Document:

Senior Secured Credit Agreement

 Exhibit 10.1 

 
  

 
 SENIOR SECURED CREDIT
AGREEMENT 
 Dated as of December 13, 2011 
 among 
 APARTMENT INVESTMENT AND MANAGEMENT COMPANY, 

AIMCO PROPERTIES, L.P., 
 and 
 AIMCO/BETHESDA HOLDINGS, INC., 

as the Borrowers, 

KEYBANK NATIONAL ASSOCIATION, 
 as Administrative Agent, Swing Line Lender 
 and an L/C Issuer, 

WELLS FARGO BANK, N.A., 
 as Syndication Agent 
 BANK OF AMERICA, N.A. 

and 
 REGIONS
BANK, 
 as Co-Documentation Agents, 
 and 
 The Other Lenders Party Hereto 

and 
 KEYBANC
CAPITAL MARKETS 
 and 
 WELLS FARGO SECURITIES, 
 as 

Joint Lead Arrangers and Joint Book Managers 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I.
	 	 DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	  
			
	 1.01
	 	Defined Terms	  	 	1	  
	 1.02
	 	Other Interpretive Provisions	  	 	31	  
	 1.03
	 	Accounting Terms	  	 	32	  
	 1.04
	 	Rounding	  	 	33	  
	 1.05
	 	Times of Day	  	 	33	  
	 1.06
	 	Letter of Credit Amounts	  	 	33	  
			
	 ARTICLE II.
	 	 THE COMMITMENTS AND CREDIT EXTENSIONS
	  	 	33	  
			
	 2.01
	 	Revolving Loans	  	 	33	  
	 2.02
	 	Borrowings, Conversions and Continuations of Revolving Loans	  	 	34	  
	 2.03
	 	Letters of Credit	  	 	35	  
	 2.04
	 	Swing Line Loans	  	 	43	  
	 2.05
	 	Prepayments	  	 	46	  
	 2.06
	 	Termination or Reduction of Commitments	  	 	46	  
	 2.07
	 	Repayment of Loans	  	 	47	  
	 2.08
	 	Interest	  	 	47	  
	 2.09
	 	Fees	  	 	48	  
	 2.10
	 	Computation of Interest and Fees	  	 	48	  
	 2.11
	 	Evidence of Debt	  	 	49	  
	 2.12
	 	Payments Generally; Administrative Agent’s Clawback	  	 	49	  
	 2.13
	 	Sharing of Payments by Lenders	  	 	51	  
	 2.14
	 	Cash Collateral	  	 	52	  
	 2.15
	 	Defaulting Lenders	  	 	53	  
	 2.16
	 	Extension of Maturity Date	  	 	55	  
	 2.17
	 	Increase in Commitments	  	 	56	  
			
	 ARTICLE III.
	 	 TAXES, YIELD PROTECTION AND ILLEGALITY
	  	 	57	  
			
	 3.01
	 	Taxes	  	 	57	  
	 3.02
	 	Illegality	  	 	60	  
	 3.03
	 	Inability to Determine Rates	  	 	60	  
	 3.04
	 	Increased Costs; Reserves on Eurodollar Rate Loans	  	 	60	  
	 3.05
	 	Compensation for Losses	  	 	62	  
	 3.06
	 	Mitigation Obligations; Replacement of Lenders	  	 	63	  
	 3.07
	 	Survival	  	 	63	  
			
	 ARTICLE IV.
	 	 CONDITIONS PRECEDENT TO THE EFFECTIVENESS OF THIS AGREEMENT AND CREDIT EXTENSIONS
	  	 	63	  
			
	 4.01
	 	Conditions of Effectiveness of this Agreement	  	 	63	  
	 4.02
	 	Conditions to all Credit Extensions	  	 	65	  
			
	 ARTICLE V.
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	66	  
			
	 5.01
	 	Existence, Qualification and Power; Compliance with Laws	  	 	66	  

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 5.02
	 	Authorization; No Contravention	  	 	66	  
	 5.03
	 	Governmental Authorization; Other Consents	  	 	66	  
	 5.04
	 	Binding Effect	  	 	66	  
	 5.05
	 	Financial Statements; No Material Adverse Effect	  	 	67	  
	 5.06
	 	Litigation	  	 	67	  
	 5.07
	 	No Default	  	 	67	  
	 5.08
	 	Ownership of Property; Liens	  	 	68	  
	 5.09
	 	Environmental Compliance	  	 	68	  
	 5.10
	 	Insurance	  	 	68	  
	 5.11
	 	Taxes	  	 	68	  
	 5.12
	 	ERISA Compliance	  	 	68	  
	 5.13
	 	Subsidiaries; Equity Interests	  	 	69	  
	 5.14
	 	Margin Regulations; Investment Company Act; REIT and Tax Status; Stock Exchange Listing	  	 	69	  
	 5.15
	 	Disclosure	  	 	70	  
	 5.16
	 	Compliance with Laws	  	 	70	  
	 5.17
	 	Intellectual Property; Licenses, Etc.	  	 	70	  
			
	 ARTICLE VI.
	 	 AFFIRMATIVE COVENANTS
	  	 	71	  
			
	 6.01
	 	Financial Statements	  	 	71	  
	 6.02
	 	Certificates; Other Information	  	 	72	  
	 6.03
	 	Notices	  	 	73	  
	 6.04
	 	Payment of Obligations	  	 	74	  
	 6.05
	 	Preservation of Existence, Etc.	  	 	74	  
	 6.06
	 	Maintenance of Properties	  	 	75	  
	 6.07
	 	Maintenance of Insurance	  	 	75	  
	 6.08
	 	Compliance with Laws	  	 	75	  
	 6.09
	 	Books and Records	  	 	75	  
	 6.10
	 	Inspection Rights	  	 	75	  
	 6.11
	 	Use of Proceeds	  	 	76	  
	 6.12
	 	Additional Guarantors	  	 	76	  
	 6.13
	 	Intra-Company Debt	  	 	77	  
			
	 ARTICLE VII.
	 	 NEGATIVE COVENANTS
	  	 	77	  
			
	 7.01
	 	Liens	  	 	77	  
	 7.02
	 	Investments	  	 	79	  
	 7.03
	 	Indebtedness	  	 	80	  
	 7.04
	 	Fundamental Changes	  	 	82	  
	 7.05
	 	Intentionally Omitted	  	 	82	  
	 7.06
	 	Restricted Payments	  	 	83	  

  
 iii

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 7.07
	 	Change in Nature of Business	  	 	84	  
	 7.08
	 	Transactions with Affiliates	  	 	84	  
	 7.09
	 	Burdensome Agreements	  	 	84	  
	 7.10
	 	Use of Proceeds	  	 	84	  
	 7.11
	 	Financial Covenants	  	 	84	  
	 7.12
	 	Special Covenants Relating to the REIT	  	 	85	  
	 7.13
	 	Taxation of AIMCO	  	 	86	  
			
	 ARTICLE VIII.
	 	 EVENTS OF DEFAULT AND REMEDIES
	  	 	86	  
			
	 8.01
	 	Events of Default	  	 	86	  
	 8.02
	 	Remedies Upon Event of Default	  	 	88	  
	 8.03
	 	Application of Funds	  	 	89	  
			
	 ARTICLE IX.
	 	 ADMINISTRATIVE AGENT
	  	 	89	  
			
	 9.01
	 	Appointment and Authority	  	 	89	  
	 9.02
	 	Rights as a Lender	  	 	90	  
	 9.03
	 	Exculpatory Provisions	  	 	90	  
	 9.04
	 	Reliance by Administrative Agent	  	 	91	  
	 9.05
	 	Delegation of Duties	  	 	91	  
	 9.06
	 	Resignation of Administrative Agent	  	 	91	  
	 9.07
	 	Non-Reliance on Administrative Agent and Other Lenders	  	 	93	  
	 9.08
	 	No Other Duties, Etc.	  	 	93	  
	 9.09
	 	Administrative Agent May File Proofs of Claim	  	 	93	  
	 9.10
	 	Collateral and Guaranty Matters	  	 	94	  
	 9.11
	 	Approvals	  	 	95	  
			
	 ARTICLE X.
	 	 MISCELLANEOUS
	  	 	95	  
			
	 10.01
	 	Amendments, Etc.	  	 	95	  
	 10.02
	 	Notices; Effectiveness; Electronic Communication	  	 	97	  
	 10.03
	 	No Waiver; Cumulative Remedies	  	 	98	  
	 10.04
	 	Expenses; Indemnity; Damage Waiver	  	 	98	  
	 10.05
	 	Payments Set Aside	  	 	100	  
	 10.06
	 	Successors and Assigns	  	 	101	  
	 10.07
	 	Treatment of Certain Information; Confidentiality	  	 	105	  
	 10.08
	 	Right of Setoff	  	 	106	  
	 10.09
	 	Interest Rate Limitation	  	 	107	  
	 10.10
	 	Counterparts; Integration; Effectiveness	  	 	107	  
	 10.11
	 	Survival of Representations and Warranties	  	 	107	  
	 10.12
	 	Severability	  	 	107	  
	 10.13
	 	Replacement of Lenders	  	 	108	  

  
 iv 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 10.14
	 	Governing Law; Jurisdiction; Etc.	  	 	109	  
	 10.15
	 	Waiver of Jury Trial	  	 	109	  
	 10.16
	 	USA PATRIOT Act Notice	  	 	110	  
	 10.17
	 	Time of the Essence	  	 	110	  
	 10.18
	 	Borrowers’ Obligations	  	 	110	  
	 10.19
	 	Fiduciary Duty	  	 	114	  

  
 v 

			
	SCHEDULES	  	
		
	 1.01C
	  	Construction/Renovation
	 1.01E
	  	Existing Letters of Credit
	 1.01G
	  	Guarantors as of the Closing Date
	 2.01A
	  	Commitments and Applicable Percentages
	 5.06
	  	Litigation
	 5.09
	  	Environmental Matters
	 5.11
	  	Taxes
	 5.13
	  	Subsidiaries
	 7.01
	  	Existing Liens
	 7.03(b)(i)
	  	Existing Indebtedness
	 7.03(b)(ii)
	  	Cross-Collateralized and Cross-Defaulted Indebtedness
	 7.11
	  	Mezzanine Indebtedness
	 10.02
	  	Administrative Agent’s Office; Certain Addresses for Notices

  

			
	EXHIBITS	  	
		  	Form of
	 A
	  	Revolving Loan Notice
	 B
	  	Swing Line Loan Notice
	 C-1
	  	Revolving Note
	 C-2
	  	Swing Line Note
	 D
	  	Compliance Certificate
	 E
	  	Assignment and Assumption
	 F
	  	Guaranty
	 G
	  	Intra-Company Loan Subordination Agreement
	 H
	  	Joinder Agreement
	 I-1
	  	Borrower Pledge Agreement
	 I-2
	  	Non-Borrower Pledge Agreement

 SENIOR SECURED CREDIT AGREEMENT 

This SENIOR SECURED CREDIT AGREEMENT is entered into as of December 13, 2011, among APARTMENT INVESTMENT AND MANAGEMENT COMPANY, a
Maryland corporation (the “REIT”), AIMCO PROPERTIES, L.P., a Delaware limited partnership (“AIMCO”) and AIMCO/Bethesda HOLDINGS, INC., a Delaware corporation (“AIMCO/Bethesda”) (the REIT, AIMCO and
AIMCO/Bethesda, collectively referred to as the “Borrowers”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), KEYBANK NATIONAL ASSOCIATION, as
Administrative Agent, Swing Line Lender and an L/C Issuer, WELLS FARGO BANK, N.A., as Syndication Agent, and BANK OF AMERICA, N.A. and REGIONS BANK, as Co-Documentation Agents, with reference to the following Recitals: 

RECITALS 

WHEREAS, Borrowers have requested that the Lenders provide a revolving credit facility to the Borrowers; and 

WHEREAS, the Administrative Agent and the Lenders are willing to make such credit facility available to the Borrowers on the terms and
conditions contained herein. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by the parties hereto, the parties hereto agree as follows: 
 ARTICLE I. 

DEFINITIONS AND ACCOUNTING TERMS 
 1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below: 
 “Actual Debt Service” means, for any period, aggregate debt service on all Total Funded Indebtedness (exclusive of balloon, bullet or similar payments at maturity), including Total
Scheduled Amortization and Total Interest Expense. 
 “Adjusted Tangible Net Worth” means, as of
the date of determination, an amount equal to the sum of (a) Consolidated Tangible Net Worth, plus (b) accumulated depreciation of the Borrowing Group on a consolidated basis, all in accordance with GAAP. 

“Adjusted Total EBITDA” means, for any period, an amount equal to (a) Total EBITDA, minus
(b) the Capital Expenditure Reserve as of the last day of such period. 
 “Adjusted Total
NOI” means, for any period, an amount equal to (a) Total Net Operating Income, minus (b) the Capital Expenditure Reserve as of the last day of such period. 

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

  
 1 

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

“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the
Administrative Agent. 
 “Affiliate” means, with respect to any Person, another Person that
directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. In no event shall Administrative Agent or any Lender be deemed to be an Affiliate of any Borrower.

 “Aggregate Commitments” means the Commitments of all the Lenders. 

“Aggregate Credit Exposures” means, at any time and without double counting, the sum of (i) the
unused portion of the Aggregate Commitments then in effect, and (ii) the Total Outstandings at such time. 

“Aggregate Recourse Indebtedness” means, on any date of determination and without double counting, the
sum of (a) the Obligations, plus (b) the Borrowing Group’s Share of Recourse Indebtedness. 

“Agreement” means this Senior Secured Credit Agreement, as may be amended, restated, amended and
restated, extended, supplemented or otherwise modified in writing from time to time. 
 “AIMCO”
is defined in the preamble to this Agreement. 
 “AIMCO/Bethesda” is defined in the preamble to
this Agreement. 
 “Applicable Capitalization Rate” means 7.00%. 

“Applicable Percentage” means, as of the date of determination: 

(a) with respect to a Lender’s obligation to make Revolving Loans and receive payments of principal, interest, fees,
costs, and expenses with respect thereto, (i) prior to the Commitments being terminated or reduced to zero, the percentage obtained by dividing (y) such Lender’s Commitment, by (z) the aggregate Commitments of all Lenders, and
(ii) from and after the time that all Commitments have been terminated or reduced to zero, the percentage obtained by dividing (y) the aggregate outstanding principal amount of such Lender’s Revolving Loans by (z) the aggregate
outstanding principal amount of all Revolving Loans, 
 (b) with respect to a Lender’s obligations to
participate in Letters of Credit, to reimburse the applicable L/C Issuer, and to receive payments of fees with respect thereto, (i) prior to the Commitments being terminated or reduced to zero, the percentage obtained by dividing (y) such
Lender’s Commitment, by (z) the aggregate Commitments of all Lenders, and (ii) from and after the time that the Commitments have been terminated or reduced to zero, the percentage obtained by dividing (y) the aggregate
outstanding principal amount of such Lender’s Revolving Loans by (z) the aggregate outstanding principal amount of all Revolving Loans, and 

  
 2 

 (c) with respect to all other matters as to a particular Lender (including
the indemnification obligations arising under Section 10.04), the percentage obtained by dividing (i) such Lender’s Commitment, by (ii) the aggregate amount of Commitments of all Lenders; provided, however, that in
the event the Commitments have been terminated or reduced to zero, the Applicable Percentage under this clause (c) shall be the percentage obtained by dividing (A) the outstanding principal amount of such Lender’s Revolving Loans,
plus such Lender’s ratable portion of the outstanding Letters of Credit by (B) the principal amount of all outstanding Revolving Loans, plus the aggregate amount of outstanding Letters of Credit. 

(d) The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule
2.01A or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable. 
 (e) The Applicable Percentages shall be subject to adjustment as provided in Section 2.15. 
 “Applicable Rate” means the following percentages per annum, based upon the Leverage Ratio as set forth in the most recent Compliance Certificate received by Administrative Agent pursuant
to Section 6.02(b): 
 Applicable Rate 

 

															
	 Pricing Level
	  	Leverage Ratio	 	LIBOR 
Applicable Rate
	 	 	Base Rate
Applicable Rate	 	 	Letters of
Credit	 
	 1
	  	< 50%	 	 	2.50	% 	 	 	1.25	% 	 	 	2.50	% 
	 2
	  	3 50% and < 55%	 	 	2.75	% 	 	 	1.50	% 	 	 	2.75	% 
	 3
	  	3 55% and < 60%	 	 	3.00	% 	 	 	1.75	% 	 	 	3.00	% 
	 4
	  	3 60%	 	 	3.25	% 	 	 	2.25	% 	 	 	3.25	% 

 Any increase or decrease in the Applicable Rate resulting from a change in the Leverage
Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(b); provided, however, that if a Compliance Certificate is not
delivered when due in accordance with such Section, then Pricing Level 4 shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered until the date such Compliance Certificate
is delivered, whereupon, the Applicable Rate shall be adjusted based upon the calculation of the Leverage Ratio contained in such Compliance Certificate. The Applicable Rate in effect from the Closing Date to the first Business Day immediately
following the date a Compliance Certificate is required to be delivered pursuant to Section 6.02(b) for the fiscal quarter ended December 31, 2011 shall be determined based upon Pricing Level 2. 

“Applicable Unused Fee” means 0.35% per annum for Usage (as such term is defined below) less than
50% and 0.25% per annum for Usage of 50% or greater, based upon the Usage as of the date of determination. As used in this definition, the term “Usage” shall mean on each date of determination the percentage of usage of the
Commitments obtained by subtracting the average daily Total Outstandings for the most recent fiscal quarter ending prior to the date of determination from the aggregate Commitments then in effect. 

  
 3 

 “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. 
 “Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by
Section 10.06(b)), and accepted by the Administrative Agent which acceptance will not be unreasonably withheld or delayed, in substantially the form of Exhibit E or any other form approved by the Administrative Agent. 

“Attributable Indebtedness” means, on any date, in respect of any capital lease of any Person, the
capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP. 
 “Audited Financial Statements” means the audited consolidated balance sheet of the REIT for the fiscal year ended December 31, 2010, and the related consolidated statements of income
or operations, shareholders’ equity and cash flows for such fiscal year of the REIT, including the notes thereto. 
 “Availability Period” means the period from and including the Closing Date to the earliest of (a) the Maturity Date, (b) the date of termination of the Commitments pursuant to
Section 2.06, and (c) the date of termination of the commitment of each Lender to make Revolving Loans and of the obligation of the L/C Issuers to make L/C Credit Extensions pursuant to Section 8.02. 

“Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal
Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by KeyBank as its “prime rate,” and (c) the Eurodollar Rate applicable to a Revolving Loan with a one month
Interest Period plus 1.25%. The “prime rate” is a rate set by KeyBank based upon various factors including KeyBank’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing
some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by KeyBank shall take effect at the opening of business on the day specified in the public announcement of such change. 

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

“Borrowers” has the meaning specified in the introductory paragraph hereto. Any reference to Borrowers
herein shall be deemed to refer to each Person constituting Borrowers, and the responsibilities, obligations and covenants of each such Person under this Agreement and the other Loan Documents shall be joint and several unless expressly stated
otherwise herein or the context otherwise requires; provided, however, that the obligations of Borrowers with respect to delivery of reports, financial statements and certifications may be performed by AIMCO for or on behalf of any or
all of the Borrowers, as applicable. 

  
 4 

 “Borrowing” means a Revolving Borrowing or a Swing Line
Borrowing, as the context may require. 
 “Borrowing Group” means the Borrowers and all of their
respective Subsidiaries. 
 “Borrowing Group’s Share” means, with respect to any item
(including by way of example and not of limitation, Indebtedness, EBITDA, Net Income, Net Operating Income, Interest Expense or Scheduled Amortization) of the Borrowing Group, its allocable pro rata share (which share, for example, would be 100% in
the case of a Borrower or 60% in the case of a Subsidiary in which a Borrower owns 60% of the Equity Interests and/or is allocated 60% of the applicable item) of the applicable item based on the Borrowing Group’s aggregate percentage ownership
interest in items of income or loss of such Person consistent with that used in the preparation of the REIT’s financial statements; provided, that, if the percentage ownership used in the preparation of the REIT’s financial
statements does not, in the good faith judgment of the Borrowers, accurately reflect the Borrowing Group’s share of Indebtedness, EBITDA, Net Income, Net Operating Income, Interest Expense, Scheduled Amortization and other similar items, then
such items may be adjusted by the Borrowers subject to disclosure to and approval by the Administrative Agent. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are
authorized to close under the Laws of, or are in fact closed in, the state of the United States where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan, means any such day on which dealings in
Dollar deposits are conducted by and between banks in the London interbank eurodollar market. 
 “Capital
Expenditure Reserve” means, as of any date of determination, the product of (a) $350 per annum and (b) the Borrowing Group’s Share of apartment units owned as of such date of determination; provided, however,
that an apartment unit shall be excluded from the foregoing calculation if, at the date of determination, a mortgage lender with respect to such apartment unit holds a funded reserve for future capital improvements for such apartment unit.

 “Capital Expenditures” means, for any period and with respect to any Person, the aggregate of
all expenditures by such Person for the acquisition or leasing of fixed or capital assets or additions to equipment or property (including replacements, capitalized repairs and improvements during such period but excluding Capital Improvements,
Construction/Renovation and Moderate Redevelopment) which should be capitalized under GAAP on a consolidated balance sheet of such Person. For the purpose of this definition, the purchase price of assets or additions to equipment or property which
is purchased simultaneously with the trade-in of existing assets or additions to equipment or property owned by such Person or with insurance proceeds shall be included in “Capital Expenditures” only to the extent of the gross amount of
such purchase price, less the credit granted by the seller of such asset, addition to equipment or property for such asset, addition to equipment or property being traded in at such time, or the amount of such proceeds, as the case may be.

 “Capital Improvements” means all development capital expenditures that are made to enhance
the value or profitability of an asset from its original purchase condition. 

  
 5 

 “Capital Replacements” means, for any period and with
respect to any Person, the Borrowing Group’s Share of capital additions that are deemed to replace the portion of acquired capital assets (excluding capital additions for casualties, accidents and redevelopment and the Borrowing Group’s
Share of capital additions that are made to enhance the value, profitability or useful life of an asset as compared to its original purchase condition) that was consumed in the ordinary course of business during the period that such Person owned
such asset. 
 “Cash” means money, currency or a credit balance in any demand, time, savings,
passbook or like account with a bank, savings and loan association, credit union or like organization, other than an account evidenced by a negotiable certificate of deposit. 

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

“Cash Equivalents” means: 

(a) securities issued or fully guaranteed or insured by the United States Government or any agency thereof and backed by
the full faith and credit of the United States having maturities of not more than twelve (12) months from the date of acquisition; 
 (b) certificates of deposit, time deposits, demand deposits, eurodollar time deposits, repurchase agreements, reverse repurchase agreements, or bankers’ acceptances, having in each case a term of not
more than six (6) months, issued by (x) Administrative Agent or any Lender or (y) any U.S. commercial bank (or any branch or agency of a non-U.S. bank licensed to conduct business in the U.S.) having membership in the FDIC, combined
capital and surplus of not less than $100,000,000 and whose short-term securities are rated at least A-1 by S&P and P-1 by Moody’s (determined, for purposes of this clause (b) only, at the time of acquisition or roll-over); 

(c) commercial paper of an issuer rated at least A-1 by S&P or P-1 by Moody’s and in either case having a term of
not more than three (3) months (determined, for purposes of this clause (c) only, at the time of acquisition or roll-over); 
 (d) securities rated at least A by S&P or A2 by Moody’s and in either case having maturities of not more than twelve (12) months from the date of acquisition (determined, for purposes of
this clause (d) only, at the time of acquisition or roll-over); and 
 (e) money market funds which invest
substantially all of their assets in securities of the types described in clauses (a) through (d) above. 

  
 6 

 “Change in Law” means the occurrence, after the date of
this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any
Governmental Authority or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority. The Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, publications, orders, guidelines and directives thereunder or issued in connection therewith and all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision
(or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall be deemed to have been adopted and gone into effect after the date of this Agreement regardless of when
adopted, enacted or issued. 
 “Change of Control” means an event or series of events by which:

 (a) any “person” or “group” (as such terms are used in Sections 13(d)
and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan)
becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such person or
group has the right to acquire (such right, an “option right”), whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of 33- 1/3% of the common shares of the REIT on a fully-diluted basis (and
taking into account all such securities that such person or group has the right to acquire pursuant to any option right); or 
 (b) during any period of 12 consecutive months, a majority of the members of the board of directors of the REIT cease to be composed of individuals (i) who were members of that board on the first day
of such period, (ii) whose election or nomination to that board was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or (iii) whose
election or nomination to that board was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board (excluding, in the case of both clause
(ii) and clause (iii), any individual whose initial nomination for, or assumption of office as, a member of that board occurs as a result of an actual or threatened solicitation of proxies or consents for the election or removal of one or more
directors by any person or group other than a solicitation for the election of one or more directors by or on behalf of the board of directors). 
 Notwithstanding the foregoing, “option right” shall not include any common shares which any person or group has a right to acquire as a result of a merger or acquisition agreement, until such
right is exercised, at which time “option right” shall include the common shares with respect to which such right was exercised. 
 “Closing Date” means the first date all the conditions precedent in Section 4.01 are satisfied or waived in accordance with Section 10.01. 

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

  
 7 

 “Collateral” means the collateral pledged to the
Administrative Agent for the ratable benefit of the Lenders pursuant to the Pledge Agreements. 

“Commitment” means, as to each Lender, its obligation to (a) make Revolving Loans to the Borrowers
pursuant to Section 2.01, (b) purchase participations in L/C Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite
such Lender’s name on Schedule 2.01A or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. The
aggregate Commitment shall not exceed $500,000,000, unless increased pursuant to Section 2.17. 

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

 “Consolidated Tangible Net Worth” means, as of any date of determination, for the REIT on a
consolidated basis, (a) shareholders’ equity in respect of the REIT on that date, minus (b) the Intangible Assets of the Borrowing Group on that date. 

“Construction/Renovation” means the Borrowing Group’s Share of any New Construction or any
substantial rehabilitation, redevelopment, renovation and/or expansion of any multi-family property which, in the case of rehabilitation, redevelopment, renovation or expansion, involves the repositioning or upgrading of such multi-family property
with respect to comparable multi-family properties located in the proximate geographic area, excluding any Moderate Redevelopment. The Borrowing Group’s Share of Properties under Construction/Renovation as of the Closing Date are listed on
Schedule 1.01C attached hereto. 
 “Contractual Obligation” means, as to any Person, any
provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

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

“Credit Extension” means each of the following: (a) a Borrowing and (b) an L/C Credit
Extension. 
 “Debt Service Coverage Ratio” means, as of any date of determination, the ratio of
(a) Adjusted Total EBITDA for the four quarter period ending on such date to (b) Actual Debt Service during such four quarter period. 
 “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. 

  
 8 

 “Default” means any event or condition that constitutes an
Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. 
 “Default Rate” means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to (i) the Base Rate plus (ii) the highest
Applicable Rate (regardless of the then applicable Leverage Ratio) applicable to Base Rate Loans plus (iii) 2% per annum; provided, however, that with respect to a Eurodollar Rate Loan, the Default Rate shall be an
interest rate equal to (i) the Eurodollar Rate plus (ii) the highest Applicable Rate (regardless of the then applicable Leverage Ratio) applicable to Eurodollar Rate Loans plus 2% per annum, and (b) when used with respect
to Letter of Credit Fees, a rate equal to the highest Applicable Rate (regardless of the then applicable Leverage Ratio) applicable to Letters of Credit plus 2% per annum. 

“Defaulting Lender” means any Lender that (a) has failed to fund any portion of the Revolving Loans,
participations in L/C Obligations or participations in Swing Line Loans required to be funded by it hereunder within one (1) Business Day of the date required to be funded by it hereunder, (b) has otherwise failed to pay over to the
Administrative Agent or any other Lender any other amount required to be paid by it hereunder within one (1) Business Day of the date when due, unless the subject of a good faith dispute, (c) any L/C Issuer has a good faith belief that
such Lender has defaulted in fulfilling its obligations under one or more other syndicated credit facilities (and in such other credit facilities such Lender has been treated as a defaulting or otherwise impacted lender), (d) has, or has a
direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with
reorganization or liquidation of its business or a custodian appointed for it or (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment; provided, that, a
Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interests 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, or (e) has failed, within three (3) Business Days after written request by the Administrative Agent or any Borrower, to confirm in writing to the
Administrative Agent and the Borrowers 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 (e) upon receipt of such written confirmation
by the Administrative Agent and the Borrowers). No Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent under this Agreement (and the portion of the Total Outstandings held or deemed held by any Defaulting
Lender shall be excluded in determining if any required approval or consent of the Lenders has been obtained), except that the Commitment of such Defaulting Lender may not be increased or extended without the consent of such Defaulting Lender
(subject to Sections 2.16 and 2.17). 
 “Development Assets” means, as of any date of
determination, raw land, vacant out parcels or real property or any portion thereof owned by a Person and which, as of such date, is in whole or material part the subject of Construction/Renovation; provided, that such real

  
 9 

 
property or any portion thereof will be included in “Development Assets” only until the earlier of (a) the date on which the property or any portion thereof achieves a
stabilized occupancy level of at least 85% for the most recent complete quarter, and (b) six months after the date of completion of Construction/Renovation such that the property or any portion thereof may legally be occupied for its intended
purpose. 
 “Disposition” or “Dispose” means the sale, transfer, license, lease
or other disposition (including any sale and leaseback transaction and dispositions due to casualty or condemnation) of any property by any 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. 
 “Dollar” and
“$” mean lawful money of the United States. 
 “EBITDA” means, for any period
and for any Person, an amount equal to such Person’s Net Income for such period plus (a) the following, to the extent deducted in calculating such Net Income: (i) such Person’s Interest Expense plus other costs related to
amortization of fees and expenses relating to the issuance of indebtedness for such period, (ii) the provision for Federal, state and local income taxes payable by such Person for such period, (iii) such Person’s depreciation and
amortization expense for such period, (iv) other non-cash expenses of such Person reducing such Net Income for such period which do not represent a cash item in such period or any future period and (v) restructuring, severance, reserves or
similar charges for any such period and minus (b) the following to the extent included in calculating such Net Income: (i) Federal, state and local income tax credits of the Person for such period and (ii) all non-cash items
increasing such Person’s Net Income for such period, excluding non-cash items for which cash was received in a prior period or will be received in a future period. 

“Eligible Assignee” means (a) a Lender; (b) an Affiliate of a Lender; (c) an Approved
Fund; and (d) any other Person (other than a natural person) approved by (i) the Administrative Agent and (ii) unless an Event of Default has occurred and is continuing, the Borrowers (each such approval not to be unreasonably
withheld or delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include the Borrowers or any of the Borrowers’ Affiliates or Subsidiaries. 

“Environmental Laws” means any and all Federal, state, local, and foreign statutes, laws, regulations,
ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any Hazardous Materials into the
environment, including those related to hazardous substances or wastes, air emissions and discharges to waste or public systems. 
 “Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the
Borrowers, any other Loan Party or any of their respective Subsidiaries directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or
disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement by any
Loan Party pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

  
 10 

 “Equity Interest” means, with respect to any Person, shares
of capital stock of (or other ownership or profit interests in) such Person, warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person,
securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other
interests), and other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding
on any date of determination. Convertible debt shall not constitute an Equity Interest unless and until such debt is converted into the applicable underlying securities. 

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

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

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by
the Borrowers or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as
such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Borrowers or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of
a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination under Sections 4041 of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an event or
condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the imposition of any material liability under Title IV
of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrowers or any ERISA Affiliate. 
 “Eurodollar Rate” means, 
 (a) for any Interest
Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the average rate (rounded to the nearest whole multiple of 1/100 of 1%) as shown in Reuters Screen LIBOR 01 Page (or any successor service or, if such Person no longer
reports such rate as determined by Administrative Agent, by another commercially available source providing such quotations approved by Administrative Agent) at which Dollar deposits are offered by first class banks in the London interbank market at
approximately 11:00 a.m. (London time) on the day that is two (2) Business Days prior to the first day of such Interest Period with a maturity approximately equal to such Interest Period and in an amount approximately equal to the amount to
which such Interest Period relates; and 

  
 11 

 (b) for any interest calculation with respect to a Base Rate Loan on any
date, the rate per annum equal to the average rate (rounded to the nearest whole multiple of 1/100 of 1%) as shown in Reuters Screen LIBOR 01 Page (or any successor service or, if such Person no longer reports such rate as determined by
Administrative Agent, by another commercially available source providing such quotations approved by Administrative Agent) at which Dollar deposits are offered by first class banks in the London interbank market at approximately 11:00 a.m. (London
time) on the day that is two (2) Business Days prior to the first day of such Interest Period with a maturity of one month commencing that day and in an amount approximately equal to the amount of the Base Rate Loan being made, continued or
converted by KeyBank or such other amount as reasonably determined by the Administrative Agent. 

“Eurodollar Rate Loan” means a Revolving Loan that bears interest at a rate based on the Eurodollar Rate.

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

“Excluded Taxes” means, with respect to the Administrative Agent, any Lender, any L/C Issuer or any other
recipient of any payment to be made by or on account of any obligation of the Borrowers hereunder, (a) taxes imposed on or measured by its overall net income (or any Person whose net income is measured with reference to it) (however
denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located, or in which it
is doing business, or in the case of any Lender, in which its applicable Lending Office is located, (b) any branch profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction in which the Borrowers are
located, (c) other than with respect to an assignee pursuant to a request by the Borrowers under Section 10.13, any withholding tax that is imposed on amounts payable to such Person at the time such Person becomes a party hereto (or
designates a new Lending Office) or is attributable to such Person’s failure or inability (other than as a result of a Change in Law) to comply with Section 3.01(e), except to the extent that such Person (or its assignor, if any) was
entitled, at the time of its appointment or designation of a new Lending Office (or assignment), to receive additional amounts from the Borrowers with respect to such withholding tax pursuant to Section 3.01(a) and (d) U.S. federal taxes
imposed by reason of a Lender’s failure to comply with the requirements of FATCA to establish that such payment is exempt from withholding tax thereunder. 
 “Existing Credit Agreement” means the Second Amended and Restated Senior Secured Credit Agreement dated as of November 2, 2004, among the Borrowers, Bank of America, N.A., as
administrative agent, swing line lender and letter of credit issuer, KeyBank, as syndication agent, and certain lenders party thereto, as amended. 
 “Existing Letters of Credit” means the letters of credit set forth on Schedule 1.01E. 

  
 12 

 “Existing Maturity Date” is defined in Section 2.16(a).

 “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) and any current or future regulations promulgated thereunder or official interpretations thereof. 

“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on
overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided, that
(a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so
published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to KeyBank on such day on such transactions as determined by the
Administrative Agent. 
 “Fee Letter” means the letter agreement, dated September 12, 2011,
among the Borrowers, the Administrative Agent and the Joint Lead Arrangers. 
 “Fixed Charge Coverage
Ratio” means, as of any date of determination, the ratio of (a) Adjusted Total EBITDA for the four fiscal quarter period ending on such date to (b) Fixed Charges for such period. 

“Fixed Charges” means, for any period, the sum of (i) Total Interest Expense for such period, plus
(ii) Total Scheduled Amortization for such period (without double counting amounts funded with reserve accounts or sinking funds if already taken into account in determining Fixed Charges for such period or any prior period), plus
(iii) dividends accrued (whether or not declared or payable) on any shares of preferred Stock and/or preferred Partnership Units of the Borrowers or any of their Subsidiaries outstanding during such period, which preferred securities are owned
at any time during such period by Persons other than the Borrowers and their Subsidiaries. 
 “Foreign
Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrowers are resident for tax purposes. For purposes of this definition, the United States, each State thereof and the District of
Columbia shall be deemed to constitute a single jurisdiction. 
 “FRB” means the Board of
Governors of the Federal Reserve System of the United States. 
 “Free Cash Flow” means, for any
period of determination, an amount equal to the Borrowing Group’s Share of EBITDA for such period, minus the Borrowing Group’s Share of the following for such period: (i) Capital Replacements, (ii) Fixed Charges and
(iii) the amount of the minimum required dividends for the REIT to maintain its REIT Status. 

  
 13 

 “Fronting Exposure” means, at any time there is a
Defaulting Lender, (a) with respect to an L/C Issuer, such Defaulting Lender’s Applicable Percentage of the outstanding L/C Obligations with respect to Letters of Credit issued by such L/C Issuer other than L/C Obligations as to which such
Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof and (b) with respect to the Swing Line Lender, such Defaulting Lender’s Applicable
Percentage of Swing Line Loans other than Swing Line Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof. 

“Fronting Fee” has the meaning specified in Section 2.03(j). 

“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. 
 “Funded Indebtedness” means, as of any date of determination, for any Person, the sum of (a) the outstanding principal amount of all obligations, whether current or long-term, for
borrowed money (including Obligations hereunder) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments (other than surety bonds and bonds supporting utility deposits or other comparable security
deposits), (b) all purchase money Indebtedness, (c) all direct obligations arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, and similar instruments, (d) all obligations in
respect of the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business), (e) Attributable Indebtedness in respect of capital lease obligations, (f) without duplication, all
Guarantees with respect to outstanding Indebtedness of the types specified in clauses (a) through (e) above, and (g) all Indebtedness of the types referred to in clauses (a) through (f) above of any partnership or joint
venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person or its Subsidiary is a general partner or joint venturer with liability for joint venture obligations, unless such Indebtedness is
expressly made not Recourse to the Person or such Subsidiary; provided, however, that solely for purposes of Sections 7.03(g) and 7.11 and the definitions relating to calculations of financial covenants contained therein and for
purposes of determining the Applicable Rate, “Funded Indebtedness” shall exclude Intra-Company Debt, deferred income taxes, security deposits, accounts payable and accrued liabilities and any prepaid rent (as and to the extent such terms
are defined under GAAP). 
 “Funds From Operations” means, with respect to Borrowers and their
Subsidiaries on a consolidated basis, net income calculated in accordance with GAAP, excluding gains or losses from debt restructuring and sales of depreciable property, plus depreciation and amortization (excluding amortization of financing costs),
and after adjustments for unconsolidated partnerships and joint ventures (with adjustments for unconsolidated partnerships and joint ventures calculated to reflect funds from operations on the same basis) and the payment of dividends on preferred
Stock, as interpreted by the National Association of Real Estate Investment Trusts in its April 1, 2002, White Paper; provided, however, the following shall be excluded when calculating “Funds From Operations”:
(i) non-cash adjustments for preferred Stock issuance costs, (ii) non-cash adjustments for loan amortization costs and (iii) non-cash adjustments for impairment losses on real estate development assets, net of any tax benefit.

  
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 “GAAP” means generally accepted accounting principles in
the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other
principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. 

“Governmental Authority” means the government of the United States or any other nation, or of any
political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 
 “Granting Lender” has the meaning specified in Section 10.06(h). 
 “Gross Asset Value” means, as of any date of determination and without double counting any item, the sum of the Borrowing Group’s Share of the following: 

(i) Cash (including Restricted Cash but excluding any Cash held in funds for Capital Expenditures and actually deducted in
the determination of Capital Expenditure Reserve as provided in the definition thereof, funds held in sinking funds or interest reserves and Cash held in escrow in connection with property exchanges under Section 1031 of the Code), and Cash
Equivalents; 
 (ii) Notes Receivable valued at net realizable value as of such date of determination in
accordance with GAAP; 
 (iii) with respect to all real estate assets wholly or partially owned by such Person(s)
throughout the most recent four calendar quarters ending on or prior to such date of determination (other than Development Assets), the Adjusted Total NOI attributable to such real estate assets for such four quarter period divided by the Applicable
Capitalization Rate; 
 (iv) with respect to all real estate assets wholly or partially owned on such date of
determination, but acquired less than four calendar quarters but at least one calendar quarter preceding such date of determination (other than Development Assets), the Adjusted Total NOI attributable to such real estate assets for any period that
such Person(s) owned such assets measured on an annualized basis and divided by the Applicable Capitalization Rate; 
 (v) with respect to all real estate assets wholly or partially owned on such date of determination, but acquired less than one calendar quarter preceding such date of determination (other than Development
Assets), 100% of the purchase price paid by such Person(s) for such assets; 
 (vi) 100% of the book value
(determined in accordance with GAAP) of Development Assets and Unimproved Land owned as of such date of determination; 

  
 15 

 (vii) an amount equal to 400% of the aggregate EBITDA attributable to,
without duplication, property and asset management fees of the Borrowing Group for the four consecutive fiscal quarter period preceding such date of determination; and 

(viii) 100% of the book value (determined in accordance with GAAP) of the Permitted Junior Loans and Permitted Mortgage
Certificates owned as of such date of determination; provided that, notwithstanding the foregoing, the book value of any such Permitted Junior Loans or Permitted Mortgage Certificates shall be $0.00 in the event (x) there exists, as of
such date, any payment default under, or event of default or other event which would permit the acceleration of, such Permitted Junior Loans or Permitted Mortgage Certificates or (y) of the occurrence of any event or circumstance relating to
any such Permitted Junior Loan or Permitted Mortgage Certificate which results in the modification of the payment “waterfall” provided for in the documentation underlying or relating to such Permitted Junior Loan or Permitted Mortgage
Certificate that would otherwise be in effect absent such event or circumstance, which modification results in such Permitted Junior Loan or Permitted Mortgage Certificate receiving reduced or modified payments or otherwise being locked out from
receiving any cash flow. 
 “Guarantee” means, as to any Person, (a) any obligation,
contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and
including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness, (ii) to purchase or lease property, securities or services for the purpose
of assuring the obligee in respect of such Indebtedness of the payment or performance of such Indebtedness, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash
flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness of the payment or performance thereof or
to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness of any other Person, whether or not such Indebtedness or other obligation is assumed by such
Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or
portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as
a verb has a corresponding meaning. 
 “Guarantor” means each Subsidiary of any Borrower that
executes and delivers a counterpart of any Guaranty on the Closing Date or from time to time thereafter pursuant to Section 6.12, and collectively are referred to herein as the “Guarantors”. The Guarantors as of the Closing Date are
set forth on Schedule 1.01G attached hereto. 
 “Guaranty” means the Guaranty made
by the Guarantors in favor of the Administrative Agent and the Lenders, substantially in the form of Exhibit F. 

  
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 “Hazardous Materials” means all explosive or radioactive
substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and
all other substances or wastes of any nature regulated pursuant to any Environmental Law. 
 “Honor
Date” is defined in Section 2.03(c)(i). 
 “Increase Effective Date” is defined in
Section 2.17(a)(iv). 
 “Indebtedness” means, as to any Person, at a particular time,
without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP: 
 (a) all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments (other than surety bonds and
bonds supporting utility deposits or other comparable security deposits); 
 (b) all direct or contingent
obligations of such Person arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties and similar instruments; 

(c) net obligations of such Person under any Swap Contract; 

(d) all obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts
payable in the ordinary course of business); 
 (e) indebtedness (excluding prepaid interest thereon) secured by
a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in
recourse; 
 (f) capital lease obligations of such Person; 

(g) all obligations of such Person (other than Qualified Redemption Obligations) to purchase, redeem, retire or defease
any Equity Interest in such Person, valued, in the case of a redeemable preferred interest, at the liquidation preference plus accrued and unpaid dividends; and 
 (h) all Guarantees of such Person in respect of any of the foregoing. 
 For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability
company) in which such Person is a general partner or a joint venturer with liability for joint venture obligations, unless such Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation under any Swap Contract on
any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of 

  
 17 

 
any capital lease as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date. Solely for purposes of Sections 7.03(g) and 7.11 and the
definitions relating to calculations of financial covenants contained therein and for purposes of determining the Applicable Rate, “Indebtedness” shall exclude Intra-Company Debt, deferred income taxes, security deposits, accounts
payable and accrued liabilities and any prepaid rent (as such terms are defined under GAAP). 

“Indemnified Taxes” means Taxes other than Excluded Taxes. 

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

“Intangible Assets” means assets that are considered to be intangible assets under GAAP, including
customer lists, goodwill, computer software, copyrights, trade names, trademarks, patents, franchises, licenses, unamortized deferred charges, unamortized debt discount and capitalized research and development costs, but only to the extent such
intangible assets are material or separately and distinctly identified in a line item on the REIT’s balance sheet. 
 “Interest Expense” means, for any Person and for any period, without duplication, the sum of (x) gross interest expense paid, incurred or accrued during such period by such Person
(including all commissions, discounts, fees and other charges in connection with standby letters of credit and similar instruments), including capitalized interest, plus (y) the portion of the upfront costs and expenses for Swap
Contracts relating to interest rate hedges entered into by such Person (to the extent not included in gross interest expense) fairly allocated to such Swap Contracts as expenses for such period, as determined for such Person in accordance with GAAP,
provided, that, included in Interest Expense will be all interest expense accrued by Borrowers and their respective Subsidiaries during such period, even if not payable on or before the Maturity Date, and excluded from Interest Expense will
be all amortization of costs for the issuance of debt and interest accrued under any Intra-Company Debt and all upfront fees, arrangement fees, commitment fees, commissions and similar charges associated with the issuance of Indebtedness.

 “Interest Payment Date” means (a) as to any Loan other than a Base Rate Loan, the last
day of each Interest Period applicable to such Loan and the Maturity Date; provided, however, that if any Interest Period for a Eurodollar Rate Loan exceeds three months, the respective dates that fall every three months after the
beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan (including a Swing Line Loan), the last Business Day of each calendar month and the Maturity Date. 

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

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

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

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

“Interest Reserves” means, with respect to any Indebtedness, the aggregate of all sums held by any
applicable lender as reserves for future interest payments in respect of the Borrowing Group’s Share of such Indebtedness. 
 “Intra-Company Debt” means all Indebtedness (whether book-entry or evidenced by a term, demand or other note or other instrument) owed by any member of the Borrowing Group to any other
member of the Borrowing Group; provided, that, all such Intra-Company Debt owed by Borrowers or any Guarantor (excluding a de minimis amount thereof not to exceed $250,000) shall be subordinated in right of payment to the payment in full of
the Obligations in accordance with the terms of the Intra-Company Loan Subordination Agreement. 

“Intra-Company Loan Subordination Agreement” means a Subordination Agreement, in the form attached hereto
as Exhibit G (with such amendments or modifications thereto as may be agreed to by the Required Lenders), with respect to Intra-Company Debt, in favor of Administrative Agent for the ratable benefit of Lenders, and entered into by each of the
lenders of the Intra-Company Debt, Borrowers and Guarantors. 
 “Investment” means, as to any
Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of capital stock or other securities of another Person, (b) a loan, advance or capital contribution to,
Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to
which the investor Guarantees Indebtedness of such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business unit. For purposes of covenant
compliance, the amount of any Investment shall be the book value of such Investment. 
 “IP
Rights” has the meaning specified in Section 5.17. 
 “IRS” means the United
States Internal Revenue Service. 
 “ISP” means, with respect to any Letter of Credit, the
“International Standby Practices 1998” published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance). 

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

  
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 “Joinder Agreement” means a joinder agreement substantially
in the form attached hereto as Exhibit H. 
 “Joint Lead Arrangers” mean KeyBanc Capital
Markets and Wells Fargo Securities, in their capacities as joint lead arrangers and joint book managers. 

“KeyBank” means KeyBank National Association and its successors. 

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

“L/C Advance” means, with respect to each Lender, such Lender’s funding of its participation in any
L/C Borrowing in accordance with its Applicable Percentage. 
 “L/C Borrowing” means an
extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed by 5:00 p.m. on the Honor Date (or, if the Borrowers were notified of such drawing on or after the Honor Date, not later than 5:00 p.m. on the
following Business Day) or refinanced as a Revolving Borrowing. 
 “L/C Credit Extension” means,
with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof. 
 “L/C Issuer” means (a) KeyBank, in its capacity as issuer of Letters of Credit issued by it hereunder, together with its successors in such capacity, (b) Bank of America, N.A.,
in its capacity as issuer of the Existing Letters of Credit, together with its successors in such capacity or (c) any other Lender or Lenders selected by the Borrowers and reasonably satisfactory to the Administrative Agent, in its capacity as
issuer of Letters of Credit issued by such Lender hereunder, together with its successors in such capacity; provided that under no circumstances shall there be more than three L/C Issuers at any time. 

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

  
 20 

 “Lender” has the meaning specified in the introductory
paragraph hereto, includes any Person that shall have become party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption and, as the context requires,
includes the Swing Line Lender. 
 “Lending Office” means, as to any Lender, the office or
offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrowers and the Administrative Agent. 

“Letter of Credit” means any standby letter of credit issued hereunder and shall include the Existing
Letters of Credit. 
 “Letter of Credit Application” means an application and agreement for the
issuance or amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer that issued such Letter of Credit. 
 “Letter of Credit Expiration Date” means the day that is seven days prior to the Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).

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

“Letter of Credit Sublimit” means an amount equal to $100,000,000. The Letter of Credit Sublimit is part
of, and not in addition to, the Aggregate Commitments. 
 “Leverage Ratio” means, on any date of
determination, the ratio of (a) Total Funded Indebtedness as of such date to (b) Gross Asset Value as of such date. 
 “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 in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any financing lease having substantially the same economic effect as any of the
foregoing). 
 “Loan” means a Revolving Loan and a Swing Line Loan, as the context requires.

 “Loan Documents” means this Agreement, each Revolving Note, the Swing Line Note, each Issuer
Document, the Fee Letter, the Guaranty, the Intra-Company Loan Subordination Agreement, the Pledge Agreements, and other instrument, document or agreement from time to time delivered by a Loan Party in connection with this Agreement. 

“Loan Parties” or “Loan Party” means, individually or collectively, the Borrowers, each
Guarantor and each Subsidiary which is party to a Pledge Agreement, as applicable. 
 “Material Adverse
Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations, business, properties, liabilities (actual or contingent), condition (financial or otherwise) or prospects of the Borrowers or the
Borrowers and their 

  
 21 

 
Subsidiaries taken as a whole; (b) a material impairment of the ability of (x) a Borrower or (y) the Loan Parties (other than the Borrowers), taken as a whole, to perform the
Obligations under the Loan Documents; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against the Loan Parties of the Loan Documents. 

“Maturity Date” means the later of (a) December 13, 2014 and (b) if the Existing Maturity
Date is extended pursuant to Section 2.16, such extended Maturity Date as determined pursuant to such Section 2.16. 
 “Mezzanine Indebtedness” means Indebtedness of the Borrowers or any of their Subsidiaries secured by a pledge of one or more equity interests in a Single Purpose Entity owning only one
real property asset, where such real property asset is prohibited from being further encumbered. 

“Moderate Redevelopment” means any renovation of any multi-family property that does not involve any
demolition of existing units and which does not involve (a) taking units out of service for more than 30 consecutive days or (b) more than 20% of the total units in a multi-family property, in each case at any particular time. 

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

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

“NAPICO Assets” means assets of National Partnership Investments Corp., a California corporation and a
Subsidiary of AIMCO/Bethesda. 
 “Negative Pledge Assets” means, collectively, (i) the
Note(s) Receivables, (ii) all property management contracts of the Borrowing Group, and (iii) the Borrowing Group’s general partnership interests in partnerships that own properties managed by any member of the Borrowing Group.

 “Net Disposition Proceeds” means, with respect to any Disposition of any property (including
as a result of casualty or condemnation and any purchase price refund in respect of any acquisition), Subsidiary, Affiliate or material property management contract, the Borrowing Group’s Share of Cash payments (including any Cash received by
way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise or any earnout payments after the closing of a Disposition, but only as and when so received) or Cash Equivalents received from such Disposition, net of any
bona fide direct costs incurred in connection with such Disposition, including (i) income taxes reasonably estimated to be actually payable within two years of the date of such Disposition as a result of any gain recognized in connection with
such Disposition and (ii) payment of the outstanding principal amount of, premium or penalty, if any, and interest on any Indebtedness (other than the Loans) that is secured by a Lien on the Stock or assets in question and that is required to
be repaid under the terms thereof as a result of such Disposition. 

  
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 “Net Income” means, for any period and for any Person, the
net income (loss) of the Person (including net income (loss) attributable to noncontrolling interests in consolidated real estate partnerships) for that period, determined in accordance with GAAP; provided that there shall be excluded the net
amount of any gains or non-cash losses. 
 “Net Operating Income” means, for any period, as to
any real property asset (a) all gross revenues received from the operation of such property during such period (including, without limitation, payments received from insurance on account of business or rental interruption and condemnation
proceeds from any temporary use or occupancy, in each case, to the extent attributable to the period for which such Net Operating Income is being determined, but excluding any proceeds from the sale or other disposition (other than by lease) of any
part or all of such property; or from any financing or refinancing of such property; or from any condemnation of any part or all of such property (except for temporary use or occupancy); or on account of a casualty to the property (other than
payments from insurance on account of business or rental interruption); or any security deposits paid under leases of all or a part of such property, unless forfeited by tenants), minus (b) all reasonable and customary property
maintenance and repair costs, leasing and administrative costs, management fees and, without double counting, real estate taxes and insurance premiums paid or accrued on account of such property (whether by direct payment or by deposit into reserves
for future payment) (exclusive of Capital Expenditures). When calculating Net Operating Income, there shall be no deduction for any non cash items, such as depreciation. 

“New Construction” means the development and construction of any new multi-family property by any
Borrower, any Guarantor or any of their respective Subsidiaries and shall not include any renovations, rehabilitations or expansions of existing multi-family properties. 

“Non-Consenting Lender” means any Lender that does not provide consent in any circumstance where the
consent of all Lenders is required, but only the consent of a majority of all Lenders is obtained. 

“Non-Controlled Entities” means any Person not consolidated by the Borrowing Group in accordance with
GAAP. 
 “Non-Core Assets” means: (i) unimproved land (other than Development Assets) of
the Borrowing Group and Notes Receivable of the Borrowing Group valued at their net book value, (ii) Permitted Junior Loans, and (iii) Permitted Mortgage Certificates. 

“Non-Recourse Indebtedness” means Indebtedness which is not Recourse Indebtedness. 

“Note(s)” means each Revolving Note and the Swing Line Note. 

“Note(s) Receivable” means a payment obligation to a member or members of the Borrowing Group (other than
Intra-Company Debt) which is evidenced by a written and enforceable promissory note and which is classified as a note receivable in accordance with GAAP. 
 “NYSE” means the New York Stock Exchange. 

  
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 “Obligations” means all advances to, and debts, liabilities
and obligations of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now
existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such
proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. 

“Organization Documents” means, (a) with respect to any corporation, the certificate or articles of
incorporation and the bylaws; (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form
of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the
applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity, or, in each case, equivalent or comparable constitutive documents
with respect to any non-U.S. jurisdiction. 
 “Other Taxes” means all present or future stamp or
documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this
Agreement or any other Loan Document; provided, however, that “Other Taxes” shall not include such amounts to the extent imposed as a result of any transfer by any Lender or the Administrative Agent of any interest in or
under any Loan Document. 
 “Outstanding Amount” means (i) with respect to Loans on any
date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments thereof occurring on such date; and (ii) with respect to any L/C Obligations on any date, the amount of such L/C
Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements of outstanding unpaid
drawings under any Letters of Credit or any reductions in the maximum amount available for drawing under Letters of Credit taking effect on such date. 
 “Participant” has the meaning specified in Section 10.06(d). 
 “Partnership Units” means the units of limited partnership interest in the Borrowers or any of their Subsidiaries, as the case may be, issued and outstanding from time to time.

 “PBGC” means the Pension Benefit Guaranty Corporation. 

“Pension Plan” means any “employee pension benefit plan” (as such term is defined in
Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Borrowers or any ERISA Affiliate or to which the 

  
 24 

 
Borrowers or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made
contributions at any time during the immediately preceding five plan years. 
 “Permitted Junior
Loans” means Investments by any Person in the Borrowing Group in Indebtedness consisting of junior mortgage loans and/or mezzanine loans secured by equity interests, initially owed by Persons that were Subsidiaries of the
Borrowing Group (regardless of whether such Persons continue to be Subsidiaries of the Borrowers); provided that the owner of any such Investments must be a Borrower or Guarantor. 

“Permitted Mortgage Certificates” means Investments by any Person in the Borrowing Group in one or more
tranches or series of collateralized mortgage backed securities or certificates initially owed by any Person with respect to Indebtedness of one or more Subsidiaries of the Borrowing Group; provided that the owner of any such Investments must
be a Borrower or Guarantor. 
 “Person” means any natural person, corporation, limited liability
company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 

“Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of
ERISA) established by the Borrowers or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate. 
 “Pledge Agreement” means a Security Agreement (Securities), in the form of Exhibit I-1 or I-2, attached hereto (with such amendments or modifications thereto as may be
agreed to by the Administrative Agent), in favor of the Administrative Agent for the ratable benefit of the Lenders and entered into by a Borrower or a Subsidiary of a Borrower that owns the Collateral as described therein. 

“Qualified Redemption Obligations” means, (i) in the case of AIMCO, the obligation of AIMCO to
acquire or redeem issued Partnership Units which obligation AIMCO may elect to satisfy with shares of common Stock of the REIT and (ii) any obligation of a Person to redeem or repurchase an Equity Interest in such Person either (a) upon
the happening of a change of control or other conditional event which is not reasonably likely to occur and which condition is set forth in the applicable securities and which event has in fact not occurred prior to the date of determination
hereunder, or (b) at the holder’s option (except following or as a result of circumstances described in clause (a) above) only after the date which is one year after the Maturity Date or (c) at any time on or subsequent to the
one year anniversary of the Maturity Date. In all events, “Qualified Redemption Obligations” include all preferred Equity Interests which are convertible only into common Stock of the REIT. 

“Qualifying Loans” has the meaning specified in Annex I hereto. 

“Recourse” means, with respect to any Indebtedness or Guarantee of any Person, that such Indebtedness or
Guarantee is recourse to the general assets and/or properties of such Person (except as provided below); provided, however, that with respect to Indebtedness secured by real property which is characterized as “nonrecourse” or
which is only Recourse to the real property of the Person except for limitations to the “nonrecourse” nature of the obligation or 

  
 25 

 
Indebtedness or Guarantees which are recourse to a Person or such Person’s assets and/or properties only upon the occurrence of certain events such as those set forth in (a) through
(k) below, such Indebtedness or Guarantees shall only be deemed “Recourse” if and to the extent the nonrecourse exceptions (if any) are for the Person’s liability for the following under the applicable loan documentation and any
of the events described in clauses (a) through (k) have occurred and the lender or holder of such Indebtedness or Guarantee has given written notice of the occurrence thereof: (a) fraud, waste, material misrepresentation, or willful
misconduct; (b) indemnification with respect to environmental matters or failure to comply with Environmental Laws; (c) failure to maintain required insurance policies; (d) misapplication of insurance proceeds, condemnation awards and
tenant security deposits; (e) breach of covenants relating to unpermitted transfers or encumbrances of real property or other collateral; (f) misappropriation or misapplication of property income; (g) breach of covenants relating to
unpermitted transfers of interests in a Person; (h) failure to deliver books and records; (i) failure to pay transfer fees or charges; (j) bankruptcy filings or (k) other matters similar to those set forth in clauses
(a) through (j) above or otherwise constituting customary exceptions for nonrecourse financings. An obligation of a Person that is not Recourse to the general assets and/or properties of such Person shall not be considered a
“Recourse” obligation; an obligation of a Person that is contingent upon the occurrence of certain events shall not be considered a “Recourse” obligation unless any of the events or circumstances described in clauses
(a) through (k) above have occurred and the lender or holder of such Indebtedness or Guarantee has given written notice of the occurrence of such events (in which case the amount of such obligation shall be limited to reasonably
anticipated liability resulting from the occurrence of such events or circumstances). Indebtedness of a Single Purpose Entity secured by that Single Purpose Entity’s assets shall not be considered a “Recourse” obligation of such
Single Purpose Entity. 
 “Recourse Indebtedness” means that portion of Total Funded
Indebtedness in which the Recourse of the applicable lender or lenders to the obligor for non-payment is not limited to such lender’s Lien on an asset or assets, including any guarantee of payment by a member of the Borrowing Group to the
extent such guarantee is Recourse to such Borrowing Group member but in any event excluding any Indebtedness or Guarantees which are not Recourse at the applicable date of determination. “Recourse Indebtedness” shall include any
Indebtedness consisting of preferred Stock or preferred Partnership Units which are not Qualified Redemption Obligations but are otherwise mandatorily redeemable or redeemable at the option of the holder thereof. If a Person is a Single Purpose
Entity which owns a real property asset and has Indebtedness which is not limited in recourse to that real property asset, such Indebtedness shall not be considered “Recourse Indebtedness”, provided no other member of the Borrowing Group
has guaranteed such Indebtedness on a Recourse basis as of the applicable date of determination. 

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

“REIT” is defined in the preamble to this Agreement. 

“REIT Status” means, with respect to any Person, (a) the qualification of such Person as a real
estate investment trust under Sections 856 through 860 of the Code, and (b) the applicability to such Person and its shareholders of the method of taxation provided for in Sections 857 et seq. of the Code.

  
 26 

 “Related Parties” means, with respect to any Person, such
Person’s Affiliates and the partners, directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates. 
 “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived. 

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

“Required Lenders” means, as of any date of determination, Lenders having more than 50% of the
Commitments then in effect or, if the Commitment of each Lender to make Revolving Loans and the obligation of the L/C Issuers to make L/C Credit Extensions have been terminated pursuant to Section 8.02, the Total Outstandings (with the
aggregate amount of each Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Lender for purposes of this definition); provided that the Commitment of, and the
portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. 
 “Required Supermajority Lenders” means, as of any date of determination, Lenders having 67% or more of the Commitments then in effect or, if the Commitment of each Lender to make
Revolving Loans and the obligation of the L/C Issuers to make L/C Credit Extensions have been terminated pursuant to Section 8.02, the Total Outstandings (with the aggregate amount of each Lender’s risk participation and funded
participation in L/C Obligations and Swing Line Loans being deemed “held” by such Lender for purposes of this definition); provided that the Commitment of, and the portion of the Total Outstandings held or deemed held by, any
Defaulting Lender shall be excluded for purposes of making a determination of Required Supermajority Lenders. 

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

“Restricted Cash” means the Borrowing Group’s Share of any Cash pledged to any lender (including a
Lender) and includes the Cash indicated in the line item for “restricted cash” in the REIT’s balance sheet from time to time. 
 “Restricted Payment” means, with respect to any Person, any dividend or other distribution (whether in cash, securities or other property) with respect to any capital stock or other
Equity Interest of such Person, 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
capital stock or other Equity Interest of such Person, or on account of any return of capital to such Person’s stockholders, partners or members (or the equivalent Person thereof). 

  
 27 

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

“Revolving Loan” means a Base Rate Loan or a Eurodollar Rate Loan made to the Borrowers by a Lender in
accordance with its Applicable Percentage pursuant to Section 2.01(a), except as otherwise provided herein. 

“Revolving Loan Notice” means a notice of (a) a Revolving Borrowing, (b) a conversion of Loans
from one Type to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A. 

“Revolving Note” means a promissory note made by the Borrowers in favor of a Lender evidencing Revolving
Loans made by such Lender, substantially in the form of Exhibit C-1. 
 “S&P”
means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business and any successor thereto. 
 “Scheduled Amortization” means, with respect to any Person, the sum, as of any date of determination, of all regularly scheduled amortization payments paid or accrued on such
Person’s Indebtedness (exclusive of balloon payments). 
 “SEC” means the Securities and
Exchange Commission, or any Governmental Authority succeeding to any of its principal functions. 
 “SEC
Report” means all filings on Form 10-K, Form 10-Q or Form 8-K with the SEC made by the REIT pursuant to the Securities Exchange Act of 1934. 
 “Secured Indebtedness Ratio” means, on any date of determination, the ratio of (a) Total Secured Indebtedness as of such date, to (b) Gross Asset Value as of such date.

 “Single Purpose Entity” means a Person which is created or existing solely to own a specific
real property asset and which has no Indebtedness other than in conjunction with the acquisition, operation and maintenance of such real property asset (including normal and customary trade payables) and which engages in no business other than the
ownership, operation and maintenance of such real property asset. 
 “SPC” has the meaning
specified in Section 10.06(h). 
 “Stock” means all shares, options, warrants, interests,
participations or other equivalents (regardless of how designated) of or in a corporation or equivalent entity, whether voting or nonvoting, including common stock, preferred stock, perpetual preferred stock or any other “equity security”
(as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the SEC under the Exchange Act). Convertible debt shall not constitute Stock unless and until such debt is converted into the applicable underlying
securities. 

  
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 “Subsidiary” of a Person means (a) a corporation,
partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than
securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both,
by such Person and (b) any corporation, partnership, joint venture, limited liability company or other business entity that is consolidated with such Person in accordance with GAAP. Unless otherwise specified, all references herein to a
“Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrowers. 
 “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward
commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions,
cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including
any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms
and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement,
together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 
 “Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap
Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause
(a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a
Lender or any Affiliate of a Lender). 
 “Swing Line” means the revolving credit facility made
available by the Swing Line Lender pursuant to Section 2.04. 
 “Swing Line Borrowing”
means a borrowing of a Swing Line Loan pursuant to Section 2.04. 
 “Swing Line Lender”
means KeyBank in its capacity as provider of Swing Line Loans, or any successor swing line lender hereunder. 

  
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 “Swing Line Loan” has the meaning specified in
Section 2.04(a). 
 “Swing Line Loan Notice” means a notice of a Swing Line Borrowing
pursuant to Section 2.04(b), which, if in writing, shall be substantially in the form of Exhibit B. 
 “Swing Line Note” means a promissory note made by the Borrowers in favor of the Swing Line Lender evidencing Swing Line Loans made by such Lender, substantially in the form of
Exhibit C-2. 
 “Swing Line Sublimit” means an amount equal to $100,000,000. The
Swing Line Sublimit is part of, and not in addition to, the Aggregate Commitments. 
 “Syndication
Agent” means Wells Fargo Bank, N.A., in its capacity as syndication agent under this Agreement. 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings,
assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 “Threshold Amount” means (a) with respect to Indebtedness that is not Recourse Indebtedness, $250,000,000 individually or in the aggregate, and (b) with respect to Indebtedness
which is Recourse Indebtedness, $35,000,000 individually or in the aggregate; provided that solely for purposes of determining the Threshold Amount, Indebtedness relating to NAPICO Assets shall be calculated as equal to Borrowing Group’s
Share thereof to the extent that such share (x) is an administrative non-controlling interest, and (y) amounts to less than 5% of the interest in any such NAPICO Asset. 

“Total EBITDA” means, for any period and without double counting, the Borrowing Group’s Share of
EBITDA. 
 “Total Funded Indebtedness” means, for any period and without double counting, the
sum of the Borrowing Group’s Share of (a) Funded Indebtedness, minus (b) its share of any debt service reserves or sinking funds with respect to such Funded Indebtedness. 

“Total Interest Expense” means, for any period and without double counting, the sum of (a) the
Borrowing Group’s Share of Interest Expense, minus (b) the aggregate amount of Interest Reserves (to the extent included as interest). 
 “Total Net Operating Income” means, for any period and without double counting, the Borrowing Group’s Share of Net Operating Income. 

“Total Outstandings” means the sum of (i) the aggregate Outstanding Amount of all Revolving Loans,
(ii) the aggregate Outstanding Amount of all Swing Line Loans, and (iii) the aggregate Outstanding Amount of all L/C Obligations. 
 “Total Scheduled Amortization” means, for any period of determination and without double counting any item, the Borrowing Group’s Share of Scheduled Amortization. 

  
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 “Total Secured Indebtedness” means, as of any date of
determination and without double counting any item, the aggregate amount of Total Funded Indebtedness that is secured by a Lien (excluding Indebtedness secured solely by cash in debt service reserves or sinking funds), plus, any Total Funded
Indebtedness described in the last sentence of the definition of Recourse Indebtedness which is otherwise not secured by a Lien; provided, however, that the Obligations shall be excluded from the calculation of Total Secured
Indebtedness. 
 “Total Unsecured Indebtedness” means, for any period of determination, the
aggregate amount of the Borrowing Group’s Share of Funded Indebtedness which is not secured by a Lien (excluding Indebtedness secured solely by cash in debt service reserves or sinking funds); provided, however, that the
Obligations shall be included in the calculation of Total Unsecured Indebtedness. 
 “Type”
means, with respect to a Revolving Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan. 

“Unfunded Pension Liability” means the excess of a Pension Plan’s benefit liabilities under
Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section 430 of the Code for the applicable plan year.

 “Unimproved Land” means, as of any date of determination, a legal parcel of real property
that is vacant and unimproved and which does not constitute Development Assets. 
 “United
States” and “U.S.” mean the United States of America. 
 “Unreimbursed
Amount” has the meaning specified in Section 2.03(c)(i). 
 “Variable Rate Debt
Ratio” means, on any date of determination, the ratio of (a) Variable Rate Indebtedness as of such date, to (b) Total Funded Indebtedness as of such date. 

“Variable Rate Indebtedness” means, as of any date of determination and without double counting any item,
the aggregate amount of Total Funded Indebtedness that for the duration of its term neither (a) bears interest at a fixed rate nor (b) has been hedged to produce a fixed or maximum rate of interest. 

“Wholly-Owned Subsidiary” means a Subsidiary of AIMCO and/or the REIT and/or AIMCO/Bethesda of which 100%
of the Equity Interests is owned directly or indirectly by Borrowers. 
 1.02 Other Interpretive Provisions. With
reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: 
 (a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine,
feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same
meaning and effect as the word “shall.” Unless the context 

  
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requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed as referring to such agreement,
instrument or other document as from time to time amended, restated, amended and restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, amendments and restatements, supplements or modifications
set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “herein,” “hereof” and
“hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to
Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and
regulatory provisions consolidating, amending replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time,
and (vi) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract
rights. 
 (b) In the computation of periods of time from a specified date to a later specified date, the word
“from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including.” 

(c) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not
affect the interpretation of this Agreement or any other Loan Document. 
 (d) To the extent that any of the
representations and warranties contained in this Agreement or any other Loan Document is qualified by “Material Adverse Effect” or any other materiality qualifier, then the qualifier “in all material respects” contained in
Sections 2.17(a)(v) and 4.02(a) and the qualifier “in any material respect” contained in Section 8.01(d) shall not apply solely with respect to any such representations and warranties. 

1.03 Accounting Terms. 
 (a) Generally. All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial
calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the Audited
Financial Statements, except as otherwise specifically prescribed herein. 
 (b) Changes in GAAP. If at
any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrowers or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrowers
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, the Administrative Agent and the Borrowers); provided
that, until so amended, (i) such 

  
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ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrowers shall provide to the Administrative Agent and the Lenders
financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.

 (c) Computations. 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 (i) without giving effect to any election under Accounting Standards Codification 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 a Borrower or any of its Subsidiaries at “fair value”, as defined therein, (ii) without
giving effect to any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 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 and (iii) in a manner such that any obligations
relating to a lease that was accounted for by a Person as an operating lease as of the Closing Date and any similar lease entered into after the date of this Agreement by such Person shall be accounted for as obligations relating to an operating
lease under GAAP as in effect on the Closing Date. 
 1.04 Rounding. Any financial ratios required to be maintained by
the Borrowers pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the
result up or down to the nearest number (with a rounding-up if there is no nearest number). 
 1.05 Times of Day. Unless
otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable). 
 1.06 Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such
time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such
Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time. 

ARTICLE II. 

THE COMMITMENTS AND CREDIT EXTENSIONS 
 2.01 Revolving Loans. 
 (a) Revolving Loans. Subject
to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “Revolving Loan”) to the Borrowers from time to time, on any Business Day during the Availability Period, in an

  
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aggregate amount not to exceed at any time outstanding the amount of such Lender’s Commitment; provided, however, that after giving effect to any Revolving Borrowing,
(i) the Total Outstandings shall not exceed the Commitments, and (ii) the aggregate Outstanding Amount of the Revolving Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations,
plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Commitment. Within the limits of each Lender’s Commitment, and subject to the other terms and conditions hereof,
the Borrowers may borrow under this Section 2.01(a), prepay under Section 2.05, and reborrow under this Section 2.01(a). Revolving Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. The Borrowers and
each Lender acknowledge that, immediately prior to the Closing Date, the principal amount outstanding under the Existing Credit Agreement is $24,800,000.00 and that such entire principal amount (together with all accrued but unpaid amounts due
thereunder) shall be repaid in accordance with this Article II on and as a condition to the Closing Date. 
 2.02 Borrowings,
Conversions and Continuations of Revolving Loans. 
 (a) Each Revolving Borrowing, each conversion of
Revolving Loans from one Type to the other, and each continuation of Eurodollar Rate Loans shall be made upon the Borrowers’ irrevocable notice to the Administrative Agent, which may be given by telephone. Each such notice must be received by
the Administrative Agent not later than (i) 4:00 p.m., three (3) Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base
Rate Loans, and (ii) 4:00 p.m., one (1) Business Day prior to the requested date of any Borrowing of Base Rate Loans. Each telephonic notice by the Borrowers pursuant to this Section 2.02(a) must be confirmed promptly by delivery to
the Administrative Agent of a written Revolving Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrowers. Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount of
$5,000,000 or a whole multiple of $1,000,000 in excess thereof. Except as provided in Sections 2.03(c) and 2.04(c), each Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $2,000,000 or a whole multiple of $500,000 in
excess thereof. Each Revolving Loan Notice (whether telephonic or written) shall specify (i) whether the Borrowers are requesting a Revolving Borrowing, a conversion of Revolving Loans from one Type to the other, or a continuation of Eurodollar
Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Revolving Loans to be borrowed, converted or continued, (iv) the Type
of Revolving Loans to be borrowed or to which existing Revolving Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto. If the Borrowers fail to specify a Type of Revolving Loan in a
Revolving Loan Notice or if the Borrowers fail to give a timely notice requesting a conversion or continuation, then the applicable Revolving Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans
shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If the Borrowers request a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any such Revolving
Loan Notice, but fail to specify an Interest Period, they will be deemed to have specified an Interest Period of one month. 

  
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 (b) Following receipt of a Revolving Loan Notice, the Administrative Agent
shall promptly notify each Lender of the amount of its Applicable Percentage of the applicable Revolving Loans, and if no timely notice of a conversion or continuation is provided by the Borrowers, the Administrative Agent shall notify each Lender
of the details of any automatic conversion to Base Rate Loans described in the preceding subsection. In the case of a Revolving Borrowing, each Lender shall make the amount of its Revolving Loan available to the Administrative Agent in immediately
available funds at the Administrative Agent’s Office not later than 4:00 p.m. on the Business Day specified in the applicable Revolving Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such
Borrowing is the initial Credit Extension, Section 4.01), the Administrative Agent shall make all funds so received available to the Borrowers in like funds as received by the Administrative Agent either by (i) crediting the account of the
Borrowers on the books of KeyBank with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrowers;
provided, however, that if, on the date the Revolving Loan Notice with respect to such Borrowing is given by the Borrowers, there are L/C Borrowings outstanding, then the proceeds of such Borrowing, first, shall be applied to the
payment in full of any such L/C Borrowings, and second, shall be made available to the Borrowers as provided above. 
 (c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an Interest Period for such Eurodollar Rate Loan. During the existence of a Default,
no Loans may be requested as, converted to or continued as Eurodollar Rate Loans without the consent of the Required Lenders. 
 (d) The Administrative Agent shall promptly notify the Borrowers and the Lenders of the interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of such interest rate.
At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Borrowers and the Lenders of any change in KeyBank’s prime rate used in determining the Base Rate promptly following the public announcement of such
change. 
 (e) After giving effect to all Revolving Borrowings, all conversions of Revolving Loans from one Type
to the other, and all continuations of Revolving Loans as the same Type, there shall not be more than ten Interest Periods in effect with respect to Revolving Loans. 
 2.03 Letters of Credit. 
 (a) The Letter of Credit
Commitment. 
 (i) Subject to the terms and conditions set forth herein, (A) each L/C Issuer agrees, in
reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the
account of the Borrowers or their Subsidiaries, and to amend Letters of Credit previously issued by it, in accordance with Section 2.03(b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Lenders severally
agree to participate in Letters of Credit issued for the account of the Borrowers 

  
 35 

 
or their Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings shall
not exceed the Commitments, (y) the aggregate Outstanding Amount of the Revolving Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage
of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrowers for the
issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrowers that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing
limits, and subject to the terms and conditions hereof, the Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and, accordingly, the Borrowers may, during the foregoing period, obtain Letters of Credit to replace Letters
of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and
conditions hereof. 
 (ii) No L/C Issuer shall issue any Letter of Credit if the expiry date of such requested
Letter of Credit would occur more than 12 months after the Maturity Date then in effect. 
 (iii) No L/C Issuer
shall be under any obligation to issue any Letter of Credit if: 
 (A) any order, judgment or decree of any
Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such L/C Issuer from issuing such Letter of Credit, or any Law applicable to such L/C Issuer or any request or directive (whether or not having the force of law)
from any Governmental Authority with jurisdiction over such L/C Issuer shall prohibit, or request that such L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such L/C
Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such L/C Issuer any unreimbursed
loss, cost or expense which was not applicable on the Closing Date and which such L/C Issuer in good faith deems material to it; 
 (B) the issuance of such Letter of Credit would violate one or more policies of such L/C Issuer; 
 (C) except as otherwise agreed by the Administrative Agent and such L/C Issuer, such Letter of Credit is in an initial stated amount less than $500,000; 

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

(E) a default of any Lender’s obligations to fund under Section 2.03(c) exists or any Lender is at such time a
Defaulting Lender hereunder and such Defaulting Lender’s obligations to acquire a participation in such Letter of Credit cannot be reallocated, or 

  
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can only be partially reallocated, among the non-Defaulting Lenders in accordance with Section 2.15(a)(iv), unless such L/C Issuer has entered into arrangements mutually satisfactory to such
L/C Issuer, Administrative Agent and Borrowers to eliminate such L/C Issuer’s risk with respect to such Lender (which arrangements may include the providing of Cash Collateral in relation to the Borrowers’ obligations to pay any
Unreimbursed Amounts in respect of such defaulting Lender’s or Defaulting Lender’s participation in such Letter of Credit after giving effect to any partial reallocation pursuant to Section 2.15(a)(iv)). 

(iv) No L/C Issuer shall amend any Letter of Credit if such L/C Issuer would not be permitted at such time to issue such
Letter of Credit in its amended form under the terms hereof. 
 (v) No L/C Issuer shall be under any obligation
to amend any Letter of Credit if (A) such L/C Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the
proposed amendment to such Letter of Credit. 
 (vi) Each L/C Issuer shall act on behalf of the Lenders with
respect to any Letters of Credit issued by it and the documents associated therewith, and such L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article IX with respect to any acts taken
or omissions suffered by such L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in
Article IX included such L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to such L/C Issuer. 
 (b) Procedures for Issuance and Amendment of Letters of Credit. 
 (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrowers delivered to the applicable L/C Issuer (with a copy to the Administrative Agent) in the form of
a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Borrowers. Such Letter of Credit Application must be received by such L/C Issuer and the Administrative Agent not later than 4:00 p.m. at least five
(5) Business Days (or such later date and time as the Administrative Agent and such L/C Issuer may agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the
case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to such L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall
be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the
full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (G) such other matters as such L/C Issuer may require. In the case of a request for an amendment of any outstanding Letter of Credit, such
Letter of Credit Application shall specify in form and detail satisfactory to such L/C Issuer: (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the nature of the
proposed amendment; and (D) such other matters as such L/C Issuer may require. Additionally, the Borrowers shall furnish to the applicable L/C Issuer and the Administrative Agent such other documents and information pertaining to such requested
Letter of Credit issuance or amendment, including any Issuer Documents, as such L/C Issuer or the Administrative Agent may require. 

  
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 (ii) Promptly after receipt of any Letter of Credit Application, the
applicable L/C Issuer will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Borrowers and, if not, such L/C Issuer will provide the
Administrative Agent with a copy thereof. Unless the applicable L/C Issuer has received written notice from any Lender, the Administrative Agent or any Loan Party, at least one (1) Business Day prior to the requested date of issuance or
amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Article IV shall not then be satisfied, then, subject to the terms and conditions hereof, such L/C Issuer shall, on the requested date, issue a
Letter of Credit for the account of the Borrowers (or the applicable Subsidiary) or enter into the applicable amendment, as the case may be, in each case in accordance with such L/C Issuer’s usual and customary business practices. Immediately
upon the issuance of each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the L/C Issuer that issued such Letter of Credit a risk participation in such Letter of Credit in an
amount equal to the product of such Lender’s Applicable Percentage times the amount of such Letter of Credit. 
 (iii) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the applicable L/C Issuer will also
deliver to the Borrowers and the Administrative Agent and to any requesting Lender a true and complete copy of such Letter of Credit or amendment. 
 (c) Drawings and Reimbursements; Funding of Participations. 

(i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the
L/C Issuer that issued such Letter of Credit shall notify the Borrowers and the Administrative Agent thereof. Not later than 2:00 p.m. on the date of any payment by an L/C Issuer under a Letter of Credit (each such date, an “Honor
Date”) (or, if the Borrowers were notified of such drawing on or after the Honor Date, not later than 5:00 p.m. on the following Business Day), the Borrowers shall reimburse such L/C Issuer through the Administrative Agent in an amount
equal to the amount of such drawing (unless the Borrowers elect to reimburse such L/C Issuer through a Revolving Loan, as set forth below). If the Borrowers fail to so reimburse such L/C Issuer by such time, the Administrative Agent shall promptly
notify each Lender of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Lender’s Applicable Percentage thereof and in such event, the Borrowers shall be deemed to have
requested a Revolving Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate
Loans, but subject to the amount of the unutilized portion of the Aggregate Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Revolving Loan Notice). Any notice given by an L/C Issuer or the Administrative
Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

  
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 (ii) Each Lender shall upon any notice pursuant to Section 2.03(c)(i)
make funds available to the Administrative Agent for the account of the applicable L/C Issuer at the Administrative Agent’s Office in an amount equal to its Applicable Percentage of the Unreimbursed Amount not later than 4:00 p.m. on the
Business Day specified in such notice by the Administrative Agent, which date will not be earlier than the Business Day after the Honor Date, whereupon, subject to the provisions of Section 2.03(c)(iii), each Lender that so makes funds
available shall be deemed to have made a Base Rate Loan to the Borrowers in such amount. The Administrative Agent shall remit the funds so received to the applicable L/C Issuer. 

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

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

(v) Each Lender’s obligation to make Revolving Loans or L/C Advances to reimburse the applicable L/C Issuer for
amounts drawn under Letters of Credit issued by it, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or
other right which such Lender may have against such L/C Issuer, the Borrowers or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not
similar to any of the foregoing; provided, however, that each Lender’s obligation to make Revolving Loans pursuant to this Section 2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by
the Borrowers of a Revolving Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrowers to reimburse the applicable L/C Issuer for the amount of any payment made by such L/C Issuer under any
Letter of Credit issued by it, together with interest as provided herein. 
 (vi) If any Lender fails to make
available to the Administrative Agent for the account of the applicable L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii),
such L/C Issuer shall be entitled to recover from such Lender (acting through 

  
 39 

 
the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to such
L/C Issuer at a rate per annum equal to the Federal Funds Rate. A certificate of the applicable L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) shall be conclusive
absent manifest error. 
 (d) Repayment of Participations. 

(i) At any time after an L/C Issuer has made a payment under any Letter of Credit issued by it and has received from any
Lender such Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if the Administrative Agent receives for the account of such L/C Issuer any payment in respect of the related Unreimbursed Amount or interest
thereon (whether directly from the Borrowers or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Lender its Applicable Percentage thereof (appropriately
adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s L/C Advance was outstanding) in the same funds as those received by the Administrative Agent. 

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

(e) Obligations Absolute. The obligation of the Borrowers to reimburse each L/C Issuer for each drawing under each
Letter of Credit issued by it and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following: 

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

 (ii) the existence of any claim, counterclaim, setoff, defense or other right that the Borrowers or any
Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), such L/C Issuer or any other Person, whether in connection with
this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; 
 (iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue
or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit; 

  
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 (iv) any payment by such L/C Issuer under such Letter of Credit against
presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by such L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy,
debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under
any Debtor Relief Law; or 
 (v) any other circumstance or happening whatsoever, whether or not similar to any of
the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrowers or any Subsidiary. 
 The Borrowers shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with the Borrowers’
instructions or other irregularity, the Borrowers will immediately notify the applicable L/C Issuer. The Borrowers shall be conclusively deemed to have waived any such claim against each L/C Issuer and its correspondents unless such notice is given
as aforesaid. 
 (f) Role of L/C Issuers. Each Lender and the Borrowers agree that, in paying any drawing
under a Letter of Credit, the applicable L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the
validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the L/C Issuers, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or
assignee of any L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted
in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. The Borrowers hereby assume all
risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude the Borrowers’ pursuing such
rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuers, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee
of any L/C Issuer shall be liable or responsible for any of the matters described in clauses (i) through (v) of Section 2.03(e); provided, however, that anything in such clauses to the contrary notwithstanding, the
Borrowers may have a claim against an L/C Issuer, and such L/C Issuer may be liable to the Borrowers, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrowers which the
Borrowers prove were caused by such L/C Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful failure to pay under any Letter of Credit issued by it after the presentation to it by the beneficiary of a sight draft and
certificate(s) strictly complying with the terms and conditions of such Letter of Credit. In furtherance and not in limitation of the foregoing, each L/C Issuer may accept documents that appear on their face to be in order, without responsibility

  
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for further investigation, regardless of any notice or information to the contrary, and such L/C Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or
assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. 

(g) Intentionally Omitted. 
 (h) Applicability of ISP. Unless otherwise expressly agreed by an L/C Issuer and the Borrowers with respect to a Letter of Credit issued by such L/C Issuer (including any such agreement applicable
to an Existing Letter of Credit), the rules of the ISP shall apply to each standby Letter of Credit. 
 (i)
Letter of Credit Fees. The Borrowers shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each standby
Letter of Credit equal to the Applicable Rate for Letters of Credit, stated as a percentage per annum times the daily amount available to be drawn under such Letter of Credit; provided, however, any Letter of Credit Fees otherwise
payable for the account of a Defaulting Lender with respect to any Letter of Credit as to which such Defaulting Lender has not provided Cash Collateral satisfactory to the L/C Issuer that issued such Letter of Credit pursuant to this
Section 2.03 shall be payable, to the non-Defaulting Lenders in accordance with the upward adjustments in their respective Applicable Percentages allocable to such Letter of Credit pursuant Section 2.15(a)(iv), with the balance of such
fee, if any, payable to such L/C Issuer for its own account with respect to the amount of such fee allocable to such L/C Issuer’s Fronting Exposure arising from that Defaulting Lender, except to the extent such Fronting Exposure has been Cash
Collateralized by a Borrower. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. Letter of Credit Fees shall be
(i) computed on a quarterly basis in arrears and (ii) due and payable on the first Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of
Credit, on the Letter of Credit Expiration Date and thereafter on demand. Notwithstanding anything to the contrary contained herein, upon the request of the Required Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue
at the Default Rate. 
 (j) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuers.
The Borrowers shall pay directly to the applicable L/C Issuer for its own account a fronting fee (the “Fronting Fee”) with respect to each standby Letter of Credit issued by such L/C Issuer, in an amount equal to 0.125% per
annum, computed on the daily amount available to be drawn under such Letter of Credit on a quarterly basis in arrears, and due and payable on the first Business Day after the end of each March, June, September and December, commencing with the first
such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter
of Credit shall be determined in accordance with Section 1.06. In addition, the Borrowers shall pay directly to each L/C Issuer for its own account the customary issuance, presentation, amendment and other processing fees, and other standard
costs and charges, of such L/C Issuer relating to letters of credit as from time to time in effect. Such Fronting Fee, customary fees and standard costs and charges are due and payable on demand and are nonrefundable. 

  
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 (k) Conflict with Issuer Documents. In the event of any conflict
between the terms hereof and the terms of any Issuer Document, the terms hereof shall control. 
 (l) Letters
of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Borrowers shall be obligated to reimburse the applicable
L/C Issuer hereunder for any and all drawings under such Letter of Credit. The Borrowers hereby acknowledge that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of the Borrowers, and that the Borrowers’
business derives substantial benefits from the businesses of such Subsidiaries. 
 2.04 Swing Line Loans. 

(a) The Swing Line. Subject to the terms and conditions set forth herein, the Swing Line Lender agrees, in reliance
upon the agreements of the other Lenders set forth in this Section 2.04, to make loans (each such loan, a “Swing Line Loan”) to the Borrowers from time to time on any Business Day during the Availability Period in an aggregate
amount not to exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line Loans, when aggregated with the Applicable Percentage of the Outstanding Amount of Revolving Loans and L/C Obligations
of the Lender acting as Swing Line Lender, may exceed the amount of such Lender’s Commitment; provided, however, that after giving effect to any Swing Line Loan, (i) the Total Outstandings shall not exceed the Commitments,
and (ii) the aggregate Outstanding Amount of the Revolving Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding
Amount of all Swing Line Loans shall not exceed such Lender’s Commitment, and provided, further, that the Borrowers shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan. Within the
foregoing limits, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.04, prepay under Section 2.05, and reborrow under this Section 2.04. Each Swing Line Loan shall be a Base Rate Loan.
Immediately upon the making of a Swing Line Loan, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line Loan in an amount equal to the
product of such Lender’s Applicable Percentage times the amount of such Swing Line Loan. 
 (b) Borrowing
Procedures. Each Swing Line Borrowing shall be made upon the Borrowers’ irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by telephone. Each such notice must be received by the Swing Line Lender
and the Administrative Agent not later than 4:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum of $1,000,000, and (ii) the requested borrowing date, which shall be a
Business Day. Each such telephonic notice must be confirmed promptly by delivery to the Swing Line Lender and the Administrative Agent of a written Swing Line Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrowers.
Promptly after receipt by the Swing Line Lender of any telephonic Swing Line Loan 

  
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Notice, the Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Swing Line Loan Notice and, if not, the
Swing Line Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof. Unless the Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any
Lender) prior to 5:00 p.m. on the date of the proposed Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the proviso to the first sentence of
Section 2.04(a), or (B) that one or more of the applicable conditions specified in Section 4.02 is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, not later than 5:00 p.m. on the
borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the Borrowers at its office by crediting the account of the Borrowers on the books of the Swing Line Lender in immediately available funds.

 (c) Refinancing of Swing Line Loans. 

(i) The Swing Line Lender at any time in its sole and absolute discretion may request, on behalf of the Borrowers (which
hereby irrevocably authorize the Swing Line Lender to so request on their behalf), that each Lender make a Base Rate Loan in an amount equal to such Lender’s Applicable Percentage of the amount of Swing Line Loans then outstanding. Such request
shall be made in writing (which written request shall be deemed to be a Revolving Loan Notice for purposes hereof) and in accordance with the requirements of Section 2.02, without regard to the minimum and multiples specified therein for the
principal amount of Base Rate Loans, but subject to the unutilized portion of the Commitments and the conditions set forth in Section 4.02. The Swing Line Lender shall furnish the Borrowers with a copy of the applicable Revolving Loan Notice
promptly after delivering such notice to the Administrative Agent. Each Lender shall make an amount equal to its Applicable Percentage of the amount specified in such Revolving Loan Notice available to the Administrative Agent in immediately
available funds for the account of the Swing Line Lender at the Administrative Agent’s Office not later than 4:00 p.m. on the day specified in such Revolving Loan Notice, whereupon, subject to Section 2.04(c)(ii), each Lender that so
makes funds available shall be deemed to have made a Base Rate Loan to the Borrowers in such amount. The Administrative Agent shall remit the funds so received to the Swing Line Lender. 

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

(iii) If any Lender fails to make available to the Administrative Agent for the account of the Swing Line Lender any
amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(i), the Swing Line Lender shall be entitled to recover from such Lender (acting through the
Administrative Agent), on demand, such amount with interest thereon for the period 

  
 44 

 
from the date such payment is required to the date on which such payment is immediately available to the Swing Line Lender at a rate per annum equal to the greater of the Federal Funds Rate and a
rate determined by the Swing Line Lender in accordance with banking industry rules on interbank compensation. A certificate of the Swing Line Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under
this clause (iii) shall be conclusive absent manifest error. 
 (iv) Each Lender’s obligation to make
Revolving Loans or to purchase and fund risk participations in Swing Line Loans pursuant to this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim,
recoupment, defense or other right which such Lender may have against the Swing Line Lender, the Borrowers or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, (C) any Lender being a Defaulting
Lender or (D) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Lender’s obligation to make Revolving Loans pursuant to this Section 2.04(c) is subject
to the conditions set forth in Section 4.02. No such funding of risk participations shall relieve or otherwise impair the obligation of the Borrowers to repay Swing Line Loans, together with interest as provided herein. 

(d) Repayment of Participations. 

(i) At any time after any Lender has purchased and funded a risk participation in a Swing Line Loan, if the Swing Line
Lender receives any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Lender its Applicable Percentage of such payment (appropriately adjusted, in the case of interest payments, to reflect the period of time
during which such Lender’s risk participation was funded) in the same funds as those received by the Swing Line Lender. 
 (ii) If any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Loan is required to be returned by the Swing Line Lender under any of the circumstances
described in Section 10.05 (including pursuant to any settlement entered into by the Swing Line Lender in its discretion), each Lender shall pay to the Swing Line Lender its Applicable Percentage thereof on demand of the Administrative Agent,
plus interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to the Federal Funds Rate. The Administrative Agent will make such demand upon the request of the Swing Line Lender. The obligations of
the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement. 
 (e) Interest for Account of Swing Line Lender. The Swing Line Lender shall be responsible for invoicing the Borrowers for interest on the Swing Line Loans. Until each Lender funds its Base Rate
Loan or risk participation pursuant to this Section 2.04 to refinance such Lender’s Applicable Percentage of any Swing Line Loan, interest in respect of such Applicable Percentage shall be solely for the account of the Swing Line Lender.

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

  
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 2.05 Prepayments. 

(a) The Borrowers may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay
Revolving Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by the Administrative Agent not later than (A) 3:00 p.m. three (3) Business Days prior to any date of prepayment of
Eurodollar Rate Loans and (B) 3:00 p.m. on the date of prepayment of Base Rate Loans; (ii) any prepayment of Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof; and
(iii) any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify
the date and amount of such prepayment and the Type(s) of Revolving Loans to be prepaid. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage (if
any) of such prepayment. If such notice is given by the Borrowers, the Borrowers shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein; provided that if such notice
indicates that such prepayment is to be funded with the proceeds of a refinancing of the Loans and Commitments, such notice may be revoked if such refinancing is not consummated and such payment amount will not be due and payable. Any prepayment of
a Eurodollar Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Each such prepayment shall be applied to the Revolving Loans of the Lenders
indicated in such notices in accordance with their respective Applicable Percentages. 
 (b) The Borrowers may,
upon notice to the Swing Line Lender (with a copy to the Administrative Agent), at any time or from time to time, voluntarily prepay Swing Line Loans in whole or in part without premium or penalty; provided that (i) such notice must be
received by the Swing Line Lender and the Administrative Agent not later than 3:00 p.m. on the date of the prepayment, and (ii) any such prepayment shall be in a minimum principal amount of $100,000. Each such notice shall specify the date and
amount of such prepayment. If such notice is given by the Borrowers, the Borrowers shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. 

(c) If for any reason the Total Outstandings at any time exceed the Commitments then in effect, the Borrowers shall
immediately prepay the Revolving Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided, however, that the Borrowers shall not be required to Cash Collateralize the L/C Obligations
pursuant to this Section 2.05(c) unless after the prepayment in full of the Revolving Loans the Total Outstandings exceed the Commitments then in effect. 
 2.06 Termination or Reduction of Commitments. 
 The
Borrowers may, upon notice to the Administrative Agent, terminate the Commitments, or from time to time permanently reduce the Commitments; provided that the Commitments may not be reduced below $100,000,000 (except in connection with a
termination of the Commitments and payment in full of the Obligations thereunder) without the consent of the Administrative Agent and the Syndication Agent; and, provided further (i) any such notice

  
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shall be received by the Administrative Agent not later than 3:00 p.m. five (5) Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in
an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Borrowers shall not terminate or reduce the Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total
Outstandings would exceed the Commitments, and (iv) if, after giving effect to any reduction of the Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Commitments, such Sublimit shall be
automatically reduced by the amount of such excess. The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the Commitments. Any reduction of the Commitments shall be applied to the Commitment of
each Lender according to its Applicable Percentage. All fees accrued pursuant to Section 2.09 until the effective date of any termination of the Commitments shall be paid on the effective date of such termination. 

2.07 Repayment of Loans. 
 (a) The Borrowers shall repay on the Maturity Date the aggregate principal amount of Revolving Loans outstanding on such date. 

(b) The Borrowers shall repay to the Swing Line Lender each Swing Line Loan on the earlier to occur of (i) the date
five (5) Business Days after such Swing Loan is made and (ii) the Maturity Date. 
 2.08 Interest. 

(a) Subject to the provisions of subsection (b) below, (i) each Eurodollar Rate Loan shall bear interest on the
outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate; (ii) each Base Rate Loan shall bear interest on the outstanding principal amount
thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate; and (iii) each Swing Line Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at
a rate per annum equal to the Base Rate plus the Applicable Rate. 
 (b)(i) If any amount of principal of any
Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the
Default Rate to the fullest extent permitted by applicable Laws. 
 (ii) If any amount (other than principal of
any Loan) payable by the Borrowers under any Loan Document is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount
shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(iii) Upon the request of the Required Lenders, while any Event of Default exists, the Borrowers shall pay interest on the
principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

  
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 (iv) Accrued and unpaid interest on past due amounts (including interest on
past due interest) shall be due and payable upon demand. 
 (c) Interest on each Loan shall be due and payable in
arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the
commencement of any proceeding under any Debtor Relief Law. 
 2.09 Fees. In addition to certain fees described in
subsections (i) and (j) of Section 2.03: 
 (a) Unused Fee. The Borrowers shall pay to the
Administrative Agent for the account of each Lender (subject to Section 2.15(a)(iii)) ratably in proportion to its Commitment, an unused fee equal to the Applicable Unused Fee. The Applicable Unused Fee shall be due and payable quarterly in
arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on the Maturity Date, as may be extended pursuant to Section 2.16. The Applicable Unused Fee
shall be calculated quarterly in arrears. The Applicable Unused Fee shall accrue at all times following the Closing Date while Commitments are in effect, including at any time during which one or more of the conditions in Section 4.02 is not
met. 
 (b) Other Fees. 

(i) The Borrowers shall pay to the Joint Lead Arrangers and the Administrative Agent for their own respective accounts
fees in the amounts and at the times specified in the Fee Letter. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 

(ii) The Borrowers shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts
and at the times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 

2.10 Computation of Interest and Fees. 
 (a) All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Eurodollar Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be,
and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day
year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; provided that any Loan that is repaid on the same
day on which it is made shall, subject to Section 2.12(a), bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

  
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 (b) The parties understand that the Applicable Rate and certain fees set
forth herein may be determined and/or adjusted from time to time based upon certain financial ratios and/or other information to be provided or certified to the Lenders by the Borrowers (the “Borrower Information”). If it is
subsequently determined that any such Borrower Information was incorrect (for whatever reason, including without limitation because of a subsequent restatement of earnings by a Borrower) at the time it was delivered to the Administrative Agent, and
if the Applicable Rate or applicable fees calculated for any period were lower than they should have been had the correct information been timely provided, then, such interest rate and such fees for such period shall be automatically recalculated
using correct Borrower Information. Administrative Agent shall promptly notify the Borrowers in writing of any additional interest and fees due because of such recalculation, and the Borrowers shall pay such additional interest or fees due to
Administrative Agent, for the account of each Lender, within five (5) Business Days of receipt of such written notice. Any recalculation of interest or fees required by this provision shall survive the termination of this Agreement, and this
provision shall not in any way limit any of Administrative Agent’s, any L/C Issuer’s, or any Lender’s other rights under this Agreement. 
 2.11 Evidence of Debt. 
 (a) The Credit Extensions made by
each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be
conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the
obligation of the Borrowers hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect
of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrowers shall execute and deliver to such Lender
(through the Administrative Agent) the applicable Note(s), which shall evidence such Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount
and maturity of its Loans and payments with respect thereto. 
 (b) In addition to the accounts and records
referred to in subsection (a), each Lender and the Administrative Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters of Credit and Swing Line
Loans. In the event of any conflict between the accounts and records maintained by the Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in
the absence of manifest error. 
 2.12 Payments Generally; Administrative Agent’s Clawback. 

(a) General. All payments to be made by the Borrowers shall be made without condition or deduction for any
counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrowers hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is

  
 49 

 
owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than 3:00 p.m. on the date specified herein. The Administrative Agent will promptly
distribute to each Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative Agent
after 3:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrowers shall come due on a day other than a Business Day, payment shall be
made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be. 
 (b)(i) Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Revolving Borrowing that
such Lender will not make available to the Administrative Agent such Lender’s share of such Revolving Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with
Section 2.02 and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Revolving Borrowing available to the Administrative
Agent, then the applicable Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date such
amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation and (B) in the case of a payment to be made by the Borrowers, the interest rate applicable to Base Rate Loans. If the Borrowers and such Lender shall pay
such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrowers the amount of such interest paid by the Borrowers for such period. If such Lender pays its share of the
applicable Revolving Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Revolving Loan included in such Revolving Borrowing. Any payment by the Borrowers shall be without prejudice to any claim the
Borrowers may have against a Lender that shall have failed to make such payment to the Administrative Agent. 

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

  
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 A notice by the Administrative Agent to any Lender or the Borrowers with
respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error. 
 (c)
Failure to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made
available to the Borrowers by the Administrative Agent because the conditions to the applicable Credit Extension set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such
funds (in like funds as received from such Lender) to such Lender, without interest. 
 (d) Obligations of
Lenders Several. The obligations of the Lenders hereunder to make Revolving Loans, to fund participations in Letters of Credit and Swing Line Loans and to make payments pursuant to Section 10.04(c) are several and not joint. The failure of
any Lender to make any Revolving Loan, to fund any such participation or to make any payment under Section 10.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no
Lender shall be responsible for the failure of any other Lender to so make its Revolving Loan, to purchase its participation or to make its payment under Section 10.04(c). 

(e) Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any
particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 
 2.13 Sharing of Payments by Lenders. 
 If any Lender shall,
by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the Revolving Loans made by it, or the participations in L/C Obligations or in Swing Line Loans held by it resulting
in such Lender’s receiving payment of a proportion of the aggregate amount of such Revolving Loans or participations and accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender
receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Revolving Loans and subparticipations in L/C Obligations and Swing Line Loans of the
other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective
Revolving Loans and other amounts owing them, provided that: 
 (a) if any such participations or
subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

  
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 (b) the provisions of this Section shall not be construed to apply to
(x) any payment made by the Borrowers pursuant to and in accordance with the express terms of this Agreement (including, for the avoidance of doubt, as this Agreement may be amended from time to time) (including the application of funds arising
from the existence of a Defaulting Lender), (y) the application of Cash Collateral as provided for in Section 2.14 or (z) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its
Revolving Loans or subparticipations in L/C Obligations or Swing Line Loans to any assignee or participant, other than to the Borrowers or any Subsidiary thereof (as to which the provisions of this Section shall apply). 

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

(a) Certain Credit Support Events. If an L/C Issuer has honored any full or partial drawing request under any
Letter of Credit issued by it and such drawing has resulted in an L/C Borrowing, then upon the request of the Administrative Agent, Borrowers shall immediately Cash Collateralize the then Outstanding Amount of all L/C Obligations; provided
that so long as no Event of Default exists, any such Cash Collateral will be released to the Borrowers upon payment in full of such L/C Borrowing. Additionally, if, as of the Letter of Credit Expiration Date, any L/C Obligation for any reason
remains outstanding, the Borrowers shall immediately (i) Cash Collateralize the then Outstanding Amount of all L/C Obligations, or (ii) to the extent approved by the applicable L/C Issuer (to which an L/C Obligation is owed) in its sole
discretion, if the Commitments are replaced with a new revolving facility, cause “back to back” letters of credit with respect to all outstanding Letters of Credit issued by such L/C Issuer to be issued; provided, however, if
Borrowers have delivered a notice pursuant to Section 2.16(a) extending the Maturity Date, Borrowers shall not be required to so Cash Collateralize the then Outstanding Amount of the applicable L/C Obligations or so cause such “back to
back” letters of credit to be issued until the Letter of Credit Expiration Date (after giving effect to such extension of the Maturity Date). At any time there shall exist a Defaulting Lender, within one (1) Business Day following the
written request of the Administrative Agent or any L/C Issuer or the Swing Line Lender (with a copy to the Administrative Agent), the Borrowers shall Cash Collateralize the L/C Issuers’ Fronting Exposure with respect to such Defaulting Lender
(determined after giving effect to Section 2.15 and any Cash Collateral provided by such Defaulting Lender). 
 (b) Grant of Security Interest. The Borrowers, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grant to the Administrative Agent, for the benefit of the L/C
Issuers and the Lenders, a security interest in all such cash, deposit accounts and all balances therein and all proceeds of the foregoing. Cash Collateral shall be maintained in blocked deposit accounts at KeyBank. 

(c) Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided
under this Section 2.14 or Section 2.05, 2.15 or 8.02(c) in respect of Letters of Credit or Swing Line Loans shall be applied to the satisfaction of the specific L/C Obligations, Swing Line Loans and obligations to fund participations
therein 

  
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(including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such
property as may otherwise be provided for herein. 
 (d) Release. Cash Collateral (or the appropriate
portion thereof) provided to reduce any L/C Issuer’s Fronting Exposure or other obligations shall be released promptly following, and to the extent of, (i) the elimination or reduction of the applicable Fronting Exposure or other
obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with Section 10.06(b)(vi)), or (ii) the Administrative Agent’s
good faith determination that there exists excess Cash Collateral; provided that, subject to Section 2.15 the Person providing Cash Collateral and the applicable L/C Issuer or Swing Line Lender, as applicable, may agree that Cash
Collateral shall be held to support future anticipated Fronting Exposure or other obligations. 
 2.15 Defaulting Lenders.

 (a) Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any
Lender becomes a Defaulting Lender, then, until such time as 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
Section 10.01. 
 (ii) Reallocation of Payments. Any payment of principal, interest, fees or other
amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to
Section 10.08 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second,
to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any L/C Issuer or the Swing Line Lender hereunder; third, to Cash Collateralize the L/C Issuers’ Fronting Exposure with respect to such Defaulting
Lender in accordance with Section 2.14; fourth, as the Borrowers 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 Borrowers, to be held in a deposit account and released pro rata in order to (x) satisfy such
Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the L/C Issuers’ future Fronting Exposure with respect to such Defaulting Lender with respect to future
Letters of Credit issued under this Agreement, in accordance with Section 2.14; sixth, to the payment of any amounts owing to the Lenders, the L/C Issuers or the Swing Line Lender as a result of any judgment of a court of competent
jurisdiction obtained by any Lender, the L/C Issuers or the Swing Line Lender 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 Borrowers as a 

  
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result of any judgment of a court of competent jurisdiction obtained by any Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under
this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of
which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied or waived, such
payment shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Borrowings owed to, such Defaulting Lender until such time
as all Loans and funded and unfunded participations in L/C Obligations and Swing Line Loans are held by the Lenders pro rata in accordance with the Commitments without giving effect to Section 2.15(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 2.15(a)(ii) shall be deemed paid to and redirected by such Defaulting
Lender, and each Lender irrevocably consents hereto. 
 (iii) Certain Fees. Such Defaulting Lender
(x) shall not be entitled to receive any commitment fee pursuant to Section 2.09(a) for any period during which that Lender is a Defaulting Lender (and the Borrowers shall (A) be required to pay to each of the L/C Issuers and the
Swing Line Lender, as applicable, the amount of such fee allocable to its Fronting Exposure arising from that Defaulting Lender, except to the extent the Fronting Exposure arising from the Defaulting Lender has been reallocated pursuant to clause
(iv) below or Cash Collateralized by the Borrowers and (B) not be required to pay the remaining amount of such fee that otherwise would have been required to have been paid to that Defaulting Lender) and (y) shall be limited in its
right to receive Letter of Credit Fees as provided in Section 2.03(i). 
 (iv) Reallocation of
Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in L/C Obligations and Swing Line Loans shall be reallocated among the non-Defaulting Lenders in accordance with their respective
Applicable Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that (x) the conditions set forth in Section 4.02 are satisfied at the time of such reallocation (and, unless the
Borrowers shall have otherwise notified the Administrative Agent at such time, the Borrowers shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the
aggregate Outstanding Amount of the Revolving Loans of such non-Defaulting Lender, plus such non-Defaulting Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such non-Defaulting Lender’s Applicable
Percentage of the Outstanding Amount of all Swing Line Loans to exceed such non-Defaulting Lender’s Commitment. 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, Repayment of Swing Line Loans. If the reallocation described in clause (iv) above cannot,
or can only partially, be effected, the Borrowers shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay Swing Line Loans in an amount equal to the Swing Line Lenders’ Fronting Exposure and
(y) second, Cash Collateralize the L/C Issuers’ Fronting Exposure in accordance with the procedures set forth in Section 2.14. 

  
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 (b) Defaulting Lender Cure. If the Borrowers, the Administrative
Agent, the Swing Line Lender and each L/C Issuer 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 Revolving Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held pro rata by the Lenders in accordance with their Applicable Percentages
(without giving effect to Section 2.15(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
Borrowers 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 Swing Line Loans/Letters of Credit. So long as any Lender is a Defaulting Lender, (i) the Swing Line
Lender shall not be required to fund any Swing Line Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swing Line Loan and (ii) no L/C Issuer shall be required to issue, extend, renew or increase any
Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto. 
 2.16 Extension
of Maturity Date. 
 (a) Requests for Extension. The Borrowers shall have two rights and options, by
notice to the Administrative Agent (who shall promptly notify the Lenders) not earlier than 120 days prior to, and not later than 60 days prior to, the Maturity Date then in effect hereunder (the “Existing Maturity Date”),
cause each Lender to extend such Lender’s Existing Maturity Date for an additional one (1) year with respect to each such exercise from the Existing Maturity Date and each Lender shall extend such Lender’s Commitment for an additional
one (1) year with respect to each such exercise from the Existing Maturity Date in accordance with this Section 2.16. 
 (b) Conditions to Effectiveness of Extensions. Notwithstanding the foregoing, the extension of the Maturity Date pursuant to this Section shall not be effective with respect to the Lenders unless:

 (i) no Default or Event of Default shall have occurred and be continuing on the date of such extension and
after giving effect thereto; 

  
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 (ii) to the knowledge of the Borrowers, the representations and warranties
contained in this Agreement are true and correct, on and as of the date of such extension and after giving effect thereto, as though made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of
a specific date, only as of such specific date); and 
 (iii) the Borrowers pay the Lenders an extension fee on
the Existing Maturity Date in an amount equal to the product of (x) 0.25%, multiplied by (y) the Commitments then in effect at the time of the extension. 

(c) Conflicting Provisions. This Section shall supersede any provisions in Section 2.13 or 10.01 to the
contrary. 
 2.17 Increase in Commitments. 

(a) Increase in Commitments. 

(i) Request for Increase. Provided there exists no Default or Event of Default, upon notice to the Administrative
Agent (which shall promptly notify the Lenders), the Borrowers may from time to time, request an increase in the Aggregate Commitments of up to (for all such requests) $200,000,000; provided that any such request for an increase shall be in a
minimum amount of $10,000,000. Such notice shall indicate the proposed Applicable Rate (or other applicable interest rate margins) for such new Commitments. In the event new Commitments are to be provided, no consent of any Lender shall be required
in connection with the issuance of any such new Commitments, regardless of whether the Applicable Rate (or other applicable interest rate margins) for such new Commitments or Revolving Loans is less than or greater than that for any other
Commitments or Revolving Loans hereunder. 
 (ii) Lender Elections to Increase. In no event shall any
Lender be obligated to provide an additional Commitment. 
 (iii) Additional Lenders. Increases in
Aggregate Commitments may be provided by Lenders or Eligible Assignees. Increases in Aggregate Commitments may be effected pursuant to a Joinder Agreement or amendment to this Agreement in form and substance reasonably satisfactory to the
Administrative Agent and its counsel. 
 (iv) Effective Date and Allocations. If the Aggregate Commitments
are increased or if new Commitments are provided in accordance with this Section, the Administrative Agent, the Syndication Agent and the Borrowers shall determine the effective date (the “Increase Effective Date”) and the final
allocation of such increase or new Commitments under this clause (a). The Administrative Agent shall promptly notify the Borrowers and the Lenders of the final allocation of such increase or new Commitments and the Increase Effective Date. Any such
increase or new Commitments may be drawn on upon the satisfaction of the applicable conditions precedent set forth in Section 4.02. 
 (v) Conditions to Effectiveness of Increase. As a condition precedent to such increase or new Commitments under this clause (a), the Borrowers shall deliver to the Administrative Agent a
certificate of the Borrowers dated as of the Increase Effective Date signed by a Responsible Officer of the Borrowers (i) certifying and attaching the resolutions adopted by each Borrower approving or consenting to such increase, and
(ii) in the case of the 

  
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Borrowers, certifying that, before and after giving effect to such increase, to the knowledge of Borrowers (A) the representations and warranties contained in Article V and the other
Loan Documents are true and correct in all material respects, on and as of the Increase Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case, to the knowledge of the
Borrowers, they are true and correct in all material respects as of such earlier date, and except that for purposes of this Section 2.17, the representations and warranties contained in subsections (a) and (b) of Section 5.05
shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01, and (B) no Default exists. The Borrowers shall prepay any Revolving Loans outstanding on the Increase
Effective Date (and pay any additional amounts required pursuant to Section 3.05) to the extent necessary to keep the outstanding Revolving Loans ratable with any revised Applicable Percentages arising from any nonratable increase in the
Commitments under this Section (which prepayments will not be on a pro rata basis with respect to the outstanding Commitments prior to the effectiveness of any such increase). Notwithstanding any provisions of this Agreement to the contrary, the
Borrowers may borrow from the Lenders providing such increase in the Commitments (on a non pro rata basis with Lenders not providing such increase) in order to fund such prepayment. The Administrative Agent and the Borrowers may, without the consent
of any Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent and the Borrowers, to effect the increase in Commitments pursuant to this
Section 2.17(a), including, without limitation, establishing pricing, commitment fees and the maturity of any new commitments, incorporation of a new revolving tranche and amendments in respect of borrowing and prepayment procedures for any new
revolving tranche. 
 (b) Conflicting Provisions. This Section 2.17 shall supersede any provisions in
Sections 2.13 or 10.01 to the contrary. 
 ARTICLE III. 

TAXES, YIELD PROTECTION AND ILLEGALITY 
 3.01 Taxes. 
 (a) Payments Free of Taxes. Any and all
payments by or on account of any obligation of the Borrowers hereunder or under any other Loan Document shall be made free and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes; provided that if the
Borrowers shall be required by applicable law to deduct any Indemnified Taxes (including any Other Taxes) from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including
deductions applicable to additional sums payable under this Section) the Administrative Agent, Lender or L/C Issuer, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) the
Borrowers shall make such deductions and (iii) the Borrowers shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 

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

  
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 (c) Indemnification by the Borrowers. The Borrowers shall indemnify
the Administrative Agent, each Lender and each L/C Issuer, within 10 days after demand therefor (accompanied by reasonable back-up documentation), for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other
Taxes imposed or asserted on or attributable to amounts payable under this Section) paid by the Administrative Agent, such Lender or such L/C Issuer, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with
respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrowers by a
Lender or an L/C 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 L/C Issuer, setting forth in reasonable detail the basis and calculation of such amounts, shall be
conclusive absent manifest error. 
 (d) Evidence of Payments. As soon as practicable after any payment of
Indemnified Taxes or Other Taxes by the Borrowers to a Governmental Authority, the Borrowers 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. 
 (e) Status of Lenders. Any Administrative Agent, L/C Issuer or Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrowers
are resident for tax purposes, or any treaty to which such jurisdiction is a party, with respect to payments hereunder or under any other Loan Document shall deliver to the Borrowers (with a copy to the Administrative Agent), at the time or times
prescribed by applicable law or reasonably requested by the Borrowers or the Administrative Agent, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a
reduced rate of withholding. In addition, any Administrative Agent, L/C Issuer or Lender, if requested by the Borrowers or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the
Borrowers or the Administrative Agent as will enable the Borrowers or the Administrative Agent to determine whether or not such Administrative Agent, L/C Issuer or Lender is subject to backup withholding or information reporting requirements.

 Without limiting the generality of the foregoing, in the event that the Borrowers are resident for tax
purposes in the United States, any Administrative Agent, L/C Issuer or Lender shall deliver to the Borrowers 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 Person
becomes a party to this Agreement (and from time to time thereafter upon the request of the Borrowers or the Administrative Agent, but only if such Person is legally entitled to do so), and upon a change in circumstances requiring the delivery of
new forms and/or documentation, whichever of the following is applicable: 
 (i) duly completed copies of
Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the United States is a party, 
 (ii) duly completed copies of Internal Revenue Service Form W-8ECI, 

  
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 (iii) in the case of a Foreign Lender claiming the benefits of the exemption
for portfolio interest under Section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (B) a “10 percent
shareholder” of any Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code and (y) duly completed copies of Internal
Revenue Service Form W-8BEN, 
 (iv) in the case of any Administrative Agent, Lender or L/C Issuer that is a
“United States person” within the meaning of Section 7701(a)(30) of the Code, duly completed copies of Internal Revenue Service W-9, establishing a complete exemption from backup withholding taxes; provided, however,
that such a Person that the Borrowers are entitled to treat as an “exempt recipient” (without regard to whether any Borrower has requested any certificates or forms in this respect) shall not be required to provide such form, and/or

 (v) any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in
United States Federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable law to permit the Borrowers to determine the withholding or deduction required to be made. 

If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrowers and the Administrative Agent at the time
or times prescribed by law and at such time or times reasonably requested by the Borrowers or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Sections 1471(b)(3)(C)(i) of the Code) and such
additional documentation reasonably requested by the Borrowers or the Administrative Agent as may be necessary for the Borrowers and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has or has
not complied with such Lender’s obligations under FATCA or, as necessary, to determine the amount to deduct and withhold from such payment. 
 (f) Treatment of Certain Refunds. If the Administrative Agent, any Lender or any L/C Issuer determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which
it has been indemnified by the Borrowers or with respect to which the Borrowers have paid additional amounts pursuant to this Section, it shall pay to the Borrowers an amount equal to such refund (but only to the extent of indemnity payments made,
or additional amounts paid, by the Borrowers under this Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent, such Lender or such L/C Issuer, as the case may be,
and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the Borrowers, upon the request of the Administrative Agent, such Lender or such L/C Issuer, agree to repay the
amount paid over to the Borrowers (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent, such Lender or such L/C Issuer in the event the Administrative Agent, such Lender or such
L/C Issuer is required to repay such refund to such Governmental Authority. This subsection shall not be construed to require the Administrative Agent, any Lender or any L/C Issuer to make available its tax returns (or any other information relating
to its taxes that it deems confidential) to the Borrowers or any other Person. 

  
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 3.02 Illegality. 

If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is
unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Eurodollar Rate Loans, or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions on
the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Borrowers through the Administrative Agent, any obligation of such Lender to make or
continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended until such Lender notifies the Administrative Agent and the Borrowers that the circumstances giving rise to such determination no longer exist.
Upon receipt of such notice, the Borrowers shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans, either on the last day of the
Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans. Upon any such prepayment or
conversion, the Borrowers shall also pay accrued interest on the amount so prepaid or converted. 
 3.03 Inability to
Determine Rates. 
 If the Required Lenders determine that for any reason in connection with any request for
a Eurodollar Rate Loan or a conversion to or continuation thereof that (a) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate Loan,
(b) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan, or (c) the Eurodollar Rate for any requested Interest Period with respect
to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Borrowers and each Lender. Thereafter, the obligation of the Lenders to
make or maintain Eurodollar Rate Loans shall be suspended until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrowers may revoke any pending request for a Borrowing
of, conversion to or continuation of Eurodollar Rate Loans or, failing that, will be deemed to have converted such request into a request for a Revolving Borrowing of Base Rate Loans in the amount specified therein. 

3.04 Increased Costs; Reserves on Eurodollar Rate Loans. 

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

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

  
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 (ii) subject any Lender or any L/C Issuer to any tax of any kind whatsoever
with respect to this Agreement, any Letter of Credit, any participation in a Letter of Credit or any Eurodollar Loan made by it, or change the basis of taxation of payments to such Lender or such L/C Issuer in respect thereof (except for Indemnified
Taxes or Other Taxes covered by Section 3.01 and the imposition of, or any change in the rate of, any Excluded Tax ); or 
 (iii) impose on any Lender or any L/C Issuer or the London interbank market any other condition, cost or expense affecting this Agreement or Eurodollar Loans made by such Lender or any Letter of Credit or
participation therein; 
 and the result of any of the foregoing shall be to increase the cost to such Lender of making, converting into or
continuing or maintaining any Eurodollar Rate Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or such L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of
maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or such L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon
request of such Lender or such L/C Issuer, the Borrowers will pay to such Lender or such L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or such L/C Issuer, as the case may be, for such additional
costs incurred or reduction suffered. 
 (b) Capital Requirements. If any Lender or any L/C Issuer
determines that any Change in Law affecting such Lender or such L/C Issuer or any Lending Office of such Lender or such Lender’s or such L/C Issuer’s holding company, if any, regarding capital or liquidity requirements has or would have
the effect of reducing the rate of return on such Lender’s or such L/C Issuer’s capital or on the capital of such Lender’s or such L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such
Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such L/C Issuer, to a level below that which such Lender or such L/C Issuer or such Lender’s or such L/C Issuer’s
holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such L/C Issuer’s policies and the policies of such Lender’s or such L/C Issuer’s holding company with respect to capital
adequacy), then from time to time the Borrowers will pay to such Lender or such L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or such L/C Issuer or such Lender’s or such L/C Issuer’s
holding company for any such reduction suffered. 
 (c) Certificates for Reimbursement. A certificate of a
Lender or an L/C Issuer setting forth the amount or amounts necessary to compensate such Lender or such L/C Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to the
Borrowers shall be conclusive absent manifest error. The Borrowers shall pay such Lender or such L/C Issuer, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof (accompanied by reasonable back-up
documentation). 

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

(e) Reserves on Eurodollar Rate Loans. The Borrowers shall pay to each Lender, as long as such Lender shall be
required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each
Eurodollar Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall be due and payable on each date on which
interest is payable on such Loan; provided, the Borrowers shall have received at least 10 days’ prior notice (with a copy to the Administrative Agent) of such additional interest from such Lender. If a Lender fails to give notice 10 days
prior to the relevant Interest Payment Date, such additional interest shall be due and payable 10 days from receipt of such notice. 
 3.05 Compensation for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrowers shall promptly compensate such Lender for and hold such Lender
harmless from any loss, cost or expense incurred by it as a result of: 
 (a) any continuation, conversion,
payment or prepayment of any Eurodollar Rate Loan on a day other than the last day of the Interest Period for such Eurodollar Rate Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 

(b) any failure by the Borrowers (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow,
continue or convert any Eurodollar Rate Loan on the date or in the amount notified by the Borrowers; or 
 (c)
any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Borrowers pursuant to Section 10.13; 

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

  
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 For purposes of calculating amounts payable by the Borrowers to the Lenders under this Section 3.05,
each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar Rate used in determining the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a
comparable amount and for a comparable period, whether or not such Eurodollar Rate Loan was in fact so funded. 
 3.06
Mitigation Obligations; Replacement of Lenders. 
 (a) Designation of a Different Lending Office. If
any Lender requests compensation under Section 3.04, or the Borrowers are required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lender gives a
notice pursuant to Section 3.02, then such Lender shall use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices,
branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the
notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrowers hereby agree to pay all
reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

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

3.07 Survival. All of the Borrowers’ obligations under this Article III shall survive termination of the Aggregate
Commitments and repayment of all other Obligations hereunder. 
 ARTICLE IV. 

CONDITIONS PRECEDENT TO THE EFFECTIVENESS OF THIS AGREEMENT AND 

CREDIT EXTENSIONS 
 4.01 Conditions of Effectiveness of this Agreement. The effectiveness of this Agreement and the obligation of each L/C Issuer and each Lender to make its initial Credit Extension hereunder is
subject to satisfaction of the following conditions precedent: 
 (a) The Administrative Agent’s receipt of
the following, each of which shall be originals, telecopies or other electronic image (e.g., “PDF” or “TIF” via electronic mail) (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible
Officer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory to the Administrative Agent and each of the
Lenders. 
 (i) originally executed counterparts of this Agreement, the Guaranty, the Pledge Agreements and the
Intra-Company Loan Subordination Agreement; 
 (ii) an original Revolving Note executed by the Borrowers in favor
of each Lender requesting a Revolving Note and an original Swing Line Note executed by the Borrowers in favor of the Swing Line Lender; 

  
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 (iii) such certificates of resolutions or other action, incumbency
certificates and/or other certificates of Responsible Officers of each Loan Party as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized as of the date hereof to act as
a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party; 
 (iv) such documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing and in
good standing in its jurisdiction of organization; 
 (v) favorable opinions of each of Skadden, Arps, Slate,
Meagher & Flom LLP and DLA Piper LLP (US), special counsel to the Loan Parties, addressed to the Administrative Agent and each Lender, as to matters concerning the Loan Parties and the Loan Documents and in form and substance reasonably
satisfactory to the Administrative Agent; 
 (vi) a certificate of a Responsible Officer of each Loan Party
either (A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party,
and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required; 
 (vii) a certificate signed by a Responsible Officer of the Borrowers certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied and (B) that there has
been no event or circumstance since the date of the Audited Financial Statements that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect; 

(viii) a duly completed Compliance Certificate as of the last day of the fiscal quarter of the Borrowers’ most
recently ended prior to the Closing Date, signed by a Responsible Officer of the Borrowers; 
 (ix) evidence that
all Liens securing obligations under the Existing Credit Agreements have been or concurrently with the Closing Date are being released and all amounts outstanding thereunder have been or concurrently with the Closing Date are being repaid in full
and that the Existing Credit Agreement and all related loan documents are automatically terminated and of no further force or effect (other than with respect to indemnification obligations of the borrowers thereunder that by their terms survive such
repayment); and 
 (x) such other assurances, certificates, documents, consents or opinions as the Administrative
Agent, the L/C Issuers, the Swing Line Lender or the Required Lenders reasonably may require. 
 (b) Any fees
required to be paid hereunder on or before the Closing Date shall have been paid. 

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

 Without limiting the generality of the provisions of Section 9.04, for purposes of determining compliance
with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented
to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 

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

(a) The representations and warranties of the Borrowers and each other Loan Party contained in Article V or any other
Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the date of such Credit Extension, except to the extent that
such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects to the knowledge of the Borrowers only as of such earlier date, and except that for purposes of this
Section 4.02, the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of
Section 6.01. 
 (b) No Default shall exist, or would result from such proposed Credit Extension or from the
application of the proceeds thereof. 
 (c) The Administrative Agent and, if applicable, the applicable L/C
Issuer or the Swing Line Lender shall have received a Request for Credit Extension in accordance with the requirements hereof. 
 Each Request for Credit Extension (other than a Revolving Loan Notice requesting only a conversion of Revolving Loans to the other Type or a continuation of Eurodollar Rate Loans) submitted by the
Borrowers shall be deemed to be a representation and warranty to the knowledge of the Borrowers that the conditions specified in Sections 4.02(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension.

  
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 ARTICLE V. 
 REPRESENTATIONS AND WARRANTIES 
 Each Borrower represents
and warrants to the Administrative Agent and the Lenders that: 
 5.01 Existence, Qualification and Power; Compliance with
Laws. Each Loan Party (a) is duly organized or formed, validly existing and in good standing under the Laws of the jurisdiction of its incorporation or organization except to the extent permitted by Section 7.04, (b) has
all requisite corporate or other organizational power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own its assets and carry on its business and (ii) execute, deliver and perform its
obligations under the Loan Documents to which it is a party, (c) is duly qualified and is licensed and in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business
requires such qualification or license, and (d) is in compliance with all Laws; except in each case referred to in clause (b)(i), (c) or (d), to the extent that failure to do so could not reasonably be expected to have a Material Adverse
Effect. 
 5.02 Authorization; No Contravention. The execution, delivery and performance by each Loan Party of each Loan
Document to which such Person is party, have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict
with or result in any breach or contravention of, or the creation of any Lien (other than any Lien granted pursuant to the Loan Documents in favor of the Administrative Agent) under, or require any payment (other than repayments under the Existing
Credit Agreement) to be made under (i) any Contractual Obligation to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any
Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Law, except to the extent that any of the foregoing referred to in clause (b) and (c) could not reasonably be expected to
have a Material Adverse Effect. 
 5.03 Governmental Authorization; Other Consents. No approval, consent, exemption,
authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this
Agreement or any other Loan Document, except for filings or recordings in respect of the Liens created pursuant to the Loan Documents and except as may be required, in connection with the disposition of any Collateral, by laws generally affecting
the offering and sale of securities. 
 5.04 Binding Effect. This Agreement has been, and each other Loan Document, when
delivered hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of such Loan
Party, enforceable against each Loan Party that is party thereto in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of
creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

  
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 5.05 Financial Statements; No Material Adverse Effect. 

(a) The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the
period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of the REIT as of the date thereof and their results of operations for the period covered thereby in accordance with GAAP
consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) together with the Form 10-K and Form 10-Q filings of the REIT, show all material indebtedness and other liabilities, direct or
contingent, of the Borrowers and their Subsidiaries as of the respective dates thereof, including liabilities for taxes, material commitments, Contractual Obligations and Indebtedness in accordance with GAAP or which are required to be disclosed in
such financial statements under SEC rules and regulations. 
 (b) The unaudited consolidated balance sheet of the
Borrowers and their Subsidiaries dated September 30, 2011, and the related consolidated statements of income or operations and cash flows for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly present the financial condition of the Borrowers and their Subsidiaries as of the date thereof and their results of operations for the
period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments. 
 (c) Since the date of the Audited Financial Statements, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material
Adverse Effect. 
 (d) The consolidated financial projections of the REIT delivered pursuant to
Section 6.01(c) were prepared in good faith on the basis of the assumptions stated therein, which assumptions were fair in light of the conditions existing at the time of delivery of such forecasts, (it being understood that such projections
are subject to uncertainties and contingencies, which may be beyond the control of the Borrowers and their Subsidiaries and that no assurance is given by the Borrowers that such projections will be realized). 

5.06 Litigation. There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Borrowers,
threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against any Borrower or any of their Subsidiaries or against any of their properties or revenues that (a) questions the validity of this
Agreement or any other Loan Document, any action taken or to be taken pursuant hereto or thereto or any lien, security title or security interest created or intended to be created pursuant hereto or thereto, or (b) except as specifically
disclosed in Schedule 5.06, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 5.07 No Default. No member of the Borrowing Group is in default under or with respect to any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect. No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document. 

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

5.09 Environmental Compliance. The Borrowers and their Subsidiaries have conducted a review of the effect of existing
Environmental Laws and known claims alleging potential liability or responsibility for violation of any Environmental Law on their respective businesses, operations and properties, and as a result thereof the Borrowers have reasonably concluded
that, except as specifically disclosed in Schedule 5.09, such Environmental Laws and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

5.10 Insurance. The properties of each Borrower and its Subsidiaries are either (a) insured with financially sound and
reputable insurance companies not Affiliates of the Borrowers, in such amounts, or (b) self insured pursuant to a program reasonably satisfactory to the Administrative Agent, in either case with such deductibles and covering such risks as are
customarily carried by companies engaged in similar businesses and owning similar properties in localities where such Borrower or the applicable Subsidiary operates. 
 5.11 Taxes. Borrowers and their Subsidiaries have filed all Federal, state and other material tax returns and reports required to be filed and have paid all Federal, state and other material taxes,
assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings diligently conducted and
for which adequate reserves have been provided in accordance with GAAP. There is no proposed tax assessment against Borrowers or any of their Subsidiaries that would, if made, have a Material Adverse Effect. Neither any Loan Party nor any Subsidiary
thereof is party to any material tax sharing agreement other than as disclosed on Schedule 5.11, as such Schedule may be updated from time to time. Borrowers may update Schedule 5.11 from time to time by providing written notice
to Administrative Agent. 
 5.12 ERISA Compliance. 

(a) Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other
Federal or state Laws. Each Plan that is intended to qualify under Section 401(a) of the Code has received a favorable determination letter from the IRS or an application for such a letter is currently being processed by the IRS with respect
thereto and, to the best knowledge of the Borrowers, nothing has occurred which would prevent, or cause the loss of, such qualification. The Borrowers and each ERISA Affiliate have made all required contributions to each Plan subject to
Section 412 of the Code, and no application for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any Plan. 

  
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 (b) There are no pending or, to the best knowledge of the Borrowers,
threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary
responsibility rules with respect to any Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect. 
 (c)(i) No ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension Plan has any material Unfunded Pension Liability; (iii) neither the Borrowers nor any ERISA Affiliate
has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA); (iv) neither the Borrowers nor any ERISA
Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Sections 4201 or 4243 of ERISA with respect to
a Multiemployer Plan; and (v) neither the Borrowers nor any ERISA Affiliate has engaged in a transaction that could be subject to Sections 4069 or 4212(c) of ERISA. 
 5.13 Subsidiaries; Equity Interests. As of the Closing Date, the Borrowers have no Subsidiaries (excluding Subsidiaries which are immaterial to the Borrowing Group) other than those specifically
disclosed in the REIT’s 10-K filed with the SEC for the fiscal year ending December 31, 2010, which are disclosed in Schedule 5.13, and, as of the Closing Date, all of the outstanding Equity Interests in such Subsidiaries have been
validly issued, are fully paid and nonassessable and are free and clear of all Liens except as permitted under this Agreement. All of the outstanding Equity Interests in the Borrowers have been validly issued and are fully paid and nonassessable.

 5.14 Margin Regulations; Investment Company Act; REIT and Tax Status; Stock Exchange Listing. 

(a) Except for the repurchase of the shares of the REIT, no Borrower is engaged or will engage, principally or as one of
its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock, in any case, in violation of
Regulation U of the FRB. Following the application of the proceeds of each Borrowing or drawing under each Letter of Credit, not more than 25% of the value of the assets (either of the Borrowers only or of the Borrowing Group) subject to the
provisions of Section 7.01 or subject to any restriction contained in any agreement or instrument between the Borrowers, and any Lender or any Affiliate of any Lender relating to Indebtedness and within the scope of Section 8.01(e) will be
margin stock. 
 (b) None of the Borrowers, any Person Controlling the Borrowers, or any Subsidiary is or is
required to be registered as an “investment company” under the Investment Company Act of 1940. 
 (c)
Except as disclosed to Administrative Agent, none of the Borrowers nor any Wholly-Owned Subsidiary (except for AIMCO Assurance Ltd., a Bermuda corporation) is a “foreign person” within the meaning of Section 1445(f)(3) of the Code.

  
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 (d) The REIT currently has REIT Status and has maintained REIT Status on a
continuous basis since its formation. AIMCO is not an association taxable as a corporation under the Code. The shares of common stock of the REIT are listed on the NYSE, American Stock Exchange or NASDAQ Stock Exchange. 

5.15 Disclosure. Each Borrower has disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate
or other restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect (which disclosure shall include
all matters disclosed in the REIT’s SEC filings). No report, financial statement, certificate or other information furnished by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the transactions
contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document (in each case, as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to
state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, the Borrowers make no such representation or warranty with respect to projections,
industry or general economic information and other forward-looking information, except that with respect to projections and other forward-looking information, the Borrowers represent only that such projections and other forward-looking information
were prepared in good faith based upon assumptions believed to be reasonable at the time made, it being understood that no assurance is given that the results forecasted in such projections and other forward-looking information will in fact be
achieved and such projections and other forward-looking information are subject to significant uncertainties and contingencies many of which are beyond the control of the Borrowers and their Subsidiaries. 

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

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

  
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 ARTICLE VI. 
 AFFIRMATIVE COVENANTS 
 So long as any Lender shall have
any Commitment hereunder, any Loan or other Obligation (other than contingent indemnification obligations) hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding (unless Cash Collateralized in accordance with
Section 2.03(g)), the Borrowers shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02, and 6.03) cause each Subsidiary to: 
 6.01 Financial Statements. Deliver to the Administrative Agent, in form and detail reasonably satisfactory to the Administrative Agent: 

(a) as soon as available, but in any event within 90 days after the end of each fiscal year, a consolidated balance sheet
of the REIT (and upon request, AIMCO) on a consolidated basis as at the end of such fiscal year, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year, setting forth in each
case in comparative form the figures for the previous fiscal year, including the REIT’s (and upon request, AIMCO’s) SEC Form 10-K for such period, all in reasonable detail and prepared in accordance with GAAP, such consolidated statements
to be audited and accompanied by a report and opinion of Ernst & Young or another independent certified public accountant of nationally recognized standing reasonably acceptable to the Administrative Agent, which report and opinion shall be
prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit; 

(b) as soon as available, but in any event within 45 days after the end of each of the first three fiscal quarters of each
fiscal year a consolidated balance sheet of the REIT (and upon request, AIMCO) on a consolidated basis as at the end of such fiscal quarter, and the related consolidated statements of income or operations and cash flows for such fiscal quarter and
for the portion of the REIT’s (and upon request, AIMCO’s) fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of
the previous fiscal year, all in reasonable detail, such consolidated statements to be certified by a Responsible Officer of the REIT (and upon request, AIMCO) as fairly presenting the financial condition, results of operations, shareholders’
equity and cash flows of the REIT (and upon request, AIMCO) in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes; and 

(c) as soon as available, but in any event within 90 days after the beginning of each fiscal year, forecasts prepared by
management of the Borrowers for such fiscal year in form and detail reasonably satisfactory to Administrative Agent. 
 As to any information
contained in materials furnished pursuant to Section 6.02(d), the Borrowers shall not be separately required to furnish such information under clause (a) or (b) above, but the foregoing shall not be in derogation of the obligation of
the Borrowers to furnish the information and materials described in clauses (a) and (b) above at the times specified therein. 

  
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 6.02 Certificates; Other Information. Deliver to the Administrative Agent, in form
and detail reasonably satisfactory to the Administrative Agent: 
 (a) Intentionally Omitted; 

(b) concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and (b), a duly
completed Compliance Certificate signed by a Responsible Officer of the Borrowers; 
 (c) promptly after any
request by the Administrative Agent or any Lender, copies of any detailed audit reports, management letters or recommendations submitted to the board of directors (or the audit committee of the board of directors) of the REIT by independent
accountants in connection with the accounts or books of the REIT or any Subsidiary, or any audit of any of them; 

(d) promptly after the same are available, copies of each annual report, proxy or financial statement or other report or
communication sent to the stockholders of the REIT, and copies of all quarterly reports on Form 10-Q and current reports on Form 8-K which the REIT may file or be required to file with the SEC under Section 13 or 15(d) of the Securities and
Exchange Act, and not otherwise required to be delivered to the Administrative Agent pursuant hereto; 
 (e)
promptly, and in any event within five (5) Business Days after receipt thereof by any Borrower, copies of each material notice or other material correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction)
concerning any investigation or possible investigation or other inquiry by such agency regarding financial or other operational results of any Borrower (except to the extent prohibited by confidentiality obligations required by the SEC or any
comparable agency); 
 (f) promptly, such additional information regarding the business, financial or corporate
affairs of the Borrowers or any Subsidiary, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender may from time to time reasonably request; provided that the Borrowers shall not be required to provide
any information (i) in respect of which disclosure to the Administrative Agent or the Lenders (or their designated representative) is then prohibited by law or any arms-length agreement with unaffiliated third parties binding on any Borrower or
any of its Subsidiaries or (ii) is subject to attorney-client privilege or constitutes attorney work product; 
 (g) promptly after the occurrence thereof, notice of the failure of the REIT to maintain REIT Status or of any existing Subsidiary of the REIT to maintain its status as a qualified REIT subsidiary under
the Code, if and to the extent required by applicable law; and 
 (h) concurrently with the delivery of the
financial statements referred to in Sections 6.01(a) and (b), the REIT’s consolidated financial covenant projections for the current and the succeeding three fiscal quarters, as prepared by the REIT’s Chief Financial Officer and in a
format and with such detail as Administrative Agent may reasonably require. 

  
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 Documents required to be delivered pursuant to Section 6.01(a) or
(b) or Section 6.02(d) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the
Borrowers post such documents, or provide a link thereto on the Borrowers’ website on the Internet at the website address listed on Schedule 10.02; or (ii) on which such documents are posted on the Borrowers’ behalf on an
Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent), including the SEC’s EDGAR website; provided
that: (i) the Borrowers shall deliver paper copies of such documents to the Administrative Agent or any Lender upon its request to the Borrowers to deliver such paper copies until a written request to cease delivering paper copies is given by
the Administrative Agent or such Lender and (ii) except with respect to current reports on Form 8-K, the Borrowers shall notify the Administrative Agent (by telecopier or electronic mail) of the posting of any such documents (provided that such
notices may be provided by commercial third-party websites by electronic mail at the direction of the Borrowers). Documents required to be delivered pursuant to Section 6.02(b) may be delivered to the Administrative Agent by electronic image
scan (e.g., “PDF” or “TIF”) transmission. The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility
to monitor compliance by the Borrowers with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 

The Borrowers and each Lender hereby acknowledge that (a) the Administrative Agent and/or the Joint Lead Arrangers
will make available to the Lenders and the L/C Issuers materials and/or information provided by or on behalf of the Borrowers hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks, SyndTrak
or another similar electronic system (the “Platform”) and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the
Borrowers or their securities) (each, a “Public Lender”). The Borrowers hereby agree that (w) all Borrower Materials (other than SEC Reports) that are to be made available to Public Lenders shall be clearly and conspicuously
marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrowers shall be deemed to have
authorized the Administrative Agent, the Joint Lead Arrangers, the L/C Issuers and the Lenders to treat such Borrower Materials as either publicly available information or not material information (although it may be sensitive and proprietary) with
respect to the Borrowers or their securities for purposes of United States Federal and state securities laws; (y) all SEC Reports and all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the
Platform designated “Public Investor;” and (z) the Administrative Agent and the Joint Lead Arrangers shall be entitled to treat any Borrower Materials (other than SEC Reports) that are not marked “PUBLIC” as being suitable
only for posting on a portion of the Platform not designated “Public Investor.” 
 6.03 Notices. Promptly
notify the Administrative Agent (which shall provide such notice to the Lenders): 
 (a) of the occurrence of any
Default, to the best knowledge of the Borrowers; 

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

(d) of any material change in accounting policies or financial reporting practices by the REIT to the extent such change
would have an effect on calculations of financial covenants under this Agreement or the REIT’s Funds From Operations. 
 Each notice pursuant to this Section shall be accompanied by a statement of a Responsible Officer of the Borrowers setting forth details of the occurrence referred to therein and stating what action the
Borrowers have taken and propose to take with respect thereto; provided that the Borrowers shall not be required to provide any information (i) in respect of which disclosure to the Administrative Agent or the Lenders (or their
designated representative) is then prohibited by law or any arms-length agreement with unaffiliated third parties binding on any Borrower or any of its Subsidiaries or (ii) is subject to attorney-client privilege or constitutes attorney work
product. Each notice pursuant to Section 6.03(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached. 

6.04 Payment of Obligations. Pay and discharge as the same shall become due and payable, all its obligations and liabilities,
including (a) all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in
accordance with GAAP are being maintained by the Borrowers or such Subsidiary; (b) all lawful claims which, if unpaid, would by law become a Lien upon its property; and (c) all Indebtedness, as and when due and payable, but subject to any
subordination provisions contained in any instrument or agreement evidencing such Indebtedness, in each case to the extent the failure to do any of the foregoing could reasonably be expected to have a Material Adverse Effect. 

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

  
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 6.06 Maintenance of Properties. (a) Maintain, preserve and protect all of its
material properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear, force majeure, casualty events and transactions not prohibited by this Agreement excepted; (b) make all
necessary repairs thereto and renewals and replacements thereof except where the failure to do so could not reasonably be expected to have a Material Adverse Effect; and (c) use the standard of care typical in the industry in the operation and
maintenance of its facilities, taken as a whole. 
 6.07 Maintenance of Insurance. Cause the properties of each Borrower
and its Subsidiaries to either be (a) insured with financially sound and reputable insurance companies not Affiliates of the Borrowers, in such amounts, or (b) self insured pursuant to a program reasonably satisfactory to the
Administrative Agent which Administrative Agent may review not more frequently than once annually, in either case with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar
properties in localities where such Borrower or the applicable Subsidiary operates. The Borrowers shall provide the Administrative Agent with prior written notice of not less than 30 days of a material termination, material reduction, material lapse
or material cancellation in the aggregate insurance coverage of the Borrowing Group. 
 6.08 Compliance with Laws. Comply
in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction
or decree is being contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 

6.09 Books and Records. (a) Maintain proper books of record and account, in which correct entries in conformity with GAAP
consistently applied shall be made of financial transactions and matters involving the assets and business of the Borrowers and its Subsidiaries, as the case may be; and (b) maintain such books of record and account in material conformity with
all applicable requirements of any Governmental Authority having regulatory jurisdiction over the Borrowers and their Subsidiaries, as the case may be. 
 6.10 Inspection Rights. Permit representatives and independent contractors of the Administrative Agent and each Lender to visit and inspect any of its properties, to examine its corporate,
financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its officers and key employees, all at the reasonable expense of the Borrowers and at such reasonable times
during normal business hours and as often as may be reasonably desired, upon reasonable advance (no less than forty-eight (48) hours’) notice to the Borrowers; provided, however, that when an Event of Default exists the
Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrowers at any time during normal business hours and without advance notice including
engage in discussions relating to the Borrowers’ affairs, finances and accounts with the Borrowers’ directors and independent public accountants. Notwithstanding anything to the contrary in this Section 6.10, none of the Borrowers or
any of their Subsidiaries will be required to disclose, permit the inspection, examination or making of extracts, or discussion of, any document, information or 

  
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other matter that (i) in respect of which disclosure to the Administrative Agent or the Lenders (or their designated representative) is then prohibited by law or any arms-length agreement
with unaffiliated third parties binding on any Borrower or any of its Subsidiaries or (ii) is subject to attorney-client privilege or constitutes attorney work product. 
 6.11 Use of Proceeds. The proceeds of Revolving Loans will be available to the Borrowers to fund working capital and other corporate purposes, including acquisitions, development and redevelopment
of properties, Restricted Payments permitted pursuant to Section 7.06, and the refinancing of existing and future Indebtedness, all in accordance with this Agreement. 
 6.12 Additional Guarantors. 
 (a) Notify the Administrative
Agent of any Wholly-Owned Subsidiary of the Borrowers that directly (without giving effect to Net Operating Income of any Subsidiary owned by such Wholly-Owned Subsidiary) owns assets that are projected to generate an amount of Net Operating Income
equal to or greater than 1% of the Net Operating Income of AIMCO for the next calendar quarter (each, a “Bottom Tier Subsidiary”), and promptly thereafter (and in any event within 60 days), cause such Person to (i) become a
Guarantor by executing and delivering to the Administrative Agent a counterpart of the Guaranty or such other document as the Administrative Agent shall deem appropriate for such purpose, and (ii) deliver to the Administrative Agent the
documents referred to in clauses (iii) and (iv) of Section 4.01(a) and, if required by Administrative Agent, favorable opinions of counsel to such Person (which shall cover, among other things, the legality, validity, binding effect
and enforceability of the documentation referred to in clause (i)), all in form, content and scope reasonably satisfactory to the Administrative Agent. If a Bottom Tier Subsidiary is prohibited from providing a Guaranty by a Contractual Obligation
or Organization Documents, then no Guaranty from such Subsidiary shall be required and the Borrowers shall cause each Wholly-Owned Subsidiary which is not then a Guarantor and which owns an Equity Interest in the Bottom Tier Subsidiary (each, a
“Second Tier Subsidiary”) to instead execute and deliver the Guaranty. If a Second Tier Subsidiary is prohibited from providing a Guaranty by a Contractual Obligation or Organization Documents, then no Guaranty from such Subsidiary
shall be required and the Borrowers shall cause each Wholly-Owned Subsidiary which is not then a Guarantor and which owns an Equity Interest in the Second Tier Subsidiary to instead execute and deliver the Guaranty (to the extent such guaranty is
not prohibited by Contractual Obligation or Organization Documents). 
 (b) With respect to any Wholly-Owned
Subsidiary that becomes a Guarantor pursuant to Section 6.12(a) and promptly after such Wholly-Owned Subsidiary becomes a Guarantor (and in any event within 20 days), the Borrowers shall cause the Stock or other Equity Interest in such
Wholly-Owned Subsidiary that becomes a Guarantor to be pledged to the Administrative Agent for the benefit of the Lenders as Collateral under this Agreement (to the extent not prohibited by Contractual Obligation or Organization Documents).
Borrowers or any applicable Subsidiary (to the extent not prohibited by Contractual Obligation or Organization Documents) shall execute and deliver to the Administrative Agent such amendments or joinders to the Pledge Agreements as the
Administrative Agent deems reasonably necessary or desirable to grant to the Administrative Agent for the benefit of the Lenders a perfected first priority security interest in the Stock or other Equity Interest of such new Guarantor in accordance
with the Pledge Agreements and deliver to the Administrative Agent the certificates representing such Stock or Equity Interest (to the extent certificated), together with undated stock powers, in blank, executed and delivered by a duly authorized
officer. 

  
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 6.13 Intra-Company Debt. Intra-Company Debt (excluding a de minimis amount thereof
not to exceed $250,000) owed by the Borrowers or any Guarantor shall at all times be subordinated in right of payment to the payment in full of the Obligations in accordance with the terms of the Intra-Company Loan Subordination Agreement.

 ARTICLE VII. 
 NEGATIVE COVENANTS 
 So long as any Lender shall have any
Commitment hereunder, any Loan or other Obligation (other than contingent indemnification obligations) hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding (unless Cash Collateralized in accordance with
Section 2.14), each Borrower shall not, nor shall it permit any Subsidiary to, directly or indirectly: 
 7.01
Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than the following (and other than Liens in favor of Borrower or Guarantor and Liens securing
Indebtedness permitted under Section 7.11(i)); provided that in no event may the Negative Pledge Assets be subject to any such Liens: 
 (a) Liens pursuant to any Loan Document; 
 (b) Liens existing on
the date hereof and listed on Schedule 7.01 and any renewals or extensions thereof; 
 (c) Liens for taxes
not yet due or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; 

(d) carriers’, warehousemen’s, mechanics’, landlords’, materialmen’s, repairmen’s or other
like Liens arising in the ordinary course of business which are not overdue for a period of more than 60 days or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto
in accordance with GAAP are maintained on the books of the applicable Person; 
 (e) pledges or deposits in the
ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security legislation, other than any Lien imposed by ERISA; 

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

  
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 (g) easements, rights-of-way, restrictions and other similar encumbrances
affecting real property in the ordinary conduct of the business of the applicable Person; 
 (h) Liens securing
judgments for the payment of money not constituting an Event of Default under Section 8.01(h) or securing appeal or other surety bonds related to such judgments; 

(i) statutory, contractual or common law landlords’ Liens under leases to which any Borrower or any Subsidiary
thereof is a party; 
 (j) Liens securing reimbursement obligations with respect to letters of credit and
banker’s acceptances which encumber only documents and other property relating to such letters of credit and the products and proceeds thereof; 
 (k) Liens arising solely by virtue of any statutory or common law provision relating to banker’s liens, rights of setoff or similar rights and remedies as to deposit accounts or other funds
maintained with a creditor depository institution; provided that (i) such deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by the depositor in excess of those set forth by
regulations promulgated by the Federal Reserve Board, and (ii) such deposit account is not intended by the depositor to provide collateral to the depository institution as security for Indebtedness for borrowed money; 

(l) Liens securing Indebtedness permitted under Section 7.03(d), (e), (g), (h), (i), (j) or (o) or
Section 7.11(i); provided, that in the case of any Liens securing Indebtedness permitted under Section 7.03(o), such Liens relate and attach only to the insurance policies or the proceeds thereof, or deposits made as security for
the obligations thereunder, to the extent of any unpaid premium; 
 (m) Liens supporting purchase options or
obligations and Guarantees not prohibited by this Agreement; 
 (n) Liens on property of a Person which becomes a
Subsidiary of any Borrower or any Subsidiary thereof after the date hereof and Liens existing on property at the time of acquisition thereof (and any refinancing or replacement of any such Liens); provided that (i) such Liens existed at
the time such Person becomes a Subsidiary of any Borrower or any Subsidiary thereof or at the time such property was acquired and were not incurred or otherwise created in anticipation thereof, and (ii) any such Lien is not expanded to cover
any other Property of such Person after the time such Person becomes a Subsidiary of any Borrower or any Subsidiary thereof; 
 (o) licenses, sublicenses, leases or subleases granted to other Persons in the ordinary course of business not materially interfering with the conduct of the business of the Loan Parties, taken as a
whole; 
 (p) Intentionally Omitted; 

(q) Liens arising from precautionary UCC financing statement filings regarding operating leases entered into by any
Borrower or any Subsidiary thereof; and 

  
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 (r) Liens arising from sale-leaseback transactions. 

7.02 Investments. Make any Investments, except: 

(a) Investments held by any Borrower or any of its Subsidiaries in the form of Cash, Cash Equivalents or short-term
marketable securities; 
 (b) Investments of the Borrowers in any Subsidiary or any other Borrower, Investments
of any Subsidiary in the Borrowers or in another Subsidiary and Investments in any Person that, as a result of or in connection with such Investment, becomes or will become a Subsidiary of a Borrower; 

(c) Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from
the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors or received in respect of delinquent accounts or in connection with the
bankruptcy or reorganization of account debtors or other obligors or in settlements of disputes with obligors, in each case to the extent reasonably necessary in order to prevent or limit loss; 

(d) Guarantees permitted by Section 7.03; 

(e) Investments in Non-Core Assets, provided that at all times the Borrowing Group’s Share of Investments in Non-Core
Assets has an aggregate book value (i) that does not exceed 7.5% of the Gross Asset Value then in effect, and (ii) that, together with the aggregate book value of the Borrowing Group’s Share of Investments permitted under Sections
7.02(f), (g) and (p), does not exceed 20% of the Gross Asset Value then in effect; 
 (f) Investments in
Development Assets, provided that at all times the Borrowing Group’s Share of Investments in Development Assets has an aggregate book value (i) that does not exceed 10% of the Gross Asset Value then in effect, and (ii) that, together
with the aggregate book value of the Borrowing Group’s Share of Investments permitted under Sections 7.02(e), (g) and (p), does not exceed 20% of the Gross Asset Value then in effect; 

(g) Investments in Non-Controlled Entities, provided that at all times the Borrowing Group’s Share of Investments in
Non-Controlled Entities has an aggregate net book value (valued at the Borrowing Group’s Share of the book value less depreciation and associated Indebtedness) (i) that does not exceed 20% of the Gross Asset Value then in effect, and
(ii) that together with the aggregate book value of the Borrowing Group’s Share of Investments permitted under Sections 7.02(e), (f) and (p), does not exceed 20% of the Gross Asset Value then in effect; 

(h) Investments existing on the date hereof; 

(i) Investments consisting of advances to officers, directors and employees of the Borrowers and their Subsidiaries for
travel, entertainment, relocation and similar ordinary business purposes; 
 (j) Investments permitted by
Section 7.04; 

  
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 (k) Investments in Intra-Company Debt; 

(l) Investments in respect of Swap Contracts permitted under Section 7.03(d); 

(m) Investments in the ordinary course of the Borrowers and their Subsidiaries’ business not otherwise permitted
under this Section 7.02, in an aggregate amount at any time outstanding not to exceed $10,000,000 (it being understood that Investments in real estate secured mortgages shall not be considered “in the ordinary course” of the Borrowers
and their Subsidiaries’ business); 
 (n) Investments in multi-family apartment projects (including those
with de minimis commercial aspects) in fee simple or leasehold interests therein or partnership, joint venture interests or other Investments (including capital contributions or partner loans) in Persons that directly or indirectly own interests in
multi-family apartment projects (including those with de minimis commercial aspects) and other real property acquired in connection with any such Investment that the Borrowers or the applicable Subsidiary intend to dispose of as soon as commercially
reasonable; 
 (o) Investments (including debt obligations and Equity Interests) received upon the foreclosure
with respect to any secured Investment or other transfer of title with respect to any secured Investment or in connection with the bankruptcy, reorganization or other restructuring of any obligor under Investments held by any Borrower or any
Subsidiary of the Borrowers; and 
 (p) subject to the limitations set forth in Sections 7.02(e)(ii), (f)(ii) and
(g)(ii), promissory notes and other noncash consideration received in connection with the sale of a Subsidiary or from the sale of assets in a transaction not prohibited hereunder. 

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

(a) Indebtedness under the Loan Documents; 

(b) (i) Indebtedness outstanding on the date hereof and listed on Schedule 7.03(b)(i) and any refinancings,
refundings, renewals or extensions thereof, and (ii) all cross-collateralized and cross-defaulted Indebtedness outstanding on the date hereof and listed on Schedule 7.03(b)(ii) and any refinancings, refundings, renewals or extension
thereof; 
 (c) Guarantees by any Borrower or any Subsidiary in respect of Indebtedness otherwise permitted
hereunder of the Borrowers or any Subsidiary; 
 (d) obligations (contingent or otherwise) of the Borrowers or
any of their Subsidiaries existing or arising under any Swap Contract, provided that (i) such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with
liabilities, commitments, investments, assets, or property held or reasonably anticipated by such Person, or changes in the value of securities issued by such Person, and not for purposes of speculation or taking a “market view” (it being
understood that, notwithstanding the foregoing, interest rate Swap Contracts which have the effect of converting a fixed rate to a floating rate shall be permitted to the extent such Swap Contract (or

  
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the notional amount thereof) is reflected in calculations made under Section 7.11(g)); and (ii) such Swap Contract does not contain any provision exonerating the non-defaulting party
from its obligation to make payments on outstanding transactions to the defaulting party; 
 (e) Indebtedness in
respect of capital leases and purchase money obligations for fixed or capital assets; 
 (f) Intra-Company Debt;

 (g) Recourse Indebtedness of the Borrowers, the Guarantors and their Subsidiaries (whether secured or
unsecured) so long as the Borrowing Group’s Share (excluding the Commitments and the Total Outstandings) does not exceed the limitation set forth in Section 7.11(h); 

(h) secured Indebtedness of the Borrowers, the Guarantors and their Subsidiaries which is not Recourse Indebtedness of the
Borrowers, the Guarantors or any of their Subsidiaries; 
 (i) Indebtedness of the Borrowers and their
Subsidiaries consisting of “exceptions to nonrecourse” guaranties of non-recourse Indebtedness otherwise permitted under this Section 7.03 or of other Indebtedness permitted under this Section 7.03; provided, that,
“exceptions to non-recourse” shall include the types of additional exceptions customarily required by Federal National Mortgage Association or Federal Home Loan Mortgage Corporation from time to time in their standard form loan
documentation and customary contingent environmental indemnities required in connection with Non-Recourse Indebtedness permitted hereunder; 
 (j) Indebtedness in respect of performance bonds, bid bonds, appeal bonds, surety bonds and similar obligations and trade-related letters of credit, in each case, provided in the ordinary course of
business, and any extension, renewal or refinancing thereof to the extent not provided to secure the repayment of other Indebtedness; 
 (k) Indebtedness under bonds supporting utility deposits or insurance or other comparable security deposits or property taxes, in each case incurred in the ordinary course of business; 

(l) Indebtedness arising from the honoring of a check, draft or similar instrument against insufficient funds; 

 
 (m) Intentionally Omitted; 

(n) customary title company indemnities required in connection with Non-Recourse Indebtedness permitted hereunder,
Dispositions and acquisitions of property not prohibited hereunder; 
 (o) Indebtedness consisting of the
financing of insurance premiums or otherwise arising in connection with insurance arrangements of the Borrowers or any of their Subsidiaries in the ordinary course of business; and 

  
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 (p) endorsements for collection or deposit in the ordinary course of
business. 
 7.04 Fundamental Changes. Merge or consolidate with or into another Person, except that, so long as no
Default exists or would result therefrom: 
 (a) any Subsidiary may merge or consolidate with (i) any
Borrower, provided that such Borrower shall be the continuing or surviving Person, (ii) any one or more other Subsidiaries, provided that in the event one or more of such Subsidiaries is (x) a Guarantor, the continuing or surviving Person
shall be a Guarantor or (y) a “Pledgor” under a Pledge Agreement, the continuing or surviving Person shall be such Pledgor or shall become a Pledgor promptly after such merger or consolidation (and in any event within 20 days), or
(iii) any Borrower may merge or consolidate with another Borrower; 
 (b) Subsidiaries of the Borrowers may
engage in reverse mergers or internal reorganizations whereby a Subsidiary or Subsidiaries merge into or with one or more Subsidiaries of the Borrowers or any Guarantor or any combination thereof; provided that in the event one or more of
such Subsidiaries is (x) a Guarantor, the continuing or surviving Person shall be a Guarantor or (y) a “Pledgor” under a Pledge Agreement, the continuing or surviving Person shall be such Pledgor or shall become a Pledgor
promptly after such merger or reorganization (and in any event within 20 days); and 
 (c) any Borrower or any
Subsidiary of any Borrower may merge, or consolidate with another Person; provided that each of the following conditions are satisfied: (A) in the event one or more of such Subsidiaries (x) is a Guarantor, the continuing or
surviving Person shall be a Guarantor, unless such Guarantor is released, in accordance with the terms of the Loan Documents, from its obligations under the Guaranty in connection with a sale of such Guarantor or (y) is a “Pledgor”
under a Pledge Agreement, the continuing or surviving Person shall be a Pledgor or shall become a Pledgor promptly after such merger or consolidation (and in any event within 20 days), unless the Liens granted by it under such Pledge Agreement are
released, in accordance with the terms of the Loan Documents, in connection with a sale of such Pledgor; (B) Borrowers certify to Administrative Agent that (1) if a Borrower is a party to such merger or consolidation, such Borrower will be
the surviving Person of such merger; (2) to the best knowledge of the Borrowers, prior to the consummation of the transaction, the transaction will not cause the Borrowers to be in breach of the representations and warranties of this Agreement
and the other Loan Documents; and (3) the transaction will not cause the Borrowers to be in breach of the covenants of this Agreement and the other Loan Documents, including financial covenants, after the consummation thereof; and (C) the
Borrowers provide the Administrative Agent with a pro forma Compliance Certificate that demonstrates that after the consummation of the proposed transaction the Borrowers will be in compliance with the financial covenants in this Agreement.

 7.05 Intentionally Omitted. 

  
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 7.06 Restricted Payments. Declare or make any Restricted Payment, except that:

 (a) each Subsidiary may make Restricted Payments to the Borrowers, the Guarantors or any Subsidiary of the
Borrowers and any other Person that owns an Equity Interest in such Subsidiary, ratably, in the case of such other Persons that are not Borrowers or Subsidiaries, according to their respective holdings of the type of Equity Interest in respect of
which such Restricted Payment is being made; and each Borrower may make Restricted Payments to any other Borrower or any Subsidiary that owns an Equity Interest in such Borrower; 

(b) the Borrowers and each Subsidiary may declare and make dividend payments or other distributions to the extent paid or
payable solely in the common stock or other common Equity Interests of such Person; provided that the limitations set forth in this clause (b) shall not prohibit the making of cash payments in connection with any dividend or other
distribution paid or payable in common stock or other common Equity Interests of such Person so long as such cash payment is not otherwise prohibited by the terms of the Loan Documents; 

(c) the Borrowers and each Subsidiary may purchase, redeem or otherwise acquire any Equity Interests of the Borrowers or
any Subsidiary; provided, that, at the time or as a result thereof there shall exist no Default or Event of Default. Notwithstanding the foregoing, in no event may the Commitment be used to fund the purchase, redemption or other acquisition
of REIT common stock, except to the limited extent that if Net Disposition Proceeds which otherwise would be permitted to be used to purchase, redeem or otherwise acquire such common stock and are designated to be so used but for an interim period
are instead used to pay down the Revolving Loans, then an equal amount of the Commitment may be borrowed (in accordance with this Agreement) to purchase, redeem or otherwise acquire such common stock for a period ending 60 days after such repayment;
and 
 (d) the Borrowers and each Subsidiary may declare or make dividends and distributions (excluding those
dividends and distributions otherwise permitted under this Section 7.06) in an aggregate amount that do not exceed the greater of (i) during any four consecutive fiscal quarter period for which financials are available, 95% of Funds From
Operations for such four consecutive fiscal quarter period, and (ii) with respect to any tax year of the REIT, such amount as may be necessary for the REIT to maintain REIT Status for such tax year; provided that, notwithstanding the
foregoing, the Borrowers may also make Restricted Payments (so long as no Default exists or would arise as a result of such Restricted Payment) in an amount equal to the amount that would need to be distributed to all of the Borrowers’ partners
or shareholders in order for the REIT to make the minimum distributions required to be distributed to its shareholders under the Code (A) to avoid the payment of taxes imposed under Code Section 857(b)(1) and 4981 of the Code, and
(B) to avoid the a payment of taxes imposed under Section 857(b)(3) of the Code. 
 Nothing in
Sections 7.06(a), (b) (c) or (d) shall prohibit (A) any Borrower or any Subsidiary of any Borrower from making tender offers for or otherwise acquiring for value any Equity Interests, now or hereafter outstanding, of any
Borrower or any Subsidiary of any Borrower which were not issued by such acquiring Borrower or Subsidiary or (B) any Restricted Payment by any Person pursuant to such Person’s Organization Documents, including any Restricted Payment funded
with proceeds from Dispositions of assets. 

  
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 7.07 Change in Nature of Business. Engage in any material line of business
substantially different from those lines of business conducted by the Borrowers and their Subsidiaries on the date hereof or any business substantially related or incidental or ancillary thereto. 

7.08 Transactions with Affiliates. Enter into any transaction of any kind with any Affiliate of the Borrowers, whether or not in
the ordinary course of business, other than (a) any transaction not prohibited by this Agreement, (b) transactions on fair and reasonable terms substantially as favorable to the Borrowers or such Subsidiary as would be obtainable by the
Borrowers or such Subsidiary at the time in a comparable arm’s length transaction with a Person other than an Affiliate, (c) transactions between or among Borrowers and their respective Subsidiaries, (d) employment, compensation and
indemnification arrangements with officers and directors of Borrowers and their respective Subsidiaries, (e) fees payable in connection with directors’ fees and services rendered to the Board of Directors of Borrowers and their respective
Subsidiaries and (f) loans and advances to officers and directors of Borrowers and their respective Subsidiaries. 

7.09 Burdensome Agreements. Enter into any Contractual Obligation (other than this Agreement or any other Loan Document) that
(a) limits the ability of any Wholly-Owned Subsidiary to make Restricted Payments to the Borrowers or any Guarantor or to otherwise transfer property to the Borrowers or any Guarantor, except for (A) any restrictions existing under or
pursuant to any Indebtedness permitted under Section 7.03 or any Liens permitted under Section 7.02, (B) customary provisions in leases, subleases, licenses and other contracts restricting the assignment thereof, (C) any
restriction existing by reason of applicable law, (D) restrictions in or contemplated by any Borrower’s, any Subsidiary’s or any Non-Controlled Entities’ Organization Documents, or (E) restrictions in contracts for sales,
management, development or Dispositions of property not prohibited hereby; provided, that, such restrictions relate only to the property being managed, developed or disposed of. 

7.10 Use of Proceeds. Use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately,
incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such
purpose, in each case, in violation of Regulation U of the FRB; provided, that the Borrowers may use the proceeds of Credit Extensions to repurchase the shares of the REIT. 

7.11 Financial Covenants. 
 (a) Permit the Fixed Charge Coverage Ratio (i) for the fiscal quarter ending December 31, 2011, to be less than 1.20:1.00 and (ii) for the fiscal quarter ending March 31, 2012 and each
fiscal quarter thereafter, to be less than 1.30:1.00; 
 (b) Permit the Debt Service Coverage Ratio (i) for
the fiscal quarter ending December 31, 2011, to be less than 1.40:1.00 and (ii) for the fiscal quarter ending March 31, 2012 and each fiscal quarter thereafter, to be less than 1.50:1.00; 

(c) Permit the Secured Indebtedness Ratio (i) for the fiscal quarter ending December 31, 2011, to exceed
0.65:1.00, and (ii) for the fiscal quarter ending March 31, 2012 and each fiscal quarter thereafter, to exceed 0.60:1.00; 

  
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 (d) Permit the Leverage Ratio to exceed 0.65:1.00; 

(e) Permit Adjusted Tangible Net Worth to be less than the sum of (x) 85% of Adjusted Tangible Net Worth as of the
Closing Date, plus (y) 85% of the net issuance proceeds of all issuances to Persons other than the Borrowers or Subsidiaries of Stock or Partnership Units from and after the Closing Date; 

(f) Permit the aggregate principal amount of the Borrowing Group’s Share of all cross-collateralized or
cross-defaulted Indebtedness to exceed 15% of Total Funded Indebtedness; 
 (g) Permit the Variable Rate Debt
Ratio to exceed 0.35:1.00; 
 (h) Permit the aggregate outstanding principal amount of the Borrowing Group’s
Share of Aggregate Recourse Indebtedness, exclusive of the Commitments and the Total Outstandings, to exceed $100,000,000; 
 (i) Permit the aggregate outstanding principal amount (including paid-in-kind or other non-current cash pay interest which is added to principal) of Mezzanine Indebtedness to exceed $20,000,000 at any
time. The Mezzanine Indebtedness existing as of the Closing Date is set forth on Schedule 7.11(i) hereto; or 
 (j) Permit Total Unsecured Indebtedness to exceed an amount equal to the amount obtained by dividing (x) Free Cash Flow by (y) a constant of 17.53% (based on a 7-year amortization and a 6%
interest rate). 
 The Financial Covenants set forth in this Section 7.11 shall be measured as of the last
day of each fiscal quarter. 
 7.12 Special Covenants Relating to the REIT. In the case of the REIT: 

(a) Make any disposition of or encumber, pledge or hypothecate, whether directly or indirectly, all or any portion of its
direct or indirect Equity Interest in AIMCO at any time or any rights to distributions or dividends from AIMCO other than (x) to AIMCO or a Wholly-Owned Subsidiary, and (y) any pledges of Equity Interests in connection with this Agreement;

 (b) At any time and for any reason, fail to own, either directly or through one or more Wholly-Owned
Subsidiaries of the REIT, more than 50% of the aggregate outstanding partnership interests in AIMCO; 
 (c) Fail
for any reason whatsoever, whether voluntarily or involuntarily, either directly or through one or more Wholly-Owned Subsidiaries of the REIT, to be the sole general partner of AIMCO at any time; 

(d) Cease to have its common Stock listed on the NYSE, the American Stock Exchange, or the Nasdaq Stock Exchange; or

  

  
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 (e) Cease to have REIT Status or fail to comply with the requirements of the
Code relating to qualified REIT subsidiaries in respect of its ownership of any Subsidiary of the REIT to the extent required under the Code and applicable law. 
 7.13 Taxation of AIMCO. In the case of AIMCO, become an association taxable as a corporation or cease to be taxed as a partnership under the Code. 

ARTICLE VIII. 
 EVENTS OF DEFAULT AND REMEDIES 
 8.01 Events of Default. Any of the
following shall constitute an Event of Default: 
 (a) Non-Payment. The Borrowers or any other Loan Party
fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan or any L/C Obligation, or (ii) within five days after the same becomes due, any interest on any Loan or on any L/C Obligation, or any fee due
hereunder, or (iii) within five days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or 
 (b) Specific Covenants. The Borrowers fail to perform or observe any term, covenant or agreement contained in any of Section 6.01, 6.02 (other than 6.02(c),(d), or (f)), 6.03, 6.05, 6.11 or
6.12 or Article VII, or any Guarantor fails to perform or observe any term, covenant or agreement contained the Guaranty; or 
 (c) Other Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part to
be performed or observed and such failure continues for 30 days (or such other period as may be specified in the applicable Loan Document) after the earlier of (i) the date upon which a Responsible Officer knew or received written notice of
such failure or (ii) the date upon which written notice thereof is given to the Borrowers by the Administrative Agent or any Lender; or 
 (d) Representations and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Borrowers or any other Loan Party herein, in any
other Loan Document, or in any document delivered in connection herewith or therewith shall be incorrect or misleading in any material respect when made or deemed made; or 

(e) Cross-Default. (i) The Borrowers or any Subsidiary (A) fail, after any applicable cure period, to
make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an
aggregate principal amount (including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the applicable Threshold Amount, or (B) fail, after any applicable cure period, to observe or perform any
other agreement or condition relating to any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or
to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or 

  
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beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically
or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity which offer is not complied with within applicable periods, or such Guarantee to become payable or cash collateral in
respect thereof to be demanded; provided, that, any failure, occurrence of an event, or non-compliance referred to in clause (A) or (B) shall only be deemed to have occurred, with respect to any Indebtedness or Guarantee that is
secured by real property and which is characterized as “nonrecourse” after Borrower has received 30 days’ written notice thereof from the applicable lender; or (ii) there occurs under any Swap Contract an Early Termination Date
(as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which the Borrowers or any Subsidiary is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so
defined) under such Swap Contract as to which the Borrowers or any Subsidiary is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by the Borrowers or such Subsidiary as a result thereof is greater than the
Threshold Amount; or 
 (f) Insolvency Proceedings, Etc. Any Loan Party or any Subsidiary thereof which
individually generates more than 2% of AIMCO’s Net Operating Income or any Subsidiaries which collectively in the aggregate generate more than 5% of AIMCO’s Net Operating Income (in each case for the prior four quarter period), institutes
or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator,
rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person
and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person
and continues undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or 
 (g) Inability to Pay Debts; Attachment. (i) Any Loan Party or any Subsidiary which individually generates more than 2% of AIMCO’s Net Operating Income or any Subsidiaries thereof which
collectively in the aggregate generate more than 5% of AIMCO’s Net Operating Income (in each case for the prior four quarter period), becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or
(ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded within 30 days after its issue or levy;
or 
 (h) Judgments. There is entered against any Loan Party (i) a final judgment or order for the
payment of money in an aggregate amount exceeding $35,000,000 (to the extent not covered by independent third-party insurance as to which the insurer does not have a reasonable basis to dispute coverage), or (ii) any one or more non-monetary
final judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or
(B) there is a period of 30 consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or 

  
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 (i) ERISA. (i) An ERISA Event occurs with respect to a Pension
Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in liability of the Borrowers under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of $10,000,000, or
(ii) the Borrowers or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan
in an aggregate amount in excess of $10,000,000; or 
 (j) Invalidity of Loan Documents. Any provision of
any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or as a result of satisfaction in full of all the Obligations, ceases to be in full force and effect (other
than in accordance with its terms); or any Loan Party or Affiliate thereof contests in any manner the validity or enforceability of any provision of any Loan Document; or any Loan Party denies that it has any liability or obligation under any Loan
Document, or purports to revoke, terminate or rescind any Loan Document; or 
 (k) Change of Control.
There occurs any Change of Control. 
 8.02 Remedies Upon Event of Default. If any Event of Default occurs and is
continuing, the Administrative Agent shall, at the request of, or may, with the consent of the Required Lenders, take any or all of the following actions: 
 (a) declare the commitment of each Lender to make Loans and any obligation of each L/C Issuer to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be terminated;

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

(c) require that the Borrowers Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount
thereof); and 
 (d) exercise on behalf of itself and the Lenders all rights and remedies available to it and the
Lenders under the Loan Documents or under applicable law; 
 provided, however, that upon the occurrence of an actual or deemed
entry of an order for relief with respect to the Borrowers under the Bankruptcy Code of the United States, or any Event of Default of the type described in Section 8.01(f), the obligation of each Lender to make Loans and any obligation of the
L/C Issuers to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the
Borrowers to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of the Administrative Agent or any Lender. 

  
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 8.03 Application of Funds. After the exercise of remedies provided for in
Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02), any amounts received on
account of the Obligations shall be applied by the Administrative Agent in the following order: 
 First,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the
Administrative Agent in its capacity as such; 
 Second, to payment of that portion of the Obligations
constituting fees, indemnities and other amounts (other than principal and interest) payable to the Lenders and the L/C Issuers (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuers (including fees and
time charges for attorneys who may be employees of any Lender or L/C Issuer) and amounts payable under Article III), ratably among them in proportion to the amounts described in this clause Second payable to them; 

Third, to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans, L/C
Borrowings and other Obligations, ratably among the Lenders and the L/C Issuers in proportion to the respective amounts described in this clause Third payable to them; 

Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans, L/C Borrowings
and Obligations to Cash Collateralize L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit, ratably among the Administrative Agent, Lenders and the L/C Issuers in proportion to the respective amounts described in this
clause Fourth held by them; and 
 Last, the balance, if any, after all of the Obligations have
been paid in cash in full, to the Borrowers or as otherwise required by Law. 
 Subject to Section 2.03(c), amounts used to Cash
Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all
Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above. 
 ARTICLE IX. 
 ADMINISTRATIVE AGENT 

9.01 Appointment and Authority. Each of the Lenders and the L/C Issuers hereby irrevocably appoints KeyBank to act on its behalf
as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or
thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article (other than Sections 9.06 and 9.10) are solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuers, and
neither the Borrowers nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions. 

  
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 9.02 Rights as a Lender. The Person serving as the Administrative Agent hereunder
shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly
indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or
in any other advisory capacity for and generally engage in any kind of business with the Borrowers or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to
the Lenders. 
 9.03 Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations except
those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent: 
 (a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing; 

(b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be
expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or
that is contrary to any Loan Document or applicable law; and 
 (c) shall not, except as expressly set forth
herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrowers or any of their Affiliates that is communicated to or obtained by the Person serving as
the Administrative Agent or any of its Affiliates in any capacity. 
 The Administrative Agent shall not be
liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number, percentage or class of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good
faith shall be necessary, under the circumstances as provided in Sections 10.01 and 8.02) or (ii) in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default
unless and until written notice describing such Default is given to the Administrative Agent by the Borrowers, a Lender or an L/C Issuer, in which event Administrative Agent shall promptly deliver such notice to Lenders. 

  
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 The Administrative Agent shall not be responsible for or have any duty to
ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or
thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity,
enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm
receipt of items expressly required to be delivered to the Administrative Agent. 
 9.04 Reliance by Administrative
Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message,
Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by
telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that
by its terms must be fulfilled to the satisfaction of a Lender or an L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to such Lender or such L/C Issuer unless the Administrative Agent shall have received notice to
the contrary from such Lender or such L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrowers), independent accountants and
other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
 9.05 Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more
sub agents appointed by the Administrative Agent. The Administrative Agent and any such sub agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of
this Article shall apply to any such sub agent and to the Related Parties of the Administrative Agent and any such sub agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for
herein as well as activities as Administrative Agent. 
 9.06 Resignation of Administrative Agent. The Administrative
Agent may at any time give notice of its resignation to the Lenders, the L/C Issuers and the Borrowers. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with the approval of the Borrowers provided no Default
then exists (which approval shall not be unreasonably withheld or delayed), to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor
shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (the “Resignation Effective Date”), then the
retiring Administrative Agent may on behalf of the Lenders and the L/C Issuers, appoint a successor Administrative Agent meeting the qualifications set forth above, subject to the approval of the Borrowers provided no Default then exists (which
approval shall not be unreasonably withheld or delayed); provided that if the Administrative Agent shall notify the Borrowers and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless
become effective on the Resignation Effective Date. 

  
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 If the Person serving as the Administrative Agent is a Defaulting Lender pursuant to clause
(d) of the definition thereof, or has engaged in willful misconduct or gross negligence with respect to its obligations as Administrative Agent, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the
Borrowers and such Person remove such Person as Administrative Agent and, in consultation with the Borrowers, appoint a successor Administrative Agent meeting the qualifications set forth above. If no such successor shall have been appointed by the
Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in
accordance with such notice on the Removal Effective Date. 
 With effect from the Resignation Effective Date or the Removal
Effective Date (as applicable) (1) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the
Administrative Agent on behalf of the Lenders or the L/C Issuers under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and
(2) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and each L/C Issuer directly, until such time as the Required Lenders appoint a
successor Administrative Agent as provided for above in this Section. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers,
privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged
therefrom as provided above in this Section). The fees payable by the Borrowers to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrowers and such successor. After the
retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and Section 10.04 shall continue in effect for the benefit of such retiring Administrative
Agent, its sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent. 

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

  
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shall have the right to terminate the Administrative Agent for gross negligence or willful misconduct in the performance of the Administrative Agent’s material obligations or duties under
this Agreement, as determined by a final and unappealable judgment, in which event the other provisions of this Section 9.06 shall govern regarding the selection of a replacement administrative agent. 

9.07 Non-Reliance on Administrative Agent and Other Lenders. Each Lender, the Swing Line Lender and each L/C Issuer acknowledges
that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to
enter into this Agreement. Each Lender, the Swing Line Lender and each L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such
documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document
furnished hereunder or thereunder. 
 9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of
the Joint Book Managers, Joint Lead Arrangers, Syndication Agent or Co-Documentation Agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its
capacity, as applicable, as the Administrative Agent, a Lender or an L/C Issuer hereunder. 
 9.09 Administrative Agent May
File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Loan Party, the Administrative Agent
(irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrowers)
shall be entitled and empowered, by intervention in such proceeding or otherwise: 
 (a) to file and prove a
claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have
the claims of the Lenders, the L/C Issuers and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuers and the Administrative Agent and their respective
agents and counsel and all other amounts due the Lenders, the L/C Issuers and the Administrative Agent under Sections 2.03(i) and (j), 2.09 and 10.04) allowed in such judicial proceeding; and 

(b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the
same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and each L/C Issuer to make such payments to the Administrative Agent and,
in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders and the L/C Issuers, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and
advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.09 and 10.04. 

  
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 Nothing contained herein shall be deemed to authorize the Administrative
Agent to authorize or consent to or accept or adopt on behalf of any Lender or L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative
Agent to vote in respect of the claim of any Lender in any such proceeding. 
 9.10 Collateral and Guaranty Matters. The
Lenders, the Swing Line Lender and the L/C Issuers irrevocably authorize the Administrative Agent, and the Administrative Agent hereby agrees: 
 (a) to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon termination of the Aggregate Commitments and payment in full in cash of all
Obligations (other than contingent indemnification obligations) and the expiration or termination of all Letters of Credit (or upon Cash Collateralization or receipt of “back-to-back” letters of credit in accordance with
Section 2.14), (ii) that is sold, transferred or otherwise disposed of or to be sold, transferred or otherwise disposed of as part of or in connection with any transaction permitted hereunder or under any other Loan Document (it being
acknowledged and understood that any such property shall be sold, transferred or otherwise disposed of free and clear of the Liens created by the Loan Documents, provided no Default or Event of Default then exists), (iii) subject to
Section 10.01, if approved, authorized or ratified in writing by the Required Lenders or (iv) that is owned by a Guarantor, upon release of such Guarantor from its obligations under the Guaranty pursuant to clause (c) below;

 (b) provided no Default or Event of Default then exists or would arise as a result thereof, to subordinate any
Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 7.01(i); and 

(c) provided no Default or Event of Default then exists or would arise as a result thereof, to release any Guarantor from
its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a transaction permitted hereunder (it being acknowledged and understood that all obligations of such Guarantor under the Loan Documents (other than
indemnification obligations which by their term survive the payment of the Obligations) shall automatically terminate and be of no further force and effect upon the consummation of any such transaction). 

The Administrative Agent shall take such actions and execute such documents, at the expense of the Borrowers (including
directing any collateral agent to take such actions) as are appropriate in connection with such releases, subordination or termination. Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the
Administrative Agent’s authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this Section 9.10. 

  
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 9.11 Approvals. 

(a) If consent is required for some action under this Agreement, or except as otherwise provided herein an approval of the
Lenders, the Required Supermajority Lenders, the Required Lenders or all affected Lenders is required or permitted under this Agreement, each Lender agrees to give the Administrative Agent, within ten (10) Business Days of receipt of the
request for action from Administrative Agent (accompanied by an explanation for the request) together with all reasonably requested information related thereto (or such lesser period of time required by the terms of the Loan Documents), notice in
writing of approval or disapproval (collectively “Directions”) in respect of any action requested or proposed in writing pursuant to the terms hereof. To the extent that any Lender does not approve any recommendation of
Administrative Agent, such Lender shall in such notice to Administrative Agent describe the actions that would be acceptable to such Lender. Each such request for approval shall include the following in all capital, bolded, block letters on the
first page thereof: “THE FOLLOWING REQUEST REQUIRES A RESPONSE WITHIN TEN (10) BUSINESS DAYS OF RECEIPT. FAILURE TO DO SO WILL BE DEEMED AN APPROVAL OF THE REQUEST.” If consent is required for the requested action, any Lender’s
failure to respond to a request for Directions within the required time period shall be deemed to constitute a Direction to take such requested action. 
 (b) In the event that any recommendation is not approved by the requisite number of Lenders and a subsequent approval on the same subject matter is requested by the Administrative Agent (a
“Subsequent Approval Request”), then for the purposes of this paragraph each Lender shall be required to respond to a request for Directions within five (5) Business Days of receipt of such request. If the Administrative Agent submits
to the Lenders a Subsequent Approval Request such Subsequent Approval Request shall include the following in all capital, bolded, block letters on the first page thereof: “THE FOLLOWING REQUEST REQUIRES A RESPONSE WITHIN FIVE (5) BUSINESS
DAYS OF RECEIPT. FAILURE TO DO SO WILL BE DEEMED AN APPROVAL OF THE REQUEST.” 
 (c) The Administrative
Agent and each Lender shall be entitled to assume that any officer of the other Lenders delivering any notice, consent, certificate or other writing is authorized to give such notice, consent, certificate or other writing unless the Administrative
Agent and such other Lenders have otherwise been notified in writing. 
 ARTICLE X. 

MISCELLANEOUS 
 10.01 Amendments, Etc. Subject to Section 2.16 and Section 2.17, no amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by
the Borrowers or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders (or the Administrative Agent with the written concurrence of the Required Lenders) and the Borrowers or the applicable Loan Party,
as the case may be, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall: 

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

  
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 (b) extend or increase the Commitment of any Lender (or reinstate any
Commitment terminated pursuant to Section 8.02) without the written consent of such Lender (subject to Sections 2.16 and 2.17); 
 (c) postpone the final scheduled date of maturity of any Loan or postpone any date fixed by this Agreement or any other Loan Document for any scheduled payment of principal or payment of interest, fees or
other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby; 

(d) reduce the principal of, or the rate of interest (including the pricing grid set forth in the definition of Applicable
Rate) specified herein on, any Loan or L/C Borrowing, or (subject to clause (iv) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each
Lender directly affected thereby; provided, however, that only the consent of the Required Lenders shall be necessary (i) to amend the definition of “Default Rate” or to waive any obligation of the Borrowers to pay
interest or Letter of Credit Fees at the Default Rate or (ii) to amend any financial covenant hereunder (or any defined term used therein); 
 (e) change Section 2.13 or Section 8.03 in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender; 

(f) change any provision of this Section or the definition of “Required Lenders” or “Required Supermajority
Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of
each Lender; or 
 (g) release all or substantially all (i) of the Guarantors from the Guaranty or
(ii) the Liens from the Collateral (except as permitted in Section 9.10) without the written consent of each Lender. 
 and,
provided further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the L/C Issuers in addition to the Lenders required above, affect the rights or duties of any L/C Issuer under this Agreement or any
Issuer Document relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and signed by the Swing Line Lender in addition to the Lenders required above, affect the rights or
duties of the Swing Line Lender under this Agreement; (iii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the
Administrative Agent under this Agreement or any other Loan Document; and (iv) the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary
herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its 

  
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terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that the Commitment of such
Lender may not be increased or extended without the consent of such Lender (subject to Sections 2.16 and 2.17). 
 10.02
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 subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by telecopier or electronic mail as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable
telephone number, as follows: 
 (i) if to the Borrowers, the Administrative Agent, the L/C Issuers or the Swing
Line Lender, to the address, telecopier number, electronic mail address or telephone number specified for such Person on Schedule 10.02; and 
 (ii) if to any other Lender, to the address, telecopier number, electronic mail address or telephone number specified in its Administrative Questionnaire. 

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 telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient).
Notices delivered through electronic communications to the extent provided in subsection (b) below, shall be effective as provided in such subsection (b). 
 (b) Electronic Communications. Notices and other communications to the Lenders and the L/C 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, provided that the foregoing shall not apply to notices to any Lender or any L/C Issuer pursuant to Article II if such Lender or such L/C Issuer, as applicable, has
notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Borrowers may, in its discretion, agree to accept notices and other communications to it
hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications. 

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

  
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 (c) Change of Address, Etc. Each of the Borrowers, the Administrative
Agent, each L/C Issuer and the Swing Line Lender may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, telecopier or
telephone number for notices and other communications hereunder by notice to the Borrowers, the Administrative Agent, the L/C Issuers and the Swing Line Lender. 
 (d) Reliance by Administrative Agent, L/C Issuers and Lenders. The Administrative Agent, the L/C Issuers and the Lenders shall be entitled to rely and act upon any notices (including telephonic
Revolving Loan Notices and Swing Line Loan Notices) purportedly given by or on behalf of the Borrowers even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of
notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrowers shall indemnify the Administrative Agent, each L/C Issuer, each Lender and the Related Parties of each of
them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrowers, except to the extent such losses, costs, expenses and liabilities are determined by a
court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Person. All telephonic notices to and other telephonic communications with the Administrative Agent may be
recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording, provided Administrative Agent informs such party that the communication may be recorded prior to commencing the communication. 

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

10.04 Expenses; Indemnity; Damage Waiver. 
 (a) Costs and Expenses. The Borrowers shall pay (i) all reasonable out of pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and
disbursements of counsel for the Administrative Agent), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan
Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out of pocket expenses incurred by the L/C
Issuers in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, 

  
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(iii) all out of pocket expenses incurred by the Administrative Agent, any Lender or any L/C Issuer (including the reasonable fees, charges and disbursements of any counsel for the Administrative
Agent, any Lender or any L/C Issuer), and shall pay all allocated fees and time charges for attorneys who may be employees of the Administrative Agent, any Lender or any L/C Issuer, in connection with the enforcement or protection of its rights
(A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such out of pocket expenses incurred
during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit and (iv) to the extent not already covered by any of the preceding subsections, all reasonable costs and expenses incurred by the Administrative
Agent, the L/C Issuers or the Lenders in connection with any bankruptcy or other proceeding of the type described in Section 8.01(f), including the reasonable fees and disbursements of counsel to the Administrative Agent, any L/C Issuer and any
Lender, whether such fees and expenses are incurred prior to, during or after the commencement of such proceeding or the confirmation or conclusion of any such proceeding. 

(b) Indemnification by the Borrowers. The Borrowers shall indemnify the Administrative Agent (and any sub-agent
thereof), each Lender and each L/C Issuer and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages,
liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may be
employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrowers or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of
this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated
hereby or thereby, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by an L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection
with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrowers or any of their Subsidiaries, or
any Environmental Liability related in any way to the Borrowers or any of their Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or
any other theory, whether brought by a third party or by the Borrowers or any other Loan Party, and regardless of whether any Indemnitee is a party thereto, in all cases, whether or not caused by or arising, in whole or in part, out of the
comparative, contributory or sole negligence of the Indemnitee; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are
determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the Borrowers or any other Loan Party
against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrowers or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as
determined by a court of competent jurisdiction. 

  
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 (c) Reimbursement by Lenders. To the extent that the Borrowers for
any reason fail to indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), any L/C Issuer or any Related Party of any of the foregoing, each
Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), such L/C Issuer or such Related Party, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed
expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent
(or any such sub-agent) or any L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) or L/C Issuer in connection with such capacity. The obligations of
the Lenders under this subsection (c) are subject to the provisions of Section 2.12(d). 
 (d)
Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, the Borrowers shall not assert, and hereby waive, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or
punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or
thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials
distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby. 

(e) Payments. All amounts due under this Section shall be payable not later than ten (10) Business Days after
demand therefor. 
 (f) Survival. The agreements in this Section shall survive the resignation of the
Administrative Agent and any L/C Issuer, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations. 

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

  
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 10.06 Successors and Assigns. 

(a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither the Borrowers may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the
Administrative Agent and each Lender (it being understood that a merger or consolidation of a Borrower expressly permitted under this Agreement shall not constitute such an assignment or transfer) and no Lender may assign or otherwise transfer any
of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the provisions of subsection (d) of
this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing
in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this
Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the L/C Issuers and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) Assignments by Lenders. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of
its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this subsection (b), participations in L/C Obligations and in Swing Line Loans) at the time owing to it);
provided that: 
 (i) except in the case of an assignment of the entire remaining amount of the assigning
Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender, the aggregate amount of the Commitment (which for this purpose
includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each of the Administrative Agent and, so
long as no Event of Default has occurred and is continuing, the Borrowers otherwise consent (each such consent of the Borrowers and Administrative Agent not to be unreasonably withheld or delayed); 

(ii) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (ii) shall not apply to rights in respect of Swing Line Loans; 

  
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 (iii) any assignment of a Commitment must be approved by the Administrative
Agent, the L/C Issuers and the Swing Line Lender unless the Person that is the proposed assignee is itself a Lender (whether or not the proposed assignee would otherwise qualify as an Eligible Assignee) such approval not to be unreasonably withheld,
delayed or conditioned; 
 (iv) the parties to each assignment shall execute and deliver to the Administrative
Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 (with only one such fee payable in connection with simultaneous assignments to or by two or more Approved Funds), and the Eligible Assignee, if it shall not
be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; 
 (v) no such assignment
shall be made (A) to any Borrower or any of such Borrower’s Affiliates or Subsidiaries or (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender, would constitute any of the foregoing
Persons described in this clause (v); and 
 (vi) in connection with any assignment of rights and obligations of
any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in
an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the
Borrowers and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and
satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, each L/C Issuer, the Swing Line Lender or any other Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as
appropriate) its full pro rata share of all Loans and participations in Letters of Credit and Swing Line Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of
any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement
until such compliance occurs. 
 Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of this
Section, from and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the
rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of
an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05, and
10.04 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided that, except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will
constitute a waiver or release of any claim of 

  
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any party hereunder arising from that Lender having been a Defaulting Lender. Upon request, the Borrowers (at their expense) shall execute and deliver a Note, as applicable, to the assignee
Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with subsection (d) of this Section. 
 (c) Register. The Administrative
Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of
the Lenders, and the Commitments of, and principal amounts of, and interest owing on, the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register
shall be conclusive, and the Borrowers, 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 or an L/C Issuer hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. The Register shall be available for inspection by each of the Borrowers and the L/C Issuers at any reasonable time and from time to time upon reasonable prior notice. 

(d) Participations. Any Lender may at any time, without the consent of, or notice to, the Borrowers or the
Administrative Agent, sell participations to any Person (other than a natural person or the Borrowers or any of the Borrowers’ Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights
and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations and/or Swing Line Loans) owing to it); provided that (i) such
Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Administrative Agent,
the Lenders and the L/C Issuers shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. 
 Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment,
modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification
described in the first proviso to Section 10.01 that affects such Participant. Subject to subsection (e) of this Section, the Borrowers agree that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the
same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08 as though
it were a Lender, provided such Participant agrees to be subject to Section 2.13 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrowers, maintain a register
on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant 

  
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or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that
such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall
be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the
avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 
 (e) Limitations upon Participant Rights. A Participant shall not be entitled to receive any greater payment under Section 3.01 or 3.04 than the applicable Lender would have been entitled to
receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrowers’ prior written consent. A Participant shall not be entitled to the benefits of
Section 3.01 unless the Borrowers are notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrowers, to comply with Section 3.01(e) as though it were a Lender. 

(f) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its
rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release
such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 (g) Electronic Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption shall be deemed to
include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case
may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the
Uniform Electronic Transactions Act. 
 (h) Special Purpose Funding Vehicles. Notwithstanding anything to
the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding vehicle identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrowers (an
“SPC”) the option to provide all or any part of any Revolving Loan that such Granting Lender would otherwise be obligated to make pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment
by any SPC to fund any Revolving Loan, and (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of such Revolving Loan, the Granting Lender shall be obligated to make such Revolving Loan pursuant to the
terms hereof or, if it fails to do so, to make such payment to the Administrative Agent as is required under Section 2.12(b)(ii). Each party hereto hereby agrees that (i) neither the grant to any SPC nor the exercise by any SPC of such
option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrowers under this Agreement (including its obligations under Section 3.01 or 3.04), (ii) no SPC shall be

  
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liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be liable, and (iii) the Granting Lender shall for all purposes, including the approval
of any amendment, waiver or other modification of any provision of any Loan Document, remain the lender of record hereunder. The making of a Revolving Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent,
and as if, such Revolving Loan were made by such Granting Lender. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day
after the payment in full of all outstanding commercial paper or other senior debt of any SPC, it will not institute against, or join any other Person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency, or
liquidation proceeding under the laws of the United States or any State thereof. Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice to, but without prior consent of the Borrowers and the Administrative Agent
and with the payment of a processing fee of $3,500, assign all or any portion of its right to receive payment with respect to any Revolving Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public information
relating to its funding of Revolving Loans to any rating agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity enhancement to such SPC. 

(i) Resignation as L/C Issuer or Swing Line Lender after Assignment. Notwithstanding anything to the contrary
contained herein, if at any time KeyBank assigns all of its Commitment and Loans pursuant to subsection (b) above, KeyBank may, (i) upon 30 days’ notice to the Borrowers and the Lenders, resign as L/C Issuer and/or (ii) upon 30
days’ notice to the Borrowers, resign as Swing Line Lender. In the event of any such resignation as L/C Issuer or Swing Line Lender, the Borrowers shall be entitled to appoint from among the Lenders a successor L/C Issuer or Swing Line Lender
hereunder; provided, however, that no failure by the Borrowers to appoint any such successor shall affect the resignation of KeyBank as L/C Issuer or Swing Line Lender, as the case may be. If KeyBank resigns as an L/C Issuer, it shall
retain all the rights and obligations of an L/C Issuer hereunder with respect to all Letters of Credit issued by it and outstanding as of the effective date of its resignation and all L/C Obligations with respect thereto (including the right to
require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)). If KeyBank resigns as Swing Line Lender, it shall retain all the rights and obligations of the Swing Line Lender
provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line
Loans pursuant to Section 2.04(c). 
 10.07 Treatment of Certain Information; Confidentiality. Each of the
Administrative Agent, the Lenders and the L/C Issuers agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective
partners, directors, officers, employees, agents, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such
Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the
extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or

  
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any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions
substantially the same as those of this Section, to (i) any pledgee under Section 10.06(f), (ii) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this
Agreement or (iii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrowers and their obligations, (g) on a confidential basis to any rating agency in connection with rating
any Borrower or its Subsidiaries, (h) with the consent of the Borrowers or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the
Administrative Agent, any Lender, any L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrowers. 
 For purposes of this Section, “Information” means all information received from the Borrowers or any Subsidiary relating to the Borrowers or any Subsidiary or any of their respective
Affiliates or businesses, other than any such information that is available to the Administrative Agent, any Lender or any L/C Issuer on a nonconfidential basis prior to disclosure by the Borrowers or any Subsidiary, provided that, in the
case of information received from the Borrowers or any Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided
in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential
information. 
 10.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, each
L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional
or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, such L/C Issuer or any such Affiliate to or for the credit or the account of the Borrowers against any and all of the
obligations of the Borrowers now or hereafter existing under this Agreement or any other Loan Document to such Lender or such L/C Issuer, irrespective of whether or not such Lender or such L/C Issuer shall have made any demand under this Agreement
or any other Loan Document and although such obligations of the Borrowers may be contingent or unmatured or are owed to a branch or office of such Lender or such L/C Issuer different from the branch or office holding such deposit or obligated on
such indebtedness. The rights of each Lender, each L/C Issuer and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, such L/C Issuer or their respective
Affiliates may have; provided that, in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in
accordance with the provisions of Section 2.15 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 L/C Issuers and the Lenders
and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. Each Lender and each L/C
Issuer agrees to notify the Borrowers and the Administrative Agent promptly after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application. 

  
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 10.09 Interest Rate Limitation. Notwithstanding anything to the contrary contained in
any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the Administrative Agent or any
Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrowers. In determining whether the interest
contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium
rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations
hereunder. 
 10.10 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by
different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents constitute the entire contract
among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become
effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an
executed counterpart of a signature page of this Agreement by telecopy or other electronic image (e.g., “PDF” or “TIF” via electronic mail) shall be effective as delivery of a manually executed counterpart of this Agreement.

 10.11 Survival of Representations and Warranties. All representations and warranties made hereunder and in any other
Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the
Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default
at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding. 

10.12 Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or
unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations
to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

  
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 10.13 Replacement of Lenders. If any Lender requests compensation under
Section 3.04, if the Borrowers are required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, if any Lender is a Defaulting Lender or a Non-Consenting Lender
(so long as, in the case of a Non-Consenting Lender, no Default or Event of Default has occurred and is continuing), or if any other circumstance exists hereunder that gives the Borrowers the right to replace a Lender as a party hereto, then the
Borrowers may, at their sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents
required by, Section 10.06 except as provided in this Section 10.13), all of its interests, rights and obligations under this Agreement and the related Loan Documents (or all of its Revolving Loans and Commitment if so requested by the
Borrower) to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that: 
 (a) the Borrowers shall have paid to the Administrative Agent the assignment fee specified in Section 10.06(b); 

(b) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and L/C Advances,
accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) from the assignee (to the extent of such outstanding principal and accrued
interest and fees) or the Borrowers (in the case of all other amounts); 
 (c) in the case of any such assignment
resulting from a claim for compensation under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; and 

(d) such assignment does not conflict with applicable Laws. 

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by
such Lender or otherwise, the circumstances entitling the Borrowers to require such assignment and delegation cease to apply. 
 Without limiting the foregoing, Borrowers may, subject to the consent and approval of Administrative Agent in its sole discretion and notwithstanding anything to the contrary in Section 2.06,
terminate the Commitment of any Defaulting Lender with no outstanding Revolving Loans, provided that if Administrative Agent grants such consent in its sole discretion, (i) the obligations of such Defaulting Lender to acquire participations in
any Letters of Credit or make such funds available is reallocated among the non-Defaulting Lenders as provided in Section 2.15(a)(iv), or (ii) Borrowers shall Cash Collateralize such Defaulting Lender’s pro rata portion (if any, after
giving effect to any partial reallocation pursuant to Section 2.15(a)(iv)) of the Outstanding Amount of any then applicable L/C Obligations in a manner satisfactory to each L/C Issuer and Administrative Agent. 

  
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 10.14 Governing Law; Jurisdiction; Etc. 

(a) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
NEW YORK. 
 (b) SUBMISSION TO JURISDICTION. EACH BORROWER IRREVOCABLY AND UNCONDITIONALLY SUBMITS,
FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK AND ANY APPELLATE COURT FROM ANY THEREOF, IN
ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF
ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR
PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT,
ANY LENDER OR ANY L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWERS OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

(c) WAIVER OF VENUE. THE BORROWERS IRREVOCABLY AND UNCONDITIONALLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (b) OF THIS
SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

(d) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR
NOTICES IN SECTION 10.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 
 10.15 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY
OR 

  
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INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH
PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

10.16 USA PATRIOT Act Notice. Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for
itself and not on behalf of any Lender) hereby notifies the Borrowers that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to
obtain, verify and record information that identifies the Borrowers, which information includes the name and address of the Borrowers and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the
Borrowers in accordance with the Act. 
 10.17 Time of the Essence. Time is of the essence of the Loan Documents.

 10.18 Borrowers’ Obligations. Each of the REIT, AIMCO and AIMCO/Bethesda represents, warrants, covenants and
agrees as follows: 
 (a) Defenses. The obligations pursuant to the Loan Documents shall not be affected
by any of the following: (i) the bankruptcy, disability, dissolution, incompetence, insolvency, liquidation, or reorganization of any Borrower; or (ii) the discharge, modification of the terms of, reduction in the amount of, or stay of
enforcement of any or all liens and encumbrances or any or all obligations pursuant to the Loan Documents in any bankruptcy, insolvency, reorganization, or other legal proceeding or by law, ordinance, regulation, or rule (federal, state, or local).

 (b) Rights of Administrative Agent. Subject to receiving any required consents of the Required Lenders
or all of the Lenders, as may be required pursuant to applicable provisions of this Agreement and the other Loan Documents, the Administrative Agent on behalf of the Lenders, may do the following acts or omissions from time to time without notice to
or consent of any Borrower and without receiving payment or other value, nor shall the following acts or omissions affect, delay or impair any of the obligations pursuant to the Loan Documents or any or all liens and encumbrances: (i) the
Administrative Agent may obtain collateral or additional collateral; (ii) the Administrative Agent may substitute for any or all collateral regardless of whether the same type or greater or lesser value; (iii) the Administrative Agent may
release any or all collateral; (iv) the Administrative Agent may compromise, delay enforcement, fail to enforce, release, settle or waive any rights or remedies of the Administrative Agent as to any or all collateral; (v) the
Administrative Agent may sell or otherwise dispose of any collateral in such manner or order as the Administrative Agent determines in accordance with the Loan Documents; (vi) the Administrative Agent may fail to perfect, fail to protect the
priority of, and 

  
 110

 
fail to ensure any or all liens or encumbrances; (vii) the Administrative Agent may fail to inspect, insure, maintain, preserve or protect any or all collateral; (viii) the
Administrative Agent may obtain additional obligors for any or all obligations pursuant to the Loan Documents; (ix) the Administrative Agent may increase or decrease any or all obligations or otherwise change terms of any or all obligations in
accordance with the Loan Documents; (x) the Administrative Agent may release any Borrower; (xi) Administrative Agent may compromise, delay enforcement, fail to enforce, release, settle or waive any obligations of any Borrower with the
agreement of that Borrower; (xii) the Administrative Agent may make advances, or grant other financial accommodations to any Borrower; (xiii) the Administrative Agent may fail to file or pursue a claim in any bankruptcy, insolvency,
reorganization or other proceeding as to any or all liens and encumbrances or any or all obligations; (xiv) the Administrative Agent may amend, modify, extend, renew, restate, supplement or terminate in whole or in part the obligation of any
Borrower with the agreement of that Borrower; (xv) the Administrative Agent may take or fail to take any other action with respect to any Loan Document or any Borrower; and (xvi) the Administrative Agent may do any other acts or make any
other omissions that result in the extinguishment of the obligation of any Borrower, subject, in the case of clauses (ix) and (xiv) of this Section 10.18(b), to the consent of the Borrower(s) to the extent such Borrower’s consent
would be required pursuant to the applicable provisions of this Agreement and the other Loan Documents in such Borrower’s capacity not as a surety but in its capacity as a primary obligor hereunder and under the other Loan Documents.

 (c) Suretyship Waivers. Each Borrower waives any and all rights and benefits under any statutes or
rules now or hereafter in effect and any other statutes or rules now or hereafter in effect that purport to confer specific rights upon or make specific defenses or procedures available to each Borrower. 

(d) Information. Each Borrower represents and warrants to the Administrative Agent and Lenders that such Borrower
is currently informed of the financial condition of the Borrowers and of all other circumstances which a diligent inquiry would reveal and which bear upon the risk of nonpayment of the Obligations. Each Borrower further represents and warrants to
the Administrative Agent and Lenders that such Borrower has read and understands the terms and conditions of the Loan Documents. Each Borrower hereby covenants that such Borrower will continue to keep informed of the Borrowers’ financial
condition, the financial condition of other guarantors, if any, and of all other circumstances which bear upon the risk of nonpayment or nonperformance of the Obligations. Notwithstanding anything herein which may be construed to the contrary, the
Administrative Agent shall have no obligation to provide to any Borrower any information concerning the performance of any other Borrower, the obligations pursuant to the Loan Documents, or the ability of any other Borrower to perform the
obligations pursuant to the Loan Documents or any other matter, regardless of what information Administrative Agent may from time to time have. 
 (e) Waivers. Each Borrower waives, until payment in full of the Obligations, any and all present and future claims, remedies and rights against any other Borrower, any collateral and any other
property, interest in property or rights to property of any other Borrower (A) arising from any performance hereunder, (B) arising from any application of any collateral, or any other property, interest in property or rights to property of
any Borrower, or (C) otherwise arising in respect of the Loan Documents, regardless of whether such claims, remedies and rights 

  
 111

 
arise under any present or future agreement, document or instrument or are provided by any law, ordinance, regulation or rule (federal, state or local) (including, without limitation, any and all
rights of contribution, exoneration, indemnity, reimbursement, and subrogation arising under the Loan Documents and any and all rights to participate in the rights and remedies of Lenders against any Borrower). 

(f) Joint and Several Liability of Borrowers. 

(i) Each of Borrowers is accepting joint and several liability hereunder and under the other Loan Documents in
consideration of the financial accommodations to be provided by the Administrative Agent and the Lenders under this Agreement, for the mutual benefit, directly and indirectly, of each of Borrowers and in consideration of the undertakings of the
other Borrowers to accept joint and several liability for the Obligations. 
 (ii) Each of Borrowers, jointly and
severally, hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several liability with the other Borrowers, with respect to the payment and performance of all of the Obligations (including,
without limitation, any Obligations arising under this Section 10.18), it being the intention of the parties hereto that all the Obligations shall be the joint and several obligations of each Borrower without preferences or distinction among
them. 
 (iii) If and to the extent that any Borrower shall fail to make any payment with respect to any of the
Obligations as and when due or to perform any of the Obligations in accordance with the terms thereof, then in each such event the other Borrowers will make such payment with respect to, or perform, such Obligation. 

(iv) The Obligations of each Borrower under the provisions of this Section 10.18 constitute the absolute and
unconditional, full recourse Obligations of each Borrower enforceable against each such Borrower to the full extent of its properties and assets, irrespective of the validity, regularity or enforceability of this Agreement or any other circumstances
whatsoever. 
 (v) Except as otherwise expressly provided in this Agreement, each Borrower hereby waives notice
of acceptance of its joint and several liability, notice of any Loans issued under or pursuant to this Agreement, notice of the occurrence of any Default, Event of Default, or of any demand for any payment under this Agreement, notice of any action
at any time taken or omitted by the Administrative Agent or Lenders under or in respect of any of the Obligations, any requirement of diligence or to mitigate damages and, generally, to the extent permitted by applicable law, all demands, notices
and other formalities of every kind in connection with this Agreement (except as otherwise provided in this Agreement). Each Borrower hereby assents to, and waives notice of, any extension or postponement of the time for the payment of any of the
Obligations, the acceptance of any payment of any of the Obligations, the acceptance of any partial payment thereon, any waiver, consent or other action or acquiescence by the Administrative Agent or Lenders at any time or times in respect of any
default by any Borrower in the performance or satisfaction of any term, covenant, condition or provision of this Agreement, any and all other indulgences whatsoever by the Administrative 

  
 112

 
Agent or Lenders in respect of any of the Obligations, and the taking, addition, substitution or release, in whole or in part, at any time or times, of any security for any of the Obligations or
the addition, substitution or release, in whole or in part, of any Borrower. Without limiting the generality of the foregoing, each Borrower assents to any other action or delay in acting or failure to act on the part of the Administrative Agent or
Lender with respect to the failure by any Borrower to comply with any of its respective Obligations, including, without limitation, any failure strictly or diligently to assert any right or to pursue any remedy or to comply fully with applicable
laws or regulations thereunder, which might, but for the provisions of this Section 10.18 afford grounds for terminating, discharging or relieving any Borrower, in whole or in part, from any of its Obligations under this Section 10.18, it
being the intention of each Borrower that, so long as any of the Obligations hereunder remain unsatisfied, the Obligations of such Borrower under this Section 10.18 shall not be discharged except by performance and then only to the extent of
such performance. The Obligations of each Borrower under this Section 10.18 shall not be diminished or rendered unenforceable by any winding up, reorganization, arrangement, liquidation, reconstruction or similar proceeding with respect to any
Borrower or the Administrative Agent or Lender. The joint and several liability of each Borrower hereunder shall continue in full force and effect notwithstanding any absorption, merger, amalgamation or any other change whatsoever in the name,
constitution or place of formation of any of the Borrowers or Administrative Agent or Lenders. 
 (vi) The
provisions of this Section 10.18 are made for the benefit of the Administrative Agent, the Lenders and their respective successors and assigns, and may be enforced by it or them from time to time against any or all Borrowers as often as
occasion therefor may arise and without requirement on the part of Administrative Agent, or any Lender, successor or assign first to marshal any of its or their claims or to exercise any of its or their rights against any Borrower or to exhaust any
remedies available to it or them against any Borrower or to resort to any other source or means of obtaining payment of any of the Obligations hereunder or to elect any other remedy. The provisions of this Section 10.18 shall remain in effect
until all of the Obligations shall have been paid in full or otherwise fully satisfied. If at any time, any payment, or any part thereof, made in respect of any of the Obligations, is rescinded or must otherwise be restored or returned by the
Administrative Agent or any Lender upon the insolvency, bankruptcy or reorganization of any Borrower, or otherwise, the provisions of this Section 10.18 will forthwith be reinstated in effect, as though such payment had not been made.

 (vii) Each Borrower hereby agrees that it will not enforce any of its rights of contribution or subrogation
against any other Borrower with respect to any liability incurred by it hereunder or under any of the other Loan Documents, any payments made by it to the Administrative Agent or Lenders with respect to any of the Obligations or any collateral
security therefor until such time as all of the Obligations have been paid in full in cash. Any claim which any Borrower may have against the other Borrowers with respect to any payments to the Administrative Agent or any Lender hereunder or under
any other Loan Documents are hereby expressly made subordinate and junior in right of payment, including without limitation, as to any increases in the Obligations arising hereunder or thereunder, to the prior payment in full in cash of the
Obligations and, in the event of any insolvency, bankruptcy, receivership, liquidation, reorganization or other similar proceeding under the laws of any jurisdiction relating to any Borrower, its debts or its assets, whether voluntary or
involuntary, all such Obligations shall be paid in full in cash before any payment or distribution of any character, whether in cash, securities or other property, shall be made to the other Borrowers therefor. 

  
 113

 10.19 Fiduciary Duty. Neither the Administrative Agent nor any Lender has any
fiduciary relationship with or fiduciary duty to the Borrowers, the Guarantors or their respective Subsidiaries arising out of or in connection with this Agreement or the other Loan Documents or the transactions contemplated hereunder and
thereunder, and the relationship between each Lender and Administrative Agent, and the Borrowers and the Guarantors is solely that of a lender and borrower, and nothing contained herein or in any of the other Loan Documents shall in any manner be
construed as making the parties hereto partners, joint venturers or any other relationship other than lender and borrower. 

[Remainder of page intentionally left blank] 

  
 114

							
	BORROWERS:	 		 	 APARTMENT INVESTMENT AND MANAGEMENT COMPANY,
 a Maryland corporation

				
	 	 		 	By:	 	/s/ Patti K. Fielding
		 		 		 	Name: Patti K. Fielding
		 		 		 	Title: Executive Vice President and Treasurer

  

											
		 		 	 AIMCO PROPERTIES, L.P.,
 a Delaware limited partnership

					
		 		 		 	By:	 	 AIMCO-GP, INC.,
 a
Delaware corporation

		 		 		 	Its:	 	General Partner
		 		 		 		 		 	
		 		 		 		 	By:	 	/s/ Patti K. Fielding
		 		 		 		 		 	Name: Patti K. Fielding
		 		 		 		 		 	Title: Executive Vice President and Treasurer

 

							
		 		 	 AIMCO/BETHESDA HOLDINGS, INC.,
 a Delaware corporation

				
	 	 		 	By:	 	/s/ Patti K. Fielding
		 		 		 	Name: Patti K. Fielding
		 		 		 	Title: Executive Vice President and Treasurer

 
			
	KEYBANK NATIONAL ASSOCIATION, as Administrative Agent, an L/C Issuer and a Lender
		
	By:	 	/s/ Meredith H. Houseworth
		 	Name: Meredith H. Houseworth
		 	Title: Vice President

 
			
	WELLS FARGO BANK, N.A., as Syndication Agent and a Lender
		
	By:	 	/s/ J. Derek Evans
		 	Name: J. Derek Evans
		 	Title: Senior Vice President

 
			
	BANK OF AMERICA, N.A., as Co-Documentation Agent, an L/C Issuer and a Lender
		
	By:	 	/s/ James P. Johnson
		 	Name: James P. Johnson
		 	Title: Senior Vice President

 
			
	REGIONS BANK, as Co-Documentation Agent and a Lender
		
	By:	 	/s/ Kevin W. Murry
		 	Name: Kevin W. Murry
		 	Title: Director

 
			
	CITIBANK, N.A., as a Lender
		
	By:	 	/s/ John C. Rowland
		 	Name: John C. Rowland
		 	Title: Vice President

 
			
	MANUFACTURERS AND TRADERS TRUST COMPANY, as a Lender
		
	By:	 	/s/ John Mangan
		 	Name: John Mangan
		 	Title: Vice President

 
			
	PNC BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ James A. Harmann
		 	Name: James A. Harmann
		 	Title: Senior Vice President

 
			
	HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Timothy J. Mertens
		 	Name: Timothy J. Mertens
		 	Title: Vice President

 
			
	MORGAN STANLEY BANK, N.A., as a Lender
		
	By:	 	/s/ Michael King
		 	Name: Michael King
		 	Title: Authorized Signatory

 
			
	THE HUNTINGTON NATIONAL BANK, a national banking association, as a Lender
		
	By:	 	/s/ Michael L. Kauffman
		 	Name: Michael L. Kauffman
		 	Title: Sr. Vice President

 
			
	RAYMOND JAMES BANK, FSB, as a Lender
		
	By:	 	/s/ Alexander L. Rody
		 	Name: Alexander L. Rody
		 	Title: Sr. Vice President

 EXHIBIT A 

FORM OF REVOLVING LOAN NOTICE 
 Date:                     ,
             
  

	To:	KeyBank National Association, as Administrative Agent 

 Ladies and Gentlemen: 
 Reference is made to that certain Senior Secured Credit
Agreement, dated as of December 13, 2011 (as amended, restated, amended and restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as
therein defined), among Apartment Investment and Management Company, a Maryland corporation (the “REIT”), AIMCO Properties, L.P., a Delaware limited partnership (“AIMCO”) and AIMCO/Bethesda Holdings, Inc., a
Delaware corporation (“AIMCO/Bethesda”), (the REIT, AIMCO and AIMCO/Bethesda, collectively referred to as the “Borrowers”), the Lenders from time to time party thereto, and KeyBank National Association, as
Administrative Agent, L/C Issuer and Swing Line Lender. 
 The undersigned hereby request (select one): 

 ̈ A Borrowing of Revolving Loans          ̈ A conversion or continuation of Revolving Loans 
 1. On
                     (a Business Day). 
 2. In the principal amount of $                    . 

3. Comprised of
                    . 
 [Type of Revolving Loan requested to be borrowed or to which existing Revolving Loans are to be converted] 
 4. For Eurodollar Rate Loans: with an Interest Period of              month(s)1. 
 After giving effect to the Revolving Borrowing, if any, requested herein, the Total Outstandings shall not exceed the Aggregate Commitments. 

 

	1 	 one, two, three or six months 

  
 A 

Form of Revolving Loan Notice 

 
			
	APARTMENT INVESTMENT AND MANAGEMENT COMPANY, a Maryland corporation
		
	By:	 	 
		 	Name:
		 	Title:

 
			
	
	AIMCO PROPERTIES, L.P., a Delaware limited partnership
		
	By:	 	AIMCO-GP, Inc., a Delaware corporation, its General Partner
		
	        By:	 	 
		 	Name:
		 	Title:

 
			
	
	AIMCO/BETHESDA HOLDINGS, INC., a Delaware corporation
		
	By:	 	 
		 	Name:
		 	Title:

  
 A 

Form of Revolving Loan Notice 

 EXHIBIT B 

FORM OF SWING LINE LOAN NOTICE 
 Date:                     ,
             
  

	To:	KeyBank National Association, as Swing Line Lender 

	    	KeyBank National Association, as Administrative Agent 

 Ladies and Gentlemen: 
 Reference is made to that certain Senior Secured Credit
Agreement, dated as of December 13, 2011 (as amended, restated, amended and restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as
therein defined), among Apartment Investment and Management Company, a Maryland corporation (the “REIT”), AIMCO Properties, L.P., a Delaware limited partnership (“AIMCO”) and AIMCO/Bethesda Holdings, Inc., a
Delaware corporation (“AIMCO/Bethesda”) (the REIT, AIMCO and AIMCO/Bethesda, collectively referred to as the “Borrowers” ), the Lenders from time to time party thereto, and KeyBank National Association, as
Administrative Agent, L/C Issuer and Swing Line Lender. 
 The undersigned hereby request a Swing Line Loan: 

 

	1.	On                      (a Business Day).

  

	2.	In the principal amount of $                    .

 After giving effect to the Swing Line Borrowing requested herein, the Total Outstandings shall not exceed the Aggregate
Commitments and the proceeds of the Swing Line Loan made pursuant to this request shall not be used to refinance any outstanding Swing Line Loan. 
  

			
	APARTMENT INVESTMENT AND MANAGEMENT COMPANY, a Maryland corporation
		
	By:	 	 
		 	Name:
		 	Title:

  
 B 

Form of Swing Line Loan Notice 

 
			
	AIMCO PROPERTIES, L.P., a Delaware limited partnership
		
	By:	 	AIMCO-GP, Inc., a Delaware corporation, its General Partner

 
			
		
	        By:	 	 
		 	Name:
		 	Title:
	
	AIMCO/BETHESDA HOLDINGS, INC., a Delaware corporation

 
			
		
	By:	 	 
		 	Name:
		 	Title:

  
 B 

Form of Swing Line Loan Notice 

 EXHIBIT C-1 

FORM OF REVOLVING NOTE 
 ________________ 
 FOR VALUE RECEIVED, the undersigned (the
“Borrowers”) hereby promise to pay to                      (or its registered assigns) (the “Lender”), in
accordance with the provisions of the Agreement (as hereinafter defined), the principal amount of each Revolving Loan from time to time made by the Lender to the Borrowers under that certain Senior Secured Credit Agreement, dated as of
December 13, 2011 (as amended, restated, amended and restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among
the Borrowers, the Lenders from time to time party thereto, and KeyBank National Association, as Administrative Agent, L/C Issuer and Swing Line Lender. 
 The Borrowers promise to pay interest on the unpaid principal amount of each Revolving Loan from the date of such Revolving Loan until such principal amount is paid in full, at such interest rates and at
such times as provided in the Agreement. Except as otherwise provided in Section 2.04(f) of the Agreement with respect to Swing Line Loans, all payments of principal and interest shall be made to the Administrative Agent for the account
of the Lender in Dollars in immediately available funds at the Administrative Agent’s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until
the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement. 

This Revolving Note is one of the Revolving Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in
whole or in part subject to the terms and conditions provided therein. This Revolving Note is also entitled to the benefits of the Guaranty and is secured by the Collateral. Upon the occurrence and continuation of one or more of the Events of
Default specified in the Agreement, all amounts then remaining unpaid on this Revolving Note shall become, or may be declared to be, immediately due and payable, all as provided in the Agreement. Revolving Loans made by the Lender shall be evidenced
by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach schedules to this Revolving Note and endorse thereon the date, amount and maturity of its Revolving Loans and payments
with respect thereto. 
 The Borrowers, for themselves, their successors and assigns, hereby waive diligence, presentment,
protest and demand and notice of protest, demand, dishonor and non-payment of this Revolving Note. 

  
 C-1-1

 Form of Revolving Note 

 THIS REVOLVING NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE
STATE OF NEW YORK. 
  

			
	APARTMENT INVESTMENT AND MANAGEMENT COMPANY, a Maryland corporation
		
	By:	 	 
		 	Name:
		 	Title:

 
			
	
	AIMCO PROPERTIES, L.P., a Delaware limited partnership
		
	By:	 	AIMCO-GP, Inc., a Delaware corporation, its General Partner

 
			
		
	        By:	 	 
		 	Name:
		 	Title:

 
			
	
	AIMCO/BETHESDA HOLDINGS, INC., a Delaware corporation
		
	By:	 	 
		 	Name:
		 	Title:

  
 C-1-2

 Form of Revolving Note 

 LOANS AND PAYMENTS WITH RESPECT THERETO 

 

													
	 Date
	  	Type of
Loan Made	  	Amount of
Loan Made	  	End of
Interest
Period	  	Amount of
Principal or
Interest
Paid This
Date	  	Outstanding
Principal
Balance This
Date	  	Notation
Made By

  
 C-1-3

 Form of Revolving Note 

 EXHIBIT C-2 

FORM OF SWING LINE NOTE 
 __________________ 
 FOR VALUE RECEIVED, the undersigned (the
“Borrowers”) hereby promise to pay to KEYBANK NATIONAL ASSOCIATION (or its registered assigns) (the “Swing Line Lender”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal
amount of each Swing Line Loan from time to time made by the Swing Line Lender to the Borrowers under that certain Senior Secured Credit Agreement, dated as of December 13, 2011 (as amended, restated, amended and restated, extended,
supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among the Borrowers, the Lenders from time to time party thereto, and KeyBank
National Association, as Administrative Agent, L/C Issuer and Swing Line Lender. 
 The Borrowers promise to pay interest on the
unpaid principal amount of each Swing Line Loan from the date of such Swing Line Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall be
made to the Swing Line Lender in Dollars in immediately available funds at the Administrative Agent’s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due
date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement. 
 This Swing Line Note is the Swing Line Note referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided therein.
This Swing Line Note is also entitled to the benefits of the Guaranty and is secured by the Collateral. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on
this Swing Line Note shall become, or may be declared to be, immediately due and payable, all as provided in the Agreement. Swing Line Loans made by the Swing Line Lender shall be evidenced by one or more loan accounts or records maintained by the
Swing Line Lender in the ordinary course of business. The Swing Line Lender may also attach schedules to this Swing Line Note and endorse thereon the date, amount and maturity of its Swing Line Loans and payments with respect thereto. 

The Borrowers, for themselves, their successors and assigns, hereby waive diligence, presentment, protest and demand and notice of
protest, demand, dishonor and non-payment of this Swing Line Note. 

  
 C-2-1

 Form of Revolving Note 

 THIS SWING LINE NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE
STATE OF NEW YORK. 
  

					
	APARTMENT INVESTMENT AND MANAGEMENT COMPANY, a Maryland corporation
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  

							
	AIMCO PROPERTIES, L.P., a Delaware limited partnership
		
	By:	 	 AIMCO-GP, Inc., a Delaware corporation,
 its General Partner

			
		 	By:	 	 
		 		 	Name:	 	
		 		 	Title:	 	

  
  

					
	AIMCO/BETHESDA HOLDINGS, INC., a Delaware corporation
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  
 C-2-2

 Form of Swing Line Note 

 LOANS AND PAYMENTS WITH RESPECT THERETO 

 

									
	 Date
	  	Amount of Loan
Made	  	Amount of
Principal or
Interest Paid
This Date	  	Outstanding
Principal
Balance This
Date	  	Notation Made
By

  
 C-2-3

 Form of Swing Line Note 

 EXHIBIT D 

FORM OF COMPLIANCE CERTIFICATE 
 Financial Statement Date:                     , 

 

	To:	KeyBank National Association, as Administrative Agent 

 Ladies and Gentlemen: 
 Reference is made to that certain Senior Secured Credit
Agreement, dated as of December 13, 2011 (as amended, restated, amended and restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as
therein defined), among Apartment Investment and Management Company, a Maryland corporation (the “REIT”), AIMCO Properties, L.P., a Delaware limited partnership (“AIMCO”), and AIMCO/Bethesda Holdings, Inc., a
Delaware corporation (“AIMCO/Bethesda”) (the REIT, AIMCO, and AIMCO/Bethesda, collectively referred to as the “Borrowers”), the Lenders from time to time party thereto, and KeyBank National Association, as
Administrative Agent, L/C Issuer and Swing Line Lender. 
 The undersigned Responsible Officer hereby certifies as of the date
hereof that he/she is the                                     
of the Borrowers, and that, as such, he/she is authorized to execute and deliver this Compliance Certificate to the Administrative Agent on the behalf of the Borrowers, and that: 

[Use following paragraph 1 for fiscal year-end financial statements] 

1. Attached hereto as Schedule 1 are the year-end audited financial statements required by Section 6.01(a) of the
Agreement for the fiscal year of the REIT ended as of the above date, together with the report and opinion of an independent certified public accountant required by such section. 

[Use following paragraph 1 for fiscal quarter-end financial statements] 

1. Attached hereto as Schedule 1 are the unaudited financial statements required by Section 6.01(b) of the Agreement
for the fiscal quarter of the REIT ended as of the above date. Such financial statements fairly present the financial condition, results of operations, shareholders’ equity and cash flows of the REIT in accordance with GAAP as at such date and
for such period, subject only to normal year-end audit adjustments and the absence of footnotes. 

  
 D-1

 Form of Compliance Certificate 

 2. The undersigned has reviewed and is familiar with the terms of the Agreement and has
made, or has caused to be made under his/her supervision, a detailed review of the transactions and condition (financial or otherwise) of the Borrowers during the accounting period covered by the attached financial statements. 

3. A review of the activities of the Borrowers during such fiscal period has been made under the supervision of the undersigned with a
view to determining whether during such fiscal period the Borrowers performed and observed all their Obligations under the Loan Documents, and 

[select one:] 

[to the best knowledge of the undersigned during such fiscal period, the Borrowers performed and observed each covenant and condition of
the Loan Documents applicable to it.] 
 —or— 
 [the following covenants or conditions have not been performed or observed and the following is a list of each such Default and its nature and status:] 

4. The financial covenant analyses and information set forth on Schedule 2 attached hereto are true and accurate on and as of the
date of this Compliance Certificate. 

  
 D-2

 Form of Compliance Certificate 

 IN WITNESS WHEREOF, the undersigned has executed this Compliance Certificate as of
            ,             . 

 

					
	APARTMENT INVESTMENT AND MANAGEMENT COMPANY, a Maryland corporation
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  

							
	AIMCO PROPERTIES, L.P., a Delaware limited partnership
		
	By:	 	 AIMCO-GP, Inc., a Delaware corporation,
 its General Partner

			
		 	By:	 	 
		 		 	Name:	 	
		 		 	Title:	 	

  

					
	AIMCO/BETHESDA HOLDINGS, INC., a Delaware corporation
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  
 D 

Form of Compliance Certificate 

 For the Quarter/Year ended
                     (“Statement Date”) 
 SCHEDULE 2 
 to the Compliance Certificate 

($ in 000’s) 
  

									
	 I
	  	 	Section 7.11(a) – Fixed Charge Coverage Ratio.	  	
		  	 	A.	  	  	Adjusted Total EBITDA for the four quarter period ended on Statement Date:	  	$            
		  	 	B.	  	  	Fixed Charges for the four quarter period ended on Statement Date:	  	$            
		  	 	C.	  	  	Fixed Charge Coverage Ratio (Line I.A. ÷ Line I.B.):	  	         to 1
	 II
	  	 	Section 7.11(b) – Debt Service Coverage Ratio.	  	
		  	 	A.	  	  	Adjusted Total EBITDA for the four quarter period ended on Statement Date (See Line I.A. above):	  	$            
		  	 	B.	  	  	Actual Debt Service for the four quarter period ended on Statement Date:	  	$            
		  	 	C.	  	  	Debt Service Coverage Ratio (Line II.A. ÷ Line II.B.):	  	         to 1
	 III
	  	 	Section 7.11(c) – Secured Indebtedness Ratio.	  	
		  	 	A.	  	  	Total Secured Indebtedness at Statement Date:	  	$            
		  	 	B.	  	  	Gross Asset Value at Statement Date:	  	$            
		  	 	C.	  	  	Secured Indebtedness Ratio (Line III.A. ÷ Line III.B.):	  	         to 1
	 IV
	  	 	Section 7.11(d) – Leverage Ratio.	  	
		  	 	A.	  	  	Total Funded Indebtedness at Statement Date:	  	$            
		  	 	B.	  	  	Gross Asset Value at Statement Date (See Line III.B. above):	  	$            
		  	 	C.	  	  	Leverage Ratio (Line IV.A. ÷ Line IV.B.):	  	         to 1

  
 D 

Form of Compliance Certificate 

							
	 V
	  	Section 7.11(e) – Adjusted Tangible Net Worth.	  	
		  	A.	  	85% of Adjusted Tangible Net Worth as of the Closing Date:	  	$            
		  	B.	  	85% of net issuance proceeds at Statement Date of all issuances to Persons other than the Borrowers or Subsidiaries of Stock or Partnership Units from and after the Closing
Date:	  	$            
		  	C.	  	Sum of A and C:	  	$            
		  	D.	  	Actual Adjusted Tangible Net Worth at Statement Date:	  	$            
		  	E.	  	D > C	  	Yes     No    
	 VI
	  	Section 7.11(f) – Cross Collateralized and Cross-Defaulted Indebtedness.	  	
		  	A.	  	Borrowing Group’s Share of all cross collateralized or cross-defaulted Indebtedness at Statement Date:	  	$            
		  	B.	  	15% of Total Funded Indebtedness at Statement Date (See Line IV.A. above):	  	
		  	C.	  	A < B	  	Yes     No    
	 VII
	  	Section 7.11(g) – Variable Rate Debt Ratio.	  	
		  	A.	  	Variable Rate Indebtedness at Statement Date:	  	$            
		  	B.	  	Total Funded Indebtedness at Statement Date: (See Line IV.A. above):	  	$            
		  	C.	  	Variable Rate Debt Ratio (Line VII.A ÷ Line VII.B.):	  	         to 1
	 VIII
	  	Section 7.11(h) – Aggregate Recourse Indebtedness.	  	
		  	A.	  	Borrowing Group’s Share of Aggregate Recourse Indebtedness, exclusive of the Commitments and the Total Outstandings	  	$            
		  	B.	  	A < $100,000,000	  	Yes     No    
	 IX
	  	Section 7.11(i) – Mezzanine Indebtedness.	  	
		  	A.	  	Aggregate outstanding principal amount (including paid-in-kind or other non current cash pay interest which is added to principal) of Mezzanine Indebtedness	  	
		  	B.	  	A < $20,000,000	  	Yes     No    

  
 D 

Form of Compliance Certificate 

									
	 X
	  	Section 7.11(j) – Total Unsecured Indebtedness.	  			
		  	A.	  	Total Unsecured Indebtedness at Statement Date:	  	 	$            	  
		  	B.	  	Free Cash Flow at Statement Date:	  	 	$            	  
		  	C.	  	Free Cash Flow at Statement Date divided by (y) a constant of 17.53% (based on a 7-year amortization and a 6% interest rate):	  	 	$            	  
		  	D.	  	A < C	  	 	Yes     No     	  

  
 D 

Form of Compliance Certificate 

 EXHIBIT E 

ASSIGNMENT AND ASSUMPTION 
 This Assignment and Assumption (this “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 Senior Secured Credit Agreement
identified below (the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by
reference and made a part of this Assignment and Assumption as if set forth herein in full. 
 For an agreed consideration, the
Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the
Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and obligations as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the
extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the credit facility identified below (including, without limitation, the Letters of Credit and the Swing
Line Loans included in such facility) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known
or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but
not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold
and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as, the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this
Assignment and Assumption, without representation or warranty by the Assignor. 
  

	1.	Assignor:
                                 

 

	2.	Assignee:
                                 [and is an Affiliate/Approved Fund of
[identify Lender]] 

  

	3.	Borrowers: Apartment Investment and Management Company, AIMCO Properties, L.P., and AIMCO/Bethesda Holdings, Inc. 

 

	4.	Administrative Agent: KeyBank National Association, as the administrative agent under the Credit Agreement 

  
 E-1

 Form of Assignment and Assumption 

	5.	Credit Agreement: Senior Secured Credit Agreement, dated as of December 13, 2011, among Apartment Investment and Management Company, AIMCO Properties, L.P.,
AIMCO/Bethesda Holdings, Inc., the Lenders from time to time party thereto, and KeyBank National Association, as Administrative Agent, L/C Issuer, and Swing Line Lender. 

 

	6.	Assigned Interest: 

  

							
	 Aggregate
 Amount
of
 Commitment/Loans
 for all Lenders*1
	  	 Amount of

Commitment/Loans

Assigned*
	  	 Percentage

Assigned of

Commitment/Loans2
	  	 CUSIP Number

	 $            
	  	 $            
	  	            %	  	
	 $            
	  	 $            
	  	            %	  	
	 $            
	  	 $            
	  	            %	  	

  

	[7.	 Trade Date:
                            ]3 

 Effective Date:                     , 20     [TO BE INSERTED BY
ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The
terms set forth in this Assignment and Assumption are hereby agreed to: 
  

			
	ASSIGNOR
	[NAME OF ASSIGNOR]
		
	By:	 	 
		 	Name:
		 	Title:
	
	ASSIGNEE
	[NAME OF ASSIGNEE]
		
	By:	 	 
		 	Name:
		 	Title:

  

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

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

	3 	 To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date.

  
 E-2

 Form of Assignment and Assumption 

			
	[Consented to and]4 Accepted:
	
	 KEYBANK NATIONAL ASSOCIATION,
 as Administrative Agent

		
	By:	 	 
		 	Name:
		 	Title:
	
	[Consented to:]5
		
	By:	 	 
		 	 Name:

Title:

	
	[Consented to:]6
	
	APARTMENT INVESTMENT AND MANAGEMENT COMPANY,
a Maryland corporation
		
	By:	 	 
		 	Name:
		 	Title:

					
	
	AIMCO PROPERTIES, L.P.,
a Delaware limited partnership
		
	By:	 	AIMCO-GP, Inc.,
a Delaware corporation,
its General Partner
			
		 	By:	 	 
		 		 	 Name:

Title:

  

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

	5 	 To be added only if the consent of other parties (e.g. L/C Issuer and/or Swing Line Lender) is required by the terms of the Credit Agreement.

	6 	 To be added only if the consent of the Borrowers is required by the terms of the Credit Agreement. 

  
 E-3

 Form of Assignment and Assumption 

			
	AIMCO/BETHESDA HOLDINGS, INC.,
a Delaware corporation
		
	By:	 	 
		 	 Name:

Title:

  
 E-4

 Form of Assignment and Assumption 

 ANNEX 1 TO ASSIGNMENT AND ASSUMPTION 

[                      
  ] 
 STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 
 1. Representations and Warranties. 
 1.1. Assignor. The Assignor
(a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and
authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with
respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the
Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrowers, any of their Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the
Borrowers, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 
 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 meets all requirements of an Eligible Assignee under the Credit Agreement (subject to receipt of such consents as may be required
under the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender
thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 6.01 thereof, as applicable, and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the
Administrative Agent or any other Lender, (v) attached hereto is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement (including, without limitation, Section 3.01 thereof), duly completed and
executed by the Assignee and (vi) it is not a Defaulting Lender; 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. 

  
 E-5

 Form of Assignment and Assumption 

 2. Payments. From and after the Effective Date, the Administrative Agent shall make
all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have
accrued from and after the Effective Date. 
 3. General Provisions. This Assignment and Assumption shall be binding
upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. 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. 

  
 E-6

 Form of Assignment and Assumption 

 EXHIBIT F 

FORM OF CONTINUING GUARANTY 
 FOR VALUE RECEIVED, the sufficiency of which is hereby acknowledged, and in consideration of any credit and/or financial accommodation heretofore or hereafter from time to time made or granted to
Apartment Investment and Management Company, a Maryland corporation (the “REIT”), AIMCO Properties, L.P., a Delaware limited partnership (“AIMCO”) and AIMCO/Bethesda Holdings, Inc., a Delaware corporation
(“AIMCO/Bethesda”) (the REIT, AIMCO and AIMCO/Bethesda, collectively referred to herein as the “Borrowers” and individually as a “Borrower”) by the Administrative Agent (as hereinafter defined) and
the Lenders (as hereinafter defined), the undersigned Guarantor (each such Person, individually, a “Guarantor” and, collectively, the “Guarantors”) hereby furnishes its guaranty (this “Guaranty”) of
the Guaranteed Obligations (as hereinafter defined) as follows: 
 1. Guaranty. Each Guarantor hereby absolutely and
unconditionally guarantees, jointly with the other Guarantors and severally, as a guarantee of payment and not merely as a guarantee of collection, prompt payment when due, whether at stated maturity, upon acceleration or otherwise, and at all times
thereafter, the Obligations (as such term is defined in that certain Senior Secured Credit Agreement, dated as of December 13, 2011, among the Borrowers, the lenders from time to time party thereto (collectively referred to herein as the
“Lenders” and individually as a “Lender”), and KeyBank National Association, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”) (as amended, restated, amended and
restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”; capitalized terms used in this Guaranty without definition have the meanings specified in the Credit Agreement), including
all out of pocket expenses incurred by the Administrative Agent, the L/C Issuers and the Lenders (including the reasonable fees, charges and disbursements of any counsel (including internal legal counsel) to the Administrative Agent, the L/C Issuers
and the Lenders) in connection with the collection or enforcement thereof (collectively, the “Guaranteed Obligations”). Each of the Guarantors further agrees that the Obligations may be modified, extended or renewed, in whole or in
part, without notice to or further assent from it, and that it will remain bound upon its guarantee notwithstanding any modification, extension or renewal of any Obligation. The Administrative Agent’s books and records showing the amount of the
Guaranteed Obligations shall be admissible in evidence in any action or proceeding, against or involving the Guarantors, and shall be binding upon the Guarantors and conclusive (absent manifest error) for the purpose of establishing the amount of
the Guaranteed Obligations. This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Guaranteed Obligations or any instrument or agreement evidencing any Guaranteed Obligations, or by the existence,
validity, enforceability, perfection, or extent of any collateral therefor, or by any fact or circumstance relating to the Guaranteed Obligations (other than satisfaction in full of the Obligations) which might otherwise constitute a defense to the
obligations of the Guarantors under this Guaranty. The obligations of the Guarantors hereunder shall be limited to an aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance under
Section 548 of the Bankruptcy Code (Title 11, United States Code) or any comparable provisions of any applicable state law. 

  
 F-1

 Form of Continuing Guaranty 

 2. No Setoff or Deductions; Taxes. All payments by any Guarantor hereunder shall be
paid in full, without setoff or counterclaim or any deduction or withholding whatsoever, including, without limitation, for any and all present and future taxes, except to the extent such deduction or withholding would have been permitted if made by
the Borrowers under Section 3.01 of the Credit Agreement. 
 3. No Termination; Release. This Guaranty is a
continuing and irrevocable guaranty of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until all Guaranteed Obligations (other than contingent indemnity obligations as to which no claim is then pending)
are indefeasibly paid in full and any commitments of the Lenders to lend under the Credit Agreement are terminated and the L/C Obligations have reduced to zero (other than L/C Obligations that have been fully Cash Collateralized or supported by a
backstop letter in accordance with Section 2.14 of the Credit Agreement. At the Administrative Agent’s option, all payments under this Guaranty shall be made to an office of the Administrative Agent located in the United States and in U.S.
Dollars. A Guarantor shall be automatically released from its obligations under this Guaranty if such Person ceases to be a Subsidiary of the Borrowers as a result of a transaction not prohibited by the Loan Documents (it being acknowledged and
understood that the Guaranteed Obligations of such Guarantor under this Guaranty and the other Loan Documents shall automatically terminate and be of no further force and effect upon the consummation of any such transaction). In connection with any
such termination or release of any Guarantor pursuant to this Section 3, the Administrative Agent shall promptly execute and deliver to such Guarantor and at the expense of such Guarantor, all documents that such Guarantor shall reasonably
request to evidence such termination or release. 
 4. Waiver of Notices. Each Guarantor waives notice of the acceptance
of this Guaranty and of the extension or continuation of the Guaranteed Obligations or any part thereof. Each Guarantor further waives presentment, protest, notice, dishonor or default, demand for payment and any other notices to which such
Guarantor might otherwise be entitled. 
 5. Subrogation. No Guarantor shall exercise a right of subrogation,
contribution or similar rights with respect to any payments it makes under this Guaranty until all of the Guaranteed Obligations (other than contingent indemnity obligations as to which no claim is then pending) are indefeasibly paid in full and any
commitments of the Lenders to lend under the Credit Agreement are terminated and the L/C Obligations have been reduced to zero (other than L/C Obligations that have been fully Cash Collateralized or supported by a “back-to-back” letter of
credit in accordance with Section 2.14 of the Credit Agreement. If any amounts are paid to any Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Lenders and shall forthwith be
paid to the Administrative Agent, for the ratable benefit of the Lenders, to reduce the amount of the Guaranteed Obligations, whether matured or unmatured. 
 6. Waiver of Suretyship Defenses. Each Guarantor agrees that the Administrative Agent may, at any time and from time to time, and without notice to such Guarantor, make any agreement with the
Borrowers, any one or more of them, or with any other person or entity liable on any of the Guaranteed Obligations or providing collateral as security for the Guaranteed Obligations, for the extension, renewal, payment, compromise, discharge or
release of the Guaranteed Obligations or any collateral (in whole or in part), or for any modification or 

  
 F-2

 Form of Continuing Guaranty 

 
amendment of the terms thereof or of any instrument or agreement evidencing the Guaranteed Obligations or the provision of collateral, all without in any way impairing, releasing, discharging or
otherwise affecting the obligations of such Guarantor under this Guaranty. Each Guarantor waives any defense arising by reason of any disability or other defense of the Borrowers or any other guarantor, or the cessation from any cause whatsoever of
the liability of the Borrowers, or any claim that such Guarantor’s obligations exceed or are more burdensome than those of the Borrowers and waives the benefit of any statute of limitations affecting the liability of such Guarantor hereunder.
Each Guarantor waives any right to enforce any remedy which the Administrative Agent and any Lender now has or may hereafter have against the Borrowers and waives any benefit of and any right to participate in any security now or hereafter held by
the Administrative Agent or any Lender until all Guaranteed Obligations (other than contingent indemnity obligations as to which a claim is then pending) are indefeasibly paid in full. Further, each Guarantor consents to the taking of, or failure to
take, any action which might in any manner or to any extent vary the risks of such Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of such Guarantor. 

7. Exhaustion of Other Remedies Not Required. The obligations of each Guarantor hereunder are those of primary obligor, and not
merely as surety, and are independent of the Guaranteed Obligations. Each Guarantor waives diligence by the Administrative Agent and the Lenders and action on delinquency in respect of the Guaranteed Obligations or any part thereof, including,
without limitation any provisions of law requiring the Administrative Agent and the Lenders to exhaust any right or remedy or to take any action against the Borrowers, any one of them, any other guarantor or any other person, entity or property
before enforcing this Guaranty against such Guarantor. 
 8. Reinstatement. Notwithstanding anything in this Guaranty to
the contrary, this Guaranty shall continue to be effective or be reinstated, as the case may be, if and to the extent that at any time any payment of any portion of the Guaranteed Obligations is revoked, terminated, rescinded or reduced or must
otherwise be restored or returned by the Administrative Agent, any L/C Issuer or any Lender upon the insolvency, bankruptcy or reorganization of the Borrowers, any one of them or any other person or entity or otherwise, as if such payment had not
been made and whether or not the Administrative Agent or any Lender is in possession of or has released this Guaranty and regardless of any prior revocation, rescission, termination or reduction. 

9. Subordination. Each Guarantor hereby subordinates the payment of all obligations and indebtedness of the Borrowers owing to
such Guarantor, whether now existing or hereafter arising, including but not limited to any obligation of the Borrowers to such Guarantor as subrogee of the Administrative Agent or resulting from such Guarantor’s performance under this
Guaranty, to the indefeasible payment in full of all Guaranteed Obligations (it being understood that, so long as no Event of Default has occurred and is continuing, nothing in this Section 9 shall prohibit any Borrower from paying amounts in
respect of obligations and indebtedness of such Borrower owing to any Guarantor). If the Administrative Agent so requests at any time after the occurrence and during the continuance of an Event of Default, any such obligation or indebtedness of the
Borrowers to the Guarantor shall be enforced and performance received by the Guarantor as trustee for the Administrative Agent and the proceeds thereof shall be paid over to the Administrative Agent, for the ratable benefit of the Lenders, on
account of the Guaranteed Obligations, but without reducing or affecting in any manner the liability of the Guarantor under this Guaranty. 

  
 F-3

 Form of Continuing Guaranty 

 10. Information. Each Guarantor agrees to furnish promptly to the Administrative
Agent any and all financial or other information regarding such Guarantor or its property as the Administrative Agent may reasonably request in writing. 
 11. Stay of Acceleration. In the event that acceleration of the time for payment of any of the Guaranteed Obligations is stayed, upon the insolvency, bankruptcy or reorganization of the Borrowers
or any other person or entity, or otherwise, all such amounts shall nonetheless be payable by the Guarantors immediately upon demand by the Administrative Agent. 
 12. Expenses. The Guarantors shall pay on demand all reasonable out-of-pocket expenses incurred by the Administrative Agent, any L/C Issuer or any Lender (including reasonable attorneys’ fees
and expenses and the allocated cost and disbursements of internal legal counsel) in any way relating to the enforcement or protection of the Administrative Agent’s and any Lender’s rights under this Guaranty, including any incurred in the
preservation, protection or enforcement of any rights of the Administrative Agent and the Lenders in any case commenced by or against the Guarantors under the Bankruptcy Code (Title 11, United States Code) or any similar or successor statute. The
obligations of the Guarantors under the preceding sentence shall survive termination of this Guaranty. 
 13. Amendments.
No provision of this Guaranty may be waived, amended, supplemented or modified, except by a written instrument executed by the Administrative Agent and the Guarantors. 
 14. No Waiver; Enforceability. No failure by the Administrative Agent and any Lender to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof;
nor shall any single or partial exercise of any right, remedy or power hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies
provided by law or in equity. The unenforceability or invalidity of any provision of this Guaranty shall not affect the enforceability or validity of any other provision herein. 

15. Assignment; Governing Laws; Jurisdiction. This Guaranty shall (a) bind the Guarantors and their respective successors and
assigns; provided, that, the Guarantors may not assign their rights or obligations under this Guaranty without the prior written consent of the Administrative Agent (and any attempted assignment without such consent shall be void) (it
being understood that a merger or consolidation of a Guarantor with or into another member of the Borrowing Group expressly permitted under the Credit Agreement shall not constitute such an assignment), (b) inure to the benefit of the
Administrative Agent and its successors and assigns and the Administrative Agent may, without notice to the Guarantor and without affecting the Guarantor’s obligations hereunder, assign or sell participations in the Guaranteed Obligations and
this Guaranty, in whole or in part in accordance with the Credit Agreement, and (c) be governed by, and construed in accordance with, the law of the State of New York. Each Guarantor hereby irrevocably (i) submits to the non-exclusive
jurisdiction of the courts of the State of New York sitting in New York, County and of the United States District Court of the 

  
 F-4

 Form of Continuing Guaranty 

 
Southern District of New York and any appellate court from any thereof in any action or proceeding arising out of or relating to this Guaranty, and (ii) waives to the fullest extent
permitted by law any defense asserting an inconvenient forum in connection therewith. Service of process by the Administrative Agent in connection with such action or proceeding shall be binding on the Guarantors if sent in the manner provided for
notices in Section 10.02 of the Credit Agreement to the Guarantors at the address, telecopy number or electronic mail address set forth for Borrowers on Schedule 10.02 of the Credit Agreement or at such other address, telecopy number or
electronic mail address as shall be designated by any Guarantor in a written notice to Administrative Agent at the address set forth on Schedule 10.02 to the Credit Agreement. Subject to the provisions of Section 10.07 of the Credit Agreement,
each Guarantor agrees that the Administrative Agent and the Lenders may disclose to any prospective purchaser and any purchaser of all or part of the Guaranteed Obligations any and all information in the Administrative Agent’s and such
Lender’s possession concerning each Guarantor, this Guaranty and any security for this Guaranty. 
 16. Condition of the
Borrowers. Each Guarantor acknowledges and agrees that it has the sole responsibility for, and has adequate means of, obtaining from the Borrowers such information concerning the financial condition, business and operations of the Borrowers as
such Guarantor requires, and that the Administrative Agent and the Lenders have no duty, and such Guarantor is not relying on the Administrative Agent or the Lenders at any time, to disclose to such Guarantor any information relating to the
business, operations or financial condition of the Borrowers. 
 17. Setoff. If an Event of Default shall have occurred
and be continuing and to the extent any payment is not made when due hereunder, the Administrative Agent may setoff and charge from time to time any amount so due against any or all of the Guarantors’ accounts or deposits with the
Administrative Agent. The Administrative Agent agrees to notify the Guarantors promptly after any such setoff and charge, provided that the failure to give such notice shall not affect the validity of such setoff and charge. 

18. Other Guarantees. Unless otherwise agreed by the Administrative Agent and the Guarantors in writing, this Guaranty is not
intended to supersede or otherwise affect any other guaranty now or hereafter given by the Guarantors for the benefit of the Administrative Agent or any term or provision thereof. 

19. Representations and Warranties. Each Guarantor represents and warrants that (i) it is duly organized or formed and in
good standing under the laws of the jurisdiction of its incorporation or organization and has all requisite corporate or other organizational power and authority to execute, deliver and perform this Guaranty; (ii) this Guaranty constitutes its
legal, valid and binding obligation enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of
creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law); (iii) except as would not reasonably be expected to have a Material Adverse Effect, the making and
performance of this Guaranty does not and will not violate the provisions of any applicable law, regulation or order, and does not and will not result in the breach of, or constitute a default or require any consent under, any material agreement,
instrument, or document to which it is a party 

  
 F-5

 Form of Continuing Guaranty 

 
or by which it or any of its property may be bound or affected; (iv) all consents, approvals, licenses and authorizations of, and filings and registrations with, any governmental authority
required under applicable law and regulations for the making and performance of this Guaranty have been obtained or made and are in full force and effect; and (v) by virtue of its relationship with the Borrowers, the execution, delivery and
performance of this Guaranty is for the direct benefit of such Guarantor and it has received adequate consideration for this Guaranty. 
 20. WAIVER OF JURY TRIAL; FINAL AGREEMENT. TO THE EXTENT ALLOWED BY APPLICABLE LAW, EACH GUARANTOR AND THE ADMINISTRATIVE AGENT EACH WAIVE TRIAL BY JURY WITH RESPECT TO ANY ACTION, CLAIM, SUIT OR
PROCEEDING ON OR ARISING OUT OF THIS GUARANTY. THIS GUARANTY REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES RELATING TO THE SUBJECT MATTER HEREOF. 
 [remainder of page intentionally left
blank] 

  
 F-6

 Form of Continuing Guaranty 

 IN WITNESS WHEREOF, the parties hereto have executed this Guaranty as of the date and year
first set forth above. 
  

					
	“GUARANTORS”
	
	 AIMCO EQUITY SERVICES, INC.,
 a Virginia corporation
 AIMCO HOLDINGS QRS, INC.,

a Delaware corporation
 AIMCO-LP
TRUST,
 a Delaware trust
 AIMCO
PROPERTIES FINANCE CORP.,
 a Delaware corporation
 AMBASSADOR I, INC.,
 a Delaware corporation

ANGELES REALTY CORPORATION II,
 a
California corporation
 CONCAP EQUITIES, INC.,
 a Delaware corporation
 NHP A&R SERVICES, INC.,

a Virginia corporation
 NHPMN STATE
MANAGEMENT, INC.,
 a Delaware corporation
 AIMCO-GP, INC.,
 a Delaware corporation

NHPMN-GP, INC.,
 a Delaware
corporation

		
	By:	 	 
		 	Name:	 	Patti K. Fielding
		 	Title:	 	Executive Vice President and Treasurer

  

							
	AIMCO IPLP, L.P., a Delaware limited partnership
		
	By:	 	AIMCO/IPT, Inc., a Delaware corporation, its General Partner
			
		 	By:	 	 
		 		 	Name:	 	Patti K. Fielding
		 		 	Title:	 	Executive Vice President and Treasurer

  
 F 

Form of Continuing Guaranty 

 
							
	AIMCO HOLDINGS, L.P., a Delaware limited partnership
		
	By:	 	AIMCO Holdings QRS, Inc., a Delaware corporation, its General Partner
			
		 	By:	 	 
		 		 	Name:	 	Patti K. Fielding
		 		 	Title:	 	Executive Vice President and Treasurer

  

									
	AMBASSADOR CRM FLORIDA PARTNERS LIMITED PARTNERSHIP, a Delaware limited partnership
		
	By:	 	Ambassador Florida Partners Limited Partnership, a Delaware limited partnership, its General Partner
			
		 	By:	 	Ambassador Florida Partners, Inc., a Delaware corporation, its General Partner
				
		 		 	By:	 	 
		 		 		 	Name:	 	Patti K. Fielding
		 		 		 	Title:	 	Executive Vice President and Treasurer

  
 F 

Form of Continuing Guaranty 

 
											
	 AMBASSADOR APARTMENTS, L.P.,
 a Delaware limited partnership

		
	By:	 	AIMCO QRS GP, LLC, a Delaware limited liability company, its General Partner
			
		 	By:	 	AIMCO Properties, L.P., a Delaware limited partnership, its Member
				
		 		 	By:	 	AIMCO-GP, Inc., a Delaware corporation, its General Partner
					
		 		 		 	By:	 	 
		 		 		 		 	Name:	 	Patti K. Fielding
		 		 		 		 	Title:	 	Executive Vice President and Treasurer

  

									
	LAC PROPERTIES OPERATING PARTNERSHIP, L.P., a Delaware limited partnership
		
	By:	 	AIMCO GP LA, L.P., a Delaware limited partnership, its General Partner
			
		 	By:	 	AIMCO-GP, Inc., a Delaware corporation, its General Partner
				
		 		 	By:	 	 
		 		 		 	Name:	 	Patti K. Fielding
		 		 		 	Title:	 	Executive Vice President and Treasurer

  
 F 

Form of Continuing Guaranty 

 
									
	GP-OP PROPERTY MANAGEMENT, LLC, a Delaware limited liability company
		
	By:	 	AIMCO Properties, L.P., a Delaware limited partnership, its Member
			
		 	By:	 	AIMCO-GP, Inc., a Delaware corporation, its General Partner
				
		 		 	By:	 	 
		 		 		 	Name:	 	Patti K. Fielding
		 		 		 	Title:	 	Executive Vice President and Treasurer

  

							
	NHPMN MANAGEMENT, L.P., a Delaware limited partnership
		
	By:	 	NHPMN-GP, Inc., a Delaware corporation, its General Partner
			
		 	By:	 	 
		 		 	Name:	 	Patti K. Fielding
		 		 	Title:	 	Executive Vice President and Treasurer

  

							
	NHPMN MANAGEMENT, LLC, a Delaware limited liability company
		
	By:	 	AIMCO/Bethesda Holdings, Inc., a Delaware corporation, its General Manager
			
		 	By:	 	 
		 		 	Name:	 	Patti K. Fielding
		 		 	Title:	 	Executive Vice President and Treasurer

  
 F 

Form of Continuing Guaranty 

 
							
	OP PROPERTY MANAGEMENT, L.P., a Delaware limited partnership
		
	By:	 	NHPMN-GP, Inc., a Delaware corporation, its Managing General Partner
			
		 	By:	 	 
		 		 	Name:	 	Patti K. Fielding
		 		 	Title:	 	Executive Vice President and Treasurer

  

									
	OP PROPERTY MANAGEMENT, LLC, a Delaware limited liability company
		
	By:	 	AIMCO Properties, L.P., a Delaware limited partnership, its General Manager
			
		 	By:	 	AIMCO-GP, Inc., a Delaware corporation, its General Partner
				
		 		 	By:	 	 
		 		 		 	Name:	 	Patti K. Fielding
		 		 		 	Title:	 	Executive Vice President and Treasurer

  
 F 

Form of Continuing Guaranty 

 
													
	LAC PROPERTIES GP I LIMITED PARTNERSHIP, a Delaware limited partnership
		
	By:	 	LAC Properties GP I LLC, a Delaware limited liability company, its General Partner
			
		 	By:	 	LAC Properties Operating Partnership, L.P., a Delaware limited partnership, its Managing Member
				
		 		 	By:	 	AIMCO GP LA, L.P., a Delaware limited partnership, its General Partner
					
		 		 		 	By:	 	AIMCO-GP, Inc., a Delaware corporation, its General Partner
						
		 		 		 		 	By:	 	 
		 		 		 		 		 	Name:	 	Patti K. Fielding
		 		 		 		 		 	Title:	 	Executive Vice President and Treasurer

  

							
	LAC PROPERTIES GP II LIMITED PARTNERSHIP, a Delaware limited partnership
		
	By:	 	LAC Properties QRS II Inc., a Delaware corporation, its General Partner
			
		 	By:	 	 
		 		 	Name:	 	Patti K. Fielding
		 		 	Title:	 	Executive Vice President and Treasurer

  
 F 

Form of Continuing Guaranty 

 
							
	AIMCO SELECT PROPERTIES, L.P., a Delaware limited partnership
		
	By:	 	AIMCO/Bethesda Holdings, Inc., a Delaware corporation, its General Partner
			
		 	By:	 	 
		 		 	Name:	 	Patti K. Fielding
		 		 	Title:	 	Executive Vice President and Treasurer

  

							
	THE NATIONAL HOUSING PARTNERSHIP, a District of Columbia limited partnership
		
	By:	 	National Corporation for Housing Partnerships, a District of Columbia corporation, its General Partner
			
		 	By:	 	 
		 		 	Name:	 	Patti K. Fielding
		 		 	Title:	 	Executive Vice President and Treasurer

  
 F 

Form of Continuing Guaranty 

					
	AGREED AND ACCEPTED:
	
	 KEYBANK NATIONAL ASSOCIATION,
 as Administrative Agent

		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  
 F 

Form of Continuing Guaranty 

 EXHIBIT G 

FORM OF INTRA-COMPANY LOAN SUBORDINATION AGREEMENT 
 This INTRA-COMPANY LOAN SUBORDINATION AGREEMENT (as amended, restated, amended and restated, supplemented, extended or otherwise modified in writing from time to time, this
“Agreement”), is dated as of December             , 2011, by and among APARTMENT INVESTMENT AND MANAGEMENT COMPANY, a Maryland corporation (the
“REIT”), AIMCO PROPERTIES, L.P., a Delaware limited partnership (“AIMCO”) and AIMCO/BETHESDA HOLDINGS, INC., a Delaware corporation (“AIMCO/Bethesda”) (the REIT,
AIMCO and AIMCO/Bethesda are jointly and severally collectively referred to herein as the “Companies”), each of the Guarantors (as such term is defined in the Credit Agreement (as defined herein)) party hereto (the
“Guarantors”), each of the parties designated as an “Intra-Company Lender” on Annex 1 attached hereto (each, an “Intra-Company Lender”, and collectively, the
“Intra-Company Lenders”), and KEYBANK NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity herein called the “Agent”). Capitalized terms used in this Agreement
without definition have the meanings specified in the Credit Agreement. 
 RECITALS 

A. In accordance with that certain Senior Secured Credit Agreement, dated as of December 13, 2011 (as amended, restated, amended and
restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), by and among the Companies, the lenders from time to time party thereto (each a “Lender”,
and collectively, the “Lenders”) and KeyBank National Association, as Administrative Agent and as a Lender, the Lenders have made a revolving credit facility available to the Companies. As used herein, the term
“Credit Facility” shall refer to all Obligations and other indebtedness and liabilities, including, without limitation, all obligations with respect to principal, premium, if any, interest (including interest that accrues
after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest is allowed in such proceeding), and
default interest, if any, now or hereafter owed by any Loan Party under any of the Loan Documents. 
 B. Each of the
Intra-Company Lenders has made a loan or loans (each, an “Intra-Company Loan”, and collectively the “Intra-Company Loans”) to the Companies and the Guarantors (collectively, the
“Intra-Company Borrowers”). 
 C. To induce the Lenders to make the Loans under the Credit Agreement,
each of the Intra-Company Lenders desires to subordinate the Intra-Company Loan or Intra-Company Loans made by such Intra-Company Lender to the Credit Facility and to make certain agreements in favor of the Agent and the Lenders. (As used herein,
“Applicable Intra-Company Loan” means, with respect to any Intra-Company Lender, an Intra-Company Loan made by such Intra-Company Lender to an Intra-Company Borrower.) 

  
 G-1

 Form of Intra Company Loan Subordination Agreement 

 AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing recitals and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 1. Approval of Credit Facility. Each of the Intra-Company Lenders acknowledges that it has received, and each
Intra-Company Lender hereby consents to, the Loan Documents. 
 2. Payment Subordination. 

(a) Each Intra-Company Lender agrees that any Applicable Intra-Company Loan is and shall be subject, subordinate and
rendered junior, in right of payment, to the prior indefeasible payment in full, for a period of time in excess of all applicable preference or other similar periods under applicable bankruptcy, insolvency or creditors’ rights laws, of the
Credit Facility. 
 (b) While an Event of Default exists each Intra-Company Lender agrees not to ask, demand, sue
for, take or receive from an Intra-Company Borrower or any other Person, directly or indirectly, in cash, securities or other property or by set-off or in any other manner (including without limitation from or by way of collateral), payment of all
or any amounts owing with respect to any Applicable Intra-Company Loan (a “Subordinated Debt Payment”) nor to accept any such Subordinated Debt Payment; and, while an Event of Default exists each of the Companies agrees to cause the
Intra-Company Borrowers not to make, and each of the Companies agrees not to make, or to permit any Intra-Company Borrower to make, any such Subordinated Debt Payment; unless and until, in each such case, the Credit Facility shall have been
indefeasibly paid in full, for a period of time in excess of all applicable preference or other similar periods under applicable bankruptcy, insolvency or creditors’ rights laws. 

3. In Furtherance of Subordination. 
 (a) Upon any distribution of all or any of the assets of any of the Intra-Company Borrowers (i) in the event of any insolvency or bankruptcy case or proceeding, or any receivership, liquidation,
reorganization or other similar case or proceeding in connection therewith, relative to any of the Intra-Company Borrowers or to any of their creditors, as such, or to its assets, (ii) in the event of any liquidation, dissolution or other
winding up of any of the Intra-Company Borrowers, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy, (iii) in the event of any assignment for the benefit of creditors or any other marshaling of assets and
liabilities of any of the Intra-Company Borrowers, or (iv) in any manner inconsistent with the provisions of this Agreement (such events, collectively, the “Insolvency Events”), then and in any such event all amounts due or to become
due on account of the Credit Facility, including post-petition interest thereon, shall first be indefeasibly paid in full (whether or not an Event of Default has occurred or the maturity of the Credit Facility has been declared due and payable prior
to the date on which it would otherwise have become due and payable) before any Subordinated Debt Payment is made. 

  
 G-2

 Form of Intra Company Loan Subordination Agreement 

 (b) Except to the extent not prohibited under the Credit Agreement, each
Intra-Company Lender agrees that, so long as the Credit Facility shall remain unpaid, such Intra-Company Lender shall not loan or advance any additional funds to the Companies or the Guarantors, other than the Applicable Intra-Company Loan.

 (c) Subject to the provisions in Section 2(b) hereof, all payments with respect to an
Intra-Company Loan or distributions received by an Intra-Company Lender contrary to the provisions of this Agreement shall be received in trust for the benefit of the Lenders, shall be segregated from other funds and property held by such
Intra-Company Lender, and shall be forthwith paid over to the Agent for the ratable benefit of the Lenders in the same form as so received (with any necessary endorsement) to be applied (in the case of cash) to, or held as collateral (in the case of
non-cash property or securities) for, the payment or prepayment of the Credit Facility. 
 4. No Commencement of Any
Proceedings. Each Intra-Company Lender agrees that, so long as the Credit Facility shall remain unpaid, such Intra-Company Lender (a) will (i) not commence, or join with any creditor other than Lenders in commencing, or cause the
Intra-Company Borrower to commence, any Insolvency Event, and (ii) execute, verify, deliver and file any proofs of claim in respect of its Intra-Company Loans requested by Agent in connection with any such proceeding and (b) irrevocably
authorizes, empowers and appoints Agent on behalf of the Lenders as such Intra-Company Lender’s agent and attorney-in-fact to (i) execute, verify, deliver and file such proofs of claim upon the failure of the Intra-Company Lender promptly
to do so (and, in any event, prior to 30 days before the expiration of the time to file any such proof) and (ii) upon the election of Agent to have the exclusive right to vote such claim in any such proceeding; provided,
that, Agent shall have no obligation to execute, verify, deliver, file and/or vote any such proof of claim. In the event that the Administrative Agent votes any claim in accordance with the authority granted hereby, the Intra-Company
Lender shall not be entitled to change or withdraw such vote. 
 5. No Disposition or Amendment of or Exercise of Remedies
With Respect to an Intra-Company Loan. So long as the Credit Facility remains unpaid, each Intra-Company Lender agrees that it will not: 
 (a) Sell, assign, transfer, endorse, pledge, encumber or otherwise enter into any Disposition of the Applicable Intra-Company Loan or any interest therein except to the extent not prohibited under the
Credit Agreement (it being understood that a merger or consolidation of such Intra-Company Lender with or into another member of the Borrowing Group expressly permitted under the Credit Agreement shall not constitute such an assignment); 

(b) Enter into any amendment, modification, extension, renewal or replacement of or accept any collateral or guaranty for
any Applicable Intra-Company Loan except to the extent not prohibited under the Credit Agreement; or 

  
 G-3

 Form of Intra Company Loan Subordination Agreement 

 (c) Take, or permit to be taken, any action to assert, collect or enforce
any Applicable Intra-Company Loan or any part thereof, or to exercise any of such Intra-Company Lender’s remedies with respect to any Applicable Intra-Company Loan. 
 6. Rights and Obligations Hereunder Not Affected. All rights and interests of the Agent and the Lenders hereunder, and all agreements and obligations of each Intra-Company Lender, the Companies and
the Guarantors under this Agreement, shall remain in full force and effect irrespective of: 
 (a) any lack of
validity or enforceability of the Loan Documents or any other documents evidencing or securing the Credit Facility; 
 (b) any change in the time, manner or place of payment of, or in any other term of, the Credit Facility, or any other amendment or waiver of or any consent to departure from the Loan Documents;

 (c) any exchange, release or non-perfection of any collateral for or of any Person liable for all or any of
the Credit Facility; or 
 (d) the rescission or return of any payment on account of the Credit Facility by any
Lender upon the insolvency, bankruptcy or reorganization of the Companies or any of the Guarantors, or otherwise, all as though such payment had not been made. 
 7. Representations and Warranties. Each of the Companies and each Intra-Company Lender, as applicable, represents and warrants to the Agent and the Lenders that: 

(a) Each Intra-Company Lender that is a corporation, partnership, or limited liability company: 

(i) Is duly organized or formed, as applicable, validly existing and in good standing under the laws of the jurisdiction of its
organization; and 
 (ii) Has all requisite corporate or other organizational power and authority and all requisite governmental
licenses, authorizations, consents and approvals to perform its obligations under this Agreement. 
 (b) The
execution, delivery and performance by each Intra-Company Lender of this Agreement has been duly authorized by all necessary partnership or other organizational action, and do not and will not: 

(i) Contravene the terms of any Intra-Company Lender’s Organization Documents except as could not reasonably be expected to have a
Material Adverse Effect; 

  
 G-4

 Form of Intra Company Loan Subordination Agreement 

 (ii) Conflict with, or result in any breach or contravention of, or the creation of any Lien
under, any document evidencing any Contractual Obligation, to which each Intra-Company Lender is a party or any order, injunction, writ or decree of any Governmental Authority to which such Intra-Company Lender or its properties are subject, in each
case except as could not reasonably be expected to have a Material Adverse Effect; or 
 (ii) Violate any Law, except as could
not reasonably be expected to have a Material Adverse Effect. 
 (c) No approval, consent, exemption,
authorization, or other action by, or notice to, or filing with, any Governmental Authority is necessary or required in connection with the execution, delivery or performance by, or enforcement against, each Intra-Company Lender of this Agreement.

 (d) This Agreement constitutes the legal, valid and binding obligation of each Intra-Company Lender,
enforceable against each such Intra-Company Lender in accordance with its respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of
creditors’ rights generally or by general equitable principles relating to enforceability (whether enforcement is sought by proceedings in equity or at law). 

(e) All representations and warranties of the Companies with respect to each Intra-Company Lender and each Intra-Company
Borrower (whether expressly or as a Subsidiary) set forth in Article V of the Credit Agreement and the other Loan Documents are true and correct in all material respects to the knowledge of the Companies on and as of the date hereof, except to the
extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects to the knowledge of the Companies only as of such earlier date. 

8. Waivers. No waiver of any provision of this Agreement shall in any event be effective unless the same shall be in writing and
signed by the Agent with any required consent from the Lenders as provided in the Credit Agreement, and then only in the specific instance and for the specific purpose for which given. Any waiver, forbearance, failure or delay by the Agent or any
Lender in exercising any right, power or remedy, shall not preclude the further, simultaneous or later exercise thereof, and every right, power or remedy of the Agent or any Lender shall continue in full force and effect until such right, power or
remedy is specifically waived in a writing executed by the Agent with any required consent from the Lenders as provided in the Credit Agreement. 

  
 G-5

 Form of Intra Company Loan Subordination Agreement 

 9. Cumulative Rights. The rights, powers and remedies of the Agent and the Lenders
under this Agreement shall be in addition to all rights, powers and remedies given to the Agent and the Lenders by virtue of any statute or rule of law, the Credit Agreement, or any other agreement, all of which rights, powers and remedies shall be
cumulative and may be exercised successively or concurrently. 
 10. Assignment; Successors and Assigns. Each
Intra-Company Lender hereby represents to the Agent and the Lenders that it has not assigned or sold any interest in any Applicable Intra-Company Loan as of the Closing Date. This Agreement shall bind the Agent, the Lenders, each Intra-Company
Lender, the Companies and the Guarantors and their successors and assigns and shall inure to the benefit of their respective successors and assigns. 
 11. Counterpart Originals. This Agreement may be executed in counterpart originals, each of which shall constitute the same agreement. Delivery of an executed counterpart of a signature page of
this Agreement by telecopy or other electronic image (e.g., “PDF” or “TIF” via electronic mail) shall be as effective as delivery of a manually executed counterpart of this Agreement. 

12. Choice of Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of New York.

 13. Severability. Every provision of this Agreement is intended to be severable. In the event any term, provision,
section or subsection of this Agreement is declared to be illegal or invalid, for any reason whatsoever, by a court of competent jurisdiction, such illegality or invalidity shall not affect the other terms, provisions, sections or subsections of
this Agreement, which shall remain binding and enforceable. 
 14. Integration; Modifications. This Agreement
(a) integrates all the terms and conditions mentioned in or incidental to this Agreement, (b) supersedes all oral negotiations and prior writings with respect to their subject matter, and (c) is intended by the parties as the final
expression of the agreement with respect to the terms and conditions set forth in this Agreement. No representation, understanding, promise or condition shall be enforceable against any party unless it is contained in the Loan Documents. This
Agreement may not be modified except in a writing signed by the Agent with any required consent of the Lenders as provided in the Credit Agreement, the Companies, the Guarantors and with respect to any Intra-Company Loan affected thereby, the
applicable Intra-Company Borrower and Intra-Company Lender. 
 15. Other Intra-Company Indebtedness. If any Company, or
any of the Intra-Company Lenders are either an obligor or an obligee with respect to “Intra-Company Debt” to the extent such Intra-Company Debt is owed by a Borrower or Guarantor (each as defined in the Credit Agreement) (and whether any
such parties originated the applicable loan or accepted such loan by assignment, or originally incurred such debt or assumed such debt) each of the Companies and the Intra-Company Lenders agrees that such Intra-Company Debt shall be considered an
“Intra-Company Loan” for all purposes hereunder, the applicable obligor and obligee with respect to such Intra-Company Loan shall be deemed an Intra-Company Borrower or Intra-Company Lender, respectively, hereunder, and all
representations, warranties, covenants, and other provisions herein shall apply with respect thereto. Each of the Companies 

  
 G-6

 Form of Intra Company Loan Subordination Agreement 

 
agrees to cause each of its Subsidiaries to subordinate the obligations owed by any Borrower or Guarantor to such Subsidiary under any Intra-Company Debt to the Obligations of each Guarantor or
Borrower under the Loan Documents on the subordination terms set forth in this Agreement. 
 16. Further Assurances. Each
of the Companies, the Intra-Company Lenders, and the Intra-Company Borrowers agrees to execute and deliver such additional instruments and agreements and to undertake such further acts as may be deemed reasonably necessary or appropriate by the
Agent or the Lenders in order to effectuate the provisions of this Agreement. 
 17. Consent to Jurisdiction and Service of
Process. ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST INTRA-COMPANY LENDERS ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR ANY OBLIGATIONS HEREUNDER, MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY OR IN THE UNITED
STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH INTRA-COMPANY LENDER, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY (I) ACCEPTS GENERALLY AND UNCONDITIONALLY THE
NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; (II) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (III) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE IN THE MANNER PROVIDED FOR NOTICES IN
SECTION 10.02 OF THE CREDIT AGREEMENT TO EACH SUCH INTRA-COMPANY LENDER AT ITS ADDRESS SET FORTH IN ANNEX 1 ATTACHED HERETO; (IV) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (III) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION
OVER EACH SUCH INTRA-COMPANY LENDER IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; (V) AGREES THAT AGENT RETAINS THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY
LAW OR TO BRING PROCEEDINGS AGAINST ANY INTRA-COMPANY LENDER IN THE COURTS OF ANY OTHER JURISDICTION; AND (VI) AGREES THAT THE PROVISIONS OF THIS SECTION 17 RELATING TO JURISDICTION AND VENUE SHALL BE BINDING AND ENFORCEABLE TO THE FULLEST
EXTENT PERMISSIBLE UNDER APPLICABLE LAW. 
 18. Waiver of Jury Trial. EACH INTRA-COMPANY LENDER AND EACH OTHER PARTY TO
THIS AGREEMENT HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT. The scope of this waiver is intended to be all-encompassing of any and all disputes that may be
filed in any court and that relate to the subject matter of this transaction, including without limitation contract claims, tort claims, breach of duty claims, and all other common law and statutory claims. Each party hereto acknowledges that this
waiver is a material inducement for the parties hereto to enter into a business relationship, that each party hereto has already relied on this waiver in entering into this Agreement and that each will continue to rely on this waiver in their
related future dealings. Each party hereto further warrants and represents that each has reviewed this waiver with its 

  
 G-7

 Form of Intra Company Loan Subordination Agreement 

 
legal counsel, and that each knowingly and voluntarily waives its jury trial rights following consultation with legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED
EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 18 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS TO THIS AGREEMENT. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court. 
 19. Provisional Remedies, Self-Help and Foreclosure. No provision of this Agreement shall limit the right of any party to exercise self-help remedies such as setoff, foreclosure against or sale of
any real or personal property collateral or security. 
 [remainder of page intentionally left blank] 

  
 G-8

 Form of Intra Company Loan Subordination Agreement 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year
first set forth above. 
  

			
	EACH OF THE COMPANIES
	
	APARTMENT INVESTMENT AND MANAGEMENT COMPANY, a Maryland corporation
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

					
	AIMCO PROPERTIES, L.P., a Delaware limited partnership
		
	By:	 	AIMCO-GP, Inc., a Delaware corporation, its General Partner
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  

			
	AIMCO/BETHESDA HOLDINGS, INC., a Delaware corporation
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 G 

Form of Intra Company Loan Subordination Agreement 

 
					
	EACH OF THE GUARANTORS
	
	AIMCO EQUITY SERVICES, INC., a Virginia corporation
	AIMCO HOLDINGS QRS, INC., a Delaware corporation
	AIMCO-LP TRUST, a Delaware trust
	AIMCO PROPERTIES FINANCE CORP., a Delaware corporation
	AMBASSADOR I, INC., a Delaware corporation
	ANGELES REALTY CORPORATION II, a California corporation
	CONCAP EQUITIES, INC., a Delaware corporation
	NHP A&R SERVICES, INC., a Virginia corporation
	NHPMN STATE MANAGEMENT, INC., a Delaware corporation
	AIMCO-GP, INC., a Delaware corporation
	NHPMN-GP, INC., a Delaware corporation
		
	By:	 	 
		 	Name:	 	Patti K. Fielding
		 	Title:	 	Executive Vice President and Treasurer

  
  

					
	AIMCO IPLP, L.P., a Delaware limited partnership
		
	By:	 	 AIMCO-IPT, Inc., a Delaware corporation,
 its General Partner

  
  

					
			
		 	By:	 	 
		 		 	Name: Patti K. Fielding
		 		 	Title: Executive Vice President and Treasurer

  
 G 

Form of Intra-Company Loan Subordination Agreement 

 
							
	AIMCO HOLDINGS, L.P., a Delaware limited partnership
		
	By:	 	AIMCO Holdings QRS, Inc., a Delaware corporation, its General Partner
			
		 	By:	 	 
		 		 	Name: Patti K. Fielding
		 		 	Title: Executive Vice President and Treasurer

  

									
	AMBASSADOR CRM FLORIDA PARTNERS LIMITED PARTNERSHIP, a Delaware limited partnership
		
	By:	 	Ambassador Florida Partners Limited Partnership, a Delaware limited partnership, its General Partner
			
		 	By:	 	Ambassador Florida Partners, Inc., a Delaware corporation, its General Partner
				
		 		 	By:	 	 
		 		 		 	Name: Patti K. Fielding
		 		 		 	Title: Executive Vice President and Treasurer

  
 G 

Form of Intra-Company Loan Subordination Agreement 

 
											
	AMBASSADOR APARTMENTS, L.P., a Delaware limited partnership
		
	By:	 	AIMCO QRS GP, LLC, a Delaware limited liability company, its General Partner
			
		 	By:	 	AIMCO Properties, L.P., a Delaware limited partnership, its Member
				
		 		 	By:	 	AIMCO-GP, Inc., a Delaware corporation, its General Partner
					
		 		 		 	By:	 	 
		 		 		 		 	Name: Patti K. Fielding
		 		 		 		 	Title: Executive Vice President and Treasurer

  

									
	LAC PROPERTIES OPERATING PARTNERSHIP, L.P., a Delaware limited partnership
		
	By:	 	AIMCO GP LA, L.P., a Delaware limited partnership, its General Partner
			
		 	By:	 	AIMCO-GP, Inc., a Delaware corporation, its General Partner
				
		 		 	By:	 	 
		 		 		 	Name: Patti K. Fielding
		 		 		 	Title: Executive Vice President and Treasurer

  
 G 

Form of Intra-Company Loan Subordination Agreement 

 
									
	GP-OP PROPERTY MANAGEMENT, LLC, a Delaware limited liability company
		
	By:	 	AIMCO Properties, L.P., a Delaware limited partnership, its Member
			
		 	By:	 	AIMCO-GP, Inc., a Delaware corporation, its General Partner
				
		 		 	By:	 	 
		 		 		 	Name: Patti K. Fielding
		 		 		 	Title: Executive Vice President and Treasurer

  

									
	NHPMN MANAGEMENT, L.P., a Delaware limited partnership
		
	By:	 	NHPMN-GP, Inc., a Delaware corporation, its General Partner
			
		 	By:	 	 
		 		 	Name: Patti K. Fielding
		 		 	Title: Executive Vice President and Treasurer

  

									
	NHPMN MANAGEMENT, LLC, a Delaware limited liability company
		
	By:	 	AIMCO/Bethesda Holdings, Inc., a Delaware corporation, its General Manager
			
		 	By:	 	 
		 		 	Name: Patti K. Fielding
		 		 	Title: Executive Vice President and Treasurer

  
 G 

Form of Intra-Company Loan Subordination Agreement 

 
									
	OP PROPERTY MANAGEMENT, L.P., a Delaware limited partnership
		
	By:	 	NHPMN-GP, Inc., a Delaware corporation, its Managing General Partner
			
		 	By:	 	 
		 		 	Name: Patti K. Fielding
		 		 	Title: Executive Vice President and Treasurer

  

									
	OP PROPERTY MANAGEMENT, LLC, a Delaware limited liability company
		
	By:	 	AIMCO Properties, L.P., a Delaware limited partnership, its General Manager
			
		 	By:	 	AIMCO-GP, Inc., a Delaware corporation, its General Partner
				
		 		 	By:	 	 
		 		 		 	Name: Patti K. Fielding
		 		 		 	Title: Executive Vice President and Treasurer

  
 G 

Form of Intra-Company Loan Subordination Agreement 

 
													
	LAC PROPERTIES GP I LIMITED PARTNERSHIP, a Delaware limited partnership
		
	By:	 	LAC Properties GP I LLC, a Delaware limited liability company, its General Partner
			
		 	By:	 	LAC Properties Operating Partnership, L.P., a Delaware limited partnership, its Managing Member
				
		 		 	By:	 	AIMCO GP LA, L.P., a Delaware limited partnership, its General Partner
					
		 		 		 	By:	 	AIMCO-GP, Inc., a Delaware corporation, its General Partner
						
		 		 		 		 	By:	 	 
		 		 		 		 		 	Name: Patti K. Fielding
		 		 		 		 		 	Title: Executive Vice President and Treasurer

  

									
	LAC PROPERTIES GP II LIMITED PARTNERSHIP, a Delaware limited partnership
		
	By:	 	LAC Properties QRS II Inc., a Delaware corporation, its General Partner
			
		 	By:	 	 
		 		 	Name: Patti K. Fielding
		 		 	Title: Executive Vice President and Treasurer

  
 G 

Form of Intra-Company Loan Subordination Agreement 

 
									
	AIMCO SELECT PROPERTIES, L.P., a Delaware limited partnership
		
	By:	 	AIMCO/Bethesda Holdings, Inc., a Delaware corporation, its General Partner
			
		 	By:	 	 
		 		 	Name: Patti K. Fielding
		 		 	Title: Executive Vice President and Treasurer

  

									
	THE NATIONAL HOUSING PARTNERSHIP, a District of Columbia limited partnership
		
	By:	 	National Corporation for Housing Partnerships, a District of Columbia corporation, its General Partner
			
		 	By:	 	 
		 		 	Name: Patti K. Fielding
		 		 	Title: Executive Vice President and Treasurer

  
 G 

Form of Intra-Company Loan Subordination Agreement 

 
			
	EACH OF THE INTRA-COMPANY LENDERS
	
	OXFORD HOLDING CORPORATION, a Delaware corporation
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

					
	AIMCO PROPERTIES, L.P., a Delaware limited partnership
		
	By:	 	AIMCO-GP, Inc., a Delaware corporation, its General Partner
			
		 	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  

			
	AIMCO/BETHESDA HOLDINGS, INC., a Delaware corporation
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 G 

Form of Intra-Company Loan Subordination Agreement 

 
			
	KEYBANK NATIONAL ASSOCIATION, as Administrative Agent
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 G 

Form of Intra-Company Loan Subordination Agreement 

 ANNEX 1 
 INTRA-COMPANY LENDERS 
 Oxford Holding Corporation 

AIMCO Properties, L.P. 
 AIMCO/Bethesda Holdings, Inc. 

  
 G 

Form of Intra-Company Loan Subordination Agreement 

 EXHIBIT H 

FORM OF JOINDER AGREEMENT 
 This JOINDER AGREEMENT (this “Agreement”), dated as of
                         , 20         is entered into by and between
                                        
(the “Additional Lender”) and the Administrative Agent (as hereinafter defined) pursuant to that certain Senior Secured Credit Agreement, dated as of December 13, 2011 (as amended, restated, amended and restated,
supplemented, extended or otherwise modified in writing from time to time, the “Credit Agreement”), among Apartment Investment and Management Company, a Maryland corporation (the “REIT”), AIMCO
Properties, L.P., a Delaware limited partnership (“AIMCO”), AIMCO/Bethesda Holdings, Inc., a Delaware corporation (“AIMCO/Bethesda”) and (collectively, the “Borrowers”), and
each lender from time to time party thereto (the “Existing Lenders” and together with the Additional Lender, the “Lenders”), KeyBank National Association, as administrative agent for the Lenders (in
such capacity, the “Administrative Agent”). Capitalized terms not otherwise defined herein are defined in the Credit Agreement. 
 The Additional Lender desires to become a Lender pursuant to the terms of the Credit Agreement. 
 Accordingly, the Additional Lender hereby agrees as follows with the Administrative Agent: 
 1. The Additional Lender hereby acknowledges, agrees and confirms that, by its execution of this Agreement, the Additional Lender will be deemed to be a party to the Credit Agreement and a
“Lender” for all purposes of the Credit Agreement and the other Loan Documents, and shall have all of the rights and obligations of a Lender thereunder as fully as if it has executed the Credit Agreement and the other Loan Documents. The
Additional Lender hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Credit Agreement and in the Loan Documents which are binding upon the Lenders, including, without
limitation all of the authorizations of the Lenders set forth in Article IX of the Credit Agreement, as supplemented from time to time in accordance with the terms thereof. 
 2. The Administrative Agent confirms that all of the obligations of the Existing Lenders under the Credit Agreement are, and upon the Additional Lender becoming a Lender shall continue to be, in full
force and effect. The Administrative Agent further confirms that immediately upon execution of this Agreement by the parties hereto, that the Additional Lender shall become a Lender under the Credit Agreement. 

3. The Additional Lender agrees (i) that, concurrently herewith, it will execute and deliver to the Agent the Agent Questionnaire
attached hereto as Schedule 1, and (ii) that, at any time and from time to time, upon the written request of the Administrative Agent, it will execute and deliver such further documents and do such further acts and things as the
Administrative Agent may reasonably request in order to effect the purposes of this Agreement. 

  
 H-1

 Form of Joinder Agreement 

 4. The Additional Lender agrees to provide its Commitment, as set forth below: 

 

													
	  	  	Aggregate Amount of
Commitments/Loans for all
Lenders	 	  	Amount of
Commitment/Loans for
Additional Lender	 	  	Additional Lender’s
Percentage of Aggregate
Amount of
Commitment/Loans	 
		  	$	_______________	  	  	$	_______________	  	  	 	_______________	% 

 The terms of the Commitment provided herein, and the Revolving Loans to be made thereunder, shall be as set forth for
Commitments and Revolving Loans, respectively, in the Credit Agreement. 
 5. The Additional 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 Lender under the Credit Agreement,
(ii) from and after the date hereof, it shall be bound by the provisions of the Credit Agreement and, to the extent of its Applicable Percentage of the Commitments, shall have the rights and obligations of a Lender thereunder, (iii) it has
received a copy of the Credit Agreement and the Schedules and Exhibits thereto, and the other Loan Documents, together with copies of the most recent financial statements delivered pursuant to Section 6.01 thereof, and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement on the basis of which it has made such analysis and decision, and (iv) attached hereto is any documentation required to be
delivered by it pursuant to the terms of the Credit Agreement (including Section 3.01 thereof), duly completed and executed by the Additional Lender; and (b) agrees that (i) it will, independently and without reliance on 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 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. 
 6. This Agreement may be executed in two or more counterparts, each of which shall constitute an original but all of which when taken together shall constitute one contract. Delivery of an executed
counterpart of a signature page of this Agreement by telecopy or other electronic image (e.g., “PDF” or “TIF” via electronic mail) shall be as effective as delivery of a manually executed counterpart of this Agreement.

 7. This Agreement may not be amended, modified or waived except by an instrument or instruments in writing signed and
delivered on behalf of each of the parties hereto and the Borrowers. 
 8. This Agreement shall be governed by, and construed in
accordance with, the law of the State of New York. 

  
 H-2

 Form of Joinder Agreement 

 [Remainder of Page Intentionally Left Blank] 

  
 H-3

 Form of Joinder Agreement 

 IN WITNESS WHEREOF, the Administrative Agent and the Additional Lender have caused this
Agreement to be duly executed by its authorized officers, and the Borrowers have caused the same to be accepted by their authorized officers, respectively, as of the day and year first above written. 

 

			
	[________________________________]
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	 KEYBANK NATIONAL ASSOCIATION, 
 as Administrative Agent for itself and the other Existing Lenders

		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	 Consented to:
  

BORROWERS
  
 APARTMENT INVESTMENT AND
 MANAGEMENT COMPANY,

a Maryland corporation

		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	 AIMCO PROPERTIES, L.P.,
 a Delaware limited partnership

		
	By:	 	 AIMCO-GP, Inc.,
 a Delaware
corporation,
 its General Partner

		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 H 

Form of Joinder Agreement 

			
	 AIMCO/BETHESDA HOLDINGS, INC.,
 a Delaware corporation

		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 H 

Form of Joinder Agreement 

 SCHEDULE 1 

AGENT QUESTIONNAIRE 

  
 Schedule
1 

 EXHIBIT I-1 

FORM OF BORROWERS PLEDGE AGREEMENT 
 See Attached 

  
 I-1-1

 Form of Borrowers Pledge Agreement 

 SECURITY AGREEMENT 

(Securities) 
 1. Grant of Security Interest. As security for any and all Indebtedness (as defined below), each of the undersigned APARTMENT INVESTMENT AND MANAGEMENT COMPANY, a Maryland corporation (the
“REIT”), AIMCO PROPERTIES, L.P., a Delaware limited partnership (“AIMCO”) and AIMCO/BETHESDA HOLDINGS, INC., a Delaware corporation (“AIMCO/Bethesda”) (each, a
“Pledgor” and collectively, the “Pledgors”), hereby irrevocably and unconditionally grants a security interest in and pledges to KeyBank National Association, as administrative agent for the Lenders (as defined
below) under the Credit Agreement (as defined below), and its successors and assigns (in such capacity, “Administrative Agent”), all property of such Pledgor described in Exhibit A attached hereto and incorporated herein, as
hereafter amended or supplemented from time to time (the “Collateral”). 
 2. Indebtedness.
“Indebtedness” means the Obligations (as defined in that certain Senior Secured Credit Agreement, dated as of December 13, 2011, among the Pledgors (collectively referred herein as the “Borrowers” and
individually as a “Borrower”), the lenders from time to time party thereto (collectively referred to herein as the “Lenders” and individually as a “Lender”), and Administrative Agent (as amended,
restated, amended and restated, supplemented, extended or otherwise modified in writing from time to time, the “Credit Agreement”), (including all renewals, extensions and modifications thereof and all out of pocket expenses
incurred by the Administrative Agent, the L/C Issuers and the Lenders (including the reasonable fees, charges and disbursements of any counsel to the Administrative Agent, the L/C Issuers and the Lenders) in connection with the collection or
enforcement thereof). 
 3. Pledgor’s Covenants, Warranties and Representations. Each Pledgor covenants, represents
and warrants that unless compliance is waived by Administrative Agent in writing: 
 (a) The Collateral
constituting Stock has been duly authorized and is fully paid and non-assessable. 
 (b) Except as otherwise
agreed by Administrative Agent in writing, such Pledgor owns all of the Collateral purported to be owned by it free and clear of any and all liens, encumbrances, or interests of any third parties other than the Lien of Administrative Agent, and will
keep all of the Collateral free of all liens, claims, security interests and encumbrances of any kind or nature, whether voluntary or involuntary, except the Liens of Administrative Agent. 

(c) Such Pledgor has good right and lawful authority to pledge, assign, transfer, deliver, deposit, set over and confirm
unto Administrative Agent the Collateral as provided herein and will warrant and defend the title thereto and the Lien therein conveyed to Administrative Agent by this Security Agreement (as amended, restated, amended and restated, supplemented or
otherwise modified in writing from time to time, this “Agreement”) against all claims of all persons and will maintain and preserve such security interest. 

  
 I-1-2

 Form of Borrowers Pledge Agreement 

 (d) The execution, delivery and performance of this Agreement and the pledge
and/or delivery of the Collateral to Administrative Agent do not contravene any agreement, commitment, indenture, contract or other obligation or restriction affecting such Pledgor except as would not reasonably be expected to have a Material
Adverse Effect. 
 (e) This Agreement is a valid, legal, and binding obligation of such Pledgor, enforceable in
accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles
(whether enforcement is sought by proceedings in equity or at law). 
 (f) Except as would not reasonably be
expected to have a Material Adverse Effect, this Agreement will not violate any provision of law applicable to such Pledgor. 
 (g) No authorization, approval or other action by and no notice to or filing with, any governmental authority is required for the pledge by such Pledgor of the Collateral pursuant to this Agreement or for
the execution, delivery, or performance of this Agreement by such Pledgor (except as may be required in connection with a disposition of Collateral by laws affecting the offering and sale of securities generally). 

(h) Such Pledgor shall, at such Pledgor’s expense, take all actions necessary or advisable from time to time to
maintain the first priority and perfection of the Lien granted to the Administrative Agent hereunder and shall not take any actions that would alter, impair or eliminate said priority or perfection (except in connection with any transfer or
disposition not prohibited by the Loan Documents). 
 (i) Such Pledgor agrees to pay prior to delinquency all
taxes, charges, liens and assessments against the Collateral, and upon the failure of such Pledgor to do so, Administrative Agent at its option may pay any of them and shall be the sole judge of the legality or validity thereof and the amount
necessary to discharge the same. 
 (j) Such Pledgor’s exact legal name as of the date hereof is correctly
set forth on Annex I attached hereto. Such Pledgor will provide Administrative Agent with at least 30 days’ (or such shorter period as Administrative Agent may agree) prior written notice of any change in such Pledgor’s name or
identity. 
 (k) As of the date hereof, such Pledgor’s chief executive office is, and has been for the
four-month period preceding the date hereof, located in the state specified on Annex I attached hereto. In addition, as of the date hereof, such Pledgor is an organization of the type and is incorporated under the laws of the state specified
on Annex I attached hereto. Such Pledgor shall give Administrative Agent at least 30 days’ (or such shorter period as Administrative Agent may agree) notice before changing the location of its chief executive office, type of
organization, business structure or state of incorporation or organization. 

  
 I-1-3

 Form of Borrowers Pledge Agreement 

 (l) Such Pledgor’s organizational identification number as of the date
hereof, if any, assigned by its state of incorporation or organization is correctly set forth on Annex I attached hereto. Such Pledgor shall promptly notify Administrative Agent (i) of any change of its organizational identification
number, or (ii) if such Pledgor does not have an organizational identification number and later obtains one, of such organizational identification number. 
 4. Powers of Administrative Agent. At any time after the occurrence and during the continuance of an Event of Default, without notice unless expressly required elsewhere in this Agreement or in the
Credit Agreement, and at the expense of Pledgors and the Borrowers, Administrative Agent in its name or in the name of Pledgors may, but shall not be obligated to: 

(a) Collect by legal proceedings or otherwise, endorse, receive and receipt for all dividends, interest, principal
payments and other sums now or hereafter payable upon or on account of the Collateral. 
 (b) Make any compromise
or settlement it deems desirable or proper with reference to the Collateral. 
 (c) Insure, process and preserve
the Collateral. 
 (d) Participate in any recapitalization, reclassification, reorganization, consolidation,
redemption, stock split, merger or liquidation of any issuer of securities which constitute Collateral, and in connection therewith may deposit or surrender control of the Collateral, accept money or other property in exchange for the Collateral,
and take such action as it deems proper in connection therewith, and any money or property received on account of or in exchange for the Collateral shall be applied to the Indebtedness or held by Administrative Agent thereafter as Collateral
pursuant to the provisions hereof. 
 (e) Cause Collateral to be transferred to its name or to the name of its
nominee. 
 (f) Exercise as to the Collateral all the rights, powers and remedies of an owner necessary to
exercise its rights under this Agreement, including without limitation, the right to sell or otherwise dispose of all or any part of the Collateral after the occurrence and during the continuance of an Event of Default under this Agreement.
Administrative Agent shall not vote any securities constituting Collateral, unless an Event of Default has occurred and is continuing under this Agreement and Administrative Agent has delivered to Pledgors a written notice of Administrative
Agent’s intent to exercise such voting rights. 

  
 I-1-4

 Form of Borrowers Pledge Agreement 

 Each Pledgor hereby appoints Administrative Agent its attorney-in-fact to carry out any of
the powers granted by this paragraph at any time after the occurrence and during the continuance of an Event of Default. Without limiting the generality of the foregoing, each Pledgor hereby appoints Administrative Agent its attorney-in-fact to
execute and deliver any necessary stock powers, endorsements, assignments or other documents and agreements necessary to carry out any of the foregoing powers at any time after the occurrence and during the continuance of an Event of Default. The
foregoing appointments shall be deemed coupled with an interest of Administrative Agent and shall not be revoked without Administrative Agent’s written consent. To the extent permitted by law, each Pledgor hereby ratifies all said
attorney-in-fact shall lawfully do by virtue hereof. 
 5. Events of Default. Any Event of Default as defined in the
Credit Agreement shall be an Event of Default hereunder (“Event of Default”). 
 6. Remedies. If an
Event of Default has occurred and is continuing, Administrative Agent may do any one or more of the following: 

(a) Exercise as to any or all of the Collateral all the rights, powers and remedies of an owner; provided,
however, that, Administrative Agent shall not have the right to vote any securities constituting Collateral until Administrative Agent has provided written notice to Pledgors after the occurrence and during the continuance of an Event of
Default of Administrative Agent’s intent to exercise such right. 
 (b) Enforce the security interest given
hereunder pursuant to the Uniform Commercial Code as in effect in any applicable state (the “UCC”) and any other applicable law. 
 (c) Sell all or any part of the Collateral at public or private sale in accordance with the UCC, without advertisement, in such manner and order as Administrative Agent may elect. Administrative Agent may
purchase the Collateral for its own account at any such sale. Administrative Agent shall give Pledgors such notice of any public or private sale as may be required by the UCC; provided, that, if Administrative Agent fails to comply
with this sentence in any respect, its liability for such failure shall be limited to the liability (if any) imposed on it as a matter of law under the UCC. Each Pledgor acknowledges that Collateral may be sold at a loss to such Pledgor, and that,
in such event, Administrative Agent shall have no liability or responsibility to such Pledgor for such loss. Each Pledgor further acknowledges that a private sale may result in less proceeds than a public sale. 

(d) Exercise any other remedy provided under this Agreement or by any applicable law. Each Pledgor acknowledges that all
such rights and remedies are cumulative, and the exercise of any right or remedy shall not preclude the further exercise of any other right or remedy. 

  
 I-1-5

 Form of Borrowers Pledge Agreement 

 (e) Comply with any applicable state or federal law requirements in
connection with a disposition of the Collateral and such compliance will not be considered to affect adversely the commercial reasonableness of any sale of the Collateral. 

(f) Sell the Collateral without giving any warranties as to the Collateral. Administrative Agent may specifically disclaim
any warranties of title or the like. This procedure will not be considered to affect adversely the commercial reasonableness of any sale of the Collateral. 
 7. Waivers. Except as expressly provided in the Loan Documents, Administrative Agent shall be under no duty or obligation whatsoever (a) to make or give any presentment, demands for
performances, notices of nonperformance, protests, notices of protest or notices of dishonor in connection with any obligations or evidences of indebtedness held by Administrative Agent as Collateral, or in connection with any obligation or
evidences of indebtedness which constitute in whole or in part the Indebtedness, or (b) to give any Pledgor notice of, or to exercise, any subscription rights or privileges, any rights or privileges to exchange, convert or redeem or any other
rights or privileges relating to or affecting any Collateral except as otherwise expressly provided herein. 
 8. Return and
Release of Collateral. Administrative Agent may at any time deliver the Collateral or any part thereof to Pledgors and the receipt of Pledgors shall be a complete and full acquittance for the Collateral so delivered, and Administrative Agent
shall thereafter be discharged from any liability or responsibility therefor. The Collateral and Liens granted on the Collateral shall be released as provided in Section 9.10 of the Credit Agreement. 

9. Custody of Collateral. Administrative Agent may, in its discretion, hold some or all of the Collateral in an account with a
custody unit of Administrative Agent. Administrative Agent shall not be liable for any loss to the Collateral resulting from acts of God, war, civil commotion, terrorist activity, fire, earthquake, or other disaster beyond the reasonable control of
Administrative Agent, or for any other loss or damage to the Collateral unless shown to have arisen from Administrative Agent’s intentional misconduct or lack of reasonable care. 

10. Costs. All reasonable out of pocket expenses, incurred by the Administrative agent, any L/C Issuer or any Lender (including
reasonable fees, charges and disbursements of any counsel to the Administrative Agent, the L/C Issuers and the Lenders) in connection with enforcement or protection of its rights conferred by this Agreement and including the reasonable charges and
expenses of Administrative Agent’s custody unit or of any Securities Intermediary, shall become a part of the Indebtedness secured hereunder and shall be paid to Administrative Agent by Pledgors promptly following demand (accompanied by
reasonable back-up documentation), with interest thereon at an annual rate equal to the highest rate of interest of any Indebtedness secured by this Agreement (or, if there is no such interest rate, at the maximum interest rate permitted by law for
interest on judgments). Such costs and attorneys’ fees shall include, without limitation, the allocated cost of in-house counsel. 
 11. Notices. Unless otherwise provided or agreed to herein or required by law, notice and communications provided for in this Agreement shall be given in the manner provided for notices and
communications in Section 10.02 of the Credit Agreement. 

  
 I-1-6

 Form of Borrowers Pledge Agreement 

 12. Miscellaneous. 

(a) Any waiver, express or implied, of any provision hereunder and any delay or failure by Administrative Agent to enforce
any provision shall not preclude Administrative Agent from enforcing any such provision thereafter. 
 (b) Each
Pledgor hereby authorizes Administrative Agent to file one or more financing statements describing all or part of the Collateral, and continuation statements, or amendments thereto, relative to all or part of the Collateral as authorized by
applicable law. Such financing statements, continuation statements and amendments will contain any other information required by the UCC for the sufficiency or filing office acceptance of any financing statement, continuation statement or amendment,
including whether such Pledgor is an organization, the type of organization and any organizational identification number issued to such Pledgor. Such Pledgor agrees to furnish any such information to Administrative Agent promptly upon request.

 (c) Such Pledgor shall, at the request of Administrative Agent, execute such other agreements, documents or
instruments in connection with this Agreement as Administrative Agent may reasonably deem necessary to evidence or perfect the security interests granted herein, to maintain the first priority of the security interests, or to effectuate the rights
granted to Administrative Agent herein. 
 (d) This Agreement shall be governed by and construed in accordance
with, the law of the State of New York, except as otherwise required by mandatory provisions of law and except to the extent that remedies are governed by the laws of any other jurisdiction. Each Pledgor hereby irrevocably (i) submits to the
non-exclusive jurisdiction of the courts of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York and any appellate court from any thereof in any action or proceeding arising
out of or relating to this Agreement, and (ii) waives to the fullest extent permitted by law any defense asserting an inconvenient forum in connection therewith. Service of process by Administrative Agent in connection with such action or
proceeding shall be binding on any Pledgor if sent in the manner provided for notices in Section 10.02 of the Credit Agreement. Subject to the confidentiality provisions set forth in the Credit Agreement, each Pledgor agrees that Administrative
Agent may disclose to any prospective purchaser and any purchaser of all or part of the Indebtedness any and all information in Administrative Agent’s possession concerning such Pledgor, this Agreement and the Collateral. 

(e) Capitalized terms used herein (including capitalized terms used in Exhibit A) that are defined in the UCC as in effect
from time to time in the State of New York (“NYUCC”) and not defined in this Agreement or the Credit Agreement shall have the meaning given to such terms in the NYUCC, when used in this Agreement and capitalized terms used in this
Agreement without definition have the meanings given to them in the Credit Agreement. 

  
 I-1-7

 Form of Borrowers Pledge Agreement 

 (f) This Agreement shall benefit Administrative Agent’s successors and
assigns and shall bind each Pledgor’s successors and assigns, except that no Pledgor may assign its rights and obligations under this Agreement without the prior written consent of the Administrative Agent (it being understood that a merger or
consolidation expressly permitted under the Credit Agreement shall not constitute such an assignment). 
 (g) All
rights and remedies herein provided are cumulative and not exclusive of any rights or remedies otherwise provided by law. Any single or partial exercise of any right or remedy shall not preclude the further exercise of any other right or remedy.

 (h) Each Pledgor shall promptly deliver to Administrative Agent any certificates, documents or instruments
representing or evidencing Collateral now or hereafter in such Pledgor’s possession and, after the occurrence and during the continuance of an Event of Default, each Pledgor shall hold all dividends, interest, principal payments and other sums
paid to such Pledgor on account of the Collateral in trust for Administrative Agent, will not commingle such payments with other funds of such Pledgor or any other Person and will immediately pay and deliver in kind, all such payments directly to
Administrative Agent (with such endorsements and assignments as may be necessary to transfer title to Administrative Agent). 
 (i) In all cases where more than one party executes this Agreement, all words used herein in the singular shall be deemed to have been used in the plural where the context and construction so require, and
the obligations and undertakings hereunder are joint and several. 
 13. WAIVER OF JURY TRIAL. TO THE EXTENT ALLOWED BY
APPLICABLE LAW, EACH PLEDGOR AND ADMINISTRATIVE AGENT EACH WAIVE TRIAL BY JURY WITH RESPECT TO ANY ACTION, CLAIM, SUIT OR PROCEEDING ON OR ARISING OUT OF THIS AGREEMENT. 
 14. NOTICE OF FINAL AGREEMENT. THIS WRITTEN SECURITY AGREEMENT AND ANY OTHER DOCUMENTS EXECUTED IN CONNECTION WITH THIS SECURITY AGREEMENT REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY
NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 
 [remainder of page left intentionally left blank] 

  
 I-1-8

 Form of Borrowers Pledge Agreement 

 IN WITNESS WHEREOF, each Pledgor has executed this Agreement by its duly authorized officer, as of the date
first written above. 
  

			
	APARTMENT INVESTMENT AND MANAGEMENT COMPANY, a Maryland corporation
		
	By:	 	 
	Name:	 	
	Title:	 	

  

					
	AIMCO PROPERTIES, L.P., a Delaware limited partnership
		
	By:	 	AIMCO-GP, Inc., a Delaware corporation, its General Partner
			
		 	By:	 	 
		 	Name:	 	
		 	Title:	 	

  

			
	AIMCO/BETHESDA HOLDINGS, INC., a Delaware corporation
		
	By:	 	 
		 	Name:
		 	Title:

  
 I-2

 Form of Non-Borrowers Pledge Agreement 

			
	 AGREED AND ACCEPTED:
  

KEYBANK NATIONAL ASSOCIATION,
 as
Administrative Agent

		
	By:	 	 
		 	 Name:

Title:

  
 I-2

 Form of Non-Borrowers Pledge Agreement 

 Exhibit A to Security Agreement 

Description of Collateral 
 (a) All investment property, certificated securities, uncertificated securities, general intangibles, and all other investments or property now or hereafter listed on Schedule 1 attached hereto, as
amended from time to time in writing, whether held in a securities account or otherwise. 
 (b) (i) All present and future
income, proceeds, earnings, and property received in exchange or substitution for the foregoing property of every kind and nature, including without limitation all payments, interest, profits, distributions, benefits, rights, options, warrants,
dividends, stock dividends, stock splits, stock rights, regulatory dividends, subscriptions, monies, claims for money due and to become due, proceeds of any insurance on the foregoing property, shares of stock of different par value or no par value
issued in substitution or exchange for shares included in the foregoing property, and (ii) all other property received, or which Pledgor is entitled to receive, on account of the foregoing property, including accounts, documents, instruments,
chattel paper, and general intangibles. 

  
 I-2

 Form of Non-Borrowers Pledge Agreement 

 EXHIBIT I-2 

FORM OF NON-BORROWERS PLEDGE AGREEMENT 
 See Attached 

  
 I-2

 Form of Non-Borrowers Pledge Agreement 

 SECURITY AGREEMENT 

(Securities) 
 1. Grant of Security Interest. As security for any and all Indebtedness (as defined below) and to induce the Lenders (as defined below) to extend such Indebtedness, each of the undersigned
AIMCO/IPT, INC., a Delaware corporation, NHP A&R SERVICES, INC., a Virginia corporation, AIMCO HOLDINGS QRS, INC., a Delaware corporation, NHPMN-GP, INC., a Delaware corporation, LAC PROPERTIES QRS II INC., a
Delaware corporation, AIMCO LP LA, L.P., a Delaware limited partnership, GP-OP PROPERTY MANAGEMENT, LLC, a Delaware limited liability company, AIMCO GP LA, L.P., a Delaware limited partnership, LAC PROPERTIES OPERATING
PARTNERSHIP, L.P., a Delaware limited partnership, AIC REIT PROPERTIES LLC, a Delaware limited liability company, AMBASSADOR APARTMENTS, L.P., a Delaware limited partnership, AIMCO HOLDINGS, L.P., a Delaware limited
partnership, AMBASSADOR FLORIDA PARTNERS LIMITED PARTNERSHIP, a Delaware limited partnership, LAC PROPERTIES SUB LLC, a limited liability company, LAC PROPERTIES GP I LLC, a Delaware limited liability company, NATIONAL
CORPORATION FOR HOUSING PARTNERSHIPS, a District of Columbia corporation, NHP PARTNERS TWO LIMITED PARTNERSHIP, a Delaware limited partnership, and AIMCO QRS GP, LLC, a Delaware limited liability company (each, a
“Pledgor” and collectively, the “Pledgors”) hereby irrevocably and unconditionally grants a security interest in and pledges to KeyBank National Association, as administrative agent for the Lenders (as defined
below) under the Credit Agreement (as defined below), and its successors and assigns (in such capacity, “Administrative Agent”), all property of such Pledgor described in Exhibit A attached hereto and incorporated herein, as
hereafter amended or supplemented from time to time (the “Collateral”). 
 2. Indebtedness.
“Indebtedness” means the Obligations (as defined in that certain Senior Secured Credit Agreement, dated as of December 13, 2011, among Apartment Investment and Management Company, a Maryland corporation (the
“REIT”), AIMCO Properties, L.P., a Delaware limited partnership (“AIMCO”) and AIMCO/Bethesda Holdings, Inc., a Delaware corporation (“AIMCO/Bethesda”) (the REIT, AIMCO and AIMCO/Bethesda,
collectively referred to herein as the “Borrowers” and individually as a “Borrower”), the lenders from time to time party thereto (collectively referred to herein as the “Lenders” and individually
as a “Lender”), and Administrative Agent (as amended, restated, amended and restated, supplemented, extended or otherwise modified in writing from time to time, the “Credit Agreement”), (including all renewals,
extensions and modifications thereof and all out of pocket expenses incurred by the Administrative Agent, the L/C Issuers and the Lenders (including reasonable fees, charges and disbursements of any counsel to the Administrative Agent, the L/C
Issuers and the Lenders) in connection with the collection or enforcement thereof). Notwithstanding anything contained herein to the contrary, with respect to the obligations of any Pledgor hereunder that is not a Guarantor, neither the
Administrative Agent nor any Lender shall have any claims against such Pledgor other than recourse to the Collateral pledged by such Pledgor to the Administrative Agent under this Agreement and any other Pledge Agreement executed by such Pledgor

 3. Pledgor’s Covenants, Warranties and Representations. Each Pledgor covenants, represents and warrants that
unless compliance is waived by Administrative Agent in writing: 
 (a) The Collateral constituting Stock has been
duly authorized and is fully paid and non-assessable. 

  
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 Form of Non-Borrowers Pledge Agreement 

 (b) Except as otherwise agreed by Administrative Agent in writing, such
Pledgor owns all of the Collateral, purported to be owned by it, free and clear of any and all liens, encumbrances, or interests of any third parties other than the Lien of Administrative Agent, and will keep all of the Collateral free of all liens,
claims, security interests and encumbrances of any kind or nature, whether voluntary or involuntary, except the Liens of the Administrative Agent. 
 (c) Such Pledgor has good right and lawful authority to pledge, assign, transfer, deliver, deposit, set over and confirm unto Administrative Agent the Collateral as provided herein and will warrant and
defend the title thereto and the security interest therein conveyed to Administrative Agent by this Security Agreement (as amended, restated, amended and restated, supplemented or otherwise modified in writing from time to time, this
“Agreement”) against all claims of all persons and will maintain and preserve such security interest. 
 (d) The execution, delivery and performance of this Agreement and the pledge and/or delivery of the Collateral to Administrative Agent do not contravene any agreement, commitment, indenture, contract or
other obligation or restriction affecting such Pledgor except as would not reasonably be expected to have a Material Adverse Effect. 
 (e) This Agreement is a valid, legal, and binding obligation of such Pledgor, enforceable in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

(f) Except as would not reasonably be expected to have a Material Adverse Effect, this Agreement will not violate any
provision of law applicable to such Pledgor. 
 (g) No authorization, approval or other action by and no notice
to or filing with, any governmental authority is required for the pledge by such Pledgor of the Collateral pursuant to this Agreement or for the execution, delivery, or performance of this Agreement by such Pledgor (except as may be required in
connection with a disposition of Collateral by laws affecting the offering and sale of securities generally). 

(h) Such Pledgor shall, at such Pledgor’s expense, take all actions necessary or advisable from time to time to
maintain the first priority and perfection of the Lien granted to the Administrative Agent hereunder and shall not take any actions that would alter, impair or eliminate said priority or perfection (except in connection with any transfer or
disposition not prohibited by the Loan Documents). 
 (i) Such Pledgor agrees to pay prior to delinquency all
taxes, charges, liens and assessments against the Collateral, and upon the failure of such Pledgor to do so, Administrative Agent at its option may pay any of them and shall be the sole judge of the legality or validity thereof and the amount
necessary to discharge the same. 

  
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 Form of Non-Borrowers Pledge Agreement 

 (j) Such Pledgor’s exact legal name as of the date hereof is correctly
set forth on Annex I attached hereto. Such Pledgor will provide Administrative Agent with at least 30 days’ (or such shorter period as Administrative Agent may agree) prior written notice of any change in Pledgor’s name or identity.

 (k) As of the date hereof, such Pledgor’s chief executive office is, and has been for the four-month
period preceding the date hereof (or, if less, the entire period of the existence of such Pledgor), located in the state specified on Annex I attached hereto. In addition, as of the date hereof, such Pledgor is an organization of the type and
(if not an unregistered entity) is incorporated in or organized under the laws of the state specified on Annex I attached hereto. Such Pledgor shall give Administrative Agent at least 30 days’ (or such shorter period as Administrative
Agent may agree) notice before changing the location of its chief executive office, type of organization, business structure or state of incorporation or organization. 

(l) Such Pledgor’s organizational identification number as of the date hereof, if any, assigned by its state of
incorporation or organization is correctly set forth on Annex I attached hereto Such Pledgor shall promptly notify Administrative Agent (i) of any change of its organizational identification number, or (ii) if such Pledgor does not
have an organizational identification number and later obtains one, of such organizational identification number. 
 (m) By virtue of its relationship with the Borrowers, the execution, delivery and performance of this Agreement is for the direct benefit of such Pledgor and such Pledgor has received adequate
consideration for this Agreement. 
 4. Powers of Administrative Agent. At any time after the occurrence and during the
continuance of an Event of Default, without notice unless expressly required elsewhere in this Agreement or in the Credit Agreement, and at the expense of Pledgors and the Borrowers, Administrative Agent in its name or in the name of such Pledgor
may, but shall not be obligated to: 
 (a) Collect by legal proceedings or otherwise, endorse, receive and
receipt for all dividends, interest, principal payments and other sums now or hereafter payable upon or on account of the Collateral. 
 (b) Make any compromise or settlement it deems desirable or proper with reference to the Collateral. 
 (c) Insure, process and preserve the Collateral. 
 (d) Participate
in any recapitalization, reclassification, reorganization, consolidation, redemption, stock split, merger or liquidation of any issuer of securities which constitute Collateral, and in connection therewith may deposit or surrender control of the
Collateral, accept money or other property in exchange for the Collateral, and take such action as it deems proper in connection therewith, and any money or property received on account of or in exchange for the Collateral shall be applied to the
Indebtedness or held by Administrative Agent thereafter as Collateral pursuant to the provisions hereof. 

  
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 Form of Non-Borrowers Pledge Agreement 

 (e) Cause Collateral to be transferred to its name or to the name of its
nominee. 
 (f) Exercise as to the Collateral all the rights, powers and remedies of an owner necessary to
exercise its rights under this Agreement, including without limitation, the right to sell or otherwise dispose of all or any part of the Collateral after the occurrence and during the continuance of an Event of Default under this Agreement.
Administrative Agent shall not vote any securities constituting Collateral, unless an Event of Default has occurred and is continuing under this Agreement and Administrative Agent has delivered to Pledgors a written notice of Administrative
Agent’s intent to exercise such voting rights. 
 Each Pledgor hereby appoints Administrative Agent its
attorney-in-fact to carry out any of the powers granted by this paragraph at any time after the occurrence and during the continuance of an Event of Default. Without limiting the generality of the foregoing, each Pledgor hereby appoints
Administrative Agent its attorney-in-fact to execute and deliver any necessary stock powers, endorsements, assignments or other documents and agreements necessary to carry out any of the foregoing powers at any time after the occurrence and during
the continuance of an Event of Default. The foregoing appointments shall be deemed coupled with an interest of Administrative Agent and shall not be revoked without Administrative Agent’s written consent. To the extent permitted by law, each
Pledgor hereby ratifies all said attorney-in-fact shall lawfully do by virtue hereof. 
 5. Events of Default. Any Event
of Default as defined in the Credit Agreement shall be an Event of Default hereunder (“Event of Default”). 

6. Remedies. If an Event of Default has occurred and is continuing, Administrative Agent may do any one or more of the following:

 (a) Exercise as to any or all of the Collateral all the rights, powers and remedies of an owner;
provided, however, that, Administrative Agent shall not have the right to vote any securities constituting Collateral until Administrative Agent has provided written notice to Pledgors after the occurrence and during the continuance of
an Event of Default of Administrative Agent’s intent to exercise such right. 
 (b) Enforce the security
interest given hereunder pursuant to the Uniform Commercial Code as in effect in any applicable state (the “UCC”) and any other applicable law. 
 (c) Sell all or any part of the Collateral at public or private sale in accordance with the UCC, without advertisement, in such manner and order as Administrative Agent may elect. Administrative Agent may
purchase the Collateral for its own account at any such sale. Administrative Agent shall give Pledgors such notice of any public or private sale as may be required by the UCC; provided, that, if Administrative Agent fails to comply
with this sentence in any respect, its liability for such failure shall be limited to the liability (if any) imposed on it as a matter of law under the UCC. Each Pledgor acknowledges that Collateral may be sold at a loss to such Pledgor, and that,
in such event, Administrative Agent shall have no liability or responsibility to such Pledgor for such loss. Each Pledgor further acknowledges that a private sale may result in less proceeds than a public sale. 

  
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 Form of Non-Borrowers Pledge Agreement 

 (d) Exercise any other remedy provided under this Agreement or by any
applicable law. Each Pledgor acknowledges that all such rights and remedies are cumulative, and the exercise of any right or remedy shall not preclude the further exercise of any other right or remedy. 

(e) Comply with any applicable state or federal law requirements in connection with a disposition of the Collateral and
such compliance will not be considered to affect adversely the commercial reasonableness of any sale of the Collateral. 
 (f) Sell the Collateral without giving any warranties as to the Collateral. Administrative Agent may specifically disclaim any warranties of title or the like. This procedure will not be considered to
affect adversely the commercial reasonableness of any sale of the Collateral. 
 7. Waivers. Except as expressly provided
in the Loan Documents, Administrative Agent shall be under no duty or obligation whatsoever (a) to make or give any presentment, demands for performances, notices of nonperformance, protests, notices of protest or notices of dishonor in
connection with any obligations or evidences of indebtedness held by Administrative Agent as Collateral, or in connection with any obligation or evidences of indebtedness which constitute in whole or in part the Indebtedness, or (b) to give
Pledgors notice of, or to exercise, any subscription rights or privileges, any rights or privileges to exchange, convert or redeem or any other rights or privileges relating to or affecting any Collateral except as otherwise expressly provided
herein. 
 8. Additional Waivers. Each Pledgor waives any right to require Administrative Agent to (a) proceed
against any person, (b) proceed against or exhaust any collateral, or (c) pursue any other remedy in Administrative Agent’s power; and waives any defense arising by reason of any disability or other defense of any Borrower or any
other person, or by reason of the cessation from any cause whatsoever of the liability of any Borrower or any other person. Until the Indebtedness (other than contingent indemnity obligations as to which no claim is then pending) is paid in full,
each Pledgor waives any right of subrogation, reimbursement, indemnification, and contribution (contractual, statutory or otherwise), including without limitation any claim or right of subrogation under the Bankruptcy Code (Title 11 of the U.S.
Code) or any successor statute, arising from the existence or performance of this Agreement, and each Pledgor waives any right to enforce any remedy which Administrative Agent now has or may hereafter have against Borrowers or against any other
person and waives any benefit of and any right to participate in any Collateral or security whatsoever now or hereafter held by Administrative Agent. Pledgor authorizes Administrative Agent without notice or demand and without affecting
Pledgor’s liability hereunder, from time to time to: (a) renew, extend, accelerate or otherwise change the time for payment of or otherwise change the terms of the Indebtedness or any part thereof, including increase or decrease of the
rate of interest thereon; (b) take and hold security, other than the Collateral, for the payment of the Indebtedness or any part thereof, and exchange, enforce, waive and release the Collateral or any part thereof or any such other security;
and (c) release or substitute any Borrower or any one or more of them, or any of 

  
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 Form of Non-Borrowers Pledge Agreement 

 
the endorsers or guarantors of the Indebtedness or any part thereof, or any other parties thereto. Each Pledgor agrees that it is solely responsible for keeping itself informed as to the
financial condition of the Borrowers and of all circumstances which bear upon the risk of nonpayment or the risk of liquidation of the Collateral. 
 9. Return and Release of Collateral. Administrative Agent may at any time deliver the Collateral or any part thereof to Pledgors and the receipt of Pledgors shall be a complete and full acquittance
for the Collateral so delivered, and Administrative Agent shall thereafter be discharged from any liability or responsibility therefor. The Collateral and Liens granted on the Collateral shall be released as provided in Section 9.10 of the
Credit Agreement. 
 10. Continuing Agreement. This is a continuing Security Agreement and all the rights, powers and
remedies hereunder shall apply to all past, present and future Indebtedness of the Borrowers or any one or more of them to the Lenders, including that arising under successive transactions which shall either continue the Indebtedness, increase or
decrease it, or from time to time create new Indebtedness after all or any prior Indebtedness has been satisfied, and notwithstanding the death, incapacity, cessation of business, dissolution or bankruptcy of the Borrowers or any one or more of
them, or any other event or proceeding affecting the Borrowers or any one or more of them. 
 11. Continuing Powers.
Until all Indebtedness (other than contingent indemnity obligations as to which no claim is then pending) shall have been paid in full, the power of sale and all other rights, powers and remedies granted to Administrative Agent hereunder shall
continue to exist and may be exercised by Administrative Agent at the time specified hereunder irrespective of the fact that the Indebtedness or any part thereof may have become barred by any statute of limitations, or that the personal liability of
the Borrowers or any one or more of them may have ceased. Each Pledgor waives the benefit of any statute of limitations as applied to this Agreement. 
 12. Custody of Collateral. Administrative Agent may, in its discretion, hold some or all of the Collateral in an account with a custody unit of Administrative Agent. Administrative Agent shall not
be liable for any loss to the Collateral resulting from acts of God, war, civil commotion, terrorist activity, fire, earthquake, or other disaster beyond the reasonable control of Administrative Agent, or for any other loss or damage to the
Collateral unless shown to have arisen from Administrative Agent’s intentional misconduct or lack of reasonable care. 

13. Costs. All reasonable out of pocket expenses, incurred by the Administrative Agent, any L/C Issuer or any Lender (including
reasonable fees, charges and disbursements of any counsel to the Administrative Agent, the L/C Issuers and the Lenders) in connection with enforcement or protection of its rights conferred by this Agreement, and including the reasonable charges and
expenses of Administrative Agent’s custody unit or of any Securities Intermediary, shall become a part of the Indebtedness secured hereunder and shall be paid to Administrative Agent by the Borrowers and Pledgors promptly following demand
(accompanied by reasonable back-up documentation), with interest thereon at an annual rate equal to the highest rate of interest of any Indebtedness secured by this Agreement (or, if there is no such interest rate, at the maximum interest rate
permitted by law for interest on judgments). Such costs and attorneys’ fees shall include, without limitation, the allocated cost of in-house counsel. 

  
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 Form of Non-Borrowers Pledge Agreement 

 14. Notices. Unless otherwise provided or agreed to herein or required by law, notice
and communications provided for in this Agreement shall be given in the manner provided for notices and communications in Section 10.02 of the Credit Agreement to Pledgors at the address, telecopy number or electronic mail address set forth for
Borrowers on Schedule 10.02 to the Credit Agreement or at such other address, telecopy number or electronic mail address as shall be designated by any Pledgor in a written notice to Administrative Agent at the address set forth on Schedule 10.02 to
the Credit Agreement. 
 15. Miscellaneous. 

(a) Any waiver, express or implied, of any provision hereunder and any delay or failure by Administrative Agent to enforce
any provision shall not preclude Administrative Agent from enforcing any such provision thereafter. 
 (b) Each
Pledgor hereby authorizes Administrative Agent to file one or more financing statements describing all or part of the Collateral, and continuation statements, or amendments thereto, relative to all or part of the Collateral as authorized by
applicable law. Such financing statements, continuation statements and amendments will contain any other information required by the UCC for the sufficiency or filing office acceptance of any financing statement, continuation statement or amendment,
including whether such Pledgor is an organization, the type of organization and any organizational identification number issued to such Pledgor. Each Pledgor agrees to furnish any such information to Administrative Agent promptly upon request.

 (c) Each Pledgor shall, at the request of Administrative Agent, execute such other agreements, documents or
instruments in connection with this Agreement as Administrative Agent may reasonably deem necessary to evidence or perfect the security interests granted herein, to maintain the first priority of the security interests, or to effectuate the rights
granted to Administrative Agent herein. 
 (d) This Agreement shall be governed by, and construed in accordance
with, the law of the State of New York, except as otherwise required by mandatory provisions of law and except to the extent that remedies are governed by the laws of any other jurisdiction. Each Pledgor hereby irrevocably (i) submits to the
non-exclusive jurisdiction of the courts of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York and any appellate court from any thereof in any action or proceeding arising
out of or relating to this Agreement, and (ii) waives to the fullest extent permitted by law any defense asserting an inconvenient forum in connection therewith. Service of process by Administrative Agent in connection with such action or
proceeding shall be binding on any Pledgor if sent to Pledgor in the manner provided for notices in Section 14. Subject to the confidentiality provisions set forth in the Credit Agreement, each Pledgor agrees that Administrative Agent may
disclose to any prospective purchaser and any purchaser of all or part of the Indebtedness any and all information in Administrative Agent’s possession concerning such Pledgor, this Agreement and the Collateral. 

  
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 Form of Non-Borrowers Pledge Agreement 

 (e) Capitalized terms used herein (including capitalized terms used in
Exhibit A) that are defined in the UCC as in effective from time to time in the State of New York (“NYUCC”) and not defined in this Agreement or the Credit shall have the meaning given to such terms in the NYUCC, when used in this
Agreement and capitalized terms used in this Agreement without definition have the meanings given to them in the Credit Agreement. 
 (f) This Agreement shall benefit Administrative Agent’s successors and assigns and shall bind each Pledgor’s successors and assigns, except that no Pledgor may assign its rights and obligations
under this Agreement with the prior written consent of the Administrative Agent (it being understood that a merger or consolidation expressly permitted under the Credit Agreement shall not constitute such an assignment). 

(g) All rights and remedies herein provided are cumulative and not exclusive of any rights or remedies otherwise provided
by law. Any single or partial exercise of any right or remedy shall not preclude the further exercise of any other right or remedy. 
 (h) Each Pledgor shall promptly deliver to Administrative Agent any certificates, documents or instruments representing or evidencing Collateral now or hereafter in such Pledgor’s possession and,
after the occurrence and during the continuance of an Event of Default, each Pledgor shall hold all dividends, interest, principal payments and other sums paid to such Pledgor on account of the Collateral in trust for Administrative Agent, will not
commingle such payments with other funds of such Pledgor or any other Person and will immediately pay and deliver in kind, all such payments directly to Administrative Agent (with such endorsements and assignments as may be necessary to transfer
title to Administrative Agent). 
 (i) In all cases where more than one party executes this Agreement, all words
used herein in the singular shall be deemed to have been used in the plural where the context and construction so require, and the obligations and undertakings hereunder are joint and several. 

16. WAIVER OF JURY TRIAL. TO THE EXTENT ALLOWED BY APPLICABLE LAW, EACH PLEDGOR, AND ADMINISTRATIVE AGENT EACH WAIVE TRIAL BY JURY
WITH RESPECT TO ANY ACTION, CLAIM, SUIT OR PROCEEDING ON OR ARISING OUT OF THIS AGREEMENT. 
 17. NOTICE OF FINAL
AGREEMENT. THIS WRITTEN SECURITY AGREEMENT AND ANY OTHER DOCUMENTS EXECUTED IN CONNECTION WITH THIS SECURITY AGREEMENT REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 
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 Form of Non-Borrowers Pledge Agreement 

 IN WITNESS WHEREOF, each Pledgor has executed this Agreement by its duly authorized officer,
as of the date first written above. 
  

					
	AIMCO/IPT, INC.,
	a Delaware corporation,
	NHP A&R SERVICES, INC.,
	a Virginia corporation
	AIMCO HOLDINGS QRS, INC.,
	a Delaware corporation
	NHPMN-GP, INC.,
	a Delaware corporation
	LAC PROPERTIES QRS II INC.,
	a Delaware corporation
		
	By:	 	 
		 	Name: Patti K. Fielding
		 	Title: Executive Vice President and Treasurer

  

					
	AIMCO LP LA, L.P., a Delaware limited partnership
		
	By:	 	AIMCO LA QRS, Inc., a Delaware corporation, its General Partner
			
		 	By:	 	 
		 		 	Name: Patti K. Fielding
		 		 	Title: Executive Vice President and Treasurer

  

							
	GP-OP PROPERTY MANAGEMENT, LLC, a Delaware limited liability company
		
	By:	 	AIMCO Properties, L.P., a Delaware limited partnership, its Member
			
		 	By:	 	AIMCO-GP, Inc., a Delaware corporation, its General Partner
				
		 		 	By:	 	 
		 		 		 	Name: Patti K. Fielding
		 		 		 	Title: Executive Vice President and Treasurer

  
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 Form of Non-Borrowers Pledge Agreement 

 
					
	AIMCO GP LA, L.P., a Delaware limited partnership
		
	By:	 	AIMCO-GP, Inc., a Delaware corporation, its General Partner
			
		 	By:	 	 
		 		 	Name: Patti K. Fielding
		 		 	Title: Executive Vice President and Treasurer

  

							
	LAC PROPERTIES OPERATING PARTNERSHIP, L.P., a Delaware limited partnership
		
	By:	 	AIMCO GP LA, L.P., a Delaware limited partnership, its General Partner
			
		 	By:	 	AIMCO-GP, Inc., a Delaware corporation, its General Partner
				
		 		 	By:	 	 
		 		 		 	Name: Patti K. Fielding
		 		 		 	Title Executive Vice President and Treasurer

  

							
	AIC REIT PROPERTIES LLC, a Delaware limited liability company
		
	By:	 	AIMCO Properties, L.P., a Delaware limited partnership, its Managing Member
			
		 	By:	 	AIMCO-GP, Inc., a Delaware corporation, its General Partner
				
		 		 	By:	 	 
		 		 		 	Name: Patti K. Fielding
		 		 		 	Title: Executive Vice President and Treasurer

  
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 Form of Non-Borrowers Pledge Agreement 

 
									
	AMBASSADOR APARTMENTS, L.P., a Delaware limited partnership
		
	By:	 	AIMCO QRS GP, LLC, a Delaware limited liability company, its General Partner
			
		 	By:	 	AIMCO Properties, L.P., a Delaware limited partnership, its Member
				
		 		 	By:	 	AIMCO-GP, Inc., a Delaware corporation, its General Partner
					
		 		 		 	By:	 	 
		 		 		 		 	Name: Patti K. Fielding
		 		 		 		 	Title: Executive Vice President and Treasurer

  

					
	AIMCO HOLDINGS, L.P., a Delaware limited partnership
		
	By:	 	AIMCO Holdings QRS, Inc., a Delaware corporation, its General Partner
			
		 	By:	 	 
		 		 	Name: Patti K. Fielding
		 		 	Title: Executive Vice President and Treasurer

  

					
	AMBASSADOR FLORIDA PARTNERS LIMITED PARTNERSHIP, a Delaware limited partnership
		
	By:	 	Ambassador Florida Partners, Inc., a Delaware corporation, its General Partner
			
		 	By:	 	 
		 		 	Name: Patti K. Fielding
		 		 	Title: Executive Vice President and Treasurer

  
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 Form of Non-Borrowers Pledge Agreement 

 
									
	LAC PROPERTIES SUB LLC, a Delaware limited liability company
		
	By:	 	LAC Properties Operating Partnership, L.P., a Delaware limited partnership, its Managing Member
			
		 	By:	 	AIMCO GP LA, L.P., a Delaware limited partnership, its General Partner
				
		 		 	By:	 	AIMCO-GP, Inc., a Delaware corporation, its General Partner
					
		 		 		 	By:	 	 
		 		 		 		 	Name: Patti K. Fielding
		 		 		 		 	Title: Executive Vice President and Treasurer

  

									
	LAC PROPERTIES GP I LLC, a Delaware limited liability company
		
	By:	 	LAC Properties Operating Partnership, L.P., a Delaware limited partnership, its Managing Member
			
		 	By:	 	AIMCO GP LA, L.P., a Delaware limited partnership, its General Partner
				
		 		 	By:	 	AIMCO-GP, Inc., a Delaware corporation, its General Partner
					
		 		 		 	By:	 	 
		 		 		 		 	Name: Patti K. Fielding
		 		 		 		 	Title: Executive Vice President and Treasurer

  
 I-2

 Form of Non-Borrowers Pledge Agreement 

 
					
	NATIONAL CORPORATION FOR HOUSING PARTNERSHIPS, a District of Columbia corporation
		
	By:	 	 
		 	Name: Patti K. Fielding
		 	Title: Executive Vice President and Treasurer

  

							
	NHP PARTNERS TWO LIMITED PARTNERSHIP, a Delaware limited partnership
		
	By:	 	AIMCO Holdings, L.P., a Delaware limited partnership, its General Partner
			
		 	By:	 	AIMCO Holdings QRS, Inc., a Delaware corporation, its General Partner
				
		 		 	By:	 	 
		 		 		 	Name: Patti K. Fielding
		 		 		 	Title: Executive Vice President and Treasurer

  

							
	AIMCO QRS GP, LLC, a Delaware limited liability company
		
	By:	 	AIMCO Properties, L.P., a Delaware limited partnership, its sole member
			
		 	By:	 	AIMCO-GP, Inc., Delaware corporation, its General Partner
				
		 		 	By:	 	 
		 		 		 	Name: Patti K. Fielding
		 		 		 	Title: Executive Vice President and Treasurer

  
 I-2

 Form of Non-Borrowers Pledge Agreement 

 AGREED AND ACCEPTED: 

 

			
	KEYBANK NATIONAL ASSOCIATION,
as Administrative Agent
		
	By:	 	 
		 	Name:
		 	Title:

  
 I-2

 Form of Non-Borrowers Pledge Agreement 

 Exhibit A to Security Agreement 

Description of Collateral 
 (a) All investment property, certificated securities, uncertificated securities, general intangibles, and all other investments or property now or hereafter listed on Schedule 1 attached hereto, as
amended from time to time in writing, whether held in a securities account or otherwise. 
 (b)(i) All present and future
income, proceeds, earnings, and property received in exchange or substitution from or for the foregoing property of every kind and nature, including without limitation all payments, interest, profits, distributions, benefits, rights, options,
warrants, dividends, stock dividends, stock splits, stock rights, regulatory dividends, subscriptions, monies, claims for money due and to become due, proceeds of any insurance on the foregoing property, shares of stock of different par value or no
par value issued in substitution or exchange for shares included in the foregoing property, and (ii) all other property received, or which Pledgor is entitled to receive, on account of the foregoing property, including accounts, documents,
instruments, chattel paper, and general intangibles. 

  
 I-2

 Form of Non-Borrowers Pledge AgreementUnsecured Revolving Credit Agreement dated as of December 14, 2011

 Exhibit 10.1 
 EXECUTION VERSION 
 UNSECURED REVOLVING CREDIT AGREEMENT 

DATED AS OF DECEMBER 14, 2011 
 AMONG 
 FIRST INDUSTRIAL, L.P., AS BORROWER 

FIRST INDUSTRIAL REALTY TRUST, INC., 
 AS GENERAL PARTNER AND GUARANTOR 
 THE LENDERS 

AND 

WELLS FARGO BANK, NATIONAL ASSOCIATION 
 AS ADMINISTRATIVE AGENT 
 AND 

BANK OF AMERICA, N.A., 
 AS SYNDICATION AGENT 
 AND 

U.S. BANK NATIONAL ASSOCIATION, 
 PNC BANK, NATIONAL ASSOCIATION and 
 REGIONS BANK 

AS CO-DOCUMENTATION AGENTS 
  

 
 WELLS FARGO SECURITIES, LLC and

 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 

AS JOINT-LEAD ARRANGERS AND JOINT BOOK RUNNERS 

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
		
	 ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	  
				
		 	 1.1.
	 	 Definitions
	  	 	1	  
		 	 1.2.
	 	 Financial Standards
	  	 	23	  
		 	 1.3.
	 	 Classification of Loans and Borrowings
	  	 	23	  
		 	 1.4.
	 	 General References
	  	 	23	  
		
	 ARTICLE II. THE FACILITY
	  	 	24	  
				
		 	 2.1.
	 	 The Facility
	  	 	24	  
		 	 2.2.
	 	 Increase in Revolving Commitment
	  	 	24	  
		 	 2.3.
	 	 Principal Payments
	  	 	25	  
		 	 2.4.
	 	 Requests for Revolving Borrowings; Responsibility for Revolving Borrowings
	  	 	25	  
		 	 2.5.
	 	 Evidence of Credit Extensions
	  	 	25	  
		 	 2.6.
	 	 Loans and Borrowings
	  	 	26	  
		 	 2.7.
	 	 Requests for Revolving Borrowings
	  	 	26	  
		 	 2.8.
	 	 Interest Elections
	  	 	28	  
		 	 2.9.
	 	 Applicable Margins/Facility Fee Rate
	  	 	29	  
		 	 2.10.
	 	 Other Fees
	  	 	31	  
		 	 2.11.
	 	 Minimum Amount of Each Borrowing
	  	 	32	  
		 	 2.12.
	 	 Interest
	  	 	32	  
		 	 2.13.
	 	 Method of Payment
	  	 	32	  
		 	 2.14.
	 	 Default
	  	 	33	  
		 	 2.15.
	 	 Lending Offices
	  	 	33	  
		 	 2.16.
	 	 Non Receipt of Funds by Administrative Agent
	  	 	33	  
		 	 2.17.
	 	 Swingline Loans
	  	 	33	  
		 	 2.18.
	 	 Extension of Maturity Date
	  	 	34	  
		 	 2.19.
	 	 Pro Rata Treatment/Sharing of Payments
	  	 	35	  
		 	 2.20.
	 	 Reserved
	  	 	36	  
		 	 2.21.
	 	 Application of Moneys Received
	  	 	36	  
		 	 2.22.
	 	 Reserved
	  	 	37	  
		 	 2.23.
	 	 Voluntary Prepayments of Loans
	  	 	37	  
		
	 ARTICLE III. THE LETTER OF CREDIT SUBFACILITY
	  	 	38	  
				
		 	 3.1.
	 	 Obligation to Issue
	  	 	38	  
		 	 3.2.
	 	 Types and Amounts
	  	 	38	  
		 	 3.3.
	 	 Conditions
	  	 	38	  
		 	 3.4.
	 	 Procedure for Issuance of Facility Letters of Credit
	  	 	39	  
		 	 3.5.
	 	 Reimbursement Obligations; Duties of Issuing Bank
	  	 	41	  
		 	 3.6.
	 	 Participation
	  	 	41	  
		 	 3.7.
	 	 Payment of Reimbursement Obligations
	  	 	43	  
		 	 3.8.
	 	 Compensation for Facility Letters of Credit
	  	 	44	  
		 	 3.9.
	 	 Letter of Credit Collateral Account
	  	 	44	  

  
 i 

 TABLE OF CONTENTS 

(Continued) 
  

									
	 	 	 	 	 	  	Page	 
		
	 ARTICLE IV. CHANGE IN CIRCUMSTANCES
	  	 	44	  
				
		 	 4.1.
	 	 Yield Protection
	  	 	44	  
		 	 4.2.
	 	 Changes in Capital Adequacy Regulations
	  	 	45	  
		 	 4.3.
	 	 Availability of Eurocurrency or Adjusted Base Rate Borrowings
	  	 	46	  
		 	 4.4.
	 	 Funding Indemnification
	  	 	47	  
		 	 4.5.
	 	 Taxes
	  	 	47	  
		 	 4.6.
	 	 Lender Statements; Survival of Indemnity
	  	 	49	  
		 	 4.7.
	 	 Replacement of Lenders under Certain Circumstances
	  	 	50	  
		
	 ARTICLE V. CONDITIONS PRECEDENT
	  	 	50	  
				
		 	 5.1.
	 	 Conditions Precedent to Closing
	  	 	50	  
		 	 5.2.
	 	 Conditions Precedent to Subsequent Borrowings
	  	 	52	  
		
	 ARTICLE VI. REPRESENTATIONS AND WARRANTIES
	  	 	53	  
				
		 	 6.1.
	 	 Existence
	  	 	53	  
		 	 6.2.
	 	 Corporate/Partnership Powers
	  	 	53	  
		 	 6.3.
	 	 Power of Officers
	  	 	54	  
		 	 6.4.
	 	 Government and Other Approvals
	  	 	54	  
		 	 6.5.
	 	 Solvency
	  	 	54	  
		 	 6.6.
	 	 Compliance With Laws
	  	 	54	  
		 	 6.7.
	 	 Enforceability of Agreement
	  	 	54	  
		 	 6.8.
	 	 Title to Property
	  	 	55	  
		 	 6.9.
	 	 Litigation
	  	 	55	  
		 	 6.10.
	 	 Events of Default
	  	 	55	  
		 	 6.11.
	 	 Investment Company Act of 1940
	  	 	55	  
		 	 6.12.
	 	 Public Utility Holding Company Act
	  	 	55	  
		 	 6.13.
	 	 Regulation U
	  	 	55	  
		 	 6.14.
	 	 No Material Adverse Financial Change
	  	 	55	  
		 	 6.15.
	 	 Financial Information
	  	 	55	  
		 	 6.16.
	 	 Factual Information
	  	 	56	  
		 	 6.17.
	 	 ERISA
	  	 	56	  
		 	 6.18.
	 	 Taxes
	  	 	56	  
		 	 6.19.
	 	 Environmental Matters
	  	 	56	  
		 	 6.20.
	 	 Insurance
	  	 	57	  
		 	 6.21.
	 	 No Brokers
	  	 	57	  
		 	 6.22.
	 	 No Violation of Usury Laws
	  	 	57	  
		 	 6.23.
	 	 Not a Foreign Person
	  	 	58	  
		 	 6.24.
	 	 No Trade Name
	  	 	58	  
		 	 6.25.
	 	 Subsidiaries
	  	 	58	  
		 	 6.26.
	 	 Unencumbered Assets
	  	 	58	  
		 	 6.27.
	 	 Patriot Act and Other Specified Laws
	  	 	59	  

  
 ii 

 TABLE OF CONTENTS 

(Continued) 
  

									
	 	 	 	 	 	  	Page	 
		
	 ARTICLE VII. ADDITIONAL REPRESENTATIONS AND WARRANTIES
	  	 	60	  
				
		 	 7.1.
	 	 Existence
	  	 	60	  
		 	 7.2.
	 	 Corporate Powers
	  	 	61	  
		 	 7.3.
	 	 Power of Officers
	  	 	61	  
		 	 7.4.
	 	 Government and Other Approvals
	  	 	61	  
		 	 7.5.
	 	 Compliance With Laws
	  	 	61	  
		 	 7.6.
	 	 Enforceability of Agreement
	  	 	61	  
		 	 7.7.
	 	 Liens; Consents
	  	 	61	  
		 	 7.8.
	 	 Litigation
	  	 	61	  
		 	 7.9.
	 	 Events of Default
	  	 	61	  
		 	 7.10.
	 	 Investment Company Act of 1940
	  	 	62	  
		 	 7.11.
	 	 Public Utility Holding Company Act
	  	 	62	  
		 	 7.12.
	 	 No Material Adverse Financial Change
	  	 	62	  
		 	 7.13.
	 	 Financial Information
	  	 	62	  
		 	 7.14.
	 	 Factual Information
	  	 	62	  
		 	 7.15.
	 	 ERISA
	  	 	62	  
		 	 7.16.
	 	 Taxes
	  	 	62	  
		 	 7.17.
	 	 No Brokers
	  	 	62	  
		 	 7.18.
	 	 Subsidiaries
	  	 	63	  
		 	 7.19.
	 	 Status
	  	 	63	  
		 	 7.20.
	 	 Patriot Act and Other Specified Laws
	  	 	63	  
		
	 ARTICLE VIII. AFFIRMATIVE COVENANTS
	  	 	64	  
				
		 	 8.1.
	 	 Notices
	  	 	64	  
		 	 8.2.
	 	 Financial Statements, Reports, Etc.
	  	 	65	  
		 	 8.3.
	 	 Existence and Conduct of Operations
	  	 	67	  
		 	 8.4.
	 	 Maintenance of Properties
	  	 	68	  
		 	 8.5.
	 	 Insurance
	  	 	68	  
		 	 8.6.
	 	 Payment of Obligations
	  	 	68	  
		 	 8.7.
	 	 Compliance with Laws
	  	 	68	  
		 	 8.8.
	 	 Adequate Books
	  	 	68	  
		 	 8.9.
	 	 ERISA
	  	 	68	  
		 	 8.10.
	 	 Maintenance of Status
	  	 	68	  
		 	 8.11.
	 	 Use of Proceeds
	  	 	69	  
		 	 8.12.
	 	 Pre Acquisition Environmental Investigations
	  	 	69	  
		 	 8.13.
	 	 Distributions
	  	 	69	  
		
	 ARTICLE IX. NEGATIVE COVENANTS
	  	 	69	  
				
		 	 9.1.
	 	 Change in Business
	  	 	69	  
		 	 9.2.
	 	 Change of Management of Properties
	  	 	69	  
		 	 9.3.
	 	 Change of Borrower Ownership
	  	 	69	  
		 	 9.4.
	 	 Use of Proceeds
	  	 	70	  

  
 iii

 TABLE OF CONTENTS 

(Continued) 
  

									
	 	 	 	 	 	  	Page	 
				
		 	 9.5.
	 	 Liens
	  	 	70	  
		 	 9.6.
	 	 Regulation U
	  	 	71	  
		 	 9.7.
	 	 Indebtedness and Cash Flow Covenants
	  	 	71	  
		 	 9.8.
	 	 Change of Control; Mergers and Dispositions
	  	 	72	  
		 	 9.9.
	 	 Negative Pledge
	  	 	72	  
		
	 ARTICLE X. DEFAULTS
	  	 	73	  
				
		 	 10.1.
	 	 Nonpayment of Principal
	  	 	73	  
		 	 10.2.
	 	 Certain Covenants
	  	 	73	  
		 	 10.3.
	 	 Nonpayment of Interest and Other Obligations
	  	 	73	  
		 	 10.4.
	 	 Cross Default
	  	 	73	  
		 	 10.5.
	 	 Loan Documents
	  	 	73	  
		 	 10.6.
	 	 Representation or Warranty
	  	 	73	  
		 	 10.7.
	 	 Covenants, Agreements and Other Conditions
	  	 	73	  
		 	 10.8.
	 	 No Longer General Partner
	  	 	74	  
		 	 10.9.
	 	 Material Adverse Financial Change
	  	 	74	  
		 	 10.10.
	 	 Bankruptcy
	  	 	74	  
		 	 10.11.
	 	 Legal Proceedings
	  	 	74	  
		 	 10.12.
	 	 ERISA
	  	 	75	  
		 	 10.13.
	 	 Change in Control
	  	 	75	  
		 	 10.14.
	 	 Failure to Satisfy Judgments
	  	 	75	  
		 	 10.15.
	 	 Environmental Remediation
	  	 	75	  
		
	 ARTICLE XI. ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES
	  	 	75	  
				
		 	 11.1.
	 	 Acceleration
	  	 	75	  
		 	 11.2.
	 	 Preservation of Rights; Amendments
	  	 	76	  
		
	 ARTICLE XII. THE ADMINISTRATIVE AGENT
	  	 	77	  
				
		 	 12.1.
	 	 Appointment
	  	 	77	  
		 	 12.2.
	 	 Powers
	  	 	77	  
		 	 12.3.
	 	 General Immunity
	  	 	77	  
		 	 12.4.
	 	 No Responsibility for Loans, Recitals, etc.
	  	 	77	  
		 	 12.5.
	 	 Action on Instructions of Lenders
	  	 	78	  
		 	 12.6.
	 	 Employment of Administrative Agents and Counsel
	  	 	78	  
		 	 12.7.
	 	 Reliance on Documents; Counsel
	  	 	78	  
		 	 12.8.
	 	 Administrative Agent’s Reimbursement and Indemnification
	  	 	78	  
		 	 12.9.
	 	 Rights as a Lender
	  	 	79	  
		 	 12.10.
	 	 Funds Transfer Disbursements
	  	 	79	  
		 	 12.11.
	 	 Lender Credit Decision
	  	 	80	  
		 	 12.12.
	 	 Successor Administrative Agent
	  	 	80	  
		 	 12.13.
	 	 Notice of Defaults
	  	 	81	  
		 	 12.14.
	 	 Requests for Approval
	  	 	81	  

  
 iv 

 TABLE OF CONTENTS 

(Continued) 
  

									
	 	 	 	 	 	  	Page	 
				
		 	 12.15.
	 	 Copies of Documents
	  	 	81	  
		 	 12.16.
	 	 Defaulting Lenders
	  	 	81	  
		 	 12.17.
	 	 Delegation to Affiliates
	  	 	85	  
		 	 12.18.
	 	 Managing Agents, Co-Documentation Agents, Syndication Agent, etc.
	  	 	85	  
		
	 ARTICLE XIII. BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS
	  	 	85	  
				
		 	 13.1.
	 	 Successors and Assigns
	  	 	85	  
		 	 13.2.
	 	 Participations
	  	 	86	  
		 	 13.3.
	 	 Assignments; Consents
	  	 	87	  
		 	 13.4.
	 	 Register
	  	 	89	  
		 	 13.5
	 	 Dissemination of Information
	  	 	89	  
		 	 13.6
	 	 Tax Treatment
	  	 	90	  
		
	 ARTICLE XIV. GENERAL PROVISIONS
	  	 	91	  
				
		 	 14.1.
	 	 Survival of Representations
	  	 	91	  
		 	 14.2.
	 	 Governmental Regulation
	  	 	91	  
		 	 14.3.
	 	 Taxes
	  	 	91	  
		 	 14.4.
	 	 Headings
	  	 	91	  
		 	 14.5.
	 	 No Third Party Beneficiaries
	  	 	91	  
		 	 14.6.
	 	 Expenses; Indemnification
	  	 	91	  
		 	 14.7.
	 	 Severability of Provisions
	  	 	92	  
		 	 14.8.
	 	 Nonliability of the Lenders
	  	 	92	  
		 	 14.9.
	 	 Choice of Law
	  	 	92	  
		 	 14.10.
	 	 Consent to Jurisdiction
	  	 	92	  
		 	 14.11.
	 	 Waiver of Jury Trial
	  	 	93	  
		 	 14.12.
	 	 Successors and Assigns
	  	 	93	  
		 	 14.13.
	 	 Entire Agreement; Modification of Agreement
	  	 	93	  
		 	 14.14.
	 	 Dealings with the Borrower
	  	 	94	  
		 	 14.15.
	 	 Set-Off
	  	 	94	  
		 	 14.16.
	 	 Counterparts
	  	 	95	  
		 	 14.17.
	 	 Patriot Act CIP Notice
	  	 	95	  
		
	 ARTICLE XV. NOTICES
	  	 	95	  
				
		 	 15.1.
	 	 Giving Notice; Electronic Delivery
	  	 	95	  
		 	 15.2.
	 	 Change of Address
	  	 	97	  

  
 v 

 TABLE OF CONTENTS 

(Continued) 
  

 EXHIBITS 
  

					
	A	  	-	  	Revolving Commitment Amounts
	B	  	-	  	Form of Note
	C	  	-	  	Transfer Authorizer Designation
	D	  	-	  	Form of Guaranty
	E	  	-	  	Opinion of Borrower’s Counsel
	F	  	-	  	Opinion of General Partner’s Counsel
	G	  	-	  	Wiring Instructions
	H	  	-	  	Form of Compliance Certificate
	I	  	-	  	Form of Assignment Agreement
	J	  	-	  	Form of Notice of Borrowing
	K	  	-	  	Form of Notice of Swingline Borrowing

 SCHEDULES 
  

			
	3.1	  	Outstanding Facility Letters of Credit
	6.9	  	Litigation (Borrower)
	6.19	  	Environmental Compliance
	6.24	  	Trade Names
	6.25	  	Subsidiaries (Borrower)
	6.26	  	Unencumbered Assets
	7.8	  	Litigation (General Partner)
	7.18	  	Subsidiaries (General Partner)

  
 vi 

 UNSECURED REVOLVING CREDIT AGREEMENT 

THIS UNSECURED REVOLVING CREDIT AGREEMENT is entered into as of December 14, 2011 by and among the following: 

FIRST INDUSTRIAL, L.P., a Delaware limited partnership having its principal place of business at 311 South Wacker Drive, Suite 3900,
Chicago, Illinois 60606, the sole general partner of which is First Industrial Realty Trust, Inc., a Maryland corporation; 

FIRST INDUSTRIAL REALTY TRUST, INC., a Maryland corporation that is qualified as a real estate investment trust whose principal place of
business is 311 South Wacker Drive, Suite 3900, Chicago, Illinois 60606 (“General Partner”); 
 WELLS FARGO
BANK, NATIONAL ASSOCIATION (“Wells”), a national bank organized under the laws of the United States of America having an office at 123 North Wacker Dr., Chicago, IL 60606, as Administrative Agent (“Administrative
Agent”) for the Lenders (as defined below); and 
 Those Lenders identified on the signature pages hereto. 

RECITALS 

A. The Borrower is primarily engaged in the business of acquiring, developing, owning and operating bulk warehouse and light industrial
properties. 
 B. The Borrower has requested that the Lenders provide a revolving credit facility for the purposes set forth
herein and the Lenders have agreed to do so on the terms and conditions set forth herein. 
 C. The General Partner is fully
liable for the obligations of the Borrower hereunder by virtue of its status as the sole general partner of the Borrower and as guarantor under the Guaranty. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto agree as follows: 
 ARTICLE I. 
 DEFINITIONS AND ACCOUNTING TERMS 

1.1. Definitions. As used in this Agreement, the following terms have the meanings set forth below: 

“Adjusted Base Rate” means a floating interest rate equal to the sum of (i) the LIBOR Market Index Rate, plus
(ii) the Base Rate Applicable Margin in effect from time to time. 
 “Adjusted Base Rate Borrowing” means
a Borrowing that bears interest at the Adjusted Base Rate. 

 “Adjusted EBITDA” means for any Person the sum of EBITDA for such Person
and such Person’s reported corporate overhead for itself and its Subsidiaries; provided that “Adjusted EBITDA” shall have deducted overhead related to specific properties. 

“Adjusted LIBOR Rate” means, the sum of (i) the Base LIBOR Rate applicable to such Interest Period, plus,
(ii) the LIBOR Applicable Margin in effect from time to time during such Interest Period, 
 “Administrative
Agent” means Wells, in its capacity as contractual representative of the Lenders pursuant to Article XII, and not in its individual capacity as a Lender, and any successor Administrative Agent appointed pursuant to
Article XII. 
 “Administrative Office” means the Administrative Agent’s office designated on
its signature page to this Agreement or such other office as may be designated by the Administrative Agent by written notice to the Borrower and the Lenders. 
 “Administrative Questionnaire” means the Administrative Questionnaire completed by each Lender and delivered to the Administrative Agent in a form supplied by the Administrative Agent to
the Lenders from time to time. 
 “Affiliate” means any Person directly or indirectly controlling, controlled
by or under direct or indirect common control with any other Person. A Person shall be deemed to control another Person if the controlling Person owns ten percent (10%) or more of any class of voting securities 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; provided that in no event shall the
Administrative Agent or any Lender be deemed to be an Affiliate of the Borrower. 
 “Aggregate Revolving
Commitment” means, as of any date, the total of all Revolving Commitments, which as of the Agreement Execution Date is $450,000,000, subject to the Borrower’s right to increase the Aggregate Revolving Commitment pursuant to
Section 2.2. 
 “Agreement” means this Unsecured Revolving Credit Agreement and all amendments,
modifications and supplements hereto. 
 “Agreement Execution Date” shall mean December 14, 2011, the date
on which all of the parties hereto have executed this Agreement. 
 “Applicable Cap Rate” means 8.00%.

 “Applicable Margin” means the applicable margins set forth in the table in Section 2.9 used in
calculating the interest rate applicable to the various types of Borrowings, which shall vary from time to time in accordance with the long term, senior unsecured debt ratings of the Borrower and the General Partner in the manner set forth in
Section 2.9. 
 “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. 

  
 2 

 “Arranger” means Wells Fargo Securities, LLC and Merrill Lynch, Pierce,
Fenner & Smith Incorporated and their successors in their capacity as Joint Lead Arrangers. 
 “Asset
Sale” means any sale or other disposition by the Consolidated Operating Partnership of any Property or other assets (excluding any proceeds resulting from the casualty or condemnation of such Property or other assets, to the extent such
proceeds are used to rebuild such Properties or assets within 365 days of receipt of such proceeds) that yields gross proceeds equal to the aggregate of (i) all cash proceeds, plus (ii) the initial principal amount of any noncash
proceeds consisting of notes or other debt securities, plus (iii) the fair market value of other non-cash proceeds, if and to the extent that the aggregate of (i), (ii) and (iii) exceeds $500,000. 

“Assets Under Development” means, as of any date of determination, any Project which is under construction and then
treated as an asset under development under GAAP. 
 “Assignment and Assumption Agreement” means an Assignment
and Assumption Agreement among a Lender, an Eligible Assignee and the Administrative Agent, substantially in the form of Exhibit I. 
 “Bankruptcy Event” means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator,
custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance
of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest,
in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or
from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 

“Base LIBOR Rate” means, with respect to any Eurocurrency Borrowing, for any Interest Period, the rate of interest
obtained by dividing (i) the LIBOR 01 rate as set forth on the Reuters screen (or on any successor to or substitute for such screen) at approximately 11:00 a.m. (Central Time), two (2) Business Days prior to the date of commencement of
such Interest Period for purposes of calculating effective rates of interest for loans or obligations making reference thereto, for an amount approximately equal to the applicable Eurocurrency Loan and for a period of time approximately equal to
such Interest Period by (ii) a percentage equal to 1 minus the stated maximum rate (stated as a decimal) of all reserves, if any, required to be maintained with respect to Eurocurrency funding (currently referred to as
“Eurocurrency liabilities”) as specified in Regulation D of the Board of Governors of the Federal Reserve System (or against any other category of liabilities which includes deposits by reference to which the interest rate on
Eurocurrency Loans is determined or any applicable category of extensions of credit or other assets which includes loans by an office of any Lender outside of the United States of America). Any change in such maximum rate shall result in a change in
the Base LIBOR Rate on the date on which such change in such maximum rate becomes effective. 

  
 3 

 “Base Rate Applicable Margin” means the Applicable Margin in effect for an
Adjusted Base Rate Borrowing as determined in accordance with Section 2.9 hereof. 
 “Borrower”
means First Industrial, L.P., along with its permitted successors and assigns. 
 “Borrowing” means
(a) Loans of the same Class and Type, made, converted or continued on the same date and, in the case of Eurocurrency Loans, as to which a single Interest Period is in effect, or (b) a Swingline Loan. 

“Borrowing Date” means a Business Day on which a Borrowing is made to the Borrower. 

“Borrowing Notice” is defined in Section 2.7 hereof. 

“Business Day” means a day, other than a Saturday, Sunday or holiday, on which banks are open for business in New York
City; provided that with respect to any borrowings, disbursements and payments in respect of and calculations, interest rates and Interest Periods pertaining to Eurocurrency Loans, such day is also a day on which banks are open for general
business in London, England. 
 “Capital Stock” means any and all shares, interests, participations or other
equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person which is not a corporation and any and all warrants or options to purchase any of the foregoing. 

“Cash Collateralize” means, to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the
applicable Issuing Bank or the Lenders, as collateral for LC Exposure or obligations of Lenders to fund participations in respect of LC Exposure, cash or deposit account balances or, if the Administrative Agent and the applicable Issuing Bank shall
agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to the Administrative Agent and the applicable Issuing Bank. “Cash Collateral” shall have a meaning correlative
to the foregoing and shall include the proceeds of such cash collateral and other credit support. 
 “Cash
Equivalents” shall mean (i) short term obligations of, or fully guaranteed by, the United States of America, (ii) commercial paper rated A 1 or better by Standard and Poor’s Corporation or P-1 or better by Moody’s
Investors Service, Inc., or (iii) certificates of deposit issued by and time deposits with commercial banks (whether domestic or foreign) having capital and surplus in excess of $100,000,000; provided in each case that the same provides for
payment of both principal and interest (and not principal alone or interest alone) and is not subject to any contingency regarding the payment of principal or interest, provided that all such Cash Equivalents would qualify as cash equivalents
in accordance with GAAP. 
 “Change in Law” has the meaning set forth in Section 4.1. 

  
 4 

 “Change in Control” means (a) the acquisition of ownership, directly
or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof), of more than 40% of the
aggregate voting power represented by the then outstanding voting stock of the General Partner, (b) the occupation of a majority of the seats (other than vacant seats) on the board of directors of the General Partner by Persons who were neither
(i) nominated by the board of directors of the General Partner, (ii) appointed by directors so nominated, nor (iii) nominated by holders of the preferred stock in the General Partner pursuant to the terms of such stock; or
(c) the General Partner shall cease to own, directly or indirectly, fifty-one percent (51%) or more of the Equity Interests of the Borrower. 
 “Class” means when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans or Swingline Loans. 

“Closing Date” means the date on which the conditions precedent in Section 5.1 are satisfied in accordance
therewith and this Agreement becomes effective. 
 “Code” means the Internal Revenue Code of 1986 as amended
from time to time, or any replacement or successor statute, and the regulations promulgated thereunder from time to time. 

“Consolidated Leverage Ratio” means, as of any date of determination, the ratio of Consolidated Total Indebtedness to
Implied Capitalization Value of the Consolidated Operating Partnership. 
 “Consolidated Operating Partnership”
means the Borrower, the General Partner and any other subsidiary partnerships or entities of either of them which are required under GAAP to be consolidated with the Borrower and the General Partner for financial reporting purposes. 

“Consolidated Secured Debt” means as of any date of determination, the sum of (a) the aggregate principal amount of
all Indebtedness of the Consolidated Operating Partnership outstanding at such date which is secured by a Lien on any asset or Capital Stock of Consolidated Operating Partnership, including without limitation loans secured by mortgages, stock, or
partnership interests, but excluding Defeased Debt and (b) the amount by which the aggregate principal amount of all Indebtedness of the Subsidiaries of the Borrower or the General Partner outstanding at such date exceeds $5,000,000 (including,
for the avoidance of doubt, Guarantee Obligations of the Subsidiaries of the Borrower or the General Partner in respect of primary obligations of the Borrower or the General Partner), without duplication of any Indebtedness included under
clause (a). For clarification, Consolidated Secured Debt shall include the Borrower’s or the General Partner’s Ownership Share of any Investment Affiliate’s Indebtedness. 

“Consolidated Senior Unsecured Debt” means as of any date of determination, the aggregate principal amount of all
Indebtedness of the Consolidated Operating Partnership (which will include, without limitation, any Indebtedness that is secured by partnership interests and that is recourse to the Borrower or the Guarantor, where such recourse component applies
only to the payment of principal and/or interest), outstanding at such date other than (a) Indebtedness which is contractually subordinated to the Indebtedness of the Consolidated Operating Partnership

  
 5 

 
under the Loan Documents on terms acceptable to the Administrative Agent and (b) that portion of Consolidated Secured Debt described in clause (a) of that definition. For clarification,
Consolidated Senior Unsecured Debt shall exclude the Borrower’s or the General Partner’s Ownership Share of any Investment Affiliate’s Indebtedness. 
 “Consolidated Total Indebtedness” means as of any date of determination, all Indebtedness of the Consolidated Operating Partnership outstanding at such date, determined on a consolidated
basis in accordance with GAAP, after eliminating intercompany items; provided that for purposes of defining “Consolidated Total Indebtedness” the term “Indebtedness” shall not include the short term debt (e.g. accounts
payable, short term expenses) of the Borrower or the General Partner or Defeased Debt. For clarification, Consolidated Total Indebtedness shall include the Borrower’s or the General Partner’s Ownership Share of any Investment
Affiliate’s Indebtedness. 
 “Controlled Group” means all members of a controlled group of corporations
and all trades or businesses (whether or not incorporated) under common control which, together with all or any of the entities in the Consolidated Operating Partnership, are treated as a single employer under Sections 414(b) or 414(c) of the
Code. 
 “Conversion/Continuation Notice” is defined in Section 2.8. 

“Debtor Relief Laws” means the United States Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar Applicable Laws relating to the relief of debtors in the United States of America or other applicable jurisdictions from time to
time in effect. 
 “Debt Service” means for any period, (a) Interest Expense for such period plus
(b) the aggregate amount of regularly scheduled principal payments of Indebtedness (excluding optional prepayments and balloon principal payments due on maturity in respect of any Indebtedness) required to be made during such period by the
Borrower, or any of its consolidated Subsidiaries plus (c) a percentage of all such regularly scheduled principal payments required to be made during such period by any Investment Affiliate on Indebtedness (excluding optional prepayments
and balloon principal payments due on maturity in respect of any Indebtedness) taken into account in calculating Interest Expense, such percentage equal to the greater of (x) the percentage of the principal amount of such Indebtedness for which
the Borrower or any consolidated Subsidiary is liable and (y) the Ownership Share in such Investment Affiliate held by the Borrower and any consolidated Subsidiaries, in the aggregate, without duplication. 

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

“Default Rate” means with respect to any Borrowing, a rate equal to the interest rate applicable to such Borrowing plus
three percent (3%) per annum. 
 “Defaulting Lender” means, subject to Section 12.16(f), any
Revolving Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Revolving Lender notifies the

  
 6 

 
Administrative Agent and the Borrower in writing that such failure is the result of such Revolving Lender’s determination that one or more conditions precedent to funding (each of which
conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, the Issuing Bank, the Swingline Lender or any other Lender any other
amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two (2) Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent, the
Issuing Bank or the Swingline Lender 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 Revolving Lender’s
obligation to fund a Loan hereunder and states that such position is based on such Revolving Lender’s 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 Revolving Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the
Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (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; provided that a Revolving Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Revolving 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 Revolving Lender with immunity from the jurisdiction of courts within the United States of America or from the enforcement of judgments
or writs of attachment on its assets or permit such Revolving Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Revolving Lender. Any determination by the Administrative
Agent that a Revolving Lender is a Defaulting Lender under clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Revolving Lender shall be deemed to be a Defaulting Lender (subject to
Section 12.16(f)) upon delivery of written notice of such determination to the Borrower, the Issuing Bank, the Swingline Lender and each Revolving Lender. 
 “Defeased Debt” means that portion of debt which has already been defeased by depositing collateral in the form of obligations supported by the credit of the United States government in
such amounts as are required and permitted under the terms of the applicable loan documents. 
 “Dollars” and
“$” mean United States Dollars. 
 “EBITDA” means, with respect to any Person, income before
restructuring charges in an aggregate amount not to exceed $10,000,000 during any four fiscal quarter period, non-cash impairment charges and other non-cash, non-recurring items determined in good faith by the Borrower and extraordinary items,
without deduction of any losses related to initial offering 

  
 7 

 
costs of preferred stock which are written off due to the redemption of such preferred stock, and excluding any gains or losses from pay-off or retirement of debt and gains/losses on sales of
Properties and excluding costs incurred in acquiring Properties, where such costs are required to be expensed under ASC 805 Business Combinations 805-10-25-23, as reported by such Person and its Subsidiaries on a consolidated basis in accordance
with GAAP (reduced to eliminate any income from Investment Affiliates of such Person, any interest income and, with respect to the Consolidated Operating Partnership, any income from the assets used for Defeased Debt), plus Interest Expense,
depreciation, amortization and income tax (if any) expense plus a percentage of such income (adjusted as described above) of any such Investment Affiliate equal to the allocable economic interest in such Investment Affiliate held by such Person and
any Subsidiaries, in the aggregate (provided that no item of income or expense shall be included more than once in such calculation even if it falls within more than one of the foregoing categories). 

“Effective Date” means each Borrowing Date and, if no Borrowing Date has occurred in the preceding calendar month, the
first Business Day of each calendar month. 
 “Eligible Assignee” means (a) a Lender, (b) an
Affiliate of a Lender, (c) an Approved Fund and (d) any other Person (other than a natural person) approved by the Administrative Agent (such approval not to be unreasonably withheld or delayed by any of the foregoing); provided that
notwithstanding the foregoing, “Eligible Assignee” shall not include the Borrower or any of the Borrower’s Affiliates or Subsidiaries. 
 “Environmental Laws” means any and all Federal, state, local or municipal laws, rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental
Authority having jurisdiction over the Borrower, its Subsidiaries or Investment Affiliates, or their respective assets, and regulating or imposing liability or standards of conduct concerning protection of human health or the environment, as now or
may at any time hereafter be in effect, in each case to the extent the foregoing are applicable to the operations of the Borrower, any Investment Affiliate, or any Subsidiary or any of their respective assets or Properties. 

“Equity Interests” means, with respect to any Person, any share of capital stock of (or other ownership or profit
interests in) such Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit interests in) such Person, any security convertible into or
exchangeable for any share of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person of such shares (or such other interests), and any other
ownership or profit interest in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or other interest is authorized or
otherwise existing on any date of determination. 
 “Equity Value” is defined in Section 10.10
hereof. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and regulations
promulgated thereunder from time to time. 

  
 8 

 “Eurocurrency”, when used in reference to any Loan or Borrowing, refers to
whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBOR Rate. 
 “Event of Default” means any event set forth in Article X hereof. 
 “Excluded Taxes” means, in the case of each Lender or applicable Lending Office and the Administrative Agent, (a) taxes imposed on its overall net income, and franchise taxes imposed
on it, by (i) the jurisdiction under the laws of which such Lender or the Administrative Agent is incorporated or organized or (ii) the jurisdiction in which the Administrative Agent’s or such Lender’s principal executive office
of such Lender’s applicable Lending Office is located, and (b) any United States federal withholding taxes imposed by FATCA. 
 “Extension Request” is defined in Section 2.18(a). 

“Facility” means the Revolving Commitments and the extensions of credit made thereunder. 

“Facility Fee Rate” is defined in Section 2.10(b). 

“Facility Letter of Credit” means a Financial Letter of Credit or Performance Letter of Credit issued under the
Facility. 
 “Facility Letter of Credit Fee” is defined in Section 3.8. 

“FATCA” means Sections 1471 through 1474 of the Code as in effect on the Closing Date, and any current or future
regulations or official interpretations thereof. 
 “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 arranged by Federal funds brokers on such day, 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 11:00 a.m. (Central Time) on
such day on such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by the Administrative Agent in its sole discretion. 

“Financial Letter of Credit” means any standby Letter of Credit which represents an irrevocable obligation to the
beneficiary on the part of the Issuing Bank (i) to repay money borrowed by or advanced to or for the account of the account party or (ii) to make any payment on account of any indebtedness undertaken by the account party, in the event the
account party fails to fulfill its obligation to the beneficiary. 
 “Fixed Charge Coverage Ratio” is defined
in Section 9.7(a). 
 “Fronting Exposure” means, at any time there is a Defaulting Lender,
(a) with respect to the applicable Issuing Bank, such Defaulting Lender’s Percentage of the outstanding LC Exposure in respect of Letters of Credit issued by the Issuing Bank other than LC Exposure as to

  
 9 

 
which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to the
Swingline Lender, such Defaulting Lender’s Percentage of outstanding Swingline Loans other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders. 

“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. 

“Funded Percentage” means, with respect to any Lender at any time, a percentage equal to a fraction the numerator of
which is the amount of the Aggregate Revolving Commitment actually disbursed and outstanding to the Borrower by such Lender at such time, and the denominator of which is the total amount of the Aggregate Revolving Commitment disbursed and
outstanding to the Borrower by all of the Lenders at such time. 
 “GAAP” means those generally accepted
accounting principles in the United States of America as in effect from time to time that are consistent with those utilized in preparing the audited financial statements of the Borrower required hereunder; provided that all financial computations
shall be made in accordance with GAAP as in effect on the Agreement Execution Date. 
 “General Partner” means
First Industrial Realty Trust, Inc., a Maryland corporation that is listed on a national securities exchange and is qualified as a real estate investment trust. The General Partner is the sole general partner of the Borrower. 

“Governmental Authority” means any nation or government, any state or other political subdivision thereof and any entity
exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Gross Negligence” means recklessness, or actions taken or omitted with conscious indifference to or the complete
disregard of consequences or rights of others affected. Gross Negligence does not mean the absence of ordinary care or diligence, or an inadvertent act or inadvertent failure to act. If the term “gross negligence” is used with respect to
the Administrative Agent, the Issuing Bank or any Lender or any indemnitee in any of the other Loan Documents, it shall have the meaning set forth herein. 
 “Ground Lease Payments” means, for any period, payment made in cash during such period in respect of any ground lease with respect to which the Borrower or any of its Subsidiaries is a
lessee. 
 “Guarantee Obligation” means as to any Person (the “guaranteeing person”), any
obligation (determined without duplication) of (a) the guaranteeing person or (b) another Person (including, without limitation, any bank under any letter of credit) to induce the creation of which the guaranteeing person has issued a
reimbursement, counter indemnity or similar obligation, in either case guaranteeing or in effect guaranteeing (but only to the extent that the guaranty applies to the payment of principal or interest due under recourse Indebtedness) any
Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third 

  
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Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of the guaranteeing person, whether or not contingent,
(i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain
working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such
primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided,
however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be
the maximum stated amount of the primary obligation relating to such Guarantee Obligation (or, if less, the maximum stated liability set forth in the instrument embodying such Guarantee Obligation), provided, that in the absence of any such
stated amount or stated liability, the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the Borrower in good faith. 

“Guaranty” means the Guaranty executed by the General Partner in the form attached hereto as Exhibit D.

 “Implied Capitalization Value” means for any Person as of any date, the sum of (i) the quotient of
(x) the Adjusted EBITDA for such Person during the most recent four fiscal quarters (which Adjusted EBITDA shall exclude any Adjusted EBITDA attributable to all Assets Under Development or Rollover Projects, and which Adjusted EBITDA
attributable to each Project which was formerly a Rollover Project shall not be less than zero), and (y) the Applicable Cap Rate, plus (ii) an amount equal to the then current book value of each Asset Under Development, plus (iii) the
then current book value of Unimproved Land, plus (iv) with respect to each Rollover Project, an amount equal to 50% of the then current book value, determined in accordance with GAAP, of such Rollover Project (provided that the Rollover
Projects shall at no time comprise more than 10% of Implied Capitalization Value), plus (v) an amount equal to 100% of unrestricted cash and unrestricted cash equivalents, including any cash on deposit with a qualified intermediary with respect
to a deferred tax-free exchange (and specifically excluding any cash or cash equivalents being used to support Defeased Debt), plus (vi) an amount equal to 100% of the then current book value, determined in accordance with GAAP, of all first
mortgage receivables on income producing commercial properties; provided that in no event shall the aggregate amount of Implied Capitalization Value from the items set forth in clauses (ii), (iii), (iv) and (vi) exceed 20% of
the total Implied Capitalization Value. The Borrower’s Ownership Share of assets held by Investment Affiliates (excluding assets of the type described in the immediately preceding clause (v)) will be included in Implied Capitalization Value
calculations consistent with the above described treatment for wholly owned assets. In the case of a newly formed Investment Affiliate, the Borrower’s Ownership Share of assets held by the Investment Affiliate shall be calculated by multiplying
(a) total assets plus accumulated depreciation of the Investment Affiliate by (b) the Ownership Share of such Investment Affiliate. This valuation methodology will be used for the first four quarters following the formation of any
Investment Affiliate. For purposes of computing the Implied Capitalization Value, (A) Adjusted EBITDA may be increased from quarter to quarter by the amount of net cash flow from new leases of

  
 11 

 
space at the Properties (where such net cash flow has not then been included in EBITDA) which have a minimum term of one year and (B) Properties which either (i) were acquired during
the most recent four fiscal quarters and/or (ii) were previously Assets Under Development but which have been completed during such four quarter period and have at least some tenants in possession of the respective leased spaces and conducting
business operations therein each will be included in the calculation of Implied Capitalization Value using pro forma EBITDA for such four quarter period, so long as a “new acquisition/opening summary” form is submitted to, and
approved by, Administrative Agent for each new acquisition or newly-opened Property during such four quarter period. 

“Indebtedness” of any Person at any date means without duplication, (a) all indebtedness of such Person for
borrowed money, (b) all obligations of such Person for the deferred purchase price of property or services (other than current trade liabilities and other accounts payable, and accrued expenses incurred in the ordinary course of business and
payable in accordance with customary practices), repurchase obligations, takeout commitments or forward equity commitments, in each case evidenced by a binding agreement (excluding any such obligation to the extent the obligation can be satisfied by
the issuance of Equity Interests (other than Mandatorily Redeemable Stock)), to the extent such obligations constitute indebtedness for the purposes of GAAP, (c) any other indebtedness of such Person which is evidenced by a note, bond,
debenture or similar instrument, (d) all obligations of such Person under financing leases and capital leases, (e) all obligations of such Person in respect of acceptances issued or created for the account of such Person, (f) all
Guarantee Obligations of such Person (excluding in any calculation of consolidated Indebtedness of the Consolidated Operating Partnership, Guarantee Obligations of any member of the Consolidated Operating Partnership in respect of primary
obligations of any other member of the Consolidated Operating Partnership), (g) all reimbursement obligations of such Person for letters of credit and other contingent liabilities, (h) Net Mark-to-Market Exposure under Rate Management
Transactions, (i) Rate Management Obligations, (j) all liabilities secured by any lien (other than liens for taxes not yet due and payable) on any property owned by such Person even though such Person has not assumed or otherwise become
liable for the payment thereof, (k) any repurchase obligation or liability of such Person or any of its Subsidiaries with respect to accounts or notes receivable sold by such Person or any of its Subsidiaries, (l) such Person’s
Ownership Share of debt in Investment Affiliates and any loans where such Person is liable as a general partner and (m) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any
Mandatorily Redeemable Stock issued by such Person or any other Person, valued at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends. 

“Insolvent” means insolvent as defined in Section 101(32) of the United States Bankruptcy Code, as amended.

 “Interest Expense” means all interest expense of the Consolidated Operating Partnership determined in
accordance with GAAP plus (i) capitalized interest not covered by an interest reserve from a loan facility, plus (ii) the allocable portion (based on liability) of any interest incurred on any obligation for which the
Consolidated Operating Partnership is wholly or partially liable under guaranties covering the payment of principal and/or interest, plus (iii) the allocable percentage of any interest incurred on any Indebtedness of any Investment
Affiliate, whether recourse or non-recourse, equal to the applicable Ownership Share in such Investment 

  
 12 

 
Affiliate held by the Consolidated Operating Partnership, in the aggregate, provided that no expense shall be included more than once in such calculation even if it falls within more than
one of the foregoing categories; provided, however, that “Interest Expense” shall not include interest on loans after they become Defeased Debt. 
 “Interest Period” means, with respect to a Eurocurrency Borrowing, a period commencing on the date such Eurocurrency Borrowing is made (or in the case of the continuation of a
Eurocurrency Loan the last day of the preceding Interest Period for such Loan) and ending on the numerically corresponding day in the first, second, third or sixth calendar month thereafter (or twelfth calendar month thereafter, with the consent of
each Lender), as the Borrower may select in the applicable Borrowing Notice or Conversion/Continuation Notice, as the case may be, except that each Interest Period that commences on the last Business Day of a calendar month (or on any day for which
there is no numerically corresponding day in the appropriate subsequent calendar month) shall end on the last Business Day of the appropriate subsequent calendar month. Notwithstanding the foregoing or anything in this Agreement to the contrary:
(i) if any Interest Period would otherwise end after the Maturity Date, such Interest Period shall end on the Maturity Date; and (ii) each Interest Period that would otherwise end on a day which is not a Business Day shall end on the
immediately following Business Day (provided that if such immediately following Business Day falls in the next calendar month, such Interest Period shall end on the immediately preceding Business Day). 

“Investment Affiliate” means any Person in which the Consolidated Operating Partnership, directly or indirectly, has an
ownership interest, whose financial results are not consolidated under GAAP with the financial results of the Consolidated Operating Partnership on the consolidated financial statements of the Consolidated Operating Partnership. 

“Investment Grade Rating” means, for any class of non-credit enhanced long-term senior unsecured debt issued by the
Borrower, (a) a rating of BBB- or higher from S&P or (b) a rating of Baa3 or better from Moody’s. 

“Issuance Date” is defined in Section 3.4(a)(iii). 

“Issuance Notice” is defined in Section 3.4(c). 

“Issuing Bank” means, with respect to each Facility Letter of Credit, the Lender which issues such Facility Letter of
Credit. Wells shall be the sole Issuing Bank. 
 “LC Disbursement” means a payment made by the applicable
Issuing Bank pursuant to a Facility Letter of Credit. 
 “LC Exposure” means at any time, the sum of
(a) the aggregate undrawn amount of all outstanding Facility Letters of Credit, plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any
Revolving Lender at any time shall be its Percentage of the total LC Exposure at such time. 

  
 13 

 “Lenders” means, collectively, Wells, and the other Persons executing this
Agreement in such capacity, or any Person which subsequently executes and delivers any amendment hereto in such capacity and each of their respective permitted successors and assigns. Where reference is made to “the Lenders” in any Loan
Document it shall be read to mean “all of the Lenders”. 
 “Lending Office” means, for each Lender
and for each Type of Loan, the office of such Lender specified in such Lender’s Administrative Questionnaire or in the applicable Assignment and Assumption Agreement or such other office of such Lender as such Lender may notify the
Administrative Agent in writing from time to time. 
 “Letter of Credit” of a Person means a letter of credit
or similar instrument which is issued upon the application of such Person or upon which such Person is an account party or for which such Person is in any way liable. 
 “Letter of Credit Collateral Account” is defined in Section 3.9. 
 “Letter of Credit Documents” means, with respect to any Letter of Credit, collectively, any application therefor, any certificate or other document presented in connection with a drawing
under such Letter of Credit and any other agreement, instrument or other document governing or providing for (a) the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral
security for any of such obligations. 
 “Letter of Credit Liabilities” means, without duplication, at any time
and in respect of any Letter of Credit, the sum of (a) the maximum undrawn amount of such Letter of Credit plus (b) the aggregate unpaid principal amount of all Reimbursement Obligations of the Borrower at such time due and payable in
respect of all drawings made under such Letter of Credit. For purposes of this Agreement, a Lender (other than the Lender then acting as Issuing Bank) shall be deemed to hold a Letter of Credit Liability in an amount equal to its participation
interest under Section 3.6. in the related Letter of Credit, and the Lender then acting as the Issuing Bank shall be deemed to hold a Letter of Credit Liability in an amount equal to its retained interest in the related Letter of Credit after
giving effect to the acquisition by the Lenders (other than the Lender then acting as the Issuing Bank) of their participation interests under such Section. 
 “Letter of Credit Request” is defined in Section 3.4(a). 
 “LIBOR Applicable Margin” means, as of any date with respect to any Eurocurrency Borrowing, the Applicable Margin in effect for such Eurocurrency Borrowing as determined in accordance
with Section 2.9 hereof. 
 “LIBOR Borrowing” is defined in Section 4.3. 

“LIBOR Market Index Rate” means, for any day, the Base LIBOR Rate as of that day for a Eurocurrency Borrowing having a
one month Interest Period determined at approximately 11:00 a.m. (Central Time) for such day (or if such day is not a Business Day, the immediately preceding Business Day). The LIBOR Market Index Rate shall be determined on a daily basis.

 “Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including,
without limitation, any conditional sale or other title retention agreement or 

  
 14 

 
lease in the nature thereof, any filing or agreement to file a financing statement as debtor under the Uniform Commercial Code on any property leased to any Person under a lease which is not in
the nature of a conditional sale or title retention agreement, or any subordination agreement in favor of another Person). 

“Loan” means, with respect to a Lender, such Lender’s loan made pursuant to Article II (or any conversion or
continuation thereof). 
 “Loan Documents” means this Agreement, the Notes, the Guaranty and any and all other
agreements or instruments required and/or provided to Lenders hereunder or thereunder, as any of the foregoing may be amended from time to time. 
 “Loan Party” means each of the Borrower, the General Partner, each other Person who guarantees all or a portion of the Obligations and/or who at any time pledges any collateral to secure
all or a portion of the Obligations. 
 “Mandatorily Redeemable Stock” means, with respect to any Person, any
Equity Interest of such Person which by the terms of such Equity Interest (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise (a) matures or
is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than an Equity Interest to the extent redeemable in exchange for common stock or other equivalent common Equity Interests), (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 each case, on or prior to the Maturity Date. 
 “Market Value Net
Worth” means at any time, the Implied Capitalization Value of a Person at such time minus the Indebtedness of such Person at such time. 
 “Material Adverse Effect” means, with respect to any matter, that such matter in the Required Lenders’ good faith judgment may (x) materially and adversely affect the business,
properties, condition or results of operations of the Consolidated Operating Partnership taken as a whole, or (y) constitute a non-frivolous challenge to the validity or enforceability of any material provision of any Loan Document against any
obligor party thereto. 
 “Material Adverse Financial Change” shall be deemed to have occurred if the Required
Lenders, in their good faith judgment, determine that a material adverse financial change has occurred which could prevent timely repayment of any Borrowing hereunder or materially impair the Borrower’s ability to perform its obligations under
any of the Loan Documents. 
 “Materials of Environmental Concern” means any gasoline or petroleum (including
crude oil or any fraction thereof) or petroleum products or any hazardous or toxic substances, materials or wastes, defined or regulated as such in or under any Environmental Law, including, without limitation, asbestos, radon, polychlorinated
biphenyls and urea formaldehyde insulation. 
 “Maturity Date” means December 12, 2014 or such later date
to which the Maturity Date has been extended pursuant to Section 2.18; or such earlier date on which the principal balance of the Facility and all other sums due in connection with the Facility shall be due as a result of the
acceleration of the Facility. 

  
 15 

 “Merrill Lynch” means Merrill Lynch, Pierce, Fenner & Smith
Incorporated. 
 “Monetary Default” means any Default involving the Borrower’s failure to pay any of the
Obligations when due. 
 “Moody’s” means Moody’s Investors Service, Inc. and its successors.

 “Net Mark-to-Market Exposure” of a Person means, as of any date of determination, the excess (if any) of all
unrealized losses over all unrealized profits of such Person arising from Rate Management Transactions. “Unrealized losses” means the fair market value of the cost to such Person of unwinding such Rate Management Transaction as of the date
of determination (assuming the Rate Management Transaction were to be terminated as of that date), and “unrealized profits” means the fair market value of the gain to such Person of unwinding such Rate Management Transaction as of the date
of determination (assuming such Rate Management Transaction were to be terminated as of that date). 
 “Net
Proceeds” means in connection with any issuance or sale of Capital Stock, the cash proceeds received from such issuance, net of attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions
and other customary costs, fees and expenses actually incurred in connection therewith. 
 “Non-Defaulting
Lender” means, at any time, each Lender that is not a Defaulting Lender at such time. 
 “Note” means,
to the extent issued pursuant to Section 2.5, with respect to the Facility, the promissory note payable to the order of each Lender in the amount of such Lender’s maximum applicable Revolving Commitment in the form attached hereto
as Exhibit B (collectively, the “Notes”). 
 “Obligations” means the Borrowings, the LC
Exposure and all accrued and unpaid fees and all other obligations of the Borrower to the Administrative Agent or any or all of the Lenders arising under this Agreement or any of the other Loan Documents. 

“Other Taxes” has the meaning set forth in Section 4.5(ii). 

“Ownership Share” means, with respect to any Investment Affiliate, the pro rata share of the nominal ownership interests
held by the Consolidated Operating Partnership, in the aggregate, in such Investment Affiliate, without duplication (e.g., if the Consolidated Operating Partnership owns 25% of an Investment Affiliate, but receives 90% of the economic benefits from
such Investment Affiliate, then the Ownership Share shall be equal to 25%). 
 “Payment Date” means the last
Business Day of each calendar quarter. 
 “Parent” means, with respect to any Lender, any Person as to which
such Lender is, directly or indirectly, a subsidiary. 

  
 16 

 “Participants” is defined in Section 13.2.1 hereof.

 “PBGC” means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its
functions under ERISA. 
 “Percentage” means, with respect to any Revolving Lender, the percentage of the total
Revolving Commitments represented by such Lender’s Revolving Commitment. If the Revolving Commitments have terminated or expired, the Percentages shall be determined based upon the Revolving Commitments most recently in effect, giving effect to
any assignments and any increase of the Revolving Commitments pursuant to Section 2.2. 
 “Performance
Letter of Credit” means any standby Letter of Credit which represents an irrevocable obligation to the beneficiary on the part of the Issuing Bank to make payment on account of any default by the account party in the performance of a
nonfinancial or commercial obligation. 
 “Permitted Liens” are defined in Section 9.5 hereof.

 “Person” means an individual, a corporation, a limited or general partnership, an association, a joint
venture or any other entity or organization, including a governmental or political subdivision or an agent or instrumentality thereof. 
 “Plan” means an employee benefit plan as defined in Section 3(3) of ERISA, whether or not terminated, as to which the Borrower or any member of the Controlled Group may have any
liability. 
 “Principal L/C Disbursements” is defined in Section 12.16. 

“Prior Credit Agreement” means that certain Sixth Amended and Restated Unsecured Revolving Credit and Term Loan
Agreement dated as of October 22, 2010 as may have been amended from time to time among the Borrower, Guarantor, the lenders party thereto, JP Morgan Chase Bank, N.A. as Administrative Agent, JP Morgan Securities LLC and Wells Fargo Securities,
LLC as Joint-Lead Arrangers and Joint Book Runners, Wells as Syndication Agent, and Regions Bank and U.S. Bank National Association as Documentation Agents and Comerica Bank and PNC Bank, National Association as Co-Agents. 

“Project” means any real estate asset which is 100% owned by the Borrower or by any Wholly Owned Subsidiary and which is
operated as an industrial property. 
 “Property” means each parcel of real property owned or operated by the
Borrower, any Subsidiary or Investment Affiliate. 
 “Property Operating Income” means, with respect to any
Property, for any period, earnings from rental operations (computed in accordance with GAAP but without deduction for reserves) attributable to such Property plus depreciation, amortization and interest expense with respect to such Property
for such period, and, if such period is less than a year, adjusted by straight lining various ordinary operating expenses which are payable less frequently than once during every such period (e.g. real estate taxes and insurance). The earnings from
rental 

  
 17 

 
operations reported for the immediately preceding fiscal quarter shall be adjusted to include pro forma earnings (as substantiated to the satisfaction of the Administrative Agent) for an
entire quarter for any Property acquired or placed in service during such fiscal quarter and to exclude earnings during such quarter from any property not owned as of the end of the quarter. 

“Purpose Credit” has the meaning ascribed to it in Regulation U of the Board of Governors of the Federal Reserve
System. 
 “Qualified Officer” means, with respect to any entity, the chief financial officer, chief
accounting officer, controller or assistant controller of such entity if it is a corporation or of such entity’s general partner if it is a partnership. 
 “Rate Management Obligations” of a Person means any and all obligations of such Person, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired
(including all renewals, extensions and modifications thereof and substitutions therefor), under (i) any and all Rate Management Transactions, and (ii) any and all cancellations, buy backs, reversals, terminations or assignments of any
Rate Management Transactions. 
 “Rate Management Transaction” means any transaction (including an agreement
with respect thereto) now existing or hereafter entered by the Borrower which is a rate swap, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, interest rate option,
foreign exchange transaction, cap transaction, floor transaction, collar transaction, forward transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with
respect to any of these transactions) or any combination thereof, whether linked to one or more interest rates, foreign currencies, commodity prices, equity prices or other financial measures. 

“Rating Agency” means S&P or Moody’s. 
 “Recovery Event” means any settlement of or payment in respect of any property or casualty insurance claim or any condemnation proceeding relating to any Property. 

“Register” is defined in Section 13.4. 

“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 or other regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to member banks of the Federal Reserve System. 

“Reimbursement Obligations” means at any time, the aggregate of the Obligations of the Borrower to the Lenders, the
Issuing Bank and the Administrative Agent in respect of all unreimbursed payments or disbursements made by the Lenders, the Issuing Bank and the Administrative Agent under or in respect of the Facility Letters of Credit. 

“Reportable Event” means a reportable event as defined in Section 4043 of ERISA and the regulations issued under
such section, with respect to a Plan, excluding, however, such events 

  
 18 

 
as to which the PBGC by regulation waived the requirement of Section 4043(a) of ERISA that it be notified within 30 days of the occurrence of such event, provided that a failure
to meet the minimum funding standard of Section 412 of the Code and of Section 302 of ERISA shall be a Reportable Event regardless of the issuance of any such waivers in accordance with either Section 4043(a) of ERISA or
Section 412(d) of the Code. 
 “Required Lenders” means Lenders in the aggregate having at least 51% of
the Aggregate Revolving Commitment then in effect or, if the Aggregate Revolving Commitment has been terminated, the Total Revolving Exposure then outstanding. In determining such percentage at any given time, all then existing Defaulting Lenders
will be disregarded and excluded, and at all times when two or more Lenders (excluding Defaulting Lenders) are party to this Agreement, the term “Required Lenders” shall in no event mean less than two Lenders. For purposes of this
definition, a Lender shall be deemed to hold a Swingline Loan or Reimbursement Obligations to the extent such Lender has acquired a participation therein under the terms of this Agreement and has not failed to perform its obligations in respect of
such participation. 
 “Revolving Commitment” means with respect to each Lender, the commitment, if any, of
such Lender to make Revolving Loans and to acquire participations in Facility Letters of Credit and Swingline Loans hereunder, as such commitment may be changed from time to time pursuant to this Agreement (including, without limitation, in
connection with any increases in accordance with Section 2.2). The amount of each Lender’s Revolving Commitment as of Agreement Execution Date is set forth on Exhibit A. The aggregate amount of the Revolving Commitments
is $450,000,000 as of the Agreement Execution Date (subject to the Borrower’s right to increase the Revolving Commitment in accordance with Section 2.2). 
 “Revolving Exposure” means with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Revolving Loans and its LC Exposure and Swingline
Exposure at such time. 
 “Revolving Lender” means a Lender with a Revolving Commitment or with Revolving
Exposure. 
 “Revolving Loan” means a Loan made pursuant to Section 2.1. 

“Rollover Projects” means those Projects which, due to no or low occupancy at such Project, have a value, determined by
dividing the Property Operating Income for such a Project for the most recent four fiscal quarters by the Applicable Cap Rate, of less than 50% of book value, provided that a Project shall no longer be treated as a Rollover Project after:
(i) a period of six consecutive full fiscal quarters has elapsed since such Project was first included as a Rollover Project, or (ii) such Project has a value, determined by dividing the Property Operating Income for such Project for the
most recent four fiscal quarters by the Applicable Cap Rate, of greater than 50% of book value. 
 “S&P”
means Standard & Poor’s Ratings Services and its successors. 
 “Specified Rate Management
Transaction” means any Rate Management Transaction that is made or entered into at any time, or in effect at any time now or hereafter, whether as a result of an assignment or transfer or otherwise, between the Borrower or its Subsidiaries
and any Specified Rate Management Provider. 

  
 19 

 “Specified Rate Management Obligations” means all indebtedness,
liabilities, obligations, covenants and duties of the Borrower or its Subsidiaries under or in respect of any Specified Rate Management Transaction, whether direct or indirect, absolute or contingent, due or not due, liquidated or unliquidated, and
whether or not evidenced by any written confirmation. 
 “Specified Rate Management Provider” means any Lender,
or any Affiliate of a Lender that is a party to a Specified Rate Management Transaction at the time the Specified Rate Management Transaction is entered into. 
 “Subsidiary” means as to any Person, a corporation, partnership or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or
such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the
management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person, and provided such corporation, partnership or other entity is consolidated with such Person for financial reporting
purposes under GAAP. 
 “Substitute Rate” means a floating rate of interest equal to (a) the Federal Funds
Effective Rate from time to time plus one and one-half of one percent (1.50%) plus (b) the Applicable Margin for Adjusted Base Rate Loans. 
 “Swingline Borrowings” means, as of any date, collectively, all Swingline Loans then outstanding under this Facility. 

“Swingline Exposure” means the outstanding principal balance of all Swingline Borrowings. 

“Swingline Lender” shall mean Wells in its capacity as a Lender. 

“Swingline Loan” means a Loan made by the Swingline Lender under the special availability provisions described in
Section 2.17 hereof. 
 “Swingline Revolving Commitment” means the obligation of the Swingline
Lender to make Swingline Loans not exceeding the aggregate amount of $60,000,000. 
 “Taxes” means any and all
present or future taxes, duties, levies, imposts imposed on or with respect to any payment hereunder or under any Note, deductions, assessments, fees, charges or withholdings, and any and all liabilities with respect to the foregoing, but excluding
Excluded Taxes and Other Taxes. 
 “Total Revolving Exposure” means at any time, the sum of the aggregate
Revolving Exposures for each of the Revolving Lenders. 

  
 20 

 “Transfer Authorizer Designation Form” means a form substantially in the
form of Exhibit C to be delivered to the Administrative Agent pursuant to Section 12.10, as the same may be amended, restated or modified from time to time with the prior written approval of the Administrative Agent. 

“Transferee” is defined in Section 13.5 hereof. 

“TRS” means a taxable REIT Subsidiary of the General Partner. 

“Type” when used in reference to any Loan or Borrowing, refers to the rate by reference to which interest on such Loan,
or on the Loans comprising such Borrowing, is determined. For purposes hereof, “rate” shall include the Adjusted LIBOR Rate and Adjusted Base Rate. 
 “Unencumbered Asset” means any Project which as of any date of determination, (a) is not subject to any Liens other than Permitted Liens set forth in Sections 9.5(i) through
9.5(v), (b) is not subject to any agreement (including any agreement governing Indebtedness incurred in order to finance or refinance the acquisition of such asset) which prohibits or limits the ability of the Borrower, or its Wholly-Owned
Subsidiaries, as the case may be, to create, incur, assume or suffer to exist any Lien upon any assets or Capital Stock of the Borrower, or any of its Wholly-Owned Subsidiaries, (c) is not subject to any agreement (including any agreement
governing Indebtedness incurred in order to finance or refinance the acquisition of such asset) which entitles any Person to the benefit of any Lien (but not subject to any Liens other than Permitted Liens set forth in Sections 9.5(i)
through 9.5(v)) on any assets or Capital Stock of the Borrower or any of its Wholly-Owned Subsidiaries or would entitle any Person to the benefit of any Lien (but excluding the Permitted Liens set forth in Sections 9.5(i) through
9.5(v)) on such assets or Capital Stock upon the occurrence of any contingency (including, without limitation, pursuant to an “equal and ratable” clause), (d) is not the subject of any material architectural/engineering issue, as
evidenced by a certification of the Borrower, and (e) is materially compliant with the representations and warranties in Article VI below. Notwithstanding the foregoing, if any Project is a “Superfund” site under federal
law or a site identified in writing by the jurisdiction in which such Project is located as having significant environmental contamination under applicable state law, the Borrower shall so advise the Lenders in writing and the Required Lenders shall
have the right to request from the Borrower a current detailed environmental assessment (or one which is not more than two years old for Unencumbered Assets owned as of the Agreement Execution Date), and, if applicable, a written estimate of any
remediation costs from a recognized environmental contractor and to exclude any such Project from Unencumbered Assets at their election. No Project of a Wholly-Owned Subsidiary shall be deemed to be unencumbered unless such Project and all Capital
Stock of such Wholly-Owned Subsidiary or any other intervening Wholly-Owned Subsidiary between the Borrower and such Wholly-Owned Subsidiary is unencumbered and neither such Wholly-Owned Subsidiary nor any other intervening Wholly-Owned Subsidiary
between the Borrower and such Wholly-Owned Subsidiary has any Indebtedness for borrowed money (other than Indebtedness due to the Borrower). 
 “Unimproved Land” means land which constitutes a single tax parcel or separately platted lot and on which construction of an industrial building has not commenced. 

  
 21 

 “Unused Facility Fee” is defined in Section 2.10. 

“Value of Unencumbered Assets” means, as of any date, the sum of (a) the value of all Unencumbered Assets that are
not Assets Under Development (determined in the manner set forth below), plus (b) any unrestricted cash, including any cash on deposit with a qualified intermediary with respect to a deferred tax-free exchange, plus (c) an amount
equal to 100% of the then-current book value, determined in accordance with GAAP, of each first mortgage receivable secured by an income producing commercial property, provided that such first mortgage receivable is not subject to any Lien,
plus (d) 100% of the then current book value of each Asset Under Development that constitutes an Unencumbered Asset (provided that in no event shall the aggregate amount of Value of Unencumbered Assets from the items set forth in
clauses (b), (c), and (d) exceed 15% of the total Value of Unencumbered Assets), plus (e) with respect to each Rollover Project, an amount equal to 50% of the then current book value, determined in accordance with GAAP, of each
Rollover Project (provided that the Rollover Projects shall at no time comprise more than 10% of the Value of Unencumbered Assets); provided that in no event shall (x) the aggregate amount of Value of Unencumbered Assets from
Unencumbered Assets that are leased to a single tenant exceed 5% of the total Value of Unencumbered Assets, (y) the aggregate amount of Value of Unencumbered Assets from Unencumbered Assets that are located in a single Metropolitan Statistical
Area exceed 8% of the total Value of Unencumbered Assets and (z) the aggregate amount of Value of Unencumbered Assets from Unencumbered Assets that have an occupancy rate of less than 50% exceed 10% of the total Value of Unencumbered Assets.
Unencumbered Assets that are not Assets Under Development shall be valued by dividing the Property Operating Income for such Project for the most recent four fiscal quarters by the Applicable Cap Rate (provided that for the purpose of such
calculation, the Property Operating Income of each Unencumbered Asset that was formerly a Rollover Project shall in no event be less than zero). If a Project has been acquired during such calculation period then the Borrower shall be entitled to
include pro forma Property Operating Income from such property for the entire calculation period in the foregoing calculation, except for purposes of the financial covenant comparing the Property Operating Income from Unencumbered Assets during
a quarter to Debt Service for such quarter. If a Project is no longer owned as of the date of calculation, then no value shall be included based on capitalizing Property Operating Income from such Project, except for purposes of such financial
covenant comparing the Property Operating Income from Unencumbered Assets during a quarter to Debt Service for such quarter. For purposes hereof, Kenosha County, Wisconsin shall be deemed to be part of the Metropolitan Statistical Area #33340,
Milwaukee-Waukesha-West Allis, Wisconsin Metropolitan Statistical Area. 
 “Wells” means Wells Fargo Bank,
National Association. 
 “Wholly-Owned Subsidiary” means a member of the Consolidated Operating Partnership
100% of the ownership interests in which are owned, directly or indirectly, by the Borrower and the General Partner in the aggregate. 
 The foregoing definitions shall be equally applicable to both the singular and the plural forms of the defined terms. 

  
 22 

 1.2. Financial Standards. All financial computations required of a Person under this
Agreement shall be made in accordance with GAAP as in effect on the date of this Agreement, and all financial information required under this Agreement shall be prepared in accordance with GAAP, except that if any Person’s financial statements
are not audited, such Person’s financial statements shall be prepared in accordance with the same sound accounting principles utilized in connection with the financial information submitted to Lenders with respect to the Borrower or the General
Partner or the Properties in connection with this Agreement and shall be certified by an authorized representative of such Person. Moreover, all financial computations required of a Person under this Agreement shall be calculated (i) without
giving effect to any election under Accounting Standards Codification 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, the General Partner or any Wholly Owned Subsidiary at “fair value”, as defined therein and (ii) without giving effect to any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards
Codification 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. To the extent the Consolidated Operating Partnership has Defeased Debt, both the underlying debt and interest payable thereon and the financial assets used to defease such
debt and interest earned thereon shall be excluded from calculations of the foregoing financial covenants. 
 1.3.
Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurocurrency Loan”) or by Class and
Type (e.g., a “Eurocurrency Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g. a “Revolving Borrowing”) or by Type (e.g., a “Eurocurrency Borrowing”) or by Class and
Type (e.g., a “Eurocurrency Revolving Borrowing”). 
 1.4. General References. References in this
Agreement to “Sections”, “Articles”, “Exhibits” and “Schedules” are to sections, articles, exhibits and schedules herein and hereto unless otherwise indicated. References in this Agreement to any document,
instrument or agreement (a) shall include all exhibits, schedules and other attachments thereto, (b) shall include all documents, instruments or agreements issued or executed in replacement thereof, to the extent permitted hereby and
(c) shall mean such document, instrument or agreement, or replacement or predecessor thereto, as amended, supplemented, restated or otherwise modified from time to time to the extent not otherwise stated herein or prohibited hereby and in
effect at any given time. Wherever from the context it appears appropriate, each term stated in either the singular or plural shall include the singular and plural, and pronouns stated in the masculine, feminine or neuter gender shall include the
masculine, the feminine and the neuter. Unless otherwise indicated, all references to time are references to Central Time. 

  
 23 

 ARTICLE II. 
 THE FACILITY 
 2.1. The Facility. 

(a) Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of the
Borrower and the General Partner contained herein, each Lender agrees, severally and not jointly, to make Revolving Loans in Dollars to the Borrower from time to time prior to the Maturity Date in an aggregate principal amount that will not result
in such Lender’s Revolving Exposure exceeding such Lender’s Revolving Commitment, or the Total Revolving Exposure to exceed the Aggregate Revolving Commitment. The Borrowings may be Adjusted Base Rate Borrowings, Eurocurrency Borrowings or
non-pro rata Swingline Loans. This Facility is a revolving credit facility and, subject to the provisions of this Agreement, the Borrower may request Borrowings from the Facility, repay such Borrowings and reborrow such Borrowings at any time
prior to the Maturity Date. 
 (b) The Facility created by this Agreement, and the Revolving Commitment of each
Lender to lend hereunder, shall terminate on the Maturity Date, unless sooner terminated in accordance with the terms of this Agreement. 
 (c) In no event shall the Aggregate Revolving Commitment exceed Four Hundred Fifty Million Dollars ($450,000,000) (subject to the Borrower’s right to increase pursuant to Section 2.2
below). 
 2.2. Increase in Revolving Commitment. The Borrower shall have the right to request increases in the Aggregate
Revolving Commitment by providing written notice to the Administrative Agent, which notice shall be irrevocable once given; provided, however, that after giving effect to any such increases the Aggregate Revolving Commitment shall not exceed Five
Hundred Million Dollars ($500,000,000). Each such increase in the Revolving Commitments must be an aggregate minimum amount of $25,000,000 and integral multiples of $5,000,000 in excess thereof. The Administrative Agent, in consultation with the
Borrower, shall manage all aspects of the syndication of such increase in the Revolving Commitments, including decisions as to the selection of the existing Lenders and/or other banks, financial institutions and other institutional lenders to be
approached with respect to such increase and the allocations of the increase in the Revolving Commitments among such existing Lenders and/or other banks, financial institutions and other institutional lenders. No Lender shall be obligated in any way
whatsoever to increase its Revolving Commitment or provide a new Revolving Commitment, and any new Lender becoming a party to this Agreement in connection with any such requested increase must be an Eligible Assignee. If a new Lender becomes a party
to this Agreement, or if any existing Lender is increasing its Revolving Commitment, such Lender shall on the date it becomes a Lender hereunder (or in the case of an existing Lender, increases its Revolving Commitment) (and as a condition thereto)
purchase from the other Lenders its Percentage (determined with respect to the Lenders’ respective Revolving Commitments and after giving effect to the increase of Revolving Commitments) of any outstanding Loans, by making available to the
Administrative Agent for the account of such other Lenders, in same day 

  
 24 

 
funds, an amount equal to the sum of (A) the portion of the outstanding principal amount of such Loans to be purchased by such Lender, plus (B) the aggregate amount of payments
previously made by the other Revolving Lenders under Section 3.6 that have not been repaid, plus (C) interest accrued and unpaid to and as of such date on such portion of the outstanding principal amount of such Loans. The Borrower shall
pay to the Revolving Lenders amounts payable, if any, to such Revolving Lenders under Section 4.4 as a result of the prepayment of any such Loans. Effecting the increase of the Revolving Commitments under this Section is subject to the
following conditions precedent: (w) each of the Administrative Agent and the Issuing Bank shall have consented thereto (such consent not to be unreasonably withheld or delayed), (x) no Default or Event of Default shall be in existence on
the effective date of such increase, (y) the representations and warranties made or deemed made by the Borrower or any other Loan Party in any Loan Document to which such Loan Party is a party shall be true and correct on the effective date of
such increase except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct on and as of such earlier date) and except for
changes in factual circumstances specifically and expressly permitted hereunder, and (z) the Administrative Agent shall have received each of the following, in form and substance satisfactory to the Administrative Agent: (i) if not
previously delivered to the Administrative Agent, copies certified by a Qualified Officer of the Borrower of (A) all partnership or other necessary action taken by the Borrower to authorize such increase and (B) all corporate or other
necessary action taken by Guarantor authorizing the guaranty of such increase; and (ii) an opinion of counsel to the Borrower and the Guarantor, and addressed to the Administrative Agent and the Lenders covering such matters as reasonably
requested by the Administrative Agent; and (iii) if requested, new Notes executed by the Borrower, payable to any new Lenders and replacement Notes, if requested by any applicable Lender, executed by the Borrower, payable to any existing
Lenders increasing their Revolving Commitments, in the amount of each such Lender’s Revolving Commitment at the time of the effectiveness of the applicable increase in the aggregate amount of the Revolving Commitments. In connection with any
increase in the aggregate amount of the Revolving Commitments pursuant to this Section 2.2 any Lender becoming a party hereto shall execute such documents and agreements as the Administrative Agent may reasonably request. 

2.3. Principal Payments. Any outstanding Borrowings and all other unpaid Obligations shall be paid in full by the Borrower on the
Maturity Date. 
 2.4. Requests for Revolving Borrowings; Responsibility for Revolving Borrowings. Revolving Borrowings
shall be made available to the Borrower by Administrative Agent in accordance with Section 2.1(a) and Section 2.7 hereof. The obligation of each Lender to fund its Percentage of each Revolving Borrowing shall be several and not joint.

 2.5. Evidence of Credit Extensions. Any Lender may request that Loans made by it be evidenced by a Note. In such
event, the Borrower shall prepare, execute and deliver to such Lender a Note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in substantially the form of Exhibit B (or such
other form approved by the Administrative Agent). Thereafter, the Loans evidenced by such Note and interest thereon shall at all times (including after assignment pursuant to Section 13.3) be represented by one or more Notes in such form
payable to the order of the payee named therein 

  
 25 

 
(or, if such Note is a registered note, to such payee and its registered assigns). Each Lender may record Borrowings and principal payments thereof on the schedule attached to its Note or, at its
option, in its records, and each Lender’s record thereof shall be conclusive absent the Borrower furnishing to such Lender conclusive and irrefutable evidence of an error made by such Lender with respect to that Lender’s records.
Notwithstanding the foregoing, the failure to make, or an error in making, a notation with respect to any Borrowing shall not limit or otherwise affect the obligations of the Borrower hereunder or under the Notes to pay the amount actually owed by
the Borrower to Lenders. 
 2.6. Loans and Borrowings. 

(a) Each Loan (other than a Swingline Loan) shall be made as part of a Borrowing consisting of Loans of the same Class and
Type made by the Lenders ratably in accordance with their respective Revolving Commitments of the applicable Class. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder.

 (b) Subject to Section 4.3, each Borrowing shall be comprised entirely of Adjusted Base Rate Loans
or Eurocurrency Loans as the Borrower may request in accordance herewith. Each Swingline Loan shall be an Adjusted Base Rate Loan under the Facility. Each Lender at its option may make any Eurocurrency Loan by causing any domestic or foreign branch
or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. 

(c) No more than ten (10) Eurocurrency Borrowings may be outstanding at any one time under the Facilities.

 (d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or
to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 
 2.7. Requests for Revolving Borrowings. 
 (a) To request a
Revolving Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone (a “Borrowing Notice”) (A) in the case of a Eurocurrency Borrowing, not later than 11:00 a.m. (Central Time), three
Business Days before the date of the proposed Revolving Borrowing, or (B) in the case of a Adjusted Base Rate Revolving Borrowing, not later than 11:00 a.m. (Central Time), one (1) Business Day before the date of the proposed
Revolving Borrowing; provided that (x) any such notice of an Adjusted Base Rate Revolving Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 3.5 may be given not later than 11:00 a.m.
(Central Time), on the date of the proposed Revolving Borrowing and (y) any such notice of a Borrowing of Swingline Loans may be given not later than 11:00 a.m. (Central Time), on the date of such proposed Borrowing. Each such telephonic
Borrowing Notice shall be irrevocable and shall be confirmed promptly by delivery to the Administrative Agent of a written Borrowing Notice in substantially the 

  
 26 

 
form of Exhibit J in the case of any Borrowing (other than a Swingline Loan) or Exhibit K in the case of a Swingline Loan. Each such telephonic and written Borrowing Notice shall
specify the following information in compliance with Section 2.7: (i) the Borrower requesting such Revolving Borrowing; (ii) the Class and Type of the requested Revolving Borrowing; (iii) the aggregate amount of such
Revolving Borrowing; (iv) the date of such Revolving Borrowing, which shall be a Business Day; (v) in the case of a Eurocurrency Borrowing, the initial Interest Period to be applicable thereto; and (vi) the location and number of the
Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.7. If no election as to the Type of Revolving Borrowing is specified, then the requested Revolving Borrowing shall be an
Adjusted Base Rate Borrowing. If no Interest Period is specified with respect to any requested Eurocurrency Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of
a Borrowing Notice in accordance with this Section, the Administrative Agent shall advise each relevant Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Revolving Borrowing. 

The Borrower shall also deliver together with each Borrowing Notice the compliance certificate required in
Section 5.2 and otherwise comply with the conditions set forth in Section 5.2 for Borrowings. 
 Not later than 11:00 a.m. (Central Time) on each Borrowing Date, each Lender shall make available its Loan or Loans, in funds immediately available at the Administrative Office. Administrative Agent
will promptly make the funds so received from the Lenders available to the Borrower. 
 (b) Administrative Agent
shall, as soon as practicable after receipt of a Borrowing Notice, determine the Adjusted LIBOR Rate applicable to the requested Eurocurrency Borrowing and inform the Borrower and Lenders of the same. Each determination of the Adjusted LIBOR Rate by
Administrative Agent shall be conclusive and binding upon the Borrower in the absence of manifest error. 
 (c)
If the Borrower shall prepay a Eurocurrency Borrowing other than on the last day of the Interest Period applicable thereto, the Borrower shall be responsible to pay all amounts due to Lenders as required by Section 4.4 hereof. The
Lenders shall not be obligated to match fund their Eurocurrency Borrowings. 
 (d) The right of the Borrower to
select the Adjusted LIBOR Rate, the Adjusted Base Rate and the LIBOR Market Index Rate for a Borrowing pursuant to this Agreement is subject to the availability to Lenders or the Swingline Lender, as applicable, of a similar option. If
Administrative Agent determines that (i) deposits of Dollars in an amount approximately equal to the Borrowing for which the Borrower wishes to select the Adjusted LIBOR Rate, Adjusted Base Rate or LIBOR Market Index Rate are not generally
available at such time in the London interbank eurodollar market, or (ii) the rate at which the deposits described in subsection (i) herein are being offered will not adequately and fairly reflect the costs to Lenders or the Swingline
Lender, as applicable, of maintaining an Adjusted LIBOR Rate, Adjusted Base Rate or LIBOR 

  
 27 

 
Market Index Rate on a Borrowing or of funding the same in such market for such Interest Period, or (iii) reasonable means do not exist for determining an Adjusted LIBOR Rate, Adjusted Base
Rate or LIBOR Market Index Rate, or (iv) the Adjusted LIBOR Rate, Adjusted Base Rate or LIBOR Market Index Rate would be in excess of the maximum interest rate which the Borrower may by law pay, then in any of such events, Administrative Agent
shall so notify the Borrower and Lenders and notwithstanding anything herein to the contrary, such Borrowing shall bear interest at the Substitute Rate. 
 2.8. Interest Elections. 
 (a) Each Borrowing initially
shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing, shall have an initial Interest Period as specified in such Borrowing Request (or as set forth in Section 2.7 if no Interest
Period is specified). Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurocurrency Borrowing, may elect Interest Periods therefor, all as provided in this Section.
The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising
each such portion shall be considered a separate Borrowing. Notwithstanding the foregoing, the Borrower may not (i) elect an Interest Period for Eurocurrency Loans that does not comply with Section 2.6(d), (ii) elect to convert
any Adjusted Base Rate Loans to Eurocurrency Loans that would result in the number of Eurocurrency Borrowings exceeding the maximum number of Eurocurrency Borrowings permitted under Section 2.6(c), (iii) elect an Interest Period for
Eurocurrency Loans unless the aggregate outstanding principal amount of Eurocurrency Loans to which such Interest Period will apply complies with the requirements as to minimum principal amount set forth in Section 2.11, or
(iv) elect to convert or continue any Swingline Loans. 
 (b) To make an election pursuant to this Section
(an “Interest Election Request”), the Borrower shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.7 if the Borrower were requesting
a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by delivery to the Administrative
Agent of a written Interest Election Request in a form approved by the Administrative Agent (hereinafter referred to as a “Conversion/Continuation Notice”). 

(c) Each telephonic and written Conversion/Continuation Notice shall specify the following information in compliance with
Section 2.6 and paragraph (a) of this Section: (i) the Borrowing to which such Conversion/Continuation Notice applies; (ii) the effective date of the election made pursuant to such Conversion/Continuation Notice, which
shall be a Business Day; (iii) whether the resulting Borrowing is to be an Adjusted Base Rate Borrowing or a Eurocurrency Borrowing; and (iv) if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period to be applicable
thereto after giving effect to such election. If any such Conversion/Continuation Notice requests a Eurocurrency Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one
month’s duration. 

  
 28 

 (d) Promptly following receipt of a Conversion/Continuation Notice, the
Administrative Agent shall advise each relevant Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 
 (e) If the Borrower fails to deliver a timely Conversion/Continuation Notice with respect to a Eurocurrency Borrowing prior to the end of the Interest Period applicable thereto, then, unless such
Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an Adjusted Base Rate Borrowing. 
 (f) Notwithstanding anything to the contrary contained in this Section 2.8, no Borrowing may be converted into a Eurocurrency Borrowing or continued as a Eurocurrency Borrowing (except with
the consent of the Required Lenders) when any Monetary Default or Event of Default has occurred and is continuing. 
 2.9.
Applicable Margins/Facility Fee Rate. 
 (a) The Base Rate Applicable Margin and the LIBOR Applicable
Margin to be used in calculating the interest rate applicable to different types of Borrowings, shall vary from time to time in accordance with the Consolidated Leverage Ratio as follows: 

 

									
	 Consolidated Leverage Ratio
	  	LIBOR
Applicable
Margin	 	 	Base Rate
Applicable
Margin	 
	 Less than 45%
	  	 	1.70	% 	 	 	1.70	% 
	 45% or greater but less than 50%
	  	 	1.95	% 	 	 	1.95	% 
	 50% or greater but less than 55%
	  	 	2.10	% 	 	 	2.10	% 
	 55% or greater
	  	 	2.50	% 	 	 	2.50	% 

 The LIBOR Applicable Margin and Base Rate Applicable Margin shall be determined by the Administrative
Agent from time to time, based on the Consolidated Leverage Ratio as set forth in the compliance certificate most recently delivered by the Borrower pursuant to Section 8.2(iv). Any adjustment to the LIBOR Applicable Margin and Base Rate
Applicable Margin shall be effective as of the first day of the calendar month immediately following the month during which the Borrower delivers to the Administrative Agent the applicable compliance certificate pursuant to Section 8.2(iv). If
the Borrower fails to deliver a compliance certificate in accordance with Section 8.2(iv), the LIBOR Applicable Margin and the Base Rate Applicable Margin shall equal the percentages corresponding to a Consolidated Leverage Ratio of 55% or
greater until the first day of the calendar month immediately following the month that the required compliance certificate is delivered. Notwithstanding the foregoing, for the period from the Agreement Execution Date through but excluding the date
on which the 

  
 29 

 
Administrative Agent first determines the LIBOR Applicable Margin and the Base Rate Applicable Margin as set forth above, the LIBOR Applicable Margin and the Base Rate Applicable Margin shall be
determined based on a Consolidated Leverage Ratio of “50% or greater but less than 55%.” Thereafter, such LIBOR Applicable Margin and Base Rate Applicable Margin shall be adjusted from time to time as set forth in this definition. It is
understood and agreed that each change in pricing level shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. 

The parties understand that the applicable interest rate for the Obligations and certain fees set forth herein may be
determined and/or adjusted from time to time based upon certain financial ratios and/or other information to be provided or certified to the Lenders by the Borrower (the “Borrower Information”). If it is subsequently determined that
any such Borrower Information was incorrect at the time it was delivered to the Administrative Agent as the result of fraud or intentional misstatement thereof, and if the applicable interest rate or fees calculated for any period were lower than
they should have been had the correct information been timely provided, then, such interest rate and such fees for such period shall be automatically recalculated using correct Borrower Information. The Administrative Agent shall promptly notify the
Borrower in writing of any additional interest and fees due because of such recalculation, and the Borrower shall pay such additional interest or fees due to the Administrative Agent, for the account of each Lender, within five (5) Business
Days of receipt of such written notice. Any recalculation of interest or fees required by this provision shall survive the termination of this Agreement, and this provision shall not in any way limit any of the Administrative Agent’s, the
Issuing Bank’s, or any Lender’s other rights under this Agreement. 
 (b) In the event the Borrower
obtains an Investment Grade Rating during the term of the Facility, at the election of the Borrower upon prior written notice to Administrative Agent and the Lenders from and after such election, the Base Rate Applicable Margin and the LIBOR
Applicable Margin shall vary from time to time in accordance with the Investment Grade Rating as follows (such that the Applicable Margin shall change from time to time as and when the Investment Grade Rating changes): 

 

													
	 Rating Level
	  	LIBOR
Applicable
Margin	 	 	Facility
Fee
Rate	 	 	Base Rate
Applicable
Margin	 
				
	 A-/A3
	  	 	1.00	% 	 	 	0.175	% 	 	 	1.00	% 
	 BBB+/Baa1
	  	 	1.075	% 	 	 	0.20	% 	 	 	1.075	% 
	 BBB/Baa2
	  	 	1.25	% 	 	 	0.25	% 	 	 	1.25	% 
	 BBB-/Baa3
	  	 	1.50	% 	 	 	0.35	% 	 	 	1.50	% 
	 Below BBB- or Baa3 (“Level V”)
	  	 	1.85	% 	 	 	0.45	% 	 	 	1.85	% 

  
 30 

 The Facility Fee Rate to be used in calculating the Unused Facility Fee pursuant to
Section 2.10 shall also vary from time to time (as and when the Investment Grade Ratings change) in accordance with the foregoing table. Moreover, the Applicable Margin and the Facility Fee Rate shall be determined by the higher of the
two ratings from S&P or Moody’s. In the event that such two ratings are more than one rating level apart and both are Investment Grade Ratings, then the rating level one level above the lower of the two ratings shall apply. If only one
Investment Grade Ratings has been issued, the Applicable Margin and Facility Fee Rate shall be determined based on the sole Investment Grade Rating then in effect. If Investment Grade Ratings shall have been assigned by both rating agencies and
thereafter the Borrower does not have an Investment Grade Rating from either Rating Agency, the Applicable Margin and Facility Fee Rate shall be determined based on Level V of the forgoing table in this Section 2.9(b). 

2.10. Other Fees. During the period from the Agreement Execution Date to but excluding the Maturity Date, the Borrower agrees to
pay to the Administrative Agent for the account of the Revolving Lenders either: (a) an unused facility fee (the “Unused Facility Fee”) equal to (i) the difference between the amount by which the daily Aggregate Revolving
Commitment exceeds the daily aggregate outstanding principal balance of Revolving Loans and Letter of Credit Liabilities multiplied by (ii) the corresponding per annum rate set forth in the table below: 

 

					
	 Amount by Which Revolving Commitments Exceed Revolving Loans and Letter of
Credit
Liabilities
	  	Unused
Facility
Fee
(percent
per
annum)	 
	 $0 to and including an amount equal to 50% of the aggregate amount of Revolving Commitments
	  	 	.25	% 
	 Greater than an amount equal to 50% of the aggregate amount of Revolving Commitments
	  	 	.35	% 

 (for the avoidance of doubt, for purposes of calculating an unused facility fee, the outstanding principal balance of
Swingline Loans shall not be factored into the computation); or (b) in the event the Borrower obtains an Investment Grade Rating and the Borrower shall have elected to have the provisions of Section 2.9(b) apply, a facility fee
equal to the daily amount of the Aggregate Revolving Commitment (whether or not utilized) times a rate per annum equal to the applicable facility fee rate in effect from time to time, as shown in Section 2.9(b) (the “Facility Fee
Rate”). Such foregoing fees (either pursuant to subsection (a) or (b), as applicable) shall be payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Maturity
Date or any earlier date of termination of the Revolving Commitments or reduction of the Revolving Commitments to zero. The Borrower acknowledges that any fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation
to the Lenders for committing to make funds available to the Borrower as described herein and for no other purposes 

  
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 2.11. Minimum Amount of Each Borrowing. Each Eurocurrency Borrowing shall be in the
minimum amount of $2,000,000 (and in multiples of $100,000 if in excess thereof), and each Adjusted Base Rate Borrowing shall be in the minimum amount of $1,000,000 (and in multiples of $100,000 if in excess thereof), provided,
however, that any Adjusted Base Rate Borrowing may be in the amount of the unused Aggregate Revolving Commitment. 

2.12. Interest. 
 (a) Subject to Section 2.14, the outstanding principal balance of the Loans shall bear interest from time to time at a rate per annum equal to: 

(i) the Adjusted Base Rate; or 
 (ii) at the election of the Borrower in accordance with Section 2.8 with respect to all or portions of the Obligations, the Adjusted LIBOR Rate. 

(b) All interest shall be calculated for actual days elapsed on the basis of a 360-day year. Interest accrued on each
Borrowing shall be payable on the first day of each calendar month in arrears from time to time while such Borrowing is outstanding. Interest shall not be payable for the day of any payment on the amount paid if payment is received by Administrative
Agent prior to 1:00 p.m. (Central Time). If any payment of principal or interest on the Loans shall become due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a payment of
principal, such extension of time shall be included in computing interest due in connection with such payment; provided that for purposes of Section 10.1 hereof, any payments of principal described in this sentence shall be
considered to be “due” on such next succeeding Business Day. 
 2.13. Method of Payment. 

(a) All payments of the Obligations hereunder shall be made, without set off, deduction, or counterclaim, in immediately
available funds to Administrative Agent at the Administrative Office or at any other Lending Office of Administrative Agent specified in writing by Administrative Agent to the Borrower, by 11:00 a.m. (Central Time) on the date when due and
shall be applied ratably by Administrative Agent among Lenders in the Facility. Each such payment shall be made in Dollars. Each payment delivered to Administrative Agent for the account of any Lender shall be delivered promptly by Administrative
Agent to such Lender in the same type of funds that Administrative Agent received at its address specified herein or at any Lending Office specified in a notice received by Administrative Agent from such Lender. Payments not made by Administrative
Agent within one Business Day after receipt shall accrue interest at Federal Funds Effective Rate. Administrative Agent is hereby authorized to charge the account of the Borrower maintained with Wells for each payment of principal, interest and fees
as it becomes due hereunder. 
 (b) If any Lender shall fail to make any payment required to be made by it
pursuant to Sections 2.7, 2.16, 2.17, 3.1, 3.5 or 12.8, then the Administrative Agent shall, notwithstanding any contrary provision hereof, (i) apply any amounts thereafter received

  
 32 

 
by the Administrative Agent for the account of such Lender for the benefit of the Administrative Agent, the Swingline Lender or the Issuing Bank to satisfy such Lender’s obligations to it
under such Section until all such unsatisfied obligations are fully paid, and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations of such Lender under any such
Section, in the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion. 
 2.14. Default. Notwithstanding the foregoing, during the continuance of a Monetary Default or an Event of Default, the Borrower shall not have the right to request a Eurocurrency Borrowing, select
a new Interest Period for an existing Eurocurrency Borrowing or convert any Adjusted Base Rate Borrowing to a Eurocurrency Borrowing. During the continuance of a Monetary Default or an Event of Default, at the election of the Required Lenders, by
notice to the Borrower, outstanding Borrowings shall bear interest at the applicable Default Rates until such Monetary Default or Event of Default ceases to exist or the Obligations are paid in full. 

2.15. Lending Offices. Each Lender may book its Borrowings at any Lending Office selected by such Lender and may change its
Lending Office from time to time. All terms of this Agreement shall apply to any such Lending Office and any Note shall be deemed held by the applicable Lender for the benefit of such Lending Office. Each Lender may, by written or telex notice to
the Administrative Agent and the Borrower, designate a Lending Office through which Borrowings will be made by it and for whose account payments are to be made. 
 2.16. Non Receipt of Funds by Administrative Agent. Unless the Borrower or a Lender, as the case may be, notifies Administrative Agent prior to the date on which it is scheduled to make payment to
Administrative Agent of (i) in the case of a Lender, a Borrowing, or (ii) 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, Administrative Agent may assume that such payment has been made. 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 Administrative Agent, the recipient of such payment shall, promptly after demand by Administrative Agent, repay to 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 Administrative Agent until the date 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 (as determined by Administrative Agent) or (ii) in the case of payment by the Borrower, the interest rate applicable to Adjusted Base Rate Borrowings. If the Borrower
and any Lender shall each pay any such amount made available by the Administrative Agent on behalf of such Lender for the same or overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount paid by the Borrower for
such period. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make available the proceeds of a Loan to be made by such Lender. 

2.17. Swingline Loans. In addition to the other options available to the Borrower hereunder, the Swingline Lender agrees, subject
to the following terms and conditions, to make 

  
 33 

 
Swingline Loans in dollars to the Borrower from time to time in an aggregate principal amount not to exceed $60,000,000. Swingline Loans shall be made available for same day borrowings
provided that notice is given in accordance with Section 2.7 hereof. All Swingline Loans shall bear interest at the Libor Market Index Rate and shall be deemed to be Adjusted Base Rate Borrowings. Swingline Loans shall be funded
by Wells in an amount not to exceed the maximum amount it is required to disburse pursuant to the next sentence. In no event shall the Swingline Lender be required to fund a Swingline Loan if it would increase the total aggregate outstanding
Swingline Loans to an amount in excess of $60,000,000 or if, after giving effect thereto, the Total Revolving Exposure would exceed the Aggregate Revolving Commitment. Upon request of the Swingline Lender made to all the Revolving Lenders, each
Revolving Lender irrevocably agrees to purchase its Percentage of any Swingline Loan made by the Swingline Lender regardless of whether the conditions for disbursement are satisfied at the time of such purchase, including the existence of an Event
of Default hereunder provided that such Event of Default did not exist at the time the Swingline Loan was made and provided further that no Lender shall be required to have its Revolving Exposure to be greater than its Revolving Commitment.
Such purchase shall take place on the date of the request by Swingline Lender so long as such request is made by 11:00 a.m. (Central Time), otherwise on the Business Day following such request. All requests for purchase shall be in writing.
From and after the date it is so purchased, each such Swingline Loan shall, to the extent purchased, (i) be treated as a Loan made by the purchasing Lenders and not by the selling Lender for all purposes under this Agreement and the payment of
the purchase price by a Lender shall be deemed to be the making of a Loan by such Lender and shall constitute outstanding principal hereunder and under such Lender’s Note, and (ii) shall no longer be considered a Swingline Loan except that
all interest accruing on or attributable to such Swingline Loan for the period prior to the date of such purchase shall be paid when due by the Borrower to the Administrative Agent for the benefit of the Swingline Lender and all such amounts
accruing on or attributable to such Loans for the period from and after the date of such purchase shall be paid when due by the Borrower to the Administrative Agent for the benefit of the purchasing Lenders. If prior to purchasing its Percentage of
a Swingline Loan one of the events described in Section 10.10 shall have occurred and such event prevents the consummation of the purchase contemplated by preceding provisions, each Revolving Lender will purchase an undivided
participating interest in the outstanding Swingline Loan in an amount equal to its Percentage of such Swingline Loan. From and after the date of each Lender’s purchase of its participating interest in a Swingline Loan, if the Swingline Lender
receive any payment on account thereof, the Swingline Lender will distribute to such Lender its participating interest in such amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such
Lender’s participating interest was outstanding and funded); provided, however, that in the event that such payment was received by the Swingline Lenders and is required to be returned to the Borrower, each Lender will return to
the Swingline Lenders any portion thereof previously distributed by the Swingline Lender to it. If any Revolving Lender fails to so purchase its Percentage of any Swingline Loan, such Lender shall be deemed to be a Defaulting Lender hereunder. No
Swingline Loan shall be outstanding for more than five (5) days at a time and Swingline Loans shall not be outstanding for more than a total of ten (10) days during any month. 

2.18. Extension of Maturity Date. The Borrower shall have the right, exercisable one time, to request that the Administrative
Agent and the Revolving Lenders agree to extend the Maturity Date by one (1) year. The Borrower may exercise such right only by executing and 

  
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delivering to the Administrative Agent at least ninety (90) days but not more than one hundred eighty (180) days prior to the current Maturity Date, a written request for such extension
(an “Extension Request”). The Administrative Agent shall notify the Revolving Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Maturity Date shall be
extended for one (1) year effective upon receipt by the Administrative Agent of the Extension Request and payment of the fee referred to in the following clause (ii): (i) immediately prior to such extension and immediately after
giving effect thereto, (A) no Default or Event of Default shall exist and (B) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be
true and correct in all material respects on and as of the date of such extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier
date (in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan
Documents; and (ii) the Borrower shall have paid to Administrative Agent for the ratable account of each of the Lenders a fee equal to .25% of the amount of the Aggregate Revolving Commitment on the effective date of the extension (which fee
shall be fully earned on the date the Administrative Agent receives the Extension Request pursuant to this Section 2.18). At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower
shall deliver to the Administrative Agent a certificate from the chief executive officer or chief financial officer certifying the matters referred to in the immediately preceding clauses (i)(A) and (i)(B). 

2.19. Pro Rata Treatment/Sharing of Payments. 

(a) Except to the extent otherwise provided herein: (i) each borrowing from the Revolving Lenders under
Sections 2.7, 2.17 and 3.4 shall be made from the Revolving Lenders, and each payment of the fees under Sections 2.10 and 2.18 shall be made for the account of the Revolving Lenders, pro rata according to the amounts of their
respective Revolving Commitments; (ii) each payment or prepayment of principal of Revolving Loans shall be made for the account of the Revolving Lenders pro rata in accordance with the respective unpaid principal amounts of the Revolving Loans
held by them, provided that, subject to Section 12.16, if immediately prior to giving effect to any such payment in respect of any Revolving Loans the outstanding principal amount of the Revolving Loans shall not be held by the Revolving
Lenders pro rata in accordance with their respective Revolving Commitments in effect at the time such Revolving Loans were made, then such payment shall be applied to the Revolving Loans in such manner as shall result, as nearly as is practicable,
in the outstanding principal amount of the Revolving Loans being held by the Revolving Lenders pro rata in accordance with their respective Revolving Commitments; (iii) each payment of interest on Revolving Loans shall be made for the account
of the Revolving Lenders, pro rata in accordance with the amounts of interest on such Revolving Loans, then due and payable to the respective Lenders; (iv) the making, conversion and continuation of Revolving Loans of a particular Type shall be
made pro rata among the Revolving Lenders, according to the amounts of their respective Revolving Loans, and the then current Interest Period for each Lender’s portion of each such Loan of such Type shall be coterminous; (v) the Revolving
Lenders’ 

  
 35 

 
participation in, and payment obligations in respect of, Swingline Loans under Section 2.17, shall be in accordance with their respective Percentages; and (vi) the Revolving
Lenders’ participation in, and payment obligations in respect of, Letters of Credit under Article III., shall be in accordance with their respective Percentages. All payments of principal, interest, fees and other amounts in respect of the
Swingline Loans shall be for the account of the Swingline Lender only (except to the extent any Lender shall have acquired a participating interest in any such Swingline Loan pursuant to Section 2.17, in which case such payments shall be pro
rata in accordance with such participating interests). 
 (b) If a Lender shall obtain payment of any principal
of, or interest on, any Loan made by it to the Borrower under this Agreement or shall obtain payment on any other Obligation owing by the Borrower or any other Loan Party through the exercise of any right of set-off, banker’s lien, counterclaim
or similar right or otherwise or through voluntary prepayments directly to a Lender or other payments made by or on behalf the Borrower or any other Loan Party to a Lender (other than any payment in respect of Specified Rate Management Obligations)
not in accordance with the terms of this Agreement and such payment should be distributed to the Lenders in accordance with Section 2.19(a) or Section 2.21, as applicable, such Lender shall promptly purchase from the other
Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Loans made by the other Lenders or other Obligations owed to such other Lenders in such amounts, and make such other adjustments from time to time
as shall be equitable, to the end that all the Lenders shall share the benefit of such payment (net of any reasonable expenses which may actually be incurred by such Lender in obtaining or preserving such benefit) in accordance with the requirements
of Section 2.19(a) or Section 2.21, as applicable. To such end, all the Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must
otherwise be restored. The Borrower agrees that any Lender so purchasing a participation (or direct interest) in the Loans or other Obligations owed to such other Lenders may exercise all rights of set-off, banker’s lien, counterclaim or
similar rights with respect to such participation as fully as if such Lender were a direct holder of Loans in the amount of such participation. Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of
any Lender to exercise and retain the benefits of exercising, any such right with respect to any other indebtedness or obligation of the Borrower. 
 2.20. Reserved. 
 2.21. Application of Moneys Received. Subject to
Section 2.13(b) hereof, all moneys collected or received by the Administrative Agent on account of the Facility directly or indirectly, shall be applied in the following order of priority: 

(i) to the payment of all reasonable costs incurred in the collection of such moneys of which the Administrative Agent
shall have given notice to the Borrower; 

  
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 (ii) to the reimbursement of any yield protection due to any of the Lenders
in accordance with Section 4.1; 
 (iii) first to the payment of any fee due pursuant to
Section 3.8(b) in connection with the issuance of a Facility Letter of Credit to the Issuing Bank until such fee is paid in full, then next to the payment of the Facility Fee and Facility Letter of Credit Fee to the Lenders, if then due,
in that order on a pro rata basis in accordance with the respective amounts of such fees due to the Lenders and then finally to the payment of all fees then due to the Administrative Agent; 

(iv) to payment of the full amount of interest and principal on the Swingline Loans; 

(v) first to interest until paid in full and then to principal for all Lenders (x) as allocated by the Borrower
(unless an Event of Default exists), to be distributed in accordance with the applicable pro rata shares of the outstanding amounts of the Lenders for the Facility or (y) if an Event of Default exists, in accordance with the respective
Funded Percentages of the Lenders until principal is paid in full, each Lenders’ share of such payment to be allocated pro rata among the outstanding Classes and Types of Loans owed to such Lender and then to the Letter of Credit Collateral
Account until the full amount of LC Exposures is on deposit therein; and 
 (vi) any other sums due to the
Administrative Agent or any Lender under any of the Loan Documents. 
 2.22. Reserved. 

2.23. Voluntary Prepayments of Loans. 
 (a) The Borrower shall have the right at any time and from time to time to prepay any of its Borrowings in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section.

 (b) The Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan,
the Swingline Lender) by telecopy of any prepayment under clause (a) above not later than 11:00 a.m. (Central Time) on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal
amount of each Borrowing or portion thereof to be prepaid. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment pursuant to
clause (a) above of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.11 hereof. Each prepayment of a Borrowing shall be applied ratably to
the Loans included in the applicable prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.12 hereof and by breakage costs to the extent required by Section 4.4 hereof.

  
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 ARTICLE III. 
 THE LETTER OF CREDIT SUBFACILITY 
 3.1. Obligation to Issue. Subject to the
terms and conditions of this Agreement and in reliance upon the representations and warranties of the Borrower and the General Partner herein set forth, the Issuing Bank hereby agrees to issue for the account of the Borrower, one or more Facility
Letters of Credit in accordance with this Article III, from time to time during the period commencing on the Agreement Execution Date and ending on a date one Business Day prior to the Maturity Date. The parties acknowledge that there
are certain Facility Letters of Credit that were issued under the Prior Credit Agreement which the Borrower has requested remain outstanding under this Agreement. Accordingly, from and after the date of the first Borrowing hereunder, the Facility
Letters of Credit identified in Schedule 3.1 shall be deemed issued pursuant to the terms of this Agreement and shall be subject to all of the terms and conditions contained herein as if such Facility Letters of Credit were issued
hereunder. 
 3.2. Types and Amounts. The Issuing Bank shall not have any obligation to: 

(i) issue any Facility Letter of Credit if the aggregate maximum amount then available for drawing under Letters of Credit
issued by the Issuing Bank, after giving effect to the Facility Letter of Credit requested hereunder, shall exceed any limit imposed by law or regulation upon the Issuing Bank; 

(ii) issue any Facility Letter of Credit if, after giving effect thereto, either (1) the Total Revolving Exposure
would exceed the Aggregate Revolving Commitment, or (2) the LC Exposure would exceed $50,000,000; 
 (iii) issue any Facility Letter of Credit having an expiration date, or containing automatic extension provisions to extend such date to a date, which is after the thirtieth (30th) Business Day immediately preceding the Maturity Date; or

 (iv) issue any Facility Letter of Credit having an expiration date, or containing automatic extension
provisions to extend such date to a date, which is more than twelve (12) months after the date of its issuance. 
 3.3.
Conditions. In addition to being subject to the satisfaction of the conditions contained in Article V hereof, the obligation of the Issuing Bank to issue any Facility Letter of Credit is subject to the satisfaction in full of the
following conditions: 
 (i) the Borrower shall have delivered to the Issuing Bank at such times and in such
manner as the Issuing Bank may reasonably prescribe such documents and materials as may be reasonably required pursuant to the terms of the proposed Facility Letter of Credit (it being understood that if any inconsistency exists between such
documents and the Loan Documents, the terms of the Loan Documents shall control) and the proposed Facility Letter of Credit shall be reasonably satisfactory to the Issuing Bank as to form and content; 

  
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 (ii) as of the date of issuance, no order, judgment or decree of any court,
arbitrator or governmental authority shall purport by its terms to enjoin or restrain the Issuing Bank from issuing the requested Facility Letter of Credit and no law, rule or regulation applicable to the Issuing Bank and no request or directive
(whether or not having the force of law) from any governmental authority with jurisdiction over the Issuing Bank shall prohibit or request that the Issuing Bank refrain from the issuance of Letters of Credit generally or the issuance of the
requested Facility Letter of Credit in particular; and 
 (iii) there shall not exist any Default or Event of
Default. 
 3.4. Procedure for Issuance of Facility Letters of Credit. 

(a) The Borrower shall give the Issuing Bank and the Administrative Agent at least five (5) Business Days’ (or
such shorter period as the Administrative Agent and the Issuing Bank may agree in their sole discretion) prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (a “Letter of Credit
Request”), a copy of which shall be sent immediately to all Lenders (except that, in lieu of such written notice, the Borrower may give the Issuing Bank and the Administrative Agent telephonic notice of such request if confirmed in writing
by delivery to the Issuing Bank and the Administrative Agent (i) immediately (A) of a telecopy of the written notice required hereunder which has been signed by an authorized officer, or (B) of a telex containing all information
required to be contained in such written notice and (ii) promptly (but in no event later than the requested date of issuance) of the written notice required hereunder containing the original signature of an authorized officer, the substance of
which notice shall be promptly forwarded to all Lenders); such notice shall be irrevocable and shall specify: 

(i) whether the requested Facility Letter of Credit is, in the Borrower’s belief, a Financial Letter of Credit or a
Performance Letter of Credit; 
 (ii) the stated amount of the Facility Letter of Credit requested (which stated
amount shall not be less than $50,000); 
 (iii) the effective date (which day shall be a Business Day) of
issuance of such requested Facility Letter of Credit (the “Issuance Date”); 
 (iv) the date on
which such requested Facility Letter of Credit is to expire; 
 (v) the purpose for which such Facility Letter of
Credit is to be issued; 
 (vi) the Person for whose benefit the requested Facility Letter of Credit is to be
issued; 
 (vii) any special language required to be included in the Facility Letter of Credit; 

  
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 At the time such request is made, the Borrower shall also provide the Administrative Agent
and the Issuing Bank with a copy of the form of the Facility Letter of Credit that the Borrower is requesting be issued. Such notice, to be effective, must be received by the Issuing Bank and the Administrative Agent not later than 1:00 p.m.
(Central Time) on the last Business Day on which notice can be given under this Section 3.4(a). Following receipt of such notice and prior to the issuance of the requested Facility Letter of Credit, the Administrative Agent shall notify
the Borrower, and the applicable Issuing Bank of the amount of the Total Revolving Exposure after giving effect to (i) the issuance of such Facility Letter of Credit, (ii) the issuance or expiration of any other Facility Letter of Credit
that is to be issued or will expire prior to the requested date of issuance of such Facility Letter of Credit and (iii) the borrowing or repayment of any Revolving Loans or Swingline Loans that (based upon notices delivered to the
Administrative Agent by the Borrower) are to be borrowed or repaid prior to the requested date of issuance of such Facility Letter of Credit. A Facility Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance,
amendment, renewal or extension of each Facility Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure shall not exceed
$50,000,000, and (ii) the Total Revolving Exposure shall not exceed the Aggregate Revolving Commitment. A Facility Letter of Credit shall not be issued, extended or renewed if the Issuing Bank has received written notice from the Administrative
Agent at least one (1) Business Day prior to the date of such requested issuance, extension or renewal, that one or more applicable conditions contained in Section 5.2 shall not be satisfied. Administrative Agent shall promptly give
a copy of the Letter of Credit Request to the other Lenders. 
 (b) Subject to the terms and conditions of this
Article III and provided that the applicable conditions set forth in Article V hereof have been satisfied, the Issuing Bank shall, on the Issuance Date, issue a Facility Letter of Credit on behalf of the Borrower in
accordance with the Letter of Credit Request and the Issuing Bank’s usual and customary business practices unless the Issuing Bank has actually received (i) written notice from the Borrower specifically revoking the Letter of Credit
Request with respect to such Facility Letter of Credit, (ii) written notice from a Lender, which complies with the provisions of Section 3.6(a), or (iii) written or telephonic notice from the Administrative Agent stating that
the issuance of such Facility Letter of Credit would violate Section 3.2. 
 (c) The Issuing Bank
shall give the Administrative Agent (who shall promptly notify Lenders) and the Borrower written or telex notice, or telephonic notice confirmed promptly thereafter in writing, of the issuance of a Facility Letter of Credit (the “Issuance
Notice”), which shall indicate the Issuing Bank’s reasonable determination as to whether such Facility Letter of Credit is a Financial Letter of Credit or a Performance Letter of Credit, which determination shall be conclusive absent
manifest error. 
 (d) The Issuing Bank shall not extend or amend any Facility Letter of Credit unless the
requirements of this Section 3.4 are met as though a new Facility Letter of Credit was being requested and issued. 

  
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 3.5. Reimbursement Obligations; Duties of Issuing Bank. 

(a) If the Issuing Bank shall make any LC Disbursement in respect of a Facility Letter of Credit, the Borrower shall
reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 11:00 a.m. (Central Time) on the date that such LC Disbursement is made, if the Borrower shall have received notice of such
LC Disbursement prior to 10:00 a.m. (Central Time), as applicable, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 11:00 a.m. (Central Time), as applicable, on the
Business Day immediately following the day that the Borrower receives such notice; provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.4 or 2.7 that
such payment be financed with an Adjusted Base Rate Borrowing under the Facility or Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the
resulting Adjusted Base Rate Borrowing or Swingline Loan. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable
Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank as their interests may appear. Any payment made by a Revolving Lender
pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other than the funding of Adjusted Base Rate Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower
of its obligation to reimburse such LC Disbursement. 
 (b) If the Issuing Bank shall make any LC Disbursement,
then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (in the local time where the LC Disbursement is made regardless of when such reimbursement is due under Section 3.5(a)), the
unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to, but excluding, the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Adjusted Base
Rate Borrowings; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (a) of this Section, then Section 2.7 shall apply. Interest accrued pursuant to this paragraph shall be
for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to Section 3.5 to reimburse the Issuing Bank shall be for the account of such Lender to the
extent of such payment. 
 3.6. Participation. 

(a) Immediately upon issuance by the Issuing Bank of any Facility Letter of Credit in accordance with the procedures set
forth in Section 3.4, each Revolving Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing Bank, without recourse, representation or warranty, an undivided interest and participation equal
to such Lender’s Percentage in such Facility Letter of Credit 

  
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(including, without limitation, all obligations of the Borrower with respect thereto) and all related rights hereunder and under the Guaranty and other Loan Documents; provided that a
Facility Letter of Credit issued by the Issuing Bank shall not be deemed to be a Facility Letter of Credit for purposes of this Section 3.6 if the Issuing Bank shall have received written notice from any Lender on or before the Business
Day prior to the date of its issuance of such Facility Letter of Credit that one or more of the conditions contained in Section 5.2 is not then satisfied, and in the event the Issuing Bank receives such a notice it shall have no further
obligation to issue any Facility Letter of Credit until such notice is withdrawn by that Lender or the Issuing Bank receives a notice from the Administrative Agent that such condition has been effectively waived in accordance with the provisions of
this Agreement. Each Revolving Lender’s obligation to make further Revolving Loans to the Borrower (other than any payments such Lender is required to make under subparagraph (b) below) or to purchase an interest from the Issuing Bank in
any subsequent letters of credit issued by the Issuing Bank on behalf of the Borrower shall be reduced by such Lender’s Percentage of the undrawn portion of each Facility Letter of Credit outstanding. 

(b) In the event that the Issuing Bank makes any payment under any Facility Letter of Credit and the Borrower shall not
have repaid such amount to the Issuing Bank pursuant to Section 3.7 hereof, the Issuing Bank shall promptly notify the Administrative Agent, which shall promptly notify each Revolving Lender of such failure, and each Revolving Lender
shall promptly and unconditionally pay to the Administrative Agent for the account of the Issuing Bank the amount of such Lender’s Percentage of each LC Disbursement made by the Issuing Bank. The failure of any Revolving Lender to make
available to the Administrative Agent for the account of the Issuing Bank its Percentage of the unreimbursed amount of any such payment shall not relieve any other Lender of its obligation hereunder to make available to the Administrative Agent for
the account of the Issuing Bank its Percentage of the unreimbursed amount of any payment on the date such payment is to be made, but no Lender shall be responsible for the failure of any other Lender to make available to the Administrative Agent its
Percentage of the unreimbursed amount of any payment on the date such payment is to be made. 
 (c) Whenever the
Issuing Bank receives a payment on account of a Reimbursement Obligation, including any interest thereon, the Issuing Bank shall promptly pay to the Administrative Agent and the Administrative Agent shall promptly pay to each Lender which has funded
its participating interest therein, in immediately available funds, an amount equal to such Lender’s Percentage thereof. 
 (d) Upon the request of the Administrative Agent or any Lender, the Issuing Bank shall furnish to such Administrative Agent or Lender copies of any Facility Letter of Credit to which the Issuing Bank is
party and such other documentation as may reasonably be requested by the Administrative Agent or Lender. 
 (e)
The obligations of a Lender to make payments to the Administrative Agent for the account of the Issuing Bank with respect to a Facility Letter of Credit shall be absolute, unconditional and irrevocable, not subject to any counterclaim, set off,
qualification or exception whatsoever other than a failure of any the Issuing Bank to 

  
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comply with the terms of this Agreement relating to the issuance of such Facility Letter of Credit, and such payments shall be made in accordance with the terms and conditions of this Agreement
under all circumstances. 
 3.7. Payment of Reimbursement Obligations. 

(a) The Borrower agrees to pay to the Administrative Agent for the account of the Issuing Bank the amount of all
Reimbursement Obligations, interest and other amounts payable to the Issuing Bank under or in connection with any Facility Letter of Credit when due, irrespective of any claim, set off, defense or other right which the Borrower may have at any time
against the Issuing Bank or any other Person, under all circumstances, including without limitation any of the following circumstances: 
 (i) any lack of validity or enforceability of this Agreement or any of the other Loan Documents; 
 (ii) the existence of any claim, setoff, defense or other right which the Borrower may have at any time against a beneficiary named in a Facility Letter of Credit or any transferee of any Facility Letter
of Credit (or any Person for whom any such transferee may be acting), the Administrative Agent, the Issuing Bank, any Lender, or any other Person, whether in connection with this Agreement, any Facility Letter of Credit, the transactions
contemplated herein or any unrelated transactions (including any underlying transactions between the Borrower and the beneficiary named in any Facility Letter of Credit); 

(iii) any draft, certificate or any other document presented under the Facility Letter of Credit proving to be forged,
fraudulent, invalid or insufficient in any respect of any statement therein being untrue or inaccurate in any respect; 
 (iv) the surrender or impairment of any security for the performance or observance of any of the terms of any of the Loan Documents; or 

(v) the occurrence of any Default or Event of Default. 

(b) In the event any payment by the Borrower received by the Issuing Bank or the Administrative Agent with respect to a
Facility Letter of Credit and distributed by the Administrative Agent to the Lenders on account of their participations is thereafter set aside, avoided or recovered from the Administrative Agent or Issuing Bank in connection with any receivership,
liquidation, reorganization or bankruptcy proceeding, each Lender which received such distribution shall, upon demand by the Administrative Agent, contribute such Lender’s Percentage of the amount set aside, avoided or recovered together with
interest at the rate required to be paid by the Issuing Bank or the Administrative Agent upon the amount required to be repaid by the Issuing Bank or the Administrative Agent. 

  
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 3.8. Compensation for Facility Letters of Credit. 

(a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Revolving Lenders, based upon such
Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) with respect to each Facility Letter of Credit that is equal to (i) the LIBOR Applicable Margin in effect from time to time in the case
of Financial Letters of Credit, and (ii) the LIBOR Applicable Margin from time to time minus 0.25% in the case of Performance Letters of Credit. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall be due and
payable in arrears in equal installments on the first Business Day of each month following the issuance of any Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Maturity Date. The Administrative Agent shall
promptly remit such Facility Letter of Credit Fees, when paid, to the other Revolving Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to
promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in
Section 2.13 hereof. 
 (b) The Issuing Bank also shall have the right to receive solely for its own
account an issuance fee equal to a percentage of the face amount of each Facility Letter of Credit in an amount mutually agreed in writing between the Borrower and the Issuing Bank, payable by the Borrower on the Issuance Date for each such Facility
Letter of Credit. The Issuing Bank shall also be entitled to receive its reasonable out of pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

 3.9. Letter of Credit Collateral Account. The Borrower hereby agrees that it will, until the Maturity Date, maintain a
special collateral account (the “Letter of Credit Collateral Account”) at the Administrative Agent’s office at the address specified pursuant to Article XV, in the name of the Borrower but under the sole dominion
and control of the Administrative Agent, for the benefit of the Lenders, and in which the Borrower shall have no interest other than as set forth in Section 11.1. In addition to the foregoing, the Borrower hereby grants to the
Administrative Agent, for the benefit of the Revolving Lenders, a security interest in and to the Letter of Credit Collateral Account and any funds that may hereafter be on deposit in such account, including income earned thereon. The Lenders
acknowledge and agree that the Borrower has no obligation to fund the Letter of Credit Collateral Account unless and until so required under Section 11.1 hereof. 
 ARTICLE IV. 
 CHANGE IN CIRCUMSTANCES 

4.1. Yield Protection. If the adoption of or change in any law or any governmental or quasi governmental rule, regulation, policy,
guideline or directive (whether or not having the force of law, and regardless if adopted or changed after the Agreement Execution Date), or any interpretation thereof, or the compliance of any Lender therewith, including, without limitation,

  
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the adoption after the Agreement Execution Date of any rule, regulation, policy, guideline or directive promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection Act or Basel
III (collectively, “Change in Law”): 
 (i) subjects the Administrative Agent, any Lender or any
applicable Lending Office to any taxes, duties, levies, imposts, deductions, assessments, fees, charges or withholdings, and all liabilities with respect thereto (other than (A) Taxes, (B) Excluded Taxes or (C) Other Taxes) on its
loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable to making, funding or maintaining its Borrowings or its Revolving Commitment, or 

(ii) 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 Office (other than reserves and assessments taken into account in determining the interest rate applicable to
Eurocurrency Borrowings), or 
 (iii) imposes any other condition, and the result is to increase the cost of any
Lender or any applicable Lending Office of making, funding or maintaining loans or reduces any amount receivable by any Lender or any applicable Lending Office in connection with loans, or requires any Lender or any applicable Lending Office to make
any payment calculated by reference to the amount of loans held, Letters of Credit issued or participated in or interest received by it, by an amount deemed material by such Lender, 
 then, within fifteen (15) days of demand by the Administrative Agent or such Lender, the Borrower shall pay the Administrative Agent or such Lender that portion of such increased expense incurred or
reduction in an amount received which the Administrative Agent or such Lender determines is attributable to making, funding and maintaining its Borrowings and its Revolving Commitment. 

4.2. Changes in Capital Adequacy Regulations. If a Lender determines the amount of capital required or expected to be maintained
by such Lender, any Lending Office of such Lender or any corporate entity controlling such Lender is increased as a result of a Change (as defined below), then, within fifteen (15) days of demand by such Lender, the Borrower shall pay such
Lender the amount necessary to compensate for any shortfall in the rate of return on the portion of such increased capital which such Lender determines is attributable to this Agreement, its Borrowings, its interest in the Facility Letters of
Credit, or its obligation to make Borrowings hereunder or participate in or issue Facility Letters of Credit hereunder (after taking into account such Lender’s policies as to capital adequacy). “Change” means (i) any change after
the Agreement Execution Date in the Risk Based Capital Guidelines (as defined below) or (ii) any adoption of or change in any other law, governmental or quasi governmental rule, regulation, policy, guideline, interpretation, or directive
(whether or not having the force of law) after the Agreement Execution Date which affects the amount of capital required or expected to be maintained by any Lender or any Lending Office or any corporation controlling any Lender. Without limitation
of the foregoing, and notwithstanding anything herein to the contrary, (a) the 

  
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Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (b) all requests, rules,
guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel
III, shall in each case be deemed to be a “Change”, regardless of the date enacted, adopted or issued. “Risk Based Capital Guidelines” means (i) the risk based capital guidelines in effect in the United States on the date of
this Agreement, including transition rules, and (ii) the corresponding capital regulations promulgated by regulatory authorities outside the United States implementing the July 1988 report of the Basle Committee on Banking Regulation and
Supervisory Practices Entitled “International Convergence of Capital Measurements and Capital Standards”, including transition rules, and any amendments to such regulations adopted prior to the date of this Agreement. Without in any way
affecting the Borrower’s obligation to pay compensation actually claimed by a Lender under this Section 4.2, the Borrower shall have the right to replace any Lender which has demanded such compensation provided that the
Borrower notifies such Lender that it has elected to replace such Lender and notifies such Lender and the Administrative Agent of the identity of the proposed replacement Lender not more than six (6) months after the date of such Lender’s
most recent demand for compensation under this Section 4.2, and further provided that such replacement is otherwise in accordance with Section 4.7. The Lender being replaced shall assign its Revolving Commitment and
its rights and obligations under this Facility to the replacement Lender in accordance with the requirements of Section 13.3 hereof and the replacement Lender shall assume such Percentage of the total Revolving Commitment and the related
obligations under this Facility prior to the Maturity Date to be extended, all pursuant to an assignment agreement substantially in the form of Exhibit I hereto. The purchase by the replacement Lender shall be at par (plus all accrued
and unpaid interest and any other sums owed to such Lender being replaced hereunder) which shall be paid to the Lender being replaced upon the execution and delivery of the assignment. The Lender being replaced shall continue to be entitled to the
benefits of Sections 4.1, 4.2, 4.4, 4.5 and 14.6 for events recurring prior to assignment to the replacement Lender. 
 4.3. Availability of Eurocurrency or Adjusted Base Rate Borrowings. If any Lender determines that maintenance of any of its Eurocurrency Borrowings or Adjusted Base Rate Borrowings (sometimes
collectively referred to as “LIBOR Borrowings”) at a suitable Lending Office would violate any applicable law, rule, regulation or directive of any Governmental Authority having jurisdiction, the Administrative Agent shall suspend
by written notice to the Borrower (with a copy thereof being delivered contemporaneously to Lenders) the availability of LIBOR Borrowings and require any LIBOR Borrowings to be repaid; or if the Required Lenders determine that (i) deposits of a
type or maturity appropriate to match fund LIBOR Borrowings are not available, the Administrative Agent shall suspend by written notice to the Borrower (with a copy thereof being delivered contemporaneously to Lenders) the availability of LIBOR
Borrowings with respect to any LIBOR Borrowings made after the date of any such determination, or (ii) an interest rate applicable to a LIBOR Borrowing does not accurately reflect the cost of making a Eurocurrency Borrowing, and, if for any
reason whatsoever the provisions of Section 4.1 are inapplicable, the Administrative Agent shall suspend by written notice to the Borrower (with a copy thereof being delivered contemporaneously to Lenders) the availability of LIBOR
Borrowings with respect to any LIBOR Borrowings made after the date of any such determination. If this occurs, Borrowings shall, to the extent permissible under applicable law, bear interest at the Substitute Rate, rather than any Loans becoming
payable. 

  
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 4.4. Funding Indemnification. If any payment of a LIBOR Borrowing occurs on a date
which is not the last day of the applicable Interest Period, whether because of acceleration, prepayment or otherwise, or a LIBOR Borrowing is not made, continued or converted on the date specified by the Borrower for any reason other than default
by one or more of the Lenders, the Borrower will indemnify each Lender for any loss or cost incurred by such Lender resulting therefrom, including, without limitation, any loss or cost in liquidating or employing deposits acquired to fund or
maintain the LIBOR Borrowing. 
 4.5. Taxes. 

(i) All payments by the Borrower to or for the account of any Lender or the Administrative Agent hereunder or under any
Note shall be made free and clear of and without deduction for any and all Taxes. If the Borrower shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder to any Lender or the Administrative Agent, (a) the
sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 4.5) such Lender or the Administrative Agent (as the case may be)
receives an amount equal to the sum it would have received had no such deductions been made, (b) the Borrower shall make such deductions, (c) the Borrower shall pay the full amount deducted to the relevant authority in accordance with
applicable law, and (d) the Borrower shall furnish to the Administrative Agent the original copy of a receipt evidencing payment thereof within 30 days after such payment is made. 

(ii) In addition, the Borrower hereby agrees to pay any present or future stamp or documentary taxes and any other excise
or property taxes, charges or similar levies which arise from any payment made hereunder or under any Note or from the execution or delivery of, or otherwise with respect to, this Agreement or any Note (“Other Taxes”). 

(iii) The Borrower hereby agrees to indemnify the Administrative Agent and each Lender for the full amount of Taxes or
Other Taxes (including, without limitation, any Taxes or Other Taxes imposed on amounts payable under this Section 4.5) paid by the Administrative Agent or such Lender as a result of its Revolving Commitment, any Loans made by it
hereunder, or otherwise in connection with its participation in this Agreement and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto. Payments due under this indemnification shall be made within
30 days of the date the Administrative Agent or such Lender makes demand therefor pursuant to Section 4.6. 
 (iv) Each Lender that is not incorporated under the laws of the United States of America or a state thereof (each a “Non-U.S. Lender”) agrees that it will, not more than ten Business
Days after the date of this Agreement, (i) deliver 

  
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to the Administrative Agent two duly completed copies of United States Internal Revenue Service Form W-8BEN or W-8ECI, certifying in either case that such Lender is entitled to receive
payments under this Agreement without deduction or withholding of any United States federal income taxes, and (ii) deliver to the Administrative Agent a United States Internal Revenue Form W-8 or W-9, as the case may be, and certify that
it is entitled to an exemption from United States backup withholding tax. Each Non-U.S. Lender further undertakes to deliver to each of the Borrower and the Administrative Agent (x) renewals or additional copies of such form (or any
successor form) on or before the date that such form expires or becomes obsolete, and (y) after the occurrence of any event requiring a change in the most recent forms so delivered by it, such additional forms or amendments thereto as may be
reasonably requested by the Borrower or the Administrative Agent. All forms or amendments described in the preceding sentence shall certify that such Lender is entitled to receive payments under this Agreement without deduction or withholding of any
United States federal income taxes, unless an event (including without limitation any change in treaty, law or regulation) has occurred prior to the date on which any such delivery would otherwise be required which renders all such forms
inapplicable or which would prevent such Lender from duly completing and delivering any such form or amendment with respect to it and such Lender advises the Borrower and the Administrative Agent that it is not capable of receiving payments without
any deduction or withholding of United States federal income tax. 
 (v) For any period during which a
Non-U.S. Lender has failed to provide the Borrower with an appropriate form pursuant to clause (iv), above (unless such failure is due to a change in treaty, law or regulation, or any change in the interpretation or administration thereof
by any governmental authority, occurring subsequent to the date on which a form originally was required to be provided), such Non-U.S. Lender shall not be entitled to indemnification under this Section 4.5 with respect to Taxes
imposed by the United States; provided that, should a Non-U.S. Lender which is otherwise exempt from or subject to a reduced rate of withholding tax become subject to Taxes because of its failure to deliver a form required under
clause (iv), above, the Borrower shall take such steps as such Non-U.S. Lender shall reasonably request to assist such Non-U.S. Lender to recover such Taxes. 

(vi) Any Lender that is entitled to an exemption from or reduction of withholding tax with respect to payments under this
Agreement or any Note pursuant to the law of any relevant jurisdiction or any treaty shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law, such properly completed and executed
documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate. 
 (vii) If the U.S. Internal Revenue Service or any other governmental authority of the United States or any other country or any political subdivision thereof asserts a claim that the Administrative
Agent did not properly withhold 

  
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tax from amounts paid to or for the account of any Lender (because the appropriate form was not delivered or properly completed, because such Lender failed to notify the Administrative Agent of a
change in circumstances which rendered its exemption from withholding ineffective, or for any other reason), such Lender shall indemnify the Administrative Agent fully for all amounts paid, directly or indirectly, by the Administrative Agent as tax,
withholding therefor, or otherwise, including penalties and interest, and including taxes imposed by any jurisdiction on amounts payable to the Administrative Agent under this subsection, together with all costs and expenses related thereto
(including attorneys fees and time charges of attorneys for the Administrative Agent, which attorneys may be employees of the Administrative Agent). The obligations of the Lenders under this Section 4.5(vii) shall survive the payment of
the Obligations and termination of this Agreement. 
 (viii) If a payment made to a Lender hereunder or under any
Note would be subject to United States federal withholding tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as
applicable) such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by
applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative
Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this
Section 4.5(viii), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 
 (ix) Each of the Lenders represents that as of the Agreement Execution Date it is not aware of any facts that would give rise to a claim for additional payments under this Section 4.5.

 4.6. Lender Statements; Survival of Indemnity. To the extent reasonably possible, each Lender shall designate
an alternate Lending Office with respect to its LIBOR Borrowings to reduce any liability of the Borrower to such Lender under Sections 4.1, 4.2 and 4.5 or to avoid the unavailability of a LIBOR Borrowing, so long as such
designation is not disadvantageous to such Lender. Each Lender shall deliver a written statement of such Lender as to the amount due, if any, under Sections 4.1, 4.2, 4.4 and 4.5 hereof. 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. The amount due in such statement shall not include amounts due
under Section 4.5 that are either attributable to facts known to the Lender as of the Agreement Execution Date or that relate to a time period more than ninety (90) days prior to the giving of such written statement. Determination
of amounts payable under such Sections in connection with a LIBOR Borrowing shall be calculated as though each Lender funded its LIBOR Borrowing through the purchase of a deposit of the 

  
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type and maturity corresponding to the deposit used as a reference in determining the Adjusted LIBOR Rate applicable to such Borrowing, whether in fact that is the case or not. Unless otherwise
provided herein, the amount specified in the written statement shall be payable on demand after receipt by the Borrower of the written statement. The obligations of the Borrower under Sections 4.1, 4.2, 4.4 and 4.5
hereof shall survive payment of the Obligations and termination of this Agreement. 
 4.7. Replacement of Lenders under
Certain Circumstances. The Borrower shall be permitted to replace any Lender which (a) is not capable of receiving payments without any deduction or withholding of United States federal income tax pursuant to Section 4.5, or
(b) cannot maintain its LIBOR Borrowings at a suitable Lending Office pursuant to Section 4.6, with a replacement bank or other financial institution or (c) becomes a Defaulting Lender; provided that (i) such
replacement does not conflict with any applicable legal or regulatory requirements affecting the remaining Lenders, (ii) no Event of Default or (after notice thereof to the Borrower) no Default shall have occurred and be continuing at the time
of such replacement, (iii) the replacement bank or institution shall purchase at par all Loans and the Borrower or the replacement bank or institution shall repay other amounts owing to such replaced Lender prior to the date of replacement,
(iv) the Borrower shall be liable to such replaced Lender under Sections 4.4 and 4.6 if any LIBOR Borrowing owing to such replaced Lender shall be prepaid (or purchased) other than on the last day of the Interest Period
relating thereto, (v) the replacement bank or institution, if not already a Lender, and the terms and conditions of such replacement, shall be reasonably satisfactory to the Administrative Agent, the Swingline Lender and the Issuing Bank,
(vi) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 13.3 (provided that the Borrower shall be obligated to pay the processing fee referred to therein and the
replaced Lender’s consent shall not be required), (vii) until such time as such replacement shall be consummated, the Borrower shall continue to pay all amounts payable hereunder without setoff, deduction, counterclaim or withholding and
(viii) any such replacement shall not be deemed to be a waiver of any rights which the Borrower, the Administrative Agent or any other Lender shall have against the replaced Lender. 

ARTICLE V. 

CONDITIONS PRECEDENT 
 5.1. Conditions Precedent to Closing. The Lenders shall not be required to make the initial Borrowing hereunder, nor shall the Issuing Bank be required to issue the initial Facility Letter of
Credit hereunder, unless (i) the Borrower shall have paid all fees then due and payable to the Lenders, Merrill Lynch, Wells Fargo Securities, LLC and the Administrative Agent hereunder, including reasonable legal fees and out-of-pocket
expenses, (ii) all of the conditions set forth in Section 5.2 are satisfied, and (iii) the Borrower shall have furnished to the Administrative Agent, in form and substance satisfactory to the Lenders and their counsel and with
sufficient copies for the Lenders, the following: 
 (a) Certificates of Limited
Partnership/Incorporation. A copy of the Certificate of Limited Partnership for the Borrower and a copy of the articles of incorporation of the General Partner, each certified by the appropriate Secretary of State or equivalent state official.

  
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 (b) Agreements of Limited Partnership/Bylaws. A copy of the Agreement
of Limited Partnership for the Borrower and a copy of the bylaws of the General Partner, including all amendments thereto, each certified by the Secretary or an Assistant Secretary of the General Partner as being in full force and effect on the
Agreement Execution Date. 
 (c) Good Standing Certificates. A certified copy of a certificate from the
Secretary of State or equivalent state official of the states where the Borrower and the General Partner are organized, dated as of the most recent practicable date, showing the good standing or partnership qualification (if issued) of (i) the
Borrower, and (ii) the General Partner. 
 (d) Foreign Qualification Certificates. A certified copy
of a certificate from the Secretary of State or equivalent state official of the state where the Borrower and the General Partner maintain their principal place of business, dated as of the most recent practicable date, showing the qualification to
transact business in such state as a foreign limited partnership or foreign corporation, as the case may be, for (i) the Borrower, and (ii) the General Partner. 

(e) Resolutions. A copy of a resolution or resolutions adopted by the Board of Directors of the General Partner,
certified by the Secretary or an Assistant Secretary of the General Partner as being in full force and effect on the Agreement Execution Date, authorizing the Borrowings provided for herein and the execution, delivery and performance of the Loan
Documents by the General Partner to be executed and delivered by it hereunder on behalf of itself and the Borrower. 
 (f) Incumbency Certificate. A certificate, signed by the Secretary or an Assistant Secretary of the General Partner and dated the Agreement Execution Date, as to the incumbency, and containing the
specimen signature or signatures, of the Persons authorized to execute and deliver the Loan Documents to be executed and delivered by it and the Borrower hereunder. 

(g) Loan Documents. Originals of the Loan Documents (in such quantities as the Lenders may reasonably request),
duly executed by authorized officers of the appropriate entity, including this Agreement duly executed by authorized officers of each Lender. 
 (h) Opinion of Borrower’s Counsel. A written opinion, dated the Agreement Execution Date, from outside counsel for the Borrower which counsel is reasonably satisfactory to Administrative
Agent, substantially in the form attached hereto as Exhibit E. 
 (i) Opinion of General
Partner’s Counsel. A written opinion, dated the Agreement Execution Date, from outside counsel for the General Partner which counsel is reasonably satisfactory to Administrative Agent, substantially in the form attached hereto as
Exhibit F. 

  
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 (j) Prior Facility. Evidence that the Borrower has properly
terminated the Prior Credit Agreement effective as of the Agreement Execution Date and has paid all outstanding obligations thereunder with the proceeds of the initial Borrowing hereunder. 

(k) Financial and Related Information. The following information: 

(i) The most recent financial statements of the Borrower and the General Partner and a certificate from a Qualified
Officer of the Borrower that no change in the Borrower’s financial condition that would have a Material Adverse Effect has occurred since December 31, 2010; and 

(ii) Written money transfer instructions, in substantially the form of Exhibit G hereto, addressed to the
Administrative Agent and signed by a Qualified Officer, together with such other related money transfer authorizations as the Administrative Agent may have reasonably requested. 

(l) Closing Certificate. A certificate, signed by an officer of the Borrower, stating that on the Agreement
Execution Date no Default or Event of Default has occurred and is continuing and that all representations and warranties of the Borrower contained herein are true and correct as of the Agreement Execution Date as and to the extent set forth herein.

 (m) Compliance Certificate. A certificate substantially in the form of Exhibit H, signed by
an officer of the Borrower certifying as to compliance with the financial covenants set forth in Section 9.7 on a pro-forma basis on the Agreement Execution Date using the financial results as of the last day of the most recently
completed calendar quarter and giving effect to the incurrence of the Loans, which certificate shall include calculations in reasonable detail demonstrating such compliance. 

(n) Other Evidence as any Lender May Require. Such other evidence as any Lender may reasonably request to establish
the consummation of the transactions contemplated hereby, the taking of all necessary actions in any proceedings in connection herewith and compliance with the conditions set forth in this Agreement. 

When all such conditions have been fulfilled (or, in the Lenders’ sole discretion, waived by Lenders), the Administrative Agent
shall confirm in writing to the Borrower that the initial Borrowing is then available to the Borrower hereunder. 
 5.2.
Conditions Precedent to Subsequent Borrowings. Borrowings after the initial Borrowing shall be made from time to time as requested by the Borrower, and the obligation of each Lender to make any Borrowing (including Swingline Loans) and the
obligation of the Issuing Bank to issue, renew or extend a Facility Letter of Credit is subject to the following terms and conditions: 
 (a) prior to and after giving effect to each such Borrowing or Facility Letter of Credit issuance, renewal or extension, no Default or Event of Default shall have occurred and be continuing under this
Agreement or any of the Loan Documents, and the Borrower shall deliver a certificate of the Borrower to such effect; and 

  
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 (b) The representations and warranties contained in Article VI
and VII are true and correct as of such borrowing date, Issuance Date (or date of renewal or extension of a Facility Letter of Credit), as and to the extent set forth therein, 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 be true and correct on and as of such earlier date. 
 Subject to the last grammatical paragraphs of Article VI and VII hereof, each Borrowing Notice and Letter of Credit Request shall constitute a representation and warranty by the
Borrower that the conditions contained in Sections 5.2(a) and (b) have been satisfied. Unless set forth in writing to the contrary, the making of its initial Loan by a Lender shall constitute a certification by such Lender to
the Administrative Agent and the other Lenders that the conditions precedent for initial Loans set forth in Section 5.1 that have not previously been waived by the Lenders in accordance with the terms of this Agreement have been
satisfied. 
 ARTICLE VI. 
 REPRESENTATIONS AND WARRANTIES 
 the Borrower hereby represents and warrants to
the Lenders that: 
 6.1. Existence. The Borrower is a limited partnership duly organized and existing under the laws of
the State of Delaware, with its principal place of business in the State of Illinois, and is duly qualified as a foreign limited partnership, properly licensed (if required), in good standing and has all requisite authority to conduct its business
in each jurisdiction in which it owns Properties and, except where the failure to be so qualified or to obtain such authority would not have a Material Adverse Effect, in each other jurisdiction in which its business is conducted. Each of its
Subsidiaries is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and has all requisite authority to conduct its business in each jurisdiction in which it owns Property, and except where the
failure to be so qualified or to obtain such authority would not have a Material Adverse Effect, in each other jurisdiction in which it conducts business. 
 6.2. Corporate/Partnership Powers. The execution, delivery and performance of the Loan Documents required to be delivered by the Borrower hereunder are within the partnership authority of such
entity and the corporate powers of the general partners of such entity, have been duly authorized by all requisite action, and are not in conflict with the terms of any organizational instruments of such entity, or any instrument or agreement to
which the Borrower or the General Partner is a party or by which the Borrower, the General Partner or any of their respective assets may be bound or affected. 

  
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 6.3. Power of Officers. The officers of the General Partner executing the Loan
Documents required to be delivered by such entities hereunder have been duly elected or appointed and were fully authorized to execute the same at the time each such agreement, certificate or instrument was executed. 

6.4. Government and Other Approvals. No approval, consent, exemption or other action by, or notice to or filing with, any
governmental authority is necessary in connection with the execution, delivery or performance of the Loan Documents required hereunder. 
 6.5. Solvency. 
 (i) Immediately after the Agreement
Execution Date and immediately following the making of each Loan and after giving effect to the application of the proceeds of such Loans, (a) the fair value of the assets of the Borrower and its Subsidiaries on a consolidated basis, at a fair
valuation, will exceed the debts and liabilities, subordinated, contingent or otherwise, of the Borrower and its Subsidiaries on a consolidated basis; (b) the present fair saleable value of the Properties of the Borrower and its Subsidiaries on
a consolidated basis will be greater than the amount that will be required to pay the probable liability of the Borrower 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; (c) the Borrower 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 (d) the Borrower 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 date hereof. 
 (ii) The Borrower does not intend to, or to permit any of its
Subsidiaries to 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. 
 6.6. Compliance With Laws. There is no judgment,
decree or order or any law, rule or regulation of any court or governmental authority binding on the Borrower or any of its Subsidiaries which would be contravened by the execution, delivery or performance of the Loan Documents required hereunder.

 6.7. Enforceability of Agreement. This Agreement is the legal, valid and binding agreement of the Borrower, and the
Notes when executed and delivered will be the legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their respective terms, and the Loan Documents required hereunder, when executed and delivered,
will be similarly legal, valid, binding and enforceable except to the extent that such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting the rights of creditors generally. 

  
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 6.8. Title to Property. To the best of the Borrower’s knowledge after due
inquiry, the Borrower or its Subsidiaries has good and marketable title to the Properties and assets reflected in the financial statements as owned by it or any such Subsidiary free and clear of Liens except for the Permitted Liens. The execution,
delivery or performance of the Loan Documents required to be delivered by the Borrower hereunder will not result in the creation of any Lien on the Properties. No consent to the transactions contemplated hereunder is required from any ground lessor
or mortgagee or beneficiary under a deed of trust or any other party except as has been delivered to the Lenders. 
 6.9.
Litigation. There are no suits, arbitrations, claims, disputes or other proceedings (including, without limitation, any civil, criminal, administrative or environmental proceedings), pending or, to the best of the Borrower’s knowledge,
threatened against or affecting the Borrower or any of the Properties, the adverse determination of which individually or in the aggregate would have a Material Adverse Effect on the Borrower and/or would cause a Material Adverse Financial Change of
the Borrower or materially impair the Borrower’s ability to perform its obligations hereunder or under any instrument or agreement required hereunder, except as disclosed on Schedule 6.9 hereto, or otherwise disclosed to Lenders in
accordance with the terms hereof. 
 6.10. Events of Default. No Default or Event of Default has occurred and is
continuing or would result from the incurring of obligations by the Borrower under any of the Loan Documents or any other document to which the Borrower is a party. 
 6.11. Investment Company Act of 1940. The Borrower is not and will by such acts as may be necessary continue not to be, an investment company within the meaning of the Investment Company Act of
1940. 
 6.12. Public Utility Holding Company Act. The Borrower is not a “holding company” or a
“subsidiary company” of a “holding company,” or an “affiliate” of a “holding company,” or of a “subsidiary company” of a “holding company,” within the definitions of the Public Utility
Holding Company Act of 1935, as amended. 
 6.13. Regulation U. The proceeds of the Borrowings will not be used, directly
or indirectly, in a manner which would cause the Facility to be treated as a “Purpose Credit.” 
 6.14. No Material
Adverse Financial Change. To the best knowledge of the Borrower, there has been no Material Adverse Financial Change in the condition of the Borrower since the date of the financial and/or operating statements most recently submitted to the
Lenders. 
 6.15. Financial Information. All financial statements furnished to the Lenders by or at the direction of the
Borrower and all other financial information and data furnished by the Borrower to the Lenders are complete and correct in all material respects as of the date thereof, and such financial statements have been prepared in accordance with GAAP and
fairly present the consolidated financial condition and results of operations of the Borrower as of such date. The Borrower has no contingent obligations, liabilities for taxes or other outstanding financial obligations which are material in the
aggregate, except as disclosed in such statements, information and data. 

  
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 6.16. Factual Information. All factual information heretofore or contemporaneously
furnished by or on behalf of the Borrower to the Lenders for purposes of or in connection with this Agreement and the other Loan Documents and the transactions contemplated therein is, and all other such factual information hereafter furnished by or
on behalf of the Borrower to the Lenders will be, true and accurate (taken as a whole) in all material respects on the date as of which such information is dated or certified and not incomplete by omitting to state any material fact necessary to
make such information (taken as a whole) not misleading at such time. 
 6.17. ERISA. (i) The Borrower is not an
entity deemed to hold “plan assets” within the meaning of ERISA or any regulations promulgated thereunder 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, and (ii) the execution of this Agreement and the transactions contemplated hereunder do not give rise to a prohibited transaction within the meaning of Section 406 of ERISA or Section 4975
of the Code. 
 6.18. Taxes. All required tax returns have been filed by the Borrower with the appropriate authorities
except to the extent that extensions of time to file have been requested, granted and have not expired or except to the extent such taxes are being contested in good faith and for which adequate reserves, in accordance with GAAP, are being
maintained. 
 6.19. Environmental Matters. Except as disclosed in Schedule 6.19, each of the following
representations and warranties is true and correct except to the extent that the facts and circumstances giving rise to any such failure to be so true and correct, in the aggregate, could not reasonably be expected to have a Material Adverse Effect:

 (i) To the knowledge of the Borrower, the Properties of the Borrower, its Subsidiaries, and Investment
Affiliates do not contain any Materials of Environmental Concern in amounts or concentrations which constitute a violation of, or could reasonably give rise to liability under, Environmental Laws. 

(ii) The Borrower has not received any written notice alleging that any or all of the Properties of the Borrower and its
Subsidiaries and Investment Affiliates and all operations at the Properties are not currently in compliance with all applicable Environmental Laws. Further, the Borrower has not received any written notice alleging the current existence of any
contamination at or under such Properties in amounts or concentrations which constitute a violation of any Environmental Law, or any violation of any Environmental Law with respect to such Properties for which the Borrower, its Subsidiaries or
Investment Affiliates is or could be liable. 
 (iii) Neither the Borrower nor any of its Subsidiaries or
Investment Affiliates has received any written notice of current non-compliance, liability or potential liability regarding Environmental Laws with regard to any of the Properties, nor does it have knowledge that any such notice will be received or
is being threatened. 

  
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 (iv) To the knowledge of the Borrower during the ownership of the Properties
by any or all of the Borrower, its Subsidiaries and Investment Affiliates, Materials of Environmental Concern have not been transported or disposed of from the Properties of the Borrower and its Subsidiaries and Investment Affiliates in violation
of, or in a manner or to a location which could reasonably give rise to liability of the Borrower, any Subsidiary, or any Investment Affiliate under, Environmental Laws, nor during the ownership of the Properties by any or all of the Borrower, its
Subsidiaries and Investment Affiliates have any Materials of Environmental Concern been generated, treated, stored or disposed of at, on or under any of such Properties in violation of, or in a manner that could give rise to liability of the
Borrower, any Subsidiary or any Investment Affiliate under, any applicable Environmental Laws. 
 (v) No judicial
proceedings or governmental or administrative action is pending, or, to the knowledge of the Borrower, threatened, under any Environmental Law to which the Borrower, any of its Subsidiaries, or any Investment Affiliate, is named as a party with
respect to the Properties of such entity, nor are there any consent decrees or other decrees, consent orders, administrative order or other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect
to such Properties for which the Borrower, its Subsidiaries, or any Investment Affiliate is or could be liable. 

(vi) To the knowledge of the Borrower during the ownership of the Properties by any or all of the Borrower, its
Subsidiaries and Investment Affiliates, there has been no release or threat of release of Materials of Environmental Concern at or from the Properties of the Borrower and its Subsidiaries and Investment Affiliates, or arising from or related to the
operations of such entity in connection with the Properties in violation of or in amounts or in a manner that could give rise to liability under Environmental Laws. 
 6.20. Insurance. The Borrower maintains insurance on its properties consistent with the insurance maintained by other institutional owners of similar properties. 

6.21. No Brokers. The Borrower has dealt with no brokers in connection with this Facility, and no brokerage fees or commissions
are payable by or to any Person in connection with this Agreement or the Borrowings. Lenders shall not be responsible for the payment of any fees or commissions to any broker and the Borrower shall indemnify, defend and hold Lenders harmless from
and against any claims, liabilities, obligations, damages, costs and expenses (including reasonable attorneys’ fees and disbursements) made against or incurred by Lenders as a result of claims made or actions instituted by any broker or Person
claiming by, through or under the Borrower in connection with the Facility. 
 6.22. No Violation of Usury Laws. No
aspect of any of the transactions contemplated herein violate or will violate any usury laws or laws regarding the validity of agreements to pay interest in effect on the date hereof. 

  
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 6.23. Not a Foreign Person. The Borrower is not a “foreign person” within
the meaning of Section 1445 or 7701 of the Internal Revenue Code. 
 6.24. No Trade Name. Except for the name
“First Industrial,” and except as otherwise set forth on Schedule 6.24 attached hereto, the Borrower does not use any trade name and has not and does not do business under any name other than their actual names set forth
herein. The principal place of business of the Borrower is as stated in the recitals hereto. 
 6.25. Subsidiaries.
Schedule 6.25 hereto contains an accurate list of all of the presently existing Subsidiaries of the Borrower, setting forth the percentage of their respective Capital Stock owned by it or its Subsidiaries. All of the issued and
outstanding shares of Capital Stock of such Subsidiaries have been duly authorized and issued and are fully paid and non-assessable. 
 6.26. Unencumbered Assets. Schedule 6.26 hereto contains a complete and accurate description of Unencumbered Assets as of September 30, 2011 and as supplemented from time to time
including the entity that owns each Unencumbered Asset. With respect to each Project identified from time to time as an Unencumbered Asset, the Borrower hereby represents and warrants as follows except to the extent disclosed in writing to the
Lenders and approved by the Required Lenders (which approval shall not be unreasonably withheld): 
 (a) No
portion of any improvement on the Unencumbered Asset is located in an area identified by the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of
1968 or the Flood Disaster Protection Act of 1973, as amended, or any successor law, or, if located within any such area, the Borrower has obtained and will maintain the insurance prescribed in Section 6.20 hereof. 

(b) To the Borrower’s knowledge, the Unencumbered Asset and the present use and occupancy thereof are in material
compliance with all applicable zoning ordinances (without reliance upon adjoining or other properties), building codes, land use and Environmental Laws, and other similar laws (“Applicable Laws”). 

(c) The Unencumbered Asset is served by all utilities required for the current or contemplated use thereof. All utility
service is provided by public utilities and the Unencumbered Asset has accepted or is equipped to accept such utility service. 
 (d) All public roads and streets necessary for service of and access to the Unencumbered Asset for the current or contemplated use thereof have been completed, are serviceable and all-weather and are
physically and legally open for use by the public. 
 (e) The Unencumbered Asset is served by public water and
sewer systems or, if the Unencumbered Asset is not serviced by a public water and sewer system, such alternate systems are adequate and meet, in all material respects, all requirements and regulations of, and otherwise complies in all material
respects with, all Applicable Laws with respect to such alternate systems. 
 (f) The Borrower is not aware of
any latent or patent structural or other significant deficiency of the Unencumbered Asset. The Unencumbered Asset is free of 

  
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damage and waste that would materially and adversely affect the value of the Unencumbered Asset, is in good repair and there is no deferred maintenance other than ordinary wear and tear. The
Unencumbered Asset is free from damage caused by fire or other casualty. There is no pending or, to the actual knowledge of the Borrower threatened condemnation proceedings affecting the Unencumbered Asset, or any material part thereof. 

(g) To the Borrower’s knowledge, all liquid and solid waste disposal, septic and sewer systems located on the
Unencumbered Asset are in a good and safe condition and repair and to the Borrower’s knowledge, in material compliance with all Applicable Laws with respect to such systems. 

(h) All improvements on the Unencumbered Asset lie within the boundaries and building restrictions of the legal
description of record of the Unencumbered Asset, no such improvements encroach upon easements benefiting the Unencumbered Asset other than encroachments that do not materially adversely affect the use or occupancy of the Unencumbered Asset and no
improvements on adjoining properties encroach upon the Unencumbered Asset or easements benefiting the Unencumbered Asset other than encroachments that do not materially adversely affect the use or occupancy of the Unencumbered Asset. All amenities,
access routes or other items that materially benefit the Unencumbered Asset are under direct control of the Borrower, constitute permanent easements that benefit all or part of the Unencumbered Asset or are public property, and the Unencumbered
Asset, by virtue of such easements or otherwise, is contiguous to a physically open, dedicated all weather public street, and has the necessary permits for ingress and egress. 

(i) There are no delinquent taxes, ground rents, water charges, sewer rents, assessments, insurance premiums, leasehold
payments, or other outstanding charges affecting the Unencumbered Asset except to the extent such items are being contested in good faith and as to which adequate reserves have been provided. 

(j) The Unencumbered Asset satisfies each of the requirements for an Unencumbered Asset as set forth in the definition
thereof. 
 A breach of any of the representations and warranties contained in this Section 6.26 with respect to a
Project shall disqualify such Project from being an Unencumbered Asset for so long as such breach continues (unless otherwise approved by the Required Lenders) but shall not constitute a Default (unless the elimination of such Property as an
Unencumbered Asset results in a Default under one of the other provisions of this Agreement). 
 6.27. Patriot Act and Other
Specified Laws. 
 (a) To the extent applicable, the Borrower is in compliance, in all material respects,
with the (i) Trading with the Enemy Act, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V) and any other enabling legislation or executive order relating thereto,
and (ii) Uniting and Strengthening America by Proving Appropriate Tools Required to Intercept and Obstruct 

  
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Terrorism Act of 2001. No part of the proceeds of the Loans or Letters of Credit will be used, directly or indirectly, in violation in any material respect of the United States Foreign Corrupt
Practices Act of 1977. The Borrower is not engaged in and has not engaged in any course of conduct that could reasonably be expected to subject any of its properties to any Lien, seizure or other forfeiture under any criminal law, racketeer
influenced and corrupt organizations or other similar criminal laws. The Borrower is not named on the list of Specially Designated Nationals and Blocked Persons maintained by the United States Department of Treasury Office of Foreign Assets Control,
(b) The Borrower (i) is not a Person whose property or interest in property is blocked or subject to blocking pursuant to Section 1 of Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions
With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)); (ii) does not engage in any dealings or transactions prohibited by Section 2 of such Executive Order, or, to the knowledge of the Borrower after
due inquiry, is not otherwise associated with any such Person in any manner that violates such Section 2; or (iii) is not a Person on the list of Specially Designated Nationals and Blocked Persons or subject to the limitations or
prohibitions under any other U.S. Department of Treasury’s Office of Foreign Assets Control regulation or executive order. 
 The Borrower agrees that all of its representations and warranties set forth in Article VI of this Agreement and elsewhere in this Agreement are true on the Agreement Execution Date, and will
be true on each Effective Date in all material respects (except with respect to matters which have been disclosed in writing to and approved by the Required Lenders), and will be true in all material respects (except with respect to matters which
have been disclosed in writing to and approved by the Required Lenders) upon the date which any extension of the Maturity Date is effectuated pursuant to Section 2.18 and upon the date of each request for disbursement of a Borrowing,
provided that the Borrower shall only be obligated to update any Schedules referred to in this Article VI and the financial statements required under Section 8.2(i) on a quarterly basis, unless any change otherwise
required to be disclosed could reasonably be expected to have a Material Adverse Effect. Each request for disbursement and any request for an extension of the Maturity Date pursuant to Section 2.18 hereunder shall constitute a
reaffirmation of such representations and warranties as deemed modified in accordance with the disclosures made and approved, as aforesaid, as of the date of such request and disbursement. 

ARTICLE VII. 

ADDITIONAL REPRESENTATIONS AND WARRANTIES 
 The General Partner hereby represents and warrants to the Lenders that: 
 7.1.
Existence. The General Partner is a corporation duly organized and existing under the laws of the State of Maryland, with its principal place of business in the State of Illinois, is duly qualified as a foreign corporation and properly
licensed (if required) and in good standing in each jurisdiction where the failure to qualify or be licensed (if required) would constitute a Material Adverse Financial Change with respect to the General Partner or have a Material Adverse Effect on
the business or properties of the General Partner. 

  
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 7.2. Corporate Powers. The execution, delivery and performance of the Loan Documents
required to be delivered by the General Partner hereunder are within the corporate powers of the General Partner, have been duly authorized by all requisite corporate action, and are not in conflict with the terms of any organizational instruments
of the General Partner, or any instrument or agreement to which the General Partner is a party or by which the General Partner or any of its assets is bound or affected. 
 7.3. Power of Officers. The officers of the General Partner executing the Loan Documents required to be delivered by the General Partner hereunder have been duly elected or appointed and were fully
authorized to execute the same at the time each such agreement, certificate or instrument was executed. 
 7.4. Government
and Other Approvals. No approval, consent, exemption or other action by, or notice to or filing with, any governmental authority is necessary in connection with the execution, delivery or performance of the Loan Documents required hereunder.

 7.5. Compliance With Laws. There is no judgment, decree or order or any law, rule or regulation of any court or
governmental authority binding on the General Partner which would be contravened by the execution, delivery or performance of the Loan Documents required hereunder. 
 7.6. Enforceability of Agreement. This Agreement is the legal, valid and binding agreement of the General Partner, as the general partner of the Borrower, enforceable against the General Partner in
accordance with its respective terms, and the Loan Documents required hereunder, when executed and delivered, will be similarly legal, valid, binding and enforceable except to the extent that such enforcement may be limited by applicable bankruptcy,
insolvency, reorganization or other similar laws affecting the rights of creditors generally. 
 7.7. Liens;
Consents. The execution, delivery or performance of the Loan Documents required to be delivered by the General Partner hereunder will not result in the creation of any Lien on the Properties other than in favor of the Lenders. No consent to
the transactions hereunder is required from any ground lessor or mortgagee or beneficiary under a deed of trust or any other party except as has been delivered to the Lenders. 
 7.8. Litigation. There are no suits, arbitrations, claims, disputes or other proceedings (including, without limitation, any civil, criminal, administrative or environmental proceedings), pending
or, to the best of the General Partner’s knowledge, threatened against or affecting the General Partner or any of the Properties, the adverse determination of which individually or in the aggregate would have a Material Adverse Effect on the
General Partner and/or would cause a Material Adverse Financial Change with respect to the General Partner or materially impair the General Partner’s ability to perform its obligations hereunder or under any instrument or agreement required
hereunder, except as disclosed on Schedule 7.8 hereto, or otherwise disclosed to Lenders in accordance with the terms hereof. 
 7.9. Events of Default. No Default or Event of Default has occurred and is continuing or would result from the incurring of obligations by the General Partner under any of the Loan Documents or any
other document to which the General Partner is a party. 

  
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 7.10. Investment Company Act of 1940. The General Partner is not, and will by such
acts as may be necessary continue not to be, an investment company within the meaning of the Investment Company Act of 1940. 

7.11. Public Utility Holding Company Act. The General Partner is not a “holding company” or a “subsidiary
company” of a “holding company,” or an “affiliate” of a “holding company,” or of a “subsidiary company” of a “holding company,” within the definitions of the Public Utility Holding Company Act
of 1935, as amended. 
 7.12. No Material Adverse Financial Change. There has been no Material Adverse Financial Change
in the condition of the General Partner since the last date on which the financial and/or operating statements were submitted to the Lenders. 
 7.13. Financial Information. All financial statements furnished to the Lenders by or on behalf of the General Partner and all other financial information and data furnished by or on behalf of the
General Partner to the Lenders are complete and correct in all material respects as of the date thereof, and such financial statements have been prepared in accordance with GAAP and fairly present the consolidated financial condition and results of
operations of the General Partner as of such date. The General Partner has no contingent obligations, liabilities for taxes or other outstanding financial obligations which are material in the aggregate, except as disclosed in such statements,
information and data. 
 7.14. Factual Information. All factual information heretofore or contemporaneously furnished by
or on behalf of the General Partner to the Lenders for purposes of or in connection with this Agreement and the other Loan Documents and the transactions contemplated therein is, and all other such factual information hereafter furnished by or on
behalf of the General Partner to the Lenders will be, true and accurate in all material respects (taken as a whole) on the date as of which such information is dated or certified and not incomplete by omitting to state any material fact necessary to
make such information (taken as a whole) not misleading at such time. 
 7.15. ERISA. (i) The General Partner is not
an entity deemed to hold “plan assets” within the meaning of ERISA or any regulations promulgated thereunder 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, and (ii) the execution of this Agreement and the transactions contemplated hereunder do not give rise to a prohibited transaction within the meaning of Section 406 of ERISA or
Section 4975 of the Code. 
 7.16. Taxes. All required tax returns have been filed by the General Partner with the
appropriate authorities except to the extent that extensions of time to file have been requested, granted and have not expired or except to the extent such taxes are being contested in good faith and for which adequate reserves, in accordance with
GAAP, are being maintained. 
 7.17. No Brokers. The General Partner has dealt with no brokers in connection with this
Facility, and no brokerage fees or commissions are payable by or to any Person in connection with this Agreement or the Borrowings. Lenders shall not be responsible for the payment of any fees or commissions to any broker and the General Partner
shall indemnify, defend and hold Lender harmless from and against any claims, liabilities, obligations, damages, 

  
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costs and expenses (including reasonable attorneys’ fees and disbursements) made against or incurred by Lender as a result of claims made or actions instituted by any broker or Person
claiming by, through or under the General Partner in connection with the Facility. 
 7.18. Subsidiaries.
Schedule 7.18 hereto contains an accurate list of all of the presently existing Subsidiaries of the General Partner, setting forth their respective jurisdictions of formation, the percentage of their respective Capital Stock owned by it
or its Subsidiaries and the Properties owned by them. All of the issued and outstanding shares of Capital Stock of such Subsidiaries have been duly authorized and issued and are fully paid and non-assessable. No Subsidiary appears on the list of
Specially Designed Nationals and Blocked Persons promulgated by The Office of Foreign Assets Control (“OFAC”) of the US Department of the Treasury. 
 7.19. Status. General partner is a corporation listed and in good standing on a national securities exchange and is currently qualified as a real estate investment trust under the Code. 

7.20. Patriot Act and Other Specified Laws. 

(a) To the extent applicable, the General Partner is in compliance, in all material respects, with the (i) Trading
with the Enemy Act, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V) and any other enabling legislation or executive order relating thereto, and (ii) Uniting and
Strengthening America by Proving Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001. No part of the proceeds of the Loans or Letters of Credit will be used, directly or indirectly, in violation in any material respect of the
United States Foreign Corrupt Practices Act of 1977. The General Partner is not engaged in and has not engaged in any course of conduct that could reasonably be expected to subject any of its properties to any Lien, seizure or other forfeiture under
any criminal law, racketeer influenced and corrupt organizations or other similar criminal laws. The General Partner is not named on the list of Specially Designated Nationals and Blocked Persons maintained by the United States Department of
Treasury Office of Foreign Assets Control. 
 (b) The General Partner (i) is not a Person whose property or
interest in property is blocked or subject to blocking pursuant to Section 1 of Executive Order 1324 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66
Fed. Reg. 49079 (2001)); (ii) does not engage in any dealings or transactions prohibited by Section 2 of such Executive Order, or, to the knowledge of the General Partner after due inquiry, is not otherwise associated with any such Person
in any manner that violates such Section 2; or (iii) is not a Person on the list of Specially Designated Nationals and Blocked Persons or subject to the limitations or prohibitions under any other U.S. Department of Treasury’s
Office or Foreign Assets Control regulation or executive order. 
 The General Partner agrees that all of its representations
and warranties set forth in Article VII of this Agreement and elsewhere in this Agreement are true on the Agreement Execution Date, and will be true on each Effective Date in all material respects (except with respect to matters which
have been disclosed in writing to and approved by the Required 

  
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Lenders, and will be true in all material respects (except with respect to matters which have been disclosed in writing to and approved by the Required Lenders upon each request for disbursement
of a Borrowing, provided that the General Partner shall only be obligated to update any Schedules referred to in this Article VII and the financial statements required under Section 8.2(i) on a quarterly basis, unless
any change otherwise required to be disclosed could reasonably be expected to have a Material Adverse Effect. Each request for disbursement hereunder shall constitute a reaffirmation of such representations and warranties as deemed modified in
accordance with the disclosures made and approved, as aforesaid, as of the date of such request and disbursement. 
 ARTICLE
VIII. 
 AFFIRMATIVE COVENANTS 
 The Borrower (and the General Partner, if expressly included in Sections contained in this Article) covenant and agree that so long as the Revolving Commitment of any Lender shall remain available and
until the full and final payment of all Obligations incurred under the Loan Documents each will: 
 8.1. Notices.
Promptly give written notice to Administrative Agent (who will promptly send such notice to Lenders) of: 
 (a)
all litigation or arbitration proceedings affecting the Borrower, the General Partner or any Subsidiary where the amount claimed is $5,000,000 or more; 
 (b) any Default or Event of Default, specifying the nature and the period of existence thereof and what action has been taken or been proposed to be taken with respect thereto; 

(c) all claims filed against any property owned by the Borrower or the General Partner which, if adversely determined,
could have a Material Adverse Effect on the ability of the Borrower or the General Partner to meet any of their obligations under the Loan Documents; 
 (d) the occurrence of any other event which might have a Material Adverse Effect or cause a Material Adverse Financial Change on or with respect to the Borrower or the General Partner; 

(e) any Reportable Event or any “prohibited transaction” (as such term is defined in Section 4975 of the
Code) in connection with any Plan or any trust created thereunder, which may, singly or in the aggregate materially impair the ability of the Borrower or the General Partner to repay any of its obligations under the Loan Documents, describing the
nature of each such event and the action, if any, the Borrower or the General Partner, as the case may be, proposes to take with respect thereto; 
 (f) any notice from any federal, state, local or foreign authority regarding any Hazardous Material, asbestos, or other environmental condition, proceeding, order, claim or violation affecting any of the
Properties. 

  
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 8.2. Financial Statements, Reports, Etc.. The Borrower and the General
Partner each shall maintain, for itself and each Subsidiary, a system of accounting established and administered in accordance with GAAP, and shall furnish to the Administrative Agent (and the Administrative Agent shall thereafter promptly furnish
to the Lenders): 
 (i) quarterly financial statements (including a balance sheet income statement, and cash flow
statement) and related reports in form and substance satisfactory to the Lenders not later than forty-five (45) days after the end of each of the first three fiscal quarters, and not later than ninety (90) days after the end of each fiscal
year, annual audited financial statements, audited by an accounting firm as reasonably approved by Administrative Agent (which audit report shall be without a “going concern” or like qualification or exception), provided,
however, Administrative Agent shall only have the right to approve such accounting firm if the accounting firm is not a big 4 accounting firm, all certified by the Borrower’s or the General Partner’s, as applicable, chief financial
officer or chief accounting officer, calculation of the financial covenants described below, a description of Unencumbered Assets, a listing of capital expenditures (in the level of detail as currently disclosed in the Borrower’s
“Supplemental Information”), a report listing and describing all newly acquired Properties, including their cash flow, cost and secured or unsecured Indebtedness assumed in connection with such acquisition, if any, summary Property
information for all Properties, including, without limitation, their Property Operating Income, occupancy rates, square footage, property type and date acquired or built, and such other information as may be requested to evaluate the quarterly
compliance certificate delivered as provided below; 
 (ii) copies of all Form 10-Ks, 10-Qs, 8-Ks, and any
other public information filed with the Securities Exchange Commission by the Borrower or the General Partner once a quarter simultaneously with delivering the compliance certificate described below, along with any other materials distributed to the
shareholders of the General Partner or the partners of the Borrower from time to time, including a copy of the General Partner’s annual report; provided that, to the extent any of such reports contains information required under the
other subsections of this Section 8.2, the information need not be furnished separately under the other subsections; provided, further that the Borrower may comply with this Section 8.2(ii) by posting or causing
to be posted, the foregoing information on either the Securities Exchange Commission public website or on the Borrower’s or the General Partner’s public website, so long as the Lenders have access to and are timely referred to any such
website by the Borrower; 
 (iii) not later than forty-five (45) days after the end of the first three
fiscal quarters, and not later than ninety (90) days after the end of the fiscal year, a report certified by the entity’s chief financial officer or chief accounting officer, containing Property Operating Income from individual properties
owned by the Borrower or a Wholly-Owned Subsidiary and included as Unencumbered Assets. 

  
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 (iv) Not later than forty-five (45) days after the end of each of the
first three fiscal quarters, and not later than ninety (90) days after the end of the fiscal year, a compliance certificate in substantially the form of Exhibit H hereto signed by the Borrower’s chief financial officer or chief
accounting officer confirming that the Borrower is in compliance with all of the covenants of the Loan Documents, showing the calculations and computations necessary to determine compliance with the financial covenants contained in this Agreement
(including such schedules and backup information as may be necessary to demonstrate such compliance) and stating that to such officer’s best knowledge, there is no other Default or Event of Default exists, or if any Default or Event of Default
exists, stating the nature and status thereof; 
 (v) As soon as possible and in any event within ten
(10) Business Days after the Borrower knows that any Reportable Event has occurred with respect to any Plan, a statement, signed by the chief financial officer of the Borrower, describing said Reportable Event and within twenty (20) days
after such Reportable Event, a statement signed by such chief financial officer describing the action which the Borrower proposes to take with respect thereto; and (b) within ten (10) Business Days of receipt, any notice from the Internal
Revenue Service, PBGC or Department of Labor with respect to a Plan regarding any excise tax, proposed termination of a Plan, prohibited transaction or fiduciary violation under ERISA or the Code which could result in any liability to the Borrower
or any member of the Controlled Group in excess of $100,000; and (c) within ten (10) Business Days of filing, any Form 5500 filed by the Borrower with respect to a Plan, or any member of the Controlled Group which includes a qualified
accountant’s opinion; 
 (vi) As soon as possible and in any event within thirty (30) days after
receipt by the Borrower, a copy of (a) any notice or claim to the effect that the Borrower or any of its Subsidiaries is or may be liable to any Person as a result of the release by such entity, or any of its Subsidiaries, or any other Person
of any toxic or hazardous waste or substance into the environment, and (b) any notice alleging any violation of any federal, state or local environmental, health or safety law or regulation by the Borrower or any of its Subsidiaries or
Investment Affiliates, which, in either case, could be reasonably likely to have a Material Adverse Effect; 

(vii) Not later than ninety (90) days after the end of each fiscal year, a balance sheet and cash flow projection for
the current fiscal year based on future plans, expectations and strategies of the Borrower and the General Partner; provided that all of the parties hereto acknowledge and agree that the foregoing shall (A) be based on certain
assumptions of the Borrower; (B) only reflect the Borrower’s outlook as of the date that the Borrower delivers the same; and (C) not be deemed to be a prediction of any results or the actual effect of future plans or strategies of the
Borrower; 

  
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 (viii) Promptly upon the furnishing thereof to the shareholders of the
Borrower, copies of all financial statements, reports and proxy statements so furnished; provided, further that the Borrower may comply with this Section 8.2(viii) by posting or having posted the foregoing information on either the Securities
Exchange Commission public website or on the Borrower’s or the General Partner’s public website, so long as the Lenders have access to and are timely referred to any such website by the Borrower; 

(ix) Promptly upon the distribution thereof to the press or the public, copies of all press releases; provided, further
that the Borrower may comply with this Section 8.2(ix) by posting or having posted the foregoing information on either the Securities Exchange Commission public website or on the Borrower’s or the General Partner’s public website, so
long as the Lenders have access to and are timely referred to any such website by the Borrower; 
 (x) Promptly
upon receipt thereof, notices with respect to the ratings for the Borrower’s or the General Partner’s long-term, senior unsecured debt, the effect of which may be to change the Base Rate Applicable Margin and/or the LIBOR Applicable
Margin; 
 (xi) As soon as possible, and in any event within ten (10) days after the Borrower knows of any
fire or other casualty or any pending or threatened condemnation or eminent domain proceeding with respect to all or any material portion of any Unencumbered Asset, a statement signed by the Chief Financial Officer of the Borrower, describing such
fire, casualty or condemnation and the action the Borrower intends to take with respect thereto; and 
 (xii)
Such other information (including, without limitation, non-financial information) as the Administrative Agent or any Lender may from time to time reasonably request. 
 8.3. Existence and Conduct of Operations. Except as permitted herein, maintain and preserve its existence and all rights, privileges and franchises now enjoyed and necessary for the operation of
its business, including remaining in good standing in each jurisdiction in which business is currently operated. The Borrower and the General Partner shall carry on and conduct their respective businesses in substantially the same manner and in
substantially the same fields of enterprise as presently conducted. The Borrower will do, and will cause each of its Subsidiaries to do, all things necessary to remain duly incorporated and/or duly qualified, validly existing and in good standing as
a real estate investment trust, corporation, general partnership, limited liability company or limited partnership, as the case may be, in its jurisdiction of incorporation/formation. The Borrower will maintain all requisite authority to conduct its
business in each jurisdiction in which the Properties are located and, except where the failure to be so qualified would not have a Material Adverse Effect, in each jurisdiction required to carry on and conduct its businesses in substantially the
same manner as it is presently conducted, and, specifically, neither the Borrower nor its Subsidiaries will undertake any business other than the acquisition, development, ownership, management, operation and leasing of industrial properties and
ancillary businesses specifically related thereto, except that the Borrower and its Subsidiaries 

  
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and Investment Affiliates may invest in other assets subject to the certain limitations contained herein with respect to the following specified categories of assets: (i) Unimproved Land;
(ii) other property holdings (excluding cash, Cash Equivalents, non-industrial Properties and Indebtedness of any Subsidiary to the Borrower); (iii) stock holdings other than in Subsidiaries; (iv) mortgages; (v) unconsolidated
joint ventures and partnerships, and (vi) Assets Under Development. The total investment in all the foregoing investment categories in the aggregate shall be less than or equal to fifteen percent (15%) of Implied Capitalization Value. For
the purposes of this Section 8.3, all investments shall be valued in accordance with GAAP. 
 8.4. Maintenance of
Properties. Maintain, preserve, protect and keep the Properties in good repair, working order and condition, and make all necessary and proper repairs, renewals and replacements, normal wear and tear excepted. 

8.5. Insurance. Upon request of the Administrative Agent, provide a certificate of insurance from all insurance carriers who
maintain policies with respect to the Properties within thirty (30) days after the end of each fiscal year, evidencing that the insurance required to be furnished to Lenders pursuant to Section 6.20 hereof is in full force and
effect. The Borrower shall timely pay, or cause to be paid, all premiums on all insurance policies required under this Agreement from time to time. The Borrower shall promptly notify its insurance carrier or agent therefor (with a copy of such
notification being provided simultaneously to Administrative Agent) if there is any occurrence which, under the terms of any insurance policy then in effect with respect to the Properties, requires such notification. 

8.6. Payment of Obligations. Pay all taxes, assessments, governmental charges and other obligations when due, except such as may
be contested in good faith or as to which a bona fide dispute may exist, and for which adequate reserves have been provided in accordance with sound accounting principles used by the Borrower on the date hereof. 

8.7. Compliance with Laws. Comply in all material respects with all applicable laws, rules, regulations, orders and directions of
any governmental authority having jurisdiction over the Borrower, the General Partner, or any of their respective businesses. 

8.8. Adequate Books. Maintain adequate books, accounts and records in order to provide financial statements in accordance with
GAAP and, if requested by any Lender, permit employees or representatives of such Lender at any reasonable time and upon reasonable notice to inspect and audit the properties of the Borrower and of the Consolidated Operating Partnership, and to
examine or audit the inventory, books, accounts and records of each of them and make copies and memoranda thereof. 
 8.9.
ERISA. Comply in all material respects with all requirements of ERISA applicable to it with respect to each Plan. 

8.10. Maintenance of Status. The General Partner shall at all times (i) remain as a corporation listed and in good standing
on a national securities exchange, and (ii) take all steps to maintain the General Partner’s status as a real estate investment trust in compliance with all applicable provisions of the Code (unless otherwise consented to by Lenders in the
aggregate having 66 2/3% of the Aggregate Revolving Commitment then in effect or, if the Revolving 

  
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Commitments have been terminated, the Total Revolving Exposure then outstanding; it being understood that in determining such percentage at any given time, all then existing Defaulting Lenders
will be disregarded and excluded). 
 8.11. Use of Proceeds. Use the proceeds of the Facility to repay Indebtedness under
the Prior Credit Agreement and for the general business purposes of the Borrower, including without limitation working capital needs, closing costs, interim funding for property acquisitions and construction of new industrial properties, and/or
payment of other debts and obligations of the Borrower. 
 8.12. Pre Acquisition Environmental Investigations. Cause to
be prepared prior to the acquisition of each project that it intends to acquire an environmental report pursuant to a standard scope of work consistent with that used by other institutional buyers of similar properties. 

8.13. Distributions. Provided there is no Monetary Default then existing and provided there is not an Event of Default relating to
a breach of the financial covenants contained in Section 9.7 below, the Borrower may make distributions to the General Partner and the General Partner may make distributions to its shareholders. Notwithstanding the foregoing, unless at
the time of such distribution there is a Monetary Default, the Borrower shall be permitted to make distributions to the General Partner and the General Partner shall be permitted at all times to make distributions of whatever amount is necessary to
maintain its tax status as a real estate investment trust. 
 ARTICLE IX. 

NEGATIVE COVENANTS 
 The Borrower covenants and agrees that, so long as the Revolving Commitment shall remain available and until full and final payment of all Obligations incurred under the Loan Documents, without the prior
written consent of either all of the Lenders pursuant to Section 14.13(b)(iii) or the consent of the Required Lenders in all other cases, it will not, and the General Partner will not and, in the case of Sections 9.9, the
Borrower’s Subsidiaries will not: 
 9.1. Change in Business. Engage in any business activities or operations other
than (i) the ownership and operation of the Properties, or (ii) other business functions and transactions related to the financing, ownership, acquisition, development and/or management of bulk warehouse and light industrial properties, or
without obtaining the prior written consent of the Required Lenders materially change the nature of the use of the Properties. 

9.2. Change of Management of Properties. Change the management of the Properties, except that any Affiliate of the Borrower or the
General Partner shall be permitted to manage any of the Properties. 
 9.3. Change of Borrower Ownership. Without the
consent of the Required Lenders, allow (i) the General Partner to own less than fifty-one percent (51%) of the partnership interests in the Borrower, (ii) the Borrower to be controlled by a Person other than the General Partner,
(iii) a Change in Control to occur, or (iv) any pledge of, other encumbrance on, or conversion to 

  
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limited partnership interests of, any of the general partnership interests in the Borrower. If any of the foregoing occurs with the consent of the Required Lenders, each non-consenting Lender
shall have the option to terminate its Revolving Commitment and such termination shall be effective upon notice to Administrative Agent and the Borrower of the termination. Upon the termination of a Lender’s Revolving Commitment in accordance
with the foregoing provision, the Lender’s obligation to fund Borrowings and to issue Facility Letters of Credit shall be terminated and the Borrower shall repay any outstanding Obligations due to such Lender prior to or concurrently with the
occurrence of any of the foregoing events. Following the termination of any Revolving Commitments pursuant to this provision, the Aggregate Revolving Commitment shall be reduced by the amount of the Revolving Commitments terminated, and the
pro rata shares of each remaining Lender shall be adjusted to reflect the new Aggregate Revolving Commitment. 
 9.4.
Use of Proceeds. Apply or permit to be applied any proceeds of any Borrowing directly or indirectly, to the funding of any purchase of, or offer for, any share of capital stock of any publicly held corporation unless the board of directors of
such corporation has consented to such offer prior to any public announcements relating thereto and all of the Lenders have consented to such use of the proceeds of the Facility. 

9.5. Liens. Create, incur, or suffer to exist (or permit any of its Subsidiaries to create, incur, or suffer to exist) any Lien
in, of or on the Property of any member of the Consolidated Operating Partnership other than: 
 (i) Liens for
taxes, assessments or governmental charges or levies on their Property if the same shall not at the time be delinquent or thereafter can be paid without penalty, or are being contested in good faith and by appropriate proceedings and for which
adequate reserves shall have been set aside on their books; 
 (ii) Liens which arise by operation of law, such
as carriers’, warehousemen’s, landlords’, materialmen and mechanics’ liens and other similar liens arising in the ordinary course of business which secure payment of obligations not more than thirty (30) days past due or
which are being contested in good faith by appropriate proceedings and for which adequate reserves shall have been set aside on its books; 
 (iii) Liens arising out of pledges or deposits under worker’s compensation laws, unemployment insurance, old age pensions, or other social security or retirement benefits, or similar legislation;

 (iv) Utility easements, building restrictions, zoning restrictions, easements and such other encumbrances or
charges against real property as are of a nature generally existing with respect to properties of a similar character and which do not in any material way affect the marketability of the same or interfere with the use thereof in the business of the
Borrower or its Subsidiaries; 

  
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 (v) Liens of any Subsidiary in favor of the Borrower or the General Partner;
and 
 (vi) Liens on Properties other than Unencumbered Assets arising in connection with any Indebtedness
permitted hereunder to the extent such Liens will not result in a violation of any of the provisions of this Agreement. 
 Liens permitted
pursuant to this Section 9.5 shall be deemed to be “Permitted Liens”. 
 9.6. Regulation U. Use the
proceeds of the Loans for any other purpose than as provided for in Section 8.11 and Section 9.4 hereof. No part of the proceeds of any Loan will be used, whether directly or indirectly for any purpose that entails a
violation of any of the regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X. The proceeds will not be used in a manner which would cause the Facility to be treated as a “Purpose Credit.”

 9.7. Indebtedness and Cash Flow Covenants. Permit or suffer: 

(a) as of the last day of any fiscal quarter, the ratio of (A) the sum of (1) EBITDA of the Consolidated
Operating Partnership plus (2) interest income (other than any interest income from assets being used to support Defeased Debt) to (B) the sum of (1) Debt Service plus, without duplication, (2) all payments on account of
preferred stock or preferred partnership units of any member of the Consolidated Operating Partnership for such quarter plus (3) all Ground Lease Payments due from any member of the Consolidated Operating Partnership to the extent not deducted
as an expense in calculating EBITDA of the Consolidated Operating Partnership (the “Fixed Charge Coverage Ratio”), to be less than (i) 1.35 to 1.0 from the Agreement Execution Date through December 31, 2012; (ii) 1.40
to 1.0 from January 1, 2013 through December 31, 2013; and (iii) 1.50 to 1.0 from January 1, 2014 through the Maturity Date, with all such calculations in clauses (A) and (B) above based on the results of the four
(4) consecutive fiscal quarters then ended; 
 (b) as of the last day of any fiscal quarter, the
Consolidated Leverage Ratio to exceed sixty percent (60%); 
 (c) as of the last day of any fiscal quarter, the
ratio of Value of Unencumbered Assets to outstanding Consolidated Senior Unsecured Debt to be less than 1.67 to 1.0; 
 (d) as of the last day of any fiscal quarter, Consolidated Secured Debt to exceed 40% of Implied Capitalization Value of the Consolidated Operating Partnership; 

(e) as of the last day of any fiscal quarter, the ratio of (i) (A) Property Operating Income from Unencumbered
Assets that are not Assets Under Development for such fiscal quarter to (B) interest expense on all Consolidated Senior Unsecured Debt for such fiscal quarter to be less than (x) 1.60 to 1.0 from the Agreement Execution Date through
December 31, 2012, and (y) 1.75 to 1.0 from January 1, 2013 through the Maturity Date; and (ii) (A) Property Operating Income from Unencumbered Assets that are not Assets Under Development for such fiscal quarter, multiplied
by four (4), to (B) all Consolidated Senior Unsecured Debt shall not be less than eleven percent (11%); 

  
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 (f) the Market Value Net Worth of the Consolidated Operating Partnership
shall not at any time be less than the sum of (i) $1,045,000,000, plus (ii) an amount equal to seventy percent (70%) of Net Proceeds (calculated without duplication) received by the Consolidated Operating Partnership in connection
with the issuance or sale of Capital Stock by the Consolidated Operating Partnership (other than proceeds received in connection with any dividend reinvestment program); 
 The foregoing covenants set forth in paragraphs (c) and (e) above shall be tested at the end of each fiscal quarter (for the applicable reporting period), on a pro-forma basis at the time of
each Borrowing under the Facility (using the latest quarterly financial statements then available and taking into account the proposed Borrowing), and on a pro-forma basis upon any Asset Sale or incurrence of any Indebtedness by the Consolidated
Operating Partnership (using the latest quarterly financial statements then available and taking into account the proposed incurrence of Indebtedness). To the extent the Consolidated Operating Partnership has Defeased Debt, both the underlying debt
and interest payable thereon and the financial assets used to defease such debt and interest earned thereon shall be excluded from calculations of the foregoing financial covenants. All financial computations required under this Section 9.7
shall be made in accordance with GAAP as in effect on the Agreement Execution Date. 
 9.8. Change of Control; Mergers
and Dispositions. Enter into any merger, consolidation, reorganization or liquidation or transfer or otherwise dispose of all or a substantial portion of its properties, except for: such transactions that occur between wholly owned Subsidiaries;
transactions where the Borrower and the General Partner are the surviving entities and there is no change in business conducted, loss of an Investment Grade Rating or Change in Control, and no Default or Event of Default under the Loan Documents
results from such transaction; or as otherwise approved in advance by the Lenders. The Borrower will notify the Administrative Agent (who will promptly notify Lenders) of any single event acquisition (whether individually or consummated as a series
of related acquisitions pursuant to documentation closed concurrently), disposition, merger or asset purchase involving assets valued in excess of 25% of the Consolidated Operating Partnership’s then current Market Value Net Worth and certify
compliance with covenants after giving effect to such proposed acquisition, disposition, merger, or asset purchase. 
 9.9.
Negative Pledge. The Borrower agrees that throughout the term of this Facility, no “negative pledge” on any Project then included in Unencumbered Assets restricting the Borrower’s (or wholly owned Subsidiary’s) right to
sell or encumber such Project shall be given to any other lender or creditor or, if such a “negative pledge” is given, the Project affected shall be immediately excluded from Unencumbered Assets. 

  
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 ARTICLE X. 
 DEFAULTS 
 The occurrence of any one or more of the following events shall constitute an Event of
Default: 
 10.1. Nonpayment of Principal. The Borrower fails to pay any principal portion of the Obligations when due,
whether on the Maturity Date or otherwise. 
 10.2. Certain Covenants. The Borrower, the General Partner and/or
Consolidated Operating Partnership, as the case may be, is not in compliance with any one or more of Sections 8.10, 8.13, 9.3, 9.4, 9.5, 9.7, 9.8, or 9.9 hereof. 

10.3. Nonpayment of Interest and Other Obligations. The Borrower fails to pay any interest or other portion of the Obligations,
other than payments of principal, and such failure continues for a period of five (5) days after the date such payment is due. 
 10.4. Cross Default. Any monetary default occurs (after giving effect to any applicable cure period) under any other Indebtedness (which includes liability under Guaranties) of the Borrower or the
General Partner, singly or in the aggregate, in excess of Twenty-Five Million Dollars ($25,000,000), other than (i) Indebtedness arising from the purchase of personal property or the provision of services, the amount of which is being contested
by the Borrower or (ii) Indebtedness which is “non recourse”, i.e., which is not recoverable by the creditor thereof from the general assets of the Borrower, the General Partner or any of their Affiliates, but is limited to the
proceeds of certain real estate, improvements and related personal property. 
 10.5. Loan Documents. Any Loan Document
is not in full force and effect or a default has occurred and is continuing thereunder after giving effect to any cure or grace period in any such document. 
 10.6. Representation or Warranty. At any time or times hereafter any representation or warranty set forth in Articles VI or VII of this Agreement or in any other Loan Document or
in any statement, report or certificate now or hereafter made by the Borrower or the General Partner to the Lenders or the Administrative Agent is not true and correct in any material respect. 

10.7. Covenants, Agreements and Other Conditions. The Borrower or the General Partner fails to perform or observe any of
the other covenants, agreements and conditions contained in Articles VIII and IX (except for Sections 8.10, 8.13, 9.3, 9.4, 9.5, 9.7, 9.8, or 9.9 hereof) and elsewhere
in this Agreement or any of the other Loan Documents in accordance with the terms hereof or thereof, not specifically referred to herein, and such Default continues unremedied for a period of thirty (30) days after written notice from
Administrative Agent, provided, however, that if such Default is susceptible of cure but cannot by the use of reasonable efforts be cured within such thirty (30) day period, such Default shall not constitute an Event of Default
under this Section 10.7 so long as (i) the Borrower or the General Partner, as the case may be, has commenced a cure within such thirty day period and (ii) thereafter, the Borrower or the General Partner, as the case may be, is
proceeding to cure such default continuously and diligently and in a manner reasonably satisfactory to Lenders and (iii) such default is cured not later than sixty (60) days after the expiration of such thirty (30) day period.

  
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 10.8. No Longer General Partner. The General Partner shall no longer be the sole
general partner of the Borrower. 
 10.9. Material Adverse Financial Change. The Borrower or the General Partner has
suffered a Material Adverse Financial Change or is Insolvent. 
 10.10. Bankruptcy. 

(a) The General Partner, the Borrower or any Subsidiary in which the Equity Value of the Subsidiary is more than five
percent (5%) of Implied Capitalization Value of the Consolidated Operating Partnership shall (i) have an order for relief entered with respect to it under the Federal bankruptcy laws as now or hereafter in effect, (ii) make an
assignment for the benefit of creditors, (iii) 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 Property,
(iv) institute any proceeding seeking an order for relief under the Federal bankruptcy laws as now or hereafter in effect or seeking to adjudicate it as 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, (v) take any corporate action to authorize or effect any of the foregoing actions set forth in this Section 10.10(a), (vi) fail to contest in good faith any appointment or proceeding described in
Section 10.10(b) or (vii) not pay, or admit in writing its inability to pay, its debts generally as they become due. As used herein, the term “Equity Value” of a Subsidiary shall mean the lesser of: (1) Property
Operating Income of such Subsidiary’s Properties owned as of the Agreement Execution Date capitalized at a 8.0% rate, less any Indebtedness of such Subsidiary; or (2) the appraised value of any of such Subsidiary’s Properties, less
any Indebtedness of such Subsidiary. 
 (b) A receiver, trustee, examiner, liquidator or similar official shall
be appointed for (i) the General Partner, the Borrower or any Subsidiary in which the Equity Value of the Subsidiary is more than five percent (5%) of Implied Capitalization Value of the Consolidated Operating Partnership or (ii) all
or substantially all of the Consolidated Operating Partnership’s Properties. 
 (c) A proceeding described
in Section 10.10(a)(iv) shall be instituted against the General Partner, the Borrower or any Subsidiary in which the Equity Value of the Subsidiary is more than five percent (5%) of Implied Capitalization Value of the Consolidated
Operating Partnership, and such proceeding continues undismissed or unstayed for a period of sixty (60) consecutive days. 

10.11. Legal Proceedings. The Borrower or the General Partner is enjoined, restrained or in any way prevented by any court order
or judgment or if a notice of lien, levy, or assessment is filed of record with respect to all or any part of the Properties by any governmental department, office or agency, which could materially adversely affect the performance of the obligations
of such parties hereunder or under the Loan Documents, as the case may be, or if any proceeding is filed or commenced seeking to enjoin, restrain or in any way prevent the foregoing 

  
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parties from conducting all or a substantial part of their respective business affairs and failure to vacate, stay, dismiss, set aside or remedy the same within ninety (90) days after the
occurrence thereof. 
 10.12. ERISA. The Borrower or the General Partner is deemed to hold “plan assets” within
the meaning of ERISA or any regulations promulgated thereunder 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).

 10.13. Change in Control. A Change in Control has occurred. 

10.14. Failure to Satisfy Judgments. The General Partner, the Borrower or any of its Subsidiaries shall fail within sixty
(60) days to pay, bond or otherwise discharge any judgments or orders for the payment of money (other than with respect to any Indebtedness which is “non recourse”, i.e., which is not recoverable by the creditor thereof from the
general assets of the Borrower, the General Partner or any of their Affiliates, but is limited to the proceeds of certain real estate, improvements and related personal property) in an amount which, when added to all other judgments or orders
outstanding against the General Partner, the Borrower or any Subsidiary would exceed $25,000,000 in the aggregate, which have not been stayed on appeal or otherwise appropriately contested in good faith, unless the liability is insured against and
the insurer has not challenged coverage of such liability. 
 10.15. Environmental Remediation. Failure to remediate (or
pursue the remediation process with due diligence and good faith) within the time period required by law or governmental order, (or within a reasonable time in light of the nature of the problem if no specific time period is so established),
environmental problems in violation of applicable law related to Properties of the Borrower and/or its Subsidiaries where the estimated cost of remediation is in the aggregate in excess of $25,000,000, in each case after all administrative hearings
and appeals have been concluded. 
 ARTICLE XI. 
 ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES 
 11.1. Acceleration. If any
Event of Default described in Section 10.10 hereof occurs, or the Borrower or the General Partner becomes Insolvent, the Revolving Commitments and obligation of the Lenders to make Borrowings and of the Issuing Bank to issue Facility
Letters of Credit hereunder shall automatically terminate and the Obligations shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower. If any
other Event of Default described in Article X hereof occurs and is continuing, the Administrative Agent, with the consent of the Required Lenders, may, and at the request of the Required Lenders shall, by notice to the Borrower, take
either or both of the following actions, at the same or different times: (i) terminate the Revolving Commitments, and thereupon the Revolving Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due
and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so

  
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declared to be due and payable, together with accrued interest thereon and all fees and other Obligations of the Borrower accrued hereunder, shall become due and payable immediately, without
presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. 
 In addition to the
foregoing, following the occurrence of an Event of Default and so long as any Facility Letter of Credit has not been fully drawn and has not been cancelled or expired by its terms, upon demand by the Required Lenders the Borrower shall deposit in
the Letter of Credit Collateral Account cash in an amount equal to the LC Exposure as of such date plus any accrued and unpaid interest thereon provided that the obligation to deposit such cash collateral shall become effective immediately,
and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Default with respect to the Borrower described in Section 10.10. Each such deposit pursuant to this
paragraph shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement. The Administrative Agent shall have exclusive dominion and control, including the exclusive
right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s risk and expense,
such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the applicable Issuing Bank for LC
Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the Reimbursement Obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been
accelerated (but subject to the consent of Revolving Lenders with LC Exposure representing at least 51% of the total LC Exposure), be applied to satisfy other obligations of the Borrower under this Agreement. If the Borrower is required to provide
an amount of cash collateral hereunder as a result of the occurrence of a Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Defaults have been cured or waived. The
Borrower shall have no control over funds in the Letter of Credit Collateral Account, which funds shall be invested by the Administrative Agent from time to time in its discretion in certificates of deposit of Wells having a maturity not exceeding
thirty (30) days. Such funds shall be promptly applied by the Administrative Agent to reimburse the Issuing Bank for drafts drawn from time to time under the Facility Letters of Credit and to pay any fees or other amounts due with respect
thereto. Such funds, if any, remaining in the Letter of Credit Collateral Account following the payment of all Obligations in full shall, unless the Administrative Agent is otherwise directed by a court of competent jurisdiction, be promptly paid
over to the Borrower. 
 11.2. Preservation of Rights; Amendments. No delay or omission of the Lenders in
exercising any right under the Loan Documents shall impair such right or be construed to be a waiver of any Default or an acquiescence therein, and the making of a Borrowing notwithstanding the existence of a Default or the inability of the Borrower
to satisfy the conditions precedent to such Borrowing 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 Administrative Agent and the number of Lenders required hereunder and then only

  
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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 Lenders until the
Obligations have been paid in full. 
 ARTICLE XII. 
 THE ADMINISTRATIVE AGENT 
 12.1. Appointment. Wells Fargo Bank, National
Association is hereby appointed by each of the Lenders 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 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 XII. 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 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 with only those duties as are expressly set forth in this
Agreement and the other Loan Documents. In its capacity as the Lenders’ contractual representative, the Administrative Agent (i) does not hereby assume any fiduciary duties to any of the Lenders, (ii) is a “representative”
of the Lenders within the meaning of the term “secured party” as defined in the Illinois Uniform Commercial Code and (iii) 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 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
hereby waives. 
 12.2. 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 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. 
 12.3. General Immunity. Neither the Administrative Agent (in its capacity as Administrative Agent) nor any of its directors, officers, agents or employees shall be liable to the Borrower, the
Lenders or any Lender for any action taken or omitted to be taken by it or them hereunder or under any other Loan Document or in connection herewith or therewith, except for its or their own Gross Negligence or willful misconduct. 

12.4. No Responsibility for Loans, Recitals, etc.. Neither the Administrative Agent (in its capacity as
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 (i) any statement, warranty or representation made in connection with any Loan
Document or any borrowing hereunder; (ii) the performance or observance of any of the covenants or agreements of any obligor under any Loan Document; (iii) the satisfaction of any condition specified in Article V,

  
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except receipt of items required to be delivered to the Administrative Agent; or (iv) the validity, effectiveness or genuineness of any Loan Document or any other instrument or writing
furnished in connection therewith. Except as expressly set forth herein, 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. 
 12.5. 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 all Lenders, as the case may be, and such instructions and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders and on all holders of Notes.
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 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. 
 12.6. 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, 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 all matters pertaining to the agency hereby created and its duties hereunder and under any other Loan Document. Without limitation of the extent of any liability any Lender may otherwise have pursuant to this Agreement, the
Administrative Agent shall have no liability for any action taken or omitted in good faith as a result of advice of counsel. 

12.7. Reliance on Documents; Counsel. The Administrative Agent shall be entitled to rely upon any Note, notice, consent,
certificate, affidavit, letter, telegram, 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 outside counsel
selected by the Administrative Agent. 
 12.8. Administrative Agent’s Reimbursement and Indemnification. The Lenders
agree to reimburse and indemnify the Administrative Agent ratably in accordance with their respective Percentages (i) for any amounts not reimbursed by the Borrower (and without limiting the obligation of the Borrower to do so) for which the
Administrative Agent is entitled to reimbursement by the Borrower under the Loan Documents, (ii) for any other reasonable expenses incurred by the Administrative Agent on behalf of the Lenders, in connection with the preparation, execution,
delivery, administration and enforcement of the Loan Documents, if not paid by the Borrower (and without limiting the obligation of the Borrower to do so), and (iii) 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 its capacity as Administrative Agent and not as a Lender) 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, or the enforcement 

  
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of any of the terms thereof or of any such other documents, provided that no Lender shall be liable for any of the foregoing to the extent they arise from the Gross Negligence or willful
misconduct of the Administrative Agent as determined by a court of competent jurisdiction in a final, non-appealable judgment; provided, however, that no action taken in accordance with the directions of the Required Lenders (or all of
the Lenders, if expressly required hereunder) shall be deemed to constitute Gross Negligence or willful misconduct for purposes of this Section. The agreements in this Section shall survive the payment of the Loans and all other amounts payable
hereunder or under the other Loan Documents and the termination of this Agreement. If the Borrower shall reimburse the Administrative Agent for any indemnifiable amount set forth in Section 12.8(i), (ii) or
(ii) following payment by any Lender to the Administrative Agent in respect of any such indemnifiable amount pursuant to this Section, the Administrative Agent shall share such reimbursement on a ratable basis with each Lender making any
such payment. 
 12.9. Rights as a Lender. With respect to its Revolving Commitment, Borrowings made by it and any Note
issued to it, the Administrative Agent shall have the same rights and powers hereunder and under any other Loan Document as any Lender and may exercise the same as though it were not the Administrative Agent, and the term “Lender” or
“Lenders” shall, unless the context otherwise indicates, include the Administrative Agent in its individual capacity. The Administrative Agent, in its individual capacity, 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. Each of the Lenders and the Issuing Bank acknowledges that the Administrative Agent’s legal counsel in connection with the transactions contemplated by this Agreement is only acting as counsel to the
Administrative Agent and is not acting as counsel to any Lender or the Issuing Bank. 
 12.10. Funds Transfer
Disbursements. (a) Generally. The Borrower hereby authorizes the Administrative Agent to disburse the proceeds of any Loan made by the Lenders or any of their Affiliates pursuant to the Loan Documents as requested by an authorized
representative of the Borrower to any of the accounts designated in the Transfer Authorizer Designation Form. The Borrower agrees to be bound by any transfer request: (i) authorized or transmitted by the Borrower; or (ii) made in the
Borrower’s name and accepted by the Administrative Agent in good faith and in compliance with these transfer instructions, even if not properly authorized by the Borrower. The Borrower further agrees and acknowledges that the Administrative
Agent may rely solely on any bank routing number or identifying bank account number or name provided by the Borrower to effect a wire or funds transfer even if the information provided by the Borrower identifies a different bank or account holder
than named by the Borrower. The Administrative Agent is not obligated or required in any way to take any actions to detect errors in information provided by the Borrower. If the Administrative Agent takes any actions in an attempt to detect errors
in the transmission or content of transfer requests or takes any actions in an attempt to detect unauthorized funds transfer requests, the Borrower agrees that no matter how many times the Administrative Agent takes these actions the Administrative
Agent will not in any situation be liable for failing to take or correctly perform these actions in the future and such actions shall not become any part of the transfer disbursement procedures authorized under this provision, the Loan Documents, or
any agreement between the Administrative Agent and the Borrower. The Borrower agrees to notify the 

  
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Administrative Agent of any errors in the transfer of any funds or of any unauthorized or improperly authorized transfer requests within fourteen (14) days after the Administrative
Agent’s confirmation to the Borrower of such transfer. 
 (b) Funds Transfer. The Administrative Agent will, in its
sole discretion, determine the funds transfer system and the means by which each transfer will be made. The Administrative Agent may delay or refuse to accept a funds transfer request if the transfer would: (i) violate the terms of this
authorization, (ii) require use of a bank unacceptable to the Administrative Agent or any Lender or prohibited by any Governmental Authority, (iii) cause the Administrative Agent or any Lender to violate any Federal Reserve or other
regulatory risk control program or guideline or (iv) otherwise cause the Administrative Agent or any Lender to violate any applicable law or regulation. 
 12.11. Lender Credit Decision. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent 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 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. 
 12.12. Successor Administrative Agent. The Administrative Agent may
resign at any time as Administrative Agent under the Loan Documents by giving written notice thereof to the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have the right to appoint a successor Administrative Agent
which appointment shall, provided no Default or Event of Default exists, be subject to the Borrower’s approval, which approval shall not be unreasonably withheld or delayed (except that the Borrower shall, in all events, be deemed to have
approved each Lender and any of its Affiliates as a successor Administrative Agent). If no successor Administrative Agent shall have been so appointed in accordance with the immediately preceding sentence, and shall have accepted such appointment,
within 30 days after the current Administrative Agent’s giving of notice of resignation, then the current Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative Agent, which shall be a
Lender, if any Lender shall be willing to serve, and otherwise shall be an Eligible Assignee. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall
thereupon succeed to and become vested with all the rights, powers, privileges and duties of the current Administrative Agent, and the current Administrative Agent shall be discharged from its duties and obligations under the Loan Documents. Such
successor Administrative Agent shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or shall make other arrangements satisfactory to the current Administrative Agent, in either
case, to assume effectively the obligations of the current Administrative Agent with respect to such Letters of Credit. After any Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this Article XII. shall
continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under the Loan Documents. Notwithstanding anything contained herein to the contrary, the Administrative Agent may assign its
rights and duties under the Loan Documents to any of its Affiliates by giving the Borrower and each Lender prior written notice. 

  
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 12.13. Notice of Defaults. The Administrative Agent shall not be deemed to have
knowledge or notice of the occurrence of a Default or Event of Default unless the Administrative Agent has received notice from a Lender or the Borrower referring to this Agreement, describing with reasonable specificity such Default or Event of
Default and stating that such notice is a “notice of default.” If a Lender becomes aware of a Default or Event of Default, such Lender shall notify the Administrative Agent of such fact. Upon receipt of such notice that a Default or Event
of Default has occurred, the Administrative Agent shall notify each of the Lenders of such fact. 
 12.14. Requests for
Approval. If the Administrative Agent requests in writing the consent or approval of a Lender, such Lender shall, or, in the case of any request for consent or approval that is subject to Section 14.13(a) or (b), shall use
commercially reasonable efforts to, respond and either approve or disapprove definitively in writing to the Administrative Agent within ten (10) Business Days (or sooner if such notice specifies a shorter period, but in no event less than five
Business Days for responses based on Administrative Agent’s good faith determination that circumstances exist warranting its request for an earlier response) after such written request from the Administrative Agent provided that the
request for approval states the time by which a response is needed before approval is deemed given. Solely with respect to any request for consent or approval that is subject to Section 14.13(c), if the Lender does not so respond, that
Lender shall be deemed to have approved the request. Upon request, the Administrative Agent shall notify the Lenders which Lenders, if any, failed to respond to a request for approval. 

12.15. Copies of Documents. Administrative Agent shall promptly deliver to each of the Lenders copies of all notices of default
and other formal notices sent or received and according to Section 15.1 of this Agreement. Administrative Agent shall deliver to Lenders within 15 Business Days following receipt, copies of all financial statements, certificates and
notices received regarding the General Partner’s ratings except to the extent such items are required to be furnished directly to the Lenders by the Borrower hereunder. Within fifteen Business Days after a request by a Lender to the
Administrative Agent for other documents furnished to the Administrative Agent by the Borrower, the Administrative Agent shall provide copies of such documents to such Lender except where this Agreement obligates Administrative Agent to provide
copies in a shorter period of time. 
 12.16. Defaulting Lenders. Notwithstanding any provision of this Agreement to the
contrary, if any Lender becomes a Defaulting Lender, then to the extent permitted by applicable law, the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

(a) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with
respect to this Agreement shall be restricted as set forth in the definition of Required Lenders. 
 (b) Defaulting Lender
Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender 

  
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(whether voluntary or mandatory, at maturity, pursuant to Section 11.1 or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 2.19(b)
shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a
pro rata basis of any amounts owing by such Defaulting Lender to the Issuing Bank or the Swingline Lender hereunder; third, to Cash Collateralize the Issuing Bank’s Fronting Exposure ratably with respect to such Defaulting Lender in
accordance with subsection (e) below; fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as
required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting
Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the Issuing Bank’s future Fronting Exposure ratably with respect to such Defaulting Lender with respect to future
Letters of Credit issued by the Issuing Bank under this Agreement, in accordance with subsection (e) below; sixth, to the payment of any amounts owing to the Lenders, the Issuing Bank or the Swingline Lender as a result of any judgment
of a court of competent jurisdiction obtained by any Lender, the Issuing Bank or the Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long
as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal
amount of any Loans or amounts owing by such Defaulting Lender under Section 3.6 in respect of Letters of Credit (such amounts “Principal L/C Disbursements”), in respect of which such Defaulting Lender has not fully
funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Article IV were satisfied or waived, such payment shall be applied solely to pay the
Loans of, and Principal L/C Disbursements owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or Principal L/C Disbursements owed to, such Defaulting Lender until such time as all Loans and
funded and unfunded participations in LC Exposure and Swingline Loans are held by the Lenders pro rata in accordance with their respective Percentages (determined without giving effect to the immediately following subsection (d)). Any payments,
prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this subsection shall be deemed paid to and redirected by such
Defaulting Lender, and each Lender irrevocably consents hereto. 
 (c) Certain Fees. 

(i) No Defaulting Lender shall be entitled to receive any fee payable under Section 2.10 for any period that
no Investment Grade Rating shall exist, during which period that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender). Each
Defaulting Lender shall be entitled to receive the fee payable 

  
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under Section 2.10 for any period that an Investment Grade Rating shall exist, during which Period that Lender is a Defaulting Lender, but only to extent allocable to the sum of (1) the
outstanding principal amount of the Revolving Loans funded by it, and (2) its Percentage of the face amount of Letters of Credit for which it has provided Cash Collateral pursuant to the immediately following subsection (e). 

(ii) Each Defaulting Lender shall be entitled to receive any fee payable under Section 3.8 for any period
during which that Lender is a Defaulting Lender only to the extent allocable to its Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to the immediately following subsection (e). 

(iii) With respect to any fee not required to be paid to any Defaulting Lender pursuant to the immediately preceding
clauses (i) or (ii), the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in LC Exposure or Swingline
Loans that has been reallocated to such Non-Defaulting Lender pursuant to the immediately following subsection (d), (y) pay to the Issuing Bank and Swingline Lender, as applicable, the amount of any such fee otherwise payable to such
Defaulting Lender to the extent allocable to the Issuing Bank’s or Swingline Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee. 

(d) Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in
LC Exposure and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Percentages (determined without regard to such Defaulting Lender’s Revolving Commitment) but only to the extent that
(x) the conditions set forth in Section 5.2 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 (y) such reallocation does not cause the Revolving Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Commitment. No
reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that 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. 
 (e) Cash Collateral, Repayment of
Swingline Loans. 
 (i) If the reallocation described in the immediately preceding subsection (d) above
cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay Swingline Loans in an amount equal to the Swingline Lender’s Fronting
Exposure and (y) second, Cash Collateralize the Issuing Bank’s Fronting Exposure in accordance with the procedures set forth in this subsection. 

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

 (v) Cash Collateral (or the appropriate portion thereof) provided to reduce ratably the Issuing Bank’s
Fronting Exposure shall no longer be required to be held as Cash Collateral pursuant to this subsection following (x) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the
applicable Lender), or (y) the determination by the Administrative Agent and the Issuing Bank that there exists excess Cash Collateral; provided that, subject to the immediately preceding subsection (b), the Person providing Cash
Collateral and the Issuing Bank may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations. 
 (f) Defaulting Lender Cure. If the Borrower, the Administrative Agent, the Swingline Lender and the Issuing Bank 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, 

  
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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 Letters of Credit and Swingline Loans to be held pro rata by the Lenders in accordance with their respective Percentages (determined without giving effect to the immediately preceding subsection (d)), whereupon such
Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided,
further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that
Lender’s having been a Defaulting Lender. 
 (g) New Swingline Loans/Letters of Credit. So long as any Lender is a
Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) the Issuing Bank shall not be
required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto. 
 12.17. 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 XII and XIV. 
 12.18. Managing Agents,
Co-Documentation Agents, Syndication Agent, etc.. Neither any of the Lenders identified in this Agreement as a “managing agent” nor the Co-Documentation Agents or the Syndication Agent 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 12.11. 
 ARTICLE XIII. 
 BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS 

13.1. Successors and Assigns. 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, (ii) any assignment by any Lender must be made in compliance with Section 13.3, and (iii) any transfer by Participation must be made in compliance with Section 13.2. Any attempted assignment or transfer by
any party not made in compliance with this Section 13.1 shall be null and void, unless such attempted assignment or transfer is treated as a participation in accordance with Section 13.3. The parties to this Agreement
acknowledge that clause (ii) of this Section 13.1 relates only to absolute assignments and this Section 13.1 does not prohibit 

  
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assignments creating security interests, including, without limitation, (x) 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 other central banking authority or (y) 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 unless and until the parties thereto have complied with the provisions
of Section 13.3. 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 13.3; 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. 

13.2. Participations. 
 13.2.1 Permitted Participants; Effect. Any Lender may at any time sell to one or more banks or other entities (“Participants”) participating interests in any Loan owing to
such Lender, any Note held by such Lender, any Revolving 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 Loans 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. 

13.2.2 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 other than any amendment, modification or waiver with respect to any Loan or Revolving Commitment in which such Participant has an interest which would require consent of
all of the Lenders pursuant to the terms of Section 14.13 or of any other Loan Document. 
 13.2.3
Benefit of Certain Provisions. The Borrower agrees that each Participant shall be deemed to have the right of setoff provided in Section 14.15(a) 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

  
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Section 14.15(a) with respect to the amount of participating interests sold to each Participant. The Lenders agree to share with each Participant, and each Participant, by exercising
the right of setoff provided in Section 14.15(a), 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 14.15(b) as if each
Participant were a Lender. The Borrower further agrees that each Participant shall be entitled to the benefits of Sections 4.1, 4.2, 4.4 and 4.5 to the same extent as if it were a Lender and had acquired its interest
by assignment pursuant to Section 13.3, provided that (i) a Participant shall not be entitled to receive any greater payment under Section 4.1, 4.2, 4.4 or 4.5 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, and (ii) any
Participant not incorporated under the laws of the United States of America or any State thereof agrees to comply with the provisions of Section 4.5 to the same extent as if it were a Lender. 

13.2.4 Participant Register. Each Lender that sells a participation shall, acting solely for this purpose as an
agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the
“Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a
Participant’s interest in any Revolving Commitments, Loans, Facility Letters of Credit or its other obligations under this Agreement) except to the extent that such disclosure is necessary to establish that such Revolving Commitment, Loan,
Facility Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall
treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 

13.3. Assignments; Consents. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its
rights and obligations under this Agreement (including all or a portion of its Revolving Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

13.3.1 Minimum Amounts. 
 (A) in the case of an assignment of the entire remaining amount of an assigning Revolving Lender’s Revolving Commitment and the Loans at the time owing to it, or in the case of an assignment to a
Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 
 (B) in any case
not described in the immediately preceding subsection (A), the aggregate amount of the Revolving Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable

  
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Revolving Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and
Assumption Agreement with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption Agreement, as of the Trade Date) shall not be less than $5,000,000, unless each
of the Administrative Agent, the Issuing Bank and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however, that if, after
giving effect to such assignment, the amount of the Revolving Commitment held by such assigning Lender or the outstanding principal balance of the Loans of such assigning Lender, as applicable, would be less than $5,000,000, then such assigning
Lender shall assign the entire amount of its Revolving Commitment and the Loans at the time owing to it. 

13.3.2 Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all
the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Revolving Commitment assigned. 
 13.3.3 Required Consents. No consent shall be required for any assignment except to the extent required by Section 13.3.1(B) and, in addition: 

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

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

(C) the consent of the Swingline Lender and the Issuing Bank (such consent not to be unreasonably withheld or delayed)
shall be required for any assignment in respect of a Revolving Commitment. 
 13.3.4 Assignment and
Acceptance; Notes. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption Agreement, together with a processing and recordation fee of $3,500 for each assignment, and the assignee, if it
is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. If requested by the transferor Lender or the Assignee, upon the consummation of any assignment, the transferor Lender, the Administrative Agent and the
Borrower shall make appropriate arrangements so that new Notes are issued to the Assignee and such transferor Lender, as appropriate. 

  
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 13.3.5 No Assignment to Borrower. No such assignment shall be made to
the Borrower or any of the Borrower’s Affiliates or Subsidiaries. 
 13.3.6 No Assignment to Natural
Persons. No such assignment shall be made to a natural person. 
 Subject to acceptance and recording thereof by the Administrative Agent
pursuant to Section 13.4, from and after the effective date specified in each Assignment and Assumption Agreement, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment
and Assumption Agreement, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption Agreement, be released from its
obligations under this Agreement (and, in the case of an Assignment and Assumption Agreement covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to
be entitled to the benefits of Sections 12.8 and 14.6 and the other provisions of this Agreement and the other Loan Documents that survive the termination hereof and thereof with respect to facts and circumstances occurring prior to
the effective date of such assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a
participation in such rights and obligations in accordance with Section 13.2. 
 13.4. Register. The
Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at the Administrative Office 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 Revolving Commitments of, and principal amounts of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive,
and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.
The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 
 13.5 Confidentiality. Except as otherwise provided by applicable law, the Administrative Agent, the Issuing Bank and each Lender shall maintain the confidentiality of all Information (as defined
below) in accordance with its customary procedure for handling confidential information of this nature and in accordance with safe and sound banking practices but in any event may make disclosure: (a) to its Affiliates and to its and its
Affiliates’ respective partners, directors, officers, employees, agents, advisors and other representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information
and instructed to keep such Information confidential); (b) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any actual or proposed Eligible Assignee, Participant or other transferee in
connection with a potential transfer of any Revolving Commitment or participation therein as permitted hereunder, 

  
 89 

 
or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations; (c) as required or requested by any
Governmental Authority or representative thereof or pursuant to legal process or in connection with any legal proceedings, or as otherwise required by applicable law; (d) to the Administrative Agent’s, the Issuing Bank’s or such
Lender’s independent auditors and other professional advisors (provided they shall be notified of the confidential nature of the information); (e) in connection with the exercise of any remedies under any Loan Document or any action or
proceeding relating to any Loan Document or the enforcement of rights hereunder or thereunder; (f) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section actually known by the
Administrative Agent, the Issuing Bank or such Lender to be a breach of this Section or (ii) becomes available to the Administrative Agent, the Issuing Bank, any Lender or any Affiliate of the Administrative Agent, the Issuing Bank or any
Lender on a nonconfidential basis from a source other than the Borrower or any Affiliate of the Borrower; (g) to the extent requested by, or required to be disclosed to, any nationally recognized rating agency or regulatory or similar authority
(including any self-regulatory authority, such as the National Association of Insurance Commissioners) having or purporting to have jurisdiction over it; (h) to bank trade publications, such information to consist of deal terms and other
information customarily found in such publications; (i) to any other party hereto; and (j) with the consent of the Borrower. Notwithstanding the foregoing, the Administrative Agent, the Issuing Bank and each Lender may disclose any such
confidential information, without notice to the Borrower or the General Partner, to Governmental Authorities in connection with any regulatory examination of the Administrative Agent, the Issuing Bank or such Lender or in accordance with the
regulatory compliance policy of the Administrative Agent, the Issuing Bank or such Lender. As used in this Section, the term “Information” means all information received from the Borrower, the General Partner, any Subsidiary or
Affiliate of the Borrower relating to the Borrower, the General Partner or any of their Affiliates or any of their respective businesses, other than any such information that is available to the Administrative Agent, any Lender or the Issuing Bank
on a nonconfidential basis prior to disclosure by the Borrower, the General Partner, or any Subsidiary or any Affiliate of the Borrower, provided that, in the case of any such information received from the Borrower, the General Partner, or any
Subsidiary or any Affiliate of the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall
be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

13.6 Tax Treatment. If any interest in any Loan Document is transferred to any Participant or Purchaser or any other Person
acquiring an interest in the Loan Documents by operation of law (each a “Transferee”) which is not incorporated under the laws of the United States or any State thereof, the transferor Lender shall cause such Transferee,
concurrently with the effectiveness of such transfer, to comply with the provisions of Section 4.5(ii). 

  
 90 

 ARTICLE XIV. 
 GENERAL PROVISIONS 
 14.1. Survival of Representations. All representations
and warranties contained in this Agreement shall survive delivery of the Notes and the making of the Borrowings herein contemplated. 
 14.2. Governmental Regulation. Anything contained in this Agreement to the contrary notwithstanding, no Lender shall be obligated to extend credit to the Borrower in violation of any limitation or
prohibition provided by any applicable statute or regulation. 
 14.3. Taxes. Any recording and other taxes (excluding
franchise, income or similar taxes) or other similar assessments or charges payable or ruled payable by any governmental authority incurred in connection with the consummation of the transactions contemplated by this Agreement shall be paid by the
Borrower, together with interest and penalties, if any. 
 14.4. 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. 
 14.5.
No Third Party Beneficiaries. 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 assigns. 

14.6. Expenses; Indemnification. Subject to the provisions of this Agreement, the Borrower will pay (a) all
out-of-pocket costs and expenses incurred by the Administrative Agent and the Arranger (including the reasonable fees, out of pocket expenses and other reasonable expenses of counsel, which counsel may be employees of Administrative Agent) in
connection with the preparation, execution and delivery of this Agreement, the Notes, the Loan Documents and any other agreements or documents referred to herein or therein and any amendments thereto, (b) all out of pocket costs and expenses
incurred by the Administrative Agent and the Lenders (including the reasonable fees, out of pocket expenses and other reasonable expenses of counsel to the Administrative Agent and the Lenders, which counsel may be employees of Administrative Agent
or the Lenders) in connection with the enforcement and protection of the rights of the Lenders under this Agreement, the Notes, the Loan Documents or any other agreement or document referred to herein or therein, and (c) all reasonable and
customary costs and expenses of periodic audits by the Administrative Agent’s personnel of the Borrower’s books and records provided that prior to an Event of Default, the Borrower shall be required to pay for only one such audit
during any year. The Borrower further agrees to indemnify the Lenders, their Affiliates, and their respective directors, officers, employees, agents and advisors (each, an “Indemnified Party”) against all losses, claims, damages,
penalties, judgments, liabilities and reasonable expenses (including, without limitation, all expenses of litigation or preparation therefor whether or not the Indemnified Party is a party thereto) which any of them may pay or incur arising out of
or relating to this Agreement, the other Loan Documents, the transactions contemplated hereby or the direct or indirect application or proposed application of the proceeds of any Borrowing hereunder, except that the foregoing indemnity shall not
apply to 

  
 91 

 
any Indemnified Party to the extent that any losses, claims, etc. are the result of such Indemnified Party’s Gross Negligence or willful misconduct. In the case of an investigation,
litigation or proceeding to which the indemnity in this Section applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by the Borrower or the General Partner or the Borrower’s or the
General Partner’s equity holders or creditors or an Indemnified Party is otherwise party thereto. The obligations of the Borrower under this Section shall survive the termination of this Agreement. 

14.7. 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. 
 14.8. Nonliability of the Lenders. The
relationship between the Borrower and the Lenders shall be solely that of borrower and lender. The Lenders shall not have any fiduciary responsibilities to the Borrower. The Lenders undertake no 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. Moreover, none of the Administrative Agent, the Issuing Bank or any Lender shall be liable to the Borrower or any other parties. None of the
Administrative Agent, the Issuing Bank or any Lender, or any Affiliate, officer, director, employee, attorney, or agent of the Administrative Agent, the Issuing Bank or any Lender shall have any liability with respect to, and the Borrower hereby
waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by the Borrower in connection with, arising out of, or in any way related to, this Agreement,
any of the other Loan Documents or any fee letter delivered in connection herewith, or any of the transactions contemplated by this Agreement or any of the other Loan Documents. 

14.9. 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 (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF ILLINOIS, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. 
 14.10. Consent to Jurisdiction. THE BORROWER HEREBY IRREVOCABLY SUBMITS TO THE NON EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR ILLINOIS STATE COURT SITTING IN CHICAGO, ILLINOIS IN ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND THE BORROWER 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 LENDERS TO BRING PROCEEDINGS AGAINST THE
BORROWER IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY THE BORROWER AGAINST THE LENDERS OR ANY AFFILIATE OF THE LENDERS INVOLVING, 

  
 92 

 
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 CHICAGO, ILLINOIS. 

14.11. Waiver of Jury Trial. THE BORROWER, THE GENERAL PARTNER, THE ADMINISTRATIVE AGENT AND THE LENDERS 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.

 14.12. Successors and Assigns. 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, except that the Borrower shall not have the right to assign its rights or obligations under the Loan Documents. Any assignee or transferee of rights or obligations
hereunder or under the Notes agrees by acceptance thereof 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 holder of a Note, shall be conclusive and binding on any subsequent holder, transferee or assignee of such Note or of any Note or Notes issued in exchange therefor. 
 14.13. Entire Agreement; Modification of Agreement. The Loan Documents embody the entire agreement among the Borrower, the General Partner, Administrative Agent, and Lenders and supersede
all prior conversations, agreements, understandings, commitments and term sheets among any or all of such parties with respect to the subject matter hereof. Any provisions of this Agreement may be amended or waived if, but only if, such amendment or
waiver is in writing and is signed by the Borrower, and Administrative Agent if the rights or duties of Administrative Agent are affected thereby, and 
 (a) each of the Lenders adversely affected thereby if such amendment or waiver: 
 (i) reduces or forgives any payment of principal or interest on the Obligations or any fees payable by the Borrower to such Lender hereunder; or 

(ii) postpones the date fixed for any payment of principal of or interest on the Obligations or any fees payable by the
Borrower to such Lender hereunder; or 
 (iii) increases the amount of such Lender’s Revolving Commitment
(other than pursuant to an assignment permitted under Section 13.3 or an increase in the Aggregate Revolving Commitment pursuant to Section 2.2) or the unpaid principal amount of such Lender’s Loan; or 

(iv) extends the Maturity Date (other than pursuant to Section 2.18 hereof); or 

(v) modifies or waives all or any portion of Section 2.19; 

  
 93 

 (b) all of the Lenders if such amendment or waiver: 

(i) releases or limits the liability of the General Partner under the Loan Documents; or 

(ii) changes the definition of Required Lenders, or modifies any requirement for consent by each of the Lenders; or

 (iii) reduces the percentage set forth in Section 8.10 or modifies or waives the second through
fourth sentences of Section 9.3 hereof; or 
 (c) the Required Lenders, to the extent expressly
provided for herein and in the case of all other waivers or amendments if no percentage of Lenders is specified herein, except that no waivers or amendments (1) affecting Section 2.17 shall be effective without the written consent
of the Swingline Lender, (2) affecting Article III shall be effective without the written consent of the Issuing Bank or (3) affecting Section 12.16 shall be effective without the written consent of each of the
Swingline Lender and the Issuing Bank. 
 14.14. Dealings with the Borrower. The Lenders and their affiliates may accept
deposits from, extend credit to and generally engage in any kind of banking, trust or other business with the Borrower or the General Partner or any of their Affiliates regardless of the capacity of the Lenders hereunder. 

14.15. Set-Off. 
 (a) Subject to Section 2.19 and in addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, the Borrower hereby authorizes the
Administrative Agent, the Issuing Bank, each Lender, each Affiliate of the Administrative Agent, the Issuing Bank or any Lender, and each Participant, at any time, or from time to time while, an Event of Default exists, without notice to the
Borrower or to any other Person, any such notice being hereby expressly waived, but in the case of the Issuing Bank, a Lender, an Affiliate of the Issuing Bank or a Lender, or a Participant, subject to receipt of the prior written consent of the
Required Lenders exercised in their sole discretion, to set off and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured)
and any other indebtedness at any time held or owing by the Administrative Agent, the Issuing Bank, such Lender, any Affiliate of the Administrative Agent, the Issuing Bank or such Lender, or such Participant, to or for the credit or the account of
the Borrower against and on account of any of the Obligations, irrespective of whether or not any or all of the Loans and all other Obligations have been declared to be, or have otherwise become, due and payable as permitted by
Section 11.1, and although such Obligations shall be contingent or unmatured. 
 (b) Each Lender
agrees that if it shall, by exercising any right of set off or counterclaim or otherwise, receive payment of a proportion of the aggregate amount of principal, interest or fees due with respect to any Loan held by it (other than payments

  
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received pursuant to Sections 4.1, 4.2, 4.3 and 4.5) which is greater than the proportion received by any other Lender in respect of the aggregate amount of
principal, interest or fees due with respect to any Loan held by such other Lender, the Lender receiving such proportionately greater payment shall purchase such participations in the Loans held by the other Lenders and such other adjustments shall
be made as may be required so that all such payments of principal, interest or fees with respect to the Loans held by the Lenders shall be shared by the Lenders pro rata according to their respective Revolving Commitments. 

14.16. Counterparts. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute
one agreement, and any of the parties hereto may execute this Agreement by signing any such counterpart. This Agreement shall be effective when it has been executed by the Borrower and each of the Lenders shown on the signature pages hereof.

 14.17. Patriot Act CIP Notice. Each Lender hereby notifies the Borrower and the General Partner that pursuant to the
requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act), it is required to obtain, verify and record information that identifies the Borrower and the General Partner, which
information includes the name and address of the Borrower and the General Partner and other information that will allow such Lender to identify the Borrower and the General Partner in accordance with the Act. 

ARTICLE XV. 

NOTICES 
 15.1.
Giving Notice; Electronic Delivery. All notices and other communications provided to any party hereto under this Agreement or any other Loan Document shall be in writing or by telex or by facsimile and addressed or delivered to such party at
its address set forth below or at such other address as may be designated by such party in a notice to the other parties. Any notice, if mailed and properly addressed with postage prepaid, shall be deemed given when received; any notice, if
transmitted by telex or facsimile, shall be deemed given when transmitted (answerback confirmed in the case of telexes). Notice may be given as follows: 
 To the Borrower: 
 First Industrial, L.P. 

c/o First Industrial Realty Trust, Inc. 

311 South Wacker Drive 
 Suite 4000 
 Chicago, Illinois 60606 

Attention: Mr. Scott Musil 
 Telecopy: (312) 895-9380 

  
 95 

 To the General Partner: 

First Industrial Realty Trust, Inc. 

311 South Wacker Drive 
 Suite 3900 
 Chicago, Illinois 60606 

Attention: Scott A. Musil 
 Telecopy: (312) 922-9851 
 Each of the above with a copy to: 

Barack Ferrazzano Kirschbaum & Nagelberg LLP 

200 West Madison 

39th Floor 
 Chicago, Illinois 60606 
 Attention: Suzanne Bessette-Smith and
Douglas W. Anderson 
 Telecopy: (312) 984-3150 

To each Lender: 
 At such address as set forth in its Administrative Questionnaire 
 To the
Administrative Agent: 
 Wells Fargo Bank, National Association, as agent 

123 North Wacker Drive 
 Chicago, IL 60606 
 Attention: Scott S. Solis 

Telecopy: (312)782-0969 
 Documents required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which the
Administrative Agent and each Lender have access (including a commercial, third-party website such as www.sec.gov <http://www.sec.gov> or a website sponsored or hosted by the Administrative Agent or the Borrower) provided that the foregoing
shall not apply to (i) notices to any Lender (or the Issuing Bank) pursuant to Article II and (ii) any Lender that has notified the Administrative Agent and the Borrower that it cannot or does not want to receive electronic communications.
The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic delivery pursuant to procedures approved by it for all or particular notices or communications. Documents
or notices delivered electronically shall be deemed to have been delivered twenty-four (24) hours after the date and time on which the Administrative Agent or the Borrower posts such documents or the documents become available on a commercial
website and the Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or posted during the normal business hours of the recipient, said posting
date and time shall be deemed to have commenced as of 11:00 a.m. (Central Time) on the opening of business on the next business day for the recipient. Notwithstanding anything 

  
 96 

 
contained herein, in every instance the Borrower shall be required to provide paper copies of the certificate required by Section 8.2(iv) to the Administrative Agent and shall deliver paper
copies of any documents to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender. Except for the certificates required
by Section 8.2(iv), the Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to monitor compliance by the
Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents. 

Documents required to be delivered pursuant to Article II may be delivered electronically to a website provided for such purpose by the
Administrative Agent pursuant to the procedures provided to the Borrower by the Administrative Agent. 
 15.2. Change of
Address. Each party may change the address for service of notice upon it by a notice in writing to the other parties hereto. 

[Remainder of page intentionally left blank] 

  
 97 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above
written. 
  

							
	BORROWER:	 	FIRST INDUSTRIAL, L.P.
			
		 	By:	 	 FIRST INDUSTRIAL REALTY TRUST, INC.,
 its General Partner

				
		 		 	By:	 	 /s/ Scott A. Musil

		 		 	Name:	 	 Scott A. Musil

		 		 	Title:	 	 CFO

		
	GENERAL PARTNER:	 	FIRST INDUSTRIAL REALTY TRUST, INC.
				
		 		 	By:	 	 /s/ Scott A. Musil

		 		 	Name:	 	 Scott A. Musil

		 		 	Title:	 	 CFO

  
 SIGNATURE PAGE
TO 
 FIRST INDUSTRIAL CREDIT AGREEMENT 

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, Individually and as Administrative Agent

		
	By:	 	 /s/ Scott S. Solis

	Name:	 	Scott S. Solis
	Title:	 	Senior Vice President

  
 SIGNATURE PAGE
TO 
 FIRST INDUSTRIAL CREDIT AGREEMENT 

 
			
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	 /s/ Eyal Namordi

	Name:	 	Eyal Namordi
	Title:	 	Senior Vice President

  
 SIGNATURE PAGE
TO 
 FIRST INDUSTRIAL CREDIT AGREEMENT 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Dennis Redpath

	Name:	 	Dennis Redpath
	Title:	 	Senior Vice President

  
 SIGNATURE PAGE
TO 
 FIRST INDUSTRIAL CREDIT AGREEMENT 

 
			
	PNC BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Joel Dalson

	Name:	 	 Joel Dalson

	Title:	 	Vice President

  
 SIGNATURE PAGE
TO 
 FIRST INDUSTRIAL CREDIT AGREEMENT 

 
			
	REGIONS BANK, as a Lender
		
	By:	 	 /s/ Kerri L. Raines

	Name:	 	Kerri L. Raines
	Title:	 	Vice President

  
 SIGNATURE PAGE
TO 
 FIRST INDUSTRIAL CREDIT AGREEMENT 

 
			
	FIFTH THIRD BANK, an Ohio banking corporation as a Lender
		
	By:	 	 /s/ Michael Glandt

	Name:	 	Michael Glandt
	Title:	 	Vice President

  
 SIGNATURE PAGE
TO 
 FIRST INDUSTRIAL CREDIT AGREEMENT 

 
			
	COAMERICA BANK, a Texas Banking Association, as a Lender
		
	By:	 	 /s/ Sam F. Meehan

	Name:	 	Sam F. Meehan
	Title:	 	Vice President

  
 SIGNATURE PAGE
TO 
 FIRST INDUSTRIAL CREDIT AGREEMENT 

 
			
	UBS LOAN FINANCE LLC, as a Lender
		
	By:	 	 /s/ Mary E. Evans

	Name:	 	Mary E. Evans
	Title:	 	Associate Director
		
	By:	 	 /s/ Irja R. Otsa

	Name:	 	Irja R. Otsa
	Title:	 	Associate Director

  
 SIGNATURE PAGE
TO 
 FIRST INDUSTRIAL CREDIT AGREEMENT 

 
			
	UNION BANK, N.A., as a Lender
		
	By:	 	 /s/ Gregory A. Conner

	Name:	 	Gregory A. Conner
	Title:	 	Assistant Vice President

  
 SIGNATURE PAGE
TO 
 FIRST INDUSTRIAL CREDIT AGREEMENT 

 
			
	THE NORTHERN TRUST COMPANY, as a Lender
		
	By:	 	 /s/ Carol B. Conklin

	Name:	 	Carol B. Conklin
	Title:	 	Senior Vice President

 EXHIBIT A 
 Revolving Commitment Amounts 
  

					
	 Bank
	  	Total Commitment	 
	 Wells Fargo Bank, National Association
	  	$	85,000,000.00	  
	 Bank of America, N.A.
	  	$	65,000,000.00	  
	 U.S. Bank National Association
	  	$	60,000,000.00	  
	 PNC Bank, National Association
	  	$	60,000,000.00	  
	 Regions Bank
	  	$	40,000,000.00	  
	 Fifth Third Bank
	  	$	30,000,000.00	  
	 Comerica Bank
	  	$	30,000,000.00	  
	 UBS Loan Finance LLC
	  	$	30,000,000.00	  
	 Union Bank, N.A.
	  	$	30,000,000.00	  
	 The Northern Trust Company
	  	$	20,000,000.00	  
		  	  
	  
	 
		
	 Total
	  	$	450,000,000.00	  
		  	  
	  
	 

 EXHIBIT B 
 Form of Note 
 REVOLVING CREDIT NOTE 

[            ], 2011 

On or before the Maturity Date, as defined in that certain Unsecured Revolving Credit Agreement dated as of December 14, 2011 (the
“Agreement”) between FIRST INDUSTRIAL, L.P., a Delaware limited partnership (“Borrower”), First Industrial Realty Trust, Inc., a Maryland corporation, Bank of America, N.A., individually and as Syndication Agent,
Wells Fargo Bank, National Association, individually and as Administrative Agent for the Lenders (as such terms are defined in the Agreement), and the other Lenders listed on the signature pages of the Agreement, Borrower promises to pay to the
order of [            ] (the “Lender”), or its successors and assigns, the aggregate unpaid principal amount of all Revolving Loans made by the Lender
to the Borrower pursuant to Section 2.1 of the Agreement, in immediately available funds at the office of the Administrative Agent in Minneapolis, Minnesota, 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 this Promissory Note (“Note”) in full on or before the Maturity Date in accordance with the terms of 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 Revolving Borrowing and the
date and amount of each principal payment hereunder; provided, however, that the failure of Lender to so record shall not affect the obligations of the Borrower hereunder or under the other Loan Documents. 

This Note is issued pursuant to, and is entitled to the security under and benefits of, the Agreement and the other Loan Documents, to which Agreement
and Loan Documents, as they may be amended from time to time, reference is hereby made for, inter alia, a statement of the terms and conditions under which this Note may be prepaid or its maturity date accelerated. Capitalized terms used herein and
not otherwise defined herein are used with the meanings attributed to them in the Agreement. 
 If there is an Event of Default or Default under
the Agreement or any other Loan Document and Lender exercises its remedies provided under the Agreement and/or any of the Loan Documents, then in addition to all amounts recoverable by the Lender under such documents, Lender shall be entitled to
receive reasonable attorneys fees and expenses incurred by Lender in exercising such remedies. 
 Borrower and all endorsers severally waive
presentment, protest and demand, notice of protest, demand and of dishonor and nonpayment of this Note (except as otherwise expressly provided for in the Agreement), and any and all lack of diligence or delays in collection or enforcement of this
Note, and expressly agree that this Note, or any payment hereunder, may be extended from time to time, and expressly consent to the release of any party liable for the obligation secured by this Note, the release of any of the security of this Note,
the acceptance of any other security therefor, or any other indulgence or forbearance whatsoever, all without notice to any party and without affecting the liability of the Borrower and any endorsers hereof. 

 This Note shall, be governed and construed under the internal laws of the State of Illinois. 

BORROWER AND LENDER, BY ITS ACCEPTANCE HEREOF, EACH HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHT
UNDER THIS PROMISSORY NOTE OR ANY OTHER LOAN DOCUMENT OR RELATING THERETO OR ARISING FROM THE LENDING RELATIONSHIP WHICH IS THE SUBJECT OF THIS NOTE AND AGREE THAT ANY SUCH ACTION OR. PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

 [Signature on Following Page] 

 
			
	FIRST INDUSTRIAL, L.P.
		
	By:	 	First Industrial Realty Trust, Inc., its general partner

 
					
			
		 	    By:	 	  

		 	    Name:	 	
		 	    Title:	 	

 [Signature Page – First Industrial Revolving Note] 

 PAYMENTS OF PRINCIPAL 

 

					
	Date	  	Unpaid Principal Balance	  	Notation Made by
		  		  	
		  		  	
		  		  	

 EXHIBIT C 
 TRANSFER AUTHORIZER DESIGNATION 
 (For Disbursement of Loan
Proceeds by Funds Transfer) 
  ̈  NEW     ̈  REPLACE PREVIOUS
DESIGNATION     ̈  ADD     ̈  CHANGE     ̈  DELETE LINE NUMBER               ̈   INITIAL LOAN
DISBURSEMENT 
 The following representatives of First Industrial, L.P., a Delaware limited partnership (“Borrower”)
are authorized to request the disbursement of Loan Proceeds and initiate funds transfers for Loan Number 1006217 dated December 14, 2011 between Wells Fargo Bank, National Association, as administrative agent (“Agent”), certain
Lenders party thereto and Borrower. Agent is authorized to rely on this Transfer Authorizer Designation until it has received a new Transfer Authorizer Designation signed by Borrower, even in the event that any or all of the foregoing information
may have changed. 
  

							
	 	  	 Name
	  	 Title
	  	 Maximum Wire

Amount1

	1.	  		  		  	
	2.	  		  		  	
	3.	  		  		  	
	4.	  		  		  	
	5.	  		  		  	

 Initial Loan Disbursement
Authorization   ̈  Not Applicable     ̈  Applicable — Agent is hereby
authorized to accept wire transfer instructions from              (ie. specify title company escrow) to be delivered, via fax, email, letter or other method, to Agent for title/escrow
#             and/or loan #            . Said instructions shall include the title/escrow company’s Receiving Party Account
Name, city and state, Receiving Party Account Number, Receiving Lender’s (ABA) Routing Number, Maximum Transfer Amount required, Borrower’s name, title order/escrow number to which Agent shall fund the Initial Loan Disbursement under the
loan number referenced above. The amount of said transfer shall not exceed $        . Borrower acknowledges and agrees that the acceptance of and wire transfer of funds by Agent in accordance with the
title/escrow company instructions shall be governed by this Transfer Authorizer Designation form and any other Loan Documents dated December 14, 2011 by and between Agent and Borrower. Agent shall not be further required to confirm said wiring
instructions received from title/escrow company with Borrower. This Initial Loan Disbursement Authorization is in effect until [             ,2011] after which time a new authorization
request shall be required. Borrower shall instruct title/escrow company via a separate letter, to deliver said wiring instructions in writing, directly to Agent at its address. Borrower also hereby authorizes Agent to attach a copy of the
title/escrow company’s written wire instructions to this Transfer Authorizer Designation form upon receipt of said instructions. 
  

	
	Beneficiary Bank and Account Holder Information

  

	1 	 Maximum Wire Amount may not exceed the Loan Amount. 

 1. 
  

			
	Transfer Funds to (Receiving Party Account Name):
	
	Receiving Party Account Number:
		
	Receiving Bank Name, City and State:	  	 Receiving Bank Routing
 (ABA) Number

		
	Maximum Transfer Amount:	  	
	
	Further Credit Information/Instructions:

 2. 
  

			
	Transfer Funds to (Receiving Party Account Name):
	
	Receiving Party Account Number:
		
	Receiving Bank Name, City and State:	  	 Receiving Bank Routing
 (ABA) Number

		
	Maximum Transfer Amount:	  	
	
	Further Credit Information/Instructions:

 3. 
  

			
	Transfer Funds to (Receiving Party Account Name):
	
	Receiving Party Account Number:
		
	Receiving Bank Name, City and State:	  	 Receiving Bank Routing
 (ABA) Number

		
	Maximum Transfer Amount:	  	
	
	Further Credit Information/Instructions:

 Date: [            , 2011] 

			
	“BORROWER”
	
	First Industrial, L.P.
		
	By:	 	First Industrial Realty Trust, Inc.,
		 	Its general partner

					
			
		 	By:	 	  

		 	Name:	 	  

		 	Its:	 	  

 EXHIBIT D 
 Form of Guaranty 
 GUARANTY 

This Guaranty is made as of December 14, 2011, by First Industrial Realty Trust, Inc., a Maryland corporation (“Guarantor”), to and
for the benefit of Wells Fargo Bank, National Association, a national banking association, individually (“Wells”), and as administrative agent for itself and the lenders listed on the signature pages of the Credit Agreement (as
defined below) and their respective successors and assigns (collectively, “Lender”). 
 RECITALS

 A. First Industrial, L.P., a Delaware limited partnership (“Borrower”), and Guarantor have requested that Lender make
unsecured revolving credit loans available to Borrower in the aggregate principal amount of up to $450,000,000 (subject to Borrower’s right to increase such aggregate principal amount to $500,000,000 in accordance with Section 2.2
of the Credit Agreement (herein defined)) (the “Facility”). 
 B. Lender has agreed to make available the Facility to Borrower
pursuant to the terms and conditions set forth in an Unsecured Revolving Credit Agreement bearing even date herewith between Borrower, the Lenders and Guarantor (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”). All capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such terms in the Credit Agreement. 
 C. Guarantor is the sole general partner of Borrower and, therefore, Guarantor will derive financial benefit from the Facility evidenced by the Credit Agreement and the other Loan Documents. The execution
and delivery of this Guaranty by Guarantor is a condition precedent to the performance by Lender of its obligations under the Credit Agreement. 
 AGREEMENTS 
 NOW, THEREFORE, Guarantor, in consideration of the matters described in the
foregoing Recitals, which Recitals are incorporated herein and made a part hereof, and for other good and valuable consideration, hereby agrees as follows: 
 1. Guarantor absolutely, unconditionally, and irrevocably guarantees to Lender: 

(a) the full and prompt payment of the principal of and interest on the Loans when due, whether at stated maturity, upon acceleration or
otherwise, and at all times thereafter, and the prompt payment of all sums which may now be or may hereafter become due and owing under the Credit Agreement and the other Loan Documents; 

 (b) the payment of all Enforcement Costs (as hereinafter defined in Paragraph 7 hereof);

 (c) the full, complete, and punctual observance, performance, and satisfaction of all of the obligations, duties, covenants,
and agreements of Borrower under the Credit Agreement and the Loan Documents; and 
 (d) All amounts due, debts, liabilities,
and payment obligations described in subparagraphs (a) and (b) of this Paragraph 1 are referred to herein as the “Facility Indebtedness.” All obligations described in subparagraph (c) of this Paragraph 1 are referred to
herein as the “Obligations.” 
 2. In the event of any default by Borrower in making payment of the Facility Indebtedness, or in
performance of the Obligations, as aforesaid, in each case beyond the expiration of any applicable grace period, Guarantor agrees, on demand by Lender or any holder of any Note, to pay all the Facility Indebtedness and to perform all the Obligations
as are or then or thereafter become due and owing or are to be performed under the terms of the Credit Agreement and the other Loan Documents, and to pay any reasonable expenses incurred by Lender in protecting, preserving, or defending its interest
in the Property or in connection with the Facility or under any of the Loan Documents, including, without limitation, all reasonable attorneys’ fees and costs. Lender shall have the right, at its option, either before, during or after pursuing
any other right or remedy against Borrower or Guarantor, to perform any and all of the Obligations by or through any agent. contractor or subcontractor, or any of their agents, of its selection, all as Lender in its sole discretion deems proper, and
Guarantor shall indemnify and hold Lender free and harmless from and against any and all loss, damage, cost, expense, injury, or liability Lender may suffer or incur in connection with the exercise of its rights under this Guaranty or the
performance of the Obligations, except to the extent the same arises as a result of the Gross Negligence or willful misconduct of Lender. 
 All
of the remedies set forth herein and/or provided by any of the Loan Documents or law or equity shall be equally available to Lender, and the choice by Lender of one such alternative over another shall not be subject to question or challenge by
Guarantor or any other person, nor shall any such choice be asserted as a defense, set-off, or failure to mitigate damages in any action, proceeding, or counteraction by Lender to recover or seeking any other remedy under this Guaranty, nor shall
such choice preclude Lender from subsequently electing to exercise a different remedy. The parties have agreed to the alternative remedies hereinabove specified in part because they recognize that the choice of remedies in the event of a failure
hereunder will necessarily be and should properly be a matter of business judgment, which the passage of time and events may or may not prove to have been the best choice to maximize recovery by Lender at the lowest cost to Borrower and/or
Guarantor. It is the intention of the parties that such choice by Lender be given conclusive effect regardless of such subsequent developments. 

3. Guarantor does hereby waive (i) notice of acceptance of this Guaranty by Lender and any and all notices and demands of every kind which may be
required to be given by any statute, rule or law, (ii) any defense, right of set-off or other claim which Guarantor may have against the Borrower or which Guarantor or Borrower may have against Lender or the holders of any Note (other than
defenses relating to payment of the Facility Indebtedness or the correctness of any allegation by Lender that Borrower was in default in the performance of the Obligations), (iii) presentment for payment, demand for payment (other than as
provided for in Paragraph 2 above), notice of nonpayment (other than as provided for in Paragraph 2 above) or dishonor, protest and notice of protest, diligence in collection and any and all formalities which otherwise might be legally required to
charge Guarantor with liability, (iv) any failure by Lender to inform Guarantor of any facts Lender may now or hereafter know about Borrower, the Facility, or the transactions contemplated by the Credit Agreement, it being understood and agreed
that Lender has no duty so to inform 

 
and that the Guarantor is fully responsible for being and remaining informed by the Borrower of all circumstances bearing on the existence or creation, or the risk of nonpayment of the Facility
Indebtedness or the risk of nonperformance of the Obligations, and (v) any and all right to cause a marshalling of assets of the Borrower or any other action by any court or governmental body with respect thereto, or to cause Lender to proceed
against any other security given to Lender in connection with the Facility Indebtedness or the Obligations. Credit may be granted or continued from time to time by Lender to Borrower without notice to or authorization from Guarantor, regardless of
the financial or other condition of the Borrower at the time of any such grant or continuation. Lender shall have no obligation to disclose or discuss with Guarantor its assessment of the financial condition of Borrower. Guarantor acknowledges that
no representations of any kind whatsoever have been made by Lender to Guarantor. No modification or waiver of any of the provisions of this Guaranty shall be binding upon Lender except as expressly set forth in a writing duly signed and delivered on
behalf of Lender. Guarantor further agrees that any exculpatory language contained in the Credit Agreement and the Notes shall in no event apply to this Guaranty, and will not prevent Lender from proceeding against Guarantor to enforce this
Guaranty. 
 4. Guarantor further agrees that Guarantor’s liability as guarantor shall in no way be impaired by any renewals or extensions
which may be made from time to time, with or without the knowledge or consent of Guarantor of the time for payment of interest or principal under the Credit Agreement and the other Loan Documents or by any forbearance or delay in collecting interest
or principal under the Credit Agreement and the other Loan Documents, or by any waiver by Lender under the Credit Agreement or any other Loan Documents, or by Lender’s failure or election not to pursue any other remedies it may have against
Borrower, or by any change or modification in the Credit Agreement or any other Loan Documents, or by the acceptance by Lender of any additional security or any increase, substitution or change therein, or by the release by Lender of any security or
any withdrawal thereof or decrease therein, or by the application of payments received from any source to the payment of any obligation other than the Facility Indebtedness, even though Lender might lawfully have elected to apply such payments to
any part or all of the Facility Indebtedness, it being the intent hereof that Guarantor shall remain liable as principal for payment of the Facility Indebtedness and performance of the Obligations until all indebtedness has been paid in full and the
other terms, covenants and conditions of the Credit Agreement and other Loan Documents and this Guaranty have been performed, notwithstanding any act or thing which might otherwise operate as a legal or equitable discharge of a surety. For the
avoidance of doubt, it is understood and agreed that the Guarantor shall not be a “surety” for purposes of the Securities Act of Illinois (740 ILCS 155 et. seq.) and the Guarantor hereby waives any rights or benefits thereunder. Guarantor
further understands and agrees that Lender may at any time enter into agreements with Borrower to amend and modify the Credit Agreement or other Loan Documents, or any thereof (including, without limitation in accordance with Borrower’s right
to increase the aggregate principal balance of the Loan pursuant to Section 2.2 of the Credit Agreement), and may waive or release any provision or provisions of the Credit Agreement and other Loan Documents or any thereof, and, with
reference to such instruments, may make and enter into any such agreement or agreements as Lender and Borrower may deem proper and desirable, without in any manner impairing this Guaranty or any of Lender’s rights hereunder or any of the
Guarantor’s obligations hereunder. 
 5. This is an absolute, unconditional, complete, present and continuing guaranty of
payment and performance and not of collection. Guarantor agrees that this Guaranty may be enforced by Lender without the necessity at any time of resorting to or exhausting any other security or collateral given in connection herewith or with the
Credit Agreement or any of the other Loan Documents, or resorting to any other guaranties, and Guarantor hereby waives the right to require Lender to join Borrower in any action brought 

 
hereunder or to commence any action against or obtain any judgment against Borrower or to pursue any other remedy or enforce any other right. Guarantor further agrees that nothing contained
herein or otherwise shall prevent Lender from pursuing concurrently or successively all rights and remedies available to it at law and/or in equity or under the Credit Agreement or any other Loan Documents, and the exercise of any of its rights or
the completion of any of its remedies shall not constitute a discharge of any of Guarantor’s obligations hereunder, it being the purpose and intent of the Guarantor that the obligations of such Guarantor hereunder shall be primary, absolute,
independent and unconditional under any and all circumstances whatsoever. Neither Guarantor’s obligations under this Guaranty nor any remedy for the enforcement thereof shall be impaired, modified, changed or released in any manner whatsoever
by any impairment, modification, change, release or limitation of the liability of Borrower under the Credit Agreement or other Loan Documents or by reason of Borrower’s bankruptcy or by reason of any creditor or bankruptcy proceeding
instituted by or against Borrower. This Guaranty shall continue to be effective and be deemed to have continued in existence ore reinstated (as the case may be) if at any time payment of all or any part of any sum payable pursuant to the Credit
Agreement or any other Loan Document is rescinded or otherwise required to be returned by the payee upon the insolvency, bankruptcy, or reorganization of the payor, all as though such payment to Lender had not been made, regardless of whether Lender
contested the order requiring the return of such payment. The obligations of Guarantor pursuant to the preceding sentence shall survive any termination, cancellation, or release of this Guaranty. 

6. This Guaranty shall be assignable by Lender to any assignee of all or a portion of Lender’s rights under the Loan Documents. 

7. If: (i) this Guaranty, the Credit Agreement or any other Loan Document is placed in the hands of an attorney for collection or is collected
through any legal proceeding; (ii) an attorney is retained to represent Lender in any bankruptcy, reorganization, receivership, or other proceedings affecting creditors’ rights and involving a claim under this Guaranty, the Credit
Agreement or any Loan Document; (iii) an attorney is retained to provide advice or other representation with respect to the Loan Documents in connection with an enforcement action or potential enforcement action; or (iv) an attorney is
retained to represent Lender in any other legal proceedings whatsoever in connection with this Guaranty, the Credit Agreement, any of the Loan Documents, or any property subject thereto (other than any action or proceeding brought by any Lender or
participant against the Administrative Agent (as defined in the Credit Agreement) alleging a breach by the Administrative Agent of its duties under the Loan Documents), then Guarantor shall pay to Lender upon demand all reasonable attorney’s
fees, costs and expenses, including, without limitation, court costs, filing fees, recording costs, expenses of foreclosure, title insurance premiums, survey costs, minutes of foreclosure, and all other costs and expenses incurred in connection
therewith (all of which are referred to herein as “Enforcement Costs”), in addition to all other amounts due hereunder. 
 8.
The parties hereto intend that each provision in this Guaranty comports with all applicable local, state and federal laws and judicial decisions. However, if any provision or provisions, or if any portion of any provision or provisions, in this
Guaranty is found by a court of law to be in violation of any applicable local, state or federal ordinance, statute, law, administrative or judicial decision, or public policy, and if such court should declare such portion, provision or provisions
of this Guaranty to be illegal, invalid, unlawful, void or unenforceable as written, then it is the intent of all parties hereto that such portion, provision or provisions shall be given force to the fullest possible extent that they are legal,
valid and enforceable, that the remainder of this Guaranty shall be construed as if such illegal, invalid, unlawful, void or unenforceable portion, provision or provisions were not contained therein, and that the rights, obligations and interest of
Lender or the holder of any Note under the remainder of this Guaranty shall continue in full force and effect. 

 9. Any indebtedness of Borrower to Guarantor now or hereafter existing is hereby subordinated to the
Facility Indebtedness. Guarantor agrees that until the entire Facility Indebtedness has been paid in full, (i) Guarantor will not seek, accept, or retain for Guarantor’s own account any payment from Borrower on account of such subordinated
debt, and (ii) any such payments to Guarantor on account of such subordinated debt shall be collected and received by Guarantor in trust for Lender and shall be paid over to Lender on account of the Facility Indebtedness without impairing or
releasing the obligations of Guarantor hereunder. 
 10. Guarantor waives and releases any claim (within the meaning of 11 U.S.C. § 101)
which Guarantor may have against Borrower arising from a payment made by Guarantor under this Guaranty and agrees not to assert or take advantage of any subrogation rights of Guarantor or Lender or any right of Guarantor or Lender to proceed against
(i) Borrower for reimbursement, or (ii) any other guarantor or any collateral security or guaranty or right of offset held by Lender for the payment of the Facility Indebtedness and performance of the Obligations, nor shall Guarantor seek
or be entitled to seek any contribution or reimbursement from Borrower or any other guarantor in respect of payments made by Guarantor hereunder. It is expressly understood that the waivers and agreements of Guarantor set forth above constitute
additional and cumulative benefits given to Lender for its security and as an inducement for its extension of credit to Borrower. Nothing contained in this Paragraph 10 is intended to prohibit Guarantor from making all distributions to its
constituent shareholders which are required by law from time to time in order for Guarantor to maintain its status as a real estate investment trust in compliance with all applicable provisions of the Code (as defined in the Credit Agreement).

 11. Any amounts received by Lender from any source on account of any indebtedness may be applied by Lender toward the payment of such
indebtedness, and in such order of application, as Lender may from time to time elect. 
 12. The Guarantor hereby submits to personal
jurisdiction in the State of Illinois for the enforcement of this Guaranty and waives any and all personal rights to object to such jurisdiction for the purposes litigation to enforce this Guaranty. Guarantor hereby consents to the jurisdiction of
either the Circuit Court of Cook County, Illinois, or the United States District Court for the Northern District of Illinois, in any action, suit, or proceeding which Lender may at any time wish to file in connection with this Guaranty or any
related matter. Guarantor hereby agrees that an action, suit, or proceeding to enforce this Guaranty may be brought in any state or federal court in the State of Illinois and hereby waives any objection which Guarantor may have to the laying of the
venue of any such action, suit, or proceeding in any such court; provided, however, that the provisions of this Paragraph shall not be deemed to preclude Lender from filing any such action, suit, or proceeding in any other appropriate forum.

 13. Anything contained herein to the contrary notwithstanding, the obligations of Guarantor hereunder at any time shall be limited to an
aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of the United States Bankruptcy Code, as amended, or any comparable
provisions of any similar federal or state law. 
 14. All notices and other communications provided to any party hereto under this Agreement or
any other Loan Document shall be in writing or by telex or by facsimile and addressed or delivered to such party at its address set forth below or at such other address as may be designated by such party in a notice to the

 
other parties. Any notice, if mailed and properly addressed with postage prepaid, shall be deemed given when received; any notice, if transmitted by telex or facsimile, shall be deemed given when
transmitted (answerback confirmed in the case of telexes). Notice may be given as follows: 
 To the Guarantor: 

First Industrial Realty Trust, Inc. 
 311 South Wacker Drive, Suite 3900 
 Chicago, Illinois 60606 

Attention: Mr. Scott A. Musil 
 Telecopy: (312) 922-9851 
 With a copy to: 

Barack Ferrazzano Kirschbaum & Nagelberg LLP 

200 West Madison 39th Floor 
 Chicago, Illinois 60606 
 Attention: Suzanne Bessette-Smith and Douglas W.
Anderson 
 Telecopy: (312) 984-3150 
 To the Lender: 
 c/o Wells Fargo Bank, National Association as agent 

123 North Wacker Drive 
 Chicago, IL 60606 
 Attention: Scott S. Solis 

Telecopy: (312)782-0969 
 or at
such other address as the party to be served with notice may have furnished in writing to the party seeking or desiring to serve notice as a place for the service of notice. 
 14. This Guaranty shall be binding upon the heirs, executors, legal and personal representatives, successors and assigns of Guarantor and shall inure to the benefit of Lender’s successors and
assigns. 
 15. This Guaranty shall be construed and enforced under the internal law of the State of Illinois. 

16. GUARANTOR AND LENDER, BY ITS ACCEPTANCE HEREOF, EACH HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY
RIGHT UNDER THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR RELATING THERETO OR ARISING FROM THE LENDING RELATIONSHIP WHICH IS THE SUBJECT OF THIS GUARANTY AND AGREE THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

 IN WITNESS WHEREOF, Guarantor has delivered this Guaranty in the State of Illinois as of
the date first written above. 
  

			
	FIRST INDUSTRIAL REALTY TRUST, INC., a Maryland corporation
		
	By:	 	  

	Name:	 	
	Title:	 	

					
	STATE OF ILLINOIS	  	)	 	
		  	)	 	SS.
	COUNTY OF COOK )	  	)	 	

 I, the undersigned, a Notary Public, in and for said County, in the State aforesaid, DO HEREBY CERTIFY,
that                      of First Industrial Realty Trust, Inc., personally known to me to be the same person whose name is subscribed to the
foregoing instrument, appeared before me this day in person and acknowledged that he signed and delivered the said instrument as his own free and voluntary act and as the free and voluntary act of said corporation, for the uses and purposes therein
set forth. 
 GIVEN under my hand and Notarial Seal, this      day of December     ,
2011. 
 Notary Public 

 EXHIBIT E 
 Opinion of Borrower’s Counsel 

 EXHIBIT F 
 Opinion of General Partner’s Counsel 

 EXHIBIT G 
 Wiring Instructions 
 [REDACTED] 

 EXHIBIT H 
 Form of Compliance Certificate 
  

	To:	The Administrative Agent and the Lenders 

 who are parties to the Agreement described below 
 This Compliance Certificate is furnished
pursuant to that certain Unsecured Revolving Credit Agreement, dated as of December 14, 2011 (as amended, modified, renewed or extended from time to time, the “Agreement”) among First Industrial, L.P. (the
“Borrower”), First Industrial Realty Trust, Inc. (the “General Partner”), Wells Fargo Bank, National Association, individually and as Administrative Agent, and the Lenders named therein. 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 the duly elected [Chief Financial Officer] [Chief Accounting Officer]
[Controller] of the [Borrower] [General Partner]. 
 2. I have reviewed the terms of
the Agreement and I have made, or have caused to be made under my supervision, a detailed review of the transactions and conditions of the General Partner, the Borrower and their respective Subsidiaries and Investment Affiliates during the
accounting period covered by the financial statements attached (or most recently delivered to the Administrative Agent if none are attached). 
 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 Material Adverse Financial Change, Event of Default
or Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this Compliance Certificate, except as set forth below. 

4. Schedule I (if attached) attached hereto sets forth financial data and computations and other information evidencing the General
Partner’s and the Borrower’s compliance with certain covenants of the Agreement, all of which data, computations and information (or if no Schedule I is attached, the data, computations and information contained in the most recent Schedule
I attached to a prior Compliance Certificate) are true, complete and correct in all material respects. 
 5. The financial
statements and reports referred to in Section 8.2(i), 8.2(iii) or 8.2(viii), as the case may be, of the Agreement which are delivered concurrently with the delivery of this Compliance Certificate, if any, fairly present in
all material respects the consolidated financial condition and operations of the General Partner, the Borrower and their respective Subsidiaries at such date and the consolidated results of their operations for the period then-ended, in accordance
with GAAP applied consistently throughout such period and with prior periods and correctly state the amounts of Consolidated Total Indebtedness, Consolidated Secured Debt, Consolidated Senior Unsecured Debt and the Values of all Unencumbered Assets
as determined pursuant to the Agreement. 

 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 and information set forth in Schedule I hereto and the financial statements
delivered with this Compliance Certificate in support hereof, are made and delivered this      day of             , 20    . 

 

					
	FIRST INDUSTRIAL, L.P.
		
	By:	 	FIRST INDUSTRIAL REALTY TRUST, INC.
		
		 	General Partner
			
		 	By:	 	  

			
		 	Print Name:	 	  

			
		 	Title:	 	  

 EXHIBIT I 
 FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT 
 THIS ASSIGNMENT AND ASSUMPTION
AGREEMENT dated as of             , 20     (the “Agreement”) by and among
                     (the “Assignor”),
                     (the “Assignee”), FIRST INDUSTRIAL, L.P., a Delaware limited partnership (the “Borrower”), and
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”). 
 WHEREAS, the
Assignor is a Lender under that certain Credit Agreement dated as of December 14, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower, the
financial institutions party thereto and their assignees under Section 13.3 thereof, the Administrative Agent, and the other parties thereto; 
 WHEREAS, the Assignor desires to assign to the Assignee all or a portion of the Assignor’s Revolving Commitment under the Credit Agreement, all on the terms and conditions set forth herein; and

 WHEREAS, the [Borrower and the] Administrative Agent consent[s] to such assignment 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. Assignment.

 (a) Subject to the terms and conditions of this Agreement and in consideration of the payment to be made by the Assignee to
the Assignor pursuant to Section 2 of this Agreement, effective as of             , 20     (the “Assignment Date”) the Assignor hereby irrevocably
sells, transfers and assigns to the Assignee, without recourse, a $             interest (such interest being the “Assigned Commitment”) in and to the Assignor’s
Revolving Commitment, and all of the other rights and obligations of the Assignor under the Credit Agreement, such Assignor’s Note, and the other Loan Documents representing         % in respect of the
aggregate amount of all Lenders’ Revolving Commitments, including without limitation, [a principal amount of outstanding Revolving Loans equal to $            , all voting
rights of the Assignor associated with the Assigned Commitment all rights to receive interest on such amount of Loans and all fees with respect to the [Assigned Commitment] and other rights of the Assignor under the Credit Agreement
and the other Loan Documents with respect to the Assigned Commitment, all as if the Assignee were an original Lender under and signatory to the Credit Agreement having a Revolving Commitment equal to the amount of the Assigned Commitment. The
Assignee, subject to the terms and conditions hereof, hereby assumes all obligations of the Assignor with respect to the Assigned Commitment as if the Assignee were an original Lender under and signatory to the Credit Agreement having a Revolving
Commitment equal to the Assigned Commitment, which obligations shall include, but shall not be limited to, the obligation of the Assignor to make Revolving Loans to the Borrower with respect to the Assigned Commitment and the obligation to indemnify
the Administrative Agent as provided in the Credit Agreement (the foregoing obligations, together with all other similar obligations more particularly set forth in the Credit Agreement and the other Loan Documents, shall be referred to hereinafter,
collectively, as the “Assigned Obligations”). 

 (b) The assignment by the Assignor to the Assignee hereunder is without recourse to the
Assignor. The Assignee makes and confirms to the Administrative Agent, the Assignor, and the other Lenders all of the representations, warranties and covenants of a Lender under Article XII of the Credit Agreement. Not in limitation of the
foregoing, the Assignee acknowledges and agrees that, except as set forth in Section 4. below, the Assignor is making no representations or warranties with respect to, and the Assignee hereby releases and discharges the Assignor for any
responsibility or liability for: (i) the present or future solvency or financial condition of the Borrower, any other Loan Party or any other Subsidiary, (ii) any representations, warranties, statements or information made or furnished by
the Borrower, any other Loan Party or any other Subsidiary in connection with the Credit Agreement or otherwise, (iii) the validity, efficacy, sufficiency, or enforceability of the Credit Agreement, any Loan Document or any other document or
instrument executed in connection therewith, or the collectability of the Assigned Obligations, (iv) the perfection, priority or validity of any Lien with respect to any collateral at any time securing the Obligations or the Assigned
Obligations under the Notes or the Credit Agreement and (v) the performance or failure to perform by the Borrower or any other Loan Party of any obligation under the Credit Agreement or any other Loan Document. Further, the Assignee
acknowledges 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 and agents and based on the financial
statements supplied by the Borrower and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to become a Lender under the Credit Agreement. The Assignee also acknowledges 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 Note or pursuant to any other obligation. The Administrative Agent shall have no duty or responsibility whatsoever, either initially or on a continuing basis, to provide the Assignee with any credit or other information
with respect to the Borrower, any other Loan Party or any other Subsidiary or to notify the undersigned of any Default or Event of Default except as expressly provided in the Credit Agreement. The Assignee has not relied on the Administrative Agent
as to any legal or factual matter in connection therewith or in connection with the transactions contemplated thereunder. 

Section 2. Payment by Assignee. In consideration of the assignment made pursuant to Section 1. of this Agreement, the
Assignee agrees to pay to the Assignor on the Assignment Date, an amount equal to $             representing the aggregate principal amount outstanding of the Revolving Loans owing to the
Assignor under the Credit Agreement and the other Loan Documents being assigned hereby. 
 Section 3. Payments by
Assignor. The Assignor agrees to pay to the Administrative Agent on the Assignment Date the administrative fee payable under Section 13.3 (c) of the Credit Agreement. 

Section 4. Representations and Warranties of Assignor. The Assignor hereby represents and warrants to the Assignee that
(a) as of the Assignment Date (i) the Assignor is a Lender under the Credit Agreement having a Revolving Commitment under the Credit Agreement immediately prior to the Assignment Date, equal to
$             and that the Assignor is not in default of its obligations under the Credit Agreement; and (ii) the outstanding balance of Revolving Loans owing to the Assignor (without
reduction by any assignments thereof which have not yet become effective) is $            ; and (b) it is the legal and beneficial owner of the Assigned Commitment which is free and
clear of any adverse claim created by the Assignor. 
 Section 5. Representations, Warranties and Agreements of
Assignee. The Assignee (a) represents and warrants that it is (i) legally authorized to enter into this Agreement; (ii) an “accredited 

 
investor” (as such term is used in Regulation D of the Securities Act) and (iii) an Eligible Assignee; (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) 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; (d) agrees that it will become a party to and shall be bound by the Credit Agreement and the other Loan Documents to which the other Lenders are a party on the
Assignment Date and will perform in accordance therewith all of the obligations which are required to be performed by it as a Lender; and (e) is either (i) not organized under the laws of a jurisdiction outside the United States of America
or (ii) has delivered to the Administrative Agent (with an additional copy for the Borrower) such items required under Section 4.5 of the Credit Agreement. 
 Section 6. Recording and Acknowledgment by the Administrative Agent. Following the execution of this Agreement, the Assignor will deliver to the Administrative Agent (a) a duly executed
copy of this Agreement for acknowledgment and recording by the Administrative Agent and (b) the Assignor’s Note. Upon such acknowledgment and recording, from and after the Assignment Date, the Administrative Agent shall make all payments
in respect of the interest assigned hereby (including payments of principal, interest, fees and other amounts) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Credit Agreement for periods prior
to the Assignment Date directly between themselves. 
 Section 7. Addresses. The Assignee specifies as its address
for notices and its Lending Office for all Loans, the offices set forth below: 
  

					
	  
	 	
	  
	 	
	Attention:	 	  
	 	
	Telephone No.:	 	  
	 	
	Telecopy No.:	 	  
	 	

 Section 8. Payment Instructions. All payments to be made to the Assignee under this Agreement
by the Assignor, and all payments to be made to the Assignee under the Credit Agreement, shall be made as provided in the Credit Agreement in accordance with the following instructions: 

 

					
	  
	 	
	  
	 	
	  
	 	
	  
	 	

 Section 9. Effectiveness of Assignment. This Agreement, and the assignment and assumption
contemplated herein, shall not be effective until (a) this Agreement is executed and delivered by each of the Assignor, the Assignee, the Administrative Agent and if required, the Borrower, and (b) the payment to the Assignor of the
amounts owing by the Assignee pursuant to Section 2. hereof and (c) the payment to the Administrative Agent of the amounts owing by the Assignor pursuant to Section 3. hereof. Upon recording and acknowledgment of this Agreement by the
Administrative Agent, from and after the Assignment Date, (i) the Assignee shall be a party to the Credit Agreement and, to the extent provided in this Agreement, have the rights and obligations of a Lender thereunder and (ii) the Assignor
shall, to the extent provided in this Agreement, relinquish its rights (except as otherwise provided in Section 13.3 of the Credit Agreement) and be released from its obligations under the Credit Agreement; provided,

 
however, that if the Assignor does not assign its entire interest under the Loan Documents, it shall remain a Lender entitled to all of the benefits and subject to all of the obligations
thereunder with respect to its Commitment. 
 Section 10. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF ILLINOIS APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 11. 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 12. Headings. Section headings have been inserted herein for convenience only and shall not be construed to be a part
hereof. 
 Section 13. Amendments; Waivers. This Agreement may not be amended, changed, waived or modified except by
a writing executed by the Assignee and the Assignor. 
 Section 14. Entire Agreement. This Agreement embodies the
entire agreement between the Assignor and the Assignee with respect to the subject matter hereof and supersedes all other prior arrangements and understandings relating to the subject matter hereof. 

Section 15. 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 16. Definitions. Terms not otherwise defined herein are used
herein with the respective meanings given them in the Credit Agreement. 
 [Include this Section
only if the Borrower’s consent is required under Section 13.6.(c) of the Credit Agreement] Section 17. Agreements of the Borrower. The Borrower hereby agrees that the Assignee shall be a Lender under the
Credit Agreement [having a Revolving Commitment equal to the Assigned Commitment]. The Borrower agrees that the Assignee shall have all of the rights and remedies of a Lender under the Credit Agreement and the other Loan Documents as
if the Assignee were an original Lender under and signatory to the Credit Agreement, including, but not limited to, the right of a Lender to receive payments of principal and interest with respect to the Assigned Obligations, if any, and to the
Revolving Loans made by the Lenders after the date hereof and to receive the fees payable to the Lenders as provided in the Credit Agreement. Further, the Assignee shall be entitled to the benefit of the indemnification provisions from the Borrower
in favor of the Lenders as provided in the Credit Agreement and the other Loan Documents. The Borrower further agrees, upon the execution and delivery of this Agreement, to execute in favor of the Assignee a Note in an initial amount equal to the
Assigned Commitment. Further, the Borrower agrees that, upon the execution and delivery of this Agreement, the Borrower shall owe the Assigned Obligations to the Assignee as if the Assignee were the Lender originally making such Loans and entering
into such other obligations. 
 [Signatures on Following Page] 

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

					
	ASSIGNOR:
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	Payment Instructions
	
	[Bank]
	[Address]
	ABA No. :
	Account No.:
	Account Name:
	Reference:
	
	ASSIGNEE:
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	Payment Instructions
	
	[Bank]
	[Address]
	ABA No. :
	Account No.:
	Account Name:
	Reference:

 [Signatures continued on Following Page] 

 
					
	Agreed and Consented to as of the date first written above.
	
	 [Include signature of the Borrower only if required under Section 13.3(c) of the Credit
Agreement]

	
	BORROWER:
	
	FIRST INDUSTRIAL, L.P.
		
	By:	 	First Industrial Realty Trust, Inc., its general partner
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

					
	Accepted as of the date first written above.
	
	ADMINISTRATIVE AGENT:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 EXHIBIT J 
 FORM OF NOTICE OF BORROWING 

            , 20     

Wells Fargo Bank, National Association 

Minneapolis Loan Center 
 733
Marquette Avenue, 10th Floor 

Minneapolis, MN 55402 
 Attention: Teresa Mager

 Ladies and Gentlemen: 
 Reference is made to that certain Credit Agreement dated as of December 14, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
by and among FIRST INDUSTRIAL, L.P., a Delaware limited partnership (the “Borrower”), the financial institutions party thereto and their assignees under Section 13.3 thereof (the “Lenders”), Wells Fargo Bank,
National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit
Agreement. 
  

	 	1.	Pursuant to Section 2.7 of the Credit Agreement, the Borrower hereby requests that the Lenders make Revolving Loans to the Borrower in an aggregate amount equal to
$            . 

  

	 	2.	The Borrower requests that such Revolving Loans be made available to the Borrower on             ,
20    . 

  

	 	3.	The Borrower hereby requests that such Revolving Loans be of the following Type: 

 

			
		  	[Check one box only]
	 ̈	  	Adjusted Base Rate Borrowing
	 ̈	  	Eurocurrency Borrowing, with an initial Interest Period for a duration of:

  

			
		  	[Check one box only]
	 ̈  ̈	  	one month
	 ̈  ̈	  	two months
	 ̈  ̈	  	three months
	 ̈  ̈	  	six months
	 ̈  ̈	  	other:
                                        

  

	 	4.	The location and number of Borrower’s account to which proceeds of the Requested Revolving Loan are to be disbursed:
                    . 

 The Borrower hereby certifies to the Administrative Agent and the Lenders that as of the date hereof, as of the date of the making of the requested Revolving Loans, and after making such Revolving

 
Loans, (a) no Default or Event of Default exists or would exist; and (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party pursuant to
Section 5.2(b) of the Credit Agreement, are and shall be true and correct 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 accurate on and as of such earlier date). In addition, the Borrower certifies to the Administrative Agent and the Lenders that all conditions to the making of the requested
Revolving Loans contained in Section 5.2 of the Credit Agreement will have been satisfied at the time such Revolving Loans are made. 
  

					
	[NAME OF BORROWER]
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 EXHIBIT K 
 FORM OF NOTICE OF SWINGLINE BORROWING 

            , 20     

Wells Fargo Bank, National Association 

Minneapolis Loan Center 
 733
Marquette Avenue, 10th Floor 

Minneapolis, MN 55402 
 Attention: Teresa Mager

 Ladies and Gentlemen: 
 Reference is made to the Credit Agreement dated as of December 14, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and
among FIRST INDUSTRIAL, L.P., a Delaware limited partnership (the “Borrower”), the financial institutions party thereto and their assignees under Section 13.3 thereof (the “Lenders”), Wells Fargo Bank, National
Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement.

  

	 	1.	Pursuant to Section 2.17 of the Credit Agreement, the Borrower hereby requests that the Swingline Lender make a Swingline Loan to the Borrower in an amount equal
to $            . 

  

	 	2.	The Borrower requests that such Swingline Loan be made available to the Borrower on             ,
20    . 

  

	 	3.	The Borrower requests that the proceeds of such Swingline Loan be made available to the Borrower by
            , 20    . 

  

	 	4.	The location and number of Borrower’s account to which proceeds of such Swingline Loan are to be disbursed:
                    . 

 The Borrower hereby certifies to the Administrative Agent, the Swingline Lender and the Lenders that as of the date hereof, as of the date of the making of the requested Swingline Loan, and after making
such Swingline Loan, (a) no Default or Event of Default exists or would exist; and (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party pursuant to Section 5.2(b) of the Credit
Agreement, are and shall be true and correct 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 accurate on and as of such earlier date). In addition, the Borrower certifies to the Administrative Agent and the Lenders that all conditions to the making of the requested Swingline Loan
contained in Section 5.2 of the Credit Agreement will have been satisfied at the time such Swingline Loan is made. 

[Continued on next page] 

 If notice of the requested borrowing of this Swingline Loan was previously given by
telephone, this notice is to be considered the written confirmation of such telephone notice required by Section 2.7(a) of the Credit Agreement. 

 

					
	[NAME OF BORROWER]
		
	By:	 	  

		 	Name:	 	  

		 	Title:

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