGNOR

		  	[NAME OF ASSIGNOR]
		
		  	 By: _________________________________

		  	         Title:

		
		  	 ASSIGNEE

		  	[NAME OF ASSIGNEE]
		
		  	 By: _________________________________

		  	         Title:

		
	[Consented to and]7 Accepted:	  	
	  
 U.S. BANK NATIONAL

ASSOCIATION, as

Administrative Agent
	  	
	
	 By: ____________________________

	 Title:
	  	
		
	[Consented to:]8	  	
		
	[NAME OF RELEVANT PARTY]	  	
	
	 By: ____________________________

	 Title:
	  	

  
  

	7 	 To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.

	8 	 To be added only if the consent of the Borrower and/or other parties (e.g., LC Issuer) is required by the terms
of the Credit Agreement. 

  
 EXH. C-3 

 ANNEX 1 

TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 

1. Representations and Warranties. 

1.1 Assignor. The Assignor represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest,
(ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to
consummate the transactions contemplated hereby. Neither the Assignor nor any of its officers, directors, employees, agents or attorneys shall be responsible for (a) any statements, warranties or representations made in or in connection with
the Credit Agreement or any other Loan Document, (b) the execution, legality, validity, enforceability, genuineness, sufficiency, perfection, priority, collectibility, or value of the Loan Documents or any collateral thereunder, (c) the
financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document, (d) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other
Person of any of their respective obligations under any Loan Documents, (e) inspecting any of the Property, books or records of the Borrower, or any guarantor, or (f) any mistake, error of judgment, or action taken or omitted to be taken
in connection with the Loans or the Loan Documents. 
 1.2. Assignee. The Assignee (a) represents and warrants that (i) it
has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies
the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender thereunder, (iii) from and after the Effective Date, it shall be bound by the
provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iii) agrees that its payment instructions and notice instructions are as set forth in the
Administrative Questionnaire delivered by Assignee to Administrative Agent, (iv) confirms that none of the funds, monies, assets or other consideration being used to make the purchase and assumption hereunder are “plan assets” as
defined under ERISA and that its rights, benefits and interests in and under the Loan Documents will not be “plan assets” under ERISA, (v) agrees to indemnify and hold the Assignor harmless against all losses, costs and expenses
(including, without limitation, reasonable attorneys’ fees) and liabilities incurred by the Assignor in connection with or arising in any manner from the Assignee’s non-performance of the obligations
assumed under this Assignment and Assumption, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 6.1 thereof, as applicable, and such other
documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision
independently and without reliance on the Administrative Agent or any other Lender, and (v) attached as Schedule 1 to this Assignment and Assumption is any documentation required to be delivered by the Assignee pursuant to the terms of the
Credit Agreement, duly completed and executed by the Assignee and (b) agrees that (i) it will, independently and without reliance on the Administrative 

 
Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking
action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

2. Payments. The Assignee shall pay the Assignor, on the Effective Date, the amount agreed to by the Assignor and the Assignee. From
and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, Reimbursement Obligations, fees and other amounts) to the Assignor for amounts which have
accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date. 
 3.
General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of
counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment
and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York. 

 EXHIBIT D-1 

FORM OF BORROWING NOTICE 
 TO: U.S. Bank
National Association, as administrative agent (the “Administrative Agent”) under that certain Amended and Restated Credit Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), dated as of December 7, 2018 among Extra Space Storage LP (the “Borrower”), Extra Space Storage Inc., the financial institutions party thereto, as lenders (the “Lenders”), and the Administrative Agent. 

Capitalized terms used herein shall have the meanings ascribed to such terms in the Credit Agreement. 

The undersigned Borrower hereby gives to the Administrative Agent a request for borrowing pursuant to Section 2.8 of the Credit
Agreement, and the Borrower hereby requests to borrow on [_______________], 20[__] (the “Borrowing Date”) from the Lenders, on a pro rata basis, an aggregate principal amount
of $[___________] in [Revolving][Tranche 1 Term][Tranche 2 Term] Loans as: 

1. ☐ a Base Rate Advance (in Dollars) 

2. ☐ a Eurodollar Advance (in Dollars) with the following characteristics: 

Interest Period of [_______] month(s) 

The undersigned hereby certifies to the Administrative Agent and the Lenders that (i) the representations and warranties contained in
Article V of the Credit Agreement are (a) with respect to any representations or warranties that contain a materiality qualifier, true and correct in all respects as of the date hereof, except to the extent any such representation or warranty
is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all respects on and as of such earlier date and (b) with respect to any representations or warranties that do not
contain a materiality qualifier, true and correct in all material respects as of the date hereof, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty
shall have been true and correct in all material respects on and as of such earlier date; (ii) at the time of and immediately after giving effect to such Advance, no Default or Event of Default shall have occurred and be continuing; and
(iii) all other relevant conditions set forth in Section 4.2 of the Credit Agreement have been satisfied. 

  
 EXH. D-1-1 

 IN WITNESS WHEREOF, the undersigned has caused this Borrowing Notice to be executed by its
authorized officer as of the date set forth below. 
 Dated: [_______________], 20[__] 

 

			
	 EXTRA SPACE STORAGE LP,
 as
the Borrower

 
			
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 EXH. D-1-2 

 EXHIBIT D-2 

FORM OF CONVERSION/CONTINUATION NOTICE9 

TO: U.S. Bank National Association, as administrative agent (the “Administrative Agent”) under that certain Amended and Restated Credit Agreement
(as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), dated as of December 7, 2018 among Extra Space Storage LP (the “Borrower”), Extra Space Storage Inc., the financial
institutions party thereto, as lenders (the “Lenders”), and the Administrative Agent. 
 Capitalized terms used herein shall have
the meanings ascribed to such terms in the Credit Agreement. 
 Pursuant to Section 2.9 of the Credit Agreement, the undersigned
Borrower hereby requests to [continue] [convert] the interest rate on a portion of its [Revolving][Tranche 1 Term][Tranche 2 Term] Loan
in the outstanding principal amount of $[____________] on [_______________], 20[__] as follows: 

☐    to convert such Eurodollar Advance to a Base Rate Advance of the same type as of the last day of the current
Interest Period for such Eurodollar Advance. 
 ☐    to convert such Base Rate Advance to a Eurodollar Advance of
the same type with an Interest Period of [_______] month(s). 
 ☐     to continue such
Eurodollar Advance on the last day of its current Interest Period as a Eurodollar Advance of the same type with an Interest Period of [_______] month(s). 

The undersigned hereby certifies to the Administrative Agent and the Lenders that no Default or Event of Default shall have occurred and be
continuing or would occur as a result of the [continuation] [conversion] contemplated hereby. 

 

	9	 Such Conversion/Continuation Notice to be delivered not later than 11:00 a.m. (Chicago time) at least two
(2) Business Days prior to the date of the requested conversion or continuation. 

  
 EXH. D-2-1 

 IN WITNESS WHEREOF, the undersigned has caused this Conversion/Continuation Notice to be
executed on its behalf by its authorized officer as of the date set forth below. 
 Dated: [_______________],
20[__] 
  

			
	 EXTRA SPACE STORAGE LP,
 as
the Borrower

 
			
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 EXH. D-2-2 

 EXHIBIT D-3 

FORM OF PAYMENT NOTICE10 

TO: U.S. Bank National Association, as administrative agent (the “Administrative Agent”) under that certain Amended and Restated Credit Agreement
(as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), dated as of December 7, 2018 among Extra Space Storage LP (the “Borrower”), Extra Space Storage Inc., the financial
institutions party thereto, as lenders (the “Lenders”), and the Administrative Agent. 
 Capitalized terms used herein shall have
the meanings ascribed to such terms in the Credit Agreement. 
 Pursuant to Section 2.7 of the Credit Agreement, the undersigned
Borrower hereby notifies the Administrative Agent of its intent to make a [terminate] [permanently reduce] the Aggregate Revolving Commitments of the Revolving Lenders in the amount of
$[___________]11 on [_______________], 20[__]. [Such proposed termination is being made in
connection with the consummation of [insert description of other transaction], and, as such, such termination is contingent on the closing of such other transaction. ]. 

 

	10 	 Such Payment Notice to be delivered not later than 2:00 p.m. (Chicago time) five (5) Business Days prior to any
permanent reduction in the Aggregate Revolving Commitment of the Revolving Lenders. 

	11 	 Reductions to be made in a minimum aggregate amount of $10,000,000 and incremental amounts in integral
multiples of $1,000,000. 

  
 EXH. D-3-1 

 IN WITNESS WHEREOF, the undersigned has caused this Payment Notice to be executed on its
behalf by its authorized officer as of the date set forth below. 
 Dated: [_______________], 20[__]

  

			
	 EXTRA SPACE STORAGE LP,
 as
the Borrower

 
			
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 EXH. D-3-2 

 EXHIBIT E-1 

FORM OF REVOLVING NOTE 

December 7, 2018 
 Extra
Space Storage LP, a Delaware limited partnership (the “Borrower”), promises to pay to [____________________________________] or its registered assigns (the “Lender”) the aggregate unpaid principal amount of
all Revolving Loans made by the Lender to the Borrower pursuant to Section 2.1(a) of the Agreement (as hereinafter defined), in immediately available funds at the applicable office of U.S. Bank National Association, as Administrative Agent,
together with interest on the unpaid principal amount hereof at the rates and on the dates set forth in the Agreement. The Borrower shall pay the principal of and accrued and unpaid interest on the Revolving Loans in full on the Revolving Loan
Termination Date. 
 The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to otherwise record in
accordance with its usual practice, the date and amount of each Revolving Loan and the date and amount of each principal payment hereunder. 

This Revolving Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the Amended and Restated Credit Agreement
dated as of December 7, 2018 (which, as it may be amended or modified and in effect from time to time, is herein called the “Agreement”), among the Borrower, Extra Space Storage Inc., the lenders party thereto, including the Lender,
the LC Issuer and U.S. Bank National Association, as Administrative Agent, to which Agreement reference is hereby made for a statement of the terms and conditions governing this Revolving Note, including the terms and conditions under which this
Revolving Note may be prepaid or its maturity date accelerated. This Revolving Note is guaranteed pursuant to the Guaranty, all as more specifically described in the Agreement, and reference is made thereto for a statement of the terms and
provisions thereof. Capitalized terms used herein and not otherwise defined herein are used with the meanings attributed to them in the Agreement. 

The undersigned waives demand, presentment, notice of nonpayment, protest, notice of protest and notice of dishonor. 

THE VALIDITY, CONSTRUCTION AND ENFORCEABILITY OF THIS NOTE SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING
EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A STATE OTHER THAN THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS OF THE UNITED STATES APPLICABLE TO NATIONAL BANKS. 

 

			
	EXTRA SPACE STORAGE LP,

 
			
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 EXH. E-1-1 

 SCHEDULE OF REVOLVING LOANS AND PAYMENTS OF PRINCIPAL 

TO 
 REVOLVING NOTE OF
[                    ], 
 DATED
DECEMBER 7, 2018 
  

											
	 Date
	  	 Principal
Amount of
Revolving
Loan
	  	 Type of
Revolving
Loan
	  	 Maturity
of Interest
Period
	  	 Principal
Amount
Paid
	  	 Unpaid
Balance

  
 EXH. E-1-2 

 EXHIBIT E-2 

FORM OF TRANCHE 1 TERM LOAN NOTE 

December 7, 2018 
 Extra
Space Storage LP, a Delaware limited partnership (the “Borrower”), promises to pay to [____________________________________] or its registered assigns (the “Lender”) the aggregate unpaid principal
amount of all Tranche 1 Term Loans made by the Lender to the Borrower pursuant to Section 2.1(b) of the Agreement (as hereinafter defined), in immediately available funds at the applicable office of U.S. Bank National Association, as
Administrative Agent, together with interest on the unpaid principal amount hereof at the rates and on the dates set forth in the Agreement. The Borrower shall pay the principal of and accrued and unpaid interest on the Tranche 1 Term Loans in full
on the Tranche 1 Term Loan Termination Date. 
 The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to
otherwise record in accordance with its usual practice, the date and amount of each Tranche 1 Term Loan and the date and amount of each principal payment hereunder. 

This Term Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the Amended and Restated Credit Agreement dated as
of December 7, 2018 (which, as it may be amended or modified and in effect from time to time, is herein called the “Agreement”), among the Borrower, Extra Space Storage Inc., the lenders party thereto, including the Lender, the LC
Issuer and U.S. Bank National Association, as Administrative Agent, to which Agreement reference is hereby made for a statement of the terms and conditions governing this Term Note, including the terms and conditions under which this Term Note may
be prepaid or its maturity date accelerated. This Term Note is guaranteed pursuant to the Guaranty, all as more specifically described in the Agreement, and reference is made thereto for a statement of the terms and provisions thereof. Capitalized
terms used herein and not otherwise defined herein are used with the meanings attributed to them in the Agreement. 
 The undersigned waives
demand, presentment, notice of nonpayment, protest, notice of protest and notice of dishonor. 
 THE VALIDITY, CONSTRUCTION AND
ENFORCEABILITY OF THIS NOTE SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A STATE OTHER THAN THE STATE OF NEW YORK,
BUT GIVING EFFECT TO FEDERAL LAWS OF THE UNITED STATES APPLICABLE TO NATIONAL BANKS. 
  

			
	EXTRA SPACE STORAGE LP,

 
			
		
	 By:
	 	  

	 Name:

Title:
	 	

  
 EXH. E-2-1 

 SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL 

TO 
 TRANCHE 1 TERM LOAN NOTE OF
[                        ], 

DATED DECEMBER 7, 2018 
  

											
	 Date
	  	 Principal
Amount of
Tranche 1

Term Loan
	  	 Type of

Tranche 1
 Term Loan
	  	 Maturity
of Interest
Period
	  	 Principal
Amount
Paid
	  	 Unpaid
Balance

  
 EXH. E-2-2 

 EXHIBIT E-3 

FORM OF TRANCHE 2 TERM LOAN NOTE 

December 7, 2018 
 Extra
Space Storage LP, a Delaware limited partnership (the “Borrower”), promises to pay to [____________________________________] or its registered assigns (the “Lender”) the aggregate unpaid principal
amount of all Tranche 2 Term Loans made by the Lender to the Borrower pursuant to Section 2.1(c) of the Agreement (as hereinafter defined), in immediately available funds at the applicable office of U.S. Bank National Association, as
Administrative Agent, together with interest on the unpaid principal amount hereof at the rates and on the dates set forth in the Agreement. The Borrower shall pay the principal of and accrued and unpaid interest on the Tranche 2 Term Loans in full
on the Tranche 2 Term Loan Termination Date. 
 The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to
otherwise record in accordance with its usual practice, the date and amount of each Tranche 2 Term Loan and the date and amount of each principal payment hereunder. 

This Term Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the Amended and Restated Credit Agreement dated as
of December 7, 2018 (which, as it may be amended or modified and in effect from time to time, is herein called the “Agreement”), among the Borrower, Extra Space Storage Inc., the lenders party thereto, including the Lender, the LC
Issuer and U.S. Bank National Association, as Administrative Agent, to which Agreement reference is hereby made for a statement of the terms and conditions governing this Term Note, including the terms and conditions under which this Term Note may
be prepaid or its maturity date accelerated. This Term Note is guaranteed pursuant to the Guaranty, all as more specifically described in the Agreement, and reference is made thereto for a statement of the terms and provisions thereof. Capitalized
terms used herein and not otherwise defined herein are used with the meanings attributed to them in the Agreement. 
 The undersigned waives
demand, presentment, notice of nonpayment, protest, notice of protest and notice of dishonor. 
 THE VALIDITY, CONSTRUCTION AND
ENFORCEABILITY OF THIS NOTE SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A STATE OTHER THAN THE STATE OF NEW YORK,
BUT GIVING EFFECT TO FEDERAL LAWS OF THE UNITED STATES APPLICABLE TO NATIONAL BANKS. 
  

			
	EXTRA SPACE STORAGE LP,

 
			
		
	 By:
	 	  

	 Name:

Title:
	 	

  
 EXH. E-3-1 

 SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL 

TO 
 TRANCHE 2 TERM LOAN NOTE OF
[                        ], 

DATED DECEMBER 7, 2018 
  

											
	 Date
	  	 Principal
Amount of
Tranche 2

Term Loan
	  	 Type of

Tranche 2
 Term Loan
	  	 Maturity
of Interest
Period
	  	 Principal
Amount
Paid
	  	 Unpaid
Balance

  
 EXH. E-3-2 

 EXHIBIT E-4 

FORM OF BID RATE NOTE 

____________, 20__ 
 FOR VALUE
RECEIVED, the undersigned, EXTRA SPACE STORAGE LP (the “Borrower”), hereby promises to pay to ________________ or its registered assigns (the “Lender”), in care of U.S. BANK NATIONAL ASSOCIATION, as Administrative Agent (the
“Administrative Agent”), at the office of the Administrative Agent located at U.S. Bank National Association, 170 South Main Street, Suite 600, Salt Lake City, UT 84101, or at such other address as may be specified by the Administrative
Agent to the Borrower in accordance with the terms of the Agreement, the aggregate unpaid principal amount of Bid Rate Loans made by the Lender to the Borrower under the Agreement, on the dates and in the principal amounts provided in the Agreement,
and to pay interest on the unpaid principal amount of each such Bid Rate Loan, at such office at the rates and on the dates provided in the Agreement. 

The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to otherwise record in accordance with its usual
practice, the date and amount of each Bid Rate Loan and the date and amount of each principal payment hereunder. 
 This Bid Rate Note is
one of the “Bid Rate Notes” referred to in the Amended and Restated Credit Agreement dated as of December 7, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”), by and among
the Borrower, EXTRA SPACE STORAGE INC., the Lenders from time to time parties thereto and the Administrative Agent, to which Agreement reference is hereby made for a statement of the terms and conditions governing this Bid Rate Note, including the
terms and conditions under which this Bid Rate Note may be prepaid or its maturity date accelerated. This Bid Rate Note is guaranteed pursuant to the Guaranty, all as more specifically described in the Agreement, and reference is made thereto for a
statement of the terms and provisions thereof. Capitalized terms used herein and not otherwise defined herein are used with the meanings attributed to them in the Agreement. 

The undersigned waives demand, presentment, notice of nonpayment, protest, notice of protest and notice of dishonor. 

THE VALIDITY, CONSTRUCTION AND ENFORCEABILITY OF THIS NOTE SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING
EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A STATE OTHER THAN THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS OF THE UNITED STATES APPLICABLE TO NATIONAL BANKS. 

[Signature on next page] 

  
 EXH. E-4-1 

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Bid Rate Note as of the
date first written above. 
  

			
	EXTRA SPACE STORAGE LP

 
			
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  
 EXH. E-4-2 

 SCHEDULE OF BID RATE LOANS 

This Note evidences Bid Rate Loans made under the within-described Credit Agreement to the Borrower, on the dates, in the principal amounts,
bearing interest at the rates and maturing on the dates set forth below, subject to the payments and prepayments of principal set forth below: 
  

															
	 Date of

Loan
	 	 Principal
Amount of

Loan
	 	 Type of

Bid Rate
 Loan
	  	 Applicable
Absolute
Rate
or
Eurodollar
Margin
	  	 Maturity

of Interest
Period
	  	 Principal
Amount
Paid
	  	 Unpaid
Principal
Amount
	  	 Notation

Made By

  
 EXH. E-4-3 

 EXHIBIT F 

FORM OF INCREASING LENDER SUPPLEMENT 

INCREASING LENDER SUPPLEMENT, dated [__________], 20[__] (this
“Supplement”), by and among each of the signatories hereto, to the Amended and Restated Credit Agreement, dated as of December 7, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Extra Space Storage LP (the “Borrower”), Extra Space Storage Inc., the Lenders party thereto and U.S. Bank National Association, as administrative agent (in such capacity, the “Administrative Agent”).

 W I T N E S S E T H 

WHEREAS, pursuant to Section 2.24 of the Credit Agreement, the Borrower has the right, subject to the terms and conditions thereof, to
effectuate from time to time an increase in the Aggregate Commitment under the Credit Agreement by requesting one or more Lenders to increase the amount of its Revolving Commitment, enter into one or more tranches of Incremental Term Loan
Commitments and/or enter into one or more tranches of Incremental Term Loans; 
 WHEREAS, the Borrower has given notice to the
Administrative Agent of its intention to [increase the aggregate Revolving Commitments], [[and] enter into one or more tranches of Incremental Term Loan Commitments]
[[and] enter into one or more tranches of Incremental Term Loans] pursuant to such Section 2.24 of the Credit Agreement; and 

WHEREAS, pursuant to Section 2.24 of the Credit Agreement, the undersigned Increasing Lender now desires to [increase the
amount of its Revolving Commitment], [[and] enter into one or more tranches of Incremental Term Loan Commitments] [[and] enter into one or more tranches of
Incremental Term Loans] under the Credit Agreement by executing and delivering to the Borrower and the Administrative Agent this Supplement; 

NOW, THEREFORE, each of the parties hereto hereby agrees as follows: 

1. The undersigned Increasing Lender agrees, subject to the terms and conditions of the Credit Agreement, that on the date of this Supplement
it shall [have its Revolving Commitment increased by $[__________], thereby making the aggregate amount of its total Revolving Commitment equal to $[__________]],
[[and] participate in a tranche of Incremental Term Loan Commitments with a commitment amount equal to $[______] with respect thereto] [[and]
participate in a tranche of Incremental Term Loans with a commitment amount equal to $[______] with respect thereto]. 

2. The Borrower hereby represents and warrants that no Default or Event of Default has occurred and is continuing on and as of the date
hereof. 

  
 EXH. F-1 

 3. Terms defined in the Credit Agreement shall have their defined meanings when used herein.

 4. This Supplement shall be governed by, and construed in accordance with, the laws of the State of New York. 

5. This Supplement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when
so executed shall be deemed to be an original and all of which taken together shall constitute one and the same document. 

  
 EXH. F-2 

 IN WITNESS WHEREOF, each of the undersigned has caused this Supplement to be executed and
delivered by a duly authorized officer on the date first above written. 
  

			
	[INSERT NAME OF INCREASING LENDER]
		
		 	

 
			
	 By:
	 	  

			
	 Name:

Title:
	 	

 Accepted and agreed to as of the date first written above: 

EXTRA SPACE STORAGE LP 

			
	

			
		
	By:	 	 

			
	 Name:
 Title:
	 	

 Acknowledged as of the date first written above: 

U.S. BANK NATIONAL ASSOCIATION 
 as Administrative Agent

			
	

			
		
	By:	 	 

			
	 Name:
 Title:
	 	

  
 EXH. F-3 

 EXHIBIT G 

FORM OF AUGMENTING LENDER SUPPLEMENT 

AUGMENTING LENDER SUPPLEMENT, dated [__________], 20[__] (this “Supplement”),
to the Amended and Restated Credit Agreement, dated as of December 7, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Extra Space Storage LP (the “Borrower”),
Extra Space Storage Inc., the Lenders party thereto and U.S. Bank National Association, as administrative agent (in such capacity, the “Administrative Agent”). 

W I T N E S S E T H 
 WHEREAS,
the Credit Agreement provides in Section 2.24 thereof that any bank, financial institution or other entity may extend Commitments and/or enter into one or more tranches of Incremental Term Loan Commitments and/or Incremental Term Loans under
the Credit Agreement subject to the approval of the Borrower and the Administrative Agent, by executing and delivering to the Borrower and the Administrative Agent a supplement to the Credit Agreement in substantially the form of this Supplement;
and 
 WHEREAS, the undersigned Augmenting Lender was not an original party to the Credit Agreement but now desires to become a party
thereto; 
 NOW, THEREFORE, each of the parties hereto hereby agrees as follows: 

1. The undersigned Augmenting Lender agrees to be bound by the provisions of the Credit Agreement and agrees that it shall, on the date of
this Supplement, become a Lender for all purposes of the Credit Agreement to the same extent as if originally a party thereto, with [a Revolving Commitment with respect to Revolving Loans of
$[__________]], [[and] an Incremental Term Loan Commitment of $[_____]] [[and] a commitment with respect to Incremental Term Loans of
$[_____]]. 
 2. The undersigned Augmenting Lender (a) represents and warrants that (i) it has full
power and authority, and has taken all action necessary, to execute and deliver this Supplement and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if
any, specified in the Credit Agreement that are required to be satisfied by it in order to become a Lender thereunder, (iii) agrees that its payment instructions and notice instructions are as set forth in its Administrative Questionnaire
delivered by the undersigned Augmenting Lender to Administrative Agent as of the date hereof in which such Augmenting Lender designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower or its securities) will be made available and who may receive such information in accordance with such Augmenting Lender’s compliance procedures and applicable laws,
including Federal and state securities laws, (iv) confirms that none of the funds, monies, assets or other consideration being used to make the purchase and assumption hereunder are “plan assets” as defined under ERISA and that its
rights, benefits and interests in and under the Loan 

  
 EXH. G-1 

 
Documents will not be “plan assets” under ERISA; (b) confirms that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements
delivered pursuant to Section 6.1 thereof, as applicable, and has reviewed such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Supplement; (c) agrees that it
will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action
under the Credit Agreement or any other instrument or document furnished pursuant hereto or thereto; (d) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion
under the Credit Agreement or any other instrument or document furnished pursuant hereto or thereto as are delegated to the Administrative Agent by the terms thereof, together with such powers as are incidental thereto; and (e) agrees that it
will be bound by the provisions of the Credit Agreement and will perform in accordance with its terms all the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender. 

3. The undersigned’s address for notices for the purposes of the Credit Agreement is as follows: 

[____________] 

4. The Borrower hereby represents and warrants that no Default or Event of Default has occurred and is continuing on and as of the date
hereof. 
 5. Terms defined in the Credit Agreement shall have their defined meanings when used herein. 

6. This Supplement shall be governed by, and construed in accordance with, the laws of the State of New York. 

7. This Supplement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when
so executed shall be deemed to be an original and all of which taken together shall constitute one and the same document. 

[remainder of this page intentionally left blank] 

  
 EXH. G-2 

 IN WITNESS WHEREOF, each of the undersigned has caused this Supplement to be executed and
delivered by a duly authorized officer on the date first above written. 
  

			
	[INSERT NAME OF AUGMENTING LENDER]

 
			
		
	 By:
	 	  

			
	Name:	 	
	Title:	 	

 Accepted and agreed to as of the date first written above: 

 

			
	EXTRA SPACE STORAGE LP

			
		
	By:	 	 

			
	Name:	 	
	Title:	 	

 Acknowledged as of the date first written above: 
  

			
	 U.S. BANK NATIONAL ASSOCIATION

as Administrative Agent

			
		
	By:	 	 

			
	Name:	 	
	Title:	 	

  
 EXH. G-3 

 EXHIBIT H 

LIST OF CLOSING DOCUMENTS 

(Attached.) 

  
 EXH. H-1 

 EXHIBIT H 

LIST OF CLOSING DOCUMENTS 

Extra Space Storage LP 

CREDIT FACILITIES 

December 7, 2018 
 LIST OF
CLOSING DOCUMENTS12 
 A. LOAN DOCUMENTS 

 

	1.	 Amended and Restated Credit Agreement dated as of December 7, 2018, among Extra Space Storage LP (the
“Borrower”), the Lenders party thereto and U.S. Bank National Association, as administrative agent (in such capacity, the “Administrative Agent”), evidencing credit facilities to the Borrower from the Lenders in an initial
aggregate principal amount of up to $1,350,000,000. 

 SCHEDULES 

 

			
	 Pricing Schedule
	  	
	 Schedule 1
	  	 Commitments

	 Schedule 5.7
	  	 Subsidiaries

	 Schedule 5.12
	  	 Certain Permitted Liens

	 Schedule 6.12
	  	 Investments

	 Schedule A
	  	 Additional Eligible Ground Leases

	
	EXHIBITS
		
	 Exhibit A
	  	 Intentionally Omitted

	 Exhibit B
	  	 Form of Compliance Certificate

	 Exhibit C
	  	 Form of Assignment and Assumption Agreement

	 Exhibit D-1
	  	 Form of Borrowing Notice

	 Exhibit D-2
	  	 Form of Conversion/Continuation Notice

	 Exhibit D-3
	  	 Form of Payment Notice

	 Exhibit E-1
	  	 Form of Revolving Note

	 Exhibit E-2
	  	 Form of Tranche 1 Term Loan Note

	 Exhibit E-3
	  	 Form of Tranche 2 Term Loan Note

	 Exhibit E-4
	  	 Form of Bid Rate Note

	 Exhibit F
	  	 Form of Increasing Lender Supplement

	 Exhibit G
	  	 Form of Augmenting Lender Supplement

  

	12 	 Each capitalized term used herein and not defined herein shall have the meaning assigned to such term in the
above-defined Credit Agreement. 

  
 EXH. H-2 

			
	 Exhibit H
	  	 List of Closing Documents

	 Exhibit I-1
	  	 Form of Bid Rate Quote Request

	 Exhibit I-2
	  	 Form of Bid Rate Quote

	 Exhibit I-3
	  	 Form of Bid Rate Quote Acceptance

	 Exhibit J
	  	 Form of Designation Agreement

  

	2.	 Notes executed by the Borrower in favor of each of the Lenders, if any, which has requested a note pursuant to
Section 2.13(d) of the Credit Agreement 

  

	3.	 Amended and Restated Guaranty executed by the Guarantors (collectively with the Borrower, the “Loan
Parties”) in favor of the Administrative Agent. 

  

	4.	 Evidence of Insurance (including property and liability insurance) 

B. CORPORATE DOCUMENTS 
  

	5.	 Certificate of the Secretary of the Parent Guarantor, certifying (i) that there have been no changes in
the charter document of each Loan Party, as attached thereto and as certified as of a recent date by the Secretary of State (or analogous governmental entity) of the jurisdiction of its organization, since the date of the certification thereof by
such governmental entity, (ii) the Operating Agreement or other organizational document, as attached thereto, of each Loan Party as in effect on the date of such certification, (iii) resolutions of the Board of Directors of the Parent
Guarantor or other applicable authorizing party of each Loan Party authorizing the execution, delivery and performance of each Loan Document to which it is a party, (iv) the Good Standing Certificate (or analogous documentation if applicable)
for each Loan Party from the Secretary of State (or analogous governmental entity) of the jurisdiction of its organization, to the extent generally available in such jurisdiction and to the extent available for such entity, (v) the names and
true signatures of the authorized signatories with respect to each Loan Party authorized to sign the Loan Documents to which it is a party, and (in the case of Borrower) among other things authorized to request an Advance or the issuance of a
Facility LC under the Credit Agreement and (vi) that No Material Adverse Change has occurred. 

 C. OPINIONS

  

	6.	 Opinion of Latham and Watkins LLP, counsel for the Loan Parties. 

 

	7.	 Opinion of Katz, Barron, Squitero, Friedberg, English & Allen, P.A., special counsel for the Loan
Parties incorporated or organized in Florida. 

  

	8.	 Opinion of Jason G.F. Wong, special counsel for the Loan Parties incorporated or organized in Hawaii.

  

	9.	 Opinion of Feinberg Hanson LLP, special counsel for the Loan Parties incorporated or organized in
Massachusetts. 

  
 EXH. H-3 

	10.	 Opinion of Venable LLP, special counsel for the Loan Parties incorporated or organized in Maryland.

  

	11.	 Opinion of Riker Danzig Scherer Hyland & Perretti LLP, special counsel for the Loan Parties
incorporated or organized in New Jersey. 

  

	12.	 Opinion of Benesch, Friedlander, Coplan & Aronoff LLP, special counsel for the Loan Parties
incorporated or organized in Ohio. 

  

	13.	 Opinion of Dilworth Paxson LLP, special counsel for the Loan Parties incorporated or organized in Pennsylvania.

  

	14.	 Opinions of Moore & Van Allen, PLLC, special counsel for the Loan Parties incorporated or organized in
South Carolina, with respect to: 

  

	 	a.	 USA Greenville SC Self Storage GP, LLC; and 

 

	 	b.	 USA Greenville SC Self Storage, LP. 

 

	15.	 Opinion of Bradley Arant Boult Cummings LLP, special counsel for the Loan Parties incorporated or organized in
Tennessee. 

  

	16.	 Opinion of Nelson Christensen Hollingworth & Williams, special counsel for the Loan Parties
incorporated or organized in Utah. 

  

	17.	 Opinion of The Sandler Law Group, LLC, special counsel for the Loan Parties incorporated or organized in
Georgia. 

 D. CLOSING CERTIFICATES AND MISCELLANEOUS 

 

	18.	 Pro Forma Compliance Certificate as of the Effective Date pursuant to Section 4.1(k) of the Credit
Agreement. 

  

	19.	 Borrowing Notice pursuant to Section 2.8 of the Credit Agreement, and certifying as to certain matters
required pursuant to Section 4.1(b) of the Credit Agreement. 

  

	20.	 KYC/Beneficial Ownership Certification, to the extent requested by any Lender. 

  
 EXH. H-4 

 EXHIBIT I-1 

FORM OF BID RATE QUOTE REQUEST 

______________, 20__ 
 U.S. Bank National
Association 
 [________] 
 [________] 

Attention: ______________ 
 Ladies and Gentlemen: 

Reference is made to that certain Amended and Restated Credit Agreement dated as of December 7, 2018 (as amended, restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”), by and among EXTRA SPACE STORAGE LP (the “Borrower”), EXTRA SPACE STORAGE INC. (the “Parent”), the Lenders from time to time parties thereto (the
“Lenders”) and U.S. Bank National Association, as Administrative Agent (the “Administrative Agent”). Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit
Agreement. 
  

	 	1.	 The Borrower hereby requests Bid Rate Quotes for the following proposed Bid Rate Borrowings:

  

							
	 Borrowing Date
	  	 Amount
	  	 Type
	  	 Interest Period

				
	______________, 20___	  	$____________	  	                    	  	______ days

  

	 	2.	 After giving effect to the Bid Rate Borrowing requested herein, the total amount of Bid Rate Loans outstanding
shall be $______________. 

 The undersigned hereby certifies to the Administrative Agent and the Lenders that
(i) the representations and warranties contained in Article V of the Credit Agreement are (a) with respect to any representations or warranties that contain a materiality qualifier, true and correct in all respects as of the date hereof,
except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all respects on and as of such earlier date and (b) with
respect to any representations or warranties that do not contain a materiality qualifier, true and correct in all material respects as of the date hereof, except to the extent any such representation or warranty is stated to relate solely to an
earlier date, in which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier date; (ii) there exists no Default or Event of Default, nor would a Default or Event of Default
result from the extension of the requested Bid Rate Loans; and (iii) all other relevant conditions set forth in Section 4.2 of the Credit Agreement have been satisfied. 

[Signature on next page] 

  
 EXH. I-1-1 

 
			
	EXTRA SPACE STORAGE LP

 
			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 EXH. I-1-2 

 EXHIBIT I-2 

FORM OF BID RATE QUOTE 

________________, 20__ 
 U.S. Bank National
Association 
 [________] 
 [________] 

Attention: ______________ 
 Ladies and Gentlemen: 

Reference is made to that certain Amended and Restated Credit Agreement dated as of December 7, 2018 (as amended, restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”), by and among EXTRA SPACE STORAGE LP (the “Borrower”), EXTRA SPACE STORAGE INC. (the “Parent”), the Lenders from time to time parties thereto (the
“Lenders”) and U.S. Bank National Association, as Administrative Agent (the “Administrative Agent”). Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit
Agreement. 
 In response to the Borrower’s Bid Rate Quote Request dated _____________, 20__, the undersigned hereby makes the
following Bid Rate Quote(s) on the following terms: 
  

	 	1.	 Quoting Lender:____________________________ 

 

	 	2.	 Person to contact at quoting Lender:____________________________ 

 

	 	3.	 The undersigned offers to make Bid Rate Loan(s) in the following principal amount(s), for the following
Interest Period(s) and at the following Bid Rate(s): 

  

									
	 Borrowing Date
	  	 Amount
	  	 Type
	  	 Interest Period
	  	 [Absolute
Rate]
[Eurodollar
Margin]

					
	__________, 20__	  	$_____________	  	                    	  	______days	  	______%
					
	__________, 20__	  	$_____________	  	                    	  	______days	  	______%
					
	__________, 20__	  	$_____________	  	                    	  	______days	  	______%

 The undersigned understands and agrees that the offer(s) set forth above, subject to satisfaction of the
applicable conditions set forth in the Credit Agreement, irrevocably obligate[s] the undersigned to make the Bid Rate Loan(s) for which any offer(s) [is/are] accepted, in whole or in part. 

[Signature on next page] 

  
 EXH. I-2-1 

 
					
	 
		
	By:	 	 
	Name:	 	 	 	 
	Title:	 	 	 	 

  
 EXH. I-2-2 

 EXHIBIT I-3 

FORM OF BID RATE QUOTE ACCEPTANCE 

______________, 20__ 
 U.S. Bank National
Association 
 [________] 
 [________] 

Attention: ______________ 
 Ladies and Gentlemen: 

Reference is made to that certain Amended and Restated Credit Agreement dated as of December 7, 2018 (as amended, restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”), by and among EXTRA SPACE STORAGE LP (the “Borrower”), EXTRA SPACE STORAGE INC. (the “Parent”), the Lenders from time to time parties thereto (the
“Lenders”) and U.S. Bank National Association, as Administrative Agent (the “Administrative Agent”). Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit
Agreement. 
 The Borrower hereby accepts the following offer(s) of Bid Rate Quotes to be made available to the Borrower on ____________,
_____: 
  

									
	 Quote Date
	  	 Quoting Lender
	  	 Type
	  	 Amount Accepted
	  	 [Absolute Rate]
[Eurodollar Margin]

	 ____________, 20__
	  	                	  	                	  	$___________	  	__________%
	 ____________, 20__
	  	                	  	                	  	$___________	  	__________%
	 ____________, 20__
	  	                	  	                	  	$___________	  	__________%

 The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the date hereof and on
and as of the date of the making of the requested Bid Rate Loans, the representations and warranties contained in Article V of the Credit Agreement are and will be (a) with respect to any representations or warranties that contain a materiality
qualifier, true and correct in all respects as of the date hereof and on the date of the making of the requested Bid Rate Loans, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case
such representation or warranty shall have been true and correct in all respects on and as of such earlier date and (b) with respect to any representations or warranties that do not contain a materiality qualifier, true and correct in all
material respects as of the date hereof and on the date of the making of the requested Bid Rate Loans, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or
warranty shall have been true and correct in all material respects on and as of such earlier date; (ii) there exists no Default or Event of Default, nor would a Default or Event of Default result from the extension of the accepted Bid Rate
Loans; and (iii) all other relevant conditions set forth in Section 4.2 of the Credit Agreement have been satisfied. 

[Signature on next page] 

  
 EXH. I-3-1 

 
			
	EXTRA SPACE STORAGE LP

 
			
		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

  
 EXH. I-3-1 

 EXHIBIT J 

FORM OF DESIGNATION AGREEMENT 

THIS DESIGNATION AGREEMENT dated as of
                ,          (the “Agreement”) by and among
                                     (the “Designating
Lender”),
                                        
(the “Designated Lender”) and U.S. Bank National Association, as Administrative Agent (the “Administrative Agent”). 

WHEREAS, the Designating Lender is a Lender under that certain Amended and Restated Credit Agreement dated as of December 7, 2018 (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among EXTRA SPACE STORAGE LP (the “Borrower”), EXTRA SPACE STORAGE INC., the Lenders from time to time parties thereto (the
“Lenders”) and U.S. Bank National Association, as Administrative Agent (the “Administrative Agent”); 
 WHEREAS,
pursuant to Section 12.1(b) of the Credit Agreement, the Designating Lender desires to designate the Designated Lender as its “Designated Lender” under and as defined in the Credit Agreement; and 

WHEREAS, the Administrative Agent consents to such designation on the terms and conditions set forth herein. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged by the parties hereto, the
parties hereto hereby agree as follows: 
 Section 1. Designation. Subject to the terms and conditions of this Agreement, the
Designating Lender hereby designates the Designated Lender, and the Designated Lender hereby accepts such designation, to have a right to make Bid Rate Loans on behalf of the Designating Lender pursuant to Section 2.25 of the Credit Agreement.
Any assignment by the Designating Lender to the Designated Lender of rights to make a Bid Rate Loan shall only be effective at the time such Bid Rate Loan is funded by the Designated Lender. The Designated Lender, subject to the terms and conditions
hereof, hereby agrees to make such accepted Bid Rate Loans and to perform such other obligations as may be required of it as a Designated Lender under the Credit Agreement. 

Section 2. Designating Lender Not Discharged. Notwithstanding the designation of the Designated Lender hereunder, the Designating
Lender shall be and remain obligated to the Borrower, the Administrative Agent and the Lenders for each and every of the obligations of the Designating Lender and the Designated Lender with respect to the Credit Agreement and the other Loan
Documents, including, without limitation, any indemnification obligations under Section 10.8 of the Credit Agreement and any sums otherwise payable to the Borrower by the Designated Lender. 

Section 3. No Representations by Designating Lender. The Designating Lender makes no representation or warranty and, except as set
forth in Section 8 below, assumes no responsibility pursuant to this Agreement with respect to (a) any statements, warranties or representations made in or in connection with any Loan Document or the execution, legality, validity,
enforceability, genuineness, sufficiency or value of any Loan Document or any other instrument and document furnished pursuant thereto and (b) the financial condition of the Borrower, any other Loan Party or any other Subsidiary of the Borrower
or the performance or observance by the Borrower or any other Loan Party of any of its obligations under any Loan Document to which it is a party or any other instrument or document furnished pursuant thereto. 

  
 J-1 

 Section 4. Representations and Covenants of Designated Lender. The Designated
Lender makes and confirms to the Administrative Agent, the Designating Lender, and the other Lenders all of the representations, warranties and covenants of a Lender under Article X of the Credit Agreement. Not in limitation of the foregoing,
the Designated Lender (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Agreement and to consummate the transactions contemplated hereby and to become a
Designated Lender under the Credit Agreement; (ii) it is an “accredited investor” (as such term is used in Regulation D of the Securities Act), (iii) it meets the requirements, if any, specified in the Credit Agreement that are
required to be satisfied by it in order to become a “Designated Lender” thereunder, including, without limitation, those set forth in the definition of “Designated Lender” in the Credit Agreement, (iv) its payment
instructions and notice instructions are as set forth in the Administrative Questionnaire delivered by the Designated Lender to Administrative Agent, (v) none of the funds, monies, assets or other consideration being used to consummate the
transactions contemplated hereunder are “plan assets” as defined under ERISA and that its rights, benefits and interests in and under the Loan Documents will not be “plan assets” under ERISA, and (vi) attached as Schedule 1
to this Agreement is any documentation required to be delivered by the Designated Lender pursuant to the terms of the Credit Agreement, duly completed and executed by the Designated Lender; (b) confirms that it has received a copy of the Credit
Agreement, together with copies of the most recent financial statements delivered pursuant thereto and such other documents and information (including without limitation the Loan Documents) as it has deemed appropriate to make its own credit
analysis and decision to enter into this Agreement; (c) confirms that it has, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent, or any of their respective officers,
directors, employees, agents or counsel, and based on such financial statements and such other documents and information, made its own credit analysis and decision to become a Designated Lender under the Credit Agreement; (d) appoints and
authorizes the Administrative Agent to take such action as contractual representative on its behalf and to exercise such powers under the Loan Documents as are delegated to the Administrative Agent by the terms thereof together with such powers as
are reasonably incidental thereto; and (e) agrees that it will become a party to and shall be bound by the Credit Agreement, the other Loan Documents to which the other Lenders are a party on the Effective Date (as defined below) and will
perform in accordance therewith all of the obligations which are required to be performed by it as a Designated Lender. The Designated Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, any other
Lender or counsel to the Administrative Agent or any of their respective officers, directors, employees and agents, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in
taking or not taking action under the Credit Agreement or any Note or pursuant to any other obligation. The Designated Lender acknowledges and agrees that except as expressly required under the Credit Agreement, the Administrative Agent shall have
no duty or responsibility whatsoever, either initially or on a continuing basis, to provide the Designated Lender with any credit or other information with respect to the Borrower, any other Loan Party or any other Subsidiary or to notify the
Designated Lender of any Default or Event of Default. 
 Section 5. Appointment of Designating Lender as Attorney-In-Fact. The Designated Lender hereby appoints the Designating Lender as the Designated Lender’s agent and attorney-in-fact, and grants to the Designating Lender an irrevocable power of attorney, to receive any and all payments to be made for the benefit of the Designated Lender under the Credit Agreement, to
deliver and receive all notices and other communications under the Credit Agreement and other Loan Documents and to exercise on the Designated Lender’s behalf all rights to vote and to grant and make approvals, waivers, consents of amendments
to or under the Credit Agreement or other Loan Documents. Any document executed by the Designating Lender on the Designated Lender’s behalf in connection with the Credit Agreement or other Loan Documents shall be binding on the Designated
Lender. The Borrower, each Administrative Agent and each of the Lenders may rely on and are beneficiaries of the preceding provisions. 

  
 J-2 

 Section 6. Acceptance by the Administrative Agent. Following the execution of
this Agreement by the Designating Lender and the Designated Lender, the Designating Lender will (i) deliver to the Administrative Agent a duly executed original of this Agreement for acceptance by the Administrative Agent and (ii) pay to
the Administrative Agent the fee, if any, payable under the applicable provisions of the Credit Agreement whereupon this Agreement shall become effective as of the date of such acceptance or such other date as may be specified on the signature page
hereof (the “Effective Date”). 
 Section 7. Effect of Designation. Upon such acceptance and recording by the
Administrative Agent, as of the Effective Date, the Designated Lender shall be a party to the Credit Agreement with a right to make Bid Rate Loans on behalf of the Designating Lender pursuant to Section 2.25 of the Credit Agreement after the
Borrower has accepted a Bid Rate Quote (or portion thereof) from the Designating Lender; provided, however, that the Designated Lender shall not be required to make payments with respect to such obligations except to the extent of
excess cash flow of the Designated Lender which is not otherwise required to repay obligations of the Designated Lender which are then due and payable. Notwithstanding the foregoing, the Designating Lender, as agent for the Designated Lender, shall
be and remain obligated to the Borrower, the Administrative Agent and the Lenders for each and every of the obligations of the Designated Lender and the Designating Lender with respect to the Credit Agreement. 

Section 8. Indemnification of Designated Lender. The Designating Lender unconditionally agrees to pay or reimburse the Designated
Lender and save the Designated Lender harmless against all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed or asserted by any of
the parties to the Loan Documents against the Designated Lender, in its capacity as such, in any way relating to or arising out of this Agreement or any other Loan Documents or any action taken or omitted by the Designated Lender hereunder or
thereunder, provided that the Designating Lender shall not be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements if the same results from the Designated
Lender’s gross negligence or willful misconduct. 
 Section 9. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

Section 10. Counterparts. This Agreement may be executed in any number of counterparts each of which, when taken together, shall
constitute one and the same agreement. 
 Section 11. Headings. Section headings have been inserted herein for convenience only
and shall not be construed to be a part hereof. 
 Section 12. Amendments; Waivers. This Agreement may not be amended, changed,
waived or modified except by a writing executed by all parties hereto. 
 Section 13. Binding Effect. This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 
 Section 14.
Definitions. Terms not otherwise defined herein are used herein with the respective meanings given them in the Credit Agreement. 

  
 J-3 

 [Signatures on Following Page] 

  
 J-4 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Designation Agreement as of
the date and year first written above. 
  

			
	EFFECTIVE DATE:                            
	
	DESIGNATING LENDER:
	
	[NAME OF DESIGNATING LENDER]

 
			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 
			
	
	DESIGNATED LENDER:
	
	[NAME OF DESIGNATED LENDER]

 
			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 Accepted as of the date first written above. 
  

			
	ADMINISTRATIVE AGENT:
	
	U.S. BANK NATIONAL ASSOCIATION, as Administrative Agent

			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 J-5

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